Financial Highlights
4Q25
3Q25
4Q24
4Q25 Highlights
Balance Sheet (in millions)
Comparisons reflect 4Q25 vs 3Q25 unless otherwise noted
• Net income of $78.1 million and diluted EPS of $0.54
• Adjusted net income1 of $79.0 million and adjusted diluted EPS1 of $0.54
• ROAA of 1.28% and ROE of 9.08%
• Adjusted ROAA1 of 1.29%; adjusted ROTCE1 of 16.10%
• Total revenue of $249.0 million and PPNR1 of $109.1 million
• Adjusted total revenue1 of $249.0 million and adjusted PPNR1 of $110.4 million
• Net interest margin up 31 bps to 3.81%; cost of deposits down 21 bps
• Efficiency ratio of 55.52%; adjusted efficiency ratio1 of 53.64%
• Total loans and total deposits up 7% annualized
• NCO ratio reflects charge-offs related to two previously disclosed credit relationships4 and run-off portfolio
• NPL ratio down 26 bps to 0.64%; ACL ratio at 1.28%
Total loans
$17,492
$17,189
$17,006
Total investment securities
3,266
3,319
6,166
Total deposits
20,184
19,838
21,886
Total assets
24,541
24,208
26,876
Total shareholders' equity
3,419
3,354
3,529
Performance Measures (in millions)
Total revenue
$ 249.0
$(569.5)
$208.5
Adjusted total revenue1
249.0
232.5
208.5
Pre-provision net revenue1 (PPNR)
109.1
(711.6)
67.4
Adjusted pre-provision net revenue1
110.4
92.8
69.2
Provision for credit losses
15.1
12.0
13.3
Per share Data
Diluted earnings
$ 0.54
$ (4.00)
$ 0.38
Adjusted diluted earnings1
0.54
0.46
0.39
Cash dividend declared
0.2125
0.2125
0.21
Asset Quality
Net charge-off ratio (NCO ratio)
1.12 %
0.25 %
0.27 %
Nonperforming loan ratio (NPL ratio)
0.64
0.90
0.65
Nonperforming assets to total assets
0.51
0.66
0.45
Allowance for credit losses to loans (ACL)
1.28
1.50
1.38
Nonperforming loan coverage ratio
199
168
212
Capital Ratios
Equity to assets (EA) ratio
13.93 %
13.85 %
13.13 %
Tangible common equity (TCE) ratio1
8.71
8.53
8.29
Common equity tier 1 (CET1) ratio
11.63
11.54
12.38
Total risk-based capital ratio
14.45
15.07
14.61
Other Data
Net interest margin (FTE)
3.81 %
3.50 %
2.87 %
Loan yield (FTE)
6.23
6.31
6.32
Cost of deposits
2.04
2.25
2.60
Full-time equivalent employees
2,917
2,883
2,946
Number of financial centers
222
223
222
Jay Brogdon, Simmons' President and CEO, commented on fourth quarter 2025 results:
Our results for the fourth quarter exceeded expectations across the board, reflecting the positive results of the balance sheet repositioning transactions in the third quarter as well as disciplined execution of our strategy. These results included strong revenue growth, notably with net interest margin expansion of 31 basis points to 3.81 percent, and continued expense discipline that resulted in a 19 percent linked-quarter increase in adjusted PPNR1. Adjusted ROAA1 was 1.29 percent, and our adjusted efficiency ratio1 improved to 53.6 percent. At the same time, balance sheet growth was solid as total loans increased 7 percent on an annualized basis and customer deposits increased 8 percent annualized.
Our strong top-line performance in the quarter was coupled with improving credit quality and capital metrics. Nonperforming loans decreased 26 basis points to 0.64 percent of total loans with the charge-offs of two previously disclosed credit relationships and the sale of a run-off portfolio. In addition, we performed a deep dive analysis of nonperforming loans and took aggressive action to improve the loss content of the portfolio. Our reserves on these relationships were appropriate, and the ACL ended the quarter at 1.28 percent and is near the top-end of our modeled range.
As we enter 2026, our commitment to delivering profitable growth and efficient scale positions us well for the future. We are confident in our ability to build on our momentum, driving value for our customers and associates and generating attractive returns for our shareholders.
Simmons First National Corporation (NASDAQ:SFNC) (Simmons or Company) today reported net income of $78.1 million for the fourth quarter of 2025, compared to a net loss of $562.8 million for the third quarter of 2025 and net income of $48.3 million for the fourth quarter of 2024. Diluted earnings per share were $0.54 for the fourth quarter of 2025, $(4.00) for the third quarter of 2025 and $0.38 for the fourth quarter of 2024. Adjusted earnings1 for the fourth quarter of 2025 were $79.0 million, compared to $64.9 million in the third quarter of 2025 and $49.6 million in the fourth quarter of 2024.
For the fourth quarter of 2025, return on average assets was 1.28 percent and return on average common equity was 9.08 percent. Adjusted return on average assets1 was 1.29 percent and adjusted return on average tangible common equity1 was 16.10 percent.
As previously disclosed, during the third quarter of 2025, the Company utilized the net proceeds from a public offering of the Company's Class A common stock to support a balance sheet repositioning that included the sale of low-yielding investment securities and resulted in an after-tax loss of approximately $626 million. The table below summarizes the impact of the loss on the sale of securities, as well as other certain items, consisting primarily of loss on sale of equipment finance business, branch right sizing costs, early retirement program costs and a loss on early extinguishment of debt. These items are also described in further detail in the "Reconciliation of Non-GAAP Financial Measures" tables contained in this press release.
Impact of Certain Items on Earnings and Diluted Earnings Per Share (EPS)
$ in millions, except per share data
4Q25
3Q25
4Q24
Net income (loss)
$ 78.1
$(562.8)
$ 48.3
Loss on sale of equipment finance business
1.1
-
-
Branch right sizing costs, net
0.1
2.0
1.6
Early retirement program costs
-
0.3
0.2
Loss on early extinguishment of debt
-
0.6
-
Loss on sale of securities
-
801.5
-
Total pre-tax impact
1.2
804.4
1.8
Tax effect
(0.3)
(176.7)
(0.5)
Total impact on earnings
0.9
627.7
1.3
Adjusted earnings1, 3
$ 79.0
$ 64.9
$ 49.6
Diluted EPS
$ 0.54
$ (4.00)
$ 0.38
Loss on sale of equipment finance business
0.01
Branch right sizing costs, net
-
0.01
0.01
Early retirement program costs
-
-
-
Loss on early extinguishment of debt
-
-
-
Loss on sale of securities
-
5.70
-
Total pre-tax impact
0.01
5.71
0.01
Tax effect
(0.01)
(1.25)
-
Total impact on earnings
-
4.46
0.01
Adjusted Diluted EPS1
$ 0.54
$ 0.46
$ 0.39
Net Interest Income Net interest income for the fourth quarter of 2025 totaled $197.3 million, up $10.6 million, or 6 percent, compared to $186.7 million for the third quarter of 2025 and up $32.4 million, or 20 percent, from $164.9 million in the fourth quarter of 2024. The increase in net interest income on a linked quarter basis was primarily driven by a $16.5 million decrease in interest expense, fueled by $14.1 million decrease in interest bearing deposit costs and a $2.4 million decrease in the cost of other interest bearing liabilities.
Net interest margin for the fourth quarter of 2025 on a fully taxable equivalent basis was 3.81 percent, up 31 basis points compared to 3.50 percent for the third quarter of 2025 and up 94 basis points compared to 2.87 percent for the fourth quarter of 2024. The increase in net interest margin on a linked quarter basis reflects a full quarter impact of the balance sheet repositioning completed in the third quarter of 2025, coupled with strong loan and low-cost deposit growth during the fourth quarter of 2025.
Select Yield/Rates
4Q25
3Q25
2Q25
1Q25
4Q24
Loan yield (FTE)2
6.23 %
6.31 %
6.26 %
6.20 %
6.32 %
Investment securities yield (FTE)2
4.30
4.01
3.48
3.48
3.54
Cost of interest bearing deposits
2.62
2.86
2.97
3.05
3.28
Cost of deposits
2.04
2.25
2.36
2.44
2.60
Net interest spread (FTE)2
3.18
2.86
2.41
2.30
2.15
Net interest margin (FTE)2
3.81
3.50
3.06
2.95
2.87
Noninterest Income Noninterest income for the fourth quarter of 2025 was $51.7 million, compared to $(756.2) million in the third quarter of 2025 and $43.6 million in the fourth quarter of 2024. Included in third quarter 2025 results was a $801.5 million pre-tax loss on the sale of low-yielding securities that were sold in connection with the previously mentioned balance sheet repositioning and a $0.6 million loss on the early extinguishment of debt. Excluding these items (which are described in the "Reconciliation of Non-GAAP Financial Measures" tables below), adjusted noninterest income1 was $45.9 million in the third quarter of 2025. The increase in adjusted noninterest income on a linked quarter basis was primarily driven by an increase in swap fee income, wealth management fees, debit and credit card fees, and proceeds from bank owned life insurance death benefits, which is included in other income in the table below.
Noninterest Income
$ in millions
4Q25
3Q25
2Q25
1Q25
4Q24
Service charges on deposit accounts
$ 12.7
$ 13.0
$ 12.6
$ 12.6
$ 13.0
Wealth management fees
10.3
10.0
9.5
9.6
9.7
Debit and credit card fees
8.7
8.5
8.6
8.4
8.3
Mortgage lending income
2.2
2.3
1.7
2.0
1.8
Other service charges and fees
1.5
1.5
1.3
1.3
1.4
Bank owned life insurance
3.9
3.9
3.9
4.1
3.8
Gain (loss) on sale of securities
-
(801.5)
-
-
-
Other income
12.4
6.1
4.8
8.0
5.6
Total noninterest income
$ 51.7
$(756.2)
$ 42.4
$ 46.2
$ 43.6
Adjusted noninterest income1
$ 51.7
$ 45.9
$ 42.4
$ 46.2
$ 43.6
Noninterest Expense Noninterest expense for the fourth quarter of 2025 was $139.9 million, compared to $142.0 million in the third quarter of 2025 and $141.1 million in the fourth quarter of 2024. Included in noninterest expense are certain items consisting of branch right sizing costs, early retirement program costs, termination of vendor and software services and a loss on the sale of an equipment finance business. Collectively, these items totaled $1.2 million in the fourth quarter of 2025, $2.3 million in the third quarter of 2025 and $1.8 million in the fourth quarter of 2024. Excluding these items (which are described in the "Reconciliation of Non-GAAP Financial Measures" tables below), adjusted noninterest expense1 was $138.6 million in the fourth quarter of 2025, $139.7 million in the third quarter of 2025 and $139.3 million in the fourth quarter of 2024. The decrease in adjusted noninterest expense on a linked quarter basis primarily reflected salary and employee benefits accrual adjustments and a fraud recovery, offset in part by an increase in other operating expenses primarily related to the timing of certain professional services and marketing expenses recorded in the fourth quarter of 2025.
Noninterest Expense
$ in millions
4Q25
3Q25
2Q25
1Q25
4Q24
Salaries and employee benefits
$ 72.9
$ 76.2
$ 73.9
$ 74.8
$ 71.6
Occupancy expense, net
11.6
12.1
11.8
12.7
11.9
Furniture and equipment
5.3
5.3
5.5
5.5
5.7
Deposit insurance
4.7
5.2
4.9
5.4
5.6
Other real estate and foreclosure expense
0.4
0.2
0.2
0.2
0.3
Other operating expenses
44.8
43.0
42.3
46.1
46.1
Total noninterest expense
$139.9
$142.0
$138.6
$144.6
$141.1
Adjusted salaries and employee benefits1
$ 72.9
$ 75.9
$ 72.3
$ 74.8
$ 71.4
Adjusted other operating expenses1
44.0
41.5
42.5
45.9
44.7
Adjusted noninterest expense1
138.6
139.7
136.8
143.6
139.3
Efficiency ratio
55.52 %
(25.11) %
62.82 %
66.94 %
65.66 %
Adjusted efficiency ratio1
53.64
57.72
60.52
64.75
62.89
Full-time equivalent employees
2,917
2,883
2,947
2,949
2,946
Number of financial centers
222
223
223
222
222
Loans and Unfunded Loan Commitments Total loans at the end of the fourth quarter of 2025 were $17.5 billion, up $303.4 million, or 7 percent annualized, compared to $17.2 billion at the end of the third quarter of 2025. The increase in total loans was driven by increases in real estate, commercial, commercial and consumer & other portfolios, offset in part by seasonal declines in mortgage warehouse and agricultural portfolios. Unfunded loan commitments at the end of the fourth quarter of 2025 were $3.9 billion, compared to $4.0 billion at the end of the third quarter of 2025. The commercial loan pipeline totaled $1.5 billion at the end of the fourth quarter of 2025, and ready to close commercial loans totaled $774 million with a weighted average rate of 6.53 percent.
Loans and Unfunded Loan Commitments
$ in millions
4Q25
3Q25
2Q25
1Q25
4Q24
Total loans
$17,492
$17,189
$17,111
$17,094
$17,006
Unfunded loan commitments
3,871
3,955
3,947
3,888
3,739
Deposits and Other Borrowings Total deposits at the end of the fourth quarter of 2025 were $20.2 billion, compared to $19.8 billion at the end of the third quarter of 2025 and $21.9 billion at the end of the fourth quarter of 2024. The increase in total deposits on a linked quarter basis was fueled by a $349 million, or 8 percent annualized, increase in customer deposits, driven by increases in interest bearing transaction accounts and savings accounts and interest bearing public fund deposits. The decrease in total deposits on a year-over-year basis deposits reflects a reduction of higher rate, non-relationship wholesale and public fund deposits as part of the balance sheet repositioning completed during the third quarter of 2025.
Other borrowings at the end of the fourth quarter of 2025 were $302.3 million, compared to $18.8 million at the end of the third quarter of 2025 and $745.4 million at the end of the fourth quarter of 2024. The decrease in other borrowings on a year-over-year basis reflected the pay down of higher cost wholesale funding, primarily FHLB advances, as part of the balance sheet repositioning.
Deposits
$ in millions
4Q25
3Q25
2Q25
1Q25
4Q24
Noninterest bearing deposits
$ 4,330
$ 4,377
$ 4,468
$ 4,455
$ 4,461
Interest bearing transaction accounts
10,453
10,289
10,532
10,621
10,331
Time deposits
3,508
3,331
3,588
3,695
3,796
Brokered deposits
1,893
1,841
3,237
2,914
3,298
Total deposits
$20,184
$19,838
$21,825
$21,684
$21,886
Noninterest bearing deposits to total deposits
21 %
22 %
20 %
21 %
20 %
Total loans to total deposits
87
87
78
79
78
Asset Quality Total nonperforming loans at the end of the fourth quarter of 2025 totaled $112.7 million, compared to $153.9 million at the end of the third quarter of 2025 and $110.7 million at the end of the fourth quarter of 2024. The decrease in nonperforming loans on a linked quarter basis reflected a $40.8 million decline related to two previously disclosed credit relationships. In addition, during the fourth quarter of 2025 the Company completed the sale of a small ticket equipment finance portfolio that was included in a run-off portfolio, resulting in a $3.2 million decrease in nonperforming loans.
The nonperforming loan coverage ratio ended the fourth quarter of 2025 at 199 percent, compared to 168 percent at the end of the third quarter of 2025 and 212 percent at the end of the fourth quarter of 2024. Total nonperforming assets as a percentage of total assets were 51 basis points at the end of the fourth quarter of 2025, compared to 66 basis points at the end of the third quarter of 2025 and 45 basis points at the end of the fourth quarter of 2024.
Net charge offs as a percentage of average loans for the fourth quarter of 2025 were 112 basis points and included net charge-offs of $28.2 million (or 65 basis points) related to the two previously disclosed credit relationships for which the Company held specific reserves totaling $30.8 million. In addition, there were $6.2 million (or 14 basis points) of net charge-offs related to a run-off portfolio that included a small ticket equipment finance portfolio that was sold during the quarter.
Provision for credit losses on loans totaled $15.1 million for the fourth quarter of 2025, compared to $15.2 million in the third quarter of 2025 and $13.3 million in the fourth quarter of 2024. The allowance for credit losses on loans at the end of the fourth quarter of 2025 was $224.4 million, compared to $258.0 million at the end of the third quarter of 2025 and $235.0 million at the end of the fourth quarter of 2024. The allowance for credit losses on loans as a percentage of total loans (ACL ratio) was 1.28 percent at the end of the fourth quarter of 2025, compared to 1.50 percent at the end of the third quarter of 2025 and 1.38 percent at the end of the fourth quarter of 2024. The linked quarter reduction in the ACL ratio was primarily due to the utilization of specific reserves related to the two previously disclosed credit relationships and the run-off portfolio.
Asset Quality
$ in millions
4Q25
3Q25
2Q25
1Q25
4Q24
Allowance for credit losses on loans to total loans
1.28 %
1.50 %
1.48 %
1.48 %
1.38 %
Allowance for credit losses on loans to nonperforming loans
199
168
161
165
212
Nonperforming loans to total loans
0.64
0.90
0.92
0.89
0.65
Net charge-off ratio (annualized)
1.12
0.25
0.25
0.23
0.27
Net charge-off ratio YTD (annualized)
0.47
0.24
0.24
0.23
0.22
Total nonperforming loans
$112.7
$153.9
$157.2
$152.3
$110.7
Total other nonperforming assets
12.4
6.8
9.5
10.0
10.5
Total nonperforming assets
$125.1
$160.7
$166.7
$162.3
$121.2
Reserve for unfunded commitments
$25.6
$25.6
$25.6
$25.6
$25.6
Capital and Subordinated Debt Total stockholders' equity at the end of the fourth quarter and third quarter of 2025 was $3.4 billion, compared to $3.5 billion at the end of the fourth quarter of 2024. Book value per share at the end of the fourth quarter of 2025 was $23.62, compared to $23.18 at the end of the third quarter of 2025 and $28.08 at the end of the fourth quarter of 2024. Tangible book value per share1 at the end of the fourth quarter of 2025 was $13.91, compared to $16.80 at the end of the fourth quarter of 2024. The increase in book value per share and tangible book value per share on a linked quarter basis was primarily due to a $47.3 million increase in undivided profits. The year-over-year decline in book value per share and tangible book value per share was primarily due to an increase in outstanding shares resulting from the public offering of the Company's Class A common stock completed in the third quarter of 2025 and the impacts of the balance sheet repositioning.
Total stockholders' equity as a percentage of total assets at the end of the fourth quarter of 2025 was 13.9%, unchanged from third quarter of 2025 levels and up from 13.1 percent at the end of the fourth quarter of 2024. Tangible common equity as a percentage of tangible assets1 was 8.7 percent at the end of the fourth quarter of 2025, compared to 8.5 percent at the end of the third quarter of 2025 and 8.3 percent at the end of the fourth quarter of 2024. Each of the applicable regulatory capital ratios for Simmons and its principal subsidiary, Simmons Bank, continue to significantly exceed "well-capitalized" regulatory guidelines.
On October 1, 2025, the Company completed the redemption of the Company's outstanding $330 million principal amount of its Fixed-to-Floating Rate Subordinated Notes due 2028.
Select Capital Ratios
4Q25
3Q25
2Q25
1Q25
4Q24
Stockholders' equity to total assets
13.9 %
13.9 %
13.3 %
13.2 %
13.1 %
Tangible common equity to tangible assets1
8.7
8.5
8.5
8.3
8.3
Common equity tier 1 (CET1) ratio
11.6
11.5
12.4
12.2
12.4
Tier 1 leverage ratio
10.1
9.6
10.0
9.8
9.7
Tier 1 risk-based capital ratio
11.6
11.5
12.4
12.2
12.4
Total risk-based capital ratio
14.4
15.1
14.4
14.6
14.6
Share Repurchase Program During the fourth quarter of 2025, Simmons did not repurchase shares under its stock repurchase program that was authorized in January 2024 (2024 Program). Remaining authorization under the 2024 Program as of December 31, 2025, was approximately $175 million. The timing, pricing and amount of any repurchases under the 2024 Program will be determined by Simmons' management at its discretion based on a variety of factors including, but not limited to, market conditions, trading volume and market price of Simmons' common stock, Simmons' capital needs, Simmons' working capital and investment requirements, other corporate considerations, economic conditions, and legal requirements. The 2024 Program does not obligate Simmons to repurchase any common stock and may be modified, discontinued or suspended at any time without prior notice.
_____________________________________________________________________________________
(1) Non-GAAP measurement. See "Non-GAAP Financial Measures" and "Reconciliation of Non-GAAP Financial Measures" below
(2) FTE, fully taxable equivalent basis using an effective tax rate of 26.135%
(3) In this press release, "Adjusted Earnings" may also be referred to as "Adjusted Net Income"
(4) As used in this press release, "two previously disclosed credit relationships" refers to two credit relationships (one associated with a downtown St. Louis, Missouri hotel and the other associated with a fast-food operator) that the Company migrated to nonperforming status at the end of the first quarter of 2025
Conference Call Management will conduct a live conference call to review this information beginning at 7:30 a.m. Central Time on Wednesday, January 21, 2026. Interested persons can listen to this call by dialing toll-free 1-844-481-2779 (North America only) and asking for the Simmons First National Corporation conference call, conference ID 10205234. In addition, the call will be available live or in recorded version on Simmons' website at simmonsbank.com for at least 60 days following the date of the call.
Simmons First National CorporationSimmons First National Corporation (NASDAQ:SFNC) is a Mid-South based financial holding company that has paid cash dividends to its shareholders for 116 consecutive years. Its principal subsidiary, Simmons Bank, operates more than 220 branches in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas. Founded in 1903, Simmons Bank offers comprehensive financial solutions delivered with a client-centric approach. Recently, Simmons Bank was recognized by Newsweek as one of America's Best Regional Banks and Credit Unions 2026 and by Forbes as one of America's Best-In-State Companies 2026. In 2025, Simmons Bank was recognized by Newsweek as one of America's Greatest Workplaces 2025 in Arkansas and one of America's Best Regional Banks 2025, and by U.S. News & World Report as one of the 2024-2025 Best Companies to Work For in the South. Additional information about Simmons Bank can be found on our website at simmonsbank.com, by following @Simmons_Bank on X or by visiting our newsroom.
Non-GAAP Financial MeasuresThis press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (GAAP). The Company's management uses these non-GAAP financial measures in their analysis of the Company's performance. These measures adjust GAAP performance measures to, among other things, include the tax benefit associated with revenue items that are tax-exempt, as well as exclude from net income (including on a per share diluted basis), pre-tax, pre-provision earnings, net charge-offs, income available to common shareholders, noninterest income, and noninterest expense certain income and expense items attributable to, for example, losses on sale of securities, loss on sale of equipment finance business, net branch right-sizing initiatives, early retirement program, termination of vendor and software services and losses on early extinguishment of debt.
In addition, the Company also presents certain figures based on tangible common stockholders' equity, tangible assets and tangible book value, which exclude goodwill and other intangible assets. The Company further presents certain figures that are exclusive of the impact of deposits and/or loans acquired through acquisitions, mortgage warehouse loans, and/or energy loans, or gains and/or losses on the sale of securities. The Company's management believes that these non-GAAP financial measures are useful to investors because they, among other things, present the results of the Company's ongoing operations without the effect of mergers or other items not central to the Company's ongoing business, as well as normalize for tax effects and certain other effects. Management, therefore, believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company's ongoing businesses, and management uses these non-GAAP financial measures to assess the performance of the Company's ongoing businesses as related to prior financial periods. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.
Forward-Looking StatementsCertain statements in this press release may not be based on historical facts and should be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including, without limitation, statements made in Mr. Brogdon's quote, may be identified by reference to future periods or by the use of forward-looking terminology, such as "believe," "budget," "expect," "foresee," "anticipate," "intend," "indicate," "target," "estimate," "plan," "project," "continue," "contemplate," "positions," "prospects," "predict," or "potential," by future conditional verbs such as "will," "would," "should," "could," "might" or "may," or by variations of such words or by similar expressions. These forward-looking statements include, without limitation, statements relating to Simmons' future growth, business strategies, lending capacity and lending activity, loan demand, revenue, assets, asset quality, profitability, dividends, net interest margin, non-interest revenue, share repurchase program, acquisition strategy, digital banking initiatives, the Company's ability to recruit and retain key employees, the adequacy of the allowance for credit losses, future economic conditions and interest rates, and the adequacy of reserve levels for loans. Any forward-looking statement speaks only as of the date of this press release, and Simmons undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this press release. By nature, forward-looking statements are based on various assumptions and involve inherent risk and uncertainties. Various factors, including, but not limited to, changes in economic conditions, changes in credit quality, changes in interest rates and related governmental policies, the effects of a government shutdown, changes in loan demand, changes in deposit flows, changes in real estate values, changes in the assumptions used in making the forward-looking statements, changes in the securities markets generally or the price of Simmons' common stock specifically, changes in information technology affecting the financial industry, and changes in customer behaviors, including consumer spending, borrowing, and saving habits; changes in tariff policies; general economic and market conditions; changes in governmental administrations; market disruptions including pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, war and other military conflicts (including the ongoing military conflicts in the Middle East and between Russia and Ukraine) or other major events, or the prospect of these events; the soundness of other financial institutions and any indirect exposure related to the closings of other financial institutions and their impact on the broader market through other customers, suppliers and partners, or that the conditions which resulted in the liquidity concerns experienced by closed financial institutions may also adversely impact, directly or indirectly, other financial institutions and market participants with which the Company has commercial or deposit relationships; increased inflation; the loss of key employees; increased competition in the markets in which the Company operates and from non-bank financial institutions; increased unemployment; labor shortages; claims, damages, and fines related to litigation or government actions; changes in accounting principles relating to loan loss recognition (current expected credit losses); fraud that results in material losses or that we have not discovered yet that may result in material losses; the Company's ability to manage and successfully integrate its mergers and acquisitions and to fully realize cost savings and other benefits associated with acquisitions; increased delinquency and foreclosure rates on commercial real estate loans; significant increases in nonaccrual loan balances; cyber or other information technology threats, attacks or events; reliance on third parties for key services; government legislation; and other factors, many of which are beyond the control of the Company, could cause actual results to differ materially from those projected in or contemplated by the forward-looking statements. In addition, there can be no guarantee that the board of directors (Board) of Simmons will approve a quarterly dividend in future quarters, and the timing, payment, and amount of future dividends (if any) is subject to, among other things, the discretion of the Board and may differ significantly from past dividends. Additional information on factors that might affect the Company's financial results is included in the Company's Form 10-K for the year ended December 31, 2024, the Company's Form 10-Q for the quarter ended September 30, 2025, and other reports that the Company has filed with or furnished to the U.S. Securities and Exchange Commission (the SEC), all of which are available from the SEC on its website, www.sec.gov.
Simmons First National Corporation
SFNC
Consolidated End of Period Balance Sheets
For the Quarters Ended
Dec 31
Sep 30
Jun 30
Mar 31
Dec 31
(Unaudited)
2025
2025
2025
2025
2024
($ in thousands)
ASSETS
Cash and noninterest bearing balances due from banks
$ 380,439
$ 377,604
$ 398,081
$ 423,171
$ 429,705
Interest bearing balances due from banks and federal funds sold
331,474
266,013
246,381
211,115
257,672
Cash and cash equivalents
711,913
643,617
644,462
634,286
687,377
Interest bearing balances due from banks - time
100
100
100
100
100
Investment securities - held-to-maturity
-
-
3,591,531
3,615,556
3,636,636
Investment securities - available-for-sale
3,266,221
3,319,277
2,405,320
2,491,849
2,529,426
Mortgage loans held for sale
17,438
15,507
16,972
8,351
11,417
Assets held in trading accounts
11,685
12,695
-
-
-
Loans:
Loans
17,492,179
17,188,817
17,111,096
17,094,078
17,005,937
Allowance for credit losses on loans
(224,377)
(258,006)
(253,537)
(252,168)
(235,019)
Net loans
17,267,802
16,930,811
16,857,559
16,841,910
16,770,918
Premises and equipment
561,220
568,343
573,160
573,616
585,431
Foreclosed assets and other real estate owned
12,009
6,386
8,794
8,976
9,270
Interest receivable
104,062
104,383
120,443
117,398
123,243
Bank owned life insurance
540,001
539,372
535,481
535,324
531,805
Goodwill
1,320,799
1,320,799
1,320,799
1,320,799
1,320,799
Other intangible assets
84,423
87,520
90,617
93,714
97,242
Other assets
643,204
659,352
528,382
551,112
572,385
Total assets
$ 24,540,877
$ 24,208,162
$ 26,693,620
$ 26,792,991
$ 26,876,049
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Noninterest bearing transaction accounts
$ 4,330,211
$ 4,377,232
$ 4,468,237
$ 4,455,255
$ 4,460,517
Interest bearing transaction accounts and savings deposits
11,141,169
10,932,914
11,176,791
11,265,554
10,982,022
Time deposits
4,712,658
4,527,587
6,179,962
5,963,811
6,443,211
Total deposits
20,184,038
19,837,733
21,824,990
21,684,620
21,885,750
Federal funds purchased and securities sold
under agreements to repurchase
21,383
22,348
31,306
50,133
37,109
Other borrowings
302,253
18,832
634,349
884,863
745,372
Subordinated notes and debentures
317,714
648,976
366,369
366,331
366,293
Accrued interest and other liabilities
296,249
326,310
287,396
275,559
312,653
Total liabilities
21,121,637
20,854,199
23,144,410
23,261,506
23,347,177
Stockholders' equity:
Common stock
1,448
1,447
1,260
1,259
1,257
Surplus
2,846,581
2,848,977
2,518,286
2,515,372
2,511,590
Undivided profits
864,341
817,022
1,410,564
1,382,564
1,376,935
Accumulated other comprehensive (loss) income
(293,130)
(313,483)
(380,900)
(367,710)
(360,910)
Total stockholders' equity
3,419,240
3,353,963
3,549,210
3,531,485
3,528,872
Total liabilities and stockholders' equity
$ 24,540,877
$ 24,208,162
$ 26,693,620
$ 26,792,991
$ 26,876,049
Simmons First National Corporation
SFNC
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended
Dec 31
Sep 30
Jun 30
Mar 31
Dec 31
(Unaudited)
2025
2025
2025
2025
2024
($ in thousands, except per share data)
INTEREST INCOME
Loans (including fees)
$ 270,868
$ 269,210
$ 265,373
$ 257,755
$ 272,727
Interest bearing balances due from banks and federal funds sold
2,485
6,421
2,531
2,703
2,913
Investment securities
33,833
37,464
46,898
47,257
50,162
Mortgage loans held for sale
227
229
221
122
180
Assets held in trading accounts
118
99
-
-
-
TOTAL INTEREST INCOME
307,531
313,423
315,023
307,837
325,982
INTEREST EXPENSE
Time deposits
41,989
49,064
57,231
62,559
70,661
Other deposits
60,516
67,546
69,108
67,895
72,369
Federal funds purchased and securities
sold under agreements to repurchase
57
72
59
113
119
Other borrowings
2,138
2,957
10,613
7,714
11,386
Subordinated notes and debentures
5,535
7,123
6,188
6,134
6,505
TOTAL INTEREST EXPENSE
110,235
126,762
143,199
144,415
161,040
NET INTEREST INCOME
197,296
186,661
171,824
163,422
164,942
PROVISION FOR CREDIT LOSSES
Provision for credit losses on loans
15,116
15,180
11,945
26,797
13,332
TOTAL PROVISION FOR CREDIT LOSSES
15,116
11,966
11,945
26,797
13,332
NET INTEREST INCOME AFTER PROVISION
FOR CREDIT LOSSES
182,180
174,695
159,879
136,625
151,610
NONINTEREST INCOME
Service charges on deposit accounts
12,669
13,045
12,588
12,635
12,978
Debit and credit card fees
8,660
8,478
8,567
8,446
8,323
Wealth management fees
10,337
9,965
9,464
9,629
9,658
Mortgage lending income
2,232
2,259
1,687
2,013
1,828
Bank owned life insurance income
3,942
3,943
3,890
4,092
3,780
Other service charges and fees (includes insurance income)
1,503
1,474
1,321
1,333
1,426
Gain (loss) on sale of securities
-
(801,492)
-
-
-
Other income
12,365
6,141
4,837
8,007
5,565
TOTAL NONINTEREST INCOME
51,708
(756,187)
42,354
46,155
43,558
NONINTEREST EXPENSE
Salaries and employee benefits
72,924
76,249
73,862
74,824
71,588
Occupancy expense, net
11,636
12,106
11,844
12,651
11,876
Furniture and equipment expense
5,304
5,275
5,474
5,465
5,671
Other real estate and foreclosure expense
432
200
216
198
317
Deposit insurance
4,736
5,175
4,917
5,391
5,550
Other operating expenses
44,830
43,027
42,276
46,051
46,115
TOTAL NONINTEREST EXPENSE
139,862
142,032
138,589
144,580
141,117
NET INCOME (LOSS) BEFORE INCOME TAXES
94,026
(723,524)
63,644
38,200
54,051
Provision for income taxes
15,948
(160,732)
8,871
5,812
5,732
NET INCOME (LOSS)
$ 78,078
$ (562,792)
$ 54,773
$ 32,388
$ 48,319
BASIC EARNINGS PER SHARE
$ 0.54
$ (4.01)
$ 0.43
$ 0.26
$ 0.38
DILUTED EARNINGS PER SHARE
$ 0.54
$ (4.00)
$ 0.43
$ 0.26
$ 0.38
Simmons First National Corporation
SFNC
Consolidated Risk-Based Capital
For the Quarters Ended
Dec 31
Sep 30
Jun 30
Mar 31
Dec 31
(Unaudited)
2025
2025
2025
2025
2024
($ in thousands)
Tier 1 capital
Stockholders' equity
$ 3,419,240
$ 3,353,963
$ 3,549,210
$ 3,531,485
$ 3,528,872
CECL transition provision (1)
-
-
-
-
30,873
Disallowed intangible assets, net of deferred tax
(1,374,839)
(1,376,255)
(1,379,104)
(1,381,953)
(1,385,128)
Unrealized loss (gain) on AFS securities
293,130
313,483
380,900
367,710
360,910
Total Tier 1 capital
2,337,531
2,291,191
2,551,006
2,517,242
2,535,527
Tier 2 capital
Subordinated notes and debentures
317,714
648,976
366,369
366,331
366,293
Subordinated debt phase out
-
(198,000)
(198,000)
(132,000)
(132,000)
Qualifying allowance for loan losses and
reserve for unfunded commitments
250,006
248,710
258,079
257,769
222,313
Total Tier 2 capital
567,720
699,686
426,448
492,100
456,606
Total risk-based capital
$ 2,905,251
$ 2,990,877
$ 2,977,454
$ 3,009,342
$ 2,992,133
Risk weighted assets
$ 20,106,493
$ 19,861,879
$ 20,646,324
$ 20,621,540
$ 20,473,960
Adjusted average assets for leverage ratio
$ 23,224,638
$ 23,963,356
$ 25,606,135
$ 25,619,424
$ 26,037,459
Ratios at end of quarter
Equity to assets
13.93 %
13.85 %
13.30 %
13.18 %
13.13 %
Tangible common equity to tangible assets (2)
8.71 %
8.53 %
8.46 %
8.34 %
8.29 %
Common equity Tier 1 ratio (CET1)
11.63 %
11.54 %
12.36 %
12.21 %
12.38 %
Tier 1 leverage ratio
10.06 %
9.56 %
9.96 %
9.83 %
9.74 %
Tier 1 risk-based capital ratio
11.63 %
11.54 %
12.36 %
12.21 %
12.38 %
Total risk-based capital ratio
14.45 %
15.07 %
14.42 %
14.59 %
14.61 %
(1) The Company has elected to use the CECL transition provision allowed for in the year of adopting ASC 326.
(2) Calculations of tangible common equity to tangible assets and the reconciliations to GAAP are included in the schedules
accompanying this release.
Simmons First National Corporation
SFNC
Consolidated Investment Securities
