Exhibit 99.1

 

January 21, 2025

Simmons First National Corporation Reports Fourth Quarter 2024 Results

George Makris, Jr., Simmons’ Chairman and Chief Executive Officer, commented on the quarterly results:

Simmons’ fourth quarter results were encouraging as we head into 2025. Profitability trends improved and should be a good foundation from which to build. While we are cautiously optimistic as we enter the new year, we are also watching several factors that could impact us in 2025: a new administration and how its policies affect domestic growth; inflation and employment levels; the trajectory of short-term interest rates; regulatory changes and their effect on our operating costs and growth; insurance availability and costs for both commercial enterprises and consumers; and population migration’s effects on housing trends geographically.

I also want to recognize and thank the following leaders who retired from Simmons at the end of 2024: Bob Fehlman, Steve Massanelli, Steve Wade, Johnny McCaleb, and Pat Neely. These leaders have played a significant role in the growth of Simmons, and they will be missed. At the same time, I am excited about the next generation of leadership and the opportunities we see ahead.

 

FINANCIAL HIGHLIGHTS		4Q24				3Q24				4Q23				4Q24 Highlights
BALANCE SHEET (in millions)														Comparisons reflect 4Q24 vs 3Q24, except as otherwise noted   •  Net income of $48.3 million and diluted EPS of $0.38   •  Adjusted earnings1 of $49.6 million and adjusted diluted EPS1 of $0.39   •  Total revenue of $208.5 million and PPNR1 of $67.4 million   •  Adjusted total revenue1 of $208.5 million and adjusted PPNR1 of $69.2 million   •  Net interest margin of 2.87%, up 13 bps   •  Cost of deposits of 2.60%, down 19 bps   •  Provision for credit losses on loans exceeded net charge-offs in the quarter by $1.8 million   •  NCO ratio of 27 bps in 4Q24; 6 bps of NCO ratio associated with run-off portfolio   •  ACL ratio ended the quarter at 1.38%, up 3 bps   •  EA ratio of 13.13%; TCE ratio1 up 14 bps to 8.29%   •  Book value per share up 3% and tangible book value per share1 up 6% year-over-year
Total loans		$	17,006			$	17,336			$	16,846
Total investment securities			6,166				6,350				6,878
Total deposits			21,886				21,935				22,245
Total assets			26,876				27,269				27,346
Total shareholders’ equity			3,529				3,529				3,426
PERFORMANCE MEASURES (in millions)
Total revenue		$	208.5			$	174.8			$	177.6
Adjusted total revenue1			208.5				203.2				197.8
Pre-provision net revenue1 (PPNR)			67.4				37.6				29.5
Adjusted pre-provision net revenue1			69.2				66.4				65.1
Provision for credit losses			13.3				12.1				10.0
PER SHARE DATA
Diluted earnings		$	0.38			$	0.20			$	0.19
Adjusted diluted earnings1			0.39				0.37				0.40
Book value			28.08				28.11				27.37
Tangible book value1			16.80				16.78				15.92
ASSET QUALITY
Net charge-off ratio (NCO ratio)			0.27	%			0.22	%			0.11	%
Nonperforming loan ratio			0.65				0.59				0.50
Nonperforming assets to total assets			0.45				0.38				0.33
Allowance for credit losses to loans (ACL)			1.38				1.35				1.34
Nonperforming loan coverage ratio			212				229				267
CAPITAL RATIOS
Equity to assets (EA ratio)			13.13	%			12.94	%			12.53	%
Tangible common equity (TCE) ratio1			8.29				8.15				7.69
Common equity tier 1 (CET1) ratio			12.38				12.06				12.11
Total risk-based capital ratio			14.61				14.25				14.39
OTHER DATA
Net interest margin (FTE)			2.87	%			2.74	%			2.68	%
Loan yield (FTE)			6.32				6.44				6.20
Cost of deposits			2.60				2.79				2.58
Loan to deposit ratio			77.70				79.03				75.73
Borrowed funds to total liabilities			4.92				6.16				5.88

Simmons First National Corporation (NASDAQ: SFNC) (Simmons or Company) today reported net income of $48.3 million for the fourth quarter of 2024, compared to $24.7 million in the third quarter of 2024 and $23.9 million in the fourth quarter of 2023. Diluted earnings per share were $0.38 for the fourth quarter of 2024, compared to $0.20 in the third quarter of 2024 and $0.19 in the fourth quarter of 2023. Adjusted earnings¹ for the fourth quarter of 2024 were $49.6 million, compared to $46.0 million in the third quarter of 2024 and $50.2 million in the fourth quarter of 2023. Adjusted diluted earnings per share¹ for the fourth quarter of 2024 were $0.39, compared to $0.37 in the third quarter of 2024 and $0.40 in the fourth quarter of 2023.

The table below summarizes the impact of certain items, consisting primarily of branch right sizing, early retirement, loss on sale of available-for-sale (AFS) investment securities and FDIC special assessments. They 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 EPS

 

$ in millions, except per share data		4Q24				3Q24				4Q23
Net income		$	48.3			$	24.7			$	23.9
Branch right sizing, net			1.6				0.4				3.9
Early retirement program			0.2				—				1.0
Loss on sale of AFS investment securities			—				28.4				20.2
FDIC special assessment			—				—				10.5
Total pre-tax impact			1.8				28.8				35.6
Tax effect2			(0.5	)			(7.5	)			(9.3	)
Total impact on earnings			1.3				21.3				26.3
Adjusted earnings1		$	49.6			$	46.0			$	50.2
Diluted EPS		$	0.38			$	0.20			$	0.19
Branch right sizing, net			0.01				—				0.03
Early retirement program			—				—				0.01
Loss on sale of AFS investment securities			—				0.23				0.16
FDIC special assessment			—				—				0.08
Total pre-tax impact			0.01				0.23				0.28
Tax effect2			—				(0.6	)			(0.07	)
Total impact on earnings			0.01				0.17				0.21
Adjusted Diluted EPS1		$	0.39			$	0.37			$	0.40

Net Interest Income

Net interest income for the fourth quarter of 2024 totaled $164.9 million, compared to $157.7 million in the third quarter of 2024 and $155.6 million in the fourth quarter of 2023. Interest income totaled $326.0 million for the fourth quarter of 2024, compared to $334.3 million in the third quarter of 2024 and $323.5 million in the fourth quarter of 2023. The decrease in interest income on a linked quarter basis was primarily driven by a decline in the level of interest rates resulting from interest rate cuts at the end of the third quarter and during the fourth quarter of 2024. Interest expense totaled $161.0 million for the fourth quarter of 2024, compared to $176.6 million in the third quarter of 2024 and $167.9 million in the fourth quarter of 2023. The decrease in interest expense was driven by lower interest rates, coupled with management’s ability to proactively manage deposit costs and reduced use of wholesale funding sources. Included in net interest income is accretion recognized on loans, which totaled $1.9 million in the fourth quarter of 2024, $1.5 million in the third quarter of 2024 and $1.8 million in the fourth quarter of 2023.

The yield on loans on a fully taxable equivalent (FTE) basis for the fourth quarter of 2024 was 6.32 percent, down 12 basis points from 6.44 percent for the third quarter of 2024 and up 12 basis points from 6.20 percent in the fourth quarter of 2023. Cost of deposits for the fourth quarter of 2024 was 2.60 percent, down 19 basis points from 2.79 percent for the third quarter of 2024 and up 2 basis points from 2.58 percent in the fourth quarter of 2023. The net interest margin on an FTE basis for the fourth quarter of 2024 was 2.87 percent, up 13 basis points from 2.74 percent for the third quarter of 2024 and up 19 basis points from 2.68 percent in the fourth quarter of 2023. The increase in net interest margin on a linked quarter basis was primarily due to lower deposits costs, as well as the reduced use of and rate paid on other borrowings.

Select Yield/Rates

 

		4Q24				3Q24				2Q24				1Q24				4Q23
Loan yield (FTE)2			6.32	%			6.44	%			6.39	%			6.24	%			6.20	%
Investment securities yield (FTE)2			3.54				3.63				3.68				3.76				3.67
Cost of interest bearing deposits			3.28				3.52				3.53				3.48				3.31
Cost of deposits			2.60				2.79				2.79				2.75				2.58
Cost of borrowed funds			5.32				5.79				5.84				5.85				5.79
Net interest spread (FTE)2			2.15				1.95				1.92				1.89				1.93
Net interest margin (FTE)2			2.87				2.74				2.69				2.66				2.68

Noninterest Income

Noninterest income for the fourth quarter of 2024 was $43.6 million, compared to $17.1 million in the third quarter of 2024 and $22.0 million in the fourth quarter of 2023. Included in the third quarter of 2024 and fourth quarter of 2023 was a $28.4 million and $20.2 million pre-tax loss on the sale of AFS investment securities, respectively. Excluding these items (which are described in the “Reconciliation of Non-GAAP Financial Measures” tables below), adjusted noninterest income¹ was $45.5 million for the third quarter of 2024 and $42.2 million in the fourth quarter of 2023. The decrease in adjusted noninterest income on a linked quarter basis was primarily due to a higher level of other noninterest income resulting from the gain on sale of other real estate recorded in the third quarter of 2024, offset in part by increases in most of our major fee-based businesses.

Noninterest Income

 

$ in millions		4Q24				3Q24				2Q24				1Q24				4Q23
Service charges on deposit accounts		$	13.0			$	12.7			$	12.3			$	12.0			$	12.8
Wealth management fees			8.8				8.2				8.3				7.5				7.7
Debit and credit card fees			8.3				8.1				8.2				8.2				7.8
Mortgage lending income			1.8				2.0				2.0				2.3				1.6
Other service charges and fees			2.3				2.4				2.4				2.2				2.3
Bank owned life insurance			3.8				3.8				3.9				3.8				3.1
Gain (loss) on sale of securities			—				(28.4	)			—				—				(20.2	)
Other income			5.6				8.3				6.4				7.2				6.9
Total noninterest income		$	43.6			$	17.1			$	43.3			$	43.2			$	22.0
Adjusted noninterest income1		$	43.6			$	45.5			$	43.3			$	43.2			$	42.2

Noninterest Expense

Noninterest expense for the fourth quarter of 2024 was $141.1 million, compared to $137.2 million in the third quarter of 2024 and $148.1 million in the fourth quarter of 2023. Included in noninterest expense are certain items consisting of branch right sizing, early retirement and an FDIC special assessment. Collectively, these items totaled $1.8 million in the fourth quarter of 2024, $0.4 million in the third quarter of 2024 and $15.4 million in the fourth quarter of 2023. Excluding these items (which are described in the “Reconciliation of Non-GAAP Financial Measures” tables below), adjusted noninterest expense¹ was $139.3 million for the fourth quarter of 2024, $136.8 million in the third quarter of 2024 and $132.7 million in the fourth quarter of 2023. The increase in adjusted noninterest expense on a linked quarter basis was primarily due to seasonality in salaries and employee benefits.

Noninterest Expense

 

$ in millions		4Q24				3Q24				2Q24				1Q24				4Q23
Salaries and employee benefits		$	71.6			$	69.2			$	70.7			$	72.7			$	67.0
Occupancy expense, net			11.9				12.2				11.9				12.3				11.7
Furniture and equipment			5.7				5.6				5.6				5.1				5.4
Deposit insurance			5.6				5.6				5.4				5.5				4.7
Other real estate and foreclosure expense			0.3				0.1				0.1				0.2				0.2
FDIC special assessment			—				—				0.3				1.6				10.5
Other operating expenses			46.1				44.5				45.4				42.5				48.6
Total noninterest expense		$	141.1			$	137.2			$	139.4			$	139.9			$	148.1
Adjusted salaries and employee benefits1		$	71.4			$	69.2			$	70.6			$	72.4			$	66.0
Adjusted other operating expenses1			44.7				44.4				44.3				42.4				44.9
Adjusted noninterest expense1			139.3				136.8				137.8				137.9				132.7

Efficiency ratio			65.66	%			75.70	%			68.38	%			69.41	%			80.46	%
Adjusted efficiency ratio1			62.89				63.38				65.68				66.42				62.91
Full-time equivalent employees			2,946				2,972				2,961				2,989				3,007
Number of financial centers			222				234				234				233				234

Loans and Unfunded Loan Commitments

Total loans at the end of the fourth quarter of 2024 were $17.0 billion, compared to $17.3 billion at the end of the third quarter of 2024 and $16.8 billion at the end of the fourth quarter of 2023. The decrease in total loans on a linked quarter basis was primarily due to normal seasonality in the company’s agricultural and mortgage warehouse loan portfolios, as well as further declines in a run-off portfolio consisting of small ticket equipment finance and acquired asset based lending portfolios (run-off portfolio). Unfunded loan commitments at the end of the fourth quarter of 2024 were $3.7 billion, up slightly from third quarter 2024 levels. The commercial loan pipeline ended the fourth quarter of 2024 at $1.3 billion and ready to close loans totaled $552 million, marking the second consecutive quarterly increase in both metrics.

Loans and Unfunded Loan Commitments

 

$ in millions		4Q24				3Q24				2Q24				1Q24				4Q23
Total loans		$	17,006			$	17,336			$	17,192			$	17,002			$	16,846
Unfunded loan commitments			3,739				3,681				3,746				3,875				3,880

Deposits and Other Borrowings

Total deposits at the end of the fourth quarter of 2024 were $21.9 billion, down slightly from third quarter 2024 levels. The decrease in deposits on a linked quarter basis was primarily due to a decline in time deposits and brokered deposits, offset in part by increases in interest bearing transaction accounts (checking, money market and savings accounts) and public fund deposits. Other borrowings totaled $1.1 billion at the end of the fourth quarter of 2024, compared to $1.5 billion at the end of the third quarter of 2024 and $1.4 billion at the end of the fourth quarter of 2023. The decrease in other borrowing both on a linked quarter and year-over-year basis was primarily due to lower levels of FHLB advances.

Deposits

 

$ in millions		4Q24				3Q24				2Q24				1Q24				4Q23
Noninterest bearing deposits		$	4,461			$	4,522			$	4,624			$	4,698			$	4,801
Interest bearing transaction accounts			10,331				10,038				10,092				10,316				10,277
Time deposits			3,796				4,014				4,185				4,314				4,266
Brokered deposits			3,298				3,361				2,940				3,025				2,901
Total deposits		$	21,886			$	21,935			$	21,841			$	22,353			$	22,245
Noninterest bearing deposits to total deposits			20	%			21	%			21	%			21	%			22	%
Total loans to total deposits			78				79				79				76				76

Asset Quality

Provision for credit losses totaled $13.3 million for the fourth quarter of 2024, compared to $12.1 million in the third quarter of 2024 and $10.0 million in the fourth quarter of 2023. Provision for credit losses on loans exceeded net charge-offs by $1.8 million during the fourth quarter of 2024. The allowance for credit losses on loans at the end of the fourth quarter of 2024 was $235.0 million, compared to $233.2 million at the end of the third quarter of 2024 and $225.2 million at the end of the fourth quarter of 2023. The increase in the allowance for credit losses on loans on a linked quarter basis and year-over-year basis reflected continued normalization of the credit environment, macroeconomic conditions and activity in the loan portfolio. The allowance for credit losses on loans was 1.38 percent at the end of the fourth quarter of 2024, compared to 1.35 percent at the end of the third quarter of 2024 and 1.34 percent at the end of the fourth quarter of 2023.

Net charge-offs as a percentage of average loans for the fourth quarter of 2024 were 27 basis points, compared to 22 basis points in the third quarter of 2024 and 11 basis points in the fourth quarter of 2023. Net charge-offs in the fourth quarter of 2024 included $2.5 million of charge-offs associated with the run-off portfolio. Net charge-offs from the run-off portfolio accounted for 6 basis points of total net charge-offs during the fourth quarter and 9 basis points of total net charge-offs during the third quarter of 2024.

Total nonperforming loans at the end of the fourth quarter of 2024 were $110.7 million, compared to $101.7 million at the end of the third quarter of 2024 and $84.5 million at the end of the fourth quarter of 2023. The increase in nonperforming loans on a linked quarter basis was primarily due to increases from the real estate construction and real estate 1-4 family loan portfolios. The nonperforming loan coverage ratio ended the fourth quarter of 2024 at 212 percent, compared to 229 percent at the end of the third quarter of 2024 and 267 percent at the end of the fourth quarter of 2023. Total nonperforming assets as a percentage of total assets were 45 basis points at the end of the fourth quarter of 2024, compared to 38 basis points at the end of the third quarter of 2024 and 33 basis points at the end of the fourth quarter of 2023. The increase in nonperforming assets as a percentage of total assets on a linked quarter basis was primarily due to an increase in nonperforming loans and an increase in other nonperforming assets resulting from the addition of two foreclosed properties.

Asset Quality

 

$ in millions		4Q24				3Q24				2Q24				1Q24				4Q23
Allowance for credit losses on loans to total loans			1.38	%			1.35	%			1.34	%			1.34	%			1.34	%
Allowance for credit losses on loans to nonperforming loans			212				229				223				212				267
Nonperforming loans to total loans			0.65				0.59				0.60				0.63				0.50
Net charge-off ratio (annualized)			0.27				0.22				0.19				0.19				0.11
Net charge-off ratio YTD (annualized)			0.22				0.20				0.19				0.19				0.12
Total nonperforming loans		$	110.7			$	101.7			$	103.4			$	107.3			$	84.5
Total other nonperforming assets			10.5				2.6				3.4				5.0				5.8
Total nonperforming assets		$	121.2			$	104.3			$	106.8			$	112.3			$	90.3
Reserve for unfunded commitments		$	25.6			$	25.6			$	25.6			$	25.6			$	25.6

Capital

Total stockholders’ equity at the end of the fourth quarter of 2024 was $3.5 billion, up slightly from the end of the third quarter 2024 and up $102.4 million from $3.4 billion at the end of the fourth quarter of 2023. The increase on a year-over-year basis was primarily due to an increase of $47.3 million in retained earnings, coupled with a $43.5 million recapture of accumulated other comprehensive income principally associated with the mark-to-market adjustment on AFS investment securities. Book value per share at the end of the fourth quarter of 2024 was $28.08, compared to $28.11 at the end of the third quarter of 2024 and $27.37 at the end of the fourth quarter of 2023. Tangible book value per share¹ at the end of the fourth quarter of 2024 was $16.80, compared to $16.78 at the end of the third quarter of 2024 and $15.92 at the end of the fourth quarter of 2023.

Total stockholders’ equity as a percentage of total assets at the end of the fourth quarter of 2024 was 13.1 percent, up from 12.9 percent at the end of the third quarter of 2024 and up from 12.5 percent at the end the fourth quarter of 2023. Tangible common equity as a percentage of tangible assets¹ at the end of the fourth quarter of 2024 was 8.3 percent, compared to 8.2 percent at the end of the third quarter of 2024 and 7.7 percent at the end of the fourth quarter of 2023. Each of the regulatory capital ratios for Simmons and its lead subsidiary, Simmons Bank, continue to significantly exceed “well-capitalized” regulatory guidelines.

Select Capital Ratios

 

		4Q24				3Q24				2Q24				1Q24				4Q23
Stockholders’ equity to total assets			13.1	%			12.9	%			12.6	%			12.6	%			12.5	%
Tangible common equity to tangible assets1			8.3				8.2				7.8				7.8				7.7
Common equity tier 1 (CET1) ratio			12.4				12.1				12.0				12.0				12.1
Tier 1 leverage ratio			9.7				9.6				9.5				9.4				9.4
Tier 1 risk-based capital ratio			12.4				12.1				12.0				12.0				12.1
Total risk-based capital ratio			14.6				14.3				14.2				14.4				14.4

Share Repurchase Program

During the fourth quarter of 2024, Simmons did not repurchase shares under its stock repurchase program that was authorized in January 2024 (2024 Program), which replaced its former repurchase program that was authorized in January 2022. Remaining authorization under the 2024 Program as of December 31, 2024, 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%

Conference Call

Management will conduct a live conference call to review this information beginning at 7:30 a.m. Central Time on Wednesday, January 22, 2025. 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 10195421. 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 Corporation

Simmons First National Corporation (NASDAQ: SFNC) is a Mid-South based financial holding company that has paid cash dividends to its shareholders for 115 consecutive years. Its principal subsidiary, Simmons Bank, operates 222 branches in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas. Founded in 1903, Simmons Bank offers comprehensive financial solutions delivered with a client-centric approach. In 2024, Simmons Bank was recognized by Newsweek as one of America’s Best Regional Banks 2025, by U.S. News & World Report as one of the 2024-2025 Best Companies to Work For in the South and by Forbes as one of America’s Best-In-State Banks 2024 in Tennessee and America’s Best-In-State Banks 2024 in Missouri. Additional information about Simmons Bank can be found on our website at simmonsbank.com, by following @Simmons_Bank on X (formerly Twitter) or by visiting our newsroom.

Non-GAAP Financial Measures

This 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, merger activity (primarily including merger-related expenses), gains and/or losses on sale of branches, net branch right-sizing initiatives, early retirement program, FDIC special assessment charges and gain/loss on the sale of AFS investment securities. The Company has updated its calculation of certain non-GAAP financial measures to exclude the impact of gains or losses on the sale of AFS investment securities and has presented past periods on a comparable basis.

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 Statements

Certain 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. Makris’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, and future economic conditions and interest rates. 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, 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; 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 between Russia and Ukraine and between Israel and Hamas) 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); 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; 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, 2023, 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.

FOR MORE INFORMATION CONTACT:

Ed Bilek, EVP, Director of Investor and Media Relations

[email protected] or 205.612.3378 (cell)

Simmons First National Corporation		SFNC
Consolidated End of Period Balance Sheets
For the Quarters Ended
(Unaudited)

 

		Dec 31 2024				Sep 30 2024				Jun 30 2024				Mar 31 2024				Dec 31 2023
($ in thousands)
ASSETS
Cash and noninterest bearing balances due from banks		$	429,705			$	398,321			$	320,021			$	380,324			$	345,258
Interest bearing balances due from banks and federal funds sold			257,672				205,081				254,312				222,979				268,834
Cash and cash equivalents			687,377				603,402				574,333				603,303				614,092
Interest bearing balances due from banks - time			100				100				100				100				100
Investment securities - held-to-maturity			3,636,636				3,658,700				3,685,450				3,707,258				3,726,288
Investment securities - available-for-sale			2,529,426				2,691,094				2,885,904				3,027,558				3,152,153
Mortgage loans held for sale			11,417				8,270				13,053				11,899				9,373
Loans:
Loans			17,005,937				17,336,040				17,192,437				17,001,760				16,845,670
Allowance for credit losses on loans			(235,019	)			(233,223	)			(230,389	)			(227,367	)			(225,231	)
Net loans			16,770,918				17,102,817				16,962,048				16,774,393				16,620,439
Premises and equipment			585,431				584,366				581,893				576,466				570,678
Foreclosed assets and other real estate owned			9,270				1,299				2,209				3,511				4,073
Interest receivable			123,243				125,700				126,625				122,781				122,430
Bank owned life insurance			531,805				508,781				505,023				503,348				500,559
Goodwill			1,320,799				1,320,799				1,320,799				1,320,799				1,320,799
Other intangible assets			97,242				101,093				104,943				108,795				112,645
Other assets			572,385				562,983				606,692				611,964				592,045
Total assets		$	26,876,049			$	27,269,404			$	27,369,072			$	27,372,175			$	27,345,674
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Noninterest bearing transaction accounts		$	4,460,517			$	4,521,715			$	4,624,186			$	4,697,539			$	4,800,880
Interest bearing transaction accounts and savings deposits			10,982,022				10,863,945				10,925,179				11,071,762				10,997,425
Time deposits			6,443,211				6,549,774				6,291,518				6,583,703				6,446,673
Total deposits			21,885,750				21,935,434				21,840,883				22,353,004				22,244,978
Federal funds purchased and securities sold under agreements to repurchase			37,109				51,071				52,705				58,760				67,969
Other borrowings			745,372				1,045,878				1,346,378				871,874				972,366
Subordinated notes and debentures			366,293				366,255				366,217				366,179				366,141
Accrued interest and other liabilities			312,653				341,933				304,020				283,232				267,732
Total liabilities			23,347,177				23,740,571				23,910,203				23,933,049				23,919,186
Stockholders’ equity:
Common stock			1,257				1,256				1,255				1,254				1,252
Surplus			2,511,590				2,508,438				2,506,469				2,503,673				2,499,930
Undivided profits			1,376,935				1,355,000				1,356,626				1,342,215				1,329,681
Accumulated other comprehensive (loss) income			(360,910	)			(335,861	)			(405,481	)			(408,016	)			(404,375	)
Total stockholders’ equity			3,528,872				3,528,833				3,458,869				3,439,126				3,426,488
Total liabilities and stockholders’ equity		$	26,876,049			$	27,269,404			$	27,369,072			$	27,372,175			$	27,345,674

 

Page 1

Simmons First National Corporation		SFNC
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended
(Unaudited)

 

		Dec 31 2024				Sep 30 2024				Jun 30 2024				Mar 31 2024				Dec 31 2023
($ in thousands, except per share data)
INTEREST INCOME
Loans (including fees)		$	272,727			$	277,939			$	270,937			$	261,490			$	261,505
Interest bearing balances due from banks and federal funds sold			2,913				2,921				2,964				3,010				3,115
Investment securities			50,162				53,220				55,050				58,001				58,755
Mortgage loans held for sale			180				209				194				148				143
TOTAL INTEREST INCOME			325,982				334,289				329,145				322,649				323,518
INTEREST EXPENSE
Time deposits			70,661				73,937				73,946				73,241				72,458
Other deposits			72,369				78,307				79,087				78,692				71,412
Federal funds purchased and securities sold under agreements to repurchase			119				138				156				189				232
Other borrowings			11,386				17,067				15,025				11,649				16,607
Subordinated notes and debentures			6,505				7,128				7,026				6,972				7,181
TOTAL INTEREST EXPENSE			161,040				176,577				175,240				170,743				167,890
NET INTEREST INCOME			164,942				157,712				153,905				151,906				155,628
PROVISION FOR CREDIT LOSSES
Provision for credit losses on loans			13,332				12,148				11,099				10,206				11,225
Provision for credit losses on unfunded commitments			—				—				—				—				—
Provision for credit losses on investment securities - AFS			—				—				—				—				(1,196	)
Provision for credit losses on investment securities - HTM			—				—				—				—				—
TOTAL PROVISION FOR CREDIT LOSSES			13,332				12,148				11,099				10,206				10,029
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES			151,610				145,564				142,806				141,700				145,599
NONINTEREST INCOME
Service charges on deposit accounts			12,978				12,713				12,252				11,955				12,782
Debit and credit card fees			8,323				8,144				8,162				8,246				7,822
Wealth management fees			8,828				8,226				8,274				7,478				7,679
Mortgage lending income			1,828				1,956				1,973				2,320				1,603
Bank owned life insurance income			3,780				3,757				3,876				3,814				3,094
Other service charges and fees (includes insurance income)			2,256				2,381				2,352				2,199				2,346
Gain (loss) on sale of securities			—				(28,393	)			—				—				(20,218	)
Other income			5,565				8,346				6,410				7,172				6,866
TOTAL NONINTEREST INCOME			43,558				17,130				43,299				43,184				21,974
NONINTEREST EXPENSE
Salaries and employee benefits			71,588				69,167				70,716				72,653				66,982
Occupancy expense, net			11,876				12,216				11,864				12,258				11,733
Furniture and equipment expense			5,671				5,612				5,623				5,141				5,445
Other real estate and foreclosure expense			317				87				117				179				189
Deposit insurance			5,550				5,571				5,682				7,135				15,220
Merger-related costs			—				—				—				—				—
Other operating expenses			46,115				44,540				45,352				42,513				48,570
TOTAL NONINTEREST EXPENSE			141,117				137,193				139,354				139,879				148,139
NET INCOME BEFORE INCOME TAXES			54,051				25,501				46,751				45,005				19,434
Provision for income taxes			5,732				761				5,988				6,134				(4,473	)
NET INCOME		$	48,319			$	24,740			$	40,763			$	38,871			$	23,907
BASIC EARNINGS PER SHARE		$	0.38			$	0.20			$	0.32			$	0.31			$	0.19
DILUTED EARNINGS PER SHARE		$	0.38			$	0.20			$	0.32			$	0.31			$	0.19

 

Page 2

Simmons First National Corporation			SFNC
Consolidated Risk-Based Capital
For the Quarters Ended
(Unaudited)

 

		Dec 31 2024				Sep 30 2024				Jun 30 2024				Mar 31 2024				Dec 31 2023
($ in thousands)
Tier 1 capital
Stockholders’ equity		$	3,528,872			$	3,528,833			$	3,458,869			$	3,439,126			$	3,426,488
CECL transition provision (1)			30,873				30,873				30,873				30,873				61,746
Disallowed intangible assets, net of deferred tax			(1,385,128	)			(1,388,549	)			(1,391,969	)			(1,394,672	)			(1,398,810	)
Unrealized loss (gain) on AFS securities			360,910				335,861				405,481				408,016				404,375
Total Tier 1 capital			2,535,527				2,507,018				2,503,254				2,483,343				2,493,799
Tier 2 capital
Subordinated notes and debentures			366,293				366,255				366,217				366,179				366,141
Subordinated debt phase out			(132,000	)			(132,000	)			(132,000	)			(66,000	)			(66,000	)
Qualifying allowance for loan losses and reserve for unfunded commitments			222,313				220,517				217,684				214,660				170,977
Total Tier 2 capital			456,606				454,772				451,901				514,839				471,118
Total risk-based capital		$	2,992,133			$	2,961,790			$	2,955,155			$	2,998,182			$	2,964,917
Risk weighted assets		$	20,473,960			$	20,790,941			$	20,856,194			$	20,782,094			$	20,599,238
Adjusted average assets for leverage ratio		$	26,037,459			$	26,198,178			$	26,371,545			$	26,312,873			$	26,552,988
Ratios at end of quarter
Equity to assets			13.13	%			12.94	%			12.64	%			12.56	%			12.53	%
Tangible common equity to tangible assets (2)			8.29	%			8.15	%			7.84	%			7.75	%			7.69	%
Common equity Tier 1 ratio (CET1)			12.38	%			12.06	%			12.00	%			11.95	%			12.11	%
Tier 1 leverage ratio			9.74	%			9.57	%			9.49	%			9.44	%			9.39	%
Tier 1 risk-based capital ratio			12.38	%			12.06	%			12.00	%			11.95	%			12.11	%
Total risk-based capital ratio			14.61	%			14.25	%			14.17	%			14.43	%			14.39	%

 

(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.

 

Page 3

Simmons First National Corporation			SFNC
Consolidated Investment Securities
For the Quarters Ended
(Unaudited)

 

		Dec 31 2024				Sep 30 2024				Jun 30 2024				Mar 31 2024				Dec 31 2023
($ in thousands)
Investment Securities - End of Period
Held-to-Maturity
U.S. Government agencies		$	455,869			$	455,179			$	454,488			$	453,805			$	453,121
Mortgage-backed securities			1,070,032				1,093,070				1,119,741				1,142,352				1,161,694
State and political subdivisions			1,857,177				1,857,283				1,857,409				1,855,642				1,856,674
Other securities			253,558				253,168				253,812				255,459				254,799
Total held-to-maturity (net of credit losses)			3,636,636				3,658,700				3,685,450				3,707,258				3,726,288
Available-for-Sale
U.S. Treasury		$	996			$	1,290			$	1,275			$	1,964			$	2,254
U.S. Government agencies			54,547				58,397				66,563				69,801				72,502
Mortgage-backed securities			1,392,759				1,510,402				1,730,842				1,845,364				1,940,307
State and political subdivisions			858,182				898,178				864,190				874,849				902,793
Other securities			222,942				222,827				223,034				235,580				234,297
Total available-for-sale (net of credit losses)			2,529,426				2,691,094				2,885,904				3,027,558				3,152,153
Total investment securities (net of credit losses)		$	6,166,062			$	6,349,794			$	6,571,354			$	6,734,816			$	6,878,441
Fair value - HTM investment securities		$	2,949,951			$	3,109,610			$	3,005,524			$	3,049,281			$	3,135,370

 

Page 4

Simmons First National Corporation			SFNC
Consolidated Loans
For the Quarters Ended
(Unaudited)

 

		Dec 31 2024				Sep 30 2024				Jun 30 2024				Mar 31 2024				Dec 31 2023
($ in thousands)
Loan Portfolio - End of Period
Consumer:
Credit cards		$	181,675			$	177,696			$	178,354			$	182,742			$	191,204
Other consumer			127,319				113,896				130,278				124,531				127,462
Total consumer			308,994				291,592				308,632				307,273				318,666
Real Estate:
Construction			2,789,249				2,796,378				3,056,703				3,331,739				3,144,220
Single-family residential			2,689,946				2,724,648				2,666,201				2,624,738				2,641,556
Other commercial real estate			7,912,336				7,992,437				7,760,266				7,508,049				7,552,410
Total real estate			13,391,531				13,513,463				13,483,170				13,464,526				13,338,186
Commercial:
Commercial			2,434,175				2,467,384				2,484,474				2,499,311				2,490,176
Agricultural			261,154				314,340				285,181				226,642				232,710
Total commercial			2,695,329				2,781,724				2,769,655				2,725,953				2,722,886
Other			610,083				749,261				630,980				504,008				465,932
Total loans		$	17,005,937			$	17,336,040			$	17,192,437			$	17,001,760			$	16,845,670

 

Page 5