Exhibit 99.1

 

April 16, 2025

Simmons First National Corporation Reports First Quarter 2025 Results

George Makris, Jr., Simmons’ Chairman and Chief Executive Officer, commented on first quarter 2025 results:

We are pleased with our first quarter’s performance, which demonstrated the continued improvement in profitability fundamentals. Increases in loans and customer deposits combined with a decrease in wholesale funding have driven a healthy increase in our net interest margin and positive trends in total revenue.

We increased the loss provision on two specific credit relationships that we have been watching for some time due to unfavorable events that occurred for both since the end of 2024. Otherwise, we believe the asset quality in our portfolio remains sound. We are, though, carefully monitoring the economic volatility in the United States and the world. Financial markets suffer in times of uncertainty, which appears present today, and can threaten the pace of business investment.

We are hopeful for stability in economic policy, which will provide better insight into future growth opportunities. In the meantime, we will continue to invest in our business as well as the communities we serve.

 

FINANCIAL HIGHLIGHTS		1Q25				4Q24				1Q24				1Q25 Highlights
BALANCE SHEET (in millions)														Comparisons reflect 1Q25 vs 1Q24 unless otherwise noted   •  Total revenue of $209.6 million and PPNR1 of $65.0 million   •  Adjusted total revenue1 of $209.6 million and adjusted PPNR1 of $66.0 million   •  Net interest margin of 2.95%, up 8 bps; the 4th consecutive quarterly increase in net interest margin   •  Cost of deposits at 2.44%, down 16 bps; customer deposits up $183 million   •  Noninterest income of $46.2 million, up 6% linked quarter   •  Noninterest expense includes a $4.3 million charge related to a customer deposit fraud event identified during the quarter   •  Nonaccrual loans include two specific credit relationships totaling $49.8 million   •  $15.6 million of incremental provision expense associated with the two specific credit relationships   •  NCO ratio of 23 bps in 1Q24; 4 bps of NCO ratio associated with run-off portfolio
Total loans		$	17,094			$	17,006			$	17,002
Total investment securities			6,107				6,166				6,735
Total deposits			21,685				21,886				22,353
Total assets			26,793				26,876				27,372
Total shareholders’ equity			3,531				3,529				3,439
PERFORMANCE MEASURES (in millions)
Total revenue		$	209.6			$	208.5			$	195.1
Adjusted total revenue1			209.6				208.5				195.1
Pre-provision net revenue1 (PPNR)			65.0				67.4				55.2
Adjusted pre-provision net revenue1			66.0				69.2				57.2
Provision for credit losses on loans			26.8				13.3				10.2
PER SHARE DATA
Diluted earnings		$	0.26			$	0.38			$	0.31
Adjusted diluted earnings1			0.26				0.39				0.32
Book value			28.04				28.08				27.42
Tangible book value1			16.81				16.80				16.02
ASSET QUALITY
Net charge-off ratio (NCO ratio)			0.23	%			0.27	%			0.19	%
Nonperforming loan ratio			0.89				0.65				0.63
Nonperforming assets to total assets			0.61				0.45				0.41
Allowance for credit losses to loans (ACL)			1.48				1.38				1.34
Nonperforming loan coverage ratio			165				212				212
CAPITAL RATIOS
Equity to assets (EA ratio)			13.18	%			13.13	%			12.56	%
Tangible common equity (TCE) ratio1			8.34				8.29				7.75
Common equity tier 1 (CET1) ratio			12.21				12.38				11.95
Total risk-based capital ratio			14.59				14.61				14.43
OTHER DATA
Net interest margin (FTE)			2.95	%			2.87	%			2.66	%
Loan yield (FTE)			6.20				6.32				6.24
Cost of deposits			2.44				2.60				2.75
Loan to deposit ratio			78.83				77.70				76.06
Borrowed funds to total liabilities			5.59				4.92				5.42

Simmons First National Corporation (NASDAQ: SFNC) (Simmons or Company) today reported net income of $32.4 million for the first quarter of 2025, compared to $48.3 million in the fourth quarter of 2024 and $38.9 million in the first quarter of 2024. Diluted earnings per share were $0.26 for the first quarter of 2025, compared to $0.38 in the fourth quarter of 2024 and $0.31 in the first quarter of 2024. Adjusted earnings¹ for the first quarter of 2025 were $33.1 million, compared to $49.6 million in the fourth quarter of 2024 and $40.4 million in the first quarter of 2024. Adjusted diluted earnings per share¹ for the first quarter of 2025 were $0.26, compared to $0.39 in the fourth quarter of 2024 and $0.32 in the first quarter of 2024.

The table below summarizes the impact of certain items, consisting primarily of branch right sizing, early retirement 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		1Q25				4Q24				1Q24
Net income		$	32.4			$	48.3			$	38.9
Branch right sizing, net			1.0				1.6				0.2
Early retirement program			—				0.2				0.2
FDIC special assessment			—				—				1.6
Total pre-tax impact			1.0				1.8				2.0
Tax effect2			(0.3	)			(0.5	)			(0.5	)
Total impact on earnings			0.7				1.3				1.5
Adjusted earnings1		$	33.1			$	49.6			$	40.4
Diluted EPS		$	0.26			$	0.38			$	0.31
Branch right sizing, net			—				0.01				—
Early retirement program			—				—				—
FDIC special assessment			—				—				0.01
Total pre-tax impact			—				0.01				0.01
Tax effect2			—				—				—
Total impact on earnings			—				0.01				0.01
Adjusted Diluted EPS1		$	0.26			$	0.39			$	0.32

At the end of the first quarter of 2025, two specific credit relationships totaling $49.8 million migrated to nonperforming. The first credit relationship totaling $26.9 million relates to a downtown St. Louis hotel that was originated pre-pandemic and has been on our classified list since April of 2021. This is the only credit relationship within our portfolio located in downtown St. Louis. While the property securing the relationship remains in operation and we believe is entering a stronger season of the year, the borrower experienced seasonal stress during the first quarter of 2025 combined with harsher than usual winter conditions. As a result, we raised our specific reserve level to 63 percent of principal, which we expect to adequately cover any potential loss beyond the combined value of collateral and recourse.

The second credit relationship totaling $22.9 million relating to a fast-food operator primarily resulted from our latest acquisition and has been on our classified list since June of 2024 due to sector-related headwinds and global cash flow concerns with the borrower. While such loan was current on interest as of March 31, 2025, the migration to nonperforming was due, in part, to the fact that we identified a large customer deposit fraud during the first quarter of 2025 that concerned entities affiliated with the borrower (the “Fraud Event”). (Accordingly, total noninterest expense during the first quarter of 2025 included a charge of $4.3 million associated with the Fraud Event.) The specific reserve on this relationship was raised to 61 percent of principal, which we expect to adequately cover any potential loss beyond the combined value of collateral and recourse. In total, the incremental provision expense associated with these two specific credit relationships accounted for $15.6 million of the total $26.8 million of provision for credit losses on loans recorded during the first quarter of 2025.

Net Interest Income

Net interest income for the first quarter of 2025 totaled $163.4 million, compared to $164.9 million in the fourth quarter of 2024 and $151.9 million in the first quarter of 2024. Interest income totaled $307.8 million for the first quarter of 2025, compared to $326.0 million in the fourth quarter of 2024 and $322.6 million in the first quarter of 2024. The decrease in interest income on a linked quarter basis was primarily driven by interest rate cuts at the end

of 2024 and the corresponding decline in earning asset yields, lower day count in the comparable quarters and a reduction in swap income given the reduction in interest rates. Interest expense totaled $144.4 million for the first quarter of 2025, compared to $161.0 million in the fourth quarter of 2024 and $170.7 million in the first quarter of 2024. The decrease in interest expense reflected a lower interest rate environment, management’s efforts to proactively manage deposit costs and a reduction in the use of wholesale funding. Included in net interest income is accretion recognized on acquisition related loans, which totaled $1.1 million in the first quarter of 2025, $1.9 million in the fourth quarter of 2024 and $1.1 million in the first quarter of 2024.

The yield on loans on a fully taxable equivalent (FTE) basis for the first quarter of 2025 was 6.20 percent, down 12 basis points from 6.32 percent for the fourth quarter of 2024 and down 4 basis points from 6.24 percent in the first quarter of 2024. Cost of deposits for the first quarter of 2025 was 2.44 percent, down 16 basis points from 2.60 percent in the fourth quarter of 2024 and 31 basis points from 2.75 percent in the first quarter of 2024. The net interest margin on an FTE basis for the first quarter of 2025 was 2.95 percent, up 8 basis points from 2.87 percent in the third quarter of 2024 and up 29 basis points from 2.66 percent in the first quarter of 2024. This marked the fourth consecutive quarter of net interest margin expansion. The increase in net interest margin on a linked quarter basis was primarily due to lower deposits costs, as well as the reduced rate and use of wholesale funding that more than offset a decline on the yield and volume of earning assets.

Select Yield/Rates

 

		1Q25				4Q24				3Q24				2Q24				1Q24
Loan yield (FTE)2			6.20	%			6.32	%			6.44	%			6.39	%			6.24	%
Investment securities yield (FTE)2			3.48				3.54				3.63				3.68				3.76
Cost of interest bearing deposits			3.05				3.28				3.52				3.53				3.48
Cost of deposits			2.44				2.60				2.79				2.79				2.75
Cost of borrowed funds			5.09				5.32				5.79				5.84				5.85
Net interest spread (FTE)2			2.30				2.15				1.95				1.92				1.89
Net interest margin (FTE)2			2.95				2.87				2.74				2.69				2.66

Noninterest Income

Noninterest income for the first quarter of 2025 was $46.2 million, compared to $43.6 million in the fourth quarter of 2024 and $43.2 million in the first quarter of 2024. The increase in noninterest income on a linked quarter basis was primarily due to increased swap fee income and fair value adjustments on Small Business Investment Company (SBIC) investments, which are included in “Other income” in the table below. The increase in noninterest income on a year-over-year basis was primarily due to increased swap fee income, coupled with increases in wealth management fees and service charges on deposit accounts.

Noninterest Income

 

$ in millions		1Q25				4Q24				3Q24				2Q24				1Q24
Service charges on deposit accounts		$	12.6			$	13.0			$	12.7			$	12.3			$	12.0
Wealth management fees			9.6				9.7				9.1				9.2				8.4
Debit and credit card fees			8.4				8.3				8.1				8.2				8.2
Mortgage lending income			2.0				1.8				2.0				2.0				2.3
Other service charges and fees			1.3				1.4				1.5				1.4				1.3
Bank owned life insurance			4.1				3.8				3.8				3.9				3.8
Gain (loss) on sale of securities			—				—				(28.4	)			—				—
Other income			8.0				5.6				8.3				6.4				7.2
Total noninterest income		$	46.2			$	43.6			$	17.1			$	43.3			$	43.2
Adjusted noninterest income1		$	46.2			$	43.6			$	45.5			$	43.3			$	43.2

Noninterest Expense

Noninterest expense for the first quarter of 2025 was $144.6 million, compared to $141.1 million in the fourth quarter of 2024 and $139.9 million in the first quarter of 2024. Included in noninterest expense are certain items consisting of branch right sizing, early retirement and an FDIC special assessment. Collectively, these items totaled $1.0 million in the first quarter of 2025, $1.8 million in the fourth quarter of 2024 and $2.0 million in the first quarter of 2024. Excluding these items (which are described in the “Reconciliation of Non-GAAP Financial Measures” tables below), adjusted noninterest expense¹ was $143.6 million for the first quarter of 2025, $139.3 million in the fourth quarter of 2024 and $137.9 million in the first quarter of 2024. The increase in adjusted noninterest expense on a linked quarter basis reflected increased salaries and benefits primarily due to seasonally higher payroll taxes and the previously mentioned Fraud Event. Excluding the $4.3 million of expenses associated with the Fraud Event, adjusted noninterest expense for the first quarter of 2025 would have been $139.3 million ¹, down slightly from fourth quarter 2024 levels.

Noninterest Expense

 

$ in millions		1Q25				4Q24				3Q24				2Q24				1Q24
Salaries and employee benefits		$	74.8			$	71.6			$	69.2			$	70.7			$	72.7
Occupancy expense, net			12.7				11.9				12.2				11.9				12.3
Furniture and equipment			5.5				5.7				5.6				5.6				5.1
Deposit insurance			5.4				5.6				5.6				5.4				5.5
Other real estate and foreclosure expense			0.2				0.3				0.1				0.1				0.2
FDIC special assessment			—				—				—				0.3				1.6
Other operating expenses			46.1				46.1				44.5				45.4				42.5
Total noninterest expense		$	144.6			$	141.1			$	137.2			$	139.4			$	139.9
Adjusted salaries and employee benefits1		$	74.8			$	71.4			$	69.2			$	70.6			$	72.4
Adjusted other operating expenses1			45.9				44.7				44.4				44.3				42.4
Adjusted noninterest expense1			143.6				139.3				136.8				137.8				137.9
Efficiency ratio			66.94	%			65.66	%			75.70	%			68.38	%			69.41	%
Adjusted efficiency ratio1			64.75				62.89				63.38				65.68				66.42
Full-time equivalent employees			2,949				2,946				2,972				2,961				2,989
Number of financial centers			222				222				234				234				233

Loans and Unfunded Loan Commitments

Total loans at the end of the first quarter of 2025 were $17.1 billion, compared to $17.0 billion at the end of both the fourth quarter of 2024 and the first quarter of 2024. The increase in total loans on a linked quarter basis was primarily due to growth in the commercial real estate, mortgage warehouse and agricultural portfolios. Unfunded loan commitments at the end of the first quarter of 2025 were $3.9 billion, up $149 million, or 4 percent, from fourth quarter 2024 levels. The commercial loan pipeline totaled $1.8 billion at the end of the first quarter of 2025, up 43 percent compared to the fourth quarter of 2024, and ready to close commercial loans totaled $757 million, marking the third consecutive quarterly increase in both metrics.

Loans and Unfunded Loan Commitments

 

$ in millions		1Q25				4Q24				3Q24				2Q24				1Q24
Total loans		$	17,094			$	17,006			$	17,336			$	17,192			$	17,002
Unfunded loan commitments			3,888				3,739				3,681				3,746				3,875

Deposits and Other Borrowings

Total deposits at the end of the first quarter of 2025 were $21.7 billion, compared to $21.9 billion at the end of the fourth quarter of 2024 and $22.4 billion at the end of the first quarter of 2024. The decrease in total deposits on a linked quarter basis was primarily due to a decline in time deposits and brokered deposits, offset in part by an increase in interest bearing transaction accounts (checking, money market and savings accounts, and public funds). Other borrowings totaled $1.3 billion at the end of the first quarter of 2025, compared to $1.1 billion at the end of the fourth quarter of 2024. The increase in other borrowings on a linked quarter was primarily due to an increase in FHLB advances.

Deposits

 

$ in millions		1Q25				4Q24				3Q24				2Q24				1Q24
Noninterest bearing deposits		$	4,455			$	4,461			$	4,522			$	4,624			$	4,698
Interest bearing transaction accounts			10,621				10,331				10,038				10,092				10,316
Time deposits			3,695				3,796				4,014				4,185				4,314
Brokered deposits			2,914				3,298				3,361				2,940				3,025
Total deposits		$	21,684			$	21,886			$	21,935			$	21,841			$	22,353
Noninterest bearing deposits to total deposits			21	%			20	%			21	%			21	%			21	%
Total loans to total deposits			79				78				79				79				76

Asset Quality

Net charge-offs as a percentage of average loans for the first quarter of 2025 were 23 basis points, compared to 27 basis points in the fourth quarter of 2024 and 19 basis points in the first quarter of 2024. Net charge-offs in the first quarter of 2025 included $1.9 million of charge-offs associated with a run-off portfolio consisting of small ticket equipment finance and acquired asset-based lending portfolios (“run-off portfolio”). Net charge-offs from the run-off portfolio accounted for 4 basis points of total net charge-offs during the first quarter of 2025, 6 basis points of total net charge-offs during the fourth quarter of 2024 and 11 basis points of total net charge-offs in the first quarter of 2024.

Total nonperforming loans at the end of the first quarter of 2025 totaled $152.3 million, compared to $110.7 million at the end of the fourth quarter of 2024 and $107.3 million at the end of the first quarter of 2024. The increase in the nonperforming loans on a linked quarter basis and year-over-year basis was primarily due to the two specific credit relationships discussed above that were placed on nonaccrual at the end of the first quarter of 2025. The nonperforming loan coverage ratio ended the first quarter of 2025 at 165 percent, compared to 212 percent at both the end of the fourth quarter of 2024 and the first quarter of 2024. Total nonperforming assets as a percentage of total assets were 61 basis points at the end of the first quarter of 2025, compared to 45 basis points at the end of the fourth quarter of 2024 and 41 basis points at the end of the first quarter of 2024.

Provision for credit losses on loans totaled $26.8 million for the first quarter of 2025, compared to $13.3 million in the fourth quarter of 2024 and $10.2 million in the first quarter of 2024. The increase in provision for credit losses on loans primarily reflected $15.6 million of incremental provision related to the aforementioned two specific credit relationships. The allowance for credit losses on loans at the end of the first quarter of 2025 was $252.2 million, compared to $235.0 million at the end of the fourth quarter of 2024 and $227.4 million at the end of the first quarter of 2024. The allowance for credit losses on loans as a percentage of total loans was 1.48 percent at the end of the first quarter of 2025, compared to 1.38 percent at the end of the fourth quarter of 2024 and 1.34 percent at the end of the first quarter of 2024.

Asset Quality

 

$ in millions		1Q25				4Q24				3Q24				2Q24				1Q24
Allowance for credit losses on loans to total loans			1.48	%			1.38	%			1.35	%			1.34	%			1.34	%
Allowance for credit losses on loans to nonperforming loans			165				212				229				223				212
Nonperforming loans to total loans			0.89				0.65				0.59				0.60				0.63
Net charge-off ratio (annualized)			0.23				0.27				0.22				0.19				0.19
Net charge-off ratio YTD (annualized)			0.23				0.22				0.20				0.19				0.19
Total nonperforming loans		$	152.3			$	110.7			$	101.7			$	103.4			$	107.3
Total other nonperforming assets			10.0				10.5				2.6				3.4				5.0
Total nonperforming assets		$	162.3			$	121.2			$	104.3			$	106.8			$	112.3
Reserve for unfunded commitments		$	25.6			$	25.6			$	25.6			$	25.6			$	25.6

Capital

Total stockholders’ equity at the end of the first quarter of 2025 was $3.5 billion, up slightly from the end of the fourth quarter of 2024 and up $92.4 million from $3.4 billion at the end of the first quarter of 2024. The increase on a year-over-year basis was primarily due to an increase of $40.3 million in retained earnings, coupled with a $40.3 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 first quarter of 2025 was $28.04, compared to $28.08 at the end of the fourth quarter of 2024 and $27.42 at the end of the first quarter of 2024. Tangible book value per share¹ at the end of the first quarter of 2025 was $16.81, compared to $16.80 at the end of the fourth quarter of 2024 and $16.02 at the end of the first quarter of 2024.

Total stockholders’ equity as a percentage of total assets at the end of the first quarter of 2025 was 13.2 percent, compared to 13.1 percent at the end of the fourth quarter of 2024 and 12.6 percent at the end of the first quarter of 2024. Tangible common equity as a percentage of tangible assets¹ at the end of the first quarter of 2025 was 8.3 percent, up slightly from fourth quarter 2024 levels and up from 7.8 percent reported at the end of the first 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.

Select Capital Ratios

 

		1Q25				4Q24				3Q24				2Q24				1Q24
Stockholders’ equity to total assets			13.2	%			13.1	%			12.9	%			12.6	%			12.6	%
Tangible common equity to tangible assets1			8.3				8.3				8.2				7.8				7.8
Common equity tier 1 (CET1) ratio			12.2				12.4				12.1				12.0				12.0
Tier 1 leverage ratio			9.8				9.7				9.6				9.5				9.4
Tier 1 risk-based capital ratio			12.2				12.4				12.1				12.0				12.0
Total risk-based capital ratio			14.6				14.6				14.3				14.2				14.4

Share Repurchase Program

During the first quarter of 2025, 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 March 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%

Conference Call

Management will conduct a live conference call to review this information beginning at 7:30 a.m. Central Time on Thursday, April 17, 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 10198144. 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 116 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 expenses related to the Fraud Event.

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, or the aforementioned two specific credit relationships. 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, 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, 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 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, 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)

 

		Mar 31 2025				Dec 31 2024				Sep 30 2024				Jun 30 2024				Mar 31 2024
($ in thousands)
ASSETS
Cash and noninterest bearing balances due from banks		$	423,171			$	429,705			$	398,321			$	320,021			$	380,324
Interest bearing balances due from banks and federal funds sold			211,115				257,672				205,081				254,312				222,979
Cash and cash equivalents			634,286				687,377				603,402				574,333				603,303
Interest bearing balances due from banks - time			100				100				100				100				100
Investment securities - held-to-maturity			3,615,556				3,636,636				3,658,700				3,685,450				3,707,258
Investment securities - available-for-sale			2,491,849				2,529,426				2,691,094				2,885,904				3,027,558
Mortgage loans held for sale			8,351				11,417				8,270				13,053				11,899
Loans:
Loans			17,094,078				17,005,937				17,336,040				17,192,437				17,001,760
Allowance for credit losses on loans			(252,168	)			(235,019	)			(233,223	)			(230,389	)			(227,367	)
Net loans			16,841,910				16,770,918				17,102,817				16,962,048				16,774,393
Premises and equipment			573,616				585,431				584,366				581,893				576,466
Foreclosed assets and other real estate owned			8,976				9,270				1,299				2,209				3,511
Interest receivable			117,398				123,243				125,700				126,625				122,781
Bank owned life insurance			535,324				531,805				508,781				505,023				503,348
Goodwill			1,320,799				1,320,799				1,320,799				1,320,799				1,320,799
Other intangible assets			93,714				97,242				101,093				104,943				108,795
Other assets			551,112				572,385				562,983				606,692				611,964
Total assets		$	26,792,991			$	26,876,049			$	27,269,404			$	27,369,072			$	27,372,175
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Noninterest bearing transaction accounts		$	4,455,255			$	4,460,517			$	4,521,715			$	4,624,186			$	4,697,539
Interest bearing transaction accounts and savings deposits			11,265,554				10,982,022				10,863,945				10,925,179				11,071,762
Time deposits			5,963,811				6,443,211				6,549,774				6,291,518				6,583,703
Total deposits			21,684,620				21,885,750				21,935,434				21,840,883				22,353,004
Federal funds purchased and securities sold under agreements to repurchase			50,133				37,109				51,071				52,705				58,760
Other borrowings			884,863				745,372				1,045,878				1,346,378				871,874
Subordinated notes and debentures			366,331				366,293				366,255				366,217				366,179
Accrued interest and other liabilities			275,559				312,653				341,933				304,020				283,232
Total liabilities			23,261,506				23,347,177				23,740,571				23,910,203				23,933,049
Stockholders’ equity:
Common stock			1,259				1,257				1,256				1,255				1,254
Surplus			2,515,372				2,511,590				2,508,438				2,506,469				2,503,673
Undivided profits			1,382,564				1,376,935				1,355,000				1,356,626				1,342,215
Accumulated other comprehensive (loss) income			(367,710	)			(360,910	)			(335,861	)			(405,481	)			(408,016	)
Total stockholders’ equity			3,531,485				3,528,872				3,528,833				3,458,869				3,439,126
Total liabilities and stockholders’ equity		$	26,792,991			$	26,876,049			$	27,269,404			$	27,369,072			$	27,372,175

 

Page 1

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

 

		Mar 31 2025				Dec 31 2024				Sep 30 2024				Jun 30 2024				Mar 31 2024
($ in thousands, except per share data)
INTEREST INCOME
Loans (including fees)		$	257,755			$	272,727			$	277,939			$	270,937			$	261,490
Interest bearing balances due from banks and federal funds sold			2,703				2,913				2,921				2,964				3,010
Investment securities			47,257				50,162				53,220				55,050				58,001
Mortgage loans held for sale			122				180				209				194				148
TOTAL INTEREST INCOME			307,837				325,982				334,289				329,145				322,649
INTEREST EXPENSE
Time deposits			62,559				70,661				73,937				73,946				73,241
Other deposits			67,895				72,369				78,307				79,087				78,692
Federal funds purchased and securities sold under agreements to repurchase			113				119				138				156				189
Other borrowings			7,714				11,386				17,067				15,025				11,649
Subordinated notes and debentures			6,134				6,505				7,128				7,026				6,972
TOTAL INTEREST EXPENSE			144,415				161,040				176,577				175,240				170,743
NET INTEREST INCOME			163,422				164,942				157,712				153,905				151,906
PROVISION FOR CREDIT LOSSES
Provision for credit losses on loans			26,797				13,332				12,148				11,099				10,206
TOTAL PROVISION FOR CREDIT LOSSES			26,797				13,332				12,148				11,099				10,206
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES			136,625				151,610				145,564				142,806				141,700
NONINTEREST INCOME
Service charges on deposit accounts			12,635				12,978				12,713				12,252				11,955
Debit and credit card fees			8,446				8,323				8,144				8,162				8,246
Wealth management fees			9,629				9,658				9,098				9,187				8,398
Mortgage lending income			2,013				1,828				1,956				1,973				2,320
Bank owned life insurance income			4,092				3,780				3,757				3,876				3,814
Other service charges and fees (includes insurance income)			1,333				1,426				1,509				1,439				1,279
Gain (loss) on sale of securities			—				—				(28,393	)			—				—
Other income			8,007				5,565				8,346				6,410				7,172
TOTAL NONINTEREST INCOME			46,155				43,558				17,130				43,299				43,184
NONINTEREST EXPENSE
Salaries and employee benefits			74,824				71,588				69,167				70,716				72,653
Occupancy expense, net			12,651				11,876				12,216				11,864				12,258
Furniture and equipment expense			5,465				5,671				5,612				5,623				5,141
Other real estate and foreclosure expense			198				317				87				117				179
Deposit insurance			5,391				5,550				5,571				5,682				7,135
Other operating expenses			46,051				46,115				44,540				45,352				42,513
TOTAL NONINTEREST EXPENSE			144,580				141,117				137,193				139,354				139,879
NET INCOME BEFORE INCOME TAXES			38,200				54,051				25,501				46,751				45,005
Provision for income taxes			5,812				5,732				761				5,988				6,134
NET INCOME		$	32,388			$	48,319			$	24,740			$	40,763			$	38,871
BASIC EARNINGS PER SHARE		$	0.26			$	0.38			$	0.20			$	0.32			$	0.31
DILUTED EARNINGS PER SHARE		$	0.26			$	0.38			$	0.20			$	0.32			$	0.31

 

Page 2

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

 

		Mar 31 2025				Dec 31 2024				Sep 30 2024				Jun 30 2024				Mar 31 2024
($ in thousands)
Tier 1 capital
Stockholders’ equity		$	3,531,485			$	3,528,872			$	3,528,833			$	3,458,869			$	3,439,126
CECL transition provision (1)			—				30,873				30,873				30,873				30,873
Disallowed intangible assets, net of deferred tax			(1,381,953	)			(1,385,128	)			(1,388,549	)			(1,391,969	)			(1,394,672	)
Unrealized loss (gain) on AFS securities			367,710				360,910				335,861				405,481				408,016
Total Tier 1 capital			2,517,242				2,535,527				2,507,018				2,503,254				2,483,343
Tier 2 capital
Subordinated notes and debentures			366,331				366,293				366,255				366,217				366,179
Subordinated debt phase out			(132,000	)			(132,000	)			(132,000	)			(132,000	)			(66,000	)
Qualifying allowance for loan losses and reserve for unfunded commitments			257,769				222,313				220,517				217,684				214,660
Total Tier 2 capital			492,100				456,606				454,772				451,901				514,839
Total risk-based capital		$	3,009,342			$	2,992,133			$	2,961,790			$	2,955,155			$	2,998,182
Risk weighted assets		$	20,621,540			$	20,473,960			$	20,790,941			$	20,856,194			$	20,782,094
Adjusted average assets for leverage ratio		$	25,619,424			$	26,037,459			$	26,198,178			$	26,371,545			$	26,312,873
Ratios at end of quarter
Equity to assets			13.18	%			13.13	%			12.94	%			12.64	%			12.56	%
Tangible common equity to tangible assets (2)			8.34	%			8.29	%			8.15	%			7.84	%			7.75	%
Common equity Tier 1 ratio (CET1)			12.21	%			12.38	%			12.06	%			12.00	%			11.95	%
Tier 1 leverage ratio			9.83	%			9.74	%			9.57	%			9.49	%			9.44	%
Tier 1 risk-based capital ratio			12.21	%			12.38	%			12.06	%			12.00	%			11.95	%
Total risk-based capital ratio			14.59	%			14.61	%			14.25	%			14.17	%			14.43	%

 

(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)

 

		Mar 31 2025				Dec 31 2024				Sep 30 2024				Jun 30 2024				Mar 31 2024
($ in thousands)
Investment Securities - End of Period
Held-to-Maturity
U.S. Government agencies		$	456,545			$	455,869			$	455,179			$	454,488			$	453,805
Mortgage-backed securities			1,048,170				1,070,032				1,093,070				1,119,741				1,142,352
State and political subdivisions			1,856,905				1,857,177				1,857,283				1,857,409				1,855,642
Other securities			253,936				253,558				253,168				253,812				255,459
Total held-to-maturity (net of credit losses)			3,615,556				3,636,636				3,658,700				3,685,450				3,707,258
Available-for-Sale
U.S. Treasury		$	699			$	996			$	1,290			$	1,275			$	1,964
U.S. Government agencies			52,318				54,547				58,397				66,563				69,801
Mortgage-backed securities			1,380,913				1,392,759				1,510,402				1,730,842				1,845,364
State and political subdivisions			832,898				858,182				898,178				864,190				874,849
Other securities			225,021				222,942				222,827				223,034				235,580
Total available-for-sale (net of credit losses)			2,491,849				2,529,426				2,691,094				2,885,904				3,027,558
Total investment securities (net of credit losses)		$	6,107,405			$	6,166,062			$	6,349,794			$	6,571,354			$	6,734,816
Fair value - HTM investment securities		$	2,929,625			$	2,949,951			$	3,109,610			$	3,005,524			$	3,049,281

 

Page 4

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

 

		Mar 31 2025				Dec 31 2024				Sep 30 2024				Jun 30 2024				Mar 31 2024
($ in thousands)
Loan Portfolio - End of Period
Consumer:
Credit cards		$	179,680			$	181,675			$	177,696			$	178,354			$	182,742
Other consumer			97,198				127,319				113,896				130,278				124,531
Total consumer			276,878				308,994				291,592				308,632				307,273
Real Estate:
Construction			2,778,245				2,789,249				2,796,378				3,056,703				3,331,739
Single-family residential			2,647,451				2,689,946				2,724,648				2,666,201				2,624,738
Other commercial real estate			8,051,304				7,912,336				7,992,437				7,760,266				7,508,049
Total real estate			13,477,000				13,391,531				13,513,463				13,483,170				13,464,526
Commercial:
Commercial			2,372,681				2,434,175				2,467,384				2,484,474				2,499,311
Agricultural			370,923				261,154				314,340				285,181				226,642
Total commercial			2,743,604				2,695,329				2,781,724				2,769,655				2,725,953
Other			596,596				610,083				749,261				630,980				504,008
Total loans		$	17,094,078			$	17,005,937			$	17,336,040			$	17,192,437			$	17,001,760

 

Page 5