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Simmons First National Corporation Reports Second Quarter 2025 Results

1. Simmons reported Q2 2025 net income of $54.8 million. 2. Net interest margin increased for the fifth consecutive quarter. 3. Deposits rose by $233 million, primarily in low-cost deposits. 4. Noninterest expenses declined by 5% from Q1 2025. 5. Asset quality metrics remained stable despite slight increase in nonperforming loans.

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Why Bullish?

Simmons' strong performance in net income and deposit growth reflects solid fundamentals, similar to past bullish trends following strong earnings reports.

How important is it?

The report showcases visible growth in key financial metrics, making SFNC attractive for short-term investors.

Why Short Term?

Immediate investor confidence likely to rise from current performance, but market conditions remain uncertain.

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, /PRNewswire/ --   George Makris, Jr., Simmons' Chairman and CEO, commented on second quarter 2025 results: We were pleased with our second quarter results which reflected strong revenue growth, disciplined expense management and positive underlying balance sheet growth that led to further improvement in profitability measures. Our net interest margin increased for the fifth consecutive quarter and surpassed the 3 percent mark ahead of expectations. Loan yields were up and deposit costs declined for the third consecutive quarter. While overall balance sheet growth was muted, our loan pipeline remains strong and our focus on profitability as well as loan and deposit remixing resulted in C&I growth coupled with a $233.1 million increase in low-cost customer deposits. At the same time, asset quality metrics were stable. While certain administration policies have become clearer, tariff volatility looms large and is a key to future interest rate moves and economic conditions. Against this backdrop, we continue our focus on organic growth in our very attractive footprint and are encouraged by our positive momentum heading into the last half of 2025. Financial Highlights 2Q25 1Q25 2Q24 2Q25 Highlights Balance Sheet (in millions) Comparisons reflect 2Q25 vs 1Q25       unless otherwise noted •  Net income of $54.8 million    and diluted EPS of 0.43 •  Adjusted net income1 of $56.1    million and adjusted diluted    EPS1 of $0.44 •  Total revenue of $214.2 million    and PPNR1 of $75.6 million •  Adjusted total revenue1 of    $214.2 million and adjusted    PPNR1 of $77.3 million •  Net interest income up $8.4    million, or 5 percent •  Net interest margin up 11 basis    points to 3.06 percent; the 5th    consecutive quarterly increase    in net interest margin •  Pricing discipline led to 6 basis    point increase in loan yields •  Cost of deposits down 8 bps;    low-cost customer deposits up    $233.1 million •  Noninterest expense of $138.6    million; adjusted noninterest    expense1 of $136.8 million,    down 5 percent •  NCO ratio of 25 bps in 2Q24;    provision expense exceeds net    charge-offs Total loans $17,111 $17,094 $17,192 Total investment securities 5,997 6,107 6,571 Total deposits 21,825 21,685 21,841 Total assets 26,694 26,793 27,369 Total shareholders' equity 3,549 3,531 3,459 Performance Measures (in millions) Total revenue $214.2 $209.6 $197.2 Adjusted total revenue1 214.2 209.6 197.2 Pre-provision net revenue1 (PPNR) 75.6 65.0 57.9 Adjusted pre-provision net revenue1 77.3 66.0 59.4 Provision for credit losses on loans 11.9 26.8 11.1 Per share Data Diluted earnings $  0.43 $  0.26 $  0.32 Adjusted diluted earnings1 0.44 0.26 0.33 Book value 28.17 28.04 27.56 Tangible book value1 16.97 16.81 16.20 Asset Quality Net charge-off ratio (NCO ratio) 0.25 % 0.23 % 0.19 % Nonperforming loan ratio 0.92 0.89 0.60 Nonperforming assets to total assets 0.62 0.61 0.39 Allowance for credit losses to loans (ACL) 1.48 1.48 1.34 Nonperforming loan coverage ratio 161 165 223 Capital Ratios Equity to assets (EA ratio) 13.30 % 13.18 % 12.64 % Tangible common equity (TCE) ratio1 8.46 8.34 7.84 Common equity tier 1 (CET1) ratio 12.36 12.21 12.00 Total risk-based capital ratio 14.42 14.59 14.17 Other Data Net interest margin (FTE) 3.06 % 2.95 % 2.69 % Loan yield (FTE) 6.26 6.20 6.39 Cost of deposits 2.36 2.44 2.79 Loan to deposit ratio 78.40 78.83 78.72 Borrowed funds to total liabilities 4.46 5.59 7.38 Simmons First National Corporation (NASDAQ: SFNC) (Simmons or Company) today reported net income of $54.8 million for the second quarter of 2025, compared to $32.4 million in the first quarter of 2025 and $40.8 million in the second quarter of 2024. Diluted earnings per share were $0.43 for the second quarter of 2025, compared to $0.26 in the first quarter of 2025 and $0.32 for the second quarter of 2024. Adjusted earnings1 for the second quarter of 2025 were $56.1 million, compared to $33.1 million in the first quarter of 2025 and $41.9 million in the second quarter of 2024. Adjusted diluted earnings per share1 for the second quarter of 2025 were $0.44, compared to $0.26 in the first quarter of 2025 and $0.33 in the second quarter of 2024. The table below summarizes the impact of certain items, consisting primarily of branch right sizing, early retirement program, FDIC special assessments and termination of vendor and software services. 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 Earnings Per Share (EPS) $ in millions, except per share data  2Q25   1Q25  2Q24 Net income $ 54.8 $ 32.4 $ 40.8 Branch right sizing, net 0.2 1.0 0.5 Early retirement program 1.6 - 0.1 FDIC special assessment - - 0.3 Termination of vendor and software services - - 0.6    Total pre-tax impact 1.8 1.0 1.5 Tax effect2 (0.5) (0.3) (0.4)    Total impact on earnings 1.3 0.7 1.1 Adjusted earnings1,3 $ 56.1 $ 33.1 $ 41.9 Diluted EPS $ 0.43 $ 0.26 $ 0.32 Branch right sizing, net - - - Early retirement program 0.01 - - FDIC special assessment - - - Termination of vendor and software services - - 0.01    Total pre-tax impact 0.01 - 0.01 Tax effect2 - - -    Total impact on earnings 0.01 - 0.01 Adjusted Diluted EPS1 $ 0.44 $ 0.26 $ 0.33 Net Interest IncomeNet interest income for the second quarter of 2025 totaled $171.8 million, up $8.4 million, or 5 percent, compared to $163.4 million in the first quarter of 2025 and up $17.9 million, or 12 percent, from $153.9 million in the second quarter of 2024. Interest income totaled $315.0 million for the second quarter of 2025, compared to $307.8 million in the first quarter of 2025 and $329.1 million in the second quarter of 2024. The increase in interest income on a linked quarter basis was primarily due to an increase in earning asset yields, principally loan yields, driven by disciplined pricing of new originations as well as positive fixed-rate loan repricing. Interest expense totaled $143.2 million for the second quarter of 2025, compared to $144.4 million in the first quarter of 2025 and $175.2 million in the second quarter of 2024. The decrease in interest expense on a linked quarter basis reflected management's efforts to proactively manage deposit costs given maturing deposit repricing and remixing opportunities. Included in net interest income is accretion recognized on acquisition related loans, which totaled $1.3 million in the second quarter of 2025, $1.1 million in the first quarter of 2025 and $1.6 million in the second quarter of 2024. The yield on loans on a fully taxable equivalent (FTE) basis for the second quarter of 2025 was 6.26 percent, up 6 basis points from the 6.20 percent for the first quarter of 2025 and down 13 basis points from 6.39 percent in the second quarter of 2024. Cost of deposits for the second quarter of 2025 was 2.36 percent, down 8 basis points from 2.44 percent in the first quarter of 2025 and down 43 basis points from 2.79 percent in the second quarter of 2024. The net interest margin on an FTE basis for the second quarter of 2025 was 3.06 percent, up 11 basis points from 2.95 percent in the first quarter of 2025, and up 37 basis points from 2.69 percent in the second quarter of 2024. This marked the fifth consecutive quarter of net interest margin expansion. The increase in net interest margin on a linked quarter basis was primarily due to fixed-rate asset repricing coupled with decreased deposit costs from lower rates on time deposits and favorable funding mix shift. Select Yield/Rates 2Q25 1Q25 4Q24 3Q24 2Q24 Loan yield (FTE)2 6.26 % 6.20 % 6.32 % 6.44 % 6.39 % Investment securities yield (FTE)2 3.48 3.48 3.54 3.63 3.68 Cost of interest bearing deposits 2.97 3.05 3.28 3.52 3.53 Cost of deposits 2.36 2.44 2.60 2.79 2.79 Cost of borrowed funds 4.97 5.09 5.32 5.79 5.84 Net interest spread (FTE)2 2.41 2.30 2.15 1.95 1.92 Net interest margin (FTE)2 3.06 2.95 2.87 2.74 2.69 Noninterest IncomeNoninterest income for the second quarter of 2025 was $42.4 million, compared to $46.2 million in the first quarter of 2025 and $43.3 million in the second quarter of 2024. The decrease in noninterest income on a linked quarter basis reflected strong performance during the first quarter of 2025, coupled with lower swap fee income due to a large swap transaction and associated fees recorded in the first quarter of 2025, and a Small Business Investment Company (SBIC) valuation adjustment, which are included in other income in the table below. Noninterest Income $ in millions 2Q25 1Q25 4Q24 3Q24 2Q24 Service charges on deposit accounts $ 12.6 $ 12.6 $ 13.0 $ 12.7 $ 12.3 Wealth management fees 9.5 9.6 9.7 9.1 9.2 Debit and credit card fees 8.6 8.4 8.3 8.1 8.2 Mortgage lending income 1.7 2.0 1.8 2.0 2.0 Other service charges and fees 1.3 1.3 1.4 1.5 1.4 Bank owned life insurance 3.9 4.1 3.8 3.8 3.9 Gain (loss) on sale of securities - - - (28.4) - Other income 4.8 8.0 5.6 8.3 6.4    Total noninterest income $ 42.4 $ 46.2 $ 43.6 $ 17.1 $ 43.3 Adjusted noninterest income1 $ 42.4 $ 46.2 $ 43.6 $ 45.5 $43.3 Noninterest ExpenseNoninterest expense for the second quarter of 2025 was $138.6 million, compared to $144.6 million in the first quarter of 2025 and $139.4 million in the second quarter of 2024. Included in noninterest expense are certain items consisting of branch right sizing, early retirement program, termination of vendor and software services and an FDIC special assessment. Collectively, these items totaled $1.8 million in the second quarter of 2025, $1.0 million in the first quarter of 2025 and $1.5 million in the second quarter of 2024. Excluding these items (which are described in the "Reconciliation of Non-GAAP Financial Measures" tables below), adjusted noninterest expense1 was $136.8 million for the second quarter of 2025, $143.6 million in the first quarter of 2025 and $137.8 million in the second quarter of 2024. The decrease in adjusted noninterest expense1 on a linked quarter basis reflected lower salaries and benefit expenses primarily due to a seasonal decline in payroll taxes and equity compensation expense, and a decline in other operating expenses resulting from a $4.3 million charge related to a customer deposit fraud event in the first quarter of 2025. Noninterest Expense $ in millions 2Q25 1Q25 4Q24 3Q24 2Q24 Salaries and employee benefits $  73.9 $  74.8 $  71.6 $  69.2 $  70.7 Occupancy expense, net 11.8 12.7 11.9 12.2 11.9 Furniture and equipment 5.5 5.5 5.7 5.6 5.6 Deposit insurance 4.9 5.4 5.6 5.6 5.4 Other real estate and foreclosure expense 0.2 0.2 0.3 0.1 0.1 FDIC special assessment - - - - 0.3 Other operating expenses 42.3 46.1 46.1 44.5 45.4    Total noninterest expense $138.6 $144.6 $141.1 $137.2 $139.4 Adjusted salaries and employee benefits1 $  72.3 $  74.8 $  71.4 $  69.2 $  70.6 Adjusted other operating expenses1 42.5 45.9 44.7 44.4 44.3 Adjusted noninterest expense1 136.8 143.6 139.3 136.8 137.8 Efficiency ratio 62.82 % 66.94 % 65.66 % 75.70 % 68.38 % Adjusted efficiency ratio1 60.52 64.75 62.89 63.38 65.68 Full-time equivalent employees 2,947 2,949 2,946 2,972 2,961 Number of financial centers 223 222 222 234 234 Loans and Unfunded Loan CommitmentsTotal loans at the end of the second quarter of 2025 were $17.1 billion, up slightly from first quarter 2025 levels. The increase in total loans on a linked quarter basis was broadly-based, driven primarily by growth in the commercial, agricultural, consumer & other portfolios, offset in part by declines in the real estate – commercial and mortgage warehouse portfolios. Unfunded loan commitments at the end of the second quarter of 2025 were $3.9 billion, up $59 million, or 2 percent, from first quarter 2025 levels. The commercial loan pipeline totaled $1.6 billion at the end of the second quarter of 2025, and ready to close commercial loans totaled $564 million with a weighted average rate of 7.35 percent. Loans and Unfunded Loan Commitments  $ in millions 2Q25 1Q25 4Q24 3Q24 2Q24 Total loans $17,111 $17,094 $17,006 $17,336 $17,192 Unfunded loan commitments 3,947 3,888 3,739 3,681 3,746 Deposits and Other BorrowingsTotal deposits at the end of the second quarter of 2025 were $21.8 billion, compared to $21.7 billion at the end of the first quarter of 2025 and $21.8 billion at the end of the second quarter of 2024. The increase in total deposits on a linked quarter basis reflected a $233 million increase in low-cost customer deposits (noninterest bearing and interest bearing transaction accounts) and a $324 million increase in brokered deposits, offset in part by a decrease in public fund deposits due to seasonal factors. Other borrowings totaled $1.0 billion at the end of the second quarter of 2025, compared to $1.3 billion at the end of the first quarter of 2025 and $1.8 billion at the end of the second quarter of 2024. The decrease in other borrowings on a linked quarter basis and year-over-year basis was primarily due to a decrease in FHLB advances. Deposits $ in millions 2Q25 1Q25 4Q24 3Q24 2Q24 Noninterest bearing deposits $  4,468 $  4,455 $  4,461 $  4,522 $  4,624 Interest bearing transaction accounts 10,532 10,621 10,331 10,038 10,092 Time deposits 3,588 3,695 3,796 4,014 4,185 Brokered deposits 3,237 2,914 3,298 3,361 2,940    Total deposits $21,825 $21,684 $21,886 $21,935 $21,841 Noninterest bearing deposits to total deposits 20 % 21 % 20 % 21 % 21 % Total loans to total deposits 78 79 78 79 79 Asset QualityNet charge-offs as a percentage of average loans for the second quarter of 2025 were 25 basis points, compared to 23 basis points in the first quarter of 2025 and 19 basis points in the second quarter of 2024. Net charge-offs in the second quarter of 2025 included $1.1 million of charge-offs associated with the 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 3 basis points of total net charge-offs in the second quarter of 2025, 4 basis points of total net charge-offs in the first quarter of 2025 and 16 basis points of total net charge-offs in the second quarter of 2024. Total nonperforming loans at the end of the second quarter of 2025 totaled $157.2 million, compared to $152.4 million at the end of the first quarter of 2025 and $103.4 million at the end of the second quarter of 2024. The increase in nonperforming loans on a year-over-year basis was primarily due to two specific credit relationships that were placed on nonaccrual at the end of first quarter of 2025. The nonperforming loan coverage ratio ended the second quarter of 2025 at 161 percent, compared to 165 percent at the end of the first quarter of 2025 and 223 percent at the end of the second quarter of 2024. Total nonperforming assets as a percentage of total assets were 62 basis points at the end of the second quarter of 2025, compared to 61 basis points at the end of the first quarter of 2025 and 39 basis points at the end of the second quarter of 2024. Provision for credit losses on loans totaled $11.9 million for the second quarter of 2025, compared to $26.8 million in the first quarter of 2025 and $11.1 million in the second quarter of 2024. The decrease in provision for credit losses on loans on a linked quarter basis was primarily due to $15.6 million of incremental provision related to the aforementioned two specific credit relationships that was recorded in the first quarter of 2025. The allowance for credit losses on loans at the end of the second quarter of 2025 was $253.5 million, compared to $252.2 million at the end of the first quarter of 2025 and $230.4 million at the end of the second 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 second quarter of 2025, unchanged from the first quarter of 2025 and up from 1.34 percent at the end of the second quarter of 2024. Asset Quality $ in millions 2Q25 1Q25 4Q24 3Q24 2Q24 Allowance for credit losses on loans to total loans 1.48 % 1.48 % 1.38 % 1.35 % 1.34 % Allowance for credit losses on loans to nonperforming loans 161 165 212 229 223 Nonperforming loans to total loans 0.92 0.89 0.65 0.59 0.60 Net charge-off ratio (annualized) 0.25 0.23 0.27 0.22 0.19 Net charge-off ratio YTD (annualized) 0.24 0.23 0.22 0.20 0.19 Total nonperforming loans $157.2 $152.3 $110.7 $101.7 $103.4 Total other nonperforming assets 9.5 10.0 10.5 2.6 3.4    Total nonperforming assets $166.7 $162.3 $121.2 $104.3 $106.8 Reserve for unfunded commitments $25.6 $25.6 $25.6 $25.6 $25.6 CapitalTotal stockholders' equity at the end of the second quarter of 2025 was $3.5 billion, up $17.7 million from the end of the first quarter of 2025 and up $90.3 million from the end of the second quarter of 2024. The increase on a year-over-year basis was primarily due to an increase of $53.9 million in retained earnings, coupled with a $24.6 million recapture of accumulated other comprehensive income principally associated with the mark-to-market adjustment on available for sale investment securities. Book value per share at the end of the second quarter of 2025 was $28.17 compared to $28.04 at the end of the first quarter of 2025 and $27.56 at the end of the second quarter of 2024. Tangible book value per share1 at the end of the second quarter of 2025 was $16.97, compared to $16.81 at the end of the first quarter of 2025 and $16.20 at the end of the second quarter of 2024. Total stockholders' equity as a percentage of total assets at the end of the second quarter of 2025 was 13.3 percent, compared to 13.2 percent at the end of the first quarter of 2025 and 12.6 percent at the end of the second quarter of 2024. Tangible common equity as a percentage of tangible assets1 at the end of the second quarter of 2025 was 8.5 percent, compared to 8.3 percent at the end of the first quarter of 2025 and 7.8 percent at the end of the second 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 2Q25 1Q25 4Q24 3Q24 2Q24 Stockholders' equity to total assets 13.3 % 13.2 % 13.1 % 12.9 % 12.6 % Tangible common equity to tangible assets1 8.5 8.3 8.3 8.2 7.8 Common equity tier 1 (CET1) ratio 12.4 12.2 12.4 12.1 12.0 Tier 1 leverage ratio 10.0 9.8 9.7 9.6 9.5 Tier 1 risk-based capital ratio 12.4 12.2 12.4 12.1 12.0 Total risk-based capital ratio 14.4 14.6 14.6 14.3 14.2 Share Repurchase ProgramDuring the second 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 June 30, 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" Conference CallManagement will conduct a live conference call to review this information beginning at 7:30 a.m. Central Time on Friday, July 18, 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 10200827. 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. 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 Employers 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 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, merger activity (primarily including merger-related expenses), gains and/or losses on sale of branches, net branch right-sizing initiatives, early retirement program, termination of vendor and software services, FDIC special assessment charges and expenses related to the fraud event reported in the first quarter of 2025. 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 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. 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 and between Israel and Iran) 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.  Simmons First National Corporation   SFNC   Consolidated End of Period Balance Sheets   For the Quarters Ended   Jun 30   Mar 31   Dec 31   Sep 30   Jun 30   (Unaudited)  2025 2025 2024 2024 2024 ($ in thousands)  ASSETS   Cash and noninterest bearing balances due from banks  $      398,081 $      423,171 $      429,705 $      398,321 $      320,021  Interest bearing balances due from banks and federal funds sold  246,381 211,115 257,672 205,081 254,312      Cash and cash equivalents  644,462 634,286 687,377 603,402 574,333  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 3,658,700 3,685,450  Investment securities - available-for-sale  2,405,320 2,491,849 2,529,426 2,691,094 2,885,904  Mortgage loans held for sale  16,972 8,351 11,417 8,270 13,053  Loans:   Loans  17,111,096 17,094,078 17,005,937 17,336,040 17,192,437  Allowance for credit losses on loans  (253,537) (252,168) (235,019) (233,223) (230,389)  Net loans  16,857,559 16,841,910 16,770,918 17,102,817 16,962,048  Premises and equipment  573,160 573,616 585,431 584,366 581,893  Foreclosed assets and other real estate owned  8,794 8,976 9,270 1,299 2,209  Interest receivable  120,443 117,398 123,243 125,700 126,625  Bank owned life insurance  535,481 535,324 531,805 508,781 505,023  Goodwill  1,320,799 1,320,799 1,320,799 1,320,799 1,320,799  Other intangible assets  90,617 93,714 97,242 101,093 104,943  Other assets  528,382 551,112 572,385 562,983 606,692  Total assets  $ 26,693,620 $ 26,792,991 $ 26,876,049 $ 27,269,404 $ 27,369,072  LIABILITIES AND STOCKHOLDERS' EQUITY   Deposits:   Noninterest bearing transaction accounts  $   4,468,237 $   4,455,255 $   4,460,517 $   4,521,715 $   4,624,186  Interest bearing transaction accounts and savings deposits  11,176,791 11,265,554 10,982,022 10,863,945 10,925,179  Time deposits  6,179,962 5,963,811 6,443,211 6,549,774 6,291,518          Total deposits  21,824,990 21,684,620 21,885,750 21,935,434 21,840,883  Federal funds purchased and securities sold   under agreements to repurchase  31,306 50,133 37,109 51,071 52,705  Other borrowings  634,349 884,863 745,372 1,045,878 1,346,378  Subordinated notes and debentures  366,369 366,331 366,293 366,255 366,217  Accrued interest and other liabilities  287,396 275,559 312,653 341,933 304,020  Total liabilities  23,144,410 23,261,506 23,347,177 23,740,571 23,910,203  Stockholders' equity:   Common stock  1,260 1,259 1,257 1,256 1,255  Surplus  2,518,286 2,515,372 2,511,590 2,508,438 2,506,469  Undivided profits  1,410,564 1,382,564 1,376,935 1,355,000 1,356,626  Accumulated other comprehensive (loss) income  (380,900) (367,710) (360,910) (335,861) (405,481)  Total stockholders' equity  3,549,210 3,531,485 3,528,872 3,528,833 3,458,869  Total liabilities and stockholders' equity  $ 26,693,620 $ 26,792,991 $ 26,876,049 $ 27,269,404 $ 27,369,072  Simmons First National Corporation   SFNC   Consolidated Statements of Income - Quarter-to-Date   For the Quarters Ended  Jun 30 Mar 31 Dec 31 Sep 30 Jun 30  (Unaudited)  2025 2025 2024 2024 2024 ($ in thousands, except per share data)  INTEREST INCOME      Loans (including fees)  $ 265,373 $ 257,755 $ 272,727 $ 277,939 $  270,937     Interest bearing balances due from banks and federal funds sold  2,531 2,703 2,913 2,921 2,964     Investment securities  46,898 47,257 50,162 53,220 55,050     Mortgage loans held for sale  221 122 180 209 194             TOTAL INTEREST INCOME  315,023 307,837 325,982 334,289 329,145  INTEREST EXPENSE      Time deposits  57,231 62,559 70,661 73,937 73,946     Other deposits  69,108 67,895 72,369 78,307 79,087     Federal funds purchased and securities        sold under agreements to repurchase  59 113 119 138 156     Other borrowings  10,613 7,714 11,386 17,067 15,025     Subordinated notes and debentures  6,188 6,134 6,505 7,128 7,026             TOTAL INTEREST EXPENSE  143,199 144,415 161,040 176,577 175,240  NET INTEREST INCOME  171,824 163,422 164,942 157,712 153,905  PROVISION FOR CREDIT LOSSES      Provision for credit losses on loans  11,945 26,797 13,332 12,148 11,099             TOTAL PROVISION FOR CREDIT LOSSES  11,945 26,797 13,332 12,148 11,099  NET INTEREST INCOME AFTER PROVISION      FOR CREDIT LOSSES  159,879 136,625 151,610 145,564 142,806  NONINTEREST INCOME      Service charges on deposit accounts  12,588 12,635 12,978 12,713 12,252     Debit and credit card fees  8,567 8,446 8,323 8,144 8,162     Wealth management fees  9,464 9,629 9,658 9,098 9,187     Mortgage lending income  1,687 2,013 1,828 1,956 1,973     Bank owned life insurance income  3,890 4,092 3,780 3,757 3,876     Other service charges and fees (includes insurance income)  1,321 1,333 1,426 1,509 1,439     Gain (loss) on sale of securities  - - - (28,393) -     Other income  4,837 8,007 5,565 8,346 6,410             TOTAL NONINTEREST INCOME  42,354 46,155 43,558 17,130 43,299  NONINTEREST EXPENSE      Salaries and employee benefits  73,862 74,824 71,588 69,167 70,716     Occupancy expense, net  11,844 12,651 11,876 12,216 11,864     Furniture and equipment expense  5,474 5,465 5,671 5,612 5,623     Other real estate and foreclosure expense  216 198 317 87 117     Deposit insurance  4,917 5,391 5,550 5,571 5,682     Other operating expenses  42,276 46,051 46,115 44,540 45,352             TOTAL NONINTEREST EXPENSE  138,589 144,580 141,117 137,193 139,354  NET INCOME BEFORE INCOME TAXES  63,644 38,200 54,051 25,501 46,751     Provision for income taxes  8,871 5,812 5,732 761 5,988  NET INCOME  $   54,773 $   32,388 $   48,319 $   24,740 $    40,763  BASIC EARNINGS PER SHARE  $       0.43 $       0.26 $       0.38 $       0.20 $        0.32  DILUTED EARNINGS PER SHARE  $       0.43 $       0.26 $       0.38 $       0.20 $        0.32  Simmons First National Corporation   SFNC   Consolidated Risk-Based Capital   For the Quarters Ended   Jun 30   Mar 31   Dec 31   Sep 30   Jun 30   (Unaudited)  2025 2025 2024 2024 2024 ($ in thousands) Tier 1 capital    Stockholders' equity $   3,549,210 $   3,531,485 $   3,528,872 $   3,528,833 $   3,458,869    CECL transition provision (1) - - 30,873 30,873 30,873    Disallowed intangible assets, net of deferred tax (1,379,104) (1,381,953) (1,385,128) (1,388,549) (1,391,969)    Unrealized loss (gain) on AFS securities 380,900 367,710 360,910 335,861 405,481       Total Tier 1 capital 2,551,006 2,517,242 2,535,527 2,507,018 2,503,254 Tier 2 capital    Subordinated notes and debentures 366,369 366,331 366,293 366,255 366,217    Subordinated debt phase out (198,000) (132,000) (132,000) (132,000) (132,000)    Qualifying allowance for loan losses and       reserve for unfunded commitments 258,079 257,769 222,313 220,517 217,684       Total Tier 2 capital 426,448 492,100 456,606 454,772 451,901       Total risk-based capital $   2,977,454 $   3,009,342 $   2,992,133 $   2,961,790 $   2,955,155 Risk weighted assets $ 20,646,324 $ 20,621,540 $ 20,473,960 $ 20,790,941 $ 20,856,194 Adjusted average assets for leverage ratio $ 25,606,135 $ 25,619,424 $ 26,037,459 $ 26,198,178 $ 26,371,545 Ratios at end of quarter    Equity to assets 13.30 % 13.18 % 13.13 % 12.94 % 12.64 %    Tangible common equity to tangible assets (2) 8.46 % 8.34 % 8.29 % 8.15 % 7.84 %    Common equity Tier 1 ratio (CET1) 12.36 % 12.21 % 12.38 % 12.06 % 12.00 %    Tier 1 leverage ratio 9.96 % 9.83 % 9.74 % 9.57 % 9.49 %    Tier 1 risk-based capital ratio 12.36 % 12.21 % 12.38 % 12.06 % 12.00 %    Total risk-based capital ratio 14.42 % 14.59 % 14.61 % 14.25 % 14.17 % (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   For the Quarters Ended   Jun 30   Mar 31   Dec 31   Sep 30   Jun 30   (Unaudited)  2025 2025 2024 2024 2024 ($ in thousands) Investment Securities - End of Period  Held-to-Maturity      U.S. Government agencies  $    457,228 $    456,545 $    455,869 $    455,179 $    454,488     Mortgage-backed securities  1,024,313 1,048,170 1,070,032 1,093,070 1,119,741     State and political subdivisions  1,855,614 1,856,905 1,857,177 1,857,283 1,857,409     Other securities  254,376 253,936 253,558 253,168 253,812        Total held-to-maturity (net of credit losses)  3,591,531 3,615,556 3,636,636 3,658,700 3,685,450  Available-for-Sale      U.S. Treasury  $           400 $           699 $           996 $        1,290 $        1,275     U.S. Government agencies  49,498 52,318 54,547 58,397 66,563     Mortgage-backed securities  1,349,991 1,380,913 1,392,759 1,510,402 1,730,842     State and political subdivisions  807,842 832,898 858,182 898,178 864,190     Other securities  197,589 225,021 222,942 222,827 223,034        Total available-for-sale (net of credit losses)  2,405,320 2,491,849 2,529,426 2,691,094 2,885,904        Total investment securities (net of credit losses)  $ 5,996,851 $ 6,107,405 $ 6,166,062 $ 6,349,794 $ 6,571,354        Fair value - HTM investment securities  $ 2,891,974 $ 2,929,625 $ 2,949,951 $ 3,109,610 $ 3,005,524  Simmons First National Corporation   SFNC   Consolidated Loans   For the Quarters Ended   Jun 30   Mar 31   Dec 31   Sep 30   Jun 30   (Unaudited)  2025 2025 2024 2024 2024 ($ in thousands) Loan Portfolio - End of Period  Consumer:      Credit cards  $      176,166 $      179,680 $      181,675 $      177,696 $      178,354     Other consumer  123,831 97,198 127,319 113,896 130,278  Total consumer  299,997 276,878 308,994 291,592 308,632  Real Estate:      Construction  2,784,578 2,778,245 2,789,249 2,796,378 3,056,703     Single-family residential  2,625,717 2,647,451 2,689,946 2,724,648 2,666,201     Other commercial real estate  7,961,412 8,051,304 7,912,336 7,992,437 7,760,266  Total real estate  13,371,707 13,477,000 13,391,531 13,513,463 13,483,170  Commercial:      Commercial  2,440,507 2,372,681 2,434,175 2,467,384 2,484,474     Agricultural  333,078 264,469 261,154 314,340 285,181  Total commercial  2,773,585 2,637,150 2,695,329 2,781,724 2,769,655  Other  665,807 703,050 610,083 749,261 630,980        Total loans  $ 17,111,096 $ 17,094,078 $ 17,005,937 $ 17,336,040 $ 17,192,437  Simmons First National Corporation   SFNC   Consolidated Allowance and Asset Quality   For the Quarters Ended   Jun 30   Mar 31   Dec 31   Sep 30   Jun 30   (Unaudited)  2025 2025 2024 2024 2024 ($ in thousands) Allowance for Credit Losses on Loans  Beginning balance  $ 252,168 $   235,019 $  233,223 $  230,389 $  227,367  Loans charged off:      Credit cards  1,702 1,460 1,629 1,744 1,418     Other consumer  351 1,133 505 524 550     Real estate  1,450 4,425 3,810 159 123     Commercial  8,257 4,243 6,796 8,235 7,243        Total loans charged off  11,760 11,261 12,740 10,662 9,334  Recoveries of loans previously charged off:      Credit cards  334 211 391 231 221     Other consumer  294 306 279 275 509     Real estate  87 99 275 403 72     Commercial  469 997 259 439 455        Total recoveries  1,184 1,613 1,204 1,348 1,257     Net loans charged off  10,576 9,648 11,536 9,314 8,077  Provision for credit losses on loans  11,945 26,797 13,332 12,148 11,099  Balance, end of quarter  $ 253,537 $   252,168 $  235,019 $  233,223 $  230,389 Nonperforming assets  Nonperforming loans:      Nonaccrual loans  $ 156,453 $   151,897 $  110,154 $  100,865 $  102,891     Loans past due 90 days or more  709 494 603 830 558        Total nonperforming loans  157,162 152,391 110,757 101,695 103,449  Other nonperforming assets:     Foreclosed assets and other real estate owned 8,794 8,976 9,270 1,299 2,209     Other nonperforming assets  759 978 1,202 1,311 1,167        Total other nonperforming assets  9,553 9,954 10,472 2,610 3,376           Total nonperforming assets  $ 166,715 $   162,345 $  121,229 $  104,305 $  106,825 Ratios  Allowance for credit losses on loans to total loans  1.48 % 1.48 % 1.38 % 1.35 % 1.34 %  Allowance for credit losses to nonperforming loans  161 % 165 % 212 % 229 % 223 %  Nonperforming loans to total loans  0.92 % 0.89 % 0.65 % 0.59 % 0.60 %  Nonperforming assets to total assets  0.62 % 0.61 % 0.45 % 0.38 % 0.39 %  Annualized net charge offs to average loans (QTD)  0.25 % 0.23 % 0.27 % 0.22 % 0.19 %  Annualized net charge offs to average loans (YTD)  0.24 % 0.23 % 0.22 % 0.20 % 0.19 %  Annualized net credit card charge offs to     average credit card loans (QTD)  2.99 % 2.72 % 2.63 % 3.23 % 2.50 %  Simmons First National Corporation   SFNC   Consolidated - Average Balance Sheet and Net Interest Income Analysis   For the Quarters Ended   (Unaudited)   Three Months EndedJun 2025   Three Months EndedMar 2025   Three Months EndedJun 2024   ($ in thousands)  AverageBalance Income/Expense Yield/Rate AverageBalance Income/Expense Yield/Rate AverageBalance Income/Expense Yield/Rate ASSETS Earning assets:    Interest bearing balances due from banks      and federal funds sold $      219,928 $      2,531 4.62 % $      241,021 $      2,703 4.55 % $      214,777 $      2,964 5.55 %    Investment securities - taxable 3,483,805 31,233 3.60 % 3,540,559 31,584 3.62 % 4,035,508 39,283 3.92 %    Investment securities - non-taxable (FTE) 2,564,037 21,210 3.32 % 2,608,070 21,217 3.30 % 2,597,005 21,429 3.32 %    Mortgage loans held for sale 13,063 221 6.79 % 8,142 122 6.08 % 10,328 194 7.55 %    Loans - including fees (FTE) 17,046,802 266,250 6.26 % 16,920,050 258,625 6.20 % 17,101,799 271,851 6.39 %       Total interest earning assets (FTE) 23,327,635 321,445 5.53 % 23,317,842 314,251 5.47 % 23,959,417 335,721 5.64 %    Non-earning assets 3,317,496 3,360,786 3,345,860      Total assets $ 26,645,131 $ 26,678,628 $ 27,305,277 LIABILITIES AND STOCKHOLDERS' EQUITY Interest bearing liabilities:    Interest bearing transaction and      savings accounts $ 11,220,060 $    69,108 2.47 % $ 11,177,550 $    67,895 2.46 % $ 10,973,462 $    79,087 2.90 %    Time deposits 5,820,499 57,231 3.94 % 6,160,429 62,559 4.12 % 6,447,259 73,946 4.61 %       Total interest bearing deposits 17,040,559 126,339 2.97 % 17,337,979 130,454 3.05 % 17,420,721 153,033 3.53 %    Federal funds purchased and securities      sold under agreement to repurchase 32,565 59 0.73 % 39,797 113 1.15 % 50,558 156 1.24 %    Other borrowings 960,817 10,613 4.43 % 706,402 7,714 4.43 % 1,111,734 15,025 5.44 %    Subordinated notes and debentures 366,350 6,188 6.77 % 366,312 6,134 6.79 % 366,198 7,026 7.72 %       Total interest bearing liabilities 18,400,291 143,199 3.12 % 18,450,490 144,415 3.17 % 18,949,211 175,240 3.72 % Noninterest bearing liabilities:    Noninterest bearing deposits 4,390,454 4,342,948 4,624,819    Other liabilities 308,223 320,721 280,092       Total liabilities 23,098,968 23,114,159 23,854,122 Stockholders' equity 3,546,163 3,564,469 3,451,155       Total liabilities and stockholders' equity $ 26,645,131 $ 26,678,628 $ 27,305,277 Net interest income (FTE) $  178,246 $  169,836 $  160,481 Net interest spread (FTE) 2.41 % 2.30 % 1.92 % Net interest margin (FTE) 3.06 % 2.95 % 2.69 %  Simmons First National Corporation   SFNC   Consolidated - Selected Financial Data   For the Quarters Ended   Jun 30   Mar 31   Dec 31   Sep 30   Jun 30   (Unaudited)  2025 2025 2024 2024 2024 ($ in thousands, except share data) QUARTER-TO-DATE Financial Highlights - As Reported Net Income $        54,773 $        32,388 $        48,319 $        24,740 $        40,763 Diluted earnings per share 0.43 0.26 0.38 0.20 0.32 Return on average assets 0.82 % 0.49 % 0.71 % 0.36 % 0.60 % Return on average common equity 6.20 % 3.69 % 5.43 % 2.81 % 4.75 % Return on tangible common equity (non-GAAP) (1) 10.73 % 6.61 % 9.59 % 5.27 % 8.67 % Net interest margin (FTE) 3.06 % 2.95 % 2.87 % 2.74 % 2.69 % Efficiency ratio (2) 62.82 % 66.94 % 65.66 % 75.70 % 68.38 % FTE adjustment 6,422 6,414 6,424 6,398 6,576 Average diluted shares outstanding 126,406,879 126,336,557 126,232,084 125,999,269 125,758,166 Cash dividends declared per common share 0.213 0.213 0.210 0.210 0.210 Accretable yield on acquired loans 1,263 1,084 1,863 1,496 1,569 Financial Highlights - Adjusted (non-GAAP) (1) Adjusted earnings $        56,071 $        33,122 $        49,634 $        46,005 $        41,897 Adjusted diluted earnings per share 0.44 0.26 0.39 0.37 0.33 Adjusted return on average assets 0.84 % 0.50 % 0.73 % 0.67 % 0.62 % Adjusted return on average common equity 6.34 % 3.77 % 5.57 % 5.22 % 4.88 % Adjusted return on tangible common equity 10.97 % 6.75 % 9.83 % 9.34 % 8.89 % Adjusted efficiency ratio (2) 60.52 % 64.75 % 62.89 % 63.38 % 65.68 % YEAR-TO-DATE Financial Highlights - GAAP Net Income $        87,161 $        32,388 $      152,693 $      104,374 $        79,634 Diluted earnings per share 0.69 0.26 1.21 0.83 0.63 Return on average assets 0.66 % 0.49 % 0.56 % 0.51 % 0.59 % Return on average common equity 4.94 % 3.69 % 4.38 % 4.02 % 4.64 % Return on tangible common equity (non-GAAP) (1) 8.67 % 6.61 % 7.96 % 7.39 % 8.50 % Net interest margin (FTE) 3.01 % 2.95 % 2.74 % 2.70 % 2.68 % Efficiency ratio (2) 64.86 % 66.94 % 69.57 % 71.00 % 68.90 % FTE adjustment 12,836 6,414 25,820 19,396 12,998 Average diluted shares outstanding 126,325,650 126,336,557 126,115,606 125,910,260 125,693,536 Cash dividends declared per common share 0.425 0.213 0.840 0.630 0.420 Financial Highlights - Adjusted (non-GAAP) (1) Adjusted earnings $        89,193 $        33,122 $      177,887 $      128,253 $        82,248 Adjusted diluted earnings per share 0.71 0.26 1.41 1.02 0.65 Adjusted return on average assets 0.67 % 0.50 % 0.65 % 0.63 % 0.61 % Adjusted return on average common equity 5.06 % 3.77 % 5.10 % 4.94 % 4.80 % Adjusted return on tangible common equity 8.86 % 6.75 % 9.18 % 8.96 % 8.76 % Adjusted efficiency ratio (2) 62.62 % 64.75 % 64.56 % 65.14 % 66.05 % END OF PERIOD Book value per share $          28.17 $          28.04 $          28.08 $          28.11 $          27.56 Tangible book value per share 16.97 16.81 16.80 16.78 16.20 Shares outstanding 125,996,248 125,926,822 125,651,540 125,554,598 125,487,520 Full-time equivalent employees 2,947 2,949 2,946 2,972 2,961 Total number of financial centers 223 222 222 234 234 (1) Non-GAAP measurement that management believes aids in the understanding and discussion of results. Reconciliations to GAAP are included in the schedules accompanying this release.  (2) Efficiency ratio is noninterest expense as a percent of net interest income (fully taxable equivalent) and noninterest revenues. Adjusted efficiency ratio is noninterest expense before foreclosed property expense, amortization of intangibles and certain adjusting items as a percent of net interest income (fully taxable equivalent) and noninterest revenues, excluding gains and losses from securities transactions and certain adjusting items, and is a non-GAAP measurement.   Simmons First National Corporation   SFNC   Reconciliation Of Non-GAAP Financial Measures - Adjusted Earnings - Quarter-to-Date   For the Quarters Ended   Jun 30   Mar 31   Dec 31   Sep 30   Jun 30   (Unaudited)  2025 2025 2024 2024 2024  (in thousands, except per share data)  QUARTER-TO-DATE  Net income  $   54,773 $     32,388 $    48,319 $    24,740 $    40,763 Certain items (non-GAAP) FDIC Deposit Insurance special assessment - - - - 283 Early retirement program 1,594 - 200 (1) 118 Termination of vendor and software services - - - (13) 615 Loss (gain) on sale of securities - - - 28,393 - Branch right sizing (net) 163 994 1,581 410 519 Tax effect of certain items (1) (459) (260) (466) (7,524) (401)     Certain items, net of tax  1,298 734 1,315 21,265 1,134 Adjusted earnings (non-GAAP) (2) $   56,071 $     33,122 $    49,634 $    46,005 $    41,897  Diluted earnings per share  $       0.43 $         0.26 $        0.38 $        0.20 $        0.32 Certain items (non-GAAP) FDIC Deposit Insurance special assessment - - - - - Early retirement program 0.01 - - - - Termination of vendor and software services - - - - 0.01 Loss (gain) on sale of securities - - - 0.23 - Branch right sizing (net) - - 0.01 - - Tax effect of certain items (1) - - - (0.06) -     Certain items, net of tax  0.01 - 0.01 0.17 0.01  Adjusted diluted earnings per share (non-GAAP)  $       0.44 $         0.26 $        0.39 $        0.37 $        0.33  (1) Effective tax rate of 26.135%.   (2) In this press release, "Adjusted Earnings" may also be referred to as "Adjusted Net Income."  Reconciliation of Certain Noninterest Income and Expense Items (non-GAAP) QUARTER-TO-DATE     Noninterest income  $   42,354 $     46,155 $    43,558 $    17,130 $    43,299 Certain noninterest income items Loss (gain) on sale of securities - - - 28,393 -     Adjusted noninterest income (non-GAAP)  $   42,354 $     46,155 $    43,558 $    45,523 $    43,299     Noninterest expense  $ 138,589 $   144,580 $  141,117 $  137,193 $  139,354 Certain noninterest expense items Early retirement program (1,594) - (200) 1 (118) FDIC Deposit Insurance special assessment - - - - (283) Termination of vendor and software services - - - 13 (615) Branch right sizing expense (163) (994) (1,581) (410) (519)     Adjusted noninterest expense (non-GAAP)  136,832 143,586 139,336 136,797 137,819  Less: Fraud event  - (4,300) - - -     Adjusted noninterest expense, excluding fraud event (non-GAAP)  $ 136,832 $   139,286 $  139,336 $  136,797 $  137,819     Salaries and employee benefits  $   73,862 $     74,824 $    71,588 $    69,167 $    70,716 Certain salaries and employee benefits items Early retirement program (1,594) - (200) 1 (118) Other 1 - - (1) 1     Adjusted salaries and employee benefits (non-GAAP)  $   72,269 $     74,824 $    71,388 $    69,167 $    70,599     Other operating expenses  $   42,276 $     46,051 $    46,115 $    44,540 $    45,352 Certain other operating expenses items Termination of vendor and software services - - - 13 (615) Branch right sizing expense 255 (161) (1,457) (184) (392)     Adjusted other operating expenses (non-GAAP)  $   42,531 $     45,890 $    44,658 $    44,369 $    44,345  Simmons First National Corporation   SFNC   Reconciliation Of Non-GAAP Financial Measures - Adjusted Earnings - Year-to-Date   For the Quarters Ended   Jun 30   Mar 31   Dec 31   Sep 30   Jun 30   (Unaudited)  2025 2025 2024 2024 2024  (in thousands, except per share data)  YEAR-TO-DATE  Net income  $   87,161 $     32,388 $  152,693 $  104,374 $    79,634 Certain items (non-GAAP) FDIC Deposit Insurance special assessment - - 1,832 1,832 1,832 Early retirement program 1,594 - 536 336 337 Termination of vendor and software services - - 602 602 615 Loss (gain) on sale of securities - - 28,393 28,393 - Branch right sizing (net) 1,157 994 2,746 1,165 755 Tax effect of certain items (1) (719) (260) (8,915) (8,449) (925)     Certain items, net of tax  2,032 734 25,194 23,879 2,614 Adjusted earnings (non-GAAP) (2) $   89,193 $     33,122 $  177,887 $  128,253 $    82,248  Diluted earnings per share  $       0.69 $         0.26 $        1.21 $        0.83 $        0.63 Certain items (non-GAAP) FDIC Deposit Insurance special assessment - - 0.02 0.02 0.02 Early retirement program 0.01 - - - - Termination of vendor and software services - - - - - Loss (gain) on sale of securities - - 0.23 0.23 - Branch right sizing (net) 0.01 - 0.02 0.01 0.01 Tax effect of certain items (1) - - (0.07) (0.07) (0.01)     Certain items, net of tax  0.02 - 0.20 0.19 0.02  Adjusted diluted earnings per share (non-GAAP)  $       0.71 $         0.26 $        1.41 $        1.02 $        0.65  (1) Effective tax rate of 26.135%.   (2) In this press release, "Adjusted Earnings" may also be referred to as "Adjusted Net Income."  Reconciliation of Certain Noninterest Income and Expense Items (non-GAAP) YEAR-TO-DATE     Noninterest income  $   88,509 $     46,155 $  147,171 $  103,613 $    86,483 Certain noninterest income items Loss (gain) on sale of securities - - 28,393 28,393 -     Adjusted noninterest income (non-GAAP)  $   88,509 $     46,155 $  175,564 $  132,006 $    86,483     Noninterest expense  $ 283,169 $   144,580 $  557,543 $  416,426 $  279,233 Certain noninterest expense items Early retirement program (1,594) - (536) (336) (337) FDIC Deposit Insurance special assessment - - (1,832) (1,832) (1,832) Termination of vendor and software services - - (602) (602) (615) Branch right sizing expense (1,157) (994) (2,746) (1,165) (755)     Adjusted noninterest expense (non-GAAP)  280,418 143,586 551,827 412,491 275,694  Less: Fraud event  (4,300) (4,300) - - -     Adjusted noninterest expense, excluding fraud event (non-GAAP)  $ 276,118 $   139,286 $  551,827 $  412,491 $  275,694     Salaries and employee benefits  $ 148,686 $     74,824 $  284,124 $  212,536 $  143,369 Certain salaries and employee benefits items Early retirement program (1,594) - (536) (336) (337) Other 1 - - - 1     Adjusted salaries and employee benefits (non-GAAP)  $ 147,093 $     74,824 $  283,588 $  212,200 $  143,033     Other operating expenses  $   88,327 $     46,051 $  178,520 $  132,405 $    87,865 Certain other operating expenses items Termination of vendor and software services - - (602) (602) (615) Branch right sizing expense 94 (161) (2,116) (659) (475)     Adjusted other operating expenses (non-GAAP)  $   88,421 $     45,890 $  175,802 $  131,144 $    86,775 Simmons First National Corporation  SFNC   Reconciliation Of Non-GAAP Financial Measures - End of Period   For the Quarters Ended   Jun 30   Mar 31   Dec 31   Sep 30   Jun 30   (Unaudited)  2025 2025 2024 2024 2024 ($ in thousands, except per share data) Calculation of Tangible Common Equity and the Ratio of Tangible Common Equity to Tangible Assets Total common stockholders' equity $   3,549,210 $   3,531,485 $   3,528,872 $   3,528,833 $   3,458,869 Intangible assets:    Goodwill (1,320,799) (1,320,799) (1,320,799) (1,320,799) (1,320,799)    Other intangible assets (90,617) (93,714) (97,242) (101,093) (104,943) Total intangibles (1,411,416) (1,414,513) (1,418,041) (1,421,892) (1,425,742) Tangible common stockholders' equity $   2,137,794 $   2,116,972 $   2,110,831 $   2,106,941 $   2,033,127 Total assets $ 26,693,620 $ 26,792,991 $ 26,876,049 $ 27,269,404 $ 27,369,072 Intangible assets:    Goodwill (1,320,799) (1,320,799) (1,320,799) (1,320,799) (1,320,799)    Other intangible assets (90,617) (93,714) (97,242) (101,093) (104,943) Total intangibles (1,411,416) (1,414,513) (1,418,041) (1,421,892) (1,425,742) Tangible assets $ 25,282,204 $ 25,378,478 $ 25,458,008 $ 25,847,512 $ 25,943,330 Ratio of common equity to assets 13.30 % 13.18 % 13.13 % 12.94 % 12.64 % Ratio of tangible common equity to tangible assets 8.46 % 8.34 % 8.29 % 8.15 % 7.84 % Calculation of Tangible Book Value per Share Total common stockholders' equity $   3,549,210 $   3,531,485 $   3,528,872 $   3,528,833 $   3,458,869 Intangible assets:    Goodwill (1,320,799) (1,320,799) (1,320,799) (1,320,799) (1,320,799)    Other intangible assets (90,617) (93,714) (97,242) (101,093) (104,943) Total intangibles (1,411,416) (1,414,513) (1,418,041) (1,421,892) (1,425,742) Tangible common stockholders' equity $   2,137,794 $   2,116,972 $   2,110,831 $   2,106,941 $   2,033,127 Shares of common stock outstanding 125,926,248 125,926,822 125,651,540 125,554,598 125,487,520 Book value per common share $          28.18 $          28.04 $          28.08 $          28.11 $          27.56 Tangible book value per common share $          16.98 $          16.81 $          16.80 $          16.78 $          16.20 Calculation of Coverage Ratio of Uninsured, Non-Collateralized Deposits Uninsured deposits at Simmons Bank $   8,407,847 $   8,614,833 $   8,467,291 $   8,355,496 $   8,186,903 Less: Collateralized deposits (excluding portion that is FDIC insured) 2,691,215 3,005,328 2,790,339 2,710,167 2,835,424 Less: Intercompany eliminations 1,121,932 1,073,500 1,045,734 986,626 943,979 Total uninsured, non-collateralized deposits $   4,594,700 $   4,536,005 $   4,631,218 $   4,658,703 $   4,407,500 FHLB borrowing availability $   5,133,000 $   4,432,000 $   4,716,000 $   4,955,000 $   4,910,000 Unpledged securities 3,697,000 4,197,000 4,103,000 4,110,000 4,145,000 Fed funds lines, Fed discount window and   Bank Term Funding Program (1) 1,894,000 1,780,000 2,081,000 2,109,000 2,065,000 Additional liquidity sources $ 10,724,000 $ 10,409,000 $ 10,900,000 $ 11,174,000 $ 11,120,000 Uninsured, non-collateralized deposit coverage ratio 2.3 2.3 2.4 2.4 2.5 (1) The Bank Term Funding Program closed for new loans on March 11, 2024. At no time did Simmons borrow funds under this program.  Calculation of Net Charge Off Ratio Net charge offs $        10,576 $          9,648 $        11,536 $          9,314 $          8,077 Less: Net charge offs from run-off portfolio (1) 1,100 1,900 2,500 3,500 6,700 Net charge offs excluding run-off portfolio $          9,476 $          7,748 $          9,036 $          5,814 $          1,377 Average total loans $ 17,046,802 $ 16,920,050 $ 17,212,034 $ 17,208,162 $ 17,101,799 Annualized net charge offs to average loans (NCO ratio) 0.25 % 0.23 % 0.27 % 0.22 % 0.19 % NCO ratio, excluding net charge offs associated with run-off portfolio (annualized) 0.22 % 0.19 % 0.21 % 0.13 % 0.03 % (1) Run-off portfolio consists of asset based lending and small equipment finance portfolios obtained in acquisitions.  Simmons First National Corporation  SFNC   Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date   For the Quarters Ended   Jun 30   Mar 31   Dec 31   Sep 30   Jun 30   (Unaudited)  2025 2025 2024 2024 2024 ($ in thousands) Calculation of Adjusted Return on Average Assets Net income $        54,773 $        32,388 $        48,319 $        24,740 $        40,763 Certain items (non-GAAP) FDIC Deposit Insurance special assessment - - - - 283 Early retirement program 1,594 - 200 (1) 118 Termination of vendor and software services - - - (13) 615 Loss (gain) on sale of securities - - - 28,393 - Branch right sizing (net) 163 994 1,581 410 519 Tax effect of certain items (2) (459) (260) (466) (7,524) (401) Adjusted earnings (non-GAAP) $        56,071 $        33,122 $        49,634 $        46,005 $        41,897 Average total assets $ 26,645,131 $ 26,678,628 $ 27,078,943 $ 27,216,440 $ 27,305,277 Return on average assets 0.82 % 0.49 % 0.71 % 0.36 % 0.60 % Adjusted return on average assets (non-GAAP) 0.84 % 0.50 % 0.73 % 0.67 % 0.62 % Calculation of Return on Tangible Common Equity Net income available to common stockholders $        54,773 $        32,388 $        48,319 $        24,740 $        40,763 Amortization of intangibles, net of taxes 2,289 2,605 2,843 2,845 2,845 Total income available to common stockholders $        57,062 $        34,993 $        51,162 $        27,585 $        43,608 Certain items (non-GAAP) FDIC Deposit Insurance special assessment $                - $                - $                - $                - $             283 Early retirement program 1,594 - 200 (1) 118 Termination of vendor and software services - - - (13) 615 Loss (gain) on sale of securities - - - 28,393 - Branch right sizing (net) 163 994 1,581 410 519 Tax effect of certain items (2) (459) (260) (466) (7,524) (401) Adjusted earnings (non-GAAP) 56,071 33,122 49,634 46,005 41,897 Amortization of intangibles, net of taxes 2,289 2,605 2,843 2,845 2,845 Total adjusted earnings available to common stockholders (non-GAAP) $        58,360 $        35,727 $        52,477 $        48,850 $        44,742 Average common stockholders' equity $   3,546,163 $   3,564,469 $   3,543,146 $   3,505,141 $   3,451,155 Average intangible assets:    Goodwill (1,320,799) (1,320,799) (1,320,799) (1,320,799) (1,320,799)    Other intangibles (92,432) (95,787) (99,405) (103,438) (107,173) Total average intangibles (1,413,231) (1,416,586) (1,420,204) (1,424,237) (1,427,972) Average tangible common stockholders' equity (non-GAAP) $   2,132,932 $   2,147,883 $   2,122,942 $   2,080,904 $   2,023,183 Return on average common equity 6.20 % 3.69 % 5.43 % 2.81 % 4.75 % Return on tangible common equity 10.73 % 6.61 % 9.59 % 5.27 % 8.67 % Adjusted return on average common equity (non-GAAP) 6.34 % 3.77 % 5.57 % 5.22 % 4.88 % Adjusted return on tangible common equity (non-GAAP) 10.97 % 6.75 % 9.83 % 9.34 % 8.89 % Calculation of Efficiency Ratio and Adjusted Efficiency Ratio (1) Noninterest expense (efficiency ratio numerator) $      138,589 $      144,580 $      141,117 $      137,193 $      139,354 Certain noninterest expense items (non-GAAP) Early retirement program (1,594) - (200) 1 (118) FDIC Deposit Insurance special assessment - - - - (283) Termination of vendor and software services - - - 13 (615) Branch right sizing expense (163) (994) (1,581) (410) (519) Other real estate and foreclosure expense adjustment (216) (198) (317) (87) (117) Amortization of intangibles adjustment (3,098) (3,527) (3,850) (3,851) (3,852) Adjusted efficiency ratio numerator $      133,518 $      139,861 $      135,169 $      132,859 $      133,850 Net interest income $      171,824 $      163,422 $      164,942 $      157,712 $      153,905 Noninterest income 42,354 46,155 43,558 17,130 43,299 Fully tax-equivalent adjustment (effective tax rate of 26.135%) 6,422 6,414 6,424 6,398 6,576 Efficiency ratio denominator 220,600 215,991 214,924 181,240 203,780 Certain noninterest income items (non-GAAP) (Gain) loss on sale of securities - - - 28,393 - Adjusted efficiency ratio denominator $      220,600 $      215,991 $      214,924 $      209,633 $      203,780 Efficiency ratio (1) 62.82 % 66.94 % 65.66 % 75.70 % 68.38 % Adjusted efficiency ratio (non-GAAP) (1) 60.52 % 64.75 % 62.89 % 63.38 % 65.68 % (1) Efficiency ratio is noninterest expense as a percent of net interest income (fully taxable equivalent) and noninterest revenues.  Adjusted efficiency ratio is noninterest expense before foreclosed property expense, amortization of intangibles and certain adjusting items as a percent of net interest income (fully taxable equivalent) and noninterest revenues, excluding gains and losses from securities transactions and certain adjusting items, and is a non-GAAP measurement.  (2) Effective tax rate of 26.135%.  Simmons First National Corporation  SFNC   Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date (continued)   For the Quarters Ended   Jun 30   Mar 31   Dec 31   Sep 30   Jun 30   (Unaudited)  2025 2025 2024 2024 2024 ($ in thousands) Calculation of Total Revenue and Adjusted Total Revenue Net interest income $      171,824 $      163,422 $      164,942 $      157,712 $      153,905 Noninterest income 42,354 46,155 43,558 17,130 43,299 Total revenue 214,178 209,577 208,500 174,842 197,204 Certain items, pre-tax (non-GAAP) Less: Gain (loss) on sale of securities - - - (28,393) - Adjusted total revenue $      214,178 $      209,577 $      208,500 $      203,235 $      197,204 Calculation of Pre-Provision Net Revenue (PPNR) Net interest income $      171,824 $      163,422 $      164,942 $      157,712 $      153,905 Noninterest income 42,354 46,155 43,558 17,130 43,299 Total revenue 214,178 209,577 208,500 174,842 197,204 Less: Noninterest expense 138,589 144,580 141,117 137,193 139,354 Pre-Provision Net Revenue (PPNR) $        75,589 $        64,997 $        67,383 $        37,649 $        57,850 Calculation of Adjusted Pre-Provision Net Revenue Pre-Provision Net Revenue (PPNR) $        75,589 $        64,997 $        67,383 $        37,649 $        57,850 Certain items, pre-tax (non-GAAP) Plus: Loss (gain) on sale of securities - - - 28,393 - Plus: FDIC Deposit Insurance special assessment - - - - 283 Plus: Early retirement program costs 1,594 - 200 (1) 118 Plus: Termination of vendor and software services - - - (13) 615 Plus: Branch right sizing costs (net) 163 994 1,581 410 519 Adjusted Pre-Provision Net Revenue $        77,346 $        65,991 $        69,164 $        66,438 $        59,385 Simmons First National Corporation  SFNC   Reconciliation Of Non-GAAP Financial Measures - Year-to-Date   For the Quarters Ended   Jun 30   Mar 31   Dec 31   Sep 30   Jun 30   (Unaudited)  2025 2025 2024 2024 2024 ($ in thousands) Calculation of Adjusted Return on Average Assets Net income $        87,161 $        32,388 $      152,693 $      104,374 $        79,634 Certain items (non-GAAP) FDIC Deposit Insurance special assessment - - 1,832 1,832 1,832 Early retirement program 1,594 - 536 336 337 Termination of vendor and software services - - 602 602 615 Loss (gain) on sale of securities - - 28,393 28,393 - Branch right sizing (net) 1,157 994 2,746 1,165 755 Tax effect of certain items (2) (719) (260) (8,915) (8,449) (925) Adjusted earnings (non-GAAP) $        89,193 $        33,122 $      177,887 $      128,253 $        82,248 Average total assets $ 26,661,787 $ 26,678,628 $ 27,214,647 $ 27,260,212 $ 27,282,338 Return on average assets 0.66 % 0.49 % 0.56 % 0.51 % 0.59 % Adjusted return on average assets (non-GAAP) 0.67 % 0.50 % 0.65 % 0.63 % 0.61 % Calculation of Return on Tangible Common Equity Net income available to common stockholders $        87,161 $        32,388 $      152,693 $      104,374 $        79,634 Amortization of intangibles, net of taxes 4,894 2,605 11,377 8,534 5,689 Total income available to common stockholders $        92,055 $        34,993 $      164,070 $      112,908 $        85,323 Certain items (non-GAAP) FDIC Deposit Insurance special assessment $                - $                - $          1,832 $          1,832 $          1,832 Early retirement program 1,594 - 536 336 337 Termination of vendor and software services - - 602 602 615 Loss (gain) on sale of securities - - 28,393 28,393 - Branch right sizing (net) 1,157 994 2,746 1,165 755 Tax effect of certain items (2) (719) (260) (8,915) (8,449) (925) Adjusted earnings (non-GAAP) 89,193 33,122 177,887 128,253 82,248 Amortization of intangibles, net of taxes 4,894 2,605 11,377 8,534 5,689 Total adjusted earnings available to common stockholders (non-GAAP) $        94,087 $        35,727 $      189,264 $      136,787 $        87,937 Average common stockholders' equity $   3,555,265 $   3,564,469 $   3,486,822 $   3,467,908 $   3,449,089 Average intangible assets:    Goodwill (1,320,799) (1,320,799) (1,320,799) (1,320,799) (1,320,799)    Other intangibles (94,100) (95,787) (105,239) (107,197) (109,098) Total average intangibles (1,414,899) (1,416,586) (1,426,038) (1,427,996) (1,429,897) Average tangible common stockholders' equity (non-GAAP) $   2,140,366 $   2,147,883 $   2,060,784 $   2,039,912 $   2,019,192 Return on average common equity 4.94 % 3.69 % 4.38 % 4.02 % 4.64 % Return on tangible common equity 8.67 % 6.61 % 7.96 % 7.39 % 8.50 % Adjusted return on average common equity (non-GAAP) 5.06 % 3.77 % 5.10 % 4.94 % 4.80 % Adjusted return on tangible common equity (non-GAAP) 8.86 % 6.75 % 9.18 % 8.96 % 8.76 % Calculation of Efficiency Ratio and Adjusted Efficiency Ratio (1) Noninterest expense (efficiency ratio numerator) $      283,169 $      144,580 $      557,543 $      416,426 $      279,233 Certain noninterest expense items (non-GAAP) Early retirement program (1,594) - (536) (336) (337) FDIC Deposit Insurance special assessment - - (1,832) (1,832) (1,832) Termination of vendor and software services - - (602) (602) (615) Branch right sizing expense (1,157) (994) (2,746) (1,165) (755) Other real estate and foreclosure expense adjustment (414) (198) (700) (383) (296) Amortization of intangibles adjustment (6,625) (3,527) (15,403) (11,553) (7,702) Adjusted efficiency ratio numerator $      273,379 $      139,861 $      535,724 $      400,555 $      267,696 Net interest income $      335,246 $      163,422 $      628,465 $      463,523 $      305,811 Noninterest income 88,509 46,155 147,171 103,613 86,483 Fully tax-equivalent adjustment (effective tax rate of 26.135%) 12,836 6,414 25,820 19,396 12,998 Efficiency ratio denominator 436,591 215,991 801,456 586,532 405,292 Certain noninterest income items (non-GAAP) (Gain) loss on sale of securities - - 28,393 28,393 - Adjusted efficiency ratio denominator $      436,591 $      215,991 $      829,849 $      614,925 $      405,292 Efficiency ratio (1) 64.86 % 66.94 % 69.57 % 71.00 % 68.90 % Adjusted efficiency ratio (non-GAAP) (1) 62.62 % 64.75 % 64.56 % 65.14 % 66.05 % (1) Efficiency ratio is noninterest expense as a percent of net interest income (fully taxable equivalent) and noninterest revenues.  Adjusted efficiency ratio is noninterest expense before foreclosed property expense, amortization of intangibles and certain adjusting items as a percent of net interest income (fully taxable equivalent) and noninterest revenues, excluding gains and losses from securities transactions and certain adjusting items, and is a non-GAAP measurement.  (2) Effective tax rate of 26.135%.  SOURCE Simmons First National Corporation WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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