Simmons First National Corporation Reports Second Quarter 2025 Results
PINE BLUFF, Ark., July 17, 2025 /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
