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WKN: 922248 | ISIN: US8287302009 | Ticker-Symbol: SN9
Frankfurt
06.11.24
08:07 Uhr
21,800 Euro
+1,000
+4,81 %
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SIMMONS FIRST NATIONAL CORPORATION Chart 1 Jahr
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SIMMONS FIRST NATIONAL CORPORATION 5-Tage-Chart
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21,00024,00009:52
PR Newswire
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Simmons First National Corporation Reports Third Quarter 2024 Results

PINE BLUFF, Ark., Oct. 18, 2024 /PRNewswire/ --

Bob Fehlman, Simmons' Chief Executive Officer, commented on third quarter 2024 results:

Simmons' third quarter results were highlighted by positive underlying trends across the board. Net interest income increased 10 percent annualized on a linked quarter basis as loan yields continued to increase, while deposit costs were unchanged from second quarter 2024 levels and appear to have peaked.

We also were proactive in responding to favorable market conditions when opportunities presented themselves. During the quarter, we decided to sell certain lower yielding bonds in our securities portfolio to hasten the pace of our ongoing balance sheet optimization strategy. While the loss on the sale of these securities weighed on reported results, on an adjusted basis total revenue, noninterest income and pre-provision net revenue posted solid growth on a linked quarter basis. Equally important, credit trends remained steady in the quarter and our allowance for credit losses on loans ended the quarter at 1.35 percent.

As we enter the final quarter of 2024, we believe our strong capital and liquidity positions combined with the liability sensitivity position of our balance sheet will provide tailwinds as we navigate an uncertain macroeconomic environment.

Financial Highlights

3Q24

2Q24

3Q23


3Q24 Highlights

Balance Sheet (in millions)





Comparisons reflect 3Q24 vs 2Q24

Total loans

$17,336

$17,192

$16,772


Total investment securities

6,350

6,571

7,101


Total deposits

21,935

21,841

22,231


• Net income of $24.7 million
and diluted EPS of $0.20

Total assets

27,269

27,369

27,564


Total shareholders' equity

3,529

3,459

3,286


Asset Quality





• Adjusted earnings1 of $46.0
million and adjusted diluted
EPS1 of $0.37

Net charge-off ratio (NCO ratio)

0.22 %

0.19 %

0.28 %


Nonperforming loan ratio

0.59

0.60

0.49


Nonperforming assets to total assets

0.38

0.39

0.32


• Total revenue of $174.8 million
and PPNR1 of $37.6 million

Allowance for credit losses to loans (ACL)

1.35

1.34

1.30


Nonperforming loan coverage ratio

229

223

267


Performance Measures (in millions)





• Adjusted total revenue1 of
$203.2 million and adjusted
PPNR1 of $66.4 million

Total revenue

$174.8

$197.2

$196.2


Adjusted total revenue1

203.2

197.2

196.2


Pre-provision net revenue1 (PPNR)

37.6

57.9

64.2


• Net interest margin of 2.74%,
up 5 bps

Adjusted pre-provision net revenue1

66.4

59.4

66.3


Provision for credit losses

12.1

11.1

7.7


• Cost of deposits unchanged
from 2Q24 levels at 2.79%

Per share Data





Diluted earnings

$ 0.20

$ 0.32

$ 0.37


Adjusted diluted earnings1

0.37

0.33

0.39


• Provision for credit losses on
loans exceeded net charge-offs
in the quarter by $2.8 million

Book value

28.11

27.56

26.26


Tangible book value1

16.78

16.20

14.77


Capital Ratios





• NCO ratio 22 bps in 3Q24; 9
bps of NCO ratio associated
with run-off portfolio

Equity to assets (EA ratio)

12.94 %

12.64 %

11.92 %


Tangible common equity (TCE) ratio1

8.15

7.84

7.07


Common equity tier 1 (CET1) ratio

12.06

12.00

12.02


• ACL ratio ends the quarter at
1.35%

Total risk-based capital ratio

14.25

14.17

14.27


Liquidity ($ in millions)





• EA ratio 12.94%; TCE ratio1 up
31 bps to 8.15%

Loan to deposit ratio

79.03 %

78.72 %

75.44 %


Borrowed funds to total liabilities

6.16

7.38

7.37


Uninsured, non-collateralized deposits (UCD)

$ 4,659

$ 4,408

$ 4,631


• Book value per share up 2%;
tangible book value per share1
up 4%

Additional liquidity sources

11,174

11,120

11,447


Coverage ratio of UCD

2.4x

2.5x

2.5x


Simmons First National Corporation (NASDAQ: SFNC) (Simmons or Company) today reported net income of $24.7 million for the third quarter of 2024, compared to $40.8 million in the second quarter of 2024 and $47.2 million in the third quarter of 2023. Diluted earnings per share were $0.20 for the third quarter of 2024, compared to $0.32 in the second quarter of 2024 and $0.37 in the third quarter of 2023. Adjusted earnings1 for the third quarter of 2024 were $46.0 million, compared to $41.9 million in the second quarter of 2024 and $48.8 million in the third quarter of 2023. Adjusted diluted earnings per share1 for the third quarter of 2024 were $0.37, compared to $0.33 in the second quarter of 2024 and $0.39 in the third quarter of 2023.

During the third quarter of 2024, given prevailing market conditions, we executed a strategic decision to sell approximately $252 million of available-for-sale (AFS) investment securities with a weighted average yield of approximately 1.29 percent, resulting in an after-tax loss of $21.0 million. The proceeds from the sale were used to pay off higher rate wholesale funding consisting of Federal Home Loan Bank advances. The table below summarizes the impact of this transaction, along with the impact of certain other items consisting primarily of branch right sizing, early retirement, 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 EPS

$ in millions, except per share data


3Q24

2Q24

3Q23

Net income


$ 24.7

$ 40.8

$ 47.2






FDIC special assessment


-

0.3

-

Branch right sizing, net


0.4

0.5

0.5

Early retirement program


-

0.1

1.6

Termination of vendor and software services


-

0.6

-

Loss on sale of AFS investment securities


28.4

-

-

Total pre-tax impact


28.8

1.5

2.1

Tax effect2


(7.5)

(0.4)

(0.5)

Total impact on earnings


21.3

1.1

1.6

Adjusted earnings 1


$ 46.0

$ 41.9

$ 48.8






Diluted EPS


$ 0.20

$ 0.32

$ 0.37






FDIC special assessment


-

-

-

Branch right sizing, net


-

-

0.01

Early retirement program


-

-

0.01

Termination of vendor and software contracts


-

0.01

-

Loss on sale of AFS investment securities


0.23

-

-

Total pre-tax impact


0.23

0.01

0.02

Tax effect2


(0.6)

-

-

Total impact on earnings


0.17

0.01

0.02

Adjusted Diluted EPS 1


$ 0.37

$ 0.33

$ 0.39

Net Interest Income
Net interest income for the third quarter of 2024 totaled $157.7 million, compared to $153.9 million in the second quarter of 2024 and $153.4 million in the third quarter of 2023. Interest income totaled $334.3 million in the third quarter of 2024, compared to $329.1 million in the second quarter of 2024 and $310.3 million in the third quarter of 2023. The increase in interest income was primarily driven by an increase in total loans, coupled with an increase in the rate earned on loans. Interest expense totaled $176.6 million in the third quarter of 2024, up $1.3 million on a linked quarter basis primarily due to an increase in other borrowings costs, offset in part by a decrease in the interest expense on interest bearing deposits. Included in net interest income is accretion recognized on loans, which totaled $1.5 million in the third quarter of 2024, $1.6 million in the second quarter of 2024 and $2.1 million in the third quarter of 2023.

The yield on loans on a fully taxable equivalent (FTE) basis for the third quarter of 2024 was 6.44 percent, up 5 basis points from the 6.39 percent for the second quarter of 2024 and up 36 basis points from the 6.08 percent for the third quarter of 2023. Cost of deposits for the third quarter of 2024 was 2.79 percent, unchanged from second quarter 2024 levels. The net interest margin on an FTE basis for the third quarter of 2024 was 2.74 percent, compared to 2.69 percent for the second quarter of 2024 and 2.61 percent for the third quarter of 2023. The 5 basis point increase in the net interest margin on a linked quarter basis included an estimated 3 basis point benefit from the strategic sale of AFS investment securities.

Select Yield/Rates

3Q24

2Q24

1Q24

4Q23

3Q23

Loan yield (FTE)2

6.44 %

6.39 %

6.24 %

6.20 %

6.08 %

Investment securities yield (FTE)2

3.63

3.68

3.76

3.67

3.08

Cost of interest bearing deposits

3.52

3.53

3.48

3.31

3.06

Cost of deposits

2.79

2.79

2.75

2.58

2.37

Cost of borrowed funds

5.79

5.84

5.85

5.79

5.60

Net interest spread (FTE)2

1.95

1.92

1.89

1.93

1.87

Net interest margin (FTE)2

2.74

2.69

2.66

2.68

2.61

Noninterest Income
Noninterest income for the third quarter of 2024 was $17.1 million, compared to $43.3 million in the second quarter of 2024 and $42.8 million in the third quarter of 2023. Included in the third quarter of 2024 was a $28.4 million pre-tax loss on the strategic sale of AFS investment securities. Excluding this item, adjusted noninterest income1 was $45.5 million in the third quarter of 2024, compared to $43.3 million in the second quarter of 2024 and $42.8 million in the third quarter of 2023. The increase in adjusted noninterest income on a linked quarter basis was primarily due to an increase in other noninterest income reflecting gains on the sale of other real estate owned.

Noninterest Income

$ in millions

3Q24

2Q24

1Q24

4Q23

3Q23

Service charges on deposit accounts

$ 12.7

$ 12.3

$ 12.0

$ 12.8

$ 12.4

Wealth management fees

8.2

8.3

7.5

7.7

7.7

Debit and credit card fees

8.1

8.2

8.2

7.8

7.7

Mortgage lending income

2.0

2.0

2.3

1.6

2.2

Other service charges and fees

2.4

2.4

2.2

2.3

2.2

Bank owned life insurance

3.8

3.9

3.8

3.1

3.1

Gain (loss) on sale of securities

(28.4)

-

-

(20.2)

-

Other income

8.3

6.4

7.2

6.9

7.4

Total noninterest income

$ 17.1

$ 43.3

$ 43.2

$ 22.0

$ 42.8







Adjusted noninterest income1

$ 45.5

$ 43.3

$ 43.2

$ 42.2

$ 42.8

Noninterest Expense
Noninterest expense for the third quarter of 2024 was $137.2 million, compared to $139.4 million in the second quarter of 2024 and $132.0 million in the third quarter of 2023. Included in noninterest expense are certain items consisting of branch right sizing, early retirement, and termination of vendor and software services, amongst others. Collectively, these items totaled $0.4 million in the third quarter of 2024, $1.5 million in the second quarter of 2024 and $2.1 million in the third quarter of 2023. Excluding these items (which are described in the "Reconciliation of Non-GAAP Financial Measures" tables below), adjusted noninterest expense1 was $136.8 million in the third quarter of 2024, $137.8 million in the second quarter of 2024 and $129.9 million in the third quarter of 2023. The decrease in noninterest expense and adjusted noninterest expense on a linked quarter basis was primarily attributable to a decline in salaries and employee benefits reflecting incentive compensation accrual adjustments.

Noninterest Expense

$ in millions

3Q24

2Q24

1Q24

4Q23

3Q23

Salaries and employee benefits

$ 69.2

$ 70.7

$ 72.7

$ 67.0

$ 67.4

Occupancy expense, net

12.2

11.9

12.3

11.7

12.0

Furniture and equipment

5.6

5.6

5.1

5.4

5.1

Deposit insurance

5.6

5.4

5.5

4.7

4.7

Other real estate and foreclosure expense

0.1

0.1

0.2

0.2

0.2

FDIC special assessment

-

0.3

1.6

10.5

-

Other operating expenses

44.5

45.4

42.5

48.6

42.6

Total noninterest expense

$137.2

$139.4

$139.9

$148.1

$132.0







Adjusted salaries and employee benefits1

$ 69.2

$ 70.6

$ 72.4

$ 66.0

$ 65.8

Adjusted other operating expenses1

44.4

44.3

42.4

44.9

42.1

Adjusted noninterest expense1

136.8

137.8

137.9

132.7

129.9

Efficiency ratio

75.70 %

68.38 %

69.41 %

80.46 %

65.11 %

Adjusted efficiency ratio1

63.38

65.68

66.42

62.91

61.94

Full-time equivalent employees

2,972

2,961

2,989

3,007

3,005

Loans and Unfunded Loan Commitments
Total loans at the end of the third quarter of 2024 were $17.3 billion, up $564.2 million, or 3 percent, compared to $16.8 billion at the end of the third quarter of 2023. Total loans on a linked quarter basis increased $143.6 million, or 3 percent on an annualized basis. Unfunded loan commitments at the end of the third quarter of 2024 were $3.7 billion, down slightly from second quarter 2024 levels. The commercial loan pipeline ended the third quarter of 2024 at $1.2 billion, compared to $1.0 billion at the end of the second quarter of 2024 and $877 million at the end of the third quarter of 2023. The rate on ready to close commercial loans at the end of the third quarter of 2024 was 8.31 percent.

Loans and Unfunded Loan Commitments

$ in millions

3Q24

2Q24

1Q24

4Q23

3Q23

Total loans

$17,336

$17,192

$17,002

$16,846

$16,772

Unfunded loan commitments

3,681

3,746

3,875

3,880

4,049

Deposits
Total deposits at the end of the third quarter of 2024 were $21.9 billion, compared to $21.8 billion at the end of the second quarter of 2024 and $22.2 billion at the end of the third quarter of 2023. The increase in total deposits on a linked quarter basis was primarily attributable to an increase in public funds and brokered deposits. During the third quarter of 2024, the brokered deposit market reflected more favorable pricing opportunities compared to other wholesale funding options. As a result, while the utilization of brokered deposits increased during the third quarter of 2024, other borrowings totaled $1.0 billion, down $300.5 million on a linked quarter basis. The loan to deposit ratio at the end of the third quarter of 2024 was 79 percent, unchanged from second quarter 2024 levels.

Deposits

$ in millions

3Q24

2Q24

1Q24

4Q23

3Q23

Noninterest bearing deposits

$ 4,522

$ 4,624

$ 4,698

$ 4,801

$ 4,991

Interest bearing transaction accounts

10,038

10,092

10,316

10,277

9,875

Time deposits

4,014

4,185

4,314

4,266

4,103

Brokered deposits

3,361

2,940

3,025

2,901

3,262

Total deposits

$21,935

$21,841

$22,353

$22,245

$22,231







Noninterest bearing deposits to total deposits

21 %

21 %

21 %

22 %

22 %

Total loans to total deposits

79

79

76

76

75

Asset Quality
Provision for credit losses totaled $12.1 million for the third quarter of 2024, compared to $11.1 for the second quarter of 2024 and $7.7 million for the third quarter of 2023. Provision for credit losses on loans exceeded net charge-offs by $2.8 million during the third quarter of 2024. The allowance for credit losses on loans at the end of the third quarter of 2024 was $233.2 million, compared to $230.4 million at the end of the second quarter of 2024 and $218.5 million at the end of the third quarter of 2023. The increase in allowance for credit losses on loans on a linked quarter and year-over-year basis reflected normalization of the credit environment from historical lows, as well as changes in the macroeconomic conditions and increased activity in the loan portfolio. The allowance for credit losses on loans as a percentage of total loans was 1.35 percent at the end of the third quarter of 2024, compared to 1.34 percent at the end of the second quarter of 2024 and 1.30 percent at the end of the third quarter of 2023.

Net charge-offs as a percentage of average loans for the third quarter of 2024 were 22 basis points, compared to 19 basis points in the second quarter of 2024 and 28 basis points in the third quarter of 2023. Net charge-offs in the third quarter of 2024 included $3.5 million of charge-offs associated with the run-off portfolio, which consists of an acquired asset-based lending portfolio and a small ticket equipment finance portfolio. Net charge-offs from the run-off portfolio accounted for 9 basis points of total net charge-offs during the third quarter of 2024 and 16 basis points of total net charge-offs during the second quarter of 2024.

Total nonperforming loans at the end of the third quarter of 2024 were $101.7 million, compared to $103.4 million at the end of the second quarter of 2024 and $81.9 million at the end of the third quarter of 2023. The decrease in nonperforming loans on a linked quarter basis reflected $5 million of payoffs from the run-off portfolio and the previously noted charge-offs associated with this portfolio. The nonperforming loan coverage ratio ended the third quarter of 2024 at 229 percent, compared to 223 percent at the end of the second quarter of 2024 and 267 percent at the end of the third quarter of 2023. Total nonperforming assets as a percentage of total assets were 38 basis points at the end of the third quarter of 2024, compared to 39 basis points at the end of the second quarter of 2024 and 32 basis points at the end of the third quarter of 2023.

Asset Quality

$ in millions

3Q24

2Q24

1Q24

4Q23

3Q23

Allowance for credit losses on loans to total loans

1.35 %

1.34 %

1.34 %

1.34 %

1.30 %

Allowance for credit losses on loans to nonperforming loans

229

223

212

267

267

Nonperforming loans to total loans

0.59

0.60

0.63

0.50

0.49

Net charge-off ratio (annualized)

0.22

0.19

0.19

0.11

0.28

Net charge-off ratio YTD (annualized)

0.20

0.19

0.19

0.12

0.12







Total nonperforming loans

$101.7

$103.4

$107.3

$84.5

$81.9

Total other nonperforming assets

2.6

3.4

5.0

5.8

5.2

Total nonperforming assets

$104.3

$106.8

$112.3

$90.3

$87.1







Reserve for unfunded commitments

$25.6

$25.6

$25.6

$25.6

$25.6

Capital
Total stockholders' equity at the end of the third quarter of 2024 was $3.5 billion, compared to $3.3 billion at the end of the third quarter of 2023. On a linked quarter basis, total stockholders' equity increased $70.0 million, primarily as a result of a $69.6 million recapture of accumulated other comprehensive income principally associated with mark-to-market adjustment on AFS investment securities. Book value per share at the end of the third quarter of 2024 was $28.11, up 2 percent on a linked quarter basis and up 7 percent compared to the end of the third quarter of 2023. Tangible book value per share1 at the end of the third quarter of 2024 was $16.78, up 4 percent on a linked quarter basis and up 14 percent compared to the end of the third quarter of 2023.

Total stockholders' equity as a percentage of total assets at September 30, 2024 was 12.9 percent, up from 12.6 percent reported at the end of the second quarter of 2024 and up from 11.9 percent reported at the end of the third quarter of 2023. Tangible common equity as a percentage of tangible assets1 was 8.2 percent, up from 7.8 percent reported at the end of the second quarter of 2024 and up from 7.1 percent reported at the end of the third quarter of 2023. Each of the regulatory capital ratios for Simmons and its lead subsidiary, Simmons Bank, continue to significantly exceed "well-capitalized" guidelines.

Select Capital Ratios

3Q24

2Q24

1Q24

4Q23

3Q23

Stockholders' equity to total assets

12.9 %

12.6 %

12.6 %

12.5 %

11.9 %

Tangible common equity to tangible assets1

8.2

7.8

7.8

7.7

7.1

Common equity tier 1 (CET1) ratio

12.1

12.0

12.0

12.1

12.0

Tier 1 leverage ratio

9.6

9.5

9.4

9.4

9.3

Tier 1 risk-based capital ratio

12.1

12.0

12.0

12.1

12.0

Total risk-based capital ratio

14.3

14.2

14.4

14.4

14.3

Share Repurchase Program
During the third quarter of 2024, Simmons did not repurchase shares under its stock repurchase program that was authorized in January 2024 (2024 Program), which replaced its former repurchase program that was authorized in January 2022. Remaining authorization under the 2024 Program as of September 30, 2024, was approximately $175 million. The timing, pricing and amount of any repurchases under the 2024 Program will be determined by Simmons' management at its discretion based on a variety of factors including, but not limited to, market conditions, trading volume and market price of Simmons' common stock, Simmons' capital needs, Simmons' working capital and investment requirements, other corporate considerations, economic conditions, and legal requirements. The 2024 Program does not obligate Simmons to repurchase any common stock and may be modified, discontinued or suspended at any time without prior notice.

____________________

(1)

Non-GAAP measurement. See "Non-GAAP Financial Measures" and "Reconciliation of Non-GAAP Financial Measures" below

(2)

FTE - fully taxable equivalent basis using an effective tax rate of 26.135%

Conference Call
Management will conduct a live conference call to review this information beginning at 9:00 a.m. Central Time today, Friday, October 18, 2024. 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 10193072. In addition, the call will be available live or in recorded version on Simmons' website at simmonsbank.com for at least 60 days following the date of the call.

Simmons First National Corporation
Simmons First National Corporation (NASDAQ: SFNC) is a Mid-South based financial holding company that has paid cash dividends to its shareholders for 115 consecutive years. Its principal subsidiary, Simmons Bank, operates 234 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 U.S. News & World Report as one of the 2024-2025 Best Companies to Work For in the South and by Forbes as one of America's Best-In-State Banks 2024 in Tennessee and America's Best-In-State Banks 2024 in Missouri. Additional information about Simmons Bank can be found on our website at simmonsbank.com, by following @Simmons_Bank on X (formerly Twitter) or by visiting our newsroom.

Non-GAAP Financial Measures
This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (GAAP). The Company's management uses these non-GAAP financial measures in their analysis of the Company's performance. These measures adjust GAAP performance measures to, among other things, include the tax benefit associated with revenue items that are tax-exempt, as well as exclude from net income (including on a per share diluted basis), pre-tax, pre-provision earnings, net charge-offs, income available to common shareholders, non-interest income, and non-interest 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, FDIC special assessment charges and gain/loss on the sale of AFS investment securities. The Company has updated its calculation of certain non-GAAP financial measures to exclude the impact of gains or losses on the sale of AFS investment securities in light of the impact of the Company's strategic AFS investment securities transactions during the fourth quarter of 2023 and has presented past periods on a comparable basis.

In addition, the Company also presents certain figures based on tangible common stockholders' equity, tangible assets and tangible book value, which exclude goodwill and other intangible assets. The Company further presents certain figures that are exclusive of the impact of deposits and/or loans acquired through acquisitions, mortgage warehouse loans, and/or energy loans, or gains and/or losses on the sale of securities. The Company's management believes that these non-GAAP financial measures are useful to investors because they, among other things, present the results of the Company's ongoing operations without the effect of mergers or other items not central to the Company's ongoing business, as well as normalize for tax effects and certain other effects. Management, therefore, believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company's ongoing businesses, and management uses these non-GAAP financial measures to assess the performance of the Company's ongoing businesses as related to prior financial periods. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.

Forward-Looking Statements
Certain statements in this press release may not be based on historical facts and should be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including, without limitation, statements made in Mr. Fehlman's quote, may be identified by reference to future periods or by the use of forward-looking terminology, such as "believe," "budget," "expect," "foresee," "anticipate," "intend," "indicate," "target," "estimate," "plan," "project," "continue," "contemplate," "positions," "prospects," "predict," or "potential," by future conditional verbs such as "will," "would," "should," "could," "might" or "may," or by variations of such words or by similar expressions. These forward-looking statements include, without limitation, statements relating to Simmons' future growth, business strategies, lending capacity and lending activity, loan demand, revenue, assets, asset quality, profitability, dividends, net interest margin, non-interest revenue, share repurchase program, acquisition strategy, digital banking initiatives, the Company's ability to recruit and retain key employees, the adequacy of the allowance for credit losses, and future economic conditions and interest rates. Any forward-looking statement speaks only as of the date of this press release, and Simmons undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this press release. By nature, forward-looking statements are based on various assumptions and involve inherent risk and uncertainties. Various factors, including, but not limited to, changes in economic conditions, changes in credit quality, changes in interest rates and related governmental policies, changes in loan demand, changes in deposit flows, changes in real estate values, changes in the assumptions used in making the forward-looking statements, changes in the securities markets generally or the price of Simmons' common stock specifically, changes in information technology affecting the financial industry, and changes in customer behaviors, including consumer spending, borrowing, and saving habits; general economic and market conditions; changes in governmental administrations; market disruptions including pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, war and other military conflicts (including the ongoing military conflicts between Russia and Ukraine and between Israel and Hamas) or other major events, or the prospect of these events; the soundness of other financial institutions and any indirect exposure related to the closings of other financial institutions and their impact on the broader market through other customers, suppliers and partners, or that the conditions which resulted in the liquidity concerns experienced by closed financial institutions may also adversely impact, directly or indirectly, other financial institutions and market participants with which the Company has commercial or deposit relationships; increased inflation; the loss of key employees; increased competition in the markets in which the Company operates and from non-bank financial institutions; increased unemployment; labor shortages; claims, damages, and fines related to litigation or government actions; changes in accounting principles relating to loan loss recognition (current expected credit losses); the Company's ability to manage and successfully integrate its mergers and acquisitions and to fully realize cost savings and other benefits associated with acquisitions; increased delinquency and foreclosure rates on commercial real estate loans; cyber 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. Additional information on factors that might affect the Company's financial results is included in the Company's Form 10-K for the year ended December 31, 2023, and other reports that the Company has filed with or furnished to the U.S. Securities and Exchange Commission (the SEC), all of which are available from the SEC on its website, www.sec.gov. 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.

Simmons First National Corporation










SFNC

Consolidated End of Period Balance Sheets











For the Quarters Ended


Sep 30


Jun 30


Mar 31


Dec 31


Sep 30

(Unaudited)


2024


2024


2024


2023


2023

($ in thousands)











ASSETS











Cash and noninterest bearing balances due from banks


$ 398,321


$ 320,021


$ 380,324


$ 345,258


$ 181,822

Interest bearing balances due from banks and federal funds sold


205,081


254,312


222,979


268,834


423,826

Cash and cash equivalents


603,402


574,333


603,303


614,092


605,648

Interest bearing balances due from banks - time


100


100


100


100


100

Investment securities - held-to-maturity


3,658,700


3,685,450


3,707,258


3,726,288


3,742,292

Investment securities - available-for-sale


2,691,094


2,885,904


3,027,558


3,152,153


3,358,421

Mortgage loans held for sale


8,270


13,053


11,899


9,373


11,690

Loans:











Loans


17,336,040


17,192,437


17,001,760


16,845,670


16,771,888

Allowance for credit losses on loans


(233,223)


(230,389)


(227,367)


(225,231)


(218,547)

Net loans


17,102,817


16,962,048


16,774,393


16,620,439


16,553,341

Premises and equipment


584,366


581,893


576,466


570,678


567,167

Foreclosed assets and other real estate owned


1,299


2,209


3,511


4,073


3,809

Interest receivable


125,700


126,625


122,781


122,430


110,361

Bank owned life insurance


508,781


505,023


503,348


500,559


497,465

Goodwill


1,320,799


1,320,799


1,320,799


1,320,799


1,320,799

Other intangible assets


101,093


104,943


108,795


112,645


116,660

Other assets


562,983


606,692


611,964


592,045


676,572

Total assets


$ 27,269,404


$ 27,369,072


$ 27,372,175


$ 27,345,674


$ 27,564,325












LIABILITIES AND STOCKHOLDERS' EQUITY











Deposits:











Noninterest bearing transaction accounts


$ 4,521,715


$ 4,624,186


$ 4,697,539


$ 4,800,880


$ 4,991,034

Interest bearing transaction accounts and savings deposits


10,863,945


10,925,179


11,071,762


10,997,425


10,571,807

Time deposits


6,549,774


6,291,518


6,583,703


6,446,673


6,668,370

Total deposits


21,935,434


21,840,883


22,353,004


22,244,978


22,231,211

Federal funds purchased and securities sold











under agreements to repurchase


51,071


52,705


58,760


67,969


74,482

Other borrowings


1,045,878


1,346,378


871,874


972,366


1,347,855

Subordinated notes and debentures


366,255


366,217


366,179


366,141


366,103

Accrued interest and other liabilities


341,933


304,020


283,232


267,732


259,119

Total liabilities


23,740,571


23,910,203


23,933,049


23,919,186


24,278,770












Stockholders' equity:











Common stock


1,256


1,255


1,254


1,252


1,251

Surplus


2,508,438


2,506,469


2,503,673


2,499,930


2,497,874

Undivided profits


1,355,000


1,356,626


1,342,215


1,329,681


1,330,810

Accumulated other comprehensive (loss) income


(335,861)


(405,481)


(408,016)


(404,375)


(544,380)

Total stockholders' equity


3,528,833


3,458,869


3,439,126


3,426,488


3,285,555

Total liabilities and stockholders' equity


$ 27,269,404


$ 27,369,072


$ 27,372,175


$ 27,345,674


$ 27,564,325

Simmons First National Corporation










SFNC

Consolidated Statements of Income - Quarter-to-Date











For the Quarters Ended


Sep 30


Jun 30


Mar 31


Dec 31


Sep 30

(Unaudited)


2024


2024


2024


2023


2023

($ in thousands, except per share data)











INTEREST INCOME











Loans (including fees)


$ 277,939


$ 270,937


$ 261,490


$ 261,505


$ 255,901

Interest bearing balances due from banks and federal funds sold


2,921


2,964


3,010


3,115


3,569

Investment securities


53,220


55,050


58,001


58,755


50,638

Mortgage loans held for sale


209


194


148


143


178

TOTAL INTEREST INCOME


334,289


329,145


322,649


323,518


310,286

INTEREST EXPENSE











Time deposits


73,937


73,946


73,241


72,458


68,062

Other deposits


78,307


79,087


78,692


71,412


65,095

Federal funds purchased and securities











sold under agreements to repurchase


138


156


189


232


277

Other borrowings


17,067


15,025


11,649


16,607


16,450

Subordinated notes and debentures


7,128


7,026


6,972


7,181


6,969

TOTAL INTEREST EXPENSE


176,577


175,240


170,743


167,890


156,853

NET INTEREST INCOME


157,712


153,905


151,906


155,628


153,433

PROVISION FOR CREDIT LOSSES











Provision for credit losses on loans


12,148


11,099


10,206


11,225


20,222

Provision for credit losses on unfunded commitments


-


-


-


-


(11,300)

Provision for credit losses on investment securities - AFS


-


-


-


(1,196)


(1,200)

Provision for credit losses on investment securities - HTM


-


-


-


-


-

TOTAL PROVISION FOR CREDIT LOSSES


12,148


11,099


10,206


10,029


7,722

NET INTEREST INCOME AFTER PROVISION











FOR CREDIT LOSSES


145,564


142,806


141,700


145,599


145,711

NONINTEREST INCOME











Service charges on deposit accounts


12,713


12,252


11,955


12,782


12,429

Debit and credit card fees


8,144


8,162


8,246


7,822


7,712

Wealth management fees


8,226


8,274


7,478


7,679


7,719

Mortgage lending income


1,956


1,973


2,320


1,603


2,157

Bank owned life insurance income


3,757


3,876


3,814


3,094


3,095

Other service charges and fees (includes insurance income)


2,381


2,352


2,199


2,346


2,232

Gain (loss) on sale of securities


(28,393)


-


-


(20,218)


-

Other income


8,346


6,410


7,172


6,866


7,433

TOTAL NONINTEREST INCOME


17,130


43,299


43,184


21,974


42,777

NONINTEREST EXPENSE











Salaries and employee benefits


69,167


70,716


72,653


66,982


67,374

Occupancy expense, net


12,216


11,864


12,258


11,733


12,020

Furniture and equipment expense


5,612


5,623


5,141


5,445


5,117

Other real estate and foreclosure expense


87


117


179


189


228

Deposit insurance


5,571


5,682


7,135


15,220


4,672

Merger-related costs


-


-


-


-


5

Other operating expenses


44,540


45,352


42,513


48,570


42,582

TOTAL NONINTEREST EXPENSE


137,193


139,354


139,879


148,139


131,998

NET INCOME BEFORE INCOME TAXES


25,501


46,751


45,005


19,434


56,490

Provision for income taxes


761


5,988


6,134


(4,473)


9,243

NET INCOME


$ 24,740


$ 40,763


$ 38,871


$ 23,907


$ 47,247

BASIC EARNINGS PER SHARE


$ 0.20


$ 0.32


$ 0.31


$ 0.19


$ 0.38

DILUTED EARNINGS PER SHARE


$ 0.20


$ 0.32


$ 0.31


$ 0.19


$ 0.37

Simmons First National Corporation








SFNC

Consolidated Risk-Based Capital











For the Quarters Ended


Sep 30


Jun 30


Mar 31


Dec 31


Sep 30

(Unaudited)


2024


2024


2024


2023


2023

($ in thousands)











Tier 1 capital











Stockholders' equity


$ 3,528,833


$ 3,458,869


$ 3,439,126


$ 3,426,488


$ 3,285,555

CECL transition provision (1)


30,873


30,873


30,873


61,746


61,746

Disallowed intangible assets, net of deferred tax


(1,388,549)


(1,391,969)


(1,394,672)


(1,398,810)


(1,402,682)

Unrealized loss (gain) on AFS securities


335,861


405,481


408,016


404,375


544,380

Total Tier 1 capital


2,507,018


2,503,254


2,483,343


2,493,799


2,488,999












Tier 2 capital











Subordinated notes and debentures


366,255


366,217


366,179


366,141


366,103

Subordinated debt phase out


(132,000)


(132,000)


(66,000)


(66,000)


(66,000)

Qualifying allowance for loan losses and











reserve for unfunded commitments


220,517


217,684


214,660


170,977


165,490

Total Tier 2 capital


454,772


451,901


514,839


471,118


465,593

Total risk-based capital


$ 2,961,790


$ 2,955,155


$ 2,998,182


$ 2,964,917


$ 2,954,592












Risk weighted assets


$ 20,790,941


$ 20,856,194


$ 20,782,094


$ 20,599,238


$ 20,703,669












Adjusted average assets for leverage ratio


$ 26,198,178


$ 26,371,545


$ 26,312,873


$ 26,552,988


$ 26,733,658












Ratios at end of quarter











Equity to assets


12.94 %


12.64 %


12.56 %


12.53 %


11.92 %

Tangible common equity to tangible assets (2)


8.15 %


7.84 %


7.75 %


7.69 %


7.07 %

Common equity Tier 1 ratio (CET1)


12.06 %


12.00 %


11.95 %


12.11 %


12.02 %

Tier 1 leverage ratio


9.57 %


9.49 %


9.44 %


9.39 %


9.31 %

Tier 1 risk-based capital ratio


12.06 %


12.00 %


11.95 %


12.11 %


12.02 %

Total risk-based capital ratio


14.25 %


14.17 %


14.43 %


14.39 %


14.27 %







(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


Sep 30


Jun 30


Mar 31


Dec 31


Sep 30

(Unaudited)


2024


2024


2024


2023


2023

($ in thousands)











Investment Securities - End of Period











Held-to-Maturity











U.S. Government agencies


$ 455,179


$ 454,488


$ 453,805


$ 453,121


$ 452,428

Mortgage-backed securities


1,093,070


1,119,741


1,142,352


1,161,694


1,178,324

State and political subdivisions


1,857,283


1,857,409


1,855,642


1,856,674


1,857,652

Other securities


253,168


253,812


255,459


254,799


253,888

Total held-to-maturity (net of credit losses)


3,658,700


3,685,450


3,707,258


3,726,288


3,742,292

Available-for-Sale











U.S. Treasury


$ 1,290


$ 1,275


$ 1,964


$ 2,254


$ 2,224

U.S. Government agencies


58,397


66,563


69,801


72,502


172,759

Mortgage-backed securities


1,510,402


1,730,842


1,845,364


1,940,307


2,157,092

State and political subdivisions


898,178


864,190


874,849


902,793


790,344

Other securities


222,827


223,034


235,580


234,297


236,002

Total available-for-sale (net of credit losses)


2,691,094


2,885,904


3,027,558


3,152,153


3,358,421

Total investment securities (net of credit losses)


$ 6,349,794


$ 6,571,354


$ 6,734,816


$ 6,878,441


$ 7,100,713

Fair value - HTM investment securities


$ 3,109,610


$ 3,005,524


$ 3,049,281


$ 3,135,370


$ 2,848,211

Simmons First National Corporation








SFNC

Consolidated Loans











For the Quarters Ended


Sep 30


Jun 30


Mar 31


Dec 31


Sep 30

(Unaudited)


2024


2024


2024


2023


2023

($ in thousands)











Loan Portfolio - End of Period











Consumer:











Credit cards


$ 177,696


$ 178,354


$ 182,742


$ 191,204


$ 191,550

Other consumer


113,896


130,278


124,531


127,462


112,832

Total consumer


291,592


308,632


307,273


318,666


304,382

Real Estate:











Construction


2,796,378


3,056,703


3,331,739


3,144,220


3,022,321

Single-family residential


2,724,648


2,666,201


2,624,738


2,641,556


2,657,879

Other commercial real estate


7,992,437


7,760,266


7,508,049


7,552,410


7,565,008

Total real estate


13,513,463


13,483,170


13,464,526


13,338,186


13,245,208

Commercial:











Commercial


2,467,384


2,484,474


2,499,311


2,490,176


2,477,077

Agricultural


314,340


285,181


226,642


232,710


296,912

Total commercial


2,781,724


2,769,655


2,725,953


2,722,886


2,773,989

Other


749,261


630,980


504,008


465,932


448,309

Total loans


$ 17,336,040


$ 17,192,437


$ 17,001,760


$ 16,845,670


$ 16,771,888

Simmons First National Corporation








SFNC

Consolidated Allowance and Asset Quality











For the Quarters Ended


Sep 30


Jun 30


Mar 31


Dec 31


Sep 30

(Unaudited)


2024


2024


2024


2023


2023

($ in thousands)











Allowance for Credit Losses on Loans











Beginning balance


$ 230,389


$ 227,367


$ 225,231


$ 218,547


$ 209,966












Loans charged off:











Credit cards


1,744


1,418


1,646


1,500


1,318

Other consumer


524


550


732


767


633

Real estate


159


123


2,857


1,023


9,723

Commercial


8,235


7,243


4,593


3,105


1,219

Total loans charged off


10,662


9,334


9,828


6,395


12,893












Recoveries of loans previously charged off:











Credit cards


231


221


248


242


234

Other consumer


275


509


333


518


344

Real estate


403


72


735


785


429

Commercial


439


455


442


309


245

Total recoveries


1,348


1,257


1,758


1,854


1,252

Net loans charged off


9,314


8,077


8,070


4,541


11,641

Provision for credit losses on loans


12,148


11,099


10,206


11,225


20,222

Balance, end of quarter


$ 233,223


$ 230,389


$ 227,367


$ 225,231


$ 218,547












Nonperforming assets











Nonperforming loans:











Nonaccrual loans


$ 100,865


$ 102,891


$ 105,788


$ 83,325


$ 81,135

Loans past due 90 days or more


830


558


1,527


1,147


806

Total nonperforming loans


101,695


103,449


107,315


84,472


81,941

Other nonperforming assets:











Foreclosed assets and other real estate owned


1,299


2,209


3,511


4,073


3,809

Other nonperforming assets


1,311


1,167


1,491


1,726


1,417

Total other nonperforming assets


2,610


3,376


5,002


5,799


5,226

Total nonperforming assets


$ 104,305


$ 106,825


$ 112,317


$ 90,271


$ 87,167












Ratios











Allowance for credit losses on loans to total loans


1.35 %


1.34 %


1.34 %


1.34 %


1.30 %

Allowance for credit losses to nonperforming loans


229 %


223 %


212 %


267 %


267 %

Nonperforming loans to total loans


0.59 %


0.60 %


0.63 %


0.50 %


0.49 %

Nonperforming assets to total assets


0.38 %


0.39 %


0.41 %


0.33 %


0.32 %

Annualized net charge offs to average loans (QTD)


0.22 %


0.19 %


0.19 %


0.11 %


0.28 %

Annualized net charge offs to average loans (YTD)


0.20 %


0.19 %


0.19 %


0.12 %


0.12 %

Annualized net credit card charge offs to











average credit card loans (QTD)


3.23 %


2.50 %


2.88 %


2.49 %


2.19 %

Simmons First National Corporation
















SFNC

Consolidated - Average Balance Sheet and Net Interest Income Analysis












For the Quarters Ended



















(Unaudited)





















Three Months Ended
Sep 2024


Three Months Ended
Jun 2024


Three Months Ended
Sep 2023

($ in thousands)


Average
Balance


Income/
Expense


Yield/
Rate


Average
Balance


Income/
Expense


Yield/
Rate


Average
Balance


Income/
Expense


Yield/
Rate

ASSETS



















Earning assets:



















Interest bearing balances due from banks



















and federal funds sold


$ 204,505


$ 2,921


5.68 %


$ 214,777


$ 2,964


5.55 %


$ 331,444


$ 3,569


4.27 %

Investment securities - taxable


3,826,934


37,473


3.90 %


4,035,508


39,283


3.92 %


4,638,486


34,734


2.97 %

Investment securities - non-taxable (FTE)


2,617,532


21,318


3.24 %


2,597,005


21,429


3.32 %


2,617,152


21,563


3.27 %

Mortgage loans held for sale


12,425


209


6.69 %


10,328


194


7.55 %


9,542


178


7.40 %

Loans - including fees (FTE)


17,208,162


278,766


6.44 %


17,101,799


271,851


6.39 %


16,758,597


256,757


6.08 %

Total interest earning assets (FTE)


23,869,558


340,687


5.68 %


23,959,417


335,721


5.64 %


24,355,221


316,801


5.16 %

Non-earning assets


3,346,882






3,345,860






3,239,390





Total assets


$ 27,216,440






$ 27,305,277






$ 27,594,611
























LIABILITIES AND STOCKHOLDERS' EQUITY

















Interest bearing liabilities:



















Interest bearing transaction and



















savings accounts


$ 10,826,514


$ 78,307


2.88 %


$ 10,973,462


$ 79,087


2.90 %


$ 10,682,767


$ 65,095


2.42 %

Time deposits


6,355,801


73,937


4.63 %


6,447,259


73,946


4.61 %


6,558,110


68,062


4.12 %

Total interest bearing deposits


17,182,315


152,244


3.52 %


17,420,721


153,033


3.53 %


17,240,877


133,157


3.06 %

Federal funds purchased and securities



















sold under agreement to repurchase


51,830


138


1.06 %


50,558


156


1.24 %


89,769


277


1.22 %

Other borrowings


1,252,435


17,067


5.42 %


1,111,734


15,025


5.44 %


1,222,557


16,450


5.34 %

Subordinated notes and debentures


366,236


7,128


7.74 %


366,198


7,026


7.72 %


366,085


6,969


7.55 %

Total interest bearing liabilities


18,852,816


176,577


3.73 %


18,949,211


175,240


3.72 %


18,919,288


156,853


3.29 %

Noninterest bearing liabilities:



















Noninterest bearing deposits


4,535,105






4,624,819






5,032,631





Other liabilities


323,378






280,092






271,014





Total liabilities


23,711,299






23,854,122






24,222,933





Stockholders' equity


3,505,141






3,451,155






3,371,678





Total liabilities and stockholders' equity


$ 27,216,440






$ 27,305,277






$ 27,594,611





Net interest income (FTE)




$ 164,110






$ 160,481






$ 159,948



Net interest spread (FTE)






1.95 %






1.92 %






1.87 %

Net interest margin (FTE)






2.74 %






2.69 %






2.61 %

Simmons First National Corporation








SFNC

Consolidated - Selected Financial Data











For the Quarters Ended


Sep 30


Jun 30


Mar 31


Dec 31


Sep 30

(Unaudited)


2024


2024


2024


2023


2023

($ in thousands, except share data)











QUARTER-TO-DATE











Financial Highlights - As Reported











Net Income


$ 24,740


$ 40,763


$ 38,871


$ 23,907


$ 47,247

Diluted earnings per share


0.20


0.32


0.31


0.19


0.37

Return on average assets


0.36 %


0.60 %


0.57 %


0.35 %


0.68 %

Return on average common equity


2.81 %


4.75 %


4.54 %


2.84 %


5.56 %

Return on tangible common equity (non-GAAP) (1)


5.27 %


8.67 %


8.33 %


5.61 %


10.33 %

Net interest margin (FTE)


2.74 %


2.69 %


2.66 %


2.68 %


2.61 %

Efficiency ratio (2)


75.70 %


68.38 %


69.41 %


80.46 %


65.11 %

FTE adjustment


6,398


6,576


6,422


6,511


6,515

Average diluted shares outstanding


125,999,269


125,758,166


125,661,950


125,609,265


126,283,609

Shares repurchased under plan


-


-


-


-


1,128,962

Average price of shares repurchased


-


-


-


-


17.69

Cash dividends declared per common share


0.210


0.210


0.210


0.200


0.200

Accretable yield on acquired loans


1,496


1,569


1,123


1,762


2,146

Financial Highlights - Adjusted (non-GAAP) (1)











Adjusted earnings


$ 46,005


$ 41,897


$ 40,351


$ 50,215


$ 48,804

Adjusted diluted earnings per share


0.37


0.33


0.32


0.40


0.39

Adjusted return on average assets


0.67 %


0.62 %


0.60 %


0.73 %


0.70 %

Adjusted return on average common equity


5.22 %


4.88 %


4.71 %


5.97 %


5.74 %

Adjusted return on tangible common equity


9.34 %


8.89 %


8.62 %


11.10 %


10.64 %

Adjusted efficiency ratio (2)


63.38 %


65.68 %


66.42 %


62.91 %


61.94 %

YEAR-TO-DATE











Financial Highlights - GAAP











Net Income


$ 104,374


$ 79,634


$ 38,871


$ 175,057


$ 151,150

Diluted earnings per share


0.83


0.63


0.31


1.38


1.19

Return on average assets


0.51 %


0.59 %


0.57 %


0.64 %


0.73 %

Return on average common equity


4.02 %


4.64 %


4.54 %


5.21 %


6.00 %

Return on tangible common equity (non-GAAP) (1)


7.39 %


8.50 %


8.33 %


9.76 %


11.14 %

Net interest margin (FTE)


2.70 %


2.68 %


2.66 %


2.78 %


2.82 %

Efficiency ratio (2)


71.00 %


68.90 %


69.41 %


67.75 %


64.13 %

FTE adjustment


19,396


12,998


6,422


25,443


18,932

Average diluted shares outstanding


125,910,260


125,693,536


125,661,950


126,775,704


127,099,727

Cash dividends declared per common share


0.630


0.420


0.210


0.800


0.600

Financial Highlights - Adjusted (non-GAAP) (1)











Adjusted earnings


$ 128,253


$ 82,248


$ 40,351


$ 207,716


$ 157,501

Adjusted diluted earnings per share


1.02


0.65


0.32


1.64


1.24

Adjusted return on average assets


0.63 %


0.61 %


0.60 %


0.75 %


0.76 %

Adjusted return on average common equity


4.94 %


4.80 %


4.71 %


6.18 %


6.25 %

Adjusted return on tangible common equity


8.96 %


8.76 %


8.62 %


11.46 %


11.58 %

Adjusted efficiency ratio (2)


65.14 %


66.05 %


66.42 %


61.32 %


60.81 %

END OF PERIOD











Book value per share


$ 28.11


$ 27.56


$ 27.42


$ 27.37


$ 26.26

Tangible book value per share


16.78


16.20


16.02


15.92


14.77

Shares outstanding


125,554,598


125,487,520


125,419,618


125,184,119


125,133,281

Full-time equivalent employees


2,972


2,961


2,989


3,007


3,005

Total number of financial centers


234


234


233


234


232







(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


Sep 30


Jun 30


Mar 31


Dec 31


Sep 30

(Unaudited)


2024


2024


2024


2023


2023

(in thousands, except per share data)











QUARTER-TO-DATE











Net income


$ 24,740


$ 40,763


$ 38,871


$ 23,907


$ 47,247

Certain items (non-GAAP)











FDIC Deposit Insurance special assessment


-


283


1,549


10,521


-

Merger related costs


-


-


-


-


5

Early retirement program


(1)


118


219


1,032


1,557

Termination of vendor and software services


(13)


615


-


-


-

Loss (gain) on sale of securities


28,393


-


-


20,218


-

Branch right sizing (net)


410


519


236


3,846


547

Tax effect of certain items (1)


(7,524)


(401)


(524)


(9,309)


(552)

Certain items, net of tax


21,265


1,134


1,480


26,308


1,557

Adjusted earnings (non-GAAP)


$ 46,005


$ 41,897


$ 40,351


$ 50,215


$ 48,804












Diluted earnings per share


$ 0.20


$ 0.32


$ 0.31


$ 0.19


$ 0.37

Certain items (non-GAAP)











FDIC Deposit Insurance special assessment


-


-


0.01


0.08


-

Early retirement program


-


-


-


0.01


0.01

Termination of vendor and software services


-


0.01


-


-


-

Loss (gain) on sale of securities


0.23


-


-


0.16


-

Branch right sizing (net)


-


-


-


0.03


0.01

Tax effect of certain items (1)


(0.06)


-


-


(0.07)


-

Certain items, net of tax


0.17


0.01


0.01


0.21


0.02

Adjusted diluted earnings per share (non-GAAP)


$ 0.37


$ 0.33


$ 0.32


$ 0.40


$ 0.39


































(1) Effective tax rate of 26.135%.






















Reconciliation of Certain Noninterest Income and Expense Items (non-GAAP)


















QUARTER-TO-DATE











Noninterest income


$ 17,130


$ 43,299


$ 43,184


$ 21,974


$ 42,777

Certain noninterest income items











Loss (gain) on sale of securities


28,393


-


-


20,218


-

Adjusted noninterest income (non-GAAP)


$ 45,523


$ 43,299


$ 43,184


$ 42,192


$ 42,777












Noninterest expense


$ 137,193


$ 139,354


$ 139,879


$ 148,139


$ 131,998

Certain noninterest expense items











Merger related costs


-


-


-


-


(5)

Early retirement program


1


(118)


(219)


(1,032)


(1,557)

FDIC Deposit Insurance special assessment


-


(283)


(1,549)


(10,521)


-

Termination of vendor and software services


13


(615)


-


-


-

Branch right sizing expense


(410)


(519)


(236)


(3,846)


(547)

Adjusted noninterest expense (non-GAAP)


$ 136,797


$ 137,819


$ 137,875


$ 132,740


$ 129,889












Salaries and employee benefits


$ 69,167


$ 70,716


$ 72,653


$ 66,982


$ 67,374

Certain salaries and employee benefits items











Early retirement program


1


(118)


(219)


(1,032)


(1,557)

Other


(1)


1


-


2


-

Adjusted salaries and employee benefits (non-GAAP)


$ 69,167


$ 70,599


$ 72,434


$ 65,952


$ 65,817












Other operating expenses


$ 44,540


$ 45,352


$ 42,513


$ 48,570


$ 42,582

Certain other operating expenses items











Termination of vendor and software services


13


(615)


-


-


-

Branch right sizing expense


(184)


(392)


(83)


(3,708)


(466)

Adjusted other operating expenses (non-GAAP)


$ 44,369


$ 44,345


$ 42,430


$ 44,862


$ 42,116

Simmons First National Corporation








SFNC

Reconciliation Of Non-GAAP Financial Measures - Adjusted Earnings - Year-to-Date



For the Quarters Ended


Sep 30


Jun 30


Mar 31


Dec 31


Sep 30

(Unaudited)


2024


2024


2024


2023


2023

(in thousands, except per share data)











YEAR-TO-DATE











Net income


$ 104,374


$ 79,634


$ 38,871


$ 175,057


$ 151,150

Certain items (non-GAAP)











FDIC Deposit Insurance special assessment


1,832


1,832


1,549


10,521


-

Merger related costs


-


-


-


1,420


1,420

Early retirement program


336


337


219


6,198


5,166

Termination of vendor and software services


602


615


-


-


-

Loss (gain) on sale of securities


28,393


-


-


20,609


391

Branch right sizing (net)


1,165


755


236


5,467


1,621

Tax effect of certain items (1)


(8,449)


(925)


(524)


(11,556)


(2,247)

Certain items, net of tax


23,879


2,614


1,480


32,659


6,351

Adjusted earnings (non-GAAP)


$ 128,253


$ 82,248


$ 40,351


$ 207,716


$ 157,501












Diluted earnings per share


$ 0.83


$ 0.63


$ 0.31


$ 1.38


$ 1.19

Certain items (non-GAAP)











FDIC Deposit Insurance special assessment


0.02


0.02


0.01


0.08


-

Merger related costs


-


-


-


0.01


0.01

Early retirement program


-


-


-


0.05


0.04

Loss (gain) on sale of securities


0.23


-


-


0.17


-

Branch right sizing (net)


0.01


0.01


-


0.04


0.02

Tax effect of certain items (1)


(0.07)


(0.01)


-


(0.09)


(0.02)

Certain items, net of tax


0.19


0.02


0.01


0.26


0.05

Adjusted diluted earnings per share (non-GAAP)


$ 1.02


$ 0.65


$ 0.32


$ 1.64


$ 1.24












(1) Effective tax rate of 26.135%.






















Reconciliation of Certain Noninterest Income and Expense Items (non-GAAP)


















YEAR-TO-DATE











Noninterest income


$ 103,613


$ 86,483


$ 43,184


$ 155,566


$ 133,592

Certain noninterest income items











Loss (gain) on sale of securities


28,393


-


-


20,609


391

Adjusted noninterest income (non-GAAP)


$ 132,006


$ 86,483


$ 43,184


$ 176,175


$ 133,983












Noninterest expense


$ 416,426


$ 279,233


$ 139,879


$ 563,061


$ 414,922

Certain noninterest expense items











Merger related costs


-


-


-


(1,420)


(1,420)

Early retirement program


(336)


(337)


(219)


(6,198)


(5,166)

FDIC Deposit Insurance special assessment


(1,832)


(1,832)


(1,549)


(10,521)


-

Termination of vendor and software services


(602)


(615)


-


-


-

Branch right sizing expense


(1,165)


(755)


(236)


(5,467)


(1,621)

Adjusted noninterest expense (non-GAAP)


$ 412,491


$ 275,694


$ 137,875


$ 539,455


$ 406,715












Salaries and employee benefits


$ 212,536


$ 143,369


$ 72,653


$ 286,117


$ 219,135

Certain salaries and employee benefits items











Early retirement program


(336)


(337)


(219)


(6,198)


(5,166)

Other


-


1


-


2


-

Adjusted salaries and employee benefits (non-GAAP)


$ 212,200


$ 143,033


$ 72,434


$ 279,921


$ 213,969












Other operating expenses


$ 132,405


$ 87,865


$ 42,513


$ 177,164


$ 128,594

Certain other operating expenses items











Termination of vendor and software services


(602)


(615)


-


-


-

Branch right sizing expense


(659)


(475)


(83)


(4,937)


(1,229)

Adjusted other operating expenses (non-GAAP)


$ 131,144


$ 86,775


$ 42,430


$ 172,227


$ 127,365

Simmons First National Corporation










SFNC

Reconciliation Of Non-GAAP Financial Measures - End of Period









For the Quarters Ended


Sep 30


Jun 30


Mar 31


Dec 31


Sep 30

(Unaudited)


2024


2024


2024


2023


2023

($ 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


$ 3,528,833


$ 3,458,869


$ 3,439,126


$ 3,426,488


$ 3,285,555

Intangible assets:











Goodwill


(1,320,799)


(1,320,799)


(1,320,799)


(1,320,799)


(1,320,799)

Other intangible assets


(101,093)


(104,943)


(108,795)


(112,645)


(116,660)

Total intangibles


(1,421,892)


(1,425,742)


(1,429,594)


(1,433,444)


(1,437,459)

Tangible common stockholders' equity


$ 2,106,941


$ 2,033,127


$ 2,009,532


$ 1,993,044


$ 1,848,096












Total assets


$ 27,269,404


$ 27,369,072


$ 27,372,175


$ 27,345,674


$ 27,564,325

Intangible assets:











Goodwill


(1,320,799)


(1,320,799)


(1,320,799)


(1,320,799)


(1,320,799)

Other intangible assets


(101,093)


(104,943)


(108,795)


(112,645)


(116,660)

Total intangibles


(1,421,892)


(1,425,742)


(1,429,594)


(1,433,444)


(1,437,459)

Tangible assets


$ 25,847,512


$ 25,943,330


$ 25,942,581


$ 25,912,230


$ 26,126,866












Ratio of common equity to assets


12.94 %


12.64 %


12.56 %


12.53 %


11.92 %

Ratio of tangible common equity to tangible assets


8.15 %


7.84 %


7.75 %


7.69 %


7.07 %












Calculation of Tangible Book Value per Share






















Total common stockholders' equity


$ 3,528,833


$ 3,458,869


$ 3,439,126


$ 3,426,488


$ 3,285,555

Intangible assets:











Goodwill


(1,320,799)


(1,320,799)


(1,320,799)


(1,320,799)


(1,320,799)

Other intangible assets


(101,093)


(104,943)


(108,795)


(112,645)


(116,660)

Total intangibles


(1,421,892)


(1,425,742)


(1,429,594)


(1,433,444)


(1,437,459)

Tangible common stockholders' equity


$ 2,106,941


$ 2,033,127


$ 2,009,532


$ 1,993,044


$ 1,848,096

Shares of common stock outstanding


125,554,598


125,487,520


125,419,618


125,184,119


125,133,281

Book value per common share


$ 28.11


$ 27.56


$ 27.42


$ 27.37


$ 26.26

Tangible book value per common share


$ 16.78


$ 16.20


$ 16.02


$ 15.92


$ 14.77












Calculation of Coverage Ratio of Uninsured, Non-Collateralized Deposits




















Uninsured deposits at Simmons Bank


$ 8,355,496


$ 8,186,903


$ 8,413,514


$ 8,328,444


$ 8,143,200

Less: Collateralized deposits (excluding portion that is FDIC insured)


2,710,167


2,835,424


2,995,241


2,846,716


2,835,405

Less: Intercompany eliminations


986,626


943,979


775,461


728,480


676,840

Total uninsured, non-collateralized deposits


$ 4,658,703


$ 4,407,500


$ 4,642,812


$ 4,753,248


$ 4,630,955












FHLB borrowing availability


$ 4,955,000


$ 4,910,000


$ 5,326,000


$ 5,401,000


$ 5,372,000

Unpledged securities


4,110,000


4,145,000


4,122,000


3,817,000


4,124,000

Fed funds lines, Fed discount window and











Bank Term Funding Program (1)


2,109,000


2,065,000


2,009,000


1,998,000


1,951,000

Additional liquidity sources


$ 11,174,000


$ 11,120,000


$ 11,457,000


$ 11,216,000


$ 11,447,000












Uninsured, non-collateralized deposit coverage ratio


2.4


2.5


2.5


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


$ 9,314


$ 8,077


$ 8,070





Less: Net charge offs from run-off portfolio (1)


3,500


6,700


4,500





Net charge offs excluding run-off portfolio


$ 5,814


$ 1,377


$ 3,570
















Average total loans


$ 17,208,162


$ 17,101,799


$ 16,900,496
















Annualized net charge offs to average loans (NCO ratio)


0.22 %


0.19 %


0.19 %





NCO ratio, excluding net charge offs associated with run-off











portfolio (annualized)


0.13 %


0.03 %


0.08 %
















(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


Sep 30


Jun 30


Mar 31


Dec 31


Sep 30

(Unaudited)


2024


2024


2024


2023


2023

($ in thousands)











Calculation of Adjusted Return on Average Assets






















Net income


$ 24,740


$ 40,763


$ 38,871


$ 23,907


$ 47,247

Certain items (non-GAAP)











FDIC Deposit Insurance special assessment


-


283


1,549


10,521


-

Merger related costs


-


-


-


-


5

Early retirement program


(1)


118


219


1,032


1,557

Termination of vendor and software services


(13)


615


-


-


-

Loss (gain) on sale of securities


28,393


-


-


20,218


-

Branch right sizing (net)


410


519


236


3,846


547

Tax effect of certain items (2)


(7,524)


(401)


(524)


(9,309)


(552)

Adjusted earnings (non-GAAP)


$ 46,005


$ 41,897


$ 40,351


$ 50,215


$ 48,804












Average total assets


$ 27,216,440


$ 27,305,277


$ 27,259,399


$ 27,370,811


$ 27,594,611












Return on average assets


0.36 %


0.60 %


0.57 %


0.35 %


0.68 %

Adjusted return on average assets (non-GAAP)


0.67 %


0.62 %


0.60 %


0.73 %


0.70 %












Calculation of Return on Tangible Common Equity






















Net income available to common stockholders


$ 24,740


$ 40,763


$ 38,871


$ 23,907


$ 47,247

Amortization of intangibles, net of taxes


2,845


2,845


2,844


2,965


3,027

Total income available to common stockholders


$ 27,585


$ 43,608


$ 41,715


$ 26,872


$ 50,274

Certain items (non-GAAP)











FDIC Deposit Insurance special assessment


$ -


$ 283


$ 1,549


$ 10,521


$ -

Merger related costs


-


-


-


-


5

Early retirement program


(1)


118


219


1,032


1,557

Termination of vendor and software services


(13)


615


-


-


-

Loss (gain) on sale of securities


28,393


-


-


20,218


-

Branch right sizing (net)


410


519


236


3,846


547

Tax effect of certain items (2)


(7,524)


(401)


(524)


(9,309)


(552)

Adjusted earnings (non-GAAP)


46,005


41,897


40,351


50,215


48,804

Amortization of intangibles, net of taxes


2,845


2,845


2,844


2,965


3,027

Total adjusted earnings available to common stockholders (non-GAAP)


$ 48,850


$ 44,742


$ 43,195


$ 53,180


$ 51,831












Average common stockholders' equity


$ 3,505,141


$ 3,451,155


$ 3,447,021


$ 3,336,247


$ 3,371,678

Average intangible assets:











Goodwill


(1,320,799)


(1,320,799)


(1,320,799)


(1,320,799)


(1,320,799)

Other intangibles


(103,438)


(107,173)


(111,023)


(114,861)


(119,125)

Total average intangibles


(1,424,237)


(1,427,972)


(1,431,822)


(1,435,660)


(1,439,924)

Average tangible common stockholders' equity (non-GAAP)


$ 2,080,904


$ 2,023,183


$ 2,015,199


$ 1,900,587


$ 1,931,754












Return on average common equity


2.81 %


4.75 %


4.54 %


2.84 %


5.56 %

Return on tangible common equity


5.27 %


8.67 %


8.33 %


5.61 %


10.33 %

Adjusted return on average common equity (non-GAAP)


5.22 %


4.88 %


4.71 %


5.97 %


5.74 %

Adjusted return on tangible common equity (non-GAAP)


9.34 %


8.89 %


8.62 %


11.10 %


10.64 %












Calculation of Efficiency Ratio and Adjusted Efficiency Ratio (1)






















Noninterest expense (efficiency ratio numerator)


$ 137,193


$ 139,354


$ 139,879


$ 148,139


$ 131,998

Certain noninterest expense items (non-GAAP)











Merger related costs


-


-


-


-


(5)

Early retirement program


1


(118)


(219)


(1,032)


(1,557)

FDIC Deposit Insurance special assessment


-


(283)


(1,549)


(10,521)


-

Termination of vendor and software services


13


(615)


-


-


-

Branch right sizing expense


(410)


(519)


(236)


(3,846)


(547)

Other real estate and foreclosure expense adjustment


(87)


(117)


(179)


(189)


(228)

Amortization of intangibles adjustment


(3,851)


(3,852)


(3,850)


(4,015)


(4,097)

Adjusted efficiency ratio numerator


$ 132,859


$ 133,850


$ 133,846


$ 128,536


$ 125,564












Net interest income


$ 157,712


$ 153,905


$ 151,906


$ 155,628


$ 153,433

Noninterest income


17,130


43,299


43,184


21,974


42,777

Fully tax-equivalent adjustment (effective tax rate of 26.135%)


6,398


6,576


6,422


6,511


6,515

Efficiency ratio denominator


181,240


203,780


201,512


184,113


202,725

Certain noninterest income items (non-GAAP)











(Gain) loss on sale of securities


28,393


-


-


20,218


-

Adjusted efficiency ratio denominator


$ 209,633


$ 203,780


$ 201,512


$ 204,331


$ 202,725












Efficiency ratio (1)


75.70 %


68.38 %


69.41 %


80.46 %


65.11 %

Adjusted efficiency ratio (non-GAAP) (1)


63.38 %


65.68 %


66.42 %


62.91 %


61.94 %







(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


Sep 30


Jun 30


Mar 31


Dec 31


Sep 30

(Unaudited)


2024


2024


2024


2023


2023

($ in thousands)











Calculation of Total Revenue and Adjusted Total Revenue






















Net interest income


$ 157,712


$ 153,905


$ 151,906


$ 155,628


$ 153,433

Noninterest income


17,130


43,299


43,184


21,974


42,777

Total revenue


174,842


197,204


195,090


177,602


196,210

Certain items, pre-tax (non-GAAP)











Less: Gain (loss) on sale of securities


(28,393)


-


-


(20,218)


-

Adjusted total revenue


$ 203,235


$ 197,204


$ 195,090


$ 197,820


$ 196,210












Calculation of Pre-Provision Net Revenue (PPNR)






















Net interest income


$ 157,712


$ 153,905


$ 151,906


$ 155,628


$ 153,433

Noninterest income


17,130


43,299


43,184


21,974


42,777

Total revenue


174,842


197,204


195,090


177,602


196,210

Less: Noninterest expense


137,193


139,354


139,879


148,139


131,998

Pre-Provision Net Revenue (PPNR)


$ 37,649


$ 57,850


$ 55,211


$ 29,463


$ 64,212












Calculation of Adjusted Pre-Provision Net Revenue






















Pre-Provision Net Revenue (PPNR)


$ 37,649


$ 57,850


$ 55,211


$ 29,463


$ 64,212

Certain items, pre-tax (non-GAAP)











Plus: Loss (gain) on sale of securities


28,393


-


-


20,218


-

Plus: FDIC Deposit Insurance special assessment


-


283


1,549


10,521


-

Plus: Merger related costs


-


-


-


-


5

Plus: Early retirement program costs


(1)


118


219


1,032


1,557

Plus: Termination of vendor and software services


(13)


615


-


-


-

Plus: Branch right sizing costs (net)


410


519


236


3,846


547

Adjusted Pre-Provision Net Revenue


$ 66,438


$ 59,385


$ 57,215


$ 65,080


$ 66,321

Simmons First National Corporation










SFNC

Reconciliation Of Non-GAAP Financial Measures - Year-to-Date









For the Quarters Ended


Sep 30


Jun 30


Mar 31


Dec 31


Sep 30

(Unaudited)


2024


2024


2024


2023


2023

($ in thousands)











Calculation of Adjusted Return on Average Assets






















Net income


$ 104,374


$ 79,634


$ 38,871


$ 175,057


$ 151,150

Certain items (non-GAAP)











FDIC Deposit Insurance special assessment


1,832


1,832


1,549


10,521


-

Merger related costs


-


-


-


1,420


1,420

Early retirement program


336


337


219


6,198


5,166

Termination of vendor and software services


602


615


-


-


-

Loss (gain) on sale of securities


28,393


-


-


20,609


391

Branch right sizing (net)


1,165


755


236


5,467


1,621

Tax effect of certain items (2)


(8,449)


(925)


(524)


(11,556)


(2,247)

Adjusted earnings (non-GAAP)


$ 128,253


$ 82,248


$ 40,351


$ 207,716


$ 157,501












Average total assets


$ 27,260,212


$ 27,282,338


$ 27,259,399


$ 27,554,859


$ 27,616,882












Return on average assets


0.51 %


0.59 %


0.57 %


0.64 %


0.73 %

Adjusted return on average assets (non-GAAP)


0.63 %


0.61 %


0.60 %


0.75 %


0.76 %












Calculation of Return on Tangible Common Equity






















Net income available to common stockholders


$ 104,374


$ 79,634


$ 38,871


$ 175,057


$ 151,150

Amortization of intangibles, net of taxes


8,534


5,689


2,844


12,044


9,079

Total income available to common stockholders


$ 112,908


$ 85,323


$ 41,715


$ 187,101


$ 160,229

Certain items (non-GAAP)











FDIC Deposit Insurance special assessment


$ 1,832


$ 1,832


$ 1,549


$ 10,521


$ -

Merger related costs


-


-


-


1,420


1,420

Early retirement program


336


337


219


6,198


5,166

Termination of vendor and software services


602


615


-


-


-

Loss (gain) on sale of securities


28,393


-


-


20,609


391

Branch right sizing (net)


1,165


755


236


5,467


1,621

Tax effect of certain items (2)


(8,449)


(925)


(524)


(11,556)


(2,247)

Adjusted earnings (non-GAAP)


128,253


82,248


40,351


207,716


157,501

Amortization of intangibles, net of taxes


8,534


5,689


2,844


12,044


9,079

Total adjusted earnings available to common stockholders (non-GAAP)


$ 136,787


$ 87,937


$ 43,195


$ 219,760


$ 166,580












Average common stockholders' equity


$ 3,467,908


$ 3,449,089


$ 3,447,021


$ 3,359,312


$ 3,367,088

Average intangible assets:











Goodwill


(1,320,799)


(1,320,799)


(1,320,799)


(1,320,510)


(1,320,412)

Other intangibles


(107,197)


(109,098)


(111,023)


(121,098)


(123,200)

Total average intangibles


(1,427,996)


(1,429,897)


(1,431,822)


(1,441,608)


(1,443,612)

Average tangible common stockholders' equity (non-GAAP)


$ 2,039,912


$ 2,019,192


$ 2,015,199


$ 1,917,704


$ 1,923,476












Return on average common equity


4.02 %


4.64 %


4.54 %


5.21 %


6.00 %

Return on tangible common equity


7.39 %


8.50 %


8.33 %


9.76 %


11.14 %

Adjusted return on average common equity (non-GAAP)


4.94 %


4.80 %


4.71 %


6.18 %


6.25 %

Adjusted return on tangible common equity (non-GAAP)


8.96 %


8.76 %


8.62 %


11.46 %


11.58 %












Calculation of Efficiency Ratio and Adjusted Efficiency Ratio (1)






















Noninterest expense (efficiency ratio numerator)


$ 416,426


$ 279,233


$ 139,879


$ 563,061


$ 414,922

Certain noninterest expense items (non-GAAP)











Merger related costs


-


-


-


(1,420)


(1,420)

Early retirement program


(336)


(337)


(219)


(6,198)


(5,166)

FDIC Deposit Insurance special assessment


(1,832)


(1,832)


(1,549)


(10,521)


-

Termination of vendor and software services


(602)


(615)


-


-


-

Branch right sizing expense


(1,165)


(755)


(236)


(5,467)


(1,621)

Other real estate and foreclosure expense adjustment


(383)


(296)


(179)


(892)


(703)

Amortization of intangibles adjustment


(11,553)


(7,702)


(3,850)


(16,306)


(12,291)

Adjusted efficiency ratio numerator


$ 400,555


$ 267,696


$ 133,846


$ 522,257


$ 393,721












Net interest income


$ 463,523


$ 305,811


$ 151,906


$ 650,126


$ 494,498

Noninterest income


103,613


86,483


43,184


155,566


133,592

Fully tax-equivalent adjustment (effective tax rate of 26.135%)


19,396


12,998


6,422


25,443


18,932

Efficiency ratio denominator


586,532


405,292


201,512


831,135


647,022

Certain noninterest income items (non-GAAP)











(Gain) loss on sale of securities


28,393


-


-


20,609


391

Adjusted efficiency ratio denominator


$ 614,925


$ 405,292


$ 201,512


$ 851,744


$ 647,413












Efficiency ratio (1)


71.00 %


68.90 %


69.41 %


67.75 %


64.13 %

Adjusted efficiency ratio (non-GAAP) (1)


65.14 %


66.05 %


66.42 %


61.32 %


60.81 %







(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

© 2024 PR Newswire
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