Simmons First National (SFNC) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.The power of ...

Financial Data and Key Metrics Changes - The company reported a September net interest margin of 3.76% and expects it to be at or above 3.65% in the fourth quarter, indicating a positive outlook for net interest income growth [18][22][28] - Cumulative deposit beta was reported at 65% through the rate cycle, but is expected to moderate due to the reduction of brokered deposits [36][38] Business Line Data and Key Metrics Changes - The company has focused on improving organic growth capabilities, including talent acquisition and operational excellence, to drive efficiency and growth [11][19] - The restructuring of the balance sheet has led to an increase in net interest margin, with core balance sheet NIM growing seven basis points [26][28] Market Data and Key Metrics Changes - The competitive environment remains intense, with the company maintaining discipline in pricing despite pressures from larger banks offering lower rates [62][63] - The company has seen growth in consumer accounts but faces challenges with average balances per account declining [39] Company Strategy and Development Direction - The company aims to grow core deposits while reducing reliance on brokered deposits, with a long-term goal of eliminating brokered deposits entirely [58] - The focus is on generating consistent, strong, risk-adjusted returns without sacrificing soundness and profitability [13][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth opportunities, citing strong pipeline activity and production volumes [15][63] - The company is proactive in managing credit quality and expects to resolve existing loan issues while maintaining a sound balance sheet [46][50] Other Important Information - The company has implemented a hedging program to manage interest rate risk effectively, aiming to maintain net interest margin within a range of 3.50% to 3.75% [28][72] - The CEO announced his retirement, marking a significant transition for the company [79] Q&A Session Summary Question: What are the key strategic initiatives moving forward? - Management highlighted a focus on addressing structural challenges and enhancing organic growth capabilities, including talent acquisition and operational excellence [10][11] Question: How is the company approaching loan growth in a competitive environment? - Management emphasized the importance of soundness and profitability in growth strategies, with expectations for low single-digit loan growth rates [14][15] Question: What is the outlook for net interest margin? - Management provided guidance for a net interest margin of 3.65% or higher for the fourth quarter, supported by loan repricing dynamics [22][25] Question: How have deposit betas trended with recent rate cuts? - The cumulative deposit beta was reported at 65%, but management expects it to moderate due to the reduction of brokered deposits [36][38] Question: What is the company's credit outlook? - Management reported a benign quarter for credit metrics and expressed confidence in maintaining strong reserve levels [46][50]

Financial Data and Key Metrics Changes - The company reported a net interest margin (NIM) of 3.76% for September, with expectations for the fourth quarter to be at or above 3.65% [13][15][19] - Cumulative beta for deposits was reported at 65% through the rate cycle, with expectations for moderation due to the reduction of brokered deposits [21][22] Business Line Data and Key Metrics Changes - The company has focused on improving organic growth capabilities, including talent acquisition and operational efficiency [9][10] - The restructuring actions taken are expected to support loan growth, with a focus on maintaining soundness and profitability [10][11] Market Data and Key Metrics Changes - The company has seen a competitive environment with intense pricing pressures, but remains disciplined in its approach to growth [10][41] - The deposit base has been leaner, with a significant reduction in brokered deposits, which are now targeted to be reduced to zero over the long term [21][38] Company Strategy and Development Direction - The company is prioritizing operational excellence and efficiency while also investing in talent acquisition to drive organic growth [9][28] - The strategic plan includes growing core deposits to reduce reliance on brokered deposits, with a focus on enhancing customer relationships [38] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth opportunities, citing strong pipeline activity and production volumes [11][41] - The company is committed to maintaining discipline in its growth strategy, focusing on risk-adjusted returns rather than volume alone [10][41] Other Important Information - The company underwent significant restructuring in the third quarter, which management described as a bold and exceptional move [55][56] - The CEO announced his retirement, marking the end of his tenure and expressing confidence in the company's future [56][57] Q&A Session Summary Question: What are the key strategic initiatives moving forward? - Management highlighted a focus on addressing structural challenges and enhancing organic growth capabilities [8] Question: How is the company approaching loan growth in a competitive environment? - Management emphasized the importance of soundness and profitability over volume, with expectations for low single-digit growth rates [10][11] Question: What is the outlook for deposit betas with upcoming rate cuts? - Management expects the beta to moderate due to the reduction of brokered deposits, which had a 100% beta [21][22] Question: How does the company view its credit outlook? - Management reported a benign quarter for credit metrics and expressed optimism about resolving specific loans [30][32] Question: What is the company's strategy regarding brokered deposits? - The goal is to reduce brokered deposits to zero over time by growing core deposits [38] Question: What are the expectations for loan pricing and competitive dynamics? - Management noted that competitive pricing pressures are significant but remains committed to generating strong risk-adjusted returns [41]

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Nasdaq SFNC 3 rd Quarter 2025 Earnings Presentation October 16, 2025 Company Overview $24.2 BILLION TOTAL ASSETS $19.8 BILLION TOTAL DEPOSITS $9.3 BILLION ASSETS UNDER MANAGEMENT/ ADMINISTRATION $17.2 BILLION TOTAL LOANS 15.07% TOTAL RBC RATIO 8.53% TCE RATIO1 4.6% DIVIDEND YIELD2 87% LOAN TO DEPOSIT RATIO 1.50% ACL TO TOTAL LOANS 168% NPL COVERAGE RATIO Simmons First National Corporation A Mid-South based financial holding company serving our customers and the communities where we work and live since 1903 ...

Core Insights - Simmons First National (SFNC) reported a revenue of $231.97 million for the quarter ended September 2025, marking a year-over-year increase of 32.7% [1] - The earnings per share (EPS) for the same period was $0.46, compared to $0.37 a year ago, although it fell short of the consensus estimate of $0.48, resulting in an EPS surprise of -4.17% [1] Financial Performance - The reported revenue exceeded the Zacks Consensus Estimate of $228.9 million, resulting in a surprise of +1.34% [1] - The efficiency ratio was reported at -25.1%, significantly better than the average estimate of 59.6% based on two analysts [4] - The net interest margin was reported at 3.5%, matching the average estimate from two analysts [4] - Total interest-earning assets (FTE) averaged $21.56 billion, slightly above the average estimate of $21.45 billion [4] - Total nonperforming assets were $160.72 million, slightly higher than the average estimate of $160.32 million [4] - Total nonperforming loans were reported at $153.94 million, compared to the average estimate of $150.16 million [4] - Annualized net charge-offs to average loans were reported at 0.3%, in line with the average estimate [4] - Net interest income (FTE) was $190.47 million, exceeding the average estimate of $188.51 million [4] - Total non-interest income was reported at $45.31 million, surpassing the average estimate of $43.96 million [4] - Net interest income was $186.66 million, compared to the average estimate of $184.99 million [4] Stock Performance - Shares of Simmons First National have returned -3.9% over the past month, while the Zacks S&P 500 composite has seen a +0.9% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Insights - Simmons First National (SFNC) reported quarterly earnings of $0.46 per share, missing the Zacks Consensus Estimate of $0.48 per share, but showing an increase from $0.37 per share a year ago, resulting in an earnings surprise of -4.17% [1] - The company posted revenues of $231.97 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.34% and increasing from $174.84 million year-over-year [2] - The stock has underperformed the market, losing about 14.3% since the beginning of the year compared to the S&P 500's gain of 13.4% [3] Earnings Outlook - The current consensus EPS estimate for the coming quarter is $0.49 on revenues of $236.7 million, and for the current fiscal year, it is $1.72 on revenues of $889.52 million [7] - The estimate revisions trend for Simmons First National was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Zacks Industry Rank for Banks - Southeast is currently in the top 35% of over 250 Zacks industries, suggesting that the industry outlook can significantly impact stock performance [8] - Another company in the same industry, Stock Yards Bancorp (SYBT), is expected to report quarterly earnings of $1.15 per share, reflecting a year-over-year change of +15%, with revenues projected at $99.8 million, up 11.1% from the previous year [9][10]

Core Insights - Simmons First National Corporation reported a net loss of $562.8 million for Q3 2025, a significant decline compared to net income of $54.8 million in Q2 2025 and $24.7 million in Q3 2024 [3][7][19] - The company successfully raised $327 million in equity capital to reposition its balance sheet, which is expected to unlock future earnings potential despite a one-time loss on bond sales [1][4][19] - Adjusted earnings for Q3 2025 were $64.9 million, reflecting an increase from $56.1 million in Q2 2025 and $46.0 million in Q3 2024 [3][8] Financial Performance - Total revenue for Q3 2025 was $(569.5) million, while adjusted total revenue was $232.5 million [7][8] - Net interest income increased by $14.8 million, or 9%, to $186.7 million compared to Q2 2025 [8][9] - The net interest margin improved by 44 basis points to 3.50%, marking the sixth consecutive quarterly increase [7][9] Balance Sheet and Capital Structure - Total loans at the end of Q3 2025 were $17.2 billion, up 2% on a linked quarter annualized basis [13][14] - Total deposits decreased to $19.8 billion from $21.8 billion in Q2 2025, reflecting a reduction in higher-rate, non-relationship wholesale deposits [14][19] - Total stockholders' equity was $3.4 billion, with a book value per share of $23.18, down from $28.17 in Q2 2025 [19][20] Asset Quality - Nonperforming loans totaled $153.9 million, a decrease from $157.2 million in Q2 2025 [14][15] - The allowance for credit losses on loans was $258.0 million, representing 1.50% of total loans [15][17] - The net charge-off ratio remained stable at 0.25% for Q3 2025 [15][17] Future Outlook - The company expressed optimism about its ability to deliver stronger organic growth in dynamic markets [2][19] - Management indicated that the benefits of the balance sheet repositioning will be more fully realized in future quarters [1][4]

[Executive Summary & Q3 2025 Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Q3%202025%20Highlights) Simmons experienced a transformative Q3 2025, marked by a significant equity capital raise and balance sheet repositioning, resulting in a GAAP net loss but improved adjusted profitability [CEO Commentary](index=1&type=section&id=CEO%20Commentary) Simmons' Chairman and CEO, George Makris, Jr., described Q3 2025 as a transformative quarter, marked by a successful $327 million equity capital raise to reposition the balance sheet. This move addressed a negative arbitrage between bond yields and funding costs, freeing up capital for future growth despite a significant one-time loss on bond sales. The benefits of this repositioning were partially realized, showing exceptional improvement in profitability, and the company is optimistic about delivering stronger organic growth - The third quarter of 2025 was transformative for Simmons, marked by a successful **$327 million equity capital raise**[1](index=1&type=chunk) - The capital raise was used to reposition the balance sheet, addressing a negative arbitrage between long-term bond yields and shorter-term funding costs, freeing up capital for future growth[1](index=1&type=chunk) - Despite a significant one-time loss on the sale of bonds, the company demonstrated exceptional improvement in profitability, with September results being very encouraging for future performance[1](index=1&type=chunk)[2](index=2&type=chunk) - Simmons is now well-positioned to deliver stronger organic growth across its franchise[3](index=3&type=chunk) [Key Financial Results (GAAP & Adjusted)](index=1&type=section&id=Key%20Financial%20Results%20%28GAAP%20%26%20Adjusted%29) Simmons First National Corporation reported a net loss of $562.8 million for Q3 2025, a significant decline from net income in prior quarters, primarily due to a $801.5 million pre-tax loss on the sale of securities. However, adjusted earnings, which exclude this and other specific items, showed an increase to $64.9 million, reflecting improved underlying profitability Net Income (Loss) and Diluted EPS (GAAP) | Metric | 3Q25 | 2Q25 | 3Q24 | | :--- | :--- | :--- | :--- | | Net income (loss) | $(562.8) million | $54.8 million | $24.7 million | | Diluted earnings per share | $(4.00) | $0.43 | $0.20 | Adjusted Earnings and Diluted EPS (Non-GAAP) | Metric | 3Q25 | 2Q25 | 3Q24 | | :--- | :--- | :--- | :--- | | Adjusted earnings | $64.9 million | $56.1 million | $46.0 million | | Adjusted diluted earnings per share | $0.46 | $0.44 | $0.37 | - The net loss in 3Q25 was primarily driven by an **$801.5 million pre-tax loss** on the sale of low-yielding investment securities as part of a balance sheet repositioning[5](index=5&type=chunk)[7](index=7&type=chunk)[14](index=14&type=chunk) [Balance Sheet Repositioning](index=1&type=section&id=Balance%20Sheet%20Repositioning) The Company completed a public offering of Class A common stock, generating approximately $327 million in net proceeds. These proceeds were used to support a balance sheet repositioning, which involved selling approximately $2.4 billion (fair value) of low-yielding investment securities at an after-tax loss of about $626 million. The funds from the securities sale were primarily used to reduce higher-rate, non-relationship wholesale and public fund deposits, as well as FHLB advances, with the full benefits of interest expense savings only partially reflected in Q3 2025 results - Raised approximately **$327 million of equity capital** through a public offering of Class A common stock[1](index=1&type=chunk)[5](index=5&type=chunk) - Sold approximately **$2.4 billion (fair value)** of low-yielding investment securities, resulting in an after-tax loss of approximately **$626 million**[5](index=5&type=chunk) - Proceeds from the securities sale were used to deleverage the balance sheet by paying down higher-rate, non-relationship wholesale and public fund deposits, and FHLB advances[5](index=5&type=chunk) - The benefits of this repositioning, including interest expense savings, were only partially reflected in the third quarter 2025 results due to timing[2](index=2&type=chunk)[5](index=5&type=chunk) [Financial Performance Analysis](index=2&type=section&id=Financial%20Performance%20Analysis) Q3 2025 financial performance was characterized by increased net interest income, a substantial noninterest income loss from securities sales, and a slight rise in noninterest expense [Net Interest Income](index=2&type=section&id=Net%20Interest%20Income) Net interest income for Q3 2025 increased by 9% QoQ and 18% YoY, reaching $186.7 million. This improvement was driven by a decrease in interest expense due to the balance sheet repositioning, which offset a decline in interest income from investment securities. The net interest margin (FTE) significantly increased by 44 basis points QoQ to 3.50%, marking the sixth consecutive quarterly increase Net Interest Income (in millions) | Metric | 3Q25 | 2Q25 | 3Q24 | | :--- | :--- | :--- | :--- | | Net Interest Income | $186.7 | $171.8 | $157.7 | | Interest Income | $313.4 | $315.0 | $334.3 | | Interest Expense | $126.8 | $143.2 | $176.6 | - Net interest income increased by **$14.8 million (9%) QoQ** and **$28.9 million (18%) YoY**[10](index=10&type=chunk) - The decrease in interest income QoQ was primarily due to a decline from investment securities, offset by increases from loans and other earning assets[10](index=10&type=chunk)[12](index=12&type=chunk) - Interest expense decreased QoQ primarily due to a reduction of higher-rate, non-relationship wholesale and public fund deposits as part of the balance sheet repositioning[12](index=12&type=chunk) Select Yield/Rates (FTE) | Metric | 3Q25 | 2Q25 | 3Q24 | | :--- | :--- | :--- | :--- | | Loan yield | 6.31% | 6.26% | 6.44% | | Investment securities yield | 4.01% | 3.48% | 3.63% | | Cost of deposits | 2.25% | 2.36% | 2.79% | | Net interest margin | 3.50% | 3.06% | 2.74% | - Net interest margin (FTE) increased by **44 basis points QoQ to 3.50%**, marking the 6th consecutive quarterly increase[9](index=9&type=chunk)[13](index=13&type=chunk) [Noninterest Income](index=3&type=section&id=Noninterest%20Income) Noninterest income for Q3 2025 was $(756.2) million, significantly impacted by an $801.5 million pre-tax loss on the sale of low-yielding securities. Excluding this and other specific items, adjusted noninterest income increased to $45.9 million, driven by broad-based growth, particularly in mortgage lending income Noninterest Income (in millions) | Metric | 3Q25 | 2Q25 | 3Q24 | | :--- | :--- | :--- | :--- | | Total noninterest income | $(756.2) | $42.4 | $17.1 | | Loss on sale of securities | $(801.5) | — | $(28.4) | | Adjusted noninterest income | $45.9 | $42.4 | $45.5 | - The **$801.5 million pre-tax loss** on the sale of low-yielding securities was the primary driver of the negative total noninterest income[14](index=14&type=chunk)[15](index=15&type=chunk) - Adjusted noninterest income increased QoQ, led by an increase in mortgage lending income and a recovery from a prior quarter's SBIC negative valuation adjustment[14](index=14&type=chunk) [Noninterest Expense](index=3&type=section&id=Noninterest%20Expense) Noninterest expense for Q3 2025 was $142.0 million, a slight increase QoQ. Excluding certain items like branch right-sizing and early retirement program costs, adjusted noninterest expense was $139.7 million. The QoQ increase in adjusted noninterest expense primarily reflected salary and employee benefits accrual adjustments and a fraud recovery Noninterest Expense (in millions) | Metric | 3Q25 | 2Q25 | 3Q24 | | :--- | :--- | :--- | :--- | | Total noninterest expense | $142.0 | $138.6 | $137.2 | | Certain items (pre-tax impact) | $2.3 | $1.8 | $0.4 | | Adjusted noninterest expense | $139.7 | $136.8 | $136.8 | - The increase in adjusted noninterest expense QoQ was primarily due to salary and employee benefits accrual adjustments and a **$1.6 million fraud recovery**[16](index=16&type=chunk) [Balance Sheet Overview](index=4&type=section&id=Balance%20Sheet%20Overview) The balance sheet reflects modest loan growth, a strategic reduction in deposits and borrowings, and an improved deposit mix following repositioning efforts [Loans and Unfunded Loan Commitments](index=4&type=section&id=Loans%20and%20Unfunded%20Loan%20Commitments) Total loans at the end of Q3 2025 were $17.2 billion, showing a 2% linked-quarter annualized increase. This growth was driven by increases in mortgage warehouse, real estate – construction, and agricultural loans, partially offset by declines in commercial and real estate – commercial portfolios. Unfunded loan commitments continued their upward trend, marking the fourth consecutive quarterly increase Loans and Unfunded Loan Commitments (in millions) | Metric | 3Q25 | 2Q25 | 3Q24 | | :--- | :--- | :--- | :--- | | Total loans | $17,189 | $17,111 | $17,336 | | Unfunded loan commitments | $3,955 | $3,947 | $3,681 | - Total loans increased by **2% on a linked-quarter annualized basis**, driven by mortgage warehouse, real estate – construction, and agricultural loans[18](index=18&type=chunk) - Unfunded loan commitments increased for the fourth consecutive quarter, reaching **$4.0 billion**[18](index=18&type=chunk)[19](index=19&type=chunk) - The commercial loan pipeline totaled **$1.6 billion**, with **$490 million** ready to close at a weighted average rate of **7.19%**[18](index=18&type=chunk) [Deposits and Other Borrowings](index=4&type=section&id=Deposits%20and%20Other%20Borrowings) Total deposits decreased to $19.8 billion at the end of Q3 2025, primarily due to the reduction of higher-rate, non-relationship wholesale and public fund deposits as part of the balance sheet repositioning. This led to an improved deposit mix, with noninterest-bearing deposits increasing to 22.1% of total deposits and interest-bearing transaction accounts (excluding public funds) rising to 42.8%. Other borrowings also significantly decreased due to the pay-down of higher-cost wholesale funding Deposits (in millions) | Metric | 3Q25 | 2Q25 | 3Q24 | | :--- | :--- | :--- | :--- | | Total deposits | $19,838 | $21,825 | $21,935 | | Noninterest bearing deposits | $4,377 | $4,468 | $4,522 | | Noninterest bearing deposits to total deposits | 22% | 20% | 21% | - Total deposits decreased due to the reduction of higher-rate, non-relationship wholesale and public fund deposits as part of the balance sheet repositioning[20](index=20&type=chunk) - The deposit mix improved, with noninterest-bearing deposits increasing to **22.1% of total deposits** (from 20.5% in 2Q25) and interest-bearing transaction accounts (excluding public funds) rising to **42.8%** (from 39.0% in 2Q25)[20](index=20&type=chunk) Other Borrowings (in millions) | Metric | 3Q25 | 2Q25 | 3Q24 | | :--- | :--- | :--- | :--- | | Other borrowings | $18.8 | $634.3 | $1,000.0 | - Other borrowings significantly decreased QoQ and YoY due to the pay-down of higher-cost wholesale funding, primarily FHLB advances[21](index=21&type=chunk) [Asset Quality](index=4&type=section&id=Asset%20Quality) Total nonperforming loans decreased QoQ to $153.9 million but increased YoY, primarily due to two specific credit relationships placed on nonaccrual in Q1 2025. The nonperforming loan coverage ratio improved QoQ to 168%, while nonperforming assets to total assets slightly increased. Provision for credit losses on loans increased to $15.2 million, and the allowance for credit losses on loans (ACL) grew to $258.0 million, representing 1.50% of total loans Asset Quality Metrics (in millions, except ratios) | Metric | 3Q25 | 2Q25 | 3Q24 | | :--- | :--- | :--- | :--- | | Total nonperforming loans | $153.9 | $157.2 | $101.7 | | Nonperforming loan coverage ratio | 168% | 161% | 229% | | Nonperforming assets to total assets | 0.66% | 0.62% | 0.38% | | Provision for credit losses on loans | $15.2 | $11.9 | $12.1 | | Allowance for credit losses on loans (ACL) | $258.0 | $253.5 | $233.2 | | ACL to total loans | 1.50% | 1.48% | 1.35% | | Net charge-off ratio (annualized) | 0.25% | 0.25% | 0.22% | - The QoQ decrease in nonperforming loans was mainly due to declines in commercial and real estate – single-family loan portfolios, partially offset by an increase in real estate – commercial[23](index=23&type=chunk) - The YoY increase in nonperforming loans was primarily due to two specific credit relationships placed on nonaccrual at the end of Q1 2025[24](index=24&type=chunk) - Provision for credit losses on loans exceeded net charge-offs by **$4.5 million** in Q3 2025[26](index=26&type=chunk) [Capital and Subordinated Debt](index=5&type=section&id=Capital%20and%20Subordinated%20Debt) Total stockholders' equity decreased QoQ and YoY to $3.4 billion, reflecting the loss on sale of securities, partially offset by $327 million net proceeds from a common equity offering. Book value per share and tangible book value per share also decreased due to the securities sale loss. Despite these changes, all regulatory capital ratios for Simmons and Simmons Bank continue to significantly exceed 'well-capitalized' guidelines. The Company also completed an offering of $325 million in 6.25% Fixed-to-Floating Rate Subordinated Notes due 2035, using proceeds to repay existing subordinated debt Capital Metrics (in millions, except per share data) | Metric | 3Q25 | 2Q25 | 3Q24 | | :--- | :--- | :--- | :--- | | Total stockholders' equity | $3,354 | $3,549 | $3,529 | | Book value per share | $23.18 | $28.17 | $28.11 | | Tangible book value per share | $13.45 | $16.97 | $16.78 | | Equity to assets | 13.85% | 13.30% | 12.94% | | Tangible common equity (TCE) ratio | 8.53% | 8.46% | 8.15% | | Common equity tier 1 (CET1) ratio | 11.54% | 12.36% | 12.06% | | Tier 1 leverage ratio | 9.56% | 9.96% | 9.57% | | Tier 1 risk-based capital ratio | 11.54% | 12.36% | 12.06% | | Total risk-based capital ratio | 15.07% | 14.42% | 14.25% | - The decrease in stockholders' equity, book value per share, and tangible book value per share was primarily due to the loss on the sale of investment securities, partially offset by **$327 million** from a common equity offering[28](index=28&type=chunk) - All applicable regulatory capital ratios for Simmons and Simmons Bank continue to significantly exceed 'well-capitalized' guidelines[29](index=29&type=chunk) - Completed an offering of **$325 million** in 6.25% Fixed-to-Floating Rate Subordinated Notes due 2035, using proceeds to repay **$330 million** of Notes due 2028 and **$37 million** of Notes due 2030[30](index=30&type=chunk) [Share Repurchase Program](index=6&type=section&id=Share%20Repurchase%20Program) Simmons did not repurchase shares under its 2024 stock repurchase program during Q3 2025. Approximately $175 million remained authorized under the program as of September 30, 2025, with future repurchases subject to management's discretion based on various market and corporate factors - No shares were repurchased under the 2024 stock repurchase program during Q3 2025[32](index=32&type=chunk) - Approximately **$175 million** remained authorized under the 2024 Program as of September 30, 2025[32](index=32&type=chunk) - The timing, pricing, and amount of any future repurchases are at management's discretion, based on market conditions, capital needs, and other corporate considerations[32](index=32&type=chunk) [Company Information & Disclosures](index=6&type=section&id=Company%20Information%20%26%20Disclosures) This section provides details on the Q3 2025 conference call, company background, non-GAAP financial measure explanations, and forward-looking statement disclosures [Conference Call Details](index=6&type=section&id=Conference%20Call%20Details) Management will host a live conference call on Friday, October 17, 2025, at 7:30 a.m. Central Time to discuss the Q3 2025 results. The call details, including a toll-free number and conference ID, are provided, and a recorded version will be available on Simmons' website - A live conference call to review Q3 2025 results will be held on Friday, October 17, 2025, at 7:30 a.m. Central Time[33](index=33&type=chunk) - Interested persons can dial toll-free 1-844-481-2779 (North America only) using conference ID 10203266[33](index=33&type=chunk) - The call will also be available live or in recorded version on simmonsbank.com for at least 60 days[33](index=33&type=chunk) [About Simmons First National Corporation](index=6&type=section&id=About%20Simmons%20First%20National%20Corporation) Simmons First National Corporation (NASDAQ: SFNC) is a Mid-South based financial holding company with a 116-year history of paying cash dividends. Its principal subsidiary, Simmons Bank, operates over 220 branches across six states and has received multiple recognitions for being a great workplace and a top regional bank - Simmons First National Corporation (NASDAQ: SFNC) is a Mid-South based financial holding company[34](index=34&type=chunk) - The company has paid cash dividends to shareholders for **116 consecutive years**[34](index=34&type=chunk) - Simmons Bank, its principal subsidiary, operates over **220 branches** in Arkansas, Kansas, Missouri, Oklahoma, Tennessee, and Texas[34](index=34&type=chunk) - Simmons Bank has been recognized as one of America's Greatest Workplaces 2025 by Newsweek and one of America's Best Regional Banks 2025[34](index=34&type=chunk) [Non-GAAP Financial Measures Explanation](index=6&type=section&id=Non-GAAP%20Financial%20Measures%20Explanation) The press release includes non-GAAP financial measures, which management uses to analyze performance by adjusting GAAP measures for tax benefits, and excluding certain income and expense items (e.g., losses on securities sales, branch right-sizing costs, early retirement programs, debt extinguishment losses) not central to ongoing operations. These measures also present figures based on tangible common stockholders' equity, tangible assets, and tangible book value, excluding goodwill and other intangible assets. Management believes these non-GAAP measures provide useful supplemental information for understanding ongoing business results but should not be viewed as a substitute for GAAP results - Non-GAAP financial measures are used by management to analyze performance by adjusting GAAP measures for tax benefits and excluding certain non-recurring or non-core income and expense items[35](index=35&type=chunk)[36](index=36&type=chunk) - These adjustments include losses on sale of securities, net branch right-sizing initiatives, early retirement program costs, termination of vendor and software services, and losses on early extinguishment of debt[35](index=35&type=chunk) - The Company also presents figures based on tangible common stockholders' equity, tangible assets, and tangible book value, which exclude goodwill and other intangible assets[36](index=36&type=chunk) - Management believes these non-GAAP measures provide useful supplemental information for understanding ongoing business operations but are not a substitute for GAAP results[38](index=38&type=chunk) [Forward-Looking Statements](index=7&type=section&id=Forward-Looking%20Statements) This section contains forward-looking statements, identified by future-oriented terminology, regarding Simmons' future growth, financial performance, asset quality, dividends, and economic conditions. These statements are based on assumptions and involve inherent risks and uncertainties, including changes in economic conditions, interest rates, credit quality, and market disruptions. Simmons undertakes no obligation to update these statements, and actual results may differ materially due to various factors outlined in the Company's SEC filings - The press release contains forward-looking statements regarding future growth, business strategies, lending capacity, profitability, dividends, and economic conditions[39](index=39&type=chunk) - These statements are based on various assumptions and involve inherent risks and uncertainties, such as changes in economic conditions, interest rates, credit quality, and market disruptions[39](index=39&type=chunk) - Simmons undertakes no obligation to update these statements, and actual results could differ materially from projections[39](index=39&type=chunk) [Contact Information](index=7&type=section&id=Contact%20Information) For more information, interested parties can contact Ed Bilek, EVP, Director of Investor and Media Relations, via email or cell phone - Contact: Ed Bilek, EVP, Director of Investor and Media Relations[40](index=40&type=chunk) - Email: ed.bilek@simmonsbank.com, Cell: 205.612.3378[40](index=40&type=chunk) [Consolidated Financial Statements (Tables)](index=8&type=section&id=Consolidated%20Financial%20Statements%20%28Tables%29) This section presents detailed consolidated financial statements, including balance sheets, income statements, capital, investment securities, loans, asset quality, and selected financial data [Consolidated End of Period Balance Sheets](index=8&type=section&id=Consolidated%20End%20of%20Period%20Balance%20Sheets) The consolidated balance sheet shows a decrease in total assets, total investment securities, and total deposits from Q2 2025 to Q3 2025, reflecting the balance sheet repositioning activities. Total shareholders' equity also saw a slight decrease Consolidated End of Period Balance Sheets (in thousands) | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | | Total assets | $24,208,162 | $26,693,620 | $27,269,404 | | Total investment securities | $3,319,277 | $5,996,851 | $6,349,794 | | Total loans (net) | $16,930,811 | $16,857,559 | $17,102,817 | | Total deposits | $19,837,733 | $21,824,990 | $21,935,434 | | Total liabilities | $20,854,199 | $23,144,410 | $23,740,571 | | Total stockholders' equity | $3,353,963 | $3,549,210 | $3,528,833 | [Consolidated Statements of Income - Quarter-to-Date](index=9&type=section&id=Consolidated%20Statements%20of%20Income%20-%20Quarter-to-Date) The consolidated income statement for Q3 2025 shows a net loss of $562.8 million, primarily driven by a significant loss on the sale of securities. Net interest income increased, while interest expense decreased due to balance sheet repositioning. Provision for credit losses also increased QoQ Consolidated Statements of Income - Quarter-to-Date (in thousands) | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | | Total interest income | $313,423 | $315,023 | $334,289 | | Total interest expense | $126,762 | $143,199 | $176,577 | | Net interest income | $186,661 | $171,824 | $157,712 | | Total provision for credit losses | $11,966 | $11,945 | $12,148 | | Total noninterest income | $(756,187) | $42,354 | $17,130 | | Total noninterest expense | $142,032 | $138,589 | $137,193 | | Net income (loss) | $(562,792) | $54,773 | $24,740 | | Diluted earnings per share | $(4.00) | $0.43 | $0.20 | [Consolidated Risk-Based Capital](index=10&type=section&id=Consolidated%20Risk-Based%20Capital) The consolidated risk-based capital ratios show that Simmons continues to maintain strong capital levels, with all ratios exceeding regulatory requirements. While the Common Equity Tier 1 (CET1) ratio saw a slight decrease QoQ, other ratios like Equity to Assets and Total Risk-Based Capital increased Consolidated Risk-Based Capital Ratios | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | | Equity to assets | 13.85% | 13.30% | 12.94% | | Tangible common equity to tangible assets | 8.53% | 8.46% | 8.15% | | Common equity Tier 1 (CET1) ratio | 11.54% | 12.36% | 12.06% | | Tier 1 leverage ratio | 9.56% | 9.96% | 9.57% | | Tier 1 risk-based capital ratio | 11.54% | 12.36% | 12.06% | | Total risk-based capital ratio | 15.07% | 14.42% | 14.25% | [Consolidated Investment Securities](index=11&type=section&id=Consolidated%20Investment%20Securities) Total investment securities significantly decreased from $5.997 billion in Q2 2025 to $3.319 billion in Q3 2025, primarily due to the sale of held-to-maturity (HTM) securities as part of the balance sheet repositioning. As a result, the HTM portfolio was reduced to zero, while available-for-sale (AFS) securities increased Consolidated Investment Securities (in thousands) | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | | Total held-to-maturity | $0 | $3,591,531 | $3,658,700 | | Total available-for-sale | $3,319,277 | $2,405,320 | $2,691,094 | | Total investment securities | $3,319,277 | $5,996,851 | $6,349,794 | - The held-to-maturity (HTM) investment securities portfolio was reduced to **zero** in Q3 2025, down from **$3.59 billion** in Q2 2025, reflecting the balance sheet repositioning[45](index=45&type=chunk) [Consolidated Loans](index=12&type=section&id=Consolidated%20Loans) The loan portfolio at the end of Q3 2025 showed a slight increase in total loans QoQ, driven by growth in real estate construction and agricultural loans, while commercial and other consumer loans experienced declines Loan Portfolio - End of Period (in thousands) | Loan Category | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | | Total consumer | $285,355 | $299,997 | $291,592 | | Total real estate | $13,368,321 | $13,371,707 | $13,513,463 | | Total commercial | $2,750,569 | $2,773,585 | $2,781,724 | | Other | $784,572 | $665,807 | $749,261 | | Total loans | $17,188,817 | $17,111,096 | $17,336,040 | - Real estate construction loans increased from **$2.78 billion** in Q2 2025 to **$2.87 billion** in Q3 2025[46](index=46&type=chunk) - Agricultural loans increased from **$333.08 million** in Q2 2025 to **$353.18 million** in Q3 2025[46](index=46&type=chunk) [Consolidated Allowance and Asset Quality](index=13&type=section&id=Consolidated%20Allowance%20and%20Asset%20Quality) The allowance for credit losses on loans increased to $258.0 million, representing 1.50% of total loans. Net loans charged off remained stable QoQ at $10.7 million, while total nonperforming assets decreased slightly to $160.7 million Consolidated Allowance and Asset Quality (in thousands, except ratios) | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | | Allowance for Credit Losses on Loans (end balance) | $258,006 | $253,537 | $233,223 | | Total loans charged off | $11,891 | $11,760 | $10,662 | | Total recoveries | $1,180 | $1,184 | $1,348 | | Net loans charged off | $10,711 | $10,576 | $9,314 | | Total nonperforming loans | $153,939 | $157,162 | $101,695 | | Total nonperforming assets | $160,717 | $166,715 | $104,305 | | Allowance for credit losses on loans to total loans | 1.50% | 1.48% | 1.35% | | Nonperforming loans to total loans | 0.90% | 0.92% | 0.59% | | Annualized net charge offs to average loans (QTD) | 0.25% | 0.25% | 0.22% | [Consolidated - Average Balance Sheet and Net Interest Income Analysis](index=14&type=section&id=Consolidated%20-%20Average%20Balance%20Sheet%20and%20Net%20Interest%20Income%20Analysis) The average balance sheet analysis highlights a decrease in average interest-earning assets and interest-bearing liabilities QoQ. Despite this, net interest income (FTE) increased, and the net interest margin (FTE) significantly expanded to 3.50%, reflecting improved interest rate management and the impact of the balance sheet repositioning Average Balance Sheet and Net Interest Income Analysis (in thousands, except rates) | Metric | Sep 2025 | Jun 2025 | Sep 2024 | | :--- | :--- | :--- | :--- | | Average total interest earning assets (FTE) | $21,562,085 | $23,327,635 | $23,869,558 | | Average total interest bearing liabilities | $16,858,708 | $18,400,291 | $18,852,816 | | Net interest income (FTE) | $190,472 | $178,246 | $164,110 | | Net interest spread (FTE) | 2.86% | 2.41% | 1.95% | | Net interest margin (FTE) | 3.50% | 3.06% | 2.74% | - The net interest margin (FTE) increased by **44 basis points QoQ**, reaching **3.50%**[48](index=48&type=chunk) [Consolidated - Selected Financial Data](index=15&type=section&id=Consolidated%20-%20Selected%20Financial%20Data) Selected financial data for Q3 2025 shows a GAAP net loss and negative diluted EPS, but positive adjusted earnings and adjusted diluted EPS. Key performance ratios like Return on Average Assets and Efficiency Ratio were significantly impacted by the one-time loss on securities sale, but adjusted metrics show healthier underlying performance Financial Highlights - As Reported (Quarter-to-Date, in thousands, except per share data) | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | | Net Income (loss) | $(562,792) | $54,773 | $24,740 | | Diluted earnings per share | $(4.00) | $0.43 | $0.20 | | Return on average assets | -8.96% | 0.82% | 0.36% | | Net interest margin (FTE) | 3.50% | 3.06% | 2.74% | | Efficiency ratio | -25.11% | 62.82% | 75.70% | Financial Highlights - Adjusted (Non-GAAP, Quarter-to-Date, in thousands, except per share data) | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | | Adjusted earnings | $64,930 | $56,071 | $46,005 | | Adjusted diluted earnings per share | $0.46 | $0.44 | $0.37 | | Adjusted return on average assets | 1.03% | 0.84% | 0.67% | | Adjusted efficiency ratio | 57.72% | 60.52% | 63.38% | End of Period Metrics (in thousands, except per share data) | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | | Book value per share | $23.18 | $28.17 | $28.11 | | Tangible book value per share | $13.45 | $16.97 | $16.78 | | Shares outstanding | 144,703,075 | 125,996,248 | 125,554,598 | | Full-time equivalent employees | 2,883 | 2,947 | 2,972 | | Total number of financial centers | 223 | 223 | 234 | [Reconciliation of Non-GAAP Financial Measures (Tables)](index=16&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures%20%28Tables%29) This section provides detailed reconciliations of GAAP to non-GAAP financial measures for adjusted earnings, capital ratios, and performance metrics on both quarter-to-date and year-to-date bases [Reconciliation Of Non-GAAP Financial Measures - Adjusted Earnings - Quarter-to-Date](index=16&type=section&id=Reconciliation%20Of%20Non-GAAP%20Financial%20Measures%20-%20Adjusted%20Earnings%20-%20Quarter-to-Date) This table provides a detailed reconciliation of GAAP net income (loss) to adjusted earnings and diluted EPS for the quarter, highlighting the impact of specific non-GAAP adjustments such as loss on early extinguishment of debt, early retirement program costs, loss on sale of securities, and branch right-sizing costs Reconciliation of Adjusted Earnings - Quarter-to-Date (in thousands, except per share data) | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | | Net income (loss) | $(562,792) | $54,773 | $24,740 | | Loss on early extinguishment of debt | $570 | — | — | | Early retirement program | $305 | $1,594 | $(1) | | Loss on sale of securities | $801,492 | — | $28,393 | | Branch right sizing (net) | $2,004 | $163 | $410 | | Tax effect of certain items | $(176,649) | $(459) | $(7,524) | | Adjusted earnings (non-GAAP) | $64,930 | $56,071 | $46,005 | | Diluted earnings per share | $(4.00) | $0.43 | $0.20 | | Adjusted diluted earnings per share (non-GAAP) | $0.46 | $0.44 | $0.37 | [Reconciliation Of Non-GAAP Financial Measures - Adjusted Earnings - Year-to-Date](index=17&type=section&id=Reconciliation%20Of%20Non-GAAP%20Financial%20Measures%20-%20Adjusted%20Earnings%20-%20Year-to-Date) This table presents the year-to-date reconciliation of GAAP net income (loss) to adjusted earnings and diluted EPS, showing the cumulative impact of non-GAAP adjustments over the year, including the significant loss on sale of securities in Q3 2025 Reconciliation of Adjusted Earnings - Year-to-Date (in thousands, except per share data) | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | | Net income (loss) | $(475,631) | $87,161 | $104,374 | | Loss on early extinguishment of debt | $570 | — | — | | Early retirement program | $1,899 | $1,594 | $336 | | Loss on sale of securities | $801,492 | — | $28,393 | | Branch right sizing (net) | $3,161 | $1,157 | $1,165 | | Tax effect of certain items | $(177,368) | $(719) | $(8,449) | | Adjusted earnings (non-GAAP) | $154,123 | $89,193 | $128,253 | | Diluted earnings per share | $(3.63) | $0.69 | $0.83 | | Adjusted diluted earnings per share (non-GAAP) | $1.18 | $0.71 | $1.02 | [Reconciliation Of Non-GAAP Financial Measures - End of Period](index=18&type=section&id=Reconciliation%20Of%20Non-GAAP%20Financial%20Measures%20-%20End%20of%20Period) This section provides reconciliations for end-of-period non-GAAP measures, specifically detailing the calculation of tangible common equity, the ratio of tangible common equity to tangible assets, and tangible book value per share by adjusting for goodwill and other intangible assets. It also includes the calculation of the coverage ratio of uninsured, non-collateralized deposits and the net charge-off ratio excluding run-off portfolios Calculation of Tangible Common Equity and Ratios (in thousands, except per share data) | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | | Total common stockholders' equity | $3,353,963 | $3,549,210 | $3,528,833 | | Total intangibles | $(1,408,319) | $(1,411,416) | $(1,421,892) | | Tangible common stockholders' equity | $1,945,644 | $2,137,794 | $2,106,941 | | Total assets | $24,208,162 | $26,693,620 | $27,269,404 | | Tangible assets | $22,799,843 | $25,282,204 | $25,847,512 | | Ratio of tangible common equity to tangible assets | 8.53% | 8.46% | 8.15% | | Book value per common share | $23.18 | $28.17 | $28.11 | | Tangible book value per common share | $13.45 | $16.97 | $16.78 | Calculation of Coverage Ratio of Uninsured, Non-Collateralized Deposits (in thousands) | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | | Total uninsured, non-collateralized deposits | $4,459,257 | $4,594,700 | $4,658,703 | | Additional liquidity sources | $9,533,000 | $10,724,000 | $11,174,000 | | Uninsured, non-collateralized deposit coverage ratio | 2.1 | 2.3 | 2.4 | Calculation of Net Charge Off Ratio (in thousands) | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | | Net charge offs | $10,711 | $10,576 | $9,314 | | Net charge offs excluding run-off portfolio | $10,211 | $9,476 | $5,814 | | Annualized net charge offs to average loans (NCO ratio) | 0.25% | 0.25% | 0.22% | | NCO ratio, excluding run-off portfolio (annualized) | 0.24% | 0.22% | 0.13% | [Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date (continued)](index=19&type=section&id=Reconciliation%20Of%20Non-GAAP%20Financial%20Measures%20-%20Quarter-to-Date%20%28continued%29) This section provides further quarter-to-date reconciliations for non-GAAP financial measures, including adjusted return on average assets, return on tangible common equity, adjusted return on average common equity, adjusted return on tangible common equity, efficiency ratio, and adjusted efficiency ratio. It also reconciles total revenue and pre-provision net revenue (PPNR) to their adjusted non-GAAP counterparts Calculation of Adjusted Return on Average Assets (in thousands) | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | | Net income (loss) | $(562,792) | $54,773 | $24,740 | | Adjusted earnings (non-GAAP) | $64,930 | $56,071 | $46,005 | | Average total assets | $24,914,922 | $26,645,131 | $27,216,440 | | Return on average assets | -8.96% | 0.82% | 0.36% | | Adjusted return on average assets (non-GAAP) | 1.03% | 0.84% | 0.67% | Calculation of Return on Tangible Common Equity (in thousands) | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | | Net income (loss) available to common stockholders | $(562,792) | $54,773 | $24,740 | | Total adjusted earnings available to common stockholders (non-GAAP) | $67,217 | $58,360 | $48,850 | | Average tangible common stockholders' equity (non-GAAP) | $1,958,160 | $2,132,932 | $2,080,904 | | Return on tangible common equity | -113.56% | 10.73% | 5.27% | | Adjusted return on tangible common equity (non-GAAP) | 13.62% | 10.97% | 9.34% | Calculation of Efficiency Ratio and Adjusted Efficiency Ratio (in thousands) | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | | Noninterest expense (efficiency ratio numerator) | $142,032 | $138,589 | $137,193 | | Adjusted efficiency ratio numerator | $136,426 | $133,518 | $132,859 | | Efficiency ratio denominator | $(565,715) | $220,600 | $181,240 | | Adjusted efficiency ratio denominator | $236,347 | $220,600 | $209,633 | | Efficiency ratio | -25.11% | 62.82% | 75.70% | | Adjusted efficiency ratio (non-GAAP) | 57.72% | 60.52% | 63.38% | Calculation of Total Revenue and Adjusted Total Revenue (in thousands) | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | | Total revenue | $(569,526) | $214,178 | $174,842 | | Adjusted total revenue | $232,536 | $214,178 | $203,235 | Calculation of Pre-Provision Net Revenue (PPNR) and Adjusted PPNR (in thousands) | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | | Pre-Provision Net Revenue (PPNR) | $(711,558) | $75,589 | $37,649 | | Adjusted Pre-Provision Net Revenue | $92,813 | $77,346 | $66,438 | [Reconciliation Of Non-GAAP Financial Measures - Year-to-Date (continued)](index=22&type=section&id=Reconciliation%20Of%20Non-GAAP%20Financial%20Measures%20-%20Year-to-Date%20%28continued%29) This section provides year-to-date reconciliations for non-GAAP financial measures, including adjusted return on average assets, return on tangible common equity, adjusted return on average common equity, adjusted return on tangible common equity, efficiency ratio, and adjusted efficiency ratio. It also reconciles total revenue and pre-provision net revenue (PPNR) to their adjusted non-GAAP counterparts Calculation of Adjusted Return on Average Assets (Year-to-Date, in thousands) | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | | Net income (loss) | $(475,631) | $87,161 | $104,374 | | Adjusted earnings (non-GAAP) | $154,123 | $89,193 | $128,253 | | Average total assets | $26,073,100 | $26,661,787 | $27,260,212 | | Return on average assets | -2.44% | 0.66% | 0.51% | | Adjusted return on average assets (non-GAAP) | 0.79% | 0.67% | 0.63% | Calculation of Return on Tangible Common Equity (Year-to-Date, in thousands) | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | | Net income (loss) available to common stockholders | $(475,631) | $87,161 | $104,374 | | Total adjusted earnings available to common stockholders (non-GAAP) | $161,304 | $94,087 | $136,787 | | Average tangible common stockholders' equity (non-GAAP) | $2,078,963 | $2,140,366 | $2,039,912 | | Return on tangible common equity | -30.13% | 8.67% | 7.39% | | Adjusted return on tangible common equity (non-GAAP) | 10.37% | 8.86% | 8.96% | Calculation of Efficiency Ratio and Adjusted Efficiency Ratio (Year-to-Date, in thousands) | Metric | Sep 30, 2025 | Jun 30, 2025 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | | Noninterest expense (efficiency ratio numerator) | $425,201 | $283,169 | $416,426 | | Adjusted efficiency ratio numerator | $409,805 | $273,379 | $400,555 | | Efficiency ratio denominator | $(129,124) | $436,591 | $586,532 | | Adjusted efficiency ratio denominator | $672,938 | $436,591 | $614,925 | | Efficiency ratio | -329.30% | 64.86% | 71.00% | | Adjusted efficiency ratio (non-GAAP) | 60.90% | 62.62% | 65.14% |

Core Viewpoint - Analysts project that Simmons First National (SFNC) will report quarterly earnings of $0.48 per share, reflecting a year-over-year increase of 29.7% and revenues of $228.9 million, up 30.9% from the same quarter last year [1] Earnings Estimates - There has been no revision in the consensus EPS estimate for the quarter over the last 30 days, indicating that analysts have maintained their initial forecasts [2] - Changes in earnings estimates are crucial for predicting investor reactions to the stock, as empirical research shows a strong correlation between earnings estimate revisions and short-term stock performance [3] Key Metrics Projections - Analysts expect 'Total nonperforming assets' to be $160.32 million, up from $104.31 million in the same quarter last year [5] - The 'Efficiency Ratio' is projected to reach 59.6%, a significant improvement from 75.7% reported in the same quarter last year [5] - 'Total nonperforming loans' are expected to be $150.16 million, compared to $101.70 million a year ago [6] - 'Total interest earning assets (FTE) - Average Balance' is estimated at $21.45 billion, down from $23.87 billion in the same quarter last year [6] - 'Net Interest Income - FTE' is projected at $188.51 million, up from $164.11 million a year ago [7] - 'Total Non-Interest Income' is expected to be $43.96 million, slightly down from $45.52 million in the previous year [7] - The combined estimate for 'Net Interest Income' is $184.99 million, compared to $157.71 million last year [7] Stock Performance - Over the past month, Simmons First National shares have declined by 9.9%, while the Zacks S&P 500 composite has increased by 0.4% [8] - With a Zacks Rank of 2 (Buy), SFNC is expected to outperform the overall market in the upcoming period [8]