Simmons First National Corporation Reports Third Quarter 2024 Results

PR Newswire · 10/18 12:00

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 earnings1



$ 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 EPS1



$ 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%. 











 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/simmons-first-national-corporation-reports-third-quarter-2024-results-302279843.html

SOURCE Simmons First National Corporation