Simmons First National Corporation Reports Fourth Quarter EPS of $0.54

PINE BLUFF, Ark., Jan. 20, 2026 /PRNewswire/ --

Financial Highlights

4Q25

3Q25

4Q24

4Q25 Highlights

Balance Sheet (in millions)

Comparisons reflect 4Q25 vs 3Q25 unless otherwise noted

• Net income of $78.1 million and diluted EPS of $0.54

• Adjusted net income 1 of $79.0 million and adjusted diluted EPS 1 of $0.54

• ROAA of 1.28% and ROE of 9.08%

• Adjusted ROAA 1 of 1.29%; adjusted ROTCE 1 of 16.10%

• Total revenue of $249.0 million and PPNR 1 of $109.1 million

• Adjusted total revenue 1 of $249.0 million and adjusted PPNR 1 of $110.4 million

• Net interest margin up 31 bps to 3.81%; cost of deposits down 21 bps

• Efficiency ratio of 55.52%; adjusted efficiency ratio 1 of 53.64%

• Total loans and total deposits up 7% annualized

• NCO ratio reflects charge-offs related to two previously disclosed credit relationships 4 and run-off portfolio

• NPL ratio down 26 bps to 0.64%; ACL ratio at 1.28%

Total loans

$17,492

$17,189

$17,006

Total investment securities

3,266

3,319

6,166

Total deposits

20,184

19,838

21,886

Total assets

24,541

24,208

26,876

Total shareholders' equity

3,419

3,354

3,529

Performance Measures (in millions)

Total revenue

$ 249.0

$(569.5)

$208.5

Adjusted total revenue 1

249.0

232.5

208.5

Pre-provision net revenue 1 (PPNR)

109.1

(711.6)

67.4

Adjusted pre-provision net revenue 1

110.4

92.8

69.2

Provision for credit losses

15.1

12.0

13.3

Per share Data

Diluted earnings

$ 0.54

$ (4.00)

$ 0.38

Adjusted diluted earnings 1

0.54

0.46

0.39

Cash dividend declared

0.2125

0.21

Asset Quality

Net charge-off ratio (NCO ratio)

1.12 %

0.25 %

0.27 %

Nonperforming loan ratio (NPL ratio)

0.64

0.90

0.65

Nonperforming assets to total assets

0.51

0.66

0.45

Allowance for credit losses to loans (ACL)

1.28

1.50

1.38

Nonperforming loan coverage ratio

199

168

212

Capital Ratios

Equity to assets (EA) ratio

13.93 %

13.85 %

13.13 %

Tangible common equity (TCE) ratio 1

8.71

8.53

8.29

Common equity tier 1 (CET1) ratio

11.63

11.54

12.38

Total risk-based capital ratio

14.45

15.07

14.61

Other Data

Net interest margin (FTE)

3.81 %

3.50 %

2.87 %

Loan yield (FTE)

6.23

6.31

6.32

Cost of deposits

2.04

2.25

2.60

Full-time equivalent employees

2,917

2,883

2,946

Number of financial centers

222

223

222

Jay Brogdon, Simmons' President and CEO, commented on fourth quarter 2025 results:

Our results for the fourth quarter exceeded expectations across the board, reflecting the positive results of the balance sheet repositioning transactions in the third quarter as well as disciplined execution of our strategy. These results included strong revenue growth – notably with net interest margin expansion of 31 basis points to 3.81 percent – and continued expense discipline that resulted in a 19 percent linked-quarter increase in adjusted PPNR 1. Adjusted ROAA 1 was 1.29 percent, and our adjusted efficiency ratio 1 improved to 53.6 percent. At the same time, balance sheet growth was solid as total loans increased 7 percent on an annualized basis and customer deposits increased 8 percent annualized.

Our strong top-line performance in the quarter was coupled with improving credit quality and capital metrics. Nonperforming loans decreased 26 basis points to 0.64 percent of total loans with the charge-offs of two previously disclosed credit relationships and the sale of a run-off portfolio. In addition, we performed a deep dive analysis of nonperforming loans and took aggressive action to improve the loss content of the portfolio. Our reserves on these relationships were appropriate, and the ACL ended the quarter at 1.28 percent and is near the top-end of our modeled range.

As we enter 2026, our commitment to delivering profitable growth and efficient scale positions us well for the future. We are confident in our ability to build on our momentum, driving value for our customers and associates and generating attractive returns for our shareholders.

Simmons First National Corporation (NASDAQ: SFNC) (Simmons or Company) today reported net income of $78.1 million for the fourth quarter of 2025, compared to a net loss of $562.8 million for the third quarter of 2025 and net income of $48.3 million for the fourth quarter of 2024. Diluted earnings per share were $0.54 for the fourth quarter of 2025, $(4.00) for the third quarter of 2025 and $0.38 for the fourth quarter of 2024. Adjusted earnings 1 for the fourth quarter of 2025 were $79.0 million, compared to $64.9 million in the third quarter of 2025 and $49.6 million in the fourth quarter of 2024.

For the fourth quarter of 2025, return on average assets was 1.28 percent and return on average common equity was 9.08 percent. Adjusted return on average assets 1 was 1.29 percent and adjusted return on average tangible common equity 1 was 16.10 percent.

As previously disclosed, during the third quarter of 2025, the Company utilized the net proceeds from a public offering of the Company's Class A common stock to support a balance sheet repositioning that included the sale of low-yielding investment securities and resulted in an after-tax loss of approximately $626 million. The table below summarizes the impact of the loss on the sale of securities, as well as other certain items, consisting primarily of loss on sale of equipment finance business, branch right sizing costs, early retirement program costs and a loss on early extinguishment of debt. These items are also described in further detail in the "Reconciliation of Non-GAAP Financial Measures" tables contained in this press release.

Impact of Certain Items on Earnings and Diluted Earnings Per Share (EPS)

$ in millions, except per share data

4Q25

3Q25

4Q24

Net income (loss)

$ 78.1

$(562.8)

$ 48.3

Loss on sale of equipment finance business

1.1

Branch right sizing costs, net

0.1

2.0

1.6

Early retirement program costs

0.3

0.2

Loss on early extinguishment of debt

0.6

Loss on sale of securities

801.5

Total pre-tax impact

1.2

804.4

1.8

Tax effect

(0.3)

(176.7)

(0.5)

Total impact on earnings

0.9

627.7

1.3

Adjusted earnings 1, 3

$ 79.0

$ 64.9

$ 49.6

Diluted EPS

$ 0.54

$ (4.00)

$ 0.38

Loss on sale of equipment finance business

0.01

Branch right sizing costs, net

0.01

Early retirement program costs

Loss on early extinguishment of debt

Loss on sale of securities

5.70

Total pre-tax impact

0.01

5.71

0.01

Tax effect

(0.01)

(1.25)

Total impact on earnings

4.46

0.01

Adjusted Diluted EPS 1

$ 0.54

$ 0.46

$ 0.39

Net Interest Income

Net interest income for the fourth quarter of 2025 totaled $197.3 million, up $10.6 million, or 6 percent, compared to $186.7 million for the third quarter of 2025 and up $32.4 million, or 20 percent, from $164.9 million in the fourth quarter of 2024. The increase in net interest income on a linked quarter basis was primarily driven by a $16.5 million decrease in interest expense, fueled by $14.1 million decrease in interest bearing deposit costs and a $2.4 million decrease in the cost of other interest bearing liabilities.

Net interest margin for the fourth quarter of 2025 on a fully taxable equivalent basis was 3.81 percent, up 31 basis points compared to 3.50 percent for the third quarter of 2025 and up 94 basis points compared to 2.87 percent for the fourth quarter of 2024. The increase in net interest margin on a linked quarter basis reflects a full quarter impact of the balance sheet repositioning completed in the third quarter of 2025, coupled with strong loan and low-cost deposit growth during the fourth quarter of 2025.

Select Yield/Rates

4Q25

3Q25

2Q25

1Q25

4Q24

Loan yield (FTE) 2

6.23 %

6.31 %

6.26 %

6.20 %

6.32 %

Investment securities yield (FTE) 2

4.30

4.01

3.48

3.54

Cost of interest bearing deposits

2.62

2.86

2.97

3.05

3.28

Cost of deposits

2.04

2.25

2.36

2.44

2.60

Net interest spread (FTE) 2

3.18

2.86

2.41

2.30

2.15

Net interest margin (FTE) 2

3.81

3.50

3.06

2.95

2.87

Noninterest Income

Noninterest income for the fourth quarter of 2025 was $51.7 million, compared to $(756.2) million in the third quarter of 2025 and $43.6 million in the fourth quarter of 2024. Included in third quarter 2025 results was a $801.5 million pre-tax loss on the sale of low-yielding securities that were sold in connection with the previously mentioned balance sheet repositioning and a $0.6 million loss on the early extinguishment of debt. Excluding these items (which are described in the "Reconciliation of Non-GAAP Financial Measures" tables below), adjusted noninterest income 1 was $45.9 million in the third quarter of 2025. The increase in adjusted noninterest income on a linked quarter basis was primarily driven by an increase in swap fee income, wealth management fees, debit and credit card fees, and proceeds from bank owned life insurance death benefits, which is included in other income in the table below.

Noninterest Income

$ in millions

4Q25

3Q25

2Q25

1Q25

4Q24

Service charges on deposit accounts

$ 12.7

$ 13.0

$ 12.6

$ 13.0

Wealth management fees

10.3

10.0

9.5

9.6

9.7

Debit and credit card fees

8.7

8.5

8.6

8.4

8.3

Mortgage lending income

2.2

2.3

1.7

2.0

1.8

Other service charges and fees

1.5

1.3

1.4

Bank owned life insurance

3.9

4.1

3.8

Gain (loss) on sale of securities

(801.5)

Other income

12.4

6.1

4.8

8.0

5.6

Total noninterest income

$ 51.7

$(756.2)

$ 42.4

$ 46.2

$ 43.6

Adjusted noninterest income 1

$ 51.7

$ 45.9

$ 42.4

$ 46.2

$ 43.6

Noninterest Expense

Noninterest expense for the fourth quarter of 2025 was $139.9 million, compared to $142.0 million in the third quarter of 2025 and $141.1 million in the fourth quarter of 2024. Included in noninterest expense are certain items consisting of branch right sizing costs, early retirement program costs, termination of vendor and software services and a loss on the sale of an equipment finance business. Collectively, these items totaled $1.2 million in the fourth quarter of 2025, $2.3 million in the third quarter of 2025 and $1.8 million in the fourth quarter of 2024. Excluding these items (which are described in the "Reconciliation of Non-GAAP Financial Measures" tables below), adjusted noninterest expense 1 was $138.6 million in the fourth quarter of 2025, $139.7 million in the third quarter of 2025 and $139.3 million in the fourth quarter of 2024. The decrease in adjusted noninterest expense on a linked quarter basis primarily reflected salary and employee benefits accrual adjustments and a fraud recovery, offset in part by an increase in other operating expenses primarily related to the timing of certain professional services and marketing expenses recorded in the fourth quarter of 2025.

Noninterest Expense

$ in millions

4Q25

3Q25

2Q25

1Q25

4Q24

Salaries and employee benefits

$ 72.9

$ 76.2

$ 73.9

$ 74.8

$ 71.6

Occupancy expense, net

11.6

12.1

11.8

12.7

11.9

Furniture and equipment

5.3

5.5

5.7

Deposit insurance

4.7

5.2

4.9

5.4

5.6

Other real estate and foreclosure expense

0.4

0.2

0.3

Other operating expenses

44.8

43.0

42.3

46.1

Total noninterest expense

$139.9

$142.0

$138.6

$144.6

$141.1

Adjusted salaries and employee benefits 1

$ 72.9

$ 75.9

$ 72.3

$ 74.8

$ 71.4

Adjusted other operating expenses 1

44.0

41.5

42.5

45.9

44.7

Adjusted noninterest expense 1

138.6

139.7

136.8

143.6

139.3

Efficiency ratio

55.52 %

(25.11) %

62.82 %

66.94 %

65.66 %

Adjusted efficiency ratio 1

53.64

57.72

60.52

64.75

62.89

Full-time equivalent employees

2,917

2,883

2,947

2,949

2,946

Number of financial centers

222

223

222

Loans and Unfunded Loan Commitments

Total loans at the end of the fourth quarter of 2025 were $17.5 billion, up $303.4 million, or 7 percent annualized, compared to $17.2 billion at the end of the third quarter of 2025. The increase in total loans was driven by increases in real estate – commercial, commercial and consumer & other portfolios, offset in part by seasonal declines in mortgage warehouse and agricultural portfolios. Unfunded loan commitments at the end of the fourth quarter of 2025 were $3.9 billion, compared to $4.0 billion at the end of the third quarter of 2025. The commercial loan pipeline totaled $1.5 billion at the end of the fourth quarter of 2025, and ready to close commercial loans totaled $774 million with a weighted average rate of 6.53 percent.

Loans and Unfunded Loan Commitments

$ in millions

4Q25

3Q25

2Q25

1Q25

4Q24

Total loans

$17,492

$17,189

$17,111

$17,094

$17,006

Unfunded loan commitments

3,871

3,955

3,947

3,888

3,739

Deposits and Other Borrowings

Total deposits at the end of the fourth quarter of 2025 were $20.2 billion, compared to $19.8 billion at the end of the third quarter of 2025 and $21.9 billion at the end of the fourth quarter of 2024. The increase in total deposits on a linked quarter basis was fueled by a $349 million, or 8 percent annualized, increase in customer deposits, driven by increases in interest bearing transaction accounts and savings accounts and interest bearing public fund deposits. The decrease in total deposits on a year-over-year basis deposits reflects a reduction of higher rate, non-relationship wholesale and public fund deposits as part of the balance sheet repositioning completed during the third quarter of 2025.

Other borrowings at the end of the fourth quarter of 2025 were $302.3 million, compared to $18.8 million at the end of the third quarter of 2025 and $745.4 million at the end of the fourth quarter of 2024. The decrease in other borrowings on a year-over-year basis reflected the pay down of higher cost wholesale funding, primarily FHLB advances, as part of the balance sheet repositioning.

Deposits

$ in millions

4Q25

3Q25

2Q25

1Q25

4Q24

Noninterest bearing deposits

$ 4,330

$ 4,377

$ 4,468

$ 4,455

$ 4,461

Interest bearing transaction accounts

10,453

10,289

10,532

10,621

10,331

Time deposits

3,508

3,331

3,588

3,695

3,796

Brokered deposits

1,893

1,841

3,237

2,914

3,298

Total deposits

$20,184

$19,838

$21,825

$21,684

$21,886

Noninterest bearing deposits to total deposits

21 %

22 %

20 %

21 %

20 %

Total loans to total deposits

Asset Quality

Total nonperforming loans at the end of the fourth quarter of 2025 totaled $112.7 million, compared to $153.9 million at the end of the third quarter of 2025 and $110.7 million at the end of the fourth quarter of 2024. The decrease in nonperforming loans on a linked quarter basis reflected a $40.8 million decline related to two previously disclosed credit relationships. In addition, during the fourth quarter of 2025 the Company completed the sale of a small ticket equipment finance portfolio that was included in a run-off portfolio, resulting in a $3.2 million decrease in nonperforming loans.

The nonperforming loan coverage ratio ended the fourth quarter of 2025 at 199 percent, compared to 168 percent at the end of the third quarter of 2025 and 212 percent at the end of the fourth quarter of 2024. Total nonperforming assets as a percentage of total assets were 51 basis points at the end of the fourth quarter of 2025, compared to 66 basis points at the end of the third quarter of 2025 and 45 basis points at the end of the fourth quarter of 2024.

Net charge offs as a percentage of average loans for the fourth quarter of 2025 were 112 basis points and included net charge-offs of $28.2 million (or 65 basis points) related to the two previously disclosed credit relationships for which the Company held specific reserves totaling $30.8 million. In addition, there were $6.2 million (or 14 basis points) of net charge-offs related to a run-off portfolio that included a small ticket equipment finance portfolio that was sold during the quarter.

Provision for credit losses on loans totaled $15.1 million for the fourth quarter of 2025, compared to $15.2 million in the third quarter of 2025 and $13.3 million in the fourth quarter of 2024. The allowance for credit losses on loans at the end of the fourth quarter of 2025 was $224.4 million, compared to $258.0 million at the end of the third quarter of 2025 and $235.0 million at the end of the fourth quarter of 2024. The allowance for credit losses on loans as a percentage of total loans (ACL ratio) was 1.28 percent at the end of the fourth quarter of 2025, compared to 1.50 percent at the end of the third quarter of 2025 and 1.38 percent at the end of the fourth quarter of 2024. The linked quarter reduction in the ACL ratio was primarily due to the utilization of specific reserves related to the two previously disclosed credit relationships and the run-off portfolio.

Asset Quality

$ in millions

4Q25

3Q25

2Q25

1Q25

4Q24

Allowance for credit losses on loans to total loans

1.28 %

1.50 %

1.48 %

1.38 %

Allowance for credit losses on loans to nonperforming loans

199

168

161

165

212

Nonperforming loans to total loans

0.64

0.90

0.92

0.89

0.65

Net charge-off ratio (annualized)

1.12

0.25

0.23

0.27

Net charge-off ratio YTD (annualized)

0.47

0.24

0.23

0.22

Total nonperforming loans

$112.7

$153.9

$157.2

$152.3

$110.7

Total other nonperforming assets

12.4

6.8

9.5

10.0

10.5

Total nonperforming assets

$125.1

$160.7

$166.7

$162.3

$121.2

Reserve for unfunded commitments

$25.6

Capital and Subordinated Debt

Total stockholders' equity at the end of the fourth quarter and third quarter of 2025 was $3.4 billion, compared to $3.5 billion at the end of the fourth quarter of 2024. Book value per share at the end of the fourth quarter of 2025 was $23.62, compared to $23.18 at the end of the third quarter of 2025 and $28.08 at the end of the fourth quarter of 2024. Tangible book value per share 1 at the end of the fourth quarter of 2025 was $13.91, compared to $16.80 at the end of the fourth quarter of 2024. The increase in book value per share and tangible book value per share on a linked quarter basis was primarily due to a $47.3 million increase in undivided profits. The year-over-year decline in book value per share and tangible book value per share was primarily due to an increase in outstanding shares resulting from the public offering of the Company's Class A common stock completed in the third quarter of 2025 and the impacts of the balance sheet repositioning.

Total stockholders' equity as a percentage of total assets at the end of the fourth quarter of 2025 was 13.9%, unchanged from third quarter of 2025 levels and up from 13.1 percent at the end of the fourth quarter of 2024. Tangible common equity as a percentage of tangible assets 1 was 8.7 percent at the end of the fourth quarter of 2025, compared to 8.5 percent at the end of the third quarter of 2025 and 8.3 percent at the end of the fourth quarter of 2024. Each of the applicable regulatory capital ratios for Simmons and its principal subsidiary, Simmons Bank, continue to significantly exceed "well-capitalized" regulatory guidelines.

On October 1, 2025, the Company completed the redemption of the Company's outstanding $330 million principal amount of its Fixed-to-Floating Rate Subordinated Notes due 2028.

Select Capital Ratios

4Q25

3Q25

2Q25

1Q25

4Q24

Stockholders' equity to total assets

13.9 %

13.3 %

13.2 %

13.1 %

Tangible common equity to tangible assets 1

8.7

8.5

8.3

Common equity tier 1 (CET1) ratio

11.6

11.5

12.4

12.2

12.4

Tier 1 leverage ratio

10.1

9.6

10.0

9.8

9.7

Tier 1 risk-based capital ratio

11.6

11.5

12.4

12.2

12.4

Total risk-based capital ratio

14.4

15.1

14.4

14.6

Share Repurchase Program

During the fourth quarter of 2025, Simmons did not repurchase shares under its stock repurchase program that was authorized in January 2024 (2024 Program). Remaining authorization under the 2024 Program as of December 31, 2025, was approximately $175 million. The timing, pricing and amount of any repurchases under the 2024 Program will be determined by Simmons' management at its discretion based on a variety of factors including, but not limited to, market conditions, trading volume and market price of Simmons' common stock, Simmons' capital needs, Simmons' working capital and investment requirements, other corporate considerations, economic conditions, and legal requirements. The 2024 Program does not obligate Simmons to repurchase any common stock and may be modified, discontinued or suspended at any time without prior notice.

_____________________________________________________________________________________

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

(2) FTE – fully taxable equivalent basis using an effective tax rate of 26.135%

(3) In this press release, "Adjusted Earnings" may also be referred to as "Adjusted Net Income"

(4) As used in this press release, "two previously disclosed credit relationships" refers to two credit relationships (one associated with a downtown St. Louis, Missouri hotel and the other associated with a fast-food operator) that the Company migrated to nonperforming status at the end of the first quarter of 2025

Conference Call

Management will conduct a live conference call to review this information beginning at 7:30 a.m. Central Time on Wednesday, January 21, 2026. 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 10205234. 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 116 consecutive years. Its principal subsidiary, Simmons Bank, operates more than 220 branches in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas. Founded in 1903, Simmons Bank offers comprehensive financial solutions delivered with a client-centric approach. Recently, Simmons Bank was recognized by Newsweek as one of America's Best Regional Banks and Credit Unions 2026 and by Forbes as one of America's Best-In-State Companies 2026. In 2025, Simmons Bank was recognized by Newsweek as one of America's Greatest Workplaces 2025 in Arkansas and one of America's Best Regional Banks 2025, and by U.S. News & World Report as one of the 2024-2025 Best Companies to Work For in the South. Additional information about Simmons Bank can be found on our website at simmonsbank.com, by following @Simmons_Bank on X 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, noninterest income, and noninterest expense certain income and expense items attributable to, for example, losses on sale of securities, loss on sale of equipment finance business, net branch right-sizing initiatives, early retirement program, termination of vendor and software services and losses on early extinguishment of debt.

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. Brogdon's quote, may be identified by reference to future periods or by the use of forward-looking terminology, such as "believe," "budget," "expect," "foresee," "anticipate," "intend," "indicate," "target," "estimate," "plan," "project," "continue," "contemplate," "positions," "prospects," "predict," or "potential," by future conditional verbs such as "will," "would," "should," "could," "might" or "may," or by variations of such words or by similar expressions. These forward-looking statements include, without limitation, statements relating to Simmons' future growth, business strategies, lending capacity and lending activity, loan demand, revenue, assets, asset quality, profitability, dividends, net interest margin, non-interest revenue, share repurchase program, acquisition strategy, digital banking initiatives, the Company's ability to recruit and retain key employees, the adequacy of the allowance for credit losses, future economic conditions and interest rates, and the adequacy of reserve levels for loans. Any forward-looking statement speaks only as of the date of this press release, and Simmons undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this press release. By nature, forward-looking statements are based on various assumptions and involve inherent risk and uncertainties. Various factors, including, but not limited to, changes in economic conditions, changes in credit quality, changes in interest rates and related governmental policies, the effects of a government shutdown, changes in loan demand, changes in deposit flows, changes in real estate values, changes in the assumptions used in making the forward-looking statements, changes in the securities markets generally or the price of Simmons' common stock specifically, changes in information technology affecting the financial industry, and changes in customer behaviors, including consumer spending, borrowing, and saving habits; changes in tariff policies; general economic and market conditions; changes in governmental administrations; market disruptions including pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, war and other military conflicts (including the ongoing military conflicts in the Middle East and between Russia and Ukraine) or other major events, or the prospect of these events; the soundness of other financial institutions and any indirect exposure related to the closings of other financial institutions and their impact on the broader market through other customers, suppliers and partners, or that the conditions which resulted in the liquidity concerns experienced by closed financial institutions may also adversely impact, directly or indirectly, other financial institutions and market participants with which the Company has commercial or deposit relationships; increased inflation; the loss of key employees; increased competition in the markets in which the Company operates and from non-bank financial institutions; increased unemployment; labor shortages; claims, damages, and fines related to litigation or government actions; changes in accounting principles relating to loan loss recognition (current expected credit losses); fraud that results in material losses or that we have not discovered yet that may result in material losses; the Company's ability to manage and successfully integrate its mergers and acquisitions and to fully realize cost savings and other benefits associated with acquisitions; increased delinquency and foreclosure rates on commercial real estate loans; significant increases in nonaccrual loan balances; cyber or other information technology threats, attacks or events; reliance on third parties for key services; government legislation; and other factors, many of which are beyond the control of the Company, could cause actual results to differ materially from those projected in or contemplated by the forward-looking statements. In addition, there can be no guarantee that the board of directors (Board) of Simmons will approve a quarterly dividend in future quarters, and the timing, payment, and amount of future dividends (if any) is subject to, among other things, the discretion of the Board and may differ significantly from past dividends. Additional information on factors that might affect the Company's financial results is included in the Company's Form 10-K for the year ended December 31, 2024, the Company's Form 10-Q for the quarter ended September 30, 2025, and other reports that the Company has filed with or furnished to the U.S. Securities and Exchange Commission (the SEC), all of which are available from the SEC on its website, www.sec.gov.

Simmons First National Corporation

SFNC

Consolidated End of Period Balance Sheets

For the Quarters Ended

Dec 31

Sep 30

Jun 30

Mar 31

Dec 31

(Unaudited)

2025

2024

($ in thousands)

ASSETS

Cash and noninterest bearing balances due from banks

$ 380,439

$ 377,604

$ 398,081

$ 423,171

$ 429,705

Interest bearing balances due from banks and federal funds sold

331,474

266,013

246,381

211,115

257,672

Cash and cash equivalents

711,913

643,617

644,462

634,286

687,377

Interest bearing balances due from banks - time

100

Investment securities - held-to-maturity

3,591,531

3,615,556

3,636,636

Investment securities - available-for-sale

3,266,221

3,319,277

2,405,320

2,491,849

2,529,426

Mortgage loans held for sale

17,438

15,507

16,972

8,351

11,417

Assets held in trading accounts

11,685

12,695

Loans:

Loans

17,492,179

17,188,817

17,111,096

17,094,078

17,005,937

Allowance for credit losses on loans

(224,377)

(258,006)

(253,537)

(252,168)

(235,019)

Net loans

17,267,802

16,930,811

16,857,559

16,841,910

16,770,918

Premises and equipment

561,220

568,343

573,160

573,616

585,431

Foreclosed assets and other real estate owned

12,009

6,386

8,794

8,976

9,270

Interest receivable

104,062

104,383

120,443

117,398

123,243

Bank owned life insurance

540,001

539,372

535,481

535,324

531,805

Goodwill

1,320,799

Other intangible assets

84,423

87,520

90,617

93,714

97,242

Other assets

643,204

659,352

528,382

551,112

572,385

Total assets

$ 24,540,877

$ 24,208,162

$ 26,693,620

$ 26,792,991

$ 26,876,049

LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits:

Noninterest bearing transaction accounts

$ 4,330,211

$ 4,377,232

$ 4,468,237

$ 4,455,255

$ 4,460,517

Interest bearing transaction accounts and savings deposits

11,141,169

10,932,914

11,176,791

11,265,554

10,982,022

Time deposits

4,712,658

4,527,587

6,179,962

5,963,811

6,443,211

Total deposits

20,184,038

19,837,733

21,824,990

21,684,620

21,885,750

Federal funds purchased and securities sold

under agreements to repurchase

21,383

22,348

31,306

50,133

37,109

Other borrowings

302,253

18,832

634,349

884,863

745,372

Subordinated notes and debentures

317,714

648,976

366,369

366,331

366,293

Accrued interest and other liabilities

296,249

326,310

287,396

275,559

312,653

Total liabilities

21,121,637

20,854,199

23,144,410

23,261,506

23,347,177

Stockholders' equity:

Common stock

1,448

1,447

1,260

1,259

1,257

Surplus

2,846,581

2,848,977

2,518,286

2,515,372

2,511,590

Undivided profits

864,341

817,022

1,410,564

1,382,564

1,376,935

Accumulated other comprehensive (loss) income

(293,130)

(313,483)

(380,900)

(367,710)

(360,910)

Total stockholders' equity

3,419,240

3,353,963

3,549,210

3,531,485

3,528,872

Total liabilities and stockholders' equity

$ 24,540,877

$ 24,208,162

$ 26,693,620

$ 26,792,991

$ 26,876,049

Simmons First National Corporation

SFNC

Consolidated Statements of Income - Quarter-to-Date

For the Quarters Ended

Dec 31

Sep 30

Jun 30

Mar 31

Dec 31

(Unaudited)

2025

2024

($ in thousands, except per share data)

INTEREST INCOME

Loans (including fees)

$ 270,868

$ 269,210

$ 265,373

$ 257,755

$ 272,727

Interest bearing balances due from banks and federal funds sold

2,485

6,421

2,531

2,703

2,913

Investment securities

33,833

37,464

46,898

47,257

50,162

Mortgage loans held for sale

227

229

221

122

180

Assets held in trading accounts

118

TOTAL INTEREST INCOME

307,531

313,423

315,023

307,837

325,982

INTEREST EXPENSE

Time deposits

41,989

49,064

57,231

62,559

70,661

Other deposits

60,516

67,546

69,108

67,895

72,369

Federal funds purchased and securities

sold under agreements to repurchase

113

119

Other borrowings

2,138

2,957

10,613

7,714

11,386

Subordinated notes and debentures

5,535

7,123

6,188

6,134

6,505

TOTAL INTEREST EXPENSE

110,235

126,762

143,199

144,415

161,040

NET INTEREST INCOME

197,296

186,661

171,824

163,422

164,942

PROVISION FOR CREDIT LOSSES

Provision for credit losses on loans

15,116

15,180

11,945

26,797

13,332

TOTAL PROVISION FOR CREDIT LOSSES

15,116

11,966

11,945

26,797

13,332

NET INTEREST INCOME AFTER PROVISION

FOR CREDIT LOSSES

182,180

174,695

159,879

136,625

151,610

NONINTEREST INCOME

Service charges on deposit accounts

12,669

13,045

12,588

12,635

12,978

Debit and credit card fees

8,660

8,478

8,567

8,446

8,323

Wealth management fees

10,337

9,965

9,464

9,629

9,658

Mortgage lending income

2,232

2,259

1,687

2,013

1,828

Bank owned life insurance income

3,942

3,943

3,890

4,092

3,780

Other service charges and fees (includes insurance income)

1,503

1,474

1,321

1,333

1,426

Gain (loss) on sale of securities

(801,492)

Other income

12,365

6,141

4,837

8,007

5,565

TOTAL NONINTEREST INCOME

51,708

(756,187)

42,354

46,155

43,558

NONINTEREST EXPENSE

Salaries and employee benefits

72,924

76,249

73,862

74,824

71,588

Occupancy expense, net

11,636

12,106

11,844

12,651

11,876

Furniture and equipment expense

5,304

5,275

5,474

5,465

5,671

Other real estate and foreclosure expense

432

200

216

198

317

Deposit insurance

4,736

5,175

4,917

5,391

5,550

Other operating expenses

44,830

43,027

42,276

46,051

46,115

TOTAL NONINTEREST EXPENSE

139,862

142,032

138,589

144,580

141,117

NET INCOME (LOSS) BEFORE INCOME TAXES

94,026

(723,524)

63,644

38,200

54,051

Provision for income taxes

15,948

(160,732)

8,871

5,812

5,732

NET INCOME (LOSS)

$ 78,078

$ (562,792)

$ 54,773

$ 32,388

$ 48,319

BASIC EARNINGS PER SHARE

$ 0.54

$ (4.01)

$ 0.43

$ 0.26

$ 0.38

DILUTED EARNINGS PER SHARE

$ 0.54

$ (4.00)

$ 0.43

$ 0.26

$ 0.38

Simmons First National Corporation

SFNC

Consolidated Risk-Based Capital

For the Quarters Ended

Dec 31

Sep 30

Jun 30

Mar 31

Dec 31

(Unaudited)

2025

2024

($ in thousands)

Tier 1 capital

Stockholders' equity

$ 3,419,240

$ 3,353,963

$ 3,549,210

$ 3,531,485

$ 3,528,872

CECL transition provision (1)

30,873

Disallowed intangible assets, net of deferred tax

(1,374,839)

(1,376,255)

(1,379,104)

(1,381,953)

(1,385,128)

Unrealized loss (gain) on AFS securities

293,130

313,483

380,900

367,710

360,910

Total Tier 1 capital

2,337,531

2,291,191

2,551,006

2,517,242

2,535,527

Tier 2 capital

Subordinated notes and debentures

317,714

648,976

366,369

366,331

366,293

Subordinated debt phase out

(198,000)

(132,000)

Qualifying allowance for loan losses and

reserve for unfunded commitments

250,006

248,710

258,079

257,769

222,313

Total Tier 2 capital

567,720

699,686

426,448

492,100

456,606

Total risk-based capital

$ 2,905,251

$ 2,990,877

$ 2,977,454

$ 3,009,342

$ 2,992,133

Risk weighted assets

$ 20,106,493

$ 19,861,879

$ 20,646,324

$ 20,621,540

$ 20,473,960

Adjusted average assets for leverage ratio

$ 23,224,638

$ 23,963,356

$ 25,606,135

$ 25,619,424

$ 26,037,459

Ratios at end of quarter

Equity to assets

13.93 %

13.85 %

13.30 %

13.18 %

13.13 %

Tangible common equity to tangible assets (2)

8.71 %

8.53 %

8.46 %

8.34 %

8.29 %

Common equity Tier 1 ratio (CET1)

11.63 %

11.54 %

12.36 %

12.21 %

12.38 %

Tier 1 leverage ratio

10.06 %

9.56 %

9.96 %

9.83 %

9.74 %

Tier 1 risk-based capital ratio

11.63 %

11.54 %

12.36 %

12.21 %

12.38 %

Total risk-based capital ratio

14.45 %

15.07 %

14.42 %

14.59 %

14.61 %

(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

Dec 31

Sep 30

Jun 30

Mar 31

Dec 31

(Unaudited)

2025

2024

($ in thousands)

Investment Securities - End of Period

Held-to-Maturity

U.S. Government agencies

$ -

$ 457,228

$ 456,545

$ 455,869

Mortgage-backed securities

1,024,313

1,048,170

1,070,032

State and political subdivisions

1,855,614

1,856,905

1,857,177

Other securities

254,376

253,936

253,558

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

3,591,531

3,615,556

3,636,636

Available-for-Sale

U.S. Treasury

$ -

$ 400

$ 699

$ 996

U.S. Government agencies

47,172

48,355

49,498

52,318

54,547

Mortgage-backed securities

2,201,958

2,249,593

1,349,991

1,380,913

1,392,759

State and political subdivisions

859,071

845,371

807,842

832,898

858,182

Other securities

158,020

175,958

197,589

225,021

222,942

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

3,266,221

3,319,277

2,405,320

2,491,849

2,529,426

Total investment securities (net of credit losses)

$ 3,266,221

$ 3,319,277

$ 5,996,851

$ 6,107,405

$ 6,166,062

Fair value - HTM investment securities

$ -

$ 2,891,974

$ 2,929,625

$ 2,949,951

Simmons First National Corporation

SFNC

Consolidated Loans

For the Quarters Ended

Dec 31

Sep 30

Jun 30

Mar 31

Dec 31

(Unaudited)

2025

2024

($ in thousands)

Loan Portfolio - End of Period

Consumer:

Credit cards

$ 175,760

$ 173,020

$ 176,166

$ 179,680

$ 181,675

Other consumer

115,472

112,335

123,831

97,198

127,319

Total consumer

291,232

285,355

299,997

276,878

308,994

Real Estate:

Construction

2,873,807

2,874,823

2,784,578

2,778,245

2,789,249

Single-family residential

2,607,450

2,617,849

2,625,717

2,647,451

2,689,946

Other commercial real estate

8,289,968

7,875,649

7,961,412

8,051,304

7,912,336

Total real estate

13,771,225

13,368,321

13,371,707

13,477,000

13,391,531

Commercial:

Commercial

2,382,339

2,397,388

2,440,507

2,372,681

2,434,175

Agricultural

306,300

353,181

333,078

264,469

261,154

Total commercial

2,688,639

2,750,569

2,773,585

2,637,150

2,695,329

Other

741,083

784,572

665,807

703,050

610,083

Total loans

$ 17,492,179

$ 17,188,817

$ 17,111,096

$ 17,094,078

$ 17,005,937

Simmons First National Corporation

SFNC

Consolidated Allowance and Asset Quality

For the Quarters Ended

Dec 31

Sep 30

Jun 30

Mar 31

Dec 31

(Unaudited)

2025

2024

($ in thousands)

Allowance for Credit Losses on Loans

Beginning balance

$ 258,006

$ 253,537

$ 252,168

$ 235,019

$ 233,223

Loans charged off:

Credit cards

1,346

1,862

1,702

1,460

1,629

Other consumer

550

600

351

1,133

505

Real estate

25,850

1,350

1,450

4,425

3,810

Commercial

22,004

8,079

8,257

4,243

6,796

Total loans charged off

49,750

11,891

11,760

11,261

12,740

Recoveries of loans previously charged off:

Credit cards

347

257

334

211

391

Other consumer

163

303

294

306

279

Real estate

105

115

275

Commercial

390

505

469

997

259

Total recoveries

1,005

1,180

1,184

1,613

1,204

Net loans charged off

48,745

10,711

10,576

9,648

11,536

Provision for credit losses on loans

15,116

15,180

11,945

26,797

13,332

Balance, end of quarter

$ 224,377

$ 258,006

$ 253,537

$ 252,168

$ 235,019

Nonperforming assets

Nonperforming loans:

Nonaccrual loans

$ 111,791

$ 153,516

$ 156,453

$ 151,897

$ 110,154

Loans past due 90 days or more

948

423

709

494

603

Total nonperforming loans

112,739

153,939

157,162

152,391

110,757

Other nonperforming assets:

Foreclosed assets and other real estate owned

12,009

6,386

8,794

8,976

9,270

Other nonperforming assets

323

392

759

978

1,202

Total other nonperforming assets

12,332

6,778

9,553

9,954

10,472

Total nonperforming assets

$ 125,071

$ 160,717

$ 166,715

$ 162,345

$ 121,229

Ratios

Allowance for credit losses on loans to total loans

1.28 %

1.50 %

1.48 %

1.38 %

Allowance for credit losses to nonperforming loans

199 %

168 %

161 %

165 %

212 %

Nonperforming loans to total loans

0.64 %

0.90 %

0.92 %

0.89 %

0.65 %

Nonperforming assets to total assets

0.51 %

0.66 %

0.62 %

0.61 %

0.45 %

Annualized net charge offs to average loans (QTD)

1.12 %

0.25 %

0.23 %

0.27 %

Annualized net charge offs to average loans (YTD)

0.47 %

0.24 %

0.23 %

0.22 %

Annualized net credit card charge offs to

average credit card loans (QTD)

2.23 %

3.64 %

2.99 %

2.72 %

2.63 %

Simmons First National Corporation

SFNC

Consolidated - Average Balance Sheet and Net Interest Income Analysis

For the Quarters Ended

(Unaudited)

Three Months Ended

Dec 2025

Three Months Ended

Sep 2025

Three Months Ended

Dec 2024

($ 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

$ 232,046

$ 2,485

4.25 %

$ 566,344

$ 6,421

4.50 %

$ 238,731

$ 2,913

4.85 %

Investment securities - taxable

2,490,444

28,235

4.50 %

2,751,493

29,183

4.21 %

3,633,138

34,459

3.77 %

Investment securities - non-taxable (FTE)

810,597

7,578

3.71 %

1,242,936

11,210

3.58 %

2,633,148

21,260

3.21 %

Mortgage loans held for sale

15,738

227

5.72 %

13,776

229

6.60 %

10,713

180

6.68 %

Assets held in trading accounts

12,534

118

3.74 %

11,305

3.47 %

0.00 %

Loans - including fees (FTE)

17,295,415

271,778

6.23 %

16,976,231

270,092

6.31 %

17,212,034

273,594

6.32 %

Total interest earning assets (FTE)

20,856,774

310,421

5.90 %

21,562,085

317,234

5.84 %

23,727,764

332,406

5.57 %

Non-earning assets

3,397,673

3,352,837

3,351,179

Total assets

$ 24,254,447

$ 24,914,922

$ 27,078,943

LIABILITIES AND STOCKHOLDERS' EQUITY

Interest bearing liabilities:

Interest bearing transaction and

savings accounts

$ 10,971,959

$ 60,516

2.19 %

$ 11,043,132

$ 67,546

2.43 %

$ 10,967,450

$ 72,369

2.63 %

Time deposits

4,573,502

41,989

3.64 %

5,116,070

49,064

3.80 %

6,397,251

70,661

4.39 %

Total interest bearing deposits

15,545,461

102,505

2.62 %

16,159,202

116,610

2.86 %

17,364,701

143,030

3.28 %

Federal funds purchased and securities

sold under agreement to repurchase

20,990

1.08 %

23,306

1.23 %

47,314

119

1.00 %

Other borrowings

217,996

2,138

3.89 %

268,278

2,957

4.37 %

932,366

11,386

4.86 %

Subordinated notes and debentures

319,162

5,535

6.88 %

407,922

7,123

6.93 %

366,274

6,505

7.07 %

Total interest bearing liabilities

16,103,609

110,235

2.72 %

16,858,708

126,762

2.98 %

18,710,655

161,040

3.42 %

Noninterest bearing liabilities:

Noninterest bearing deposits

4,412,009

4,369,941

4,491,361

Other liabilities

328,812

317,965

333,781

Total liabilities

20,844,430

21,546,614

23,535,797

Stockholders' equity

3,410,017

3,368,308

3,543,146

Total liabilities and stockholders' equity

$ 24,254,447

$ 24,914,922

$ 27,078,943

Net interest income (FTE)

$ 200,186

$ 190,472

$ 171,366

Net interest spread (FTE)

3.18 %

2.86 %

2.15 %

Net interest margin (FTE)

3.81 %

3.50 %

2.87 %

Simmons First National Corporation

SFNC

Consolidated - Selected Financial Data

For the Quarters Ended

Dec 31

Sep 30

Jun 30

Mar 31

Dec 31

(Unaudited)

2025

2024

($ in thousands, except share data)

QUARTER-TO-DATE

Financial Highlights - As Reported

Net Income (loss)

$ 78,078

$ (562,792)

$ 54,773

$ 32,388

$ 48,319

Diluted earnings per share

0.54

(4.00)

0.43

0.26

0.38

Return on average assets

1.28 %

-8.96 %

0.82 %

0.49 %

0.71 %

Return on average tangible assets (non-GAAP) (1)

1.40 %

-9.46 %

0.91 %

0.56 %

0.79 %

Return on average common equity

9.08 %

-66.29 %

6.20 %

3.69 %

5.43 %

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

15.92 %

-113.56 %

10.73 %

6.61 %

9.59 %

Net interest margin (FTE)

3.81 %

3.50 %

3.06 %

2.95 %

2.87 %

Efficiency ratio (2)

55.52 %

-25.11 %

62.82 %

66.94 %

65.66 %

FTE adjustment

2,890

3,811

6,422

6,414

6,424

Average diluted shares outstanding

145,210,222

140,648,704

126,406,453

126,336,557

126,232,084

Cash dividends declared per common share

0.213

0.210

Accretable yield on acquired loans

749

725

1,263

1,084

1,863

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

Adjusted earnings

$ 78,975

$ 64,930

$ 56,071

$ 33,122

$ 49,634

Adjusted diluted earnings per share

0.54

0.46

0.44

0.26

0.39

Adjusted return on average assets

1.29 %

1.03 %

0.84 %

0.50 %

0.73 %

Adjusted return on average tangible assets (non-GAAP) (1)

1.41 %

1.13 %

0.93 %

0.57 %

0.81 %

Adjusted return on average common equity

9.19 %

7.65 %

6.34 %

3.77 %

5.57 %

Adjusted return on tangible common equity

16.10 %

13.62 %

10.97 %

6.75 %

9.83 %

Adjusted efficiency ratio (2)

53.64 %

57.72 %

60.52 %

64.75 %

62.89 %

YEAR-TO-DATE

Financial Highlights - GAAP

Net Income (loss)

$ (397,553)

$ (475,631)

$ 87,161

$ 32,388

$ 152,693

Diluted earnings per share

(2.95)

(3.63)

0.69

0.26

1.21

Return on average assets

-1.55 %

-2.44 %

0.66 %

0.49 %

0.56 %

Return on average tangible assets (non-GAAP) (1)

-1.60 %

-2.54 %

0.74 %

0.56 %

0.64 %

Return on average common equity

-11.45 %

-18.21 %

4.94 %

3.69 %

4.38 %

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

-18.84 %

-30.13 %

8.67 %

6.61 %

7.96 %

Net interest margin (FTE)

3.32 %

3.17 %

3.01 %

2.95 %

2.74 %

Efficiency ratio (2)

460.26 %

-329.30 %

64.86 %

66.94 %

69.57 %

FTE adjustment

19,537

16,647

12,836

6,414

25,820

Average diluted shares outstanding

134,731,180

131,132,891

126,325,650

126,336,557

126,115,606

Cash dividends declared per common share

0.850

0.638

0.425

0.213

0.840

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

Adjusted earnings

$ 233,098

$ 154,123

$ 89,193

$ 33,122

$ 177,887

Adjusted diluted earnings per share

1.73

1.18

0.71

0.26

1.41

Adjusted return on average assets

0.91 %

0.79 %

0.67 %

0.50 %

0.65 %

Adjusted return on average tangible assets (non-GAAP) (1)

1.00 %

0.87 %

0.75 %

0.57 %

0.73 %

Adjusted return on average common equity

6.71 %

5.90 %

5.06 %

3.77 %

5.10 %

Adjusted return on tangible common equity

11.78 %

10.37 %

8.86 %

6.75 %

9.18 %

Adjusted efficiency ratio (2)

58.92 %

60.90 %

62.62 %

64.75 %

64.56 %

END OF PERIOD

Book value per share

$ 23.62

$ 23.18

$ 28.17

$ 28.04

$ 28.08

Tangible book value per share

13.91

13.45

16.97

16.81

16.80

Shares outstanding

144,762,817

144,703,075

125,996,248

125,926,822

125,651,540

Full-time equivalent employees

2,917

2,883

2,947

2,949

2,946

Total number of financial centers

222

223

222

(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

Dec 31

Sep 30

Jun 30

Mar 31

Dec 31

(Unaudited)

2025

2024

(in thousands, except per share data)

QUARTER-TO-DATE

Net income (loss)

$ 78,078

$ (562,792)

$ 54,773

$ 32,388

$ 48,319

Certain items (non-GAAP)

Loss on early extinguishment of debt

570

Early retirement program

305

1,594

200

Termination of vendor and software services

Loss on sale of Equipment Finance business

1,118

Loss (gain) on sale of securities

801,492

Branch right sizing (net)

2,004

163

994

1,581

Tax effect of certain items (1)

(318)

(176,649)

(459)

(260)

(466)

Certain items, net of tax

897

627,722

1,298

734

1,315

Adjusted earnings (non-GAAP) (2)

$ 78,975

$ 64,930

$ 56,071

$ 33,122

$ 49,634

Diluted earnings per share

$ 0.54

$ (4.00)

$ 0.43

$ 0.26

$ 0.38

Certain items (non-GAAP)

Loss on early extinguishment of debt

Early retirement program

0.01

Termination of vendor and software services

Loss on sale of Equipment Finance business

0.01

Loss (gain) on sale of securities

5.70

Branch right sizing (net)

0.01

Tax effect of certain items (1)

(0.01)

(1.25)

Certain items, net of tax

4.46

0.01

Adjusted diluted earnings per share (non-GAAP)

$ 0.54

$ 0.46

$ 0.44

$ 0.26

$ 0.39

(1) Actual tax rate of 21.946% on 2025 loss on sale of securities. Effective rate of 26.135% on all other items.

(2) In this press release, "Adjusted Earnings" may also be referred to as "Adjusted Net Income."

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

QUARTER-TO-DATE

Noninterest income

$ 51,708

$ (756,187)

$ 42,354

$ 46,155

$ 43,558

Certain noninterest income items

Loss on early extinguishment of debt

570

Loss (gain) on sale of securities

801,492

Adjusted noninterest income (non-GAAP)

$ 51,708

$ 45,875

$ 42,354

$ 46,155

$ 43,558

Other income

$ 12,365

$ 6,141

$ 4,837

$ 8,007

$ 5,565

Certain other income items

Loss on early extinguishment of debt

570

Adjusted other income (non-GAAP)

$ 12,365

$ 6,711

$ 4,837

$ 8,007

$ 5,565

Noninterest expense

$ 139,862

$ 142,032

$ 138,589

$ 144,580

$ 141,117

Certain noninterest expense items

Early retirement program

(305)

(1,594)

(200)

Termination of vendor and software services

(12)

Loss on sale of Equipment Finance business

(1,118)

Branch right sizing expense

(85)

(2,004)

(163)

(994)

(1,581)

Adjusted noninterest expense (non-GAAP)

138,647

139,723

136,832

143,586

139,336

Less: Fraud event

(4,300)

Adjusted noninterest expense, excluding fraud event (non-GAAP)

$ 138,647

$ 139,723

$ 136,832

$ 139,286

$ 139,336

Salaries and employee benefits

$ 72,924

$ 76,249

$ 73,862

$ 74,824

$ 71,588

Certain salaries and employee benefits items

Early retirement program

(305)

(1,594)

(200)

Other

(1)

Adjusted salaries and employee benefits (non-GAAP)

$ 72,924

$ 75,943

$ 72,269

$ 74,824

$ 71,388

Other operating expenses

$ 44,830

$ 43,027

$ 42,276

$ 46,051

$ 46,115

Certain other operating expenses items

Termination of vendor and software services

(12)

Loss on sale of Equipment Finance business

(1,118)

Branch right sizing expense

327

(1,556)

255

(161)

(1,457)

Adjusted other operating expenses (non-GAAP)

$ 44,027

$ 41,471

$ 42,531

$ 45,890

$ 44,658

Simmons First National Corporation

SFNC

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

For the Quarters Ended

Dec 31

Sep 30

Jun 30

Mar 31

Dec 31

(Unaudited)

2025

2024

(in thousands, except per share data)

YEAR-TO-DATE

Net income (loss)

$ (397,553)

$ (475,631)

$ 87,161

$ 32,388

$ 152,693

Certain items (non-GAAP)

Loss on early extinguishment of debt

570

FDIC Deposit Insurance special assessment

1,832

Early retirement program

1,899

1,594

536

Termination of vendor and software services

602

Loss on sale of Equipment Finance business

1,118

Loss (gain) on sale of securities

801,492

28,393

Branch right sizing (net)

3,246

3,161

1,157

994

2,746

Tax effect of certain items (1)

(177,686)

(177,368)

(719)

(260)

(8,915)

Certain items, net of tax

630,651

629,754

2,032

734

25,194

Adjusted earnings (non-GAAP) (2)

$ 233,098

$ 154,123

$ 89,193

$ 33,122

$ 177,887

Diluted earnings per share

$ (2.95)

$ (3.63)

$ 0.69

$ 0.26

$ 1.21

Certain items (non-GAAP)

Loss on early extinguishment of debt

FDIC Deposit Insurance special assessment

0.02

Early retirement program

0.01

0.02

0.01

Termination of vendor and software services

0.01

Loss on sale of Equipment Finance business

0.01

Loss (gain) on sale of securities

5.95

6.11

0.23

Branch right sizing (net)

0.02

0.01

0.02

Tax effect of certain items (1)

(1.32)

(1.34)

(0.07)

Certain items, net of tax

4.68

4.81

0.02

0.20

Adjusted diluted earnings per share (non-GAAP)

$ 1.73

$ 1.18

$ 0.71

$ 0.26

$ 1.41

(1) Actual tax rate of 21.946% on 2025 loss on sale of securities. Effective rate of 26.135% on all other items.

(2) In this press release, "Adjusted Earnings" may also be referred to as "Adjusted Net Income."

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

YEAR-TO-DATE

Noninterest income

$ (615,970)

$ (667,678)

$ 88,509

$ 46,155

$ 147,171

Certain noninterest income items

Loss on early extinguishment of debt

570

Loss (gain) on sale of securities

801,492

28,393

Adjusted noninterest income (non-GAAP)

$ 186,092

$ 134,384

$ 88,509

$ 46,155

$ 175,564

Other income

$ 31,350

$ 18,985

$ 12,844

$ 8,007

$ 27,493

Certain other income items

Loss on early extinguishment of debt

570

Adjusted other income (non-GAAP)

$ 31,920

$ 19,555

$ 12,844

$ 8,007

$ 27,493

Noninterest expense

$ 565,063

$ 425,201

$ 283,169

$ 144,580

$ 557,543

Certain noninterest expense items

Early retirement program

(1,899)

(1,594)

(536)

FDIC Deposit Insurance special assessment

(1,832)

Termination of vendor and software services

(12)

(602)

Loss on sale of Equipment Finance business

(1,118)

Branch right sizing expense

(3,246)

(3,161)

(1,157)

(994)

(2,746)

Adjusted noninterest expense (non-GAAP)

558,788

420,141

280,418

143,586

551,827

Less: Fraud event

(4,300)

Adjusted noninterest expense, excluding fraud event (non-GAAP)

$ 554,488

$ 415,841

$ 276,118

$ 139,286

$ 551,827

Salaries and employee benefits

$ 297,859

$ 224,935

$ 148,686

$ 74,824

$ 284,124

Certain salaries and employee benefits items

Early retirement program

(1,899)

(1,594)

(536)

Other

Adjusted salaries and employee benefits (non-GAAP)

$ 295,960

$ 223,036

$ 147,093

$ 74,824

$ 283,588

Other operating expenses

$ 176,184

$ 131,354

$ 88,327

$ 46,051

$ 178,520

Certain other operating expenses items

Termination of vendor and software services

(12)

(602)

Loss on sale of Equipment Finance business

(1,118)

Branch right sizing expense

(1,135)

(1,462)

(161)

(2,116)

Adjusted other operating expenses (non-GAAP)

$ 173,919

$ 129,892

$ 88,421

$ 45,890

$ 175,802

Simmons First National Corporation

SFNC

Reconciliation Of Non-GAAP Financial Measures - End of Period

For the Quarters Ended

Dec 31

Sep 30

Jun 30

Mar 31

Dec 31

(Unaudited)

2025

2024

($ in thousands, except per share data)

Calculation of Tangible Common Equity and the Ratio of Tangible Common Equity to Tangible Assets

Total common stockholders' equity

$ 3,419,240

$ 3,353,963

$ 3,549,210

$ 3,531,485

$ 3,528,872

Intangible assets:

Goodwill

(1,320,799)

Other intangible assets

(84,423)

(87,520)

(90,617)

(93,714)

(97,242)

Total intangibles

(1,405,222)

(1,408,319)

(1,411,416)

(1,414,513)

(1,418,041)

Tangible common stockholders' equity

$ 2,014,018

$ 1,945,644

$ 2,137,794

$ 2,116,972

$ 2,110,831

Total assets

$ 24,540,877

$ 24,208,162

$ 26,693,620

$ 26,792,991

$ 26,876,049

Intangible assets:

Goodwill

(1,320,799)

Other intangible assets

(84,423)

(87,520)

(90,617)

(93,714)

(97,242)

Total intangibles

(1,405,222)

(1,408,319)

(1,411,416)

(1,414,513)

(1,418,041)

Tangible assets

$ 23,135,655

$ 22,799,843

$ 25,282,204

$ 25,378,478

$ 25,458,008

Ratio of common equity to assets

13.93 %

13.85 %

13.30 %

13.18 %

13.13 %

Ratio of tangible common equity to tangible assets

8.71 %

8.53 %

8.46 %

8.34 %

8.29 %

Calculation of Tangible Book Value per Share

Total common stockholders' equity

$ 3,419,240

$ 3,353,963

$ 3,549,210

$ 3,531,485

$ 3,528,872

Intangible assets:

Goodwill

(1,320,799)

Other intangible assets

(84,423)

(87,520)

(90,617)

(93,714)

(97,242)

Total intangibles

(1,405,222)

(1,408,319)

(1,411,416)

(1,414,513)

(1,418,041)

Tangible common stockholders' equity

$ 2,014,018

$ 1,945,644

$ 2,137,794

$ 2,116,972

$ 2,110,831

Shares of common stock outstanding

144,762,817

144,703,075

125,996,248

125,926,822

125,651,540

Book value per common share

$ 23.62

$ 23.18

$ 28.17

$ 28.04

$ 28.08

Tangible book value per common share

$ 13.91

$ 13.45

$ 16.97

$ 16.81

$ 16.80

Calculation of Coverage Ratio of Uninsured, Non-Collateralized Deposits

Uninsured deposits at Simmons Bank

$ 9,640,677

$ 9,565,766

$ 8,407,847

$ 8,614,833

$ 8,467,291

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

2,363,327

2,169,362

2,691,215

3,005,328

2,790,339

Less: Intercompany eliminations

2,729,191

2,937,147

1,121,932

1,073,500

1,045,734

Total uninsured, non-collateralized deposits

$ 4,548,159

$ 4,459,257

$ 4,594,700

$ 4,536,005

$ 4,631,218

FHLB borrowing availability

$ 5,999,000

$ 6,134,000

$ 5,133,000

$ 4,432,000

$ 4,716,000

Unpledged securities

1,480,000

1,575,000

3,697,000

4,197,000

4,103,000

Fed funds lines, Fed discount window and

Bank Term Funding Program (1)

1,836,000

1,824,000

1,894,000

1,780,000

2,081,000

Additional liquidity sources

$ 9,315,000

$ 9,533,000

$ 10,724,000

$ 10,409,000

$ 10,900,000

Uninsured, non-collateralized deposit coverage ratio

2.0

2.1

2.3

2.4

(1) The Bank Term Funding Program closed for new loans on March 11, 2024. At no time did Simmons borrow funds under this program.

Simmons First National Corporation

SFNC

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

For the Quarters Ended

Dec 31

Sep 30

Jun 30

Mar 31

Dec 31

(Unaudited)

2025

2024

($ in thousands)

Calculation of Adjusted Return on Average Assets & Average Tangible Assets

Net income (loss)

$ 78,078

$ (562,792)

$ 54,773

$ 32,388

$ 48,319

Amortization of intangibles, net of taxes

2,288

2,287

2,289

2,605

2,843

Total adjusted tangible net income (non-GAAP)

$ 80,366

$ (560,505)

$ 57,062

$ 34,993

$ 51,162

Certain items (non-GAAP)

Loss on early extinguishment of debt

570

Early retirement program

305

1,594

200

Termination of vendor and software services

Loss on sale of Equipment Finance business

1,118

Loss (gain) on sale of securities

801,492

Branch right sizing (net)

2,004

163

994

1,581

Tax effect of certain items (1)

(318)

(176,649)

(459)

(260)

(466)

Adjusted earnings (non-GAAP)

78,975

64,930

56,071

33,122

49,634

Amortization of intangibles, net of taxes

2,288

2,287

2,289

2,605

2,843

Total adjusted tangible net income (non-GAAP)

$ 81,263

$ 67,217

$ 58,360

$ 35,727

$ 52,477

Average total assets

$ 24,254,447

$ 24,914,922

$ 26,645,131

$ 26,678,628

$ 27,078,943

Average intangible assets:

Goodwill

(1,320,799)

Other intangibles

(86,206)

(89,349)

(92,432)

(95,787)

(99,405)

Total average intangibles

(1,407,005)

(1,410,148)

(1,413,231)

(1,416,586)

(1,420,204)

Average tangible assets (non-GAAP)

$ 22,847,442

$ 23,504,774

$ 25,231,900

$ 25,262,042

$ 25,658,739

Return on average assets

1.28 %

-8.96 %

0.82 %

0.49 %

0.71 %

Adjusted return on average assets (non-GAAP)

1.29 %

1.03 %

0.84 %

0.50 %

0.73 %

Return on average tangible assets (non-GAAP)

1.40 %

-9.46 %

0.91 %

0.56 %

0.79 %

Adjusted return on average tangible assets (non-GAAP)

1.41 %

1.13 %

0.93 %

0.57 %

0.81 %

Calculation of Return on Tangible Common Equity

Net income (loss) available to common stockholders

$ 78,078

$ (562,792)

$ 54,773

$ 32,388

$ 48,319

Amortization of intangibles, net of taxes

2,288

2,287

2,289

2,605

2,843

Total income available to common stockholders

$ 80,366

$ (560,505)

$ 57,062

$ 34,993

$ 51,162

Certain items (non-GAAP)

Loss on early extinguishment of debt

570

Early retirement program

305

1,594

200

Termination of vendor and software services

Loss on sale of Equipment Finance business

1,118

Loss (gain) on sale of securities

801,492

Branch right sizing (net)

2,004

163

994

1,581

Tax effect of certain items (1)

(318)

(176,649)

(459)

(260)

(466)

Adjusted earnings (non-GAAP)

78,975

64,930

56,071

33,122

49,634

Amortization of intangibles, net of taxes

2,288

2,287

2,289

2,605

2,843

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

$ 81,263

$ 67,217

$ 58,360

$ 35,727

$ 52,477

Average common stockholders' equity

$ 3,410,017

$ 3,368,308

$ 3,546,163

$ 3,564,469

$ 3,543,146

Average intangible assets:

Goodwill

(1,320,799)

Other intangibles

(86,206)

(89,349)

(92,432)

(95,787)

(99,405)

Total average intangibles

(1,407,005)

(1,410,148)

(1,413,231)

(1,416,586)

(1,420,204)

Average tangible common stockholders' equity (non-GAAP)

$ 2,003,012

$ 1,958,160

$ 2,132,932

$ 2,147,883

$ 2,122,942

Return on average common equity

9.08 %

-66.29 %

6.20 %

3.69 %

5.43 %

Return on tangible common equity

15.92 %

-113.56 %

10.73 %

6.61 %

9.59 %

Adjusted return on average common equity (non-GAAP)

9.19 %

7.65 %

6.34 %

3.77 %

5.57 %

Adjusted return on tangible common equity (non-GAAP)

16.10 %

13.62 %

10.97 %

6.75 %

9.83 %

(1) Actual tax rate of 21.946% on 2025 loss on sale of securities. Effective rate of 26.135% on all other items.

Simmons First National Corporation

SFNC

Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date (continued)

For the Quarters Ended

Dec 31

Sep 30

Jun 30

Mar 31

Dec 31

(Unaudited)

2025

2024

($ in thousands)

Calculation of Efficiency Ratio and Adjusted Efficiency Ratio (1)

Noninterest expense (efficiency ratio numerator)

$ 139,862

$ 142,032

$ 138,589

$ 144,580

$ 141,117

Certain noninterest expense items (non-GAAP)

Early retirement program

(305)

(1,594)

(200)

Termination of vendor and software services

(12)

Loss on sale of Equipment Finance business

(1,118)

Branch right sizing expense

(85)

(2,004)

(163)

(994)

(1,581)

Other real estate and foreclosure expense adjustment

(432)

(200)

(216)

(198)

(317)

Amortization of intangibles adjustment

(3,097)

(3,098)

(3,527)

(3,850)

Adjusted efficiency ratio numerator

$ 135,118

$ 136,426

$ 133,518

$ 139,861

$ 135,169

Net interest income

$ 197,296

$ 186,661

$ 171,824

$ 163,422

$ 164,942

Noninterest income

51,708

(756,187)

42,354

46,155

43,558

Fully tax-equivalent adjustment (2)

2,890

3,811

6,422

6,414

6,424

Efficiency ratio denominator

251,894

(565,715)

220,600

215,991

214,924

Certain noninterest income items (non-GAAP)

Loss on early extinguishment of debt

570

(Gain) loss on sale of securities

801,492

Adjusted efficiency ratio denominator

$ 251,894

$ 236,347

$ 220,600

$ 215,991

$ 214,924

Efficiency ratio (1)

55.52 %

-25.11 %

62.82 %

66.94 %

65.66 %

Adjusted efficiency ratio (non-GAAP) (1)

53.64 %

57.72 %

60.52 %

64.75 %

62.89 %

Calculation of Total Revenue and Adjusted Total Revenue

Net interest income

$ 197,296

$ 186,661

$ 171,824

$ 163,422

$ 164,942

Noninterest income

51,708

(756,187)

42,354

46,155

43,558

Total revenue

249,004

(569,526)

214,178

209,577

208,500

Certain items, pre-tax (non-GAAP)

Plus: Loss on early extinguishment of debt

570

Less: Gain (loss) on sale of securities

(801,492)

Adjusted total revenue

$ 249,004

$ 232,536

$ 214,178

$ 209,577

$ 208,500

Calculation of Pre-Provision Net Revenue (PPNR)

Net interest income

$ 197,296

$ 186,661

$ 171,824

$ 163,422

$ 164,942

Noninterest income

51,708

(756,187)

42,354

46,155

43,558

Total revenue

249,004

(569,526)

214,178

209,577

208,500

Less: Noninterest expense

139,862

142,032

138,589

144,580

141,117

Pre-Provision Net Revenue (PPNR)

$ 109,142

$ (711,558)

$ 75,589

$ 64,997

$ 67,383

Calculation of Adjusted Pre-Provision Net Revenue

Pre-Provision Net Revenue (PPNR)

$ 109,142

$ (711,558)

$ 75,589

$ 64,997

$ 67,383

Certain items, pre-tax (non-GAAP)

Plus: Loss on early extinguishment of debt

570

Plus: Loss (gain) on sale of securities

801,492

Plus: Early retirement program costs

305

1,594

200

Plus: Termination of vendor and software services

Plus: Loss on sale of Equipment Finance business

1,118

Plus: Branch right sizing costs (net)

2,004

163

994

1,581

Adjusted Pre-Provision Net Revenue

$ 110,357

$ 92,813

$ 77,346

$ 65,991

$ 69,164

(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) Actual tax rate of 21.946% on 2025 loss on sale of securities. Effective rate of 26.135% on all other items.

Simmons First National Corporation

SFNC

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

For the Quarters Ended

Dec 31

Sep 30

Jun 30

Mar 31

Dec 31

(Unaudited)

2025

2024

($ in thousands)

Calculation of Adjusted Return on Average Assets & Average Tangible Assets

Net income (loss)

$ (397,553)

$ (475,631)

$ 87,161

$ 32,388

$ 152,693

Amortization of intangibles, net of taxes

9,469

7,181

4,894

2,605

11,377

Total adjusted tangible net income (non-GAAP)

$ (388,084)

$ (468,450)

$ 92,055

$ 34,993

$ 164,070

Certain items (non-GAAP)

Loss on early extinguishment of debt

570

FDIC Deposit Insurance special assessment

1,832

Early retirement program

1,899

1,594

536

Termination of vendor and software services

602

Loss on sale of Equipment Finance business

1,118

Loss (gain) on sale of securities

801,492

28,393

Branch right sizing (net)

3,246

3,161

1,157

994

2,746

Tax effect of certain items (1)

(177,686)

(177,368)

(719)

(260)

(8,915)

Adjusted earnings (non-GAAP)

233,098

154,123

89,193

33,122

177,887

Amortization of intangibles, net of taxes

9,469

7,181

4,894

2,605

11,377

Total adjusted tangible net income (non-GAAP)

$ 242,567

$ 161,304

$ 94,087

$ 35,727

$ 189,264

Average total assets

$ 25,614,700

$ 26,073,100

$ 26,661,787

$ 26,678,628

$ 27,214,647

Average intangible assets:

Goodwill

(1,320,799)

Other intangibles

(90,913)

(92,499)

(94,100)

(95,787)

(105,239)

Total average intangibles

(1,411,712)

(1,413,298)

(1,414,899)

(1,416,586)

(1,426,038)

Average tangible assets (non-GAAP)

$ 24,202,988

$ 24,659,802

$ 25,246,888

$ 25,262,042

$ 25,788,609

Return on average assets

-1.55 %

-2.44 %

0.66 %

0.49 %

0.56 %

Adjusted return on average assets (non-GAAP)

0.91 %

0.79 %

0.67 %

0.50 %

0.65 %

Return on average tangible assets (non-GAAP)

-1.60 %

-2.54 %

0.74 %

0.56 %

0.64 %

Adjusted return on average tangible assets (non-GAAP)

1.00 %

0.87 %

0.75 %

0.57 %

0.73 %

Calculation of Return on Tangible Common Equity

Net income (loss) available to common stockholders

$ (397,553)

$ (475,631)

$ 87,161

$ 32,388

$ 152,693

Amortization of intangibles, net of taxes

9,469

7,181

4,894

2,605

11,377

Total income available to common stockholders

$ (388,084)

$ (468,450)

$ 92,055

$ 34,993

$ 164,070

Certain items (non-GAAP)

Loss on early extinguishment of debt

570

FDIC Deposit Insurance special assessment

1,832

Early retirement program

1,899

1,594

536

Termination of vendor and software services

602

Loss on sale of Equipment Finance business

1,118

Loss (gain) on sale of securities

801,492

28,393

Branch right sizing (net)

3,246

3,161

1,157

994

2,746

Tax effect of certain items (1)

(177,686)

(177,368)

(719)

(260)

(8,915)

Adjusted earnings (non-GAAP)

233,098

154,123

89,193

33,122

177,887

Amortization of intangibles, net of taxes

9,469

7,181

4,894

2,605

11,377

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

$ 242,567

$ 161,304

$ 94,087

$ 35,727

$ 189,264

Average common stockholders' equity

$ 3,471,531

$ 3,492,261

$ 3,555,265

$ 3,564,469

$ 3,486,822

Average intangible assets:

Goodwill

(1,320,799)

Other intangibles

(90,913)

(92,499)

(94,100)

(95,787)

(105,239)

Total average intangibles

(1,411,712)

(1,413,298)

(1,414,899)

(1,416,586)

(1,426,038)

Average tangible common stockholders' equity (non-GAAP)

$ 2,059,819

$ 2,078,963

$ 2,140,366

$ 2,147,883

$ 2,060,784

Return on average common equity

-11.45 %

-18.21 %

4.94 %

3.69 %

4.38 %

Return on tangible common equity

-18.84 %

-30.13 %

8.67 %

6.61 %

7.96 %

Adjusted return on average common equity (non-GAAP)

6.71 %

5.90 %

5.06 %

3.77 %

5.10 %

Adjusted return on tangible common equity (non-GAAP)

11.78 %

10.37 %

8.86 %

6.75 %

9.18 %

(1) Actual tax rate of 21.946% on 2025 loss on sale of securities. Effective rate of 26.135% on all other items.

Simmons First National Corporation

SFNC

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

For the Quarters Ended

Dec 31

Sep 30

Jun 30

Mar 31

Dec 31

(Unaudited)

2025

2024

($ in thousands)

Calculation of Efficiency Ratio and Adjusted Efficiency Ratio (1)

Noninterest expense (efficiency ratio numerator)

$ 565,063

$ 425,201

$ 283,169

$ 144,580

$ 557,543

Certain noninterest expense items (non-GAAP)

Early retirement program

(1,899)

(1,594)

(536)

FDIC Deposit Insurance special assessment

(1,832)

Termination of vendor and software services

(12)

(602)

Loss on sale of Equipment Finance business

(1,118)

Branch right sizing expense

(3,246)

(3,161)

(1,157)

(994)

(2,746)

Other real estate and foreclosure expense adjustment

(1,046)

(614)

(414)

(198)

(700)

Amortization of intangibles adjustment

(12,819)

(9,722)

(6,625)

(3,527)

(15,403)

Adjusted efficiency ratio numerator

$ 544,923

$ 409,805

$ 273,379

$ 139,861

$ 535,724

Net interest income

$ 719,203

$ 521,907

$ 335,246

$ 163,422

$ 628,465

Noninterest income

(615,970)

(667,678)

88,509

46,155

147,171

Fully tax-equivalent adjustment (2)

19,537

16,647

12,836

6,414

25,820

Efficiency ratio denominator

122,770

(129,124)

436,591

215,991

801,456

Certain noninterest income items (non-GAAP)

Loss on early extinguishment of debt

570

(Gain) loss on sale of securities

801,492

28,393

Adjusted efficiency ratio denominator

$ 924,832

$ 672,938

$ 436,591

$ 215,991

$ 829,849

Efficiency ratio (1)

460.26 %

-329.30 %

64.86 %

66.94 %

69.57 %

Adjusted efficiency ratio (non-GAAP) (1)

58.92 %

60.90 %

62.62 %

64.75 %

64.56 %

(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) Actual tax rate of 21.946% on 2025 loss on sale of securities. Effective rate of 26.135% on all other items.

SOURCE Simmons First National Corporation