Simmons First National Corporation Reports Third Quarter 2025 Results

George Makris, Jr., Simmons' Chairman and CEO, commented on third quarter 2025 results:

The third quarter was transformative for Simmons. With overwhelming investor support we successfully raised $327 million of equity capital to reposition our balance sheet and unlock our future earnings stream. We effectively addressed a negative arbitrage between long-term bond yields and shorter-term funding costs which freed up capital for future growth. While the one-time loss on the sale of the bonds was significant, the financial strength of our company coupled with the positive sentiment from investors allowed us that opportunity.

Although the benefit of the repositioning was only partially realized in the quarter based on the timing of the transactions, our results demonstrated the exceptional improvement in our profitability, and the results from the month of September are very encouraging for our future performance.

I believe we are now well positioned to deliver stronger organic growth throughout our franchise which includes some of the most dynamic markets in the country. Our team is prepared, and I am optimistic about Simmons' future.

PINE BLUFF, Ark., Oct. 16, 2025 /PRNewswire/ -- Simmons First National Corporation (NASDAQ: SFNC) (Simmons or Company) today reported a net loss of $562.8 million for the third quarter of 2025, compared to net income of $54.8 million in the second quarter of 2025 and $24.7 million in the third quarter of 2024. Diluted earnings per share were $(4.00) for the third quarter of 2025, compared to $0.43 in the second quarter of 2025 and $0.20 for the third quarter of 2024. Adjusted earnings 1 for the third quarter of 2025 were $64.9 million, compared to $56.1 million in the second quarter of 2025 and $46.0 million in the third quarter of 2024. Adjusted diluted earnings per share 1 for the third quarter of 2025 were $0.46, compared to $0.44 in the second quarter of 2025 and $0.37 in the third quarter of 2024.

As previously disclosed, on July 22, 2025, the Company announced the pricing of its public offering of the Company's Class A common stock that generated net proceeds of approximately $327 million. Proceeds from the offering were subsequently utilized to support a balance sheet repositioning that included the sale of approximately $2.4 billion (fair value) of low-yielding investment securities at an after-tax loss of approximately $626 million. Proceeds from the sale of the investment securities were primarily used to deleverage the balance sheet through the pay-down of higher rate, non-relationship wholesale and public fund deposits, as well as higher rate other borrowings primarily consisting of FHLB advances. The pay-down of higher rate funding was completed throughout the third quarter of 2025, and thus the benefits (including interest expense savings) are only partially reflected in the results for the quarter.

The table below summarizes the impact of the loss on the sale of securities, as well as other certain items, consisting primarily of branch right sizing costs, early retirement program costs and 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

3Q25

2Q25

3Q24

Net income (loss)

$ (562.8)

$ 54.8

$ 24.7

Branch right sizing costs, net

2.0

0.2

0.4

Early retirement program costs

0.3

1.6

Loss on early extinguishment of debt

0.6

Loss on sale of securities

801.5

28.4

Total pre-tax impact

804.4

1.8

28.8

Tax effect

(176.7)

(0.5)

(7.5)

Total impact on earnings

627.7

1.3

21.3

Adjusted earnings 1,3

$ 64.9

$ 56.1

$ 46.0

Diluted EPS

$ (4.00)

$ 0.43

$ 0.20

Branch right sizing costs, net

0.01

Early retirement program costs

0.01

Loss on early extinguishment of debt

Loss on sale of securities

5.70

0.23

Total pre-tax impact

5.71

0.01

0.23

Tax effect

(1.25)

(0.06)

Total impact on earnings

4.46

0.01

0.17

Adjusted Diluted EPS 1

$ 0.46

$ 0.44

$ 0.37

The Financial Highlights table below summarizes key financial metrics for the third quarter of 2025, the second quarter of 2025 and the third quarter of 2024.

Financial Highlights

3Q25

2Q25

3Q24

3Q25 Highlights

Balance Sheet (in millions)

Comparisons reflect 3Q25 vs 2Q25

unless otherwise noted

Total loans

$17,189

$17,111

$17,336

Total investment securities

3,319

5,997

6,350

Total deposits

19,838

21,825

21,935

Total assets

24,208

26,694

27,269

Total shareholders' equity

3,354

3,549

3,529

Performance Measures (in millions)

Total revenue

$(569.5)

$214.2

$174.8

Adjusted total revenue 1

232.5

214.2

203.2

Pre-provision net revenue 1 (PPNR)

(711.6)

75.6

37.6

Adjusted pre-provision net revenue 1

92.8

77.3

66.4

Provision for credit losses

12.0

11.9

12.1

Per share Data

Diluted earnings

$ (4.00)

$ 0.43

$ 0.20

Adjusted diluted earnings 1

0.46

0.44

0.37

Cash dividend declared

0.2125

0.21

Asset Quality

Net charge-off ratio (NCO ratio)

0.25 %

0.22 %

Nonperforming loan ratio

0.90

0.92

0.59

Nonperforming assets to total assets

0.66

0.62

0.38

Allowance for credit losses to loans (ACL)

1.50

1.48

1.35

Nonperforming loan coverage ratio

168

161

229

Capital Ratios

Equity to assets (EA ratio)

13.85 %

13.30 %

12.94 %

Tangible common equity (TCE) ratio 1

8.53

8.46

8.15

Common equity tier 1 (CET1) ratio

11.54

12.36

12.06

Total risk-based capital ratio

15.07

14.42

14.25

Other Data

Net interest margin (FTE)

3.50 %

3.06 %

2.74 %

Loan yield (FTE)

6.31

6.26

6.44

Cost of deposits

2.25

2.36

2.79

Full-time equivalent employees

2,883

2,947

2,972

Number of financial centers

223

234

Net Interest Income

Net interest income for the third quarter of 2025 totaled $186.7 million, up $14.8 million, or 9 percent, compared to $171.8 million in the second quarter of 2025 and up $28.9 million, or 18 percent, from $157.7 million in the third quarter of 2024. Interest income totaled $313.4 million for the third quarter of 2025, compared to $315.0 million in the second quarter of 2025 and $334.3 million in the third quarter of 2024. The decrease in interest income on a linked quarter basis was primarily due to a decline in the level of interest income derived from investment securities resulting from the balance sheet repositioning undertaken in the third quarter of 2025 that included the sale of lower-yielding investment securities, that was offset by increases in interest income from loans and other earning assets. Interest expense totaled $126.8 million for the third quarter of 2025, compared to $143.2 million in the second quarter of 2025 and $176.6 million in the third quarter of 2024. The decrease in interest expense on a linked quarter basis was primarily due to a reduction of higher rate, non-relationship wholesale and public fund deposits as part of the balance sheet repositioning.

Select Yield/Rates

3Q25

2Q25

1Q25

4Q24

3Q24

Loan yield (FTE) 2

6.31 %

6.26 %

6.20 %

6.32 %

6.44 %

Investment securities yield (FTE) 2

4.01

3.48

3.54

3.63

Cost of interest bearing deposits

2.86

2.97

3.05

3.28

3.52

Cost of deposits

2.25

2.36

2.44

2.60

2.79

Net interest spread (FTE) 2

2.86

2.41

2.30

2.15

1.95

Net interest margin (FTE) 2

3.50

3.06

2.95

2.87

2.74

Noninterest Income

Noninterest income for the third quarter of 2025 was $(756.2) million, compared to $42.4 million in the second quarter of 2025 and $17.1 million in the third 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 $0.6 million loss on the early extinguishment of debt. The third quarter of 2024 included a $28.4 million pre-tax loss on the sale of low-yielding securities. Excluding these items (which are described in the "Reconciliation of Non-GAAP Financial Measures" tables below), adjusted noninterest income 1 was $45.9 million for the third quarter of 2025, $42.4 million in the second quarter of 2025 and $45.5 million in the third quarter of 2024. The increase in adjusted noninterest income on a linked quarter basis was broad based, led by an increase in mortgage lending income and a Small Business Investment Company (SBIC) negative valuation adjustment in the second quarter of 2025, which is included in other income in the table below.

Noninterest Income

$ in millions

3Q25

2Q25

1Q25

4Q24

3Q24

Service charges on deposit accounts

$ 13.0

$ 12.6

$ 13.0

$ 12.7

Wealth management fees

10.0

9.5

9.6

9.7

9.1

Debit and credit card fees

8.5

8.6

8.4

8.3

8.1

Mortgage lending income

2.3

1.7

2.0

1.8

2.0

Other service charges and fees

1.5

1.3

1.4

1.5

Bank owned life insurance

3.9

4.1

3.8

Gain (loss) on sale of securities

(801.5)

(28.4)

Other income

6.1

4.8

8.0

5.6

8.3

Total noninterest income

$(756.2)

$ 42.4

$ 46.2

$ 43.6

$ 17.1

Adjusted noninterest income 1

$ 45.9

$ 42.4

$ 46.2

$ 43.6

$ 45.5

Noninterest Expense

Noninterest expense for the third quarter of 2025 was $142.0 million, compared to $138.6 million in the second quarter of 2025 and $137.2 million in the third quarter of 2024. Included in noninterest expense are certain items consisting of branch right sizing costs, early retirement program costs and termination of vendor and software services. Collectively, these items totaled $2.3 million in the third quarter of 2025, $1.8 million in the second quarter of 2025 and $0.4 million in the third quarter of 2024. Excluding these items (which are described in the "Reconciliation of Non-GAAP Financial Measures" tables below), adjusted noninterest expense 1 was $139.7 million for the third quarter of 2025, and $136.8 million in both the second quarter of 2025 and third quarter of 2024. The increase in adjusted noninterest expense on a linked quarter basis primarily reflected salary and employee benefits accrual adjustments given the Company's financial performance through the third quarter of 2025 and a $1.6 million fraud recovery in the third quarter of 2025.

Noninterest Expense

$ in millions

3Q25

2Q25

1Q25

4Q24

3Q24

Salaries and employee benefits

$ 76.2

$ 73.9

$ 74.8

$ 71.6

$ 69.2

Occupancy expense, net

12.1

11.8

12.7

11.9

12.2

Furniture and equipment

5.3

5.5

5.7

5.6

Deposit insurance

5.2

4.9

5.4

5.6

Other real estate and foreclosure expense

0.2

0.3

0.1

Other operating expenses

43.0

42.3

46.1

44.5

Total noninterest expense

$142.0

$138.6

$144.6

$141.1

$137.2

Adjusted salaries and employee benefits 1

$ 75.9

$ 72.3

$ 74.8

$ 71.4

$ 69.2

Adjusted other operating expenses 1

41.5

42.5

45.9

44.7

44.4

Adjusted noninterest expense 1

139.7

136.8

143.6

139.3

136.8

Efficiency ratio

(25.11) %

62.82 %

66.94 %

65.66 %

75.70 %

Adjusted efficiency ratio 1

57.72

60.52

64.75

62.89

63.38

Full-time equivalent employees

2,883

2,947

2,949

2,946

2,972

Number of financial centers

223

222

234

Loans and Unfunded Loan Commitments

Total loans at the end of the third quarter of 2025 were $17.2 billion, up 2 percent on a linked quarter annualized basis. The increase in total loans was driven by increases in mortgage warehouse, real estate – construction and agricultural, offset in part by declines in real estate – commercial and commercial portfolios. Unfunded loan commitments at the end of the third quarter of 2025 were $4.0 billion, compared to $3.9 billion at the end of the second quarter of 2025. This marked the fourth consecutive quarterly increase in unfunded loan commitments. The commercial loan pipeline totaled $1.6 billion at the end of the third quarter of 2025, and ready to close commercial loans totaled $490 million with a weighted average rate of 7.19 percent.

Loans and Unfunded Loan Commitments

$ in millions

3Q25

2Q25

1Q25

4Q24

3Q24

Total loans

$17,189

$17,111

$17,094

$17,006

$17,336

Unfunded loan commitments

3,955

3,947

3,888

3,739

3,681

Deposits and Other Borrowings

Total deposits at the end of the third quarter of 2025 were $19.8 billion, compared to $21.8 billion at the end of the second quarter of 2025 and $21.9 billion at the end of the third quarter of 2024. The decrease in total deposits reflects a reduction of higher rate, non-relationship wholesale and public fund deposits as part of the balance sheet repositioning previously mentioned. At the same time, the overall mix of deposits improved with noninterest bearing deposits representing 22.1 percent of total deposits at the end of the third quarter of 2025, compared to 20.5 percent at the end of the second quarter of 2025. Interest bearing transaction accounts (excluding interest bearing public funds) represent 42.8 percent of total deposits at the end of the third quarter of 2025, compared to 39.0 percent at the end of the second quarter of 2025.

Other borrowings at the end of the third quarter of 2025 were $18.8 million, compared to $634.3 million at the end of the second quarter of 2025 and $1.0 billion at the end of the third quarter of 2024. The decrease in other borrowings on a linked quarter basis and 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

3Q25

2Q25

1Q25

4Q24

3Q24

Noninterest bearing deposits

$ 4,377

$ 4,468

$ 4,455

$ 4,461

$ 4,522

Interest bearing transaction accounts

10,289

10,532

10,621

10,331

10,038

Time deposits

3,331

3,588

3,695

3,796

4,014

Brokered deposits

1,841

3,237

2,914

3,298

3,361

Total deposits

$19,838

$21,825

$21,684

$21,886

$21,935

Noninterest bearing deposits to total deposits

22 %

20 %

21 %

20 %

21 %

Total loans to total deposits

Asset Quality

Total nonperforming loans at the end of the third quarter of 2025 totaled $153.9 million, compared to $157.2 million at the end of the second quarter of 2025 and $101.7 million at the end of the third quarter of 2024. The decrease in nonperforming loans on a linked quarter basis primarily reflected declines in commercial and real estate – single family loan portfolios, offset in part by an increase in the real estate – commercial portfolio. The increase in nonperforming loans on a year-over-year basis was primarily due to two specific credit relationships that were placed on nonaccrual at the end of first quarter of 2025. The nonperforming loan coverage ratio ended the third quarter of 2025 at 168 percent, compared to 161 percent at the end of the second quarter of 2025 and 229 percent at the end of the third quarter of 2024. Total nonperforming assets as a percentage of total assets were 66 basis points at the end of the third quarter of 2025, compared to 62 basis points at the end of the second quarter of 2025 and 38 basis points at the end of the third quarter of 2024.

Provision for credit losses on loans totaled $15.2 million for the third quarter of 2025, compared to $11.9 million in the second quarter of 2025 and $12.1 million in the third quarter of 2024. The allowance for credit losses on loans at the end of the third quarter of 2025 was $258.0 million, compared to $253.5 million at the end of the second quarter of 2025 and $233.2 million at the end of the third quarter of 2024. The allowance for credit losses on loans as a percentage of total loans was 1.50 percent at the end of the third quarter of 2025, compared to 1.48 percent at the end of the second quarter of 2025 and 1.35 percent at the end of the third quarter of 2024.

Net charge-offs as a percentage of average loans for the third quarter of 2025 were 25 basis points, unchanged from second quarter 2025 levels and up slightly from 22 basis points in the third quarter of 2024. Provision for credit losses on loans exceeded net charge-offs by $4.5 million in the third quarter of 2025, $1.4 million in the second quarter of 2025 and $2.8 million in the third quarter of 2024.

Asset Quality

$ in millions

3Q25

2Q25

1Q25

4Q24

3Q24

Allowance for credit losses on loans to total loans

1.50 %

1.48 %

1.38 %

1.35 %

Allowance for credit losses on loans to nonperforming loans

168

161

165

212

229

Nonperforming loans to total loans

0.90

0.92

0.89

0.65

0.59

Net charge-off ratio (annualized)

0.25

0.23

0.27

0.22

Net charge-off ratio YTD (annualized)

0.24

0.23

0.22

0.20

Total nonperforming loans

$153.9

$157.2

$152.3

$110.7

$101.7

Total other nonperforming assets

6.8

9.5

10.0

10.5

2.6

Total nonperforming assets

$160.7

$166.7

$162.3

$121.2

$104.3

Reserve for unfunded commitments

$25.6

Capital and Subordinated Debt

Total stockholders' equity at the end of the third quarter was $3.4 billion, compared to $3.5 billion at the end of both the second quarter of 2025 and the third quarter of 2024. The decrease on a linked quarter basis and year-over-year basis was primarily due to a decline in undivided profits, reflecting the loss on sale of securities, offset in part by net proceeds of approximately $327 million from a common equity offering completed prior to commencement of the balance sheet repositioning. Book value per share at the end of the third quarter of 2025 was $23.18, compared to $28.17 at the end of the second quarter of 2025 and $28.11 at the end of the third quarter of 2024. Tangible book value per share 1 at the end of the third quarter of 2025 was $13.45, compared to $16.97 at the end of the second quarter of 2025 and $16.78 at the end of the third quarter of 2024. The decrease in book value per share and tangible book value per share was due to the loss on the sale of investment securities.

Total stockholders' equity as a percentage of total assets at the end of the third quarter of 2025 was 13.9 percent, compared to 13.3 percent at the end of the second quarter of 2025 and 12.9 percent at the end of the third quarter of 2024. Tangible common equity as a percentage of tangible assets 1 was 8.5 percent at the end of both the third quarter of 2025 and second quarter of 2025, and 8.2 percent at the end of the third 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.

During the third quarter of 2025, the Company completed the offering and sale of $325 million in aggregate principal amount of its 6.25% Fixed-to-Floating Rate Subordinated Notes due 2035 (the "Notes"). The Notes were priced at par. The Company used the net proceeds from the offering, along with cash on hand, to repay in full the Company's outstanding $330 million principal amount of its Fixed-to-Floating Rate Subordinated Notes due 2028, which was completed on October 1, 2025. Additionally, on July 31, 2025, the Company completed the redemption of the Company's outstanding $37 million principal amount of its Fixed-to-Floating Rate Subordinated Notes due 2030.

Select Capital Ratios

3Q25

2Q25

1Q25

4Q24

3Q24

Stockholders' equity to total assets

13.9 %

13.3 %

13.2 %

13.1 %

12.9 %

Tangible common equity to tangible assets 1

8.5

8.3

8.2

Common equity tier 1 (CET1) ratio

11.5

12.4

12.2

12.4

12.1

Tier 1 leverage ratio

9.6

10.0

9.8

9.7

9.6

Tier 1 risk-based capital ratio

11.5

12.4

12.2

12.4

12.1

Total risk-based capital ratio

15.1

14.4

14.6

14.3

Share Repurchase Program

During the third quarter of 2025, Simmons did not repurchase shares under its stock repurchase program that was authorized in January 2024 (2024 Program), which replaced its former repurchase program that was authorized in January 2022. Remaining authorization under the 2024 Program as of September 30, 2025, was approximately $175 million. The timing, pricing and amount of any repurchases under the 2024 Program will be determined by Simmons' management at its discretion based on a variety of factors including, but not limited to, market conditions, trading volume and market price of Simmons' common stock, Simmons' capital needs, Simmons' working capital and investment requirements, other corporate considerations, economic conditions, and legal requirements. The 2024 Program does not obligate Simmons to repurchase any common stock and may be modified, discontinued or suspended at any time without prior notice.

____________________

(1)

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

(2)

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

(3)

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

Conference Call

Management will conduct a live conference call to review this information beginning at 7:30 a.m. Central Time on Friday, October 17, 2025. Interested persons can listen to this call by dialing toll-free 1-844-481-2779 (North America only) and asking for the Simmons First National Corporation conference call, conference ID 10203266. 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 Greatest Workplaces 2025 in Arkansas. In 2024, Simmons Bank was recognized by Newsweek as one of America's Best Regional Banks 2025, by U.S. News & World Report as one of the 2024-2025 Best Companies to Work For in the South and by Forbes as one of America's Best-In-State Banks 2024 in Tennessee and America's Best-In-State Employers 2024 in Missouri. Additional information about Simmons Bank can be found on our website at simmonsbank.com, by following @Simmons_Bank on X (formerly Twitter) or by visiting our newsroom.

Non-GAAP Financial 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, 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, or the aforementioned two specific credit relationships. The Company's management believes that these non-GAAP financial measures are useful to investors because they, among other things, present the results of the Company's ongoing operations without the effect of mergers or other items not central to the Company's ongoing business, as well as normalize for tax effects and certain other effects. Management, therefore, believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company's ongoing businesses, and management uses these non-GAAP financial measures to assess the performance of the Company's ongoing businesses as related to prior financial periods. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.

Forward-Looking 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. Makris's quote, may be identified by reference to future periods or by the use of forward-looking terminology, such as "believe," "budget," "expect," "foresee," "anticipate," "intend," "indicate," "target," "estimate," "plan," "project," "continue," "contemplate," "positions," "prospects," "predict," or "potential," by future conditional verbs such as "will," "would," "should," "could," "might" or "may," or by variations of such words or by similar expressions. These forward-looking statements include, without limitation, statements relating to Simmons' future growth, business strategies, lending capacity and lending activity, loan demand, revenue, assets, asset quality, profitability, dividends, net interest margin, non-interest revenue, share repurchase program, acquisition strategy, digital banking initiatives, the Company's ability to recruit and retain key employees, the adequacy of the allowance for credit losses, future economic conditions and interest rates, and the adequacy of reserve levels for loans. Any forward-looking statement speaks only as of the date of this press release, and Simmons undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this press release. By nature, forward-looking statements are based on various assumptions and involve inherent risk and uncertainties. Various factors, including, but not limited to, changes in economic conditions, changes in credit quality, changes in interest rates and related governmental policies, 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 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 June 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

Sep 30

Jun 30

Mar 31

Dec 31

Sep 30

(Unaudited)

2025

2024

($ in thousands)

ASSETS

Cash and noninterest bearing balances due from banks

$ 377,604

$ 398,081

$ 423,171

$ 429,705

$ 398,321

Interest bearing balances due from banks and federal funds sold

266,013

246,381

211,115

257,672

205,081

Cash and cash equivalents

643,617

644,462

634,286

687,377

603,402

Interest bearing balances due from banks - time

100

Investment securities - held-to-maturity

3,591,531

3,615,556

3,636,636

3,658,700

Investment securities - available-for-sale

3,319,277

2,405,320

2,491,849

2,529,426

2,691,094

Mortgage loans held for sale

15,507

16,972

8,351

11,417

8,270

Assets held in trading accounts

12,695

Loans:

Loans

17,188,817

17,111,096

17,094,078

17,005,937

17,336,040

Allowance for credit losses on loans

(258,006)

(253,537)

(252,168)

(235,019)

(233,223)

Net loans

16,930,811

16,857,559

16,841,910

16,770,918

17,102,817

Premises and equipment

568,343

573,160

573,616

585,431

584,366

Foreclosed assets and other real estate owned

6,386

8,794

8,976

9,270

1,299

Interest receivable

104,383

120,443

117,398

123,243

125,700

Bank owned life insurance

539,372

535,481

535,324

531,805

508,781

Goodwill

1,320,799

Other intangible assets

87,520

90,617

93,714

97,242

101,093

Other assets

659,352

528,382

551,112

572,385

562,983

Total assets

$ 24,208,162

$ 26,693,620

$ 26,792,991

$ 26,876,049

$ 27,269,404

LIABILITIES AND STOCKHOLDERS' EQUITY

Deposits:

Noninterest bearing transaction accounts

$ 4,377,232

$ 4,468,237

$ 4,455,255

$ 4,460,517

$ 4,521,715

Interest bearing transaction accounts and savings deposits

10,932,914

11,176,791

11,265,554

10,982,022

10,863,945

Time deposits

4,527,587

6,179,962

5,963,811

6,443,211

6,549,774

Total deposits

19,837,733

21,824,990

21,684,620

21,885,750

21,935,434

Federal funds purchased and securities sold

under agreements to repurchase

22,348

31,306

50,133

37,109

51,071

Other borrowings

18,832

634,349

884,863

745,372

1,045,878

Subordinated notes and debentures

651,250

366,369

366,331

366,293

366,255

Accrued interest and other liabilities

324,036

287,396

275,559

312,653

341,933

Total liabilities

20,854,199

23,144,410

23,261,506

23,347,177

23,740,571

Stockholders' equity:

Common stock

1,447

1,260

1,259

1,257

1,256

Surplus

2,848,977

2,518,286

2,515,372

2,511,590

2,508,438

Undivided profits

817,022

1,410,564

1,382,564

1,376,935

1,355,000

Accumulated other comprehensive (loss) income

(313,483)

(380,900)

(367,710)

(360,910)

(335,861)

Total stockholders' equity

3,353,963

3,549,210

3,531,485

3,528,872

3,528,833

Total liabilities and stockholders' equity

$ 24,208,162

$ 26,693,620

$ 26,792,991

$ 26,876,049

$ 27,269,404

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)

2025

2024

($ in thousands, except per share data)

INTEREST INCOME

Loans (including fees)

$ 269,210

$ 265,373

$ 257,755

$ 272,727

$ 277,939

Interest bearing balances due from banks and federal funds sold

6,421

2,531

2,703

2,913

2,921

Investment securities

37,464

46,898

47,257

50,162

53,220

Mortgage loans held for sale

229

221

122

180

209

Assets held in trading accounts

TOTAL INTEREST INCOME

313,423

315,023

307,837

325,982

334,289

INTEREST EXPENSE

Time deposits

49,064

57,231

62,559

70,661

73,937

Other deposits

67,546

69,108

67,895

72,369

78,307

Federal funds purchased and securities

sold under agreements to repurchase

113

119

138

Other borrowings

2,957

10,613

7,714

11,386

17,067

Subordinated notes and debentures

7,123

6,188

6,134

6,505

7,128

TOTAL INTEREST EXPENSE

126,762

143,199

144,415

161,040

176,577

NET INTEREST INCOME

186,661

171,824

163,422

164,942

157,712

PROVISION FOR CREDIT LOSSES

Provision for credit losses on loans

15,180

11,945

26,797

13,332

12,148

TOTAL PROVISION FOR CREDIT LOSSES

11,966

11,945

26,797

13,332

12,148

NET INTEREST INCOME AFTER PROVISION

FOR CREDIT LOSSES

174,695

159,879

136,625

151,610

145,564

NONINTEREST INCOME

Service charges on deposit accounts

13,045

12,588

12,635

12,978

12,713

Debit and credit card fees

8,478

8,567

8,446

8,323

8,144

Wealth management fees

9,965

9,464

9,629

9,658

9,098

Mortgage lending income

2,259

1,687

2,013

1,828

1,956

Bank owned life insurance income

3,943

3,890

4,092

3,780

3,757

Other service charges and fees (includes insurance income)

1,474

1,321

1,333

1,426

1,509

Gain (loss) on sale of securities

(801,492)

(28,393)

Other income

6,141

4,837

8,007

5,565

8,346

TOTAL NONINTEREST INCOME

(756,187)

42,354

46,155

43,558

17,130

NONINTEREST EXPENSE

Salaries and employee benefits

76,249

73,862

74,824

71,588

69,167

Occupancy expense, net

12,106

11,844

12,651

11,876

12,216

Furniture and equipment expense

5,275

5,474

5,465

5,671

5,612

Other real estate and foreclosure expense

200

216

198

317

Deposit insurance

5,175

4,917

5,391

5,550

5,571

Other operating expenses

43,027

42,276

46,051

46,115

44,540

TOTAL NONINTEREST EXPENSE

142,032

138,589

144,580

141,117

137,193

NET INCOME (LOSS) BEFORE INCOME TAXES

(723,524)

63,644

38,200

54,051

25,501

Provision for income taxes

(160,732)

8,871

5,812

5,732

761

NET INCOME (LOSS)

$ (562,792)

$ 54,773

$ 32,388

$ 48,319

$ 24,740

BASIC EARNINGS PER SHARE

$ (4.01)

$ 0.43

$ 0.26

$ 0.38

$ 0.20

DILUTED EARNINGS PER SHARE

$ (4.00)

$ 0.43

$ 0.26

$ 0.38

$ 0.20

Simmons First National Corporation

SFNC

Consolidated Risk-Based Capital

For the Quarters Ended

Sep 30

Jun 30

Mar 31

Dec 31

Sep 30

(Unaudited)

2025

2024

($ in thousands)

Tier 1 capital

Stockholders' equity

$ 3,353,963

$ 3,549,210

$ 3,531,485

$ 3,528,872

$ 3,528,833

CECL transition provision (1)

30,873

Disallowed intangible assets, net of deferred tax

(1,376,255)

(1,379,104)

(1,381,953)

(1,385,128)

(1,388,549)

Unrealized loss (gain) on AFS securities

313,483

380,900

367,710

360,910

335,861

Total Tier 1 capital

2,291,191

2,551,006

2,517,242

2,535,527

2,507,018

Tier 2 capital

Subordinated notes and debentures

651,250

366,369

366,331

366,293

366,255

Subordinated debt phase out

(198,000)

(132,000)

Qualifying allowance for loan losses and

reserve for unfunded commitments

248,710

258,079

257,769

222,313

220,517

Total Tier 2 capital

701,960

426,448

492,100

456,606

454,772

Total risk-based capital

$ 2,993,151

$ 2,977,454

$ 3,009,342

$ 2,992,133

$ 2,961,790

Risk weighted assets

$ 19,861,879

$ 20,646,324

$ 20,621,540

$ 20,473,960

$ 20,790,941

Adjusted average assets for leverage ratio

$ 23,963,356

$ 25,606,135

$ 25,619,424

$ 26,037,459

$ 26,198,178

Ratios at end of quarter

Equity to assets

13.85 %

13.30 %

13.18 %

13.13 %

12.94 %

Tangible common equity to tangible assets (2)

8.53 %

8.46 %

8.34 %

8.29 %

8.15 %

Common equity Tier 1 ratio (CET1)

11.54 %

12.36 %

12.21 %

12.38 %

12.06 %

Tier 1 leverage ratio

9.56 %

9.96 %

9.83 %

9.74 %

9.57 %

Tier 1 risk-based capital ratio

11.54 %

12.36 %

12.21 %

12.38 %

12.06 %

Total risk-based capital ratio

15.07 %

14.42 %

14.59 %

14.61 %

14.25 %

(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)

2025

2024

($ in thousands)

Investment Securities - End of Period

Held-to-Maturity

U.S. Government agencies

$ -

$ 457,228

$ 456,545

$ 455,869

$ 455,179

Mortgage-backed securities

1,024,313

1,048,170

1,070,032

1,093,070

State and political subdivisions

1,855,614

1,856,905

1,857,177

1,857,283

Other securities

254,376

253,936

253,558

253,168

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

3,591,531

3,615,556

3,636,636

3,658,700

Available-for-Sale

U.S. Treasury

$ -

$ 400

$ 699

$ 996

$ 1,290

U.S. Government agencies

48,355

49,498

52,318

54,547

58,397

Mortgage-backed securities

2,249,593

1,349,991

1,380,913

1,392,759

1,510,402

State and political subdivisions

845,371

807,842

832,898

858,182

898,178

Other securities

175,958

197,589

225,021

222,942

222,827

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

3,319,277

2,405,320

2,491,849

2,529,426

2,691,094

Total investment securities (net of credit losses)

$ 3,319,277

$ 5,996,851

$ 6,107,405

$ 6,166,062

$ 6,349,794

Fair value - HTM investment securities

$ -

$ 2,891,974

$ 2,929,625

$ 2,949,951

$ 3,109,610

Simmons First National Corporation

SFNC

Consolidated Loans

For the Quarters Ended

Sep 30

Jun 30

Mar 31

Dec 31

Sep 30

(Unaudited)

2025

2024

($ in thousands)

Loan Portfolio - End of Period

Consumer:

Credit cards

$ 173,020

$ 176,166

$ 179,680

$ 181,675

$ 177,696

Other consumer

112,335

123,831

97,198

127,319

113,896

Total consumer

285,355

299,997

276,878

308,994

291,592

Real Estate:

Construction

2,874,823

2,784,578

2,778,245

2,789,249

2,796,378

Single-family residential

2,617,849

2,625,717

2,647,451

2,689,946

2,724,648

Other commercial real estate

7,875,649

7,961,412

8,051,304

7,912,336

7,992,437

Total real estate

13,368,321

13,371,707

13,477,000

13,391,531

13,513,463

Commercial:

Commercial

2,397,388

2,440,507

2,372,681

2,434,175

2,467,384

Agricultural

353,181

333,078

264,469

261,154

314,340

Total commercial

2,750,569

2,773,585

2,637,150

2,695,329

2,781,724

Other

784,572

665,807

703,050

610,083

749,261

Total loans

$ 17,188,817

$ 17,111,096

$ 17,094,078

$ 17,005,937

$ 17,336,040

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)

2025

2024

($ in thousands)

Allowance for Credit Losses on Loans

Beginning balance

$ 253,537

$ 252,168

$ 235,019

$ 233,223

$ 230,389

Loans charged off:

Credit cards

1,862

1,702

1,460

1,629

1,744

Other consumer

600

351

1,133

505

524

Real estate

1,350

1,450

4,425

3,810

159

Commercial

8,079

8,257

4,243

6,796

8,235

Total loans charged off

11,891

11,760

11,261

12,740

10,662

Recoveries of loans previously charged off:

Credit cards

257

334

211

391

231

Other consumer

303

294

306

279

275

Real estate

115

275

403

Commercial

505

469

997

259

439

Total recoveries

1,180

1,184

1,613

1,204

1,348

Net loans charged off

10,711

10,576

9,648

11,536

9,314

Provision for credit losses on loans

15,180

11,945

26,797

13,332

12,148

Balance, end of quarter

$ 258,006

$ 253,537

$ 252,168

$ 235,019

$ 233,223

Nonperforming assets

Nonperforming loans:

Nonaccrual loans

$ 153,516

$ 156,453

$ 151,897

$ 110,154

$ 100,865

Loans past due 90 days or more

423

709

494

603

830

Total nonperforming loans

153,939

157,162

152,391

110,757

101,695

Other nonperforming assets:

Foreclosed assets and other real estate owned

6,386

8,794

8,976

9,270

1,299

Other nonperforming assets

392

759

978

1,202

1,311

Total other nonperforming assets

6,778

9,553

9,954

10,472

2,610

Total nonperforming assets

$ 160,717

$ 166,715

$ 162,345

$ 121,229

$ 104,305

Ratios

Allowance for credit losses on loans to total loans

1.50 %

1.48 %

1.38 %

1.35 %

Allowance for credit losses to nonperforming loans

168 %

161 %

165 %

212 %

229 %

Nonperforming loans to total loans

0.90 %

0.92 %

0.89 %

0.65 %

0.59 %

Nonperforming assets to total assets

0.66 %

0.62 %

0.61 %

0.45 %

0.38 %

Annualized net charge offs to average loans (QTD)

0.25 %

0.23 %

0.27 %

0.22 %

Annualized net charge offs to average loans (YTD)

0.24 %

0.23 %

0.22 %

0.20 %

Annualized net credit card charge offs to

average credit card loans (QTD)

3.64 %

2.99 %

2.72 %

2.63 %

3.23 %

Simmons First National Corporation

SFNC

Consolidated - Average Balance Sheet and Net Interest Income Analysis

For the Quarters Ended

(Unaudited)

Three Months Ended

Sep 2025

Three Months Ended

Jun 2025

Three Months Ended

Sep 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

$ 566,344

$ 6,421

4.50 %

$ 219,928

$ 2,531

4.62 %

$ 204,505

$ 2,921

5.68 %

Investment securities - taxable

2,751,493

29,183

4.21 %

3,483,805

31,233

3.60 %

3,826,934

37,473

3.90 %

Investment securities - non-taxable (FTE)

1,242,936

11,210

3.58 %

2,564,037

21,210

3.32 %

2,617,532

21,318

3.24 %

Mortgage loans held for sale

13,776

229

6.60 %

13,063

221

6.79 %

12,425

209

6.69 %

Assets held in trading accounts

11,305

3.47 %

0.00 %

Other loans held for sale

0.00 %

Loans - including fees (FTE)

16,976,231

270,092

6.31 %

17,046,802

266,250

6.26 %

17,208,162

278,766

6.44 %

Total interest earning assets (FTE)

21,562,085

317,234

5.84 %

23,327,635

321,445

5.53 %

23,869,558

340,687

5.68 %

Non-earning assets

3,352,837

3,317,496

3,346,882

Total assets

$ 24,914,922

$ 26,645,131

$ 27,216,440

LIABILITIES AND STOCKHOLDERS' EQUITY

Interest bearing liabilities:

Interest bearing transaction and

savings accounts

$ 11,043,132

$ 67,546

2.43 %

$ 11,220,060

$ 69,108

2.47 %

$ 10,826,514

$ 78,307

2.88 %

Time deposits

5,116,070

49,064

3.80 %

5,820,499

57,231

3.94 %

6,355,801

73,937

4.63 %

Total interest bearing deposits

16,159,202

116,610

2.86 %

17,040,559

126,339

2.97 %

17,182,315

152,244

3.52 %

Federal funds purchased and securities

sold under agreement to repurchase

23,306

1.23 %

32,565

0.73 %

51,830

138

1.06 %

Other borrowings

268,278

2,957

4.37 %

960,817

10,613

4.43 %

1,252,435

17,067

5.42 %

Subordinated notes and debentures

407,922

7,123

6.93 %

366,350

6,188

6.77 %

366,236

7,128

7.74 %

Total interest bearing liabilities

16,858,708

126,762

2.98 %

18,400,291

143,199

3.12 %

18,852,816

176,577

3.73 %

Noninterest bearing liabilities:

Noninterest bearing deposits

4,369,941

4,390,454

4,535,105

Other liabilities

317,965

308,223

323,378

Total liabilities

21,546,614

23,098,968

23,711,299

Stockholders' equity

3,368,308

3,546,163

3,505,141

Total liabilities and stockholders' equity

$ 24,914,922

$ 26,645,131

$ 27,216,440

Net interest income (FTE)

$ 190,472

$ 178,246

$ 164,110

Net interest spread (FTE)

2.86 %

2.41 %

1.95 %

Net interest margin (FTE)

3.50 %

3.06 %

2.74 %

Simmons First National Corporation

SFNC

Consolidated - Selected Financial Data

For the Quarters Ended

Sep 30

Jun 30

Mar 31

Dec 31

Sep 30

(Unaudited)

2025

2024

($ in thousands, except share data)

QUARTER-TO-DATE

Financial Highlights - As Reported

Net Income (loss)

$ (562,792)

$ 54,773

$ 32,388

$ 48,319

$ 24,740

Diluted earnings per share

(4.00)

0.43

0.26

0.38

0.20

Return on average assets

-8.96 %

0.82 %

0.49 %

0.71 %

0.36 %

Return on average common equity

-66.29 %

6.20 %

3.69 %

5.43 %

2.81 %

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

-113.56 %

10.73 %

6.61 %

9.59 %

5.27 %

Net interest margin (FTE)

3.50 %

3.06 %

2.95 %

2.87 %

2.74 %

Efficiency ratio (2)

-25.11 %

62.82 %

66.94 %

65.66 %

75.70 %

FTE adjustment

3,811

6,422

6,414

6,424

6,398

Average diluted shares outstanding

140,648,704

126,406,453

126,336,557

126,232,084

125,999,269

Cash dividends declared per common share

0.213

0.210

Accretable yield on acquired loans

725

1,263

1,084

1,863

1,496

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

Adjusted earnings

$ 64,930

$ 56,071

$ 33,122

$ 49,634

$ 46,005

Adjusted diluted earnings per share

0.46

0.44

0.26

0.39

0.37

Adjusted return on average assets

1.03 %

0.84 %

0.50 %

0.73 %

0.67 %

Adjusted return on average common equity

7.65 %

6.34 %

3.77 %

5.57 %

5.22 %

Adjusted return on tangible common equity

13.62 %

10.97 %

6.75 %

9.83 %

9.34 %

Adjusted efficiency ratio (2)

57.72 %

60.52 %

64.75 %

62.89 %

63.38 %

YEAR-TO-DATE

Financial Highlights - GAAP

Net Income (loss)

$ (475,631)

$ 87,161

$ 32,388

$ 152,693

$ 104,374

Diluted earnings per share

(3.63)

0.69

0.26

1.21

0.83

Return on average assets

-2.44 %

0.66 %

0.49 %

0.56 %

0.51 %

Return on average common equity

-18.21 %

4.94 %

3.69 %

4.38 %

4.02 %

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

-30.13 %

8.67 %

6.61 %

7.96 %

7.39 %

Net interest margin (FTE)

3.17 %

3.01 %

2.95 %

2.74 %

2.70 %

Efficiency ratio (2)

-329.30 %

64.86 %

66.94 %

69.57 %

71.00 %

FTE adjustment

16,647

12,836

6,414

25,820

19,396

Average diluted shares outstanding

131,132,891

126,325,650

126,336,557

126,115,606

125,910,260

Cash dividends declared per common share

0.638

0.425

0.213

0.840

0.630

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

Adjusted earnings

$ 154,123

$ 89,193

$ 33,122

$ 177,887

$ 128,253

Adjusted diluted earnings per share

1.18

0.71

0.26

1.41

1.02

Adjusted return on average assets

0.79 %

0.67 %

0.50 %

0.65 %

0.63 %

Adjusted return on average common equity

5.90 %

5.06 %

3.77 %

5.10 %

4.94 %

Adjusted return on tangible common equity

10.37 %

8.86 %

6.75 %

9.18 %

8.96 %

Adjusted efficiency ratio (2)

60.90 %

62.62 %

64.75 %

64.56 %

65.14 %

END OF PERIOD

Book value per share

$ 23.18

$ 28.17

$ 28.04

$ 28.08

$ 28.11

Tangible book value per share

13.45

16.97

16.81

16.80

16.78

Shares outstanding

144,703,075

125,996,248

125,926,822

125,651,540

125,554,598

Full-time equivalent employees

2,883

2,947

2,949

2,946

2,972

Total number of financial centers

223

222

234

(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)

2025

2024

(in thousands, except per share data)

QUARTER-TO-DATE

Net income (loss)

$ (562,792)

$ 54,773

$ 32,388

$ 48,319

$ 24,740

Certain items (non-GAAP)

Loss on early extinguishment of debt

570

Early retirement program

305

1,594

200

(1)

Termination of vendor and software services

(13)

Loss (gain) on sale of securities

801,492

28,393

Branch right sizing (net)

2,004

163

994

1,581

410

Tax effect of certain items (1)

(176,649)

(459)

(260)

(466)

(7,524)

Certain items, net of tax

627,722

1,298

734

1,315

21,265

Adjusted earnings (non-GAAP) (2)

$ 64,930

$ 56,071

$ 33,122

$ 49,634

$ 46,005

Diluted earnings per share

$ (4.00)

$ 0.43

$ 0.26

$ 0.38

$ 0.20

Certain items (non-GAAP)

Loss on early extinguishment of debt

Early retirement program

0.01

Termination of vendor and software services

Loss (gain) on sale of securities

5.70

0.23

Branch right sizing (net)

0.01

Tax effect of certain items (1)

(1.25)

(0.06)

Certain items, net of tax

4.46

0.01

0.17

Adjusted diluted earnings per share (non-GAAP)

$ 0.46

$ 0.44

$ 0.26

$ 0.39

$ 0.37

(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

$ (756,187)

$ 42,354

$ 46,155

$ 43,558

$ 17,130

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)

$ 45,875

$ 42,354

$ 46,155

$ 43,558

$ 45,523

Other income

$ 6,141

$ 4,837

$ 8,007

$ 5,565

$ 8,346

Certain other income items

Loss on early extinguishment of debt

570

Adjusted other income (non-GAAP)

$ 6,711

$ 4,837

$ 8,007

$ 5,565

$ 8,346

Noninterest expense

$ 142,032

$ 138,589

$ 144,580

$ 141,117

$ 137,193

Certain noninterest expense items

Early retirement program

(305)

(1,594)

(200)

Termination of vendor and software services

Branch right sizing expense

(2,004)

(163)

(994)

(1,581)

(410)

Adjusted noninterest expense (non-GAAP)

139,723

136,832

143,586

139,336

136,797

Less: Fraud event

(4,300)

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

$ 139,723

$ 136,832

$ 139,286

$ 139,336

$ 136,797

Salaries and employee benefits

$ 76,249

$ 73,862

$ 74,824

$ 71,588

$ 69,167

Certain salaries and employee benefits items

Early retirement program

(305)

(1,594)

(200)

Other

(1)

Adjusted salaries and employee benefits (non-GAAP)

$ 75,943

$ 72,269

$ 74,824

$ 71,388

$ 69,167

Other operating expenses

$ 43,027

$ 42,276

$ 46,051

$ 46,115

$ 44,540

Certain other operating expenses items

Termination of vendor and software services

Branch right sizing expense

(1,556)

255

(161)

(1,457)

(184)

Adjusted other operating expenses (non-GAAP)

$ 41,471

$ 42,531

$ 45,890

$ 44,658

$ 44,369

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)

2025

2024

(in thousands, except per share data)

YEAR-TO-DATE

Net income (loss)

$ (475,631)

$ 87,161

$ 32,388

$ 152,693

$ 104,374

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

336

Termination of vendor and software services

602

Loss (gain) on sale of securities

801,492

28,393

Branch right sizing (net)

3,161

1,157

994

2,746

1,165

Tax effect of certain items (1)

(177,368)

(719)

(260)

(8,915)

(8,449)

Certain items, net of tax

629,754

2,032

734

25,194

23,879

Adjusted earnings (non-GAAP) (2)

$ 154,123

$ 89,193

$ 33,122

$ 177,887

$ 128,253

Diluted earnings per share

$ (3.63)

$ 0.69

$ 0.26

$ 1.21

$ 0.83

Certain items (non-GAAP)

Loss on early extinguishment of debt

FDIC Deposit Insurance special assessment

0.02

Early retirement program

0.02

0.01

Termination of vendor and software services

Loss (gain) on sale of securities

6.11

0.23

Branch right sizing (net)

0.02

0.01

0.02

0.01

Tax effect of certain items (1)

(1.34)

(0.07)

Certain items, net of tax

4.81

0.02

0.20

0.19

Adjusted diluted earnings per share (non-GAAP)

$ 1.18

$ 0.71

$ 0.26

$ 1.41

$ 1.02

(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

$ (667,678)

$ 88,509

$ 46,155

$ 147,171

$ 103,613

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)

$ 134,384

$ 88,509

$ 46,155

$ 175,564

$ 132,006

Other income

$ 18,985

$ 12,844

$ 8,007

$ 27,493

$ 21,928

Certain other income items

Loss on early extinguishment of debt

570

Adjusted other income (non-GAAP)

$ 19,555

$ 12,844

$ 8,007

$ 27,493

$ 21,928

Noninterest expense

$ 425,201

$ 283,169

$ 144,580

$ 557,543

$ 416,426

Certain noninterest expense items

Early retirement program

(1,899)

(1,594)

(536)

(336)

FDIC Deposit Insurance special assessment

(1,832)

Termination of vendor and software services

(602)

Branch right sizing expense

(3,161)

(1,157)

(994)

(2,746)

(1,165)

Adjusted noninterest expense (non-GAAP)

420,141

280,418

143,586

551,827

412,491

Less: Fraud event

(4,300)

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

$ 415,841

$ 276,118

$ 139,286

$ 551,827

$ 412,491

Salaries and employee benefits

$ 224,935

$ 148,686

$ 74,824

$ 284,124

$ 212,536

Certain salaries and employee benefits items

Early retirement program

(1,899)

(1,594)

(536)

(336)

Other

Adjusted salaries and employee benefits (non-GAAP)

$ 223,036

$ 147,093

$ 74,824

$ 283,588

$ 212,200

Other operating expenses

$ 131,354

$ 88,327

$ 46,051

$ 178,520

$ 132,405

Certain other operating expenses items

Termination of vendor and software services

(602)

Branch right sizing expense

(1,462)

(161)

(2,116)

(659)

Adjusted other operating expenses (non-GAAP)

$ 129,892

$ 88,421

$ 45,890

$ 175,802

$ 131,144

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)

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

$ 3,353,963

$ 3,549,210

$ 3,531,485

$ 3,528,872

$ 3,528,833

Intangible assets:

Goodwill

(1,320,799)

Other intangible assets

(87,520)

(90,617)

(93,714)

(97,242)

(101,093)

Total intangibles

(1,408,319)

(1,411,416)

(1,414,513)

(1,418,041)

(1,421,892)

Tangible common stockholders' equity

$ 1,945,644

$ 2,137,794

$ 2,116,972

$ 2,110,831

$ 2,106,941

Total assets

$ 24,208,162

$ 26,693,620

$ 26,792,991

$ 26,876,049

$ 27,269,404

Intangible assets:

Goodwill

(1,320,799)

Other intangible assets

(87,520)

(90,617)

(93,714)

(97,242)

(101,093)

Total intangibles

(1,408,319)

(1,411,416)

(1,414,513)

(1,418,041)

(1,421,892)

Tangible assets

$ 22,799,843

$ 25,282,204

$ 25,378,478

$ 25,458,008

$ 25,847,512

Ratio of common equity to assets

13.85 %

13.30 %

13.18 %

13.13 %

12.94 %

Ratio of tangible common equity to tangible assets

8.53 %

8.46 %

8.34 %

8.29 %

8.15 %

Calculation of Tangible Book Value per Share

Total common stockholders' equity

$ 3,353,963

$ 3,549,210

$ 3,531,485

$ 3,528,872

$ 3,528,833

Intangible assets:

Goodwill

(1,320,799)

Other intangible assets

(87,520)

(90,617)

(93,714)

(97,242)

(101,093)

Total intangibles

(1,408,319)

(1,411,416)

(1,414,513)

(1,418,041)

(1,421,892)

Tangible common stockholders' equity

$ 1,945,644

$ 2,137,794

$ 2,116,972

$ 2,110,831

$ 2,106,941

Shares of common stock outstanding

144,703,075

125,996,248

125,926,822

125,651,540

125,554,598

Book value per common share

$ 23.18

$ 28.17

$ 28.04

$ 28.08

$ 28.11

Tangible book value per common share

$ 13.45

$ 16.97

$ 16.81

$ 16.80

$ 16.78

Calculation of Coverage Ratio of Uninsured, Non-Collateralized Deposits

Uninsured deposits at Simmons Bank

$ 9,565,766

$ 8,407,847

$ 8,614,833

$ 8,467,291

$ 8,355,496

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

2,169,362

2,691,215

3,005,328

2,790,339

2,710,167

Less: Intercompany eliminations

2,937,147

1,121,932

1,073,500

1,045,734

986,626

Total uninsured, non-collateralized deposits

$ 4,459,257

$ 4,594,700

$ 4,536,005

$ 4,631,218

$ 4,658,703

FHLB borrowing availability

$ 6,134,000

$ 5,133,000

$ 4,432,000

$ 4,716,000

$ 4,955,000

Unpledged securities

1,575,000

3,697,000

4,197,000

4,103,000

4,110,000

Fed funds lines, Fed discount window and

Bank Term Funding Program (1)

1,824,000

1,894,000

1,780,000

2,081,000

2,109,000

Additional liquidity sources

$ 9,533,000

$ 10,724,000

$ 10,409,000

$ 10,900,000

$ 11,174,000

Uninsured, non-collateralized deposit coverage ratio

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.

Calculation of Net Charge Off Ratio

Net charge offs

$ 10,711

$ 10,576

$ 9,648

$ 11,536

$ 9,314

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

500

1,100

1,900

2,500

3,500

Net charge offs excluding run-off portfolio

$ 10,211

$ 9,476

$ 7,748

$ 9,036

$ 5,814

Average total loans

$ 16,976,231

$ 17,046,802

$ 16,920,050

$ 17,212,034

$ 17,208,162

Annualized net charge offs to average loans (NCO ratio)

0.25 %

0.23 %

0.27 %

0.22 %

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

portfolio (annualized)

0.24 %

0.22 %

0.19 %

0.21 %

0.13 %

(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)

2025

2024

($ in thousands)

Calculation of Adjusted Return on Average Assets

Net income (loss)

$ (562,792)

$ 54,773

$ 32,388

$ 48,319

$ 24,740

Certain items (non-GAAP)

Loss on early extinguishment of debt

570

Early retirement program

305

1,594

200

(1)

Termination of vendor and software services

(13)

Loss (gain) on sale of securities

801,492

28,393

Branch right sizing (net)

2,004

163

994

1,581

410

Tax effect of certain items (2)

(176,649)

(459)

(260)

(466)

(7,524)

Adjusted earnings (non-GAAP)

$ 64,930

$ 56,071

$ 33,122

$ 49,634

$ 46,005

Average total assets

$ 24,914,922

$ 26,645,131

$ 26,678,628

$ 27,078,943

$ 27,216,440

Return on average assets

-8.96 %

0.82 %

0.49 %

0.71 %

0.36 %

Adjusted return on average assets (non-GAAP)

1.03 %

0.84 %

0.50 %

0.73 %

0.67 %

Calculation of Return on Tangible Common Equity

Net income (loss) available to common stockholders

$ (562,792)

$ 54,773

$ 32,388

$ 48,319

$ 24,740

Amortization of intangibles, net of taxes

2,287

2,289

2,605

2,843

2,845

Total income available to common stockholders

$ (560,505)

$ 57,062

$ 34,993

$ 51,162

$ 27,585

Certain items (non-GAAP)

Loss on early extinguishment of debt

570

Early retirement program

305

1,594

200

(1)

Termination of vendor and software services

(13)

Loss (gain) on sale of securities

801,492

28,393

Branch right sizing (net)

2,004

163

994

1,581

410

Tax effect of certain items (2)

(176,649)

(459)

(260)

(466)

(7,524)

Adjusted earnings (non-GAAP)

64,930

56,071

33,122

49,634

46,005

Amortization of intangibles, net of taxes

2,287

2,289

2,605

2,843

2,845

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

$ 67,217

$ 58,360

$ 35,727

$ 52,477

$ 48,850

Average common stockholders' equity

$ 3,368,308

$ 3,546,163

$ 3,564,469

$ 3,543,146

$ 3,505,141

Average intangible assets:

Goodwill

(1,320,799)

Other intangibles

(89,349)

(92,432)

(95,787)

(99,405)

(103,438)

Total average intangibles

(1,410,148)

(1,413,231)

(1,416,586)

(1,420,204)

(1,424,237)

Average tangible common stockholders' equity (non-GAAP)

$ 1,958,160

$ 2,132,932

$ 2,147,883

$ 2,122,942

$ 2,080,904

Return on average common equity

-66.29 %

6.20 %

3.69 %

5.43 %

2.81 %

Return on tangible common equity

-113.56 %

10.73 %

6.61 %

9.59 %

5.27 %

Adjusted return on average common equity (non-GAAP)

7.65 %

6.34 %

3.77 %

5.57 %

5.22 %

Adjusted return on tangible common equity (non-GAAP)

13.62 %

10.97 %

6.75 %

9.83 %

9.34 %

Calculation of Efficiency Ratio and Adjusted Efficiency Ratio (1)

Noninterest expense (efficiency ratio numerator)

$ 142,032

$ 138,589

$ 144,580

$ 141,117

$ 137,193

Certain noninterest expense items (non-GAAP)

Early retirement program

(305)

(1,594)

(200)

Termination of vendor and software services

Branch right sizing expense

(2,004)

(163)

(994)

(1,581)

(410)

Other real estate and foreclosure expense adjustment

(200)

(216)

(198)

(317)

(87)

Amortization of intangibles adjustment

(3,097)

(3,098)

(3,527)

(3,850)

(3,851)

Adjusted efficiency ratio numerator

$ 136,426

$ 133,518

$ 139,861

$ 135,169

$ 132,859

Net interest income

$ 186,661

$ 171,824

$ 163,422

$ 164,942

$ 157,712

Noninterest income

(756,187)

42,354

46,155

43,558

17,130

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

3,811

6,422

6,414

6,424

6,398

Efficiency ratio denominator

(565,715)

220,600

215,991

214,924

181,240

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

$ 236,347

$ 220,600

$ 215,991

$ 214,924

$ 209,633

Efficiency ratio (1)

-25.11 %

62.82 %

66.94 %

65.66 %

75.70 %

Adjusted efficiency ratio (non-GAAP) (1)

57.72 %

60.52 %

64.75 %

62.89 %

63.38 %

(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 - Quarter-to-Date (continued)

For the Quarters Ended

Sep 30

Jun 30

Mar 31

Dec 31

Sep 30

(Unaudited)

2025

2024

($ in thousands)

Calculation of Total Revenue and Adjusted Total Revenue

Net interest income

$ 186,661

$ 171,824

$ 163,422

$ 164,942

$ 157,712

Noninterest income

(756,187)

42,354

46,155

43,558

17,130

Total revenue

(569,526)

214,178

209,577

208,500

174,842

Certain items, pre-tax (non-GAAP)

Plus: Loss on early extinguishment of debt

570

Less: Gain (loss) on sale of securities

(801,492)

(28,393)

Adjusted total revenue

$ 232,536

$ 214,178

$ 209,577

$ 208,500

$ 203,235

Calculation of Pre-Provision Net Revenue (PPNR)

Net interest income

$ 186,661

$ 171,824

$ 163,422

$ 164,942

$ 157,712

Noninterest income

(756,187)

42,354

46,155

43,558

17,130

Total revenue

(569,526)

214,178

209,577

208,500

174,842

Less: Noninterest expense

142,032

138,589

144,580

141,117

137,193

Pre-Provision Net Revenue (PPNR)

$ (711,558)

$ 75,589

$ 64,997

$ 67,383

$ 37,649

Calculation of Adjusted Pre-Provision Net Revenue

Pre-Provision Net Revenue (PPNR)

$ (711,558)

$ 75,589

$ 64,997

$ 67,383

$ 37,649

Certain items, pre-tax (non-GAAP)

Plus: Loss on early extinguishment of debt

570

Plus: Loss (gain) on sale of securities

801,492

28,393

Plus: Early retirement program costs

305

1,594

200

(1)

Plus: Termination of vendor and software services

(13)

Plus: Branch right sizing costs (net)

2,004

163

994

1,581

410

Adjusted Pre-Provision Net Revenue

$ 92,813

$ 77,346

$ 65,991

$ 69,164

$ 66,438

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)

2025

2024

($ in thousands)

Calculation of Adjusted Return on Average Assets

Net income (loss)

$ (475,631)

$ 87,161

$ 32,388

$ 152,693

$ 104,374

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

336

Termination of vendor and software services

602

Loss (gain) on sale of securities

801,492

28,393

Branch right sizing (net)

3,161

1,157

994

2,746

1,165

Tax effect of certain items (2)

(177,368)

(719)

(260)

(8,915)

(8,449)

Adjusted earnings (non-GAAP)

$ 154,123

$ 89,193

$ 33,122

$ 177,887

$ 128,253

Average total assets

$ 26,073,100

$ 26,661,787

$ 26,678,628

$ 27,214,647

$ 27,260,212

Return on average assets

-2.44 %

0.66 %

0.49 %

0.56 %

0.51 %

Adjusted return on average assets (non-GAAP)

0.79 %

0.67 %

0.50 %

0.65 %

0.63 %

Calculation of Return on Tangible Common Equity

Net income (loss) available to common stockholders

$ (475,631)

$ 87,161

$ 32,388

$ 152,693

$ 104,374

Amortization of intangibles, net of taxes

7,181

4,894

2,605

11,377

8,534

Total income available to common stockholders

$ (468,450)

$ 92,055

$ 34,993

$ 164,070

$ 112,908

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

336

Termination of vendor and software services

602

Loss (gain) on sale of securities

801,492

28,393

Branch right sizing (net)

3,161

1,157

994

2,746

1,165

Tax effect of certain items (2)

(177,368)

(719)

(260)

(8,915)

(8,449)

Adjusted earnings (non-GAAP)

154,123

89,193

33,122

177,887

128,253

Amortization of intangibles, net of taxes

7,181

4,894

2,605

11,377

8,534

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

$ 161,304

$ 94,087

$ 35,727

$ 189,264

$ 136,787

Average common stockholders' equity

$ 3,492,261

$ 3,555,265

$ 3,564,469

$ 3,486,822

$ 3,467,908

Average intangible assets:

Goodwill

(1,320,799)

Other intangibles

(92,499)

(94,100)

(95,787)

(105,239)

(107,197)

Total average intangibles

(1,413,298)

(1,414,899)

(1,416,586)

(1,426,038)

(1,427,996)

Average tangible common stockholders' equity (non-GAAP)

$ 2,078,963

$ 2,140,366

$ 2,147,883

$ 2,060,784

$ 2,039,912

Return on average common equity

-18.21 %

4.94 %

3.69 %

4.38 %

4.02 %

Return on tangible common equity

-30.13 %

8.67 %

6.61 %

7.96 %

7.39 %

Adjusted return on average common equity (non-GAAP)

5.90 %

5.06 %

3.77 %

5.10 %

4.94 %

Adjusted return on tangible common equity (non-GAAP)

10.37 %

8.86 %

6.75 %

9.18 %

8.96 %

Calculation of Efficiency Ratio and Adjusted Efficiency Ratio (1)

Noninterest expense (efficiency ratio numerator)

$ 425,201

$ 283,169

$ 144,580

$ 557,543

$ 416,426

Certain noninterest expense items (non-GAAP)

Early retirement program

(1,899)

(1,594)

(536)

(336)

FDIC Deposit Insurance special assessment

(1,832)

Termination of vendor and software services

(602)

Branch right sizing expense

(3,161)

(1,157)

(994)

(2,746)

(1,165)

Other real estate and foreclosure expense adjustment

(614)

(414)

(198)

(700)

(383)

Amortization of intangibles adjustment

(9,722)

(6,625)

(3,527)

(15,403)

(11,553)

Adjusted efficiency ratio numerator

$ 409,805

$ 273,379

$ 139,861

$ 535,724

$ 400,555

Net interest income

$ 521,907

$ 335,246

$ 163,422

$ 628,465

$ 463,523

Noninterest income

(667,678)

88,509

46,155

147,171

103,613

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

16,647

12,836

6,414

25,820

19,396

Efficiency ratio denominator

(129,124)

436,591

215,991

801,456

586,532

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

$ 672,938

$ 436,591

$ 215,991

$ 829,849

$ 614,925

Efficiency ratio (1)

-329.30 %

64.86 %

66.94 %

69.57 %

71.00 %

Adjusted efficiency ratio (non-GAAP) (1)

60.90 %

62.62 %

64.75 %

64.56 %

65.14 %

(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