Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Our common stock is listed on the Nasdaq Global Select Market under the symbol “SFNC.”
As of February 21, 2023, there were approximately 2,501 shareholders of record of our common stock. See the Cash Dividends discussion in the Capital section of Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations , for additional information regarding cash dividends.
Issuer Purchases of Equity Securities
Effective July 23, 2021, our Board of Directors approved an amendment to the Company’s stock repurchase program originally approved in October 2019 and first amended in March 2020 (“2019 Program”) that increased the amount of our Class A Common Stock that may be repurchased under the 2019 Program from a maximum of $180 million to a maximum of $276.5 million and extended the term of the 2019 Program from October 31, 2021, to October 31, 2022. The repurchase authorization under the 2019 Program was substantially exhausted during January 2022.
On January 27, 2022, we announced a new stock repurchase program (the “2022 Program”) under which we may repurchase up to $175.0 million of our Class A Common Stock currently issued and outstanding. The 2022 Program replaced the 2019 Program. The timing, pricing, and amount of any repurchases under the 2022 Program will be determined by management at its discretion based on a variety of factors, including, but not limited to, trading volume and market price of our common stock, corporate considerations, the Company working capital and investment requirements, general market and economic conditions, and legal requirements. Under the 2022 Program, we may repurchase shares of our Class A Common Stock through open market and privately negotiated transactions or otherwise. The 2022 Program does not obligate us to repurchase any of our Class A Common Stock and may be modified, discontinued, or suspended at any time without prior notice. We anticipate funding for the 2022 Program to come from available sources of liquidity, including cash on hand and future cash flow.
The Company made no purchases of its common stock during the three months ended December 31, 2022. Under the 2022 Program, the Company has approximately $79.9 million of remaining funds that may be used to repurchase shares of the Company’s Class A Common Stock.
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Performance Graph
The performance graph below compares the cumulative total shareholder return on the Company’s Common Stock with the cumulative total return of the Russell 2000 Index and the KBW Regional Banking Index. The graph assumes an investment of $100 on December 31, 2017 and reinvestment of dividends on the date of payment without commissions. The performance graph represents past performance and should not be considered as an indication of future performance.
Period Ending
Index 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022
Simmons First National Corporation 100.00 86.23 98.21 82.40 115.63 87.16
Russell 2000 Index 100.00 88.99 111.70 134.00 153.85 122.41
KBW Nasdaq Regional Banking Index 100.00 82.50 102.15 93.25 127.42 118.59
ITEM 6. [RESERVED]
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