What changed in this filing

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Item 1. Financial Statements

2025-08-05 compared with 2025-05-08 · 264 added, 145 removed, 1326 unchanged (24% of the section changed)

2 unchanged sentences

Consolidated Balance Sheets

March 31, 2025 and December 31, 2024

March 31, December 31,

June 30, 2025 and December 31, 2024

June 30, December 31,

(In thousands, except share data) 2025 2024

4 unchanged sentences

Investment securities:

Held-to-maturity, net of allowance for credit losses of $ 3,214 at March 31, 2025 and December 31, 2024

Held-to-maturity, net of allowance for credit losses of $ 3,214 at June 30, 2025 and December 31, 2024

3,591,531 3,636,636

Available-for-sale, (amortized cost of $ 2,828,940 and $ 2,852,774 at March 31, 2025 and December 31, 2024, respectively)

Available-for-sale, (amortized cost of $ 2,764,636 and $ 2,852,774 at June 30, 2025 and December 31, 2024, respectively)

2,405,320 2,529,426

24 unchanged sentences

Common stock, Class A, $ 0.01 par value;

350,000,000 shares authorized at March 31, 2025 and December 31, 2024;

125,926,822 and 125,651,540 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively

350,000,000 shares authorized at June 30, 2025 and December 31, 2024;

125,996,248 and 125,651,540 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively

Surplus 2,518,286 2,511,590

6 unchanged sentences

Consolidated Statements of Income

Three Months Ended March 31, 2025 and 2024

Three and Six Months Ended June 30, 2025 and 2024

Three Months Ended

June 30, Six Months Ended

(In thousands, except per share data) 2025 2024 2025 2024

(Unaudited) (Unaudited)

INTEREST INCOME

38 unchanged sentences

Consolidated Statements of Comprehensive Income (Loss)

Three Months Ended March 31, 2025 and 2024

Three and Six Months Ended June 30, 2025 and 2024

Three Months Ended

June 30, Six Months Ended

(In thousands) 2025 2024 2025 2024

(Unaudited) (Unaudited)

NET INCOME $ 54,773 $ 40,763 $ 87,161 $ 79,634

OTHER COMPREHENSIVE INCOME (LOSS)

Unrealized holding gains (losses) arising during the period on available-for-sale securities 4,278 ( 26,149 )

Unrealized holding (losses) gains arising during the period on available-for-sale securities ( 9,297 ) 363 ( 5,019 ) ( 25,786 )

Realized gains (losses) on available-for-sale securities interest rate hedges 14,212 2,793 33,399 ( 12,582 )

7 unchanged sentences

Consolidated Statements of Cash Flows

Three Months Ended March 31, 2025 and 2024

(In thousands) March 31, 2025 March 31, 2024

Six Months Ended June 30, 2025 and 2024

(In thousands) June 30, 2025 June 30, 2024

(Unaudited) (Unaudited)

7 unchanged sentences

Stock-based compensation expense 8,612 7,537

Loss on sale of closed branches 17 —

Gain on sale of closed branches ( 245 ) —

(Gain) loss on sale of foreclosed assets and other real estate owned ( 214 ) 186

21 unchanged sentences

Purchases of bank owned life insurance ( 15,697 ) —

Surrender of bank owned life insurance 19,403 2,201

Proceeds from bank owned life insurance death benefits 607 1,376

Net cash used in investing activities ( 9,007 ) ( 39,703 )

Net cash provided by (used in) investing activities 79,677 ( 84,382 )

FINANCING ACTIVITIES

13 unchanged sentences

Consolidated Statements of Stockholders’ Equity

Three Months Ended March 31, 2025 and 2024

Three Months Ended June 30, 2025 and 2024

(In thousands, except share data) Common

3 unchanged sentences

Profits Total

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Balance, March 31, 2025 (Unaudited) $ 1,259 $ 2,515,372 $ ( 367,710 ) $ 1,382,564 $ 3,531,485

Comprehensive (loss) income — — ( 13,190 ) 54,773 41,583

Stock-based compensation plans, net – 69,426 shares

1 2,914 — — 2,915

Dividends on common stock – $ 0.2125 per share

— — — ( 26,773 ) ( 26,773 )

Balance, June 30, 2025 (Unaudited) $ 1,260 $ 2,518,286 $ ( 380,900 ) $ 1,410,564 $ 3,549,210

Three Months Ended June 30, 2024

Balance, March 31, 2024 (Unaudited) $ 1,254 $ 2,503,673 $ ( 408,016 ) $ 1,342,215 $ 3,439,126

Comprehensive income — — 2,535 40,763 43,298

Stock-based compensation plans, net – 67,902 shares

1 2,796 — — 2,797

Dividends on common stock – $ 0.21 per share

— — — ( 26,352 ) ( 26,352 )

Balance, June 30, 2024 (Unaudited) $ 1,255 $ 2,506,469 $ ( 405,481 ) $ 1,356,626 $ 3,458,869

See Condensed Notes to Consolidated Financial Statements.

Simmons First National Corporation

Consolidated Statements of Stockholders’ Equity

Six Months Ended June 30, 2025 and 2024

(In thousands, except share data) Common

Stock Surplus Accumulated

Comprehensive

Income (Loss) Undivided

Profits Total

Six Months Ended June 30, 2025

Balance, December 31, 2024 $ 1,257 $ 2,511,590 $ ( 360,910 ) $ 1,376,935 $ 3,528,872

6 unchanged sentences

— — — ( 53,532 ) ( 53,532 )

Balance, March 31, 2025 (Unaudited) $ 1,259 $ 2,515,372 $ ( 367,710 ) $ 1,382,564 $ 3,531,485

Three Months Ended March 31, 2024

Balance, June 30, 2025 (Unaudited) $ 1,260 $ 2,518,286 $ ( 380,900 ) $ 1,410,564 $ 3,549,210

Six Months Ended June 30, 2024

Balance, December 31, 2023 $ 1,252 $ 2,499,930 $ ( 404,375 ) $ 1,329,681 $ 3,426,488

6 unchanged sentences

— — — ( 52,689 ) ( 52,689 )

Balance, March 31, 2024 (Unaudited) $ 1,254 $ 2,503,673 $ ( 408,016 ) $ 1,342,215 $ 3,439,126

Balance, June 30, 2024 (Unaudited) $ 1,255 $ 2,506,469 $ ( 405,481 ) $ 1,356,626 $ 3,458,869

See Condensed Notes to Consolidated Financial Statements.

8 unchanged sentences

checking, savings and time deposits;

and specialized products and services (such as credit cards, trust and fiduciary services, investments, agricultural finance lending, equipment lending, insurance and Small Business Administration (“SBA”) lending) from approximately 222 financial centers as of March 31, 2025, located throughout market areas in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas.

and specialized products and services (such as credit cards, trust and fiduciary services, investments, agricultural finance lending, equipment lending, insurance and Small Business Administration (“SBA”) lending) from approximately 223 financial centers as of June 30, 2025, located throughout market areas in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas.

Basis of Presentation

14 unchanged sentences

The cash flows associated with other borrowings were presented on a net basis, rather than on a gross basis.

The Company has corrected this error in the accompanying unaudited consolidated statements of cash flows for the three months ended March 31, 2024.

The Company corrected this error in the accompanying unaudited consolidated statements of cash flows for the six months ended June 30, 2024.

The correction had no impact to the total net cash used in financing activities in the period.

The Company evaluated the materiality of this error utilizing Accounting Standards Codification (“ASC”) Topic 250 and SEC Staff Accounting Bulletin 99-M, both quantitatively and qualitatively, and concluded that this error is immaterial to the impacted prior period.

During the year ended December 31, 2024, the Company also identified errors in its previously issued unaudited consolidated statements of cash flows related to the exclusion of gains and losses related to the pair off settlements of mortgage loans held for sale and the presentation of year-to-date originations of/proceeds from mortgage loans held for sale.

The Company corrected these errors in the accompanying unaudited consolidated statements of cash flows for the six months ended June 30, 2024.

The corrections had no impact to the net cash provided by operating activities line item in the period.

The Company evaluated the materiality of these errors utilizing Accounting Standards Codification (“ASC”) Topic 250 and SEC Staff Accounting Bulletin 99-M, both quantitatively and qualitatively, and concluded that these errors, individually and in combination, are immaterial to the impacted prior period.

Recently Adopted Accounting Standards

71 unchanged sentences

During the quarters ended June 30, 2022 and September 30, 2021, the Company transferred, at fair value, $ 1.99 billion and $ 500.8 million, respectively, of securities from the AFS portfolio to the HTM portfolio.

As of March 31, 2025, the related remaining combined net unrealized losses of $ 103.8 million in accumulated other comprehensive income (loss) will be amortized over the remaining life of the securities.

As of June 30, 2025, the related remaining combined net unrealized losses in accumulated other comprehensive income (loss) were $ 99.4 million.

No gains or losses on these securities were recognized at the time of transfer.

5 unchanged sentences

Held-to-maturity

March 31, 2025

June 30, 2025

Government agencies $ 457,228 $ — $ 457,228 $ — $ ( 81,027 ) $ 376,201

14 unchanged sentences

government agencies or corporations.

As of March 31, 2025, HTM MBS consisted of $ 134.2 million and $ 914.0 million of commercial MBS and residential MBS, respectively.

As of June 30, 2025, HTM MBS consisted of $ 132.5 million and $ 891.8 million of commercial MBS and residential MBS, respectively.

As of December 31, 2024, HTM MBS consisted of $ 136.0 million and $ 934.1 million of commercial MBS and residential MBS, respectively.

6 unchanged sentences

Available-for-sale

March 31, 2025

June 30, 2025

Treasury $ 400 $ — $ — $ — $ 400

11 unchanged sentences

Total AFS $ 2,852,774 $ — $ 307 $ ( 323,655 ) $ 2,529,426

As of March 31, 2025, AFS MBS consisted of $ 515.9 million and $ 865.0 million of commercial MBS and residential MBS, respectively.

As of June 30, 2025, AFS MBS consisted of $ 504.2 million and $ 845.8 million of commercial MBS and residential MBS, respectively.

As of December 31, 2024, AFS MBS consisted of $ 517.2 million and $ 875.5 million of commercial MBS and residential MBS, respectively.

Accrued interest receivable on HTM and AFS securities at March 31, 2025 was $ 17.1 million and $ 21.5 million, respectively, and is included in interest receivable on the consolidated balance sheets.

Accrued interest receivable on HTM and AFS securities at June 30, 2025 was $ 20.2 million and $ 22.2 million, respectively, and is included in interest receivable on the consolidated balance sheets.

The Company has made the election to exclude all accrued interest receivable from securities from the estimate of credit losses.

The following table summarizes the Company’s AFS investments in an unrealized loss position for which an allowance for credit loss has not been recorded as of March 31, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:

The following table summarizes the Company’s AFS investments in an unrealized loss position for which an allowance for credit loss has not been recorded as of June 30, 2025 and December 31, 2024, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:

Less Than 12 Months 12 Months or More Total

3 unchanged sentences

Available-for-sale

March 31, 2025

June 30, 2025

Treasury $ — $ — $ — $ — $ — $ —

4 unchanged sentences

Total AFS $ 16,863 $ ( 280 ) $ 2,291,619 $ ( 359,370 ) $ 2,308,482 $ ( 359,650 )

Less Than 12 Months 12 Months or More Total

(In thousands) Estimated

Losses Estimated

December 31, 2024

5 unchanged sentences

Total AFS $ 37,952 $ ( 411 ) $ 2,429,271 $ ( 323,244 ) $ 2,467,223 $ ( 323,655 )

As of March 31, 2025, the Company’s investment portfolio included $ 2.49 billion of AFS securities, of which $ 2.41 billion, or 96.8 %, were in an unrealized loss position that were not deemed to have credit losses.

As of June 30, 2025, the Company’s investment portfolio included $ 2.41 billion of AFS securities, of which $ 2.31 billion, or 96.0 %, were in an unrealized loss position that were not deemed to have credit losses.

A portion of the unrealized losses were related to the Company’s MBS, which are issued and guaranteed by U.S.

3 unchanged sentences

Management believes the declines in fair value for the securities are temporary.

As of March 31, 2025, management does not have, and at December 31, 2024 the Company did not have, the immediate intent to sell the securities, and management believes the accounting standard of “more likely than not” has not been met regarding whether the Company would be required to sell any of the AFS securities before recovery of amortized cost.

As of June 30, 2025, management did not have, and at December 31, 2024 the Company did not have, the immediate intent to sell the securities, and management believed the accounting standard of “more likely than not” has not been met regarding whether the Company would be required to sell any of the AFS securities before recovery of amortized cost.

Allowance for Credit Losses

7 unchanged sentences

(i) issuer bond ratings, (ii) issuer geography, (iii) whether issuers continue to make timely principal and interest payments under the contractual terms of the securities, (iv) probability-weighted multiple scenario forecasts, and (v) the issuers’ size.

The following table details activity in the allowance for credit losses by investment security type for the three months ended March 31, 2025 on the Company’s HTM securities portfolio.

The following table details activity in the allowance for credit losses by investment security type for the three and six months ended June 30, 2025 on the Company’s HTM securities portfolio.

(In thousands) State and Political Subdivisions Other

Securities Total

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Held-to-maturity

Beginning balance, April 1, 2025 $ 171 $ 3,043 $ 3,214

Provision for credit loss expense — — —

Net increase (decrease) in allowance on previously impaired securities 31 ( 31 ) —

Ending balance, June 30, 2025 $ 202 $ 3,012 $ 3,214

Six Months Ended June 30, 2025

Held-to-maturity

Beginning balance, January 1, 2025 $ 196 $ 3,018 $ 3,214

Provision for credit loss expense — — —

Net (decrease) increase in allowance on previously impaired securities ( 25 ) 25 —

Ending balance, March 31, 2025 $ 171 $ 3,043 $ 3,214

Activity in the allowance for credit losses by investment security type for the three months ended March 31, 2024 on the Company’s HTM securities portfolio was as follows:

Net increase (decrease) in allowance on previously impaired securities 6 ( 6 ) —

Ending balance, June 30, 2025 $ 202 $ 3,012 $ 3,214

Activity in the allowance for credit losses by investment security type for the three and six months ended June 30, 2024 on the Company’s HTM securities portfolio was as follows:

(In thousands) State and Political Subdivisions Other

Securities Total

Three Months Ended March 31, 2024

Three Months Ended June 30, 2024

Held-to-maturity

Beginning balance, April 1, 2024 $ 2,252 $ 962 $ 3,214

Provision for credit loss expense — — —

Net (decrease) increase in allowance on previously impaired securities ( 2,061 ) 2,061 —

Ending balance, June 30, 2024 $ 191 $ 3,023 $ 3,214

Six Months Ended June 30, 2024

Held-to-maturity

Beginning balance, January 1, 2024 $ 2,006 $ 1,208 $ 3,214

Provision for credit loss expense — — —

Net increase (decrease) in allowance on previously impaired securities 246 ( 246 ) —

Ending balance, March 31, 2024 $ 2,252 $ 962 $ 3,214

Based upon the Company’s analysis of the underlying risk characteristics of its HTM and AFS portfolios, including credit ratings and other qualitative factors, as previously discussed, there was no provision for credit losses related to the Company’s securities portfolios recorded for the three month periods ended March 31, 2025 or 2024.

The following table summarizes bond ratings for the Company’s HTM portfolio, based upon amortized cost, issued by state and political subdivisions and other securities as of March 31, 2025:

Net (decrease) increase in allowance on previously impaired securities ( 1,815 ) 1,815 —

Ending balance, June 30, 2024 $ 191 $ 3,023 $ 3,214

The following table summarizes bond ratings for the Company’s HTM portfolio, based upon amortized cost, issued by state and political subdivisions and other securities as of June 30, 2025:

State and Political Subdivisions

11 unchanged sentences

Accordingly, no allowance for credit losses has been recorded for these securities as there is no current expectation of credit losses related to these securities.

Income earned on securities for the three months ended March 31, 2025 and 2024, is as follows:

Income earned on securities for the three and six months ended June 30, 2025 and 2024, is as follows:

Three Months Ended

June 30, Six Months Ended

(In thousands) 2025 2024 2025 2024

4 unchanged sentences

Total $ 46,898 $ 55,050 $ 94,155 $ 113,051

The amortized cost and estimated fair value by maturity of securities as of March 31, 2025 are shown in the following table.

The amortized cost and estimated fair value by maturity of securities as of June 30, 2025 are shown in the following table.

Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options.

10 unchanged sentences

Total $ 3,594,745 $ 2,891,974 $ 2,764,636 $ 2,405,320

The carrying value, which approximates the fair value, of securities pledged as collateral, to secure public deposits and for other purposes, amounted to $ 2.22 billion at March 31, 2025 and $ 2.36 billion at December 31, 2024.

There were no gross realized gains and no gross realized losses from the call or sale of securities during the three months ended March 31, 2025 and 2024, as they were recognized at book value of the security.

The carrying value, which approximates the fair value, of securities pledged as collateral, to secure public deposits and for other purposes, amounted to $ 2.61 billion at June 30, 2025 and $ 2.36 billion at December 31, 2024.

There were no gross realized gains and no gross realized losses from the call or sale of securities during the three and six months ended June 30, 2025 and 2024, as they were recognized at book value of the security.

The income tax expense/benefit related to security gains/losses was 26.135 % of the gross amounts in 2025 and 2024.

1 unchanged sentence

See Note 22, Derivative Instruments, for disclosure of the gains and losses recognized on derivative instruments and the cumulative fair value hedging adjustments to the carrying amount of the hedged securities.

During the third quarter of 2025, the Company and its subsidiaries initiated and completed steps taken to reposition the Company’s consolidated balance sheet and reclassified approximately $ 3.6 billion in HTM investment securities to AFS investment securities.

Subsequently, the Company sold approximately $ 3.2 billion in amortized cost basis of AFS securities (including certain of those previously classified as HTM).

The sale of investment securities resulted in an estimated, realized after-tax loss of approximately $ 604.0 million (based on an estimated tax rate of 24.3 %), which will be recorded during the third quarter of 2025.

See Note 23, Subsequent Events, for additional information.

LOANS AND ALLOWANCE FOR CREDIT LOSSES

At March 31, 2025, the Company’s loan portfolio was $ 17.09 billion, compared to $ 17.01 billion at December 31, 2024.

At June 30, 2025, the Company’s loan portfolio was $ 17.11 billion, compared to $ 17.01 billion at December 31, 2024.

The various categories of loans are summarized as follows:

March 31, December 31,

June 30, December 31,

(In thousands) 2025 2024

12 unchanged sentences

The above table presents total loans at amortized cost.

The difference between amortized cost and unpaid principal balance is due to (i) premiums and discounts associated with acquisition date fair value adjustments on acquired loans of $ 6.1 million and $ 7.2 million at March 31, 2025 and December 31, 2024, respectively, and (ii) deferred origination costs and fees of $ 8.4 million and $ 9.6 million at March 31, 2025 and December 31, 2024, respectively.

Accrued interest on loans, which is excluded from the amortized cost of loans held for investment, totaled $ 78.7 million and $ 78.8 million at March 31, 2025 and December 31, 2024, respectively, and is included in interest receivable on the consolidated balance sheets.

The difference between amortized cost and unpaid principal balance is due to (i) premiums and discounts associated with acquisition date fair value adjustments on acquired loans of $ 4.8 million and $ 7.2 million at June 30, 2025 and December 31, 2024, respectively, and (ii) deferred origination costs and fees of $ 8.7 million and $ 9.6 million at June 30, 2025 and December 31, 2024, respectively.

Accrued interest on loans, which is excluded from the amortized cost of loans held for investment, totaled $ 78.0 million and $ 78.8 million at June 30, 2025 and December 31, 2024, respectively, and is included in interest receivable on the consolidated balance sheets.

Loan Origination/Risk Management – The Company seeks to manage its credit risk by diversifying its loan portfolio, determining that borrowers have adequate sources of cash flow for loan repayment without liquidation of collateral;

29 unchanged sentences

PPP loans have a zero percent risk-weight for regulatory capital ratios.

As of March 31, 2025 and December 31, 2024, the total outstanding balance of PPP loans was $ 1.0 million and $ 1.6 million, respectively.

As of June 30, 2025 and December 31, 2024, the total outstanding balance of PPP loans was $ 569,000 and $ 1.6 million, respectively.

Other – The other loan portfolio includes mortgage warehouse loans, representing warehouse lines of credit to mortgage originators for the disbursement of newly originated 1-4 family residential loans.

7 unchanged sentences

The amortized cost basis of nonaccrual loans segregated by class of loans are as follows:

March 31, December 31,

June 30, December 31,

(In thousands) 2025 2024

10 unchanged sentences

Total $ 156,453 $ 110,154

As of March 31, 2025 and December 31, 2024, nonaccrual loans for which there was no related allowance for credit losses had an amortized cost of $ 1.1 million and $ 1.7 million, respectively.

As of June 30, 2025 and December 31, 2024, nonaccrual loans for which there was no related allowance for credit losses had an amortized cost of $ 15.3 million and $ 1.7 million, respectively.

These loans are individually assessed and do not hold an allowance due to being adequately collateralized under the collateral-dependent valuation method.

5 unchanged sentences

Loans 90 Days

March 31, 2025

June 30, 2025

Credit cards $ 1,916 $ 667 $ 2,583 $ 173,583 $ 176,166 $ 603

10 unchanged sentences

Total $ 37,540 $ 131,992 $ 169,532 $ 16,941,564 $ 17,111,096 $ 709

(In thousands) Gross

Past Due 90 Days

Past Due Total

Past Due Current Total

Loans 90 Days

December 31, 2024

15 unchanged sentences

The Company primarily uses interest rate reduction and/or payment modifications or extensions, with an occasional forgiveness of principal.

The following table presents a summary of the amortized cost basis of loan modifications granted to borrowers experiencing financial difficulty, segregated by class of loans and type of loan modification, for the three month period ended March 31, 2025.

Interest Rate Total Class

(Dollars in thousands) Reduction of Loans

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Single family residential $ 82 — %

Total real estate $ 82

The financial effects of the loan modifications made to borrowers experiencing financial difficulty were not significant during the three month period ended March 31, 2025.

Six Months Ended June 30, 2025

Single family residential $ 528 0.02 %

Total real estate $ 528

The financial effects of the loan modifications made to borrowers experiencing financial difficulty were not significant during the three and six month periods ended June 30, 2025.

Furthermore, such modifications did not significantly impact the Company’s determination of the allowance for credit losses during those periods.

There were no loan modifications granted to borrowers experiencing financial difficulty during the three month period ended March 31, 2024.

During the three and six month periods ended June 30, 2024, the Company modified one real estate single family residential loan to a borrower who was experiencing financial difficulty, by way of an interest rate reduction.

The loan had a period-end amortized cost basis of $ 663,000 and represented 0.03 % of the single family residential real estate class of loans at June 30, 2024.

The financial effects of this loan modification were not significant and the modification did not significantly impact the Company’s determination of the allowance for credit losses on loans during the periods.

The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty.

There was one CRE loan, related to a downtown St.

Louis hotel that was originated pre-pandemic, to a borrower experiencing financial difficulty with a period-end amortized cost basis of $ 26.9 million that was modified during the previous twelve months and which subsequently defaulted during the three months ended March 31, 2025.

Louis hotel that was originated pre-pandemic, to a borrower experiencing financial difficulty with a period-end amortized cost basis of $ 26.7 million that was modified during the previous twelve months and which subsequently defaulted during the six months ended June 30, 2025.

This CRE loan was placed on nonaccrual status during the period.

There was one commercial loan to a borrower experiencing financial difficulty with a period-end amortized cost basis of $ 23,000 that was modified during the previous twelve months and which subsequently defaulted during the three months ended March 31, 2024.

There was one commercial loan to a borrower experiencing financial difficulty with a period-end amortized cost basis of $ 23,000 that was modified and subsequently defaulted during the twelve month period ended June 30, 2024.

In relation to loans modified to borrowers experiencing financial difficulty, the Company defines a payment default as a payment received more than 90 days after its due date.

At March 31, 2025 and December 31, 2024, the Company had $ 5.9 million and $ 4.0 million, respectively, of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process.

At March 31, 2025 and December 31, 2024, the Company had $ 1.2 million and $ 1.3 million, respectively, of Other Real Estate Owned (“OREO”) secured by residential real estate properties.

At June 30, 2025 and December 31, 2024, the Company had $ 5.5 million and $ 4.0 million, respectively, of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process.

At June 30, 2025 and December 31, 2024, the Company had $ 2.1 million and $ 1.3 million, respectively, of Other Real Estate Owned (“OREO”) secured by residential real estate properties.

Credit Quality Indicators – As part of the on-going monitoring of the credit quality of the Company’s loan portfolio, management tracks certain credit quality indicators including trends related to (i) the weighted-average risk rating of commercial and real estate loans, (ii) the level of classified commercial and real estate loans, (iii) net charge-offs, (iv) nonperforming loans (see details above) and (v) the general economic conditions of the Company’s local markets.

64 unchanged sentences

• Doubtful and loss - Includes loans with an expanded risk rating of 15 and 16.

The following table presents a summary of loans by credit quality indicator, as of March 31, 2025, segregated by class of loans.

The following table presents a summary of loans by credit quality indicator, as of June 30, 2025, segregated by class of loans.

Term Loans Amortized Cost Basis by Origination Year

121 unchanged sentences

Beyond the reasonable and supportable periods, the economic variables revert to a historical equilibrium at a pace dependent on the state of the economy reflected within the economic scenarios.

To determine the best estimate of credit losses as of March 31, 2025, the Company utilized a probability-weighted, multiple-scenario approach consisting of Baseline, Upside (S1), and Downside (S3) scenarios published by Moody’s Analytics in March 2025 that was updated to reflect the U.S.

To determine the best estimate of credit losses as of June 30, 2025, the Company utilized a probability-weighted, multiple-scenario approach consisting of Baseline, Upside (S1), and Downside (S3) scenarios published by Moody’s Analytics in June 2025 that was updated to reflect the U.S.

economic outlook.

9 unchanged sentences

If a loss is determined to be probable, the loss is included in the allowance for credit losses as a specific allocation.

Loans for which the repayment is expected to be provided substantially through the operation or sale of collateral and where the borrower is experiencing financial difficulty had an amortized cost of $ 95.4 million and $ 102.6 million as of March 31, 2025 and December 31, 2024, respectively, as further detailed in the table below.

Loans for which the repayment is expected to be provided substantially through the operation or sale of collateral and where the borrower is experiencing financial difficulty had an amortized cost of $ 114.1 million and $ 102.6 million as of June 30, 2025 and December 31, 2024, respectively, as further detailed in the table below.

The collateral securing these loans consist of commercial real estate properties, residential properties, and other business assets.

(In thousands) Real Estate Collateral Other Collateral Total

March 31, 2025

June 30, 2025

Construction and development $ 500 $ — $ 500

9 unchanged sentences

Total $ 70,680 $ 31,900 $ 102,580

The following table details activity in the allowance for credit losses by portfolio segment for the three months ended March 31, 2025.

The following table details activity in the allowance for credit losses by portfolio segment for the three and six months ended June 30, 2025.

Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories.

3 unchanged sentences

Allowance for credit losses:

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Beginning balance, April 1, 2025 $ 39,913 $ 200,079 $ 6,117 $ 6,059 $ 252,168

Provision for credit loss expense 5,073 5,269 1,338 265 11,945

Charge-offs ( 8,257 ) ( 1,450 ) ( 1,702 ) ( 351 ) ( 11,760 )

Recoveries 469 87 334 294 1,184

Net (charge-offs) recoveries ( 7,788 ) ( 1,363 ) ( 1,368 ) ( 57 ) ( 10,576 )

Ending balance, June 30, 2025 $ 37,198 $ 203,985 $ 6,087 $ 6,267 $ 253,537

(In thousands) Commercial Real

Estate Credit

and Other Total

Six Months Ended June 30, 2025

Beginning balance, January 1, 2025 $ 41,587 $ 181,962 $ 6,007 $ 5,463 $ 235,019

3 unchanged sentences

Net (charge-offs) recoveries ( 11,034 ) ( 5,689 ) ( 2,617 ) ( 884 ) ( 20,224 )

Ending balance, March 31, 2025 $ 39,913 $ 200,079 $ 6,117 $ 6,059 $ 252,168

Activity in the allowance for credit losses for the three months ended March 31, 2024 was as follows:

Ending balance, June 30, 2025 $ 37,198 $ 203,985 $ 6,087 $ 6,267 $ 253,537

Activity in the allowance for credit losses for the three and six months ended June 30, 2024 was as follows:

(In thousands) Commercial Real

2 unchanged sentences

Allowance for credit losses:

Three Months Ended March 31, 2024

Three Months Ended June 30, 2024

Beginning balance, April 1, 2024 $ 35,191 $ 180,414 $ 5,768 $ 5,994 $ 227,367

Provision for credit loss expense 15,147 ( 5,187 ) 1,194 ( 55 ) 11,099

Charge-offs ( 7,243 ) ( 123 ) ( 1,418 ) ( 550 ) ( 9,334 )

Recoveries 455 72 221 509 1,257

Net (charge-offs) recoveries ( 6,788 ) ( 51 ) ( 1,197 ) ( 41 ) ( 8,077 )

Ending balance, June 30, 2024 $ 43,550 $ 175,176 $ 5,765 $ 5,898 $ 230,389

Six Months Ended June 30, 2024

Beginning balance, January 1, 2024 $ 36,470 $ 177,177 $ 5,868 $ 5,716 $ 225,231

3 unchanged sentences

Net (charge-offs) recoveries ( 10,939 ) ( 2,173 ) ( 2,595 ) ( 440 ) ( 16,147 )

Ending balance, March 31, 2024 $ 35,191 $ 180,414 $ 5,768 $ 5,994 $ 227,367

As of March 31, 2025, the Company’s allowance for credit losses was considered sufficient based upon expected losses that were supported by scenario-weighted economic forecasts.

The provision expense for the three months ended March 31, 2025 reflected an incremental provision expense of $ 15.6 million related to two specific credit relationships which migrated to nonperforming during the period, as well as the impact of updated economic assumptions.

Ending balance, June 30, 2024 $ 43,550 $ 175,176 $ 5,765 $ 5,898 $ 230,389

As of June 30, 2025, the Company’s allowance for credit losses was considered sufficient based upon expected losses that were supported by scenario-weighted economic forecasts.

The provision expense for the three and six months ended June 30, 2025 reflected an incremental provision expense of $ 15.6 million related to two specific credit relationships which migrated to nonperforming during the year, as well as the impact of loan growth and updated economic assumptions during the periods.

Reserve for Unfunded Commitments

1 unchanged sentence

This reserve is maintained at a level management believes to be sufficient to absorb losses arising from unfunded loan commitments.

The reserve for unfunded commitments was $ 25.6 million for both periods ended March 31, 2025 and December 31, 2024.

The reserve for unfunded commitments was $ 25.6 million for both periods ended June 30, 2025 and December 31, 2024.

The adequacy of the reserve for unfunded commitments is determined quarterly based on methodology similar to the methodology for determining the allowance for credit losses.

No adjustment was made to the reserve for unfunded commitments during the three month periods ended March 31, 2025 or 2024, as it was considered sufficient to cover any loss expectations.

No adjustment was made to the reserve for unfunded commitments during the three and six month periods ended June 30, 2025 or 2024, as it was considered sufficient to cover any loss expectations.

Provision for Credit Losses

Provision for credit losses is determined by the Company as the amount to be added to the allowance for credit loss accounts for various types of financial instruments including loans, securities and off-balance-sheet credit exposure after net charge-offs have been deducted to bring the allowance to a level which, in management’s best estimate, is necessary to absorb expected credit losses over the lives of the respective financial instruments.

The components of the provision for credit losses for the three month periods ended March 31, 2025 and 2024 were as follows:

The components of the provision for credit losses for the three and six month periods ended June 30, 2025 and 2024 were as follows:

Three Months Ended

June 30, Six Months Ended

(In thousands) 2025 2024 2025 2024

16 unchanged sentences

The Company’s leases are classified as operating leases with a term, including expected renewal or termination options, greater than one year, and are related to certain office facilities and office equipment.

The following table presents information as of March 31, 2025 and December 31, 2024 related to the Company’s right-of-use lease assets, included in premises and equipment, and lease liabilities, included in accrued interest and other liabilities.

March 31, December 31,

The following table presents information as of June 30, 2025 and December 31, 2024 related to the Company’s right-of-use lease assets, included in premises and equipment, and lease liabilities, included in accrued interest and other liabilities.

June 30, December 31,

(Dollars in thousands) 2025 2024

3 unchanged sentences

Weighted average discount rate 3.77 % 3.81 %

Operating lease cost for the three month period ended March 31, 2025 was $ 4.1 million as compared to $ 4.0 million for the same period in 2024.

Operating lease cost for the three and six month periods ended June 30, 2025 was $ 3.8 million and $ 8.0 million, respectively, as compared to $ 4.1 million and $ 8.2 million for the same periods in 2024.

PREMISES AND EQUIPMENT

Premises and equipment are stated at cost less accumulated depreciation and amortization.

Total premises and equipment, net at March 31, 2025 and December 31, 2024 were as follows:

March 31, December 31,

Total premises and equipment, net at June 30, 2025 and December 31, 2024 were as follows:

June 30, December 31,

(In thousands) 2025 2024

12 unchanged sentences

Subsequent increases in goodwill value are not recognized in the financial statements.

Goodwill totaled $ 1.32 billion at March 31, 2025 and December 31, 2024.

Goodwill impairment was neither indicated no r recorded during the three months ended March 31, 2025 or the year ended December 31, 2024.

Goodwill totaled $ 1.32 billion at June 30, 2025 and December 31, 2024.

Goodwill impairment was neither indicated no r recorded during the six months ended June 30, 2025 or the year ended December 31, 2024.

Core deposit premiums represent the value of the relationships that acquired banks had with their deposit customers and are amortized over periods ranging from 10 years to 15 years and are periodically evaluated, at least annually, as to the recoverability of their carrying value.

Other intangible assets represent the value of other acquired relationships, including relationships with trust and wealth management customers, and are being amortized over various periods ranging from 8 years to 15 years.

Changes in the carrying amount and accumulated amortization of the Company’s core deposit premiums and other intangible assets at March 31, 2025 and December 31, 2024 were as follows:

March 31, December 31,

Changes in the carrying amount and accumulated amortization of the Company’s core deposit premiums and other intangible assets at June 30, 2025 and December 31, 2024 were as follows:

June 30, December 31,

(In thousands) 2025 2024

8 unchanged sentences

Total other intangible assets, net $ 90,617 $ 97,242

The carrying basis and accumulated amortization of the Company’s other intangible assets at March 31, 2025 and December 31, 2024 were as follows:

March 31, December 31,

The carrying basis and accumulated amortization of the Company’s other intangible assets at June 30, 2025 and December 31, 2024 were as follows:

June 30, December 31,

(In thousands) 2025 2024

8 unchanged sentences

Total other intangible assets, net $ 90,617 $ 97,242

The Company’s estimated remaining amortization expense on other intangible assets as of March 31, 2025 is as follows:

The Company’s estimated remaining amortization expense on other intangible assets as of June 30, 2025 is as follows:

(In thousands) Year Amortization

3 unchanged sentences

TIME DEPOSITS

Time deposits included approximately $ 1.53 billion and $ 1.55 billion of certificates of deposit over $250,000 at March 31, 2025 and December 31, 2024, respectively.

Brokered time deposits were $ 2.91 billion and $ 3.30 billion at March 31, 2025 and December 31, 2024, respectively.

Time deposits included approximately $ 1.49 billion and $ 1.55 billion of certificates of deposit over $250,000 at June 30, 2025 and December 31, 2024, respectively.

Brokered time deposits were $ 3.24 billion and $ 3.30 billion at June 30, 2025 and December 31, 2024, respectively.

The provision for income taxes is comprised of the following components for the periods indicated below:

Three Months Ended

June 30, Six Months Ended

(In thousands) 2025 2024 2025 2024

3 unchanged sentences

The tax effects of temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities, and their approximate tax effects, are as follows:

March 31, December 31,

June 30, December 31,

(In thousands) 2025 2024

22 unchanged sentences

Three Months Ended

June 30, Six Months Ended

(In thousands) 2025 2024 2025 2024

33 unchanged sentences

Securities pledged as collateral under repurchase agreements are maintained with the Company’s safekeeping agents.

The gross amount of recognized liabilities for repurchase agreements was $ 49.7 million and $ 36.7 million at March 31, 2025 and December 31, 2024, respectively.

The remaining contractual maturity of the securities sold under agreements to repurchase in the consolidated balance sheets as of March 31, 2025 and December 31, 2024 is presented in the following tables.

The gross amount of recognized liabilities for repurchase agreements was $ 30.9 million and $ 36.7 million at June 30, 2025 and December 31, 2024, respectively.

The remaining contractual maturity of the securities sold under agreements to repurchase in the consolidated balance sheets as of June 30, 2025 and December 31, 2024 is presented in the following tables.

Remaining Contractual Maturity of the Agreements

2 unchanged sentences

90 Days Total

March 31, 2025

June 30, 2025

Repurchase agreements:

4 unchanged sentences

OTHER BORROWINGS AND SUBORDINATED NOTES AND DEBENTURES

Debt at March 31, 2025 and December 31, 2024 consisted of the following components:

March 31, December 31,

Debt at June 30, 2025 and December 31, 2024 consisted of the following components:

June 30, December 31,

(In thousands) 2025 2024

22 unchanged sentences

The Company assumed subordinated debt in an aggregate principal amount, net of premium adjustments, of $ 37.4 million in connection with the Spirit acquisition in April 2022 (the “Spirit Notes”).

The Spirit Notes will mature on July 31, 2030, and initially bear interest at a fixed annual rate of 6.00 %, payable quarterly, in arrears, to, but excluding, July 31, 2025.

Subject to the redemption described below, the Spirit Notes would mature on July 31, 2030, and initially bear interest at a fixed annual rate of 6.00 %, payable quarterly, in arrears, to, but excluding, July 31, 2025.

From and including July 31, 2025, to, but excluding, the maturity date or earlier redemption date, the interest rate will reset quarterly to an interest rate per annum equal to a benchmark rate, which is expected to be the then-current three-month SOFR rate, as published by the Federal Reserve Bank of New York (provided, that in the event the benchmark rate is less than zero, the benchmark rate will be deemed to be zero) plus 592 basis points, payable quarterly, in arrears.

The Company had total outstanding FHLB advances of $ 867.9 million and $ 727.9 million at March 31, 2025 and December 31, 2024, respectively, which are primarily whole loan advances, are due less than one year from origination and therefore are classified as short-term advances by the Company.

At March 31, 2025, the FHLB advances outstanding were secured by mortgage loans and investment securities totaling approximately $ 6.60 billion and the Company had approximately $ 4.43 billion of additional advances available from the FHLB.

During the third quarter of 2025, the Company issued a notice of redemption to redeem the Spirit Notes, which were redeemed in full on July 31, 2025.

See Note 23, Subsequent Events, for additional information.

The Company had total outstanding FHLB advances of $ 617.8 million and $ 727.9 million at June 30, 2025 and December 31, 2024, respectively, which are primarily whole loan advances, are due less than one year from origination and therefore are classified as short-term advances by the Company.

At June 30, 2025, the FHLB advances outstanding were secured by mortgage loans and investment securities totaling approximately $ 6.69 billion and the Company had approximately $ 5.13 billion of additional advances available from the FHLB.

The Company’s long-term debt primarily includes subordinated debt and other notes payable.

Aggregate annual maturities of long-term debt at March 31, 2025, are as follows:

Aggregate annual maturities of long-term debt at June 30, 2025, are as follows:

Year (In thousands)

14 unchanged sentences

On April 27, 2022, the Company’s shareholders approved an amendment to the Company’s Articles of Incorporation to remove the classification and designation for the Series D Preferred Stock.

As of March 31, 2025, there were no shares of preferred stock issued or outstanding.

As of June 30, 2025, there were no shares of preferred stock issued or outstanding.

On May 17, 2024, the Company filed a shelf registration with the SEC.

1 unchanged sentence

Specific terms and prices are determined at the time of any offering under a separate prospectus supplement that the Company is required to file with the SEC at the time of the specific offering.

On July 23, 2025, the Company closed a public offering of 18,653,000 shares of its Class A common stock, at a price to the public of $ 18.50 per share, which includes 2,433,000 shares of the Company’s Class A common stock granted pursuant to the underwriters’ option to purchase additional shares at the public offering price, less underwriting discounts.

See Note 23, Subsequent Events, for additional information.

In January 2022, the Company’s Board of Directors authorized a stock repurchase program (“2022 Program”) under which the Company could repurchase up to $ 175.0 million of its Class A common stock currently issued and outstanding.

5 unchanged sentences

The Company anticipates funding for this 2024 Program to come from available sources of liquidity, including cash on hand and future cash flow.

No shares were repurchased during the three month periods ended March 31, 2025 and 2024.

No shares were repurchased during the three and six month periods ended June 30, 2025 and 2024.

Market conditions and the Company’s capital needs, among other things, will drive decisions regarding additional, future stock repurchases.

3 unchanged sentences

Since Simmons Bank is also under supervision of the Federal Reserve, it is further limited if the total of all dividends declared in any calendar year by Simmons Bank exceeds its net income to date for that year combined with its retained net profits for the preceding two years.

At March 31, 2025, undivided profits of Simmons Bank were approximately $ 561.1 million, $ 62.3 million of which were available for payment of dividends to the Company, without prior regulatory approval.

At June 30, 2025, undivided profits of Simmons Bank were approximately $ 576.9 million, $ 78.2 million of which were available for payment of dividends to the Company, without prior regulatory approval.

The risk-based capital guidelines of the Federal Reserve Board and the Arkansas State Bank Department include the definitions for (1) a well-capitalized institution, (2) an adequately-capitalized institution, and (3) an undercapitalized institution.

4 unchanged sentences

Failure to meet this capital conservation buffer would result in additional limits on dividends, other distributions and discretionary bonuses.

As of March 31, 2025, the Company and Simmons Bank met all capital adequacy requirements, including the capital conservation buffer, under the Basel III Capital Rules.

The Company’s CET1 ratio was 12.21 % at March 31, 2025.

As of June 30, 2025, the Company and Simmons Bank met all capital adequacy requirements, including the capital conservation buffer, under the Basel III Capital Rules.

The Company’s CET1 ratio was 12.36 % at June 30, 2025.

STOCK-BASED COMPENSATION

2 unchanged sentences

Pursuant to the plans, shares are reserved for future issuance by the Company upon exercise of stock options or awards of restricted stock, restricted stock units, performance stock units or stock awards granted to directors, officers and other key employees or consultants.

The table below summarizes the transactions under the Company’s active stock-based compensation plans for the three months ended March 31, 2025:

The table below summarizes the transactions under the Company’s active stock-based compensation plans for the six months ended June 30, 2025:

Stock Options

10 unchanged sentences

Forfeited/expired ( 5 ) 22.20 — — ( 109 ) 26.40

Balance, March 31, 2025 318 $ 22.93 — $ — 1,671 $ 20.54

Exercisable, March 31, 2025 318 $ 22.93

The following table summarizes information about stock options under the plans outstanding at March 31, 2025:

Balance, June 30, 2025 318 $ 22.93 — $ — 1,679 $ 20.43

Exercisable, June 30, 2025 318 $ 22.93

The following table summarizes information about stock options under the plans outstanding at June 30, 2025:

Options Outstanding Options Exercisable

7 unchanged sentences

$ 22.75 — $ 24.07 318 0.20 $ 22.93 318 $ 22.93

The table below summarizes the Company’s performance stock unit activity for the three months ended March 31, 2025:

The table below summarizes the Company’s performance stock unit activity for the six months ended June 30, 2025:

(In thousands) Performance Stock Units

2 unchanged sentences

Forfeited ( 118 )

Non-vested, March 31, 2025 511

Stock-based compensation expense was $ 5.3 million and $ 4.4 million during the three month periods ended March 31, 2025 and 2024, respectively.

Non-vested, June 30, 2025 512

Stock-based compensation expense was $ 8.6 million and $ 7.5 million during the six month periods ended June 30, 2025 and 2024, respectively.

Stock-based compensation expense is recognized ratably over the requisite service period for all stock-based awards.

There was no unrecognized stock-based compensation expense related to stock options at March 31, 2025.

Unrecognized stock-based compensation expense related to non-vested stock awards and stock units was $ 21.5 million at March 31, 2025.

There was no unrecognized stock-based compensation expense related to stock options at June 30, 2025.

Unrecognized stock-based compensation expense related to non-vested stock awards and stock units was $ 19.3 million at June 30, 2025.

At such date, the weighted-average period over which this unrecognized expense is expected to be recognized was 1.8 years.

There was no intrinsic value of stock options outstanding and stock options exercisable at March 31, 2025.

Aggregate intrinsic value represents the difference between the Company’s closing stock price on the last trading day of the period, which was $ 20.53 as of March 31, 2025, and the exercise price multiplied by the number of options outstanding.

There was no intrinsic value of stock options exercised during the three months ended March 31, 2025 and 2024.

There was no intrinsic value of stock options outstanding and stock options exercisable at June 30, 2025.

Aggregate intrinsic value represents the difference between the Company’s closing stock price on the last trading day of the period, which was $ 18.96 as of June 30, 2025, and the exercise price multiplied by the number of options outstanding.

There was no intrinsic value of stock options exercised during the six months ended June 30, 2025 and 2024.

The fair value of the Company’s employee stock options granted is estimated on the date of grant using the Black-Scholes option-pricing model.

This model requires the input of highly subjective assumptions, changes to which can materially affect the fair value estimate.

There were no stock options granted during the three months ended March 31, 2025 and 2024.

There were no stock options granted during the six months ended June 30, 2025 and 2024.

EARNINGS PER SHARE (“EPS”)

3 unchanged sentences

Three Months Ended

June 30, Six Months Ended

(In thousands, except per share data) 2025 2024 2025 2024

5 unchanged sentences

Diluted earnings per share $ 0.43 $ 0.32 $ 0.69 $ 0.63

There were 317,660 stock options excluded from the three months ended March 31, 2025 earnings per share calculation due to the related stock option exercise price exceeding the average market price of the Company’s stock during the period.

There were 410,490 stock options excluded from the earnings per share calculation for the three months ended March 31, 2024 due to the related stock option exercise price exceeding the average market price of the Company’s stock during the period.

There were 317,660 stock options excluded from the three and six months ended June 30, 2025 earnings per share calculation due to the related stock option exercise price exceeding the average market price of the Company’s stock during the period.

There were 410,490 stock options excluded from the earnings per share calculation for the three and six months ended June 30, 2024 due to the related stock option exercise price exceeding the average market price of the Company’s stock during the period.

ADDITIONAL CASH FLOW INFORMATION

The following is a summary of the Company’s additional cash flow information:

Three Months Ended

Six Months Ended

(In thousands) 2025 2024

3 unchanged sentences

OTHER INCOME AND OTHER OPERATING EXPENSES

Other income for the three months ended March 31, 2025 and 2024 was $ 8.0 million and $ 7.2 million, respectively.

Other income for the three and six months ended June 30, 2025 was $ 4.8 million and $ 12.8 million, respectively.

Other income for the three and six months ended June 30, 2024 was $ 6.4 million and $ 13.6 million, respectively.

Other operating expenses consisted of the following:

Three Months Ended

June 30, Six Months Ended

(In thousands) 2025 2024 2025 2024

28 unchanged sentences

Additionally, the CODM reviews budgeted net income versus actual net income of the Company to allocate resources to meet the Company’s strategic objectives.

The following table provides a summary of the Company’s reportable operating segment results for the three months ended March 31, 2025 and 2024.

The following table provides a summary of the Company’s reportable operating segment results for the three and six months ended June 30, 2025 and 2024.

Three Months Ended

March 31, 2025 March 31, 2024

June 30, 2025 June 30, 2024

(In thousands) Community and Commercial Banking Other Consolidated Community and Commercial Banking Other Consolidated

14 unchanged sentences

Net income $ 52,546 $ 2,227 $ 54,773 $ 38,247 $ 2,516 $ 40,763

Six Months Ended

June 30, 2025 June 30, 2024

(In thousands) Community and Commercial Banking Other Consolidated Community and Commercial Banking Other Consolidated

Net interest income $ 335,262 $ ( 16 ) $ 335,246 $ 305,681 $ 130 $ 305,811

Noninterest income 69,125 19,384 88,509 68,227 18,256 86,483

Total net revenue 404,387 19,368 423,755 373,908 18,386 392,294

Noninterest expense:

Salaries and employee benefits 139,200 9,486 148,686 134,150 9,219 143,369

Occupancy expense, net 23,535 960 24,495 23,227 895 24,122

Furniture and equipment expense 10,939 — 10,939 10,762 2 10,764

Deposit insurance 10,308 — 10,308 12,817 — 12,817

Other operating expenses (1)

85,790 2,951 88,741 84,867 3,294 88,161

Total noninterest expense 269,772 13,397 283,169 265,823 13,410 279,233

Income before provision for credit losses and income taxes 134,615 5,971 140,586 108,085 4,976 113,061

Provision for credit losses 38,742 — 38,742 21,305 — 21,305

Income tax expense 14,668 15 14,683 12,074 48 12,122

Net income $ 81,205 $ 5,956 $ 87,161 $ 74,706 $ 4,928 $ 79,634

(In thousands) Community and Commercial Banking Other Consolidated

Assets as of:

March 31, 2025 $ 26,785,600 $ 7,391 $ 26,792,991

March 31, 2024 $ 27,365,379 $ 6,796 $ 27,372,175

June 30, 2025 $ 26,686,838 $ 6,782 $ 26,693,620

June 30, 2024 $ 27,362,115 $ 6,957 $ 27,369,072

_________________________

13 unchanged sentences

Collateral held varies, but may include accounts receivable, inventory, property, plant and equipment, commercial real estate and residential real estate.

At March 31, 2025, the Company had outstanding commitments to extend credit aggregating approximately $ 762.4 million and $ 4.19 billion for credit card commitments and other loan commitments, respectively.

At June 30, 2025, the Company had outstanding commitments to extend credit aggregating approximately $ 766.4 million and $ 4.25 billion for credit card commitments and other loan commitments, respectively.

At December 31, 2024, the Company had outstanding commitments to extend credit aggregating approximately $ 756.9 million and $ 4.03 billion for credit card commitments and other loan commitments, respectively.

As of March 31, 2025, the Company had outstanding commitments to originate fixed-rate mortgage loans of approximately $ 33.3 million.

As of June 30, 2025, the Company had outstanding commitments to originate fixed-rate mortgage loans of approximately $ 30.1 million.

At December 31, 2024, the Company had outstanding commitments to originate fixed-rate mortgage loans of approximately $ 17.8 million.

3 unchanged sentences

The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers.

The Company had total outstanding letters of credit amounting to $ 49.4 million and $ 41.6 million at March 31, 2025 and December 31, 2024, respectively, with terms ranging from 9 months to 15 years.

At March 31, 2025 and December 31, 2024, the Company had no deferred revenue under standby letter of credit agreements.

The Company had total outstanding letters of credit amounting to $ 60.8 million and $ 41.6 million at June 30, 2025 and December 31, 2024, respectively, with terms ranging from 9 months to 15 years.

At June 30, 2025 and December 31, 2024, the Company had no deferred revenue under standby letter of credit agreements.

The Company has purchased letters of credit from the FHLB as security for certain public deposits.

The amount of the letters of credit was $ 1.30 billion and $ 1.12 billion at March 31, 2025 and December 31, 2024, respectively, and they expire in less than one year from issuance.

The amount of the letters of credit was $ 930.6 million and $ 1.12 billion at June 30, 2025 and December 31, 2024, respectively, and they expire in less than one year from issuance.

FAIR VALUE MEASUREMENTS

36 unchanged sentences

Where assumptions are made using significant unobservable inputs, such loans held for sale are classified as Level 3.

At March 31, 2025 and December 31, 2024, the aggregate fair value of mortgage loans held for sale exceeded their cost.

At June 30, 2025 and December 31, 2024, the aggregate fair value of mortgage loans held for sale exceeded their cost.

Derivative instruments – The Company’s derivative instruments are reported at fair value utilizing Level 2 inputs.

The Company obtains fair value measurements from dealer quotes.

The following table sets forth the Company’s financial assets by level within the fair value hierarchy that were measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024.

The following table sets forth the Company’s financial assets by level within the fair value hierarchy that were measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024.

Fair Value Measurements Using

6 unchanged sentences

Unobservable Inputs

March 31, 2025

June 30, 2025

Available-for-sale securities

35 unchanged sentences

As the Company’s primary objective in the event of default would be to liquidate the collateral to settle the outstanding balance of the loan, collateral that is less marketable would receive a larger discount.

The following table sets forth the Company’s assets by level within the fair value hierarchy that were measured at fair value on a nonrecurring basis as of March 31, 2025 and December 31, 2024.

The following table sets forth the Company’s assets by level within the fair value hierarchy that were measured at fair value on a nonrecurring basis as of June 30, 2025 and December 31, 2024.

Fair Value Measurements Using

6 unchanged sentences

Unobservable Inputs

March 31, 2025

June 30, 2025

Individually assessed loans (1) (2) (collateral-dependent)

7 unchanged sentences

(1) These amounts represent the resulting carrying amounts on the consolidated balance sheets for collateral-dependent loans and foreclosed assets and other real estate owned for which fair value re-measurements took place during the period.

(2) Identified reserves of $ 42.8 million and $ 30.1 million were related to collateral-dependent loans for which fair value re-measurements took place during the periods ended March 31, 2025 and December 31, 2024, respectively.

(2) Identified reserves of $ 38.9 million and $ 30.1 million were related to collateral-dependent loans for which fair value re-measurements took place during the periods ended June 30, 2025 and December 31, 2024, respectively.

ASC Topic 825, Financial Instruments , requires disclosure in annual and interim financial statements of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or nonrecurring basis.

33 unchanged sentences

(In thousands) Amount Level 1 Level 2 Level 3 Total

March 31, 2025

June 30, 2025

Financial assets:

68 unchanged sentences

The two year forward start date for these swaps occurred during late third quarter of 2023 and involves the payment of fixed interest rates with a weighted average of 1.21 % in exchange for variable interest rates based on federal funds rates.

For the three month period ended March 31, 2025, the net amount included in interest income on investment securities in the consolidated statements of income related to fair value hedges was $ 7.9 million.

For the six month period ended June 30, 2025, the net amount included in interest income on investment securities in the consolidated statements of income related to fair value hedges was $ 16.0 million.

The following table summarizes the fair value hedges recorded in the accompanying consolidated balance sheets.

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

(In thousands) Balance Sheet Location Weighted Average Pay Rate Receive Rate Notional Fair Value Notional Fair Value

2 unchanged sentences

Carrying Amount of Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Assets

Line Item on the Balance Sheet (In thousands) March 31, 2025 December 31, 2024 March 31, 2025 December 31, 2024

Line Item on the Balance Sheet (In thousands) June 30, 2025 December 31, 2024 June 30, 2025 December 31, 2024

Investment securities - Available-for-sale $ 963,356 $ 934,132 $ 71,005 $ 103,595

7 unchanged sentences

The following table summarizes the fair values of loan derivative contracts recorded in the accompanying consolidated balance sheets.

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

(In thousands) Notional Fair Value Notional Fair Value

4 unchanged sentences

The interest rate swap mark to market only impacts the Company if the swap is in a liability position to the counterparty and the customer defaults on payments to the counterparty.

The notional amount of these contingent agreements is $ 22.7 million as of March 31, 2025.

The notional amount of these contingent agreements is $ 22.3 million as of June 30, 2025.

Energy Hedging

5 unchanged sentences

These risks are mitigated by customer credit underwriting policies and establishing a predetermined hedge line for each borrower and by monitoring the exchange margin.

The Company has no outstanding notional values related to energy hedge swap contracts as of March 31, 2025.

The Company has no outstanding notional values related to energy hedge swap contracts as of June 30, 2025.

Currently, the Company generally does not intend to offer hedging services to any remaining energy related customers.

SUBSEQUENT EVENTS

This offering generated net proceeds of approximately $ 326.9 million after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company.

Additionally, on July 23, 2025, the Company completed steps taken to reposition its consolidated balance sheet, with a primary emphasis on the investment securities portfolio.

The Company and its subsidiaries, based upon favorable market conditions and the terms proposed by buyers of its investment securities, initiated a repositioning of the Company’s securities portfolio (the “Investment Securities Transaction”).

The Investment Securities Transaction consisted of the following actions:

(i) reclassified approximately $ 3.6 billion in HTM investment securities to AFS investment securities and (ii) subsequently sold approximately $ 3.2 billion in amortized cost basis of AFS securities (including certain of those previously classified as HTM).

Additionally, during the quarter ended June 30, 2025, the Company issued a notice of redemption to redeem the Spirit Notes, due 2030, with an aggregate principal amount of $ 37.0 million, which were redeemed in full on July 31, 2025.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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Results of Review of Interim Financial Statements

We have reviewed the condensed consolidated balance sheet of Simmons First National Corporation (“the Company”) and subsidiaries as of March 31, 2025, and the related condensed consolidated statements of income, comprehensive income (loss), cash flows and stockholders’ equity for the three month periods ended March 31, 2025 and 2024, and the related notes (collectively referred to as the “interim financial information or statements”).

We have reviewed the consolidated balance sheet of Simmons First National Corporation and subsidiaries (the “Company”) as of June 30, 2025, and the related condensed consolidated statements of income, comprehensive income (loss), and stockholders’ equity for the three and six month periods ended June 30, 2025 and 2024, and cash flows for the six month periods ended June 30, 2025 and 2024, and the related notes (collectively referred to as the “interim financial information or statements”).

Based on our reviews, we are not aware of any material modifications that should be made to the condensed financial statements referred to above for them to be in conformity with accounting principles generally accepted in the United States of America.

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Little Rock, Arkansas

August 5, 2025

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements