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Item 1. Financial Statements

2025-11-06 compared with 2025-08-05 · 315 added, 266 removed, 1324 unchanged (30% of the section changed)

2 unchanged sentences

Consolidated Balance Sheets

June 30, 2025 and December 31, 2024

June 30, December 31,

September 30, 2025 and December 31, 2024

September 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 June 30, 2025 and December 31, 2024

3,591,531 3,636,636

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

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

Available-for-sale, (amortized cost of $ 3,723,974 and $ 2,852,774 at September 30, 2025 and December 31, 2024, respectively)

3,319,277 2,529,426

1 unchanged sentence

Mortgage loans held for sale 15,507 11,417

Assets held in trading accounts 12,695 —

Loans 17,188,817 17,005,937

21 unchanged sentences

Common stock, Class A, $ 0.01 par value;

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

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

144,703,075 and 125,651,540 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively

Surplus 2,848,977 2,511,590

5 unchanged sentences

Simmons First National Corporation

Consolidated Statements of Income

Three and Six Months Ended June 30, 2025 and 2024

Consolidated Statements of Income (Loss)

Three and Nine Months Ended September 30, 2025 and 2024

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

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

5 unchanged sentences

Mortgage loans held for sale 229 209 572 551

Assets held in trading accounts 99 — 99 —

TOTAL INTEREST INCOME 313,423 334,289 936,283 986,083

8 unchanged sentences

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 174,695 145,564 471,199 430,070

NONINTEREST INCOME

NONINTEREST INCOME (LOSS)

Service charges on deposit accounts 13,045 12,713 38,268 36,920

4 unchanged sentences

Other service charges and fees 1,474 1,509 4,128 4,227

Loss on sale of securities, net ( 801,492 ) ( 28,393 ) ( 801,492 ) ( 28,393 )

Other income 6,141 8,346 18,985 21,928

TOTAL NONINTEREST INCOME 42,354 43,299 88,509 86,483

TOTAL NONINTEREST INCOME (LOSS) ( 756,187 ) 17,130 ( 667,678 ) 103,613

NONINTEREST EXPENSE

6 unchanged sentences

TOTAL NONINTEREST EXPENSE 142,032 137,193 425,201 416,426

INCOME BEFORE INCOME TAXES 63,644 46,751 101,844 91,756

Provision for income taxes 8,871 5,988 14,683 12,122

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

INCOME (LOSS) BEFORE INCOME TAXES ( 723,524 ) 25,501 ( 621,680 ) 117,257

Provision (benefit) for income taxes ( 160,732 ) 761 ( 146,049 ) 12,883

NET INCOME (LOSS) $ ( 562,792 ) $ 24,740 $ ( 475,631 ) $ 104,374

BASIC EARNINGS PER SHARE $ ( 4.01 ) $ 0.20 $ ( 3.64 ) $ 0.83

3 unchanged sentences

Consolidated Statements of Comprehensive Income (Loss)

Three and Six Months Ended June 30, 2025 and 2024

Three and Nine Months Ended September 30, 2025 and 2024

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(In thousands) 2025 2024 2025 2024

(Unaudited) (Unaudited)

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

NET INCOME (LOSS) $ ( 562,792 ) $ 24,740 $ ( 475,631 ) $ 104,374

OTHER COMPREHENSIVE INCOME (LOSS)

Unrealized holding (losses) gains arising during the period on available-for-sale securities ( 835,485 ) 97,187 ( 840,504 ) 71,400

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

Reclassification adjustment for realized losses included in net income ( 801,492 ) ( 28,393 ) ( 801,492 ) ( 28,393 )

Realized gains on derivative instruments 4,648 37,558 38,047 24,975

Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity (1)

( 129,912 ) ( 6,231 ) ( 141,267 ) ( 17,938 )

Other comprehensive income (loss), before tax effect 91,271 94,253 64,208 92,756

1 unchanged sentence

TOTAL OTHER COMPREHENSIVE INCOME (LOSS) 67,417 69,620 47,427 68,514

COMPREHENSIVE INCOME $ 41,583 $ 43,298 $ 67,171 $ 78,528

COMPREHENSIVE INCOME (LOSS) $ ( 495,375 ) $ 94,360 $ ( 428,204 ) $ 172,888

_______________________________________

(1) During the three and nine months ended September 30, 2025, the Company engaged in a balance sheet repositioning, which included the transfer of all held-to-maturity securities to the available-for-sale portfolio, including those previously transferred to the held-to-maturity portfolio.

The securities were transferred at fair value and the previous related remaining combined net unrealized losses in accumulated other comprehensive income (loss) were either recognized as part of the securities transfer and subsequent sale of certain securities or will be amortized into income over the remaining life of the security.

See Note 2, Investment Securities, for more information on the securities portfolio.

See Condensed Notes to Consolidated Financial Statements.

1 unchanged sentence

Consolidated Statements of Cash Flows

Six Months Ended June 30, 2025 and 2024

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

Nine Months Ended September 30, 2025 and 2024

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

(Unaudited) (Unaudited)

OPERATING ACTIVITIES

Net income $ 87,161 $ 79,634

Net income (loss) $ ( 475,631 ) $ 104,374

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

1 unchanged sentence

Provision for credit losses 50,708 33,453

Loss on sale of investments 801,492 28,393

Net amortization of investment securities and assets 10,297 13,104

2 unchanged sentences

Gain on sale of closed branches ( 152 ) —

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

Gain on sale of foreclosed assets and other real estate owned ( 506 ) ( 911 )

Gain on sale of mortgage loans held for sale ( 5,998 ) ( 6,503 )

Loss on sale of loans 22 234

Loss on early extinguishment of debt 565 —

Deferred income taxes ( 166,587 ) ( 3,254 )

4 unchanged sentences

Interest receivable 18,860 ( 3,270 )

Assets held in trading accounts ( 12,695 ) —

Other assets 60,904 65,650

8 unchanged sentences

Proceeds from sale of foreclosed assets and other real estate owned 10,316 5,100

Proceeds from sale of available-for-sale securities 2,363,220 251,517

Proceeds from maturities of available-for-sale securities 278,783 205,164

1 unchanged sentence

Proceeds from maturities of held-to-maturity securities 41,009 62,460

Purchases of held-to-maturity securities — ( 1,000 )

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

5 unchanged sentences

Proceeds from issuance of other borrowed funds 1,480,000 2,650,000

Proceeds from issuance of subordinated notes 321,234 —

Repayments of other borrowed funds ( 2,206,540 ) ( 2,576,488 )

Repayments of subordinated debt ( 37,000 ) —

Dividends paid on common stock ( 84,282 ) ( 79,055 )

Net change in federal funds purchased and securities sold under agreements to repurchase ( 14,761 ) ( 16,898 )

Issuance of common stock 327,431 —

Net shares cancelled under stock compensation plans ( 3,228 ) ( 1,325 )

7 unchanged sentences

Consolidated Statements of Stockholders’ Equity

Three Months Ended June 30, 2025 and 2024

Three Months Ended September 30, 2025 and 2024

(In thousands, except share data) Common

3 unchanged sentences

Profits Total

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

Three Months Ended September 30, 2025

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

Comprehensive income (loss) — — 67,417 ( 562,792 ) ( 495,375 )

Stock-based compensation plans, net – 53,827 shares

— 3,447 — — 3,447

Issuance of common stock - 18,653,000 shares

187 327,244 — — 327,431

Dividends on common stock – $ 0.2125 per share

— — — ( 30,750 ) ( 30,750 )

Balance, September 30, 2025 (Unaudited) $ 1,447 $ 2,848,977 $ ( 313,483 ) $ 817,022 $ 3,353,963

Three Months Ended September 30, 2024

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

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 — — 69,620 24,740 94,360

3 unchanged sentences

— — — ( 26,366 ) ( 26,366 )

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

Balance, September 30, 2024 (Unaudited) $ 1,256 $ 2,508,438 $ ( 335,861 ) $ 1,355,000 $ 3,528,833

See Condensed Notes to Consolidated Financial Statements.

1 unchanged sentence

Consolidated Statements of Stockholders’ Equity

Six Months Ended June 30, 2025 and 2024

Nine Months Ended September 30, 2025 and 2024

(In thousands, except share data) Common

3 unchanged sentences

Profits Total

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

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

Comprehensive (loss) income — — ( 19,990 ) 87,161 67,171

Comprehensive income (loss) — — 47,427 ( 475,631 ) ( 428,204 )

Stock issued for employee stock purchase plan – 46,857 shares

2 unchanged sentences

3 9,307 — — 9,310

Issuance of common stock - 18,653,000 shares

187 327,244 — — 327,431

Dividends on common stock – $ 0.6375 per share

— — — ( 84,282 ) ( 84,282 )

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, September 30, 2025 (Unaudited) $ 1,447 $ 2,848,977 $ ( 313,483 ) $ 817,022 $ 3,353,963

Nine Months Ended September 30, 2024

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

Comprehensive (loss) income — — ( 1,106 ) 79,634 78,528

Comprehensive income — — 68,514 104,374 172,888

Stock issued for employee stock purchase plan – 53,161 shares

4 unchanged sentences

— — — ( 79,055 ) ( 79,055 )

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

Balance, September 30, 2024 (Unaudited) $ 1,256 $ 2,508,438 $ ( 335,861 ) $ 1,355,000 $ 3,528,833

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 223 financial centers as of June 30, 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 September 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 corrected this error in the accompanying unaudited consolidated statements of cash flows for the six months ended June 30, 2024.

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

The correction had no impact to the total net cash used in financing activities in the 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 Company corrected these errors in the accompanying unaudited consolidated statements of cash flows for the nine months ended September 30, 2024.

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

72 unchanged sentences

Premiums on callable securities are amortized to their earliest call date.

Assets held in trading accounts, comprised of U.S.

Treasury securities, are purchased with the intent of selling in the near term.

Trading securities are carried at fair value with gains and losses included in other income.

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 a realized, after-tax loss of $ 625.6 million (based on actual tax rate of 21.946 %).

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 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.

The amortized cost, fair value and allowance for credit losses of investment securities that are classified as HTM are as follows:

During the balance sheet repositioning that occurred during the third quarter of 2025, these securities were transferred out of the HTM portfolio to the AFS portfolio at fair value.

The previous related remaining combined net unrealized losses in accumulated other comprehensive income (loss), which losses were $ 99.4 million, were either recognized as part of the securities transfer and subsequent sale of certain securities or will be amortized into income over the remaining life of the security.

As a result of the balance sheet repositioning, the Company did not hold any investment securities classified as HTM as of September 30, 2025.

The amortized cost, fair value and allowance for credit losses of investment securities that were classified as HTM as of December 31, 2024 are as follows:

(In thousands) Amortized Cost Allowance

2 unchanged sentences

(Losses) Estimated Fair

Held-to-maturity

June 30, 2025

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

Mortgage-backed securities 1,024,313 — 1,024,313 337 ( 103,501 ) 921,149

State and political subdivisions

1,855,816 ( 202 ) 1,855,614 59 ( 501,614 ) 1,354,059

Other securities 257,388 ( 3,012 ) 254,376 — ( 13,811 ) 240,565

Total HTM $ 3,594,745 $ ( 3,214 ) $ 3,591,531 $ 396 $ ( 699,953 ) $ 2,891,974

December 31, 2024

8 unchanged sentences

government agencies or corporations.

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

June 30, 2025

Treasury $ 400 $ — $ — $ — $ 400

September 30, 2025

Government agencies $ 49,052 $ — $ 2 $ ( 699 ) $ 48,355

10 unchanged sentences

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

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 September 30, 2025, AFS MBS consisted of $ 608.7 million and $ 1.64 billion 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 June 30, 2025 was $ 20.2 million and $ 22.2 million, respectively, and is included in interest receivable on the consolidated balance sheets.

Accrued interest receivable on AFS securities at September 30, 2025 was $ 23.3 million, and is included in interest receivable on the consolidated balance sheet.

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 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:

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 September 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

June 30, 2025

Treasury $ — $ — $ — $ — $ — $ —

September 30, 2025

Government agencies $ 2,301 $ ( 23 ) $ 44,694 $ ( 676 ) $ 46,995 $ ( 699 )

3 unchanged sentences

Total AFS $ 11,311 $ ( 1,069 ) $ 2,680,405 $ ( 408,879 ) $ 2,691,716 $ ( 409,948 )

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 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.

As of September 30, 2025, the Company’s investment portfolio included $ 3.32 billion of AFS securities, of which $ 2.69 billion, or 81.1 %, 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 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.

Management does 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.

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 and six months ended June 30, 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 nine months ended September 30, 2025 on the Company’s HTM securities portfolio.

(In thousands) State and Political Subdivisions Other

Securities Total

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

Held-to-maturity

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

Beginning balance, July 1, 2025 $ 202 $ 3,012 $ 3,214

Provision for credit loss expense ( 202 ) ( 3,012 ) ( 3,214 )

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

Ending balance, September 30, 2025 $ — $ — $ —

Nine Months Ended September 30, 2025

Held-to-maturity

2 unchanged sentences

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:

Ending balance, September 30, 2025 $ — $ — $ —

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

(In thousands) State and Political Subdivisions Other

Securities Total

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Held-to-maturity

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

Beginning balance, July 1, 2024 $ 191 $ 3,023 $ 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

Net increase (decrease) in allowance on previously impaired securities 36 ( 36 ) —

Ending balance, September 30, 2024 $ 227 $ 2,987 $ 3,214

Nine Months Ended September 30, 2024

Held-to-maturity

2 unchanged sentences

Net (decrease) increase in allowance on previously impaired securities ( 1,779 ) 1,779 —

Ending balance, June 30, 2024 $ 191 $ 3,023 $ 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 and six month periods ended June 30, 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 June 30, 2025:

State and Political Subdivisions

(In thousands) Not Guaranteed or Pre-Refunded Other Credit Enhancement or Insurance Pre-Refunded Total Other Securities

Aaa/AAA $ 182,733 $ 293,544 $ — $ 476,277 $ —

Aa/AA 626,037 534,785 — 1,160,822 —

A 38,175 160,776 — 198,951 103,765

Baa/BBB — 4,391 — 4,391 153,623

Not Rated 15,375 — — 15,375 —

Total $ 862,320 $ 993,496 $ — $ 1,855,816 $ 257,388

Ending balance, September 30, 2024 $ 227 $ 2,987 $ 3,214

Historical loss rates associated with securities having similar grades as those in the Company’s portfolio have generally not been significant.

3 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 and six months ended June 30, 2025 and 2024, is as follows:

Based upon the Company’s analysis of the underlying risk characteristics of its AFS portfolio, including credit ratings and other qualitative factors, as previously discussed, there was no provision for credit losses related to the Company’s AFS portfolio recorded for the three and nine month periods ended September 30, 2025 or 2024.

During the three and nine month periods ended September 30, 2025, the Company recaptured $ 3.2 million of the allowance for credit loss related to HTM securities due to the balance sheet repositioning.

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

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(In thousands) 2025 2024 2025 2024

4 unchanged sentences

Total $ 37,464 $ 53,220 $ 131,619 $ 166,271

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

The amortized cost and estimated fair value by maturity of AFS securities as of September 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.

Accordingly, actual maturities may differ from contractual maturities.

Held-to-Maturity Available-for-Sale

Available-for-Sale

(In thousands) Amortized

Value Amortized

One year or less $ 10,889 $ 10,792

5 unchanged sentences

Total $ 3,723,974 $ 3,319,277

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.

The Company has entered into various fair value hedging transactions to mitigate the impact of changing interest rates on the fair value of AFS securities.

The carrying value, which approximates the fair value, of securities pledged as collateral, to secure public deposits and for other purposes, amounted to $ 2.05 billion at September 30, 2025 and $ 2.36 billion at December 31, 2024.

There were no gross realized gains and $ 801.5 million gross realized losses from the sale of securities during the three and nine months ended September 30, 2025 related to the balance sheet repositioning during the period.

There were no gross realized gains and $ 28.4 million gross realized losses from the sale of securities during the three and nine months ended September 30, 2024, as the Company sold approximately $ 251.5 million of AFS investment securities as part of a strategic decision to sell low yielding securities to pay off higher rate wholesale fundings consisting of Federal Home Loan Bank (“FHLB”) advances during the third quarter of 2024.

The income tax expense/benefit related to security gains/losses was 21.946 % and 26.135 % of the gross amounts in 2025 and 2024, respectively.

The Company has entered into various hedging transactions to mitigate the impact of changing interest rates on the fair value of AFS securities.

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.

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

At September 30, 2025, the Company’s loan portfolio was $ 17.19 billion, compared to $ 17.01 billion at December 31, 2024.

The various categories of loans are summarized as follows:

June 30, December 31,

September 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 $ 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.

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 $ 4.1 million and $ 7.2 million at September 30, 2025 and December 31, 2024, respectively, and (ii) deferred origination costs and fees of $ 8.1 million and $ 9.6 million at September 30, 2025 and December 31, 2024, respectively.

Accrued interest on loans, which is excluded from the amortized cost of loans held for investment, totaled $ 81.1 million and $ 78.8 million at September 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;

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

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

As of September 30, 2025 and December 31, 2024, the total outstanding balance of PPP loans was $ 370,000 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:

June 30, December 31,

September 30, December 31,

(In thousands) 2025 2024

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Total $ 153,516 $ 110,154

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.

As of September 30, 2025 and December 31, 2024, nonaccrual loans for which there was no related allowance for credit losses had an amortized cost of $ 6.8 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

June 30, 2025

September 30, 2025

Credit cards $ 1,360 $ 613 $ 1,973 $ 171,047 $ 173,020 $ 423

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Total $ 39,762 $ 116,371 $ 156,133 $ 17,032,684 $ 17,188,817 $ 423

(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 and six month periods ended June 30, 2025.

Percent of Percent of

Interest Rate Total Class Total Class

(Dollars in thousands) Reduction of Loans Term Extension of Loans

Three Months Ended September 30, 2025

Other consumer $ — — % $ 21 0.02 %

Total consumer — 21

Single family residential 309 0.01 % — — %

Total real estate 309 —

Total $ 309 $ 21

Nine Months Ended September 30, 2025

Other consumer $ — — % $ 21 0.02 %

Total consumer — 21

Single family residential 827 0.03 % — — %

Total real estate 827 —

Total $ 827 $ 21

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

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

Interest Rate Total Class

(Dollars in thousands) Reduction of Loans

Three Months Ended June 30, 2025

Three Months Ended September 30, 2024

Single family residential $ 142 0.01 %

Total real estate $ 142

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2024

Single family residential $ 795 0.03 %

Total real estate $ 795

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.

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 $ 26.7 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 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 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.

At September 30, 2025 and December 31, 2024, the Company had $ 3.4 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 September 30, 2025 and December 31, 2024, the Company had $ 4.2 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.

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• 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 June 30, 2025, segregated by class of loans.

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

Term Loans Amortized Cost Basis by Origination Year

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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 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.

To determine the best estimate of credit losses as of September 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 September 2025 that was updated to reflect the U.S.

economic outlook.

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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 $ 114.1 million and $ 102.6 million as of June 30, 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 $ 108.4 million and $ 102.6 million as of September 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

June 30, 2025

September 30, 2025

Construction and development $ 402 $ — $ 402

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 and six months ended June 30, 2025.

The following table details activity in the allowance for credit losses by portfolio segment for the three and nine months ended September 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.

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Allowance for credit losses:

Three Months Ended June 30, 2025

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

Three Months Ended September 30, 2025

Beginning balance, July 1, 2025 $ 37,198 $ 203,985 $ 6,087 $ 6,267 $ 253,537

Provision for credit loss expense 7,196 5,517 1,499 968 15,180

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Net (charge-offs) recoveries ( 7,574 ) ( 1,235 ) ( 1,605 ) ( 297 ) ( 10,711 )

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

Ending balance, September 30, 2025 $ 36,820 $ 208,267 $ 5,981 $ 6,938 $ 258,006

(In thousands) Commercial Real

1 unchanged sentence

and Other Total

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

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

3 unchanged sentences

Net (charge-offs) recoveries ( 18,608 ) ( 6,924 ) ( 4,222 ) ( 1,181 ) ( 30,935 )

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:

Ending balance, September 30, 2025 $ 36,820 $ 208,267 $ 5,981 $ 6,938 $ 258,006

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

(In thousands) Commercial Real

2 unchanged sentences

Allowance for credit losses:

Three Months Ended June 30, 2024

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

Three Months Ended September 30, 2024

Beginning balance, July 1, 2024 $ 43,550 $ 175,176 $ 5,765 $ 5,898 $ 230,389

Provision for credit loss expense 8,088 1,598 1,755 707 12,148

2 unchanged sentences

Net (charge-offs) recoveries ( 7,796 ) 244 ( 1,513 ) ( 249 ) ( 9,314 )

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

Six Months Ended June 30, 2024

Ending balance, September 30, 2024 $ 43,842 $ 177,018 $ 6,007 $ 6,356 $ 233,223

Nine Months Ended September 30, 2024

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

3 unchanged sentences

Net (charge-offs) recoveries ( 18,735 ) ( 1,929 ) ( 4,108 ) ( 689 ) ( 25,461 )

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.

Ending balance, September 30, 2024 $ 43,842 $ 177,018 $ 6,007 $ 6,356 $ 233,223

As of September 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 nine months ended September 30, 2025 reflected the impact of loan growth and updated economic assumptions during the periods, while the nine month period ended September 30, 2025 also included an incremental provision expense of $ 15.6 million related to two specific credit relationships which migrated to nonperforming during the year.

Reserve for Unfunded Commitments

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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 June 30, 2025 and December 31, 2024.

The reserve for unfunded commitments was $ 25.6 million for both periods ended September 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 and six month periods ended June 30, 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 nine month periods ended September 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 and six month periods ended June 30, 2025 and 2024 were as follows:

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

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(In thousands) 2025 2024 2025 2024

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The Company accounts for lease and non-lease components (such as taxes, insurance and common area maintenance costs) separately as such amounts are generally readily determinable under the lease contracts.

Lease payments over the expected term are discounted using the Company’s Federal Home Loan Bank (“FHLB”) advance rates for borrowings of similar term.

Lease payments over the expected term are discounted using the Company’s FHLB advance rates for borrowings of similar term.

If it is reasonably certain that a renewal or termination option will be exercised, the effects of such options are included in the determination of the expected lease term.

2 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 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,

The following table presents information as of September 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.

September 30, December 31,

(Dollars in thousands) 2025 2024

3 unchanged sentences

Weighted average discount rate 3.79 % 3.81 %

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.

Operating lease cost for the three and nine month periods ended September 30, 2025 was $ 3.9 million and $ 11.8 million, respectively, as compared to $ 4.0 million and $ 12.2 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 June 30, 2025 and December 31, 2024 were as follows:

June 30, December 31,

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

September 30, December 31,

(In thousands) 2025 2024

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

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.

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

Goodwill impairment was neither indicated no r recorded during the nine months ended September 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 June 30, 2025 and December 31, 2024 were as follows:

June 30, December 31,

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

September 30, December 31,

(In thousands) 2025 2024

8 unchanged sentences

Total other intangible assets, net $ 87,520 $ 97,242

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,

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

September 30, December 31,

(In thousands) 2025 2024

8 unchanged sentences

Total other intangible assets, net $ 87,520 $ 97,242

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

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

(In thousands) Year Amortization

3 unchanged sentences

TIME DEPOSITS

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.

Time deposits included approximately $ 1.22 billion and $ 1.55 billion of certificates of deposit over $250,000 at September 30, 2025 and December 31, 2024, respectively.

Brokered time deposits were $ 1.84 billion and $ 3.30 billion at September 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

September 30, Nine Months Ended

September 30,

(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:

June 30, December 31,

September 30, December 31,

(In thousands) 2025 2024

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Acquired securities 7,526 7,504

Capitalized intangibles 110,212 —

Right-of-use lease liability 14,709 16,416

8 unchanged sentences

Unrealized gain on swaps ( 15,928 ) ( 25,174 )

Deferred loan fees and costs — ( 2,075 )

Other ( 7,578 ) ( 11,193 )

3 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(In thousands) 2025 2024 2025 2024

Computed at the statutory rate ( 21 %)

$ ( 151,940 ) $ 5,354 $ ( 130,553 ) $ 24,624

Increase (decrease) in taxes resulting from:

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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 $ 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.

The gross amount of recognized liabilities for repurchase agreements was $ 21.9 million and $ 36.7 million at September 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 September 30, 2025 and December 31, 2024 is presented in the following tables.

Remaining Contractual Maturity of the Agreements

2 unchanged sentences

90 Days Total

June 30, 2025

September 30, 2025

Repurchase agreements:

4 unchanged sentences

OTHER BORROWINGS AND SUBORDINATED NOTES AND DEBENTURES

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

June 30, December 31,

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

September 30, December 31,

(In thousands) 2025 2024

8 unchanged sentences

330,000 330,000

Subordinated notes payable, due 10/1/2035, fixed-to-floating rate (fixed rate of 6.25 % through 9/30/2030, floating rate of 3.02 % above the three-month SOFR rate, reset quarterly)

Subordinated notes payable, net of premium adjustments, due 7/31/2030, fixed-to-floating rate (fixed rate of 6.00 % through 7/30/2025, floating rate of 5.92 % above the three-month SOFR rate, reset quarterly)

37,000 37,057

Unamortized debt issuance costs ( 3,750 ) ( 764 )

Valuation adjustments on hedged subordinated notes payable ( 2,274 ) —

Total subordinated notes and debentures 648,976 366,293

2 unchanged sentences

The Company incurred $ 3.6 million in debt issuance costs related to the offering during March 2018.

The Notes will mature on April 1, 2028 and initially bore interest at a fixed rate of 5.00 % per annum, payable semi-annually in arrears.

From and including April 1, 2023 to, but excluding, the maturity date or the date of earlier redemption, the interest rate resets quarterly to an annual interest rate equal to the “then-current three month LIBOR rate” plus 215 basis points, payable quarterly in arrears, and the Company transitioned from the “then-current three month LIBOR rate” to the “three-month Secured Overnight Financing Rate” (“SOFR”), plus a comparable spread adjustment of 26.161 basis points,” beginning with interest accrued on the Notes from and after October 1, 2023.

The 2018 Notes were to mature on April 1, 2028 and initially bore interest at a fixed rate of 5.00 % per annum, payable semi-annually in arrears.

From and including April 1, 2023 to, but excluding, the maturity date or the date of earlier redemption, the interest rate would reset quarterly to an annual interest rate equal to the “then-current three month LIBOR rate” plus 215 basis points, payable quarterly in arrears.

The Company transitioned from the “then-current three month LIBOR rate” to the “three-month Secured Overnight Financing Rate” (“SOFR”), plus a comparable spread adjustment of 26.161 basis points,” beginning with interest accrued on the 2018 Notes from and after October 1, 2023.

The Company used a portion of the net proceeds from the sale of the 2018 Notes to repay certain outstanding indebtedness.

The 2018 Notes qualified for Tier 2 capital treatment.

During the third quarter of 2025, the Company issued a notice of redemption to redeem the 2018 Notes, which were redeemed in full on October 1, 2025.

The related remaining $ 565,000 of unamortized debt issuance costs were written off during the quarter ended September 30, 2025.

See Note 23, Subsequent Event, for additional information.

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 (“Spirit Notes”).

The Spirit Notes were to mature on July 31, 2030, and initially bore 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 would reset quarterly to an interest rate per annum equal to a benchmark rate, which was the then-current three-month SOFR rate, as published by the Federal Reserve Bank of New York, payable quarterly, in arrears.

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.

In September 2025, the Company issued $ 325.0 million in aggregate principal amount, of 6.25 % Fixed-to-Floating Rate Subordinated Notes (“2025 Notes”) at a public offering price equal to 100 % of the aggregate principal amount of the 2025 Notes.

The Company incurred $ 3.9 million in debt issuance costs related to the offering during September 2025.

The 2025 Notes will mature on October 1, 2035 and will bear interest at an initial fixed rate of 6.25 % per annum, payable semi-annually, in arrears.

From and including October 1, 2030 to, but excluding, the maturity date or the date of earlier redemption, the interest rate resets quarterly to an annual interest rate equal to the then-current three month SOFR rate plus 302 basis points, payable quarterly, in arrears.

Additionally, during the third quarter of 2025, the Company began utilizing interest rate swaps designated as fair value hedges to mitigate the risk of changes in the fair value of the aggregate principal amount of the 2025 Notes due to changes in market interest rates.

See Note 22, Derivative Instruments, for further discussion regarding fair value hedges.

The 2025 Notes will be subordinated in right of payment to the payment of the Company’s other existing and future senior indebtedness, including all of its general creditors.

The 2025 Notes are obligations of the Company only and are not obligations of, and are not guaranteed by, any of its subsidiaries.

The Company used a portion of the net proceeds from the sale of the Notes to repay certain outstanding indebtedness.

The Company used the net proceeds from the sale of the 2025 Notes, together with cash on hand, to fully redeem the 2018 Notes on October 1, 2025, and for general corporate purposes.

The 2025 Notes qualify for Tier 2 capital treatment.

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”).

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.

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 had total outstanding FHLB advances of $ 2.7 million and $ 727.9 million at September 30, 2025 and December 31, 2024, respectively.

The outstanding FHLB advances as of December 31, 2024 were primarily whole loan advances, which are due less than one year from origination and therefore were classified as short-term advances by the Company.

The decrease in FHLB advances during the nine months ended September 30, 2025 was due to the pay down of higher cost wholesale funding, including the FHLB advances, using the proceeds from the sale of securities during the third quarter of 2025.

At September 30, 2025, the FHLB advances outstanding were secured by mortgage loans and investment securities totaling approximately $ 6.64 billion and the Company had approximately $ 6.13 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 June 30, 2025, are as follows:

The aggregate contractual annual maturities of long-term debt at September 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 June 30, 2025, there were no shares of preferred stock issued or outstanding.

As of September 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.

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 included 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.

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 and six month periods ended June 30, 2025 and 2024.

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

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

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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 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.

At September 30, 2025, undivided profits of Simmons Bank were approximately $ 25.0 million, none 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.

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

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.

As of September 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 11.54 % at September 30, 2025.

STOCK-BASED COMPENSATION

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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 six months ended June 30, 2025:

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

Stock Options

10 unchanged sentences

Forfeited/expired ( 261 ) 22.77 — — ( 113 ) 26.14

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:

Balance, September 30, 2025 62 $ 23.51 — $ — 1,601 $ 20.43

Exercisable, September 30, 2025 62 $ 23.51

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

Options Outstanding Options Exercisable

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$ 23.51 — $ 23.51 62 0.29 $ 23.51 62 $ 23.51

23.51 — 23.51 62 0.55 23.51 62 23.51

24.07 — 24.07 7 0.21 24.07 7 24.07

$ 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 six months ended June 30, 2025:

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

(In thousands) Performance Stock Units

2 unchanged sentences

Forfeited ( 118 )

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.

Non-vested, September 30, 2025 512

Stock-based compensation expense was $ 12.5 million and $ 8.9 million during the nine month periods ended September 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 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.

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

Unrecognized stock-based compensation expense related to non-vested stock awards and stock units was $ 16.2 million at September 30, 2025.

At such date, the weighted-average period over which this unrecognized expense is expected to be recognized was 1.6 years.

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.

There was no intrinsic value of stock options outstanding and stock options exercisable at September 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 $ 19.17 as of September 30, 2025, and the exercise price multiplied by the number of options outstanding.

There was no intrinsic value of stock options exercised during the nine months ended September 30, 2025.

There total intrinsic value of stock options exercised during the nine months ended September 30, 2024 was $ 48,000 .

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 six months ended June 30, 2025 and 2024.

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

EARNINGS PER SHARE (“EPS”)

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Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

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

Net income available to common stockholders $ 54,773 $ 40,763 $ 87,161 $ 79,634

Net income (loss) available to common stockholders $ ( 562,792 ) $ 24,740 $ ( 475,631 ) $ 104,374

Average common shares outstanding 140,234 125,538 130,718 125,449

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Diluted earnings per share $ ( 4.00 ) $ 0.20 $ ( 3.63 ) $ 0.83

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.

There were 62,300 stock options excluded from the three and nine months ended September 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 371,790 stock options excluded from the earnings per share calculation for the three and nine months ended September 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:

Six Months Ended

Nine Months Ended

September 30,

(In thousands) 2025 2024

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OTHER INCOME AND OTHER OPERATING EXPENSES

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 income for the three and nine months ended September 30, 2025 was $ 6.1 million and $ 19.0 million, respectively.

Other income for the three and nine months ended September 30, 2024 was $ 8.3 million and $ 21.9 million, respectively.

Other operating expenses consisted of the following:

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

(In thousands) 2025 2024 2025 2024

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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 and six months ended June 30, 2025 and 2024.

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

Three Months Ended

June 30, 2025 June 30, 2024

September 30, 2025 September 30, 2024

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

Net interest income $ 185,237 $ 1,424 $ 186,661 $ 157,510 $ 202 $ 157,712

Noninterest income 32,766 9,588 42,354 34,026 9,273 43,299

Total net revenue 205,156 9,022 214,178 187,788 9,416 197,204

Noninterest income (loss) ( 766,254 ) 10,067 ( 756,187 ) 7,877 9,253 17,130

Total net revenue (loss) ( 581,017 ) 11,491 ( 569,526 ) 165,387 9,455 174,842

Noninterest expense:

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Total noninterest expense 135,480 6,552 142,032 131,121 6,072 137,193

Income before provision for credit losses and income taxes 73,357 2,232 75,589 55,315 2,535 57,850

Income (loss) before provision for credit losses and income taxes ( 716,497 ) 4,939 ( 711,558 ) 34,266 3,383 37,649

Provision for credit losses 11,966 — 11,966 12,148 — 12,148

Income tax expense 8,866 5 8,871 5,969 19 5,988

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

Six Months Ended

June 30, 2025 June 30, 2024

Income tax expense (benefit) ( 160,735 ) 3 ( 160,732 ) 754 7 761

Net income (loss) $ ( 567,728 ) $ 4,936 $ ( 562,792 ) $ 21,364 $ 3,376 $ 24,740

Nine Months Ended

September 30, 2025 September 30, 2024

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

Net interest income $ 520,499 $ 1,408 $ 521,907 $ 463,191 $ 332 $ 463,523

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 income (loss) ( 697,129 ) 29,451 ( 667,678 ) 76,104 27,509 103,613

Total net revenue (loss) ( 176,630 ) 30,859 ( 145,771 ) 539,295 27,841 567,136

Noninterest expense:

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Total noninterest expense 405,252 19,949 425,201 396,944 19,482 416,426

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

Income (loss) before provision for credit losses and income taxes ( 581,882 ) 10,910 ( 570,972 ) 142,351 8,359 150,710

Provision for credit losses 50,708 — 50,708 33,453 — 33,453

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

Income tax expense (benefit) ( 146,067 ) 18 ( 146,049 ) 12,828 55 12,883

Net income (loss) $ ( 486,523 ) $ 10,892 $ ( 475,631 ) $ 96,070 $ 8,304 $ 104,374

(In thousands) Community and Commercial Banking Other Consolidated

Assets as of:

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

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

September 30, 2025 $ 24,203,137 $ 5,025 $ 24,208,162

September 30, 2024 $ 27,263,125 $ 6,279 $ 27,269,404

_________________________

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

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 September 30, 2025, the Company had outstanding commitments to extend credit aggregating approximately $ 822.8 million and $ 4.27 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 June 30, 2025, the Company had outstanding commitments to originate fixed-rate mortgage loans of approximately $ 30.1 million.

As of September 30, 2025, the Company had outstanding commitments to originate fixed-rate mortgage loans of approximately $ 22.7 million.

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

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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 $ 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 had total outstanding letters of credit amounting to $ 68.6 million and $ 41.6 million at September 30, 2025 and December 31, 2024, respectively, with terms ranging from 9 months to 15 years.

At September 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 $ 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.

The amount of the letters of credit was $ 498.5 million and $ 1.12 billion at September 30, 2025 and December 31, 2024, respectively, and they expire in less than one year from issuance.

FAIR VALUE MEASUREMENTS

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Following is a description of the inputs and valuation methodologies used for assets measured at fair value on a recurring basis and recognized in the accompanying consolidated balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy.

Available-for-sale securities – Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy.

Available-for-sale and trading securities – Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy.

Level 1 securities would include highly liquid government bonds, mortgage products and certain other financial products.

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

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

At September 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 June 30, 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 September 30, 2025 and December 31, 2024.

Fair Value Measurements Using

6 unchanged sentences

Unobservable Inputs

June 30, 2025

September 30, 2025

Available-for-sale securities

Treasury $ 400 $ 400 $ — $ —

Government agencies $ 48,355 $ — $ 48,355 $ —

3 unchanged sentences

Mortgage loans held for sale 15,507 — — 15,507

Assets held in trading accounts 12,695 12,695 — —

Derivative asset 96,065 — 96,065 —

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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 June 30, 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 September 30, 2025 and December 31, 2024.

Fair Value Measurements Using

6 unchanged sentences

Unobservable Inputs

June 30, 2025

September 30, 2025

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

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(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 $ 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.

(2) Identified reserves of $ 40.8 million and $ 30.1 million were related to collateral-dependent loans for which fair value re-measurements took place during the periods ended September 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.

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

June 30, 2025

September 30, 2025

Financial assets:

3 unchanged sentences

100 — 100 — 100

Held-to-maturity securities, net 3,591,531 — 2,891,974 — 2,891,974

Interest receivable

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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 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.

For the nine month period ended September 30, 2025, the net amount included in interest income on investment securities in the consolidated statements of income related to fair value hedges was $ 24.2 million.

During the third quarter of 2025, the Company began utilizing step-down interest rate swaps designated as fair value hedges to mitigate the risk of changes in the fair value of the $ 325.0 million in aggregate principal amount of the 2025 Notes due to changes in market interest rates.

These receive-fixed/pay-variable swaps have maturities ranging from 2026 to 2030 and the fixed interest rate decreases in predetermined intervals over the contractual term of the agreement.

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

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

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

Derivative assets Other assets 1.21 % Federal Funds $ 1,001,715 $ 63,946 $ 1,001,715 $ 103,366

Derivative liabilities Accrued interest and other liabilities Daily WA SOFR 3.07 % - 3.56 %

325,000 ( 2,274 ) — —

The following amounts were recorded on the balance sheet related to carrying amounts and cumulative basis adjustments for fair value hedges.

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) June 30, 2025 December 31, 2024 June 30, 2025 December 31, 2024

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

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

Investment securities - Available-for-sale $ 968,514 $ 934,132 $ 64,170 $ 103,595

Subordinated debentures 318,976 — ( 2,274 ) —

Cash Flow Hedges

For derivative instruments that are designated and qualify as a cash flow hedge, the aggregate fair value of the derivative instrument is recorded in other assets or other liabilities with any gain or loss related to changes in fair value recorded in accumulated other comprehensive income (loss), net of tax.

The gain or loss is reclassified into earnings in the same period during which the hedged asset or liability affects earnings and is presented in the same income statement line item as the earnings effect of the hedged asset or liability.

During the third quarter of 2025, the Company executed step-down interest rate swaps on certain variable rate loans within the CRE and commercial and industrial portfolios with maturity dates ranging from 2026 to 2029 and certain securities within the variable rate commercial MBS portfolio with maturity dates ranging from 2026 to 2027.

These receive-fixed/pay-variable swaps are used to manage variability in future cash flows related to interest rate exposure within each portfolio.

The following table summarizes the cash flow hedges recorded in the accompanying consolidated balance sheets.

September 30, 2025 December 31, 2024

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

Variable rate loans Other assets 1M CME Term SOFR 3.18 % - 4.05 %

$ 1,000,000 $ 1,216 $ — $ —

Variable rate commercial MBS Other assets SOFR 30A 3.07 % - 3.82 %

300,000 162 — —

The following table summarizes the cash flow hedges relationships on the statement of comprehensive income (loss).

Amount of Gain (Loss) Recognized in Other Comprehensive Income (Loss)

Three Months Ended

September 30, Nine Months Ended

September 30,

(In thousands) 2025 2024 2025 2024

Variable rate loans $ 1,216 $ — $ 1,216 $ —

Variable rate commercial MBS 162 — 162 —

The cash flow hedges were determined to be highly effective during the periods presented and as a result qualify for hedge accounting treatment.

Customer Risk Management Interest Rate Swaps

6 unchanged sentences

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

June 30, 2025 December 31, 2024

September 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 $ 22.3 million as of June 30, 2025.

The notional amount of these contingent agreements is $ 13.1 million as of September 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 June 30, 2025.

The Company has no outstanding notional values related to energy hedge swap contracts as of September 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.

SUBSEQUENT EVENT

During the quarter ended September 30, 2025, the Company issued a notice of redemption to redeem the 2018 Notes, due 2028, with an aggregate principal amount of $ 330.0 million, which were redeemed in full on October 1, 2025.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

2 unchanged sentences

Pine Bluff, Arkansas

Results of Review of Interim Financial 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”).

Results of Review of Interim Financial Information or Statements

We have reviewed the consolidated balance sheet of Simmons First National Corporation and subsidiaries (the “Company”) as of September 30, 2025, and the related condensed consolidated statements of income (loss), comprehensive income (loss), and stockholders’ equity for the three and nine month periods ended September 30, 2025 and 2024, and cash flows for the nine month periods ended September 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.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated balance sheet of the Company and subsidiaries as of December 31, 2024, and the related consolidated statements of income, comprehensive income, stockholders’ equity and cash flows for the year then ended (not presented herein), and in our report dated February 27, 2025, we expressed an unqualified opinion on those consolidated financial statements.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated balance sheet of the Company and subsidiaries as of December 31, 2024, and the related consolidated statements of income, comprehensive income (loss), stockholders’ equity and cash flows for the year then ended (not presented herein), and in our report dated February 27, 2025, we expressed an unqualified opinion on those consolidated financial statements.

In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2024, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

9 unchanged sentences

Little Rock, Arkansas

August 5, 2025

November 6, 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