What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-05-06 compared with 2025-11-06 · 193 added, 430 removed, 1209 unchanged (34% of the section changed)

2 unchanged sentences

Consolidated Balance Sheets

September 30, 2025 and December 31, 2024

September 30, December 31,

March 31, 2026 and December 31, 2025

March 31, December 31,

(In thousands, except share data) 2026 2025

3 unchanged sentences

Interest bearing balances due from banks - time 100 100

Investment securities:

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)

Available-for-sale, (amortized cost of $ 3,547,987 and $ 3,642,809 at March 31, 2026 and December 31, 2025, respectively)

3,152,286 3,266,221

Total investments 3,319,277 6,166,062

Mortgage loans held for sale 14,311 17,438

23 unchanged sentences

Common stock, Class A, $ 0.01 par value;

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

350,000,000 shares authorized at March 31, 2026 and December 31, 2025;

145,058,545 and 144,762,817 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively

Surplus 2,848,952 2,846,581

5 unchanged sentences

Simmons First National Corporation

Consolidated Statements of Income (Loss)

Three and Nine Months Ended September 30, 2025 and 2024

Consolidated Statements of Income

Three Months Ended March 31, 2026 and 2025

Three Months Ended

September 30, Nine Months Ended

September 30,

(In thousands, except per share data) 2026 2025

(Unaudited) (Unaudited)

INTEREST INCOME

14 unchanged sentences

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 182,546 136,625

NONINTEREST INCOME (LOSS)

NONINTEREST INCOME

Service charges on deposit accounts 12,656 12,635

4 unchanged sentences

Other service charges and fees 1,606 1,333

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

Other income 4,827 8,007

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

TOTAL NONINTEREST INCOME 44,197 46,155

NONINTEREST EXPENSE

6 unchanged sentences

TOTAL NONINTEREST EXPENSE 140,673 144,580

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

INCOME BEFORE INCOME TAXES 86,070 38,200

Provision for income taxes 17,526 5,812

NET INCOME $ 68,544 $ 32,388

BASIC EARNINGS PER SHARE $ 0.47 $ 0.26

3 unchanged sentences

Consolidated Statements of Comprehensive Income (Loss)

Three and Nine Months Ended September 30, 2025 and 2024

Three Months Ended March 31, 2026 and 2025

Three Months Ended

September 30, Nine Months Ended

September 30,

(In thousands) 2026 2025

(Unaudited) (Unaudited)

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

NET INCOME $ 68,544 $ 32,388

OTHER COMPREHENSIVE INCOME (LOSS)

Unrealized holding (losses) gains arising during the period on available-for-sale securities ( 21,781 ) 4,278

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

Realized gains on derivative instruments 6,967 19,186

Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity — ( 5,702 )

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

Other comprehensive income (loss), before tax effect ( 28,748 ) ( 9,206 )

1 unchanged sentence

TOTAL OTHER COMPREHENSIVE INCOME (LOSS) ( 21,235 ) ( 6,800 )

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.

COMPREHENSIVE INCOME $ 47,309 $ 25,588

See Condensed Notes to Consolidated Financial Statements.

1 unchanged sentence

Consolidated Statements of Cash Flows

Nine Months Ended September 30, 2025 and 2024

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

Three Months Ended March 31, 2026 and 2025

(In thousands) March 31, 2026 March 31, 2025

(Unaudited) (Unaudited)

OPERATING ACTIVITIES

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

Net income $ 68,544 $ 32,388

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

1 unchanged sentence

Provision for credit losses 14,622 26,797

Loss on sale of investments 801,492 28,393

Net amortization of investment securities and assets 1,328 4,214

1 unchanged sentence

Stock-based compensation expense 3,572 5,290

Gain on sale of closed branches ( 152 ) —

Loss on sale of closed branches — 17

Gain on sale of foreclosed assets and other real estate owned ( 23 ) ( 87 )

1 unchanged sentence

Loss on sale of loans — 22

Loss on early extinguishment of debt 565 —

Deferred income taxes 12,946 ( 1,087 )

15 unchanged sentences

Proceeds from sale of foreclosed assets and other real estate owned 640 1,591

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

Proceeds from maturities of available-for-sale securities 144,754 74,517

1 unchanged sentence

Proceeds from maturities of held-to-maturity securities — 19,112

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

Purchases of bank owned life insurance — ( 27 )

Surrender of bank owned life insurance 19,025 2,201

Proceeds from bank owned life insurance death benefits 2,265 607

Net cash provided by (used in) investing activities 1,886,728 ( 21,409 )

Net cash used in investing activities ( 321,924 ) ( 9,007 )

FINANCING ACTIVITIES

1 unchanged sentence

Proceeds from issuance of other borrowed funds 430,000 865,000

Proceeds from issuance of subordinated notes 321,234 —

Repayments of other borrowed funds ( 285,497 ) ( 725,509 )

Repayments of subordinated debt ( 37,000 ) —

Dividends paid on common stock ( 31,189 ) ( 26,759 )

Net change in federal funds purchased and securities sold under agreements to repurchase ( 12,675 ) 13,024

Issuance of common stock 327,431 —

Net shares cancelled under stock compensation plans ( 2,036 ) ( 2,342 )

Shares issued under employee stock purchase plan 838 836

Net cash used in financing activities ( 2,264,327 ) ( 332,340 )

Net cash provided by (used in) financing activities 118,186 ( 76,880 )

DECREASE IN CASH AND CASH EQUIVALENTS ( 163,430 ) ( 53,091 )

4 unchanged sentences

Consolidated Statements of Stockholders’ Equity

Three Months Ended September 30, 2025 and 2024

(In thousands, except share data) Common

Stock Surplus Accumulated

Comprehensive

Income (Loss) Undivided

Profits Total

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

Comprehensive income — — 69,620 24,740 94,360

Stock-based compensation plans, net – 67,078 shares

1 1,969 — — 1,970

Dividends on common stock – $ 0.21 per share

— — — ( 26,366 ) ( 26,366 )

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.

Simmons First National Corporation

Consolidated Statements of Stockholders’ Equity

Nine Months Ended September 30, 2025 and 2024

Three Months Ended March 31, 2026 and 2025

(In thousands, except share data) Common

3 unchanged sentences

Profits Total

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2026

Balance, December 31, 2025 $ 1,448 $ 2,846,581 $ ( 293,130 ) $ 864,341 $ 3,419,240

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

Comprehensive (loss) income — — ( 21,235 ) 68,544 47,309

Stock issued for employee stock purchase plan – 49,279 shares

2 unchanged sentences

3 1,533 — — 1,536

Issuance of common stock - 18,653,000 shares

187 327,244 — — 327,431

Dividends on common stock – $ 0.2150 per share

— — — ( 31,189 ) ( 31,189 )

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

Nine Months Ended September 30, 2024

Balance, March 31, 2026 (Unaudited) $ 1,451 $ 2,848,952 $ ( 314,365 ) $ 901,696 $ 3,437,734

Three Months Ended March 31, 2025

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

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

Comprehensive (loss) income — — ( 6,800 ) 32,388 25,588

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

4 unchanged sentences

— — — ( 26,759 ) ( 26,759 )

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

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

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 September 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 221 financial centers as of March 31, 2026, located throughout market areas in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas.

Basis of Presentation

8 unchanged sentences

The estimates and assumptions used in the accompanying consolidated financial statements are based upon management’s evaluation of the relevant facts and circumstances as of the date of the consolidated financial statements and actual results may differ from these estimates.

Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses, the valuation of acquired loans, valuation of goodwill and subsequent impairment analysis, stock-based compensation plans and income taxes.

Management obtains third party valuations to assist in valuing certain aspects of these material estimates, as appropriate, including independent appraisals for significant properties in connection with the determination of the allowance for credit losses and the fair value of acquired loans.

Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses, valuation of goodwill and subsequent impairment analysis and income taxes.

Assumptions used in the goodwill impairment analysis involve internally projected forecasts, coupled with market and third-party data.

These material estimates could change as a result of the uncertainty in current macroeconomic conditions and other factors that are beyond the Company’s control and could cause actual results to differ materially from those projected.

During the second quarter of 2024, the Company identified an error in its previously issued unaudited consolidated statements of cash flows.

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 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 nine months ended September 30, 2024.

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

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

Recently Adopted Accounting Standards

Stock Compensation - In March 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No.

2024-01, Compensation-Stock Compensation (Topic 718):

Scope Application of Profits Interest and Similar Awards (“ASU 2024-01”), in response to feedback received by the FASB requesting guidance on how entities should determine the appropriate guidance to apply when accounting for the issuance of profits interest units and similar types of awards.

ASU 2024-01 added an example with four fact patterns to ASC 718-10 to assist preparers of financial statements in determining whether profits interest and similar awards should be accounted for within the scope of the guidance.

ASU 2024-01 only addresses the scope determination and does not amend the recognition, classification or measurement guidance.

ASU 2024-01 was effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024, with early adoption permitted for interim or annual financial statements that have not yet been issued or made available for issuance.

Entities may choose to adopt 2024-01 on a prospective or retrospective basis.

The adoption of ASU 2024-01 did not have a material impact on the Company’s operations, financial position or disclosures.

Income Taxes - In December 2023, the FASB issued ASU No.

2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures (“ASU 2023-09”), primarily focused on income tax disclosures regarding effective tax rates and cash income taxes paid.

ASU 2023-09 requires public business entities, on an annual basis, to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pretax income by the applicable statutory income tax rate).

ASU 2023-09 was effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2024, with early adoption permitted.

The adoption of ASU 2023-09 did not have a material impact on the Company’s operations, financial position or disclosures.

Segment Reporting - In November 2023, the FASB issued ASU No.

2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which expanded reportable segment disclosure requirements through enhanced disclosures about significant segment expenses.

The amendments in this update introduced a new requirement to disclose significant segment expenses regularly provided to the chief operating decision maker, extend certain annual disclosures to interim periods, clarify that single reportable segment entities must apply Topic 280 in its entirety, permit more than one measure of segment profit or loss to be reported under certain conditions and require disclosure of the title and position of the chief operating decision maker.

ASU 2023-07 was effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted.

The adoption of ASU 2023-07 did not have a material impact on the Company’s operations, financial position or disclosures.

See Note 18, Operating Segments, for additional information.

Reference Rate Reform – In March 2020, the FASB issued ASU No.

2020-04, Reference Rate Reform (Topic 848):

Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provided relief for companies preparing for discontinuation of interest rates such as the London Interbank Offered Rate (“LIBOR”).

LIBOR is a benchmark interest rate referenced in a variety of agreements that are used by numerous entities.

On March 5, 2021, the U.K.

Financial Conduct Authority (“FCA”) announced that the majority of LIBOR rates will no longer be published after December 31, 2021.

Effective January 1, 2022, the ICE Benchmark Administration Limited, the administrator of the LIBOR, ceased the publication of one-week and two-month USD LIBOR and as of June 30, 2023, ceased the publications of the remaining tenors of USD LIBOR (one, three, six and 12-month).

Other interest rates used globally could also be discontinued for similar reasons.

ASU 2020-04 provided optional expedients and exceptions to contracts, hedging relationships and other transactions affected by reference rate reform.

The main provisions for contract modifications include optional relief by allowing the modification as a continuation of the existing contract without additional analysis and other optional expedients regarding embedded features.

Optional expedients for hedge accounting permitted changes to critical terms of hedging relationships and to the designated benchmark interest rate in a fair value hedge and also provided relief for assessing hedge effectiveness for cash flow hedges.

Companies were able to apply ASU 2020-04 immediately;

however, the guidance was only available for a limited time (generally through December 31, 2022).

The Company formed a LIBOR Transition Team in 2020, has created standard LIBOR replacement language for new and modified loan notes, and is monitoring the remaining loans with LIBOR rates monthly to ensure progress in updating these loans with acceptable LIBOR replacement language or converting them to other interest rates.

During 2021, the Company did not offer LIBOR-indexed rates on loans which it originated, although it did participate in some shared credit agreements originated by other banks subject to the Company’s determination that the LIBOR replacement language in the loan documents met the Company’s standards.

Pursuant to the Joint Regulatory Statement on LIBOR transition issued in October 2021, the Company’s policy, as of January 1, 2022, is not to enter into any new LIBOR-based credit agreements and not extend, renew, or modify prior LIBOR credit agreements without requiring conversion of the agreements to other interest rates.

The adoption of ASU 2020-04 did not have a material impact on the Company’s financial position or results of operations.

In January 2021, the FASB issued ASU No.

2021-01, Reference Rate Reform (Topic 848):

Scope (“ASU 2021-01”), which clarified that certain optional expedients and exceptions in ASC 848 for contract modifications and hedge accounting apply to derivatives that are affected by the changes in the interest rates used for margining, discounting, or contract price alignment for derivative instruments that are being implemented as part of the market-wide transition to new reference rates (commonly referred to as the “discounting transition”).

ASU 2021-01 also amended the expedients and exceptions in ASC 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition.

ASU 2021-01 was effective upon issuance and generally can be applied through December 31, 2022.

ASU 2021-01 did not have a material impact on the Company’s financial position or results of operations.

In December 2022, the FASB issued ASU No.

2022-06, Reference Rate Reform (Topic 848):

Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”).

ASU 2022-06 deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities are no longer permitted to apply the relief in Topic 848.

Recently Issued Accounting Standards

Interim Reporting - In December 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No.

2025-11, Interim Reporting (Topic 270):

Narrow-Scope Improvements (“ASU 2025-11”), that clarifies and enhances guidance on interim financial reporting by (i) clarifying the scope such that it now explicitly applies only to entities that issue complete interim financial statements and related notes under U.S.

GAAP, (ii) establishes clear guidance on the form of interim statements and notes, incorporating a comprehensive list of required interim disclosures and (iii) introduces a requirement to disclose material events and changes occurring after the end of the last annual period that could impact interim results.

ASU 2025-11 is effective for interim reporting periods with annual reporting periods beginning after December 15, 2027, with early adoption permitted.

The adoption of ASU 2025-11 is not expected to have a material impact on the Company’s operations, financial position or disclosures.

Derivatives and Hedging - In November 2025, the FASB issued ASU No.

2025-09, Derivatives and Hedging (Topic 815):

Hedge Accounting Improvements (“ASU 2025-09”), that targets to align hedge accounting more closely with an entity’s economic risk management practices.

ASU 2025-09 addresses improvements for five specific issues:

(i) similar risk assessment for cash flow hedges, (ii) hedging interest payments on choose-your-rate debt, (iii) cash flow hedges of nonfinancial forecasted transactions, (iv) net written options as hedging instruments and (v) foreign currency-denominated debt designated as a hedging instrument and a hedged item.

ASU 2025-09 is effective for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years and is not expected to have a material impact on the Company’s operations, financial position or disclosures.

Purchased Loans - In November 2025, the FASB issued ASU No.

2025-08, Financial Instruments-Credit Losses (Topic 326):

Purchased Loans (“ASU 2025-08”), that expands the scope of the “gross-up” method, formerly applicable only to PCD assets, to include acquired non-PCD loans that meet certain criteria, now referred to as purchased seasoned loans (“PSLs”).

Under this model, an allowance for expected credit losses is recognized at acquisition, offsetting the loan’s amortized cost basis, thereby eliminating the day-one credit loss expense previously required for non-PCD assets.

PSLs are defined as non-PCD loans acquired either (i) through a business combination or (ii) purchased more than 90 days after origination when the acquirer was not involved in origination.

ASU 2025-08 will be effective for the Company, on a prospective basis for loans acquired on or after the adoption date, for interim and annual reporting periods beginning in 2027, though early adoption is permitted.

The adoption of ASU 2025-08 is not expected to have a material impact on the Company’s financial position or disclosures.

Disaggregation of Income Statement Expenses - In November 2024, the FASB issued ASU No.

25 unchanged sentences

Subsequently, the Company sold approximately $ 3.16 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 %).

The sale of investment securities resulted in a realized, after-tax ordinary 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.

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

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

for Credit Losses Net Carrying Amount Gross Unrealized

Gains Gross Unrealized

(Losses) Estimated Fair

December 31, 2024

Government agencies $ 455,869 $ — $ 455,869 $ — $ ( 95,961 ) $ 359,908

Mortgage-backed securities 1,070,032 — 1,070,032 212 ( 133,746 ) 936,498

State and political subdivisions

1,857,373 ( 196 ) 1,857,177 20 ( 436,061 ) 1,421,136

Other securities 256,576 ( 3,018 ) 253,558 — ( 21,149 ) 232,409

Total HTM $ 3,639,850 $ ( 3,214 ) $ 3,636,636 $ 232 $ ( 686,917 ) $ 2,949,951

Mortgage-backed securities (“MBS”) are commercial MBS, secured by commercial properties, and residential MBS, generally secured by single-family residential properties.

All mortgage-backed securities included in the table above were issued by U.S.

government agencies or corporations.

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

During the balance sheet repositioning that occurred during 2025, the remaining securities were transferred out of the HTM portfolio to the AFS portfolio at fair value and either subsequently sold or maintained within the AFS portfolio.

As a result of the balance sheet repositioning, the Company did not hold any investment securities classified as HTM as of March 31, 2026 or December 31, 2025.

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

5 unchanged sentences

Available-for-sale

September 30, 2025

March 31, 2026

Government agencies $ 46,897 $ — $ 5 $ ( 573 ) $ 46,329

4 unchanged sentences

December 31, 2025

Treasury $ 999 $ — $ — $ ( 3 ) $ 996

Government agencies $ 47,786 $ — $ 6 $ ( 620 ) $ 47,172

3 unchanged sentences

Total AFS $ 3,642,809 $ — $ 6,329 $ ( 382,917 ) $ 3,266,221

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

As of March 31, 2026, AFS MBS consisted of $ 575.7 million and $ 1.55 billion of commercial MBS and residential MBS, respectively.

As of December 31, 2025, AFS MBS consisted of $ 597.4 million and $ 1.60 billion of commercial MBS and residential MBS, respectively.

Accrued interest receivable on AFS securities at March 31, 2026 was $ 20.8 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 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:

The following table summarizes the Company’s AFS investments in an unrealized loss position for which an allowance for credit loss has not been recorded as of March 31, 2026 and December 31, 2025, 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

September 30, 2025

March 31, 2026

Government agencies $ 1,366 $ ( 1 ) $ 43,816 $ ( 572 ) $ 45,182 $ ( 573 )

4 unchanged sentences

December 31, 2025

Treasury $ — $ — $ 996 $ ( 3 ) $ 996 $ ( 3 )

Government agencies $ 2,247 $ ( 17 ) $ 43,767 $ ( 603 ) $ 46,014 $ ( 620 )

3 unchanged sentences

Total AFS $ 23,309 $ ( 1,060 ) $ 2,636,931 $ ( 381,857 ) $ 2,660,240 $ ( 382,917 )

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.

As of March 31, 2026, the Company’s investment portfolio included $ 3.15 billion of AFS securities, of which $ 2.60 billion, or 82.6 %, 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.

13 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 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 September 30, 2025

Held-to-maturity

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

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

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

Nine Months Ended September 30, 2025

Held-to-maturity

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

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

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

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:

As a result of the balance sheet repositioning, the Company did not hold any investment securities classified as HTM as of March 31, 2026.

Activity in the allowance for credit losses by investment security type for the three months ended March 31, 2025 on the Company’s HTM securities portfolio was as follows:

(In thousands) State and Political Subdivisions Other

Securities Total

Three Months Ended September 30, 2024

Held-to-maturity

Beginning balance, July 1, 2024 $ 191 $ 3,023 $ 3,214

Provision for credit loss expense — — —

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

Three Months Ended March 31, 2025

Held-to-maturity

2 unchanged sentences

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

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.

Pre-refunded securities, if any, have been defeased by the issuer and are fully secured by cash and/or U.S.

Treasury securities held in escrow for payment to holders when the underlying call dates of the securities are reached.

Securities with other credit enhancement or insurance continue to make timely principal and interest payments under the contractual terms of the securities.

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.

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:

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

Income earned on securities for the three months ended March 31, 2026 and 2025, is as follows:

Three Months Ended

September 30, Nine Months Ended

September 30,

(In thousands) 2026 2025

4 unchanged sentences

Total $ 31,882 $ 47,257

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

The amortized cost and estimated fair value by maturity of AFS securities as of March 31, 2026 are shown in the following table.

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

9 unchanged sentences

Total $ 3,547,987 $ 3,152,286

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 carrying value, which approximates the fair value, of securities pledged as collateral, to secure public deposits and for other purposes, amounted to $ 1.85 billion at March 31, 2026 and $ 2.04 billion at December 31, 2025.

There were no gross realized gains and no gross realized losses from the call or sale of securities during the three months ended March 31, 2026 and 2025, as they were recognized at book value of the security.

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

1 unchanged sentence

LOANS AND ALLOWANCE FOR CREDIT LOSSES

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

At March 31, 2026, the Company’s loan portfolio was $ 17.93 billion, compared to $ 17.49 billion at December 31, 2025.

The various categories of loans are summarized as follows:

September 30, December 31,

March 31, December 31,

(In thousands) 2026 2025

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 $ 4.1 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.

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 $ 2.4 million and $ 3.3 million at March 31, 2026 and December 31, 2025, respectively, and (ii) deferred origination costs and fees of $ 6.5 million and $ 5.4 million at March 31, 2026 and December 31, 2025, respectively.

Accrued interest on loans, which is excluded from the amortized cost of loans held for investment, totaled $ 80.7 million and $ 80.3 million at March 31, 2026 and December 31, 2025, 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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Commercial – The commercial loan portfolio includes commercial and agricultural loans, representing loans to commercial customers and farmers for use in normal business or farming operations to finance working capital needs, equipment purchases or other expansion projects.

Paycheck Protection Program (“PPP”) loans are also included in the commercial loan portfolio.

Collection risk in this portfolio is driven by the creditworthiness of the underlying borrowers, particularly cash flow from customers’ business or farming operations.

2 unchanged sentences

It is general practice to require personal guaranties on commercial loans for closely-held or limited liability entities.

Paycheck Protection Program Loans – The Company originated loans pursuant to multiple PPP appropriations of the Coronavirus Aid, Relief and Economic Security Act which provided 100% federally guaranteed loans for small businesses to cover up to 24 weeks of payroll costs and assistance with mortgage interest, rent and utilities.

Notably, these small business loans may be forgiven by the SBA if borrowers maintain their payrolls and satisfy certain other conditions.

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

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:

September 30, December 31,

March 31, December 31,

(In thousands) 2026 2025

10 unchanged sentences

Total $ 141,233 $ 111,791

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.

As of March 31, 2026 and December 31, 2025, nonaccrual loans for which there was no related allowance for credit losses had an amortized cost of $ 38.6 million and $ 18.0 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

September 30, 2025

March 31, 2026

Credit cards $ 2,448 $ 591 $ 3,039 $ 169,571 $ 172,610 $ 502

27 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 nine month periods ended September 30, 2025.

Percent of Percent of

1 unchanged sentence

(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

Three Months Ended March 31, 2026

Other consumer $ 4 — % $ 7 0.01 %

1 unchanged sentence

Single family residential 163 0.01 % — — %

Other commercial 2,355 0.03 % — — %

Total real estate 2,518 —

Total $ 2,522 $ 7

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.

The financial effects of the loan modifications made to borrowers experiencing financial difficulty were not significant during the three month period ended March 31, 2026.

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

Interest Rate Total Class

(Dollars in thousands) Reduction of Loans

Three Months Ended September 30, 2024

Single family residential $ 142 0.01 %

Total real estate $ 142

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

Single family residential $ 451 0.02 %

Total real estate $ 451

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

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

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

During the three months ended March 31, 2026, there were no loans to borrowers experiencing financial difficulty (modified in the previous twelve months) that had a payment default during the period.

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 nine months ended September 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 September 30, 2024.

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 2024 which subsequently defaulted during the three months ended March 31, 2025.

This CRE loan was placed on nonaccrual status and ultimately charged off during 2025.

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 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.

At March 31, 2026 and December 31, 2025, the Company had $ 4.1 million and $ 4.4 million, respectively, of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process.

At March 31, 2026 and December 31, 2025, the Company had $ 3.9 million and $ 3.6 million, respectively, of Other Real Estate Owned (“OREO”) secured by residential real estate properties.

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

64 unchanged sentences

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

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

The following table presents a summary of loans by credit quality indicator, as of March 31, 2026, segregated by class of loans.

Term Loans Amortized Cost Basis by Origination Year

121 unchanged sentences

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

To determine the best estimate of credit losses as of 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.

To determine the best estimate of credit losses as of March 31, 2026, the Company utilized a probability-weighted, multiple-scenario approach consisting of Baseline, Upside (S1), and Downside (S3) scenarios published by Moody’s Analytics in March 2026 that was updated to reflect the U.S.

economic outlook.

9 unchanged sentences

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

Loans for which the repayment is expected to be provided substantially through the operation or sale of collateral and where the borrower is experiencing financial difficulty had an amortized cost of $ 108.4 million and $ 102.6 million as of September 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 $ 110.4 million and $ 112.4 million as of March 31, 2026 and December 31, 2025, 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

September 30, 2025

March 31, 2026

Construction and development $ 43,940 $ — $ 43,940

9 unchanged sentences

Total $ 110,380 $ 1,994 $ 112,374

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

The following table details activity in the allowance for credit losses by portfolio segment for the three months ended March 31, 2026.

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

3 unchanged sentences

Allowance for credit losses:

Three Months Ended 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

Charge-offs ( 8,079 ) ( 1,350 ) ( 1,862 ) ( 600 ) ( 11,891 )

Recoveries 505 115 257 303 1,180

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

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

(In thousands) Commercial Real

Estate Credit

and Other Total

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2026

Beginning balance, January 1, 2026 $ 27,998 $ 183,677 $ 5,991 $ 6,711 $ 224,377

3 unchanged sentences

Net (charge-offs) recoveries ( 1,413 ) ( 6,180 ) ( 1,209 ) ( 289 ) ( 9,091 )

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:

Ending balance, March 31, 2026 $ 29,825 $ 188,166 $ 5,706 $ 6,211 $ 229,908

Activity in the allowance for credit losses for the three months ended March 31, 2025 was as follows:

(In thousands) Commercial Real

2 unchanged sentences

Allowance for credit losses:

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

Charge-offs ( 8,235 ) ( 159 ) ( 1,744 ) ( 524 ) ( 10,662 )

Recoveries 439 403 231 275 1,348

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

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

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

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

3 unchanged sentences

Net (charge-offs) recoveries ( 3,246 ) ( 4,326 ) ( 1,249 ) ( 827 ) ( 9,648 )

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.

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

As of March 31, 2026, the Company’s allowance for credit losses was considered sufficient based upon expected losses that were supported by scenario-weighted economic forecasts.

The provision expense for the three months ended March 31, 2026 reflected the impact of loan growth and updated economic assumptions during the period, while the three months ended March 31, 2025 also included an incremental provision expense of $ 15.6 million related to two specific credit relationships which migrated to nonperforming during the period.

Reserve for Unfunded Commitments

1 unchanged sentence

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

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

The reserve for unfunded commitments was $ 25.6 million for both periods ended March 31, 2026 and December 31, 2025.

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 nine month periods ended September 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 month periods ended March 31, 2026 or 2025, 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 nine month periods ended September 30, 2025 and 2024 were as follows:

The components of the provision for credit losses for the three month periods ended March 31, 2026 and 2025 were as follows:

Three Months Ended

September 30, Nine Months Ended

September 30,

(In thousands) 2026 2025

11 unchanged sentences

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 FHLB advance rates for borrowings of similar term.

Lease payments over the expected term are discounted using the Company’s Federal Home Loan Bank (“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 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,

The following table presents information as of March 31, 2026 and December 31, 2025 related to the Company’s right-of-use lease assets, included in premises and equipment, and lease liabilities, included in accrued interest and other liabilities.

March 31, December 31,

(Dollars in thousands) 2026 2025

3 unchanged sentences

Weighted average discount rate 4.22 % 4.18 %

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.

Operating lease cost for the three month period ended March 31, 2026 was $ 3.8 million as compared to $ 4.1 million for the same period in 2025.

PREMISES AND EQUIPMENT

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

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

September 30, December 31,

Total premises and equipment, net at March 31, 2026 and December 31, 2025 were as follows:

March 31, December 31,

(In thousands) 2026 2025

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

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.

Goodwill totaled $ 1.32 billion at March 31, 2026 and December 31, 2025.

Goodwill impairment was neither indicated no r recorded during the three months ended March 31, 2026 or the year ended December 31, 2025.

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 September 30, 2025 and December 31, 2024 were as follows:

September 30, December 31,

Changes in the carrying amount and accumulated amortization of the Company’s core deposit premiums and other intangible assets at March 31, 2026 and December 31, 2025 were as follows:

March 31, December 31,

(In thousands) 2026 2025

8 unchanged sentences

Total other intangible assets, net $ 81,325 $ 84,423

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,

The carrying basis and accumulated amortization of the Company’s other intangible assets at March 31, 2026 and December 31, 2025 were as follows:

March 31, December 31,

(In thousands) 2026 2025

8 unchanged sentences

Total other intangible assets, net $ 81,325 $ 84,423

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

The Company’s estimated remaining amortization expense on other intangible assets as of March 31, 2026 is as follows:

(In thousands) Year Amortization

3 unchanged sentences

TIME DEPOSITS

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.

Time deposits included approximately $ 1.42 billion and $ 1.50 billion of certificates of deposit over $250,000 at March 31, 2026 and December 31, 2025, respectively.

Brokered time deposits were $ 1.91 billion and $ 1.89 billion at March 31, 2026 and December 31, 2025, respectively.

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

Three Months Ended

September 30, Nine Months Ended

September 30,

(In thousands) 2026 2025

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:

September 30, December 31,

March 31, December 31,

(In thousands) 2026 2025

8 unchanged sentences

Capitalized intangibles (1)

136,664 145,126

Right-of-use lease liability 12,047 12,653

8 unchanged sentences

Unrealized gain on swaps ( 12,744 ) ( 14,437 )

Deferred loan fees and costs — ( 2,075 )

Other ( 508 ) ( 1,271 )

1 unchanged sentence

Net deferred tax asset $ 260,290 $ 266,458

_______________________________________

(1) Capitalized intangibles primarily consist of deferred loan origination costs, net with deferred loan origination fees, capitalized under Treas.

Reg §1.263(a)-4 and amortized as ordinary deductions over the estimated life of the related loans.

A reconciliation of income tax expense at the statutory rate to the Company’s actual income tax expense is shown for the periods indicated below:

Three Months Ended

September 30, Nine Months Ended

September 30,

(In thousands) 2026 2025

Computed at the statutory rate (21%) $ 18,075 $ 8,022

$ ( 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 $ 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.

The gross amount of recognized liabilities for repurchase agreements was $ 8.7 million and $ 21.0 million at March 31, 2026 and December 31, 2025, respectively.

The remaining contractual maturity of the securities sold under agreements to repurchase in the consolidated balance sheets as of March 31, 2026 and December 31, 2025 is presented in the following tables:

Remaining Contractual Maturity of the Agreements

2 unchanged sentences

90 Days Total

September 30, 2025

March 31, 2026

Repurchase agreements:

4 unchanged sentences

OTHER BORROWINGS AND SUBORDINATED NOTES AND DEBENTURES

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

September 30, December 31,

Debt at March 31, 2026 and December 31, 2025 consisted of the following components:

March 31, December 31,

(In thousands) 2026 2025

8 unchanged sentences

325,000 325,000

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)

Unamortized debt issuance costs ( 3,732 ) ( 3,831 )

2 unchanged sentences

Total other borrowings and subordinated debt $ 762,456 $ 619,967

In March 2018, the Company issued $ 330.0 million in aggregate principal amount, of 5.00 % Fixed-to-Floating Rate Subordinated Notes (“2018 Notes”) at a public offering price equal to 100 % of the aggregate principal amount of the 2018 Notes.

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

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.

6 unchanged sentences

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 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 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 had total outstanding FHLB advances of $ 431.6 million and $ 286.6 million at March 31, 2026 and December 31, 2025, respectively.

The outstanding FHLB advances as of March 31, 2026 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.

At March 31, 2026, the FHLB advances outstanding were secured by mortgage loans and investment securities totaling approximately $ 7.26 billion and the Company had approximately $ 5.83 billion of additional advances available from the FHLB.

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

The aggregate contractual annual maturities of long-term debt at September 30, 2025, are as follows:

The aggregate contractual annual maturities of long-term debt at March 31, 2026, are as follows:

Year (In thousands)

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

As of March 31, 2026, there were no shares of preferred stock issued or outstanding.

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

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In January 2024, the Company’s Board of Directors authorized a stock repurchase program (“2024 Program”) under which the Company could repurchase up to $ 175.0 million of its Class A common stock currently issued and outstanding.

Because the 2022 Program was set to terminate on January 31, 2024, the Company’s Board of Directors authorized a new stock repurchase program in January 2024 (“2024 Program”) under which the Company may repurchase up to $ 175.0 million of its Class A common stock currently issued and outstanding.

The 2024 Program terminated in January 2026, and the Company’s Board of Directors authorized a new stock repurchase program in January 2026 (“2026 Program”) under which the Company may repurchase up to $ 175.0 million of its Class A common stock currently issued and outstanding.

The 2026 Program will be executed in accordance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and will terminate on January 31, 2028 (unless terminated sooner).

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The Company anticipates funding for this 2026 Program to come from available sources of liquidity, including cash on hand and future cash flow.

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.

No shares were repurchased during the three month periods ended March 31, 2026 and 2025.

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

UNDIVIDED PROFITS

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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 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.

At March 31, 2026, undivided profits of Simmons Bank were approximately $ 133.6 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 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.

As of March 31, 2026, 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 11.58 % at March 31, 2026.

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 nine months ended September 30, 2025:

The table below summarizes the transactions under the Company’s active stock-based compensation plans for the three months ended March 31, 2026:

Stock Options

Outstanding Non-vested Stock Awards Outstanding Non-vested Stock Units Outstanding

Outstanding Non-vested Restricted Stock Units Outstanding Non-vested Performance Stock Units Outstanding

(Shares in thousands) Number

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Forfeited/expired ( 62 ) 23.51 ( 34 ) 19.63 ( 190 ) 22.21

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

Range of Exercise Prices Number

(In thousands) Weighted

Life (Years) Weighted

(In thousands) Weighted

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

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

(In thousands) Performance Stock Units

Non-vested, January 1, 2025 523

Vested (earned) ( 20 )

Forfeited ( 118 )

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.

Balance, March 31, 2026 — $ — 1,357 $ 19.92 570 $ 19.95

Exercisable, March 31, 2026 — $ —

Stock-based compensation expense was $ 3.6 million and $ 5.3 million during the three month periods ended March 31, 2026 and 2025, 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 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.

There was no unrecognized stock-based compensation expense related to stock options at March 31, 2026.

Unrecognized stock-based compensation expense related to non-vested stock awards and stock units was $ 27.2 million at March 31, 2026.

At such date, the weighted-average period over which this unrecognized expense is expected to be recognized was 2.2 years.

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 .

There was no intrinsic value of stock options outstanding and stock options exercisable at March 31, 2026.

Aggregate intrinsic value represents the difference between the Company’s closing stock price on the last trading day of the period, which was $ 19.45 as of March 31, 2026, and the exercise price multiplied by the number of options outstanding.

There was no intrinsic value of stock options exercised during the three months ended March 31, 2026 and 2025.

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 nine months ended September 30, 2025 and 2024.

There were no stock options granted during the three months ended March 31, 2026 and 2025.

EARNINGS PER SHARE (“EPS”)

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Three Months Ended

September 30, Nine Months Ended

September 30,

(In thousands, except per share data) 2026 2025

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

Net income available to common stockholders $ 68,544 $ 32,388

Average common shares outstanding 144,899 125,800

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Diluted earnings per share $ 0.47 $ 0.26

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.

There were no stock options excluded from the three months ended March 31, 2026 earnings per share calculation as there were no outstanding stock options as of March 31, 2026.

There were 317,660 stock options excluded from the earnings per share calculation for the three months ended March 31, 2025 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:

Nine Months Ended

September 30,

Three Months Ended

(In thousands) 2026 2025

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OTHER INCOME AND OTHER OPERATING EXPENSES

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 income for the three months ended March 31, 2026 and 2025 was $ 4.8 million and $ 8.0 million, respectively.

Other operating expenses consisted of the following:

Three Months Ended

September 30, Nine Months Ended

September 30,

(In thousands) 2026 2025

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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 nine months ended September 30, 2025 and 2024.

The following table provides a summary of the Company’s reportable operating segment results for the three months ended March 31, 2026 and 2025.

Three 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 $ 185,237 $ 1,424 $ 186,661 $ 157,510 $ 202 $ 157,712

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:

Salaries and employee benefits 71,855 4,394 76,249 64,631 4,536 69,167

Occupancy expense, net 11,599 507 12,106 11,761 455 12,216

Furniture and equipment expense 5,275 — 5,275 5,612 — 5,612

Deposit insurance 5,175 — 5,175 5,571 — 5,571

Other operating expenses (1)

41,576 1,651 43,227 43,546 1,081 44,627

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

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 (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

March 31, 2026 March 31, 2025

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

Net interest income $ 196,682 $ 486 $ 197,168 $ 162,872 $ 550 $ 163,422

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 income 33,587 10,610 44,197 36,359 9,796 46,155

Total net revenue 230,269 11,096 241,365 199,231 10,346 209,577

Noninterest expense:

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Total noninterest expense 133,714 6,959 140,673 137,973 6,607 144,580

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

Income before provision for credit losses and income taxes 96,555 4,137 100,692 61,258 3,739 64,997

Provision for credit losses 14,622 — 14,622 26,797 — 26,797

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

Income tax expense 17,522 4 17,526 5,802 10 5,812

Net income $ 64,411 $ 4,133 $ 68,544 $ 28,659 $ 3,729 $ 32,388

(In thousands) Community and Commercial Banking Other Consolidated

Assets as of:

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

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

March 31, 2026 $ 24,687,988 $ 4,795 $ 24,692,783

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

_________________________

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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 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 March 31, 2026, the Company had outstanding commitments to extend credit aggregating approximately $ 800.4 million and $ 4.40 billion for credit card commitments and other loan commitments, respectively.

At December 31, 2025, the Company had outstanding commitments to extend credit aggregating approximately $ 799.4 million and $ 4.19 billion for credit card commitments and other loan commitments, respectively.

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

As of March 31, 2026, the Company had outstanding commitments to originate fixed-rate mortgage loans of approximately $ 28.4 million.

At December 31, 2025, the Company had outstanding commitments to originate fixed-rate mortgage loans of approximately $ 20.5 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 $ 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 had total outstanding letters of credit amounting to $ 71.0 million and $ 72.9 million at March 31, 2026 and December 31, 2025, respectively, with terms ranging from 9 months to 15 years.

At March 31, 2026 and December 31, 2025, 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 $ 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.

The amount of the letters of credit was $ 993.2 million and $ 785.4 million at March 31, 2026 and December 31, 2025, respectively, and they expire in less than one year from issuance.

FAIR VALUE MEASUREMENTS

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

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

At March 31, 2026 and December 31, 2025, 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 September 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 March 31, 2026 and December 31, 2025.

Fair Value Measurements Using

6 unchanged sentences

Unobservable Inputs

September 30, 2025

March 31, 2026

Available-for-sale securities

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Available-for-sale securities

Treasury $ 996 $ 996 $ — $ —

Government agencies $ 47,172 $ — $ 47,172 $ —

3 unchanged sentences

Mortgage loans held for sale 17,438 — — 17,438

Assets held in trading accounts 11,685 11,685 — —

Derivative asset 87,463 — 87,463 —

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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 September 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 March 31, 2026 and December 31, 2025.

Fair Value Measurements Using

6 unchanged sentences

Unobservable Inputs

September 30, 2025

March 31, 2026

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

1 unchanged sentence

Foreclosed assets and other real estate owned (1)

3,346 — — 3,346

December 31, 2025

3 unchanged sentences

1,081 — — 1,081

________________________

(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 $ 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.

(2) Identified reserves of $ 8.2 million and $ 9.1 million were related to collateral-dependent loans for which fair value re-measurements took place during the periods ended March 31, 2026 and December 31, 2025, 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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Interest bearing balances due from banks – The fair value of interest bearing balances due from banks – time is estimated using a discounted cash flow calculation that applies the rates currently offered on deposits of similar remaining maturities (Level 2).

Held-to-maturity securities – Fair values for held-to-maturity securities equal quoted market prices, if available, such as for highly liquid government bonds (Level 1).

If quoted market prices are not available, fair values are estimated based on quoted market prices of similar securities.

For these securities, the Company obtains fair value measurements from an independent pricing service.

The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S.

Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the security’s terms and conditions, among other things (Level 2).

In certain cases where Level 1 or Level 2 inputs are not available, securities are classified within Level 3 of the hierarchy.

Loans – The fair value of loans is estimated by discounting the future cash flows, using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities.

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

September 30, 2025

March 31, 2026

Financial assets:

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100 — 100 — 100

Held-to-maturity securities, net 3,636,636 — 2,949,951 — 2,949,951

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 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.

For the three month period ended March 31, 2026, the net amount included in interest income on investment securities in the consolidated statements of income related to fair value hedges was $ 6.2 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.

1 unchanged sentence

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

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

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

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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

Line Item on the Balance Sheet (In thousands) March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025

Investment securities - Available-for-sale $ 967,974 $ 970,976 $ 61,302 $ 60,013

6 unchanged sentences

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

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

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

6 unchanged sentences

Three Months Ended

September 30, Nine Months Ended

September 30,

(In thousands) 2026 2025

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

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(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 $ 13.1 million as of September 30, 2025.

The notional amount of these contingent agreements is $ 12.4 million as of March 31, 2026.

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 September 30, 2025.

The Company has no outstanding notional values related to energy hedge swap contracts as of March 31, 2026.

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

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 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 (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.

Results of Review of Interim Financial Information

We have reviewed the consolidated balance sheet of Simmons First National Corporation and subsidiaries (the “Company”) as of March 31, 2026, and the related consolidated statements of income, comprehensive income (loss), stockholders’ equity and cash flows for the three month periods ended March 31, 2026 and 2025, and the related notes (collectively referred to as the “interim financial information”).

Based on our reviews, we are not aware of any material modifications that should be made to the interim financial information referred to above for it 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, 2025, and the related consolidated statements of income (loss), comprehensive income (loss), stockholders’ equity and cash flows for the year then ended (not presented herein), and in our report dated February 25, 2026, we expressed an unqualified opinion on those consolidated financial statements.

In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2025, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

8 unchanged sentences

Little Rock, Arkansas

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