T
R
O
P
E
R
Y
N
A
P
M
O
C
2
2
0
2
WILL ZALATORIS TEAM SIMMONS BANK
2022 FEDEX ST. JUDE CHAMPIONSHIP WINNER
2021 PGA TOUR ROOKIE OF THE YEAR
Pictured on the front cover are Simmons Bank Arena, Little Rock, Arkansas; Simmons Bank Open for the Snedeker
Foundation, College Grove, Tennessee; Simmons Bank Liberty Stadium, Memphis, Tennessee; and Simmons Bank
Ag Center at Discovery Park of America, Union City, Tennessee.
2022 KEY FIGURES1
Founded in 19034
525% asset growth over
the last 10 years
230 financial centers
More than
3,200 associates
113 consecutive
years paid
shareholder
dividends2
69th largest bank in U.S. by consolidated
assets according to the Federal Reserve
Simmons earned Dividend Power’s designation as a
“Dividend Contender,” a title exclusively for companies that
have increased their dividend for 10 to 24 years. As of
December 16, 2022, Simmons was one of only 347
companies out of nearly 6,000 companies listed on the NYSE
and NASDAQ to earn this distinction. 2, 3
Top 25 Farm
Lender in the
U.S. as of 3Q
2022 according
to FDIC
1
2
3
4
Figures on this page are as of December 31, 2022, unless otherwise noted.
The future payment of dividends is not guaranteed and is subject to various factors, including approval by the Company’s board of directors.
According to research performed by Dividend Power.
Represents the year in which Simmons National Bank was established.
Key Figures |
1
LETTER TO SHAREHOLDERS
Fellow Shareholders,
It is hard to believe that it has been 10 years since I was given the privilege of leading this great organization. Our
objective was to develop a sustainable growth strategy for Simmons. We now have a relevant presence in six states:
Arkansas, Texas, Tennessee, Missouri, Oklahoma and Kansas. We have significant opportunities in some of the largest,
fastest growing, and diverse communities in middle America including Dallas, Fort Worth, Austin, San Antonio, Houston,
Kansas City, Northwest Arkansas, Memphis, Nashville, Oklahoma City, St. Louis and a major corporate presence in
Little Rock, Arkansas. In addition, we have strengthened our community banking presence in other markets such as
Jonesboro, Arkansas; Union City/Martin, Jackson and Athens, Tennessee; Stillwater, Oklahoma; Springfield, Missouri;
Tyler and Corpus Christi, Texas; and our corporate headquarters – Pine Bluff, Arkansas. Our deposits have grown from
$2.6 billion in 2012 to $22.2 billion in 2022 which is indicative of our increased institutional capacity.
June 30, 2012
June 30, 2022
Kansas
6%
Arkansas
94%
$2.6
BILLION1
TOTAL DEPOSITS
83
BRANCHES
Kansas
1%
Oklahoma
9%
Missouri
16%
$22.2
BILLION2
TOTAL DEPOSITS
230
BRANCHES
Tennessee
17%
Arkansas
35%
Texas
22%
During that time, we also focused on visibly enhancing the Simmons brand. We accomplished that, in part, through
strategic partnerships within our footprint. Included in our valued partnerships is the ground-breaking sponsorship of
women’s athletics at 10 Division I universities. We linked the Simmons brand with iconic landmarks such as Simmons
Bank Arena in Little Rock, Simmons Bank Liberty Stadium in Memphis, Simmons Bank Field at the University of Arkansas
at Pine Bluff, Simmons Bank Plaza at Dickies Arena in Fort Worth, and Simmons Bank Agricultural Center at Discovery
Park in Union City. We sponsor the Simmons Bank Open in Nashville, which was voted the best tournament on the
Korn Ferry Tour in 2022. And we have teamed with several professional golf ambassadors including Will Zalatoris,
the 2022 FedEx St. Jude Championship winner and the 2021 PGA Rookie of the Year. Simmons' brand recognition has
grown substantially and these partnerships have opened doors in their respective markets and beyond.
Supporting the lasting power of women in sports
Supporting the lasting power of women in sports
1
2
Total deposits and branch data as of June 30, 2012, based on FDIC Summary of Deposits filing.
Total deposits as of June 30, 2022, based on FDIC Summary of Deposits filing; branch data as of December 31, 2022.
2 | Letter to Shareholders
As we enter 2023, we do so with a fresh look into the future. We are positioned very well in the heart of America to
provide our excellent financial services to a growing population. Our new CEO, Bob Fehlman, is a 30-plus year banking
veteran with Simmons. Bob has been an integral part of our growth and his experience and leadership will serve
Simmons well. We have a talented executive management group with great ideas and a long runway in front of them.
Bob Fehlman
Chief Executive Officer
Jay Brogdon
President and
Chief Financial Officer
Jena Compton
Chief People Officer
Tina Groves
Chief Risk Officer
George Makris III
General Counsel
and Secretary
Elizabeth Machen
Marketing and
Communications Executive
Matt Reddin
Chief Banking Officer
I am confident that we have established sustainable growth opportunities for Simmons
for years to come and I look forward to supporting our team as we work to accomplish
great things together.
Sincerely,
George A. Makris, Jr.
Executive Chairman and Chairman of the Board
Simmons First National Corporation
3
LETTER FROM THE CEO
As a 30-year veteran of Simmons, I’ve had the honor and privilege of working with a multitude of individuals as we
continued to build upon the strong foundation of our 119-year old company. Under former CEO Tommy May, Simmons
solidified its presence as a leading Arkansas community bank built upon maintaining strong Asset Quality, Capital and
Liquidity. Over the last 10 years, we continued to stay true to our community bank heritage, while also undertaking a
strategic transformation that significantly diversified our geographic presence into a leading regional bank in the Mid-
South that is well-positioned in six states.
As shown in the charts below, the transformation and growth of our company has been remarkable.
TOTAL ASSETS
(IN BILLIONS)
TOTAL CAPITAL
(IN BILLIONS)
NET INCOME
(IN MILLIONS)
MARKET
CAPITALIZATION
(IN BILLIONS)
$27.5
$3.3
678%
705%
826%
731%
$256.4
$3.5
2012
2022
$0.4
2012
2022
$27.7
2012
$0.3
2012
2022
For the year ended or as of December 31.
$2.7
2022
In addition to undertaking this geographic transformation, Simmons also invested more than $100 million to
significantly enhance our information technology infrastructure, systems and digital banking platforms through our
Next Generation Banking initiative. These investments enabled Simmons to launch leading-edge mobile banking
products and services that have garnered national recognition as a leader in this space.
Today, Simmons Bank is poised for sustainable organic growth, which reflects that same
foundation of strong capital and asset quality, along with liquidity that allowed us to
grow over the past 10 years. Our foundation is solid and our team is prepared to
capitalize on the opportunity to grow organically. While we will continue to evaluate
acquisitions, it will not dominate our strategy. The significant amount of time and
effort that was needed for conversions and integrations can now be shifted to our
“Better Bank Initiative” that is concentrated on people, processes and systems in
order to build capacity for future growth, while also allowing us to better serve our
customers.
In closing, I would like to thank our associates for all they do each and every day to assist
our customers and the communities we serve. The one common characteristic
of a championship team is teamwork and I am confident that the team
we built is prepared to meet the challenges ahead as we position
Simmons for continued future growth and success.
Respectfully,
Bob Fehlman
Chief Executive Officer
Simmons First National Corporation
4 | Welcome
WELCOME
Strong Dividend History1
2022 marked the 113th consecutive year that Simmons paid cash dividends to its shareholders. And in
January 2023, Simmons announced that its board of directors declared a quarterly cash dividend payable
in April 2023 – extending the streak to 114 consecutive years. According to research by Dividend Power,
Simmons is one of only 24 U.S. publicly traded companies that has paid dividends for 100+ uninterrupted
years. Simmons was one of only two banks to be named to the list and tied for second among Nasdaq-listed
companies for the longest active streak. In March 2022, Simmons celebrated its 37th year as a NASDAQ-
listed company by ringing the opening bell.
The dividend declared in January 2023 marked the 12th consecutive year that Simmons increased its dividend,
earning it Dividend Power’s designation as a “Dividend Contender,” a title exclusively for companies that
increased their dividend for 10 to 24 consecutive years. As of December 16, 2022, Dividend Power research
noted that Simmons is one of only 347 companies out of nearly 6,000 companies listed on the NYSE and
NASDAQ in 2022 to achieve this distinction.
By The Numbers
On April 8, 2022, Simmons completed the acquisition of Spirit of Texas Bancshares, Inc. (Spirit), the parent
company of Spirit of Texas Bank SSB, based in Conroe, Texas. Spirit ranked among Fortune’s 2021 100
Fastest-Growing Companies and operated 37 branches primarily in the Texas Triangle – the fastest growing
megaregion in the U.S. consisting of the Dallas, Fort Worth, Houston, San Antonio and Austin metropolitan
areas – with additional locations in the Bryan-College Station, Corpus Christi and Tyler metropolitan areas,
along with offices in North Central and South Texas.
With total deposits of $2.7 billion and total loans of $2.3 billion on the date of acquisition, the addition of
Spirit more than doubled Simmons’ size and scale in the Lone Star State.
1
The future payment of dividends is not guaranteed and is subject to various factors, including approval by the Company’s board of directors.
5
WELCOME
A Decade of Acquisitions
Throughout the last decade, Simmons Bank has grown in size and scale, extending our reach to comprise
six states in the Mid-South.
Metropolitan National Bank
(Little Rock, Arkansas)
Delta Trust & Banking Corp.
(Little Rock, Arkansas)
Community First Bancshares, Inc.
(Union City, Tennessee)
Citizens National Bank
(Athens, Tennessee)
$919 million in assets
$838 million in deposits
$457 million in loans
$417 million in assets
$355 million in deposits
$312 million in loans
$1.9 billion in assets
$1.5 billion in deposits
$1.1 billion in loans
Liberty Bancshares, Inc.
(Springfield, Missouri)
$1.1 billion in assets
$875 million in deposits
$781 million in loans
$585 million in assets
$510 million in deposits
$341 million in loans
Trust Company of the Ozarks
(Springfield, Missouri)
$1 billion in assets under
management
2013
2014
2015
2016
Amounts are as of the respective closing dates.
6 | Welcome
Hardeman County
Investment Company, Inc.
(Jackson, Tennessee)
Reliance Banchares, Inc.
(Des Peres, Missouri)
Landmark Community Bank
(Collierville, Tennessee)
Spirit of Texas Bancshares, Inc.
(Conroe, Texas)
$1.5 billion in assets
$1.2 billion in deposits
$1.1 billion in loans
The Landrum Company
(Columbia, Missouri)
$968 million in assets
$803 million in deposits
$787 million in loans
Triumph Bancshares, Inc.
(Memphis, Tennessee)
$3.1 billion in assets
$2.7 billion in deposits
$2.3 billion in loans
$3.4 billion in assets
$3.1 billion in deposits
$2.0 billion in loans
$848 million in assets
$719 million in deposits
$671 million in loans
$463 million in assets
$389 million in deposits
$252 million in loans
Southwest Bancorp, Inc.
(Stillwater, Oklahoma)
$2.7 billion in assets
$2.0 billion in deposits
$2.0 billion in loans
First Texas BHC, Inc.
(Fort Worth, Texas)
$2.4 billion in assets
$1.9 billion in deposits
$2.2 billion in loans
2017
2019
2021
2022
7
GROWTH
Simmons Bank’s Brand Reaches New Heights
Throughout the last decade, Simmons Bank strategically expanded its presence across the Mid-South and
reached new heights of brand recognition. Through a series of naming rights opportunities and athletic
partnerships, Simmons Bank expanded its brand to arenas, stadiums, high profile events and game-
changing sponsorships.
Serving our communities is woven into our DNA at Simmons Bank.
We believe investing in brand partnerships helps us connect with
customers on a personal level – we want to support causes that they’re
passionate about. Across our six-state footprint, fans are passionate
about their local team. Sports also match our values of teamwork and
high performance.
– Elizabeth Machen,
EVP, Marketing and Communications
Simmons Bank Open
The Simmons Bank Open for the Snedeker Foundation earned the
Korn Ferry Tour’s prestigious Tournament of the Year Award in 2022.
The Simmons Bank Open was recognized for hosting a premier
tournament that included exceptional amenities and exemplary
hospitality, unique fan experience elements, a creative approach to
social media and digital content, supporting and generating exposure
for multiple charities and engaging in the PGA TOUR’s sustainability
initiatives.
In 2023, the tournament will be the second of four Korn Ferry Tour
Finals events, culminating in the season-long race for PGA TOUR cards.
Team Simmons Bank
Team Simmons Bank had much to celebrate this past year. 2021 Masters sensation
and PGA TOUR® 2021 Rookie of the Year winner, Will Zalatoris (pictured right),
clinched his first PGA TOUR victory in the 2022 FedEx St. Jude Championship.
Team Simmons Bank member Zack Fischer also earned his first victory on the
PGA TOUR Latinoamérica with a win at the VISA Argentine Open.
8 | Growth
Simmons Bank Liberty Stadium
Fans from Arkansas and Kansas enjoyed the AutoZone
Liberty Bowl, hosted at Simmons Bank Liberty Stadium.
With more than 52,000 sports fans in attendance and
more than 3.91 million television viewers, Simmons Bank
received tremendous brand recognition. The Arkansas
Razorbacks defeated the Kansas Jayhawks 55-53 in a
thrilling triple overtime game.
Supporting the lasting power of women in sports
Supporting the lasting power of women in sports
Fierce Is Forever
Simmons began 2022 fresh on the heels of a December 2021
announcement of groundbreaking support for female student-athletes
through a sponsorship with 10 universities across its footprint. During
the first year of the sponsorship, Simmons Bank provided internship
programs, financial education classes and funding to female student-
athletes at partnering universities.
FIERCEIS
FOREVER
Supporting the
lasting power of
women in sports.
simmonsbank.com/WinningOurWay
Award-Winning Customer Connection
The American Bankers Association recognized Simmons Bank
for the year’s best "Out-of-the-Box" marketing idea. Simmons
Bank customers were mailed checks worth $0.01 and invited to
deposit them via the Simmons Bank Mobile app. Each deposited
check earned customers an entry into Simmons’ sweepstakes,
with weekly prizes from $100-1,000 and an overall grand prize
of $10,000. As a result of the campaign, 80 percent of Mobile
in branches were used by
Sweepstakes checks given out
customers who were using mobile deposit for the first time.
9
GROWTH
Information & Digital Technology
Acquisition History
Recognized by American Banker as a “Top Technologist Hired in 2022,” Ann Madea joined Simmons Bank
as Chief Information Officer, leading the bank’s information technology strategy and operations, as well as
spearheading systems integration of acquired banks.
Following the simultaneous conversions of Landmark Community Bank and Triumph Bank in late 2021,
the Simmons team delivered another successful conversion following the acquisition of Spirit that was
completed in April 2022. This was the largest conversion in terms of physical geography completed by
Simmons Bank to date and is the first of its size to be completed by Simmons over a two-day weekend.
Workforce Expansion
Information Technology (IT) undertook a significant effort targeted towards our most valuable asset – our
people. The new “IT Workforce Strategy” is focused on continuous learning, developing skills of the future,
leadership and innovation through a high-performing and diverse workforce to become the employer of
choice for IT professionals in our markets.
The IT business unit also continued to focus on digital, cloud, API architecture, automation, data analytics
and application modernization in 2022 to achieve business outcomes.
We will continue to align business and technology to impact revenue
generation, customer and employee experiences, as well as new
products and services.
– Ann Madea,
EVP, Chief Information Officer
10 | Growth
Digital Enhancements
Over the last five years, Simmons Bank invested more than $100 million in technology and tools that enabled
us to, among other things, provide our customers greater access to digital products and services. Each year,
Simmons continues to provide digital enhancements that meet the evolving needs of our customers and
provide access to their account 24 hours a day, seven days a week.
In 2022, we launched Coin Savings – our digital savings account that when linked to a Coin Checking account
rewards you for using your debit card. By the close of the third quarter, 63 percent of all Coin Checking accounts
were opened by Gen Z or Millennial customers.
Enhancements also included an early payday option1, providing customers the ability to receive direct deposits
posted to their account up to two days early.
During the fourth quarter, we launched a new feature in our mobile and online banking platforms called Credit
Score Manager. This interactive tool allows customers view their credit score, gain insight into factors that
contribute to their credit score, receive alerts when changes to their score takes place, see how future actions
might affect their credit score, track their debt balances, monthly payments and perform a debt-to-income
calculation.
National Recognition
Simmons Bank’s Chief Digital Officer Alex Carriles was recognized by American
Banker as a "2022 Digital Banker of the Year" for leading a successful digital
transformation strategy through Simmons Bank’s online and mobile channels.
Carriles received the award at the American Banker conference in Austin.
Highlights
17% increase in digital transactions from 2021 to 2022
20% increase in mobile deposit dollars from 2021 to 2022
14% growth in average deposit balance per mobile account from 2021 to 2022
4.8-star rating out of 5 stars on iOS App Store with more than 29,000 reviews
1
Early Payday is available to Coin Checking customers only, applies to direct deposit and other Automated Clearing House (ACH) deposit
transactions, and is dependent on when the payer’s payment instructions are received by Simmons Bank. Simmons Bank will generally make
funds from these deposits available the same day payment instruction is received or two days before the listed effective date of the payment,
whichever is later. Simmons Bank reserves the right to terminate or change this practice without any notice to you and to place any restrictions or
limits Simmons Bank deems necessary.
11
Scammers have grown elder fraud into a multi-billion-dollar industry.
Simmons Bank is excited to be involved in development of the SAFER
AR Act in Arkansas, allowing our frontline associates a course of action
to help halt the abuse when observing possible exploitation of the
elderly or individuals with disabilities.
– Tina Groves,
EVP, Chief Risk Officer
The bill, initiated by Arkansas State Representative Carlton Wing, was signed into law by Arkansas Governor
Asa Hutchinson on April 29, 2021 and became effective on July 1, 2021. The SAFER AR Act is a product of
the public-private efforts of the Arkansas Bankers Association, several individual bankers from Simmons
Bank including EVP, Assistant General Counsel Steve Wade, SVP, Director of Fair and Responsible Banking
Sharmane Andrews, and SVP, Compliance and BSA/AML Officer Barbara Peck, as well as members of the
Arkansas State Bank Department and Arkansas Securities Department and the Arkansas Attorney General’s
Office.
In October, Simmons Bank was nationally recognized by the American Bankers Association Foundation for
its work on the SAFER AR Act with a 2022 ABA Foundation Community Commitment Award.
Simmons Bank and our associates are always working to find new and
innovative ways to make a difference in our community. This award
recognizes the efforts our associates take to protect the wellbeing of
our customers.
– Steve Wade,
EVP, Assistant General Counsel
13
GROWTH
A Legacy of Trust
In 2022, Simmons Bank's wealth management groups reached a remarkable milestone providing 100 years
of trust management services. For generations, our knowledgeable team at Simmons Bank has been a
premier provider of trust, investment management and fiduciary services. Generation after generation
trusted Simmons Bank for what matters. Our professionals have deep industry experience and are ready to
provide the personalized solutions to help build and manage our customers' wealth.
In celebration of 100 years of trust services, Simmons Bank
has created a new logo to commemorate the anniversary
of our Trust Department’s founding on June 5, 1922.
Simmons' Wealth Management team had a remarkable year and
celebrated a historic milestone for our organization. Celebrating 100
years of providing trust and investment services is a testament to the
loyalty that has been built between Simmons and our customers. As
we look towards the future, we continue to build our business on the
foundation of serving others to meet their financial goals.
Simmons Bank Private and Institutional Wealth Highlights
– Jimmy Crocker,
EVP, Wealth Management
Products and services offered by Simmons Bank Private and Institutional Wealth include investment
management, trust and estate planning, financial planning, business succession planning, employee
benefits, 401K plan consulting, institutional investment management, corporate trust services and farm
and land management.
Total assets under management or administration for Private and Institutional Wealth as of December 31,
2022, were $6.1 billion.
62 private strategists, portfolio managers and institutional wealth associates are dedicated to serving our
private and institutional wealth clients across our six state footprint.
Simmons Investment Services Highlights
Products offered by Simmons Investment Services1 include investment management, retirement planning,
insurance planning and college planning.
24 Wealth Advisors are dedicated to serving our clients across our six-state footprint.
Total assets under management for Simmons Investment Services as of December 31, 2022, were
$1.8 billion.
1
Retail investment services provided through a networking arrangement with LPL Financial.
14 | Growth
Agricultural Lending
Consistently ranked among the top Farm Lenders in the U.S., Simmons Bank moved from 32nd in 2021
to one of the top 25 Farm Lenders in 2022, illustrating the expansion of agricultural lending across our
footprint.
During 2022, Simmons Bank announced the addition of Cole Plafcan to lead Agricultural Lending. With more
than 25 years of experience, Plafcan expanded the Agriculture Lending Department across the footprint,
hiring four lenders and expanding Simmons Bank’s portfolio to include crop production, livestock, poultry
and timber.
Since 1903, Ag lending has been a part of Simmons Bank’s heritage
spanning from our headquarters in Pine Bluff to markets across our
footprint. Our relationships in the agricultural industry are built on
loyalty and have been great partnerships for the bank.
– Cole Plafcan,
Director of Agricultural Lending
With the expansion of the Agriculture Lending team, portfolio growth in this area was more than 20 percent
in 2022.
The business unit will host an Agriculture Summit in 2023 to highlight best practices for farm owners to
navigate uncertain economic times.
Highlights
Simmons Bank finished the third quarter of 2022 ranked 23rd by the American
Bankers Association of Top 100 Farm Lenders.
Simmons Bank approved long-term pricing for certain of our farm real estate
loans with fixed rates up to 15 years – a first for the bank.
15
MARKET HIGHLIGHTS
Six States, One Team
Simmons Bank’s community bank roots stretched deeper throughout the Mid-South in 2022. With the
acquisition of Spirit of Texas Bank in April 2022, Simmons Bank acquired an additional 37 branches located
in the rapidly expanding Texas Triangle. With the creation of our Metro, Community and Corporate Banking
groups, Simmons Bank empowers decision-making at a local level. Highlights from across the footprint
illustrate the results.
16 | Market Highlight
Arkansas
Financial Centers: 64
Loans: $3.0 billion
Deposits: $5.7 billion
Kansas
Financial Centers: 5
Loans: $163 million
Deposits: $187 million
Missouri
Financial Centers: 45
Loans: $1.7 billion
Deposits: $3.6 billion
Oklahoma
Financial Centers: 19
Loans: $748 million
Deposits: $1.7 billion
Tennessee
Financial Centers: 43
Loans: $2.5 billion
Deposits: $3.3 billion
Texas
Financial Centers: 54
Loans: $4.7 billion
Deposits: $4.7 billion
Figures are as of December 31, 2022. These balances include only those assigned to the division. As a result,
totals will not foot to the consolidated loan and deposits figures for Simmons First National Corporation.
17
MARKET HIGHLIGHTS
Arkansas
Expanding Our Reach
In January, Simmons Bank celebrated the groundbreaking of a
new, prototype branch in White Hall located at 1305 Robin Road.
Construction on the new, 4,700-square-foot branch is expected to
be completed in the first quarter of 2023.
Simmons Bank also welcomed associates to a newly purchased
corporate office space located at 17901 Chenal Parkway in
West Little Rock. This building strategically positions teams in
a centralized location, enhancing collaboration and increasing
operational efficiencies. More than 175 associates transitioned to
the West Little Rock office in the first quarter of 2022.
Turning Heads, Touching Lives
Simmons Bank associates in Jonesboro led a financial literacy workshop
for Crowley’s Ridge Development Council and capped that effort with
a $10,000 gift to support the mission of building a more self-sufficient
community. Our Northeast Arkansas associates continually fight against
poverty through volunteerism and giving.
Community Commitment
Associates in Searcy donated $25,000 to the White County
Public Library as they began a multi-million-dollar project
to move to a new location in town and enhance literacy
resources in the community.
Feeding Communities
During the 5th annual Simmons Service Month, the Deposit Analyst team
was among the many Simmons’ associates who volunteered to provide
1,950 weekend meal bags that were distributed to schools across the
state for children who face food insecurity.
18
| Arkansas
Hunter Appointed to Board of Education
Arkansas Governor Asa Hutchinson appointed Simmons Bank EVP, Chief Data Officer
Lisa Hunter to the Arkansas State Board of Education. A native of Pine Bluff, Hunter
will serve a seven-year term as a member of the board.
May Receives LIFE Award
Simmons First Foundation Chairman and former Simmons Bank CEO, Tommy May, was recognized with
a Leadership in Free Enterprise (LIFE) Award. Bestowed by Economics Arkansas, the award recognizes
outstanding contributions to the banking industry and free market.
Legendary Addition for Burlsworth Foundation
Freddie Black, EVP, Chief Community Banking Officer, was honored by the Brandon
Burlsworth Foundation in October with a Legends Award. The award recognizes
community leaders who exhibit strong faith, character and sportsmanship –
characteristics of the late Brandon Burlsworth.
Awards and
Accolades
Arkansas Bar Association, Dee Davenport recognized with “Presidential
Award of Excellence”
Arkansas Business, “40 Under 40,” George Makris III
Arkansas Business, “250 Most Influential Leaders,” George Makris, Jr., Jay
Brogdon and Matt Reddin
Arkansas Money & Politics, “Most Admired Trust Department” Simmons
Bank Wealth Management Services
Arkansas Money & Politics, “Top C-Suite Executive,” George A. Makris, Jr.
Arkansas Money & Politics, “Top 100 Professionals,” William Childs
Arkansas Money & Politics, Tina Groves recognized on “Power Women” list
2022
Arkansas Money & Politics, “Top Women in Banking,” Lisa Chrzanowski,
Stacey Martin and Claire McClellan
AY Magazine, “Best Bank” and “Best Mortgage Lender” lists
Little Rock Soiree, Wealth Management named “Platinum Service Award”
recipient
Simmons Bank recognized as Elite Lenders by RMI Business Finance
19
MARKET HIGHLIGHTS
Kansas
Leading With Heart
Wichita Commercial Banker Shawn Jiwanlal was appointed chairman of
the board for the Wichita American Heart Association. This latest example
of Shawn’s community leadership builds on his 2021 “40 Under 40”
recognition from the Wichita Business Journal.
United Way
Wichita associates
joined the United
Way to donate their time to the GIV (Give
Items of Value) Program. This program
accepts donated items from companies
and offers them at no cost to nonprofits
across the state of Kansas. Our Wichita
for easy
team organized donations
distribution to the community.
Awards and Accolades
Wichita Business Journal’s “Women Who Lead” list, Commercial
Portfolio Manager Megan Royer
United Way of Reno County, Hutchinson, Kansas, team recognized
with “Gold Award”
20
| Kansas
MARKET HIGHLIGHTS
Oklahoma
Banker Elected as Commissioner
Davis Community Bank President Wes Hilliard was recently elected vice chair
of the Commission for Rehabilitation Services. The commission governs the
Oklahoma Department of Rehabilitation Services, which annually serves
approximately 83,000 Oklahomans with disabilities through employment,
independent living and educational programs.
Deepening Our Roots
In December, Simmons Bank announced advanced
negotiations with the City of Stillwater regarding a donation
to support Block 34, an initiative designed to revitalize a
vacant city block into an inclusive and sustainable public
space that reflects the cultural heart and soul of the
community. Based on preliminary discussions, the donation
is expected to total approximately $1.5 million, subject to the
execution of a mutually acceptable definitive agreement.
More Than a Sponsorship
Simmons Bank is the official sponsor of
women’s athletics at Oklahoma State
University in Stillwater. Associates provide
financial education classes to the university’s
student athletes covering topics such as
building good credit, avoiding bad debt,
being aware of identity theft and fraud, and
investing.
Awards and Accolades
Stillwater News, Kendra Phears voted “Best Banker”
21
MARKET HIGHLIGHTS
Missouri
Feeding Our Community
Columbia associates fought hunger during Simmons Service
Month by volunteering with The Food Bank of Central and
Northeast Missouri. Our team packaged more than 14,000 food
items to help families all over central and northeast Missouri
who face food insecurity.
New and Improved
Simmons Bank completed renovations on the
16,000-square-foot, full-service branch located at
7800 Forsyth Boulevard in Clayton and hosted a
ribbon-cutting and open house event to celebrate
Simmons Bank customers and the new financial
center.
Simmons Supplies Students
Lee’s Summit associates hosted a back-to-school supply drive
for their local elementary school, Prairie View Elementary.
Together they delivered much-needed supplies for teachers
and students ahead of the school year!
Woman of the Year
Simmons Bank Director of Private Wealth Markets Sabrina McDonnell
was recognized as a “Woman of the Year: Community Leader” honoree.
This annual recognition is presented by the Greater Missouri Leadership
Foundation to recognize women for exceptional
leadership, civic
contributions and ability to inspire and help others.
22 | Missouri
Chamber Selects Sullivan
Commercial Banker Jeff Sullivan was selected for the 2024 Centurion Class
led by the Kansas City Chamber of Commerce. Centurions is a two-year
leadership development program that helps prepare greater Kansas City’s
emerging leaders.
Stocking the Bank
Associates from our Kansas City team volunteered after hours
for local diaper bank Happy Bottoms. Together they packaged
4,100 diapers, which were distributed to shelters, food pantries
and community organizations.
Home of the Brave
Betty Gonzales and Kristi Gardner accepted a
Certificate of Appreciation from the St. Charles
County Marine Corp League, who recognized
Simmons Bank’s St. Peters associates for proudly
displaying the United States flag at their branch.
Awards and Accolades
St. Louis Business Journal, Simmons Bank named to “St. Louis’ Largest SBA Lenders” list
St. Louis Small Business Monthly, Simmons Bank named “Best in Business”
My Bank Tracker, Coin Checking product named a “Best Checking Account in Missouri”
Ingram’s Magazine, Mark Nuss named to “40 under 40” list
The Independent, Mark Nuss named to “2022 Class of Rising Stars”
23
MARKET HIGHLIGHTS
Tennessee
Expansion of Service
Simmons Bank expanded our presence
across Tennessee with the addition of
several branches. These
include our
new financial center in Memphis as
well as branches in Bellevue, outside of
Nashville, and the Gulch Union branch in
the heart of downtown Nashville.
Simmons Bank Open
Named the 2022 Korn Ferry Tour Tournament of the Year, the
Simmons Bank Open benefiting the Snedeker Foundation
celebrated a second successful year at The Grove in College
Grove. The tournament was rewarded with an elevated status
and will be one of four finals events scheduled on the Korn Ferry
Tour in 2023.
1
Financial Education
Associates in Memphis contributed to the Brinkley
Heights Urban Academy financial education program.
This $7,500 donation benefited students
from
Kindergarten through 12th grade.
Building the Fundamentals
for
Simmons Bank provided temporary
offices
Junior Achievement
in-kind gift of
of Memphis. The
temporary office space at Simmons’
Moriah Woods
location extended
for one year while the nonprofit’s
new headquarters was built
in
the Binghampton neighborhood.
In addition to the in-kind gift, the
Simmons First Foundation donated
$22,500 to Junior Achievement’s JA
Inspire career exploration program
for 8th and 9th graders.
24 Tennessee
Blount County Habitat for Humanity
Our East Tennessee team donated $5,000 to Habitat for Humanity
– a nonprofit that helps people in need to build or improve the
place they call home – to sponsor a home in Blount County.
Associates rolled up their sleeves and put in some elbow grease
to make this dream for the homeowner a reality.
Starting the Year Off Right
Associates from all three Franklin branches
provided breakfast
and
administrators at Page High School to kick off
the new school year.
teachers
for
Stuff the Bus
Nashville associates provided school supplies to fill 50
backpacks during the United Way Stuff the Bus campaign.
i
i
a
a
n
n
’
’
s
s
e
h
h
T
T
n
n
e
e
th
ail y PP ost-ost-AAth
e DDail y
BESTBEST
OF THE
OF THE
BESTBEST
al Reader’s C h o i c e Award
al Reader’s C h o i c e Award
2022
2022
c
c
i
i
i
i
f
f
f
f
O
O
s
s
The Daily Post-Athenian
The Daily Post-Athenian
www.dailypostathenian.com
www.dailypostathenian.com
Awards and
Accolades
Humboldt Chronicle, Simmons
Bank named “Best Bank”
Daily Post-Athenian, Simmons
Bank named “Best Bank”
Daily Post-Athenian, “Best Loan
Officer” (Jason Housley) and
“Best Teller” (Stefanie Ghorley)
25
MARKET HIGHLIGHTS
Texas
Fort Worth Stock Show and Rodeo
Simmons Bank proudly served as the official bank and major
sponsor for the 125th Fort Worth Stock Show and Rodeo, an
event which offers millions in much-needed scholarships and
livestock premiums. This 23-day event attracted 1.2 million
visitors and had an economic impact of $115 million in 2022
according to a study commissioned by the Fort Worth Stock
Show and Rodeo.
Better Together
Fort Worth associates gave a $5,000 donation
to Catholic Charities of Fort Worth for the
organization’s upcoming Day of Service. This gift
will provide energy resources for
low-income
families that struggle to pay their bills.
Habitat for Humanity
The Simmons Bank Greater Texas Market team
hosted its 2nd Annual Day at the Dome Capitol
Build at the Texas State Capitol. Our associates
assembled the walls of a home in less than three
hours that will be used to help provide a home to
a Veteran in the Lone Star State.
Burleson Warms Community
Associates in Burleson collected gently used coats and other
warm items for their local Harvest House. This donation helps
Harvest House to continue its mission of providing necessities,
spiritual encouragement, education and care to those community
members in need.
26 Texas
Texas Associates Help with Wildfire
Following spring wildfires that devastated several communities in Texas, our
associates, led by Regional Community President Jeff Stewart, stepped up with
a $5,000 donation to help rebuild 20 homes in the neighboring community of
Carbon, one of the hardest-hit areas. Partnering with local nonprofit Community
Rehab Group, our associates were proud to support Carbon – a small town that’s
largely comprised of farmers, cattle entrepreneurs and small business owners.
Houston Supports Horse Therapy
Associates donated $5,000 to the SIRE Therapeutic
Horsemanship (Horse Therapy Center) to aid therapy
programs for Veterans and special needs children and adults.
Simmons’ gift will also help SIRE complete a project that
includes a state-of-the-art visitor center, counseling center
and expansion of their stables to serve more riders.
Hope to Homeless
The Samaritan Inn, a McKinney nonprofit that provides much-
needed resources to the homeless, received a $5,000 donation
from Simmons Bank. The funds helped the organization complete
remodeling initiatives for their intake center.
EmpowHERment
The inaugural EOSERA EmpowHERment Pitch Competition is for Texas-
based female founders to win seed money for their companies. Simmons
was proud to support this event, which allowed finalists to pitch their
ideas to a panel of judges and a live audience. The winner won $10,000 to
support their business.
Fort Worth Inc., Lori Baldock named to “Great
Women of Texas” Class of 2022
Fort Worth Inc., Lori Baldock named to the 400
“Most Influential People of 2022” list
City of Duncanville, Tim Maiden named “2022
Champion of the City”
Awards and
Accolades
27
CULTURE
Defining Our Culture
Simmons Bank has six Culture Cornerstones that guide how Simmons serves our customers, our team and
our communities.
As Simmons Bank continues to grow, we focused on the strength of our culture through continuing
education, recognizing exceptional work and celebrating strength in our diversity.
For 119 years, Simmons Bank built a foundation of providing excellent customer service.
To ensure customer experience continues to be at the heart of everything we do, in 2022
Simmons Bank introduced our newest Culture Cornerstone – Build Loyalty.
With our sights set on creating a service framework to continue
to provide an excellent experience for our customers, our business
vendors and our teams, Build Loyalty means that with every
interaction, internally and externally, we pledge to protect, connect,
commit and succeed. Our High Performance cornerstone has never
been stronger or more evident in our workplace than it is today.
– Jena Compton,
EVP, Chief People Officer
Simmons Bank also honed our definition for what it means to be a high performing associate
by training associates to build individual excellence, strong teams and set ambitious but
attainable goals. In 2022, more than 600 Simmons Bank leaders received High Performance
training and more than 1,000 associates are registered for training in 2023.
28 | Culture
Customer Service Framework
Protect. Connect. Commit. Succeed. With the introduction of the new Culture Cornerstone Build Loyalty,
Simmons Bank developed the Customer Service Framework to provide a consistent delivery of the Simmons
Bank experience to our customers, our communities and our team. In summer 2022, Simmons Bank hosted
12 leadership sessions and trained more than 300 leaders. In August, Simmons Bank identified a team of
18 associate volunteers to deliver the framework to their peers. In total, the associate volunteers hosted 96
interactive sessions and trained 2,724 associates.
Simmons Bank works hard to celebrate our associates for high performance and great service. One
way associates can celebrate their team members is by sending a Culture Recognition eCard that
goes to a high performing associate and their manager. In 2022, Simmons Bank associates sent
3,995 eCards celebrating associate-to-associate recognition.
Simmons Bank Inclusion Committee
The Simmons Bank Inclusion Impact Committee highlights the strength of our differences and assures
associates that we value diverse backgrounds and experiences. The committee’s purpose is to enable
Simmons Bank to be a model diversity, equity and inclusion organization.
29
CULTURE
Simmons Associates: By the Numbers1
At Simmons, we are focused on delivering on the promise of being a great place to work. We actively
promote an inclusive environment where all associates have the opportunity to achieve personal success.
34%
Men
66%
Women
12%
60+
18%
50-59
23%
40-49
22%
20-29
25%
30-39
1%
Did not wish to disclose
26%
Minority
73%
Non-minority
Gender
Age
Race
Training and Development
Simmons offers its associates a variety of education classes, including the following training classes:
HIPAA-HITECH Requirements
Identity Theft Red Flags
Identity Theft: Minimize the Risk
Internal Controls
Internet Security Essentials for Financial Institutions
Outgoing Domestic Wire Module Procedures
Password Security Awareness
Personally Identifiable Information and Sensitive
Information
Phishing Awareness
Recognizing UDAAP Risks
Segregation of Duties
September 2022 Associate Handbook
Understanding OFAC
Understanding Privacy: The Gramm-Leach-Bliley Act
Working Ethically
Simmons Bank requires Retail Banking associates to complete more than 24 hours of additional training
and all Lending associates to complete more than 15 hours of additional training specific to their job
requirements.
Associates throughout the organization are required to complete risk and compliance courses to be aware
and accountable for risk management.
1
Data as of December 31, 2022.
30 | Culture
Simmons First Foundation
Providing support to the communities we serve is foundational to who we are at Simmons Bank. Since
2014, Simmons First Foundation has provided support for youth access to health care and education and
aiding low-to-moderate income families. Funding requests come to the Foundation from leaders across the
footprint initiating grant requests based on the needs in their communities.
Since 2014, Simmons Bank contributed approximately $17.9 million to the foundation.
In 2022, Simmons First Foundation provided grants totaling more than $1.1 million across our footprint.
Map Key
Make a Difference grants
Mini grants
Environmental grants
Community Enhancement grants
The Foundation created a new $3 million endowment in 2021 to support environmentally focused grants
to aid conservation and sustainable projects. This year, almost $169,000 in environmental grants were
provided. In 2022, Simmons First Foundation presented Ducks Unlimited $100,000 to support the Big River
Conservancy project located along the Mississippi River in Memphis and West Memphis, Arkansas.
31
CORPORATE RESPONSIBILITY
Go Green to Save Green
Simmons Bank is committed to doing our part to reduce the greenhouse gases associated with the paper
manufacturing, printing and mail delivery processes. In 2021, we implemented a $3 paper statement fee. For
one year, for customers who wished to keep paper statements, $1 of each fee was donated to the Simmons
First Foundation Conservation Fund, which is focused on making a positive impact to the environment.
Customers were encouraged to “go green to save green,” helping protect our environment by signing up
for enhanced eStatements. In 2022, Simmons Bank donated more than $1.7 million to the Simmons First
Conservation Fund in connection with this effort.
By the end of 2022, more than 421,700 customers elected to
receive eStatements, a 16 percent increase from 2021.
Customers who signed up for an online account reduced the
amount of paper used when opening an account in person. Digital
account openings reduced paper waste this year by approximately
50,000 sheets of paper.
Environmental Stewardship
In 2022, Simmons Bank committed to planning and designing new builds with environmentally sustainable
elements. By continuing to focus on our responsibility to helping the environment, Simmons Bank
implemented the following on all new branch construction and major branch renovations in 2022.
Sustainable elements include:
Occupancy sensors for lighting controls
Programmable thermostats
LED lighting
Multiple zones for heating and cooling
Motion sensors for plumbing fixtures
32 | Corporate Responsibility
Sustainability: By the Numbers
Simmons Bank’s environmentally conscious renovations have helped us reduce greenhouse gases
across our footprint.
LED lighting and retrofits LED lighting
retrofits eliminated 1,812 metric tons of
carbon dioxide.
Equivalent of 2.02 million kWh saved
Equivalent to eliminating 308 cars from the
roadways
Equivalent to eliminating 140,720 gallons of gas
Equivalent to eliminating environmental impact
of 214 homes
Equivalent to eliminating more than 1.5 million
in pounds of coal burned
Equivalent of 10,851 trees saved
In 2022, approximately 1.26 million
pounds of paper was recycled through
our partnership with shredding vendors.
Equivalent of 1,905 cubic yards of landfill space
saved
More than 4.44 million gallons of water saved
Simmons Bank implemented the recycling program, K-Cycle, for coffee grounds and K-cups
in 2019. In 2022, more than 425 pounds of used K-cups and coffee grounds were recycled.
Branch Optimization
Throughout the last three years, Simmons Bank implemented a branch rationalization strategy that
leverages data to assist us in creating more efficiency in our branch distribution network, while also
allowing us to better serve our customers.
The implementation of our branch optimization strategy allowed us to eliminate approximately:
484 metric tons of carbon dioxide in 20221
2,648 metric tons of carbon dioxide since 20201
1
Figures calculated by totaling the square footage of branches closed/sold for the respective period and converted into square meters. The
resulting figure was multiplied by a factor of 102 kg CO2 per square meter, and then converted to arrive at metric tons of CO2 for each respective
period. The 102 kg CO2 per square meter factor was based on data published by the Center for Sustainable Systems, School for Environment &
Sustainability, University of Michigan, related to carbon emissions data for commercial buildings and cited by Diebold Nixdorf in a publication
dated April 19, 2021.
33
CORPORATE RESPONSIBILITY
Social Stewardship
Customers Save $5.7 Million in “Change” in 2022 with Round-Up Program
Through the Simmons Bank automatic savings program, Round-Up, customers saved
nearly $5.7 million during 2022. More than 26,800 customers utilized the program
during this period. Compared to the same timeframe in 2021, the program has grown
in customer usage by approximately 6 percent and dollars saved are up 7 percent.
Credit Score Manager Launch
In November, Simmons Bank launched Credit Score Manager, a new feature in our
mobile and online banking platforms that allow customers to view their credit score.
In addition to seeing their credit score, this interactive tool also allows customers to
theoretically see how future actions or behaviors might affect their score, see detailed
insights into the different factors that contribute to their score, perform a debt-to-
income calculation and receive alerts when changes to their score take place. This
new feature is provided to customers at no cost.
SAFER AR Act
In October, Simmons Bank received a national award by the American Bankers Association Foundation for
our work with the SAFER AR Act, the law that provides banks and other financial institutions an improved
reporting mechanism to state and local authorities when they suspect financial abuse of the elderly and
people with disabilities in Arkansas. Steve Wade, EVP, Assistant General Counsel for Simmons Bank, played
a lead role on the task force of lawmakers and banking professionals to collaborate, research and draft the
bill. The award recognized Simmons Bank for its efforts in the “Protecting Older Americans” category.
34 | Corporate Responsibility
Credit Score Manager Launch
Business Resource Groups
Simmons Bank developed Business Resource Groups (BRGs) to support associates in an inclusive
workspace environment in late 2021. In 2022, four groups were launched, and associates were encouraged
to participate and join:
African Americans in Banking mission is to create and support a culture “in which each individual’s full
talents, unique backgrounds and distinctive perspectives contribute to their personal and professional
growth."
LGBTQIA+ of Simmons mission is to celebrate the community of LGBTQIA+ associates at Simmons Bank
and provide members with the resources needed for growth and development. We shall strive to create a
more inclusive workspace through visibility, education, communication and mentorship.
Veterans of Simmons mission is to build awareness and provide resources to Veterans, their families and
friends of Veterans as well as bringing together members of the Simmons community in a supportive
environment.
Women of Simmons mission is to provide members with the resources needed for growth and development.
We shall strive to create a more inclusive workspace through visibility, education, communication and
mentorship.
Simmons Bank's BRGs had the following membership count as of December 31, 2022:
African Americans in Banking
LGBTQIA+ of Simmons
53
36
Veterans of Simmons
23
Women of Simmons
199
35
CORPORATE RESPONSIBILITY
A Game-Changing Sponsorship
The fact that Simmons has me here as an intern really embodies how
dedicated they are to promoting and developing female athletes!
Because my internship has given me the opportunity to shadow so
many people, I’ve seen that value [of listening] hold up across several
departments. People here are passionate about what they do.
– Christina Bruni,
Student Athlete Intern
Simmons Bank is proud to support female student-athletes through a multi-university initiative serving as
the presenting sponsor of women’s athletics across 10 universities.
At the heart of the sponsorship is a goal to expand beyond traditional sponsorship elements to emphasize
customized programming and enhanced career opportunities for female student-athletes. Simmons Bank
is collaborating with each university to create distinct programs ranging from financial education curriculum
and leadership training to mentoring, internship programs and women-in-business development initiatives.
In Stillwater, Oklahoma, associates hosted four fall financial education sessions covering topics ranging
from how to help your credit score to protecting yourself from identity theft and fraud. Associates trained
more than 300 student-athletes at Oklahoma State University with valuable skills for the future.
Simmons Bank also activated a student-athlete internship program cultivating talent and highlighting the
many business units that help a bank run well. Christina Bruni, an economics major and soccer player at
Vanderbilt University in Nashville, spent time with leaders of the bank learning all the facets of the bank’s
operations by shadowing multiple departments during her summer internship.
Engaging student athletes with an internship program where they experience a variety of roles at the bank
has paid dividends for Simmons Bank and created a pipeline of new talent, cultivating the next generation
of leaders.
The Women’s Athletic internship program is the perfect match. Our
collaboration with universities across our footprint gives Simmons the
opportunity to welcome the next generation to banking while building
a pipeline of talent. Student-athletes embody leadership skills and
the Simmons Bank Culture Cornerstones, helping student athletes
integrate seamlessly into our teams.
– Nina Castaldi,
Manager of Business Development
36 | Corporate Responsibility
Honoring Our Service Members
To commemorate Veterans Day, Simmons Bank honored the brave men and women who serve or have
served our country’s military through a series of events designed to recognize their service and sacrifice to
protect our freedom. In addition to this year’s events, year-round we continue to work across our footprint
with community partners to actively recruit Veterans to join the Simmons Bank team, while offering an
array of military benefits including supplemental pay during military leave and paid military family leave.
In 2022, the Veterans Business Resource Group created an interactive way for associates to honor our
Veterans by wearing a ribbon according to their relationship with a Veteran the week leading up to Veterans
Day. Red ribbons indicated a team member is a Veteran, white ribbons indicated an associate is a family
member of a Veteran and blue ribbons indicated you were the spouse, son or daughter of a Veteran.
During the week of Veterans Day, Simmons’ associates also created a wall-mounted display for associates
to place photos of themselves and their family members who served in the military while also sharing their
personal stories in a special Veterans Day video. The Simmons Bank River Market building was illuminated
in red, white and blue in honor of Veterans Day on November 11.
Missing Man Table
Ahead of Memorial Day, the Missing Man table was on display in the River Market
corporate office in Little Rock. The Missing Man table serves as a reminder of
fallen, missing or imprisoned U.S. Military service members. The table is set with
a single place setting to remember those who are absent and cannot attend a
meal because of POW or MIA status.
Simmons Bank Liberty Stadium Honors Gold Star Families
Simmons Bank Liberty Stadium and the City of Memphis celebrated $2 million in facility improvements to
the stadium. The stadium serves as a tribute to the veterans of World War I, World War II and the Korean
War. In 2022, Simmons Bank associates honored veterans and their families at the AutoZone Liberty Bowl
with a tailgate and free tickets to the Liberty Bowl.
In conjuction with the naming rights to Simmons Bank Liberty Stadium, in 2021 Simmons Bank donated
$110,000 to the Woody Williams Foundation. The nonprofit organization is dedicated to raising awareness
to honor, recognize and serve Gold Star Families' members whose loved one made the ultimate sacrifice in
protecting our freedom. The donation supported the construction and endowment of the Liberty Park Gold
Star Families Memorial Monument in Memphis.
37
CORPORATE RESPONSIBILITY
Community Reinvestment
Simmons Bank’s Community Reinvestment Act (CRA) efforts focus on affordable housing, economic
development, revitalization and community service – each with a goal of providing greater access to financial
products and services to low-to-moderate-income families.
In 2022, Simmons Bank originated or refinanced approximately 5,575 in single-family Home Mortgage
Disclosure Act (HMDA) loans totaling approximately $1.3 billion.
Simmons Bank provided more than 100 multi-family HMDA loans which totaled approximately $1 billion
in 2022.
Combined, Simmons Bank provided approximately $2.3 billion in HMDA loans in 2022.
Simmons Bank originated more than 1,000
18 percent of total originations.
Simmons Bank originated nearly 900 loans within majority-minority geographies or 16 percent of total
originations.
low-to-moderate-income areas or
loans within
Simmons Bank hosted a variety of community engagement activities
across the footprint providing financial education and access to
products to support their financial needs in all stages of life.
– Sharmane Andrews,
CRCM, SVP, Regulatory and Consumer Affairs
Simmons and Simmons First Foundation secured and provided more than $1.4 million in eligible
donations and grants, including approximately $255,000 in Federal Home Loan Bank contributions
under the CRA in 2022.
Simmons Bank also worked with Simmons First Foundation to provide 17 Community Enhancement
Grants to organizations offering work readiness programs, affordable housing and community
services in 2022.
Simmons Bank provided approximately $79 million in Community Development Investments
under the Community Reinvestment Act in 2022.
Approximately $294 million in qualified community development loans furthering economic
development, affordable housing and stabilization of communities in 2022.
Approximately 3,370 loans benefiting businesses with less than $1 million in revenue totaling
approximately $415 million in 2022.
Approximately 1,370 loans benefiting small farms with less than $1 million in revenue totaling
approximately $135 million in 2022.
Simmons’ associates fostered approximately 1,500 community engagement activities, including
offering financial education to adults and children in 2022.
38 | Corporate Responsibility
Commitment to the Community
Simmons Bank had its first all-Spanish Language Financial Literacy seminar in Little Rock in 2022. The
format will be repeated in other markets in 2023.
Hired nine bilingual Community Mortgage Loan Originators in 2022.
Product Spotlights
Simmons Bank offers a variety of products to help ensure that our customers are served well.
Our Bank On-certified Affordable Advantage Checking Product:
More than 400 account holders in 2022
Includes safeguards against overdrafts
The Individual Taxpayer Identification Number (ITIN) Mortgage Product was introduced:
An ITIN Advantage Mortgage is a loan designed for homebuyers who do not have a Social Security number
In 2022, Simmons Bank Funded approximately $12.5 million of ITIN Advantage Mortgages
Strong production continued with the 100% Advantage Mortgage Product:
In 2022, Simmons Bank funded approximately $64.1 million of 100% Advantage Mortgages
Simmons Bank worked with more than 13 down-payment-assistance programs across our footprint to
lessen the burden of cost of homeownership.
The launch of the Foundation Secured Credit Card in 2021 provided customers the
opportunity to open a secured credit card that is designed to help them establish,
strengthen or rebuild their credit:
More than 1,900 accounts were opened in 2022
39
CORPORATE RESPONSIBILITY
Governance – Board of Directors1
Dean Bass
RETIRED CHAIRMAN AND CEO,
SPIRIT OF TEXAS BANCSHARES, INC.
Jay D. Burchfield
RETIRED CHAIRMAN,
OZARK TRUST AND INVESTMENT CORP.
Marty D. Casteel
RETIRED CHAIRMAN, PRESIDENT &
CHIEF EXECUTIVE OFFICER,
SIMMONS BANK
William E. Clark, II
CHAIRMAN &
CHIEF EXECUTIVE OFFICER,
CLARK CONTRACTORS, LLC
Jerry M. Hunter
SENIOR COUNSEL,
BRYAN CAVE LEIGHTON PAISNER, LLP
Susan S. Lanigan
RETIRED EXECUTIVE VICE PRESIDENT
AND GENERAL COUNSEL,
CHICO’S FAS, INC.
George A. Makris, Jr.
EXECUTIVE CHAIRMAN,
SIMMONS FIRST NATIONAL CORPORATION
W. Scott McGeorge
CHAIRMAN,
PINE BLUFF SAND & GRAVEL COMPANY
Independence
Diversity
Malynda K. West
EXECUTIVE VICE PRESIDENT,
CHIEF FINANCIAL OFFICER & TREASURER,
MURPHY USA, INC.
1
Unless otherwise noted, as of January 1, 2023.
40 | Corporate Responsibility
88%
of directors are
independent
20%
of independent
directors are women
Steven A. Cossé
RETIRED PRESIDENT &
CHIEF EXECUTIVE OFFICER,
MURPHY OIL CORPORATION
Mark C. Doramus
CHIEF FINANCIAL OFFICER,
STEPHENS INC.
Edward Drilling
RETIRED SENIOR VICE PRESIDENT,
EXTERNAL AND REGULATORY AFFAIRS,
AT&T, INC.
Eugene Hunt
ATTORNEY,
HUNT LAW FIRM
Tom E. Purvis
PARTNER,
L2L DEVELOPMENT ADVISORS, LLC
Robert L. Shoptaw
RETIRED EXECUTIVE,
ARKANSAS BLUE CROSS & BLUE SHIELD
Julie Stackhouse
RETIRED EXECUTIVE VICE PRESIDENT,
FEDERAL RESERVE BANK OF ST. LOUIS
Russell Teubner
DISTINGUISHED ENGINEER,
BROADCOM, INC.
Tenure
9.4 years
(average tenure)
2
0-5 Years
6-10 Years
11-15 Years
15+ Years
33%
of independent directors
are women and minorities
2
Based on year first elected to the board, and as of December 31, 2022.
41
FINANCIAL HIGHLIGHTS 2022
Capital, Asset Quality and Asset Growth
REGULATORY CAPITAL
AT DECEMBER 31, 2022
Leverage
Ratio
Common Equity
Tier 1 Capital Ratio
Tier 1
Capital Ratio
Total Risk-Based
Capital Ratio
%
0
0
4
.
%
0
0
.
5
%
4
3
.
9
%
0
5
.
4
%
0
5
.
6
%
0
9
.
1
1
%
0
0
6
.
%
0
0
8
.
%
0
9
.
1
1
%
0
0
8
.
%
0
0
0
1
.
%
2
2
.
4
1
REGULATORY “MINIMUM”
REGULATORY “WELL-CAPITALIZED”
SIMMONS FIRST NATIONAL CORPORATION
ASSET QUALITY
AT DECEMBER 31, 2022
SFNC
ALL U.S. BANKS1
Net Charge-Offs as a
% of Average Total Loans
0.09
%
0.15
%
Nonperforming Assets as a
% of Total Assets
0.23
%
0.44
%
Allowance for Credit Losses as a
% of Nonperforming Loans
334
%
280
%
1
Published industry average as of December 31, 2022; S&P Global Market Intelligence.
42 | Financial Highlights
TOTAL ASSETS GROWTH
AT DECEMBER 31 | $ IN BILLIONS
$27.5
$24.7
$22.4
$21.3
525%
$16.5
$15.1
$8.4
$7.6
$4.4
$4.6
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
43
9101112131415161718192021262227232824292530876543210 FINANCIAL HIGHLIGHTS 2022
REVENUE
YEARS ENDED DECEMBER 31 | $ IN MILLIONS
$880
$887
$800
$783
$690
$489
$419
$373
$233
$171
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
PER SHARE HIGHLIGHTS
YEAR ENDED DECEMBER 31, 2022
Diluted Earnings Per Share
Adjusted Diluted Earnings Per Share
(non-GAAP)1
Book Value Per Share
Tangible Book Value Per Share
(non-GAAP)1
$2.06
$2.40
$25.73
$14.33
1
Represents a non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial
measures.
44 | Financial Highlights
$100$0$200$300$400$900$500$600$700$800 113 Consecutive Years Of Paying Dividends To Our Shareholders
DIVIDENDS PER SHARE2,3
YEARS ENDED DECEMBER 31
$0.42
$0.44
$0.46
$0.48
$0.50
$0.68
$0.64
$0.60
$0.72
$0.76
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
LONG-TERM TOTAL SHAREHOLDER RETURN
DIVIDENDS + STOCK APPRECIATION | DECEMBER 31, 2007 — DECEMBER 31, 2022
SFNC
142%
KRX
120%
2
The future payment of dividends is not guaranteed and is subject to various factors, including approval by the Company’s board of directors.
3
Per share information has been retrospectively adjusted to reflect the effects of the two-for-one stock split that was affected February 8, 2018.
45
$0.80$0.60$0.30$0.70$0.40$0.50$0.20$0.10$0.00‘07‘11‘17‘09‘15‘13‘19‘08‘12‘18‘10‘16‘14‘20-50%-100%0%50%100%250%300%150%200%‘21‘22 FINANCIAL HIGHLIGHTS 2022
CAPITAL RETURNED TO OUR SHAREHOLDERS DURING 2022
$111.0 Million
+
$94.1 Million
=
$205.1 Million
Repurchase of 4.4 Million
Common Shares
Common Stock Dividends
INVESTMENT PROFILE
YEAR ENDED DECEMBER 31, 2022
Closing Stock Price
at December 31, 2022
52-Week High
52-Week Low
$21.58
$32.31
$19.34
Common Shares Outstanding
at December 31, 2022
127.0 Million
Dividends Paid per Share
Dividend Yield1
$0.76
3.5%
1
Dividend yield is calculated by dividing Dividends Paid per Share by Closing Stock Price at December 31, 2022.
46 | Financial Highlights
CONDENSED CONSOLIDATED BALANCE SHEETS
AT DECEMBER 31 | IN MILLIONS
ASSETS
Cash and cash equivalents
Investment securities
Mortgage loans held for sale
Loans
Allowance for loan losses
NET LOANS
Premises and equipment
Foreclosed assets
Goodwill and other intangible assets
Bank owned life insurance
Other assets
TOTAL ASSETS
LIABILITIES AND STOCKHOLDERS’ EQUITY
Noninterest bearing deposits
Interest bearing transaction accounts
Time deposits
TOTAL DEPOSITS
Federal funds purchased and securities sold under agreements to repurchase
Other borrowings
Subordinated debentures
Accrued interest and other liabilities
TOTAL LIABILITIES
Total stockholders’ equity
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
Note: Totals may not foot due to rounding.
2022
$ 682.1
7,612.6
3.5
16,142.1
)
(196.9
15,945.2
548.7
2.9
1,448.6
491.3
726.2
2021
$ 1,650.7
8,642.8
36.4
12,012.5
)
(205.3
11,807.2
483.5
6.0
1,252.2
445.3
400.7
$27,461.1
$24,724.8
$ 6,016.7
$ 5,325.3
11,762.9
4,768.5
22,548.1
160.4
859.3
366.0
257.9
24,191.7
3,269.4
$27,461.1
11,588.7
2,452.5
19,366.5
185.4
1,338.0
384.1
201.9
21,475.9
3,248.9
$24,724.8
47
FINANCIAL HIGHLIGHTS 2022
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
YEARS ENDED DECEMBER 31| IN MILLIONS, EXCEPT PER SHARE DATA
2022
2021
Interest income
Interest expense
NET INTEREST INCOME
Provision for credit losses
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES
NONINTEREST INCOME
Service charges on deposit accounts
Wealth management fees
Debit and credit card fees
Mortgage lending income
Bank owned life insurance income
Other service charges and fees
Gain on sale of securities, net
Other income
TOTAL NONINTEREST INCOME
NONINTEREST EXPENSE
Salaries and employee benefits
Occupancy expense, net
Furniture and equipment expense
Merger-related costs
Deposit insurance
Other real estate and foreclosure expense
Other operating expenses
TOTAL NONINTEREST EXPENSE
NET INCOME BEFORE INCOME TAXES
Provision for income taxes
NET INCOME
Preferred stock dividends
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS
DILUTED EARNINGS PER SHARE
Certain items, net of tax
ADJUSTED EARNINGS AVAILABLE TO COMMON STOCKHOLDERS1
ADJUSTED DILUTED EARNINGS PER SHARE1
$861.7
144.4
717.3
14.1
703.2
46.5
31.9
31.2
10.5
11.1
7.6
(0.3
31.6
170.1
)
287.0
44.3
20.7
22.5
11.6
1.0
179.7
566.8
306.5
50.1
$256.4
-
$256.4
$2.06
42.2
$298.6
$2.40
$671.1
79.4
591.5
)
(32.7
624.2
43.2
31.2
28.2
21.8
8.9
7.7
15.5
35.3
191.8
246.3
38.8
19.9
15.9
7.0
2.1
153.6
483.6
332.5
61.3
$271.2
0.1
$271.1
$2.46
23.9
$295.0
$2.68
Note: Totals may not foot due to rounding.
1
Represents a Non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial
measures.
48 | Financial Highlights
SELECTED CONSOLIDATED FINANCIAL DATA
YEARS ENDED DECEMBER 31 | $ IN MILLIONS, EXCEPT PER SHARE DATA
FINANCIAL STATEMENT DATA:
2022
2021
2020
2019
2018
Total assets
Total loans
Total deposits
Total equity
Net income
$27,461
$24,725
$22,360
$21,259
$16,543
$16,142
$12,013
$12,901
$14,426
$11,723
$22,548
$19,367
$16,987
$16,109
$12,399
$ 3,269
$ 3,249
$ 2,977
$ 2,989
$ 2,246
$ 256
$ 271
$ 255
$ 238
$ 216
Adjusted earnings1
$ 299
$ 295
$ 264
$ 270
$ 220
PER SHARE DATA: 2
Diluted earnings
$ 2.06
$ 2.46
$ 2.31
$ 2.41
$ 2.32
Adjusted diluted earnings (non-GAAP) 1
$ 2.40
$ 2.68
$ 2.40
$ 2.73
$ 2.37
Book value
$ 25.73
$ 28.82
$ 27.53
$ 26.30
$ 24.33
Tangible book value (non-GAAP) 1
$ 14.33
$ 17.71
$ 16.56
$ 15.89
$ 14.18
Dividends
$ 0.76
$ 0.72
$ 0.68
$ 0.64
$ 0.60
CAPITAL RATIOS AT PERIOD END:
Common stockholders’ equity
to total assets
Tangible common equity to
tangible assets (non-GAAP) 1
Tier 1 leverage ratio
Common equity Tier 1 risk-based ratio
Tier 1 risk-based ratio
Total risk-based capital ratio
Dividend payout to
common stockholders
11.91%
13.14%
13.31%
14.06%
13.58%
7.00%
9.34%
11.90%
11.90%
14.22%
8.51%
9.08%
13.82%
13.82%
16.75%
8.45%
9.08%
13.41%
13.41%
16.78%
8.99%
9.59%
10.92%
10.92%
13.73%
8.39%
8.78%
10.22%
10.22%
13.35%
36.89%
29.27%
29.44%
26.56%
25.86%
1
Represents a non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial
measures.
2
Per share information has been retrospectively adjusted to reflect the effects of the two-for-one stock split that was affected February 8, 2018.
3
Reflects the adoption of Current Expected Credit Losses (CECL) methodology on January 1, 2020.
49
FINANCIAL HIGHLIGHTS 2022
ANNUALIZED PERFORMANCE RATIOS:
2022
2021
2020
2019
2018
Return on average assets
0.97%
1.15%
1.18%
1.33%
1.37%
Adjusted return on average
assets (non-GAAP) 1
Return on average common equity
Adjusted return on average
common equity (non-GAAP) 1
Return on average tangible
common equity (non-GAAP) 1
Adjusted return on average tangible
common equity (non-GAAP) 1
Net interest margin
Efficiency ratio
Adjusted efficiency ratio 1
ASSET QUALITY RATIOS:
Nonperforming assets/total assets
Nonperforming loans/total loans
1.13%
7.87%
1.26%
8.83%
1.22%
8.72%
1.51%
9.93%
1.40%
10.00%
9.16%
9.61%
9.05%
11.25%
10.21%
14.33%
14.99%
15.25%
17.99%
18.44%
16.59%
3.17%
62.14%
57.50%
16.27%
15.79%
20.31%
2.89%
60.25%
57.92%
3.38%
54.43%
54.18%
3.85%
56.26%
49.88%
18.81%
3.99%
55.49%
52.42%
0.23%
0.37%
0.31%
0.57%
0.64%
0.96%
0.54%
0.65%
0.50%
0.48%
Allowance/nonperforming loans 3
334.16%
299.52%
192.82%
72.46%
101.12%
Allowance/total loans 3
Net charge-offs/average loans
Net credit card
charge-offs/credit card loans
OTHER DATA:
1.22%
0.09%
1.71%
0.13%
1.85%
0.45%
0.47%
0.24%
0.48%
0.21%
1.44%
1.40%
1.60%
1.86%
1.64%
Number of financial centers
230
199
204
251
191
Number of full time
equivalent associates
3,202
2,877
2,827
3,270
2,654
50 | Financial Highlights
SUPPLEMENTAL INFORMATION 2022
CALCULATION OF ADJUSTED EARNINGS
Net income
Certain items:
Merger-related costs
Branch right-sizing, net
Day 2 CECL provision
Donation to Simmons First Foundation
Loss from early retirement of TruPS
Gain on sale of intellectual property
Gain on insurance settlement
Gain on sale of branches
Early retirement program
Tax effect 1
Certain items, net of tax
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
YEARS ENDED DECEMBER 31 | IN THOUSANDS, EXCEPT PER SHARE DATA
2022
2021
2020
2019
2018
A
$ 256,412
$ 271,156
$ 254,904
$ 238,167
$ 215,713
22,476
3,628
33,779
1,738
365
)
(750
)
(4,074
-
-
)
(14,939
42,223
15,911
)
(906
22,688
-
-
-
-
)
(5,316
-
)
(8,462
23,915
4,531
13,727
-
-
-
-
-
)
(8,368
2,901
)
(3,343
9,448
36,379
3,129
-
-
-
-
-
-
3,464
)
(11.234
31,738
4,777
1,341
-
-
-
-
-
-
-
)
(1,598
4,520
Adjusted net income (Non-GAAP)
B
$ 298,635
$ 295,071
$ 264,352
$ 269,905
$ 220,233
CALCULATION OF ADJUSTED
NONINTEREST INCOME
Noninterest income
Branch right-sizing
Gain on sale of branches
Gain on sale of intellectual property
Loss from early retirement of TruPS
Gain on insurance settlement
C
Adjusted non-interest income (Non-GAAP)
D
CALCULATION OF ADJUSTED
NONINTEREST EXPENSE
Noninterest expense
Merger-related costs
Branch right-sizing expense
Donation to Simmons First Foundation
Early retirement program
E
Adjusted non-interest income (Non-GAAP)
F
$ 170,066
153
-
)
(750
365
)
(4,074
$ 165,760
-
$ 191,815
(369
)
)
(5,316
-
-
-
$ 239,769
(370
)
)
(8,368
-
-
-
$ 197,879
-
-
-
-
-
$ 141,418
-
-
-
-
-
$ 186,130
-
$ 231,031
-
$ 197,879
-
$ 141,418
-
$ 566,748
)
(22,476
(3,475
)
)
(1,738
-
$ 539,059
$ 483,589
)
(15,911
537
-
-
$ 468,215
$ 484,736
)
(4,531
)
(14,097
-
)
(2,901
$ 463,207
$ 453,960
)
(36,379
)
(3,129
-
)
(3,464
$ 410,988
$ 385,893
)
(4,777
)
(1,341
-
-
$ 379,775
1
Effective tax rate of 26.135 percent.
51
SUPPLEMENTAL INFORMATION 2022
SELECTED DATA
Average diluted shares outstanding
Common shares outstanding
Average assets
Average common stockholders’ equity
Average intangible assets
Total assets
Common stockholders’ equity
Intangible assets
Net interest income
Gain (loss) on sale of securities
Other real estate and foreclosure expense
Amortization of intangible assets
Amortization of intangible assets, net of taxes
Fully taxable equivalent adjustment2
Preferred stock dividend
METRICS
Net income available to common shareholders
(A-U)
Adjusted net income available to common
shareholders (B-U)(Non-GAAP)
Earnings per share-diluted (V/G)
Adjusted earnings per share-diluted (W/G)
(Non-GAAP)
Book value per share (M/H)
Tangible book value per share ((M-N)/H)
(Non-GAAP)
Return on average assets (V/I)
Adjusted return on average assets (W/I)
(Non-GAAP)
Return on average common equity (V/J)
Adjusted return on average common equity
(W/J)(Non-GAAP)
Return on average tangible common equity
(V+S)/(J-K)(Non-GAAP)
Adjusted return on average tangible common
equity (W+S)/(J-K)(Non-GAAP)
Common stockholders’ equity to total asset
(M/L)
Tangible common equity to tangible assets
(M-N)/(L-N)(Non-GAAP)
Efficiency ratio (E/(O+C+T))
Adjusted efficiency ratio (F-Q-R)/(O+D-P+T)
(Non-GAAP)
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
YEARS ENDED DECEMBER 31 | $ IN THOUSANDS, EXCEPT PER SHARE DATA
2022
2021
2020
2019
2018
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U
124,470,184
127,046,654
110,198,094
112,715,444
110,173,661
108,077,662
98,796,628
113,628,601
92,830,485
92,347,643
$26,418,838
3,259,664
1,388,384
27,461,061
3,269,362
1,448,549
$23,492,308
3,071,313
1,196,787
24,724,759
3,248,841
1,252,242
$21,590,745
2,921,039
1,184,002
22,359,752
2,975,889
1,186,415
$17,871,748
2,396,024
1,025,635
21,259,143
2,988,157
1,182,860
$15,771,362
2,157,097
943,128
16,543,337
2,246,434
937,021
)
717,316
(278
1,003
15,915
11,756
24,671
-
591,532
15,498
2,121
13,494
9,967
19,231
47
639,734
54,806
1,706
13,495
9,968
11,001
52
601,753
13,314
3,282
11,805
8,720
7,322
339
548,694
61
4,240
11,009
8,132
5,297
-
V
$ 256,412
$ 271,109
$ 254,852
$ 237,828
$ 215,713
W
298,635
295,024
264,300
269,566
220,233
$ 2.06
$ 2.46
$ 2.31
$ 2.41
$ 2.32
2.40
25.73
14.33
2.68
28.82
2.40
27.53
2.73
26.30
2.37
24.33
17.71
16.56
15.89
14.18
0.97
%
1.15
%
1.18
%
1.33
%
1.37
%
1.13
7.87
9.16
14.33
16.59
11.91
7.00
62.14
57.50
1.26
8.83
9.61
14.99
16.27
13.14
8.51
60.25
57.92
1.22
8.72
9.05
15.25
15.79
13.31
8.45
54.43
54.18
1.51
9.93
11.25
17.99
20.31
14.06
8.99
56.26
49.88
1.40
10.00
10.21
18.44
18.81
13.58
8.39
55.49
52.42
2
Fully taxable equivalent adjustment using an effective tax rate of 26.135 percent.
52 | Supplemental Information
FORWARD-LOOKING STATEMENTS
And Non-GAAP Financial Measures
“intend,”
“expect,”
“foresee,”
“estimate,”
CAUTIONARY NOTE REGARDING
FORWARD-LOOKING STATEMENTS
Certain statements contained in this Company Report may not be
based on historical facts and should be considered “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements may be identified
by reference to a future period(s) or by the use of forward-looking
terminology, such as “anticipate,” “believe,” “budget,” “contemplate,”
“continue,”
“indicate,”
“likely,” “target,” “plan,” “positions,” “prospects,” “project,” “predict,” or
“potential,” by future conditional verbs such as “could,” “may,” “might,”
“should,” “will,” or “would,” by variations of such words, or by similar
expressions. These forward-looking statements
include, without
limitation, those relating to the Company’s future growth, acquisitions
and their expected benefits, revenue, expenses, assets, asset quality,
profitability, earnings, accretion, dividends, customer service, lending
capacity and lending activity, investment in digital channels, critical
accounting policies and estimates, net interest margin, noninterest
revenue, market conditions related to and the impact of the Company’s
liquidity, the
stock repurchase program, consumer behavior and
Company’s ability to recruit and retain key employees, the adequacy of
the allowance for credit losses, the impacts of the COVID-19 pandemic
and the ability of the Company to manage the impacts of the COVID-19
pandemic, income tax deductions, credit quality, the level of credit
losses from lending commitments, net interest revenue, interest rates
and interest rate sensitivity, repricing of loans and time deposits, loan
loss experience, liquidity, the Company’s expectations regarding actions
by the Federal Home Loan Banks (“FHLB”) including with respect to the
FHLB’s option to terminate FOTO advances, capital resources, market
risk, plans for investments in (and cash flows from) securities, effect of
pending and future litigation, acquisition strategy and activity, legal and
regulatory limitations and compliance, and competition.
These forward-looking statements involve risks and uncertainties,
and may not be realized due to a variety of factors, including,
without limitation: changes in the Company’s operating, acquisition,
or expansion strategy; the effects of future economic conditions
(including unemployment levels and slowdowns in economic growth),
governmental monetary and fiscal policies (including the policies of
the Federal Reserve), as well as legislative and regulatory changes,
including in response to the COVID-19 pandemic; the impacts of the
COVID-19 pandemic on the Company’s operations and performance; the
ultimate effect of measures the Company takes or has taken in response
to the COVID-19 pandemic; the pace of recovery when the COVID-19
pandemic subsides and the heightened impact it has on many of the
risks described herein and in reports we file with the Securities and
Exchange Commission (“SEC”); changes in real estate values; changes
in interest rates; changes in liquidity; inflation; changes in the level and
composition of deposits, loan demand, and the values of loan collateral,
securities and interest sensitive assets and liabilities; changes in the
securities markets generally or the price of the Company’s common
stock specifically; developments in information technology affecting
the financial industry; cyber threats, attacks or events; reliance on third
parties for the provision of key services; further changes in accounting
principles relating to loan loss recognition; uncertainty and disruption
associated with the discontinued use of the London Inter-Bank Offered
Rate; the costs of evaluating possible acquisitions and the risks inherent
in
integrating acquisitions; possible adverse rulings, judgements,
settlements, and other outcomes of pending or future litigation; market
disruptions, including pandemics or significant health hazards, severe
weather conditions, natural disasters, terrorist activities, financial
crises, political crises, war and other military conflicts (including the
ongoing military conflict between Russia and Ukraine) or other major
events, or the prospect of these events; the effects of competition from
other commercial banks, thrifts, mortgage banking firms, consumer
finance companies, credit unions, securities brokerage firms, insurance
companies, money market and other mutual funds, and other financial
institutions operating in our market area and elsewhere, including
institutions operating regionally, nationally, and internationally, together
with such competitors offering banking products and services by mail,
telephone, computer, and the internet; the failure of assumptions
underlying the establishment of reserves for possible credit losses, fair
value for loans, other real estate owned, and those factors set forth
from time to time in the Company’s press releases and filings with the
SEC, including, without limitation, the Company’s Form 10-K for the year
ended December 31, 2022 (which has been filed with, and is available
from, the SEC). Many of these factors are beyond our ability to predict
or control, and actual results could differ materially from those in the
forward-looking statements due to these factors and others. In addition,
as a result of these and other factors, our past financial performance
should not be relied upon as an indication of future performance.
We believe the assumptions and expectations that underlie or are
reflected in our forward-looking statements are reasonable, based
on information available to us on the date hereof. However, given the
described uncertainties and risks, we cannot guarantee our future
performance or results of operations or whether our future performance
will differ materially from the performance reflected in or implied by our
forward-looking statements, and you should not place undue reliance
on these forward-looking statements. Any forward-looking statement
speaks only as of the date hereof, and we undertake no obligation to
update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise, and all written or oral
forward-looking statements attributable to us are expressly qualified in
their entirety by this section.
NON-GAAP FINANCIAL MEASURES
information determined
This Company Report contains financial
by methods other than in accordance with U.S. generally accepted
accounting principles (GAAP). The Company’s management uses
these non-GAAP financial measures in their analysis of the Company’s
performance. These measures adjust GAAP performance measures to,
among other things, include the tax benefit associated with revenue
items that are tax-exempt, as well as exclude from net income (including
on a per share diluted basis), pre-tax, pre-provision earnings, net
charge-offs, income available to common shareholders, non-interest
income, and non-interest expense certain income and expense items,
including those attributable to merger activity (including merger-related
expenses and Day 2 CECL provisions), gains and/or losses on sale of
branches, net branch right-sizing initiatives, loss on redemption of
trust preferred securities and gain on sale of intellectual property. In
addition, the Company also presents certain figures based on tangible
common stockholders’ equity, tangible assets and tangible book value,
which exclude goodwill and other intangible assets. The Company
further presents certain figures that are exclusive of the impact of PPP
loans, deposits and/or loans acquired through acquisitions, mortgage
warehouse loans, and/or energy loans, or gains and/or losses on the
sale of securities. The Company’s management believes that these non-
GAAP financial measures are useful to investors because they, among
other things, present the results of the Company’s ongoing operations
without the effect of mergers or other items not central to the Company’s
ongoing business, as well as normalize for tax effects, the effects of
the PPP, and certain other effects. Management, therefore, believes
presentations of these non-GAAP financial measures provide useful
supplemental information that is essential to a proper understanding
of the operating results of the Company’s ongoing businesses, and
management uses these non-GAAP financial measures to assess the
performance of the Company’s ongoing businesses as related to prior
financial periods. These non-GAAP disclosures should not be viewed
as a substitute for operating results determined in accordance with
GAAP, nor are they necessarily comparable to non-GAAP performance
measures that may be presented by other companies. Where non-GAAP
financial measures are used, the comparable GAAP financial measure,
as well as the reconciliation to the comparable GAAP financial measure,
can be found on the pages of this Company Report titled “Supplemental
Information 2022: Reconciliation of Non-GAAP Financial Measures.”
Forward-Looking Statements |
53
NOTES
54 | Notes
Notes | 55
NOTES
56 | Notes
SHAREHOLDER INFORMATION
Corporate Headquarters
501 Main St.
Pine Bluff, AR 71601
870.541.1000
Corporate Office
601 E. 3rd Street
Little Rock, AR 72201
866.246.2400
Investor Relations Online
Investors Relations is part of Simmons’ home page at www.simmonsbank.com. In addition to information
on products and services, users can obtain a copy of this company report, our latest press releases and
other financial information, and send email messages directly to Investor Relations.
Financial Information
Shareholders, analysts and other investors seeking financial information about Simmons should contact
Investor and Media Relations, at 501.263.7483 or via email at
Ed Bilek, EVP, Director of
ed.bilek@simmonsbank.com. Copies of printed financial
including our 2022 Annual
information,
Report on Form 10-K, may be obtained on our Investor Relations website or by emailing us at
investorrelations@simmonsbank.com.
Media Inquiries
should
general
News media
contact Ashley Leopoulos, Public Relations Manager, at 501.377.7639 or via email at
PR@simmonsbank.com.
representatives
information
Simmons
seeking
about
Internet
Information on company products and services is available on our Web site at www.simmonsbank.com.
Our web site also has a feature designed to locate our nearest financial service center. You can also contact
us at 866.246.2400.
Shareholder Assistance
Questions concerning your shareholder account, including change of address forms, records or information
about lost certificates or dividend checks, should be directed to our transfer agent:
By Mail:
Computershare Investor Services
P.O. Box 505005
Louisville, KY 40233-5005
By Overnight Delivery:
Computershare Investor Services
462 South 4th Street, Suite 1600
Louisville, KY 40202
Toll Free: 800.368.5948
This Company Report was originally published on April 4, 2023.
Banking custom
tailored to you.
Get all of these features and more when you sign
up for Simmons Bank Online & Mobile Banking.
Monitor your account activity
with card controls
Send money with Zelle®
Deposit checks
Additional features:
Send secure messages
Quick and secure sign on
Open accounts in-app*
Pay bills with bill pay
Credit Score Manager
Transfer funds, and more!
Rated 4.8/5 stars
Scan here or visit
simmonsbank.com/downloadapp
to download Simmons Bank mobile.
*In-app account opening currently limited to select account products.
Benefits and features are subject to customer qualification and approval by Simmons Bank. All accounts subject to approval. Restrictions apply. Data connection required. Wireless
carrier fees may apply. Mobile deposit is available to Simmons Bank online and mobile banking customers who are at least 18 years of age and have the most recent Simmons Bank
App for iPhone®, iPad®, or Android™.
Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license. Apple, the Apple Logo, iPhone, iPad, and the App Store® are
registered trademarks of Apple Inc. Other company and product names mentioned may be trademarks of their respective owners. Screen images are simulated; actual appearance
may vary. Android, Android Pay, and the Android Logo are trademarks of Google, LLC.