Celebrating 120 Years
As Simmons celebrated its 120th year, we reflected on our incredible journey
and the people who made it possible. From our humble beginnings as a small,
hometown bank to our present-day six-state footprint, Simmons has grown into an
entity the founders might scarcely have imagined.
However, throughout our growth and the exponential advances in technology
that changed how we and our customers conduct our finances, the one constant
since our founding in 1903 has been our purpose to be a trusted financial advisor
who is there to enable individuals, companies and our communities to attain their
financial goals.
The last century-plus has been a testament to the hard work, perseverance and
vision of each of our associates who have propelled us during good times and
helped us endure during challenging times. For 120 years we have been a source of
strength and stability for our customers and our communities. As we look to the
future, Simmons is well-positioned to continue helping our customers meet their
ever-changing financial needs while being a strong and active community partner.
1903
Simmons National
Bank of Pine Bluff
is founded.
1922
Simmons Trust
Department officially
opens.
1967
Simmons becomes the
first bank in Arkansas
to offer Visa® cards.
1982
The first personal
computer was
purchased by the
bank, a Radio Shack
TRS 80.
1992
Simmons First National
Corporation stock begins
trading on the NASDAQ
stock exchange.
2010
Simmons acquires
Southwest Community Bank
(Springfield, MO) and
Security Savings Bank FSB
(Olathe, KS).
1907
Simmons pays its first
cash dividend to
shareholders.
2014
Simmons acquires Delta Trust &
Banking Corp. (Little Rock, AR).
—
Simmons First Foundation is created.
1953
Simmons opens its
first drive-thru at the
main branch in Pine
Bluff.
1974
Simmons opens its
first ATM in Pine Bluff.
1984
The first intercontinental ATM
transaction was made by Simmons
customer Mary Stone. She made a
transaction in Australia that traveled
31,000 miles in six seconds.
1997
Total assets reach $1B.
2012
Simmons acquires Truman
Bank (St. Louis, MO) and
Excel Bank (Sedalia, MO).
2016
Simmons acquires
Citizens National Bank
(Athens, TN).
2019
Simmons acquires Reliance
Bank (Des Peres, MO).
2020
Simmons Bank listed as Fortune’s 100 Fastest
Growing Companies.
—
Simmons named to Forbes magazine’s list of
The World’s Best Banks, ranking in the top 20
banks in the U.S.
2022
Simmons acquires Spirit of Texas Bank
(Conroe, TX).
—
Simmons Bank ranked as one of the Top 25
Farm Lenders by the American Bankers
Association.
2013
Simmons acquires
Metropolitan National
Bank (Little Rock, AR).
2015
Simmons acquires Community First
Bancshares, Inc. (Union City, TN),
Liberty Bancshares, Inc.
(Springfield, MO), and Trust Company
of the Ozarks (Springfield, MO).
2017
Simmons acquires First South
Bank (Jackson, TN), Southwest
Bank (Fort Worth, TX) and Bank
SNB (Stillwater, OK).
—
Total assets reach $10B.
2020
Total assets reach more
than $20B.
—
Simmons acquires
Landmark Bank
(Columbia, MO).
2021
Simmons acquires
Landmark Community Bank
(Collierville, TN) and
Triumph Bank
(Memphis, TN).
2023
Simmons Bank Open named The Korn
Ferry Tour's 2022 Tournament of the
Year.
—
114th consecutive year of cash
dividends paid to shareholders.
LETTER TO SHAREHOLDERS
Fellow Shareholders,
This past year Simmons Bank celebrated its 120th anniversary of supporting the financial needs of the
customers and communities we serve. It is a great honor to have achieved such a milestone through some
remarkably difficult periods. One of those difficult periods included 2023 – with rising inflation, increased
interest rates, bank failures and liquidity crunched by numerous factors, the banking industry was met
with challenges we have not seen in many years. I am proud that Simmons weathered the storm very well
by sticking to our conservative management style and sound principles of banking. In times like these,
focusing on the future, and not focusing on short-term success, has proven over and over to be the recipe
for sustainability.
As we look to 2024 it appears that monetary policy has provided for some tempering of inflationary pressure
while not creating an unemployment crisis – or a “soft landing” for the U.S. economy. We are hopeful that
true economic factors will dictate growth, and government stimulants, which were necessary but overdone
during Covid, will not be the primary factor in that growth. Regardless, your bank will prepare to continue
our legacy of providing capital to our customers for their worthwhile needs and serving our communities
which have supported us throughout our history.
We want to acknowledge our directors who will retire at our shareholder meeting. Dean Bass, Jay
Burchfield and Scott McGeorge have been outstanding contributors to Simmons Bank’s success. Their
leadership throughout their tenures is greatly appreciated. They will be missed and we wish them the
very best.
We appreciate the support of our shareholders and encourage each one to examine the products and
services Simmons has to offer, including our digital capabilities. As we continue to build loyalty throughout
our markets, the attribute most coveted is the combination of customer and shareholder.
Sincerely,
George A. Makris, Jr.
Executive Chairman
Simmons First National Corporation
4 | Letter to Shareholders
LETTER FROM THE CEO
As Simmons Bank celebrated its 120th anniversary in 2023, we were once again reminded that during turbulent
and challenging times, the customers and communities we serve look to their bank as a source of strength and
stability. The foundation upon which our company was built centered on maintaining strong capital and liquidity
positions while also exercising strict credit discipline. Adhering to these principles continues to be a mainstay of
our company and a centerpiece of our ongoing strategy.
As shown later in this report, all of our regulatory capital ratios continued to significantly exceed “well-capitalized”
guidelines. Liquidity took centerstage this year, with particular attention placed on uninsured deposits. To combat
the anxiety that ensued throughout the banking industry, we proactively worked closely with our customers to
place them in programs that helped address any perceived concerns. In total, approximately 79 percent of our
deposits at the end of the year were FDIC insured or subject to collateral agreements, well above the industry
average. We also maintain access to additional liquidity sources as part of our overall liquidity management
strategy, which in total represent more than two times the amount of uninsured, uncollateralized deposits as of
the year end.
Maintaining strong capital and liquidity positions also afforded us the opportunity to extend credit (new loan
originations or funding commitments) totaling more than $10.4 billion during the year. At the same time, loan
growth did not come at the expense of maintaining prudent underwriting standards as evidenced by the 12 basis
points of net charge-offs recorded during the year.
We believe adhering to these principles, rather than seeking opportunities that provide instant gratification while
also potentially adding undue risk, ultimately drive the creation of long-term shareholder value. They also are
the pillars that have allowed us to pay cash dividends to our shareholders almost since our founding in 1903. In
January 2024, our Board of Directors announced a 5 percent increase in the quarterly cash dividend, marking the
115th consecutive year that Simmons has paid a cash dividend. According to recent research by Dividend Power,
there are only 25 U.S. publicly traded companies that have paid dividends for 100+ consecutive years – placing
Simmons amongst an exclusive group of companies that include Coca-Cola, Exon Mobil, General Mills, IBM,
Proctor & Gamble and Union Pacific.
This past year also brought success with our Better Bank Initiative that concentrated
on people, processes and systems. As part of this initiative, we initially identified
potential annual cost savings of $15 million. In the end, we surpassed our
expectations by achieving $18 million in annual costs savings. More importantly,
we believe this initiative provided increased capacity for future growth and will
also allow us to better serve our customers.
Finally, I remain proud of our company’s resiliency and the work of our more than
3,000 associates, collectively and individually. Meeting challenges head on
and ensuring that we are doing the things we need to do, and should
be doing, to help our customers and communities achieve their
financial goals is embedded in our DNA. Moreover, it provides a
strong foundation for our future growth and success.
Respectfully,
Bob Fehlman
Chief Executive Officer
Simmons First National Corporation
BETTER BANK INITIATIVE
Q&A with Jena Compton
When Chief People Officer Jena Compton joined Simmons in 2015, the bank’s robust mergers and acquisitions
(M&A) activity was delivering rapid growth – and cultural challenges. Eight years and multiple culture awards
later, Jena reflects on lessons learned, victories won and what’s next.
Q:
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Since your arrival eight years ago, associate feedback has been key to developing and improving the
Simmons Bank culture. How have you utilized employee feedback to ensure
Simmons Bank is a best place to work?
We’ve gone through Quality Improvement Program input and Engagement
Surveys to ask ourselves how we make Simmons an even better place to
work. Associates’ feedback helped our HR team get very creative in finding
ways to turn input into action. Payroll improvements coming in 2024 are an
example, as are enhanced bereavement leave and jeans Fridays. We also just
announced four additional weeks of paid parental leave and have several
other exciting updates in the pipeline.
High Performance Culture is a newer initiative that encourages associates to find their “why.” What
benefits are we seeing since it launched?
A lot of companies talk about being high performing, but our High Performance Culture Initiative
effectively turned an aspirational emphasis at Simmons into part of our day-to-day language and activity.
Culturally, High Performance has always been part of who we are, but it’s come alive since launching the
High Performance Culture Initiative. Now we have tools to interview for High Performance, measure it
and use it as a filter for our experiences and results. There’s a level of clarity and a toolbox to make sure
we’re living our culture.
How do you evaluate HR initiatives to ensure they’re strategic?
The HR role is to support the business and its success. That means the first responsibility we have is
to fully understand the business strategy and how we enable it. We must look at Simmons’ strategy
to understand the "people" components, from talent to process needs. From there we build an HR
strategy that supports the business strategy.
We’re constantly building tools, resources and programs to support associate experience. Sometimes
the support HR provides is helping Simmons "run a better shop" through efficient processes. When we
streamline tasks for associates, that’s also part of improving their experience.
Our 2023 strategy was Better Bank Initiative. What resonates with you about this focus and how does
it impact HR?
Better Bank Initiative is focused on people, processes and systems – all of which result in a better
associate experience. When your aim is helping people enjoy and succeed at their work, you can’t have
that conversation without touching on areas covered by Simmons’ Better Bank Initiative, from honing
processes and tools to providing associates with higher-performing peers. I say all the time that you
can’t talk about the people enough. People make everything happen at this bank, and that holds true
for bringing strategy to life.
6 | Better Bank Initiative
Q&A with Sharmane Andrews
As chief compliance officer, Sharmane manages the bank's risk related to fair and responsible banking and
managing compliance with applicable laws and regulations.
Q:
Q:
Q:
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Your team is instrumental in Simmons Bank achieving its CRA goals. How did your team find success
in 2023?
Simmons’ CRA unit sought to strengthen relationships internally with our
business lines and lenders and externally with nonprofit organizations.
Staying connected with nonprofits within our communities allows us to
development performance context aligning our lending, giving and services
offered with community needs.
How did our associates’ participation in service opportunities impact our
2023 CRA goals?
Simmons' associates engaged
in a variety of services from helping
communities build more sustainable food systems through charitable events,
to partnering with national nonprofits dedicated to creating positive change in the lives of young people
and adults.
In keeping with our 2023 CRA goal of building a network of community partners and promoting
financial wellness, associates shared their expertise, which helped our communities foster a strong
financial foundation, build savings and reach their financial goals. We partnered with organizations
across the footprint to provide personal finance classes, homebuyer workshops and mentored small
business owners (i.e., financing, human resources, business planning).
Community affairs officers across the footprint hosted several workshops to empower our customers
and communities with financial education. As you look back on 2023, what are you most proud of?
Our team really exceeded expectations in 2023. Their hard work will equip communities with the
knowledge and resources needed to empower better financial solutions. I am most proud of the
overall outreach within our Texas markets to various nonprofits. This team completed more than 665
community activities from financial literacy to serving on boards or being community advocates.
Houston – Eddie Lasker, Karla Hollins and Graylin Beals established a partnership with Texas Southern
University, a Historically Black College and University (HBCU). They successfully delivered their first
of many credit management workshops and are aiming to create valuable working experiences for
students.
Sherman – In a remarkable show of unity and community spirit, the Sherman market joined forces
to host a financial literacy workshop for Sherman Independent School District. This collaborative
effort highlights the power of teamwork and the shared commitment to empowering the youth with
essential financial knowledge.
What impact did your team have on emerging markets and how did this tie into our Better Bank
Initiative?
Our Simmons’ CRA team worked collectively with our real estate group securing cornerstone branches
within our community, such as our new St. Louis Kingshighway branch – located in a banking desert
and replacing a check cashing facility. Additionally, we opened two new branches in South Dallas within
the Red Bird community where many individuals are underbanked.
7
BETTER BANK INITIATIVE
Q&A with Brad Yaney
This year, Executive Vice President Brad Yaney oversaw the execution of Simmons’ Credit Optimization
Initiative – a sweeping effort that delivered new efficiencies for Simmons Bank.
Q:
Q:
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How long did the Credit Optimization Initiative run?
It began in October 2021 with an assessment of our commercial credit approval process and Credit Policy –
basically everything from the front-end of a commercial loan leading up to approval.
We then transitioned the assessment to the post-approval aspect, including loan
operations and our attorney prepared loan closing process.
While this specific initiative ended in July, keep in mind that optimizing our credit
process is a continuing focus. For example, we’re actively working to revamp
our loan covenant process, reviewing opportunities to shorten credit packages
and partnering with our IT provider on LoanVantage enhancements. There’s
also significant work taking place to energize efforts around a Business Banking
platform, which will bring automation and efficiency to the large volume of small-
dollar commercial loans that we originate and service. Small business loans are core to our customer base, and
we need a balanced "low touch" yet risk-based tool to help us achieve scalable growth in this area.
What’s the connection between Simmons’ Better Bank Initiative and what we accomplished through
the Credit Optimization project?
Building a Better Bank is all about supporting our people through improved processes and systems. That’s
exactly what Credit Optimization focused on: making our processes and systems efficient, scalable and
effective so our people can be successful.
Collaboration across business units was critical to the success of Credit Optimization and it will continue as
a key focus via the Better Bank Initiative. For example, our Real Estate Valuation team worked closely with
Accounting and Finance to establish processes for the capture and recognition of fees. Our Lending Operations
Analysis group also helped the Credit Analysis team build out Service Level Agreement (SLA) tracking tools to
ensure delivery times were met. Those are just a couple of examples for how aligning teams and creating a
collaborative atmosphere helped us complete our goals. Finally, much like the SLA tracking, we’ve equipped
our business units with new tools to help them be successful. It will be exciting to see more tools delivered over
the coming months and years. IT is partnering with business units to help deliver items like our Enterprise Data
Warehouse, customer profitability and the Small Business Loan Center. That’s a great example of a "support
function" assisting in revenue enablement!
What are your key takeaways from this initiative?
So many areas were touched through this project that I’d hesitate to say which was the biggest. Appraisals,
Credit Analysis, Credit Policy, Systems, Loan Operations and Attorney Prepared Closings are just a few! Each of
these areas implemented enhancements to improve the entire loan process. All actions and accomplishments
were driven by the desire to make our bank better.
Associates who took part in this initiative should take pride that our leadership discussed this work publicly in
earnings calls and investor meetings. Investors and analysts had interest in this initiative, wanting to understand
processes that were changing, new efficiencies we were creating and how those efforts drove value in our
organization.
Last, Credit Optimization wasn’t about cost-cutting, but we did recognize saving opportunities through the
project. For example, we achieved more than $180,000 in annual savings through changing a vendor that
provided commercial real estate data.
8 | Better Bank Initiative
Q&A with Elizabeth Machen
In her role as chief marketing officer, Elizabeth Machen oversees marketing strategy and implementation for
the bank.
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In 2023 we focused on building a better bank. How would you summarize Marketing’s overall strategy
and its tie into this initiative?
As a part of the 2023 Better Bank Initiative and its emphasis on people, processes
and systems, Marketing focused on delivering our best to Simmons Bank customers.
Leveraging more than 70,000 customer comments that we receive annually, the
Marketing Brand Insights team visited four markets for intensive discussions on
customer experience. We focused on identifying service gaps that can be improved
and promoting successful tactics that can be replicated. The year ended with a 12
percent increase in overall bank Net Promoter Score over the previous year.
The bank’s footprint has grown significantly in the last several years. How
do you ensure consistent brand messaging across the six states?
The creative team has established a clear brand identity and closely collaborates with regional and product
marketing managers to maintain that identity across all channels and geographies. To ensure a uniform voice
across our many product campaigns and regional marketing efforts, we consistently monitor brand touchpoints
and perform channel reviews. We also use our internal e-store, The Vault, to deliver uniform collateral throughout
our footprint.
What are some highlights from your group this year? What impact did these have on the bank?
This year was focused on deposit-gathering and Marketing supported many initiatives that aided in new
deposits to the bank. During America Saves Week, Marketing executed a multi-channel campaign to drive
savings education and account growth. The campaign resulted in a successful year-over-year increase in
consumer deposit product originations and total deposit balance of new consumer deposit accounts.
Marketing also supported the Digital Banking team as they expanded Simmons’ ability to grow deposits through
digital account openings. Digital Certificates of Deposit (CD) origination launched in March 2023, along with a
digital marketing campaign that promotes Simmons’ Coin Checking and Savings products. These campaigns
drove more than 4,280 new accounts from digital origination.
In September of 2023 we announced the Simmons Bank Championship, a new PGA TOUR Champions
tournament. How do you evaluate sponsorship opportunities to ensure they’re strategic and align
with the bank’s initiatives?
The Simmons Bank Championship offers an opportunity to bring a one-of-a-kind event to our corporate home.
The sponsorship positions Simmons Bank for mass consumer branding in a growing market, while providing
significant business development opportunities under the Simmons Bank name.
With all brand partnerships, we evaluate asset provision by considering benefits to the community, as well
as the business opportunities a sponsorship presents to the bank. We focus on aligning with like-minded
brands and organizations, securing banking relationships with partners, evaluating the potential for a long-
term partnership and promoting visibility for our brand. Our objective is always to ensure that a partnership is
mutually beneficial, and that the partner and the bank are both invested.
9
BETTER BANK INITIATIVE
Q&A with Tina Groves
In her role as chief risk officer, Tina Groves looks beneath the surface to identify risks and opportunities.
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From Financial Crimes to Compliance and Regulatory areas, your team covers multiple facets of risk.
How do they fit together?
The common thread is Risk Management. We’re focused on operational,
compliance and enterprise level risk. The components of operational risk are
Financial Crimes, Model Risk Management, Organizational Risk Management
and Third-Party Risk Management. Then you have our Compliance and
Regulatory areas, with Enterprise Risk Management (ERM) tying everything
together.
ERM connects all the dots as it looks at risk across the enterprise and
aggregates it. Individual risks don’t always seem like a big deal when they’re isolated, but when you
aggregate them, you find enterprise-wide issues. That insight helps us channel resources to prevent
problems.
How do you summarize Risk's overall 2023 strategy to align with our Better Bank initiative?
It’s a pretty easy answer! We’re upgrading tools and technology. We’re also looking at associate education
and the transfer of tools, training and responsibilities into the field.
What are some wins from your group this year and what impact did they have on the bank?
One win involves check fraud, an old-school fraud tactic that’s made a comeback the last few years.
Through our vendor relationships, our team searched the dark web to find stolen checks for sale. The
face value of customer checks we recovered in 2023 is $1.9 million, but account balances that were at
risk totaled $76 million. Fraud prevention isn’t exactly a "savings" to the bank, but with a single vendor
we offset a huge risk.
Another significant contribution made by the Fraud Group included an aggressive effort to “chase the
money” seeking recoveries from external financial institutions resulting in the recovery of $2.1 million.
What future initiatives are you focused on?
We’ll implement a new global risk compliance solution in early 2024. We’re also working on different
automations to help our Fraud and Third-Party Risk Management teams.
Next, we have been shadowing various groups to identify new efficiencies that we can build in for our
partners. For example, when we find counterfeit or stolen checks, our Fraud team goes in and restricts
items for those accounts to protect customers. The downside is that Simmons has to look at every item
for affected accounts, so our team has a lot of work when items are restricted. Thanks to the shadowing
process, we’ve built in an automated escalation procedures that help Simmons resolve restrictions in a
more timely manner, relieving pressure for several teams.
10 | Better Bank Initiative
Q&A with Ann Madea
As an IT leader with global, regional and community banking experience, Chief Information Officer Ann
Madea is fueled by driving growth. Her IT strategy has set Simmons on a path of transformation.
Q:
What are IT’s biggest wins from 2023 and how did they help the bank?
We made some major changes in 2023. This includes a new IT Service Management System,
implementing a new Workforce Strategy to source and upskill great talent, as well as continuing our
tech modernization program like our branch network upgrades.
We also focused on budget and saved significantly on contract negotiations.
This contributed to the $15 million savings goal Simmons announced with
our Build a Better Bank Initiative this year.
We continue to prioritize data-driven initiatives that can have a measurable
impact on customer experience as well as identifying those AI use cases
that will deliver business innovation, productivity and boost profitability.
Data is an asset and leveraging it helps us grow revenue, identify opportunities, generate operational
efficiencies and mitigate risk – it’s one of the biggest areas where we can make a difference at Simmons
Bank.
We’re also partnering with the business units on numerous key initiatives such as the Business Lending
Center and customer profitability, as well as many other initiatives in support of Simmons’ growth. We
will continue to deliver business outcomes through digital capabilities, products and services.
Q:
What future IT initiatives are you focused on?
We’re focused on many initiatives, including APIs that would enable streamlined integration and the
ability to bring in Fintechs – when beneficial. There will be significant progress in the data and analytics
space. We will continue to look at emerging technologies such as AI, blockchain and microservices to
understand where they fit and how they could benefit the bank while minimizing operational risk.
We will continue to align our IT strategy with our business partners
and deliver those outcomes that generate revenue and maximize
efficiencies. From the start I’ve had a solid team who understands
that we’re here to enable the business – that’s our number one goal.
– Ann Madea,
Chief Information Officer
11
BETTER BANK INITIATIVE
Q&A with Jimmy Crocker
As head of Wealth Management, Jimmy Crocker oversees more than 104 trust associates serving Simmons’
entire six-state footprint with nearly $6.0 billion in assets under management and custody.1
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In 2022 your team celebrated a century of serving our clients. How did you carry that momentum into
this year?
As Simmons Bank has changed over the years, so has Wealth Management. For years, individuals
and corporations perceived that banks could not manage money very well.
That has all changed. Private Wealth is a boutique investment group within
the bank that has trust powers. Our Simmons Private Wealth Core Equity
Strategy performed very well in 2023. The management of trust assets is a
small portion of the accounts we manage. We continue to grow our assets
under management for individuals, corporations and foundations. Standing
on the shoulders of those who came before us, the Wealth group continues
to not only grow assets, revenue and net income, but build deep and lasting
relationships with our clients.
Our 2023 strategy was themed around “Building a Better Bank.” What resonates with you about
Better Bank Initiative and how does it impact Wealth?
Our Better Bank Initiative is not just a slogan but a mindset. Wealth is always looking for ways to
improve the client experience from the advice and services we provide, to the decisions we make in
the process of managing client investments and the changes we have made, and continue to make, to
create additional efficiencies and scalability.
What is the key differentiator for our Private Wealth group and how do we leverage it?
It’s truly our people. We have a group of talented professionals within the Private and Institutional
Wealth group. Not only are our associates experts in their chosen fields, but they approach every
client encounter with a servant’s heart. Our private wealth advisors have experience in trust and estate
administration as well as financial planning. Many of our private wealth advisors and portfolio managers
hold the following designations or degrees: Certified Trust Fiduciary Advisor, Accredited Trust Fiduciary
Advisor, Certified Financial Planner, Certified Financial Analyst Charter holder, Juris Doctor and Master
of Business Administration.
What are your key takeaways for 2023?
Our associates have done a wonderful job of taking a proactive approach to enhance client relationships.
This ensures loyalty and satisfaction, both of which are crucial to building elegant, upmarket wealth
management practices. Our group is not only active in our clients’ futures but in our communities as
well. They have taken an active role in giving back to the communities they serve, taking an active role
in building long-term community relationships.
Highlights
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, 2023, were $6.0 billion.
104 private strategists, portfolio managers and institutional wealth associates are dedicated to serving our Private and Institutional
Wealth clients across our six-state footprint.
1
Royalty Trust division was sold on December 30, 2022.
12 | Better Bank Initiative
Q&A with Cole Plafcan
Two years into his role, Senior Vice President and Agriculture Lending Director Cole Plafcan has built on
Simmons’ agricultural legacy and developed a loyal customer base.
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What are we doing well when it comes to Ag lending, and how do you want us to grow?
Ag lending is all about relationships. Building a strong, loyal customer base is key to our success. We will
grow one relationship at a time – ensuring we are our customers’ trusted partner – which will deepen
our relationships over time.
As a top-25 farm lender in the U.S., Simmons has a storied history of
supporting farmers in the communities we call home. How do you believe
your department carried on this legacy in 2023?
As the bank has grown, we remain committed to our customers, especially
our agricultural communities. This customer-loyalty mindset is apparent
from the top-down. Our department has key support and backing by our top
executives, which our customers can feel. It differentiates us among other
banks our size.
How did the Better Bank Initiative tie into your strategy for 2023?
With last year’s acquisition of Spirit of Texas, we expanded into a market that was primed with
opportunity. Our team has done an outstanding job of establishing our agricultural lending presence
in south Texas. Our team in Corpus Christi, specifically, has built strong customer and community
relationships that will help us grow into 2024 and beyond.
What unique challenges did your team face this year? How did you overcome those to become a
strong revenue producer?
This year marked a unique time in terms of prolonged high inflation and high interest rates. Like other
areas in the bank, our borrowers faced these rising interest rates, which impacted their margins. Because
of our strong client relationships, our team was able to successfully manage customer expectations as
well as bank profitability to attract, retain and expand our customer base.
Highlights
Ranked #24 among the Top 100 Farm Lenders by American Bankers Association
9 percent increase in agricultural portfolio from 2022
13
COMMUNITY
Simmons Bank Championship to debut on
PGA TOUR Champions in 2024
The Simmons Bank Championship, a new PGA TOUR Champions tournament, will debut in Little Rock,
Arkansas on October 21-27, 2024. A five-year agreement establishing the event was announced in September
at the Arkansas Sports Hall of Fame, with Simmons First National Corporation Executive Chairman George
Makris, PGA TOUR Champions President Miller Brady and Arkansas Governor Sarah Huckabee Sanders in
attendance.
George Makris with Arkansas Governor Sarah Huckabee Sanders and PGA TOUR Champions President Miller Brady.
The best job I have as Governor is to be the chief salesperson for Arkansas. This
Tour is just one more thing to give our state an advantage. We want to grow our
outdoor economy and events like this that have a $15 million impact are exactly
the type of thing that we're looking to bring and highlight here.
– Sarah Huckabee Sanders
Arkansas Governor
14 | Growth
Glen Day, Will Zalatoris and Ken Duke of Team Simmons Bank during the Simmons Bank Championship news conference.
The Simmons Bank Championship will serve as the second round of PGA TOUR Champions' annual Charles
Schwab Cup Playoffs. The top 54 players in the Charles Schwab Cup standings compete to earn their spot
among the top 36 and enter the final event of the season.
The Simmons Bank Championship will be the first-ever PGA TOUR Champions event held in Arkansas, and
the first PGA TOUR-sanctioned tournament held in the state since the Korn Ferry Tour's Fort Smith Classic,
which was last contested in 2010.
In markets where PGA TOUR Champions events are held, tournaments generate upwards of $15 million in
local economic impact. Net proceeds from the Simmons Bank Championship will benefit several qualified
nonprofit organizations in the state of Arkansas.
Simmons Bank has been a tremendous title sponsor on the Korn Ferry Tour and
we are thrilled to have them join PGA TOUR Champions to sponsor one of our
playoff events. Bringing a tournament to their home in Little Rock shows Simmons
Bank's commitment to supporting their local community using the platform of
professional golf to highlight the state of Arkansas and all that it has to offer.
– Miller Brady
PGA TOUR Champions President
15
MARKET HIGHLIGHTS
Six States, One Team
Over 120 years, Simmons Bank has grown from a small, community bank to a premier Mid-South bank
spanning six states. With attention to service and detail, paired with a caring team, Simmons Bank is proud
to provide a customer experience that exceeds expectations. Highlights from across the footprint illustrate
the results.
16 | Market Highlights
Arkansas
Financial Centers: 65
Loans: $3.1 billion
Deposits: $5.6 billion
Kansas
Financial Centers: 5
Loans: $202 million
Deposits: $190 million
Missouri
Financial Centers: 46
Loans: $1.6 billion
Deposits: $3.6 billion
Oklahoma
Financial Centers: 19
Loans: $656 million
Deposits: $1.5 billion
Tennessee
Financial Centers: 44
Loans: $2.5 billion
Deposits: $3.2 billion
Texas
Financial Centers: 55
Loans: $4.9 billion
Deposits: $4.1 billion
Figures are as of December 31, 2023. 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
Giving Back
Our team in Conway supported the next generation preparing for
college through the Mamas Unidas Scholarship Gala. The team
presented the “Friend and Supporter of the Hispanic Community”
award to students who will be attending college in the Simmons
Bank footprint and some scholarships are even given to students
who have a special interest in banking.
Expanding our Reach
As Simmons Bank marked 120 years of service to our communities,
growth continued in White Hall, located less than 15 miles from our
founding city of Pine Bluff. A new full-service branch opened in White
Hall providing customers with a full range of financial services.
In Northeast Arkansas, our Jonesboro team celebrated the
groundbreaking of a nearly 20,000 square-foot financial center, which is
scheduled to be completed in late 2024.
Deep-seated
The Simmons Bank Agri Summit returned to North Little
Rock, drawing farmers, producers and farm-related business
owners for a day of educational sessions covering the farming
industry. Simmons Bank representatives shared best financial
practices to set current and future farming generations up for
success.
Strong Partners
Our associates in Russellville and Clarksville helped unveil the brand-new
Simmons Bank Field at Thone Stadium at Arkansas Tech University.
18
| Arkansas
Better Together
After a devastating tornado ripped through the heart of Little Rock on
March 31, our Simmons Bank team stepped up to help those impacted.
Volunteers visited the Arkansas Tornado Donation Center at the Little
Rock City Center to sort clothes and food donations, pack food and assist
victims load their vehicles.
Awards &
Recognitions
America Saves, "Designation of Savings Excellence Award" 2023
Arkansas Business, “20 in their Twenties,” Lauren Lovelady
Arkansas Food Bank, "Cheerio! Outstanding New Team" Award
Arkansas Money & Politics, "C-Suite Profile," Bob Fehlman, Jay Brogdon
and Ann Madea
Arkansas Money and Politics, "Most Admired Companies"
Arkansas Money and Politics, "Future 50," Duncan Bellingrath
Arkansas Money and Politics, “Most Admired Trust Department,”
Simmons Bank Wealth Management Services
Little Rock Soiree, "Platinum Service Award," Simmons Bank Wealth
Management Services
Little Rock Soiree, “Women to Watch,” Stacey Martin
Pine Bluff Regional Chamber of Commerce, "Business Person of the Year,”
Shannon Morgan
Searcy Regional Chamber of Commerce, “Leadership Searcy,” Lendi Wells
United Way of Northeast Arkansas, “Michael Nunnally Loaned Executive
Award,” Andrew Weeks
19
MARKET HIGHLIGHTS
Kansas
Preserving the Community
Pat Gearhart (left) and Shawn Jiwanlal (center) presented
The Nature Conservancy – Kansas Chapter, a grant from
the Simmons First Foundation for $4,500. The Nature
Conservancy is the world’s largest and most admired
conservation organization. The Nature Conservancy
currently has five preserves that are open to the public for
visitation, hiking and educational purposes in Kansas, and
this grant will fund a sixth preserve that will be open to
the public near Cassoday (less than 35 miles northeast of
Wichita). The preserve will consist of approximately 320 acres of prairie landscape, which has one of the
most diverse stands of plant life in all of Kansas, and which serves as home to numerous animal life including
white-tailed deer, raccoons, foxes, rabbits, coyotes, meadowlarks, sparrows, woodpeckers, greater prairie
chickens, monarch butterflies and ornate box turtles to name a few.
Reaching the Pinnacle
The United Way of the Plains awarded our Wichita
team the Pinnacle Award for their outstanding
support of the nonprofit. This recognition was
granted for our team’s outstanding associate
pledge campaigns in 2020, 2021 and 2022. Our
associates had at least 90 percent participation
in the campaign with an associate-per-capita gift
of $100 or more.
Women Who Lead
Debbie Whiley, mortgage loan officer, was recognized by the Wichita Business
Journal as a top woman in the financial services industry in their Women Who
Lead series.
Awards and Recognitions
United Way of the Plains, "Pinnacle Award," Simmons Bank Wichita
20
| Kansas
MARKET HIGHLIGHTS
Oklahoma
Community Connection
The Oklahoma City team marked their fifth year as
the premier sponsor of the Asian District Cultural
Association's Asian Night Market Festival. Simmons
Bank is currently the only bank with a branch
located in the Asian District of Oklahoma City.
A Day of Celebration
Our Oklahoma City associates hosted the inaugural Festival
Día Del Niño to mark Día Del Niño or Children’s Day. This day is
a national celebration of children that originated in Mexico in
1925 and is historically celebrated on the last day of April. The
Simmons Bank team hosted local vendors and businesses in the
parking lot of their branch to pass out candy and prizes. Children
and their families were able to participate in games and other
activities and food vendors were on site as well.
Tackling Financial Literacy
The Stillwater team shared key financial literacy
programming with Oklahoma State University
athletes. Following the training, a player opened
a checking and savings account with depositing
his first NIL check.
Heart of the Community
Our Davis team took on the task of clerking the Premium Sale
for the Murray County Junior Livestock Show last month, helping
local 4-H and FFA students receive key financial support. Our
team created the sale order, worked the sale, collected funds
and disbursed them to students in need.
21
MARKET HIGHLIGHTS
Missouri
Giving Back
Associates in South Central Missouri donated $24,000 to the
Richards R-V School District “Every Rocket Plays” program to
provide a new basketball court for the school.
Better Together
Senior Portfolio Manager Andy Drennen of
Springfield was recognized as Simmons Bank’s 2022
Volunteer of the Year. Andy and his team donated
$25,000 through the Simmons First Foundation to
six area nonprofits.
Supporting Small Businesses
Our St. Louis team hosted a Small Business Forum to share
important resources and business partnerships available for
new and growing businesses in the community.
Pursuing Growth
Community Mortgage Loan Originator Nakischa Joseph was
named Urban League Guild president for the Urban League of
Metropolitan St. Louis. The guild is comprised of community
volunteers, civic leaders and professional men and women
who are committed to improving quality of life for African
Americans and others. The Guild is an auxiliary that serves
as ambassadors for the St. Louis affiliate and the National
Council of Urban League Guilds.
22 | Missouri
Community Connection
In October, Simmons Bank hosted a ribbon-cutting
ceremony to celebrate the new branch at the Urban League
of Metropolitan Saint Louis, Inc. headquarters. The full-
service branch is well-positioned to serve the community
and contribute to area economic development. At the
ceremony, Simmons Bank presented $50,000 to further
support the nonprofit’s “Restoring Hope” capital campaign.
This new branch and contribution is the latest development
in a longstanding partnership between Simmons Bank and
the ULSTL that stretches back to 2019.
Mentorship Matters
Jeff Hays, commercial banker in Springfield, was named 2023 Lunch Buddy
of the Year from Big Brothers Big Sisters of the Ozarks. Each week, the
Simmons Bank commercial banker brings games and mentorship to the
third grader, spending 30 minutes with him at lunch on Wednesdays. His
consistent commitment to showing up for Kamarion, as well as the positive
relationship he’s built with his Lunch Buddy, earned him the honor.
Awards &
Recognitions
Forbes, "America's Best-in-State Employers"
Community News, “Best Bank,” Florissant, Missouri branch
Iota Phi Lambda Sorority, Inc., "Business Month Emerald Award," Nakischa
Joseph
Springfield Business Journal, "Top 20 Most Influential Women," Stephanie
Matthews
St. Louis Magazine, "Best Bank," Readers' Choice Awards
St. Louis Small Business Monthly, "Best Business Banker," Chris Calcaterra
23
MARKET HIGHLIGHTS
Tennessee
Sharing Knowledge
Our Memphis team hosted an informative Lunch
and Learn for Hispanic Realtors in their community.
Associates shared their expertise on products and
services offered by Simmons Bank.
Building Relationships
Nashville associates provided financial insights and guidance
to participants of the Tennessee Dental Association's three-day
Music City Dental Conference.
1
Creating Opportunities
The Friends of Gallatin Miracle Park received a $15,000
donation in Simmons First Foundation funds for its new
Miracle Park. Approximately six acres in size, the park is
designed for children who are physically unable to play
at typical parks.
Honoring Veterans
Many gathered in Memphis for the unveiling
of the new Gold Star Memorial in Liberty Park
adjacent to Simmons Bank Liberty Stadium.
A Gold Star Family is a family that lost a loved
one while they were serving in the military.
The monument was unveiled in April and is
dedicated to military service members and their
families who made the ultimate sacrifice.
24 Tennessee
Simmons Bank Open
After being named the Korn Ferry Tour’s 2022 Tournament of the
Year, the Simmons Bank Open returned to The Grove in Nashville
during September. During Foundation Friday, The Simmons
First Foundation awarded checks of $10,000 each to two well-
deserving Nashville foundations, The Store and Soles4Souls. The
Store operates a free year-round grocery store allowing people to
shop for their basic needs in a way that protects dignity and fosters
hope. Soles4Souls provides basic resources like new clothing and
shoes to people in crisis, freeing up financial resources they can
use toward other needs.
A Lasting Legacy
Associates in Athens presented $20,000 to the
McMinn County Living Heritage Museum. This
gift will support renovations to the museum
that houses more than 10,000 artifacts and 30
permanent exhibits ranging from the 1700s to
the present. The renovations will also include
an expanding exhibit, as well as incorporating
interactive exhibits for children.
Awards &
Recognitions
Daily Post-Athenian, "Best of the Best" Awards, Jason Housley (Best Loan
Officer), Stephanie Ghorley (Best Teller) and Pam Mobley (Top-Three
Tellers)
Monroe County Chamber of Commerce, "Executive Partner"
The Korn Ferry Tour, "2022 Tournament of the Year," Simmons Bank Open
United Way of Blount County, "Volunteer of the Year," Donnelle Curran
25
MARKET HIGHLIGHTS
Texas
Helping Hands
Our Simmons Bank team was proud to serve as a key sponsor
for the Habitat for Humanity’s Annual Capital Build at the Texas
State Capital in Austin. This event brings awareness to those in
need of housing across Texas.
Generous Hearts
In partnership with the local American Heart
Association in Frisco, our associates donated
CPR kits to the Collin County Boys and Girls Club.
These CPR kits are crucial to teach lifesaving CPR
skills, how to use an AED machine and how to help
someone when they are choking.
Community Ties
Our Simmons Bank team co-sponsored the Dallas Business Journal’s “40
Under 40” awards dinner alongside Southern Methodist University’s Cox
School of Business.
Superhero Teamwork
Simmons Bank associates participated in the inaugural Dallas
Curing Kids Cancer Fire Truck Pull at Southern Methodist University
(SMU). The team won the award for Best Dressed as they pulled a
fire truck in 21 seconds, beating a SMU athletics team.
26 Texas
Better Together
Our associates in the Greater San Antonio area
supported the annual National Alliance on Mental
Illness walk. Our volunteers greeted more than
1,600 participants and raised funds for this
nonprofit's efforts.
Building Loyalty
During the recent Fort Worth Stock Show and Rodeo held at
Dickies Arena, Lori Baldock and Scott Engle entertained Mildred
and Mark Creighton (center), as guests in the Simmons Bank
suite. Mildred is the great-granddaughter of Dr. John Franklin
Simmons, a physician practicing medicine in Pine Bluff in the
late 1800s and founder of Simmons Bank serving as its first
president in 1903.
Community Pride
Our Fort Worth metro associates showed their support for
Texas Christian University (TCU) Horned Frogs team by donning
purple while TCU participated in the College Football National
Championship game against Georgia.
Awards &
Recognitions
Fort Worth Inc. Magazine, “The 400 Most Influential People,” Lori Baldock
Junior Achievement, “Outstanding Volunteer,” Monica Flores
Simmons Bank, “Metro Banker of the Year,” Richard Cervenka
27
CULTURE
Defining Our Culture
Building a vibrant culture and living in accordance with our values directly translates to customer service
excellence and loyalty and will fulfill our vision of making Simmons a great place to work.
At Simmons, we are committed to our Culture Cornerstones. All six core Culture Cornerstones are reflected
in what we do – including how we interact with each other, how we interact with our customers and how we
interact with our vendors and business partners.
Build Loyalty: We build loyalty by exceeding expectations as we serve. Protect. Connect. Commit. Succeed.
Better Together: Embrace collaboration. Make time to help your colleagues and lift up those around you.
Win together — celebrate together.
Integrity: Do what’s right and be true to yourself. Value honor, act with responsibility and respect those
around you. Your word is your bond.
Passion: Care intensely about your work, customers and community. Always look to innovate, improve and
dream big.
High Performance: Strive to exceed expectations. Go beyond what you think is possible. Reach for excellence.
Pursue Growth: Explore your path and seek opportunities. Aim to learn and expand your skills every single
day. Explore growth — personally and professionally.
Volunteering and Community Support
Simmons regards social and civic responsibility as an important part of what we do. It guides not only
our business policies and practices, but also our company culture and community outreach. Across our
philanthropic footprint, our focus is on economic development, financial literacy, youth development, health
and human services, arts and culture, and a better quality of life for everyone in our communities.
Each September associates across the bank's footprint participate in Simmons Service Month, a company-
wide initiative to encourage volunteerism. Simmons provides associates paid time off in September to
volunteer, which in 2023 resulted in more than 5,500 volunteer hours. Simmons associates who donated 15
or more volunteer hours during Simmons Service Month also received $150 for charities of their choice. In
2023, these top volunteers raised a combined $8,700 for charities across Simmons' footprint.
28 | Culture
Simmons Associates: By the Numbers
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 and
professional success.
34%
Men
66%
Women
11%
60+
18%
50-59
23%
40-49
22%
20-29
26%
30-39
1%
Did not wish to disclose
27%
Minority
72%
Non-minority
Gender
Age
Race
Training and Development
Associates at Simmons Bank completed approximately 69,000 hours of training and development in 2023.
On average, each associate completes more than 21 hours of training.
Simmons offers its associates a variety of education classes, including the following training classes:
Financial Abuse of Elders: Common Schemes
General Cybersecurity Training
HIPAA-HITECH Requirements
Identity Theft: Red Flags
Identity Theft: Minimize the Risk
Internal Controls
Internet Security Essentials for Financial Institutions
OFAC: Addressing Risks and Red Flags
Outgoing Domestic Wire Module Procedures
Password Security Awareness
Personally Identifiable Information (PII) & Sensitive
Information
Phishing Awareness
Recognizing UDAAP Risks
Segregation of Duties
September 2023 Associate Handbook
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 across the bank are required to complete risk and compliance courses to be aware and
accountable for risk management.
29
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 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 2023, Simmons First Foundation provided grants totaling more than $841,000 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, $150,000 in environmental grants were provided. In
2023, Simmons First Foundation presented the Arkansas Game and Fish Commission more than $60,000 to
support its Mobility Impaired Awareness and Adaptive Recreation programs for youth.
30 | Culture
Sustainability: By the Numbers
Simmons Bank’s environmentally conscious renovations have helped us reduce greenhouse gases
across our footprint.
Since 2016 LED lighting installations and
retrofits have eliminated more than 1,950
metric tons of carbon dioxide.
Equivalent of 153,224 kWh saved
Equivalent to eliminating 23 cars from the
roadways
Equivalent to eliminating 10,642 gallons of gas
Equivalent to eliminating environmental impact
of 16.24 homes
Equivalent to eliminating more than 119,371 in
pounds of coal burned
Equivalent of 20,472 trees saved
In 2023, approximately 2.4 million
pounds of paper were recycled through
our partnership with Shred-it vendor.
Equivalent of 3,594 cubic yards of landfill space
saved
More than 8.38 million gallons of water saved
Simmons Bank implemented the recycling program, K-Cycle, for coffee grounds and K-cups
in 2019. In 2023, more than 616 pounds of used K-cups and coffee grounds were recycled.
Make a Difference grants
Mini grants
Environmental grants
Community Enhancement grants
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:
658 metric tons of carbon dioxide in 20231
3,306 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.
31
CORPORATE RESPONSIBILITY
Simmons Bank Helps Customers Save Nearly $5.5 Million in "Change"
Through the Simmons Bank automatic savings program, Round-Up, customers saved
nearly $5.5 million during 2023. More than 26,400 customers utilized the program
during this period. Compared to the same timeframe in 2022, dollars saved increased
by nearly 6 percent.
Community Reinvestment
Simmons Bank’s Community Reinvestment Act efforts focus on affordable housing, economic development,
revitalization and community service – each with a goal of providing greater access to financial products and
services in low-to-moderate-income communities and families.
In 2023, Simmons Bank originated approximately 3,525 in single-family Home Mortgage Disclosure Act
(HMDA) loans totaling approximately $742,865,000.
Simmons Bank provided more than 26 multi-family HMDA loans which totaled approximately $36,547,000
in 2023.
Combined, Simmons Bank provided approximately $779,412,000 in HMDA reportable loans in 2023.
Simmons Bank originated more than 728 loans within low-to-moderate-income areas, or 20.65 percent
of total originations.
Simmons Bank originated nearly 668 loans within majority-minority geographies or 18.81 percent of total
originations.
Simmons and Simmons First Foundation provided approximately $2,181,807 in eligible charitable and in-
kind donations, and foundation grants in 2023, including 18 community enhancement grants ($125,000)
and 38 make a difference grants ($524,857) from the foundation to organizations that offer work readiness
programs, affordable housing and community services. Additionally, Simmons donated three branches for
community needs.
Through the Federal Home Loan Bank of Dallas, the bank secured for our non-profit community partners
$1,466,400 in Federal Home Loan Bank contributions in 2023 for: downpayment assistance, home
rehabilitation, construction of affordable housing, operating grants and FortifiedTM roof repairs.
Simmons Bank provided approximately $63,735,550 in Community Development Investments under the
Community Reinvestment Act in 2023.
Approximately $357,036,730 in qualified community development loans furthered economic development,
affordable housing and stabilization of communities in 2023.
Approximately 2,927 loans benefited businesses with less than $1 million in revenue totaling approximately
$354,614,000 in 2023.
Approximately 1,269 loans benefiting small farms with less than $1 million in revenue totaling approximately
$114,442,000 in 2023.
32 | Corporate Responsibility
Commitment to the Community
Simmons’ associates performed approximately 2,696 community development service activities,
including offering financial education to adults and children and extending technical services in 2023.
Simmons’ reach spanned across 513 nonprofit organizations.
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:
Serving 552 account holders in 2023
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 2023, Simmons Bank funded approximately $19,851,384 (101 loans) of ITIN Advantage Mortgages
Strong production continued with the 100% Advantage Mortgage Product:
In 2023, Simmons Bank funded approximately $29,727,874 (167 loans) of 100% Advantage Mortgages
Simmons Bank worked with more than 11 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 1,605 accounts were opened in 2023.
33
CORPORATE RESPONSIBILITY
Governance – Board of Directors1
Dean Bass
RETIRED CHAIRMAN AND
CHIEF EXECUTIVE OFFICER,
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 Hunter
SENIOR COUNSEL,
BRYAN CAVE LEIGHTON PAISNER, LLP
Susan Lanigan
RETIRED EXECUTIVE VICE PRESIDENT
AND GENERAL COUNSEL,
CHICO’S FAS, INC.
George A. Makris, Jr.
EXECUTIVE CHAIRMAN & CHAIRMAN OF THE BOARD,
SIMMONS FIRST NATIONAL CORPORATION
W. Scott McGeorge
CHAIRMAN,
PINE BLUFF SAND & GRAVEL COMPANY
Independence
Diversity
Mindy West
EXECUTIVE VICE PRESIDENT &
CHIEF OPERATING OFFICER,
MURPHY USA, INC.
94%
93%
of directors are
independent1
proforma*
19%
23%
of independent
directors are women1
proforma*
34 | Corporate Responsibility
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 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 W. Teubner
DISTINGUISHED ENGINEER,
BROADCOM, INC.
Tenure
10.4 years
(average tenure)
2
10.6 years
2
(average tenure proforma*)
31%
of independent
directors are women
and minorities1
38%
proforma*
0-5 Years
6-10 Years
11-15 Years
15+ Years
*Messrs. Bass, Burchfield and McGeorge have notified the Company that they have decided not to stand for re-election at the Company’s 2024
annual shareholders’ meeting. Proforma results reflect the Board composition following these decisions and assuming the remaining 14 persons
are re-elected as directors at the 2024 annual shareholders' meeting.
35
FINANCIAL HIGHLIGHTS 2023
Capital, Asset Quality and Total Assets
REGULATORY CAPITAL
AT DECEMBER 31, 2023
Leverage
Ratio
Common Equity
Tier 1 Capital Ratio
Tier 1
Capital Ratio
Total Risk-Based
Capital Ratio
%
0
0
4
.
%
0
0
.
5
%
9
3
.
9
%
0
5
.
4
%
0
5
.
6
%
1
1
.
2
1
%
0
0
6
.
%
0
0
8
.
%
1
1
.
2
1
%
0
0
8
.
%
0
0
0
1
.
%
9
3
.
4
1
REGULATORY “MINIMUM”
REGULATORY “WELL-CAPITALIZED”
SIMMONS FIRST NATIONAL CORPORATION
ASSET QUALITY
AT DECEMBER 31, 2023
SFNC
ALL U.S. BANKS3
Net Charge-Offs as a
% of Average Total Loans
0.12
%
0.17
%
Nonperforming Assets as a
% of Total Assets
0.33
%
0.44
%
Allowance for Credit Losses as a
% of Nonperforming Loans
267
%
284
%
36 | Financial Highlights
TOTAL ASSETS
AT DECEMBER 31 | $ IN BILLIONS
$27.5
$27.3
$24.7
$22.4
$21.3
$16.5
$15.1
$8.4
$7.6
$4.6
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
37
9101112131415161718192021262227232824292530876543210 FINANCIAL HIGHLIGHTS 2023
114 Consecutive Years Of Paying Dividends To Our Shareholders
DIVIDENDS PER SHARE4,5
YEARS ENDED DECEMBER 31
$0.44
$0.46
$0.48
$0.50
$0.72
$0.76
$0.80
$0.68
$0.64
$0.60
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
LONG-TERM TOTAL SHAREHOLDER RETURN
DIVIDENDS + STOCK APPRECIATION | DECEMBER 31, 2007 — DECEMBER 31, 2023
SFNC
132%
KBW NASDAQ REGIONAL
BANK INDEX
120%
38 | Financial Highlights
$0.80$0.60$0.30$0.70$0.40$0.50$0.20$0.10$0.00‘08‘12‘18‘10‘16‘14‘20‘09‘13‘19‘11‘17‘15‘21-50%-100%0%50%100%250%300%150%200%‘22‘23 BOOK VALUE PER SHARE5
AT DECEMBER 31
$18.40
$17.27
$13.69
$26.30
$27.53
$28.82
$27.37
$25.73
$24.33
$22.65
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
TANGIBLE BOOK VALUE PER SHARE5,6
AT DECEMBER 31
$16.56
$17.71
$15.89
$14.18
$15.92
$14.33
$12.34
$11.98
$10.98
$10.07
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
39
$2.00$0.00$4.00$6.00$8.00$18.00$20.00$10.00$12.00$14.00$16.00$5.00$0.00$10.00$15.00$20.00$25.00$30.00$35.00 FINANCIAL HIGHLIGHTS 2023
CAPITAL RETURNED TO OUR SHAREHOLDERS DURING 2023
$40.0 Million
+
$101.0 Million
=
$140.9 Million
Repurchase of 2.3 Million
Common Shares
Common Stock Dividends
PER SHARE HIGHLIGHTS
YEAR ENDED DECEMBER 31, 2023
Diluted Earnings Per Share
Adjusted Diluted Earnings Per Share
(non-GAAP)6
Book Value Per Share
Tangible Book Value Per Share
(non-GAAP)6
INVESTMENT PROFILE
YEAR ENDED DECEMBER 31, 2023
Closing Stock Price
at December 31, 2023
52-Week High
52-Week Low
$1.38
$1.64
$27.37
$15.92
$19.84
$23.68
$13.36
Common Shares Outstanding
at December 31, 2023
125.2 Million
Dividends Paid per Share
Dividend Yield7
$0.80
4.00
%
40 | Financial Highlights
CONDENSED CONSOLIDATED BALANCE SHEETS
AT DECEMBER 31 | $ IN THOUSANDS
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
2023
2022
$
614,092
$
682,122
6,878,441
9,373
7,612,560
3,486
16,845,670
16,142,124
)
(225,231
)
(196,955
16,620,439
15,945,169
570,678
4,073
548,741
2,887
1,433,444
1,448,549
500,559
714,575
491,340
726,207
$
27,345,674
$
27,461,061
$
4,800,880
$
6,016,651
10,997,425
6,446,673
11,762,885
4,768,558
22,244,978
22,548,094
67,969
972,366
366,141
267,732
160,403
859,296
365,989
257,917
23,919,186
24,191,699
3,426,488
3,269,362
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$
27,345,674
$
27,461,061
41
FINANCIAL HIGHLIGHTS 2023
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
YEARS ENDED DECEMBER 31| $ IN THOUSANDS, EXCEPT PER SHARE DATA
Interest income
Interest expense
NET INTEREST INCOME
Provision for credit losses
NET INTEREST INCOME AFTER
PROVISION FOR CREDIT LOSSES
NONINTEREST INCOME
Service charges on deposit accounts
Debit and credit card fees
Wealth management fees
Mortgage lending income
Bank owned life insurance income
Other service charges and fees
Gain (loss) on sale of securities, net
Other income
TOTAL NONINTEREST INCOME
NONINTEREST EXPENSE
Salaries and employee benefits
Occupancy expense, net
Furniture and equipment expense
Deposit insurance
Merger-related costs
Other real estate and foreclosure expense
Other operating expenses
TOTAL NONINTEREST EXPENSE
NET INCOME BEFORE INCOME TAXES
Provision for income taxes
NET INCOME
DILUTED EARNINGS PER SHARE
Certain items, net of tax
ADJUSTED EARNINGS6
ADJUSTED DILUTED EARNINGS PER SHARE6
2023
2022
$
1,210,161
560,035
650,126
42,028
861,735
144,419
717,316
14,074
608,098
703,242
50,530
31,472
30,203
7,733
11,717
9,122
)
(20,609
35,398
155,566
286,117
46,741
20,741
29,986
1,420
892
177,164
563,061
200,603
25,546
175,057
1.38
32,659
207,716
1.64
$
$
$
46,527
31,203
31,895
10,522
11,146
7,616
)
(278
31,435
170,066
286,982
44,321
20,665
11,608
22,476
1,003
179,693
566,748
306,560
50,148
256,412
2.06
42,428
298,840
2.40
$
$
$
$
42 | Financial Highlights
42
SELECTED CONSOLIDATED FINANCIAL DATA
YEARS ENDED DECEMBER 31 | $ IN MILLIONS, EXCEPT PER SHARE DATA
FINANCIAL STATEMENT DATA
2023
2022
2021
2020
2019
Total assets
Total loans
Total deposits
Total equity
Net income
Adjusted earnings6
PER SHARE DATA
Diluted earnings
Adjusted diluted earnings (non-GAAP)6
Book value
Tangible book value (non-GAAP)6
Dividends
CAPITAL RATIOS AT PERIOD END
Common stockholders’ equity
to total assets
Tangible common equity to
tangible assets (non-GAAP)6
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
$
27,346
$
27,461
$
24,725
$
22,360
$
21,259
16,846
22,245
3,426
175
208
16,142
22,548
3,269
256
299
12,013
19,367
3,249
271
284
12,901
16,987
2,977
255
224
$
1.38
1.64
27.37
15.92
0.80
$
$
2.06
2.40
25.73
14.33
0.76
2.46
2.57
28.82
17.71
0.72
$
2.31
$
2.03
27.53
16.56
0.68
14,426
16,109
2,989
238
260
2.41
2.63
26.30
15.89
0.64
12.53
%
11.91
%
13.14
%
13.31
%
14.06
%
7.69
9.39
12.11
12.11
14.39
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
57.97
36.89
29.27
29.44
26.56
43
FINANCIAL HIGHLIGHTS 2023
ANNUALIZED PERFORMANCE RATIOS
2023
2022
2021
2020
2019
0.64
%
0.97
%
1.15
%
1.18
%
1.33
%
0.75
5.21
1.13
7.87
1.21
8.83
1.04
8.72
1.45
9.93
6.18
9.17
9.23
7.66
10.84
9.76
14.33
14.99
15.25
17.99
11.46
2.78
67.75
61.32
16.60
3.17
62.14
57.50
15.66
2.89
60.25
57.92
13.46
3.38
54.43
54.18
0.33
%
0.50
0.23
%
0.37
0.31
%
0.57
0.64
%
0.96
266.63
334.16
299.52
192.82
1.34
0.12
1.22
0.09
1.71
0.13
1.85
0.45
19.59
3.85
56.26
49.88
0.54
%
0.65
72.46
0.47
0.24
2.15
1.44
1.40
1.60
1.86
234
230
199
204
251
3,007
3,236
2,877
2,827
3,270
Return on average assets
Adjusted return on average
assets (non-GAAP)6
Return on average common equity
Adjusted return on average
common equity (non-GAAP)6
Return on average tangible
common equity (non-GAAP)6
Adjusted return on average tangible
common equity (non-GAAP)6
Net interest margin (FTE)
Efficiency ratio6
Adjusted Efficiency ratio6
ASSET QUALITY RATIOS
Nonperforming assets/total assets
Nonperforming loans/total loans
Allowance/nonperforming loans8
Allowance/total loans8
Net charge-offs/average loans
Net credit card
charge-offs/credit card loans
OTHER DATA
Number of financial centers
Number of full time
equivalent associates
44
| Financial Highlights
SUPPLEMENTAL INFORMATION 2023
CALCULATION OF ADJUSTED EARNINGS
2023
2022
2021
2020
2019
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
YEARS ENDED DECEMBER 31 | $ IN THOUSANDS, EXCEPT PER SHARE DATA
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
Loss (gain) on sale of securities
FDIC special assessment
Tax effect9
Certain items, net of tax
A
$
175,057
$
256,412
$
271,156
$
254,904
$
238,167
1,420
5,467
-
-
-
-
-
-
6,198
20,609
10,521
)
(11,556
32,659
22,476
3,628
33,779
1,738
365
)
(750
)
(4,074
-
-
278
-
)
(15,012
42,428
15,911
)
(906
22,688
-
-
-
-
)
(5,316
-
)
(15,498
-
)
(4,413
12,466
4,531
13,727
-
-
-
-
-
)
(8,368
2,901
)
(54,806
-
)
(10,975
)
(31,040
36,379
3,129
-
-
-
-
-
-
3,464
)
(13,314
-
)
(7,756
21,902
Adjusted earnings (Non-GAAP)
B
$
207,716
$
298,840
$
283,622
$
223,864
$
260,069
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
Loss (gain) on sale of securities
C
$
Adjusted noninterest 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
FDIC special assessment
E
$
Adjusted noninterest expense (Non-GAAP)
F
$
155,566
-
-
-
-
-
20,609
176,175
-
563,061
(1,420
(5,467
-
(6,198
(10,521
539,455
)
)
)
)
$
$
$
$
170,066
153
-
)
(750
365
)
(4,074
278
166,038
566,748
)
(22,476
)
(3,475
)
(1,738
-
-
539,059
$
$
$
$
191,815
)
(369
)
(5,316
-
-
-
)
(15,498
170,632
483,589
)
(15,911
537
-
-
-
468,215
$
$
$
$
239,769
)
(370
)
(8,368
-
-
-
)
(54,806
176,225
484,736
)
(4,531
)
(14,097
-
)
(2,901
-
463,207
$
$
$
$
197,879
-
-
-
-
-
)
(13,314
184,565
453,960
)
(36,379
)
(3,129
-
)
(3,464
-
410,988
45
SUPPLEMENTAL INFORMATION 2023
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
YEARS ENDED DECEMBER 31| $ IN THOUSANDS, EXCEPT PER SHARE DATA
2023
2022
2021
2020
2019
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
Other real estate and foreclosure expense
Amortization of intangible assets
Amortization of intangible assets, net of taxes
Fully taxable equivalent (FTE) adjustments
Preferred stock dividend
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
126,775,704
125,184,119
124,470,184
127,046,654
110,198,094
112,715,444
110,173,661
108,077,662
98,796,628
113,628,601
$
27,554,859
3,359,312
1,441,608
27,345,674
3,426,488
1,433,444
$
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
650,126
892
16,306
12,044
25,443
-
717,316
1,003
15,915
11,756
24,671
-
591,532
2,121
13,494
9,967
19,231
47
639,734
1,752
13,495
9,968
11,001
52
601,753
3,442
11,805
8,720
7,322
339
METRICS
Net income available to common shareholders
(A-T)
Adjusted earnings available to common
shareholders (B-T)(Non-GAAP)
U
$
V
175,057
$
256,412
$
271,109
$
254,852
$
237,828
207,716
298,840
283,575
223,812
259,730
Earnings per share-diluted (U/G)
Adjusted earnings per share-diluted (V/G)
(Non-GAAP)
Book value per share (M/H)
Tangible book value per share ((M-N)/H)
(Non-GAAP)
Return on average assets (U/I)
Adjusted return on average assets (V/I)
(Non-GAAP)
Return on average common equity (U/J)
Adjusted return on average common equity
(V/J)(Non-GAAP)
Return on average tangible common equity
(U+R)/(J-K)(Non-GAAP)
Adjusted return on average tangible common
equity (V+R)/(J-K)(Non-GAAP)
Common stockholders’ equity to total assets
(M/L)
Tangible common equity to tangible assets
(M-N)/(L-N)(Non-GAAP)
Efficiency ratio (E/(O+C+S))
Adjusted efficiency ratio (F-P-Q)/(O+D+S)
(Non-GAAP)
$
1.38
$
2.06
$
2.46
$
2.31
$
2.41
1.64
27.37
15.92
2.40
25.73
14.33
2.57
28.82
2.03
27.53
2.63
26.30
17.71
16.56
15.89
0.64
%
0.97
%
1.15
%
1.18
%
0.75
5.21
6.18
9.76
11.46
12.53
7.69
67.75
61.32
1.13
7.87
9.17
14.33
16.60
11.91
7.00
62.14
57.50
1.21
8.83
9.23
14.99
15.66
13.14
8.51
60.25
57.92
1.04
8.72
7.66
15.25
13.46
13.31
8.45
54.43
54.18
1.33
%
1.45
9.93
10.84
17.99
19.59
14.06
8.99
56.26
49.88
46 | Supplemental Information
CALCULATION OF TANGIBLE BOOK VALUE
PER SHARE5
Common stockholders' equity
Intangible assets
Tangible common stockholders' equity (A-B)
(Non-GAAP)
Common shares outstanding
Book value per share (A/D)
Tangible book value per share (C/D) (Non-
GAAP)
Common stockholders' equity
Intangible assets
Tangible common stockholders' equity (A-B)
(Non-GAAP)
Common shares outstanding
Book value per share (A/D)
Tangible book value per share (C/D) (Non-
GAAP)
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
YEARS ENDED DECEMBER 31 | IN THOUSANDS, EXCEPT PER SHARE DATA
2023
2022
2021
2020
2019
A
B
C
D
A
B
C
D
$
3,426,488
1,433,444
$
3,269,362
1,448,549
$
3,248,841
1,252,242
$
2,975,889
1,186,415
$
2,988,157
1,182,860
1,993,044
1,820,813
1,996,599
1,789,474
1,805,297
125,184,119
127,046,654
112,715,444
108,077,662
113,628,601
$
$
27.37
15.92
$
25.73
14.33
$
28.82
17.71
$
27.53
16.56
26.30
15.89
2018
2017
2016
2015
2014
$
2,246,434
937,021
$
2,084,564
948,722
$
1,151,111
401,464
$
1,046,003
380,923
$
494,319
130,621
1,309,413
1,135,842
749,647
665,080
363,698
92,347,643
92,029,118
62,555,446
60,556,864
36,104,976
$
24.33
14.18
$
22.65
12.34
$
$
18.40
11.98
$
17.27
10.98
13.69
10.07
47
FORWARD-LOOKING STATEMENTS
And Non-GAAP Financial Measures
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,” “estimate,”
“expect,” “foresee,” “intend,” “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 Simmons First National
Corporation’s (“Company,” “we,” “us,” or “our”) future growth, business
strategies, acquisitions and their expected benefits, revenue, expenses,
assets, asset quality, profitability, earnings, accretion, dividends, customer
service, lending capacity and lending activity, loan demand, investment
in digital channels, critical accounting policies and estimates, net interest
margin, non-interest revenue, non-interest expense, market conditions
related to and the impact of the Company’s stock repurchase program,
consumer behavior and liquidity, the Company’s ability to recruit and
retain key employees, the adequacy of the allowance for credit losses,
the estimated cost savings associated with the Company’s Better Bank
Initiative, income tax deductions, credit quality, the level of credit losses
from lending commitments, net interest revenue, interest rates and interest
rate sensitivity, economic conditions, repricing of loans and time deposits,
loan loss experience, liquidity, the Company’s expectations regarding
actions by the Federal Home Loan Banks (“FHLB”) and other agencies,
capital resources, market risk, plans for investments in (and cash flows
from) securities, effect of pending and future litigation, staffing initiatives,
estimated cost savings associated with the Company’s early retirement
program and Better Bank Initiative, legal and regulatory limitations and
compliance, and competition.
These forward-looking statements are based on various assumptions and
involve inherent 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; general
business conditions, as well as conditions within the financial markets,
developments impacting the financial services industry, such as bank failure
or concerns involving liquidity; changes in real estate values; changes
in interest rates and related governmental policies; changes in liquidity;
increased 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 credit quality; actions taken by the Company
to manage its investment securities portfolio; changes in the securities
markets generally or the price of the Company’s common stock specifically;
changes in the assumptions used in making the forward-looking statements;
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; the costs of evaluating possible acquisitions and the risks
inherent in integrating acquisitions; possible adverse rulings, judgements,
settlements, fines and other outcomes of pending or future litigation or
government actions; loss of key employees; increased unemployment; labor
shortages; 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 conflicts between Russia and Ukraine and between
Israel and Hamas) or other major events, or the prospect of these events;
changes in customer behaviors, including consumer spending, borrowing,
and saving habits; the soundness of other financial institutions and indirect
exposure related to the closings of Silicon Valley Bank (SVB), Signature Bank
and Silvergate Bank and their impact on the broader market through other
customers, suppliers and partners (or that the conditions which resulted in
the liquidity concerns with SVB, Signature Bank and Silvergate Bank may
also adversely impact, directly or indirectly, other financial institutions and
48 | Forward-Looking Statements
market participants with which the Company has commercial or deposit
relationships); increased delinquency and foreclosure rates on commercial
real estate loans; 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 U.S. Securities and Exchange Commission (“SEC”), including, without
limitation, the Company’s Form 10-K for the year ended December 31, 2023
(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
This Company Report contains financial information determined 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 attributable to, for example, merger activity
(primarily 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, gain on sale of intellectual
property, FDIC special assessment charges and gain/loss on the sale of
AFS investment securities. 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 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. 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 core businesses. 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 in the sections of this Company
Report titled “Reconciliation of Non-GAAP Financial Measures.”
FINANCIAL NOTES
1
At December 31, 2023.
2
Based on year first elected to the board, and as of December 31, 2023.
3
Published industry average as of December 31, 2023; S&P Global Market Intelligence.
4
5
6
7
8
The future payment of dividends is not guaranteed and is subject to various factors, including
approval by the Company’s board of directors.
Per share information has been retrospectively adjusted to reflect the effects of the two-for-
one stock split that was affected February 8, 2018.
Represents a non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial
Measures” for a reconciliation of non-GAAP financial measures.
Dividend yield is calculated by dividing Dividends Paid per Share by Closing Stock Price at
December 31, 2023.
Reflects the adoption of Current Expected Credit Losses (CECL) methodology on January 1,
2020.
9
Effective tax rate of 26.135 percent.
FTE - fully taxable equivalent using an effective tax rate of 26.135%.
49
REMEMBERING BILL COPE
September 14, 1961 - January 21, 2024
Generous. Loyal. Adventurous. Humorous. Driven. Simple words chosen to describe a lifetime of a man
who was loved deeply and whose presence will be immensely missed.
Bill Cope, who served as Simmons Bank’s chief pilot since 2019, was involved in a tragic plane crash at the
Bill and Hillary Clinton National Airport in Little Rock, Arkansas on January 21, 2024. Bill was a veteran and
committed family man, whose dedicated work ethic and personal warmth impacted all who met him. We’re
deeply saddened by this great loss to our team, and our hearts go out to Bill’s wife, children, extended
family and friends.
Bill was blessed with a passion for flying which started at age 16 when he took his first solo flight. He joined
the Navy at the age of 18 and his intense love of aviation increased while working on the flight deck of the
U.S. Ranger. Leaving the military, he entered the aviation program at Henderson State University where he
met his wife of 34 years, Tina. Bill’s first aviation job, flying for the Arkansas Forestry Service, relocated him
and Tina to the Conway area. Together, they built Favoring Tailwinds, a company specializing in corporate
aviation.
Bill used his skills, talents, and wisdom to invest in young pilots who had chosen aviation as their profession.
The Cope family has established The Bill Cope Aviation Scholarship Fund so that Bill’s legacy of investing in
young aviators may continue for many years to come.
50 | Remembering Bill Cope
SHAREHOLDER INFORMATION
Corporate Headquarters
501 Main Street
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’ homepage 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 2023 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
News media representatives seeking general information about Simmons should contact Kristie Flynn,
Public Relations Manager, at 501.377.7423 or via email at PR@simmonsbank.com.
Internet
Information on company products and services is available on our website 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 a 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 2, 2024.
51
OCTOBER 21-27, 2024 | PLEASANT VALLEY COUNTRY CLUB | LITTLE ROCK, AR
SIMMONSBANKCHAMPIONSHIP.COM
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