Company Report
2024
AWARDS
In 2024, Simmons Bank further solidified its reputation as a leader in the banking industry and a "Best Place
to Work" employer. These awards celebrate Simmons’ commitment to excellence in both customer service
and employee satisfaction, reinforcing its position as a trusted, innovative, and people-focused financial
institution.
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Forbes America’s Best-In-State Banks 2024
Simmons Bank was named to Forbes America's Best-In-State
Banks 2024 in the state of Tennessee. America's Best-In-State
Banks 2024 ranking names the institutions that stood out for
fulfilling the unique financial needs and expectations of their
local communities, thereby being most valued by residents of
each state. For the seventh annual ranking, Forbes partnered
once again with market research firm Statista Inc., the world-
leading statistics portal and industry ranking provider, to
survey approximately 26,000 U.S. residents.
Forbes America’s Best-In-State Employers 2024
Simmons Bank was named to Forbes America's Best-In-State
Employers 2024 in the state of Missouri. This prestigious award
is presented by Forbes and Statista Inc., the leading statistics
portal and industry ranking provider. America's Best-In-State
Employers 2024 have been identified in an independent
survey from a vast sample of over 160,000 employees working
for companies employing at least 500 people within the U.S.
Around 4.4 million employer evaluations were considered.
U.S. News & World Report's 2024-2025 Best Companies to
Work For in the South
Simmons Bank was recently recognized by U.S. News & World
Report, the global authority in rankings and consumer advice,
as one of the 2024-2025 Best Companies to Work For in the
South. The U.S. News Best Companies Ratings are calculated
through how well companies support their employees with
metrics including quality of pay and benefits, work-life balance,
professional development, job and company stability, and
physical and psychological comfort. This year, the rankings
consisted of 549 companies across the overall best company
list, 24 industry lists and four regional lists.
America’s Best Regional Banks and Credit Unions 2025
Simmons Bank was recently named to Newsweek’s America’s
Best Regional Banks and Credit Unions 2025. Newsweek and
data firm Plant-A Insights Group analyzed more than 9,170
institutions, surveyed over 71,000 U.S. residents, gathered
over 845,000 reviews, and collected more than 1.9 million
social media reviews to rank the top 500 regional banks and
500 credit unions in the United States.
| Awards
| Letter to Shareholders
LETTER TO SHAREHOLDERS
Fellow Shareholders,
I want to recognize the outstanding contributions to our organization by several key executives who retired
from Simmons at the end of 2024. These gentlemen helped shape our organization during our growth from
$3 billion in assets to over $27 billion in assets since 2013. Those individuals are Bob Fehlman who served
as CFO, President, and most recently CEO during that time; Steve Massanelli, our SEVP and the owner of
a variety of responsibilities, who led the integration of most of our acquisitions, but also managed our
corporate insurance program, real estate and security, among other duties; Steve Wade who served as
Chief Credit Officer and Assistant General Counsel and was responsible for the management of credit risk
as we integrated 13 acquired banks; Johnny McCaleb who served as our Chief Audit Executive and rebuilt the
entire audit program; and Pat Neeley who managed our operations functions. It is hard to describe how the
expertise of this group and their dedication to the organization has influenced our substantial growth. We
thank them for their service and will miss their guidance as we move into the next chapter of the company.
Speaking of the next chapter, we are very fortunate to have an outstanding lineup of talented executives
ready to lead us forward. Ten years ago we set out to establish an opportunity to grow Simmons Bank. With
our expansion into six mid-America states and some of the best growth markets in the country, we have
accomplished that goal. I am optimistic about the future of Simmons Bank. I believe we are well positioned
to thrive for the next 120 years.
We appreciate the support of our shareholders and your confidence in Simmons Bank.
Sincerely,
George A. Makris, Jr.
Chairman and Chief Executive Officer
Simmons First National Corporation
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| Letter From The President
LETTER FROM THE PRESIDENT
The essential characteristic of a 120-plus year company is its strong foundation, built by visionary leaders
whose contributions have shaped its success and whose shoulders we stand upon today. As George
previously noted in his letter, 2024 marked the retirement of several executives who have contributed
significantly to Simmons Bank over the years. I would especially like to recognize Bob Fehlman and Steve
Massanelli, each of whom I worked closely with prior to joining Simmons, and who played a major role in
my decision to join the bank. Well-respected for their knowledge and integrity, Bob and Steve were always
willing to lend their expertise and mentorship to anyone in our organization, including myself, and for which
I will be ever grateful.
While navigating this transition in leadership, we have been very successful in attracting proven talent,
many times from larger banks. One of those individuals is Chris Van Steenberg, our Chief Operating Officer,
who joined us prior to the end of the year. Chris brings a wealth of experience from a larger, Mid-South
regional bank, with extensive experience leading areas that we have identified as significant organic growth
opportunities given our footprint and positioning in the market.
Moreover, we believe we are ideally situated with a combination of high-growth markets, complemented
with stable community markets, and the size (more than $20 billion in assets) to capitalize on organic
growth opportunities. The success of our Better Bank Initiative has also enabled us to accelerate and fund
strategic initiatives through ongoing expense management discipline.
Overall expenses grew less than the rate of inflation in 2024 and remain below our annualized run-rate
from fourth quarter levels two years ago. While cost savings was an ancillary aspect of the Better Bank
Initiative, the key component has been our ability to streamline processes, improve our ability to service
our customers and create scale in our businesses that will enable us to serve a larger customer base. We
believe this will be a competitive advantage given the prospects of ongoing disruption and consolidation in
our industry and changes in the competitive environment.
Most importantly, our commitment to organic growth is built on the standards
of soundness and profitability, driven by our ability to systematically measure
and generate strong risk-adjusted returns on invested capital. Achieving
our goals will require ongoing transformation, and I am encouraged by our
team as they continue to demonstrate the capacity and focus to execute
these initiatives.
Soundness, profitability and growth – and in that order – is the driving
mantra that encapsulates our values and guides our business decisions that
we believe will ultimately deliver sustainable value for our customers, the
communities we serve, our associates and our shareholders.
On behalf of our the nearly 3,000 associates, we thank you
for your continued interest and support.
Jay Brogdon
President
Simmons First National Corporation
Bob Fehlman, Chief Executive Officer
Fehlman began his banking career with Simmons in 1988, serving
in a variety of leadership roles, culminating with his appointment
as chief executive officer between 2023-2024.
Bob previously served as president and chief operating officer.
With more than 30 years of experience, he also served as chief
financial officer and treasurer, with responsibility for Simmons’
overall financial management and operations – in this role, his
oversight included accounting, financial planning, investments,
tax, bank operations, IT and risk. Bob also provided critical support
for Simmons’ mergers and acquisitions (M&A) activity, analyst and
investor meetings and led the company’s capital management.
He is a Certified Public Accountant and a member of the American Institute of CPAs and the Arkansas
Society of CPAs. Bob is a Henderson State University alumnus and is a graduate of Vanderbilt Graduate
School of Bank Financial Management.
Steve Massanelli, Senior Executive Vice President, Chief
Administrative Officer
Steve served our company in many capacities since his 2014 arrival.
As chief administrative officer, he was instrumental in supporting
Simmons’ strong mergers and acquisitions (M&A) activity between
2014-2022 and has implemented numerous aspects of corporate
strategy across all areas of the bank.
Steve also served as investor relations officer for the organization
from 2018-2021, reaching many investors to grow the Simmons
Bank brand across the United States.
Prior to joining Simmons, Steve served for three years as CFO of
Treadstone Partners, a Dallas-based investment firm. Prior to Treadstone, he worked in several capacities,
including his role as senior vice president and treasurer of Zale Corporation.
As 2024 marks the retirement of five remarkable leaders, we take a moment to reflect on the profound
impact they have had on Simmons Bank.
Bob Fehlman, Steve Massanelli, Pat Neeley, Steve Wade and Johnny McCaleb have each demonstrated
unparalleled commitment, vision and integrity throughout their distinguished careers. Their leadership
not only steered our institution through times of growth and challenge, but also set a lasting example of
dedication to our customers, employees and the industry at large.
Over the years, their guidance has shaped Simmons’ strategies, improved operational efficiencies and
enhanced customer satisfaction, all while fostering a culture of collaboration and excellence.
As they embark on this new chapter, we express our deepest gratitude and wish them all the best in their
well-earned retirements, knowing their influence will continue to resonate for years to come.
HONORING REMARKABLE LEADERSHIP
Honoring Remarkable Leadership |
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Johnny McCaleb, Chief Audit Executive
Johnny has most recently served in an advisory role for Simmons
after contributing years of leadership for the bank’s Internal Audit
group. As chief audit executive, Johnny reported directly to the
Audit Committee of Simmons First National Corporation's Board
of Directors to assist them in fulfilling their fiduciary responsibility
to shareholders through monitoring the bank’s compliance with
financial reporting laws, regulations, and internal system of
accounting and financial controls.
With more than 45 years of experience, Johnny has been with
Simmons Bank since 2016. Prior to his time with the bank, he
served as an audit partner with Ernst & Young LLP from 1990 to
2005 and BKD, LLP from 2005 to 2015.
Pat Neeley, Executive Vice President of Bank Operations
Pat Neeley joined Simmons Bank in 2017 as executive vice president
and executive director of Finance and Accounting. In September
2019 he was appointed to lead Bank Operations, spearheading
Deposit and Lending Operations, Performance Improvement,
Credit Card and Customer Service.
Pat previously served as chief financial officer and undersecretary of
Business Affairs for Chickasaw Nation’s Department of Commerce.
During his tenure, he led several large-scale, transformational
process and technology initiatives for the tribe during a period
when it experienced significant growth and doubled in size. He
joined Simmons Bank as the company was aggressively pursuing
growth and looking for ways to reinvent its processes and technology. The pairing was a great match,
allowing Pat to apply his vast experience in consulting and transformational change.
Steve Wade, Assistant General Counsel
Steve most recently served in an advisory capacity for Simmons,
capping his 23-year career at the bank that has included stints as
chief credit officer and assistant general counsel, among other
roles. He formerly chaired the bank’s Senior Credit Committee and
Executive Loan Committee and was responsible for crafting much of
the bank’s Credit Policy.
A licensed attorney, Steve has more than 40 years of total banking
experience with a focus on commercial lending, lending management
and market leadership. He previously served as Simmons’ first
market president for Little Rock.
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| Honoring Remarkable Leadership
HONORING REMARKABLE LEADERSHIP
Q&A with Jena Compton
Nine years after joining Simmons, Chief People Officer Jena Compton reflects on lessons learned, victories
won and what’s next.
What are some key factors you believe contribute to the high levels of positive feedback from our
annual Associate Engagement survey?
I think the high level of associate participation, and corresponding scores,
only comes from a true demonstration of our values. Our actions match
our words. We believe in supporting our communities, so we go out and
volunteer and sponsor local events. We support our associates by investing
in programs to help them grow professionally and personally. We continually
reinforce our Build Loyalty cornerstone by emphasizing the importance of
both internal and external customer service with training and recognition.
Many companies say they believe in these things, but at Simmons, we are
very intentional in putting actions behind our words.
The same holds true for our vision for the future. We communicate our strategy broadly and ask
associates to do their part in making it happen through initiatives and goals. Each of us owns a piece of
Simmons' success, so it’s critical we align and work together to make it happen!
This past year, Simmons was named as one of the Best Companies to Work For in the South by U.S.
News & World Report. How have you utilized employee feedback to ensure Simmons Bank continues
to be a best place to work?
Associate feedback is crucial to being a great place to work and so we gather it in many different
ways. We created a Quality Improvement Program five years ago to help us identify how we could get
better. We regularly do internal communication feedback sessions and surveys of all sorts, and most
critically, we offer an annual Associate Engagement survey to provide a forum for associates to share
what is working and not working for them. We get thousands of comments, and every single one is
read and considered. We have a group of executives that meet monthly to determine feasibility and
priority of those suggestions. No single person has all the ideas, and the engagement survey provides
a mechanism to gather up ideas from across our footprint and business lines.
Since the launch of the High Performance Culture initiative, associates are encouraged to find their
“why.” What benefits do we continue to see from this initiative?
I’m convinced that the best work an associate performs is that which is driven by a purpose. When
we go to work every day focused on achieving our "why," we are passionate and driven in what we do.
Helping associates find their "why" results in higher job satisfaction, higher levels of customer service
and improved quality of work. It’s a win-win for the associate and Simmons.
BETTER BANK INITIATIVE
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Better Bank Initiative |
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| 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.
In 2024, Simmons focused on honing data and technological capabilities in order to assist associates
with driving profitable relationships. How did your team collaborate with associates across the bank
to deliver a seamless experience for our customers?
Our team collaborated closely with associates across the bank to deliver a
seamless customer experience through two key initiatives: Profitability Analytics
and Householding Relationship Management.
Profitability Analytics empowered us to precisely measure and analyze customer
profitability across multiple dimensions, including individual product performance,
branch-level contribution, and overall customer value. Householding Relationship
Management enabled us to create a holistic view of interconnected customer
relationships, identify cross-selling and upselling opportunities within household
units, and deepen customer engagement through targeted, relationship-based
offerings.
Together, these initiatives provided a robust framework for driving sustainable revenue growth and enhancing
overall bank performance. They aligned perfectly with our strategic goals of customer-centricity and data-
driven decision-making.
Looking back at 2024, what would you consider the most significant technological achievement for
the bank, and how did it contribute to our overall business goals and customer experience?
A most notable achievement was the implementation of a new seamless integration layer for digital banking
users through our API strategy. This allowed customers to access their debit and credit cards with enhanced
capabilities, including card alerts, activations, payments, and travel notices, which improved the customer
experience by providing more control and convenience.
We made substantial strides in operational stability by delivering faster support for our associates through the
deployment of Virtual Desktop Infrastructure (VDI), network enhancements, and a new IT Service Management
platform. This ensured a more reliable and efficient operational environment, supporting our commitment to
excellence in service delivery and operational efficiency.
We also hosted the inaugural Tech Day event for associates, which featured inspiring addresses from both our
President and CIO, valuable industry insights from a keynote speaker from the Arkansas Bankers Association,
and sessions with our esteemed partners highlighting cutting-edge technologies. The afternoon Expo offered
hands-on demonstrations and interactive experiences. This event enhanced our associates' understanding
of emerging technologies and their applications in banking. It also reinforced our commitment to leveraging
technology to improve operational efficiency, drive growth, and deliver exceptional customer experiences.
What are some wins from your group this year and what impact did they have on the bank?
A significant win from our group this year was the successful implementation of portfolio management that
has greatly improved transparency, accountability, and resource allocation within the department. As a result,
the bank has experienced enhanced operational efficiency, better project prioritization, and more effective use
of IT resources, ultimately leading to improved service delivery and customer satisfaction.
We’re focused on numerous initiatives, including APIs that would enable streamlined integration and the ability
to bring in Fintechs as well as going through our significant data and analytics journey enabling improved
customer experience, increased efficiency, improved decision-making and innovation. We are continuing
strong investment in AI and other emerging technologies and these achievements will continue to have a
profound impact on Simmons Bank.
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BETTER BANK INITIATIVE
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Q&A with Alex Carriles
As Chief Digital Officer, Alex Carriles oversees Simmons’ digital banking strategy and customer experience
through digital channels and tools.
Since 2019, you’ve been working with your team to provide customers greater access to digital
products and services. What new customer-facing technologies or tools were implemented this year,
and what impact did they have on customer experience?
In 2024 we were able to launch the first phase of Banno Business, the Mobile and
Online banking platform with services for our Business Customers. This initial
phase provides a better experience to manage multiple users and will allow us to
expand early in 2025 to include more payments products.
We also delivered additional functionality to our Credit Card customers, allowing
them to automate their recurring payments and to pay their card using external
accounts.
For our Trust customers we included direct access from our Mobile App and Online
Banking to the Black Diamond platform to manage their finances all in one place within the Simmons Bank
digital tools.
Finally, we significantly expanded the accounts available to be opened online to make it easier for our customers
and consumers to be able to bank with us whenever and wherever they want. By adding Simply Checking,
Simply Savings, Classic Checking, Elevate Money Market and Certificates of Deposit to our account origination
solution, we were able to more than double the number of accounts opened monthly starting the second half
of the year.
For the last five years you have been leading Simmons’ digital transformation. This year Simmons was
recognized as a class-leader for Identity and Fraud controls. Tell us about this recognition and what it
means for our customers.
As I mentioned before, we are growing the number of accounts opened digitally, and in order to keep things
manageable, we have developed a sophisticated process has provided significant protection against identity
fraud, identity takeovers or synthetic identities when opening a new account digitally. This is a significant
achievement, particularly considering this is where most banks are seeing fraud attacks due to their
vulnerabilities. Our process was designed from the beginning with fraud controls in place, and the results show
it has been being very effective. And all of this is taking place while making it easy and fast for customers to
open an account online in under five minutes.
What are some wins from your group this year and what impact did they have on the bank?
Every year we continue to refine and improve our digital solutions for our customers, and that is reflected in the
Net Promoter Score (NPS), which measures customer satisfaction. We ended 2024 with an NPS of 72.7, which
is at the high end of the scale for digital banking. Additionally, the changes and improvements in our digital
account-opening platform allowed us to grow by 103 percent on the second half of the year compared to 2023,
and will allow us to continue expanding our online presence in all the states where we do business.
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| Better Bank Initiative
BETTER BANK INITIATIVE
Q&A with Chad Rawls
Chief Commercial Banking Officer Chad Rawls oversees commercial and corporate banking activities across
the six-state footprint.
In 2024 Simmons strategically aligned its banking divisions to strengthen
its connection with customers. Tell us how this change amplified our
commercial customers’ success now and in the future.
In 2024, Simmons took a strategic approach to align its banking divisions,
enhancing our ability to support our commercial customers in a more
integrated and personalized way. This change allowed us to foster deeper
relationships with our commercial customers, focusing on understanding
their evolving goals and providing solutions that directly contribute to their
success. Whether it's providing access to working capital, growth financing,
or advanced digital tools, our new alignment enabled us to be more agile and responsive.
As a result, our commercial customers have been able to optimize their financial strategies, scale their
businesses more efficiently, and navigate challenges with the confidence that Simmons is a true partner
in their growth journey.
How has your team worked to strengthen customer relationships and enhance overall client experience
across the footprint?
The Commercial team has always prioritized building strong, lasting relationships with our customers,
and in 2024, we took an even more proactive, customer-centric approach to further enhance the
overall client experience across our footprint. We empowered our bankers to engage more deeply
with customers by truly understanding their business challenges, goals and opportunities. We've also
invested heavily in Treasury Management technology, making it easier for clients to manage their money
while also ensuring our customers feel supported at every touch point. This blend of personalized
service, advanced technology, and deep industry knowledge has allowed us to strengthen relationships
and deliver exceptional value to clients across the footprint.
Each state has its unique business landscape. What innovative solutions were introduced this year to
help your team remain agile and effective across our six-state footprint?
This year, we fully embraced the unique characteristics of each market within our footprint – from
Houston to Nashville, St. Louis to Oklahoma City, Wichita to Little Rock. No two states have the same
business landscape. To remain agile and effective, we empower local leaders to develop solutions
tailored to the specific opportunities in their respective markets. This approach allows us to respond
quickly to regional economic shifts, customer demands and industry trends.
At the same time, we encourage collaboration and knowledge-sharing among the team. By leveraging
the diverse expertise across our footprint, we’ve been able to create best practices that can be adapted
and scaled from market to market.
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Q&A with Chris White
Chief Community Banking Officer Chris White oversees all community banking, mortgage, agriculture
lending, consumer and branch business, as well as business development activities with responsibility for
driving strategy and delivery of core banking services across Simmons' six-state footprint.
In 2024 Simmons strategically aligned its banking divisions to strengthen its connection with
customers. Tell us how this change amplified our customers' success now and in the future.
In January 2024, we implemented Community and Commercial Banking
divisions. This restructure brought leaders closer to our customers and
has allowed us to streamline processes to better serve our communities.
In October 2024, we incorporated consumer, mortgage, contact center,
and credit card functions into the Community Division. This alignment
has enabled our associates to gain deeper insights into market trends and
customer needs, empowering us to deliver tailored products and solutions
across our entire footprint. With this structure, it also ensures our leaders
across all business units share a unified strategic approach to hiring and
retaining associates, while placing them in the roles best suited for their strengths.
You oversee production across several hundred communities and more than 200 branches. What
innovative solutions were introduced this year to help your team remain agile and effective when
servicing our customers?
Our Deposit Payment Optimization will continue to allow us to be more efficient when interacting with
customers. We are implementing strategic partnerships for growing and retaining deposits, expanding
payment channels to make it easy for customers to pay and transact with Simmons Bank while reducing
manual efforts to support growth and scale.
We also introduced programs to increase branch revenue with add-on product sales to create a more
consistent customer experience across the branch network. The goal is to provide a toolset that guides
bankers and customers through a data-informed system. This system will enable bankers to engage
in well-informed conversations with customers based on their responses and the extent of existing
relationships, thereby increasing the number of appropriate products and services recommended.
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 2024?
As the bank has grown, we remain committed to our customers especially our Agri communities. We
moved up the ABA listing to #21 in the nation by strategically hiring Agri bankers in high-growth markets
and by adding relationships across our footprint from South Texas to Northeast Arkansas. As we look
to the future, we will continue to find ways to improve the approval and underwriting process to best
serve our customers.
What are some wins from your group this year and what impact did they have on the bank?
We have had several wins from this group this year, but one that I am most proud of is the development
of the Branch Banking Incentive plan. In 2024, a working group was formed to assess the compensation
and incentive plan of the branch banking network at Simmons. As a result, we have developed and
designed an incentive plan that is clear, competitive and rewarding for our Retail associates, which will
drive even better service for our customers.
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| Better Bank Initiative
BETTER BANK INITIATIVE
Q&A with Joshua Jensen
Joshua Jensen joined Simmons in 2020 as Chief Deposit Officer. In addition to managing interest rate
expense and Simmons’ liquidity, he constantly monitors changing economic conditions and the competitive
environment to ensure we deliver an attractive rate to clients.
You oversee one of the most important areas for any bank – deposits. What are the main tactics your
team used to drive deposit growth in the current market environment?
To help maintain and grow deposit volume, the team focused on customer
service and improving the overall customer experience. We have seen
significant success in our CD promotions, helping to further improve the
savings for our consumer clients while deepening the relationship in what
has been a very competitive deposit environment. Our integration of digital
account opening for deposit accounts has also resulted in growth, providing
clients the ease of opening and establishing a relationship with Simmons
24/7.
Simmons Bank is continuously looking to improve the products and services it offers customers.
Business Banking was one of those areas for 2024. Tell us about the Business Banking enhancements
you made this year for customers.
Our new Business Banking checking products launched in May 2024 – it was a complete success,
driven by the partnership and coordination by multiple teams across Simmons. The products delivered
a relationship focus – simplifying the customer’s account opening experience, streamlining the features
and benefits with an easy-to-compare product guide, while also increasing the average account opening
balance. Our customers are able to add banking services such as wires, ACH, and remote deposit
seamlessly through the account opening experience, with the ability to digitally sign and approve those
services – allowing our customers to do their banking at any time of day that is convenient for them.
Since your arrival four years ago, your team has grown to include Treasury Management. What
advancements in Treasury Management have been made to enhance our customers’ success now and
in the future?
Treasury Management is a critical focus for Simmons Bank, which has resulted in investments in
people, technology, and processes. We have significantly improved our customer experience through
an enhanced customer service team, secure messaging, and providing a white glove onboarding
experience for our clients as they add new services. We are also investing in an expansion of new
products and services for our clients, which will provide significantly enhanced functionality for our
larger, more complex commercial clients who have unique and customized needs.
What are some wins from your group this year and what impact did they have on the bank?
Our Deposit Pricing team provided critical leadership in managing our deposit rates through the second
half of the year, as rates were declining due to the Federal Funds rate cuts. Our diligence paid off,
creating competitive rates to acquire and retain customers, driving cost savings to the bank, while our
team provided additional support to our frontline groups with education and support on unique client
needs.
Our Deposit Operations team provided significant support for our employees over the holiday season,
helping to onboard and open over 200 new health savings accounts, helping our employees on their
financial wellness journey.
We also saw significant wins for our business customers through the highly successful Business
Banking deposit launch, approval to strategically improve our Treasury Management platform, and
through deposit growth campaigns.
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Q&A with Jimmy Crocker
As Executive Vice President for Wealth Management, Jimmy Crocker oversees more than 139 asscociates
serving Simmons’ entire six-state footprint with nearly $8.5 billion in assets under management and custody.
Our 2024 focus was getting closer to the customer. What resonates with you about this focus and
how does it impact Wealth?
Client service was a focus for Wealth in 2024 as well. We implemented a
client segmentation and service standard program to ensure that all our
clients were getting the attention and communication they deserve. This
helped us monitor and measure our client outreach efforts, so that we can
be more proactive with clients, get to know them better, and strengthen our
relationships with them.
What unique challenges did your team face this year? How did you overcome
those to ensure success for our clients?
It’s a continuing challenge to find individuals that possess the combination
of technical knowledge and relationship skills that are required for us to be successful in this line of
business. We were able to successfully fill several key positions in 2024. We also continue to build out
our technology stack and compliance programs to allow us to be more efficient and effective in our
service delivery.
For generations, our knowledgeable Wealth Management team has been a premier provider of trust,
investment management and fiduciary services. How do you believe your team carries on this legacy?
An effective Wealth Division requires a very particular set of skills. Our knowledge base requires an
understanding of legal, accounting, and asset management concepts. Over the past five years, we have
continued to upgrade our talent level, and have focused on hiring team members with more experience
and qualifications, all the while committing to our existing team to provide education and professional
designations that will help them be more effective advocates for our clients. We can say with confidence
that the skills, experience, and credentials of our current team is the strongest that it has ever been.
What are some wins from your group this year and what impact did they have on the bank?
2024 was an especially successful year for Wealth at Simmons. Our investment performance was
consistently strong across portfolios and strategies, and the strong financial markets meant that our
clients had great outcomes with the growth of their assets, which in turn was positive for our top-
line revenue. Our teams across our footprint had great success implementing business development
concepts that we put in place five years ago. As mentioned above, we had more face-to-face meetings
with our clients than ever before, and our upgraded teams brought more estate and financial planning
expertise than we would have been capable of in the past. This allowed us to bring in a record number
of new client households, assets, and fees, resulting in a record year for new business.
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| Simmons Bank Championship
The inaugural Simmons Bank Champ-
ionship presented by Stephens, held
in October in Little Rock’s Pleasant
Valley Country Club, marked a historic
milestone for both the state of Arkansas
and the PGA Tour Champions.
The three-round competition, which
ran from October 21-27, not only
introduced Arkansas as a new host
for a PGA-affiliated professional men’s
golf tournament but also earned the
prestigious 2024 Players Award, voted
by the PGA Tour Champions players
as their favorite event of the season.
This recognition is a testament to
the exceptional execution and player
Simmons Bank Championship:
A Historic Success for Arkansas
and PGA Tour Champions
experience provided by the tournament,
making it just the second first-year event
to receive the honor.
The Simmons Bank Championship was
more than just a golf competition – it
was a weeklong celebration of the sport,
drawing
significant
excitement
and
attention to the Little Rock community.
The event, which was also a key stop in the
Charles Schwab Cup playoffs, featured the
top 54 players in the PGA Tour Champions
standings, competing for their share of a
$2.3 million purse. Native Arkansas golfer,
and Team Simmons Bank member, Ken
Duke was among those in contention,
adding to the local excitement.
SIMMONS BANK CHAMPIONSHIP
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The Simmons Bank Championship was supported
by local businesses and organizations, most
notably the presenting sponsor, Stephens, an
investment bank and wealth management firm
with deep ties to the state. Curtis Jeffries, senior
vice president and director of sports marketing
at Stephens, emphasized the strong relationship
between his company and Simmons Bank, noting
that the event showcased Arkansas’s commitment
to professional golf. The partnership between
Simmons and Stephens was key in bringing the
tournament to fruition, highlighting the strength of
local collaboration.
The success of the event was built on a combination
of careful planning, strong community engagement,
and the stunning setting of the Pleasant Valley
Country Club. The course, a 7,100-yard par 71 layout,
was a favorite among players and spectators alike.
Tournament organizers, including Tournament
Chairman Freddie Black, were quick to praise the
club for its enthusiastic embrace of the event and
its readiness to host such a major competition. The
newly renovated clubhouse, which had undergone
a $25 million overhaul, provided top-notch facilities,
and the beautiful build-out around the lake created
a spectacular backdrop for the final holes.
The tournament experience went beyond just a
weekend of competition. The week included events
such as women’s and junior golf clinics, pro-am
tournaments, a dinner at the Governor’s Mansion,
and Folds of Honor Friday. Player amenities included
Parker Lexus courtesy vehicles, special outings for
Tournament Chairman Freddie Black addresses the crowd during Folds of Honor Friday.
SIMMONS BANK CHAMPIONSHIP
16
| Simmons Bank Championship
player families, as well as complimentary hotels for
caddies. Tournament-goers were treated to kid-
friendly zones, a tailgate party for the University
of Arkansas football fans, extensive viewing
areas and various public attractions, creating an
atmosphere that echoed the excitement of a major
championship. These activities helped engage the
broader community and showcase Little Rock’s
vibrant golf scene.
With Little Rock’s strong golfing community, the
city proved to be an ideal location for a PGA Tour
Champions event. Simmons Bank has committed
to hosting the tournament for the next four years,
ensuring that the success of the inaugural event
will lay the groundwork for future tournaments.
Arkansas native and Team Simmons Bank Member Ken Duke participates in the final round of the PGA Tour
Champions Simmons Bank Championship at Pleasant Valley Country Club in Little Rock on Sunday, Oct. 27, 2024.
PGA Tour Champions President Miller Brady received the Arkansas
Traveler Certificate at a kickoff dinner at the Governor's Mansion.
Photo (left to right): George Makris, Jr., Miller Brady, Gov. Sarah
Huckabee Sanders, Freddie Black
Golf Hall of Famer Padraig Harrington
wins by two to capture inaugural title at
Simmons Bank Championship.
18
| Market Highlights
Six States, One Team
Since 1903, 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.
MARKET HIGHLIGHTS
Arkansas
Oklahoma
Kansas
Tennessee
Missouri
Texas
Financial Centers: 65
Loans: $3.9 billion
Deposits: $5.6 billion
Financial Centers: 19
Loans: $613 million
Deposits: $1.4 billion
Financial Centers: 4
Loans: $252 million
Deposits: $249 million
Financial Centers: 44
Loans: $3 billion
Deposits: $2.9 billion
Financial Centers: 46
Loans: $2.7 billion
Deposits: $3.3 billion
Financial Centers: 44
Loans: $6.2 billion
Deposits: $3.9 billion
Figures are as of December 31, 2024. These balances include only those assigned to the business unit. As a
result, totals will not foot to the consolidated loan and deposits figures for Simmons First National Corporation.
19
20
MARKET HIGHLIGHTS
Arkansas
At the annual Conway Chamber of Commerce meeting,
Chairman George Makris, Jr. addressed a crowd of more
than 1,000 guests as the keynote speaker. He shared his
experience as a business owner and as chairman and CEO for
Simmons Bank.
Simmons Bank CEO Bob Fehlman got soaked for a good cause at an event
to honor Simmons First Foundation Chairman Tommy May. Inspired by the
Ice Bucket Challenge, the CEO Soak engages business and community
leaders to raise funds for finding a cure for ALS and to support people
who fight the disease.
The newest Simmons Bank branch in Pine Bluff adds a fresh
milestone to our 121-year history in the city. The new full-service
branch provides customers with a full range financials services.
Our Fort Smith team hosted a grand reopening and ribbon-cutting
of their newly renovated branch.
Words of Wisdom
CEO Soak
Expanding our Reach
| Arkansas
Our Jonesboro team participated in the 2024 Women's Leadership
Summit presented by Simmons Bank. This annual event, established
by Arkansas Business Publishing Group, celebrated and inspired
women in leadership with presentations from Arkansas-based
women from a variety of industries.
Better Together
Associates in El Dorado celebrated the 29th
Simmons Bank Wildcat Invitational golf
tournament at the Lions Club. Tournament
participants included high schoolers from
across south Arkansas.
Community Commitment
After a devastating tornado ripped through the Northwest Arkansas
community, our Simmons Bank team stepped up to help those impacted.
The team cooked more than 600 hotdogs and hamburgers for tornado
victims and volunteers.
Giving Back
U.S. News & World Report, “Best Companies to Work For in the South”
Arkansas Golfer, George Makris, Jr. named “ASGA Golfer of the Year”
Arkansas Business, Elizabeth Machen awarded “40 Under 40”
Arkansas Business, Justin McCarty named to "20 in Their Twenties"
United Way of Northeast Arkansas, AnnaLisa Meredith recognized with
"Michael Nunnally Loaned Executive of the Year Award"
Little Rock Soirée Magazine, Christa Williams named a "Top Mortgage
Professional 2024"
Paragould Board of Realtors, Dana Hedger received “Best Supporting
Affiliate” Award
Pine Bluff Commercial, Simmons Bank named “Best Bank,” “Best
Mortgage Company”
Employer Supporter of the Guard and Reserve, Cary Curzon receives
"Patriot Award"
Awards &
Recognitions
21
Kansas
22
Our Olathe associates sponsored a coffee
and networking event for the local Chamber
of Commerce. The event was filled with
residents, customers and chamber members,
making for a successful networking time.
Our Kansas associates participated in the 2024
Walk to End Alzheimer’s. Business Banker Chris
Hemphill personally raised more than $1,000,
earning her the ranking of Elite Champion for the
Walk’s fundraising efforts.
Strong Partners
Giving Back
MARKET HIGHLIGHTS
| Kansas
Associates from Wichita and Hutchinson, Kansas
attended the Reno County Chamber of Commerce
State of the City Breakfast Event, where they
represented Simmons Bank while gleaning valuable
insights from local leaders and speakers.
Pursuit of Growth
Oklahoma |
Oklahoma
MARKET HIGHLIGHTS
23
Our Stillwater team and SFNC Board Member Russ
Teubner participated in the groundbreaking ceremony
for Block 34, a centralized gathering place and
recreational space in downtown Stillwater. Building
on Simmons’ $1.5 million commitment to support
Block 34, the area will play host to a wide variety of
events and feature a large green space known as the
Simmons Bank Pavilion with gardens, seating areas,
playgrounds, water features and more.
This year’s National Sand Bass Festival in Madill was a success as
associates passed out Simmons-branded goods to attendees.
This multi-faceted festival includes nightly concerts, carnival
rides, contests and vendors for food, arts, crafts, and turtle
races.
Simmons associates attend the rivalry football game between
East Central University (ECU) and Southeastern Oklahoma State
University in Ada. Simmons is the Presenting Sponsor for all
sports games held at ECU between these in-state rivals, now
known as the Great American Classic Game Series. A Simmons-
branded trophy is presented to the winning team at the end of
the game.
Associates in Oklahoma City hosted a "Simmons
Summer Bash" to celebrate the season with local
vendors, giveaways and games.
Community Ties
Better Together
Healthy Competition
Community Commitment
Missouri
24
| Missouri
Simmons Bank leaders Krista Walker and Christian
Lewis took a pie in the face to cheer on their teams’
efforts for raising more than $1,000 for Springfield
public schools.
Our Columbia team was honored to receive the “Flag of the
United States of America Committee Certificate Award” from
the Daughters of the American Revolution. For more than 30
years, this financial center has proudly displayed a 15-by-30-
foot flag on special occasions and this unifying display has
become a cherished tradition in the community
Generous Hearts
Community Ties
MARKET HIGHLIGHTS
Allan Ivie, who serves as Private Wealth regional president
for Missouri, Kansas, and Oklahoma, was recognized by the
Urban League of Metropolitan St. Louis (ULSTL) and Saint
Louis University with the organizations’ Civic Leadership
Award. The award honors Allan’s “significant contributions in
overcoming racial barriers throughout his impactful career.”
Allan Ivie Receives Civic Leadership Award
Associates in Kansas City hosted a ribbon cutting to unveil a
new regional office. The 16,500-square-foot financial center
features a full-service branch with a suite of services for
commercial, business and individual customers in the region.
Expansion of Service
Through his involvement with the Springfield Area
Chamber of Commerce, Christian Lewis connected
with Missouri Governor Mike Parsons, local leaders
and lawmakers to discuss policy impacts on the
business community.
Pursue Growth
Our team in Mountain View joined local educational partners
to mark the opening of the Mountain View-Birch Tree School
District’s new administration building, which was donated by
Simmons Bank. This building stands as a testament to our
company’s commitment to the community.
Giving Back
Our Columbia associates showed their support for Access
Arts, a local arts organization, by participating in the
organization’s fundraising event.
Better Together
25
Awards &
Recognitions
Forbes, Simmons Bank named to "America's Best-in-State Employers" list
for Missouri
Urban League of Metropolitan St. Louis and Saint Louis University, Allan
Ivie received “Civic Leadership Award”
Columbia Chamber of Commerce, Garrett Walker receives "Emerging
Professional of the Year" Award
Connections to Success, Alonzo Shaw receives "Tribute Honoree"
recognition
26
Tennessee
Tennessee
Associates in Memphis assisted the Midsouth
Veterans League with the installation of a traveling
Vietnam Memorial. Our team helped assemble
the wall to ensure the community could view the
memorial to honor veterans.
The team in Middle Tennessee participated in the Inaugural
Hendersonville Firefighters Association Golf Tournament by
sharing Simmons Bank branded products with over 100 golfers
and first responders on the course.
Our Martin team spoke to over 400 students about
different career opportunities in banking during the
Dresden Middle School's Career Day.
Our Southeast Tennessee team shared their Better Together
spirit by sponsoring a Blount County Habitat for Humanity
Home. Associates spent time volunteering and working on
the home by building a ramp, assembling siding and even
raising a wall.
1
Honoring Veterans
Strong Partners
Inspiring Generations
Better Together
MARKET HIGHLIGHTS
The Simmons Bank Open – the 2022 Korn Ferry Tour Tournament of
the Year – returned to Franklin at a new venue. During Foundation
Friday, The Simmons First Foundation awarded checks of $10,000
each to two well-deserving nonprofits, The Refuge Center and
Water Walkers.
Our Retail associates from Dresden and Martin
teamed up to feed approximately 150 educators
and educational board members from Dresden
Elementary School, Dresden Middle School and
Dresden High School.
Simmons Bank Open
Giving Back
27
Awards &
Recognitions
Forbes, Simmons named to "Best-in-State Bank" list for Tennessee
Nashville Chamber of Commerce, Kristen Pickens named an "Emerging
Leader in Finance"
Gallatin Rotary Club, Cherie Cline named "Rotary Rookie of the Year 2024"
Daily Post-Athenian, Simmons Bank named to top-three "Best Banks" and
Stephanie Ghorley named to top-three "Best Tellers"
White House Chamber of Commerce, Kate Key received “The Horizon
Award”
Lexington Progress, Simmons Bank voted “The Best Bank” in Readers
Choice Awards
28
Texas
Texas
The Fort Worth team hosted a record-breaking
“Coffee with the Chamber” event with the Fort
Worth Hispanic Chamber of Commerce when
more than 250 attendees showed for the monthly
networking event.
Our Simmons Bank team was proud to serve as
an official sponsor of the Executive Women's Day
at the Charles Schwab Challenge. Women leaders
across the Dallas and Fort Worth markets joined
tennis legend Martina Navratilova to support The
Women's Center of Tarrant County and the Boys
and Girls Club of Greater Tarrant County through
Fort Worth Colonial Charities.
Brewing Loyalty
Better Together
MARKET HIGHLIGHTS
Associates in College Station attended a groundbreaking ceremony
to kick off construction of a new warehouse and donation
center for Twin City Mission, a project financed by Simmons
Bank. This new facility will help with distribution of donations
to support community members in need, including those facing
homelessness, domestic violence and poverty.
Giving Back
Our Dallas team joined Junior Achievement to impact
the next generation's lives through financial literacy
classes. Associates attended the JA Biztown event
to help equip young people with financial education
through a real-world simulation.
Sharing Knowledge
In Mabank, our team provided back-to-school
goodie bags to the 177 new teachers in the area
schools.
Community Ties
Associates in Frisco hosted a breakfast for the National Breast
Cancer Foundation in Frisco. The event supported a worthy
cause while allowing the team to show appreciation for
community partners and clients.
Associates in Sherman hosted a “Coffee with the Mayor” event
to connect with community members and local leaders. The
mayor and city communications director were on hand to walk
participants through exciting projects underway in the area.
Building Loyalty
Community Pride
29
Awards &
Recognitions
Herald Democrat, Aleesha Lance named "Best Bank Teller"
Hispanic Women's Network of Texas, Monica Flores receives "Estrella de
Tejas" Award
Business and Community Lenders of Texas, Stacy Bowers awarded
“Excellence in Small Business and Entrepreneurship Award”
30
| Culture
CULTURE
As Simmons Bank continues to grow, we have focused on the importance of our culture through continuing
education, recognizing exceptional work and celebrating the strength of our associates. 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 Bank a great place to work. Since 1903, these values have set
our Simmons Bank team apart in every community we serve.
Simmons Bank has six Culture Cornerstones that guide how Simmons serves our customers, our team and
our communities.
Each September associates across the bank's footprint participate in Simmons Service Month, a companywide
initiative to encourage volunteerism. Simmons gave all associates paid time off in September to volunteer,
and associates notched the highest-ever achievement for volunteer hours, serving over 7,659 volunteer
hours, donating 6,252 items, and contributing more than $29,000 in donations to charities.
Simmons associates who donated 15 or more volunteer hours during Simmons Service Month also received
$150 for charities of their choice.
Defining Our Culture
Simmons Bank Service Month
31
Associates at Simmons Bank completed 47,761 hours of training and development in 2024. On average,
each associate completes more than 16 hours of training.
Associates across the bank are required to complete risk and compliance courses to be aware and
accountable for risk management.
Simmons offers its associates a variety of education classes, including the following training courses:
Data Governance
Ethics at Simmons Bank
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
Preparing for an Active Shooter in the Workplace
Recognizing UDAAP Risks
Robbery Training
Segregation of Duties
Workplace Violence
Training and Development
At Simmons, we are focused on delivering on the promise of being a great place to work. We actively
promote an environment where all associates have the opportunity to achieve personal success.
Simmons Associates: By the Numbers
Gender
Age
Race
34.5%
Men
65.4%
Women
23.4%
40-49
25.9%
30-39
11.5%
60+
17.2%
50-59
21.4%
20-29
28.3%
Minority
1.1%
Did not wish to disclose
0.1%
Did not wish to disclose
70.6%
Non-minority
0.6%
Less than 20
32
| Culture
CULTURE
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 2024, Simmons First Foundation provided grants totaling more than $794,000 across our footprint.
Simmons First Foundation
The Foundation created a new $3 million endowment in 2021 to support environmentally focused grants
to aid conservation and sustainable projects. This year, $119,000 in environmental grants were provided.
In 2024, Simmons First Foundation presented The Allen School in Little Rock with a $25,000 grant to support
its Sensory Gym Retrofit project. This grant allowed the school to renovate the gym to make it a safe, fun
environment for the children to use during therapy sessions.
Make a Difference grants
Mini grants
Environmental grants
Community Enhancement grants
Map Key
In today’s fast-paced environment, maintaining a strong, cohesive workforce across multiple states is
essential. Simmons Bank is committed to fostering a culture of collaboration and engagement within its
associate base, and the Town Halls represented a key initiative to strengthen those ties with local teams.
In 2024, members of the Executive Team traveled to more than 18 locations across five states. These visits by
the Executive Team are not just about leadership visibility – they represent a vital opportunity for reinforcing
company culture, driving alignment, and creating a shared sense of purpose. By strengthening connection
across the footprint, the Town Halls will play a key role in the bank’s continued success and growth, helping
every associate feel empowered and motivated to achieve their best.
Simmons Bank Town Halls
33
CULTURE
34
| Culture
As he himself will tell you, Jay Brogdon, president of Simmons Bank, learned the industry in reverse of
the typical bank executive.
Brogdon’s commitment to seeing the bank through the lens of Main Street has taken different tactics,
one of the most unique of which happened in the spring when he spent April Fool’s Day observing
associates of a busy retail branch go about their day. He came away impressed by what he saw.
While he did not actually work a counter window, (“We considered that and felt like the cost-benefit
wasn’t there for me to have fingers on the keyboard,” he said.) Brogdon came away with a new
perspective about what worked well in serving customers and what could be improved.
Brogdon said he continues to seek personal face time across different banking units as a means for
sharpening his firsthand understanding of the bank’s systems and processes.
Undercover Boss
What our associates do in the branch every day is an incredibly challenging job.
I didn’t walk in there thinking it was an easy job, but I have a much different
appreciation for how challenging the job is. The most encouraging thing I got out
of that day was seeing the quality of our people, and the biggest takeaway was the
quality of service they provide to our customers.
– Jay Brogdon
President
CORPORATE RESPONSIBILITY
Corporate Responsibility |
Sustainability by the numbers
Through the Simmons Bank automatic savings program, Round-Up, customers saved
more than $6 million during 2024. More than 25,000 customers utilized the program
during this period.
Simmons Bank’s environmentally conscious renovations have helped us reduce greenhouse gasses across
our footprint.
35
LED lighting and retrofits have eliminated
44.19 metric tons of carbon dioxide
In 2024, more than 1 million pounds
of paper were recycled through our
partnership with Shred-it vendor.
Simmons Bank implemented the recycling program, K-Cycle, for coffee grounds and K-cups
in 2019. In 2024, more than 336.9 pounds of used K-cups and coffee grounds were recycled.
Equivalent of 49,105 kWh saved
Equivalent to eliminating 7.5 cars from the
roadways
Equivalent to eliminating 3,410 gallons of gas
Equivalent to eliminating environmental impact
of 5.2 homes
Equivalent to eliminating more than 38,256 in
pounds of coal burned
Equivalent of 8,796 trees saved
Equivalent of 1,544 cubic yards of landfill space
saved
More than 3.6 million gallons of water saved
Over the last four years, Simmons has utilized a branch rationalization strategy that allow us to leverage
data to assist us in creating a more efficient branch distribution network, while also reflecting our
customers evolving needs as to how and where they want to bank. As a result, we were able to eliminate
approximately:
1,021 metric tons of carbon dioxide in 202410
4,327 metric tons of carbon dioxide since 202010
Branch Optimization
Simmons Bank Helps Customers Save More Than $6 Million in "Change"
36
| Corporate Responsibility
CORPORATE RESPONSIBILITY
Commitment to the Community
Simmons’ associates performed approximately 1,653 community development service activities, including
offering financial education to adults and children and extending technical services in 2024.
Simmons’ reach spanned across 211 nonprofit organizations.
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 in low-to-moderate-income communities and families.
In 2024, Simmons Bank originated approximately 3,144 in single-family Home Mortgage Disclosure Act
(HMDA) loans totaling approximately $716,780,969.9.
Simmons Bank provided more than 20 multi-family HMDA loans which totaled approximately $32,720,714.50
in 2024.
Combined, Simmons Bank provided approximately $749,501,684.49 in HMDA reportable loans in 2024.
Simmons Bank originated more than 622 loans within low-to-moderate-income areas, or 21.15 percent of
total originations. ($104,771,343.92)
Simmons Bank originated nearly 578 loans within majority-minority geographies or 19.65 percent of total
originations. ($109,630,790.09)
Simmons Bank and Simmons First Foundation provided approximately $2,987,908 in eligible charitable
donations, and foundation grants in 2024, including 15 community enhancement grants ($125,000), 29
make a difference grants ($402,241), five environmental grants ($51,294) and nine organization grants
($172,873) from the Foundation to organizations that offer work readiness programs, affordable housing,
and community services.
Simmons provided $1.5 million to Stillwater, Oklahoma’s Block 34 initiative – the development of a low-
income census tract in downtown Stillwater for public space, including a music sound stage, pavilion,
children’s playground, historical music green space, and mobile vendor spaces to support small businesses.
Through the Federal Home Loan Bank of Dallas, the Bank secured, for our nonprofit community partners,
$1,800,568 in Federal Home Loan Bank contributions in 2024 for; downpayment assistance, home
rehabilitation, construction of affordable housing, operating grants, and Fortified roof repairs.
Simmons Bank provided approximately $7,413,237 in Community Development Investments under the
Community Reinvestment Act in 2024.
Simmons provided approximately $724,517,281 in qualified community development loans (238 loans)
furthering economic development, affordable housing and stabilization of communities in 2024.
Simmons provided $23 million to a CDFI (Arkansas Capital Corporation) to promote economic growth
within the state of Arkansas.
Simmons Bank provided $1.5 million to Builders of Hope to construct five affordable homes within the
Valwood Park Community with Dallas MSA.
The bank provided $2 million to Mayberry LLC supporting the Midtown Redevelopment Authority in
Houston to construct affordable housing.
Simmons Bank provided approximately 2,680 loans benefiting businesses with less than $1 million in
revenue totaling approximately $307,967,000 in 2024, of which 556 (21%) originated within low-to-
moderate income census tracts.
Simmons Bank provided approximately 1,203 loans benefiting small farms with less than $1 million
in revenue totaling approximately $115,232,000 in 2024, of which 216 (18%) originated within low-to-
moderate income census tracts.
37
An ITIN Advantage Mortgage is a loan designed for homebuyers who do not have a Social Security number.
In 2024, Simmons Bank funded approximately $18,485,392 (93 loans) of ITIN Advantage Mortgages
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:
The Individual Taxpayer Identification Number (ITIN) Mortgage Product was introduced:
Strong production continued with the 100% Advantage Mortgage Product:
Simmons Bank worked with more than 11 down-payment-assistance programs across our footprint to
lessen the burden 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:
Serving 1,328 account holders in 2024.
Includes safeguards against overdrafts.
In 2024, Simmons Bank funded approximately $8,008,355 (46 loans) of 100% Advantage Mortgages
More than 1,480 accounts were opened in 2024.
In 2024, Simmons Bank funded 128 Credit Builder loans, also designed to help establish, strengthen and
rebuild credit; 50 were originated in majority minority geographies (39%) and 45 within low-to-moderate-
income geographies (35%).
The Affordable Advantage Emergency loan was designed to aid in shortcomings for family emergencies,
such as roof repairs, medical expenses, or HVAC or heating needs. In 2024, Simmons Bank originated 427
loans where 165 loans penetrated low-to-moderate income geographies (39%) and 120 loans penetrated
majority minority geographies (28%).
412 cards opened in majority minority geographies (28%)
944 cards opened by low-to-moderate income borrowers (64%)
442 cards opened in low-to-moderate income geographies (30%)
Robert L. Shoptaw
RETIRED EXECUTIVE,
ARKANSAS BLUE CROSS & BLUE SHIELD
Tom Purvis
PARTNER,
L2L DEVELOPMENT ADVISORS, LLC
George A. Makris, Jr.
CHAIRMAN AND CHIEF EXECUTIVE OFFICER,
SIMMONS FIRST NATIONAL CORPORATION
Susan Lanigan
RETIRED EXECUTIVE VICE PRESIDENT
AND GENERAL COUNSEL,
CHICO’S FAS, INC.
Mark C. Doramus
CHIEF FINANCIAL OFFICER,
STEPHENS INC.
38
| Corporate Responsibility
CORPORATE RESPONSIBILITY
Governance – Board of Directors
Independence
Diversity
Marty D. Casteel
RETIRED CHAIRMAN, PRESIDENT &
CHIEF EXECUTIVE OFFICER,
SIMMONS BANK
William E. Clark, II
FOUNDER AND CEO,
CLARK CONTRACTORS, LLC
Steven A. Cossé
RETIRED PRESIDENT &
CHIEF EXECUTIVE OFFICER,
MURPHY OIL CORPORATION
93%
23%
of directors are
independent1
of independent
directors are women1
Russell W. Teubner
DISTINGUISHED ENGINEER,
BROADCOM, INC.
Julie Stackhouse
RETIRED EXECUTIVE VICE PRESIDENT,
FEDERAL RESERVE BANK OF ST. LOUIS
Jerry Hunter
SENIOR COUNSEL,
BRYAN CAVE LEIGHTON PAISNER, LLP
Mindy West
EXECUTIVE VICE PRESIDENT &
CHIEF OPERATING OFFICER,
MURPHY USA, INC.
Tenure
Edward Drilling
RETIRED SENIOR VICE PRESIDENT,
EXTERNAL AND REGULATORY AFFAIRS,
AT&T, INC.
Eugene Hunt
ATTORNEY,
HUNT LAW FIRM
38%
10.4 years
(average tenure)
0-5 Years
6-10 Years
11-15 Years
15+ Years
39
2
of independent
directors are women
and minorities1
ASSET QUALITY
REGULATORY CAPITAL
SFNC
ALL U.S. BANKS3
Nonperforming Assets as a
% of Total Assets
Allowance for Credit Losses as a
% of Nonperforming Loans
Allowance for Credit Losses
as a % of Total Loans
AT DECEMBER 31, 2024
AT DECEMBER 31, 2024
40
| Financial Highlights
REGULATORY “MINIMUM”
REGULATORY “WELL-CAPITALIZED”
SIMMONS FIRST NATIONAL CORPORATION
Leverage
Ratio
4.00%
5.00%
9.74%
Common Equity
Tier 1 Capital Ratio
Tier 1
Capital Ratio
4.50%
6.50%
8.00%
6.00%
12.38%
12.38%
Total Risk-Based
Capital Ratio
8.00%
10.00%
14.61%
%
%
%
%
%
%
Regulatory Capital and Asset Quality
FINANCIAL HIGHLIGHTS 2024
1.38
0.45
212
1.36
0.55
253
41
115 Consecutive Years Of Paying Dividends To Our Shareholders
DIVIDENDS PER SHARE4,5
YEARS ENDED DECEMBER 31
$0.80
$0.90
$0.60
$0.30
$0.70
$0.40
$0.50
$0.20
$0.10
$0.00
2016
2018
2020
2017
2015
2019
2021
2022
2023
2024
$0.46
$0.48
$0.50
$0.60
$0.64
$0.68
$0.72
$0.76
$0.80
$0.84
On January 30, 2025, Simmons announced that its board of directors declared a quarterly cash dividend on
Simmons Class A common stock of $0.2125 per share. The indicated annualized cash dividend rate of $0.85
for 2025 represents a 10-year compound annual growth rate of 6 percent and marks the 116th consecutive
year that Simmons has paid cash dividends.
According to research by Dividend Power, Simmons is one of only 26 publicly traded companies (listed
below) that have paid dividends for 100-plus uninterrupted years.
2025 also marks the 14th consecutive year that Simmons has increased its dividend, earning it Dividend
Power’s designation as a “Dividend Contender,” a title exclusively for companies that have increased their
dividend for 10 to 24 consecutive years. As of January 17, 2025, Dividend Power research noted that Simmons
is one of only 343 companies out of nearly 6,000 companies listed on the New York Stock Exchange and
NASDAQ to achieve this distinction.
3M Company
Abbott Laboratories
American Electric Power Company
Chubb Limited
Church & Dwight Co.
Colgate-Palmolive Company
Consolidated Edison
DuPont de Numours, Inc.
Edison International
Eli Lilly and Company
Exxon Mobil Corporation
Farmers & Merchants Bank of Long Beach
GATX Corporation
General Mills
International Business Machines Corporation
Johnson Controls International
National Fuel Gas Company
PPG Industries
Stanley Black and Decker
The Coca-Cola Company
The Procter & Gamble Company
The Timken Company
The York Water Company
UGI Corporation
Union Pacific Corporation
42
| Financial Highlights
FINANCIAL HIGHLIGHTS 2024
-10%
-20%
0%
10%
20%
30%
40%
KBW NASDAQ REGIONAL
BANK INDEX
13%
SFNC
17%
1 YEAR TOTAL SHAREHOLDER RETURN
DIVIDENDS + STOCK APPRECIATION | DECEMBER 31, 2023 — DECEMBER 31, 2024
JAN
'24
FEB
'24
MAR
'24
APR
'24
MAY
'24
JUN
'24
JUL
'24
AUG
'24
SEP
'24
OCT
'24
NOV
'24
DEC
'24
-50%
-100%
0%
50%
100%
150%
200%
250%
KBW NASDAQ REGIONAL
BANK INDEX
149%
SFNC
171%
LONG-TERM TOTAL SHAREHOLDER RETURN
DIVIDENDS + STOCK APPRECIATION | DECEMBER 31, 2007 — DECEMBER 31, 2024
2007
2015
2011
2019
2008
2016
2012
2020
2009
2017
2013
2021
2010
2018
2014
2022
2023
2024
43
Diluted Earnings Per Share
Adjusted Diluted Earnings Per Share
(non-GAAP)6
Book Value Per Share
Tangible Book Value Per Share
(non-GAAP)6
$1.21
$1.41
$28.08
$16.80
PER SHARE HIGHLIGHTS
YEAR ENDED DECEMBER 31, 2024
Closing Stock Price
at December 31, 2024
52-Week High
52-Week Low
Dividends Paid per Share
Common Shares Outstanding
at December 31, 2024
Dividend Yield7
Market Capitalization
INVESTMENT PROFILE
$22.18
$25.95
$16.03
125.7 Million
$0.84
3.80
2.8 Billion
YEAR ENDED DECEMBER 31, 2024
%
44 | Financial Highlights
FINANCIAL HIGHLIGHTS 2024
614,092
6,878,441
9,373
16,845,670
(225,231
16,620,439
570,678
4,073
1,433,444
500,559
714,575
27,345,674
4,800,880
10,997,425
6,446,673
22,244,978
67,969
972,366
366,141
267,732
23,919,186
3,426,488
27,345,674
687,377
6,166,062
11,417
17,005,937
(235,019
16,770,918
585,431
9,270
1,418,041
531,805
695,728
26,876,049
4,460,517
10,982,022
6,443,211
21,885,750
37,109
745,372
366,293
312,653
23,347,177
3,528,872
26,876,049
2024
2023
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
CONDENSED CONSOLIDATED BALANCE SHEETS
AT DECEMBER 31 | $ IN THOUSANDS
)
)
$
$
$
$
$
$
$
$
45
1,210,161
560,035
650,126
42,028
608,098
50,530
31,472
30,203
7,733
11,717
9,122
(20,609
35,398
155,566
286,117
46,741
29,986
20,741
892
1,420
177,164
563,061
200,603
25,546
175,057
1.38
32,659
207,716
1.64
1,312,065
683,600
628,465
46,785
581,680
49,898
32,875
32,806
8,077
15,227
9,188
(28,393
27,493
147,171
284,124
48,214
23,938
22,047
700
-
178,520
557,543
171,308
18,615
152,693
1.21
25,194
177,887
1.41
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
Deposit insurance
Furniture and equipment expense
Other real estate and foreclosure expense
Merger-related costs
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
2024
2023
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
YEARS ENDED DECEMBER 31| $ IN THOUSANDS, EXCEPT PER SHARE DATA
)
)
$
$
$
$
$
$
$
$
46
46
| Financial Highlights
FINANCIAL HIGHLIGHTS 2024
FINANCIAL STATEMENT DATA
Total assets
Total loans
Total investment securities
Total deposits
Total equity
Net income
Adjusted earnings (non-GAAP)6
PER SHARE DATA
Diluted earnings
Adjusted diluted earnings (non-GAAP)6
Book value
Tangible book value (non-GAAP)6
Cash 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 ratio
13.31
8.45
9.08
13.41
13.41
16.78
29.44
13.14
8.51
9.08
13.82
13.82
16.75
29.27
12.53
7.69
9.39
12.11
12.11
14.39
57.97
13.13
8.29
9.74
12.38
12.38
14.61
69.42
11.91
7.00
9.34
11.90
11.90
14.22
36.89
2024
2023
2022
2021
2020
SELECTED CONSOLIDATED FINANCIAL DATA
YEARS ENDED DECEMBER 31 | $ IN MILLIONS, EXCEPT PER SHARE DATA
$
$
$
$
$
$
$
$
$
$
22,360
12,901
3,807
16,987
2,977
255
224
2.31
2.03
27.53
16.56
0.68
24,725
12,013
8,643
19,367
3,249
271
284
2.46
2.57
28.82
17.71
0.72
27,461
16,142
7,613
22,548
3,269
256
299
2.06
2.40
25.73
14.33
0.76
27,346
16,846
6,878
22,245
3,426
175
208
1.38
1.64
27.37
15.92
0.80
26,876
17,006
6,166
21,886
3,529
153
178
1.21
1.41
28.08
16.80
0.84
%
%
%
%
%
47
ANNUALIZED PERFORMANCE RATIOS
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
1.15
1.21
8.83
9.23
14.99
15.66
2.89
60.25
57.92
0.31
0.57
299.52
1.71
0.13
1.40
199
2,877
0.64
0.75
5.21
6.18
9.76
11.46
2.78
67.75
61.32
0.33
0.50
266.63
1.34
0.12
2.15
234
3,007
0.56
0.65
4.38
5.10
7.96
9.18
2.74
69.57
64.56
0.45
0.65
212.19
1.38
0.22
2.81
222
2,946
0.97
1.13
7.87
9.17
14.33
16.60
3.17
62.14
57.50
0.23
0.37
334.16
1.22
0.09
1.44
230
3,236
1.18
1.04
8.72
7.66
15.25
13.46
3.38
54.43
54.18
0.64
0.96
192.82
1.85
0.45
1.60
204
2,827
2024
2023
2022
2021
2020
%
%
%
%
%
%
%
%
%
%
48
| Financial Highlights
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
Loss (gain) on sale of securities
FDIC special assessment
Termination of vendor and software services
Tax effect9
Certain items, net of tax
Adjusted earnings (Non-GAAP)
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
Adjusted noninterest income (Non-GAAP)
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
Termination of vendor and software services
Adjusted noninterest expense (Non-GAAP)
2024
152,693
-
2,746
-
-
-
-
-
-
536
28,393
1,832
602
(8,915
25,194
177,887
147,171
-
-
-
-
-
28,393
175,564
-
557,543
-
(2,746
-
(536
(1,832
(602
551,827
2023
175,057
1,420
5,467
-
-
-
-
-
-
6,198
20,609
10,521
-
(11,556
32,659
207,716
155,566
-
-
-
-
-
20,609
176,175
-
563,061
(1,420
(5,467
-
(6,198
(10,521
-
539,455
2022
256,412
22,476
3,628
33,779
1,738
365
(750
(4,074
-
-
278
-
-
(15,012
42,428
298,840
170,066
153
-
(750
365
(4,074
278
166,038
566,748
(22,476
(3,475
(1,738
-
-
-
539,059
2021
271,156
15,911
(906
22,688
-
-
-
-
(5,316
-
(15,498
-
-
(4,413
12,466
283,622
191,815
(369
(5,316
-
-
-
(15,498
170,632
483,589
(15,911
537
-
-
-
-
468,215
A
B
C
D
E
F
2020
254,904
4,531
13,727
-
-
-
-
-
(8,368
2,901
(54,806
-
-
10,975
(31,040
223,864
239,769
(370
(8,368
-
-
-
(54,806
176,225
484,736
(4,531
(14,097
-
(2,901
-
-
463,207
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
YEARS ENDED DECEMBER 31 | $ IN THOUSANDS, EXCEPT PER SHARE DATA
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
SUPPLEMENTAL INFORMATION 2024
49
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) adjustments9
Preferred stock dividend
METRICS
Net income available to common shareholders
(A-T)
Adjusted earnings available to common
shareholders (B-T)(Non-GAAP)
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)
152,693
177,887
1.21
1.41
28.08
16.80
0.56
0.65
4.38
5.10
7.96
9.18
13.13
8.29
69.57
64.56
175,057
207,716
1.38
1.64
27.37
15.92
0.64
0.75
5.21
6.18
9.76
11.46
12.53
7.69
67.75
61.32
256,412
298,840
2.06
2.40
25.73
14.33
0.97
1.13
7.87
9.17
14.33
16.60
11.91
7.00
62.14
57.50
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U
V
271,109
283,575
2.46
2.57
28.82
17.71
1.15
1.21
8.83
9.23
14.99
15.66
13.14
8.51
60.25
57.92
254,852
223,812
2.31
2.03
27.53
16.56
1.18
1.04
8.72
7.66
15.25
13.46
13.31
8.45
54.43
50.81
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
YEARS ENDED DECEMBER 31| $ IN THOUSANDS, EXCEPT PER SHARE DATA
$
$
$
%
%
%
%
%
$
$
$
$
$
$
$
$
$
$
$
$
2020
110,173,661
108,077,662
21,590,745
2,921,039
1,184,002
22,359,752
2,975,889
1,186,415
639,734
1,752
13,495
9,968
11,001
52
2021
110,198,094
112,715,444
23,492,308
3,071,313
1,196,787
24,724,759
3,248,841
1,252,242
591,532
2,121
13,494
9,967
19,231
47
2022
124,470,184
127,046,654
26,418,838
3,259,664
1,388,384
27,461,061
3,269,362
1,448,549
717,316
1,003
15,915
11,756
24,671
-
2024
126,115,606
125,651,540
27,214,647
3,486,822
1,426,038
26,876,049
3,528,872
1,418,041
628,465
700
15,403
11,377
25,820
-
2023
126,775,704
125,184,119
27,554,859
3,359,312
1,441,608
27,345,674
3,426,488
1,433,444
650,126
892
16,306
12,044
25,443
-
50
| Supplemental Information
SUPPLEMENTAL INFORMATION 2024
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)
2023
3,426,488
1,433,444
1,993,044
125,184,119
27.37
15.92
2024
3,528,872
1,418,041
2,110,831
125,651,540
28.08
16.80
2018
2,246,434
937,021
1,309,413
92,347,643
24.33
14.18
2022
3,269,362
1,448,549
1,820,813
127,046,654
25.73
14.33
2017
2,084,564
948,722
1,135,842
92,029,118
22.65
12.34
2021
3,248,841
1,252,242
1,996,599
112,715,444
28.82
17.71
2016
1,151,111
401,464
749,647
62,555,446
18.40
11.98
A
B
C
D
A
B
C
D
2020
2,975,889
1,186,415
1,789,474
108,077,662
27.53
16.56
2015
1,046,003
380,923
665,080
60,556,864
17.27
10.98
2019
2,988,157
1,182,860
1,805,297
113,628,601
26.30
15.89
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
YEARS ENDED DECEMBER 31 | IN THOUSANDS, EXCEPT PER SHARE DATA
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
51
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, product development, acquisitions and their expected benefits,
revenue, expenses, assets, asset quality, profitability, earnings, accretion,
dividends, customer service, lending capacity and lending activity, loan
demand, deposit levels, investment in digital channels, critical accounting
policies and estimates, net interest income, net interest margin, non-
interest income, non-interest expense, 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 (including, among other things, the impact of rising
or declining interest rates), 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, the expected expenses and cost savings
associated with branch closures, market risk, plans for investments in (and
cash flows from) securities and investment portfolio strategies, 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 failures or concerns involving liquidity; changes in real
estate values; changes in interest rates and related governmental policies;
changes in liquidity, and the availability of and costs associated with
obtaining adequate and timely sources of liquidity; increased inflation;
changes in tariff policies; changes in the level and composition of deposits,
loan demand, deposit flows, 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, including
at third parties on which we rely for key services; reliance on third parties
for the provision of key services; the ability to collect amounts due under
loan agreements; 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; 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) or
other major events, or the prospect of these events; changes in customer
behaviors and preferences, including consumer spending, borrowing, and
saving habits; the soundness of other financial institutions and indirect
exposure related to the closings of other financial institutions and their
impact on the broader market through other customers, suppliers and
partners (or that the conditions which resulted in the liquidity concerns that
led to the large regional bank failures during 2023 may also adversely impact,
directly or indirectly, other financial institutions and market participants with
which the Company has commercial or deposit relationships); the loss of
key employees; increased unemployment; labor shortages; the Company’s
ability to manage and successfully integrate its mergers and acquisitions
to fully realize cost savings and other benefits associated with those
transactions; increased delinquency and foreclosure rates on commercial
real estate and other loans; the effects of government legislation; 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, cellphone/tablet, 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, 2024
(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.”
And Non-GAAP Financial Measures
FORWARD-LOOKING STATEMENTS
52
| Forward-Looking Statements
NOTES
1
2
3
4
5
6
7
8
9
10
At December 31, 2024.
Based on year first elected to the board, and as of December 31, 2024.
Published industry average as of December 31, 2024; S&P Global Market Intelligence.
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, 2024.
Reflects the adoption of Current Expected Credit Losses (CECL) methodology on January 1,
2020.
Effective tax rate of 26.135 percent.
FTE - fully taxable equivalent using an effective tax rate of 26.135%.
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.
53
SHAREHOLDER INFORMATION
This Company Report was originally published on April 21, 2025.
Investor Relations Online
Investors Relations is part of Simmons’ homepage at 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
Ed Bilek, EVP, Director of Investor and Media Relations, at 501.263.7483 or via email at
ed.bilek@simmonsbank.com. Copies of printed financial information, including our 2024 Annual
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 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:
Toll Free: 800.368.5948
Corporate Headquarters
501 Main Street
Pine Bluff, AR 71601
870.541.1000
By Mail:
Computershare Investor Services
P.O. Box 43006
Providence, RI 02940-3006
By Overnight Delivery:
Computershare Investor Services
150 Royall Street
Canton, MA 02021
Corporate Office
601 E. 3rd Street
Little Rock, AR 72201
866.246.2400
NOTES
54
| Notes
NOTES
55
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