Simmons First National Corporation · NASDAQ:SFNC
Simmons First National — IPO Roadshow (July 2025)
50 slides from Simmons First National's IPO roadshow presentation, Jul 21, 2025
Slide 1: Follow-On Offering Investor Presentation July 2025
Filed Pursuant to Rule 433 of the Securities Act of 1933 Nasdaq SFNC Issuer Free Writing Prospectus dated July 21, 2025 Registration Statement 333-279502 Follow-On Offering Investor Presentation July 2025 Contents 4 Transaction Overview 7 Company Overview 10 Overview of Strategic Priorities 16 Conte
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements and Non-GAAP Financial Measures Forward-Looking Statements. Certain statements by Simmons First National Corporation (the “Company”, which where appropriate includes the Company’s wholly-owned banking subsidiary, Simmons Bank) contained in this presentation may not be base
Slide 3: Important Notices and Disclaimers
Important Notices and Disclaimers Preliminary Financial Information. This presentation includes certain preliminary unaudited financial information and expectations relating to the second quarter of 2025. Our full unaudited financial statements as of and for the three months ended June 30, 2025 are
Slide 4: Transaction Overview
Transaction Overview 4
Slide 5: Common Stock Offering Summary
Common Stock Offering Summary Overallotment Issuer Simmons First National Corporation 15% Option General corporate purposes, which may include NASDAQ SFNC Use of Proceeds investments in Simmons Bank to support a potential Symbol balance sheet repositioning and continued growth Offering Follow-on Loc
Slide 6: Today's Presenters
Today’s Presenters George A. Makris, Jr. Chairman and CEO • Mr. Makris serves as Chairman and CEO of Simmons First National Corporation and the Company’s banking subsidiary, Simmons Bank • Elected to the Board of Directors in 1997 and has 26 years of tenure • Prior to joining the Company in January
Slide 7: Company Overview
Company Overview 7
Slide 8: Company Overview
Company Overview Simmons First National Corporation A Mid-South based financial holding company serving our $26.7 $21.8 customers and the communities where we work and live since 1903 BILLION BILLION TOTAL ASSETS TOTAL DEPOSITS $8.9 $17.1 CONSECUTIVE YEARS 3 116 PAYING DIVIDENDS BILLION BILLION ASSE
Slide 9: The Culmination of a Deliberate Growth Strategy
The Culmination of a Deliberate Growth Strategy 1903 - 2012 Decade of geographic diversification and improving our growth profile 2023 - Present A Firm Foundation Geographic Transformation Leadership Succession Total Assets $ in billions ❑ On March 23, 1903, Simmons ❑ Prioritized internal focus, fur
Slide 10: Overview of Strategic Priorities
Overview of Strategic Priorities 10
Slide 11: Key Strategies in Simmons Bank's Transformative Journey
Key Strategies in Simmons Bank's Transformative Journey 2 1 3 4 5 Operational Talent & Organic Profitability Balance Excellence Engagement Growth & Capital Sheet Allocation Optimization Delivering high-value earnings and attractive long-term shareholder returns 11
Slide 12: Operational Excellence - Better Bank Initiative
Operational Excellence - Better Bank Initiative 1 Peer-Leading Noninterest Expense Discipline ❑ Decreased expenses inclusive of 3 years of merit increases and heightened period of inflation – ~$97MM of estimated implied expense savings relative to peers $659MM ❑ Better Bank Initiative efficiencies i
Slide 13: Capitalizing on Market Dislocation Through Strategic Hires and Attractive Culture
Capitalizing on Market Dislocation Through Strategic Hires and Attractive Culture Year Prior Bank Role Hired Assets Executive Leadership Roles: ❑ In addition to attracting strategic, corporate and Chief Technology Officer (CTO) 2025 +$15B business unit leadership talent, since December Director of E
Slide 14: C&I Banking Progress Demonstrated in Pipeline Mix & TM Fee Growth
C&I Banking Progress Demonstrated in Pipeline Mix & TM Fee Growth C&I share of pipeline at all-time high of 46% ❑ Continue to benefit from strong CRE capabilities 1 C&I Banking – Recycles capital quickly and generates attractive risk- Pipeline and Portfolio Mix adjusted returns 46% 42% 38% 36% – Exp
Slide 15: Peer Leading Profitability Framework
Peer Leading Profitability Framework 2023 – Hired Director of Profitability with extensive experience developing and directing profitability Established a proprietary profitability framework to inform framework at $100B bank capital allocations and ensure pricing decisions are aligned 2024 with corp
Slide 16: Contemplated Balance Sheet Repositioning
Contemplated Balance Sheet Repositioning 16
Slide 17: Potential Balance Sheet Repositioning Expected to Enhance Profitability
Potential Balance Sheet Repositioning Expected to Enhance Profitability Overview of Contemplated Balance Sheet Repositioning Strategic Rationale ❑ Simmons is evaluating a potential repositioning of a portion ❑ We expect that the balance sheet repositioning will: of the held-to-maturity (“HTM”) secur
Slide 18: Transaction Assumptions & Summary Impact
Transaction Assumptions & Summary Impact 1 Potential Transaction Assumptions Pro Forma Financial Highlights Reported Adjusted Pro Gross Offering Proceeds: $250M 3 6 Common Equity 4,6 2Q25 Forma 2Q25 Capital Raise 2 Net Offering Proceeds: ~$237M Securities / Total Assets 22.5% --- 14.4% Book Value of
Slide 19: Capital Base Well-Positioned for Continued Growth
Capital Base Well-Positioned for Continued Growth 1 Tangible Common Equity Ratio Tier 1 Leverage Ratio 8.5% 8.2% 10.0% 1 9.5% 6.6% 8.2% Reported Adj. HTM 2 Loss 2Q25 Pro Forma 2Q25: 2Q25 Pro Forma 2Q25: Capital Raise + Capital Raise + Balance Sheet Balance Sheet Repositioning Repositioning CET1 Rati
Slide 20: Balance Sheet Repositioning Unlocks Earnings Potential
Balance Sheet Repositioning Unlocks Earnings Potential 1 1 Net Interest Income ($ in millions) Pre-Provision Net Revenue (PPNR) ($ in millions) Adjusted Diluted EPS Impact +20% $92.9 +14% +9% 2 1 $0.50 $187.4 $0.47 $171.8 $77.3 $0.44 2Q25 Pro Forma 2Q25: 2Q25 Pro Forma 2Q25: 2Q25 Pro Forma 2Q25: Pro
Slide 21: Improved Risk Profile of Balance Sheet Supports Durable Growth
1 Improved Risk Profile of Balance Sheet Supports Durable Growth Reduction in Interest Rate Exposure Improvement in Funding & Liquidity Profile ❑ Sale of long duration assets improves resilience of the balance sheet to ❑ Improves quality of funding with reduced reliance on wholesale liabilities weat
Slide 22: Outlook & Targets
Outlook & Targets 22
Slide 23: Balance Sheet Repositioning Would Accelerate Path to Long-Term Financial Targets
Balance Sheet Repositioning Would Accelerate Path to Long-Term Financial Targets ROAA Run Rate Strategic Levers ❑ Continue to invest in organic growth – talent and tools focused 1.25%+ on primary operating relationships 1.09% – CRE (existing strength) – C&I (emerging capabilities) – Private banking
Slide 24: Compelling Investment Opportunity
Compelling Investment Opportunity Geographically diverse franchise with a meaningful presence in attractive growth markets Deep bench of talent with leadership succession in place, creating a long runway for growth 120+ year history with a legacy of soundness highlighted by 116 years of consecutive
Slide 25: 2nd Quarter 2025 Financial Overview
nd 2 Quarter 2025 Financial Overview 25
Slide 26: 2Q25 Highlights
2Q25 Highlights ❑ Strong top-line growth drives performance 1 Reported Adjusted 1 1 ─ Adjusted net income of $56.1 million and adjusted diluted EPS of $0.44 ─ Net interest margin surpasses 3% mark ahead of expectations Net income $54.8M $56.1M • Net interest margin at 3.06%, up 11 bps linked quarter
Slide 27: Balance Sheet Highlights
Balance Sheet Highlights Average Investment Securities Average Loans Average Deposits $ in billions $ in billions $ in billions $22.0 $21.7 $21.7 $21.9 $21.4 $17.2 $17.2 $6.6 $17.1 $17.0 $17.4 $17.4 $17.2 $17.3 $17.0 $6.4 $16.9 $6.3 $6.1 $6.0 $4.6 $4.5 $4.5 $4.3 $4.4 2Q24 3Q24 4Q24 1Q25 2Q25 2Q24 3Q
Slide 28: Income Statement Highlights
Income Statement Highlights 2 2 2 Total Revenue and Adjusted Total Revenue PPNR and Adjusted PPNR Net Interest Income $ in millions $ in millions $ in millions $214.2 $214.2 $77.3 $208.5 $208.5 $209.6 $209.6 $75.6 $171.8 $203.2 $69.2 $66.4 $67.4 $66.0 $65.0 $164.9 $174.8 $163.4 $157.7 $37.6 3Q24 4Q2
Slide 29: Net Interest Margin (FTE)
Net Interest Margin (FTE) Net Interest Margin Net Interest Margin Evolution FTE (%) FTE 2 bps 3.06% 4 bps +37 bps 5 bps 2.95% 3.06% Commentary 2.95% 2.87% (2Q25 vs 1Q25) +11 bps 2.74% 2.69% ❑ Expansion primarily driven by fixed-rate asset repricing coupled with decreased deposit costs from lower rat
Slide 30: Deposits
Deposits Deposit Mix 1 $ in billions; Period End Balances Linked Quarter Deposit Change $ in millions; Period End Balances Low-Cost Customer $21.9 $21.9 $21.8 $21.7 $21.8 Deposits Total Deposits $140 $2.9 $3.4 $3.3 $2.9 $3.2 Noninterest Bearing Transaction Accounts $13 $2.8 $2.7 $2.8 $3.0 $2.7 +$233
Slide 31: Loans: Well-diversified, granular portfolio and conservative credit culture
Loans: Well-diversified, granular portfolio and conservative credit culture Loan Portfolio Waterfall Linked Quarter Change by Loan Type $ in millions $ in millions Total Loans $17 $2,225 RE – Commercial $(90) $17,094 $40 $17,111 RE – Construction $(2,248) $7 1 Funded loans Paydowns/ Other 2 Commerci
Slide 32: Pipelines: Represent opportunities that meet pricing and disciplined credit appetite
Pipelines: Represent opportunities that meet pricing and disciplined credit appetite Commercial Loan Pipeline by Category $ in millions Opportunity Proposal Ready to Close $1,815 $1,631 2Q25 Commentary $757 $1,265 ❑ Continued focus on maintaining prudent underwriting $1,244 $564 standards and pricin
Slide 33: Securities: Targeted mix of securities to earning assets in mid-teens
Securities: Targeted mix of securities to earning assets in mid-teens 2 Securities Portfolio Summary Securities Portfolio Bond Ratings Securities Portfolio by Type $ in millions 1 8% 8% Yield (FTE) Effective Duration At June 30, 2025 At June 30, 2025 HTM AFS HTM AFS HTM AFS Fixed Rate U.S. Guarantee
Slide 34: Credit Quality: Underlying credit metrics remain healthy
Credit Quality: Underlying credit metrics remain healthy Key Credit Quality Metrics 2Q24 3Q24 4Q24 1Q25 2Q25 2Q25 Commentary Loans past due 30-89 days 0.15% 0.20% 0.22% 0.21% 0.17% ❑ Underlying credit metrics remain healthy Net charge-off ratio 0.19% 0.22% 0.27% 0.23% 0.25% ▪ 17 bps of loans past du
Slide 35: Credit Quality: Nonperforming and past due loans
Credit Quality: Nonperforming and past due loans Nonperforming Loans Evolution $ in millions $1.7 $10.7 $0.4 $157.2 $152.4 $(0.2) $(4.2) $(0.2) $(3.4) Run-Off 1Q25 RE - RE - RE – Commercial Consumer & Two Specific 2Q25 1 Construction Commercial Single Family Other Portfolio Credit Relationships 2 2
Slide 36: Non-GAAP Measures
Non-GAAP Measures 36
Slide 37: Illustrative Pro Forma Balance Sheet
Illustrative Pro Forma Balance Sheet Reported Common Equity + HTM Transfer + Balance Sheet = Pro Forma $ in thousands, except per share data 2Q25 Capital Raise to AFS Repositioning 2Q25 Assets Cash and cash equivalents $ 644,462 $ 236,743 $ - $ (236,743) $ 644,462 AFS Securities 2 ,405,320 2,929,625
Slide 38: Pro Forma Non-GAAP Reconciliations
Pro Forma Non-GAAP Reconciliations Reconciliation Illustrated for Balance Sheet Repositioning + Capital Raise Pro Forma Diluted Shares Diluted Earnings per $ in millions, except per share data 2Q25 (mm) Common Share Calculation of Adjusted Diluted Earnings per Share 1 $ 0.44 Adjusted earnings $ 56.1
Slide 39: Pro Forma Non-GAAP Reconciliations
Pro Forma Non-GAAP Reconciliations Reconciliation Illustrated for Balance Sheet Repositioning + Capital Raise Pro Forma Pro Forma $ in millions 2Q25 $ in millions 2Q25 Calculation of Adjusted Return on Average Assets Calculation of Adjusted Pre-Provision Net Revenue 1 2 Adjusted pro forma earnings $
Slide 40: Pro Forma Non-GAAP Reconciliations
Pro Forma Non-GAAP Reconciliations Reconciliation Illustrated for Balance Sheet Repositioning + Capital Raise Pro Forma $ in millions, except per share data 2Q25 Calculation of Adjusted Tangible Common Equity to Tangible Assets Ratio 1 Total tangible common stockholders' equity $ 2,137.8 Less: Marke
Slide 41: Non-GAAP Reconciliations
Non-GAAP Reconciliations Pro Forma Pro Forma $ in thousands 2Q25 $ in thousands 2Q25 Calculation of Tangible Common Equity (TCE) Economic Capital Ratio Calculation of CET1 Economic Capital Ratio 1 Total tangible common stockholders' equity $ 2,137,794 Total tier 1 capital (CET1) $ 2,551,006 (501,063
Slide 42: Non-GAAP Reconciliations
Non-GAAP Reconciliations 2Q 3Q 4Q 1Q 2Q 2024 2024 2024 2025 2025 $ in thousands, except per share data 1 Calculation of Adjusted Earnings Net Income $ 40,763 $ 24,740 $ 48,319 $ 32,388 $ 54,773 Certain items Branch right sizing, net 519 410 1,581 994 163 Loss (gain) on sale of securities - 28,393 -
Slide 43: Non-GAAP Reconciliations
Non-GAAP Reconciliations 2Q 3Q 4Q 1Q 2Q 2024 2024 2024 2025 2025 $ in thousands, except per share data Calculation of Book Value and Tangible Book Value per Common Share Total common stockholders' equity $ 3,458,869 $ 3,528,833 $ 3,528,872 $ 3,531,485 $ 3,549,210 Intangible assets: Goodwill (1,320,7
Slide 44: Non-GAAP Reconciliations
Non-GAAP Reconciliations 2Q 3Q 4Q 1Q 2Q 2024 2024 2024 2025 2025 $ in thousands Calculation of Pre-Provision Net Revenue (PPNR) Net interest income $ 153,905 $ 157,712 $ 164,942 $ 163,422 $ 171,824 Noninterest income 43,299 17,130 43,558 46,155 42,354 Less: Noninterest expense 139,354 137,193 141,11
Slide 45: Non-GAAP Reconciliations
Non-GAAP Reconciliations 2Q 3Q 4Q 1Q 2Q 2024 2024 2024 2025 2025 $ in thousands, except number of employees (FTE) Calculation of Total Revenue and Adjusted Total Revenue Net interest income (GAAP) $ 153,905 $ 157,712 $ 164,942 $ 163,422 $ 171,824 Noninterest income (GAAP) 43,299 17,130 43,558 46,155
Slide 46: Non-GAAP Reconciliations
Non-GAAP Reconciliations 4Q 2Q 3Q 4Q 1Q 2Q 2022 2024 2024 2024 2025 2025 $ in thousands Calculation of Adjusted Noninterest Expense Noninterest expense (GAAP) $ 142,575 $ 139,354 $ 137,193 $ 141,117 $ 144,580 $ 138,589 Less: Branch right sizing expense 1,104 519 410 1,581 994 163 Less: Merger relate
Slide 47: Non-GAAP Reconciliations
Non-GAAP Reconciliations 2Q 1Q 2Q 2024 2025 2025 $ in thousands Calculation of Tangible Common Equity (TCE) Total common stockholders’ equity $ 3,458,869 $ 3,531,485 $ 3,549,210 Less: Intangible assets (1,425,742) (1,414,513) (1,411,416) Total tangible common stockholders’ equity (non-GAAP) $ 2,033,
Slide 48: Non-GAAP Reconciliations
Non-GAAP Reconciliations 2Q 1Q 2Q 2024 2025 2025 $ in thousands Calculation of Uninsured, Non-Collateralized Deposit Coverage Ratio Uninsured deposits at Simmons Bank $ 8,186,903 $ 8,614,833 $ 8,407,847 Less: Collateralized deposits (excluding portion that is FDIC insured) 2,835,424 3,005,328 2,691,
Slide 49: Non-GAAP Reconciliations
Non-GAAP Reconciliations 1Q 2Q 2025 2025 $ in thousands Calculation of NPL ratio, excluding Two Specific Credit Relationships Nonperforming loans $ 152,391 $ 157,162 Less: Two specific credit relationships 49,761 49,572 Nonperforming loans, excluding two specific credit relationships (non-GAAP) $ 10
Slide 50: Nasdaq SFNC Follow-On Offering
Nasdaq SFNC Follow-On Offering Investor Presentation July 2025