Simmons First National Corporation · NASDAQ:SFNC
Simmons First National — IPO Roadshow (September 2025)
46 slides from Simmons First National's IPO roadshow presentation, Sep 9, 2025
Slide 1: Fixed Income Investor Presentation September 2025
Nasdaq SFNC Fixed Income Investor Presentation September 2025
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 Pro Forma Financial Information. This presentation includes certain unaudited pro forma financial information for the second quarter of 2025. Although this presentation describes the current estimated impact of our offering of common equity and our balance sheet rep
Slide 4: Terms of the Proposed Subordinated Debt Offering
Terms of the Proposed Subordinated Debt Offering Issuer Simmons First National Corporation (NASDAQ: SFNC) Security Subordinated Notes due 2035 Amount $300 million Security Rating 1 Baa2 (Stable) by Moody’s Ratings Issuance Type SEC Registered Offering Structure Fixed-to-Floating Rate (Fixed during F
Slide 5: Today's Presenters
Today’s Presenters Jay Brogdon President Mr. Brogdon was named President effective January 1, 2023 Prior to assuming this role, Mr. Brogdon joined as CFO for Simmons First National Corporation and Simmons Bank in 2021 Previously served four years with a global accounting firm and 13 years in investm
Slide 6: Company Overview
Company Overview 6
Slide 7: Company Overview
Company Overview $26.7 $21.8 BILLION BILLION TOTAL ASSETS TOTAL DEPOSITS $8.9 $17.1 BILLION BILLION ASSETS UNDER TOTAL LOANS MANAGEMENT/ ADMINISTRATION 14.4% 8.5% TOTAL RBC RATIO TCE RATIO1 4.2% 78% DIVIDEND YIELD2 LOAN TO DEPOSIT RATIO 1.48% 161% ACL TO TOTAL NPL COVERAGE LOANS RATIO Simmons First
Slide 8: 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 On March 23, 1903, Simmons $ in billions Prioritized internal focus, further Sou
Slide 9: Overview of Strategic Priorities
Overview of Strategic Priorities 9
Slide 10: Key Strategies in Simmons Bank's Transformative Journey
Key Strategies in Simmons Bank’s Transformative Journey 1 2 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 10
Slide 11: Operational Excellence—Better Bank Initiative
Operational Excellence—Better Bank Initiative Peer-Leading Noninterest Expense Discipline1 $659MM ~$97MM Implied Expense Savings $566MM $562MM 4Q22 Annualized 2025 SFNC Consensus Implied 2025 SFNC @ Adjusted NIE2 Peer Growth Decreased expenses inclusive of 3 years of merit increases and heightened p
Slide 12: 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: Chief Technology Officer (CTO) 2025 +$15B Director of Enterprise Risk Management 2024 + $85B Chief Operating Officer (COO) 2024 +$80B Chief Financial Office
Slide 13: 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% C&I Banking1 Pipeline and Portfolio Mix 46% 42% 36% 38% 37% 36% 36% 35% 2023 2024 1Q25 2Q25 Pipeline Share % Portfolio—Current Balance Focus on C&I yields, steady TM fee growth Net Treasur
Slide 14: Peer Leading Profitability Framework
Peer Leading Profitability Framework Established a proprietary profitability framework to inform capital allocations and ensure pricing decisions are aligned with corporate return targets Customer Officer Relationship Segment Account Product Region Industry Market 2023 – Hired Director of Profitabil
Slide 15: Recent Developments
Recent Developments 15
Slide 16: Recent Balance Sheet Repositioning Expected to Enhance Profitability
Recent Balance Sheet Repositioning Expected to Enhance Profitability Overview of Executed Balance Sheet Repositioning Simmons recently executed a repositioning of a portion of the former held-to-maturity (“HTM”) securities portfolio Approximately $3.6 billion of securities in the portfolio were tran
Slide 17: Summary of Recent Balance Sheet Repositioning and Common Equity Offering
Summary of Recent Balance Sheet Repositioning and Common Equity Offering Transaction Summary1 Gross Offering Proceeds: $345M Common Equity Capital Raise Net Offering Proceeds: ~$327M Transfer HTM Book Value of Securities: ~$3.6B Portfolio to AFS FMV of Securities: ~$2.4B After-Tax Loss: ~$607M Secur
Slide 18: Capital Base Well-Positioned for Continued Growth
Capital Base Well-Positioned for Continued Growth Tangible Common Equity Ratio1 Reported Adj. HTM Loss2 CET1 Ratio 12.4% 11.5% 1 9.9% 2Q25 Pro Forma 2Q25: Common Offering + Balance Sheet Repositioning Tier 1 Leverage Ratio Total Risk-Based Capital Ratio 14.4% 1 13.5% 12.0% 2Q25 Pro Forma 2Q25: Commo
Slide 19: Balance Sheet Repositioning Unlocks Earnings Potential
Balance Sheet Repositioning Unlocks Earnings Potential Net Interest Income ($ in millions) Pre-Provision Net Revenue (PPNR)1 ($ in millions) +21% +10% $93.9 $188.4 1 $171.8 $77.3 2Q25 Pro Forma 2Q25: 2Q25 Pro Forma 2Q25: Common Offering + Common Offering + Balance Sheet Balance Sheet Repositioning R
Slide 20: Improved Risk Profile of Balance Sheet Supports Durable Growth
Improved Risk Profile of Balance Sheet Supports Durable Growth1 Reduction in Interest Rate Exposure Sale of long duration assets improves resilience of the balance sheet to weather different macroeconomic environments Strengthens level and reduces volatility of economic capital which improves sustai
Slide 21: Credit Ratings and Maturity Profile
Credit Ratings and Maturity Profile As of August 29, 2025 Moody’s Simmons First National Corporation Long-Term Issuer Rating Baa2 Subordinated Debt Baa2 Outlook Stable As of August 29, 2025 Moody’s Simmons Bank Short-Term Deposit Rating P-1 Long-Term Deposit Rating A2 Baseline Credit Assessment Baa1
Slide 22: Balance Sheet Repositioning Accelerates Path to Long-Term Financial Targets
Balance Sheet Repositioning Accelerates Path to Long-Term Financial Targets ROAA Run Rate 1.25%+ 1.10% 0.84% 2Q25 Pro Forma Target Adjusted 2Q25 Adjusted ROAA ROAA1 ROAA 1 Strategic Levers Continue to invest in organic growth – talent and tools focused on primary operating relationships – CRE (exist
Slide 23: 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 24: Appendix
Appendix 24
Slide 25: 2Q25 Highlights
2Q25 Highlights Strong top-line growth drives performance — Adjusted net income of $56.1 million1 and adjusted diluted EPS of $0.441 — Net interest margin surpasses 3% mark ahead of expectations Net interest margin at 3.06%, up 11 bps linked quarter and 37 bps year-over-year 5th consecutive quarterl
Slide 26: Balance Sheet Highlights
Balance Sheet Highlights Average Loans $ in billions $17.2 $17.2 $17.1 $17.0 $16.9 2Q24 3Q24 4Q24 1Q25 2Q25 Yield1 6.39% 6.44% 6.32% 6.20% 6.26% Loans $ in billions; Period End Balances $17.2 $17.3 $17.1 $17.1 $17.0 2Q24 3Q24 4Q24 1Q25 2Q25 Average Investment Securities $ in billions $6.6 $6.4 $6.3
Slide 27: Income Statement Highlights
Income Statement Highlights Net Interest Income $ in millions $171.8 $164.9 $163.4 $157.7 3Q24 4Q24 1Q25 2Q25 NIM1 2.74% 2.87% 2.95% 3.06% NIE and Adjusted NIE2 $ in millions $144.6$143.6 $141.1 $139.3 $138.6 $137.2 $136.8 $136.8 3Q24 4Q24 1Q25 2Q25 Noninterest Expense Adjusted Noninterest Expense2
Slide 28: 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 3.06% 2.95% 2.87% 2.95% 2.74% +11 bps 2.69% 1Q25 Funding Loan Other 2Q25 Rate Yield 2Q24 3Q24 4Q24 1Q25 2Q25 Select Yields/Rates Estimated Future Swap Income1 FTE (%) $ in millions
Slide 29: Deposits
Deposits Deposit Mix $ in billions; Period End Balances $21.8 $21.9 $21.9 $21.7 $21.8 $2.9 $3.4 $3.3 $2.9 $3.2 $2.8 $2.7 $2.8 $3.0 $2.7 $3.4 $3.3 $3.1 $3.0 $2.9 $8.0 $8.0 $8.2 $8.3 $8.5 $4.6 $4.5 $4.5 $4.5 $4.5 2Q24 3Q24 4Q24 1Q25 2Q25 Noninterest Bearing Interest Bearing Transaction Accounts Time D
Slide 30: Loans: Well-diversified, granular portfolio and conservative credit culture
Loans: Well-diversified, granular portfolio and conservative credit culture Loan Portfolio Waterfall $ in millions $2,225 $17,094 $40 $17,111 $(2,248) Funded loans Paydowns/ Other1 /advances payoffs Total loans Total loans at 3/31/25 at 6/30/25 Unfunded Commitments $ in millions RE—Construction Comm
Slide 31: 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 $1,265 $757 $1,244 $564 $1,013 $1,002 $948 $549 $552 $249 $292 $381 $330 $416 $121 $168 $199 $147 $189 $343 $485 $
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 $1,265 $757 $1,244 $564 $1,013 $1,002 $948 $549 $552 $249 $292 $381 $330 $416 $121 $168 $199 $147 $189 $343 $485 $
Slide 33: Loans: Conservative LTVs underpin prudent underwriting standards in key sectors
Loans: Conservative LTVs underpin prudent underwriting standards in key sectors Loan Portfolio – Geographic diversification By State 19% 33% 2% 4% $16.6B1 9% 14% 19% Texas Arkansas Tennessee Missouri Oklahoma Kansas Other % of Total % of Total Top 10 MSAs 1 1 Loans Commitments Dallas-Plano-Irving 9.
Slide 34: CLD: Quick recycling of capital given short duration of portfolio
CLD: Quick recycling of capital given short duration of portfolio Construction and Land Development (CLD) By State 29% 43% $2.8B 1% 2% 4% 12% 9% Texas Arkansas Tennessee Missouri Oklahoma Kansas Other % of Total % of Total Top 10 MSAs Loans Commitments Dallas-Plano-Irving 10.6% 10.3% Nashville-David
Slide 35: Credit Quality: Underlying credit metrics remain healthy
Credit Quality: Underlying credit metrics remain healthy Key Credit Quality Metrics 2Q24 3Q24 4Q24 1Q25 2Q25 Loans past due 30-89 days 0.15% 0.20% 0.22% 0.21% 0.17% Net charge-off ratio 0.19% 0.22% 0.27% 0.23% 0.25% NPL ratio 0.60% 0.59% 0.65% 0.89% 0.92% NPL ratio excluding Two Specific Credit Rela
Slide 36: Credit Quality: Nonperforming and past due loans
Credit Quality: Nonperforming and past due loans Nonperforming Loans Evolution $ in millions $10.7 $1.7 $0.4 $157.2 $152.4 $(4.2) $(0.2) $(0.2) $(3.4) 1Q25 RE—RE—RE – Commercial Consumer & Run-Off Two Specific 2Q25 Construction Commercial Single Family Other1 Portfolio Credit Relationships Nonperfor
Slide 37: Illustrative Pro Forma Balance Sheet
Illustrative Pro Forma Balance Sheet Reported Common Equity + HTM Transfer + Balance Sheet = Pro Forma + Subordinated Debt + Subordinated Debt = Pro Forma $ in thousands, except per share data 2Q25 Capital Raise to AFS Repositioning 2Q25 Issuance Redemption Adjusted Assets Cash and cash equivalents
Slide 38: Pro Forma Non-GAAP Reconciliations
Pro Forma Non-GAAP Reconciliations Reconciliation Illustrated for Balance Sheet Repositioning + Common Offering Pro Forma $ in millions 2Q25 Calculation of Adjusted Return on Average Assets Adjusted pro forma earnings1 $ 66.3 Average assets $ 26,645.1 Plus: Net offering proceeds 327.0 Less: Proceeds
Slide 39: Pro Forma Non-GAAP Reconciliations
Pro Forma Non-GAAP Reconciliations Reconciliation Illustrated for Balance Sheet Repositioning + Common Offering Pro Forma $ in millions, except per share data 2Q25 Calculation of Adjusted Tangible Common Equity to Tangible Assets Ratio Total tangible common stockholders’ equity1 $ 2,137.8 Less: Mark
Slide 40: Pro Forma Non-GAAP Reconciliations
Pro Forma Non-GAAP Reconciliations Pro Forma $ in thousands 2Q25 Calculation of Tangible Common Equity (TCE) Economic Capital Ratio Total tangible common stockholders’ equity1 $ 2,137,794 Plus: Common offering proceeds 326,993 Less: Market value adjustment on HTM securities transferred to AFS, net o
Slide 41: Non-GAAP Reconciliations
Non-GAAP Reconciliations 2Q 3Q 4Q 1Q 2Q $ in thousands, except per share data 2024 2024 2024 2025 2025 Calculation of Adjusted Earnings1 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 — -Ea
Slide 42: Non-GAAP Reconciliations
Non-GAAP Reconciliations 2Q 3Q 4Q 1Q 2Q $ in thousands, except per share data 2024 2024 2024 2025 2025 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 43: Non-GAAP Reconciliations
Non-GAAP Reconciliations 2Q 3Q 4Q 1Q 2Q $ in thousands 2024 2024 2024 2025 2025 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 44: Non-GAAP Reconciliations
Non-GAAP Reconciliations 2Q 1Q 2Q $ in thousands 2024 2025 2025 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 45: Non-GAAP Reconciliations
Non-GAAP Reconciliations 1Q 2Q $ in thousands 2025 2025 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 46: Fixed Income
Fixed Income Investor Presentation September 2025
Simmons First National — IPO Roadshow (September 2025) on 6ix