About Simmons First National

Simmons First National Corporation operates as the holding company for Simmons Bank that provides banking and other financial products and services in markets located in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas. The company offers its products and services to individuals and businesses using a network of approximately financial centers in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas. The company offers commercial banking products and services to business and other corporate customers. The company extends loans for a broad range of corporate purposes, including (among others) financing commercial real estate, construction of particular properties, commercial and industrial uses, acquisition and equipment financings, and other general corporate needs. The company also engages in small business administration (SBA) and agricultural finance lending, and it offers corporate credit card products, as well as corporate deposit products and treasury management services. In addition, the company offers a variety of consumer banking products and services, including (among others) savings, time, and checking deposit products; ATM services; internet and mobile banking platforms; overdraft facilities; real estate, home equity, and other consumer loans and lines of credit; consumer credit card products; and safe deposit boxes. The company also maintains a networking arrangement with a third-party broker-dealer that offers brokerage services to the bank customers, as well as a trust department that provides a variety of trust, investment, agency, and custodial services for individual and corporate clients (including, among others, administration of estates and personal trusts as well as management of investment accounts). Additionally, Simmons First Insurance Services, Inc. and Simmons First Insurance Services of TN, LLC are wholly-owned subsidiaries of the bank and are insurance agencies that offer various lines of personal and corporate insurance coverage to individual and commercial customers. Community and Commercial Banking Strategy Historically, the company utilized separately chartered community bank subsidiaries to provide full-service banking products and services across its footprint. During 2014, the company consolidated all separately chartered banks into the bank in order to more effectively meet the increased regulatory burden facing banks, reduce certain operating costs, and more efficiently perform operational duties. To both effectively compete for and service the needs of different types of customers, the bank operates using two main groups, a community banking group (which generally focuses on small-to-mid-size customer relationships) and a commercial banking group (which generally focuses on larger, more complex customers with intricate or unique banking needs). Both of these groups are supported by the bank’s retail, private banking, trust and various operations divisions. Loans Consumer – The consumer loan portfolio consists of credit card loans and other consumer loans. Credit card loans are diversified by geographic region to reduce credit risk and minimize any adverse impact on the portfolio. Although they are regularly reviewed to facilitate the identification and monitoring of creditworthiness, credit card loans are unsecured loans, making them more susceptible to economic downturns that result in increased unemployment. Other consumer loans include direct installment loans and account overdrafts. Real estate – The real estate loan portfolio consists of construction and development loans (C&D), single family residential loans and commercial loans. C&D and commercial real estate (CRE) loans can be particularly sensitive to valuation of real estate. CRE cycles are inevitable. The long planning and production process for new properties and rapid shifts in business conditions and employment create an inherent tension between supply and demand for commercial properties. Commercial – The commercial loan portfolio includes commercial and agricultural loans, representing loans to commercial customers and farmers for use in normal business or farming operations to finance working capital needs, equipment purchases or other expansion projects. Paycheck Protection Program (PPP) loans are also included in the commercial loan portfolio. Paycheck Protection Program Loans - The company originated loans pursuant to multiple PPP appropriations of the Coronavirus Aid, Relief and Economic Security Act which provided 100% federally guaranteed loans for small businesses to cover up to 24 weeks of payroll costs and assistance with mortgage interest, rent and utilities. Other – The other loan portfolio includes mortgage warehouse loans, representing warehouse lines of credit to mortgage originators for the disbursement of newly originated 1-4 family residential loans. Also included in the other loan portfolio are loans to public sector customers, including state and local governments. Investment Portfolio As of December 31, 2023, the company’s investment portfolio included U.S. Government agencies; mortgage-backed securities; state and political subdivisions; and other securities. Deposits Deposits are the company’s primary source of funding for earning assets and are primarily developed through its network of various financial centers. The company offers a variety of products designed to attract and retain customers with a continuing focus on developing core deposits. The company’s core deposits consist of all deposits excluding time deposits of more than $250,000 and brokered deposits. Supervision and Regulation The company is a financial holding company registered under the Bank Holding Company Act of 1956, as amended. The company is subject to certain laws and regulations of the state of Arkansas applicable to financial and bank holding companies, including examination and supervision by the Arkansas Bank Commissioner. Under federal law, a bank holding company generally must obtain approval from the Board of Governors of the Federal Reserve System (FRB) before acquiring ownership or control of the assets or stock of a bank or a bank holding company. The bank is a member of the Federal Reserve System through the Federal Reserve Bank of St. Louis. The bank is a member of the Federal Deposit Insurance Corporation (FDIC), which provides insurance on deposits of each member bank up to applicable limits by the Deposit Insurance Fund. The company’s customer deposit accounts are insured up to applicable limits by the FDIC’s Deposit Insurance Fund up to $250,000 per separately insured depositor. The bank is required to pay deposit insurance assessments to maintain the Deposit Insurance Fund (DIF). History Simmons First National Corporation was founded in 1903.