Company: SFNC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050112
Chunk: 285

Company: SIMMONS FIRST NATIONAL CORP
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 285
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 The decrease in time deposits and brokered deposits over the comparative period is largely due to the balance sheet repositioning during the third quarter of 2025, including the pay-down of higher rate, non-relationship wholesale and public fund deposits. We are continuing to refine our product offerings to give customers flexibility of choice while maintaining the ability to adjust interest rates timely in the current rate environment.

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Table 12 reflects the classification of the average deposits and the average rate paid on each deposit category which is in excess of 10 percent of average total deposits for the nine months ended September 30, 2025 and the year ended December 31, 2024.

Table 12: Average Deposit Balances and Rates

 September 30, 2025December 31, 2024(In thousands)Average AmountAverage Rate PaidAverage AmountAverage Rate PaidNoninterest bearing transaction accounts$4,367,882 — %$4,576,022 — %Interest bearing transaction and savings deposits11,146,423 2.45 %10,974,529 2.81 %Time deposits5,695,173 3.96 %6,411,888 4.55 %Total$21,209,478 2.35 %$21,962,439 2.73 %

OTHER BORROWINGS AND SUBORDINATED NOTES AND DEBENTURES

Our total debt was $667.8 million and $1.11 billion at September 30, 2025 and December 31, 2024, respectively. The outstanding balance for September 30, 2025 includes $2.7 million in FHLB advances; $649.0 million in subordinated notes and unamortized debt issuance costs; and $16.1 million of other long-term debt. The decrease in total debt over the comparative period is due to the pay down of higher cost wholesale funding, primarily FHLB advances, as part of the balance sheet repositioning during the period.

In March 2018, we issued $330.0 million in aggregate principal amount of 2018 Notes at a public offering price equal to 100% of the aggregate principal amount of the 2018 Notes. We incurred $3.6 million in debt issuance costs related to the offering. The 2018 Notes were to mature on April 1, 2028; during the third quarter of 2025, the Company issued a notice