Company: SFNC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050112
Chunk: 231

Company: SIMMONS FIRST NATIONAL CORP
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 231
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 quarterly to an annual interest rate equal to the then-current three month SOFR rate plus 302 basis points, payable quarterly, in arrears. Additionally, during the third quarter of 2025, the Company began utilizing interest rate swaps designated as fair value hedges to mitigate the risk of changes in the fair value of the aggregate principal amount of the 2025 Notes due to changes in market interest rates. See Note 22, Derivative Instruments, for further discussion regarding fair value hedges. The 2025 Notes will be subordinated in right of payment to the payment of the Company’s other existing and future senior indebtedness, including all of its general creditors. The 2025 Notes are obligations of the Company only and are not obligations of, and are not guaranteed by, any of its subsidiaries. The Company used the net proceeds from the sale of the 2025 Notes, together with cash on hand, to fully redeem the 2018 Notes on October 1, 2025, and for general corporate purposes. The 2025 Notes qualify for Tier 2 capital treatment.The Company had total outstanding FHLB advances of $2.7 million and $727.9 million at September 30, 2025 and December 31, 2024, respectively. The outstanding FHLB advances as of December 31, 2024 were primarily whole loan advances, which are due less than one year from origination and therefore were classified as short-term advances by the Company. The decrease in FHLB advances during the nine months ended September 30, 2025 was due to the pay down of higher cost wholesale funding, including the FHLB advances, using the proceeds from the sale of securities during the third quarter of 2025. At September 30, 2025, the FHLB advances outstanding were secured by mortgage loans and investment securities totaling approximately $6.64 billion and the Company had approximately $6.13 billion of additional advances available from the FHLB. The Company’s long-term debt primarily includes subordinated debt and other notes payable. The aggregate contractual annual maturities of long-term debt at September 30, 2025, are as follows:Year(In thousands)Remainder of 2025$394 20261,703 20271,764 2028332,405 20299,803 Thereafter324,013 Total$670,082 

NOTE 11: CONTINGENT LIABILITIES

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