Company: SFNC
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001628280-25-037719
Chunk: 28

Company: SIMMONS FIRST NATIONAL CORP
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 2
Chunk 28
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 notes and unamortized debt issuance costs; and $16.5 million of other long-term debt. FHLB advances outstanding at June 30, 2025 are whole loan advances, which are due less than one year from origination and therefore are classified as short-term advances. 

In March 2018, we issued $330.0 million in aggregate principal amount of 5.00% Fixed-to-Floating Rate Subordinated Notes (“Notes”) at a public offering price equal to 100% of the aggregate principal amount of the Notes. We incurred $3.6 million in debt issuance costs related to the offering. The Notes will mature on April 1, 2028 and are subordinated in right of payment to the payment of our other existing and future senior indebtedness, including all our general creditors. The Notes are obligations of the Company only and are not obligations of, and are not guaranteed by, any of its subsidiaries.

We assumed Fixed-to-Floating Rate Subordinated Notes in an aggregate principal amount, net of premium adjustments, of $37.4 million in connection with the Spirit acquisition in April 2022 (the “Spirit Notes”). Subject to the redemption described below, the Spirit Notes would mature on July 31, 2030, and initially bear interest at a fixed annual rate of 6.00%, payable quarterly, in arrears, to, but excluding, July 31, 2025. From and including July 31, 2025, to, but excluding, the maturity date or earlier redemption date, the interest rate will reset quarterly to an interest rate per annum equal to a benchmark rate, which is expected to be the then-current three-month Secured Overnight Financing Rate (“SOFR”), as published by the Federal Reserve Bank of New York (provided, that in the event the benchmark rate is less than zero, the benchmark rate will be deemed to be zero) plus 592 basis points, payable quarterly, in arrears. During the quarter ended June 30, 2025, we issued a notice of redemption to redeem the Spirit Notes, which were redeemed in full on July 31, 2025.

For information about the regulatory capital treatment of the Notes and the Spirit Notes, see the section “Capital—Risk-Based Capital.”

CAPITAL

Overview

At June 30, 2025, total capital was $3.55 billion. Capital represents shareholder ownership in the Company – the book value of assets in excess of liabilities. At June