Company: SFNC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023690
Chunk: 240

Company: SIMMONS FIRST NATIONAL CORP
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 240
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 $144.6 million for the three month period ended March 31, 2025, as compared to noninterest expense of $141.1 million for the three month period ended December 31, 2024, representing an increase of $3.5 million, or 2.5%, as compared to the preceding quarter. Adjusted noninterest expense, which excludes branch right sizing and early retirement program costs (for the three months ended December 31, 2024), for the three months ended March 31, 2025 was $143.6 million, an increase of $4.3 million as compared to the three months ended December 31, 2024.

Noninterest expense for the three months ended March 31, 2025 increased by approximately $4.7 million or 3.4% as compared to the three months ended March 31, 2024. Adjusted noninterest expense, which excludes branch right sizing, FDIC special assessment (for the three months ended March 31, 2024) and early retirement program costs (for the three months ended March 31, 2024), increased $5.7 million, or 4.1%, as compared to the three months ended March 31, 2024. 

54

Other noninterest expense increased $3.2 million during the three month period ended March 31, 2025 as compared to the preceding sequential quarter and increased $3.1 million during the three month period ended March 31, 2025 when compared to the same period in the prior year. The increase during the three month period ended March 31, 2025 as compared to both periods is primarily due to a $4.3 million charge related to a commercial customer deposit fraud event that was identified during the period. 

Salaries and employee benefits expense increased $3.2 million during the three month period ended March 31, 2025 as compared to the preceding sequential quarter and increased $2.2 million during the three month period ended March 31, 2025 when compared to the same period in the prior year. The increase as compared to the preceding sequential quarter is primarily due to higher payroll taxes typically incurred during the first quarter, while the increase as compared to the same period in the prior year is primarily due to employee merit increases over the comparative periods.

Deposit insurance expense for the three months ended March 31, 2025 as compared to the three months ended December 31, 202