Company: SFNC
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001628280-25-008639
Chunk: 101

Company: SIMMONS FIRST NATIONAL CORP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 101
---
(357)(2.7)1,000 8.2 Marketing27,369 24,008 28,870 3,361 14.0 (4,862)(16.8)Software and technology42,939 42,530 40,906 409 1.0 1,624 4.0 Operating supplies2,482 2,591 2,556 (109)(4.2)35 1.4 Amortization of intangibles15,403 16,306 15,915 (903)(5.5)391 2.5 Branch right sizing expense2,746 5,467 3,475 (2,721)(49.8)1,992 57.3 Other expense37,393 36,984 41,241 409 1.1 (4,257)(10.3)Total noninterest expense$557,543 $563,061 $566,748 $(5,518)(1.0)%$(3,687)(0.7)%

_________________________

*Not meaningful

Due to our Better Bank Initiative and continuous efficiency improvements, offset by expected increases related to merit-based compensation adjustments and targeted investments during the upcoming period, we expect marginal growth in noninterest expense during 2025.

Income Taxes

The provision for income taxes for 2024 was $18.6 million, compared to $25.5 million in 2023 and $50.1 million in 2022. The effective income tax rates for the years ended 2024, 2023 and 2022 were 10.9%, 12.7% and 16.4%, respectively. The decrease in the provision for income taxes during 2024 as compared to 2023 and 2023 as compared to 2022 was primarily due to tax exempt income having a larger favorable impact on the rate and lower state taxes during the periods, both driven by the one time charges to income from the loss on sale of securities during each respective period, in addition to the FDIC special assessment largely recognized during 2023.

46

Loan Portfolio

Our loan portfolio averaged $17.11 billion during 2024 and $16.65 billion during 2023. As of December 31, 2024, total loans were $17.01 billion, compared to $16.85 billion on December 31, 2023