Company: SFNC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050112
Chunk: 272

Company: SIMMONS FIRST NATIONAL CORP
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 8
Chunk 272
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 of expense control measures. We utilize an extensive profit planning and reporting system involving all subsidiaries. Based on a needs assessment of the business plan for the upcoming year, monthly and annual profit plans are developed, including manpower and capital expenditure budgets. These profit plans are subject to extensive initial reviews and monitored by management monthly. Variances from the plan are reviewed monthly and, when required, management takes corrective action intended to ensure financial goals are met. We also regularly monitor staffing levels at each subsidiary to ensure productivity and overhead are in line with existing workload requirements.

Noninterest expense was $142.0 million for the three month period ended September 30, 2025, as compared to noninterest expense of $138.6 million for the three month period ended June 30, 2025, representing an increase of $3.4 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 September 30, 2025 was $139.7 million, an increase of $2.9 million as compared to the three months ended June 30, 2025.

Noninterest expense for the nine months ended September 30, 2025 increased by approximately $8.8 million or 2.1% as compared to the nine months ended September 30, 2024. Adjusted noninterest expense, which excludes branch right sizing, early retirement program costs, FDIC special assessment (for the nine months ended September 30, 2024) and termination of vendor and software services (for the nine months ended September 30, 2024), increased $7.7 million, or 1.9%, as compared to the nine months ended September 30, 2024. 

Salaries and employee benefits expense increased $2.4 million during the three month period ended September 30, 2025 as compared to the preceding sequential quarter and increased $12.4 million during the nine month period ended September 30, 2025 when compared to the same period in the prior year. The increase as compared to the preceding sequential quarter is primarily due to salary and employee benefits accrual adjustments given the Company’s financial performance through the third quarter of 2025. The increase as compared to the same period in the prior year is primarily due to employee merit increases over the comparative periods, coupled with the previously mentioned performance accrual adjustments.

Deposit insurance expense for the three and nine months ended September