Company: SFNC
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001628280-25-008639
Chunk: 118

Company: SIMMONS FIRST NATIONAL CORP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 118
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, 202420232022(In thousands)Average AmountAverage Rate PaidAverage AmountAverage Rate PaidAverage AmountAverage Rate PaidNoninterest bearing transaction accounts$4,576,022 — %$5,201,384 — %$5,827,160 — %Interest bearing transaction and savings deposits10,974,529 2.81 %11,033,263 2.17 %12,253,164 0.51 %Time deposits6,411,888 4.55 %6,038,640 3.87 %3,094,747 1.16 %Total$21,962,439 2.73 %$22,273,287 2.12 %$21,175,071 0.47 %

Our maturities of time deposits not covered by deposit insurance at December 31, 2024 are presented in Table 15.

Table 15: Maturities of Time Deposits Not Covered by Deposit Insurance 

December 31, 2024(In thousands)BalancePercentMaturing  Three months or less$663,324 66.7 %Over 3 months to 6 months181,629 18.3 %Over 6 months to 12 months128,210 12.9 %Over 12 months21,063 2.1 %Total$994,226 100.0 %

56

Federal Funds Purchased and Securities Sold Under Agreements to Repurchase

Federal funds purchased and securities sold under agreements to repurchase were $37.1 million at December 31, 2024, as compared to $68.0 million at December 31, 2023.

We have historically funded our growth in earning assets through the use of core deposits, large certificates of deposits from local markets, brokered deposits, FHLB borrowings and Federal funds purchased. Management anticipates that these sources will provide necessary funding in the foreseeable future.

Other Borrowings and Subordinated Debentures

Our total debt was $1.11 billion and $1.34 billion at December 31, 2024 and 2023, respectively. The outstanding balance for December 31, 2024 includes $727.9 million in FHLB advances; $366.3 million in subordinated notes and unamortized debt issuance costs; and $17.4 million of other long-term debt. FHLB