Company: SFNC
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001628280-25-008639
Chunk: 117

Company: SIMMONS FIRST NATIONAL CORP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 117
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 deposits excluding time deposits of $250,000 or more and brokered deposits. As of December 31, 2024, core deposits comprised 77.8% of our total deposits.

We continually monitor the funding requirements along with competitive interest rates in the markets we serve. Because of our community banking philosophy, our executives in the local markets, with oversight by the Chief Deposit Officer, Asset Liability Committee and the Bank’s Treasury Department, establish the interest rates offered on both core and non-core deposits. This approach ensures that the interest rates being paid are competitively priced for each particular deposit product and structured to meet the funding requirements. We believe we are paying a competitive rate when compared with pricing in those markets.

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We manage our interest expense through deposit pricing. We believe that additional funds can be attracted and deposit growth can be accelerated through deposit pricing if we experience increased loan demand or other liquidity needs. We can also utilize brokered deposits as an additional source of funding to meet liquidity needs. We are continually monitoring and looking for opportunities to fairly reprice our deposits while remaining competitive in this current challenging rate environment.

Our total deposits as of December 31, 2024, were $21.89 billion, a decrease of $359.2 million from December 31, 2023. Noninterest bearing transaction accounts, interest bearing transaction accounts and savings accounts totaled $15.44 billion at December 31, 2024, compared to $15.80 billion at December 31, 2023, a decrease of $355.8 million. Total time deposits were relatively flat over the period and totaled $6.44 billion at December 31, 2024 as compared to $6.45 billion at December 31, 2023. We had $3.30 billion and $2.90 billion of brokered deposits at December 31, 2024, and December 31, 2023, respectively. Our uninsured deposits as of December 31, 2024 and 2023 were $4.63 billion and $4.75 billion, respectively.

We are continuing to refine our product offerings to give customers flexibility of choice while maintaining the ability to adjust interest rates timely in the current rate environment.

Table 14 reflects the classification of the average deposits and the average rate paid on each deposit category which is in excess of 10 percent of average total deposits for the three years ended December 31, 2024.

Table 14: Average Deposit Balances and Rates

 December 31