Company: SFNC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023690
Chunk: 15

Company: SIMMONS FIRST NATIONAL CORP
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 15
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 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, 2024 and three months ended March 31, 2024 decreased by $159,000 and $1.7 million, respectively. While the variance in deposit insurance expense on a sequential quarter basis is relatively flat, the decrease on a year over year basis for the three months ended March 31, 2025 is significantly attributable to the additional FDIC special assessments totaling $1.5 million during the three months ended March 31, 2024, which were levied to support the Deposit Insurance Fund following the failure of certain banks in 2023.

Table 6 below shows noninterest expense for the three month periods ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively, as well as changes between periods.

Table 6: Noninterest Expense 

Three Months EndedMarch 31,December 31,March 31,Change from Quarter - SequentialChange from Quarter - Year-over-Year(Dollars in thousands)202520242024Salaries and employee benefits$74,824 $71,588 $72,653 $3,236 4.5%$2,171 3.0%Occupancy expense, net12,651 11,876 12,258 775 6.5393 3.2Furniture and equipment expense5,465 5,671 5,141 (206)(3.6)324 6.3Other real estate and foreclosure expense198 317 179 (119)(37.5)19 10.6Deposit insurance5,391 5,550 7,135 (159)(2.9)(1,744)(24.4)Other operating expenses:Professional services4,867 6,229 4,067 (1,362)(21.9)800 19.7Postage2,280 2,228 2,037 52 2.3243 11.9Telephone1,