Company: SFNC
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001628280-25-008639
Chunk: 119

Company: SIMMONS FIRST NATIONAL CORP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 119
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 advances outstanding at December 31, 2024, which decreased as compared to December 31, 2023 due to a reduced reliance on wholesale funding, are primarily whole loan advances, which are due less than one year from origination and therefore are classified as short-term advances.

A summary of information related to our FHLB short-term advances, consisting of primarily whole loan advances, is presented in Table 16.

Table 16: Short-Term Borrowings

 December 31,(Dollars in thousands)202420232022Amount outstanding at year-end$725,000 $950,000 $835,000 Weighted-average interest rate at year-end4.42 %5.40 %4.20 %Maximum amount outstanding at any month-end during the year$1,400,000 $1,350,000 $1,300,000 Average amount outstanding during the year$1,024,426 $1,149,387 $1,124,314 Weighted-average interest rate for the year5.31 %5.20 %2.08 %

During the third quarter of 2022, we redeemed the five issuances of trust preferred securities which had an outstanding aggregate principal amount of $56.2 million. We recorded a loss of $365,000 related to the early retirement of debt, which represented the unamortized purchase discounts associated with the previously acquired trust preferred securities.

In March 2018, we issued $330.0 million in aggregate principal amount of 5.00% Fixed-to-Floating Rate Subordinated Notes (“Notes”) at a public offering price equal to 100% of the aggregate principal amount of the Notes. We incurred $3.6 million in debt issuance costs related to the offering. The Notes will mature on April 1, 2028 and are subordinated in right of payment to the payment of our other existing and future senior indebtedness, including all our general creditors. The Notes are obligations of the Company only and are not obligations of, and are not guaranteed by, any of its subsidiaries.

We assumed Fixed-to-Floating Rate Subordinated Notes in an aggregate principal amount, net of premium adjustments, of $37.4 million in connection with the Spirit acquisition in April 2022 (the “Spirit Notes”). The Spirit Notes will mature on July 31, 2030, and initially bear interest at a fixed annual rate of 6.00%, payable quarterly,