Company: SFNC
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001628280-25-050112
Chunk: 152

Company: SIMMONS FIRST NATIONAL CORP
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 152
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2.45 %10,974,529 2.81 %Time deposits5,695,173 3.96 %6,411,888 4.55 %Total$21,209,478 2.35 %$21,962,439 2.73 %

OTHER BORROWINGS AND SUBORDINATED NOTES AND DEBENTURES

Our total debt was $667.8 million and $1.11 billion at September 30, 2025 and December 31, 2024, respectively. The outstanding balance for September 30, 2025 includes $2.7 million in FHLB advances; $649.0 million in subordinated notes and unamortized debt issuance costs; and $16.1 million of other long-term debt. The decrease in total debt over the comparative period is due to the pay down of higher cost wholesale funding, primarily FHLB advances, as part of the balance sheet repositioning during the period.

In March 2018, we issued $330.0 million in aggregate principal amount of 2018 Notes at a public offering price equal to 100% of the aggregate principal amount of the 2018 Notes. We incurred $3.6 million in debt issuance costs related to the offering. The 2018 Notes were to mature on April 1, 2028; during the third quarter of 2025, the Company issued a notice of redemption to redeem the 2018 Notes, which were redeemed in full on October 1, 2025. The related remaining $565,000 of unamortized debt issuance costs were written off during the quarter ended September 30, 2025. 

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 (“Spirit Notes”). During the second quarter of 2025, we issued a notice of redemption to redeem the Spirit Notes in an aggregate principal amount of $37.0 million. The Spirit Notes were redeemed in full on July 31, 2025.

In September 2025, we issued $325.0 million in aggregate principal amount of 2025 Notes at a public offering price equal to 100% of the aggregate principal amount of the 2025 Notes. The Company incurred $3.9 million in debt issuance costs related to the offering. Additionally, during