Company: SFNC
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001628280-25-023690
Chunk: 199

Company: SIMMONS FIRST NATIONAL CORP
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 199
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 of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term.The Company’s leases are classified as operating leases with a term, including expected renewal or termination options, greater than one year, and are related to certain office facilities and office equipment. The following table presents information as of March 31, 2025 and December 31, 2024 related to the Company’s right-of-use lease assets, included in premises and equipment, and lease liabilities, included in accrued interest and other liabilities.March 31,December 31,(Dollars in thousands)20252024Right-of-use lease assets$63,584 $67,224 Lease liabilities65,776 69,319 Weighted average remaining lease term8.02 years8.33 yearsWeighted average discount rate3.73 %3.81 %Operating lease cost for the three month period ended March 31, 2025 was $4.1 million as compared to $4.0 million for the same period in 2024.

NOTE 5: PREMISES AND EQUIPMENT

Premises and equipment are stated at cost less accumulated depreciation and amortization. Total premises and equipment, net at March 31, 2025 and December 31, 2024 were as follows:March 31,December 31,(In thousands)20252024Right-of-use lease assets$63,584 $67,224 Premises and equipment:Land119,643 124,819 Buildings and improvements412,569 404,223 Furniture, fixtures and equipment124,979 123,741 Software64,609 63,844 Construction in progress16,805 24,262 Accumulated depreciation and amortization(228,573)(222,682)Total premises and equipment, net$573,616 $585,431 

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NOTE 6: GOODWILL AND OTHER INTANGIBLE ASSETS

 Goodwill is tested annually, or more often than annually, if circumstances warrant, for impairment. If the implied fair value of goodwill is lower than its carrying amount, goodwill impairment is indicated, and goodwill is written down to its implied fair value. Subsequent increases in goodwill value are not recognized in the financial statements. Goodwill totaled $1.32 billion at March 31, 2025 and December 31, 2024. Goodwill