Market Newsdesk

April 16, 2025 5:21 pm

SmartStop Self Storage REIT Announces the Date of Its First Quarter 2025 Earnings Release, Conference Call and Webcast

SmartStop Self Storage REIT Announces the Date of Its First Quarter 2025 Earnings Release, Conference Call and Webcast

LADERA RANCH, Calif.–(BUSINESS WIRE)–
SmartStop Self Storage REIT, Inc. (“SmartStop”) (NYSE:SMA), an internally managed real estate investment trust and a premier owner and operator of self-storage facilities in the United States and Canada, announced today that it will release its financial results for the first quarter ended March 31, 2025, after market close on Wednesday, May 7, 2025.

Management will host a conference call and webcast to discuss the results on Thursday, May 8, 2025, at 1:00 p.m. Eastern Daylight Time. During the call, company officers will review operating performance, discuss recent events, and conduct a question-and-answer period. The question-and-answer period will be limited to registered financial analysts. All other participants will have a listen-only capability.

Webcast:

A live webcast of the call will be available on the Investor Relations section of the Company’s website at investors.smartstopselfstorage.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary software. A replay of the webcast will be available on the Company’s website following the live event. Additionally, a replay will be accessible through May 8, 2026.

About SmartStop Self Storage REIT, Inc. (SmartStop):

SmartStop Self Storage REIT, Inc. (“SmartStop”) (NYSE:SMA) is a self-managed REIT with a fully integrated operations team of approximately 590 self-storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self-storage programs. As of April 15, 2025, SmartStop has an owned or managed portfolio of 219 operating properties in 23 states, the District of Columbia, and Canada, comprising approximately 157,200 units and 17.7 million rentable square feet. SmartStop and its affiliates own or manage 40 operating self-storage properties in Canada, which total approximately 34,400 units and 3.5 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20250416772460/en/

David Corak

SVP of Corporate Finance & Strategy

SmartStop Self Storage REIT, Inc.

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Commercial Building & Real Estate Construction & Property REIT

MEDIA:

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April 16, 2025 5:18 pm

Simmons First National Corporation Reports First Quarter 2025 Results

PR Newswire

PINE BLUFF, Ark.
, April 16, 2025 /PRNewswire/ —

George Makris, Jr., Simmons’ Chairman and Chief Executive Officer, commented on first quarter 2025 results:

We are pleased with our first quarter’s performance, which demonstrated the continued improvement in profitability fundamentals. Increases in loans and customer deposits combined with a decrease in wholesale funding have driven a healthy increase in our net interest margin and positive trends in total revenue.

We increased the loss provision on two specific credit relationships that we have been watching for some time due to unfavorable events that occurred for both since the end of 2024. Otherwise, we believe the asset quality in our portfolio remains sound. We are, though, carefully monitoring the economic volatility in the United States and the world. Financial markets suffer in times of uncertainty, which appears present today, and can threaten the pace of business investment.

We are hopeful for stability in economic policy, which will provide better insight into future growth opportunities. In the meantime, we will continue to invest in our business as well as the communities we serve.

Financial Highlights	1Q25	4Q24	1Q24	1Q25 Highlights
Balance Sheet (in millions)				Comparisons reflect 1Q25 vs 1Q24 unless otherwise noted • Total revenue of $209.6 million and PPNR¹ of $65.0 million • Adjusted total revenue¹ of $209.6 million and adjusted PPNR¹ of $66.0 million • Net interest margin of 2.95%, up 8 bps; the 4^th consecutive quarterly increase in net interest margin • Cost of deposits at 2.44%, down 16 bps; customer deposits up $183 million • Noninterest income of $46.2 million, up 6% linked quarter • Noninterest expense includes a $4.3 million charge related to a customer deposit fraud event identified during the quarter • Nonaccrual loans include two specific credit relationships totaling $49.8 million • $15.6 million of incremental provision expense associated with the two specific credit relationships • NCO ratio of 23 bps in 1Q24; 4 bps of NCO ratio associated with run-off portfolio
Total loans	$17,094	$17,006	$17,002
Total investment securities	6,107	6,166	6,735
Total deposits	21,685	21,886	22,353
Total assets	26,793	26,876	27,372
Total shareholders’ equity	3,531	3,529	3,439
Performance Measures (in millions)
Total revenue	$209.6	$208.5	$195.1
Adjusted total revenue¹	209.6	208.5	195.1
Pre-provision net revenue¹ (PPNR)	65.0	67.4	55.2
Adjusted pre-provision net revenue¹	66.0	69.2	57.2
Provision for credit losses on loans	26.8	13.3	10.2
Per share Data
Diluted earnings	$ 0.26	$ 0.38	$ 0.31
Adjusted diluted earnings¹	0.26	0.39	0.32
Book value	28.04	28.08	27.42
Tangible book value¹	16.81	16.80	16.02
Asset Quality
Net charge-off ratio (NCO ratio)	0.23 %	0.27 %	0.19 %
Nonperforming loan ratio	0.89	0.65	0.63
Nonperforming assets to total assets	0.61	0.45	0.41
Allowance for credit losses to loans (ACL)	1.48	1.38	1.34
Nonperforming loan coverage ratio	165	212	212
Capital Ratios
Equity to assets (EA ratio)	13.18 %	13.13 %	12.56 %
Tangible common equity (TCE) ratio¹	8.34	8.29	7.75
Common equity tier 1 (CET1) ratio	12.21	12.38	11.95
Total risk-based capital ratio	14.59	14.61	14.43
other data
Net interest margin (FTE)	2.95 %	2.87 %	2.66 %
Loan yield (FTE)	6.20	6.32	6.24
Cost of deposits	2.44	2.60	2.75
Loan to deposit ratio	78.83	77.70	76.06
Borrowed funds to total liabilities	5.59	4.92	5.42

Simmons First National Corporation (NASDAQ: SFNC) (Simmons or Company) today reported net income of $32.4 million for the first quarter of 2025, compared to $48.3 million in the fourth quarter of 2024 and $38.9 million in the first quarter of 2024. Diluted earnings per share were $0.26 for the first quarter of 2025, compared to $0.38 in the fourth quarter of 2024 and $0.31 in the first quarter of 2024. Adjusted earnings¹ for the first quarter of 2025 were $33.1 million, compared to $49.6 million in the fourth quarter of 2024 and $40.4 million in the first quarter of 2024. Adjusted diluted earnings per share¹ for the first quarter of 2025 were $0.26, compared to $0.39 in the fourth quarter of 2024 and $0.32 in the first quarter of 2024.

The table below summarizes the impact of certain items, consisting primarily of branch right sizing, early retirement and FDIC special assessments. They are also described in further detail in the “Reconciliation of Non-GAAP Financial Measures” tables contained in this press release.

Impact of Certain Items on Earnings and Diluted EPS

$ in millions, except per share data	1Q25	4Q24	1Q24
Net income	$ 32.4	$ 48.3	$ 38.9

Branch right sizing, net	1.0	1.6	0.2
Early retirement program	–	0.2	0.2
FDIC special assessment	–	–	1.6
Total pre-tax impact	1.0	1.8	2.0
Tax effect²	(0.3)	(0.5)	(0.5)
Total impact on earnings	0.7	1.3	1.5
Adjusted earnings¹	$ 33.1	$ 49.6	$ 40.4

Diluted EPS	$ 0.26	$ 0.38	$ 0.31

Branch right sizing, net	–	0.01	–
Early retirement program	–	–	–
FDIC special assessment	–	–	0.01
Total pre-tax impact	–	0.01	0.01
Tax effect²	–	–	–
Total impact on earnings	–	0.01	0.01
Adjusted Diluted EPS¹	$ 0.26	$ 0.39	$ 0.32

At the end of the first quarter of 2025, two specific credit relationships totaling $49.8 million migrated to nonperforming. The first credit relationship totaling $26.9 million relates to a downtown St. Louis hotel that was originated pre-pandemic and has been on our classified list since April of 2021. This is the only credit relationship within our portfolio located in downtown St. Louis. While the property securing the relationship remains in operation and we believe is entering a stronger season of the year, the borrower experienced seasonal stress during the first quarter of 2025 combined with harsher than usual winter conditions. As a result, we raised our specific reserve level to 63 percent of principal, which we expect to adequately cover any potential loss beyond the combined value of collateral and recourse.

The second credit relationship totaling $22.9 million relating to a fast-food operator primarily resulted from our latest acquisition and has been on our classified list since June of 2024 due to sector-related headwinds and global cash flow concerns with the borrower. While such loan was current on interest as of March 31, 2025, the migration to nonperforming was due, in part, to the fact that we identified a large customer deposit fraud during the first quarter of 2025 that concerned entities affiliated with the borrower (the “Fraud Event”). (Accordingly, total noninterest expense during the first quarter of 2025 included a charge of $4.3 million associated with the Fraud Event.) The specific reserve on this relationship was raised to 61 percent of principal, which we expect to adequately cover any potential loss beyond the combined value of collateral and recourse. In total, the incremental provision expense associated with these two specific credit relationships accounted for $15.6 million of the total $26.8 million of provision for credit losses on loans recorded during the first quarter of 2025.

Net Interest Income
Net interest income for the first quarter of 2025 totaled $163.4 million, compared to $164.9 million in the fourth quarter of 2024 and $151.9 million in the first quarter of 2024. Interest income totaled $307.8 million for the first quarter of 2025, compared to $326.0 million in the fourth quarter of 2024 and $322.6 million in the first quarter of 2024. The decrease in interest income on a linked quarter basis was primarily driven by interest rate cuts at the end of 2024 and the corresponding decline in earning asset yields, lower day count in the comparable quarters and a reduction in swap income given the reduction in interest rates. Interest expense totaled $144.4 million for the first quarter of 2025, compared to $161.0 million in the fourth quarter of 2024 and $170.7 million in the first quarter of 2024. The decrease in interest expense reflected a lower interest rate environment, management’s efforts to proactively manage deposit costs and a reduction in the use of wholesale funding. Included in net interest income is accretion recognized on acquisition related loans, which totaled $1.1 million in the first quarter of 2025, $1.9 million in the fourth quarter of 2024 and $1.1 million in the first quarter of 2024.

The yield on loans on a fully taxable equivalent (FTE) basis for the first quarter of 2025 was 6.20 percent, down 12 basis points from 6.32 percent for the fourth quarter of 2024 and down 4 basis points from 6.24 percent in the first quarter of 2024. Cost of deposits for the first quarter of 2025 was 2.44 percent, down 16 basis points from 2.60 percent in the fourth quarter of 2024 and 31 basis points from 2.75 percent in the first quarter of 2024. The net interest margin on an FTE basis for the first quarter of 2025 was 2.95 percent, up 8 basis points from 2.87 percent in the third quarter of 2024 and up 29 basis points from 2.66 percent in the first quarter of 2024. This marked the fourth consecutive quarter of net interest margin expansion. The increase in net interest margin on a linked quarter basis was primarily due to lower deposits costs, as well as the reduced rate and use of wholesale funding that more than offset a decline on the yield and volume of earning assets.

Select Yield/Rates	1Q25	4Q24	3Q24	2Q24	1Q24
Loan yield (FTE)²	6.20 %	6.32 %	6.44 %	6.39 %	6.24 %
Investment securities yield (FTE)²	3.48	3.54	3.63	3.68	3.76
Cost of interest bearing deposits	3.05	3.28	3.52	3.53	3.48
Cost of deposits	2.44	2.60	2.79	2.79	2.75
Cost of borrowed funds	5.09	5.32	5.79	5.84	5.85
Net interest spread (FTE)²	2.30	2.15	1.95	1.92	1.89
Net interest margin (FTE)²	2.95	2.87	2.74	2.69	2.66

Noninterest Income
Noninterest income for the first quarter of 2025 was $46.2 million, compared to $43.6 million in the fourth quarter of 2024 and $43.2 million in the first quarter of 2024. The increase in noninterest income on a linked quarter basis was primarily due to increased swap fee income and fair value adjustments on Small Business Investment Company (SBIC) investments, which are included in “Other income” in the table below. The increase in noninterest income on a year-over-year basis was primarily due to increased swap fee income, coupled with increases in wealth management fees and service charges on deposit accounts.

Noninterest Income $ in millions	1Q25	4Q24	3Q24	2Q24	1Q24
Service charges on deposit accounts	$ 12.6	$ 13.0	$ 12.7	$ 12.3	$ 12.0
Wealth management fees	9.6	9.7	9.1	9.2	8.4
Debit and credit card fees	8.4	8.3	8.1	8.2	8.2
Mortgage lending income	2.0	1.8	2.0	2.0	2.3
Other service charges and fees	1.3	1.4	1.5	1.4	1.3
Bank owned life insurance	4.1	3.8	3.8	3.9	3.8
Gain (loss) on sale of securities	–	–	(28.4)	–	–
Other income	8.0	5.6	8.3	6.4	7.2
Total noninterest income	$ 46.2	$ 43.6	$ 17.1	$ 43.3	$ 43.2

Adjusted noninterest income¹	$ 46.2	$ 43.6	$ 45.5	$43.3	$43.2

Noninterest Expense
Noninterest expense for the first quarter of 2025 was $144.6 million, compared to $141.1 million in the fourth quarter of 2024 and $139.9 million in the first quarter of 2024. Included in noninterest expense are certain items consisting of branch right sizing, early retirement and an FDIC special assessment. Collectively, these items totaled $1.0 million in the first quarter of 2025, $1.8 million in the fourth quarter of 2024 and $2.0 million in the first quarter of 2024. Excluding these items (which are described in the “Reconciliation of Non-GAAP Financial Measures” tables below), adjusted noninterest expense¹ was $143.6 million for the first quarter of 2025, $139.3 million in the fourth quarter of 2024 and $137.9 million in the first quarter of 2024. The increase in adjusted noninterest expense on a linked quarter basis reflected increased salaries and benefits primarily due to seasonally higher payroll taxes and the previously mentioned Fraud Event. Excluding the $4.3 million of expenses associated with the Fraud Event, adjusted noninterest expense for the first quarter of 2025 would have been $139.3 million¹, down slightly from fourth quarter 2024 levels.

Noninterest Expense $ in millions	1Q25	4Q24	3Q24	2Q24	1Q24
Salaries and employee benefits	$ 74.8	$ 71.6	$ 69.2	$ 70.7	$ 72.7
Occupancy expense, net	12.7	11.9	12.2	11.9	12.3
Furniture and equipment	5.5	5.7	5.6	5.6	5.1
Deposit insurance	5.4	5.6	5.6	5.4	5.5
Other real estate and foreclosure expense	0.2	0.3	0.1	0.1	0.2
FDIC special assessment	–	–	–	0.3	1.6
Other operating expenses	46.1	46.1	44.5	45.4	42.5
Total noninterest expense	$144.6	$141.1	$137.2	$139.4	$139.9

Adjusted salaries and employee benefits¹	$ 74.8	$ 71.4	$ 69.2	$ 70.6	$ 72.4
Adjusted other operating expenses¹	45.9	44.7	44.4	44.3	42.4
Adjusted noninterest expense¹	143.6	139.3	136.8	137.8	137.9
Efficiency ratio	66.94 %	65.66 %	75.70 %	68.38 %	69.41 %
Adjusted efficiency ratio¹	64.75	62.89	63.38	65.68	66.42
Full-time equivalent employees	2,949	2,946	2,972	2,961	2,989
Number of financial centers	222	222	234	234	233

Loans and Unfunded Loan Commitments
Total loans at the end of the first quarter of 2025 were $17.1 billion, compared to $17.0 billion at the end of both the fourth quarter of 2024 and the first quarter of 2024. The increase in total loans on a linked quarter basis was primarily due to growth in the commercial real estate, mortgage warehouse and agricultural portfolios. Unfunded loan commitments at the end of the first quarter of 2025 were $3.9 billion, up $149 million, or 4 percent, from fourth quarter 2024 levels. The commercial loan pipeline totaled $1.8 billion at the end of the first quarter of 2025, up 43 percent compared to the fourth quarter of 2024, and ready to close commercial loans totaled $757 million, marking the third consecutive quarterly increase in both metrics.

Loans and Unfunded Loan Commitments

$ in millions

1Q25

4Q24

3Q24

2Q24

1Q24

Total loans

$17,094

$17,006

$17,336

$17,192

$17,002

Unfunded loan commitments

3,888

3,739

3,681

3,746

3,875

Deposits and Other Borrowings
Total deposits at the end of the first quarter of 2025 were $21.7 billion, compared to $21.9 billion at the end of the fourth quarter of 2024 and $22.4 billion at the end of the first quarter of 2024. The decrease in total deposits on a linked quarter basis was primarily due to a decline in time deposits and brokered deposits, offset in part by an increase in interest bearing transaction accounts (checking, money market and savings accounts, and public funds). Other borrowings totaled $1.3 billion at the end of the first quarter of 2025, compared to $1.1 billion at the end of the fourth quarter of 2024. The increase in other borrowings on a linked quarter was primarily due to an increase in FHLB advances.

Deposits $ in millions	1Q25	4Q24	3Q24	2Q24	1Q24
Noninterest bearing deposits	$ 4,455	$ 4,461	$ 4,522	$ 4,624	$ 4,698
Interest bearing transaction accounts	10,621	10,331	10,038	10,092	10,316
Time deposits	3,695	3,796	4,014	4,185	4,314
Brokered deposits	2,914	3,298	3,361	2,940	3,025
Total deposits	$21,684	$21,886	$21,935	$21,841	$22,353

Noninterest bearing deposits to total deposits	21 %	20 %	21 %	21 %	21 %
Total loans to total deposits	79	78	79	79	76

Asset Quality
Net charge-offs as a percentage of average loans for the first quarter of 2025 were 23 basis points, compared to 27 basis points in the fourth quarter of 2024 and 19 basis points in the first quarter of 2024. Net charge-offs in the first quarter of 2025 included $1.9 million of charge-offs associated with a run-off portfolio consisting of small ticket equipment finance and acquired asset-based lending portfolios (“run-off portfolio”). Net charge-offs from the run-off portfolio accounted for 4 basis points of total net charge-offs during the first quarter of 2025, 6 basis points of total net charge-offs during the fourth quarter of 2024 and 11 basis points of total net charge-offs in the first quarter of 2024.

Total nonperforming loans at the end of the first quarter of 2025 totaled $152.3 million, compared to $110.7 million at the end of the fourth quarter of 2024 and $107.3 million at the end of the first quarter of 2024. The increase in the nonperforming loans on a linked quarter basis and year-over-year basis was primarily due to the two specific credit relationships discussed above that were placed on nonaccrual at the end of the first quarter of 2025. The nonperforming loan coverage ratio ended the first quarter of 2025 at 165 percent, compared to 212 percent at both the end of the fourth quarter of 2024 and the first quarter of 2024. Total nonperforming assets as a percentage of total assets were 61 basis points at the end of the first quarter of 2025, compared to 45 basis points at the end of the fourth quarter of 2024 and 41 basis points at the end of the first quarter of 2024.

Provision for credit losses on loans totaled $26.8 million for the first quarter of 2025, compared to $13.3 million in the fourth quarter of 2024 and $10.2 million in the first quarter of 2024. The increase in provision for credit losses on loans primarily reflected $15.6 million of incremental provision related to the aforementioned two specific credit relationships. The allowance for credit losses on loans at the end of the first quarter of 2025 was $252.2 million, compared to $235.0 million at the end of the fourth quarter of 2024 and $227.4 million at the end of the first quarter of 2024. The allowance for credit losses on loans as a percentage of total loans was 1.48 percent at the end of the first quarter of 2025, compared to 1.38 percent at the end of the fourth quarter of 2024 and 1.34 percent at the end of the first quarter of 2024.

Asset Quality $ in millions	1Q25	4Q24	3Q24	2Q24	1Q24
Allowance for credit losses on loans to total loans	1.48 %	1.38 %	1.35 %	1.34 %	1.34 %
Allowance for credit losses on loans to nonperforming loans	165	212	229	223	212
Nonperforming loans to total loans	0.89	0.65	0.59	0.60	0.63
Net charge-off ratio (annualized)	0.23	0.27	0.22	0.19	0.19
Net charge-off ratio YTD (annualized)	0.23	0.22	0.20	0.19	0.19

Total nonperforming loans	$152.3	$110.7	$101.7	$103.4	$107.3
Total other nonperforming assets	10.0	10.5	2.6	3.4	5.0
Total nonperforming assets	$162.3	$121.2	$104.3	$106.8	$112.3

Reserve for unfunded commitments	$25.6	$25.6	$25.6	$25.6	$25.6

Capital
Total stockholders’ equity at the end of the first quarter of 2025 was $3.5 billion, up slightly from the end of the fourth quarter of 2024 and up $92.4 million from $3.4 billion at the end of the first quarter of 2024. The increase on a year-over-year basis was primarily due to an increase of $40.3 million in retained earnings, coupled with a $40.3 million recapture of accumulated other comprehensive income principally associated with the mark-to-market adjustment on AFS investment securities. Book value per share at the end of the first quarter of 2025 was $28.04, compared to $28.08 at the end of the fourth quarter of 2024 and $27.42 at the end of the first quarter of 2024. Tangible book value per share¹ at the end of the first quarter of 2025 was $16.81, compared to $16.80 at the end of the fourth quarter of 2024 and $16.02 at the end of the first quarter of 2024.

Total stockholders’ equity as a percentage of total assets at the end of the first quarter of 2025 was 13.2 percent, compared to 13.1 percent at the end of the fourth quarter of 2024 and 12.6 percent at the end of the first quarter of 2024. Tangible common equity as a percentage of tangible assets¹ at the end of the first quarter of 2025 was 8.3 percent, up slightly from fourth quarter 2024 levels and up from 7.8 percent reported at the end of the first quarter of 2024. Each of the applicable regulatory capital ratios for Simmons and its principal subsidiary, Simmons Bank, continue to significantly exceed “well-capitalized” regulatory guidelines.

Select Capital Ratios	1Q25	4Q24	3Q24	2Q24	1Q24
Stockholders’ equity to total assets	13.2 %	13.1 %	12.9 %	12.6 %	12.6 %
Tangible common equity to tangible assets¹	8.3	8.3	8.2	7.8	7.8
Common equity tier 1 (CET1) ratio	12.2	12.4	12.1	12.0	12.0
Tier 1 leverage ratio	9.8	9.7	9.6	9.5	9.4
Tier 1 risk-based capital ratio	12.2	12.4	12.1	12.0	12.0
Total risk-based capital ratio	14.6	14.6	14.3	14.2	14.4

Share Repurchase Program
During the first quarter of 2025, Simmons did not repurchase shares under its stock repurchase program that was authorized in January 2024 (2024 Program), which replaced its former repurchase program that was authorized in January 2022. Remaining authorization under the 2024 Program as of March 31, 2025, was approximately $175 million. The timing, pricing and amount of any repurchases under the 2024 Program will be determined by Simmons’ management at its discretion based on a variety of factors including, but not limited to, market conditions, trading volume and market price of Simmons’ common stock, Simmons’ capital needs, Simmons’ working capital and investment requirements, other corporate considerations, economic conditions, and legal requirements. The 2024 Program does not obligate Simmons to repurchase any common stock and may be modified, discontinued or suspended at any time without prior notice.


(1)	Non-GAAP measurement. See “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below
(2)	FTE – fully taxable equivalent basis using an effective tax rate of 26.135%

Conference Call
Management will conduct a live conference call to review this information beginning at 7:30 a.m. Central Time on Thursday, April 17, 2025. Interested persons can listen to this call by dialing toll-free 1-844-481-2779 (North America only) and asking for the Simmons First National Corporation conference call, conference ID 10198144. In addition, the call will be available live or in recorded version on Simmons’ website at simmonsbank.com for at least 60 days following the date of the call.

Simmons First National Corporation
Simmons First National Corporation (NASDAQ: SFNC) is a Mid-South based financial holding company that has paid cash dividends to its shareholders for 116 consecutive years. Its principal subsidiary, Simmons Bank, operates 222 branches in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas. Founded in 1903, Simmons Bank offers comprehensive financial solutions delivered with a client-centric approach. In 2024, Simmons Bank was recognized by Newsweek as one of America’s Best Regional Banks 2025, by U.S. News & World Report as one of the 2024-2025 Best Companies to Work For in the South and by Forbes as one of America’s Best-In-State Banks 2024 in Tennessee and America’s Best-In-State Banks 2024 in Missouri. Additional information about Simmons Bank can be found on our website at simmonsbank.com, by following @Simmons_Bank on X (formerly Twitter) or by visiting our newsroom.

Non-GAAP Financial Measures
This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (GAAP). The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance. These measures adjust GAAP performance measures to, among other things, include the tax benefit associated with revenue items that are tax-exempt, as well as exclude from net income (including on a per share diluted basis), pre-tax, pre-provision earnings, net charge-offs, income available to common shareholders, noninterest income, and noninterest expense certain income and expense items attributable to, for example, merger activity (primarily including merger-related expenses), gains and/or losses on sale of branches, net branch right-sizing initiatives, early retirement program, FDIC special assessment charges and expenses related to the Fraud Event.

In addition, the Company also presents certain figures based on tangible common stockholders’ equity, tangible assets and tangible book value, which exclude goodwill and other intangible assets. The Company further presents certain figures that are exclusive of the impact of deposits and/or loans acquired through acquisitions, mortgage warehouse loans, and/or energy loans, or gains and/or losses on the sale of securities, or the aforementioned two specific credit relationships. The Company’s management believes that these non-GAAP financial measures are useful to investors because they, among other things, present the results of the Company’s ongoing operations without the effect of mergers or other items not central to the Company’s ongoing business, as well as normalize for tax effects and certain other effects. Management, therefore, believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s ongoing businesses, and management uses these non-GAAP financial measures to assess the performance of the Company’s ongoing businesses as related to prior financial periods. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.

Forward-Looking Statements
Certain statements in this press release may not be based on historical facts and should be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including, without limitation, statements made in Mr. Makris’s quote, may be identified by reference to future periods or by the use of forward-looking terminology, such as “believe,” “budget,” “expect,” “foresee,” “anticipate,” “intend,” “indicate,” “target,” “estimate,” “plan,” “project,” “continue,” “contemplate,” “positions,” “prospects,” “predict,” or “potential,” by future conditional verbs such as “will,” “would,” “should,” “could,” “might” or “may,” or by variations of such words or by similar expressions. These forward-looking statements include, without limitation, statements relating to Simmons’ future growth, business strategies, lending capacity and lending activity, loan demand, revenue, assets, asset quality, profitability, dividends, net interest margin, non-interest revenue, share repurchase program, acquisition strategy, digital banking initiatives, the Company’s ability to recruit and retain key employees, the adequacy of the allowance for credit losses, future economic conditions and interest rates, and the adequacy of reserve levels for loans. Any forward-looking statement speaks only as of the date of this press release, and Simmons undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this press release. By nature, forward-looking statements are based on various assumptions and involve inherent risk and uncertainties. Various factors, including, but not limited to, changes in economic conditions, changes in credit quality, changes in interest rates and related governmental policies, changes in loan demand, changes in deposit flows, changes in real estate values, changes in the assumptions used in making the forward-looking statements, changes in the securities markets generally or the price of Simmons’ common stock specifically, changes in information technology affecting the financial industry, and changes in customer behaviors, including consumer spending, borrowing, and saving habits; changes in tariff policies; general economic and market conditions; changes in governmental administrations; market disruptions including pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, war and other military conflicts (including the ongoing military conflicts between Russia and Ukraine) or other major events, or the prospect of these events; the soundness of other financial institutions and any indirect exposure related to the closings of other financial institutions and their impact on the broader market through other customers, suppliers and partners, or that the conditions which resulted in the liquidity concerns experienced by closed financial institutions may also adversely impact, directly or indirectly, other financial institutions and market participants with which the Company has commercial or deposit relationships; increased inflation; the loss of key employees; increased competition in the markets in which the Company operates and from non-bank financial institutions; increased unemployment; labor shortages; claims, damages, and fines related to litigation or government actions; changes in accounting principles relating to loan loss recognition (current expected credit losses); fraud that results in material losses or that we have not discovered yet that may result in material losses; the Company’s ability to manage and successfully integrate its mergers and acquisitions and to fully realize cost savings and other benefits associated with acquisitions; increased delinquency and foreclosure rates on commercial real estate loans; significant increases in nonaccrual loan balances; cyber or other information technology threats, attacks or events; reliance on third parties for key services; government legislation; and other factors, many of which are beyond the control of the Company, could cause actual results to differ materially from those projected in or contemplated by the forward-looking statements. In addition, there can be no guarantee that the board of directors (Board) of Simmons will approve a quarterly dividend in future quarters, and the timing, payment, and amount of future dividends (if any) is subject to, among other things, the discretion of the Board and may differ significantly from past dividends. Additional information on factors that might affect the Company’s financial results is included in the Company’s Form 10-K for the year ended December 31, 2024, and other reports that the Company has filed with or furnished to the U.S. Securities and Exchange Commission (the SEC), all of which are available from the SEC on its website, www.sec.gov.

Simmons First National Corporation					SFNC
Consolidated End of Period Balance Sheets
For the Quarters Ended	Mar 31	Dec 31	Sep 30	Jun 30	Mar 31
(Unaudited)	2025	2024	2024	2024	2024
($ in thousands)
ASSETS
Cash and noninterest bearing balances due from banks	$ 423,171	$ 429,705	$ 398,321	$ 320,021	$ 380,324
Interest bearing balances due from banks and federal funds sold	211,115	257,672	205,081	254,312	222,979
Cash and cash equivalents	634,286	687,377	603,402	574,333	603,303
Interest bearing balances due from banks – time	100	100	100	100	100
Investment securities – held-to-maturity	3,615,556	3,636,636	3,658,700	3,685,450	3,707,258
Investment securities – available-for-sale	2,491,849	2,529,426	2,691,094	2,885,904	3,027,558
Mortgage loans held for sale	8,351	11,417	8,270	13,053	11,899
Loans:
Loans	17,094,078	17,005,937	17,336,040	17,192,437	17,001,760
Allowance for credit losses on loans	(252,168)	(235,019)	(233,223)	(230,389)	(227,367)
Net loans	16,841,910	16,770,918	17,102,817	16,962,048	16,774,393
Premises and equipment	573,616	585,431	584,366	581,893	576,466
Foreclosed assets and other real estate owned	8,976	9,270	1,299	2,209	3,511
Interest receivable	117,398	123,243	125,700	126,625	122,781
Bank owned life insurance	535,324	531,805	508,781	505,023	503,348
Goodwill	1,320,799	1,320,799	1,320,799	1,320,799	1,320,799
Other intangible assets	93,714	97,242	101,093	104,943	108,795
Other assets	551,112	572,385	562,983	606,692	611,964
Total assets	$ 26,792,991	$ 26,876,049	$ 27,269,404	$ 27,369,072	$ 27,372,175

LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Noninterest bearing transaction accounts	$ 4,455,255	$ 4,460,517	$ 4,521,715	$ 4,624,186	$ 4,697,539
Interest bearing transaction accounts and savings deposits	11,265,554	10,982,022	10,863,945	10,925,179	11,071,762
Time deposits	5,963,811	6,443,211	6,549,774	6,291,518	6,583,703
Total deposits	21,684,620	21,885,750	21,935,434	21,840,883	22,353,004
Federal funds purchased and securities sold
under agreements to repurchase	50,133	37,109	51,071	52,705	58,760
Other borrowings	884,863	745,372	1,045,878	1,346,378	871,874
Subordinated notes and debentures	366,331	366,293	366,255	366,217	366,179
Accrued interest and other liabilities	275,559	312,653	341,933	304,020	283,232
Total liabilities	23,261,506	23,347,177	23,740,571	23,910,203	23,933,049

Stockholders’ equity:
Common stock	1,259	1,257	1,256	1,255	1,254
Surplus	2,515,372	2,511,590	2,508,438	2,506,469	2,503,673
Undivided profits	1,382,564	1,376,935	1,355,000	1,356,626	1,342,215
Accumulated other comprehensive (loss) income	(367,710)	(360,910)	(335,861)	(405,481)	(408,016)
Total stockholders’ equity	3,531,485	3,528,872	3,528,833	3,458,869	3,439,126
Total liabilities and stockholders’ equity	$ 26,792,991	$ 26,876,049	$ 27,269,404	$ 27,369,072	$ 27,372,175

Simmons First National Corporation					SFNC
Consolidated Statements of Income – Quarter-to-Date
For the Quarters Ended	Mar 31	Dec 31	Sep 30	Jun 30	Mar 31
(Unaudited)	2025	2024	2024	2024	2024
($ in thousands, except per share data)
INTEREST INCOME
Loans (including fees)	$ 257,755	$ 272,727	$ 277,939	$ 270,937	$ 261,490
Interest bearing balances due from banks and federal funds sold	2,703	2,913	2,921	2,964	3,010
Investment securities	47,257	50,162	53,220	55,050	58,001
Mortgage loans held for sale	122	180	209	194	148
TOTAL INTEREST INCOME	307,837	325,982	334,289	329,145	322,649
INTEREST EXPENSE
Time deposits	62,559	70,661	73,937	73,946	73,241
Other deposits	67,895	72,369	78,307	79,087	78,692
Federal funds purchased and securities
sold under agreements to repurchase	113	119	138	156	189
Other borrowings	7,714	11,386	17,067	15,025	11,649
Subordinated notes and debentures	6,134	6,505	7,128	7,026	6,972
TOTAL INTEREST EXPENSE	144,415	161,040	176,577	175,240	170,743
NET INTEREST INCOME	163,422	164,942	157,712	153,905	151,906
PROVISION FOR CREDIT LOSSES
Provision for credit losses on loans	26,797	13,332	12,148	11,099	10,206
TOTAL PROVISION FOR CREDIT LOSSES	26,797	13,332	12,148	11,099	10,206
NET INTEREST INCOME AFTER PROVISION
FOR CREDIT LOSSES	136,625	151,610	145,564	142,806	141,700
NONINTEREST INCOME
Service charges on deposit accounts	12,635	12,978	12,713	12,252	11,955
Debit and credit card fees	8,446	8,323	8,144	8,162	8,246
Wealth management fees	9,629	9,658	9,098	9,187	8,398
Mortgage lending income	2,013	1,828	1,956	1,973	2,320
Bank owned life insurance income	4,092	3,780	3,757	3,876	3,814
Other service charges and fees (includes insurance income)	1,333	1,426	1,509	1,439	1,279
Gain (loss) on sale of securities	–	–	(28,393)	–	–
Other income	8,007	5,565	8,346	6,410	7,172
TOTAL NONINTEREST INCOME	46,155	43,558	17,130	43,299	43,184
NONINTEREST EXPENSE
Salaries and employee benefits	74,824	71,588	69,167	70,716	72,653
Occupancy expense, net	12,651	11,876	12,216	11,864	12,258
Furniture and equipment expense	5,465	5,671	5,612	5,623	5,141
Other real estate and foreclosure expense	198	317	87	117	179
Deposit insurance	5,391	5,550	5,571	5,682	7,135
Other operating expenses	46,051	46,115	44,540	45,352	42,513
TOTAL NONINTEREST EXPENSE	144,580	141,117	137,193	139,354	139,879
NET INCOME BEFORE INCOME TAXES	38,200	54,051	25,501	46,751	45,005
Provision for income taxes	5,812	5,732	761	5,988	6,134
NET INCOME	$ 32,388	$ 48,319	$ 24,740	$ 40,763	$ 38,871
BASIC EARNINGS PER SHARE	$ 0.26	$ 0.38	$ 0.20	$ 0.32	$ 0.31
DILUTED EARNINGS PER SHARE	$ 0.26	$ 0.38	$ 0.20	$ 0.32	$ 0.31

Simmons First National Corporation					SFNC
Consolidated Risk-Based Capital
For the Quarters Ended	Mar 31	Dec 31	Sep 30	Jun 30	Mar 31
(Unaudited)	2025	2024	2024	2024	2024
($ in thousands)
Tier 1 capital
Stockholders’ equity	$ 3,531,485	$ 3,528,872	$ 3,528,833	$ 3,458,869	$ 3,439,126
CECL transition provision ⁽¹⁾	–	30,873	30,873	30,873	30,873
Disallowed intangible assets, net of deferred tax	(1,381,953)	(1,385,128)	(1,388,549)	(1,391,969)	(1,394,672)
Unrealized loss (gain) on AFS securities	367,710	360,910	335,861	405,481	408,016
Total Tier 1 capital	2,517,242	2,535,527	2,507,018	2,503,254	2,483,343

Tier 2 capital
Subordinated notes and debentures	366,331	366,293	366,255	366,217	366,179
Subordinated debt phase out	(132,000)	(132,000)	(132,000)	(132,000)	(66,000)
Qualifying allowance for loan losses and
reserve for unfunded commitments	257,769	222,313	220,517	217,684	214,660
Total Tier 2 capital	492,100	456,606	454,772	451,901	514,839
Total risk-based capital	$ 3,009,342	$ 2,992,133	$ 2,961,790	$ 2,955,155	$ 2,998,182

Risk weighted assets	$ 20,621,540	$ 20,473,960	$ 20,790,941	$ 20,856,194	$ 20,782,094

Adjusted average assets for leverage ratio	$ 25,619,424	$ 26,037,459	$ 26,198,178	$ 26,371,545	$ 26,312,873

Ratios at end of quarter
Equity to assets	13.18 %	13.13 %	12.94 %	12.64 %	12.56 %
Tangible common equity to tangible assets ⁽²⁾	8.34 %	8.29 %	8.15 %	7.84 %	7.75 %
Common equity Tier 1 ratio (CET1)	12.21 %	12.38 %	12.06 %	12.00 %	11.95 %
Tier 1 leverage ratio	9.83 %	9.74 %	9.57 %	9.49 %	9.44 %
Tier 1 risk-based capital ratio	12.21 %	12.38 %	12.06 %	12.00 %	11.95 %
Total risk-based capital ratio	14.59 %	14.61 %	14.25 %	14.17 %	14.43 %


(1) The Company has elected to use the CECL transition provision allowed for in the year of adopting ASC 326.
(2) Calculations of tangible common equity to tangible assets and the reconciliations to GAAP are included in the schedules accompanying this release.

Simmons First National Corporation					SFNC
Consolidated Investment Securities
For the Quarters Ended	Mar 31	Dec 31	Sep 30	Jun 30	Mar 31
(Unaudited)	2025	2024	2024	2024	2024
($ in thousands)
Investment Securities – End of Period
Held-to-Maturity
U.S. Government agencies	$ 456,545	$ 455,869	$ 455,179	$ 454,488	$ 453,805
Mortgage-backed securities	1,048,170	1,070,032	1,093,070	1,119,741	1,142,352
State and political subdivisions	1,856,905	1,857,177	1,857,283	1,857,409	1,855,642
Other securities	253,936	253,558	253,168	253,812	255,459
Total held-to-maturity (net of credit losses)	3,615,556	3,636,636	3,658,700	3,685,450	3,707,258
Available-for-Sale
U.S. Treasury	$ 699	$ 996	$ 1,290	$ 1,275	$ 1,964
U.S. Government agencies	52,318	54,547	58,397	66,563	69,801
Mortgage-backed securities	1,380,913	1,392,759	1,510,402	1,730,842	1,845,364
State and political subdivisions	832,898	858,182	898,178	864,190	874,849
Other securities	225,021	222,942	222,827	223,034	235,580
Total available-for-sale (net of credit losses)	2,491,849	2,529,426	2,691,094	2,885,904	3,027,558
Total investment securities (net of credit losses)	$ 6,107,405	$ 6,166,062	$ 6,349,794	$ 6,571,354	$ 6,734,816
Fair value – HTM investment securities	$ 2,929,625	$ 2,949,951	$ 3,109,610	$ 3,005,524	$ 3,049,281

Simmons First National Corporation					SFNC
Consolidated Loans
For the Quarters Ended	Mar 31	Dec 31	Sep 30	Jun 30	Mar 31
(Unaudited)	2025	2024	2024	2024	2024
($ in thousands)
Loan Portfolio – End of Period
Consumer:
Credit cards	$ 179,680	$ 181,675	$ 177,696	$ 178,354	$ 182,742
Other consumer	97,198	127,319	113,896	130,278	124,531
Total consumer	276,878	308,994	291,592	308,632	307,273
Real Estate:
Construction	2,778,245	2,789,249	2,796,378	3,056,703	3,331,739
Single-family residential	2,647,451	2,689,946	2,724,648	2,666,201	2,624,738
Other commercial real estate	8,051,304	7,912,336	7,992,437	7,760,266	7,508,049
Total real estate	13,477,000	13,391,531	13,513,463	13,483,170	13,464,526
Commercial:
Commercial	2,372,681	2,434,175	2,467,384	2,484,474	2,499,311
Agricultural	370,923	261,154	314,340	285,181	226,642
Total commercial	2,743,604	2,695,329	2,781,724	2,769,655	2,725,953
Other	596,596	610,083	749,261	630,980	504,008
Total loans	$ 17,094,078	$ 17,005,937	$ 17,336,040	$ 17,192,437	$ 17,001,760

Simmons First National Corporation					SFNC
Consolidated Allowance and Asset Quality
For the Quarters Ended	Mar 31	Dec 31	Sep 30	Jun 30	Mar 31
(Unaudited)	2025	2024	2024	2024	2024
($ in thousands)
Allowance for Credit Losses on Loans
Beginning balance	$ 235,019	$ 233,223	$ 230,389	$ 227,367	$ 225,231

Loans charged off:
Credit cards	1,460	1,629	1,744	1,418	1,646
Other consumer	1,133	505	524	550	732
Real estate	4,425	3,810	159	123	2,857
Commercial	4,243	6,796	8,235	7,243	4,593
Total loans charged off	11,261	12,740	10,662	9,334	9,828

Recoveries of loans previously charged off:
Credit cards	211	391	231	221	248
Other consumer	306	279	275	509	333
Real estate	99	275	403	72	735
Commercial	997	259	439	455	442
Total recoveries	1,613	1,204	1,348	1,257	1,758
Net loans charged off	9,648	11,536	9,314	8,077	8,070
Provision for credit losses on loans	26,797	13,332	12,148	11,099	10,206
Balance, end of quarter	$ 252,168	$ 235,019	$ 233,223	$ 230,389	$ 227,367

Nonperforming assets
Nonperforming loans:
Nonaccrual loans	$ 151,897	$ 110,154	$ 100,865	$ 102,891	$ 105,788
Loans past due 90 days or more	494	603	830	558	1,527
Total nonperforming loans	152,391	110,757	101,695	103,449	107,315
Other nonperforming assets:
Foreclosed assets and other real estate owned	8,976	9,270	1,299	2,209	3,511
Other nonperforming assets	978	1,202	1,311	1,167	1,491
Total other nonperforming assets	9,954	10,472	2,610	3,376	5,002
Total nonperforming assets	$ 162,345	$ 121,229	$ 104,305	$ 106,825	$ 112,317

Ratios
Allowance for credit losses on loans to total loans	1.48 %	1.38 %	1.35 %	1.34 %	1.34 %
Allowance for credit losses to nonperforming loans	165 %	212 %	229 %	223 %	212 %
Nonperforming loans to total loans	0.89 %	0.65 %	0.59 %	0.60 %	0.63 %
Nonperforming assets to total assets	0.61 %	0.45 %	0.38 %	0.39 %	0.41 %
Annualized net charge offs to average loans (QTD)	0.23 %	0.27 %	0.22 %	0.19 %	0.19 %
Annualized net charge offs to average loans (YTD)	0.23 %	0.22 %	0.20 %	0.19 %	0.19 %
Annualized net credit card charge offs to
average credit card loans (QTD)	2.72 %	2.63 %	3.23 %	2.50 %	2.88 %

Simmons First National Corporation									SFNC
Consolidated – Average Balance Sheet and Net Interest Income Analysis
For the Quarters Ended
(Unaudited)
	Three Months Ended Mar 2025			Three Months Ended Dec 2024			Three Months Ended Mar 2024
($ in thousands)	Average Balance	Income/ Expense	Yield/ Rate	Average Balance	Income/ Expense	Yield/ Rate	Average Balance	Income/ Expense	Yield/ Rate
ASSETS
Earning assets:
Interest bearing balances due from banks
and federal funds sold	$ 241,021	$ 2,703	4.55 %	$ 238,731	$ 2,913	4.85 %	$ 211,121	$ 3,010	5.73 %
Investment securities – taxable	3,540,559	31,584	3.62 %	3,633,138	34,459	3.77 %	4,162,455	42,198	4.08 %
Investment securities – non-taxable (FTE)	2,608,070	21,217	3.30 %	2,633,148	21,260	3.21 %	2,635,368	21,301	3.25 %
Mortgage loans held for sale	8,142	122	6.08 %	10,713	180	6.68 %	9,048	148	6.58 %
Loans – including fees (FTE)	16,920,050	258,625	6.20 %	17,212,034	273,594	6.32 %	16,900,496	262,414	6.24 %
Total interest earning assets (FTE)	23,317,842	314,251	5.47 %	23,727,764	332,406	5.57 %	23,918,488	329,071	5.53 %
Non-earning assets	3,360,786			3,351,179			3,340,911
Total assets	$ 26,678,628			$ 27,078,943			$ 27,259,399

LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest bearing liabilities:
Interest bearing transaction and
savings accounts	$ 11,177,550	$ 67,895	2.46 %	$ 10,967,450	$ 72,369	2.63 %	$ 11,132,396	$ 78,692	2.84 %
Time deposits	6,160,429	62,559	4.12 %	6,397,251	70,661	4.39 %	6,448,014	73,241	4.57 %
Total interest bearing deposits	17,337,979	130,454	3.05 %	17,364,701	143,030	3.28 %	17,580,410	151,933	3.48 %
Federal funds purchased and securities
sold under agreement to repurchase	39,797	113	1.15 %	47,314	119	1.00 %	54,160	189	1.40 %
Other borrowings	706,402	7,714	4.43 %	932,366	11,386	4.86 %	873,278	11,649	5.37 %
Subordinated notes and debentures	366,312	6,134	6.79 %	366,274	6,505	7.07 %	366,160	6,972	7.66 %
Total interest bearing liabilities	18,450,490	144,415	3.17 %	18,710,655	161,040	3.42 %	18,874,008	170,743	3.64 %
Noninterest bearing liabilities:
Noninterest bearing deposits	4,342,948			4,491,361			4,654,179
Other liabilities	320,721			333,781			284,191
Total liabilities	23,114,159			23,535,797			23,812,378
Stockholders’ equity	3,564,469			3,543,146			3,447,021
Total liabilities and stockholders’ equity	$ 26,678,628			$ 27,078,943			$ 27,259,399
Net interest income (FTE)		$ 169,836			$ 171,366			$ 158,328
Net interest spread (FTE)			2.30 %			2.15 %			1.89 %
Net interest margin (FTE)			2.95 %			2.87 %			2.66 %

Simmons First National Corporation					SFNC
Consolidated – Selected Financial Data
For the Quarters Ended	Mar 31	Dec 31	Sep 30	Jun 30	Mar 31
(Unaudited)	2025	2024	2024	2024	2024
($ in thousands, except share data)
QUARTER-TO-DATE
Financial Highlights – As Reported
Net Income	$ 32,388	$ 48,319	$ 24,740	$ 40,763	$ 38,871
Diluted earnings per share	0.26	0.38	0.20	0.32	0.31
Return on average assets	0.49 %	0.71 %	0.36 %	0.60 %	0.57 %
Return on average common equity	3.69 %	5.43 %	2.81 %	4.75 %	4.54 %
Return on tangible common equity (non-GAAP) ⁽¹⁾	6.61 %	9.59 %	5.27 %	8.67 %	8.33 %
Net interest margin (FTE)	2.95 %	2.87 %	2.74 %	2.69 %	2.66 %
Efficiency ratio ⁽²⁾	66.94 %	65.66 %	75.70 %	68.38 %	69.41 %
FTE adjustment	6,414	6,424	6,398	6,576	6,422
Average diluted shares outstanding	126,336,557	126,232,084	125,999,269	125,758,166	125,661,950
Cash dividends declared per common share	0.213	0.210	0.210	0.210	0.210
Accretable yield on acquired loans	1,084	1,863	1,496	1,569	1,123
Financial Highlights – Adjusted (non-GAAP) ⁽¹⁾
Adjusted earnings	$ 33,122	$ 49,634	$ 46,005	$ 41,897	$ 40,351
Adjusted diluted earnings per share	0.26	0.39	0.37	0.33	0.32
Adjusted return on average assets	0.50 %	0.73 %	0.67 %	0.62 %	0.60 %
Adjusted return on average common equity	3.77 %	5.57 %	5.22 %	4.88 %	4.71 %
Adjusted return on tangible common equity	6.75 %	9.83 %	9.34 %	8.89 %	8.62 %
Adjusted efficiency ratio ⁽²⁾	64.75 %	62.89 %	63.38 %	65.68 %	66.42 %
YEAR-TO-DATE
Financial Highlights – GAAP
Net Income	$ 32,388	$ 152,693	$ 104,374	$ 79,634	$ 38,871
Diluted earnings per share	0.26	1.21	0.83	0.63	0.31
Return on average assets	0.49 %	0.56 %	0.51 %	0.59 %	0.57 %
Return on average common equity	3.69 %	4.38 %	4.02 %	4.64 %	4.54 %
Return on tangible common equity (non-GAAP) ⁽¹⁾	6.61 %	7.96 %	7.39 %	8.50 %	8.33 %
Net interest margin (FTE)	2.95 %	2.74 %	2.70 %	2.68 %	2.66 %
Efficiency ratio ⁽²⁾	66.94 %	69.57 %	71.00 %	68.90 %	69.41 %
FTE adjustment	6,414	25,820	19,396	12,998	6,422
Average diluted shares outstanding	126,336,557	126,115,606	125,910,260	125,693,536	125,661,950
Cash dividends declared per common share	0.213	0.840	0.630	0.420	0.210
Financial Highlights – Adjusted (non-GAAP) ⁽¹⁾
Adjusted earnings	$ 33,122	$ 177,887	$ 128,253	$ 82,248	$ 40,351
Adjusted diluted earnings per share	0.26	1.41	1.02	0.65	0.32
Adjusted return on average assets	0.50 %	0.65 %	0.63 %	0.61 %	0.60 %
Adjusted return on average common equity	3.77 %	5.10 %	4.94 %	4.80 %	4.71 %
Adjusted return on tangible common equity	6.75 %	9.18 %	8.96 %	8.76 %	8.62 %
Adjusted efficiency ratio ⁽²⁾	64.75 %	64.56 %	65.14 %	66.05 %	66.42 %
END OF PERIOD
Book value per share	$ 28.04	$ 28.08	$ 28.11	$ 27.56	$ 27.42
Tangible book value per share	16.81	16.80	16.78	16.20	16.02
Shares outstanding	125,926,822	125,651,540	125,554,598	125,487,520	125,419,618
Full-time equivalent employees	2,949	2,946	2,972	2,961	2,989
Total number of financial centers	222	222	234	234	233


(1) Non-GAAP measurement that management believes aids in the understanding and discussion of results. Reconciliations to GAAP are included in the schedules accompanying this release.
(2) Efficiency ratio is noninterest expense as a percent of net interest income (fully taxable equivalent) and noninterest revenues. Adjusted efficiency ratio is noninterest expense before foreclosed property expense, amortization of intangibles and certain adjusting items as a percent of net interest income (fully taxable equivalent) and noninterest revenues, excluding gains and losses from securities transactions and certain adjusting items, and is a non-GAAP measurement.

Simmons First National Corporation					SFNC
Reconciliation Of Non-GAAP Financial Measures – Adjusted Earnings – Quarter-to-Date
For the Quarters Ended	Mar 31	Dec 31	Sep 30	Jun 30	Mar 31
(Unaudited)	2025	2024	2024	2024	2024
(in thousands, except per share data)
QUARTER-TO-DATE
Net income	$ 32,388	$ 48,319	$ 24,740	$ 40,763	$ 38,871
Certain items (non-GAAP)
FDIC Deposit Insurance special assessment	–	–	–	283	1,549
Early retirement program	–	200	(1)	118	219
Termination of vendor and software services	–	–	(13)	615	–
Loss (gain) on sale of securities	–	–	28,393	–	–
Branch right sizing (net)	994	1,581	410	519	236
Tax effect of certain items ⁽¹⁾	(260)	(466)	(7,524)	(401)	(524)
Certain items, net of tax	734	1,315	21,265	1,134	1,480
Adjusted earnings (non-GAAP)	$ 33,122	$ 49,634	$ 46,005	$ 41,897	$ 40,351

Diluted earnings per share	$ 0.26	$ 0.38	$ 0.20	$ 0.32	$ 0.31
Certain items (non-GAAP)
FDIC Deposit Insurance special assessment	–	–	–	–	0.01
Early retirement program	–	–	–	–	–
Termination of vendor and software services	–	–	–	0.01	–
Loss (gain) on sale of securities	–	–	0.23	–	–
Branch right sizing (net)	–	0.01	–	–	–
Tax effect of certain items ⁽¹⁾	–	–	(0.06)	–	–
Certain items, net of tax	–	0.01	0.17	0.01	0.01
Adjusted diluted earnings per share (non-GAAP)	$ 0.26	$ 0.39	$ 0.37	$ 0.33	$ 0.32

(1) Effective tax rate of 26.135%.

Reconciliation of Certain Noninterest Income and Expense Items (non-GAAP)

QUARTER-TO-DATE
Noninterest income	$ 46,155	$ 43,558	$ 17,130	$ 43,299	$ 43,184
Certain noninterest income items
Loss (gain) on sale of securities	–	–	28,393	–	–
Adjusted noninterest income (non-GAAP)	$ 46,155	$ 43,558	$ 45,523	$ 43,299	$ 43,184

Noninterest expense	$ 144,580	$ 141,117	$ 137,193	$ 139,354	$ 139,879
Certain noninterest expense items
Early retirement program	–	(200)	1	(118)	(219)
FDIC Deposit Insurance special assessment	–	–	–	(283)	(1,549)
Termination of vendor and software services	–	–	13	(615)	–
Branch right sizing expense	(994)	(1,581)	(410)	(519)	(236)
Adjusted noninterest expense (non-GAAP)	143,586	139,336	136,797	137,819	137,875
Less: Fraud event	(4,300)	–	–	–	–
Adjusted noninterest expense, excluding fraud event (non-GAAP)	$ 139,286	$ 139,336	$ 136,797	$ 137,819	$ 137,875

Salaries and employee benefits	$ 74,824	$ 71,588	$ 69,167	$ 70,716	$ 72,653
Certain salaries and employee benefits items
Early retirement program	–	(200)	1	(118)	(219)
Other	–	–	(1)	1	–
Adjusted salaries and employee benefits (non-GAAP)	$ 74,824	$ 71,388	$ 69,167	$ 70,599	$ 72,434

Other operating expenses	$ 46,051	$ 46,115	$ 44,540	$ 45,352	$ 42,513
Certain other operating expenses items
Termination of vendor and software services	–	–	13	(615)	–
Branch right sizing expense	(161)	(1,457)	(184)	(392)	(83)
Adjusted other operating expenses (non-GAAP)	$ 45,890	$ 44,658	$ 44,369	$ 44,345	$ 42,430

Simmons First National Corporation					SFNC
Reconciliation Of Non-GAAP Financial Measures – Adjusted Earnings – Year-to-Date
For the Quarters Ended	Mar 31	Dec 31	Sep 30	Jun 30	Mar 31
(Unaudited)	2025	2024	2024	2024	2024
(in thousands, except per share data)
YEAR-TO-DATE
Net income	$ 32,388	$ 152,693	$ 104,374	$ 79,634	$ 38,871
Certain items (non-GAAP)
FDIC Deposit Insurance special assessment	–	1,832	1,832	1,832	1,549
Early retirement program	–	536	336	337	219
Termination of vendor and software services	–	602	602	615	–
Loss (gain) on sale of securities	–	28,393	28,393	–	–
Branch right sizing (net)	994	2,746	1,165	755	236
Tax effect of certain items ⁽¹⁾	(260)	(8,915)	(8,449)	(925)	(524)
Certain items, net of tax	734	25,194	23,879	2,614	1,480
Adjusted earnings (non-GAAP)	$ 33,122	$ 177,887	$ 128,253	$ 82,248	$ 40,351

Diluted earnings per share	$ 0.26	$ 1.21	$ 0.83	$ 0.63	$ 0.31
Certain items (non-GAAP)
FDIC Deposit Insurance special assessment	–	0.02	0.02	0.02	0.01
Early retirement program	–	–	–	–	–
Termination of vendor and software services	–	–	–	–	–
Loss (gain) on sale of securities	–	0.23	0.23	–	–
Branch right sizing (net)	–	0.02	0.01	0.01	–
Tax effect of certain items ⁽¹⁾	–	(0.07)	(0.07)	(0.01)	–
Certain items, net of tax	–	0.20	0.19	0.02	0.01
Adjusted diluted earnings per share (non-GAAP)	$ 0.26	$ 1.41	$ 1.02	$ 0.65	$ 0.32

(1) Effective tax rate of 26.135%.

Reconciliation of Certain Noninterest Income and Expense Items (non-GAAP)

YEAR-TO-DATE
Noninterest income	$ 46,155	$ 147,171	$ 103,613	$ 86,483	$ 43,184
Certain noninterest income items
Loss (gain) on sale of securities	–	28,393	28,393	–	–
Adjusted noninterest income (non-GAAP)	$ 46,155	$ 175,564	$ 132,006	$ 86,483	$ 43,184

Noninterest expense	$ 144,580	$ 557,543	$ 416,426	$ 279,233	$ 139,879
Certain noninterest expense items
Early retirement program	–	(536)	(336)	(337)	(219)
FDIC Deposit Insurance special assessment	–	(1,832)	(1,832)	(1,832)	(1,549)
Termination of vendor and software services	–	(602)	(602)	(615)	–
Branch right sizing expense	(994)	(2,746)	(1,165)	(755)	(236)
Adjusted noninterest expense (non-GAAP)	143,586	551,827	412,491	275,694	137,875
Less: Fraud event	(4,300)	–	–	–	–
Adjusted noninterest expense, excluding fraud event (non-GAAP)	$ 139,286	$ 551,827	$ 412,491	$ 275,694	$ 137,875

Salaries and employee benefits	$ 74,824	$ 284,124	$ 212,536	$ 143,369	$ 72,653
Certain salaries and employee benefits items
Early retirement program	–	(536)	(336)	(337)	(219)
Other	–	–	–	1	–
Adjusted salaries and employee benefits (non-GAAP)	$ 74,824	$ 283,588	$ 212,200	$ 143,033	$ 72,434

Other operating expenses	$ 46,051	$ 178,520	$ 132,405	$ 87,865	$ 42,513
Certain other operating expenses items
Termination of vendor and software services	–	(602)	(602)	(615)	–
Branch right sizing expense	(161)	(2,116)	(659)	(475)	(83)
Adjusted other operating expenses (non-GAAP)	$ 45,890	$ 175,802	$ 131,144	$ 86,775	$ 42,430

Simmons First National Corporation					SFNC
Reconciliation Of Non-GAAP Financial Measures – End of Period
For the Quarters Ended	Mar 31	Dec 31	Sep 30	Jun 30	Mar 31
(Unaudited)	2025	2024	2024	2024	2024
($ in thousands, except per share data)

Calculation of Tangible Common Equity and the Ratio of Tangible Common Equity to Tangible Assets

Total common stockholders’ equity	$ 3,531,485	$ 3,528,872	$ 3,528,833	$ 3,458,869	$ 3,439,126
Intangible assets:
Goodwill	(1,320,799)	(1,320,799)	(1,320,799)	(1,320,799)	(1,320,799)
Other intangible assets	(93,714)	(97,242)	(101,093)	(104,943)	(108,795)
Total intangibles	(1,414,513)	(1,418,041)	(1,421,892)	(1,425,742)	(1,429,594)
Tangible common stockholders’ equity	$ 2,116,972	$ 2,110,831	$ 2,106,941	$ 2,033,127	$ 2,009,532

Total assets	$ 26,792,991	$ 26,876,049	$ 27,269,404	$ 27,369,072	$ 27,372,175
Intangible assets:
Goodwill	(1,320,799)	(1,320,799)	(1,320,799)	(1,320,799)	(1,320,799)
Other intangible assets	(93,714)	(97,242)	(101,093)	(104,943)	(108,795)
Total intangibles	(1,414,513)	(1,418,041)	(1,421,892)	(1,425,742)	(1,429,594)
Tangible assets	$ 25,378,478	$ 25,458,008	$ 25,847,512	$ 25,943,330	$ 25,942,581

Ratio of common equity to assets	13.18 %	13.13 %	12.94 %	12.64 %	12.56 %
Ratio of tangible common equity to tangible assets	8.34 %	8.29 %	8.15 %	7.84 %	7.75 %

Calculation of Tangible Book Value per Share

Total common stockholders’ equity	$ 3,531,485	$ 3,528,872	$ 3,528,833	$ 3,458,869	$ 3,439,126
Intangible assets:
Goodwill	(1,320,799)	(1,320,799)	(1,320,799)	(1,320,799)	(1,320,799)
Other intangible assets	(93,714)	(97,242)	(101,093)	(104,943)	(108,795)
Total intangibles	(1,414,513)	(1,418,041)	(1,421,892)	(1,425,742)	(1,429,594)
Tangible common stockholders’ equity	$ 2,116,972	$ 2,110,831	$ 2,106,941	$ 2,033,127	$ 2,009,532
Shares of common stock outstanding	125,926,822	125,651,540	125,554,598	125,487,520	125,419,618
Book value per common share	$ 28.04	$ 28.08	$ 28.11	$ 27.56	$ 27.42
Tangible book value per common share	$ 16.81	$ 16.80	$ 16.78	$ 16.20	$ 16.02

Calculation of Coverage Ratio of Uninsured, Non-Collateralized Deposits

Uninsured deposits at Simmons Bank	$ 8,614,833	$ 8,467,291	$ 8,355,496	$ 8,186,903	$ 8,413,514
Less: Collateralized deposits (excluding portion that is FDIC insured)	3,005,328	2,790,339	2,710,167	2,835,424	2,995,241
Less: Intercompany eliminations	1,073,500	1,045,734	986,626	943,979	775,461
Total uninsured, non-collateralized deposits	$ 4,536,005	$ 4,631,218	$ 4,658,703	$ 4,407,500	$ 4,642,812

FHLB borrowing availability	$ 4,432,000	$ 4,716,000	$ 4,955,000	$ 4,910,000	$ 5,326,000
Unpledged securities	4,197,000	4,103,000	4,110,000	4,145,000	4,122,000
Fed funds lines, Fed discount window and
Bank Term Funding Program ⁽¹⁾	1,780,000	2,081,000	2,109,000	2,065,000	2,009,000
Additional liquidity sources	$ 10,409,000	$ 10,900,000	$ 11,174,000	$ 11,120,000	$ 11,457,000

Uninsured, non-collateralized deposit coverage ratio	2.3	2.4	2.4	2.5	2.5

(1) The Bank Term Funding Program closed for new loans on March 11, 2024. At no time did Simmons borrow funds under this program.

Calculation of Net Charge Off Ratio

Net charge offs	$ 9,648	$ 11,536	$ 9,314	$ 8,077	$ 8,070
Less: Net charge offs from run-off portfolio⁽¹⁾	1,900	2,500	3,500	6,700	4,500
Net charge offs excluding run-off portfolio	$ 7,748	$ 9,036	$ 5,814	$ 1,377	$ 3,570

Average total loans	$ 16,920,050	$ 17,212,034	$ 17,208,162	$ 17,101,799	$ 16,900,496

Annualized net charge offs to average loans (NCO ratio)	0.23 %	0.27 %	0.22 %	0.19 %	0.19 %
NCO ratio, excluding net charge offs associated with run-off
portfolio (annualized)	0.19 %	0.21 %	0.13 %	0.03 %	0.08 %

(1) Run-off portfolio consists of asset based lending and small equipment finance portfolios obtained in acquisitions.

Simmons First National Corporation					SFNC
Reconciliation Of Non-GAAP Financial Measures – Quarter-to-Date
For the Quarters Ended	Mar 31	Dec 31	Sep 30	Jun 30	Mar 31
(Unaudited)	2025	2024	2024	2024	2024
($ in thousands)
Calculation of Adjusted Return on Average Assets

Net income	$ 32,388	$ 48,319	$ 24,740	$ 40,763	$ 38,871
Certain items (non-GAAP)
FDIC Deposit Insurance special assessment	–	–	–	283	1,549
Early retirement program	–	200	(1)	118	219
Termination of vendor and software services	–	–	(13)	615	–
Loss (gain) on sale of securities	–	–	28,393	–	–
Branch right sizing (net)	994	1,581	410	519	236
Tax effect of certain items ⁽²⁾	(260)	(466)	(7,524)	(401)	(524)
Adjusted earnings (non-GAAP)	$ 33,122	$ 49,634	$ 46,005	$ 41,897	$ 40,351

Average total assets	$ 26,678,628	$ 27,078,943	$ 27,216,440	$ 27,305,277	$ 27,259,399

Return on average assets	0.49 %	0.71 %	0.36 %	0.60 %	0.57 %
Adjusted return on average assets (non-GAAP)	0.50 %	0.73 %	0.67 %	0.62 %	0.60 %

Calculation of Return on Tangible Common Equity

Net income available to common stockholders	$ 32,388	$ 48,319	$ 24,740	$ 40,763	$ 38,871
Amortization of intangibles, net of taxes	2,605	2,843	2,845	2,845	2,844
Total income available to common stockholders	$ 34,993	$ 51,162	$ 27,585	$ 43,608	$ 41,715
Certain items (non-GAAP)
FDIC Deposit Insurance special assessment	$ –	$ –	$ –	$ 283	$ 1,549
Early retirement program	–	200	(1)	118	219
Termination of vendor and software services	–	–	(13)	615	–
Loss (gain) on sale of securities	–	–	28,393	–	–
Branch right sizing (net)	994	1,581	410	519	236
Tax effect of certain items ⁽²⁾	(260)	(466)	(7,524)	(401)	(524)
Adjusted earnings (non-GAAP)	33,122	49,634	46,005	41,897	40,351
Amortization of intangibles, net of taxes	2,605	2,843	2,845	2,845	2,844
Total adjusted earnings available to common stockholders (non-GAAP)	$ 35,727	$ 52,477	$ 48,850	$ 44,742	$ 43,195

Average common stockholders’ equity	$ 3,564,469	$ 3,543,146	$ 3,505,141	$ 3,451,155	$ 3,447,021
Average intangible assets:
Goodwill	(1,320,799)	(1,320,799)	(1,320,799)	(1,320,799)	(1,320,799)
Other intangibles	(95,787)	(99,405)	(103,438)	(107,173)	(111,023)
Total average intangibles	(1,416,586)	(1,420,204)	(1,424,237)	(1,427,972)	(1,431,822)
Average tangible common stockholders’ equity (non-GAAP)	$ 2,147,883	$ 2,122,942	$ 2,080,904	$ 2,023,183	$ 2,015,199

Return on average common equity	3.69 %	5.43 %	2.81 %	4.75 %	4.54 %
Return on tangible common equity	6.61 %	9.59 %	5.27 %	8.67 %	8.33 %
Adjusted return on average common equity (non-GAAP)	3.77 %	5.57 %	5.22 %	4.88 %	4.71 %
Adjusted return on tangible common equity (non-GAAP)	6.75 %	9.83 %	9.34 %	8.89 %	8.62 %

Calculation of Efficiency Ratio and Adjusted Efficiency Ratio ⁽¹⁾

Noninterest expense (efficiency ratio numerator)	$ 144,580	$ 141,117	$ 137,193	$ 139,354	$ 139,879
Certain noninterest expense items (non-GAAP)
Early retirement program	–	(200)	1	(118)	(219)
FDIC Deposit Insurance special assessment	–	–	–	(283)	(1,549)
Termination of vendor and software services	–	–	13	(615)	–
Branch right sizing expense	(994)	(1,581)	(410)	(519)	(236)
Other real estate and foreclosure expense adjustment	(198)	(317)	(87)	(117)	(179)
Amortization of intangibles adjustment	(3,527)	(3,850)	(3,851)	(3,852)	(3,850)
Adjusted efficiency ratio numerator	$ 139,861	$ 135,169	$ 132,859	$ 133,850	$ 133,846

Net interest income	$ 163,422	$ 164,942	$ 157,712	$ 153,905	$ 151,906
Noninterest income	46,155	43,558	17,130	43,299	43,184
Fully tax-equivalent adjustment (effective tax rate of 26.135%)	6,414	6,424	6,398	6,576	6,422
Efficiency ratio denominator	215,991	214,924	181,240	203,780	201,512
Certain noninterest income items (non-GAAP)
(Gain) loss on sale of securities	–	–	28,393	–	–
Adjusted efficiency ratio denominator	$ 215,991	$ 214,924	$ 209,633	$ 203,780	$ 201,512

Efficiency ratio ⁽¹⁾	66.94 %	65.66 %	75.70 %	68.38 %	69.41 %
Adjusted efficiency ratio (non-GAAP) ⁽¹⁾	64.75 %	62.89 %	63.38 %	65.68 %	66.42 %


(1) Efficiency ratio is noninterest expense as a percent of net interest income (fully taxable equivalent) and noninterest revenues. Adjusted efficiency ratio is noninterest expense before foreclosed property expense, amortization of intangibles and certain adjusting items as a percent of net interest income (fully taxable equivalent) and noninterest revenues, excluding gains and losses from securities transactions and certain adjusting items, and is a non-GAAP measurement.
(2) Effective tax rate of 26.135%.

Simmons First National Corporation					SFNC
Reconciliation Of Non-GAAP Financial Measures – Quarter-to-Date (continued)
For the Quarters Ended	Mar 31	Dec 31	Sep 30	Jun 30	Mar 31
(Unaudited)	2025	2024	2024	2024	2024
($ in thousands)
Calculation of Total Revenue and Adjusted Total Revenue

Net interest income	$ 163,422	$ 164,942	$ 157,712	$ 153,905	$ 151,906
Noninterest income	46,155	43,558	17,130	43,299	43,184
Total revenue	209,577	208,500	174,842	197,204	195,090
Certain items, pre-tax (non-GAAP)
Less: Gain (loss) on sale of securities	–	–	(28,393)	–	–
Adjusted total revenue	$ 209,577	$ 208,500	$ 203,235	$ 197,204	$ 195,090

Calculation of Pre-Provision Net Revenue (PPNR)

Net interest income	$ 163,422	$ 164,942	$ 157,712	$ 153,905	$ 151,906
Noninterest income	46,155	43,558	17,130	43,299	43,184
Total revenue	209,577	208,500	174,842	197,204	195,090
Less: Noninterest expense	144,580	141,117	137,193	139,354	139,879
Pre-Provision Net Revenue (PPNR)	$ 64,997	$ 67,383	$ 37,649	$ 57,850	$ 55,211

Calculation of Adjusted Pre-Provision Net Revenue

Pre-Provision Net Revenue (PPNR)	$ 64,997	$ 67,383	$ 37,649	$ 57,850	$ 55,211
Certain items, pre-tax (non-GAAP)
Plus: Loss (gain) on sale of securities	–	–	28,393	–	–
Plus: FDIC Deposit Insurance special assessment	–	–	–	283	1,549
Plus: Early retirement program costs	–	200	(1)	118	219
Plus: Termination of vendor and software services	–	–	(13)	615	–
Plus: Branch right sizing costs (net)	994	1,581	410	519	236
Adjusted Pre-Provision Net Revenue	$ 65,991	$ 69,164	$ 66,438	$ 59,385	$ 57,215

Simmons First National Corporation					SFNC
Reconciliation Of Non-GAAP Financial Measures – Year-to-Date
For the Quarters Ended	Mar 31	Dec 31	Sep 30	Jun 30	Mar 31
(Unaudited)	2025	2024	2024	2024	2024
($ in thousands)
Calculation of Adjusted Return on Average Assets

Net income	$ 32,388	$ 152,693	$ 104,374	$ 79,634	$ 38,871
Certain items (non-GAAP)
FDIC Deposit Insurance special assessment	–	1,832	1,832	1,832	1,549
Early retirement program	–	536	336	337	219
Termination of vendor and software services	–	602	602	615	–
Loss (gain) on sale of securities	–	28,393	28,393	–	–
Branch right sizing (net)	994	2,746	1,165	755	236
Tax effect of certain items ⁽²⁾	(260)	(8,915)	(8,449)	(925)	(524)
Adjusted earnings (non-GAAP)	$ 33,122	$ 177,887	$ 128,253	$ 82,248	$ 40,351

Average total assets	$ 26,678,628	$ 27,214,647	$ 27,260,212	$ 27,282,338	$ 27,259,399

Return on average assets	0.49 %	0.56 %	0.51 %	0.59 %	0.57 %
Adjusted return on average assets (non-GAAP)	0.50 %	0.65 %	0.63 %	0.61 %	0.60 %

Calculation of Return on Tangible Common Equity

Net income available to common stockholders	$ 32,388	$ 152,693	$ 104,374	$ 79,634	$ 38,871
Amortization of intangibles, net of taxes	2,605	11,377	8,534	5,689	2,844
Total income available to common stockholders	$ 34,993	$ 164,070	$ 112,908	$ 85,323	$ 41,715
Certain items (non-GAAP)
FDIC Deposit Insurance special assessment	$ –	$ 1,832	$ 1,832	$ 1,832	$ 1,549
Early retirement program	–	536	336	337	219
Termination of vendor and software services	–	602	602	615	–
Loss (gain) on sale of securities	–	28,393	28,393	–	–
Branch right sizing (net)	994	2,746	1,165	755	236
Tax effect of certain items ⁽²⁾	(260)	(8,915)	(8,449)	(925)	(524)
Adjusted earnings (non-GAAP)	33,122	177,887	128,253	82,248	40,351
Amortization of intangibles, net of taxes	2,605	11,377	8,534	5,689	2,844
Total adjusted earnings available to common stockholders (non-GAAP)	$ 35,727	$ 189,264	$ 136,787	$ 87,937	$ 43,195

Average common stockholders’ equity	$ 3,564,469	$ 3,486,822	$ 3,467,908	$ 3,449,089	$ 3,447,021
Average intangible assets:
Goodwill	(1,320,799)	(1,320,799)	(1,320,799)	(1,320,799)	(1,320,799)
Other intangibles	(95,787)	(105,239)	(107,197)	(109,098)	(111,023)
Total average intangibles	(1,416,586)	(1,426,038)	(1,427,996)	(1,429,897)	(1,431,822)
Average tangible common stockholders’ equity (non-GAAP)	$ 2,147,883	$ 2,060,784	$ 2,039,912	$ 2,019,192	$ 2,015,199

Return on average common equity	3.69 %	4.38 %	4.02 %	4.64 %	4.54 %
Return on tangible common equity	6.61 %	7.96 %	7.39 %	8.50 %	8.33 %
Adjusted return on average common equity (non-GAAP)	3.77 %	5.10 %	4.94 %	4.80 %	4.71 %
Adjusted return on tangible common equity (non-GAAP)	6.75 %	9.18 %	8.96 %	8.76 %	8.62 %

Calculation of Efficiency Ratio and Adjusted Efficiency Ratio ⁽¹⁾

Noninterest expense (efficiency ratio numerator)	$ 144,580	$ 557,543	$ 416,426	$ 279,233	$ 139,879
Certain noninterest expense items (non-GAAP)
Early retirement program	–	(536)	(336)	(337)	(219)
FDIC Deposit Insurance special assessment	–	(1,832)	(1,832)	(1,832)	(1,549)
Termination of vendor and software services	–	(602)	(602)	(615)	–
Branch right sizing expense	(994)	(2,746)	(1,165)	(755)	(236)
Other real estate and foreclosure expense adjustment	(198)	(700)	(383)	(296)	(179)
Amortization of intangibles adjustment	(3,527)	(15,403)	(11,553)	(7,702)	(3,850)
Adjusted efficiency ratio numerator	$ 139,861	$ 535,724	$ 400,555	$ 267,696	$ 133,846

Net interest income	$ 163,422	$ 628,465	$ 463,523	$ 305,811	$ 151,906
Noninterest income	46,155	147,171	103,613	86,483	43,184
Fully tax-equivalent adjustment (effective tax rate of 26.135%)	6,414	25,820	19,396	12,998	6,422
Efficiency ratio denominator	215,991	801,456	586,532	405,292	201,512
Certain noninterest income items (non-GAAP)
(Gain) loss on sale of securities	–	28,393	28,393	–	–
Adjusted efficiency ratio denominator	$ 215,991	$ 829,849	$ 614,925	$ 405,292	$ 201,512

Efficiency ratio ⁽¹⁾	66.94 %	69.57 %	71.00 %	68.90 %	69.41 %
Adjusted efficiency ratio (non-GAAP) ⁽¹⁾	64.75 %	64.56 %	65.14 %	66.05 %	66.42 %


(1) Efficiency ratio is noninterest expense as a percent of net interest income (fully taxable equivalent) and noninterest revenues. Adjusted efficiency ratio is noninterest expense before foreclosed property expense, amortization of intangibles and certain adjusting items as a percent of net interest income (fully taxable equivalent) and noninterest revenues, excluding gains and losses from securities transactions and certain adjusting items, and is a non-GAAP measurement.
(2) Effective tax rate of 26.135%.

View original content to download multimedia:https://www.prnewswire.com/news-releases/simmons-first-national-corporation-reports-first-quarter-2025-results-302430866.html

SOURCE Simmons First National Corporation

April 16, 2025 5:18 pm

ASHFORD HOSPITALITY TRUST ANNOUNCES PRELIMINARY FIRST QUARTER 2025 RESULTS

PR Newswire

DALLAS
, April 16, 2025 /PRNewswire/ — Ashford Hospitality Trust, Inc. (NYSE: AHT) (“Ashford Trust” or the “Company”) reported today that the Company expects to report Occupancy of approximately 68% for the first quarter of 2025 with Average Daily Rate of approximately $196 resulting in RevPAR of approximately $133. This Comparable RevPAR reflects an approximate increase of 3.2% compared to the first quarter of 2024.

Additionally, for the month of January 2025, Comparable RevPAR increased approximately 3.8% versus January 2024. For the month of February 2025, Comparable RevPAR increased approximately 4.3% versus February 2024. For the month of March 2025, Comparable RevPAR increased approximately 1.9% versus March 2024.

“We are very pleased with our RevPAR performance in the first quarter,” said Stephen Zsigray, President and Chief Executive Officer of Ashford Trust. “We continue to see the benefits of our GRO AHT initiative across both the top and bottom lines. We also continue to make progress with extending and refinancing our loans. While the past few weeks have introduced some uncertainty to industry-wide forecasts, we believe our focus on maximizing revenues and minimizing expenses across our portfolio will help us continue to outperform.”

Ashford Hospitality Trust is a real estate investment trust (REIT) focused on investing predominantly in upper-upscale, full-service hotels.

Forward-Looking Statements

Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the federal securities regulations. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “anticipate,” “estimate,” “approximately,” “believe,” “could,” “project,” “predict,” or other similar words or expressions. Additionally, statements regarding the following subjects are forward-looking by their nature: Our business and investment strategy; anticipated or expected purchases, sales or dispositions of assets; our projected operating results; completion of any pending transactions; our plan to pay off strategic financing; our ability to restructure existing property-level indebtedness; our ability to secure additional financing to enable us to operate our business; our understanding of our competition; projected capital expenditures; and the impact of technology on our operations and business.. Such forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance taking into account all information currently known to us. These beliefs, assumptions, and expectations can change as a result of many potential events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations, plans, and other objectives may vary materially from those expressed in our forward-looking statements. You should carefully consider this risk when you make an investment decision concerning our securities. These and other risk factors are more fully discussed in the Company’s filings with the SEC.

The forward-looking statements included in this press release are only made as of the date of this press release. Investors should not place undue reliance on these forward-looking statements. We will not publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances, changes in expectations or otherwise except to the extent required by law.

View original content:https://www.prnewswire.com/news-releases/ashford-hospitality-trust-announces-preliminary-first-quarter-2025-results-302430867.html

SOURCE Ashford Hospitality Trust, Inc.

April 16, 2025 5:18 pm

Record First Quarter Highlights the Stability of HOMB; Strength Is No Accident

CONWAY, Ark., April 16, 2025 (GLOBE NEWSWIRE) — Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.

Quarterly Highlights
Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024
Net income	$115.2 million	$100.6 million	$100.0 million	$101.5 million	$100.1 million
Net income, as adjusted (non-GAAP)⁽¹⁾	$111.9 million	$99.8 million	$99.0 million	$103.9 million	$99.2 million
Total revenue (net)	$260.1 million	$258.4 million	$258.0 million	$254.6 million	$246.4 million
Income before income taxes	$147.2 million	$129.5 million	$129.1 million	$133.4 million	$130.4 million
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)⁽¹⁾	$147.2 million	$146.2 million	$148.0 million	$141.4 million	$134.9 million
PPNR, as adjusted (non-GAAP)⁽¹⁾	$142.8 million	$145.2 million	$146.6 million	$141.9 million	$133.7 million
Pre-tax net income to total revenue (net)	56.58%	50.11%	50.03%	52.40%	52.92%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)⁽¹⁾	54.91%	49.74%	49.49%	52.59%	52.45%
P5_NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)⁽¹⁾	56.58%	56.57%	57.35%	55.54%	54.75%
P5_NR, as adjusted (non-GAAP)⁽¹⁾	54.91%	56.20%	56.81%	55.73%	54.28%
ROA	2.07%	1.77%	1.74%	1.79%	1.78%
ROA, as adjusted (non-GAAP)⁽¹⁾	2.01%	1.76%	1.72%	1.83%	1.76%
NIM	4.44%	4.39%	4.28%	4.27%	4.13%
Purchase accounting accretion	$1.4 million	$1.6 million	$1.9 million	$1.9 million	$2.8 million
ROE	11.75%	10.13%	10.23%	10.73%	10.64%
ROE, as adjusted (non-GAAP)⁽¹⁾	11.41%	10.05%	10.12%	10.98%	10.54%
ROTCE (non-GAAP)⁽¹⁾	18.39%	15.94%	16.26%	17.29%	17.22%
ROTCE, as adjusted (non-GAAP)⁽¹⁾	17.87%	15.82%	16.09%	17.69%	17.07%
Diluted earnings per share	$0.58	$0.51	$0.50	$0.51	$0.50
Diluted earnings per share, as adjusted (non-GAAP)⁽¹⁾	$0.56	$0.50	$0.50	$0.52	$0.49
Non-performing assets to total assets	0.56%	0.63%	0.63%	0.56%	0.48%
Common equity tier 1 capital	15.4%	15.1%	14.7%	14.4%	14.3%
Leverage	13.3%	13.0%	12.5%	12.3%	12.3%
Tier 1 capital	15.4%	15.1%	14.7%	14.4%	14.3%
Total risk-based capital	19.1%	18.7%	18.3%	18.0%	17.9%
Allowance for credit losses to total loans	1.87%	1.87%	2.11%	2.00%	2.00%
Book value per share	$20.40	$19.92	$19.91	$19.30	$18.98
Tangible book value per share (non-GAAP)⁽¹⁾	13.15	12.68	12.67	12.08	11.79

⁽¹⁾ Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

“This industry boils down to revenue and expenses. The magic is, doing the simple things repeatedly and long enough, creating a compounding effect of success. A record setting first quarter has paved the way for a strong year,” said John Allison, Chairman and CEO of HOMB.

Operating Highlights

Net income for the three-month period ended March 31, 2025 was $115.2 million, or $0.58 diluted earnings per share. Diluted earnings per share of $0.58 was a record for the Company. When adjusting for non-fundamental items, net income and diluted earnings per share on an as-adjusted basis (non-GAAP), were $111.9 million⁽¹⁾ and $0.56 per share⁽¹⁾, respectively, for the three months ended March 31, 2025.

Our net interest margin was 4.44% for the three-month period ended March 31, 2025, compared to 4.39% for the three-month period ended December 31, 2024. The yield on loans was 7.38% and 7.49% for the three months ended March 31, 2025 and December 31, 2024, respectively, as average loans increased from $14.80 billion to $14.89 billion. Additionally, the rate on interest bearing deposits decreased to 2.67% as of March 31, 2025, from 2.80% as of December 31, 2024, while average interest-bearing deposits increased from $12.86 billion to $13.20 billion.

During the first quarter of 2025, there was $1.3 million of event interest income compared to $1.5 million of event interest income for the fourth quarter of 2024. Purchase accounting accretion on acquired loans was $1.4 million and $1.6 million for the three-month periods ended March 31, 2025 and December 31, 2024, respectively, and average purchase accounting loan discounts were $17.5 million and $19.1 million for the three-month periods ended March 31, 2025 and December 31, 2024, respectively.

Net interest income on a fully taxable equivalent basis was $217.2 million for the three-month period ended March 31, 2025, and $219.5 million for the three-month period ended December 31, 2024. This decrease in net interest income for the three-month period ended March 31, 2025, was the result of a $10.0 million decrease in interest income, partially offset by a $7.7 million decrease in interest expense. The $7.7 million decrease in interest expense was due to a $3.8 million decrease in interest expense on deposits and a $3.6 million decrease in FHLB and other borrowed funds resulting from the payoff of the BTFP advance during the fourth quarter of 2024 and the declining interest rate environment. The $10.0 million decrease in interest income was primarily the result of a $7.6 million decrease in loan income, a $1.4 million decrease in investment income and a $965,000 decrease in income from deposits with other banks resulting from the payoff of the BTFP advance and the declining interest rate environment. The overall decrease in interest income and interest expense is primarily due to the declining interest rate environment.

The Company reported $45.4 million of non-interest income for the first quarter of 2025. The most important components of non-interest income were $11.4 million from other income, $10.7 million from other service charges and fees, $9.7 million from service charges on deposit accounts, $4.8 million from trust fees, $3.6 million in mortgage lending income, $2.7 million from dividends from FHLB, FRB, FNBB and other, $1.8 million from the increase in cash value of life insurance and $442,000 from the fair value adjustment for marketable securities. Included within other income was $3.9 million in special income from equity investments.

Non-interest expense for the first quarter of 2025 was $112.9 million. The most important components of non-interest expense were $61.9 million from salaries and employee benefits, $28.1 million in other operating expense, $14.4 million in occupancy and equipment expenses and $8.6 million in data processing expenses. For the first quarter of 2025, our efficiency ratio was 42.22%, and our efficiency ratio, as adjusted (non-GAAP), was 42.84%⁽¹⁾_.

Financial Condition

Total loans receivable were $14.95 billion at March 31, 2025, compared to $14.76 billion at December 31, 2024. Total loans receivable of $14.95 billion were a record for the Company. Total deposits were $17.54 billion at March 31, 2025, compared to $17.15 billion at December 31, 2024. Total assets were $22.99 billion at March 31, 2025, compared to $22.49 billion at December 31, 2024.

During the first quarter of 2025, the Company had a $187.6 million increase in loans. Our community banking footprint experienced $291.5 million in organic loan growth during the quarter ended March 31, 2025, and Centennial CFG experienced $103.9 million of organic loan decline and had loans of $1.71 billion at March 31, 2025.

Non-performing loans to total loans were 0.60% and 0.67% at March 31, 2025 and December 31, 2024, respectively. Non-performing assets to total assets were 0.56% and 0.63% at March 31, 2025 and December 31, 2024, respectively. Net loans recovered were $4.1 million for the three months ended March 31, 2025, and net loans charged-off were $53.4 million for the three months ended December 31, 2024. During the fourth quarter of 2024, the Company completed an asset quality cleanup project which resulted in the significant level of charge-offs. The charge-off detail by region for the quarters ended March 31, 2025 and December 31, 2024 can be seen below.

For the Three Months Ended March 31, 2025
(in thousands)	Texas			Arkansas			Centennial CFG			Shore Premier Finance			Florida			Alabama			Total
Charge-offs	$	444		$	474		$	—		$	53		$	2,479		$	8		$	3,458
Recoveries		(6,514	)		(228	)		(658	)		(3	)		(117	)		(2	)		(7,522	)
Net (recoveries) charge-offs	$	(6,070	)	$	246		$	(658	)	$	50		$	2,362		$	6		$	(4,064	)

For the Three Months Ended December 31, 2024
(in thousands)	Texas			Arkansas			Centennial CFG		Shore Premier Finance			Florida			Alabama			Total
Charge-offs	$	47,774		$	2,108		$	1,973	$	1,457		$	637		$	10		$	53,959
Recoveries		(174	)		(181	)		—		(15	)		(193	)		(2	)		(565	)
Net charge-offs	$	47,600		$	1,927		$	1,973	$	1,442		$	444		$	8		$	53,394

At March 31, 2025, non-performing loans were $89.6 million, and non-performing assets were $129.4 million. At December 31, 2024, non-performing loans were $98.9 million, and non-performing assets were $142.4 million.

The table below shows the non-performing loans and non-performing assets by region as March 31, 2025:

(in thousands)	Texas	Arkansas	Centennial CFG	Shore Premier Finance	Florida	Alabama	Total
Non-accrual loans	23,694	15,214	2,766	5,444	39,108	157	86,383
Loans 90+ days past due	3,264	—	—	—	—	—	3,264
Total non-performing loans	26,958	15,214	2,766	5,444	39,108	157	89,647

Foreclosed assets held for sale	15,357	1,052	22,820	—	451	—	39,680
Other non-performing assets	63	—	—	—	—	—	63
Total other non-performing assets	15,420	1,052	22,820	—	451	—	39,743
Total non-performing assets	42,378	16,266	25,586	5,444	39,559	157	129,390

The table below shows the non-performing loans and non-performing assets by region as December 31, 2024:

(in thousands)	Texas	Arkansas	Centennial CFG	Shore Premier Finance	Florida	Alabama	Total
Non-accrual loans	23,494	18,448	7,390	5,537	38,778	206	93,853
Loans 90+ days past due	4,134	538	—	—	362	—	5,034
Total non-performing loans	27,628	18,986	7,390	5,537	39,140	206	98,887

Foreclosed assets held for sale	13,924	757	22,775	—	5,951	—	43,407
Other non-performing assets	63	—	—	—	—	—	63
Total other non-performing assets	13,987	757	22,775	—	5,951	—	43,470
Total non-performing assets	41,615	19,743	30,165	5,537	45,091	206	142,357

The Company’s allowance for credit losses on loans was $279.9 million at March 31, 2025, or 1.87% of total loans, compared to the allowance for credit losses on loans of $275.9 million, or 1.87% of total loans, at December 31, 2024. As of March 31, 2025 and December 31, 2024, the Company’s allowance for credit losses on loans was 312.27% and 278.99% of its total non-performing loans, respectively. The increase in the allowance for credit losses reflects the net recoveries during the quarter.

Stockholders’ equity was $4.04 billion at March 31, 2025, which increased approximately $81.5 million from December 31, 2024. The net increase in stockholders’ equity is primarily associated with the $76.5 million increase in retained earnings and the $31.6 million decrease in accumulated other comprehensive loss, which was partially offset by the $29.7 million in stock repurchases for the quarter. Book value per common share was $20.40 at March 31, 2025, compared to $19.92 at December 31, 2024. Tangible book value per common share (non-GAAP) was $13.15⁽¹⁾ at March 31, 2025, compared to $12.68⁽¹⁾ at December 31, 2024. Book value per common share and tangible book value per common share, as of March 31, 2025, were both records for the Company.

Branches

The Company currently has 75 branches in Arkansas, 78 branches in Florida, 58 branches in Texas, 5 branches in Alabama and one branch in New York City.

Conference Call

Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 p.m. ET) on Thursday, April 17, 2025. We strongly encourage all participants to pre-register for the conference call webcast or the live call using one of the following links. First, participants can pre-register for the conference call webcast using the following link: h ttps://events.q4inc.com/attendee/447517977. Participants who pre-register will be given a unique webcast link to gain immediate access to the conference call webcast. Second, participants can pre-register for the live call using the following link: https://www.netroadshow.com/events/login?show=a44e9900&confId=79637. Participants who pre-register will be given the phone number and unique access codes to gain immediate access to the live call. Participants may pre-register now, or at any time prior to the call, and will immediately receive simple instructions via email. The Home BancShares conference call will also be scheduled as an event in your Outlook calendar.

Those without internet access or unable to pre-register may dial in and listen to the live call by calling 1-833-470-1428, Passcode: 947933. A replay of the call will be available by calling 1-866-813-9403, Passcode: 685290, which will be available until April 24, 2025, at 11:59 p.m. CT. Internet access to the call will be available live or in recorded version on the Company’s website at www.homebancshares.com.

About Home BancShares

Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, Texas, South Alabama and New York City. The Company’s common stock is traded through the New York Stock Exchange under the symbol “HOMB.” The Company was founded in 1998. Visit www.homebancshares.com or www.my100bank.com for more information.

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles (GAAP). The Company’s management uses these non-GAAP financial measures–including net income (earnings), as adjusted; pre-tax, pre-provision, net income (PPNR); PPNR, as adjusted; pre-tax net income, as adjusted, to total revenue (net); pre-tax, pre-provision, profit percentage; pre-tax, pre-provision, profit percentage, as adjusted; diluted earnings per common share, as adjusted; return on average assets, as adjusted; return on average assets excluding intangible amortization; return on average assets, as adjusted, excluding intangible amortization; return on average common equity, as adjusted; return on average tangible common equity; return on average tangible common equity, as adjusted; return on average tangible common equity excluding intangible amortization; return on average tangible common equity, as adjusted, excluding intangible amortization; efficiency ratio, as adjusted; tangible book value per common share and tangible common equity to tangible assets–to provide meaningful supplemental information regarding our performance. These measures typically adjust GAAP performance measures to include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant items or transactions that management believes are not indicative of the Company’s primary business operating results. Since the presentation of these GAAP performance measures and their impact differ between companies, management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s business. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.

(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

General

This release contains forward-looking statements regarding the Company’s plans, expectations, goals and outlook for the future, including future financial results. Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future events, performance or results. When we use words or phrases like “may,” “plan,” “propose,” “contemplate,” “anticipate,” “believe,” “intend,” “continue,” “expect,” “project,” “predict,” “estimate,” “could,” “should,” “would” and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risks and uncertainties. Various factors could cause actual results to differ materially from those contemplated by the forward-looking statements. These factors include, but are not limited to, the following: economic conditions, credit quality, interest rates, loan demand, real estate values and unemployment, including any future impacts from inflation or changes in tariffs or trade policies; the ability to identify, complete and successfully integrate new acquisitions; the risk that expected cost savings and other benefits from acquisitions may not be fully realized or may take longer to realize than expected; diversion of management time on acquisition-related issues; the availability of and access to capital and liquidity on terms acceptable to us; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations; technological changes and cybersecurity risks and incidents; the effects of changes in accounting policies and practices; changes in governmental monetary and fiscal policies; political instability, military conflicts and other major domestic or international events; the impacts of recent or future adverse weather events, including hurricanes, and other natural disasters; disruptions, uncertainties and related effects on credit quality, liquidity and other aspects of our business and operations that may result from any future public health crises; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; potential increases in deposit insurance assessments, increased regulatory scrutiny or market disruptions resulting from financial challenges in the banking industry; changes in the assumptions used in making the forward-looking statements; and other factors described in reports we file with the Securities and Exchange Commission (the “SEC”), including those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025.

FOR MORE INFORMATION CONTACT:
Donna Townsell
Director of Investor Relations
Home BancShares, Inc.
(501) 328-4625


Home BancShares, Inc.
Consolidated End of Period Balance Sheets
(Unaudited)

(In thousands)	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024
ASSETS
Cash and due from banks	$	319,747		$	281,063		$	265,408		$	229,209		$	205,262
Interest-bearing deposits with other banks		975,983			629,284			752,269			829,507			969,996
Cash and cash equivalents		1,295,730			910,347			1,017,677			1,058,716			1,175,258
Federal funds sold		6,275			3,725			6,425			—			5,200
Investment securities – available-for-sale, net of allowance for credit losses		3,003,320			3,072,639			3,270,620			3,344,539			3,400,884
Investment securities – held-to-maturity, net of allowance for credit losses		1,269,896			1,275,204			1,277,090			1,278,853			1,280,586
Total investment securities		4,273,216			4,347,843			4,547,710			4,623,392			4,681,470
Loans receivable		14,952,116			14,764,500			14,823,979			14,781,457			14,513,673
Allowance for credit losses		(279,944	)		(275,880	)		(312,574	)		(295,856	)		(290,294	)
Loans receivable, net		14,672,172			14,488,620			14,511,405			14,485,601			14,223,379
Bank premises and equipment, net		384,843			386,322			388,776			383,691			389,618
Foreclosed assets held for sale		39,680			43,407			43,040			41,347			30,650
Cash value of life insurance		221,621			219,786			219,353			218,198			215,424
Accrued interest receivable		115,983			120,129			118,871			120,984			119,029
Deferred tax asset, net		170,120			186,697			176,629			195,041			202,882
Goodwill		1,398,253			1,398,253			1,398,253			1,398,253			1,398,253
Core deposit intangible		38,280			40,327			42,395			44,490			46,630
Other assets		376,030			345,292			352,583			350,192			347,928
Total assets	$	22,992,203		$	22,490,748		$	22,823,117		$	22,919,905		$	22,835,721

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Deposits:
Demand and non-interest-bearing	$	4,079,289		$	4,006,115		$	3,937,168		$	4,068,302		$	4,115,603
Savings and interest-bearing transaction accounts		11,586,106			11,347,850			10,966,426			11,150,516			11,047,258
Time deposits		1,876,096			1,792,332			1,802,116			1,736,985			1,703,269
Total deposits		17,541,491			17,146,297			16,705,710			16,955,803			16,866,130
Securities sold under agreements to repurchase		161,401			162,350			179,416			137,996			176,107
FHLB and other borrowed funds		600,500			600,750			1,300,750			1,301,050			1,301,050
Accrued interest payable and other liabilities		207,154			181,080			238,058			230,011			241,345
Subordinated debentures		439,102			439,246			439,394			439,542			439,688
Total liabilities		18,949,648			18,529,723			18,863,328			19,064,402			19,024,320

Stockholders’ equity
Common stock		1,982			1,989			1,989			1,997			2,008
Capital surplus		2,246,312			2,272,794			2,272,100			2,295,893			2,326,824
Retained earnings		2,018,801			1,942,350			1,880,562			1,819,412			1,753,994
Accumulated other comprehensive loss		(224,540	)		(256,108	)		(194,862	)		(261,799	)		(271,425	)
Total stockholders’ equity		4,042,555			3,961,025			3,959,789			3,855,503			3,811,401
Total liabilities and stockholders’ equity	$	22,992,203		$	22,490,748		$	22,823,117		$	22,919,905		$	22,835,721

Home BancShares, Inc.
Consolidated Statements of Income
(Unaudited)

	Quarter Ended															Three Months Ended
(In thousands)	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Mar. 31, 2025			Mar. 31, 2024
Interest income:
Loans	$	270,784		$	278,409		$	281,977		$	274,324		$	265,294		$	270,784		$	265,294
Investment securities
Taxable		27,433			28,943			31,006			32,587			33,229			27,433			33,229
Tax-exempt		7,650			7,704			7,704			7,769			7,803			7,650			7,803
Deposits – other banks		6,620			7,585			12,096			12,564			10,528			6,620			10,528
Federal funds sold		55			73			62			59			61			55			61
Total interest income		312,542			322,714			332,845			327,303			316,915			312,542			316,915
Interest expense:
Interest on deposits		86,786			90,564			97,785			95,741			92,548			86,786			92,548
Federal funds purchased		—			—			1			—			—			—			—
FHLB and other borrowed funds		5,902			9,541			14,383			14,255			14,276			5,902			14,276
Securities sold under agreements to repurchase		1,074			1,346			1,335			1,363			1,404			1,074			1,404
Subordinated debentures		4,124			4,121			4,121			4,122			4,097			4,124			4,097
Total interest expense		97,886			105,572			117,625			115,481			112,325			97,886			112,325
Net interest income		214,656			217,142			215,220			211,822			204,590			214,656			204,590
Provision for credit losses on loans		—			16,700			18,200			8,000			5,500			—			5,500
Provision for (recovery of) credit losses on unfunded commitments		—			—			1,000			—			(1,000	)		—			(1,000	)
(Recovery of) provision for credit losses on investment securities		—			—			(330	)		—			—			—			—
Total credit loss expense		—			16,700			18,870			8,000			4,500			—			4,500
Net interest income after credit loss expense		214,656			200,442			196,350			203,822			200,090			214,656			200,090
Non-interest income:
Service charges on deposit accounts		9,650			9,935			9,888			9,714			9,686			9,650			9,686
Other service charges and fees		10,689			11,651			10,490			10,679			10,189			10,689			10,189
Trust fees		4,760			4,526			4,403			4,722			5,066			4,760			5,066
Mortgage lending income		3,599			3,518			4,437			4,276			3,558			3,599			3,558
Insurance commissions		535			483			595			565			508			535			508
Increase in cash value of life insurance		1,842			1,215			1,161			1,279			1,195			1,842			1,195
Dividends from FHLB, FRB, FNBB & other		2,718			2,820			2,637			2,998			3,007			2,718			3,007
Gain on SBA loans		288			218			145			56			198			288			198
(Loss) gain on branches, equipment and other assets, net		(163	)		26			32			2,052			(8	)		(163	)		(8	)
(Loss) gain on OREO, net		(376	)		(2,423	)		85			49			17			(376	)		17
Fair value adjustment for marketable securities		442			850			1,392			(274	)		1,003			442			1,003
Other income		11,442			8,403			7,514			6,658			7,380			11,442			7,380
Total non-interest income		45,426			41,222			42,779			42,774			41,799			45,426			41,799
Non-interest expense:
Salaries and employee benefits		61,855			60,824			58,861			60,427			60,910			61,855			60,910
Occupancy and equipment		14,425			14,526			14,546			14,408			14,551			14,425			14,551
Data processing expense		8,558			9,324			9,088			8,935			9,147			8,558			9,147
Other operating expenses		28,090			27,536			27,550			29,415			26,888			28,090			26,888
Total non-interest expense		112,928			112,210			110,045			113,185			111,496			112,928			111,496
Income before income taxes		147,154			129,454			129,084			133,411			130,393			147,154			130,393
Income tax expense		31,945			28,890			29,046			31,881			30,284			31,945			30,284
Net income	$	115,209		$	100,564		$	100,038		$	101,530		$	100,109		$	115,209		$	100,109

Home BancShares, Inc.
Selected Financial Information
(Unaudited)

	Quarter Ended															Three Months Ended
(Dollars and shares in thousands, except per share data)	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Mar. 31, 2025			Mar. 31, 2024
PER SHARE DATA
Diluted earnings per common share	$	0.58		$	0.51		$	0.50		$	0.51		$	0.50		$	0.58		$	0.50
Diluted earnings per common share, as adjusted (non-GAAP)⁽¹⁾		0.56			0.50			0.50			0.52			0.49			0.56			0.49
Basic earnings per common share		0.58			0.51			0.50			0.51			0.50			0.58			0.50
Dividends per share – common		0.195			0.195			0.195			0.18			0.18			0.195			0.18
Book value per common share		20.40			19.92			19.91			19.30			18.98			20.40			18.98
Tangible book value per common share (non-GAAP)⁽¹⁾		13.15			12.68			12.67			12.08			11.79			13.15			11.79

STOCK INFORMATION
Average common shares outstanding		198,657			198,863			199,380			200,319			201,210			198,657			201,210
Average diluted shares outstanding		198,852			198,973			199,461			200,465			201,390			198,852			201,390
End of period common shares outstanding		198,206			198,882			198,879			199,746			200,797			198,206			200,797

ANNUALIZED PERFORMANCE METRICS
Return on average assets (ROA)		2.07	%		1.77	%		1.74	%		1.79	%		1.78	%		2.07	%		1.78	%
Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)⁽¹⁾		2.01	%		1.76	%		1.72	%		1.83	%		1.76	%		2.01	%		1.76	%
Return on average assets excluding intangible amortization (non-GAAP)⁽¹⁾		2.24	%		1.92	%		1.88	%		1.94	%		1.93	%		2.24	%		1.93	%
Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)⁽¹⁾		2.18	%		1.91	%		1.86	%		1.98	%		1.91	%		2.18	%		1.91	%
Return on average common equity (ROE)		11.75	%		10.13	%		10.23	%		10.73	%		10.64	%		11.75	%		10.64	%
Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)⁽¹⁾		11.41	%		10.05	%		10.12	%		10.98	%		10.54	%		11.41	%		10.54	%
Return on average tangible common equity (ROTCE) (non-GAAP)⁽¹⁾		18.39	%		15.94	%		16.26	%		17.29	%		17.22	%		18.39	%		17.22	%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)⁽¹⁾		17.87	%		15.82	%		16.09	%		17.69	%		17.07	%		17.87	%		17.07	%
Return on average tangible common equity excluding intangible amortization (non-GAAP)⁽¹⁾		18.64	%		16.18	%		16.51	%		17.56	%		17.50	%		18.64	%		17.50	%
Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)⁽¹⁾		18.12	%		16.07	%		16.34	%		17.97	%		17.34	%		18.12	%		17.34	%

(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

Home BancShares, Inc.
Selected Financial Information
(Unaudited)

	Quarter Ended															Three Months Ended
(Dollars in thousands)	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Mar. 31, 2025			Mar. 31, 2024

Efficiency ratio		42.22	%		42.24	%		41.42	%		43.17	%		44.22	%		42.22	%		44.22	%
Efficiency ratio, as adjusted (non-GAAP)⁽¹⁾		42.84	%		42.00	%		41.66	%		42.59	%		44.43	%		42.84	%		44.43	%
Net interest margin – FTE (NIM)		4.44	%		4.39	%		4.28	%		4.27	%		4.13	%		4.44	%		4.13	%
Fully taxable equivalent adjustment	$	2,534		$	2,398		$	2,616		$	2,628		$	892		$	2,534		$	892
Total revenue (net)		260,082			258,364			257,999			254,596			246,389			260,082			246,389
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)⁽¹⁾		147,154			146,154			147,954			141,411			134,893			147,154			134,893
PPNR, as adjusted (non-GAAP)⁽¹⁾		142,821			145,209			146,562			141,886			133,728			142,821			133,728
Pre-tax net income to total revenue (net)		56.58	%		50.11	%		50.03	%		52.40	%		52.92	%		56.58	%		52.92	%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)⁽¹⁾		54.91	%		49.74	%		49.49	%		52.59	%		52.45	%		54.91	%		52.45	%
P5_NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)⁽¹⁾		56.58	%		56.57	%		57.35	%		55.54	%		54.75	%		56.58	%		54.75	%
P5_NR, as adjusted (non-GAAP)⁽¹⁾		54.91	%		56.20	%		56.81	%		55.73	%		54.28	%		54.91	%		54.28	%
Total purchase accounting accretion	$	1,378		$	1,610		$	1,878		$	1,873		$	2,772		$	1,378		$	2,772
Average purchase accounting loan discounts		17,493			19,090			20,832			22,788			24,820			17,493			24,820

OTHER OPERATING EXPENSES
Advertising	$	1,928		$	1,941		$	1,810		$	1,692		$	1,654		$	1,928		$	1,654
Amortization of intangibles		2,047			2,068			2,095			2,140			2,140			2,047			2,140
Electronic banking expense		3,055			3,307			3,569			3,412			3,156			3,055			3,156
Directors’ fees		452			356			362			423			498			452			498
Due from bank service charges		281			271			302			282			276			281			276
FDIC and state assessment		3,387			3,216			3,360			5,494			3,318			3,387			3,318
Insurance		999			900			926			905			903			999			903
Legal and accounting		3,641			2,361			1,902			2,617			2,081			3,641			2,081
Other professional fees		1,947			1,736			2,062			2,108			2,236			1,947			2,236
Operating supplies		711			711			673			613			683			711			683
Postage		503			518			522			497			523			503			523
Telephone		436			438			455			444			470			436			470
Other expense		8,703			9,713			9,512			8,788			8,950			8,703			8,950
Total other operating expenses	$	28,090		$	27,536		$	27,550		$	29,415		$	26,888		$	28,090		$	26,888

(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

Home BancShares, Inc.
Selected Financial Information
(Unaudited)

(Dollars in thousands)	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024
BALANCE SHEET RATIOS
Total loans to total deposits		85.24	%		86.11	%		88.74	%		87.18	%		86.05	%
Common equity to assets		17.58	%		17.61	%		17.35	%		16.82	%		16.69	%
Tangible common equity to tangible assets (non-GAAP)⁽¹⁾		12.09	%		11.98	%		11.78	%		11.23	%		11.06	%
										.
LOANS RECEIVABLE
Real estate
Commercial real estate loans
Non-farm/non-residential	$	5,588,681		$	5,426,780		$	5,496,536		$	5,599,925		$	5,616,965
Construction/land development		2,735,760			2,736,214			2,741,419			2,511,817			2,330,555
Agricultural		335,437			336,993			335,965			345,461			337,618
Residential real estate loans
Residential 1-4 family		1,947,872			1,956,489			1,932,352			1,910,143			1,899,974
Multifamily residential		576,089			496,484			482,648			509,091			415,926
Total real estate		11,183,839			10,952,960			10,988,920			10,876,437			10,601,038
Consumer		1,227,745			1,234,361			1,219,197			1,189,386			1,163,228
Commercial and industrial		2,045,036			2,022,775			2,084,667			2,242,072			2,284,775
Agricultural		314,323			367,251			352,963			314,600			278,609
Other		181,173			187,153			178,232			158,962			186,023
Loans receivable	$	14,952,116		$	14,764,500		$	14,823,979		$	14,781,457		$	14,513,673

ALLOWANCE FOR CREDIT LOSSES
Balance, beginning of period	$	275,880		$	312,574		$	295,856		$	290,294		$	288,234
Loans charged off		3,458			53,959			2,001			3,098			3,978
Recoveries of loans previously charged off		7,522			565			519			660			538
Net loans (recovered) charged off		(4,064	)		53,394			1,482			2,438			3,440
Provision for credit losses – loans		—			16,700			18,200			8,000			5,500
Balance, end of period	$	279,944		$	275,880		$	312,574		$	295,856		$	290,294

Net (recoveries) charge-offs to average total loans		(0.11	)%		1.44	%		0.04	%		0.07	%		0.10	%
Allowance for credit losses to total loans		1.87	%		1.87	%		2.11	%		2.00	%		2.00	%

NON-PERFORMING ASSETS
Non-performing loans
Non-accrual loans	$	86,383		$	93,853		$	95,747		$	78,090		$	67,055
Loans past due 90 days or more		3,264			5,034			5,356			8,251			12,928
Total non-performing loans		89,647			98,887			101,103			86,341			79,983
Other non-performing assets
Foreclosed assets held for sale, net		39,680			43,407			43,040			41,347			30,650
Other non-performing assets		63			63			63			63			63
Total other non-performing assets		39,743			43,470			43,103			41,410			30,713
Total non-performing assets	$	129,390		$	142,357		$	144,206		$	127,751		$	110,696

Allowance for credit losses for loans to non-performing loans		312.27	%		278.99	%		309.16	%		342.66	%		362.94	%
Non-performing loans to total loans		0.60	%		0.67	%		0.68	%		0.58	%		0.55	%
Non-performing assets to total assets		0.56	%		0.63	%		0.63	%		0.56	%		0.48	%

(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)

	Three Months Ended
	March 31, 2025						December 31, 2024
(Dollars in thousands)	Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate
ASSETS
Earning assets
Interest-bearing balances due from banks	$	611,962	$	6,620	4.39	%	$	643,959	$	7,585	4.69	%
Federal funds sold		5,091		55	4.38	%		6,068		73	4.79	%
Investment securities – taxable		3,179,290		27,433	3.50	%		3,291,472		28,943	3.50	%
Investment securities – non-taxable – FTE		1,135,783		10,061	3.59	%		1,154,384		9,980	3.44	%
Loans receivable – FTE		14,893,912		270,907	7.38	%		14,798,953		278,531	7.49	%
Total interest-earning assets		19,826,038		315,076	6.45	%		19,894,836		325,112	6.50	%
Non-earning assets		2,722,797						2,670,241
Total assets	$	22,548,835					$	22,565,077

LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts	$	11,402,688	$	69,672	2.48	%	$	11,058,959	$	72,220	2.60	%
Time deposits		1,801,503		17,114	3.85	%		1,800,618		18,344	4.05	%
Total interest-bearing deposits		13,204,191		86,786	2.67	%		12,859,577		90,564	2.80	%
Securities sold under agreement to repurchase		155,861		1,074	2.79	%		174,759		1,346	3.06	%
FHLB and other borrowed funds		600,681		5,902	3.98	%		889,880		9,541	4.27	%
Subordinated debentures		439,173		4,124	3.81	%		439,319		4,121	3.73	%
Total interest-bearing liabilities		14,399,906		97,886	2.76	%		14,363,535		105,572	2.92	%
Non-interest bearing liabilities
Non-interest bearing deposits		3,980,944						4,024,433
Other liabilities		190,314						226,933
Total liabilities		18,571,164						18,614,901
Shareholders’ equity		3,977,671						3,950,176
Total liabilities and shareholders’ equity	$	22,548,835					$	22,565,077
Net interest spread					3.69	%					3.58	%
Net interest income and margin – FTE			$	217,190	4.44	%			$	219,540	4.39	%

Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)

	Three Months Ended
	March 31, 2025						March 31, 2024
(Dollars in thousands)	Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate
ASSETS
Earning assets
Interest-bearing balances due from banks	$	611,962	$	6,620	4.39	%	$	801,456	$	10,528	5.28	%
Federal funds sold		5,091		55	4.38	%		5,012		61	4.90	%
Investment securities – taxable		3,179,290		27,433	3.50	%		3,473,511		33,229	3.85	%
Investment securities – non-taxable – FTE		1,135,783		10,061	3.59	%		1,257,861		8,642	2.76	%
Loans receivable – FTE		14,893,912		270,907	7.38	%		14,487,494		265,347	7.37	%
Total interest-earning assets		19,826,038		315,076	6.45	%		20,025,334		317,807	6.38	%
Non-earning assets		2,722,797						2,657,925
Total assets	$	22,548,835					$	22,683,259

LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts	$	11,402,688	$	69,672	2.48	%	$	11,038,910	$	75,597	2.75	%
Time deposits		1,801,503		17,114	3.85	%		1,685,193		16,951	4.05	%
Total interest-bearing deposits		13,204,191		86,786	2.67	%		12,724,103		92,548	2.93	%
Securities sold under agreement to repurchase		155,861		1,074	2.79	%		172,024		1,404	3.28	%
FHLB and other borrowed funds		600,681		5,902	3.98	%		1,301,091		14,276	4.41	%
Subordinated debentures		439,173		4,124	3.81	%		439,760		4,097	3.75	%
Total interest-bearing liabilities		14,399,906		97,886	2.76	%		14,636,978		112,325	3.09	%
Non-interest bearing liabilities
Non-interest bearing deposits		3,980,944						4,017,659
Other liabilities		190,314						244,970
Total liabilities		18,571,164						18,899,607
Shareholders’ equity		3,977,671						3,783,652
Total liabilities and shareholders’ equity	$	22,548,835					$	22,683,259
Net interest spread					3.69	%					3.29	%
Net interest income and margin – FTE			$	217,190	4.44	%			$	205,482	4.13	%

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)

	Quarter Ended															Three Months Ended
(Dollars and shares in thousands, except per share data)	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Mar. 31, 2025			Mar. 31, 2024
EARNINGS, AS ADJUSTED
GAAP net income available to common shareholders (A)	$	115,209		$	100,564		$	100,038		$	101,530		$	100,109		$	115,209		$	100,109
Pre-tax adjustments
FDIC special assessment		—			—			—			2,260			—			—			—
BOLI death benefits		—			(95	)		—			—			(162	)		—			(162	)
Gain on sale of building		—			—			—			(2,059	)		—			—			—
Fair value adjustment for marketable securities		(442	)		(850	)		(1,392	)		274			(1,003	)		(442	)		(1,003	)
Special income from equity investment		(3,891	)		—			—			—			—			(3,891	)		—
Total pre-tax adjustments		(4,333	)		(945	)		(1,392	)		475			(1,165	)		(4,333	)		(1,165	)
Tax-effect of adjustments		(1,059	)		(208	)		(348	)		119			(251	)		(1,059	)		(251	)
Deferred tax asset write-down		—			—			—			2,030			—			—			—
Total adjustments after-tax (B)		(3,274	)		(737	)		(1,044	)		2,386			(914	)		(3,274	)		(914	)
Earnings, as adjusted (C)	$	111,935		$	99,827		$	98,994		$	103,916		$	99,195		$	111,935		$	99,195

Average diluted shares outstanding (D)		198,852			198,973			199,461			200,465			201,390			198,852			201,390

GAAP diluted earnings per share: (A/D)	$	0.58		$	0.51		$	0.50		$	0.51		$	0.50		$	0.58		$	0.50
Adjustments after-tax: (B/D)		(0.02	)		(0.01	)		0.00			0.01			(0.01	)		(0.02	)		(0.01	)
Diluted earnings per common share, as adjusted: (C/D)	$	0.56		$	0.50		$	0.50		$	0.52		$	0.49		$	0.56		$	0.49

ANNUALIZED RETURN ON AVERAGE ASSETS
Return on average assets: (A/E)		2.07	%		1.77	%		1.74	%		1.79	%		1.78	%		2.07	%		1.78	%
Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)		2.01	%		1.76	%		1.72	%		1.83	%		1.76	%		2.01	%		1.76	%
Return on average assets excluding intangible amortization: ((A+C)/(E-F))		2.24	%		1.92	%		1.88	%		1.94	%		1.93	%		2.24	%		1.93	%
Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))		2.18	%		1.91	%		1.86	%		1.98	%		1.91	%		2.18	%		1.91	%

GAAP net income available to common shareholders (A)	$	115,209		$	100,564		$	100,038		$	101,530		$	100,109		$	115,209		$	100,109
Amortization of intangibles (B)		2,047			2,068			2,095			2,140			2,140			2,047			2,140
Amortization of intangibles after-tax (C)		1,547			1,563			1,572			1,605			1,605			1,547			1,605
Adjustments after-tax (D)		(3,274	)		(737	)		(1,044	)		2,386			(914	)		(3,274	)		(914	)
Average assets (E)	22,548,835			22,565,077			22,893,784			22,875,949			22,683,259			22,548,835			22,683,259
Average goodwill & core deposit intangible (F)		1,437,515			1,439,566			1,441,654			1,443,778			1,445,902			1,437,515			1,445,902

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)

	Quarter Ended															Three Months Ended
(Dollars in thousands)	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Mar. 31, 2025			Mar. 31, 2024
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY
Return on average common equity: (A/D)		11.75	%		10.13	%		10.23	%		10.73	%		10.64	%		11.75	%		10.64	%
Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)		11.41	%		10.05	%		10.12	%		10.98	%		10.54	%		11.41	%		10.54	%
Return on average tangible common equity: (A/(D-E))		18.39	%		15.94	%		16.26	%		17.29	%		17.22	%		18.39	%		17.22	%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))		17.87	%		15.82	%		16.09	%		17.69	%		17.07	%		17.87	%		17.07	%
Return on average tangible common equity excluding intangible amortization: (B/(D-E))		18.64	%		16.18	%		16.51	%		17.56	%		17.50	%		18.64	%		17.50	%
Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))		18.12	%		16.07	%		16.34	%		17.97	%		17.34	%		18.12	%		17.34	%

GAAP net income available to common shareholders (A)	$	115,209		$	100,564		$	100,038		$	101,530		$	100,109		$	115,209		$	100,109
Earnings excluding intangible amortization (B)		116,756			102,127			101,610			103,135			101,714			116,756			101,714
Adjustments after-tax (C)		(3,274	)		(737	)		(1,044	)		2,386			(914	)		(3,274	)		(914	)
Average common equity (D)	3,977,671			3,950,176			3,889,712			3,805,800			3,783,652			3,977,671			3,783,652
Average goodwill & core deposits intangible (E)	1,437,515			1,439,566			1,441,654			1,443,778			1,445,902			1,437,515			1,445,902

EFFICIENCY RATIO & P5NR
Efficiency ratio: ((D-G)/(B+C+E))		42.22	%		42.24	%		41.42	%		43.17	%		44.22	%		42.22	%		44.22	%
Efficiency ratio, as adjusted: ((D-G-I)/(B+C+E-H))		42.84	%		42.00	%		41.66	%		42.59	%		44.43	%		42.84	%		44.43	%
Pre-tax net income to total revenue (net) (A/(B+C))		56.58	%		50.11	%		50.03	%		52.40	%		52.92	%		56.58	%		52.92	%
Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))		54.91	%		49.74	%		49.49	%		52.59	%		52.45	%		54.91	%		52.45	%
Pre-tax, pre-provision, net income (PPNR) (B+C-D)	$	147,154		$	146,154		$	147,954		$	141,411		$	134,893		$	147,154		$	134,893
Pre-tax, pre-provision, net income, as adjusted (B+C-D+F)	$	142,821		$	145,209		$	146,562		$	141,886		$	133,728		$	142,821		$	133,728
P5_NR (Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)		56.58	%		56.57	%		57.35	%		55.54	%		54.75	%		56.58	%		54.75	%
P5_NR, as adjusted (B+C-D+F)/(B+C)		54.91	%		56.20	%		56.81	%		55.73	%		54.28	%		54.91	%		54.28	%

Pre-tax net income (A)	$	147,154		$	129,454		$	129,084		$	133,411		$	130,393		$	147,154		$	130,393
Net interest income (B)		214,656			217,142			215,220			211,822			204,590			214,656			204,590
Non-interest income (C)		45,426			41,222			42,779			42,774			41,799			45,426			41,799
Non-interest expense (D)		112,928			112,210			110,045			113,185			111,496			112,928			111,496
Fully taxable equivalent adjustment (E)		2,534			2,398			2,616			2,628			892			2,534			892
Total pre-tax adjustments (F)		(4,333	)		(945	)		(1,392	)		475			(1,165	)		(4,333	)		(1,165	)
Amortization of intangibles (G)		2,047			2,068			2,095			2,140			2,140			2,047			2,140

Adjustments:
Non-interest income:
Fair value adjustment for marketable securities	$	442		$	850		$	1,392		$	(274	)	$	1,003		$	442		$	1,003
(Loss) gain on OREO		(376	)		(2,423	)		85			49			17			(376	)		17
(Loss) gain on branches, equipment and other assets, net		(163	)		26			32			2,052			(8	)		(163	)		(8	)
Special income from equity investment		3,891			—			—			—			—			3,891			—
BOLI death benefits		—			95			—			—			162			—			162
Total non-interest income adjustments (H)	$	3,794		$	(1,452	)	$	1,509		$	1,827		$	1,174		$	3,794		$	1,174

Non-interest expense:
FDIC special assessment		—			—			—			2,260			—			—			—
Total non-interest expense adjustments (I)	$	—		$	—		$	—		$	2,260		$	—		$	—		$	—

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)

	Quarter Ended
	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024
TANGIBLE BOOK VALUE PER COMMON SHARE
Book value per common share: (A/B)	$	20.40		$	19.92		$	19.91		$	19.30		$	18.98
Tangible book value per common share: ((A-C-D)/B)		13.15			12.68			12.67			12.08			11.79

Total stockholders’ equity (A)	$	4,042,555		$	3,961,025		$	3,959,789		$	3,855,503		$	3,811,401
End of period common shares outstanding (B)		198,206			198,882			198,879			199,746			200,797
Goodwill (C)		1,398,253			1,398,253			1,398,253			1,398,253			1,398,253
Core deposit and other intangibles (D)		38,280			40,327			42,395			44,490			46,630

TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS
Equity to assets: (B/A)		17.58	%		17.61	%		17.35	%		16.82	%		16.69	%
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))		12.09	%		11.98	%		11.78	%		11.23	%		11.06	%

Total assets (A)	$	22,992,203		$	22,490,748		$	22,823,117		$	22,919,905		$	22,835,721
Total stockholders’ equity (B)		4,042,555			3,961,025			3,959,789			3,855,503			3,811,401
Goodwill (C)		1,398,253			1,398,253			1,398,253			1,398,253			1,398,253
Core deposit and other intangibles (D)		38,280			40,327			42,395			44,490			46,630

April 16, 2025 5:16 pm

BRODSKY & SMITH SHAREHOLDER UPDATE: Notifying Investors of the Following Investigations: Longevity Health Holdings, Inc. (Nasdaq – XAGE), iCAD, Inc. (Nasdaq – ICAD), Beacon Roofing Supply, Inc. (Nasdaq – BECN), Dada Nexus Limited (Nasdaq – DADA)

BALA CYNWYD, Pa. , April 16, 2025 (GLOBE NEWSWIRE) — Brodsky & Smith reminds investors of the following investigations. If you own shares and wish to discuss the investigation, contact Jason Brodsky ([email protected]) or Marc Ackerman ([email protected]) at 855-576-4847. There is no cost or financial obligation to you.

Longevity Health Holdings, Inc. (Nasdaq – XAGE)

Under the terms of the Merger Agreement, Longevity Health will merge with 20/20 BioLabs, Inc. (“20/20”). Upon the close of the transaction, Longevity Health shareholders will own approximately 49.9% of the combined company. The investigation concerns whether the Longevity Health Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including the dilution of Company shareholders in the combined company.

Additional information can be found at https://www.brodskysmith.com/cases/longevity-health-holdings-inc-nasdaq-xage/.

Beacon Roofing Supply, Inc. (Nasdaq – BECN)

Under the terms of the agreement, Beacon Roofing Supply will be acquired by QXO, Inc. (NYSE – QXO) for $124.35 per share in cash at closing. The investigation concerns whether the Beacon Roofing Supply Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether the Company’s shareholders are receiving fair value for their shares.

Additional information can be found at https://www.brodskysmith.com/cases/beacon-roofing-supply-inc-nasdaq-becn/.

iCAD, Inc. (Nasdaq – ICAD)

Under the terms of the Merger Agreement, iCAD will be acquired by RadNet, Inc. (“RadNet”) (Nasdaq – RDNT). iCAD stockholders will receive 0.0677 shares of RadNet common stock for each share of iCAD common stock they hold at the closing of the merger. Based upon RadNet’s closing price on Monday, April 14, 2025, this represents a transaction value of approximately $103 million, or approximately $3.61 per share of iCAD common stock on a fully diluted basis. The investigation concerns whether the iCAD Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether the deal provides fair value to the Company’s shareholders.

Additional information can be found at https://www.brodskysmith.com/cases/icad-inc-nasdaq-icad.

Dada Nexus Limited (Nasdaq – DADA)

Under the terms of the agreement, Dada will be acquired by JD Sunflower Investment Limited for $2.00 per American Depository Share. The investigation concerns whether the Dada Board breached its fiduciary duties to shareholders by failing to conduct a fair process, including whether the deal provides fair value to the Company’s shareholders.

Additional information can be found at https://www.brodskysmith.com/cases/dada-nexus-limited-nasdaq-dada/.

Brodsky & Smith is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.

April 16, 2025 5:12 pm

QXO Announces Common Stock Offering

QXO Announces Common Stock Offering

GREENWICH, Conn.–(BUSINESS WIRE)–
QXO, Inc. (NYSE: QXO) (the “Company” or “QXO”) today announced it intends to make an offering of $500 million of shares of its common stock (the “Offering”). QXO’s common stock is listed on the New York Stock Exchange under the symbol “QXO.”

QXO intends to grant the underwriters of the Offering an option to purchase up to an additional $75 million of shares of common stock at the same price per share as the other shares of our common stock purchased by the underwriters in the offering.

QXO intends to use the net proceeds from the Offering to finance a portion of the consideration for the pending acquisition of Beacon Roofing Supply, Inc. (“Beacon”); however, the Offering is not contingent on the consummation of the acquisition.

Morgan Stanley Co. LLC and Goldman Sachs & Co. LLC are acting as the underwriters for the Offering and propose to offer the shares from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at prevailing market prices, at prices related to prevailing market prices or at negotiated prices.

The Offering will be made by means of a prospectus supplement under QXO’s effective registration statement on Form S-3ASR, as filed with the Securities and Exchange Commission (the “SEC”).

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor does it constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale is unlawful. The Offering may be made only by means of a prospectus supplement relating to such Offering and the accompanying prospectus. Copies of the preliminary prospectus supplement for the Offering and the accompanying prospectus can be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014 or from Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at 1-866-471-2526, or by e-mail at [email protected].

About QXO

QXO plans to become the leader in the $800 billion building products distribution industry, with the goal of generating outsized value for shareholders. The company is targeting annual revenue of $50 billion in the coming decade through accretive acquisitions and organic growth. QXO recently signed a definitive agreement to acquire Beacon Roofing Supply, Inc. for approximately $11 billion, making QXO the second-largest distributor of roofing products in the United States upon closing, expected the week of April 28, 2025. In addition, QXO provides technology solutions to clients in the manufacturing, distribution and service sectors. Visit www.qxo.com for more information.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements. Statements that are not historical facts, including statements about beliefs, expectations, targets or goals and the use of proceeds of the Offering, are forward-looking statements. These statements are based on plans, estimates, expectations and/or goals at the time the statements are made, and readers should not place undue reliance on them. In some cases, readers can identify forward-looking statements by the use of forward-looking terms such as “may,” “will,” “should,” “expect,” “opportunity,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “target,” “goal,” or “continue,” or the negative of these terms or other comparable terms. Forward-looking statements involve inherent risks and uncertainties and readers are cautioned that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statements. Factors that could cause actual results to differ materially from those described herein include, among others: (i) the risk that the proposed acquisition may not be completed on the anticipated terms in a timely manner or at all; (ii) the failure to satisfy any of the conditions to the consummation of the proposed acquisition, including uncertainties as to how many of stockholders of Beacon will tender their shares in the tender offer; (iii) the effect of the pendency of the proposed acquisition on each of QXO’s and Beacon’s business relationships with employees, customers or suppliers, operating results and business generally; (iv) the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the merger agreement, including circumstances that require Beacon to pay a termination fee; (v) the possibility that the proposed acquisition may be more expensive to complete than anticipated, including as a result of unexpected factors or events, significant transaction costs or unknown liabilities; (vi) potential litigation and/or regulatory action relating to the proposed acquisition; (vii) the risk that the anticipated benefits of the proposed acquisition may not be fully realized or may take longer to realize than expected; (viii) the impact of legislative, regulatory, economic, competitive and technological changes; (ix) QXO’s ability to finance the proposed transaction, including the ability to obtain the necessary financing arrangements set forth in the commitment letters received in connection with the proposed acquisition; (x) unknown liabilities and uncertainties regarding general economic, business, competitive, legal, regulatory, tax and geopolitical conditions; and (xi) the risks and uncertainties set forth in QXO’s and Beacon’s SEC filings, including each company’s Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent Quarterly Reports on Form 10-Q.

Forward-looking statements should not be relied on as predictions of future events, and these statements are not guarantees of performance or results. Forward-looking statements herein speak only as of the date each statement is made. QXO does not undertake any obligation to update any of these statements in light of new information or future events, except to the extent required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250416097652/en/

Media

Joe Checkler

[email protected]

203-609-9650

Investors

Mark Manduca

[email protected]

203-321-3889

KEYWORDS: United States North America Connecticut

INDUSTRY KEYWORDS: Transport Trucking

MEDIA:

Logo

April 16, 2025 5:10 pm

PFD, PFO, FFC, FLC and DFP Announce Dividends for May, June and July

PFD, PFO, FFC, FLC and DFP Announce Dividends for May, June and July

PASADENA, Calif.–(BUSINESS WIRE)–
The Boards of Directors of Flaherty & Crumrine Preferred and Income Fund Incorporated (NYSE: PFD), Flaherty & Crumrine Preferred and Income Opportunity Fund Incorporated (NYSE: PFO), Flaherty & Crumrine Preferred and Income Securities Fund Incorporated (NYSE: FFC), Flaherty & Crumrine Total Return Fund Incorporated (NYSE: FLC) and Flaherty & Crumrine Dynamic Preferred and Income Fund Incorporated (NYSE: DFP) today announced that they have declared per share dividends for May, June and July 2025. These announcements are detailed below:

	May	June	July
PFD	$0.0622	$0.0622	$0.0622
PFO	$0.0512	$0.0512	$0.0512
FFC	$0.0939	$0.0939	$0.0939
FLC	$0.0957	$0.0957	$0.0957
DFP	$0.1174	$0.1174	$0.1174

Payment Date	May 30, 2025	June 30, 2025	July 31, 2025
Record Date	May 23, 2025	June 23, 2025	July 24, 2025

Each fund’s fiscal year ends on November 30, 2025. The tax breakdown of all 2025 distributions will be available early in 2026.

Website: www.preferredincome.com

Past performance is not indicative of future performance. An investor should consider the fund’s investment objective, risks, charges and expenses carefully before investing.

To the extent any portion of the distribution is estimated to be sourced from something other than income, such as return of capital, the source would be disclosed on a Section 19(a)-1 letter located under the “SEC Filings and News” section of the funds’ website. The actual amounts and sources of the amounts for tax reporting purposes will depend upon a fund’s investment performance during the remainder of its fiscal year and may be subject to change based on tax regulations. A distribution rate that is largely comprised of sources other than income may not be reflective of a fund’s performance.

PFD, PFO and FFC invest primarily in preferred and other income-producing securities with an investment objective of high current income consistent with preservation of capital. FLC invests primarily in preferred and other income-producing securities with a primary investment objective of high current income and a secondary objective of capital appreciation. DFP invests primarily in preferred and other income-producing securities with an investment objective of total return, with an emphasis on high current income. PFD, PFO, FFC, FLC and DFP are managed by Flaherty & Crumrine Incorporated, an independent investment adviser which was founded in 1983 to specialize in the management of portfolios of preferred and related income-producing securities.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250416722326/en/

Flaherty & Crumrine Incorporated

Chad Conwell, 626-795-7300

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Asset Management Professional Services Finance

MEDIA:

April 16, 2025 5:09 pm

Buenaventura Announces First Quarter 2025 Results for Production and Volume Sold per Metal

Buenaventura Announces First Quarter 2025 Results for Production and Volume Sold per Metal

LIMA, Peru–(BUSINESS WIRE)–Compañía de Minas Buenaventura S.A.A. (“Buenaventura” or “the Company”) (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining company, today announced 1Q25 results for production and volume sold.

Production per Metal

	Three Months Ended March 31, 2025	2025 Guidance ⁽¹⁾

Gold ounces produced
El Brocal	4,627	15.5k – 18.5k
Orcopampa	14,295	45.0k – 50.0k
Tambomayo	3,034	12.5k – 15.5k
Julcani	1,880	7.5k – 9.5k
La Zanja	4,082	18.0k – 21.0k
San Gabriel ⁽⁴⁾	–	10.0k – 15.0k
Total Direct Operations ⁽²⁾	27,918	108.5k – 129.5k
Coimolache	13,343	50.0k – 55.0k
Total incl. Associated ⁽³⁾	31,483	122.6k – 144.4k

Silver ounces produced
El Brocal	437,733	1.1M – 1.4M
Uchucchacua	452,176	2.7M – 3.2M
Yumpag	2,275,799	7.3M – 7.8M
Orcopampa	5,109	–
Tambomayo	161,393	1.2M – 1.5M
Julcani	339,744	1.5M – 1.8M
La Zanja	6,682	–
Total Direct Operations ⁽²⁾	3,678,636	13.8M – 15.7M
Coimolache	89,568	0.2M – 0.3M
Total incl. Associated ⁽³⁾	3,545,714	13.5M – 15.3M

Lead metric tons produced
Uchucchacua	3,127	16.0k – 18.0k
Tambomayo	503	–
Julcani	127	0.8k – 1.0k
Total Direct Operations ⁽²⁾	3,757	16.8k – 19.0k

Zinc metric tons produced
Uchucchacua	5,272	23.0k – 26.0k
Tambomayo	527	1.0k – 1.3k
Total Direct Operations ⁽²⁾	5,799	24.0k – 27.3k

Copper metric tons produced
El Brocal	12,063	55.0k – 60.0k
Julcani	119	–
Tambomayo	16	–
Total Direct Operations ⁽²⁾	12,198	55.0k – 60.0k

1.	2025 projections are considered to be forward-looking statements and represent management’s good faith estimates or expectations of future production results as of April 2025.
2.	Considers 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal.
3.	Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 61.43% of El Brocal and 40.094% of Coimolache.
4.	4Q25 targeted production initiation remains unchanged, subject to final permitting and required approvals

Volume Sold per Metal

	Three Months Ended March 31, 2025

Gold ounces sold
El Brocal	2,668
Orcopampa	14,746
Tambomayo	2,691
Julcani	1,674
La Zanja	4,633
Total Direct Operations ⁽¹⁾	26,412
Coimolache	11,430
Total incl. Associated ⁽²⁾	29,965

Silver ounces sold
El Brocal	359,921
Uchucchacua	496,799
Yumpag	2,187,357
Orcopampa	6,483
Tambomayo	145,701
Julcani	320,277
La Zanja	24,865
Total Direct Operations ⁽¹⁾	3,541,403
Coimolache	78,726
Total incl. Associated ⁽²⁾	3,434,146

Lead metric tons sold
Uchucchacua	2,936
Yumpag	39
Tambomayo	386
Julcani	109
Total Direct Operations ⁽¹⁾	3,470

Zinc metric tons sold
Uchucchacua	4,362
Tambomayo	432
Total Direct Operations ⁽¹⁾	4,794

Copper metric tons sold
El Brocal	11,324
Tambomayo	66
Julcani	9
Total Direct Operations ⁽¹⁾	11,400

1.	Considers 100% of Buenaventura’s operating units, 100% of La Zanja and 100% of El Brocal.
2.	Considers 100% of Buenaventura’s operating units, 100% of La Zanja, 61.43% of El Brocal and 40.094% of Coimolache.

Average realized prices⁽¹⁾⁽²⁾

	Three Months Ended March 31, 2025

Gold (US$/Oz)	2,943
Silver (US$/Oz)	32.22
Lead (US$/MT)	1,893
Zinc (US$/MT)	2,812
Copper (US$/MT)	9,292

1.	Considers Buenaventura consolidated figures.
2.	Realized prices include both provisional sales and final adjustments for price changes.

Commentary on Operations

Tambomayo:

Gold and silver production slightly exceeded projections for the first quarter 2025, primarily due to higher than expected ore volumes processed.
Zinc and lead production also exceeded expectations due to increased processed ore volumes and higher-than-anticipated ore grades from stopes in the bottom section of the mine.

Orcopampa:

1Q25 gold and silver were in line with expectations.

La Zanja:

1Q25 gold production was in line with expectations.
Silver production exceeded 1Q25 projections due to higher than anticipated solubility.

Coimolache:

1Q25 gold production was in line with expectations.
Silver production exceeded 1Q25 projections due to higher than anticipated silver grades.

Julcani:

Silver output for 1Q25 was below estimates, primarily due to lower processed volumes from the Achilla area, as well as reduced grades from the Estela area as a result of increased dilution resulting from softer ground in the majority of the new stopes.
Gold production was in line with expectations.

Uchucchacua:

Silver production was in line with 1Q25 expectations.
Lead and zinc output did not meet guidance due to lower-than-expected grades, attributable to changes in the mining sequence and softer ground that resulted in higher dilution.

Yumpag:

Silver production exceeded 1Q25 projections, driven by higher grades from early access to high-grade stopes.

El Brocal:

Copper and gold production was in line with expectations for 1Q25.
Silver production outperformed guidance, due to higher than budgeted silver grades as part of a short-term plan prioritizing mining blocks with high silver content.

Company Description

Compañía de Minas Buenaventura S.A.A. is Peru’s largest, publicly traded precious and base metals Company and a major holder of mining rights in Peru. The Company is engaged in the exploration, mining development, processing and trade of gold, silver and other base metals via wholly-owned mines and through its participation in joint venture projects. Buenaventura currently operates several mines in Peru (Orcopampa*, Uchucchacua*, Julcani*, Tambomayo*, La Zanja*, El Brocal and Coimolache).

The Company owns 19.58% of Sociedad Minera Cerro Verde, an important Peruvian copper producer (a partnership with Freeport-McMorRan Inc. and Sumitomo Corporation).

(*) Operations wholly owned by Buenaventura.

Note on Forward-Looking Statements

This press release may contain forward-looking information (as defined in the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including those concerning Cerro Verde’s costs and expenses, results of exploration, the continued improving efficiency of operations, prevailing market prices of gold, silver, copper and other metals mined, the success of joint ventures, estimates of future explorations, development and production, subsidiaries’ plans for capital expenditures, estimates of reserves and Peruvian political, economic, social and legal developments. These forward-looking statements reflect the Company’s view with respect to Cerro Verde’s future financial performance. Actual results could differ materially from those projected in the forward-looking statements as a result of a variety of factors discussed elsewhere in this Press Release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250416760589/en/

Contacts in Lima:

Daniel Dominguez, Chief Financial Officer

(511) 419 2540

Sebastián Valencia, Head of Investor Relations

(511) 419 2591

[email protected]

Contact in New York:

Barbara Cano, InspIR Group

1 (646) 452 2334

[email protected]

Website: buenaventura.com/en/inversionista/

KEYWORDS: Latin America Peru South America

INDUSTRY KEYWORDS: Mining/Minerals Natural Resources

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April 16, 2025 5:09 pm

CBL International Limited Reports 2024 Full-Year Results: Revenue Soars 35.9% to $592.5 Million Amid Global Expansion

Leveraging Challenges to Boost Market Share for Recovery

KUALA LUMPUR, Malaysia, April 16, 2025 (GLOBE NEWSWIRE) — CBL International Limited (NASDAQ: BANL) (the “Company” or “CBL”), the listing vehicle of Banle Group (“Banle” or “the Group”), a leading marine fuel logistic company in the Asia-Pacific region, today announced its annual financial results for the year ended December 31, 2024.

Financial Performance Overview

The company reported consolidated revenue of $592.52 million for the year ended December 31, 2024, marking a 35.9% increase from $435.90 million in 2023. This growth was primarily driven by a 38.1% increase in sales volume, supported by the addition of new customers during the year, expansion of our supply network to cover more ports, and a broader customer base that now includes bulk carriers and oil and gas tankers in addition to container liner operators.

Due to challenging market conditions, the Company reported a net loss of $3.87 million in 2024, compared to a net income of $1.13 million in 2023, mainly attributed to a 25.5% decrease in gross profit to $5.37 million in 2024 from $7.21 million in 2023 and a 56.8% rise in operating expenses to $8.70 million in 2024 from $5.55 million in 2023. The Company adopted a volume-driven growth strategy that involved offering more competitive pricing in a market characterized by intensified competition and pricing pressure. While this approach supported increased sales volume and market share, it also contributed to narrower profit margins.

In addition to reduced gross margins, the net loss was impacted by increased expenses for business expansion, biofuel operation, additional expenses to enhance ESG, and a rise in interest expenses. These were partially offset by a reduction in income tax expenses. The financial outcome reflects both the dynamic nature of the bunkering industry and the Company’s ongoing investment in client base development and geographic growth, which are expected to enhance long-term positioning as market conditions normalize.

Earnings per share (EPS) reflected this, decreasing to $(0.136) in 2024 from $0.045 in 2023. Cash and cash equivalents increased by 8.3% to $8.02 million as of December 31, 2024 from $7.40 million as of December 31, 2023.

Business Expansion in Challenging Times

CBL International’s operational expansion was a key focus in 2024, particularly in a challenging industry environment marked by geopolitical tensions, such as the Red Sea crisis and broader Middle East tensions. The company grew its service network from 36 ports at the time of its IPO in March 2023 to over 60 ports by year-end 2024, covering Asia Pacific, Europe, Africa, and Central America. Revenue growth year-on-year was notable across China, Hong Kong, Malaysia, Singapore, and South Korea.

Key new ports included Mauritius, Panama, and India, enhancing its global reach. This expansion was supported by servicing nine of the world’s top 12 container shipping lines, representing nearly 60% of global container fleet capacity. The Company’s European expansion focused on strengthening cross-regional service offerings for Euro–Asia trade routes. Growth was supported by a stronger presence in the Amsterdam-Rotterdam-Antwerp (ARA) region and a new Ireland office established in late 2023, enhancing local sourcing capabilities.

Customer diversification was another priority, with the share of non-container liners in total revenue increased, and sales concentration among the top five customers declined in fiscal year 2024.

A significant highlight was the company’s push towards sustainability, with biofuel sales surging by 628.8% and volume by 603.0%. The introduction of B24 biofuel (76% fossil fuel, 24% used cooking oil methyl ester) in Hong Kong, China, and Malaysia reduced greenhouse gas emissions by 20%, supported by ISCC EU and ISCC Plus certifications secured in 2023. This aligns with global trends towards greener shipping solutions and positions CBL as a leader in sustainable fuel logistics.

Strategically, CBL enhanced its IT systems, implementing real-time order tracking, data analytics, and workflow automation to improve efficiency. Credit risk management was strengthened, and working capital management improved with increased factoring facilities and a cash balance rise, navigating macroeconomic challenges through pricing strategies and port network adjustments. Additionally, CBL expanded its funding sources by accessing capital markets, such as private placement, increasing financial flexibility to support growth initiatives.

Bullish Outlook and Customer Loyalty Strategy

Despite the net loss, CBL’s management remains optimistic about the future, viewing current industry challenges as an opportunity to build resilience and enhance customer loyalty. While prudently evaluating the impact of the latest U.S. tariff policy, among other macro incidents such as geopolitical tensions, regulatory changes, and shifting global trade dynamics, on the economy and the bunkering sector, CBL believes its broad global network, primarily focused on intra-Asia and Euro-Asia trade routes, helps mitigate potential adverse effects. Since the Company has no operation on U.S. ports, the impact of such policies may be limited in the near future.

The Company’s strategic expansion of ports, diversification of its client base, and commitment to sustainable initiatives are designed to position it for growth when market conditions improve. By investing in new ports and expanding relationships with key industry players, CBL aims to secure long-term partnerships that will strengthen its market position as global trade stabilizes and profitability improves.

Management Commentary and Future Outlook

Dr. Teck Lim Chia, Chairman and CEO of CBL International Limited, stated, “We are confident in our strategy to expand our service network, maximize sales volume and explore sustainable offerings, even in these challenging times. Our investments in new ports, diversified clients, and sustainable fuels are building a foundation for future growth. We believe that by demonstrating our capabilities at present, we will earn customer loyalty that will yield substantial benefits as the market recovers, positioning CBL International for significant success in the years ahead.”

Looking ahead, CBL remains focused on expanding its market presence, particularly in biofuels, and enhancing its global supply network. The company is committed to driving operational efficiency and delivering sustainable growth.

Webcast Details

CBL International Limited (Nasdaq: BANL) cordially invites you to participate in a webcast to discuss its financial results for the year ended December 31, 2024.

About the Banle Group

CBL International Limited (Nasdaq: BANL) is the listing vehicle of Banle Group, a reputable marine fuel logistic company based in the Asia Pacific region that was established in 2015. We are committed to providing customers with one-stop solution for vessel refueling, which is referred to as bunkering facilitator in the bunkering industry. We facilitate vessel refueling mainly through local physical suppliers in over 60 major ports covering Belgium, China, Hong Kong, India, Japan, Korea, Malaysia, Mauritius, Panama, the Philippines, Singapore, Taiwan, Thailand, Turkey and Vietnam, as of 16 April, 2025. The Group actively promotes the use of sustainable fuels and is awarded with the ISCC EU and ISCC Plus certifications.

For more information about our company, please visit our website at: https://www.banle-intl.com.

Forward-Looking Statements

Certain statements in this announcement are not historical facts but are forward-looking statements. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “could,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan,” “should,” “would,” “plan,” “future,” “outlook,” “potential,” “project” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other performance metrics and projections of market opportunity. They involve known and unknown risks and uncertainties and are based on various assumptions, whether or not identified in this press release and on current expectations of BANL’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of BANL. Some important factors that could cause actual results to differ materially from those in any forward-looking statements could include changes in domestic and foreign business, fuel prices and tariffs, market, financial, political and legal conditions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

CBL INTERNATIONAL LIMITED

(Incorporated in Cayman Islands with limited liabilities)

For more information, please contact:

CBL International Limited

Email: [email protected]

Strategic Financial Relations Limited
Shelly Cheng Iris Au Yeung Email:	Tel: (852) 2864 4857 Tel: (852) 2114 4913 [email protected]

April 16, 2025 5:08 pm

Sturm, Ruger & Company, Inc. to Report First Quarter 2025 Financial Results on Wednesday, April 30

Sturm, Ruger & Company, Inc. to Report First Quarter 2025 Financial Results on Wednesday, April 30

SOUTHPORT, Conn.–(BUSINESS WIRE)–
Sturm, Ruger & Company, Inc. (NYSE-RGR) will announce its financial results for the first quarter 2025 and file its Quarterly Report on Form 10-Q on Wednesday, April 30, 2025, after the close of the stock market.

On Thursday, May 1, 2025, Sturm, Ruger will host a webcast at 9:00 a.m. ET to discuss the first quarter operating results. Interested parties can listen to the webcast via this link or by visiting Ruger.com/corporate. Those who wish to ask questions during the webcast will need to pre-register prior to the meeting.

About Sturm, Ruger

Sturm, Ruger & Co., Inc. is one of the nation’s leading manufacturers of rugged, reliable firearms for the commercial sporting market. With products made in America, Ruger offers consumers almost 800 variations of more than 40 product lines, across both the Ruger and Marlin brands. For over 75 years, Ruger has been a model of corporate and community responsibility. Our motto, “Arms Makers for Responsible Citizens^®,” echoes our commitment to these principles as we work hard to deliver quality and innovative firearms.

The Company may, from time to time, make forward-looking statements and projections concerning future expectations. Such statements are based on current expectations and are subject to certain qualifying risks and uncertainties, such as market demand, sales levels of firearms, anticipated castings sales and earnings, the need for external financing for operations or capital expenditures, the results of pending litigation against the Company, the impact of future firearms control and environmental legislation, and accounting estimates, any one or more of which could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date such forward-looking statements are made or to reflect the occurrence of subsequent unanticipated events.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250416253112/en/

Sturm, Ruger & Company, Inc.

One Lacey Place

Southport, CT 06890

www.ruger.com

203-259-7843

KEYWORDS: United States North America Connecticut

INDUSTRY KEYWORDS: Manufacturing Other Manufacturing Other Retail Retail Specialty

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