Market Signal Briefing

Lead Plaintiff Deadline is February 17, 2026

, /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP reminds purchasers or acquirers Charming Medical Ltd. (NASDAQ: MCTA) ("Charming") that a federal securities class action has been filed on behalf of investors who purchased Integer between October 21, 2025 and  November 12, 2025, inclusive (the "Class Period"). Investors have until February 17, 2026 to seek appointments as lead plaintiff.

PLEASE CLICK HERE TO JOIN THE CASE AND SUBMIT CONTACT INFORMATION

The filed complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. According to the lawsuit, Charming Medical's stock price experienced a rapid and artificial surge following its Initial Public Offering ("IPO") rising from $4.00 per share to a high of $29.36 without any corresponding fundamental company news.

Plaintiffs allege that this price increase was driven by a fraudulent, social-media-based stock promotion scheme. Investigations and public reporting revealed that impersonators posing as financial advisors promoted Charming Medical through online forums, chat groups, and social media, making sensational and unsupported claims designed to induce retail investor buying.

In November 2025, trading in Charming Medical securities was suspended, allegedly exposing the artificial nature of the run-up and causing investor losses.

The proposed class consists of all persons and entities who purchased Charming Medical securities during the class period and were damaged as a result, excluding defendants and their affiliates.

Lead Plaintiff Deadline: Investors have until FEBRUARY 17, 2026 to contact the firm to discuss how to become a lead plaintiff.

Why Wolf Haldenstein Adler Freeman & Herz LLP?:

This illustrious firm, founded in 1888, is steadfast in their pursuit of justice for investors who have suffered financial harm due to these misrepresented statements. The law firm brings to the fore over 125 years of legal expertise in securities litigation and has a proven track record of protecting the rights of investors.

We encourage all investors who have been affected or have information that will assist in our investigation, to contact Wolf Haldenstein Adler Freeman & Herz LLP.

Contact:

Phone: (800) 575-0735 or (212) 545-4774 Email: [email protected] Contact Person: Gregory Stone, Director of Case and Financial Analysis Firm Website: Wolf Haldenstein Adler Freeman & Herz LLP

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

SOURCE Wolf Haldenstein Adler Freeman & Herz LLP

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The Justice Department told a federal court on Tuesday that Elon Musk’s DOGE team, working inside the Social Security Administration, stored sensitive Social Security data on servers that were never approved by the agency.

The filing also said two members of the team secretly communicated with an outside advocacy group tied to efforts to overturn election results in certain states.

The DOJ said the issue surfaced while correcting sworn testimony given last year by senior SSA officials during lawsuits over DOGE access to federal data.

Those corrections said team members shared information through third-party systems and may have reached private records that a judge had already blocked them from seeing.

The court papers said the conduct raised serious questions about how the DOGE project actually operated inside SSA.

Justice Department flags election-related contacts by DOGE staff Elizabeth Shapiro, a senior DOJ official, said SSA referred both DOGE employees for possible Hatch Act violations. The law bars federal workers from using their jobs for political purposes. Elizabeth wrote that the two employees were in contact with an advocacy group pushing to overturn election results in specific states.

The filing said one of the two signed a Voter Data Agreement that may have involved using Social Security data to compare federal records with state voter rolls.

Elizabeth said the agreement and the outside communications were not known to SSA leadership at the time earlier court statements were made. She wrote that SSA believed its prior claims about DOGE, focusing on fraud detection and technology upgrades, were accurate when stated.

Elizabeth also said there is no evidence that SSA staff outside the involved DOGE members knew about the advocacy group or the voter-related agreement. She added that the two employees and the advocacy group were not named in the filing.

Emails reviewed by the DOJ suggest DOGE staff could have been asked to help the group by accessing SSA data to match against voter lists, but it remains unclear if any data was actually shared.

Unapproved servers expose how DOGE handled restricted SSA data Elizabeth also disclosed that Steve Davis, a senior adviser to Musk tied to the DOGE project, was copied on a March 3, 2025, email that included a password-protected file.

The file contained private information on about 1,000 people pulled from Social Security systems.

Elizabeth said it is unknown whether Steve accessed the file. She also said the current SSA staff cannot open the file to confirm exactly what it contains.

SSA continues to say DOGE never had access to official systems of record. Elizabeth wrote that it remains possible that restricted data derived from SSA systems was sent to Steve. That detail was included as part of the DOJ’s corrections to earlier court testimony.

The filing also said a DOGE team member briefly received access to private Social Security profiles even after a court order blocked that access. Elizabeth said the access was never used.

In a separate case, another DOGE member had access for two months to a call center profile containing private information, and Elizabeth wrote that it is still unknown whether any private data was accessed during that period.

According to her, DOGE staff also shared data links using Cloudflare, a third-party service not approved for SSA data storage, meaning it falls outside any security rules.

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TL;DR

Tether and Circle minted $1.5B in stablecoins after a market pullback. The issuance prepares liquidity but doesn’t signal immediate buying pressure. USDT and USDC dominate, with Tron and Solana as key distribution chains. Tether and Circle expanded on-chain dollar supply with a combined $1.5 billion stablecoin mint, reinforcing liquidity conditions after a period of sharp crypto market stress. Blockchain records show Tether issuing $1 billion in USDT, mainly on Tron, while Circle created about $500 million in USDC, including fresh supply on Solana. The activity unfolded within roughly two hours and followed a rapid market pullback that pushed Bitcoin below $93,000 and forced broad liquidations across derivatives venues.

Market participants often interpret large mints as direct buying signals. Reality shows a slower and more deliberate process. Stablecoin issuers usually send new supply to treasury wallets or intermediary addresses before any trading use. Funds then wait for deployment by exchanges, market makers, or institutional desks. For that reason, stablecoin issuance reflects liquidity preparation, not instant demand for risk assets.

Volatility shaped the timing. Over the past week, macro pressure and fast price swings drove investors to reduce exposure. Leverage unwound across major pairs, and total market capitalization fell. During moments like that, USDT and USDC act as parking assets, giving traders and funds a neutral position while waiting for clearer price signals. The latest mint fits that familiar pattern.

Stablecoin supply reinforces dollar rails across chains USDT and USDC continue to dominate crypto settlement activity. Data from on-chain dashboards shows both tokens representing close to 90% of circulating stablecoin supply on Ethereum. Tether holds roughly 60% of total market share, while Circle controls about 30%, keeping both issuers far ahead of smaller competitors. Recent issuance across Tron, Ethereum, and Solana strengthens their role as primary dollar rails for trading, lending, and settlement.

Tron remains a preferred network for USDT activity due to low fees and fast transfers, especially for large transactions. Solana has gained traction for USDC flows, supported by high throughput and growing DeFi usage. By distributing new supply across multiple chains, issuers maintain flexibility for different trading venues and user segments.

Despite headline size, mints alone do not change price direction. Historical patterns show that price recoveries follow deployment, not creation. Analysts watch secondary signals, such as stablecoin inflows to centralized exchanges, rising spot volumes, or increased borrowing demand. Without those indicators, large mints signal readiness rather than conviction.

Recent sessions illustrate caution. Even as issuers expanded supply, traders held back from aggressive positioning. Sentiment remained defensive, shaped by global uncertainty and fragile technical levels. In similar past phases, stablecoins accumulated quietly before either renewed buying or extended consolidation.

For now, the $1.5 billion mint highlights active liquidity management, not a guaranteed reversal. Capital stays close to the market, ready for use when conditions stabilize. Until flows move decisively toward exchanges and spot desks, stablecoin growth serves as a reminder: preparation often comes first, commitment later.

Strategy (formerly MicroStrategy) acquired an additional 22,305 Bitcoin for approximately $2.13 billion between Jan. 12 and Jan. 19, continuing an aggressive accumulation campaign that has absorbed 3.38% of the top crypto's total supply.

That works out to 3.55% of the circulating supply of 19.97 million coins.

The purchases were executed at an average price of $95,284 per bitcoin, according to a Jan. 20 8-K filing with the Securities and Exchange Commission (SEC).

The latest acquisition brings Strategy’s total Bitcoin holdings to 709,715 BTC, a hoard worth roughly $64 billion. The company’s cost basis for the total stack is approximately $53.92 billion, or an average of $75,979 per bitcoin, implying around $10.5 billion in paper gains at current prices.

How Strategy is funding its Bitcoin purchasesWhile the headline number highlights the company’s relentless buying, the mechanics behind the purchase reveal a significant shift in how Strategy funds its operations.

These latest acquisitions were funded using proceeds from the firm's at-the-market sales of its Class A common stock (MSTR), its perpetual Stretch preferred stock (STRC), and the Series A Perpetual Strike Preferred Stock (STRK).

According to the SEC filing, the Michael Saylor-led Strategy sold 10,399,650 MSTR shares for approximately $1.8 billion last week. It still has about $8.4 billion worth of shares to fund future BTC purchases.

However, the preferred channel is seeing increased activity.

The filing showed Strategy sold 2,945,371 STRC shares for around $294.3 million (with $3.6 billion shares remaining) and 38,796 STRK shares for $3.4 million (with $20.3 billion shares remaining).

This increased bet shows that the company's attempt to turn its bitcoin treasury strategy into a repeatable “yield SKU” that can sit quietly in brokerage accounts and income portfolios is yielding significant interest.

Notably, this financial engineering has produced four distinct exposure tiers that trade on the Nasdaq exchange. This means investors do not need any BTC know-how to invest, as they can simply buy them through a regular brokerage account.

The product lineup is segmented by risk appetite, offering four distinct ways to play the Strategy trade.

The headline act is the Variable Rate Series A Perpetual Stretch Preferred Stock, or STRC. Marketed explicitly as “short duration high yield credit,” this security currently pays an 11.00% annual dividend in monthly cash installments.

Unlike a standard bond where market forces dictate the yield, STRC is an issuer-managed product. Strategy retains the policy power to adjust the dividend rate to ensure the stock trades near its $100 par value.

Data from STRC.live shows that the firm has accumulated 27,000 BTC from the STRC fundraiser.

Strategy Bitcoin Accumulation From STRC (Source: STRC.live)Below STRC sits a tiered structure of fixed-rate perpetuals.

For the investor who wants a piece of the equity upside, there is STRK (“Strike”). It pays an 8% annual dividend and is non-cumulative (meaning missed payments are lost forever).

However, it functions as a hybrid, offering convertibility to stock that captures about 40% of the gains if Strategy’s common shares rally.

For the risk-averse income seeker, the company offers STRF (“Strife”). This 10% perpetual preferred cannot be converted to stock, but it sits higher in the capital structure.

It is cumulative, meaning the company must make up any missed dividend payments later. With $1.6 billion remaining in capacity, it represents the most conservative tier.

There is also the STRD (“Stride”) instrument, which matches the 10% yield of STRF but removes the safety net. It is non-cumulative and non-convertible.

If Strategy skips a payment, the investor has no recourse, giving STRD the sharpest risk-reward profile among the fixed-rate options. It has $1.4 billion remaining.

Meanwhile, the company has even opened a European front. Last November, Strategy introduced the Series A Perpetual Stream Preferred (STRE), a euro-denominated security that carries a 10% annual dividend paid quarterly.

This instrument carries sharp teeth regarding non-payment. The dividend is cumulative and increases by 100 basis points per missed period, up to a maximum of 18%.

Institutional investors turn to Strategy's preferredStrategy's financial engineering product list has successfully courted a demographic that typically shuns crypto: the income tourist.

Data from several institutional filings show that high-income and preferred-focused funds are populating the STRC holders list. The roster includes the Fidelity Capital & Income Fund (FAGIX), Fidelity Advisor Floating Rate High Income (FFRAX), and the Virtus InfraCap U.S. Preferred Stock ETF (PFFA).

Meanwhile, the most striking validation comes from BlackRock. The BlackRock iShares Preferred and Income Securities ETF (PFF) is a massive fund that tracks an index usually dominated by sleepy bank and utility preferreds.

As of Jan. 16, the fund held $14.25 billion in net assets. Inside that conservative portfolio, Strategy’s Bitcoin-linked paper has established a beachhead.

The ETF disclosed a position of approximately $210 million in Strategy’s STRC. It holds another ~$260 million across STRF, STRK, and STRD. In total, BlackRock’s ETF exposure to Strategy preferreds sits at roughly $470 million (or 3.3% of the total fund).

Valentin Kosanovic, a deputy director at Capital B, views this as a watershed moment for digital credit.

According to him:

“This is another clear, factual, unquestionable demonstration of the materialization of the wave of institutionalized legacy BTC-pegged financial products.”

The machinery required to sustain these dividends creates a unique set of risks. Strategy is not paying these yields from operating profits in the traditional sense. It is funding them through the capital markets.

The company’s prospectus for STRC states that cash dividends are expected to be funded primarily through additional capital raising, including at-the-market stock offerings.

This creates a circular dependency: Strategy sells securities to buy Bitcoin and then pays dividends on those securities.

Considering this, Michael Fanelli, a partner at RSM US, highlighted several risks associated with this model, including Bitcoin price crashes, the lack of insurance coverage, and the fact that the products are unproven in recessions. He also noted that the perpetual products have no maturity date.

However, Bitcoin analyst Adam Livingston countered that the products are a “mind-bender” for traditional analysts. He argued that “STRC is quietly turning Strategy into a private central bank for the yield-starved world.”

According to him:

“STRC is a coupon-bearing ‘credit rail’ that can absorb fixed-income demand, convert it into BTC at scale, then feed the equity premium that makes the next raise easier, cheaper, and faster. That is a flywheel with a bid inside it.”

Mentioned in this article

TL;DR:

Solayer introduces a $35 million fund to finance high-impact decentralized applications. The infiniSVM engine reaches 330,000 transactions per second, surpassing Solana’s theoretical capacity. The project aims to establish itself as a specialized performance layer compatible with the SOL token. This Tuesday, Solayer announced that Solayer launches $35 million fund for SVM applications. The goal is to empower the development of on-chain applications through a grant program designed for protocols with clear revenue models and high-level technical foundations.

The initiative emerges as a natural evolution of the Solayer Accel incubation program, which has already boosted innovative projects like the AI trading platform buff.trade and the hardware-accelerated MetaDEX, DoxX. With this fund, the team expects to attract founders looking to leverage the unique capabilities of their blockchain architecture.

Innovation with infiniSVM: Surpassing Solana’s Limits The technological core of this proposal is the infiniSVM engine, a hardware-accelerated solution that allows processing more than 330,000 transactions per second. In this way, Solayer positions itself as a high-performance alternative for applications requiring massive bandwidth, such as non-custodial crypto cards.

Unlike other networks that compete directly, Solayer defines itself as a specialized performance layer that complements the Solana mainnet. For this reason, users can transfer assets via sBridge and use the SOL token for network fee payments and staking processes.

After raising $12 million in its seed round led by Polychain Capital, the team reaffirms its commitment to long-term growth. With the launch of its mainnet in alpha phase and the LAYER governance token, Solayer launches fund to ensure an efficient ecosystem.

Over the past decade, a growing number of stablecoins have emerged as more conservative alternatives to volatile cryptocurrencies. Most stablecoins are pegged to the U.S. dollar, can be held without a bank account, used for faster, cheaper cross-border money transfers, and staked for higher yields than traditional savings accounts. They can also help people preserve their savings in countries facing hyperinflation and currency devaluation issues.

The world's most valuable stablecoin is Tether (USDT 0.07%), launched in 2014 and currently with a market cap of $187 billion. However, it faces fierce competition from smaller stablecoins like Dai (DAI +0.02%), launched in 2017 and valued at $5 billion.

Image source: Getty Images.

It might seem pointless to compare Tether to Dai, since both stablecoins trade at $1.00 and are pegged to the U.S. dollar. However, these two tokens are fundamentally different, with distinct strengths and weaknesses. Let's see which coin is the more "stable" play for the future.

The similarities and differences between Tether and Dai Tether was initially minted on Omni Layer, a smart contract-enabled protocol that runs on top of Bitcoin's (BTC 3.72%) blockchain. It was subsequently minted as an ERC-20 token on Ethereum's (ETH 6.71%) blockchain, then minted across other smaller blockchains.

Tether Limited, a subsidiary of Hong Kong-based iFinex (which also owns the Bitfinex cryptocurrency exchange), is the only company that mints or burns Tether tokens.

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Dai was initially minted as an ERC-20 token on Ethereum, and it hasn't spread to other blockchains yet. It's a decentralized token which can only be minted via a smart contract when a user deposits an approved crypto asset -- such as Ether or Wrapped Bitcoin (WBTC 3.76%) -- which is worth more than the value of the minted Dai into a "Maker Vault". That premium, known as a "stability fee," acts as a buffer against the volatility of its underlying collateral.

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Neither token is directly backed by U.S. dollars or Treasuries. Tether uses an opaque mix of cash, commercial paper, and other assets to maintain its peg to the U.S. dollar. Dai relies solely on approved crypto assets across its Maker Vaults to stay pegged to the U.S. dollar.

Those strategies make Tether and Dai riskier than more conservative stablecoins like USD Coin (USDC 0.01%), which is directly backed by U.S. dollars and Treasuries on a 1:1 basis. However, they're also less exposed to government interference because they're not heavily dependent on actual U.S. dollars. Instead, they're "synthetic" dollars, which merely reflect the market value of the U.S. dollar without holding all that cash.

Which stablecoin is riskier? Tether and Dai both have their distinct risks. Tether is centralized, and its future depends entirely on Tether Limited's ability to keep minting or burning more tokens. If you trust Tether, then its stablecoin could be an excellent long-term investment.

However, it relies solely on third-party attestations of its underlying reserves rather than opening its books to complete audits. Its reserves are stored off-chain, so they can't be freely audited by its investors.

That lack of financial transparency -- along with its controversial ties to China -- could increase its long-term risks. Its centralization under a single company also exposes it to more regulatory challenges than decentralized tokens, and it can censor, freeze, or blacklist its own accounts.

Dai is decentralized across its Maker Vaults, so it isn't dependent on a single company or heavily exposed to tighter regulations. The real-time value of those collateralized vaults is fully visible to the public, which eliminates the need for traditional audits. However, its price could still crumble if another crypto winter reduces the value of the collateral stored in those vaults.

The better stablecoin buy: Dai Tether and Dai should both stay pegged to the U.S. dollar while generating attractive staking yields on centralized finance (CeFi) exchanges and decentralized finance (DeFi) pools. Nevertheless, Dai's decentralized approach, financial transparency, and lack of direct exposure to China should make it a more attractive stablecoin than Tether this year.

XRP’s next big rise could come with hardly any warning, traders and analysts warn. Markets are quiet now. That quiet has happened before, and it has sometimes been followed by sharp moves that catch most people off guard.

History Of Sudden Moves According to several community analysts, XRP has a pattern of long quiet periods followed by fast spikes. It rarely creeps steadily upward for weeks before a charge. Instead, price often treads water, people lose faith, and then momentum arrives quickly.

That behavior has left many short-term traders on the sidelines when runs happen. A move looks obvious only after it is already well under way.

Legal Overhang Gone Reports say the SEC lawsuit changed XRP’s timing for years. While other tokens took part in big market swings, XRP traded under heavy regulatory pressure. That pressure is now removed.

The major $XRP breakout will come when many least expect it. Its always a “catch-off-guard” move.. but we’re prepared.

— 🇬🇧 ChartNerd 📊 (@ChartNerdTA) January 17, 2026

The market has since been allowed to price XRP without that cloud. In late 2024, a notable rally began after US President Donald Trump’s win and the exit of SEC Chair Gary Gensler. Momentum pushed XRP from roughly $0.50 to above $3 in a matter of weeks. But the gains were followed by a long reset.

Exposure Beats Perfect Timing According to a number of commentators, being already invested matters more than hitting the exact bottom. When the price starts to climb fast, buyers who jump in late often pay too much and panic-sell when the heat fades.

XRPUSD now trading at $1.92. Chart: TradingView Early holders tend to capture most of the upside. Reports note this has repeated across multiple cycles. Emotion drives late entry; calm positioning often wins.

At the time of writing, XRP was trading near $1.93, down about 4% on the day and roughly 55% below its recent high. Many who bought above $3 over the past year have cut losses or reduced positions, which has left sentiment thin.

On Quick Inflows & Short-Term Squeeze Liquidity in key ranges is lighter than traders might assume. Volume patterns and derivatives flows will matter if price begins to move again.

An array of factors could start the run — quick inflows, a shift in macro appetite, or a big buyer showing up. On-chain signs, exchange flows, and futures positioning would give clearer clues, but those signals can flip fast.

Featured image from Unsplash, chart from TradingView

Ethereum is trying to stabilize above the $3,100 level after failing to break the $3,400 resistance, as the broader crypto market struggles to recover momentum. While bulls managed to defend key support in recent sessions, price action remains fragile and highly reactive, with sellers still showing up on rallies. ETH is stuck in a tight range, and traders are watching closely to see whether this pullback turns into a deeper correction or simply a reset before the next move higher.

A report from Arab Chain highlights that Binance data is signaling a sensitive phase for Ethereum at the start of 2026. According to the analysis, ETH is trading near the $3,200 zone, but market flow conditions remain tilted to the downside.

The Accumulated Order Flow (CVD) indicator sits at approximately -3,676, suggesting that net selling pressure is still dominating short-term activity. In simple terms, more aggressive sell orders are hitting the market than buy orders, even as price attempts to hold recent levels.

This divergence between price stabilization and negative flow reflects a market that is not collapsing, but also not attracting strong demand yet. As Ethereum defends support, the next test will be whether buyers can reclaim $3,300 and challenge the $3,400 ceiling again, or if weakness drags price back toward deeper support zones.

Arab Chain notes that even though Ethereum’s CVD remains negative, the relationship between price and liquidity flows is not fully broken. According to the report, the 30-day correlation between ETH price and CVD sits near 0.62, which is a relatively constructive reading. This pattern suggests that price action partially aligns with volume behavior, even though liquidity currently tilts toward selling rather than fresh buying.

In other words, Ethereum is not trading in a vacuum—flows still matter—and the market is reacting in a way that reflects real positioning.

Binance ETH CVD Momentum & Price Correlation | Source: CryptoQuant From a broader perspective, ETH’s gradual decline to its current levels signals a correction phase following its previous upside surge. Historically, this is the type of environment where short-term investors take profits and reduce exposure, while larger players begin to rebalance portfolios and slowly rebuild positions. Instead of an immediate trend reversal, the market often transitions into sideways price action as both sides test liquidity.

The key issue is that CVD remains negative, meaning demand has not yet become strong enough to flip the short-term flow structure. However, Ethereum’s ability to hold above the $3,000 level points to underlying support that is limiting downside acceleration.

This mismatch—weak momentum in volume flows but stable price behavior—often precedes quieter consolidation periods that can later set the foundation for stronger upside once liquidity conditions improve.

EETH Bulls Fight to Reclaim $3,100 Ethereum is trying to stabilize above the $3,100 level after a sharp rejection from the $3,400 supply zone, with price now trading near $3,111. The chart shows ETH still recovering from the broader downtrend that started after the November breakdown, but the structure remains fragile as sellers continue defending every attempt to push higher.

ETH testing key MA | Source: ETHUSDT chart on TradingView From a technical perspective, the $3,300–$3,400 region stands out as the key resistance cluster. Price has repeatedly failed in this area, and the latest rejection confirms it remains a major distribution level. At the same time, Ethereum is holding above its short-term moving average near $3,050–$3,100. Suggesting buyers are still active, defending the current range.

However, ETH remains capped below the mid-term moving averages, which are trending lower and acting as dynamic resistance. This keeps the market in a “recovery inside a downtrend” setup unless bulls can flip those levels back into support. Volume has also remained relatively muted during the rebound, signaling that the move still lacks aggressive follow-through.

Ethereum appears stuck in consolidation. With $3,000 as the critical floor and $3,400 as the breakout trigger needed to shift market sentiment.

Featured image from ChatGPT, chart from TradingView.com 

As bitcoin's price has drifted south, long-silent bitcoins have been stretching their legs after years in a deep freeze. This week, several sizable chunks have been on the move, peeling away from long-held vintage caches. On Monday, a wallet inactive for more than 13.5 years sprang to life, moving 909.37 BTC valued at $84.2 million.

TL;DR

Scott Bessent confirmed in Davos that Donald Trump’s administration continues to uphold U.S. crypto policy and the strategic bitcoin reserve as official government guidelines. The executive order signed in March 2025 establishes that the reserve is funded with seized bitcoins and prohibits their sale. Bessent pointed to legislative progress to regulate the crypto sector, although the Senate postponed the vote due to disagreements over stablecoins and Coinbase’s withdrawal of support. Scott Bessent reaffirmed in Davos the Donald Trump administration’s policy on digital assets and cryptocurrencies and the continuity of the United States’ strategic bitcoin reserve. The statement was made during the World Economic Forum, at a press conference attended by international media.

The Treasury Secretary said the administration aims to establish the most competitive regulatory framework for digital assets, designed to support their development and attract companies and technological activity to the country. The policy includes comprehensive regulation of the crypto sector and the relocation of projects and innovation within U.S. territory.

The Bitcoin Reserve Will Remain a Key Element for the Country Bessent confirmed that the strategic bitcoin reserve remains in force as an official guideline. Trump signed an executive order in March 2025 instructing the federal government to retain its bitcoin holdings as a strategic asset. The order states that bitcoins included in the reserve cannot be sold under any circumstances.

The executive order specifies that the reserve will initially be formed with bitcoins seized through criminal or civil asset forfeiture processes. It also authorizes the search for budget-neutral mechanisms to expand holdings without using additional federal budget allocations.

Bessent Avoided Questions About Bitcoins Seized From Developers During the conference, Bessent declined to answer questions regarding approximately $6 million in bitcoin seized from Samourai Wallet developers Keonne Rodriguez and William Lonergan Hill. Previous reports indicated that those assets may have been sold by the U.S. Marshal Service. The previous week, White House crypto adviser Patrick Witt stated that those bitcoins were not liquidated and remain under government custody.

Bessent explained that the Treasury’s current policy is to halt the sale of seized bitcoins and then add them to the digital asset reserve once the relevant legal proceedings are completed. He noted that this approach is already being applied.

The Secretary also referred to legislative efforts in Washington, D.C. to pass a law providing comprehensive regulation of the crypto sector. The bill seeks to establish clear rules for markets, issuers, and platforms operating with digital assets in the United States.

The legislative process was delayed last week. The Senate Banking Committee suspended a key hearing to amend and vote on its version of the bill. The postponement stemmed from disagreements over the treatment of stablecoin-related rewards and Coinbase’s withdrawal of support for the draft legislation

TL;DR

Over 35 major financial institutions now build live products on Ethereum. Tokenization expands across stocks, ETFs, and money market funds on-chain. Institutions are filing for staked Ethereum ETFs to capture native yield. Ethereum consolidates its role as the primary blockchain for global finance as more than 35 large financial institutions build live products and infrastructure on the network. Data shared by the Ethereum Foundation confirms an unprecedented level of Wall Street participation, driven by one factor above all others: tokenized assets moving from concept to daily use. Banks, asset managers, payment firms, and technology companies now rely on Ethereum to issue, settle, and manage regulated financial products at scale.

Ethereum’s appeal rests on proven reliability, deep liquidity, and an open settlement layer that integrates with existing financial systems. Rather than experimental deployments, firms place real assets and real capital on-chain. 

Kraken launched xStocks on Ethereum, allowing eligible clients to mint and redeem U.S. equities and ETFs as ERC-20 tokens backed by collateral. Users gain direct blockchain settlement while retaining exposure to regulated securities.

Ethereum is the #1 choice for global financial institutions.

Over the last few months, adoption has accelerated. Here are 35 stories of how institutions are building on Ethereum.

1/ @krakenfx launched xStocks on Ethereum, issuing tokenized versions of popular U.S. stocks and…

— Ethereum (@ethereum) January 19, 2026

Ondo Finance introduced Ondo Global Markets, offering over 100 tokenized stocks and ETFs with round-the-clock access and built-in lending and trading features. China AMC issued its Select USD Money Market Fund on Ethereum, a product representing hundreds of billions of dollars in assets, while enabling continuous settlement of short-term dollar instruments. Fidelity rolled out the FDIT tokenized money-market fund, using blockchain settlement to reduce friction without altering the underlying asset structure.

Banks, payments, and settlement move on-chain Google published the Agent Payments Protocol on Ethereum, developed with the Ethereum Foundation, Coinbase, and MetaMask. The framework allows AI agents to execute stablecoin payments autonomously under defined controls. In parallel, UBS, PostFinance, Sygnum, and the Swiss Bankers Association tested deposit tokens on Ethereum, demonstrating legally binding, real-time settlement across banks.

JPMorgan migrated its tokenized deposit product to Base, an Ethereum Layer 2, shifting from closed infrastructure toward public blockchain settlement. Santander’s Openbank enabled ETH trading in Germany under MiCA rules, allowing retail customers to hold and trade Ethereum through bank accounts. American Express launched Amex Passport on Base, issuing NFT travel stamps that record verified trips on-chain.

 SWIFT and more than 30 banks develop a shared ledger for tokenized assets using Consensys tooling, targeting real-time cross-border payments. Société Générale FORGE deployed EURCV and USDCV lending on Morpho and Uniswap, supplying institutional-grade collateral to decentralized markets. Stripe integrated stablecoins into subscription payments, enabling businesses worldwide to accept USDC with near-instant settlement.

BlackRock and Morgan Stanley filed applications for staked Ethereum ETFs, extending access beyond spot exposure toward native Ethereum yield. SoFi issued SoFiUSD on Ethereum, becoming the first U.S. national retail bank to release a stablecoin on a public chain. Beyond developed markets, the ADI Foundation partnered with M-Pesa, connecting tens of millions of users to blockchain-based cross-border payments.

Shiba Inu's 7% drop sparks aggressive dip-buying instead of panicDespite a rapid price drop, Shiba Inu is showing recovery potential that might be a green light for investors.

7% drop. SHIB briefly broke below short-term support during a sharp sell-off that triggered stop losses.Shiba Inu's most recent 7% decline initially appears to be a continuation of the company's overall downward trend. SHIB was momentarily forced below short-term support as the price rapidly declined and triggered stops. However, the market's immediate response to that move is far more significant than the decline itself, and it was objectively positive.  

Rather, it bounced almost immediately, creating a long lower wick on the daily candle. Typically, that type of candlestick structure indicates aggressive dip-buying, as opposed to panic-sales. Sellers lowered the price, but buyers quickly took advantage of the liquidity. Those drops grind lower in weak markets rather than rising. 

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Bullish activity. Even without a confirmed trend reversal, the rejection of lower prices shows that liquidity remains active and buyers are still willing to step in.

The bounce indicates that liquidity is still available and in use. This is significant because SHIB has been trading under a number of declining moving averages, and there is strong bearish sentiment. Even in the absence of a verified trend reversal, a strong rejection of lower prices indicates that market participants are still prepared to intervene. It is obvious that buyers have stayed in the building.

XRP flashes death cross days after golden cross, price slips nearly 4%XRP just registered a new death cross setup despite the uptick in trading volume.

Trend reversal. XRP has reversed course, printing a death cross on the technical chart.About 48 hours after confirming its first golden cross of 2026, XRP has posted a reversal, with a death cross emerging on the technical chart. This has triggered a more than 3.95% price drop in the value of the coin within the last 24 hours.

CoinMarketCap data shows that although XRP’s trading volume is in the green, the technical chart shows a death cross. This signal has created massive selling pressure. Notably, a death cross occurs when a short-term moving average crosses below a longer-term average.

XRP’s death cross places the coin within a tight range of $1.97 and $2.06. This suggests that XRP might struggle to break above this range in the short term, except a bullish catalyst triggers a change.

NYSE plans 24/7 blockchain-based venue for tokenized securitiesThe New York Stock Exchange (NYSE) is moving beyond the "experimental" phase of blockchain.

24/7 trading. The New York Stock Exchange has announced plans to launch a fully independent trading venue dedicated to tokenized securities, running in parallel with its traditional exchange.The New York Stock Exchange (NYSE) has announced plans to launch a fully independent trading venue for tokenized securities.The announcement has drawn some praise from crypto heavyweight Changpeng Zhao (CZ).  In a recent social media post, the former Binance CEO has labeled the move as "bullish for crypto and crypto exchanges."

The NYSE is building a parallel stock market that will run on blockchain rails. As explained by fintech analyst Simon Taylor, the NYSE has chosen to operate two distinct venues in parallel. The new digital venue will operate 24/7 and feature instant settlement with the help of stablecoins.  

"Think about what this means: NYSE will run two exchanges. The old one: 9:30-4:00 EST, T+1 settlement, bank wires. The new one: 24/7, instant settlement, stablecoin rails. They're not choosing between traditional and digital," he said.

New ChatGPT Predicts the Price of XRP, Bitcoin and Dogecoin By the End of 2026 Bitcoin Dogecoin XRP

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Last updated: 

11 minutes ago

The newly upgraded version of ChatGPT has published striking 2026 price outlooks for XRP, Bitcoin, and Dogecoin, while also offering a timely warning for investors chasing crypto FOMO this year.

The AI model suggests that an extended bull market, supported by clearer, more favorable regulation in the U.S., could drive leading digital assets to fresh all-time highs (ATHs) in the next major cycle.

Below is how ChatGPT expects three of the crypto market’s biggest assets to perform over the year.

XRP ($XRP): ChatGPT Predicts XRP Will be $10 by 2027Ripple’s XRP ($XRP) kicked off 2026 with strong momentum, rising 19% in the first week of the year. Trading near $1.93, the token could climb as much as 420% over the year in a bull market, with ChatGPT projecting a $10 target by 2027.

Source: ChatGPTXRP was one of the top-performing large-cap cryptocurrencies last year. In July, it reached its first new ATH in seven years, touching $3.65 after Ripple secured a landmark legal win against the U.S. Securities and Exchange Commission.

That decision significantly reduced regulatory ambiguity around XRP and helped calm broader concerns that a hostile SEC might classify comparable altcoins as securities. The return of pro-crypto Donald Trump to the White House further eased investor anxiety.

XRP’s Relative Strength Index (RSI) currently sits at 40 while its price is below the 30-day moving average, indicating that today’s price can be seen as an attractive accumulation zone.

The recent approval of spot XRP exchange-traded funds (ETFs) in the U.S., which are beginning to channel traditional finance capital into the asset, mirrors the sustained, multibillion-dollar inflows seen after Bitcoin and Ethereum ETF launches.

Bitcoin (BTC): ChatGPT Expects BTC to Hit $220,000Bitcoin ($BTC), the largest cryptocurrency by market value, set a new ATH of $126,080 on October 6. Looking ahead, ChatGPT anticipates a powerful continuation of the trend, with price targets approaching $220,000.

Source: ChatGPTOften described as digital gold, Bitcoin remains a go-to asset for both institutions and retail investors seeking a technology-driven hedge against inflation and macroeconomic instability.

BTC currently accounts for roughly $1.8 trillion of the $3.14 trillion total crypto market and trades near $90,000. It slipped about 3% over the past 24 hours after the European Union signaled potential retaliatory tariffs against the U.S., following renewed remarks by Donald Trump suggesting America could occupy Greenland.

Setting geopolitics aside, easing inflation and improving regulatory clarity in the U.S. could help Bitcoin establish several new ATHs this year, according to ChatGPT’s outlook.

Moreover, if U.S. lawmakers move forward with the long-discussed Strategic Bitcoin Reserve, Bitcoin’s longer-term upside could extend well beyond current projections.

Dogecoin (DOGE): ChatGPT Sees DOGE Finally Crossing $1What began in 2013 as a tongue-in-cheek experiment has evolved into one of the crypto market’s largest assets. Dogecoin ($DOGE) now carries a market capitalization close to $21 billion, representing nearly half of the $44 billion meme coin sector.

Source: ChatGPTDOGE printed several constructive technical patterns in late summer and early autumn of 2026, though bullish momentum cooled following a sharp, market-wide sell-off in October.

Dogecoin’s ATH of $0.7316 dates back to the retail-driven bull market of 2021. While many supporters continue to champion a $1 DOGE, ChatGPT reckons the OG meme coin could comfortably surpass that level to peak at $1.50, still a clean 12.5x gain from the current price around $0.12.

Despite its meme origins, Dogecoin has achieved real-world utility. Tesla accepts DOGE for select merchandise, while major payment platforms such as PayPal and Revolut now support Dogecoin transactions, reinforcing its position as a usable digital currency.

Maxi Doge (MAXI): A Meme Coin Built for Extreme UpsideBeyond ChatGPT’s projections, the crypto presale market remains a hotspot for investors seeking high-risk, high-reward opportunities.

Maxi Doge ($MAXI) has emerged as one of January’s most discussed presales, raising $4.5 million ahead of its expected exchange listing.

The project presents a brash, gym-bro parody of Dogecoin. Louche, unapologetic, and intentionally over-the-top, Maxi Doge leans into the raw meme energy that originally defined meme coin culture.

After years of watching DOGE dominate the spotlight, Maxi Doge is building its own Maxi Doge Army, bound by meme allegiance, degen trading strategies, and a shared appetite for volatility.

MAXI is an ERC-20 token built on Ethereum’s proof-of-stake network, giving it a notably smaller environmental footprint compared with Dogecoin’s proof-of-work model.

The current presale phase offers staking rewards of up to 69% APY, although yields decrease as more tokens join the staking pool. MAXI is priced at $0.000279 in the latest round, with automatic price increases scheduled for each new funding stage. Tokens can be purchased using MetaMask or Best Wallet.

Say goodbye to Dogecoin. Maxi Doge is the new dog in town!

Stay updated through Maxi Doge’s official X and Telegram pages.

Visit the Official Website Here

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HOUSTON and TUPELO, Miss., Jan. 20, 2026 /PRNewswire/ -- The board of directors of Cadence Bank (NYSE: CADE) has declared a quarterly cash dividend of $0.34375 per share of Series A Preferred Stock. The preferred stock dividend is payable on February 20, 2026, to shareholders of record at the close of business on January 30, 2026.

About Cadence Bank

Cadence Bank (NYSE: CADE) is a $53 billion regional bank committed to helping people, companies and communities prosper. With more than 390 locations spanning the South and Texas, Cadence offers comprehensive banking, investment, trust and mortgage products and services to meet the needs of individuals, businesses and corporations. Accolades include being recognized as one of the nation's best employers by Forbes and U.S. News & World Report and as a 2025 America's Best Banks by Forbes. Cadence has dutifully served customers for nearly 150 years. Learn more at www.cadencebank.com. Cadence Bank, Member FDIC. Equal Housing Lender.

SOURCE Cadence Bank

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NEW YORK, Jan. 20, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Graphic Packaging Holding Company (“Graphic Packaging” or the “Company”) (NYSE: GPK).  Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether Graphic Packaging and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

During after-market hours on December 8, 2025, Graphic Packaging announced lowered full-year core earnings and profit outlook.  The Company disclosed it expected adjusted EBITDA to be in the range of $1.38 to $1.43 billion (from $1.40 billion to $1.45 billion) and adjusted EPS to be in the range of $1.75 to $1.95 (from $1.80 to $2.00). 

On this news, Graphic Packaging’s stock price fell $1.53 per share, or 8.66%, to close at $14.23 per share on December 9, 2025.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980   

, /PRNewswire/ -- 

Financial Highlights

   4Q25

   3Q25

   4Q24

4Q25 Highlights

Balance Sheet (in millions)

Comparisons reflect 4Q25 vs 3Q25 unless otherwise noted

•  Net income of $78.1 million and diluted EPS of $0.54

•  Adjusted net income1 of $79.0 million and adjusted diluted EPS1 of $0.54

•  ROAA of 1.28% and ROE of 9.08%

•  Adjusted ROAA1 of 1.29%; adjusted ROTCE1 of 16.10%

•  Total revenue of $249.0 million and PPNR1 of $109.1 million

•  Adjusted total revenue1 of $249.0 million and adjusted PPNR1 of $110.4 million

•  Net interest margin up 31 bps to 3.81%; cost of deposits down 21 bps

•  Efficiency ratio of 55.52%; adjusted efficiency ratio1 of 53.64%

•  Total loans and total deposits up 7% annualized

•  NCO ratio reflects charge-offs related to two previously disclosed credit relationships4 and run-off portfolio

•  NPL ratio down 26 bps to 0.64%; ACL ratio at 1.28%

Total loans

$17,492

$17,189

$17,006

Total investment securities

3,266

3,319

6,166

Total deposits

20,184

19,838

21,886

Total assets

24,541

24,208

26,876

Total shareholders' equity

3,419

3,354

3,529

Performance Measures (in millions)

Total revenue

$  249.0

$(569.5)

$208.5

Adjusted total revenue1

249.0

232.5

208.5

Pre-provision net revenue1 (PPNR)

109.1

(711.6)

67.4

Adjusted pre-provision net revenue1

110.4

92.8

69.2

Provision for credit losses

15.1

12.0

13.3

Per share Data

Diluted earnings

$    0.54

$  (4.00)

$  0.38

Adjusted diluted earnings1

0.54

0.46

0.39

Cash dividend declared

0.2125

0.2125

0.21

Asset Quality

Net charge-off ratio (NCO ratio)

1.12 %

0.25 %

0.27 %

Nonperforming loan ratio (NPL ratio)

0.64

0.90

0.65

Nonperforming assets to total assets

0.51

0.66

0.45

Allowance for credit losses to loans (ACL)

1.28

1.50

1.38

Nonperforming loan coverage ratio

199

168

212

Capital Ratios

Equity to assets (EA) ratio

13.93 %

13.85 %

13.13 %

Tangible common equity (TCE) ratio1

8.71

8.53

8.29

Common equity tier 1 (CET1) ratio

11.63

11.54

12.38

Total risk-based capital ratio

14.45

15.07

14.61

Other Data

Net interest margin (FTE)

3.81 %

3.50 %

2.87 %

Loan yield (FTE)

6.23

6.31

6.32

Cost of deposits

2.04

2.25

2.60

Full-time equivalent employees

2,917

2,883

2,946

Number of financial centers

222

223

222

Jay Brogdon, Simmons' President and CEO, commented on fourth quarter 2025 results:

Our results for the fourth quarter exceeded expectations across the board, reflecting the positive results of the balance sheet repositioning transactions in the third quarter as well as disciplined execution of our strategy. These results included strong revenue growth – notably with net interest margin expansion of 31 basis points to 3.81 percent – and continued expense discipline that resulted in a 19 percent linked-quarter increase in adjusted PPNR1. Adjusted ROAA1 was 1.29 percent, and our adjusted efficiency ratio1 improved to 53.6 percent. At the same time, balance sheet growth was solid as total loans increased 7 percent on an annualized basis and customer deposits increased 8 percent annualized.

Our strong top-line performance in the quarter was coupled with improving credit quality and capital metrics. Nonperforming loans decreased 26 basis points to 0.64 percent of total loans with the charge-offs of two previously disclosed credit relationships and the sale of a run-off portfolio. In addition, we performed a deep dive analysis of nonperforming loans and took aggressive action to improve the loss content of the portfolio. Our reserves on these relationships were appropriate, and the ACL ended the quarter at 1.28 percent and is near the top-end of our modeled range.

As we enter 2026, our commitment to delivering profitable growth and efficient scale positions us well for the future. We are confident in our ability to build on our momentum, driving value for our customers and associates and generating attractive returns for our shareholders.

Simmons First National Corporation (NASDAQ: SFNC) (Simmons or Company) today reported net income of $78.1 million for the fourth quarter of 2025, compared to a net loss of $562.8 million for the third quarter of 2025 and net income of $48.3 million for the fourth quarter of 2024. Diluted earnings per share were $0.54 for the fourth quarter of 2025, $(4.00) for the third quarter of 2025 and $0.38 for the fourth quarter of 2024. Adjusted earnings1 for the fourth quarter of 2025 were $79.0 million, compared to $64.9 million in the third quarter of 2025 and $49.6 million in the fourth quarter of 2024.

For the fourth quarter of 2025, return on average assets was 1.28 percent and return on average common equity was 9.08 percent. Adjusted return on average assets1 was 1.29 percent and adjusted return on average tangible common equity1 was 16.10 percent.

As previously disclosed, during the third quarter of 2025, the Company utilized the net proceeds from a public offering of the Company's Class A common stock to support a balance sheet repositioning that included the sale of low-yielding investment securities and resulted in an after-tax loss of approximately $626 million. The table below summarizes the impact of the loss on the sale of securities, as well as other certain items, consisting primarily of loss on sale of equipment finance business, branch right sizing costs, early retirement program costs and a loss on early extinguishment of debt. These items 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 Earnings Per Share (EPS)

$ in millions, except per share data

            4Q25

             3Q25

          4Q24

Net income (loss)

$ 78.1

$(562.8)

$ 48.3

Loss on sale of equipment finance business

1.1

-

-

Branch right sizing costs, net

0.1

2.0

1.6

Early retirement program costs

-

0.3

0.2

Loss on early extinguishment of debt

-

0.6

-

Loss on sale of securities

-

801.5

-

   Total pre-tax impact

1.2

804.4

1.8

Tax effect

(0.3)

(176.7)

(0.5)

   Total impact on earnings

0.9

627.7

1.3

Adjusted earnings1, 3

$   79.0

$   64.9

$ 49.6

Diluted EPS

$  0.54

$ (4.00)

$ 0.38

Loss on sale of equipment finance business

0.01

Branch right sizing costs, net

-

0.01

0.01

Early retirement program costs

-

-

-

Loss on early extinguishment of debt

-

-

-

Loss on sale of securities

-

5.70

-

   Total pre-tax impact

0.01

5.71

0.01

Tax effect

(0.01)

(1.25)

-

   Total impact on earnings

-

4.46

0.01

Adjusted Diluted EPS1

$ 0.54

$ 0.46

$ 0.39

Net Interest Income
Net interest income for the fourth quarter of 2025 totaled $197.3 million, up $10.6 million, or 6 percent, compared to $186.7 million for the third quarter of 2025 and up $32.4 million, or 20 percent, from $164.9 million in the fourth quarter of 2024. The increase in net interest income on a linked quarter basis was primarily driven by a $16.5 million decrease in interest expense, fueled by $14.1 million decrease in interest bearing deposit costs and a $2.4 million decrease in the cost of other interest bearing liabilities.

Net interest margin for the fourth quarter of 2025 on a fully taxable equivalent basis was 3.81 percent, up 31 basis points compared to 3.50 percent for the third quarter of 2025 and up 94 basis points compared to 2.87 percent for the fourth quarter of 2024. The increase in net interest margin on a linked quarter basis reflects a full quarter impact of the balance sheet repositioning completed in the third quarter of 2025, coupled with strong loan and low-cost deposit growth during the fourth quarter of 2025.

Select Yield/Rates

     4Q25

      3Q25

      2Q25

      1Q25

      4Q24

Loan yield (FTE)2

6.23 %

6.31 %

6.26 %

6.20 %

6.32 %

Investment securities yield (FTE)2

4.30

4.01

3.48

3.48

3.54

Cost of interest bearing deposits

2.62

2.86

2.97

3.05

3.28

Cost of deposits

2.04

2.25

2.36

2.44

2.60

Net interest spread (FTE)2

3.18

2.86

2.41

2.30

2.15

Net interest margin (FTE)2

3.81

3.50

3.06

2.95

2.87

Noninterest Income
Noninterest income for the fourth quarter of 2025 was $51.7 million, compared to $(756.2) million in the third quarter of 2025 and $43.6 million in the fourth quarter of 2024. Included in third quarter 2025 results was a $801.5 million pre-tax loss on the sale of low-yielding securities that were sold in connection with the previously mentioned balance sheet repositioning and a $0.6 million loss on the early extinguishment of debt. Excluding these items (which are described in the "Reconciliation of Non-GAAP Financial Measures" tables below), adjusted noninterest income1 was $45.9 million in the third quarter of 2025. The increase in adjusted noninterest income on a linked quarter basis was primarily driven by an increase in swap fee income, wealth management fees, debit and credit card fees, and proceeds from bank owned life insurance death benefits, which is included in other income in the table below.

Noninterest Income

$ in millions

4Q25

     3Q25

     2Q25

     1Q25

     4Q24

Service charges on deposit accounts

$    12.7

$   13.0

$ 12.6

$ 12.6

$ 13.0

Wealth management fees

10.3

10.0

9.5

9.6

9.7

Debit and credit card fees

8.7

8.5

8.6

8.4

8.3

Mortgage lending income

2.2

2.3

1.7

2.0

1.8

Other service charges and fees

1.5

1.5

1.3

1.3

1.4

Bank owned life insurance

3.9

3.9

3.9

4.1

3.8

Gain (loss) on sale of securities

-

(801.5)

-

-

-

Other income

12.4

6.1

4.8

8.0

5.6

   Total noninterest income

$    51.7

$(756.2)

$ 42.4

$ 46.2

$ 43.6

Adjusted noninterest income1

$    51.7

$ 45.9

$ 42.4

$ 46.2

$ 43.6

Noninterest Expense
Noninterest expense for the fourth quarter of 2025 was $139.9 million, compared to $142.0 million in the third quarter of 2025 and $141.1 million in the fourth quarter of 2024. Included in noninterest expense are certain items consisting of branch right sizing costs, early retirement program costs, termination of vendor and software services and a loss on the sale of an equipment finance business. Collectively, these items totaled $1.2 million in the fourth quarter of 2025, $2.3 million in the third quarter of 2025 and $1.8 million in the fourth quarter of 2024. Excluding these items (which are described in the "Reconciliation of Non-GAAP Financial Measures" tables below), adjusted noninterest expense1 was $138.6 million in the fourth quarter of 2025, $139.7 million in the third quarter of 2025 and $139.3 million in the fourth quarter of 2024. The decrease in adjusted noninterest expense on a linked quarter basis primarily reflected salary and employee benefits accrual adjustments and a fraud recovery, offset in part by an increase in other operating expenses primarily related to the timing of certain professional services and marketing expenses recorded in the fourth quarter of 2025.

Noninterest Expense

$ in millions

 4Q25

 3Q25

  2Q25

 1Q25

 4Q24

Salaries and employee benefits

$  72.9

$  76.2

$  73.9

$  74.8

$  71.6

Occupancy expense, net

11.6

12.1

11.8

12.7

11.9

Furniture and equipment

5.3

5.3

5.5

5.5

5.7

Deposit insurance

4.7

5.2

4.9

5.4

5.6

Other real estate and foreclosure expense

0.4

0.2

0.2

0.2

0.3

Other operating expenses

44.8

43.0

42.3

46.1

46.1

   Total noninterest expense

$139.9

$142.0

$138.6

$144.6

$141.1

Adjusted salaries and employee benefits1

$  72.9

$  75.9

$  72.3

$  74.8

$  71.4

Adjusted other operating expenses1

44.0

41.5

42.5

45.9

44.7

Adjusted noninterest expense1

138.6

139.7

136.8

143.6

139.3

Efficiency ratio

55.52 %

(25.11) %

62.82 %

66.94 %

65.66 %

Adjusted efficiency ratio1

53.64

57.72

60.52

64.75

62.89

Full-time equivalent employees

2,917

2,883

2,947

2,949

2,946

Number of financial centers

222

223

223

222

222

Loans and Unfunded Loan Commitments
Total loans at the end of the fourth quarter of 2025 were $17.5 billion, up $303.4 million, or 7 percent annualized, compared to $17.2 billion at the end of the third quarter of 2025. The increase in total loans was driven by increases in real estate – commercial, commercial and consumer & other portfolios, offset in part by seasonal declines in mortgage warehouse and agricultural portfolios. Unfunded loan commitments at the end of the fourth quarter of 2025 were $3.9 billion, compared to $4.0 billion at the end of the third quarter of 2025. The commercial loan pipeline totaled $1.5 billion at the end of the fourth quarter of 2025, and ready to close commercial loans totaled $774 million with a weighted average rate of 6.53 percent.

Loans and Unfunded Loan Commitments 

$ in millions

4Q25

      3Q25

      2Q25

      1Q25

      4Q24

Total loans

$17,492

$17,189

$17,111

$17,094

$17,006

Unfunded loan commitments

3,871

3,955

3,947

3,888

3,739

Deposits and Other Borrowings
Total deposits at the end of the fourth quarter of 2025 were $20.2 billion, compared to $19.8 billion at the end of the third quarter of 2025 and $21.9 billion at the end of the fourth quarter of 2024. The increase in total deposits on a linked quarter basis was fueled by a $349 million, or 8 percent annualized, increase in customer deposits, driven by increases in interest bearing transaction accounts and savings accounts and interest bearing public fund deposits. The decrease in total deposits on a year-over-year basis deposits reflects a reduction of higher rate, non-relationship wholesale and public fund deposits as part of the balance sheet repositioning completed during the third quarter of 2025.

Other borrowings at the end of the fourth quarter of 2025 were $302.3 million, compared to $18.8 million at the end of the third quarter of 2025 and $745.4 million at the end of the fourth quarter of 2024. The decrease in other borrowings on a year-over-year basis reflected the pay down of higher cost wholesale funding, primarily FHLB advances, as part of the balance sheet repositioning. 

Deposits

$ in millions

 4Q25

 3Q25

 2Q25

 1Q25

 4Q24

Noninterest bearing deposits

$  4,330

$  4,377

$  4,468

$  4,455

$  4,461

Interest bearing transaction accounts

10,453

10,289

10,532

10,621

10,331

Time deposits

3,508

3,331

3,588

3,695

3,796

Brokered deposits

1,893

1,841

3,237

2,914

3,298

   Total deposits

$20,184

$19,838

$21,825

$21,684

$21,886

Noninterest bearing deposits to total deposits

21 %

22 %

20 %

21 %

20 %

Total loans to total deposits

87

87

78

79

78

Asset Quality
Total nonperforming loans at the end of the fourth quarter of 2025 totaled $112.7 million, compared to $153.9 million at the end of the third quarter of 2025 and $110.7 million at the end of the fourth quarter of 2024. The decrease in nonperforming loans on a linked quarter basis reflected a $40.8 million decline related to two previously disclosed credit relationships. In addition, during the fourth quarter of 2025 the Company completed the sale of a small ticket equipment finance portfolio that was included in a run-off portfolio, resulting in a $3.2 million decrease in nonperforming loans.

The nonperforming loan coverage ratio ended the fourth quarter of 2025 at 199 percent, compared to 168 percent at the end of the third quarter of 2025 and 212 percent at the end of the fourth quarter of 2024. Total nonperforming assets as a percentage of total assets were 51 basis points at the end of the fourth quarter of 2025, compared to 66 basis points at the end of the third quarter of 2025 and 45 basis points at the end of the fourth quarter of 2024.

Net charge offs as a percentage of average loans for the fourth quarter of 2025 were 112 basis points and included net charge-offs of $28.2 million (or 65 basis points) related to the two previously disclosed credit relationships for which the Company held specific reserves totaling $30.8 million. In addition, there were $6.2 million (or 14 basis points) of net charge-offs related to a run-off portfolio that included a small ticket equipment finance portfolio that was sold during the quarter.

Provision for credit losses on loans totaled $15.1 million for the fourth quarter of 2025, compared to $15.2 million in the third quarter of 2025 and $13.3 million in the fourth quarter of 2024. The allowance for credit losses on loans at the end of the fourth quarter of 2025 was $224.4 million, compared to $258.0 million at the end of the third quarter of 2025 and $235.0 million at the end of the fourth quarter of 2024. The allowance for credit losses on loans as a percentage of total loans (ACL ratio) was 1.28 percent at the end of the fourth quarter of 2025, compared to 1.50 percent at the end of the third quarter of 2025 and 1.38 percent at the end of the fourth quarter of 2024. The linked quarter reduction in the ACL ratio was primarily due to the utilization of specific reserves related to the two previously disclosed credit relationships and the run-off portfolio.

Asset Quality

$ in millions

  4Q25

  3Q25

      2Q25

     1Q25

      4Q24

Allowance for credit losses on loans to total loans

1.28 %

1.50 %

1.48 %

1.48 %

1.38 %

Allowance for credit losses on loans to nonperforming loans

199

168

161

165

212

Nonperforming loans to total loans

0.64

0.90

0.92

0.89

0.65

Net charge-off ratio (annualized)

1.12

0.25

0.25

0.23

0.27

Net charge-off ratio YTD (annualized)

0.47

0.24

0.24

0.23

0.22

Total nonperforming loans

$112.7

$153.9

$157.2

$152.3

$110.7

Total other nonperforming assets

12.4

6.8

9.5

10.0

10.5

   Total nonperforming assets

$125.1

$160.7

$166.7

$162.3

$121.2

Reserve for unfunded commitments

$25.6

$25.6

$25.6

$25.6

$25.6

Capital and Subordinated Debt
Total stockholders' equity at the end of the fourth quarter and third quarter of 2025 was $3.4 billion, compared to $3.5 billion at the end of the fourth quarter of 2024. Book value per share at the end of the fourth quarter of 2025 was $23.62, compared to $23.18 at the end of the third quarter of 2025 and $28.08 at the end of the fourth quarter of 2024. Tangible book value per share1 at the end of the fourth quarter of 2025 was $13.91, compared to $16.80 at the end of the fourth quarter of 2024. The increase in book value per share and tangible book value per share on a linked quarter basis was primarily due to a $47.3 million increase in undivided profits. The year-over-year decline in book value per share and tangible book value per share was primarily due to an increase in outstanding shares resulting from the public offering of the Company's Class A common stock completed in the third quarter of 2025 and the impacts of the balance sheet repositioning.

Total stockholders' equity as a percentage of total assets at the end of the fourth quarter of 2025 was 13.9%, unchanged from third quarter of 2025 levels and up from 13.1 percent at the end of the fourth quarter of 2024. Tangible common equity as a percentage of tangible assets1 was 8.7 percent at the end of the fourth quarter of 2025, compared to 8.5 percent at the end of the third quarter of 2025 and 8.3 percent at the end of the fourth 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.

On October 1, 2025, the Company completed the redemption of the Company's outstanding $330 million principal amount of its Fixed-to-Floating Rate Subordinated Notes due 2028.

Select Capital Ratios

      4Q25

      3Q25

      2Q25

      1Q25

     4Q24

Stockholders' equity to total assets

13.9 %

13.9 %

13.3 %

13.2 %

13.1 %

Tangible common equity to tangible assets1

8.7

8.5

8.5

8.3

8.3

Common equity tier 1 (CET1) ratio

11.6

11.5

12.4

12.2

12.4

Tier 1 leverage ratio

10.1

9.6

10.0

9.8

9.7

Tier 1 risk-based capital ratio

11.6

11.5

12.4

12.2

12.4

Total risk-based capital ratio

14.4

15.1

14.4

14.6

14.6

Share Repurchase Program
During the fourth quarter of 2025, Simmons did not repurchase shares under its stock repurchase program that was authorized in January 2024 (2024 Program). Remaining authorization under the 2024 Program as of December 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%

(3)   In this press release, "Adjusted Earnings" may also be referred to as "Adjusted Net Income"

(4)  As used in this press release, "two previously disclosed credit relationships" refers to two credit relationships (one associated with a downtown St. Louis, Missouri hotel and the other associated with a fast-food operator) that the Company migrated to nonperforming status at the end of the first quarter of 2025

Conference Call 
Management will conduct a live conference call to review this information beginning at 7:30 a.m. Central Time on Wednesday, January 21, 2026. 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 10205234. 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 more than 220 branches in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas. Founded in 1903, Simmons Bank offers comprehensive financial solutions delivered with a client-centric approach. Recently, Simmons Bank was recognized by Newsweek as one of America's Best Regional Banks and Credit Unions 2026 and by Forbes as one of America's Best-In-State Companies 2026. In 2025, Simmons Bank was recognized by Newsweek as one of America's Greatest Workplaces 2025 in Arkansas and one of America's Best Regional Banks 2025, and by U.S. News & World Report as one of the 2024-2025 Best Companies to Work For in the South. Additional information about Simmons Bank can be found on our website at simmonsbank.com, by following @Simmons_Bank on X 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, losses on sale of securities, loss on sale of equipment finance business, net branch right-sizing initiatives, early retirement program, termination of vendor and software services and losses on early extinguishment of debt.

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. 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. Brogdon'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, the effects of a government shutdown, 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 in the Middle East and 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, the Company's Form 10-Q for the quarter ended September 30, 2025, 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 

 Dec 31 

 Sep 30 

 Jun 30 

 Mar 31 

 Dec 31 

 (Unaudited) 

2025

2025

2025

2025

2024

($ in thousands)

 ASSETS 

 Cash and noninterest bearing balances due from banks 

$         380,439

$         377,604

$         398,081

$         423,171

$         429,705

 Interest bearing balances due from banks and federal funds sold 

331,474

266,013

246,381

211,115

257,672

     Cash and cash equivalents 

711,913

643,617

644,462

634,286

687,377

 Interest bearing balances due from banks - time 

100

100

100

100

100

 Investment securities - held-to-maturity 

-

-

3,591,531

3,615,556

3,636,636

 Investment securities - available-for-sale 

3,266,221

3,319,277

2,405,320

2,491,849

2,529,426

 Mortgage loans held for sale 

17,438

15,507

16,972

8,351

11,417

 Assets held in trading accounts 

11,685

12,695

-

-

-

 Loans: 

 Loans 

17,492,179

17,188,817

17,111,096

17,094,078

17,005,937

 Allowance for credit losses on loans 

(224,377)

(258,006)

(253,537)

(252,168)

(235,019)

 Net loans 

17,267,802

16,930,811

16,857,559

16,841,910

16,770,918

 Premises and equipment 

561,220

568,343

573,160

573,616

585,431

 Foreclosed assets and other real estate owned 

12,009

6,386

8,794

8,976

9,270

 Interest receivable 

104,062

104,383

120,443

117,398

123,243

 Bank owned life insurance 

540,001

539,372

535,481

535,324

531,805

 Goodwill 

1,320,799

1,320,799

1,320,799

1,320,799

1,320,799

 Other intangible assets 

84,423

87,520

90,617

93,714

97,242

 Other assets 

643,204

659,352

528,382

551,112

572,385

 Total assets 

$    24,540,877

$    24,208,162

$    26,693,620

$    26,792,991

$    26,876,049

 LIABILITIES AND STOCKHOLDERS' EQUITY 

 Deposits: 

 Noninterest bearing transaction accounts 

$      4,330,211

$      4,377,232

$      4,468,237

$      4,455,255

$      4,460,517

 Interest bearing transaction accounts and savings deposits 

11,141,169

10,932,914

11,176,791

11,265,554

10,982,022

 Time deposits 

4,712,658

4,527,587

6,179,962

5,963,811

6,443,211

         Total deposits 

20,184,038

19,837,733

21,824,990

21,684,620

21,885,750

 Federal funds purchased and securities sold 

 under agreements to repurchase 

21,383

22,348

31,306

50,133

37,109

 Other borrowings 

302,253

18,832

634,349

884,863

745,372

 Subordinated notes and debentures 

317,714

648,976

366,369

366,331

366,293

 Accrued interest and other liabilities 

296,249

326,310

287,396

275,559

312,653

 Total liabilities 

21,121,637

20,854,199

23,144,410

23,261,506

23,347,177

 Stockholders' equity: 

 Common stock 

1,448

1,447

1,260

1,259

1,257

 Surplus 

2,846,581

2,848,977

2,518,286

2,515,372

2,511,590

 Undivided profits 

864,341

817,022

1,410,564

1,382,564

1,376,935

 Accumulated other comprehensive (loss) income 

(293,130)

(313,483)

(380,900)

(367,710)

(360,910)

 Total stockholders' equity 

3,419,240

3,353,963

3,549,210

3,531,485

3,528,872

 Total liabilities and stockholders' equity 

$    24,540,877

$    24,208,162

$    26,693,620

$    26,792,991

$    26,876,049

 Simmons First National Corporation 

 SFNC 

 Consolidated Statements of Income - Quarter-to-Date 

 For the Quarters Ended 

Dec 31

Sep 30

Jun 30

Mar 31

Dec 31

 (Unaudited) 

2025

2025

2025

2025

2024

($ in thousands, except per share data)

 INTEREST INCOME 

    Loans (including fees) 

$     270,868

$     269,210

$    265,373

$    257,755

$    272,727

    Interest bearing balances due from banks and federal funds sold 

2,485

6,421

2,531

2,703

2,913

    Investment securities 

33,833

37,464

46,898

47,257

50,162

    Mortgage loans held for sale 

227

229

221

122

180

    Assets held in trading accounts 

118

99

-

-

-

            TOTAL INTEREST INCOME 

307,531

313,423

315,023

307,837

325,982

 INTEREST EXPENSE 

    Time deposits 

41,989

49,064

57,231

62,559

70,661

    Other deposits 

60,516

67,546

69,108

67,895

72,369

    Federal funds purchased and securities 

      sold under agreements to repurchase 

57

72

59

113

119

    Other borrowings 

2,138

2,957

10,613

7,714

11,386

    Subordinated notes and debentures 

5,535

7,123

6,188

6,134

6,505

            TOTAL INTEREST EXPENSE 

110,235

126,762

143,199

144,415

161,040

 NET INTEREST INCOME 

197,296

186,661

171,824

163,422

164,942

 PROVISION FOR CREDIT LOSSES 

    Provision for credit losses on loans 

15,116

15,180

11,945

26,797

13,332

            TOTAL PROVISION FOR CREDIT LOSSES 

15,116

11,966

11,945

26,797

13,332

 NET INTEREST INCOME AFTER PROVISION 

    FOR CREDIT LOSSES 

182,180

174,695

159,879

136,625

151,610

 NONINTEREST INCOME 

    Service charges on deposit accounts 

12,669

13,045

12,588

12,635

12,978

    Debit and credit card fees 

8,660

8,478

8,567

8,446

8,323

    Wealth management fees 

10,337

9,965

9,464

9,629

9,658

    Mortgage lending income 

2,232

2,259

1,687

2,013

1,828

    Bank owned life insurance income 

3,942

3,943

3,890

4,092

3,780

    Other service charges and fees (includes insurance income) 

1,503

1,474

1,321

1,333

1,426

    Gain (loss) on sale of securities 

-

(801,492)

-

-

-

    Other income 

12,365

6,141

4,837

8,007

5,565

            TOTAL NONINTEREST INCOME 

51,708

(756,187)

42,354

46,155

43,558

 NONINTEREST EXPENSE 

    Salaries and employee benefits 

72,924

76,249

73,862

74,824

71,588

    Occupancy expense, net 

11,636

12,106

11,844

12,651

11,876

    Furniture and equipment expense 

5,304

5,275

5,474

5,465

5,671

    Other real estate and foreclosure expense 

432

200

216

198

317

    Deposit insurance 

4,736

5,175

4,917

5,391

5,550

    Other operating expenses 

44,830

43,027

42,276

46,051

46,115

            TOTAL NONINTEREST EXPENSE 

139,862

142,032

138,589

144,580

141,117

 NET INCOME (LOSS) BEFORE INCOME TAXES 

94,026

(723,524)

63,644

38,200

54,051

    Provision for income taxes 

15,948

(160,732)

8,871

5,812

5,732

 NET INCOME (LOSS) 

$       78,078

$    (562,792)

$      54,773

$      32,388

$      48,319

 BASIC EARNINGS PER SHARE 

$           0.54

$          (4.01)

$          0.43

$          0.26

$          0.38

 DILUTED EARNINGS PER SHARE 

$           0.54

$          (4.00)

$          0.43

$          0.26

$          0.38

 Simmons First National Corporation 

 SFNC 

 Consolidated Risk-Based Capital 

 For the Quarters Ended 

Dec 31 

Sep 30 

Jun 30 

Mar 31 

Dec 31 

 (Unaudited) 

2025

2025

2025

2025

2024

($ in thousands)

Tier 1 capital

   Stockholders' equity

$      3,419,240

$      3,353,963

$      3,549,210

$      3,531,485

$      3,528,872

   CECL transition provision (1)

-

-

-

-

30,873

   Disallowed intangible assets, net of deferred tax

(1,374,839)

(1,376,255)

(1,379,104)

(1,381,953)

(1,385,128)

   Unrealized loss (gain) on AFS securities

293,130

313,483

380,900

367,710

360,910

      Total Tier 1 capital

2,337,531

2,291,191

2,551,006

2,517,242

2,535,527

Tier 2 capital

   Subordinated notes and debentures

317,714

648,976

366,369

366,331

366,293

   Subordinated debt phase out

-

(198,000)

(198,000)

(132,000)

(132,000)

   Qualifying allowance for loan losses and

      reserve for unfunded commitments

250,006

248,710

258,079

257,769

222,313

      Total Tier 2 capital

567,720

699,686

426,448

492,100

456,606

      Total risk-based capital

$      2,905,251

$      2,990,877

$      2,977,454

$      3,009,342

$      2,992,133

Risk weighted assets

$    20,106,493

$    19,861,879

$    20,646,324

$    20,621,540

$    20,473,960

Adjusted average assets for leverage ratio

$    23,224,638

$    23,963,356

$    25,606,135

$    25,619,424

$    26,037,459

Ratios at end of quarter

   Equity to assets

13.93 %

13.85 %

13.30 %

13.18 %

13.13 %

   Tangible common equity to tangible assets (2)

8.71 %

8.53 %

8.46 %

8.34 %

8.29 %

   Common equity Tier 1 ratio (CET1)

11.63 %

11.54 %

12.36 %

12.21 %

12.38 %

   Tier 1 leverage ratio

10.06 %

9.56 %

9.96 %

9.83 %

9.74 %

   Tier 1 risk-based capital ratio

11.63 %

11.54 %

12.36 %

12.21 %

12.38 %

   Total risk-based capital ratio

14.45 %

15.07 %

14.42 %

14.59 %

14.61 %

(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 

 Dec 31 

 Sep 30 

 Jun 30 

 Mar 31 

 Dec 31 

 (Unaudited) 

2025

2025

2025

2025

2024

($ in thousands)

Investment Securities - End of Period

 Held-to-Maturity 

    U.S. Government agencies 

$                 -

$                 -

$       457,228

$       456,545

$       455,869

    Mortgage-backed securities 

-

-

1,024,313

1,048,170

1,070,032

    State and political subdivisions 

-

-

1,855,614

1,856,905

1,857,177

    Other securities 

-

-

254,376

253,936

253,558

       Total held-to-maturity (net of credit losses) 

-

-

3,591,531

3,615,556

3,636,636

 Available-for-Sale 

    U.S. Treasury 

$                 -

$                 -

$              400

$              699

$              996

    U.S. Government agencies 

47,172

48,355

49,498

52,318

54,547

    Mortgage-backed securities 

2,201,958

2,249,593

1,349,991

1,380,913

1,392,759

    State and political subdivisions 

859,071

845,371

807,842

832,898

858,182

    Other securities 

158,020

175,958

197,589

225,021

222,942

       Total available-for-sale (net of credit losses) 

3,266,221

3,319,277

2,405,320

2,491,849

2,529,426

       Total investment securities (net of credit losses) 

$    3,266,221

$    3,319,277

$    5,996,851

$    6,107,405

$    6,166,062

       Fair value - HTM investment securities 

$                   -

$                   -

$    2,891,974

$    2,929,625

$    2,949,951

 Simmons First National Corporation 

 SFNC 

 Consolidated Loans 

 For the Quarters Ended 

 Dec 31 

 Sep 30 

 Jun 30 

 Mar 31 

 Dec 31 

 (Unaudited) 

2025

2025

2025

2025

2024

($ in thousands)

Loan Portfolio - End of Period

 Consumer: 

    Credit cards 

$         175,760

$         173,020

$         176,166

$         179,680

$         181,675

    Other consumer 

115,472

112,335

123,831

97,198

127,319

 Total consumer 

291,232

285,355

299,997

276,878

308,994

 Real Estate: 

    Construction 

2,873,807

2,874,823

2,784,578

2,778,245

2,789,249

    Single-family residential 

2,607,450

2,617,849

2,625,717

2,647,451

2,689,946

    Other commercial real estate 

8,289,968

7,875,649

7,961,412

8,051,304

7,912,336

 Total real estate 

13,771,225

13,368,321

13,371,707

13,477,000

13,391,531

 Commercial: 

    Commercial 

2,382,339

2,397,388

2,440,507

2,372,681

2,434,175

    Agricultural 

306,300

353,181

333,078

264,469

261,154

 Total commercial 

2,688,639

2,750,569

2,773,585

2,637,150

2,695,329

 Other 

741,083

784,572

665,807

703,050

610,083

       Total loans 

$    17,492,179

$    17,188,817

$    17,111,096

$    17,094,078

$    17,005,937

 Simmons First National Corporation 

 SFNC 

 Consolidated Allowance and Asset Quality 

 For the Quarters Ended 

 Dec 31 

 Sep 30 

 Jun 30 

 Mar 31 

 Dec 31 

 (Unaudited) 

2025

2025

2025

2025

2024

($ in thousands)

Allowance for Credit Losses on Loans

 Beginning balance 

$      258,006

$      253,537

$      252,168

$      235,019

$      233,223

 Loans charged off: 

    Credit cards 

1,346

1,862

1,702

1,460

1,629

    Other consumer 

550

600

351

1,133

505

    Real estate 

25,850

1,350

1,450

4,425

3,810

    Commercial 

22,004

8,079

8,257

4,243

6,796

       Total loans charged off 

49,750

11,891

11,760

11,261

12,740

 Recoveries of loans previously charged off: 

    Credit cards 

347

257

334

211

391

    Other consumer 

163

303

294

306

279

    Real estate 

105

115

87

99

275

    Commercial 

390

505

469

997

259

       Total recoveries 

1,005

1,180

1,184

1,613

1,204

    Net loans charged off 

48,745

10,711

10,576

9,648

11,536

 Provision for credit losses on loans 

15,116

15,180

11,945

26,797

13,332

 Balance, end of quarter 

$      224,377

$      258,006

$      253,537

$      252,168

$      235,019

Nonperforming assets

 Nonperforming loans: 

    Nonaccrual loans 

$      111,791

$      153,516

$      156,453

$      151,897

$      110,154

    Loans past due 90 days or more 

948

423

709

494

603

       Total nonperforming loans 

112,739

153,939

157,162

152,391

110,757

 Other nonperforming assets: 

   Foreclosed assets and other real estate owned

12,009

6,386

8,794

8,976

9,270

    Other nonperforming assets 

323

392

759

978

1,202

       Total other nonperforming assets 

12,332

6,778

9,553

9,954

10,472

          Total nonperforming assets 

$      125,071

$      160,717

$      166,715

$      162,345

$      121,229

Ratios

 Allowance for credit losses on loans to total loans 

1.28 %

1.50 %

1.48 %

1.48 %

1.38 %

 Allowance for credit losses to nonperforming loans 

199 %

168 %

161 %

165 %

212 %

 Nonperforming loans to total loans 

0.64 %

0.90 %

0.92 %

0.89 %

0.65 %

 Nonperforming assets to total assets 

0.51 %

0.66 %

0.62 %

0.61 %

0.45 %

 Annualized net charge offs to average loans (QTD) 

1.12 %

0.25 %

0.25 %

0.23 %

0.27 %

 Annualized net charge offs to average loans (YTD) 

0.47 %

0.24 %

0.24 %

0.23 %

0.22 %

 Annualized net credit card charge offs to 

   average credit card loans (QTD) 

2.23 %

3.64 %

2.99 %

2.72 %

2.63 %

 Simmons First National Corporation 

 SFNC 

 Consolidated - Average Balance Sheet and Net Interest Income Analysis 

 For the Quarters Ended 

 (Unaudited) 

 Three Months Ended
Dec 2025 

 Three Months Ended
Sep 2025 

 Three Months Ended
Dec 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

$          232,046

$        2,485

4.25 %

$         566,344

$       6,421

4.50 %

$         238,731

$       2,913

4.85 %

   Investment securities - taxable

2,490,444

28,235

4.50 %

2,751,493

29,183

4.21 %

3,633,138

34,459

3.77 %

   Investment securities - non-taxable (FTE)

810,597

7,578

3.71 %

1,242,936

11,210

3.58 %

2,633,148

21,260

3.21 %

   Mortgage loans held for sale

15,738

227

5.72 %

13,776

229

6.60 %

10,713

180

6.68 %

   Assets held in trading accounts

12,534

118

3.74 %

11,305

99

3.47 %

-

-

0.00 %

   Loans - including fees (FTE)

17,295,415

271,778

6.23 %

16,976,231

270,092

6.31 %

17,212,034

273,594

6.32 %

      Total interest earning assets (FTE)

20,856,774

310,421

5.90 %

21,562,085

317,234

5.84 %

23,727,764

332,406

5.57 %

   Non-earning assets

3,397,673

3,352,837

3,351,179

     Total assets

$     24,254,447

$    24,914,922

$    27,078,943

LIABILITIES AND STOCKHOLDERS' EQUITY

Interest bearing liabilities:

   Interest bearing transaction and

     savings accounts

$     10,971,959

$      60,516

2.19 %

$    11,043,132

$     67,546

2.43 %

$    10,967,450

$     72,369

2.63 %

   Time deposits

4,573,502

41,989

3.64 %

5,116,070

49,064

3.80 %

6,397,251

70,661

4.39 %

      Total interest bearing deposits

15,545,461

102,505

2.62 %

16,159,202

116,610

2.86 %

17,364,701

143,030

3.28 %

   Federal funds purchased and securities

     sold under agreement to repurchase

20,990

57

1.08 %

23,306

72

1.23 %

47,314

119

1.00 %

   Other borrowings

217,996

2,138

3.89 %

268,278

2,957

4.37 %

932,366

11,386

4.86 %

   Subordinated notes and debentures

319,162

5,535

6.88 %

407,922

7,123

6.93 %

366,274

6,505

7.07 %

      Total interest bearing liabilities

16,103,609

110,235

2.72 %

16,858,708

126,762

2.98 %

18,710,655

161,040

3.42 %

Noninterest bearing liabilities:

   Noninterest bearing deposits

4,412,009

4,369,941

4,491,361

   Other liabilities

328,812

317,965

333,781

      Total liabilities

20,844,430

21,546,614

23,535,797

Stockholders' equity

3,410,017

3,368,308

3,543,146

      Total liabilities and stockholders' equity

$     24,254,447

$    24,914,922

$    27,078,943

Net interest income (FTE)

$    200,186

$   190,472

$   171,366

Net interest spread (FTE)

3.18 %

2.86 %

2.15 %

Net interest margin (FTE)

3.81 %

3.50 %

2.87 %

 Simmons First National Corporation 

 SFNC 

 Consolidated - Selected Financial Data 

 For the Quarters Ended 

Dec 31 

Sep 30 

Jun 30 

Mar 31 

Dec 31 

 (Unaudited) 

2025

2025

2025

2025

2024

($ in thousands, except share data)

QUARTER-TO-DATE

Financial Highlights - As Reported

Net Income (loss)

$            78,078

$       (562,792)

$           54,773

$           32,388

$           48,319

Diluted earnings per share

0.54

(4.00)

0.43

0.26

0.38

Return on average assets

1.28 %

-8.96 %

0.82 %

0.49 %

0.71 %

Return on average tangible assets (non-GAAP) (1)

1.40 %

-9.46 %

0.91 %

0.56 %

0.79 %

Return on average common equity

9.08 %

-66.29 %

6.20 %

3.69 %

5.43 %

Return on tangible common equity (non-GAAP) (1)

15.92 %

-113.56 %

10.73 %

6.61 %

9.59 %

Net interest margin (FTE)

3.81 %

3.50 %

3.06 %

2.95 %

2.87 %

Efficiency ratio (2)

55.52 %

-25.11 %

62.82 %

66.94 %

65.66 %

FTE adjustment

2,890

3,811

6,422

6,414

6,424

Average diluted shares outstanding

145,210,222

140,648,704

126,406,453

126,336,557

126,232,084

Cash dividends declared per common share

0.213

0.213

0.213

0.213

0.210

Accretable yield on acquired loans

749

725

1,263

1,084

1,863

Financial Highlights - Adjusted (non-GAAP) (1)

Adjusted earnings

$            78,975

$           64,930

$           56,071

$           33,122

$           49,634

Adjusted diluted earnings per share

0.54

0.46

0.44

0.26

0.39

Adjusted return on average assets

1.29 %

1.03 %

0.84 %

0.50 %

0.73 %

Adjusted return on average tangible assets (non-GAAP) (1)

1.41 %

1.13 %

0.93 %

0.57 %

0.81 %

Adjusted return on average common equity

9.19 %

7.65 %

6.34 %

3.77 %

5.57 %

Adjusted return on tangible common equity

16.10 %

13.62 %

10.97 %

6.75 %

9.83 %

Adjusted efficiency ratio (2)

53.64 %

57.72 %

60.52 %

64.75 %

62.89 %

YEAR-TO-DATE

Financial Highlights - GAAP

Net Income (loss)

$        (397,553)

$       (475,631)

$           87,161

$           32,388

$         152,693

Diluted earnings per share

(2.95)

(3.63)

0.69

0.26

1.21

Return on average assets

-1.55 %

-2.44 %

0.66 %

0.49 %

0.56 %

Return on average tangible assets (non-GAAP) (1)

-1.60 %

-2.54 %

0.74 %

0.56 %

0.64 %

Return on average common equity

-11.45 %

-18.21 %

4.94 %

3.69 %

4.38 %

Return on tangible common equity (non-GAAP) (1)

-18.84 %

-30.13 %

8.67 %

6.61 %

7.96 %

Net interest margin (FTE)

3.32 %

3.17 %

3.01 %

2.95 %

2.74 %

Efficiency ratio (2)

460.26 %

-329.30 %

64.86 %

66.94 %

69.57 %

FTE adjustment

19,537

16,647

12,836

6,414

25,820

Average diluted shares outstanding

134,731,180

131,132,891

126,325,650

126,336,557

126,115,606

Cash dividends declared per common share

0.850

0.638

0.425

0.213

0.840

Financial Highlights - Adjusted (non-GAAP) (1)

Adjusted earnings

$          233,098

$         154,123

$           89,193

$           33,122

$         177,887

Adjusted diluted earnings per share

1.73

1.18

0.71

0.26

1.41

Adjusted return on average assets

0.91 %

0.79 %

0.67 %

0.50 %

0.65 %

Adjusted return on average tangible assets (non-GAAP) (1)

1.00 %

0.87 %

0.75 %

0.57 %

0.73 %

Adjusted return on average common equity

6.71 %

5.90 %

5.06 %

3.77 %

5.10 %

Adjusted return on tangible common equity

11.78 %

10.37 %

8.86 %

6.75 %

9.18 %

Adjusted efficiency ratio (2)

58.92 %

60.90 %

62.62 %

64.75 %

64.56 %

END OF PERIOD

Book value per share

$              23.62

$             23.18

$             28.17

$             28.04

$             28.08

Tangible book value per share

13.91

13.45

16.97

16.81

16.80

Shares outstanding

144,762,817

144,703,075

125,996,248

125,926,822

125,651,540

Full-time equivalent employees

2,917

2,883

2,947

2,949

2,946

Total number of financial centers

222

223

223

222

222

 (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 

 Dec 31 

 Sep 30 

 Jun 30 

 Mar 31 

 Dec 31 

 (Unaudited) 

2025

2025

2025

2025

2024

 (in thousands, except per share data) 

QUARTER-TO-DATE

 Net income (loss) 

$         78,078

$      (562,792)

$         54,773

$         32,388

$         48,319

Certain items (non-GAAP)

Loss on early extinguishment of debt

-

570

-

-

-

Early retirement program

-

305

1,594

-

200

Termination of vendor and software services

12

-

-

-

-

Loss on sale of Equipment Finance business

1,118

-

-

-

-

Loss (gain) on sale of securities

-

801,492

-

-

-

Branch right sizing (net)

85

2,004

163

994

1,581

Tax effect of certain items (1)

(318)

(176,649)

(459)

(260)

(466)

    Certain items, net of tax 

897

627,722

1,298

734

1,315

Adjusted earnings (non-GAAP) (2)

$         78,975

$         64,930

$         56,071

$         33,122

$         49,634

 Diluted earnings per share 

$             0.54

$            (4.00)

$             0.43

$             0.26

$             0.38

Certain items (non-GAAP)

Loss on early extinguishment of debt

-

-

-

-

-

Early retirement program

-

-

0.01

-

-

Termination of vendor and software services

-

-

-

-

-

Loss on sale of Equipment Finance business

0.01

-

-

-

-

Loss (gain) on sale of securities

-

5.70

-

-

-

Branch right sizing (net)

-

0.01

-

-

0.01

Tax effect of certain items (1)

(0.01)

(1.25)

-

-

-

    Certain items, net of tax 

-

4.46

0.01

-

0.01

 Adjusted diluted earnings per share (non-GAAP) 

$             0.54

$             0.46

$             0.44

$             0.26

$             0.39

 (1) Actual tax rate of 21.946% on 2025 loss on sale of securities. Effective rate of 26.135% on all other items. 

 (2) In this press release, "Adjusted Earnings" may also be referred to as "Adjusted Net Income." 

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

QUARTER-TO-DATE

    Noninterest income 

$         51,708

$      (756,187)

$         42,354

$         46,155

$         43,558

Certain noninterest income items

Loss on early extinguishment of debt

-

570

-

-

-

Loss (gain) on sale of securities

-

801,492

-

-

-

    Adjusted noninterest income (non-GAAP) 

$         51,708

$         45,875

$         42,354

$         46,155

$         43,558

    Other income 

$         12,365

$           6,141

$           4,837

$           8,007

$           5,565

Certain other income items

Loss on early extinguishment of debt

-

570

-

-

-

    Adjusted other income (non-GAAP) 

$         12,365

$           6,711

$           4,837

$           8,007

$           5,565

    Noninterest expense 

$       139,862

$       142,032

$       138,589

$       144,580

$       141,117

 Certain noninterest expense items

Early retirement program

-

(305)

(1,594)

-

(200)

Termination of vendor and software services

(12)

-

-

-

-

Loss on sale of Equipment Finance business

(1,118)

-

-

-

-

Branch right sizing expense

(85)

(2,004)

(163)

(994)

(1,581)

    Adjusted noninterest expense (non-GAAP) 

138,647

139,723

136,832

143,586

139,336

  Less: Fraud event 

-

-

-

(4,300)

-

    Adjusted noninterest expense, excluding fraud event (non-GAAP) 

$       138,647

$       139,723

$       136,832

$       139,286

$       139,336

    Salaries and employee benefits 

$         72,924

$         76,249

$         73,862

$         74,824

$         71,588

Certain salaries and employee benefits items

Early retirement program

-

(305)

(1,594)

-

(200)

Other

-

(1)

1

-

-

    Adjusted salaries and employee benefits (non-GAAP) 

$         72,924

$         75,943

$         72,269

$         74,824

$         71,388

    Other operating expenses 

$         44,830

$         43,027

$         42,276

$         46,051

$         46,115

Certain other operating expenses items

Termination of vendor and software services

(12)

-

-

-

-

Loss on sale of Equipment Finance business

(1,118)

-

-

-

-

Branch right sizing expense

327

(1,556)

255

(161)

(1,457)

    Adjusted other operating expenses (non-GAAP) 

$         44,027

$         41,471

$         42,531

$         45,890

$         44,658

 Simmons First National Corporation 

 SFNC 

 Reconciliation Of Non-GAAP Financial Measures - Adjusted Earnings - Year-to-Date 

 For the Quarters Ended 

 Dec 31 

 Sep 30 

 Jun 30 

 Mar 31 

 Dec 31 

 (Unaudited) 

2025

2025

2025

2025

2024

 (in thousands, except per share data) 

YEAR-TO-DATE

 Net income (loss) 

$      (397,553)

$      (475,631)

$         87,161

$         32,388

$       152,693

Certain items (non-GAAP)

Loss on early extinguishment of debt

570

570

-

-

-

FDIC Deposit Insurance special assessment

-

-

-

-

1,832

Early retirement program

1,899

1,899

1,594

-

536

Termination of vendor and software services

12

-

-

-

602

Loss on sale of Equipment Finance business

1,118

-

-

-

-

Loss (gain) on sale of securities

801,492

801,492

-

-

28,393

Branch right sizing (net)

3,246

3,161

1,157

994

2,746

Tax effect of certain items (1)

(177,686)

(177,368)

(719)

(260)

(8,915)

    Certain items, net of tax 

630,651

629,754

2,032

734

25,194

Adjusted earnings (non-GAAP) (2)

$       233,098

$       154,123

$         89,193

$         33,122

$       177,887

 Diluted earnings per share 

$            (2.95)

$            (3.63)

$             0.69

$             0.26

$             1.21

Certain items (non-GAAP)

Loss on early extinguishment of debt

-

-

-

-

-

FDIC Deposit Insurance special assessment

-

-

-

-

0.02

Early retirement program

0.01

0.02

0.01

-

-

Termination of vendor and software services

0.01

-

-

-

-

Loss on sale of Equipment Finance business

0.01

-

-

-

-

Loss (gain) on sale of securities

5.95

6.11

-

-

0.23

Branch right sizing (net)

0.02

0.02

0.01

-

0.02

Tax effect of certain items (1)

(1.32)

(1.34)

-

-

(0.07)

    Certain items, net of tax 

4.68

4.81

0.02

-

0.20

 Adjusted diluted earnings per share (non-GAAP) 

$             1.73

$             1.18

$             0.71

$             0.26

$             1.41

 (1) Actual tax rate of 21.946% on 2025 loss on sale of securities. Effective rate of 26.135% on all other items. 

 (2) In this press release, "Adjusted Earnings" may also be referred to as "Adjusted Net Income." 

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

YEAR-TO-DATE

    Noninterest income 

$      (615,970)

$      (667,678)

$         88,509

$         46,155

$       147,171

Certain noninterest income items

Loss on early extinguishment of debt

570

570

-

-

-

Loss (gain) on sale of securities

801,492

801,492

-

-

28,393

    Adjusted noninterest income (non-GAAP) 

$       186,092

$       134,384

$         88,509

$         46,155

$       175,564

    Other income 

$         31,350

$         18,985

$         12,844

$           8,007

$         27,493

Certain other income items

Loss on early extinguishment of debt

570

570

-

-

-

    Adjusted other income (non-GAAP) 

$         31,920

$         19,555

$         12,844

$           8,007

$         27,493

    Noninterest expense 

$       565,063

$       425,201

$       283,169

$       144,580

$       557,543

Certain noninterest expense items

Early retirement program

(1,899)

(1,899)

(1,594)

-

(536)

FDIC Deposit Insurance special assessment

-

-

-

-

(1,832)

Termination of vendor and software services

(12)

-

-

-

(602)

Loss on sale of Equipment Finance business

(1,118)

-

-

-

-

Branch right sizing expense

(3,246)

(3,161)

(1,157)

(994)

(2,746)

    Adjusted noninterest expense (non-GAAP) 

558,788

420,141

280,418

143,586

551,827

 Less: Fraud event 

(4,300)

(4,300)

(4,300)

(4,300)

-

    Adjusted noninterest expense, excluding fraud event (non-GAAP) 

$       554,488

$       415,841

$       276,118

$       139,286

$       551,827

    Salaries and employee benefits 

$       297,859

$       224,935

$       148,686

$         74,824

$       284,124

Certain salaries and employee benefits items

Early retirement program

(1,899)

(1,899)

(1,594)

-

(536)

Other

-

-

1

-

-

    Adjusted salaries and employee benefits (non-GAAP) 

$       295,960

$       223,036

$       147,093

$         74,824

$       283,588

    Other operating expenses 

$       176,184

$       131,354

$         88,327

$         46,051

$       178,520

Certain other operating expenses items

Termination of vendor and software services

(12)

-

-

-

(602)

Loss on sale of Equipment Finance business

(1,118)

-

-

-

-

Branch right sizing expense

(1,135)

(1,462)

94

(161)

(2,116)

    Adjusted other operating expenses (non-GAAP) 

$       173,919

$       129,892

$         88,421

$         45,890

$       175,802

Simmons First National Corporation

 SFNC 

 Reconciliation Of Non-GAAP Financial Measures - End of Period 

 For the Quarters Ended 

Dec 31 

Sep 30 

Jun 30 

Mar 31 

Dec 31 

 (Unaudited) 

2025

2025

2025

2025

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

$       3,419,240

$      3,353,963

$      3,549,210

$      3,531,485

$      3,528,872

Intangible assets:

   Goodwill

(1,320,799)

(1,320,799)

(1,320,799)

(1,320,799)

(1,320,799)

   Other intangible assets

(84,423)

(87,520)

(90,617)

(93,714)

(97,242)

Total intangibles

(1,405,222)

(1,408,319)

(1,411,416)

(1,414,513)

(1,418,041)

Tangible common stockholders' equity

$       2,014,018

$      1,945,644

$      2,137,794

$      2,116,972

$      2,110,831

Total assets

$     24,540,877

$    24,208,162

$    26,693,620

$    26,792,991

$    26,876,049

Intangible assets:

   Goodwill

(1,320,799)

(1,320,799)

(1,320,799)

(1,320,799)

(1,320,799)

   Other intangible assets

(84,423)

(87,520)

(90,617)

(93,714)

(97,242)

Total intangibles

(1,405,222)

(1,408,319)

(1,411,416)

(1,414,513)

(1,418,041)

Tangible assets

$     23,135,655

$    22,799,843

$    25,282,204

$    25,378,478

$    25,458,008

Ratio of common equity to assets

13.93 %

13.85 %

13.30 %

13.18 %

13.13 %

Ratio of tangible common equity to tangible assets

8.71 %

8.53 %

8.46 %

8.34 %

8.29 %

Calculation of Tangible Book Value per Share

Total common stockholders' equity

$       3,419,240

$      3,353,963

$      3,549,210

$      3,531,485

$      3,528,872

Intangible assets:

   Goodwill

(1,320,799)

(1,320,799)

(1,320,799)

(1,320,799)

(1,320,799)

   Other intangible assets

(84,423)

(87,520)

(90,617)

(93,714)

(97,242)

Total intangibles

(1,405,222)

(1,408,319)

(1,411,416)

(1,414,513)

(1,418,041)

Tangible common stockholders' equity

$       2,014,018

$      1,945,644

$      2,137,794

$      2,116,972

$      2,110,831

Shares of common stock outstanding

144,762,817

144,703,075

125,996,248

125,926,822

125,651,540

Book value per common share

$              23.62

$             23.18

$             28.17

$             28.04

$             28.08

Tangible book value per common share

$              13.91

$             13.45

$             16.97

$             16.81

$             16.80

Calculation of Coverage Ratio of Uninsured, Non-Collateralized Deposits

Uninsured deposits at Simmons Bank

$       9,640,677

$      9,565,766

$      8,407,847

$      8,614,833

$      8,467,291

Less: Collateralized deposits (excluding portion that is FDIC insured)

2,363,327

2,169,362

2,691,215

3,005,328

2,790,339

Less: Intercompany eliminations

2,729,191

2,937,147

1,121,932

1,073,500

1,045,734

Total uninsured, non-collateralized deposits

$       4,548,159

$      4,459,257

$      4,594,700

$      4,536,005

$      4,631,218

FHLB borrowing availability

$       5,999,000

$      6,134,000

$      5,133,000

$      4,432,000

$      4,716,000

Unpledged securities

1,480,000

1,575,000

3,697,000

4,197,000

4,103,000

Fed funds lines, Fed discount window and

  Bank Term Funding Program (1)

1,836,000

1,824,000

1,894,000

1,780,000

2,081,000

Additional liquidity sources

$       9,315,000

$      9,533,000

$    10,724,000

$    10,409,000

$    10,900,000

Uninsured, non-collateralized deposit coverage ratio

2.0

2.1

2.3

2.3

2.4

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

Simmons First National Corporation

 SFNC 

 Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date 

 For the Quarters Ended 

Dec 31 

Sep 30 

Jun 30 

Mar 31 

Dec 31 

 (Unaudited) 

2025

2025

2025

2025

2024

($ in thousands)

Calculation of Adjusted Return on Average Assets & Average Tangible Assets

Net income (loss)

$               78,078

$           (562,792)

$               54,773

$               32,388

$               48,319

Amortization of intangibles, net of taxes 

2,288

2,287

2,289

2,605

2,843

Total adjusted tangible net income (non-GAAP)

$               80,366

$           (560,505)

$               57,062

$               34,993

$               51,162

Certain items (non-GAAP)

Loss on early extinguishment of debt

-

570

-

-

-

Early retirement program

-

305

1,594

-

200

Termination of vendor and software services

12

-

-

-

-

Loss on sale of Equipment Finance business

1,118

-

-

-

-

Loss (gain) on sale of securities

-

801,492

-

-

-

Branch right sizing (net)

85

2,004

163

994

1,581

Tax effect of certain items (1)

(318)

(176,649)

(459)

(260)

(466)

Adjusted earnings (non-GAAP)

78,975

64,930

56,071

33,122

49,634

Amortization of intangibles, net of taxes 

2,288

2,287

2,289

2,605

2,843

Total adjusted tangible net income (non-GAAP)

$               81,263

$               67,217

$               58,360

$               35,727

$               52,477

Average total assets

$        24,254,447

$        24,914,922

$        26,645,131

$        26,678,628

$        27,078,943

Average intangible assets:

   Goodwill

(1,320,799)

(1,320,799)

(1,320,799)

(1,320,799)

(1,320,799)

   Other intangibles

(86,206)

(89,349)

(92,432)

(95,787)

(99,405)

Total average intangibles

(1,407,005)

(1,410,148)

(1,413,231)

(1,416,586)

(1,420,204)

Average tangible assets (non-GAAP)

$        22,847,442

$        23,504,774

$        25,231,900

$        25,262,042

$        25,658,739

Return on average assets

1.28 %

-8.96 %

0.82 %

0.49 %

0.71 %

Adjusted return on average assets (non-GAAP)

1.29 %

1.03 %

0.84 %

0.50 %

0.73 %

Return on average tangible assets (non-GAAP)

1.40 %

-9.46 %

0.91 %

0.56 %

0.79 %

Adjusted return on average tangible assets (non-GAAP)

1.41 %

1.13 %

0.93 %

0.57 %

0.81 %

Calculation of Return on Tangible Common Equity

Net income (loss)  available to common stockholders

$               78,078

$           (562,792)

$               54,773

$               32,388

$               48,319

Amortization of intangibles, net of taxes

2,288

2,287

2,289

2,605

2,843

Total income available to common stockholders

$               80,366

$           (560,505)

$               57,062

$               34,993

$               51,162

Certain items (non-GAAP)

Loss on early extinguishment of debt

-

570

-

-

-

Early retirement program

-

305

1,594

-

200

Termination of vendor and software services

12

-

-

-

-

Loss on sale of Equipment Finance business

1,118

-

-

-

-

Loss (gain) on sale of securities

-

801,492

-

-

-

Branch right sizing (net)

85

2,004

163

994

1,581

Tax effect of certain items (1)

(318)

(176,649)

(459)

(260)

(466)

Adjusted earnings (non-GAAP)

78,975

64,930

56,071

33,122

49,634

Amortization of intangibles, net of taxes

2,288

2,287

2,289

2,605

2,843

Total adjusted earnings available to common stockholders (non-GAAP)

$               81,263

$               67,217

$               58,360

$               35,727

$               52,477

Average common stockholders' equity

$          3,410,017

$          3,368,308

$          3,546,163

$          3,564,469

$          3,543,146

Average intangible assets:

   Goodwill

(1,320,799)

(1,320,799)

(1,320,799)

(1,320,799)

(1,320,799)

   Other intangibles

(86,206)

(89,349)

(92,432)

(95,787)

(99,405)

Total average intangibles

(1,407,005)

(1,410,148)

(1,413,231)

(1,416,586)

(1,420,204)

Average tangible common stockholders' equity (non-GAAP)

$          2,003,012

$          1,958,160

$          2,132,932

$          2,147,883

$          2,122,942

Return on average common equity

9.08 %

-66.29 %

6.20 %

3.69 %

5.43 %

Return on tangible common equity

15.92 %

-113.56 %

10.73 %

6.61 %

9.59 %

Adjusted return on average common equity (non-GAAP)

9.19 %

7.65 %

6.34 %

3.77 %

5.57 %

Adjusted return on tangible common equity (non-GAAP)

16.10 %

13.62 %

10.97 %

6.75 %

9.83 %

 (1) Actual tax rate of 21.946% on 2025 loss on sale of securities. Effective rate of 26.135% on all other items. 

Simmons First National Corporation

 SFNC 

 Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date (continued) 

 For the Quarters Ended 

Dec 31 

Sep 30 

Jun 30 

Mar 31 

Dec 31 

 (Unaudited) 

2025

2025

2025

2025

2024

($ in thousands)

Calculation of Efficiency Ratio and Adjusted Efficiency Ratio (1)

Noninterest expense (efficiency ratio numerator)

$             139,862

$             142,032

$             138,589

$             144,580

$             141,117

Certain noninterest expense items (non-GAAP)

Early retirement program

-

(305)

(1,594)

-

(200)

Termination of vendor and software services

(12)

-

-

-

-

Loss on sale of Equipment Finance business

(1,118)

-

-

-

-

Branch right sizing expense

(85)

(2,004)

(163)

(994)

(1,581)

Other real estate and foreclosure expense adjustment

(432)

(200)

(216)

(198)

(317)

Amortization of intangibles adjustment

(3,097)

(3,097)

(3,098)

(3,527)

(3,850)

Adjusted efficiency ratio numerator

$             135,118

$             136,426

$             133,518

$             139,861

$             135,169

Net interest income

$             197,296

$             186,661

$             171,824

$             163,422

$             164,942

Noninterest income

51,708

(756,187)

42,354

46,155

43,558

Fully tax-equivalent adjustment (2)

2,890

3,811

6,422

6,414

6,424

Efficiency ratio denominator

251,894

(565,715)

220,600

215,991

214,924

Certain noninterest income items (non-GAAP)

Loss on early extinguishment of debt

-

570

-

-

-

(Gain) loss on sale of securities

-

801,492

-

-

-

Adjusted efficiency ratio denominator

$             251,894

$             236,347

$             220,600

$             215,991

$             214,924

Efficiency ratio (1)

55.52 %

-25.11 %

62.82 %

66.94 %

65.66 %

Adjusted efficiency ratio (non-GAAP) (1)

53.64 %

57.72 %

60.52 %

64.75 %

62.89 %

Calculation of Total Revenue and Adjusted Total Revenue

Net interest income

$             197,296

$             186,661

$             171,824

$             163,422

$             164,942

Noninterest income

51,708

(756,187)

42,354

46,155

43,558

Total revenue

249,004

(569,526)

214,178

209,577

208,500

Certain items, pre-tax (non-GAAP)

Plus: Loss on early extinguishment of debt

-

570

-

-

-

Less: Gain (loss) on sale of securities

-

(801,492)

-

-

-

Adjusted total revenue

$             249,004

$             232,536

$             214,178

$             209,577

$             208,500

Calculation of Pre-Provision Net Revenue (PPNR)

Net interest income

$             197,296

$             186,661

$             171,824

$             163,422

$             164,942

Noninterest income

51,708

(756,187)

42,354

46,155

43,558

Total revenue

249,004

(569,526)

214,178

209,577

208,500

Less: Noninterest expense

139,862

142,032

138,589

144,580

141,117

Pre-Provision Net Revenue (PPNR)

$             109,142

$           (711,558)

$               75,589

$               64,997

$               67,383

Calculation of Adjusted Pre-Provision Net Revenue

Pre-Provision Net Revenue (PPNR)

$             109,142

$           (711,558)

$               75,589

$               64,997

$               67,383

Certain items, pre-tax (non-GAAP)

Plus: Loss on early extinguishment of debt

-

570

-

-

-

Plus: Loss (gain) on sale of securities

-

801,492

-

-

-

Plus: Early retirement program costs

-

305

1,594

-

200

Plus: Termination of vendor and software services

12

-

-

-

-

Plus: Loss on sale of Equipment Finance business

1,118

-

-

-

-

Plus: Branch right sizing costs (net)

85

2,004

163

994

1,581

Adjusted Pre-Provision Net Revenue

$             110,357

$               92,813

$               77,346

$               65,991

$               69,164

 (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) Actual tax rate of 21.946% on 2025 loss on sale of securities. Effective rate of 26.135% on all other items. 

Simmons First National Corporation

 SFNC 

 Reconciliation Of Non-GAAP Financial Measures - Year-to-Date 

 For the Quarters Ended 

Dec 31 

Sep 30 

Jun 30 

Mar 31 

Dec 31 

 (Unaudited) 

2025

2025

2025

2025

2024

($ in thousands)

Calculation of Adjusted Return on Average Assets & Average Tangible Assets

Net income (loss)

$           (397,553)

$           (475,631)

$               87,161

$               32,388

$             152,693

Amortization of intangibles, net of taxes 

9,469

7,181

4,894

2,605

11,377

Total adjusted tangible net income (non-GAAP)

$           (388,084)

$           (468,450)

$               92,055

$               34,993

$             164,070

Certain items (non-GAAP)

Loss on early extinguishment of debt

570

570

-

-

-

FDIC Deposit Insurance special assessment

-

-

-

-

1,832

Early retirement program

1,899

1,899

1,594

-

536

Termination of vendor and software services

12

-

-

-

602

Loss on sale of Equipment Finance business

1,118

-

-

-

-

Loss (gain) on sale of securities

801,492

801,492

-

-

28,393

Branch right sizing (net)

3,246

3,161

1,157

994

2,746

Tax effect of certain items (1)

(177,686)

(177,368)

(719)

(260)

(8,915)

Adjusted earnings (non-GAAP)

233,098

154,123

89,193

33,122

177,887

Amortization of intangibles, net of taxes 

9,469

7,181

4,894

2,605

11,377

Total adjusted tangible net income (non-GAAP)

$             242,567

$             161,304

$               94,087

$               35,727

$             189,264

Average total assets

$        25,614,700

$        26,073,100

$        26,661,787

$        26,678,628

$        27,214,647

Average intangible assets:

   Goodwill

(1,320,799)

(1,320,799)

(1,320,799)

(1,320,799)

(1,320,799)

   Other intangibles

(90,913)

(92,499)

(94,100)

(95,787)

(105,239)

Total average intangibles

(1,411,712)

(1,413,298)

(1,414,899)

(1,416,586)

(1,426,038)

Average tangible assets (non-GAAP)

$        24,202,988

$        24,659,802

$        25,246,888

$        25,262,042

$        25,788,609

Return on average assets

-1.55 %

-2.44 %

0.66 %

0.49 %

0.56 %

Adjusted return on average assets (non-GAAP)

0.91 %

0.79 %

0.67 %

0.50 %

0.65 %

Return on average tangible assets (non-GAAP)

-1.60 %

-2.54 %

0.74 %

0.56 %

0.64 %

Adjusted return on average tangible assets (non-GAAP)

1.00 %

0.87 %

0.75 %

0.57 %

0.73 %

Calculation of Return on Tangible Common Equity

Net income (loss)  available to common stockholders

$           (397,553)

$           (475,631)

$               87,161

$               32,388

$             152,693

Amortization of intangibles, net of taxes

9,469

7,181

4,894

2,605

11,377

Total income available to common stockholders

$           (388,084)

$           (468,450)

$               92,055

$               34,993

$             164,070

Certain items (non-GAAP)

Loss on early extinguishment of debt

570

570

-

-

-

FDIC Deposit Insurance special assessment

-

-

-

-

1,832

Early retirement program

1,899

1,899

1,594

-

536

Termination of vendor and software services

12

-

-

-

602

Loss on sale of Equipment Finance business

1,118

-

-

-

-

Loss (gain) on sale of securities

801,492

801,492

-

-

28,393

Branch right sizing (net)

3,246

3,161

1,157

994

2,746

Tax effect of certain items (1)

(177,686)

(177,368)

(719)

(260)

(8,915)

Adjusted earnings (non-GAAP)

233,098

154,123

89,193

33,122

177,887

Amortization of intangibles, net of taxes

9,469

7,181

4,894

2,605

11,377

Total adjusted earnings available to common stockholders (non-GAAP)

$             242,567

$             161,304

$               94,087

$               35,727

$             189,264

Average common stockholders' equity

$          3,471,531

$          3,492,261

$          3,555,265

$          3,564,469

$          3,486,822

Average intangible assets:

   Goodwill

(1,320,799)

(1,320,799)

(1,320,799)

(1,320,799)

(1,320,799)

   Other intangibles

(90,913)

(92,499)

(94,100)

(95,787)

(105,239)

Total average intangibles

(1,411,712)

(1,413,298)

(1,414,899)

(1,416,586)

(1,426,038)

Average tangible common stockholders' equity (non-GAAP)

$          2,059,819

$          2,078,963

$          2,140,366

$          2,147,883

$          2,060,784

Return on average common equity

-11.45 %

-18.21 %

4.94 %

3.69 %

4.38 %

Return on tangible common equity

-18.84 %

-30.13 %

8.67 %

6.61 %

7.96 %

Adjusted return on average common equity (non-GAAP)

6.71 %

5.90 %

5.06 %

3.77 %

5.10 %

Adjusted return on tangible common equity (non-GAAP)

11.78 %

10.37 %

8.86 %

6.75 %

9.18 %

 (1) Actual tax rate of 21.946% on 2025 loss on sale of securities. Effective rate of 26.135% on all other items. 

Simmons First National Corporation

 SFNC 

 Reconciliation Of Non-GAAP Financial Measures - Year-to-Date 

 For the Quarters Ended 

Dec 31 

Sep 30 

Jun 30 

Mar 31 

Dec 31 

 (Unaudited) 

2025

2025

2025

2025

2024

($ in thousands)

Calculation of Efficiency Ratio and Adjusted Efficiency Ratio (1)

Noninterest expense (efficiency ratio numerator)

$             565,063

$             425,201

$             283,169

$             144,580

$             557,543

Certain noninterest expense items (non-GAAP)

Early retirement program

(1,899)

(1,899)

(1,594)

-

(536)

FDIC Deposit Insurance special assessment

-

-

-

-

(1,832)

Termination of vendor and software services

(12)

-

-

-

(602)

Loss on sale of Equipment Finance business

(1,118)

-

-

-

-

Branch right sizing expense

(3,246)

(3,161)

(1,157)

(994)

(2,746)

Other real estate and foreclosure expense adjustment

(1,046)

(614)

(414)

(198)

(700)

Amortization of intangibles adjustment

(12,819)

(9,722)

(6,625)

(3,527)

(15,403)

Adjusted efficiency ratio numerator

$             544,923

$             409,805

$             273,379

$             139,861

$             535,724

Net interest income

$             719,203

$             521,907

$             335,246

$             163,422

$             628,465

Noninterest income

(615,970)

(667,678)

88,509

46,155

147,171

Fully tax-equivalent adjustment (2)

19,537

16,647

12,836

6,414

25,820

Efficiency ratio denominator

122,770

(129,124)

436,591

215,991

801,456

Certain noninterest income items (non-GAAP)

Loss on early extinguishment of debt

570

570

-

-

-

(Gain) loss on sale of securities

801,492

801,492

-

-

28,393

Adjusted efficiency ratio denominator

$             924,832

$             672,938

$             436,591

$             215,991

$             829,849

Efficiency ratio (1)

460.26 %

-329.30 %

64.86 %

66.94 %

69.57 %

Adjusted efficiency ratio (non-GAAP) (1)

58.92 %

60.90 %

62.62 %

64.75 %

64.56 %

 (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) Actual tax rate of 21.946% on 2025 loss on sale of securities. Effective rate of 26.135% on all other items. 

SOURCE Simmons First National Corporation