Simmons First National : 2024 Company Report
SFNC
Company Report
2024
AWARDS
In 2024, Simmons Bank further solidified its reputation as a leader in the banking industry and a "Best Place to Work" employer. These awards celebrate Simmons' commitment to excellence in both customer service and employee satisfaction, reinforcing its position as a trusted, innovative, and people-focused financial institution.
Forbes America's Best-In-State Banks 2024
Simmons Bank was named to Forbes America's Best-In-State Banks 2024 in the state of Tennessee. America's Best-In-State Banks 2024 ranking names the institutions that stood out for fulfilling the unique financial needs and expectations of their local communities, thereby being most valued by residents of each state. For the seventh annual ranking, Forbes partnered once again with market research firm Statista Inc., the world- leading statistics portal and industry ranking provider, to survey approximately 26,000 U.S. residents.
Forbes America's Best-In-State Employers 2024
Simmons Bank was named to Forbes America's Best-In-State Employers 2024 in the state of Missouri.This prestigious award is presented by Forbes and Statista Inc., the leading statistics portal and industry ranking provider. America's Best-In-State Employers 2024 have been identified in an independent survey from a vast sample of over 160,000 employees working for companies employing at least 500 people within the U.S. Around 4.4 million employer evaluations were considered.
U.S. News & World Report's 2024-2025 Best Companies to
Work For in the South
Simmons Bank was recently recognized by U.S. News & World Report, the global authority in rankings and consumer advice, as one of the 2024-2025 Best Companies to Work For in the South. The U.S. News Best Companies Ratings are calculated through how well companies support their employees with metrics including quality of pay and benefits, work-life balance, professional development, job and company stability, and physical and psychological comfort. This year, the rankings consisted of 549 companies across the overall best company list, 24 industry lists and four regional lists.
America's Best Regional Banks and Credit Unions 2025 Simmons Bank was recently named to Newsweek's America's Best Regional Banks and Credit Unions 2025. Newsweek and data firm Plant-A Insights Group analyzed more than 9,170 institutions, surveyed over 71,000 U.S. residents, gathered over 845,000 reviews, and collected more than 1.9 million social media reviews to rank the top 500 regional banks and 500 credit unions in the United States.
2 | Awards
LETTER TO SHAREHOLDERS
Fellow Shareholders,
I want to recognize the outstanding contributions to our organization by several key executives who retired from Simmons at the end of 2024. These gentlemen helped shape our organization during our growth from $3 billion in assets to over $27 billion in assets since 2013. Those individuals are Bob Fehlman who served as CFO, President, and most recently CEO during that time; Steve Massanelli, our SEVP and the owner of a variety of responsibilities, who led the integration of most of our acquisitions, but also managed our corporate insurance program, real estate and security, among other duties; Steve Wade who served as Chief Credit Officer and Assistant General Counsel and was responsible for the management of credit risk as we integrated 13 acquired banks; Johnny McCaleb who served as our Chief Audit Executive and rebuilt the entire audit program; and Pat Neeley who managed our operations functions. It is hard to describe how the expertise of this group and their dedication to the organization has influenced our substantial growth. We thank them for their service and will miss their guidance as we move into the next chapter of the company.
Speaking of the next chapter, we are very fortunate to have an outstanding lineup of talented executives ready to lead us forward. Ten years ago we set out to establish an opportunity to grow Simmons Bank. With our expansion into six mid-America states and some of the best growth markets in the country, we have accomplished that goal. I am optimistic about the future of Simmons Bank. I believe we are well positioned to thrive for the next 120 years.
We appreciate the support of our shareholders and your confidence in Simmons Bank.
Sincerely,
George A. Makris, Jr.
Chairman and Chief Executive Officer
Simmons First National Corporation
| Letter to Shareholders
LETTER FROM THE PRESIDENT
The essential characteristic of a 120-plus year company is its strong foundation, built by visionary leaders whose contributions have shaped its success and whose shoulders we stand upon today. As George previously noted in his letter, 2024 marked the retirement of several executives who have contributed significantly to Simmons Bank over the years. I would especially like to recognize Bob Fehlman and Steve Massanelli, each of whom I worked closely with prior to joining Simmons, and who played a major role in my decision to join the bank. Well-respected for their knowledge and integrity, Bob and Steve were always willing to lend their expertise and mentorship to anyone in our organization, including myself, and for which I will be ever grateful.
While navigating this transition in leadership, we have been very successful in attracting proven talent, many times from larger banks. One of those individuals is Chris Van Steenberg, our Chief Operating Officer, who joined us prior to the end of the year. Chris brings a wealth of experience from a larger, Mid-South regional bank, with extensive experience leading areas that we have identified as significant organic growth opportunities given our footprint and positioning in the market.
Moreover, we believe we are ideally situated with a combination of high-growth markets, complemented with stable community markets, and the size (more than $20 billion in assets) to capitalize on organic growth opportunities. The success of our Better Bank Initiative has also enabled us to accelerate and fund strategic initiatives through ongoing expense management discipline.
Overall expenses grew less than the rate of inflation in 2024 and remain below our annualized run-rate from fourth quarter levels two years ago. While cost savings was an ancillary aspect of the Better Bank Initiative, the key component has been our ability to streamline processes, improve our ability to service our customers and create scale in our businesses that will enable us to serve a larger customer base. We believe this will be a competitive advantage given the prospects of ongoing disruption and consolidation in our industry and changes in the competitive environment.
Most importantly, our commitment to organic growth is built on the standards of soundness and profitability, driven by our ability to systematically measure and generate strong risk-adjusted returns on invested capital. Achieving our goals will require ongoing transformation, and I am encouraged by our team as they continue to demonstrate the capacity and focus to execute these initiatives.
Soundness, profitability and growth - and in that order - is the driving mantra that encapsulates our values and guides our business decisions that we believe will ultimately deliver sustainable value for our customers, the communities we serve, our associates and our shareholders.
On behalf of our the nearly 3,000 associates, we thank you for your continued interest and support.
Jay Brogdon
President
Simmons First National Corporation
4 | Letter From The President
HONORING REMARKABLE LEADERSHIP
As 2024 marks the retirement of five remarkable leaders, we take a moment to reflect on the profound impact they have had on Simmons Bank.
Bob Fehlman, Steve Massanelli, Pat Neeley, Steve Wade and Johnny McCaleb have each demonstrated unparalleled commitment, vision and integrity throughout their distinguished careers. Their leadership not only steered our institution through times of growth and challenge, but also set a lasting example of dedication to our customers, employees and the industry at large.
Over the years, their guidance has shaped Simmons' strategies, improved operational efficiencies and enhanced customer satisfaction, all while fostering a culture of collaboration and excellence.
As they embark on this new chapter, we express our deepest gratitude and wish them all the best in their well-earned retirements, knowing their influence will continue to resonate for years to come.
Bob Fehlman, Chief Executive Officer
Fehlman began his banking career with Simmons in 1988, serving in a variety of leadership roles, culminating with his appointment as chief executive officer between 2023-2024.
Bob previously served as president and chief operating officer. With more than 30 years of experience, he also served as chief financial officer and treasurer, with responsibility for Simmons' overall financial management and operations - in this role, his oversight included accounting, financial planning, investments, tax, bank operations, IT and risk. Bob also provided critical support for Simmons' mergers and acquisitions (M&A) activity, analyst and investor meetings and led the company's capital management.
He is a Certified Public Accountant and a member of the American Institute of CPAs and the Arkansas Society of CPAs. Bob is a Henderson State University alumnus and is a graduate of Vanderbilt Graduate School of Bank Financial Management.
Steve Massanelli, Senior Executive Vice President, Chief
Administrative Officer
Steve served our company in many capacities since his 2014 arrival. As chief administrative officer, he was instrumental in supporting Simmons' strong mergers and acquisitions (M&A) activity between 2014-2022 and has implemented numerous aspects of corporate strategy across all areas of the bank.
Steve also served as investor relations officer for the organization from 2018-2021, reaching many investors to grow the Simmons Bank brand across the United States.
Prior to joining Simmons, Steve served for three years as CFO of Treadstone Partners, a Dallas-based investment firm. Prior to Treadstone, he worked in several capacities, including his role as senior vice president and treasurer of Zale Corporation.
Honoring Remarkable Leadership | 5
HONORING REMARKABLE LEADERSHIP
Pat Neeley, ExecutiveVice President of Bank Operations
Pat Neeley joined Simmons Bank in 2017 as executive vice president and executive director of Finance and Accounting. In September 2019 he was appointed to lead Bank Operations, spearheading Deposit and Lending Operations, Performance Improvement, Credit Card and Customer Service.
Pat previously served as chief financial officer and undersecretary of Business Affairs for Chickasaw Nation's Department of Commerce. During his tenure, he led several large-scale, transformational process and technology initiatives for the tribe during a period when it experienced significant growth and doubled in size. He joined Simmons Bank as the company was aggressively pursuing
growth and looking for ways to reinvent its processes and technology. The pairing was a great match, allowing Pat to apply his vast experience in consulting and transformational change.
Steve Wade, Assistant General Counsel
Steve most recently served in an advisory capacity for Simmons, capping his 23-year career at the bank that has included stints as chief credit officer and assistant general counsel, among other roles. He formerly chaired the bank's Senior Credit Committee and Executive Loan Committee and was responsible for crafting much of the bank's Credit Policy.
A licensed attorney, Steve has more than 40 years of total banking experience with a focus on commercial lending, lending management and market leadership. He previously served as Simmons' first market president for Little Rock.
Johnny McCaleb, Chief Audit Executive
Johnny has most recently served in an advisory role for Simmons after contributing years of leadership for the bank's Internal Audit group. As chief audit executive, Johnny reported directly to the Audit Committee of Simmons First National Corporation's Board of Directors to assist them in fulfilling their fiduciary responsibility to shareholders through monitoring the bank's compliance with financial reporting laws, regulations, and internal system of accounting and financial controls.
With more than 45 years of experience, Johnny has been with Simmons Bank since 2016. Prior to his time with the bank, he served as an audit partner with Ernst & Young LLP from 1990 to 2005 and BKD, LLP from 2005 to 2015.
6 | Honoring Remarkable Leadership
BETTER BANK INITIATIVE
Q&A with Jena Compton
Nine years after joining Simmons, Chief People Officer Jena Compton reflects on lessons learned, victories won and what's next.
Q: What are some key factors you believe contribute to the high levels of positive feedback from our annual Associate Engagement survey?
I think the high level of associate participation, and corresponding scores, only comes from a true demonstration of our values. Our actions match our words. We believe in supporting our communities, so we go out and volunteer and sponsor local events. We support our associates by investing in programs to help them grow professionally and personally. We continually reinforce our Build Loyalty cornerstone by emphasizing the importance of both internal and external customer service with training and recognition. Many companies say they believe in these things, but at Simmons, we are very intentional in putting actions behind our words.
The same holds true for our vision for the future. We communicate our strategy broadly and ask associates to do their part in making it happen through initiatives and goals. Each of us owns a piece of Simmons' success, so it's critical we align and work together to make it happen!
Q: This past year, Simmons was named as one of the Best Companies to Work For in the South by U.S. News & World Report. How have you utilized employee feedback to ensure Simmons Bank continues to be a best place to work?
Associate feedback is crucial to being a great place to work and so we gather it in many different ways. We created a Quality Improvement Program five years ago to help us identify how we could get better. We regularly do internal communication feedback sessions and surveys of all sorts, and most critically, we offer an annual Associate Engagement survey to provide a forum for associates to share what is working and not working for them. We get thousands of comments, and every single one is read and considered. We have a group of executives that meet monthly to determine feasibility and priority of those suggestions. No single person has all the ideas, and the engagement survey provides a mechanism to gather up ideas from across our footprint and business lines.
Q: Since the launch of the High Performance Culture initiative, associates are encouraged to find their "why." What benefits do we continue to see from this initiative?
I'm convinced that the best work an associate performs is that which is driven by a purpose. When we go to work every day focused on achieving our "why," we are passionate and driven in what we do. Helping associates find their "why" results in higher job satisfaction, higher levels of customer service and improved quality of work. It's a win-win for the associate and Simmons.
Better Bank Initiative | 7
BETTER BANK INITIATIVE
Q&A with Ann Madea
As an IT leader with global, regional and community banking experience, Chief Information Officer Ann Madea is fueled by driving growth. Her IT strategy has set Simmons on a path of transformation.
In 2024, Simmons focused on honing data and technological capabilities in order to assist associates Q: with driving profitable relationships. How did your team collaborate with associates across the bank
to deliver a seamless experience for our customers?
Our team collaborated closely with associates across the bank to deliver a seamless customer experience through two key initiatives: Profitability Analytics and Householding Relationship Management.
Profitability Analytics empowered us to precisely measure and analyze customer profitability across multiple dimensions, including individual product performance, branch-level contribution, and overall customer value. Householding Relationship Management enabled us to create a holistic view of interconnected customer relationships, identify cross-selling and upselling opportunities within household units, and deepen customer engagement through targeted, relationship-based offerings.
Together, these initiatives provided a robust framework for driving sustainable revenue growth and enhancing overall bank performance. They aligned perfectly with our strategic goals of customer-centricity and data- driven decision-making.
Q: Looking back at 2024, what would you consider the most significant technological achievement for the bank, and how did it contribute to our overall business goals and customer experience?
A most notable achievement was the implementation of a new seamless integration layer for digital banking users through our API strategy. This allowed customers to access their debit and credit cards with enhanced capabilities, including card alerts, activations, payments, and travel notices, which improved the customer experience by providing more control and convenience.
We made substantial strides in operational stability by delivering faster support for our associates through the deployment of Virtual Desktop Infrastructure (VDI), network enhancements, and a new IT Service Management platform. This ensured a more reliable and efficient operational environment, supporting our commitment to excellence in service delivery and operational efficiency.
We also hosted the inaugural Tech Day event for associates, which featured inspiring addresses from both our President and CIO, valuable industry insights from a keynote speaker from the Arkansas Bankers Association, and sessions with our esteemed partners highlighting cutting-edge technologies. The afternoon Expo offered hands-on demonstrations and interactive experiences. This event enhanced our associates' understanding of emerging technologies and their applications in banking. It also reinforced our commitment to leveraging technology to improve operational efficiency, drive growth, and deliver exceptional customer experiences.
Q: What are some wins from your group this year and what impact did they have on the bank?
A significant win from our group this year was the successful implementation of portfolio management that has greatly improved transparency, accountability, and resource allocation within the department. As a result, the bank has experienced enhanced operational efficiency, better project prioritization, and more effective use of IT resources, ultimately leading to improved service delivery and customer satisfaction.
We're focused on numerous initiatives, including APIs that would enable streamlined integration and the ability to bring in Fintechs as well as going through our significant data and analytics journey enabling improved customer experience, increased efficiency, improved decision-making and innovation. We are continuing strong investment in AI and other emerging technologies and these achievements will continue to have a profound impact on Simmons Bank.
8 | Better Bank Initiative
Q&A with Alex Carriles
As Chief Digital Officer, Alex Carriles oversees Simmons' digital banking strategy and customer experience through digital channels and tools.
Q: Since 2019, you've been working with your team to provide customers greater access to digital products and services. What new customer-facing technologies or tools were implemented this year, and what impact did they have on customer experience?
In 2024 we were able to launch the first phase of Banno Business, the Mobile and Online banking platform with services for our Business Customers. This initial phase provides a better experience to manage multiple users and will allow us to expand early in 2025 to include more payments products.
We also delivered additional functionality to our Credit Card customers, allowing them to automate their recurring payments and to pay their card using external accounts.
For our Trust customers we included direct access from our Mobile App and Online
Banking to the Black Diamond platform to manage their finances all in one place within the Simmons Bank digital tools.
Finally, we significantly expanded the accounts available to be opened online to make it easier for our customers and consumers to be able to bank with us whenever and wherever they want. By adding Simply Checking, Simply Savings, Classic Checking, Elevate Money Market and Certificates of Deposit to our account origination solution, we were able to more than double the number of accounts opened monthly starting the second half of the year.
Q: For the last five years you have been leading Simmons' digital transformation. This year Simmons was recognized as a class-leader for Identity and Fraud controls. Tell us about this recognition and what it means for our customers.
As I mentioned before, we are growing the number of accounts opened digitally, and in order to keep things manageable, we have developed a sophisticated process has provided significant protection against identity fraud, identity takeovers or synthetic identities when opening a new account digitally. This is a significant achievement, particularly considering this is where most banks are seeing fraud attacks due to their vulnerabilities. Our process was designed from the beginning with fraud controls in place, and the results show it has been being very effective. And all of this is taking place while making it easy and fast for customers to open an account online in under five minutes.
Q: What are some wins from your group this year and what impact did they have on the bank?
Every year we continue to refine and improve our digital solutions for our customers, and that is reflected in the Net Promoter Score (NPS), which measures customer satisfaction. We ended 2024 with an NPS of 72.7, which is at the high end of the scale for digital banking. Additionally, the changes and improvements in our digital account-opening platform allowed us to grow by 103 percent on the second half of the year compared to 2023, and will allow us to continue expanding our online presence in all the states where we do business.
9
BETTER BANK INITIATIVE
Q&A with Chad Rawls
Chief Commercial Banking Officer Chad Rawls oversees commercial and corporate banking activities across the six-state footprint.
Q: In 2024 Simmons strategically aligned its banking divisions to strengthen its connection with customers. Tell us how this change amplified our commercial customers' success now and in the future.
In 2024, Simmons took a strategic approach to align its banking divisions, enhancing our ability to support our commercial customers in a more integrated and personalized way. This change allowed us to foster deeper relationships with our commercial customers, focusing on understanding their evolving goals and providing solutions that directly contribute to their success. Whether it's providing access to working capital, growth financing,
or advanced digital tools, our new alignment enabled us to be more agile and responsive.
As a result, our commercial customers have been able to optimize their financial strategies, scale their businesses more efficiently, and navigate challenges with the confidence that Simmons is a true partner in their growth journey.
Q: How has your team worked to strengthen customer relationships and enhance overall client experience across the footprint?
The Commercial team has always prioritized building strong, lasting relationships with our customers, and in 2024, we took an even more proactive, customer-centric approach to further enhance the overall client experience across our footprint. We empowered our bankers to engage more deeply with customers by truly understanding their business challenges, goals and opportunities. We've also invested heavily in Treasury Management technology, making it easier for clients to manage their money while also ensuring our customers feel supported at every touch point. This blend of personalized service, advanced technology, and deep industry knowledge has allowed us to strengthen relationships and deliver exceptional value to clients across the footprint.
Q: Each state has its unique business landscape. What innovative solutions were introduced this year to help your team remain agile and effective across our six-state footprint?
This year, we fully embraced the unique characteristics of each market within our footprint - from Houston to Nashville, St. Louis to Oklahoma City, Wichita to Little Rock. No two states have the same business landscape. To remain agile and effective, we empower local leaders to develop solutions tailored to the specific opportunities in their respective markets. This approach allows us to respond quickly to regional economic shifts, customer demands and industry trends.
At the same time, we encourage collaboration and knowledge-sharing among the team. By leveraging the diverse expertise across our footprint, we've been able to create best practices that can be adapted and scaled from market to market.
10 | Better Bank Initiative
Disclaimer
Simmons First National Corporation published this content on April 24, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 24, 2025 at 15:20 UTC.