Owner Scorecard
An independent research publication · records as of August 17, 2026

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SFNC, Simmons First National Corporation

Banks financial

Simmons Bank provides banking and other financial products and services to individuals and businesses using a network of approximately 222 financial centers in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas.

The Company, through its subsidiaries, provides banking and other financial products and services in markets located in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas.

Philosophy centers on building strong, deep customer relationships through excellent customer service and integrity in our operations.

Latest annual: FY2025 10-K
SFNC · Simmons First National Corporation
I

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025
$103M
−86.7% YoY · −35% 5-yr CAGR
Vital signs · FY2025, with 5-yr average
Revenue $103M 5-yr avg $671M
Return on equity −12% 5-yr avg 3%
Return on tangible equity −20% 5-yr avg 5%
Equity / assets 13.9% 5-yr avg 12.9%

Next report By 11/8 · the 10-Q for the quarter ended late September · due within 40 days of period end · has filed ~37 days after · the wire records it on arrival

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What moves the needle
Net interest margin, loan losses, and book value. A lender is read on the quality of its balance sheet, not an earnings multiple, and the worst year of credit losses matters more than the best. On its own account, the filing leans hardest on concentrated dependence, set against the numbers in what the filing emphasizes, below.
Is it a good business?
Return on equity has sat below the cost of equity (median 8%, above 12% in only 0 of 10 years). The cycle and the loan book decide this one; weigh the recession years in the record, not the average, and read the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

II

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left
2016’162017’172018’182019’192020’202021’212022’222023’232024’242025’25
Income statement
$419M$494M$696M$800M$880M$783M$887M$806M$776M$103MRevenueRevenue
$301M$395M$677M$783M$760M$671M$862M$1.2B$1.3B$1.2BInterest incomeInt. inc.
$22M$40M$128M$181M$120M$80M$144M$560M$684M$525MInterest expenseInt. exp.
$279M$355M$549M$602M$640M$592M$717M$650M$628M$719MNet interest incomeNet int.
$139M$139M$148M$198M$240M$192M$170M$156M$147M($616M)Noninterest incomeFee inc.
$20M$26M$38M$43M$75M($33M)$14M$42M$47M$66MCredit-loss provisionProvision
$97M$93M$216M$238M$255M$271M$256M$175M$153M($398M)Net incomeNet inc.
33%40%19%21%20%18%16%13%11%—Effective tax rateTax rate
Cash flow & returns
1.2%0.6%1.3%1.1%1.1%1.1%0.9%0.6%0.6%-1.6%Return on assetsROA
8%4%10%8%9%8%8%5%4%-12%Return on equityROE
6%3%7%6%6%6%5%2%1%−15%Retained to equityRetained/eq
13%8%16%13%14%14%14%9%7%-20%Return on tangible equityROTCE
61%63%56%57%55%62%64%70%72%—Efficiency ratioEffic.
$29M$35M$56M$64M$75M$79M$94M$101M$105M$115MDividends paidDiv. paid
—$0$0$10M$113M$132M$111M$40M$0$0BuybacksBuybacks
($251M)($338M)($1.4B)$604M$1.2B($2.5B)($946M)($184M)$370M$1.6BInvesting cash flowInv. cash
$193M$536M$1.4B($697M)$1.1B$438M($344M)($425M)($722M)($2.0B)Financing cash flowFin. cash
$33M$312M$235M$163M$2.5B($1.8B)($969M)($68M)$73M$25MChange in cashΔ cash
Balance sheet
$5.6B$10.8B$11.7B$14.4B$12.9B$12.0B$16.1B$16.8B$17.0B$17.5BLoans held for investmentLoans
$36M$42M$57M$68M$238M$205M$197M$225M$235M$224MCredit-loss allowanceAllowance
$8.4B$15.1B$16.5B$21.3B$22.4B$24.7B$27.5B$27.3B$26.9B$24.5BTotal assetsAssets
$6.7B$11.1B$12.4B$16.1B$17.0B$19.4B$22.5B$22.2B$21.9B$20.2BDepositsDeposits
$349M$843M$846M$1.1B$1.1B$1.1B$1.3B$1.3B$1.3B$1.3BGoodwillGoodwill
$7.2B$13.0B$14.3B$18.3B$19.4B$21.5B$24.2B$23.9B$23.3B$21.1BTotal liabilitiesTotal liab.
$1.2B$2.1B$2.2B$3.0B$3.0B$3.2B$3.3B$3.4B$3.5B$3.4BShareholders’ equityEquity
Per share
61.9M69.9M92.8M98.8M110M110M124M127M126M135MShares out (diluted)Shares
$1.56$1.33$2.32$2.41$2.31$2.46$2.06$1.38$1.21$-2.95EPS (diluted)EPS
$0.46$0.50$0.60$0.65$0.68$0.72$0.76$0.80$0.84$0.85Dividends / shareDiv/sh
$18.59$29.84$24.20$30.25$27.02$29.48$26.27$27.03$27.98$25.38Book value / shareBVPS
$12.11$16.26$14.11$18.28$16.25$18.12$14.63$15.72$16.74$14.95Tangible book / shareTBVPS
Per-share growththe realized rate an owner's share compounded
9-yr5-yr
Revenue / share−21.5%/yr−37.4%/yr
Owner earnings / share+11.3%/yr+12.2%/yr
Dividends / share+7.0%/yr+4.7%/yr
Capital spending / share−0.8%/yr+18.6%/yr
Book value / share+3.5%/yr−1.2%/yr
III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Is it a good business?

  • Return on equity -12%
    Loss on equity
    Net income ($398M) ÷ equity $3.4B
    Industry peers: median 9%
    What this means

    The bank's north star, what it earns on shareholders' capital. Cost of equity is roughly 10%, so a return durably above that builds value and below it destroys it. One year is noisy; the durability across a full credit cycle is what counts.

  • Return on tangible equity -20%
    Loss
    Net income ÷ (equity − goodwill $1.3B − intangibles $84M)
    Industry peers: median 9%
    What this means

    The cleaner return, stripping out the goodwill paid for past acquisitions. This is the number a buyer of the whole bank actually earns on the hard capital.

  • Efficiency ratio —
    Not enough data
    Industry peers: median 62%
    What this means

    Noninterest expense or revenue missing.

Is it sound?

  • Capital (equity / assets) 13.9%
    Well capitalized
    Equity $3.4B ÷ assets $24.5B
    What this means

    A plain-English leverage read: how much of the balance sheet is the owners' own money. This is a rough proxy; the regulatory figure is the CET1 ratio, which is risk-weighted and reported in the filing. The point is the same, how much loss the bank can absorb before depositors are at risk.

  • Deposit funding 82%
    Deposit-funded
    Deposits $20.2B ÷ assets $24.5B
    What this means

    Low-cost, sticky deposits are a bank's real moat, the cheap raw material it lends out at a spread. A bank funded mostly by deposits earns more durably than one that rents its money in the wholesale market.

  • Credit cost (provision / NII) 9%
    Low
    Provision for credit losses $66M ÷ net interest income $719M
    What this means

    What the bank set aside this year against loans going bad, as a share of its lending income. This swings hard with the cycle, low in good years and spiking in recessions, so read it across the record, not in one year. Disciplined underwriting shows up as low, stable provisions through a downturn.

The franchise and the credit cycle

  • Deposit franchise 21%
    Solid core deposits
    Noninterest-bearing deposits $4.3B ÷ deposits $20.2B
    What this means

    The share of deposits the bank pays nothing for — checking accounts that stay through rate cycles. This is the deposit moat in one number: a high share means cheap, sticky raw material for lending; a low share means the funding reprices with every rate move. Buffett's Wells letter is built on exactly this economics.

  • Net charge-offs —
    Not enough data
    What this means

    Not derivable from the filings' structured data — some filers carry recoveries only on segment axes, and a gross figure dressed as net would be a wrong number.

All figures as filed; the source filing is linked above.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal yearPay, as filed“Actually paid”Owner earnings
2021$5.8M$7.4M$230M
2022$3.7M$126k$287M
2023$2.9M$2.5M$508M
2024$4.2M$5.4M$380M
2025$4.4M$1.1M$411M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

  • Insider ownership0.8%

    The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.

  • Stock-based compensation$11M

    The slice of the business handed to employees in shares in fiscal 2025, 10.4% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

What an owner would ask, FY2025

read the 10-K →
  • How much of the deposit base could leave overnight?
    withheld

    the filing states its uninsured deposits on a netted basis ("excluding collateralized deposits and intercompany…"), which cannot be checked against the deposits line the record carries — withheld rather than shown unverifiedverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Banks

The same industry, side by side on the bank lens. Each column names the period it is read over; the group median at the foot is the line to read each figure against.

CompanyRevenuelatest FY, USDROEmedian over the recordROTCEmedian over the recordEfficiencymedian over the recordNII / assetsmedian over the recordNoninterest-bearing sharelatest FY
PFISPeoples Financial Services Corp.$188M9%11%62%2.9%22%
BCALCalifornia BanCorp$180M8%9%65%3.9%35%
BFCBank First Corporation$174M12%15%50%3.2%27%
CARECarter Bankshares Inc.$153M7%7%75%2.7%15%
SFSTSouthern First Bancshares Inc.$118M9%9%58%3.0%20%
SFNCSimmons First National Corporation$103M8%13%62%2.7%21%
FNLCFirst Bancorp Inc (ME)$95M12%14%53%2.5%—
ISTRInvestar Holding Corporation$94M7%8%68%3.0%19%
Group median—8%10%62%2.9%21%
IV

The price

What a price has to assume.

What the price implies

price / tangible book

A bank is worth a multiple of its tangible book value, and the multiple it deserves is set by the return it earns on that book. Type today’s price; we show what you would be paying against what Simmons First National Corporation’s record justifies.

$
The assumptions

Tangible book / share, delivered−2%/yr’20→’25

The justified multiple is (return on tangible equity − growth) ÷ (cost of equity − growth). A bank earning exactly its cost of equity is worth about one times tangible book; the premium above that prices each point of durable excess return. A higher cost of equity lowers the justified multiple for a bank.

Enter a price above to run it.

Price / tangible book—
Justified by the return—
Normalized return on tangible equity13%
Price / book—
Earnings yield—
P/E (3-yr avg ’23–’25)—
Graham’s price gate—

Graham applied the same standards to financial enterprises (Intelligent Investor ch.14): the 15× multiple cap on averaged earnings, and P/E times price-to-book at most 22.5. The gate marks the bargain-hunter’s floor, not a verdict.

Tangible book $2.0B on 145M shares, a 13% normalized return on it. The dials set the multiple such a return would justify; your price sets the multiple you are paying. It assumes the bank keeps earning that return; a credit cycle, a rate shock or a bad acquisition changes it, which is what the record and the 10-K are for.

Weigh SFNC against another business →

Cite: Owner Scorecard, "Simmons First National Corporation (SFNC), the owner's record," https://ownerscorecard.com/c/SFNC, data as of 2026-08-17.

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