8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 28, 2023

SIMMONS FIRST NATIONAL CORPORATION

(Exact name of Registrant as Specified in Its Charter)

Arkansas	0-6253	71-0407808
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
501 Main Street
Pine Bluff, Arkansas		71601
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: 870 541-1000

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01 per share	SFNC	Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On November 28, 2023, the boards of directors of Simmons First National Corporation (“Company”) and its wholly owned bank subsidiary, Simmons Bank (“Bank”), appointed Charles Daniel Hobbs Executive Vice President and Chief Financial Officer of both the Company and the Bank, effective December 4, 2023. Mr. Hobbs (age 50) will serve in these roles until such time as his successor is appointed, or his earlier death, resignation, or removal, and will report to James M. Brogdon, who currently serves as President and Chief Financial Officer of the Company and the Bank (and who will remain President of the Company and the Bank following the effective date of Mr. Hobbs’ appointments).

Mr. Hobbs is joining the Company and the Bank from Regions Bank (“Regions”), a commercial bank based in Alabama and a subsidiary of Regions Financial Corporation, where he has worked in finance roles since 2007 and, since 2019, served as Regions’ Executive Vice President and Head of Finance (and, prior to that, as its Consumer Chief Financial Officer, as well as other roles). As Executive Vice President and Head of Finance at Regions, Mr. Hobbs oversaw all finance related activities for Regions’ three lines of business – consumer, corporate, and wealth – as well as all support groups, strategic insights and analytics, and financial systems. As Consumer Chief Financial Officer at Regions, Mr. Hobbs led all finance related activities for Regions’ consumer business line. Mr. Hobbs holds a bachelor’s degree in accounting from the University of Alabama at Birmingham. He also is a graduate (with honors) of the Consumer Bankers Association Executive Banking School and currently serves as one of its faculty members.

In connection with Mr. Hobbs’ appointments, he will receive a cash signing bonus of $225,000 (subject to a repayment agreement if, among other things, he resigns within two years); an award of 21,000 restricted stock units, which will vest on a pro-rata basis over five years; an annual base salary of $475,000; and an annual executive stipend of $12,000. In addition, beginning in 2024, Mr. Hobbs will be eligible to receive a target equity incentive award equal to 90% of base salary – with an opportunity of up to 150% of target – and a target cash incentive bonus equal to 75% of base salary – with an opportunity of up to 200% of target. Mr. Hobbs is also expected to enter into a change in control agreement, an indemnification agreement, and a supplemental defined benefit retirement agreement. Further, Mr. Hobbs will be eligible to receive customary benefits offered to Company and Bank executives and employees generally, as well as reimbursement of certain relocation expenses (which reimbursement will be subject to a repayment agreement if he resigns within two years).

Mr. Hobbs does not have any family relationships with any of the Company’s directors or executive officers. Mr. Hobbs is not a party to any transactions required to be disclosed pursuant to Item 404(a) of Regulation S-K.

Item 8.01 Other Events.

On November 28, 2023, the Company issued a press release announcing the appointments of Mr. Hobbs. A copy of the press release is attached as Exhibit 99.1 and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

Exhibit No.	Description
99.1	Press Release dated November 28, 2023.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			SIMMONS FIRST NATIONAL CORPORATION
Date:	November 28, 2023	By:	/s/ James M. Brogdon
			James M. Brogdon, President and Chief Financial Officer

EX-99.1

Exhibit 99.1 

Simmons Names Daniel Hobbs as Chief Financial Officer

Will serve as CFO of Simmons First National Corporation and Simmons Bank

PINE BLUFF, Ark., Nov. 28, 2023 /PRNewswire/ -- Simmons First National Corporation (NASDAQ: SFNC) today announced Daniel Hobbs will join the company as executive vice president and chief financial officer (CFO), effective December 4, 2023. He will report to Simmons president Jay Brogdon and will be based in Little Rock, Arkansas. Prior to Hobbs arrival, Brogdon served as both President and CFO.

Hobbs brings extensive experience in the financial services industry, with a long, successful track record of execution and results. He most recently served as executive vice president and head of finance for a Southeastern bank with more than $150 billion in assets, leading a finance team that provided financial leadership for all aspects of the bank's lines of business – consumer, corporate and wealth – as well as support groups, strategic insights and analytics, and financial systems. He also served as a key member of the senior leadership team that developed strategies designed to drive growth, improve efficiency and navigate the current economic and operating environment.

"We are thrilled to welcome Daniel to the Simmons Bank team as our new CFO," said Brogdon. "He is a results-driven leader with superb business acumen and a passion for team building. His outstanding track record of achievement across financial functions and deep understanding of the banking industry will be invaluable to our organization as we continue to build upon our storied 120-year history."

During his 16-year tenure, Hobbs also served as CFO for the consumer bank and in a variety of other capacities with finance responsibilities for operations and technology, digital, marketing, procurement and corporate real estate. Prior to his career in the financial services industry, Hobbs served in a multitude of financial leadership positions including, director of financial planning and decision support at Saks, Incorporated.

Hobbs is a graduate of the University of Alabama at Birmingham where he earned a Bachelor of Science degree in accounting. He graduated with honors from the CBA Executive Banking School and serves as a faculty member helping top talent from banks across the country and abroad to learn banking from the CFO perspective.

Simmons First National Corporation
Simmons First National Corporation (NASDAQ: SFNC), a Mid-South based financial holding company that has paid cash dividends for 114 consecutive years. Its principal subsidiary, Simmons Bank, operates 232 branches in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas. Founded in 1903, Simmons Bank offers comprehensive financial solutions delivered with a client-centric approach. In 2023, Simmons Bank was recognized by Forbes as one of "America's Best Midsize Employer" and among the "World's Best Banks" for the fourth consecutive year. In 2022, Simmons Bank was named to Forbes' list of "America's Best Banks" for the second consecutive year. Additional information about Simmons Bank can be found on our website at simmonsbank.com, by following @Simmons_Bank on X (formerly Twitter) or by visiting our newsroom.

Investor Contact: Ed Bilek, Simmons Bank, Director of Investor and Media Relations, ed.bilek@simmonsbank.com, 205.612.3378; Media Contact: Kristie Flynn, Simmons Bank, Public Relations Manager, kristie.flynn@simmonsbank.com, 501.377.7423

XML

Document And Entity Information	Nov. 28, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 28, 2023
Entity Registrant Name	SIMMONS FIRST NATIONAL CORP
Entity Central Index Key	0000090498
Entity Emerging Growth Company	false
Entity File Number	0-6253
Entity Incorporation, State or Country Code	AR
Entity Tax Identification Number	71-0407808
Entity Address, Address Line One	501 Main Street
Entity Address, City or Town	Pine Bluff
Entity Address, State or Province	AR
Entity Address, Postal Zip Code	71601
City Area Code	870
Local Phone Number	541-1000
Entity Information, Former Legal or Registered Name	Not Applicable
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	SFNC
Security Exchange Name	NASDAQ