GlobeNewswire Inc | Oct 19, 2020 08:30AM EDT

October 19, 2020

PINE BLUFF, Ark., Oct. 19, 2020 (GLOBE NEWSWIRE) -- Simmons First National Corporation (NASDAQ: SFNC) (the Company or Simmons) today announced net income of $65.9 million for the quarter ended September 30, 2020, compared to $81.8 million for the same period in 2019, a decrease of $15.9 million, or 19.5%. Diluted earnings per share were $0.60, a decrease of $0.24, or 28.6%, compared to the same period in the prior year. Included in the third quarter of 2019 results was a one-time after-tax gain on the sale of Visa Inc. class B common stock of $31.7 million.

Included in third quarter 2020 results were $2.5 million in net after-tax merger-related, early retirement program and net branch right-sizing costs. Excluding the impact of these items, core earnings were $68.3 million for the quarter ended September 30, 2020, compared to $84.0 million for the quarter ended September 30, 2019, a decrease of $15.6million, or 18.6%. Core diluted earnings per share were $0.63, a decrease of $0.24, or 27.6%, from the same period in 2019.

Year-to-date net income for the first nine months of 2020 was $201.9 million, or $1.83 diluted earnings per share, compared to $185.1 million, or $1.94 diluted earnings per share, for the same period in 2019. Excluding $426,000in net after-tax merger-related, early retirement program and net branch right-sizing costs and the gains on the sales of branches in south Texas and Colorado, year-to-date core earnings for 2020 were $202.3 million, an increase of $3.8million compared to the same period last year. Core diluted earnings per share for the first nine months of 2020 were $1.83, a decrease of $0.25, or 12.0%, from the same period in 2019.

We are very proud of our results under these trying conditions. We have experienced very meaningful shifts in consumer habits which we believe will impact our delivery of products and services as well as the retail delivery of everyday amenities. Our investment in digital channels will continue to position our company for these changes and our associates are ready for the new normal, said George A. Makris, Jr., chairman and CEO of Simmons First National Corporation.

Selected Highlights: 3^rd Qtr 2^nd Qtr 3^rd Qtr 2020 2020 2019Net income $65.9 $58.8 $81.8 million million millionDiluted earnings per share $0.60 $0.54 $0.84Return on avg assets 1.20% 1.08% 1.83%Return on avg common equity 8.91% 8.21% 13.70%Return on tangible common equity ^(1) 15.45% 14.55% 24.89% Core earnings ^(2) $68.3 $60.1 $84.0 million million millionCore diluted earnings per share ^(2) $0.63 $0.55 $0.87Core return on avg assets ^(2) 1.25% 1.11% 1.88%Core return on avg common equity ^(2) 9.24% 8.40% 14.06%Core return on tangible common equity ^ 16.00% 14.87% 25.52%(1)(2)Efficiency ratio ^(3) 54.12% 51.46% 43.77%Pre-tax, pre-provision (PTPP) earnings ^ $87.5 $97.7 $122.6(2) million million million

Return on tangible common equity excludes goodwill and other intangible (1) assets and is a non-GAAP measurement. Please see ?Non-GAAP Financial Measures? and ?Reconciliation of Non-GAAP Financial Measures? below. Core figures exclude non-core items and are non-GAAP measurements. Please(2) see ?Non-GAAP Financial Measures? and ?Reconciliation of Non-GAAP Financial Measures? below. Efficiency ratio is core non-interest expense before foreclosed property expense and amortization of intangibles, as a percent of net interest(3) income (fully taxable equivalent) and non-interest revenues, excluding gains and losses from securities transactions and non-core items, and is a non-GAAP measurement. Please see ?Non-GAAP Financial Measures? and ?Reconciliation of Non-GAAP Financial Measures? below.

Loans

($ in billions) 3^rd Qtr 2020 2^nd Qtr 2020 3^rd Qtr 2019Total loans $14.02 $14.61 $13.00

Total loans were $14.0 billion at September 30, 2020, an increase of $1.0 billion, or 7.8%, compared to September 30, 2019, primarily due to The Landrum Company (Landrum) merger completed during the fourth quarter of 2019. On a linked-quarter basis (September 30, 2020 compared to June 30, 2020), total loans decreased $589.5 million, or 4.0%. The decrease was across most loan categories with the largest decrease in the real estate loan portfolios. Makris stated, Loan demand is very weak in almost every aspect of our commercial economy.

Through September 30, 2020, the Company originated approximately 8,200 loans under the Paycheck Protection Program (PPP) of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, with an average balance of $118,000 per loan. Approximately 93% of the PPP loans had a balance less than $350,000 as of September 30, 2020.

PPP Loans # of Balance Balance as of September 30, 2020 Loans ($ in millions)Less than $50,000 5,216 63% $94.4 10%$50,000 to $350,000 2,441 30% $304.8 31%More than $350,000 to less than $2 million 481 6% $358.0 37%$2 million to $10 million 61 1% $213.3 22%Total 8,199 100% $970.5 100%

Deposits

($ in billions) 3^rd Qtr 2020 2^nd Qtr 2020 3^rd Qtr 2019Total deposits $16.2 $16.6 $13.5Non-interest bearing deposits $4.4 $4.6 $3.1Interest bearing deposits $9.0 $9.0 $7.3Time deposits $2.8 $3.0 $3.1

Total deposits were $16.2 billion at September 30, 2020, an increase of $2.8 billion, or 20.6%, since September 30, 2019, primarily due to the Landrum merger. On a linked-quarter basis, total deposits decreased $369.5 million, or 2.2%, primarily due to decreases in non-interest bearing and large public fund time deposits.

Net Interest Income

3^rd Qtr 2^nd Qtr 1^st Qtr 4^th Qtr 3^rd Qtr 2020 2020 2020 2019 2019Loan yield ^(1) 4.54% 4.84% 5.19% 5.43% 5.47%Core loan yield ^(1) (2) 4.29% 4.52% 4.86% 5.00% 5.19%Security yield ^(1) 2.60% 2.50% 2.63% 2.73% 2.87%Cost of interest bearing deposits 0.54% 0.59% 1.03% 1.22% 1.40%Cost of deposits ^(3) 0.39% 0.44% 0.80% 0.94% 1.09%Cost of borrowed funds 1.85% 1.84% 2.06% 2.30% 2.52%Net interest margin ^(1) 3.21% 3.42% 3.68% 3.78% 3.82%Core net interest margin ^(1) (2) 3.02% 3.18% 3.42% 3.44% 3.59%

(1) Fully tax equivalent using an effective tax rate of 26.135%. Core loan yield and core net interest margin exclude accretion and are (2) non-GAAP measurements. Please see ?Non-GAAP Financial Measures? and ?Reconciliation of Non-GAAP Financial Measures? below.(3) Includes non-interest bearing deposits.

The Companys net interest income for the third quarter of 2020 was $153.6 million, an increase of $4.3million, or 2.9%, from the same period of 2019. The increase in net interest income was primarily due to the decline in the cost of interest-bearing deposits of 86 basis points, which was partially offset by a reduction in the loan yield of 93 basis points. Included in interest income was the yield accretion recognized on loans acquired of $8.9 million and $9.3million for the third quarters of 2020 and 2019, respectively.

The loan yield was 4.54% for the quarter ended September 30, 2020, while the core loan yield, which excludes the accretion, was 4.29% for the same period. The decrease in the loan yield during the third quarter of 2020 was primarily driven by the lower yielding PPP loans originated during the second and third quarters of 2020. The PPP loan yield was approximately 2.37% during the third quarter of 2020 (including accretion of net fees), which decreased the loan yield by approximately 16 basis points.

Net interest margin (FTE) was 3.21% for the quarter ended September 30, 2020, while the core net interest margin, which excludes the accretion, was 3.02% for the same period. The decrease in the net interest margin during the third quarter of 2020 was primarily driven by additional liquidity created in response to the COVID-19 pandemic and the lower yielding PPP loans originated during the second and third quarters of 2020, which decreased the net interest margin by approximately 30 basis points.

Non-Interest Income

Non-interest income for the third quarter of 2020 was $71.9 million, a decrease of $12.8 million compared to the same period in the previous year, primarily due to the gain on sale of Visa Inc. class B common stock recognized during the prior year period. During the third quarter of 2020, the Company benefited from additional gains on the sale of securities and incremental mortgage lending income driven by the current low mortgage interest rate environment.

Selected Non-Interest Income Items 3^rd 2^nd 1^st 4^th 3^rd Qtr($ in millions) Qtr Qtr Qtr Qtr 2019 2020 2020 2020 2019Service charges on deposit accounts $10.4 $8.6 $13.3 $13.3 $10.8Mortgage lending income $14.0 $12.5 $5.0 $4.0 $4.5SBA lending income $0.3 $0.2 $0.3 $0.3 $1.0Debit and credit card fees $8.9 $8.0 $7.9 $8.9 $7.1Gain on sale of securities $22.3 $0.4 $32.1 $0.4 $7.4Gain on sale of Visa Inc. class B - - - - $42.9stockOther income $5.4 $9.8 $12.8 $7.1 $1.8 Core other income ^(1)^(2) $5.0 $7.6 $6.9 $7.1 $44.7

Core figures exclude non-core items and are non-GAAP measurements. Please(1) see ?Non-GAAP Financial Measures? and ?Reconciliation of Non-GAAP Financial Measures? below.(2) Core other income includes the gain on sale of Visa Inc. class B common stock.

Non-Interest Expense

Non-interest expense for the third quarter of 2020 was $118.9 million, an increase of $12.1 million compared to the third quarter of 2019. Included in this quarter were $3.3 million of pre-tax non-core items for merger-related, early retirement program and branch right-sizing costs. Excluding these expenses, core non-interest expense was $115.3million for the third quarter of 2020, an increase of $11.3 million compared to the same period in 2019, primarily the result of the Landrum merger and additional software and technology costs related to the Companys Next Generation Banking (NGB) initiative.

The efficiency ratio for the third quarter of 2020 was 54.12%.

Selected Non-Interest Expense Items 3^rd 2^nd 1^st 4^th 3^rd($ in millions) Qtr Qtr Qtr Qtr Qtr 2020 2020 2020 2019 2019Salaries and employee benefits $61.1 $57.6 $67.9 $63.2 $52.1Merger related costs $0.9 $1.8 $1.1 $24.8 $2.6Other operating expenses $38.2 $39.7 $41.8 $38.0 $37.9 Core salaries and employee benefits ^ $58.7 $57.2 $67.9 $63.2 $51.9(1)Core merger related costs ^(1) - - - - -Core other operating expenses ^(1) $38.2 $38.0 $41.6 $38.0 $37.8

Core figures exclude non-core items and are non-GAAP measurements. Please(1) see ?Non-GAAP Financial Measures? and ?Reconciliation of Non-GAAP Financial Measures? below.

Early in 2020, the Company offered qualifying associates an early retirement option resulting in $2.3 million of non-core expense during the third quarter. The Company expects ongoing net annualized savings of approximately $2.9million.

Management continuously evaluates the Companys branch network as part of its analysis of the profitability of the Companys operations and the efficiency with which it delivers banking services to its markets. As a result of this ongoing evaluation, the Company closed 11 branch locations during the second quarter of 2020, with estimated net annual cost savings of approximately $2.4 million related to these locations. The Company closed an additional 23branch locations on October 9, 2020, with an expected net annual cost savings of approximately $6.7 million.

Asset Quality

3^rd 2^nd 1^st 4^th 3^rd Qtr Qtr Qtr Qtr Qtr 2020 2020 2020 2019 2019Allowance for credit losses on loans to 1.77% 1.59% 1.69% 0.47% 0.51%total loansAllowance for credit losses on loans to 147% 175% 154% 74% 78%non-performing loansNon-performing loans to total loans 1.20% 0.91% 1.10% 0.64% 0.65%Net charge-off ratio (annualized) 0.16% 1.04% 0.07% 0.09% 0.59%Net charge-off ratio YTD (annualized) 0.43% 0.56% 0.07% 0.24% 0.30%

At September 30, 2020, the allowance for credit losses on loans was $248.3 million. Provision for credit losses on loans for the third quarter of 2020 was $22.3 million. Included in total loans was $970.5 million of government guaranteed PPP loans. Excluding the PPP loans, the allowance for credit losses on loans to total loans was 1.90%.

Foreclosed Assets and Other Real Estate Owned

At September 30, 2020, foreclosed assets and other real estate owned were $12.6 million, a decrease of $7.0 million, or 35.7%, compared to the same period in 2019. The composition of these assets is divided into three types:

3^rd 2^nd 1^st 4^th 3^rd Qtr Qtr Qtr Qtr Qtr($ in millions) 2020 2020 2020 2019 2019Closed bank branches and branch $0.6 $2.7 $8.8 $5.7 $5.9sitesForeclosed assets ? acquired $9.3 $9.2 $9.2 $10.3 $10.1Foreclosed assets ? legacy $2.7 $2.2 $2.8 $3.1 $3.6

Capital

3^rd 2^nd 1^st 4^th 3^rd Qtr Qtr Qtr Qtr Qtr 2020 2020 2020 2019 2019Stockholders? equity to total assets 13.7% 13.3% 13.7% 14.1% 14.3%Tangible common equity to tangible 8.7% 8.3% 8.4% 9.0% 9.1%assets^(1)Regulatory common equity tier 1 ratio 12.6% 11.9% 11.1% 10.9% 10.3%Regulatory tier 1 leverage ratio 9.1% 8.8% 9.0% 9.6% 9.1%Regulatory tier 1 risk-based capital 12.6% 11.9% 11.1% 10.9% 10.3%ratioRegulatory total risk-based capital 15.8% 14.9% 14.1% 13.7% 13.2%ratio

Tangible common equity to tangible assets is a non-GAAP measurement. Please(1) see ?Non-GAAP Financial Measures? and ?Reconciliation of Non-GAAP Financial Measures? below.

At September 30, 2020, common stockholders' equity was $2.9 billion. Book value per share was $26.98 and tangible book value per share was $16.07 at September 30, 2020. The ratio of stockholders equity to total assets was 13.7%at September 30, 2020, while the ratio of tangible common equity to tangible assets was 8.7%. As of September 30, 2020, PPP loans totaled $970.5 million, which are 100% federally guaranteed and have a zero percent risk-weight for regulatory capital ratios. Excluding PPP loans from total assets, equity to total assets was 14.4%, tangible common equity to tangible assets was 9.1% and the regulatory tier 1 leverage ratio was 9.5%.

Simmons First National Corporation

Simmons First National Corporation is a financial holding company headquartered in Pine Bluff, Arkansas, with total consolidated assets of approximately $21.4 billion as of September 30, 2020, conducting financial operations in Arkansas, Illinois, Kansas, Missouri, Oklahoma, Tennessee and Texas. The Company, through its subsidiaries, offers comprehensive financial solutions delivered with a client-centric approach. The Companys common stock is listed on the NASDAQ Global Select Market under the symbol SFNC.

Conference Call

Management will conduct a live conference call to review this information beginning at 9:00 a.m. CDT today, Monday, October 19, 2020. Interested persons can listen to this call by dialingtoll-free 1-866-298-7926 (United States and Canada only) and asking for the Simmons First National Corporation conference call, conference ID6533868. In addition, the call will be available live or in recorded version on the Companys website at www.simmonsbank.com for at least 60 days.

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles (GAAP). The Companys management uses these non-GAAP financial measures in their analysis of the Companys 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 income available to common shareholders certain expenses related to significant non-core activities, including merger-related expenses, gain on sale of branches, early retirement program expenses and net branch right-sizing expenses. In addition, the Company also presents certain figures based on tangible common stockholders equity and tangible book value, which exclude goodwill and other intangible assets. The Company further presents certain figures that are exclusive of PPP loans. The Companys management believes that these non-GAAP financial measures are useful to investors because they present the results of the Companys ongoing operations without the effect of mergers or other items not central to the Companys ongoing business, as well as normalizing for tax 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 Companys core businesses. 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

Some of the statements in this news 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. Makriss quotes, 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, revenue, assets, asset quality, profitability, net interest margin, non-interest revenue, share repurchase program, acquisition strategy, NGB and other digital banking initiatives, the Companys ability to recruit and retain key employees, the benefits associated with the Companys early retirement program and completed and future branch closures, the adequacy of the allowance for credit losses, and the ability of the Company to manage the impact of the COVID-19 pandemic. Any forward-looking statement speaks only as of the date of this news release, and Simmons undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news 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, credit quality, interest rates, loan demand, deposit flows, real estate values, the assumptions used in making the forward-looking statements, the securities markets generally or the price of Simmons common stock specifically, and information technology affecting the financial industry; the effect of steps the Company takes in response to COVID-19, the severity and duration of the pandemic, including whether there is a widespread resurgence in COVID-19 infections combined with the seasonal flu, the pace of recovery when the pandemic subsides and the heightened impact it has on many of the risks described herein; the effects of the COVID-19 pandemic on, among other things, the Companys operations, liquidity, and credit quality; general economic and market conditions; unemployment; claims, damages, and fines related to litigation or government actions, including litigation or actions arising from the Companys participation in and administration of programs related to the COVID-19 pandemic (including, among other things, the PPP loan program authorized by the CARES Act); changes in accounting principles relating to loan loss recognition (current expected credit losses, or CECL); the Companys ability to manage and successfully integrate its mergers and acquisitions; cyber threats, attacks or events; reliance on third parties for key services; and other factors, many of which are beyond the control of the Company, could cause actual results to differ materially from those contemplated by the forward-looking statements. Additional information on factors that might affect the Companys financial results is included in its Form 10-K for the year ended December 31, 2019, and its Form 10-Q for the quarter ended June 30, 2020, which have been filed with, and are available from, the U.S. Securities and Exchange Commission.

FOR MORE INFORMATION CONTACT:Stephen C. MassanelliEVP, Chief Administrative Officer and Investor Relations OfficerSimmons First National Corporationsteve.massanelli@simmonsbank.com

Simmons First SFNC National CorporationConsolidated End of Period Balance SheetsFor the Quarters Sep 30 Jun 30 Mar 31 Dec 31 Sep 30Ended(Unaudited) 2020 2020 2020 2019 2019 ($ in thousands) ASSETS Cash and non-interestbearing balances due $ 382,691 $ 234,998 $ 244,123 $ 277,208 $ 161,440 from banksInterest bearingbalances due from 2,139,440 2,310,162 1,493,076 719,415 368,530 banks and federalfunds soldCash and cash 2,522,131 2,545,160 1,737,199 996,623 529,970 equivalentsInterest bearingbalances due from 4,061 4,561 4,309 4,554 5,041 banks - timeInvestment securities 47,102 51,720 53,968 40,927 42,237 - held-to-maturityInvestment securities 2,607,288 2,496,896 2,466,640 3,288,343 2,210,931 - available-for-saleMortgage loans held 192,729 120,034 49,984 58,102 50,099 for saleOther assets held for 389 399 115,315 260,332 383 saleLoans: Loans 14,017,442 14,606,900 14,374,277 14,425,704 13,003,549 Allowance for credit (248,251 ) (231,643 ) (243,195 ) (68,244 ) (66,590 )losses on loansNet loans 13,769,191 14,375,257 14,131,082 14,357,460 12,936,959 Premises and 470,491 478,896 484,990 492,384 378,678 equipmentPremises held for 4,486 4,576 - - - saleForeclosed assets andother real estate 12,590 14,111 20,805 19,121 19,576 ownedInterest receivable 77,352 79,772 57,039 62,707 53,966 Bank owned life 257,718 256,643 255,197 254,152 234,655 insuranceGoodwill 1,075,305 1,064,765 1,064,978 1,055,520 926,648 Other intangible 114,460 117,823 121,673 127,340 101,149 assetsOther assets 282,102 293,071 278,173 241,578 268,219 Total assets $ 21,437,395 $ 21,903,684 $ 20,841,352 $ 21,259,143 $ 17,758,511 LIABILITIES AND STOCKHOLDERS' EQUITYDeposits: Non-interest bearing $ 4,451,385 $ 4,608,098 $ 3,572,244 $ 3,741,093 $ 3,044,330 transaction accountsInterest bearingtransaction accounts 8,993,255 8,978,045 8,840,678 9,090,878 7,337,571 and savings depositsTime deposits 2,802,007 3,029,975 3,146,811 3,276,969 3,086,108 Total 16,246,647 16,616,118 15,559,733 16,108,940 13,468,009 depositsFederal fundspurchased and securities soldunder agreements to 313,694 387,025 377,859 150,145 116,536 repurchaseOther borrowings 1,342,769 1,393,689 1,396,829 1,297,599 1,098,395 Subordinated notes 382,739 382,604 388,396 388,260 354,223 and debenturesOther liabilities - - 58,405 159,853 - held for saleAccrued interest and 209,305 219,545 214,730 165,422 174,277 other liabilitiesTotal liabilities 18,495,154 18,998,981 17,995,952 18,270,219 15,211,440 Stockholders' equity: Preferred stock 767 767 767 767 - Common stock 1,090 1,090 1,090 1,136 966 Surplus 2,032,372 2,029,383 2,026,420 2,117,282 1,708,058 Undivided profits 866,503 819,153 778,893 848,848 814,338 Accumulated othercomprehensive income (loss):Unrealized accretion(depreciation) on AFS 41,509 54,310 38,230 20,891 23,709 securitiesTotal stockholders' 2,942,241 2,904,703 2,845,400 2,988,924 2,547,071 equityTotal liabilities and $ 21,437,395 $ 21,903,684 $ 20,841,352 $ 21,259,143 $ 17,758,511 stockholders' equity

Simmons First National SFNC CorporationConsolidated Statements of Income - Quarter-to-DateFor the Quarters Ended Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 (Unaudited) 2020 2020 2020 2019 2019 ($ in thousands, except per share data)INTEREST INCOME Loans $ 163,180 $ 176,910 $ 187,566 $ 193,402 $ 179,971 Interest bearingbalances due from banks and 623 603 2,441 2,625 1,586 federal funds soldInvestment securities 14,910 13,473 18,943 16,962 14,467 Mortgage loans held 1,012 668 281 402 382 for saleTOTAL 179,725 191,654 209,231 213,391 196,406 INTEREST INCOME INTEREST EXPENSE Time deposits 9,437 10,803 13,323 16,198 15,573 Other deposits 6,769 7,203 17,954 20,331 21,363 Federal funds purchased and securitiessold under 335 337 759 368 249 agreements to repurchaseOther borrowings 4,943 4,963 4,877 4,615 5,381 Subordinated notes 4,631 4,667 4,835 4,813 4,576 and debenturesTOTAL 26,115 27,973 41,748 46,325 47,142 INTEREST EXPENSENET INTEREST INCOME 153,610 163,681 167,483 167,066 149,264 Provision for credit 22,981 21,915 23,134 4,903 21,973 losses NET INTEREST INCOME AFTER PROVISIONFOR CREDIT LOSSES 130,629 141,766 144,349 162,163 127,291 NON-INTEREST INCOME Trust income 6,744 7,253 7,151 7,430 6,108 Service charges on 10,385 8,570 13,328 13,332 10,825 deposit accountsOther service charges 1,764 1,489 1,588 1,915 1,308 and feesMortgage lending 13,971 12,459 5,046 4,029 4,509 incomeSBA lending income 304 245 296 321 956 Investment banking 557 571 877 822 513 incomeDebit and credit card 8,850 7,996 7,914 8,920 7,059 feesBank owned life 1,591 1,445 1,298 1,411 1,302 insurance incomeGain on sale of 22,305 390 32,095 377 7,374 securities, netOther income 5,380 9,809 12,801 7,073 44,721 TOTAL 71,851 50,227 82,394 45,630 84,675 NON-INTEREST INCOMENON-INTEREST EXPENSE Salaries and employee 61,144 57,644 67,924 63,235 52,065 benefitsOccupancy expense, 9,647 9,217 9,510 9,272 8,342 netFurniture and 6,231 6,144 5,723 5,758 4,898 equipment expenseOther real estate and 602 274 325 1,089 1,125 foreclosure expenseDeposit insurance 2,244 2,838 2,475 (134 ) - Merger-related costs 902 1,830 1,068 24,831 2,556 Other operating 38,179 39,651 41,788 38,044 37,879 expensesTOTAL 118,949 117,598 128,813 142,095 106,865 NON-INTEREST EXPENSENET INCOME BEFORE INCOME 83,531 74,395 97,930 65,698 105,101 TAXESProvision for income 17,633 15,593 20,694 12,976 23,275 taxesNET INCOME 65,898 58,802 77,236 52,722 81,826 Preferred stock 13 13 13 13 - dividendsNET INCOME AVAILABLE TO $ 65,885 $ 58,789 $ 77,223 $ 52,709 $ 81,826 COMMON STOCKHOLDERSBASIC EARNINGS PER SHARE $ 0.60 $ 0.54 $ 0.68 $ 0.49 $ 0.85 DILUTED EARNINGS PER SHARE $ 0.60 $ 0.54 $ 0.68 $ 0.49 $ 0.84

Simmons First National Corporation SFNC Consolidated Risk-Based CapitalFor the Quarters Sep 30 Jun 30 Mar 31 Dec 31 Sep 30Ended(Unaudited) 2020 2020 2020 2019 2019 ($ in thousands) Tier 1 capital Stockholders' $ 2,942,241 $ 2,904,703 $ 2,845,400 $ 2,988,924 $ 2,547,071 equity CECLtransition 134,798 130,480 134,558 - - provision ^(1) Disallowedintangible assets, (1,167,357 ) (1,160,385 ) (1,164,038 ) (1,160,079 ) (1,013,309 )net of deferred tax Unrealized(gain) loss on AFS (41,509 ) (54,310 ) (38,230 ) (20,891 ) (23,709 )securitiesTotal 1,868,173 1,820,488 1,777,690 1,807,954 1,510,053 Tier 1 capital Tier 2 capital Trustpreferred 382,739 382,604 388,396 388,260 354,223 securities andsubordinated debtQualifyingallowance for loan losses andreservefor unfunded 96,734 83,780 96,015 76,644 74,455 commitmentsTotal 479,473 466,384 484,411 464,904 428,678 Tier 2 capitalTotal $ 2,347,646 $ 2,286,872 $ 2,262,101 $ 2,272,858 $ 1,938,731 risk-based capital Risk weighted $ 14,878,932 $ 15,362,175 $ 16,012,233 $ 16,554,081 $ 14,725,571 assets Adjusted averageassets for leverage $ 20,652,454 $ 20,742,824 $ 19,832,219 $ 18,852,798 $ 16,681,527 ratio Ratios at end of quarterEquity to 13.72 % 13.26 % 13.65 % 14.06 % 14.34 %assets Tangiblecommon equity to 8.65 % 8.31 % 8.44 % 8.99 % 9.08 %tangible assets ^(2)Common equity 12.55 % 11.85 % 11.10 % 10.92 % 10.25 %Tier 1 ratio (CET1)Tier 1 9.05 % 8.78 % 8.96 % 9.59 % 9.05 %leverage ratioTier 1risk-based capital 12.56 % 11.85 % 11.10 % 10.92 % 10.25 %ratioTotalrisk-based capital 15.78 % 14.89 % 14.13 % 13.73 % 13.17 %ratio (1) The Company has elected to use the CECL transition provision allowed for inthe year of adopting ASC 326.(2) Calculations of tangible common equity to tangible assets and thereconciliations to GAAP are included in theschedules accompanying thisrelease.

Simmons First National Corporation SFNC Consolidated Investment SecuritiesFor the Quarters Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Ended(Unaudited) 2020 2020 2020 2019 2019 ($ in thousands) Investment Securities - End of PeriodHeld-to-Maturity Mortgage-backed $ 24,297 $ 25,980 $ 27,121 $ 10,796 $ 11,549 securitiesState andpolitical 21,930 24,777 25,985 27,082 28,692 subdivisionsOther 875 963 862 3,049 1,996 securitiesTotalheld-to-maturity (net 47,102 51,720 53,968 40,927 42,237 of credit losses)Available-for-Sale U.S. Treasury $ - $ - $ 424,989 $ 449,729 $ - U.S. Government 471,973 210,921 161,289 194,249 178,139 agenciesMortgage-backed 903,687 1,154,086 1,179,837 1,742,945 1,337,794 securitiesState andpolitical 1,133,006 1,054,068 678,243 880,524 681,202 subdivisionsOther 98,622 77,821 22,282 20,896 13,796 securitiesTotalavailable-for-sale 2,607,288 2,496,896 2,466,640 3,288,343 2,210,931 (net of creditlosses)Totalinvestment securities $ 2,654,390 $ 2,548,616 $ 2,520,608 $ 3,329,270 $ 2,253,168 (net of creditlosses)Fairvalue - HTM $ 49,064 $ 53,751 $ 55,714 $ 41,855 $ 43,302 investment securities Investment Securities - QTD AverageTaxable securities $ 1,534,742 $ 1,642,083 $ 2,324,188 $ 1,940,755 $ 1,561,308 Tax exempt securities 1,155,099 866,944 900,223 825,000 681,505 Totalinvestment securities $ 2,689,841 $ 2,509,027 $ 3,224,411 $ 2,765,755 $ 2,242,813 - QTD average

Simmons First National Corporation SFNC Consolidated Loans For the Quarters Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Ended(Unaudited) 2020 2020 2020 2019 2019 ($ in thousands) Loan Portfolio - End of PeriodConsumer Credit cards $ 172,880 $ 184,348 $ 188,596 $ 204,802 $ 195,083 Other 190,736 214,024 267,870 249,195 215,283 consumerTotal consumer 363,616 398,372 456,466 453,997 410,366 Real Estate Construction 1,853,360 2,010,256 2,024,118 2,248,673 2,081,595 Single-family 1,997,070 2,207,087 2,343,543 2,414,753 1,951,842 residentialOthercommercial real 6,132,823 6,316,444 6,466,104 6,358,514 5,758,511 estateTotal real estate 9,983,253 10,533,787 10,833,765 11,021,940 9,791,948 Commercial Commercial 2,907,798 3,038,216 2,314,472 2,451,119 2,215,539 Agricultural 241,687 217,715 191,535 191,525 214,610 Total commercial 3,149,485 3,255,931 2,506,007 2,642,644 2,430,149 Other 521,088 418,810 578,039 307,123 371,086 Total $ 14,017,442 $ 14,606,900 $ 14,374,277 $ 14,425,704 $ 13,003,549 Loans

Simmons First National Corporation SFNC Consolidated Allowance and Asset QualityFor the Quarters Ended Sep 30 Jun 30 Mar 31 Dec 31 Sep 30(Unaudited) 2020 2020 2020 2019 2019 ($ in thousands) Allowance for Credit Losses on LoansBeginning balance,prior to adoption of $ 68,244 $ 66,590 $ 64,179 ASC 326Impact of adopting ASC $ 151,377 326 ^(1)Beginning balance,after adoption of ASC $ 231,641 $ 243,195 $ 219,621 326 Loans charged off Credit cards 832 1,053 1,441 1,287 1,117 Other consumer 1,091 592 1,379 1,425 1,065 Real estate 1,153 1,824 396 892 1,367 Commercial 4,327 35,687 523 459 17,778 Total loans 7,403 39,156 3,739 4,063 21,327 charged off Recoveries of loans previously charged offCredit cards 276 272 225 287 223 Other consumer 366 301 443 304 1,422 Real estate 120 253 101 146 55 Commercial 936 98 347 77 65 Total 1,698 924 1,116 814 1,765 recoveriesNet loans charged 5,705 38,232 2,623 3,249 19,562 offProvision for credit 22,315 26,678 26,197 4,903 21,973 losses on loansBalance, end of quarter $ 248,251 $ 231,641 $ 243,195 $ 68,244 $ 66,590 Non-performing assets Non-performing loans Nonaccrual loans $ 168,349 $ 131,888 $ 156,746 $ 91,723 $ 84,660 Loans past due 90 156 537 1,305 855 177 days or moreTotal 168,505 132,425 158,051 92,578 84,837 non-performing loansOther non-performing assetsForeclosed assetsand other real estate 12,590 14,111 20,805 19,121 19,576 ownedOther 1,983 2,008 2,169 1,964 540 non-performing assetsTotal other 14,573 16,119 22,974 21,085 20,116 non-performing assetsTotal $ 183,078 $ 148,544 $ 181,025 $ 113,663 $ 104,953 non-performing assetsPerforming TDRs(troubled debt $ 2,791 $ 3,960 $ 4,110 $ 4,411 $ 6,519 restructurings) Ratios Allowance for creditlosses on loans to 1.77 % 1.59 % 1.69 % 0.47 % 0.51 %total loansAllowance for creditlosses to 147 % 175 % 154 % 74 % 78 %non-performing loansNon-performing loans to 1.20 % 0.91 % 1.10 % 0.64 % 0.65 %total loansNon-performing assets(including performing TDRs)to total assets 0.87 % 0.70 % 0.89 % 0.56 % 0.63 %Non-performing assets 0.85 % 0.68 % 0.87 % 0.53 % 0.59 %to total assetsAnnualized net charge 0.16 % 1.04 % 0.07 % 0.09 % 0.59 %offs to total loansAnnualized net credit card charge offs tototal credit card 1.26 % 1.67 % 2.29 % 1.99 % 1.82 %loans (1) The Company adopted ASC 326.effective January 1, 2020.

Simmons First National SFNC CorporationConsolidated - Average Balance Sheet and Net Interest Income Analysis For the Quarters Ended(Unaudited) Three Months Ended Three Months Ended Three Months Ended Sep 2020 Jun 2020 Sep 2019($ in thousands) Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/ Balance Expense Rate Balance Expense Rate Balance Expense RateASSETS Earning assets: Interestbearing balances due from banksand $ 2,265,233 $ 623 0.11 % $ 2,190,878 $ 603 0.11 % $ 344,761 $ 1,586 1.83 %federal funds soldInvestmentsecurities - 1,534,742 7,193 1.86 % 1,642,083 7,131 1.75 % 1,561,308 9,514 2.42 %taxableInvestmentsecurities - 1,155,099 10,382 3.58 % 866,944 8,434 3.91 % 681,505 6,687 3.89 %non-taxable (FTE)Mortgageloans held for 145,226 1,012 2.77 % 86,264 668 3.11 % 39,551 382 3.83 %saleLoans (FTE) 14,315,014 163,379 4.54 % 14,731,306 177,168 4.84 % 13,053,540 180,080 5.47 %Totalinterest earning 19,415,314 182,589 3.74 % 19,517,475 194,004 4.00 % 15,680,665 198,249 5.02 %assets (FTE)Non-earning 2,350,007 2,304,798 2,039,933 assetsTotal $ 21,765,321 $ 21,822,273 $ 17,720,598 assets LIABILITIES AND STOCKHOLDERS' EQUITYInterest bearing liabilities:Interestbearing transaction andsavings $ 8,977,886 $ 6,769 0.30 % $ 9,138,563 $ 7,203 0.32 % $ 7,322,395 $ 21,363 1.16 %accountsTime 2,998,091 9,437 1.25 % 3,057,153 10,803 1.42 % 3,122,422 15,573 1.98 %depositsTotalinterest bearing 11,975,977 16,206 0.54 % 12,195,716 18,006 0.59 % 10,444,817 36,936 1.40 %depositsFederalfunds purchased and securitiessoldunder agreement to 386,631 335 0.34 % 392,633 337 0.35 % 123,883 249 0.80 %repurchaseOther 1,357,278 4,943 1.45 % 1,395,109 4,963 1.43 % 1,127,886 5,381 1.89 %borrowingsSubordinatednotes and 382,672 4,631 4.81 % 387,422 4,667 4.84 % 354,178 4,576 5.13 %debenturesTotalinterest bearing 14,102,558 26,115 0.74 % 14,370,880 27,973 0.78 % 12,050,764 47,142 1.55 %liabilitiesNon-interestbearing liabilities:Non-interest 4,529,782 4,354,781 3,012,544 bearing depositsOther 190,169 216,508 288,517 liabilitiesTotal 18,822,509 18,942,169 15,351,825 liabilitiesStockholders' 2,942,812 2,880,104 2,368,773 equityTotalliabilities and $ 21,765,321 $ 21,822,273 $ 17,720,598 stockholders'equityNet interest $ 156,474 $ 166,031 $ 151,107 income (FTE)Net interest 3.00 % 3.22 % 3.47 %spread (FTE)Net interestmargin (FTE) - 3.21 % 3.42 % 3.82 %quarter-to-date Net interestmargin (FTE) - 3.43 % 3.55 % 3.88 %year-to-date Core net interest margin (FTE) - 3.02 % 3.18 % 3.59 %quarter-to-date^ (1)Core loan yield(FTE) - 4.29 % 4.52 % 5.19 %quarter-to-date ^(1) Core net interestmargin (FTE) - 3.20 % 3.30 % 3.64 %year-to-date ^(1)Core loan yield(FTE) - 4.56 % 4.69 % 5.24 %year-to-date^ (1) (1) Calculations of core net interest margin and core loan yield and thereconciliations to GAAP are included in the schedules accompanying thisrelease.

Simmons First National SFNCCorporationConsolidated -Selected Financial DataFor the Sep 30 Jun 30 Mar 31 Dec 31 Sep 30Quarters Ended(Unaudited) 2020 2020 2020 2019 2019 ($ inthousands, except sharedata)QUARTER-TO-DATE FinancialHighlights - GAAPNet Income $ 65,885 $ 58,789 $ 77,223 $ 52,709 $ 81,826 Dilutedearnings per 0.60 0.54 0.68 0.49 0.84 shareReturn on 1.20 % 1.08 % 1.48 % 1.04 % 1.83 %average assetsReturn onaverage common 8.91 % 8.21 % 10.83 % 8.01 % 13.70 %equityReturn ontangible common 15.45 % 14.55 % 19.00 % 14.62 % 24.89 %equityNet interest 3.21 % 3.42 % 3.68 % 3.78 % 3.82 %margin (FTE)FTE adjustment 2,864 2,350 2,305 2,172 1,843 Amortization of 3,362 3,369 3,413 3,270 2,947 intangiblesAmortization ofintangibles, 2,483 2,489 2,521 2,416 2,176 net of taxesAverage dilutedshares 109,207,294 109,130,866 113,137,223 108,472,559 96,968,775 outstandingSharesrepurchased - - 4,922,336 390,000 - under planAverage priceof shares - - 18.96 25.95 - repurchasedCash dividendsdeclared per 0.17 0.17 0.17 0.16 0.16 common shareFinancialHighlights - Core (non-GAAP)Core earnings(excludes $ 68,338 $ 60,147 $ 73,838 $ 71,074 $ 83,963 non-core items)^ (1)Core dilutedearnings per 0.63 0.55 0.65 0.66 0.87 share ^(1)Core netinterest margin 3.02 % 3.18 % 3.42 % 3.44 % 3.59 %(FTE)^ (2)Accretableyield on 8,948 11,723 11,837 15,100 9,322 acquired loansEfficiency 54.12 % 51.46 % 57.79 % 52.63 % 43.77 %ratio ^(1)Core return onaverage assets^ 1.25 % 1.11 % 1.42 % 1.41 % 1.88 %(1)Core return onaverage common 9.24 % 8.40 % 10.35 % 10.80 % 14.06 %equity^ (1)Core return ontangible common 16.00 % 14.87 % 18.19 % 19.49 % 25.52 %equity ^(1)YEAR-TO-DATE FinancialHighlights - GAAPNet Income $ 201,897 $ 136,012 $ 77,223 $ 237,828 $ 185,119 Dilutedearnings per 1.83 1.22 0.68 2.41 1.94 shareReturn on 1.25 % 1.28 % 1.48 % 1.33 % 1.44 %average assetsReturn onaverage common 9.27 % 9.45 % 10.83 % 9.93 % 10.65 %equityReturn ontangible common 16.19 % 16.57 % 19.00 % 17.99 % 19.27 %equityNet interest 3.43 % 3.55 % 3.68 % 3.85 % 3.88 %margin (FTE)FTE adjustment 7,519 4,655 2,305 7,322 5,150 Amortization of 10,144 6,782 3,413 11,805 8,535 intangiblesAmortization ofintangibles, 7,493 5,010 2,521 8,720 6,304 net of taxesAverage dilutedshares 110,480,508 111,083,999 113,137,223 98,796,628 95,450,732 outstandingCash dividendsdeclared per 0.51 0.34 0.17 0.64 0.48 common shareFinancialHighlights - Core (non-GAAP)Core earnings(excludes $ 202,323 $ 133,985 $ 73,838 $ 269,566 $ 198,492 non-core items)^ (1)Core dilutedearnings per 1.83 1.21 0.65 2.73 2.08 share ^(1)Core netinterest margin 3.20 % 3.30 % 3.42 % 3.59 % 3.64 %(FTE)^ (2)Accretableyield on 32,508 23,560 11,837 41,244 26,144 acquired loansEfficiency 54.46 % 54.62 % 57.79 % 50.33 % 49.49 %ratio ^(1)Core return onaverage assets^ 1.26 % 1.26 % 1.42 % 1.51 % 1.55 %(1)Core return onaverage common 9.29 % 9.31 % 10.35 % 11.25 % 11.42 %equity^ (1)Core return ontangible common 16.22 % 16.33 % 18.19 % 20.31 % 20.62 %equity ^(1)END OF PERIOD Book value per $ 26.98 $ 26.64 $ 26.11 $ 26.30 $ 26.36 shareTangible book 16.07 15.79 15.22 15.89 15.73 value per shareShares 109,023,781 108,994,389 108,966,331 113,628,601 96,613,855 outstandingFull-timeequivalent 2,904 2,939 3,079 3,270 2,701 employeesTotal number offinancial 226 226 240 251 212 centers (1) Core earnings exclude non-core items, which is a non-GAAP measurement.Reconciliations to GAAP are included in theschedules accompanying thisrelease.(2) Excludes accretable yield adjustment on loans, which is a non-GAAPmeasurement. Reconciliations to GAAP are included inthe schedulesaccompanying this release.

Simmons First National SFNC CorporationConsolidated - Reconciliation of Core Earnings (non-GAAP)For the Quarters Sep 30 Jun 30 Mar 31 Dec 31 Sep 30Ended(Unaudited) 2020 2020 2020 2019 2019 ($ in thousands,except per share data)QUARTER-TO-DATE Net Income $ 65,885 $ 58,789 $ 77,223 $ 52,709 $ 81,826 Non-core items Gain on sale of - (2,204 ) (5,889 ) - - branchesMerger-related 902 1,830 1,068 24,831 2,556 costsEarly retirement 2,346 493 - - 177 programBranch 72 1,721 238 37 160 right-sizing (net)Tax effect ^(1) (867 ) (482 ) 1,198 (6,503 ) (756 )Net non-core items 2,453 1,358 (3,385 ) 18,365 2,137 Core earnings $ 68,338 $ 60,147 $ 73,838 $ 71,074 $ 83,963 (non-GAAP) Diluted earnings $ 0.60 $ 0.54 $ 0.68 $ 0.49 $ 0.84 per shareNon-core items Gain on sale of - (0.02 ) (0.05 ) - - branchesMerger-related 0.01 0.02 0.01 0.23 0.04 costsEarly retirement 0.02 - - - - programBranch - 0.02 - - - right-sizing (net)Tax effect ^(1) - (0.01 ) 0.01 (0.06 ) (0.01 )Net non-core items 0.03 0.01 (0.03 ) 0.17 0.03 Core dilutedearnings per share $ 0.63 $ 0.55 $ 0.65 $ 0.66 $ 0.87 (non-GAAP) YEAR-TO-DATE Net Income $ 201,897 $ 136,012 $ 77,223 $ 237,828 $ 185,119 Non-core items Gain on sale of (8,093 ) (8,093 ) (5,889 ) - - branchesMerger-related 3,800 2,898 1,068 36,379 11,548 costsEarly retirement 2,839 493 - 3,464 3,464 programBranch 2,031 1,959 238 3,129 3,092 right-sizing (net)Tax effect ^(1) (151 ) 716 1,198 (11,234 ) (4,731 )Net non-core items 426 (2,027 ) (3,385 ) 31,738 13,373 Core earnings $ 202,323 $ 133,985 $ 73,838 $ 269,566 $ 198,492 (non-GAAP) Diluted earnings $ 1.83 $ 1.22 $ 0.68 $ 2.41 $ 1.94 per shareNon-core items Gain on sale of (0.07 ) (0.07 ) (0.05 ) - - branchesMerger-related 0.03 0.03 0.01 0.37 0.12 costsEarly retirement 0.02 - - 0.03 0.04 programBranch 0.02 0.02 - 0.03 0.03 right-sizing (net)Tax effect ^(1) - 0.01 0.01 (0.11 ) (0.05 )Net non-core items - (0.01 ) (0.03 ) 0.32 0.14 Core dilutedearnings per share $ 1.83 $ 1.21 $ 0.65 $ 2.73 $ 2.08 (non-GAAP) (1) Effective tax rate of 26.135%. Reconciliation of Selected Non-Core Non-Interest Income and Expense Items (non-GAAP) QUARTER-TO-DATE Other income $ 5,380 $ 9,809 $ 12,801 $ 7,073 $ 44,721 Non-core items^ (370 ) (2,204 ) (5,889 ) - - (1)Core other $ 5,010 $ 7,605 $ 6,912 $ 7,073 $ 44,721 income (non-GAAP) Non-interest $ 118,949 $ 117,598 $ 128,813 $ 142,095 $ 106,865 expenseNon-core items^ (3,690 ) (4,044 ) (1,306 ) (24,868 ) (2,893 )(1)Corenon-interest $ 115,259 $ 113,554 $ 127,507 $ 117,227 $ 103,972 expense (non-GAAP) Salaries and $ 61,144 $ 57,644 $ 67,924 $ 63,235 $ 52,065 employee benefitsNon-core items^ (2,448 ) (493 ) - - (176 )(1)Coresalaries and $ 58,696 $ 57,151 $ 67,924 $ 63,235 $ 51,889 employee benefits(non-GAAP) Merger $ 902 $ 1,830 $ 1,068 $ 24,831 $ 2,556 related costsNon-core items^ (902 ) (1,830 ) (1,068 ) (24,831 ) (2,556 )(1)Core mergerrelated costs $ - $ - $ - $ - $ - (non-GAAP) Other $ 38,179 $ 39,651 $ 41,788 $ 38,044 $ 37,881 operating expensesNon-core items^ (11 ) (1,662 ) (212 ) (4 ) (90 )(1)Core otheroperating expenses $ 38,168 $ 37,989 $ 41,576 $ 38,040 $ 37,791 (non-GAAP) (1) Non-core items include gain on sale of branches, merger related costs,early retirement program expenses andbranch right sizing costs.

Simmons FirstNational SFNC CorporationReconciliation Of Non-GAAP Financial Measures - End of PeriodFor the Sep 30 Jun 30 Mar 31 Dec 31 Sep 30Quarters Ended(Unaudited) 2020 2020 2020 2019 2019 ($ inthousands, except pershare data) Calculation of Tangible Common Equity and the Ratio of Tangible Common Equity to Tangible Assets Total commonstockholders' $ 2,941,474 $ 2,903,936 $ 2,844,633 $ 2,988,157 $ 2,547,071 equityIntangible assets:Goodwill (1,075,305 ) (1,064,765 ) (1,064,978 ) (1,055,520 ) (926,648 )Otherintangible (114,460 ) (117,823 ) (121,673 ) (127,340 ) (101,149 )assetsTotal (1,189,765 ) (1,182,588 ) (1,186,651 ) (1,182,860 ) (1,027,797 )intangiblesTangiblecommon $ 1,751,709 $ 1,721,348 $ 1,657,982 $ 1,805,297 $ 1,519,274 stockholders'equity Total assets $ 21,437,395 $ 21,903,684 $ 20,841,352 $ 21,259,143 $ 17,758,511 Intangible assets:Goodwill (1,075,305 ) (1,064,765 ) (1,064,978 ) (1,055,520 ) (926,648 )Otherintangible (114,460 ) (117,823 ) (121,673 ) (127,340 ) (101,149 )assetsTotal (1,189,765 ) (1,182,588 ) (1,186,651 ) (1,182,860 ) (1,027,797 )intangiblesTangible $ 20,247,630 $ 20,721,096 $ 19,654,701 $ 20,076,283 $ 16,730,714 assets Paycheckprotection (970,488 ) (963,712 ) program("PPP") loansTotal assets $ 20,466,907 $ 20,939,972 less PPP loansTangibleassets less $ 19,277,142 $ 19,757,384 PPP loans Ratio ofequity to 13.72 % 13.26 % 13.65 % 14.06 % 14.34 %assets Ratio ofequity to 14.38 % 13.87 % assets lessPPP loansRatio oftangiblecommon equity 8.65 % 8.31 % 8.44 % 8.99 % 9.08 %to tangibleassets Ratio oftangiblecommon equity 9.09 % 8.71 % to tangibleassets lessPPP loans Calculation ofTangible Book Value perShare Total commonstockholders' $ 2,941,474 $ 2,903,936 $ 2,844,633 $ 2,988,157 $ 2,547,071 equityIntangible assets:Goodwill (1,075,305 ) (1,064,765 ) (1,064,978 ) (1,055,520 ) (926,648 )Otherintangible (114,460 ) (117,823 ) (121,673 ) (127,340 ) (101,149 )assetsTotal (1,189,765 ) (1,182,588 ) (1,186,651 ) (1,182,860 ) (1,027,797 )intangiblesTangiblecommon $ 1,751,709 $ 1,721,348 $ 1,657,982 $ 1,805,297 $ 1,519,274 stockholders'equityShares ofcommon stock 109,023,781 108,994,389 108,966,331 113,628,601 96,613,855 outstandingBook value per $ 26.98 $ 26.64 $ 26.11 $ 26.30 $ 26.36 common shareTangible bookvalue per $ 16.07 $ 15.79 $ 15.22 $ 15.89 $ 15.73 common share Calculation of Regulatory Tier 1 Leverage Ratio Less Average PPP Loans Total Tier 1 $ 1,868,173 $ 1,820,488 capital Adjustedaverage assets $ 20,652,454 $ 20,742,824 for leverageratioAverage PPP (967,152 ) (645,172 ) loansAdjustedaverage assets $ 19,685,302 $ 20,097,652 less averagePPP loans Tier 1 9.05 % 8.78 % leverage ratioTier 1leverage ratio 9.49 % 9.06 % less averagePPP loans

Simmons FirstNational SFNC CorporationReconciliation Of Non-GAAP Financial Measures - Quarter-to-DateFor the Sep 30 Jun 30 Mar 31 Dec 31 Sep 30Quarters Ended(Unaudited) 2020 2020 2020 2019 2019 ($ in thousands)Calculation ofCore Return on Average Assets Net income $ 65,885 $ 58,789 $ 77,223 $ 52,709 $ 81,826 Net non-coreitems, net of 2,453 1,358 (3,385 ) 18,365 2,137 taxes,adjustmentCore earnings $ 68,338 $ 60,147 $ 73,838 $ 71,074 $ 83,963 Average total $ 21,765,321 $ 21,822,273 $ 20,920,223 $ 20,041,890 $ 17,720,598 assets Return on 1.20 % 1.08 % 1.48 % 1.04 % 1.83 %average assetsCore return on 1.25 % 1.11 % 1.42 % 1.41 % 1.88 %average assets Calculation ofReturn on TangibleCommon Equity Net income $ 65,885 $ 58,789 $ 77,223 $ 52,709 $ 81,826 Amortizationof 2,483 2,489 2,521 2,416 2,176 intangibles,net of taxesTotal incomeavailable to $ 68,368 $ 61,278 $ 79,744 $ 55,125 $ 84,002 commonstockholders Net non-coreitems, net of 2,453 1,358 (3,385 ) 18,365 2,137 taxesCore earnings 68,338 60,147 73,838 71,074 83,963 Amortizationof 2,483 2,489 2,521 2,416 2,176 intangibles,net of taxesTotal coreincomeavailable to $ 70,821 $ 62,636 $ 76,359 $ 73,490 $ 86,139 commonstockholders Average commonstockholders' $ 2,942,045 $ 2,879,337 $ 2,869,177 $ 2,611,143 $ 2,368,773 equityAverageintangible assets:Goodwill (1,064,893 ) (1,064,955 ) (1,055,498 ) (997,004 ) (926,687 )Other (116,385 ) (120,111 ) (125,746 ) (118,311 ) (103,028 )intangiblesTotal average (1,181,278 ) (1,185,066 ) (1,181,244 ) (1,115,315 ) (1,029,715 )intangiblesAveragetangiblecommon $ 1,760,767 $ 1,694,271 $ 1,687,933 $ 1,495,828 $ 1,339,058 stockholders'equity Return onaverage common 8.91 % 8.21 % 10.83 % 8.01 % 13.70 %equityReturn ontangible 15.45 % 14.55 % 19.00 % 14.62 % 24.89 %common equityCore return onaverage common 9.24 % 8.40 % 10.35 % 10.80 % 14.06 %equityCore return ontangible 16.00 % 14.87 % 18.19 % 19.49 % 25.52 %common equity Calculation ofEfficiency Ratio ^(1) Non-interest $ 118,949 $ 117,598 $ 128,813 $ 142,095 $ 106,865 expenseNon-corenon-interest (3,690 ) (4,044 ) (1,306 ) (24,868 ) (2,893 )expenseadjustmentOther realestate andforeclosure (600 ) (242 ) (319 ) (1,063 ) (1,057 )expenseadjustmentAmortizationof intangibles (3,362 ) (3,369 ) (3,413 ) (3,270 ) (2,947 )adjustmentEfficiencyratio $ 111,297 $ 109,943 $ 123,775 $ 112,894 $ 99,968 numerator Net-interest $ 153,610 $ 163,681 $ 167,483 $ 167,066 $ 149,264 incomeNon-interest 71,851 50,227 82,394 45,630 84,675 incomeNon-corenon-interest (370 ) (2,204 ) (5,889 ) - - incomeadjustmentFullytax-equivalentadjustment 2,864 2,350 2,305 2,172 1,843 (effective taxrate of26.135%)Gain on sale (22,305 ) (390 ) (32,095 ) (377 ) (7,374 )of securitiesEfficiencyratio $ 205,650 $ 213,664 $ 214,198 $ 214,491 $ 228,408 denominator Efficiency 54.12 % 51.46 % 57.79 % 52.63 % 43.77 %ratio ^(1) (1) Efficiency ratio is core non-interest expense before foreclosed propertyexpense and amortization of intangibles as a percent of net interest income(fullytaxable equivalent) and non-interest revenues, excluding gains and losses from securities transactions and non-core items.

Simmons FirstNational SFNC CorporationReconciliation Of Non-GAAP Financial Measures - Quarter-to-Date (continued)For the Sep 30 Jun 30 Mar 31 Dec 31 Sep 30Quarters Ended(Unaudited) 2020 2020 2020 2019 2019 ($ in thousands)Calculation ofCore Net InterestMargin Net interest $ 153,610 $ 163,681 $ 167,483 $ 167,066 $ 149,264 incomeFullytax-equivalentadjustment 2,864 2,350 2,305 2,172 1,843 (effective taxrate of26.135%)Fullytax-equivalent 156,474 166,031 169,788 169,238 151,107 net interestincome Totalaccretable (8,948 ) (11,723 ) (11,837 ) (15,100 ) (9,322 )yieldCore netinterest $ 147,526 $ 154,308 $ 157,951 $ 154,138 $ 141,785 income PPP loan andexcessliquidity (6,131 ) $ (5,623 ) interestincomeNet interestincomeadjusted for $ 150,343 $ 160,408 PPP loans andliquidity Average $ 19,415,314 $ 19,517,475 $ 18,581,491 $ 17,753,004 $ 15,680,665 earning assetsAverage PPPloan balance (2,359,928 ) (2,071,411 ) and excessliquidityAverageearning assetsadjusted for $ 17,055,386 $ 17,446,064 PPL loans andliquidity Net interest 3.21 % 3.42 % 3.68 % 3.78 % 3.82 %marginCore netinterest 3.02 % 3.18 % 3.42 % 3.44 % 3.59 %marginNet interestmarginadjusted for 3.51 % 3.70 % PPP loans andliquidity Calculation ofCore Loan Yield Loan interest $ 163,379 $ 177,168 $ 187,566 $ 193,402 $ 179,971 income (FTE)Totalaccretable (8,948 ) (11,723 ) (11,837 ) (15,100 ) (9,322 )yieldCore loaninterest $ 154,431 $ 165,445 $ 175,729 $ 178,302 $ 170,649 incomePPP loaninterest (5,782 ) (3,733 ) incomeCore loaninterest $ 148,649 $ 161,712 income withoutPPP loans Average loan $ 14,315,014 $ 14,731,306 $ 14,548,853 $ 14,144,703 $ 13,053,540 balanceAverage PPP (967,152 ) $ (645,172 ) loan balanceAverage loanbalance $ 13,347,862 $ 14,086,134 without PPPloans Core loan 4.29 % 4.52 % 4.86 % 5.00 % 5.19 %yieldCore loanyield without 4.43 % 4.62 % PPP loans Calculation ofPre-Tax,Pre-Provision (PTPP)Earnings Net incomeavailable to $ 65,885 $ 58,789 $ 77,223 $ 52,709 $ 81,826 commonstockholdersProvision for 17,633 15,593 20,694 12,976 23,275 income taxesProvision forcredit losses(including 22,981 21,915 23,134 4,903 21,973 provision forunfundedcommitments)(Gain) loss onsale of (22,305 ) (390 ) (32,095 ) (377 ) (7,374 )securitiesNet pre-tax 3,320 1,840 (4,583 ) 24,868 2,893 non-core itemsPre-tax,pre-provision $ 87,514 $ 97,747 $ 84,373 $ 95,079 $ 122,593 (PTPP)earnings

Simmons FirstNational SFNC CorporationReconciliation Of Non-GAAP Financial Measures - Year-to-DateFor the Quarters Ended(Unaudited) Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 2020 2020 2020 2019 2019 ($ in thousands)Calculation ofCore Return on Average Assets Net income $ 201,897 $ 136,012 $ 77,223 $ 237,828 $ 185,119 Net non-coreitems, net of 426 (2,027 ) (3,385 ) 31,738 13,373 taxes,adjustmentCore earnings $ 202,323 $ 133,985 $ 73,838 $ 269,566 $ 198,492 Average total $ 21,503,564 $ 21,371,248 $ 20,920,223 $ 17,871,748 $ 17,140,419 assets Return on 1.25 % 1.28 % 1.48 % 1.33 % 1.44 %average assetsCore return on 1.26 % 1.26 % 1.42 % 1.51 % 1.55 %average assets Calculation ofReturn on TangibleCommon Equity Net income $ 201,897 $ 136,012 $ 77,223 $ 237,828 $ 185,119 Amortizationof 7,493 5,010 2,521 8,720 6,304 intangibles,net of taxesTotal incomeavailable to $ 209,390 $ 141,022 $ 79,744 $ 246,548 $ 191,423 commonstockholders Net non-coreitems, net of 426 (2,027 ) (3,385 ) 31,738 13,373 taxesCore earnings 202,323 133,985 73,838 269,566 198,492 Amortizationof 7,493 5,010 2,521 8,720 6,304 intangibles,net of taxesTotal coreincomeavailable to $ 209,816 $ 138,995 $ 76,359 $ 278,286 $ 204,796 commonstockholders Average commonstockholders' $ 2,910,366 $ 2,894,351 $ 2,869,177 $ 2,396,024 $ 2,323,530 equityAverageintangible assets:Goodwill (1,061,793 ) (1,060,226 ) (1,055,498 ) (921,635 ) (896,236 )Other (120,731 ) (122,928 ) (125,746 ) (104,000 ) (99,178 )intangiblesTotal average (1,182,524 ) (1,183,154 ) (1,181,244 ) (1,025,635 ) (995,414 )intangiblesAveragetangiblecommon $ 1,727,842 $ 1,711,197 $ 1,687,933 $ 1,370,389 $ 1,328,116 stockholders'equity Return onaverage common 9.27 % 9.45 % 10.83 % 9.93 % 10.65 %equityReturn ontangible 16.19 % 16.57 % 19.00 % 17.99 % 19.27 %common equityCore return onaverage common 9.29 % 9.31 % 10.35 % 11.25 % 11.42 %equityCore return ontangible 16.22 % 16.33 % 18.19 % 20.31 % 20.62 %common equity Calculation ofEfficiency Ratio ^(1) Non-interest $ 365,360 $ 246,411 $ 128,813 $ 461,112 $ 319,017 expenseNon-corenon-interest (9,040 ) (5,350 ) (1,306 ) (42,972 ) (18,104 )expenseadjustmentOther realestate andforeclosure (1,161 ) (561 ) (319 ) (3,282 ) (2,219 )expenseadjustmentAmortizationof intangibles (10,144 ) (6,782 ) (3,413 ) (11,805 ) (8,535 )adjustmentEfficiencyratio $ 345,015 $ 233,718 $ 123,775 $ 403,053 $ 290,159 numerator Net-interest $ 484,774 $ 331,164 $ 167,483 $ 601,753 $ 434,687 incomeNon-interest 204,472 132,621 82,394 205,031 159,401 incomeNon-corenon-interest (8,463 ) (8,093 ) (5,889 ) - - incomeadjustmentFullytax-equivalentadjustment 7,519 4,655 2,305 7,322 5,150 (effective taxrate of26.135%)Gain on sale (54,790 ) (32,485 ) (32,095 ) (13,314 ) (12,937 )of securitiesEfficiencyratio $ 633,512 $ 427,862 $ 214,198 $ 800,792 $ 586,301 denominator Efficiency 54.46 % 54.62 % 57.79 % 50.33 % 49.49 %ratio ^(1) Calculation ofCore Net InterestMargin Net interest $ 484,774 $ 331,164 $ 167,483 $ 601,753 $ 434,687 incomeFullytax-equivalentadjustment 7,519 4,655 2,305 7,322 5,150 (effective taxrate of26.135%)Fullytax-equivalent 492,293 335,819 169,788 609,075 439,837 net interestincome Totalaccretable (32,508 ) (23,560 ) (11,837 ) (41,244 ) (26,144 )yieldCore netinterest $ 459,785 $ 312,259 $ 157,951 $ 567,831 $ 413,693 incomeAverage $ 19,172,318 $ 19,049,487 $ 18,581,491 $ 15,824,571 $ 15,174,671 earning assets Net interest 3.43 % 3.55 % 3.68 % 3.85 % 3.88 %marginCore netinterest 3.20 % 3.30 % 3.42 % 3.59 % 3.64 %margin Calculation ofCore Loan Yield Loan interest $ 528,294 $ 364,915 $ 187,566 $ 710,935 $ 517,533 income (FTE)Totalaccretable (32,508 ) (23,560 ) (11,837 ) (41,244 ) (26,144 )yieldCore loaninterest $ 495,786 $ 341,355 $ 175,729 $ 669,691 $ 491,389 incomeAverage loan $ 14,530,938 $ 14,640,082 $ 14,548,853 $ 12,938,013 $ 12,531,355 balance Core loan 4.56 % 4.69 % 4.86 % 5.18 % 5.24 %yield (1) Efficiency ratio is core non-interest expense before foreclosed propertyexpense and amortization of intangibles as a percent of net interest income(fullytaxable equivalent) and non-interest revenues, excluding gains and losses from securities transactions and non-core items.