GlobeNewswire Inc | Jan 26, 2021 08:30AM EST

January 26, 2021

PINE BLUFF, Ark., Jan. 26, 2021 (GLOBE NEWSWIRE) -- Simmons First National Corporation (NASDAQ: SFNC) (the Company or Simmons), parent company of Simmons Bank, today announced net income of $254.9 million for the year ended December 31, 2020, compared to $237.8 million for 2019, an increase of $17.0 million, or 7.2%. Diluted earnings per share were $2.31 for 2020, a decrease of $0.10 or 4.2%, compared to the prior year. Included in the 2020 results were $9.4 million in net after-tax merger-related, early retirement program and net branch right-sizing costs and the gains on the sales of branches in Texas and Colorado. Excluding the impact of these items, core earnings were $264.3 million for the year ended December 31, 2020, compared to $269.6 million for 2019, a decrease of $5.3million, or 2.0%. Core diluted earnings per share were $2.40, a decrease of $0.33 or 12.1%, from 2019.

Fourth quarter 2020 net income was $53.0 million compared to $52.7 million for the same period in 2019. Diluted earnings per share were $0.49 for the fourth quarters of both 2020 and 2019. Excluding $9.0 million in net after-tax merger-related, early retirement program and net branch right-sizing costs, fourth quarter 2020 core earnings were $62.0 million, a decrease of $9.1 million, or 12.8%, compared to the fourth quarter of 2019. Core diluted earnings per share were $0.57, a decrease of $0.09, or 13.6%, from the same period in 2019.

As we look back on a very challenging year, we are very proud of the teamwork and results we achieved, said George A. Makris, Jr., chairman and CEO of Simmons First National Corporation. We mobilized over 1,500 associates to work from home at times during the year while maintaining our ability to serve our customers. We provided over 8,000 PPP loans totaling almost $1 billion to businesses that faced extraordinary uncertainty and helped support over 100,000 jobs. We integrated Landmark Bank into Simmons Bank, not without some obstacles due to COVID-19 restrictions, but our associates persevered to get the job done. We contributed $3 million to the Simmons First Foundation to support conservation projects throughout our service area. We enhanced our digital banking offerings, and our customers have benefitted from their ability to conduct their business when they want, where they want. We worked diligently to position ourselves with less risk and with the capacity to help the economy recover from the economic crisis caused by COVID-19. We increased our dividend to our shareholders, and our profitability was excellent, especially under the circumstances. Also during 2020, we successfully completed our regulatory exam cycle, including our first CFPB exam. I, personally, could not be prouder of our team.

Selected Highlights: FY 2020 FY 2019 4^th Qtr 4^th Qtr 2020 2019Net income $254.9 $237.8 $53.0 $52.7 million million million millionDiluted earnings per share $2.31 $2.41 $0.49 $0.49Return on avg assets 1.18% 1.33% 0.96% 1.04%Return on avg common equity 8.72% 9.93% 7.13% 8.01%Return on tangible common 15.25% 17.99% 12.48% 14.62%equity ^(1) Core earnings ^(2) 264.3 $269.6 $62.0 $71.1 million million million millionCore diluted earnings per $2.40 $2.73 $0.57 $0.66share ^(2)Core return on avg assets ^(2) 1.22% 1.51% 1.13% 1.41%Core return on avg common 9.05% 11.25% 8.34% 10.80%equity ^(2)Core return on tangible common 15.79% 20.31% 14.51% 19.49%equity ^(1)(2)Efficiency ratio ^(3) 54.66% 50.33% 55.27% 52.63%Adjusted pre-tax, $352.7 $375.0 $83.1 $95.1pre-provision earnings ^(2) million 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. Adjusted pre-tax, pre-provision earnings excludes provision for income(2) taxes, provisions for credit losses and unfunded commitments, gains on sales of securities, and other pre-tax, non-core items, and is also a non-GAAP measurement. Please 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) 4^th Qtr 2020 3^rd Qtr 2020 4^th Qtr 2019Total loans $12.90 $14.02 $14.43

Total loans were $12.9 billion at December 31, 2020, a decrease of $1.5 billion, or 10.6%, compared to December 31, 2019. On a linked-quarter basis (December 31, 2020 compared to September 30, 2020), total loans decreased $1.1 billion, or 8.0%. The decline in the loan balance reflects the tepid loan demand during 2020. Approximately $375 million of the decrease was due to the sale of loans associated with branch sales in South Texas and Colorado during the year. Our total loan pipeline consisting of all loan opportunities, which was a robust $1.7 billion at December 31, 2019 fell to $374 million at September 30, 2020. The pipeline is starting to rebuild and ended 2020 at $674 million, including $177 million in loans approved and ready to close. On a positive note, our concentration levels in commercial real estate are now well below regulatory guidelines and we have substantial capacity to make additional loans, help borrowers in our markets and help the economy recover, said Makris.

Through December 31, 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 $119,000 per loan. Approximately 93% of the PPP loans had a balance less than $350,000 as of December 31, 2020.

Original BalancePPP Loans # of Balance December 31,Balance as of December 31, Loans ($ in 2020 2020 millions) ($ in millions)Less than $50,000 5,220 63% $94.5 10% $90.8 10%$50,000 to $350,000 2,445 30% $305.2 31% $285.2 31%More than $350,000 to less 481 6% $357.9 37% $315.4 35%than $2 million$2 million to $10 million 62 1% $217.9 22% $213.3 24%Total 8,208 100% $975.6 100% $904.7 100%

Deposits

($ in billions) 4^th Qtr 2020 3^rd Qtr 2020 4^th Qtr 2019Total deposits $17.0 $16.2 $16.1Non-interest bearing deposits $4.5 $4.4 $3.7Interest bearing deposits $9.7 $9.0 $9.1Time deposits $2.8 $2.8 $3.3

Total deposits were $17.0 billion at December 31, 2020, an increase of $878.1 million, or 5.5%, since December 31, 2019. On a linked-quarter basis, total deposits increased $740.4 million, or 4.6%, primarily due to increases in interest bearing accounts. Both consumer and commercial deposit balances have grown since the economic stimulus legislation, including legislation that established the PPP program, was implemented in mid-2020. Trends affected by the increasing cash balances are paydowns on loans, reduced credit card balances and fewer overdraft activities.

Net Interest Income

4^th Qtr 3^rd Qtr 2^nd Qtr 1^st Qtr 4^th Qtr 2020 2020 2020 2020 2019Loan yield ^(1) 4.74% 4.54% 4.84% 5.19% 5.43%Core loan yield ^(1) (2) 4.47% 4.29% 4.52% 4.86% 5.00%Security yield ^(1) 2.48% 2.60% 2.50% 2.63% 2.73%Cost of interest bearing deposits 0.47% 0.54% 0.59% 1.03% 1.22%Cost of deposits ^(3) 0.34% 0.39% 0.44% 0.80% 0.94%Cost of borrowed funds 1.88% 1.85% 1.84% 2.06% 2.30%Net interest margin ^(1) 3.22% 3.21% 3.42% 3.68% 3.78%Core net interest margin ^(1) (2) 3.04% 3.02% 3.18% 3.42% 3.44%

(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 fourth quarter of 2020 was $155.0 million, a decrease of $12.1million, or 7.3%, from the same period in 2019. The decrease in net interest income was primarily due to the decline in the loan yield of 69 basis points and the lower average loan balance during the period. Included in interest income was the yield accretion recognized on loans acquired of $9.0 million and $15.1million for the fourth quarters of 2020 and 2019, respectively.

The loan yield was 4.74% for the quarter ended December 31, 2020, a 20 basis point increase from the third quarter of 2020. The core loan yield, which excludes the accretion, was 4.47% for the same period. The PPP loan yield was approximately 2.42% during the fourth quarter of 2020 (including accretion of net fees), which decreased the Companys overall loan yield by approximately 13 basis points.

Net interest margin (FTE) was 3.22% for the quarter ended December 31, 2020, while the core net interest margin, which excludes the accretion, was 3.04% for the same period. The net interest margin during the fourth quarter of 2020 was affected by additional liquidity and the lower yielding PPP loans originated during the second and third quarters of 2020, which decreased the net interest margin by approximately 38 basis points.

Non-Interest Income

Non-interest income for 2020 was $248.5 million, an increase of $43.5 million compared to the previous year. The increase was primarily due to a $19.5 million increase in mortgage lending income and a $41.5 million increase in gains on sale of securities recognized on the rebalancing of the investment portfolio during 2020. These increases were partially offset by the one-time gain on sale of the Visa Inc. class B common stock of $42.9 million that was completed during the third quarter of 2019.

Non-interest income for the fourth quarter of 2020 was $44.1 million, a decrease of $1.6 million compared to the same period in the previous year.

Selected Non-Interest Income Items FY 2020 FY 2019 4^th Qtr 2020 4^th Qtr 2019($ in millions)Service charges on deposit accounts $43.1 $44.8 $10.8 $13.3Mortgage lending income $34.5 $15.0 $3.0 $4.0SBA lending income $1.3 $2.7 $0.5 $0.3Debit and credit card fees $33.5 $29.3 $8.7 $8.9Gain on sale of securities $54.8 $13.3 - $0.4Other income $38.5 $62.0 $10.6 $7.1 Core other income ^(1)(2) $29.8 $62.0 $10.3 $7.1

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 in 2019.

Non-Interest Expense

Non-interest expense for 2020 was $493.5 million, an increase of $32.4 million compared to the previous year. Included in 2020 were $21.5 million of pre-tax non-core items, which mostly consisted of branch right sizing costs. Excluding these expenses, core non-interest expense for 2020 was $472.0 million, an increase of $53.8 million compared to 2019 core non-interest expense. The increase was primarily due to the incremental costs associated with the 2019 mergers and the Next Generation Banking (NGB) technology initiative. The Company recognized an additional $14.8 million in software and technology expense related to its NGB initiative in 2020.

Non-interest expense for the fourth quarter of 2020 was $128.1 million, a decrease of $14.0 million compared to the fourth quarter of 2019. Included in this quarter were $12.5 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 $115.6million for the fourth quarter of 2020, a decrease of $1.6 million compared to the same period in 2019.

Also included during the fourth quarter of 2020 was a $3 million contribution to the Simmons First Foundation for grants to support conservation projects throughout the Simmons Bank footprint.

The efficiency ratio for 2020 was 54.66% while the efficiency ratio for the fourth quarter of 2020 was 55.27%.

Selected Non-Interest Expense Items($ in millions) FY 2020 FY 2019 4^th Qtr 4^th Qtr 2020 2019Salaries and employee benefits $242.5 $227.8 $55.8 $63.2Merger related costs $4.5 $36.4 $0.7 $24.8Other operating expenses $174.0 $138.9 $54.3 $38.0 Core salaries and employee benefits ^ $239.4 $224.3 $55.6 $63.2(1)Core merger related costs ^(1) - - - -Core other operating expenses ^(1) $161.8 $135.9 $44.1 $38.0

(1) Core figures exclude non-core items and are non-GAAP measurements. Please 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 $2.9 million of non-core expense during 2020. 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 23branch locations on October 9, 2020, with an expected net annual cost savings of approximately $6.7 million. Also during 2020, nine branches were sold in South Texas and Colorado.

Asset Quality

4^th 3^rd 2^nd 1^st 4^th Qtr Qtr Qtr Qtr Qtr 2020 2020 2020 2020 2019Allowance for credit losses on loans to 1.85% 1.77% 1.59% 1.69% 0.47%total loansAllowance for credit losses on loans to 193% 147% 175% 154% 74%non-performing loansNon-performing loans to total loans 0.96% 1.20% 0.91% 1.10% 0.64%Net charge-off ratio (annualized) 0.52% 0.16% 1.04% 0.07% 0.09%Net charge-off ratio YTD (annualized) 0.45% 0.43% 0.56% 0.07% 0.24%

At December 31, 2020, the allowance for credit losses on loans was $238.1 million. Included in total loans was $904.7 million of government guaranteed PPP loans. Non-performing loans decreased $45.2 million during the fourth quarter of 2020, which contributed to the decrease in provision for credit losses for the quarter when compared to the third quarter of 2020.

Provision for credit losses for 2020 was $75.0 million, an increase of $31.7 million from 2019. Provision for credit losses for the fourth quarter of 2020 was $6.9 million, an increase of $2.0 million when compared to the same period of 2019. Makris stated, Due to the uncertainty in the economy during 2020, we were quick to offer loan modifications to our customers to help them through the uncertain times. The majority of modified loans are projected to return to regular payments prior to the end of the third quarter of 2021. We feel we have made adequate provision for potential risk in our credit portfolio and have reviewed and adjusted the risk rating of all modified loans. Makris continued, The hospitality industry, particularly hotels, continues to struggle with a return to normal.

Foreclosed Assets and Other Real Estate Owned

At December 31, 2020, foreclosed assets and other real estate owned were $18.4 million, a decrease of $728,000, or 3.8%, compared to the same period in 2019. The composition of these assets is divided into three types:

4^th 3^rd 2^nd 1^st 4^th Qtr Qtr Qtr Qtr Qtr($ in millions) 2020 2020 2020 2020 2019Closed bank branches and branch $0.6 $0.6 $2.7 $8.8 $5.7sitesForeclosed assets ? acquired $15.3 $9.3 $9.2 $9.2 $10.3Foreclosed assets ? legacy $2.5 $2.7 $2.2 $2.8 $3.1

Capital

4^th 3^rd 2^nd 1^st 4^th Qtr Qtr Qtr Qtr Qtr 2020 2020 2020 2020 2019Stockholders? equity to total assets 13.3% 13.7% 13.3% 13.7% 14.1%Tangible common equity to tangible 8.5% 8.7% 8.3% 8.4% 9.0%assets^(1)Regulatory common equity tier 1 ratio 13.4% 12.6% 11.9% 11.1% 10.9%Regulatory tier 1 leverage ratio 9.1% 9.1% 8.8% 9.0% 9.6%Regulatory tier 1 risk-based capital 13.4% 12.6% 11.9% 11.1% 10.9%ratioRegulatory total risk-based capital 16.8% 15.8% 14.9% 14.1% 13.7%ratio

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

At December 31, 2020, common stockholders' equity was $3.0 billion. Book value per share was $27.53 and tangible book value per share was $16.56 at December 31, 2020. The ratio of stockholders equity to total assets was 13.3%at December 31, 2020, while the ratio of tangible common equity to tangible assets was 8.5%. As of December 31, 2020, PPP loans totaled $904.7 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 13.9%, tangible common equity to tangible assets was 8.8% 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 $22.4 billion as of December 31, 2020. The Company, through its subsidiaries, conducts financial operations in Arkansas, Illinois, Kansas, Missouri, Oklahoma, Tennessee and Texas and 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. CST today, Tuesday, January 26, 2021. 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 ID3994603. 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 U.S. 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, non-interest income, and non-interest expense certain income and 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, tangible assets and tangible book value, which exclude goodwill and other intangible assets. The Company further presents certain figures that are exclusive of the impact of PPP loans. The Companys management believes that these non-GAAP financial measures are useful to investors because they, among other things, 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 normalize 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, branch closures and branch sales, the adequacy of the allowance for credit losses, the ability of the Company to manage the impact of the COVID-19 pandemic, expectations and projections regarding the Companys COVID-19 loan modification program, and the impacts of the Companys and its customers participation in the PPP. 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 and has taken in response to COVID-19; the severity and duration of the pandemic, including the effectiveness of vaccination efforts; 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; government legislation; 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 the Companys 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 National Corporation SFNCConsolidated End of Period Balance Sheets For the Quarters Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Ended(Unaudited) 2020 2020 2020 2020 2019 ($ in thousands) ASSETS Cash and non-interestbearing balances due $ 217,499 $ 382,691 $ 234,998 $ 244,123 $ 277,208 from banksInterest bearingbalances due from 3,254,653 2,139,440 2,310,162 1,493,076 719,415 banks and federalfunds soldCash and cash 3,472,152 2,522,131 2,545,160 1,737,199 996,623 equivalentsInterest bearingbalances due from 1,579 4,061 4,561 4,309 4,554 banks - timeInvestment securities 333,031 47,102 51,720 53,968 40,927 - held-to-maturityInvestment securities 3,473,598 2,607,288 2,496,896 2,466,640 3,288,343 - available-for-saleMortgage loans held 137,378 192,729 120,034 49,984 58,102 for saleOther assets held for 100 389 399 115,315 260,332 saleLoans: Loans 12,900,897 14,017,442 14,606,900 14,374,277 14,425,704 Allowance for credit (238,050 ) (248,251 ) (231,643 ) (243,195 ) (68,244 )losses on loansNet loans 12,662,847 13,769,191 14,375,257 14,131,082 14,357,460 Premises and 441,692 470,491 478,896 484,990 492,384 equipmentPremises held for 15,008 4,486 4,576 - - saleForeclosed assets andother real estate 18,393 12,590 14,111 20,805 19,121 ownedInterest receivable 72,597 77,352 79,772 57,039 62,707 Bank owned life 255,630 257,718 256,643 255,197 254,152 insuranceGoodwill 1,075,305 1,075,305 1,064,765 1,064,978 1,055,520 Other intangible 111,110 114,460 117,823 121,673 127,340 assetsOther assets 289,332 282,102 293,071 278,173 241,578 Total assets $ 22,359,752 $ 21,437,395 $ 21,903,684 $ 20,841,352 $ 21,259,143 LIABILITIES AND STOCKHOLDERS' EQUITYDeposits: Non-interest bearing $ 4,482,091 $ 4,451,385 $ 4,608,098 $ 3,572,244 $ 3,741,093 transaction accountsInterest bearingtransaction accounts 9,672,608 8,993,255 8,978,045 8,840,678 9,090,878 and savings depositsTime deposits 2,832,327 2,802,007 3,029,975 3,146,811 3,276,969 Total 16,987,026 16,246,647 16,616,118 15,559,733 16,108,940 depositsFederal fundspurchased and securities soldunder agreements to 299,111 313,694 387,025 377,859 150,145 repurchaseOther borrowings 1,342,067 1,342,769 1,393,689 1,396,829 1,297,599 Subordinated notes 382,874 382,739 382,604 388,396 388,260 and debenturesOther liabilities 154,620 - - 58,405 159,853 held for saleAccrued interest and 217,398 209,305 219,545 214,730 165,422 other liabilitiesTotal liabilities 19,383,096 18,495,154 18,998,981 17,995,952 18,270,219 Stockholders' equity: Preferred stock 767 767 767 767 767 Common stock 1,081 1,090 1,090 1,090 1,136 Surplus 2,014,076 2,032,372 2,029,383 2,026,420 2,117,282 Undivided profits 901,006 866,503 819,153 778,893 848,848 Accumulated othercomprehensive income (loss):Unrealized accretion(depreciation) on AFS 59,726 41,509 54,310 38,230 20,891 securitiesTotal stockholders' 2,976,656 2,942,241 2,904,703 2,845,400 2,988,924 equityTotal liabilities and $ 22,359,752 $ 21,437,395 $ 21,903,684 $ 20,841,352 $ 21,259,143 stockholders' equity

Simmons First National Corporation SFNCConsolidated Statements of Income - Quarter-to-DateFor the Quarters Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 (Unaudited) 2020 2020 2020 2020 2019 ($ in thousands, except per share data)INTEREST INCOME Loans $ 160,115 $ 163,180 $ 176,910 $ 187,566 $ 193,402 Interest bearingbalances due from banks and 716 623 603 2,441 2,625 federal funds soldInvestment securities 17,207 14,910 13,473 18,943 16,962 Mortgage loans held 1,070 1,012 668 281 402 for saleTOTAL 179,108 179,725 191,654 209,231 213,391 INTEREST INCOMEINTEREST EXPENSE Time deposits 7,835 9,437 10,803 13,323 16,198 Other deposits 6,536 6,769 7,203 17,954 20,331 Federal funds purchased and securitiessold under 284 335 337 759 368 agreements to repurchaseOther borrowings 4,869 4,943 4,963 4,877 4,615 Subordinated notes 4,624 4,631 4,667 4,835 4,813 and debenturesTOTAL 24,148 26,115 27,973 41,748 46,325 INTEREST EXPENSENET INTEREST INCOME 154,960 153,610 163,681 167,483 167,066 Provision for credit 6,943 22,981 21,915 23,134 4,903 lossesNET INTEREST INCOME AFTER PROVISIONFOR CREDIT LOSSES 148,017 130,629 141,766 144,349 162,163 NON-INTEREST INCOME Trust income 6,557 6,744 7,253 7,151 7,430 Service charges on 10,799 10,385 8,570 13,328 13,332 deposit accountsOther service charges 1,783 1,764 1,489 1,588 1,915 and feesMortgage lending 2,993 13,971 12,459 5,046 4,029 incomeSBA lending income 484 304 245 296 321 Investment banking 676 557 571 877 822 incomeDebit and credit card 8,710 8,850 7,996 7,914 8,920 feesBank owned life 1,481 1,591 1,445 1,298 1,411 insurance incomeGain on sale of 16 22,305 390 32,095 377 securities, netOther income 10,557 5,380 9,809 12,801 7,073 TOTAL 44,056 71,851 50,227 82,394 45,630 NON-INTEREST INCOMENON-INTEREST EXPENSE Salaries and employee 55,762 61,144 57,644 67,924 63,235 benefitsOccupancy expense, 9,182 9,647 9,217 9,510 9,272 netFurniture and 5,940 6,231 6,144 5,723 5,758 equipment expenseOther real estate and 551 602 274 325 1,089 foreclosure expenseDeposit insurance 1,627 2,244 2,838 2,475 (134 )Merger-related costs 731 902 1,830 1,068 24,831 Other operating 54,342 38,179 39,651 41,788 38,044 expensesTOTAL 128,135 118,949 117,598 128,813 142,095 NON-INTEREST EXPENSENET INCOME BEFORE INCOME 63,938 83,531 74,395 97,930 65,698 TAXESProvision for income 10,970 17,633 15,593 20,694 12,976 taxesNET INCOME 52,968 65,898 58,802 77,236 52,722 Preferred stock 13 13 13 13 13 dividendsNET INCOME AVAILABLE TO $ 52,955 $ 65,885 $ 58,789 $ 77,223 $ 52,709 COMMON STOCKHOLDERSBASIC EARNINGS PER SHARE $ 0.49 $ 0.60 $ 0.54 $ 0.68 $ 0.49 DILUTED EARNINGS PER SHARE $ 0.49 $ 0.60 $ 0.54 $ 0.68 $ 0.49

Simmons First National Corporation SFNCConsolidated Risk-Based Capital For the Quarters Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Ended(Unaudited) 2020 2020 2020 2020 2019 ($ in thousands) Tier 1 capital Stockholders' $ 2,976,656 $ 2,942,241 $ 2,904,703 $ 2,845,400 $ 2,988,924 equity CECLtransition 131,430 134,798 130,480 134,558 - provision ^(1)Disallowedintangible assets, (1,163,797 ) (1,167,357 ) (1,160,385 ) (1,164,038 ) (1,160,079 )net of deferred taxUnrealized(gain) loss on AFS (59,726 ) (41,509 ) (54,310 ) (38,230 ) (20,891 )securitiesTotal 1,884,563 1,868,173 1,820,488 1,777,690 1,807,954 Tier 1 capital Tier 2 capital Trustpreferred 382,874 382,739 382,604 388,396 388,260 securities andsubordinated debtQualifyingallowance for loan losses andreservefor unfunded 89,546 96,734 83,780 96,015 76,644 commitmentsTotal 472,420 479,473 466,384 484,411 464,904 Tier 2 capitalTotal $ 2,356,983 $ 2,347,646 $ 2,286,872 $ 2,262,101 $ 2,272,858 risk-based capital Risk weighted $ 14,034,563 $ 14,878,932 $ 15,362,175 $ 16,012,233 $ 16,554,081 assets Adjusted averageassets for leverage $ 20,765,127 $ 20,652,454 $ 20,742,824 $ 19,832,219 $ 18,852,798 ratio Ratios at end of quarterEquity to 13.31 % 13.72 % 13.26 % 13.65 % 14.06 %assets Tangiblecommon equity to 8.45 % 8.65 % 8.31 % 8.44 % 8.99 %tangible assets ^(2)Common equity 13.42 % 12.55 % 11.85 % 11.10 % 10.92 %Tier 1 ratio (CET1)Tier 1 9.08 % 9.05 % 8.78 % 8.96 % 9.59 %leverage ratioTier 1risk-based capital 13.43 % 12.56 % 11.85 % 11.10 % 10.92 %ratioTotalrisk-based capital 16.79 % 15.78 % 14.89 % 14.13 % 13.73 %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 SFNCConsolidated Investment SecuritiesFor the Quarters Dec 31 Sep 30 Jun 30 Mar 31 Dec 31Ended(Unaudited) 2020 2020 2020 2020 2019($ in thousands) Investment Securities - End of PeriodHeld-to-Maturity Mortgage-backed $ 22,354 $ 24,297 $ 25,980 $ 27,121 $ 10,796securitiesState andpolitical 310,109 21,930 24,777 25,985 27,082subdivisionsOther 568 875 963 862 3,049securitiesTotalheld-to-maturity (net 333,031 47,102 51,720 53,968 40,927of credit losses)Available-for-Sale U.S. Treasury $ - $ - $ - $ 424,989 $ 449,729U.S. Government 477,237 471,973 210,921 161,289 194,249agenciesMortgage-backed 1,394,936 903,687 1,154,086 1,179,837 1,742,945securitiesState andpolitical 1,470,723 1,133,006 1,054,068 678,243 880,524subdivisionsOther 130,702 98,622 77,821 22,282 20,896securitiesTotalavailable-for-sale 3,473,598 2,607,288 2,496,896 2,466,640 3,288,343(net of creditlosses)Totalinvestment securities $ 3,806,629 $ 2,654,390 $ 2,548,616 $ 2,520,608 $ 3,329,270(net of creditlosses)Fairvalue - HTM $ 341,925 $ 49,064 $ 53,751 $ 55,714 $ 41,855investment securities Investment Securities - QTD AverageTaxable securities $ 1,757,234 $ 1,534,742 $ 1,642,083 $ 2,324,188 $ 1,940,755Tax exempt securities 1,528,127 1,155,099 866,944 900,223 825,000Totalinvestment securities $ 3,285,361 $ 2,689,841 $ 2,509,027 $ 3,224,411 $ 2,765,755- QTD average

Simmons First National Corporation SFNCConsolidated Loans For the Quarters Dec 31 Sep 30 Jun 30 Mar 31 Dec 31Ended(Unaudited) 2020 2020 2020 2020 2019($ in thousands) Loan Portfolio - End of PeriodConsumer Credit cards $ 180,354 $ 172,880 $ 184,348 $ 188,596 $ 204,802Other 210,870 190,736 214,024 267,870 249,694consumerTotal consumer 391,224 363,616 398,372 456,466 454,496Real Estate Construction 1,596,255 1,853,360 2,010,256 2,024,118 2,236,861Single-family 1,880,673 1,997,070 2,207,087 2,343,543 2,442,064residentialOthercommercial real 5,746,863 6,132,823 6,316,444 6,466,104 6,205,599estateTotal real estate 9,223,791 9,983,253 10,533,787 10,833,765 10,884,524Commercial Commercial 2,574,386 2,907,798 3,038,216 2,314,472 2,495,516Agricultural 175,905 241,687 217,715 191,535 315,454Total commercial 2,750,291 3,149,485 3,255,931 2,506,007 2,810,970Other 535,591 521,088 418,810 578,039 275,714Total $ 12,900,897 $ 14,017,442 $ 14,606,900 $ 14,374,277 $ 14,425,704Loans

Simmons First National Corporation SFNCConsolidated Allowance and Asset QualityFor the Quarters Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 (Unaudited) 2020 2020 2020 2020 2019 ($ in thousands) Allowance for Credit Losses on LoansBeginning balance,prior to adoption of $ 68,244 $ 66,590 ASC 326Impact of adopting ASC $ 151,377 326 ^(1)Beginning balance,after adoption of ASC $ 248,251 $ 231,641 $ 243,195 $ 219,621 326 Loans charged off Credit cards 787 832 1,053 1,441 1,287 Other consumer 960 1,091 592 1,379 1,425 Real estate 10,415 1,153 1,824 396 892 Commercial 8,199 4,327 35,687 523 459 Total loans 20,361 7,403 39,156 3,739 4,063 charged off Recoveries of loans previously charged offCredit cards 241 276 272 225 287 Other consumer 355 366 301 443 304 Real estate 431 120 253 101 146 Commercial 1,835 936 98 347 77 Total 2,862 1,698 924 1,116 814 recoveriesNet loans charged 17,499 5,705 38,232 2,623 3,249 offProvision for credit 7,298 22,315 26,678 26,197 4,903 losses on loansBalance, end of quarter $ 238,050 $ 248,251 $ 231,641 $ 243,195 $ 68,244 Non-performing assets Non-performing loans Nonaccrual loans $ 122,968 $ 168,349 $ 131,888 $ 156,746 $ 91,723 Loans past due 90 322 156 537 1,305 855 days or moreTotal 123,290 168,505 132,425 158,051 92,578 non-performing loansOther non-performing assetsForeclosed assetsand other real estate 18,393 12,590 14,111 20,805 19,121 ownedOther 2,016 1,983 2,008 2,169 1,964 non-performing assetsTotal other 20,409 14,573 16,119 22,974 21,085 non-performing assetsTotal $ 143,699 $ 183,078 $ 148,544 $ 181,025 $ 113,663 non-performing assetsPerforming TDRs(troubled debt $ 3,138 $ 3,379 $ 3,960 $ 4,110 $ 4,411 restructurings) Ratios Allowance for creditlosses on loans to 1.85 % 1.77 % 1.59 % 1.69 % 0.47 %total loansAllowance for creditlosses to 193 % 147 % 175 % 154 % 74 %non-performing loansNon-performing loans to 0.96 % 1.20 % 0.91 % 1.10 % 0.64 %total loansNon-performing assets(including performing TDRs)to total assets 0.66 % 0.86 % 0.70 % 0.89 % 0.56 %Non-performing assets 0.64 % 0.85 % 0.68 % 0.87 % 0.53 %to total assetsAnnualized net charge 0.52 % 0.16 % 1.04 % 0.07 % 0.09 %offs to total loansAnnualized net credit card charge offs tototal credit card 1.20 % 1.26 % 1.67 % 2.29 % 1.99 %loans (1) The Company adopted ASC 326.effective January 1, 2020.



Simmons First National Corporation SFNCConsolidated - Average Balance Sheet and Net Interest Income Analysis For the Quarters Ended(Unaudited) Three Months Ended Three Months Ended Three Months Ended Dec 2020 Sep 2020 Dec 2019 Average Income/ Yield Average Income/ Yield Average Income/ Yield($ in thousands) Balance Expense / Balance Expense / Balance Expense / Rate Rate RateASSETS Earning assets: Interestbearing balances due from banksand $ 2,651,938 $ 716 0.11% $ 2,265,233 $ 623 0.11% $ 789,035 $ 2,625 1.32%federal funds soldInvestmentsecurities - 1,757,234 7,720 1.75% 1,534,742 7,193 1.86% 1,940,755 11,080 2.27%taxableInvestmentsecurities - 1,528,127 12,778 3.33% 1,155,099 10,382 3.58% 825,000 7,945 3.82%non-taxable (FTE)Mortgageloans held for 179,275 1,070 2.37% 145,226 1,012 2.77% 53,511 402 2.98%saleLoans (FTE) 13,457,077 160,306 4.74% 14,315,014 163,379 4.54% 14,144,703 193,511 5.43%Totalinterest earning 19,573,651 182,590 3.71% 19,415,314 182,589 3.74% 17,753,004 215,563 4.82%assets (FTE)Non-earning 2,278,443 2,350,007 2,288,886 assetsTotal $ 21,852,094 $ 21,765,321 $ 20,041,890 assets LIABILITIES AND STOCKHOLDERS' EQUITYInterest bearing liabilities:Interestbearing transaction andsavings $ 9,389,570 $ 6,536 0.28% $ 8,977,886 $ 6,769 0.30% $ 8,440,090 $ 20,331 0.96%accountsTime 2,823,166 7,835 1.10% 2,998,091 9,437 1.25% 3,393,089 16,198 1.89%depositsTotalinterest bearing 12,212,736 14,371 0.47% 11,975,977 16,206 0.54% 11,833,179 36,529 1.22%depositsFederalfunds purchased and securitiessoldunder agreement to 340,333 284 0.33% 386,631 335 0.34% 147,395 368 0.99%repurchaseOther 1,342,403 4,869 1.44% 1,357,278 4,943 1.45% 1,168,897 4,615 1.57%borrowingsSubordinatednotes and 382,808 4,624 4.81% 382,672 4,631 4.81% 376,766 4,813 5.07%debenturesTotalinterest bearing 14,278,280 24,148 0.67% 14,102,558 26,115 0.74% 13,526,237 46,325 1.36%liabilitiesNon-interestbearing liabilities:Non-interest 4,413,168 4,529,782 3,524,092 bearing depositsOther 204,014 190,169 379,909 liabilitiesTotal 18,895,462 18,822,509 17,430,238 liabilitiesStockholders' 2,956,632 2,942,812 2,611,652 equityTotalliabilities and $ 21,852,094 $ 21,765,321 $ 20,041,890 stockholders'equityNet interest $ 158,442 $ 156,474 $ 169,238 income (FTE)Net interest 3.04% 3.00% 3.46%spread (FTE)Net interestmargin (FTE) - 3.22% 3.21% 3.78%quarter-to-date Net interestmargin (FTE) - 3.38% 3.43% 3.85%year-to-date Core net interestmargin (FTE) - 3.04% 3.02% 3.44%quarter-to-date^(1)Core loan yield(FTE) - 4.47% 4.29% 5.00%quarter-to-date ^(1) Core net interestmargin (FTE) - 3.16% 3.20% 3.59%year-to-date ^(1)Core loan yield(FTE) - 4.54% 4.56% 5.18%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 Corporation SFNCConsolidated -Selected Financial DataFor the Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Quarters Ended(Unaudited) 2020 2020 2020 2020 2019 ($ inthousands, except sharedata)QUARTER-TO-DATE FinancialHighlights - GAAPNet Income $ 52,955 $ 65,885 $ 58,789 $ 77,223 $ 52,709 Dilutedearnings per 0.49 0.60 0.54 0.68 0.49 shareReturn on 0.96 % 1.20 % 1.08 % 1.48 % 1.04 %average assetsReturn onaverage common 7.13 % 8.91 % 8.21 % 10.83 % 8.01 %equityReturn ontangible common 12.48 % 15.45 % 14.55 % 19.00 % 14.62 %equityNet interest 3.22 % 3.21 % 3.42 % 3.68 % 3.78 %margin (FTE)FTE adjustment 3,482 2,864 2,350 2,305 2,172 Amortization of 3,351 3,362 3,369 3,413 3,270 intangiblesAmortization ofintangibles, 2,475 2,483 2,489 2,521 2,416 net of taxesAverage dilutedshares 108,888,264 109,207,294 109,130,866 113,137,223 108,472,559 outstandingSharesrepurchased 1,034,364 - - 4,922,336 390,000 under planAverage priceof shares 19.36 - - 18.96 25.95 repurchasedCash dividendsdeclared per 0.17 0.17 0.17 0.17 0.16 common shareFinancialHighlights - Core (non-GAAP)Core earnings(excludes $ 61,977 $ 68,338 $ 60,147 $ 73,838 $ 71,074 non-core items)^ (1)Core dilutedearnings per 0.57 0.63 0.55 0.65 0.66 share ^(1)Core netinterest margin 3.04 % 3.02 % 3.18 % 3.42 % 3.44 %(FTE)^ (2)Accretableyield on 8,999 8,948 11,723 11,837 15,100 acquired loansEfficiency 55.27 % 54.12 % 51.46 % 57.79 % 52.63 %ratio ^(1)Core return onaverage assets^ 1.13 % 1.25 % 1.11 % 1.42 % 1.41 %(1)Core return onaverage common 8.34 % 9.24 % 8.40 % 10.35 % 10.80 %equity^ (1)Core return ontangible common 14.51 % 16.00 % 14.87 % 18.19 % 19.49 %equity ^(1)YEAR-TO-DATE FinancialHighlights - GAAPNet Income $ 254,852 $ 201,897 $ 136,012 $ 77,223 $ 237,828 Dilutedearnings per 2.31 1.83 1.22 0.68 2.41 shareReturn on 1.18 % 1.25 % 1.28 % 1.48 % 1.33 %average assetsReturn onaverage common 8.72 % 9.27 % 9.45 % 10.83 % 9.93 %equityReturn ontangible common 15.25 % 16.19 % 16.57 % 19.00 % 17.99 %equityNet interest 3.38 % 3.43 % 3.55 % 3.68 % 3.85 %margin (FTE)FTE adjustment 11,001 7,519 4,655 2,305 7,322 Amortization of 13,495 10,144 6,782 3,413 11,805 intangiblesAmortization ofintangibles, 9,968 7,493 5,010 2,521 8,720 net of taxesAverage dilutedshares 110,173,661 110,480,508 111,083,999 113,137,223 98,796,628 outstandingCash dividendsdeclared per 0.68 0.51 0.34 0.17 0.64 common shareFinancialHighlights - Core (non-GAAP)Core earnings(excludes $ 264,300 $ 202,323 $ 133,985 $ 73,838 $ 269,566 non-core items)^ (1)Core dilutedearnings per 2.40 1.83 1.21 0.65 2.73 share ^(1)Core netinterest margin 3.16 % 3.20 % 3.30 % 3.42 % 3.59 %(FTE)^ (2)Accretableyield on 41,507 32,508 23,560 11,837 41,244 acquired loansEfficiency 54.66 % 54.46 % 54.62 % 57.79 % 50.33 %ratio ^(1)Core return onaverage assets^ 1.22 % 1.26 % 1.26 % 1.42 % 1.51 %(1)Core return onaverage common 9.05 % 9.29 % 9.31 % 10.35 % 11.25 %equity^ (1)Core return ontangible common 15.79 % 16.22 % 16.33 % 18.19 % 20.31 %equity ^(1)END OF PERIOD Book value per $ 27.53 $ 26.98 $ 26.64 $ 26.11 $ 26.30 shareTangible book 16.56 16.07 15.79 15.22 15.89 value per shareShares 108,077,662 109,023,781 108,994,389 108,966,331 113,628,601 outstandingFull-timeequivalent 2,923 2,904 2,939 3,079 3,270 employeesTotal number offinancial 204 226 226 240 251 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 SFNCCorporationReconciliation Of Non-GAAP Financial Measures - Core Earnings - Quarter-to-DateFor the Quarters Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Ended(Unaudited) 2020 2020 2020 2020 2019 ($ in thousands,except per share data)QUARTER-TO-DATE Net Income $ 52,955 $ 65,885 $ 58,789 $ 77,223 $ 52,709 Non-core items Gain on sale of (275 ) - (2,204 ) (5,889 ) - branchesMerger-related 731 902 1,830 1,068 24,831 costsEarly retirement 62 2,346 493 - - programBranch 11,696 72 1,721 238 37 right-sizing (net)Tax effect ^(1) (3,192 ) (867 ) (482 ) 1,198 (6,503 )Net non-core items 9,022 2,453 1,358 (3,385 ) 18,365 Core earnings $ 61,977 $ 68,338 $ 60,147 $ 73,838 $ 71,074 (non-GAAP) Diluted earnings $ 0.49 $ 0.60 $ 0.54 $ 0.68 $ 0.49 per shareNon-core items Gain on sale of - - (0.02 ) (0.05 ) - branchesMerger-related - 0.01 0.02 0.01 0.23 costsEarly retirement - 0.02 - - - programBranch 0.11 - 0.02 - - right-sizing (net)Tax effect ^(1) (0.03 ) - (0.01 ) 0.01 (0.06 )Net non-core items 0.08 0.03 0.01 (0.03 ) 0.17 Core dilutedearnings per share $ 0.57 $ 0.63 $ 0.55 $ 0.65 $ 0.66 (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 $ 10,557 $ 5,380 $ 9,809 $ 12,801 $ 7,073 Non-core items^ (275 ) (370 ) (2,204 ) (5,889 ) - (1)Core other $ 10,282 $ 5,010 $ 7,605 $ 6,912 $ 7,073 income (non-GAAP) Non-interest $ 128,135 $ 118,949 $ 117,598 $ 128,813 $ 142,095 expenseNon-core items^ (12,489 ) (3,690 ) (4,044 ) (1,306 ) (24,868 )(1)Corenon-interest $ 115,646 $ 115,259 $ 113,554 $ 127,507 $ 117,227 expense (non-GAAP) Salaries and $ 55,762 $ 61,144 $ 57,644 $ 67,924 $ 63,235 employee benefitsNon-core items^ (144 ) (2,448 ) (493 ) - - (1)Coresalaries and $ 55,618 $ 58,696 $ 57,151 $ 67,924 $ 63,235 employee benefits(non-GAAP) Merger $ 731 $ 902 $ 1,830 $ 1,068 $ 24,831 related costsNon-core items^ (731 ) (902 ) (1,830 ) (1,068 ) (24,831 )(1)Core mergerrelated costs $ - $ - $ - $ - $ - (non-GAAP) Other $ 54,342 $ 38,179 $ 39,651 $ 41,788 $ 38,044 operating expensesNon-core items^ (10,270 ) (11 ) (1,662 ) (212 ) (4 )(1)Core otheroperating expenses $ 44,072 $ 38,168 $ 37,989 $ 41,576 $ 38,040 (non-GAAP) (1) Non-core items include gain on sale of branches, merger related costs,early retirement program expenses andbranch right-sizing costs.

Simmons First National SFNCCorporationReconciliation Of Non-GAAP Financial Measures - Core Earnings - Year-to-DateFor the Quarters Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Ended(Unaudited) 2020 2020 2020 2020 2019 ($ in thousands,except per share data)YEAR-TO-DATE Net Income $ 254,852 $ 201,897 $ 136,012 $ 77,223 $ 237,828 Non-core items Gain on sale of (8,368 ) (8,093 ) (8,093 ) (5,889 ) - branchesMerger-related 4,531 3,800 2,898 1,068 36,379 costsEarly retirement 2,901 2,839 493 - 3,464 programBranch 13,727 2,031 1,959 238 3,129 right-sizing (net)Tax effect ^(1) (3,343 ) (151 ) 716 1,198 (11,234 )Net non-core items 9,448 426 (2,027 ) (3,385 ) 31,738 Core earnings $ 264,300 $ 202,323 $ 133,985 $ 73,838 $ 269,566 (non-GAAP) Diluted earnings $ 2.31 $ 1.83 $ 1.22 $ 0.68 $ 2.41 per shareNon-core items Gain on sale of (0.07 ) (0.07 ) (0.07 ) (0.05 ) - branchesMerger-related 0.04 0.03 0.03 0.01 0.37 costsEarly retirement 0.03 0.02 - - 0.03 programBranch 0.12 0.02 0.02 - 0.03 right-sizing (net)Tax effect ^(1) (0.03 ) - 0.01 0.01 (0.11 )Net non-core items 0.09 - (0.01 ) (0.03 ) 0.32 Core dilutedearnings per share $ 2.40 $ 1.83 $ 1.21 $ 0.65 $ 2.73 (non-GAAP) (1) Effective tax rate of 26.135%. Reconciliation of Selected Non-Core Non-Interest Income and Expense Items (non-GAAP) YEAR-TO-DATE Other income $ 38,547 $ 27,990 $ 22,610 $ 12,801 $ 62,015 Non-core items^ (8,738 ) (8,463 ) (8,093 ) (5,889 ) - (1)Core other $ 29,809 $ 19,527 $ 14,517 $ 6,912 $ 62,015 income (non-GAAP) Non-interest $ 493,495 $ 365,360 $ 246,411 $ 128,813 $ 461,112 expenseNon-core items^ (21,529 ) (9,040 ) (5,350 ) (1,306 ) (42,972 )(1)Corenon-interest $ 471,966 $ 356,320 $ 241,061 $ 127,507 $ 418,140 expense (non-GAAP) Salaries and $ 242,474 $ 186,712 $ 125,568 $ 67,924 $ 227,795 employee benefitsNon-core items^ (3,085 ) (2,941 ) (493 ) - (3,464 )(1)Coresalaries and $ 239,389 $ 183,771 $ 125,075 $ 67,924 $ 224,331 employee benefits(non-GAAP) Merger $ 4,531 $ 3,800 $ 2,898 $ 1,068 $ 36,379 related costsNon-core items^ (4,531 ) (3,800 ) (2,898 ) (1,068 ) (36,379 )(1)Core mergerrelated costs $ - $ - $ - $ - $ - (non-GAAP) Other $ 173,960 $ 119,618 $ 81,439 $ 41,788 $ 138,852 operating expensesNon-core items^ (12,155 ) (1,885 ) (1,874 ) (212 ) (2,938 )(1)Core otheroperating expenses $ 161,805 $ 117,733 $ 79,565 $ 41,576 $ 135,914 (non-GAAP) (1) Non-core items include gain on sale of branches, merger related costs,early retirement program expenses andbranch right-sizing costs.

Simmons First National Corporation SFNCReconciliation Of Non-GAAP Financial Measures - End of PeriodFor the Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Quarters Ended(Unaudited) 2020 2020 2020 2020 2019 ($ inthousands, except pershare data) Calculation of Tangible Common Equity and the Ratio of Tangible Common Equity to Tangible Assets Total commonstockholders' $ 2,975,889 $ 2,941,474 $ 2,903,936 $ 2,844,633 $ 2,988,157 equityIntangible assets:Goodwill (1,075,305 ) (1,075,305 ) (1,064,765 ) (1,064,978 ) (1,055,520 )Otherintangible (111,110 ) (114,460 ) (117,823 ) (121,673 ) (127,340 )assetsTotal (1,186,415 ) (1,189,765 ) (1,182,588 ) (1,186,651 ) (1,182,860 )intangiblesTangiblecommon $ 1,789,474 $ 1,751,709 $ 1,721,348 $ 1,657,982 $ 1,805,297 stockholders'equity Total assets $ 22,359,752 $ 21,437,395 $ 21,903,684 $ 20,841,352 $ 21,259,143 Intangible assets:Goodwill (1,075,305 ) (1,075,305 ) (1,064,765 ) (1,064,978 ) (1,055,520 )Otherintangible (111,110 ) (114,460 ) (117,823 ) (121,673 ) (127,340 )assetsTotal (1,186,415 ) (1,189,765 ) (1,182,588 ) (1,186,651 ) (1,182,860 )intangiblesTangible $ 21,173,337 $ 20,247,630 $ 20,721,096 $ 19,654,701 $ 20,076,283 assets Paycheckprotection (904,673 ) (970,488 ) (963,712 ) program("PPP") loansTotal assetsexcluding PPP $ 21,455,079 $ 20,466,907 $ 20,939,972 loansTangibleassets $ 20,268,664 $ 19,277,142 $ 19,757,384 excluding PPPloans Ratio ofequity to 13.31 % 13.72 % 13.26 % 13.65 % 14.06 %assetsRatio ofequity toassets 13.87 % 14.38 % 13.87 % excluding PPPloansRatio oftangiblecommon equity 8.45 % 8.65 % 8.31 % 8.44 % 8.99 %to tangibleassetsRatio oftangiblecommon equityto tangible 8.83 % 9.09 % 8.71 % assetsexcluding PPPloans Calculation ofTangible Book Value perShare Total commonstockholders' $ 2,975,889 $ 2,941,474 $ 2,903,936 $ 2,844,633 $ 2,988,157 equityIntangible assets:Goodwill (1,075,305 ) (1,075,305 ) (1,064,765 ) (1,064,978 ) (1,055,520 )Otherintangible (111,110 ) (114,460 ) (117,823 ) (121,673 ) (127,340 )assetsTotal (1,186,415 ) (1,189,765 ) (1,182,588 ) (1,186,651 ) (1,182,860 )intangiblesTangiblecommon $ 1,789,474 $ 1,751,709 $ 1,721,348 $ 1,657,982 $ 1,805,297 stockholders'equityShares ofcommon stock 108,077,662 109,023,781 108,994,389 108,966,331 113,628,601 outstandingBook value per $ 27.53 $ 26.98 $ 26.64 $ 26.11 $ 26.30 common shareTangible bookvalue per $ 16.56 $ 16.07 $ 15.79 $ 15.22 $ 15.89 common share Calculation ofRegulatoryTier 1Leverage Ratio ExcludingAverage PPPLoans Total Tier 1 $ 1,884,563 $ 1,868,173 $ 1,820,488 capital Adjustedaverage assets $ 20,765,127 $ 20,652,454 $ 20,742,824 for leverageratioAverage PPP (937,544 ) (967,152 ) (645,172 ) loansAdjustedaverage assetsexcluding $ 19,827,583 $ 19,685,302 $ 20,097,652 average PPPloans Tier 1 9.08 % 9.05 % 8.78 % leverage ratioTier 1leverage ratioexcluding 9.50 % 9.49 % 9.06 % average PPPloans

Simmons First National Corporation SFNCReconciliation Of Non-GAAP Financial Measures - Quarter-to-DateFor the Quarters Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Ended(Unaudited) 2020 2020 2020 2020 2019 ($ in thousands) Calculation ofCore Return on Average Assets Net income $ 52,955 $ 65,885 $ 58,789 $ 77,223 $ 52,709 Net non-coreitems, net of 9,022 2,453 1,358 (3,385 ) 18,365 taxes,adjustmentCore earnings $ 61,977 $ 68,338 $ 60,147 $ 73,838 $ 71,074 Average total $ 21,852,094 $ 21,765,321 $ 21,822,273 $ 20,920,223 $ 20,041,890 assets Return on 0.96 % 1.20 % 1.08 % 1.48 % 1.04 %average assetsCore return on 1.13 % 1.25 % 1.11 % 1.42 % 1.41 %average assets Calculation ofReturn on Tangible CommonEquity Net income $ 52,955 $ 65,885 $ 58,789 $ 77,223 $ 52,709 Amortization ofintangibles, net 2,475 2,483 2,489 2,521 2,416 of taxesTotal incomeavailable to $ 55,430 $ 68,368 $ 61,278 $ 79,744 $ 55,125 commonstockholders Net non-coreitems, net of 9,022 2,453 1,358 (3,385 ) 18,365 taxesCore earnings 61,977 68,338 60,147 73,838 71,074 Amortization ofintangibles, net 2,475 2,483 2,489 2,521 2,416 of taxesTotal coreincome available $ 64,452 $ 70,821 $ 62,636 $ 76,359 $ 73,490 to commonstockholders Average commonstockholders' $ 2,955,865 $ 2,942,045 $ 2,879,337 $ 2,869,177 $ 2,611,143 equityAverageintangible assets:Goodwill (1,075,305 ) (1,064,893 ) (1,064,955 ) (1,055,498 ) (997,004 )Other (113,098 ) (116,385 ) (120,111 ) (125,746 ) (118,311 )intangiblesTotal average (1,188,403 ) (1,181,278 ) (1,185,066 ) (1,181,244 ) (1,115,315 )intangiblesAverage tangiblecommon $ 1,767,462 $ 1,760,767 $ 1,694,271 $ 1,687,933 $ 1,495,828 stockholders'equity Return onaverage common 7.13 % 8.91 % 8.21 % 10.83 % 8.01 %equityReturn ontangible common 12.48 % 15.45 % 14.55 % 19.00 % 14.62 %equityCore return onaverage common 8.34 % 9.24 % 8.40 % 10.35 % 10.80 %equityCore return ontangible common 14.51 % 16.00 % 14.87 % 18.19 % 19.49 %equity Calculation ofEfficiency Ratio ^(1) Non-interest $ 128,135 $ 118,949 $ 117,598 $ 128,813 $ 142,095 expenseNon-corenon-interest (12,489 ) (3,690 ) (4,044 ) (1,306 ) (24,868 )expenseadjustmentOther realestate andforeclosure (545 ) (600 ) (242 ) (319 ) (1,063 )expenseadjustmentAmortization ofintangibles (3,351 ) (3,362 ) (3,369 ) (3,413 ) (3,270 )adjustmentEfficiency ratio $ 111,750 $ 111,297 $ 109,943 $ 123,775 $ 112,894 numerator Net-interest $ 154,960 $ 153,610 $ 163,681 $ 167,483 $ 167,066 incomeNon-interest 44,056 71,851 50,227 82,394 45,630 incomeNon-corenon-interest (275 ) (370 ) (2,204 ) (5,889 ) - incomeadjustmentFullytax-equivalentadjustment 3,482 2,864 2,350 2,305 2,172 (effective taxrate of 26.135%)Gain on sale of (16 ) (22,305 ) (390 ) (32,095 ) (377 )securitiesEfficiency ratio $ 202,207 $ 205,650 $ 213,664 $ 214,198 $ 214,491 denominator Efficiency ratio 55.27 % 54.12 % 51.46 % 57.79 % 52.63 %^(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 andlosses from securities transactions and non-core items.

Simmons First National Corporation SFNCReconciliation Of Non-GAAP Financial Measures - Quarter-to-Date (continued)For the Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Quarters Ended(Unaudited) 2020 2020 2020 2020 2019 ($ in thousands)Calculation ofCore Net InterestMargin Net interest $ 154,960 $ 153,610 $ 163,681 $ 167,483 $ 167,066 incomeFullytax-equivalentadjustment 3,482 2,864 2,350 2,305 2,172 (effective taxrate of26.135%)Fullytax-equivalent 158,442 156,474 166,031 169,788 169,238 net interestincome Totalaccretable (8,999 ) (8,948 ) (11,723 ) (11,837 ) (15,100 )yieldCore netinterest $ 149,443 $ 147,526 $ 154,308 $ 157,951 $ 154,138 income PPP loan andexcessliquidity (6,983 ) $ (6,131 ) $ (5,623 ) interestincomeNet interestincomeadjusted for $ 151,459 $ 150,343 $ 160,408 PPP loans andliquidity Average $ 19,573,651 $ 19,415,314 $ 19,517,475 $ 18,581,491 $ 17,753,004 earning assetsAverage PPPloan balance (2,837,125 ) (2,359,928 ) $ (2,071,411 ) and excessliquidityAverageearning assetsadjusted for $ 16,736,526 $ 17,055,386 $ 17,446,064 PPL loans andliquidity Net interest 3.22 % 3.21 % 3.42 % 3.68 % 3.78 %marginCore netinterest 3.04 % 3.02 % 3.18 % 3.42 % 3.44 %marginNet interestmarginadjusted for 3.60 % 3.51 % 3.70 % PPP loans andliquidity Calculation ofCore Loan Yield Loan interest $ 160,306 $ 163,379 $ 177,168 $ 187,566 $ 193,402 income (FTE)Totalaccretable (8,999 ) (8,948 ) (11,723 ) (11,837 ) (15,100 )yieldCore loaninterest $ 151,307 $ 154,431 $ 165,445 $ 175,729 $ 178,302 incomePPP loaninterest (6,457 ) (5,782 ) $ (3,733 ) incomeCore loaninterest $ 144,850 $ 148,649 $ 161,712 income withoutPPP loans Average loan $ 13,457,077 $ 14,315,014 $ 14,731,306 $ 14,548,853 $ 14,144,703 balanceAverage PPP (937,544 ) $ (967,152 ) $ (645,172 ) loan balanceAverage loanbalance $ 12,519,533 $ 13,347,862 $ 14,086,134 without PPPloans Core loan 4.47 % 4.29 % 4.52 % 4.86 % 5.00 %yieldCore loanyield without 4.60 % 4.43 % 4.62 % PPP loans Calculation ofAdjustedPre-Tax, Pre-Provision(PTPP)Earnings Net incomeavailable to $ 52,955 $ 65,885 $ 58,789 $ 77,223 $ 52,709 commonstockholdersProvision for 10,970 17,633 15,593 20,694 12,976 income taxesProvision forcredit losses(including 6,943 22,981 21,915 23,134 4,903 provision forunfundedcommitments)(Gain) loss onsale of (16 ) (22,305 ) (390 ) (32,095 ) (377 )securitiesNet pre-tax 12,214 3,320 1,840 (4,583 ) 24,868 non-core itemsAdjustedPre-tax,pre-provision $ 83,066 $ 87,514 $ 97,747 $ 84,373 $ 95,079 (PTPP)earnings

Simmons First National Corporation SFNCReconciliation Of Non-GAAP Financial Measures - Year-to-DateFor the Quarters Dec 31 Sep 30 Jun 30 Mar 31 Dec 31Ended(Unaudited) 2020 2020 2020 2020 2019 ($ in thousands) Calculation ofCore Return on Average Assets Net income $ 254,852 $ 201,897 $ 136,012 $ 77,223 $ 237,828 Net non-coreitems, net of 9,448 426 (2,027 ) (3,385 ) 31,738 taxes, adjustmentCore earnings $ 264,300 $ 202,323 $ 133,985 $ 73,838 $ 269,566 Average total $ 21,590,745 $ 21,503,564 $ 21,371,248 $ 20,920,223 $ 17,871,748 assets Return on average 1.18 % 1.25 % 1.28 % 1.48 % 1.33 %assetsCore return on 1.22 % 1.26 % 1.26 % 1.42 % 1.51 %average assets Calculation ofReturn on Tangible Common Equity Net income $ 254,852 $ 201,897 $ 136,012 $ 77,223 $ 237,828 Amortization ofintangibles, net 9,968 7,493 5,010 2,521 8,720 of taxesTotal incomeavailable to $ 264,820 $ 209,390 $ 141,022 $ 79,744 $ 246,548 commonstockholders Net non-coreitems, net of 9,448 426 (2,027 ) (3,385 ) 31,738 taxesCore earnings 264,300 202,323 133,985 73,838 269,566 Amortization ofintangibles, net 9,968 7,493 5,010 2,521 8,720 of taxesTotal core incomeavailable to $ 274,268 $ 209,816 $ 138,995 $ 76,359 $ 278,286 commonstockholders Average commonstockholders' $ 2,921,039 $ 2,910,366 $ 2,894,351 $ 2,869,177 $ 2,396,024 equityAverage intangible assets:Goodwill (1,065,190 ) (1,061,793 ) (1,060,226 ) (1,055,498 ) (921,635 )Other (118,812 ) (120,731 ) (122,928 ) (125,746 ) (104,000 )intangiblesTotal average (1,184,002 ) (1,182,524 ) (1,183,154 ) (1,181,244 ) (1,025,635 )intangiblesAverage tangiblecommon $ 1,737,037 $ 1,727,842 $ 1,711,197 $ 1,687,933 $ 1,370,389 stockholders'equity Return on average 8.72 % 9.27 % 9.45 % 10.83 % 9.93 %common equityReturn on tangible 15.25 % 16.19 % 16.57 % 19.00 % 17.99 %common equityCore return onaverage common 9.05 % 9.29 % 9.31 % 10.35 % 11.25 %equityCore return ontangible common 15.79 % 16.22 % 16.33 % 18.19 % 20.31 %equity Calculation ofEfficiency Ratio ^ (1) Non-interest $ 493,495 $ 365,360 $ 246,411 $ 128,813 $ 461,112 expenseNon-corenon-interest (21,529 ) (9,040 ) (5,350 ) (1,306 ) (42,972 )expense adjustmentOther real estateand foreclosure (1,706 ) (1,161 ) (561 ) (319 ) (3,282 )expense adjustmentAmortization ofintangibles (13,495 ) (10,144 ) (6,782 ) (3,413 ) (11,805 )adjustmentEfficiency ratio $ 456,765 $ 345,015 $ 233,718 $ 123,775 $ 403,053 numerator Net-interest $ 639,734 $ 484,774 $ 331,164 $ 167,483 $ 601,753 incomeNon-interest 248,528 204,472 132,621 82,394 205,031 incomeNon-corenon-interest (8,738 ) (8,463 ) (8,093 ) (5,889 ) - income adjustmentFullytax-equivalentadjustment 11,001 7,519 4,655 2,305 7,322 (effective taxrate of 26.135%)Gain on sale of (54,806 ) (54,790 ) (32,485 ) (32,095 ) (13,314 )securitiesEfficiency ratio $ 835,719 $ 633,512 $ 427,862 $ 214,198 $ 800,792 denominator Efficiency ratio ^ 54.66 % 54.46 % 54.62 % 57.79 % 50.33 %(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 andlosses from securities transactions and non-core items.

Simmons First National Corporation SFNCReconciliation Of Non-GAAP Financial Measures - Year-to-Date (continued)For the Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Quarters Ended(Unaudited) 2020 2020 2020 2020 2019 ($ in thousands)Calculation ofCore Net InterestMargin Net interest $ 639,734 $ 484,774 $ 331,164 $ 167,483 $ 601,753 incomeFullytax-equivalentadjustment 11,001 7,519 4,655 2,305 7,322 (effective taxrate of26.135%)Fullytax-equivalent 650,735 492,293 335,819 169,788 609,075 net interestincome Totalaccretable (41,507 ) (32,508 ) (23,560 ) (11,837 ) (41,244 )yieldCore netinterest $ 609,228 $ 459,785 $ 312,259 $ 157,951 $ 567,831 incomeAverage $ 19,272,886 $ 19,172,318 $ 19,049,487 $ 18,581,491 $ 15,824,571 earning assets Net interest 3.38 % 3.43 % 3.55 % 3.68 % 3.85 %marginCore netinterest 3.16 % 3.20 % 3.30 % 3.42 % 3.59 %margin Calculation ofCore Loan Yield Loan interest $ 688,600 $ 528,294 $ 364,915 $ 187,566 $ 710,935 income (FTE)Totalaccretable (41,507 ) (32,508 ) (23,560 ) (11,837 ) (41,244 )yieldCore loaninterest $ 647,093 $ 495,786 $ 341,355 $ 175,729 $ 669,691 incomeAverage loan $ 14,260,689 $ 14,530,938 $ 14,640,082 $ 14,548,853 $ 12,938,013 balance Core loan 4.54 % 4.56 % 4.69 % 4.86 % 5.18 %yield Calculation of Adjusted Pre-Tax, Pre-Provision (PTPP) Earnings Net incomeavailable to $ 254,852 $ 201,897 $ 136,012 $ 77,223 $ 237,828 commonstockholdersProvision for 64,890 53,920 36,287 20,694 64,265 income taxesProvision forcredit losses(including 74,973 68,030 45,049 23,134 43,240 provision forunfundedcommitments)(Gain) loss onsale of (54,806 ) (54,790 ) (32,485 ) (32,095 ) (13,314 )securitiesNet pre-tax 12,791 577 (2,743 ) (4,583 ) 42,972 non-core itemsAdjustedPre-tax,pre-provision $ 352,700 $ 269,634 $ 182,120 $ 84,373 $ 374,991 (PTPP)earnings