GlobeNewswire Inc | Apr 20, 2021 08:00AM EDT

April 20, 2021

PINE BLUFF, Ark., April 20, 2021 (GLOBE NEWSWIRE) -- Simmons First National Corporation (NASDAQ: SFNC) (the Company or Simmons) today announced net income of $67.4 million for the quarter ended March 31, 2021, compared to $77.2 million for the same period in 2020, a decrease of $9.8 million, or 12.7%, due in significant part to the difference in the gains on sale of securities recognized during the periods. Diluted earnings per share were $0.62, a decrease of $0.06, or 8.8%, compared to the same period in the prior year. Included in first quarter 2021 results were $634,000 in net after-tax merger-related and net branch right-sizing costs as well as a $4.0 million after-tax gain primarily associated with the sale of branches in Illinois.

Excluding the impact of these items, core earnings were $64.0 million for the quarter ended March 31, 2021, compared to $73.8 million for the quarter ended March 31, 2020, a decrease of $9.8 million, or 13.3%. Core diluted earnings per share were $0.59, a decrease of $0.06, or 9.2%, from the same period in 2020.

We are very pleased with our solid performance in the first quarter. It reflects the benefit of our diverse operating model, said George A. Makris, Jr., chairman and CEO of Simmons First National Corporation. We are still feeling the effects of COVID in the economy. Some industries are still struggling to return to pre-COVID levels of performance and the governments economic stimulus packages have created a rapid rise in liquidity. Loan demand has been well below historical levels, but we are encouraged by the rebuilding of the pipeline during the first quarter. Asset quality has improved as compared to 2020 and we are optimistic that trend will continue. Based on our current levels of capital and liquidity, we have lending capacity that we have not seen in several years, so Simmons is poised to do our part as the economy continues to return to normal.

Selected Highlights: 1^st Qtr 4^th Qtr 1^st Qtr 2021 2020 2020Net income $67.4 $53.0 $77.2 million million millionDiluted earnings per share $0.62 $0.49 $0.68Return on avg assets 1.20% 0.96% 1.48%Return on avg common equity 9.20% 7.13% 10.83%Return on tangible common equity ^(1) 15.85% 12.48% 19.00% Core earnings ^(2) $64.0 $62.0 $73.8 million million millionCore diluted earnings per share ^(2) $0.59 $0.57 $0.65Core return on avg assets ^(2) 1.14% 1.13% 1.42%Core return on avg common equity ^(2) 8.73% 8.34% 10.35%Core return on tangible common equity ^(1) 15.08% 14.51% 18.19%(2)Efficiency ratio ^(3) 57.77% 55.27% 57.79%Adjusted pre-tax, pre-provision earnings ^ $73.1 $83.1 $84.4(^2^) million million million

(1) Return on tangible common equity excludes goodwill and other intangible 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) 1^st Qtr 2021 4^th Qtr 2020 1^st Qtr 2020Total loans $12.20 $12.90 $14.37

Total loans were $12.2 billion at March 31, 2021, a decrease of $705.0 million on a linked-quarter basis. Of this decrease, $228.7 million was related to declines in seasonal credit card and agricultural portfolios ($33.4 million), Paycheck Protection Program (PPP) loans ($107.1 million) and mortgage warehouse line of credit ($88.2 million). The remaining decrease was related in significant part to planned loan payoffs, normal paydowns and weakened loan demand as a result of the economic uncertainty stemming from the COVID-19 pandemic.

Loan demand appears to be recovering going into the second quarter of 2021. The Companys total loan pipeline consisting of all loan opportunities was $1.2 billion at March 31, 2021 compared to $674 million at December 31, 2020. Loans approved and ready to close were $284 million as of March 31, 2021.

As of March 31, 2021, the Company had $797.6 million in loans outstanding under the PPP. The change in the total PPP loan balance during the first quarter of 2021 was as follows:

($ in millions) PPP Round 1 PPP Round 2 Total PPP LoansBeginning balance, January 1, 2021 $904.7 $ - $904.7PPP loan originations - 227.9 227.9PPP loan forgiveness and repayments (335.0) - (335.0)Ending balance, March 31, 2021 $569.7 $227.9 $797.6

Deposits

($ in billions) 1^st Qtr 2021 4^th Qtr 2020 1^st Qtr 2020Total deposits $18.2 $17.0 $15.6Non-interest bearing deposits $4.9 $4.5 $3.6Interest bearing deposits $10.3 $9.7 $8.8Time deposits $3.0 $2.8 $3.2

Total deposits were $18.2 billion at March 31, 2021, representing increases of $2.6 billion, or 16.9%, since March 31, 2020 and $1.2 billion, or 7.1% since last quarter. The increase in deposit balances was driven in significant part by multiple rounds of economic stimulus legislation and changes in customer spending as a result of the ongoing COVID-19 pandemic. Trends affected by the increasing customer cash balances are paydowns on loans, decreased loan demand, reduced credit card balances and fewer overdraft activities.

Net Interest Income

1^st Qtr 4^th Qtr 3^rd Qtr 2^nd Qtr 1^st Qtr 2021 2020 2020 2020 2020Loan yield ^(1) 4.75% 4.74% 4.54% 4.84% 5.19%Core loan yield ^(1) (2) 4.53% 4.47% 4.29% 4.52% 4.86%Security yield ^(1) 2.36% 2.48% 2.60% 2.50% 2.63%Cost of interest bearing deposits 0.41% 0.47% 0.54% 0.59% 1.03%Cost of deposits ^(3) 0.30% 0.34% 0.39% 0.44% 0.80%Cost of borrowed funds 1.91% 1.88% 1.85% 1.84% 2.06%Net interest margin ^(1) 2.99% 3.22% 3.21% 3.42% 3.68%Core net interest margin ^(1) (2) 2.86% 3.04% 3.02% 3.18% 3.42%

(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 first quarter of 2021 was $146.7 million, a decrease of $20.8million, or 12.4%, from the same period in 2020. The decrease in net interest income was primarily due to the decline in the loan yield of 44 basis points and the lower average loan balance during the current period. This decrease was partially offset by the 50 basis point decline in the cost of deposits. Loan and deposits yields were impacted by the continuing low interest rate environment during the first quarter of 2021. Included in interest income was the yield accretion recognized on loans acquired of $6.6 million and $11.8 million for the first quarters of 2021 and 2020, respectively.

The loan yield essentially remained flat for the quarter ended March 31, 2021, compared to the fourth quarter of 2020 at 4.75%. The core loan yield, which excludes accretion on acquired loans, was 4.53%, an increase of 6 basis points for the same period. The yield on PPP loans was approximately 5.26% during the first quarter of 2021 (including accretion of net fees), which increased the Companys overall loan yield by approximately 4 basis points.

Net interest margin (FTE) was 2.99% for the quarter ended March 31, 2021, while core net interest margin, which excludes the accretion, was 2.86% for the same period. The decline in the net interest margin during the first quarter of 2021 was primarily due to an $804 million increase in average cash and cash equivalents. The Company added $1.1 billion to its average investment security portfolio balance during the quarter. The net interest margin during the first quarter of 2021 was affected by additional liquidity and the PPP loans, which decreased the net interest margin by approximately 35 basis points.

Non-Interest Income

Non-interest income for the first quarter of 2021 was $51.9 million, a decrease of $30.5 million compared to the same period in the previous year. The decline in non-interest income was primarily related to the incremental gains on the sale of securities recognized during the first quarter of last year. During the first quarter of 2020, the Company sold approximately $1.0 billion in securities resulting in a gain of $30.1 million, to begin creating additional liquidity in response to the unfolding COVID-19 pandemic. During the first quarter of 2021, the Company generated a gain of $5.5 million on sales of securities.

Debit and credit card fees for the first quarter of 2021 were $9.0 million, an increase of $1.1 million, or 13.3%, compared to the first quarter of 2020. Makris stated, This increase appears to highlight new consumer habits and the effects of the government economic impact payments.

Selected Non-Interest Income Items 1^st 4^th 3^rd 2^nd 1^st($ in millions) Qtr Qtr Qtr Qtr Qtr 2021 2020 2020 2020 2020Service charges on deposit accounts $9.7 $10.8 $10.4 $8.6 $13.3Mortgage lending income $6.4 $3.0 $14.0 $12.5 $5.0SBA lending income $0.2 $0.5 $0.3 $0.2 $0.3Debit and credit card fees $9.0 $8.7 $8.9 $8.0 $7.9Gain on sale of securities $5.5 - $22.3 $0.4 $32.1Other income $10.3 $10.6 $5.4 $9.8 $12.8 Core other income ^(1) $4.8 $10.3 $5.0 $7.6 $6.9

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.

Non-Interest Expense

Non-interest expense for the first quarter of 2021 was $115.4 million, a decrease of $13.5 million compared to the first quarter of 2020. Included in this quarter were $858,000 of pre-tax non-core items for merger-related expenses and branch right-sizing costs. Excluding these expenses, core non-interest expense was $114.5 million for the first quarter of 2021, a decrease of $13.0 million compared to the same period in 2020. The decrease in other operating expenses is related to the realization of expected synergies from the continuous evaluation of the Companys branch network and the branch sales and closures that began in 2020 and have continued in 2021.

The efficiency ratio for the first quarter of 2021 was 57.77% compared to 57.79% for the same period in 2020.

Selected Non-Interest Expense Items 1^st 4^th 3^rd 2^nd 1^st($ in millions) Qtr Qtr Qtr Qtr Qtr 2021 2020 2020 2020 2020Salaries and employee benefits $60.3 $55.8 $61.1 $57.6 $67.9Merger related costs $0.2 $0.7 $0.9 $1.8 $1.1Other operating expenses $38.4 $54.3 $38.2 $39.7 $41.8 Core salaries and employee benefits^ $60.3 $55.6 $58.7 $57.2 $67.9(1)Core merger related costs^(1) - - - - -Core other operating expenses^(1) $38.2 $44.1 $38.2 $38.0 $41.6



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.

Asset Quality

1^st 4^th 3^rd 2^nd 1^st($ in millions) Qtr Qtr Qtr Qtr Qtr 2021 2020 2020 2020 2020Allowance for credit losses on loans to 1.93% 1.85% 1.77% 1.59% 1.69%total loansAllowance for credit losses on loans to 204% 193% 148% 176% 155%non-performing loansNon-performing loans to total loans 0.95% 0.96% 1.20% 0.90% 1.09%Net charge-off ratio (annualized) 0.10% 0.52% 0.16% 1.04% 0.07%Net charge-off ratio YTD (annualized) 0.10% 0.45% 0.43% 0.56% 0.07% Total non-performing loans $115.5 $123.5 $167.9 $131.9 $157.0Total other non-performing assets $12.4 $20.4 $14.6 $16.1 $23.0

At March 31, 2021, the allowance for credit losses was $235.1 million. Total non-performing assets at March 31, 2021 decreased $52.1 million from the first quarter of 2020 and decreased $16.0 million from year end. Provision for credit losses for the first quarter of 2021 was $1.4 million, a decrease of $5.5 million, or 79.2%, from the previous quarter.

Foreclosed Assets and Other Real Estate Owned

At March 31, 2021, foreclosed assets and other real estate owned were $11.2 million, a decrease of $9.6 million, or 46.3%, compared to the same period in 2020 and a decrease of $7.2 million, or 39.3% from December 31, 2020. The composition of these assets is divided into three types:

1^st 4^th 3^rd 2^nd 1^st Qtr Qtr Qtr Qtr Qtr($ in millions) 2021 2020 2020 2020 2020Closed bank branches and branch $0.5 $0.6 $0.6 $2.7 $8.8sitesForeclosed assets ? acquired $7.7 $15.3 $9.3 $9.2 $9.2Foreclosed assets ? legacy $3.0 $2.5 $2.7 $2.2 $2.8

Capital

1^st 4^th 3^rd 2^nd 1^st Qtr Qtr Qtr Qtr Qtr 2021 2020 2020 2020 2020Stockholders? equity to total assets 12.6% 13.3% 13.7% 13.3% 13.7%Tangible common equity to tangible 7.9% 8.5% 8.7% 8.3% 8.4%assets^(1)Regulatory common equity tier 1 ratio 14.1% 13.4% 12.6% 11.9% 11.1%Regulatory tier 1 leverage ratio 9.0% 9.1% 9.1% 8.8% 9.0%Regulatory tier 1 risk-based capital 14.1% 13.4% 12.6% 11.9% 11.1%ratioRegulatory total risk-based capital 17.5% 16.8% 15.8% 14.9% 14.1%ratio



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

At March 31, 2021, common stockholders' equity was $2.9 billion. Book value per share was $27.04 and tangible book value per share was $16.13 at March 31, 2021, compared to $27.53 and $16.56, respectively, at December 31, 2020. The ratio of stockholders equity to total assets was 12.6% at March 31, 2021, compared to 13.3% at December 31, 2020, while tangible common equity to tangible assets was 7.9% at March 31, 2021, compared to 8.5% at the previous year-end.

During the first quarter of 2021, the Company repurchased approximately 131,000 shares of its common stock at an average price per share of $23.53. Market conditions and capital needs will drive the decisions regarding additional, future stock repurchases.

Simmons First National Corporation

Simmons First National Corporation is a financial holding company headquartered in Pine Bluff, Arkansas, with total consolidated assets of approximately $23.3 billion as of March 31, 2021. The Company, through its subsidiaries, conducts financial operations in Arkansas, 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. CDT today, Tuesday, April 20, 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 ID1443639. 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, and management uses these non-GAAP financial measures to assess the performance of the Companys core businesses as related to prior financial periods. 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, lending capacity and lending activity, revenue, assets, asset quality, profitability, net interest margin, non-interest revenue, share repurchase program, acquisition strategy, 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, 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 the COVID-19 pandemic; 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 Coronavirus Aid, Relief and Economic Security 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, 2020, which has been filed with, and is available from, the U.S. Securities and Exchange Commission.

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

Simmons FirstNational SFNC CorporationConsolidated Endof Period Balance SheetsFor the Quarters Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 Ended(Unaudited) 2021 2020 2020 2020 2020 ($ in thousands) ASSETS Cash andnon-interest $ 227,713 $ 217,499 $ 382,691 $ 234,998 $ 244,123 bearing balancesdue from banksInterest bearingbalances due from 3,677,750 3,254,653 2,139,440 2,310,162 1,493,076 banks and federalfunds soldCash and cash 3,905,463 3,472,152 2,522,131 2,545,160 1,737,199 equivalentsInterest bearingbalances due from 1,334 1,579 4,061 4,561 4,309 banks - timeInvestmentsecurities - 609,500 333,031 47,102 51,720 53,968 held-to-maturityInvestmentsecurities - 4,528,348 3,473,598 2,607,288 2,496,896 2,466,640 available-for-saleMortgage loans 63,655 137,378 192,729 120,034 49,984 held for saleOther assets held 100 100 389 399 115,315 for saleLoans: Loans 12,195,873 12,900,897 14,017,442 14,606,900 14,374,277 Allowance forcredit losses on (235,116 ) (238,050 ) (248,251 ) (231,643 ) (243,195 )loansNet loans 11,960,757 12,662,847 13,769,191 14,375,257 14,131,082 Premises and 427,540 441,692 470,491 478,896 484,990 equipmentPremises held for 13,613 15,008 4,486 4,576 - saleForeclosed assetsand other real 11,168 18,393 12,590 14,111 20,805 estate ownedInterest 71,359 72,597 77,352 79,772 57,039 receivableBank owned life 257,152 255,630 257,718 256,643 255,197 insuranceGoodwill 1,075,305 1,075,305 1,075,305 1,064,765 1,064,978 Other intangible 107,091 111,110 114,460 117,823 121,673 assetsOther assets 315,732 289,332 282,102 293,071 278,173 Total assets $ 23,348,117 $ 22,359,752 $ 21,437,395 $ 21,903,684 $ 20,841,352 LIABILITIES ANDSTOCKHOLDERS' EQUITYDeposits: Non-interestbearing $ 4,884,667 $ 4,482,091 $ 4,451,385 $ 4,608,098 $ 3,572,244 transactionaccountsInterest bearingtransaction 10,279,997 9,672,608 8,993,255 8,978,045 8,840,678 accounts andsavings depositsTime deposits 3,024,724 2,832,327 2,802,007 3,029,975 3,146,811 Total deposits 18,189,388 16,987,026 16,246,647 16,616,118 15,559,733 Federal fundspurchased and securities soldunder agreements 323,053 299,111 313,694 387,025 377,859 to repurchaseOther borrowings 1,340,467 1,342,067 1,342,769 1,393,689 1,396,829 Subordinated notes 383,008 382,874 382,739 382,604 388,396 and debenturesOther liabilities - 154,620 - - 58,405 held for saleAccrued interestand other 181,426 217,398 209,305 219,545 214,730 liabilitiesTotal liabilities 20,417,342 19,383,096 18,495,154 18,998,981 17,995,952 Stockholders' equity:Preferred stock 767 767 767 767 767 Common stock 1,083 1,081 1,090 1,090 1,090 Surplus 2,017,188 2,014,076 2,032,372 2,029,383 2,026,420 Undivided profits 948,913 901,006 866,503 819,153 778,893 Accumulated othercomprehensive income (loss):Unrealized(depreciation) (37,176 ) 59,726 41,509 54,310 38,230 accretion on AFSsecuritiesTotalstockholders' 2,930,775 2,976,656 2,942,241 2,904,703 2,845,400 equityTotal liabilitiesand stockholders' $ 23,348,117 $ 22,359,752 $ 21,437,395 $ 21,903,684 $ 20,841,352 equity

Simmons First National SFNC CorporationConsolidated Statements of Income - Quarter-to-DateFor the Quarters Ended Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 (Unaudited) 2021 2020 2020 2020 2020 ($ in thousands, except per share data)INTEREST INCOME Loans (including $ 146,424 $ 160,115 $ 163,180 $ 176,910 $ 187,566 fees)Interest bearingbalances due from banks and 798 716 623 603 2,441 federal funds soldInvestment securities 21,573 17,207 14,910 13,473 18,943 Mortgage loans held 639 1,070 1,012 668 281 for saleTOTAL 169,434 179,108 179,725 191,654 209,231 INTEREST INCOMEINTEREST EXPENSE Time deposits 7,091 7,835 9,437 10,803 13,323 Other deposits 6,088 6,536 6,769 7,203 17,954 Federal funds purchased and securitiessold under 245 284 335 337 759 agreements to repurchaseOther borrowings 4,802 4,869 4,943 4,963 4,877 Subordinated notes 4,527 4,624 4,631 4,667 4,835 and debenturesTOTAL 22,753 24,148 26,115 27,973 41,748 INTEREST EXPENSENET INTEREST INCOME 146,681 154,960 153,610 163,681 167,483 Provision for credit 1,445 6,943 22,981 21,915 23,134 lossesNET INTEREST INCOME AFTER PROVISIONFOR CREDIT LOSSES 145,236 148,017 130,629 141,766 144,349 NON-INTEREST INCOME Trust income 6,666 6,557 6,744 7,253 7,151 Service charges on 9,715 10,799 10,385 8,570 13,328 deposit accountsOther service charges 1,922 1,783 1,764 1,489 1,588 and feesMortgage lending 6,447 2,993 13,971 12,459 5,046 incomeSBA lending income 240 484 304 245 296 Investment banking 695 676 557 571 877 incomeDebit and credit card 8,964 8,710 8,850 7,996 7,914 feesBank owned life 1,523 1,481 1,591 1,445 1,298 insurance incomeGain on sale of 5,471 16 22,305 390 32,095 securities, netOther income 10,260 10,557 5,380 9,809 12,801 TOTAL 51,903 44,056 71,851 50,227 82,394 NON-INTEREST INCOMENON-INTEREST EXPENSE Salaries and employee 60,340 55,762 61,144 57,644 67,924 benefitsOccupancy expense, 9,300 9,182 9,647 9,217 9,510 netFurniture and 5,415 5,940 6,231 6,144 5,723 equipment expenseOther real estate and 343 551 602 274 325 foreclosure expenseDeposit insurance 1,308 1,627 2,244 2,838 2,475 Merger-related costs 233 731 902 1,830 1,068 Other operating 38,417 54,342 38,179 39,651 41,788 expensesTOTAL 115,356 128,135 118,949 117,598 128,813 NON-INTEREST EXPENSENET INCOME BEFORE INCOME 81,783 63,938 83,531 74,395 97,930 TAXESProvision for income 14,363 10,970 17,633 15,593 20,694 taxesNET INCOME 67,420 52,968 65,898 58,802 77,236 Preferred stock 13 13 13 13 13 dividendsNET INCOME AVAILABLE TO $ 67,407 $ 52,955 $ 65,885 $ 58,789 $ 77,223 COMMON STOCKHOLDERSBASIC EARNINGS PER SHARE $ 0.62 $ 0.49 $ 0.60 $ 0.54 $ 0.68 DILUTED EARNINGS PER SHARE $ 0.62 $ 0.49 $ 0.60 $ 0.54 $ 0.68

Simmons First National SFNC CorporationConsolidatedRisk-Based CapitalFor theQuarters Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 Ended(Unaudited) 2021 2020 2020 2020 2020 ($ in thousands)Tier 1 capitalStockholders' $ 2,930,775 $ 2,976,656 $ 2,942,241 $ 2,904,703 $ 2,845,400 equityCECLtransition 131,637 131,430 134,798 130,480 134,558 provision ^(1)Disallowedintangibleassets, net (1,159,720 ) (1,163,797 ) (1,167,357 ) (1,160,385 ) (1,164,038 )of deferredtaxUnrealizedloss (gain) 37,176 (59,726 ) (41,509 ) (54,310 ) (38,230 )on AFSsecuritiesTotal Tier 1 1,939,868 1,884,563 1,868,173 1,820,488 1,777,690 capital Tier 2 capitalTrustpreferredsecurities 383,008 382,874 382,739 382,604 388,396 andsubordinateddebtQualifyingallowance for loan lossesandreserve forunfunded 87,251 89,546 96,734 83,780 96,015 commitmentsTotal Tier 2 470,259 472,420 479,473 466,384 484,411 capitalTotalrisk-based $ 2,410,127 $ 2,356,983 $ 2,347,646 $ 2,286,872 $ 2,262,101 capital Risk weighted $ 13,771,244 $ 14,048,608 $ 14,878,932 $ 15,362,175 $ 16,012,233 assets Adjustedaverageassets for $ 21,668,406 $ 20,765,127 $ 20,652,454 $ 20,742,824 $ 19,832,219 leverageratio Ratios at end of quarterEquity to 12.55 % 13.31 % 13.72 % 13.26 % 13.65 %assetsTangiblecommon equity 7.88 % 8.45 % 8.65 % 8.31 % 8.44 %to tangibleassets ^(2)Common equityTier 1 ratio 14.08 % 13.41 % 12.55 % 11.85 % 11.10 %(CET1)Tier 1leverage 8.95 % 9.08 % 9.05 % 8.78 % 8.96 %ratioTier 1risk-based 14.09 % 13.41 % 12.56 % 11.85 % 11.10 %capital ratioTotalrisk-based 17.50 % 16.78 % 15.78 % 14.89 % 14.13 %capital 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 ConsolidatedInvestment SecuritiesFor the Quarters Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 Ended(Unaudited) 2021 2020 2020 2020 2020 ($ in thousands) InvestmentSecurities - End of PeriodHeld-to-Maturity U.S. Government $ 77,396 $ - $ - $ - $ - agenciesMortgage-backed 47,988 22,354 24,297 25,980 27,121 securitiesState andpolitical 484,116 310,109 21,930 24,777 25,985 subdivisionsOther securities - 568 875 963 862 Totalheld-to-maturity 609,500 333,031 47,102 51,720 53,968 (net of creditlosses)Available-for-Sale U.S. Treasury $ 600 $ - $ - $ - $ 424,989 U.S. Government 487,679 477,237 471,973 210,921 161,289 agenciesMortgage-backed 2,133,086 1,394,936 903,687 1,154,086 1,179,837 securitiesState andpolitical 1,571,910 1,470,723 1,133,006 1,054,068 678,243 subdivisionsOther securities 335,073 130,702 98,622 77,821 22,282 Totalavailable-for-sale 4,528,348 3,473,598 2,607,288 2,496,896 2,466,640 (net of creditlosses)Total investmentsecurities (net of $ 5,137,848 $ 3,806,629 $ 2,654,390 $ 2,548,616 $ 2,520,608 credit losses)Fair value - HTMinvestment $ 597,694 $ 341,925 $ 49,064 $ 53,751 $ 55,714 securities InvestmentSecurities - QTD AverageTaxable securities $ 2,471,291 $ 1,757,234 $ 1,534,742 $ 1,642,083 $ 2,324,188 Tax exempt 1,919,919 1,528,127 1,155,099 866,944 900,223 securitiesTotal investmentsecurities - QTD $ 4,391,210 $ 3,285,361 $ 2,689,841 $ 2,509,027 $ 3,224,411 average

Simmons First National SFNC CorporationConsolidated LoansFor theQuarters Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 Ended(Unaudited) 2021 2020 2020 2020 2020 ($ in thousands)LoanPortfolio - End of PeriodConsumer Credit cards $ 175,458 $ 188,845 $ 180,848 $ 184,348 $ 188,596 Other 172,965 202,379 182,768 214,024 267,870 consumerTotal 348,423 391,224 363,616 398,372 456,466 consumerReal Estate Construction 1,451,841 1,596,255 1,853,360 2,010,256 2,024,118 Single-family 1,730,056 1,880,673 1,997,070 2,207,087 2,343,543 residentialOthercommercial 5,638,010 5,746,863 6,132,823 6,316,444 6,466,104 real estateTotal real 8,819,907 9,223,791 9,983,253 10,533,787 10,833,765 estateCommercial Commercial 2,444,700 2,574,386 2,907,798 3,038,216 2,314,472 Agricultural 155,921 175,905 241,687 217,715 191,535 Total 2,600,621 2,750,291 3,149,485 3,255,931 2,506,007 commercialOther 426,922 535,591 521,088 418,810 578,039 Total Loans $ 12,195,873 $ 12,900,897 $ 14,017,442 $ 14,606,900 $ 14,374,277

Simmons First National SFNC CorporationConsolidatedAllowance and Asset QualityFor the Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 Quarters Ended(Unaudited) 2021 2020 2020 2020 2020 ($ in thousands)Allowance forCredit Losses on LoansBeginningbalance, prior $ 68,244 to adoption ofASC 326Impact ofadopting ASC $ 151,377 326 ^(1)Beginningbalance, after $ 238,050 $ 248,251 $ 231,641 $ 243,195 $ 219,621 adoption of ASC326 Loans charged offCredit cards 1,003 787 832 1,053 1,441 Other consumer 731 960 1,091 592 1,379 Real estate 1,687 10,415 1,153 1,824 396 Commercial 830 8,199 4,327 35,687 523 Total loans 4,251 20,361 7,403 39,156 3,739 charged off Recoveries ofloans previouslycharged offCredit cards 290 241 276 272 225 Other consumer 314 355 366 301 443 Real estate 403 431 120 253 101 Commercial 310 1,835 936 98 347 Total 1,317 2,862 1,698 924 1,116 recoveriesNet loans 2,934 17,499 5,705 38,232 2,623 charged offProvision forcredit losses - 7,298 22,315 26,678 26,197 on loansBalance, end of $ 235,116 $ 238,050 $ 248,251 $ 231,641 $ 243,195 quarter Non-performing assetsNon-performing loansNonaccrual $ 114,856 $ 122,879 $ 167,713 $ 131,383 $ 155,863 loansLoans past due 635 578 174 494 1,160 90 days or moreTotalnon-performing 115,491 123,457 167,887 131,877 157,023 loansOthernon-performing assetsForeclosedassets and 11,168 18,393 12,590 14,111 20,805 other realestate ownedOthernon-performing 1,229 2,016 1,983 2,008 2,169 assetsTotal othernon-performing 12,397 20,409 14,573 16,119 22,974 assetsTotalnon-performing $ 127,888 $ 143,866 $ 182,460 $ 147,996 $ 179,997 assetsPerforming TDRs(troubled debt $ 3,804 $ 3,138 $ 3,379 $ 3,960 $ 4,110 restructurings) Ratios Allowance forcredit losses 1.93 % 1.85 % 1.77 % 1.59 % 1.69 %on loans tototal loansAllowance forcredit lossesto 204 % 193 % 148 % 176 % 155 %non-performingloansNon-performingloans to total 0.95 % 0.96 % 1.20 % 0.90 % 1.09 %loansNon-performingassets(including performingTDRs)to total assets 0.56 % 0.66 % 0.87 % 0.69 % 0.88 %Non-performingassets to total 0.55 % 0.64 % 0.85 % 0.68 % 0.86 %assetsAnnualized netcharge offs to 0.10 % 0.52 % 0.16 % 1.04 % 0.07 %total loansAnnualized netcredit card charge offs tototal credit 1.39 % 1.15 % 1.20 % 1.67 % 2.29 %card 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 Mar 2021 Dec 2020 Mar 2020($ 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 $ 3,477,989 $ 798 0.09 % $ 2,651,938 $ 716 0.11 % $ 764,639 $ 2,441 1.28 %federal funds soldInvestmentsecurities - 2,471,291 10,120 1.66 % 1,757,234 7,720 1.75 % 2,324,188 12,752 2.21 %taxableInvestmentsecurities - 1,919,919 15,439 3.26 % 1,528,127 12,778 3.33 % 900,223 8,315 3.71 %non-taxable (FTE)Mortgageloans held for 97,409 639 2.66 % 179,275 1,070 2.37 % 43,588 281 2.59 %saleLoans -including fees 12,518,300 146,601 4.75 % 13,457,077 160,306 4.74 % 14,548,853 187,747 5.19 %(FTE)Totalinterest earning 20,484,908 173,597 3.44 % 19,573,651 182,590 3.71 % 18,581,491 211,536 4.58 %assets (FTE)Non-earning 2,253,913 2,278,443 2,338,732 assetsTotal $ 22,738,821 $ 21,852,094 $ 20,920,223 assets LIABILITIES ANDSTOCKHOLDERS' EQUITYInterest bearing liabilities:Interestbearing transaction andsavings $ 10,093,868 $ 6,088 0.24 % $ 9,389,570 $ 6,536 0.28 % $ 9,005,701 $ 17,954 0.80 %accountsTime 3,043,000 7,091 0.95 % 2,823,166 7,835 1.10 % 3,150,909 13,323 1.70 %depositsTotalinterest bearing 13,136,868 13,179 0.41 % 12,212,736 14,371 0.47 % 12,156,610 31,277 1.03 %depositsFederalfunds purchased and securitiessoldunder agreement to 307,540 245 0.32 % 340,333 284 0.33 % 330,902 759 0.92 %repurchaseOther 1,341,059 4,802 1.45 % 1,342,403 4,869 1.44 % 1,320,245 4,877 1.49 %borrowingsSubordinatednotes and 382,943 4,527 4.79 % 382,808 4,624 4.81 % 388,330 4,835 5.01 %debenturesTotalinterest bearing 15,168,410 22,753 0.61 % 14,278,280 24,148 0.67 % 14,196,087 41,748 1.18 %liabilitiesNon-interestbearing liabilities:Non-interest 4,419,136 4,413,168 3,602,678 bearing depositsOther 177,819 204,014 251,514 liabilitiesTotal 19,765,365 18,895,462 18,050,279 liabilitiesStockholders' 2,973,456 2,956,632 2,869,944 equityTotalliabilities and $ 22,738,821 $ 21,852,094 $ 20,920,223 stockholders'equityNet interest $ 150,844 $ 158,442 $ 169,788 income (FTE)Net interest 2.83 % 3.04 % 3.40 %spread (FTE)Net interestmargin (FTE) - 2.99 % 3.22 % 3.68 %quarter-to-date Net interestmargin (FTE) - 2.99 % 3.38 % 3.68 %year-to-date Core net interestmargin (FTE) - 2.86 % 3.04 % 3.42 %quarter-to-date^(1)Core loan yield(FTE) - 4.53 % 4.47 % 4.86 %quarter-to-date ^(1) Core net interestmargin (FTE) - 2.86 % 3.16 % 3.42 %year-to-date ^(1)Core loan yield(FTE) - 4.53 % 4.54 % 4.86 %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 SFNC Consolidated -Selected Financial DataFor the Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 Quarters Ended(Unaudited) 2021 2020 2020 2020 2020 ($ inthousands, except sharedata)QUARTER-TO-DATE FinancialHighlights - GAAPNet Income $ 67,407 $ 52,955 $ 65,885 $ 58,789 $ 77,223 Dilutedearnings per 0.62 0.49 0.60 0.54 0.68 shareReturn on 1.20 % 0.96 % 1.20 % 1.08 % 1.48 %average assetsReturn onaverage common 9.20 % 7.13 % 8.91 % 8.21 % 10.83 %equityReturn ontangible common 15.85 % 12.48 % 15.45 % 14.55 % 19.00 %equityNet interest 2.99 % 3.22 % 3.21 % 3.42 % 3.68 %margin (FTE)FTE adjustment 4,163 3,482 2,864 2,350 2,305 Amortization of 3,344 3,351 3,362 3,369 3,413 intangiblesAmortization ofintangibles, 2,470 2,475 2,483 2,489 2,521 net of taxesAverage dilutedshares 108,655,293 108,888,264 109,207,294 109,130,866 113,137,223 outstandingSharesrepurchased 130,916 1,034,364 - - 4,922,336 under planAverage priceof shares 23.53 19.36 - - 18.96 repurchasedCash dividendsdeclared per 0.18 0.17 0.17 0.17 0.17 common shareFinancialHighlights - Core (non-GAAP)Core earnings(excludes $ 63,995 $ 61,977 $ 68,338 $ 60,147 $ 73,838 non-core items)^ (1)Core dilutedearnings per 0.59 0.57 0.63 0.55 0.65 share ^(1)Core netinterest margin 2.86 % 3.04 % 3.02 % 3.18 % 3.42 %(FTE)^ (2)Accretableyield on 6,630 8,999 8,948 11,723 11,837 acquired loansEfficiency 57.77 % 55.27 % 54.12 % 51.46 % 57.79 %ratio ^(1)Core return onaverage assets^ 1.14 % 1.13 % 1.25 % 1.11 % 1.42 %(1)Core return onaverage common 8.73 % 8.34 % 9.24 % 8.40 % 10.35 %equity^ (1)Core return ontangible common 15.08 % 14.51 % 16.00 % 14.87 % 18.19 %equity ^(1)YEAR-TO-DATE FinancialHighlights - GAAPNet Income $ 67,407 $ 254,852 $ 201,897 $ 136,012 $ 77,223 Dilutedearnings per 0.62 2.31 1.83 1.22 0.68 shareReturn on 1.20 % 1.18 % 1.25 % 1.28 % 1.48 %average assetsReturn onaverage common 9.20 % 8.72 % 9.27 % 9.45 % 10.83 %equityReturn ontangible common 15.85 % 15.25 % 16.19 % 16.57 % 19.00 %equityNet interest 2.99 % 3.38 % 3.43 % 3.55 % 3.68 %margin (FTE)FTE adjustment 4,163 11,001 7,519 4,655 2,305 Amortization of 3,344 13,495 10,144 6,782 3,413 intangiblesAmortization ofintangibles, 2,470 9,968 7,493 5,010 2,521 net of taxesAverage dilutedshares 108,655,293 110,173,661 110,480,508 111,083,999 113,137,223 outstandingCash dividendsdeclared per 0.18 0.68 0.51 0.34 0.17 common shareFinancialHighlights - Core (non-GAAP)Core earnings(excludes $ 63,995 $ 264,300 $ 202,323 $ 133,985 $ 73,838 non-core items)^ (1)Core dilutedearnings per 0.59 2.40 1.83 1.21 0.65 share ^(1)Core netinterest margin 2.86 % 3.16 % 3.20 % 3.30 % 3.42 %(FTE)^ (2)Accretableyield on 6,630 41,507 32,508 23,560 11,837 acquired loansEfficiency 57.77 % 54.66 % 54.46 % 54.62 % 57.79 %ratio ^(1)Core return onaverage assets^ 1.14 % 1.22 % 1.26 % 1.26 % 1.42 %(1)Core return onaverage common 8.73 % 9.05 % 9.29 % 9.31 % 10.35 %equity^ (1)Core return ontangible common 15.08 % 15.79 % 16.22 % 16.33 % 18.19 %equity ^(1)END OF PERIOD Book value per $ 27.04 $ 27.53 $ 26.98 $ 26.64 $ 26.11 shareTangible book 16.13 16.56 16.07 15.79 15.22 value per shareShares 108,345,732 108,077,662 109,023,781 108,994,389 108,966,331 outstandingFull-timeequivalent 2,962 2,923 2,904 2,939 3,079 employeesTotal number offinancial 198 204 226 226 240 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 CorporationReconciliation Of Non-GAAP Financial Measures - Core Earnings - Quarter-to-Date For the Quarters Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 Ended(Unaudited) 2021 2020 2020 2020 2020 ($ in thousands,except per share data)QUARTER-TO-DATE Net Income $ 67,407 $ 52,955 $ 65,885 $ 58,789 $ 77,223 Non-core items Gain on sale of (5,477 ) (275 ) - (2,204 ) (5,889 )branchesMerger-related 233 731 902 1,830 1,068 costsEarly retirement - 62 2,346 493 - programBranchright-sizing 625 11,696 72 1,721 238 (net)Tax effect ^(1) 1,207 (3,192 ) (867 ) (482 ) 1,198 Net non-core (3,412 ) 9,022 2,453 1,358 (3,385 )itemsCore earnings $ 63,995 $ 61,977 $ 68,338 $ 60,147 $ 73,838 (non-GAAP) Diluted earnings $ 0.62 $ 0.49 $ 0.60 $ 0.54 $ 0.68 per shareNon-core items Gain on sale of (0.05 ) - - (0.02 ) (0.05 )branchesMerger-related - - 0.01 0.02 0.01 costsEarly retirement - - 0.02 - - programBranchright-sizing 0.01 0.11 - 0.02 - (net)Tax effect ^(1) 0.01 (0.03 ) - (0.01 ) 0.01 Net non-core (0.03 ) 0.08 0.03 0.01 (0.03 )itemsCore dilutedearnings per $ 0.59 $ 0.57 $ 0.63 $ 0.55 $ 0.65 share (non-GAAP) (1) Effectivetax rate of 26.135%. Reconciliation of Selected Non-Core Non-Interest Income and Expense Items (non-GAAP) QUARTER-TO-DATE Other income $ 10,260 $ 10,557 $ 5,380 $ 9,809 $ 12,801 Non-core items^ (5,477 ) (275 ) (370 ) (2,204 ) (5,889 )(1)Core otherincome $ 4,783 $ 10,282 $ 5,010 $ 7,605 $ 6,912 (non-GAAP) Non-interest $ 115,356 $ 128,135 $ 118,949 $ 117,598 $ 128,813 expenseNon-core items^ (858 ) (12,489 ) (3,690 ) (4,044 ) (1,306 )(1)Corenon-interest $ 114,498 $ 115,646 $ 115,259 $ 113,554 $ 127,507 expense(non-GAAP) Salaries andemployee $ 60,340 $ 55,762 $ 61,144 $ 57,644 $ 67,924 benefitsNon-core items^ - (144 ) (2,448 ) (493 ) - (1)Core salariesand employee $ 60,340 $ 55,618 $ 58,696 $ 57,151 $ 67,924 benefits(non-GAAP) Merger related $ 233 $ 731 $ 902 $ 1,830 $ 1,068 costsNon-core items^ (233 ) (731 ) (902 ) (1,830 ) (1,068 )(1)Core mergerrelated costs $ - $ - $ - $ - $ - (non-GAAP) Other operating $ 38,417 $ 54,342 $ 38,179 $ 39,651 $ 41,788 expensesNon-core items^ (208 ) (10,270 ) (11 ) (1,662 ) (212 )(1)Core otheroperating $ 38,209 $ 44,072 $ 38,168 $ 37,989 $ 41,576 expenses(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 SFNC CorporationReconciliation Of Non-GAAP Financial Measures - Core Earnings - Year-to-Date For the Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 Quarters Ended(Unaudited) 2021 2020 2020 2020 2020 ($ inthousands, except pershare data)YEAR-TO-DATE Net Income $ 67,407 $ 254,852 $ 201,897 $ 136,012 $ 77,223 Non-core items Gain on sale of (5,477 ) (8,368 ) (8,093 ) (8,093 ) (5,889 )branchesMerger-related 233 4,531 3,800 2,898 1,068 costsEarlyretirement - 2,901 2,839 493 - programBranchright-sizing 625 13,727 2,031 1,959 238 (net)Tax effect ^(1) 1,207 (3,343 ) (151 ) 716 1,198 Net non-core (3,412 ) 9,448 426 (2,027 ) (3,385 )itemsCore earnings $ 63,995 $ 264,300 $ 202,323 $ 133,985 $ 73,838 (non-GAAP) Dilutedearnings per $ 0.62 $ 2.31 $ 1.83 $ 1.22 $ 0.68 shareNon-core items Gain on sale of (0.05 ) (0.07 ) (0.07 ) (0.07 ) (0.05 )branchesMerger-related - 0.04 0.03 0.03 0.01 costsEarlyretirement - 0.03 0.02 - - programBranchright-sizing 0.01 0.12 0.02 0.02 - (net)Tax effect ^(1) 0.01 (0.03 ) - 0.01 0.01 Net non-core (0.03 ) 0.09 - (0.01 ) (0.03 )itemsCore dilutedearnings per $ 0.59 $ 2.40 $ 1.83 $ 1.21 $ 0.65 share(non-GAAP) (1) Effectivetax rate of 26.135%. Reconciliation of Selected Non-Core Non-Interest Income and Expense Items (non-GAAP) YEAR-TO-DATE Other income $ 10,260 $ 38,547 $ 27,990 $ 22,610 $ 12,801 Non-core items^ (5,477 ) (8,738 ) (8,463 ) (8,093 ) (5,889 )(1)Core otherincome $ 4,783 $ 29,809 $ 19,527 $ 14,517 $ 6,912 (non-GAAP) Non-interest $ 115,356 $ 493,495 $ 365,360 $ 246,411 $ 128,813 expenseNon-core items^ (858 ) (21,529 ) (9,040 ) (5,350 ) (1,306 )(1)Corenon-interest $ 114,498 $ 471,966 $ 356,320 $ 241,061 $ 127,507 expense(non-GAAP) Salaries andemployee $ 60,340 $ 242,474 $ 186,712 $ 125,568 $ 67,924 benefitsNon-core items^ - (3,085 ) (2,941 ) (493 ) - (1)Core salariesand employee $ 60,340 $ 239,389 $ 183,771 $ 125,075 $ 67,924 benefits(non-GAAP) Merger related $ 233 $ 4,531 $ 3,800 $ 2,898 $ 1,068 costsNon-core items^ (233 ) (4,531 ) (3,800 ) (2,898 ) (1,068 )(1)Core mergerrelated costs $ - $ - $ - $ - $ - (non-GAAP) Other operating $ 38,417 $ 173,960 $ 119,618 $ 81,439 $ 41,788 expensesNon-core items^ (208 ) (12,155 ) (1,885 ) (1,874 ) (212 )(1)Core otheroperating $ 38,209 $ 161,805 $ 117,733 $ 79,565 $ 41,576 expenses(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 theQuarters Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 Ended(Unaudited) 2021 2020 2020 2020 2020 ($ inthousands, except pershare data) Calculation of Tangible Common Equity and the Ratio of Tangible Common Equity to Tangible Assets Total commonstockholders' $ 2,930,008 $ 2,975,889 $ 2,941,474 $ 2,903,936 $ 2,844,633 equityIntangible assets:Goodwill (1,075,305 ) (1,075,305 ) (1,075,305 ) (1,064,765 ) (1,064,978 )Otherintangible (107,091 ) (111,110 ) (114,460 ) (117,823 ) (121,673 )assetsTotal (1,182,396 ) (1,186,415 ) (1,189,765 ) (1,182,588 ) (1,186,651 )intangiblesTangiblecommon $ 1,747,612 $ 1,789,474 $ 1,751,709 $ 1,721,348 $ 1,657,982 stockholders'equity Total assets $ 23,348,117 $ 22,359,752 $ 21,437,395 $ 21,903,684 $ 20,841,352 Intangible assets:Goodwill (1,075,305 ) (1,075,305 ) (1,075,305 ) (1,064,765 ) (1,064,978 )Otherintangible (107,091 ) (111,110 ) (114,460 ) (117,823 ) (121,673 )assetsTotal (1,182,396 ) (1,186,415 ) (1,189,765 ) (1,182,588 ) (1,186,651 )intangiblesTangible $ 22,165,721 $ 21,173,337 $ 20,247,630 $ 20,721,096 $ 19,654,701 assets Paycheckprotection (797,629 ) (904,673 ) (970,488 ) (963,712 ) program("PPP") loansTotal assetsexcluding PPP $ 22,550,488 $ 21,455,079 $ 20,466,907 $ 20,939,972 loansTangibleassets $ 21,368,092 $ 20,268,664 $ 19,277,142 $ 19,757,384 excluding PPPloans Ratio ofequity to 12.55 % 13.31 % 13.72 % 13.26 % 13.65 %assetsRatio ofequity toassets 13.00 % 13.87 % 14.38 % 13.87 % excluding PPPloansRatio oftangiblecommon equity 7.88 % 8.45 % 8.65 % 8.31 % 8.44 %to tangibleassetsRatio oftangiblecommon equityto tangible 8.18 % 8.83 % 9.09 % 8.71 % assetsexcluding PPPloans Calculationof Tangible Book Valueper Share Total commonstockholders' $ 2,930,008 $ 2,975,889 $ 2,941,474 $ 2,903,936 $ 2,844,633 equityIntangible assets:Goodwill (1,075,305 ) (1,075,305 ) (1,075,305 ) (1,064,765 ) (1,064,978 )Otherintangible (107,091 ) (111,110 ) (114,460 ) (117,823 ) (121,673 )assetsTotal (1,182,396 ) (1,186,415 ) (1,189,765 ) (1,182,588 ) (1,186,651 )intangiblesTangiblecommon $ 1,747,612 $ 1,789,474 $ 1,751,709 $ 1,721,348 $ 1,657,982 stockholders'equityShares ofcommon stock 108,345,732 108,077,662 109,023,781 108,994,389 108,966,331 outstandingBook valueper common $ 27.04 $ 27.53 $ 26.98 $ 26.64 $ 26.11 shareTangible bookvalue per $ 16.13 $ 16.56 $ 16.07 $ 15.79 $ 15.22 common share Calculation of Regulatory Tier 1 Leverage Ratio Excluding Average PPP Loans Total Tier 1 $ 1,939,868 $ 1,884,563 $ 1,868,173 $ 1,820,488 capital Adjustedaverageassets for $ 21,668,406 $ 20,765,127 $ 20,652,454 $ 20,742,824 leverageratioAverage PPP (891,070 ) (937,544 ) (967,152 ) (645,172 ) loansAdjustedaverageassets $ 20,777,336 $ 19,827,583 $ 19,685,302 $ 20,097,652 excludingaverage PPPloans Tier 1leverage 8.95 % 9.08 % 9.05 % 8.78 % ratioTier 1leverageratio 9.34 % 9.50 % 9.49 % 9.06 % excludingaverage PPPloans

Simmons FirstNational SFNC CorporationReconciliation Of Non-GAAP Financial Measures - Quarter-to-DateFor the Quarters Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 Ended(Unaudited) 2021 2020 2020 2020 2020 ($ in thousands) Calculation ofCore Return on Average Assets Net income $ 67,407 $ 52,955 $ 65,885 $ 58,789 $ 77,223 Net non-coreitems, net of (3,412 ) 9,022 2,453 1,358 (3,385 )taxes, adjustmentCore earnings $ 63,995 $ 61,977 $ 68,338 $ 60,147 $ 73,838 Average total $ 22,738,821 $ 21,852,094 $ 21,765,321 $ 21,822,273 $ 20,920,223 assets Return on average 1.20 % 0.96 % 1.20 % 1.08 % 1.48 %assetsCore return on 1.14 % 1.13 % 1.25 % 1.11 % 1.42 %average assets Calculation ofReturn on Tangible CommonEquity Net income $ 67,407 $ 52,955 $ 65,885 $ 58,789 $ 77,223 Amortization ofintangibles, net 2,470 2,475 2,483 2,489 2,521 of taxesTotal incomeavailable to $ 69,877 $ 55,430 $ 68,368 $ 61,278 $ 79,744 commonstockholders Net non-coreitems, net of (3,412 ) 9,022 2,453 1,358 (3,385 )taxesCore earnings 63,995 61,977 68,338 60,147 73,838 Amortization ofintangibles, net 2,470 2,475 2,483 2,489 2,521 of taxesTotal core incomeavailable to $ 66,465 $ 64,452 $ 70,821 $ 62,636 $ 76,359 commonstockholders Average commonstockholders' $ 2,972,689 $ 2,955,865 $ 2,942,045 $ 2,879,337 $ 2,869,177 equityAverageintangible assets:Goodwill (1,075,305 ) (1,075,305 ) (1,064,893 ) (1,064,955 ) (1,055,498 )Other intangibles (109,850 ) (113,098 ) (116,385 ) (120,111 ) (125,746 )Total average (1,185,155 ) (1,188,403 ) (1,181,278 ) (1,185,066 ) (1,181,244 )intangiblesAverage tangiblecommon $ 1,787,534 $ 1,767,462 $ 1,760,767 $ 1,694,271 $ 1,687,933 stockholders'equity Return on average 9.20 % 7.13 % 8.91 % 8.21 % 10.83 %common equityReturn ontangible common 15.85 % 12.48 % 15.45 % 14.55 % 19.00 %equityCore return onaverage common 8.73 % 8.34 % 9.24 % 8.40 % 10.35 %equityCore return ontangible common 15.08 % 14.51 % 16.00 % 14.87 % 18.19 %equity Calculation ofEfficiency Ratio ^(1) Non-interest $ 115,356 $ 128,135 $ 118,949 $ 117,598 $ 128,813 expenseNon-corenon-interest (858 ) (12,489 ) (3,690 ) (4,044 ) (1,306 )expenseadjustmentOther real estateand foreclosure (343 ) (545 ) (600 ) (242 ) (319 )expenseadjustmentAmortization ofintangibles (3,344 ) (3,351 ) (3,362 ) (3,369 ) (3,413 )adjustmentEfficiency ratio $ 110,811 $ 111,750 $ 111,297 $ 109,943 $ 123,775 numerator Net-interest $ 146,681 $ 154,960 $ 153,610 $ 163,681 $ 167,483 incomeNon-interest 51,903 44,056 71,851 50,227 82,394 incomeNon-corenon-interest (5,477 ) (275 ) (370 ) (2,204 ) (5,889 )income adjustmentFullytax-equivalentadjustment 4,163 3,482 2,864 2,350 2,305 (effective taxrate of 26.135%)Gain on sale of (5,471 ) (16 ) (22,305 ) (390 ) (32,095 )securitiesEfficiency ratio $ 191,799 $ 202,207 $ 205,650 $ 213,664 $ 214,198 denominator Efficiency ratio 57.77 % 55.27 % 54.12 % 51.46 % 57.79 %^(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 FirstNational SFNC CorporationReconciliation Of Non-GAAP Financial Measures - Quarter-to-Date (continued)For the Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 Quarters Ended(Unaudited) 2021 2020 2020 2020 2020 ($ in thousands)Calculation ofCore Net InterestMargin Net interest $ 146,681 $ 154,960 $ 153,610 $ 163,681 $ 167,483 incomeFullytax-equivalentadjustment 4,163 3,482 2,864 2,350 2,305 (effective taxrate of26.135%)Fullytax-equivalent 150,844 158,442 156,474 166,031 169,788 net interestincome Totalaccretable (6,630 ) (8,999 ) (8,948 ) (11,723 ) (11,837 )yieldCore netinterest $ 144,214 $ 149,443 $ 147,526 $ 154,308 $ 157,951 income PPP loan andadditionalliquidity (12,257 ) (6,983 ) (6,131 ) $ (5,623 ) interestincomeNet interestincomeadjusted for $ 138,587 $ 151,459 $ 150,343 $ 160,408 PPP loans andliquidity Average $ 20,484,908 $ 19,573,651 $ 19,415,314 $ 19,517,475 $ 18,581,491 earning assetsAverage PPPloan balance (3,617,567 ) (2,837,125 ) (2,359,928 ) $ (2,071,411 ) and additionalliquidityAverageearning assetsadjusted for $ 16,867,341 $ 16,736,526 $ 17,055,386 $ 17,446,064 PPP loans andliquidity Net interest 2.99 % 3.22 % 3.21 % 3.42 % 3.68 %marginCore netinterest 2.86 % 3.04 % 3.02 % 3.18 % 3.42 %marginNet interestmarginadjusted for 3.33 % 3.60 % 3.51 % 3.70 % PPP loans andliquidity Calculation ofCore Loan Yield Loan interest $ 146,601 $ 160,306 $ 163,379 $ 177,168 $ 187,566 income (FTE)Totalaccretable (6,630 ) (8,999 ) (8,948 ) (11,723 ) (11,837 )yieldCore loaninterest $ 139,971 $ 151,307 $ 154,431 $ 165,445 $ 175,729 incomePPP loaninterest (11,652 ) (6,457 ) (5,782 ) $ (3,733 ) incomeCore loaninterest $ 128,319 $ 144,850 $ 148,649 $ 161,712 income withoutPPP loans Average loan $ 12,518,300 $ 13,457,077 $ 14,315,014 $ 14,731,306 $ 14,548,853 balanceAverage PPP (891,070 ) (937,544 ) (967,152 ) $ (645,172 ) loan balanceAverage loanbalance $ 11,627,230 $ 12,519,533 $ 13,347,862 $ 14,086,134 without PPPloans Core loan 4.53 % 4.47 % 4.29 % 4.52 % 4.86 %yieldCore loanyield without 4.48 % 4.60 % 4.43 % 4.62 % PPP loans Calculation of Adjusted Pre-Tax, Pre-Provision (PTPP) Earnings Net incomeavailable to $ 67,407 $ 52,955 $ 65,885 $ 58,789 $ 77,223 commonstockholdersProvision for 14,363 10,970 17,633 15,593 20,694 income taxesProvision forcredit losses(including 1,445 6,943 22,981 21,915 23,134 provision forunfundedcommitments)(Gain) loss onsale of (5,471 ) (16 ) (22,305 ) (390 ) (32,095 )securitiesNet pre-tax (4,619 ) 12,214 3,320 1,840 (4,583 )non-core itemsAdjustedPre-tax,pre-provision $ 73,125 $ 83,066 $ 87,514 $ 97,747 $ 84,373 (PTPP)earnings

Simmons FirstNational SFNC CorporationReconciliation Of Non-GAAP Financial Measures - Year-to-DateFor the Quarters Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 Ended(Unaudited) 2021 2020 2020 2020 2020 ($ in thousands) Calculation ofCore Return on Average Assets Net income $ 67,407 $ 254,852 $ 201,897 $ 136,012 $ 77,223 Net non-coreitems, net of (3,412 ) 9,448 426 (2,027 ) (3,385 )taxes, adjustmentCore earnings $ 63,995 $ 264,300 $ 202,323 $ 133,985 $ 73,838 Average total $ 22,738,821 $ 21,590,745 $ 21,503,564 $ 21,371,248 $ 20,920,223 assets Return on average 1.20 % 1.18 % 1.25 % 1.28 % 1.48 %assetsCore return on 1.14 % 1.22 % 1.26 % 1.26 % 1.42 %average assets Calculation ofReturn on Tangible CommonEquity Net income $ 67,407 $ 254,852 $ 201,897 $ 136,012 $ 77,223 Amortization ofintangibles, net 2,470 9,968 7,493 5,010 2,521 of taxesTotal incomeavailable to $ 69,877 $ 264,820 $ 209,390 $ 141,022 $ 79,744 commonstockholders Net non-coreitems, net of (3,412 ) 9,448 426 (2,027 ) (3,385 )taxesCore earnings 63,995 264,300 202,323 133,985 73,838 Amortization ofintangibles, net 2,470 9,968 7,493 5,010 2,521 of taxesTotal core incomeavailable to $ 66,465 $ 274,268 $ 209,816 $ 138,995 $ 76,359 commonstockholders Average commonstockholders' $ 2,972,689 $ 2,921,039 $ 2,910,366 $ 2,894,351 $ 2,869,177 equityAverageintangible assets:Goodwill (1,075,305 ) (1,065,190 ) (1,061,793 ) (1,060,226 ) (1,055,498 )Other intangibles (109,850 ) (118,812 ) (120,731 ) (122,928 ) (125,746 )Total average (1,185,155 ) (1,184,002 ) (1,182,524 ) (1,183,154 ) (1,181,244 )intangiblesAverage tangiblecommon $ 1,787,534 $ 1,737,037 $ 1,727,842 $ 1,711,197 $ 1,687,933 stockholders'equity Return on average 9.20 % 8.72 % 9.27 % 9.45 % 10.83 %common equityReturn ontangible common 15.85 % 15.25 % 16.19 % 16.57 % 19.00 %equityCore return onaverage common 8.73 % 9.05 % 9.29 % 9.31 % 10.35 %equityCore return ontangible common 15.08 % 15.79 % 16.22 % 16.33 % 18.19 %equity Calculation ofEfficiency Ratio ^(1) Non-interest $ 115,356 $ 493,495 $ 365,360 $ 246,411 $ 128,813 expenseNon-corenon-interest (858 ) (21,529 ) (9,040 ) (5,350 ) (1,306 )expenseadjustmentOther real estateand foreclosure (343 ) (1,706 ) (1,161 ) (561 ) (319 )expenseadjustmentAmortization ofintangibles (3,344 ) (13,495 ) (10,144 ) (6,782 ) (3,413 )adjustmentEfficiency ratio $ 110,811 $ 456,765 $ 345,015 $ 233,718 $ 123,775 numerator Net-interest $ 146,681 $ 639,734 $ 484,774 $ 331,164 $ 167,483 incomeNon-interest 51,903 248,528 204,472 132,621 82,394 incomeNon-corenon-interest (5,477 ) (8,738 ) (8,463 ) (8,093 ) (5,889 )income adjustmentFullytax-equivalentadjustment 4,163 11,001 7,519 4,655 2,305 (effective taxrate of 26.135%)Gain on sale of (5,471 ) (54,806 ) (54,790 ) (32,485 ) (32,095 )securitiesEfficiency ratio $ 191,799 $ 835,719 $ 633,512 $ 427,862 $ 214,198 denominator Efficiency ratio 57.77 % 54.66 % 54.46 % 54.62 % 57.79 %^(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 FirstNational SFNC CorporationReconciliation Of Non-GAAP Financial Measures - Year-to-Date (continued)For the Mar 31 Dec 31 Sep 30 Jun 30 Mar 31 Quarters Ended(Unaudited) 2021 2020 2020 2020 2020 ($ in thousands)Calculation ofCore Net InterestMargin Net interest $ 146,681 $ 639,734 $ 484,774 $ 331,164 $ 167,483 incomeFullytax-equivalentadjustment 4,163 11,001 7,519 4,655 2,305 (effective taxrate of26.135%)Fullytax-equivalent 150,844 650,735 492,293 335,819 169,788 net interestincome Totalaccretable (6,630 ) (41,507 ) (32,508 ) (23,560 ) (11,837 )yieldCore netinterest $ 144,214 $ 609,228 $ 459,785 $ 312,259 $ 157,951 incomeAverage $ 20,484,908 $ 19,272,886 $ 19,172,318 $ 19,049,487 $ 18,581,491 earning assets Net interest 2.99 % 3.38 % 3.43 % 3.55 % 3.68 %marginCore netinterest 2.86 % 3.16 % 3.20 % 3.30 % 3.42 %margin Calculation ofCore Loan Yield Loan interest $ 146,601 $ 688,600 $ 528,294 $ 364,915 $ 187,566 income (FTE)Totalaccretable (6,630 ) (41,507 ) (32,508 ) (23,560 ) (11,837 )yieldCore loaninterest $ 139,971 $ 647,093 $ 495,786 $ 341,355 $ 175,729 incomeAverage loan $ 12,518,300 $ 14,260,689 $ 14,530,938 $ 14,640,082 $ 14,548,853 balance Core loan 4.53 % 4.54 % 4.56 % 4.69 % 4.86 %yield Calculation ofAdjustedPre-Tax, Pre-Provision(PTPP)Earnings Net incomeavailable to $ 67,407 $ 254,852 $ 201,897 $ 136,012 $ 77,223 commonstockholdersProvision for 14,363 64,890 53,920 36,287 20,694 income taxesProvision forcredit losses(including 1,445 74,973 68,030 45,049 23,134 provision forunfundedcommitments)(Gain) loss onsale of (5,471 ) (54,806 ) (54,790 ) (32,485 ) (32,095 )securitiesNet pre-tax (4,619 ) 12,791 577 (2,743 ) (4,583 )non-core itemsAdjustedPre-tax,pre-provision $ 73,125 $ 352,700 $ 269,634 $ 182,120 $ 84,373 (PTPP)earnings