GlobeNewswire Inc | Oct 26, 2021 08:00AM EDT

October 26, 2021

Acquisitions and conversions of Landmark Community Bank and Triumph Bancshares, Inc. completed shortly after end of the quarter approximately four months after announcement

-- Net income of $80.6 million for the third quarter of 2021, up 22 percent from the year ago quarter and up 8 percent compared to the second quarter of 2021 -- Diluted EPS of $0.74 for the quarter, up 23 percent from the year ago quarter and up 7 percent compared to the second quarter of 2021 -- Loan production tops $1.5 billion in the quarter while loan yields rise 3 bps on a linked quarter basis -- Total deposits of $18.1 billion at the end of the third quarter of 2021, up $1.1 billion since year-end 2020 while deposit costs dropped 14 bps over the same period -- Nonperforming loans decline for 4th consecutive quarter, down $21.5 million linked quarter; combined with continued improvement in macroeconomic scenario models drives $19.9 million provision expense recapture in the quarter. Nonperforming loan coverage ratio rises to 341 percent -- Strong capital position as all regulatory risk-based capital ratios significantly exceed well-capitalized guidelines. Approximately 1.8 million shares of common stock repurchased during the third quarter of 2021

PINE BLUFF, Ark., Oct. 26, 2021 (GLOBE NEWSWIRE) -- Simmons First National Corporation (NASDAQ: SFNC) (the Company or Simmons) today reported net income of $80.6 million for the third quarter of 2021 compared to net income of $65.9 million for the third quarter of 2020, an increase of $14.7 million, or 22 percent. Diluted earnings per share for the third quarter of 2021 were $0.74, an increase of $0.14, or 23 percent, compared to the same period in the prior year. Included in third quarter 2021 results was a $1.2 million net after-tax credit related to merger and integration expenses and net branch right-sizing activity. Excluding the impact of these items, core earnings were $79.4 million for the third quarter of 2021 compared to $68.3 million for the third quarter of 2020, an increase of $11.0 million, or 16 percent. Core diluted earnings per share were $0.73, an increase of $0.10, or 16 percent, from the comparable period in 2020.

On a year-to-date basis, net income for the first nine months of 2021 was $222.9 million, up 10 percent over the $201.9 million earned for the first nine months of 2020. Diluted earnings per share for the first nine months of 2021 were $2.05, up 12 percent compared to the same period in the prior year. Excluding $4.1 million in net after-tax merger-related and net branch right-sizing costs and the after-tax gain primarily associated with the sale of branches in Illinois, core earnings for the first nine months of 2021 were $218.8 million, an increase of $16.5 million compared to the first nine months of 2020. Core diluted earnings per share for the first nine months of 2021 were $2.01, an increase of $0.18, or 10 percent, from the comparable period of 2020.

Simmons once again delivered solid results in the quarter reflecting our ability to execute basic blocking and tackling fundamentals, said George A. Makris, Jr., Simmons chairman and CEO. We also announced the completion of the acquisitions of Tennessee-based Landmark Community Bank and Triumph Bancshares, Inc. shortly after the end of the quarter. To be able to obtain all the necessary approvals, close and simultaneously complete the systems conversions of two banks in approximately four months is a remarkable accomplishment and speaks to the outstanding team we have built at Simmons. Wed like to welcome our new customers, associates and shareholders to the Simmons family.

While overall loan growth has been challenging given the high levels of liquidity throughout the system and corresponding paydowns, during the quarter we generated $1.5 billion in loan originations and advances, and our commercial loan pipeline rose for the fourth consecutive quarter to $1.5 billion, up 15 percent on a linked quarter basis. Our ability to build upon this positive momentum, coupled with our outstanding capital position and steadfast attention to maintaining a strong credit culture, give us reason to be cautiously optimistic as we enter the final quarter of the year and look forward to 2022.



Selected Highlights: 3^rd Qtr 2021 2^nd Qtr 2021 3^rd Qtr 2020Net income $80.6 $74.9 $65.9 million million millionDiluted earnings per share $0.74 $0.69 $0.60 Return on avg assets 1.37% 1.29% 1.20% Return on avg common equity 10.42% 10.08% 8.91% Return on tangible common 17.43% 17.25% 15.45% equity ^(1) Core earnings ^(2) $79.4 $75.4 $68.3 million million millionCore diluted earnings per share $0.73 $0.69 $0.63 ^(2)Core return on avg assets ^(2) 1.35% 1.30% 1.25% Core return on avg common 10.26% 10.15% 9.24% equity ^(2)Core return on tangible common 17.18% 17.36% 16.00% equity ^(1)(2)Efficiency ratio ^(3) 58.10% 56.75% 53.58% Adjusted pre-tax, pre-provision $72.6 million $74.6 million $87.5 millionearnings ^(2)

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 exclude provision for income taxes,(2) 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) 3^rd Qtr 2021 2^nd Qtr 2021 3^rd Qtr 2020Total loans $10.8 $11.4 $14.0

Total loans at the end of the third quarter of 2021 were $10.8 billion compared to $11.4 billion at the end of the second quarter of 2021 and $14.0 billion at the end of the third quarter of 2020. Loan production increased to $1.5 billion in the third quarter, but was offset by paydowns and payoffs, including higher activity associated with Paycheck Protection Program (PPP) loans. PPP loans at the end of the third quarter totaled $212 million, down $229 million from $441 million at the end of the second quarter of 2021.

Despite these headwinds, anecdotal evidence suggests that loan demand may be returning to more normalized levels. For the fourth consecutive quarter, the Company experienced an increase in its commercial loan pipeline. The Companys total commercial loan pipeline consisting of all loan opportunities was $1.5 billion, up 15 percent on a linked quarter basis, and up substantially from $674 million at December 31, 2020. Loans approved and ready to close at the end of the quarter totaled $493 million.

PPP Loans

($ in millions) PPP Round 1 PPP Round 2 Total PPP LoansBeginning balance, January 1, 2021 $904.7 $ - $904.7 PPP loan originations - 318.9 318.9 PPP loan forgiveness and repayments (882.3) (129.2) (1,011.5) Ending balance, September 30, 2021 $22.4 $189.7 $212.1

Deposits

($ in billions) 3^rd Qtr 2021 2^nd Qtr 2021 3^rd Qtr 2020Total deposits $18.1 $18.3 $16.2Noninterest bearing deposits $4.9 $4.9 $4.5Interest bearing deposits $10.7 $10.6 $9.0Time deposits $2.5 $2.8 $2.8

Total deposits at the end of the third quarter of 2021 were $18.1 billion, an increase of $1.8 billion or 11 percent from $16.2 billion at the end of the third quarter of 2020. The increase in total deposits from a year ago was fueled by a $1.7 billion increase in interest bearing deposits (checking, savings and money market account) which totaled $10.7 billion at the end of the third quarter of 2021. Growth in noninterest bearing deposits also contributed to the year-over-year increase in total deposits, rising $467 million or 11 percent to $4.9 billion. Time deposits totaled $2.5 billion at the end of the third quarter of 2021, down $346 million from $2.8 billion at the end of the third quarter of 2020.

Net Interest Income

3^rd Qtr 2^nd Qtr 1^st Qtr 4^th Qtr 3^rd Qtr 2021 2021 2021 2020 2020Loan yield ^(1) 4.76 % 4.73 % 4.75 % 4.74 % 4.54 %Core loan yield ^(1) (2) 4.61 % 4.54 % 4.53 % 4.47 % 4.29 %Security yield ^(1) 1.77 % 1.97 % 2.36 % 2.48 % 2.60 %Cost of interest bearing deposits 0.27 % 0.32 % 0.41 % 0.47 % 0.54 %Cost of deposits ^(3) 0.20 % 0.24 % 0.30 % 0.34 % 0.39 %Cost of borrowed funds 1.96 % 1.97 % 1.91 % 1.88 % 1.85 %Net interest margin ^(1) 2.85 % 2.89 % 2.99 % 3.22 % 3.21 %Core net interest margin ^(1) (2) 2.77 % 2.78 % 2.86 % 3.04 % 3.02 %

(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 noninterest bearing deposits.

Net interest income for the third quarter of 2021 totaled $145.2 million compared to $146.5 million in the second quarter of 2021 and $153.6 million in the third quarter of 2020. Included in net interest income is accretion recognized on loans acquired totaling $4.1 million in the third quarter of 2021, $5.6 million in the second quarter of 2021 and $8.9 million in the third quarter of 2020. Excluding the impact of accretion, core net interest income for the third quarter of 2021 was up slightly on a linked quarter basis.

The decrease in net interest income from a year ago reflects lower average loan balance, offset in part by an increase in loan yields. To further offset the expected pressure on net interest income given the current low interest rate environment, the Company has been successful in its efforts to reduce deposit costs. Cost of deposits for the third quarter of 2021 were 20 basis points, down 4 basis points on a linked quarter basis and down 19 basis points compared to the third quarter of 2020.

The yield on loans for the third quarter of 2021 was 4.76 percent, up 3 basis points on a linked quarter basis and up 22 basis points compared to the third quarter of 2020. The core loan yield, which excludes accretion, for the third quarter of 2021 was 4.61 percent, up 7 basis points compared to the second quarter of 2021 and up 32 basis points compared to the third quarter of 2020. The yield on PPP loans (including accretion of net fees) was approximately 10.60 percent during the third quarter of 2021, reflecting a substantial increase in forgiveness and repayment activity compared to prior quarters.

The net interest margin on a fully taxable equivalent basis was 2.85 percent for the third quarter of 2021 compared to 2.89 percent for the second quarter of 2021 and 3.21 percent for the third quarter of 2020. Core net interest margin (excluding accretion on acquired loans) was 2.77 percent compared to 2.78 percent for the second quarter of 2021 and 3.02 percent for the third quarter of 2020. During the third quarter of 2021, the Company strategically redeployed excess liquidity through the purchase of approximately $1.2 billion of investments securities, including $226 million of short-term, variable rate investment securities. The duration of the investment securities portfolio at September 30, 2021 was 5.0 years compared to 4.9 years at June 30, 2021.

Noninterest IncomeNoninterest income for the third quarter of 2021 was $48.6 million compared to $47.1 million for the second quarter of 2021 and $69.5 million in the third quarter of 2020. The decrease in noninterest income compared to the third quarter of 2020 is partially attributable to mortgage lending income in the third quarter of 2020, which was aided by strong mortgage production during favorable market conditions. Gains on sales of investment securities totaled $5.2 million in the third quarter of 2021, $5.1 million in the second quarter of 2021 and $22.3 million in the third quarter of 2020. Core noninterest income totaled $48.8 million in the third quarter of 2021 compared to $46.7 million in the second quarter of 2021 and $69.1 million in the third quarter of 2020. Core noninterest income excludes net gains on the sale of branches which totaled $(239,000) in the third quarter of 2021, $445,000 in the second quarter of 2021 and $370,000 in the third quarter of 2020.

Select Noninterest Income Items 3^rd Qtr 2nd Qtr 1^st Qtr 4^th Qtr 3^rd($ in millions) 2021 2021 2021 2020 Qtr 2020Service charges on deposit accounts $11.6 $10.1 $9.7 $10.8 $10.4Trust income $7.1 $7.2 $6.7 $6.6 $6.7Mortgage lending income $5.8 $4.5 $6.4 $3.0 $14.0SBA lending income $0.2 $0.3 $0.2 $0.5 $0.3Debit and credit card fees^ (1) $7.1 $7.1 $6.6 $6.4 $6.5Gain on sale of securities $5.2 $5.1 $5.5 - $22.3Other income $6.2 $8.1 $10.3 $10.6 $5.4 Core other income ^(^2^) $6.5 $7.7 $4.8 $10.3 $5.0

During the second quarter of 2021, certain debit and credit card(1) transaction fees were reclassified from noninterest expense to noninterest income. Prior periods have been adjusted to reflect this reclassification. Core figures exclude non-core items and are non-GAAP measurements. Please(2) see ?Non-GAAP Financial Measures? and ?Reconciliation of Non-GAAP Financial Measures? below.

Noninterest ExpenseNoninterest expense for the third quarter of 2021 totaled $114.3 million compared to $114.7 million for the second quarter of 2021 and $116.6 million for the third quarter of 2020. Included in noninterest expense are pre-tax, non-core items for merger-related expenses, early retirement and branch right sizing costs. Excluding these items, core noninterest expense was $116.2 million for the third quarter of 2021, $113.5 million for the second quarter of 2021 and $112.9 million for the third quarter of 2020. During the quarter, the Company recorded in other expense a $3.3 million reversal of mark-to-market adjustment related to branches held for sale. As previously announced, during the quarter the Company closed 13 branches in connection with its branch right sizing initiative.

Select Noninterest Expense Items 3^rd 2^nd 1^st 4^th 3^rd($ in millions) Qtr Qtr Qtr Qtr Qtr 2021 2021 2021 2020 2020Salaries and employee benefits $61.9 $60.3 $60.3 $55.8 $61.1Merger related costs $1.4 $0.7 $0.2 $0.7 $0.9Other operating expenses^ (1) $34.6 $37.2 $36.1 $52.0 $35.8 Core salaries and employee benefits ^ $61.8 $60.3 $60.3 $55.6 $58.7(^2^)Core merger related costs ^(^2^) - - - - -Core other operating expenses ^(^2^) $38.3 $37.1 $35.9 $41.8 $35.8

During the second quarter of 2021, certain debit and credit card(1) transaction fees were reclassified from noninterest expense to noninterest income. Prior periods have been adjusted to reflect this reclassification. Core figures exclude non-core items and are non-GAAP measurements. Please(2) see ?Non-GAAP Financial Measures? and ?Reconciliation of Non-GAAP Financial Measures? below.

Asset Quality

3^rd Qtr 2^nd Qtr 1^st Qtr 4^th Qtr 3^rd Qtr 2021 2021 2021 2020 2020($ in millions)Allowance forcredit losses on 1.87% 2.00% 1.93% 1.85% 1.77% loans to totalloansAllowance forcredit losses onloans to 341% 281% 204% 193% 148% nonperformingloansNonperformingloans to total 0.55% 0.71% 0.95% 0.96% 1.20% loansNet charge-offratio 0.17% (0.07%) 0.10% 0.52% 0.16% (annualized)Net charge-offratio YTD 0.06% 0.01% 0.10% 0.45% 0.43% (annualized) Totalnonperforming $59.4 $80.9 $115.5 $123.5 $167.9 loansTotal othernonperforming $13.5 $16.3 $12.4 $20.4 $14.6 assets

For the fourth consecutive quarter, asset quality metric continued to show marked improvement with nonperforming loans now at their lowest level since the fourth quarter of 2018. Total nonperforming loans at the end of the quarter totaled $59.4 million, down $21.5 million compared to $80.9 million at the end of the second quarter of 2021 and down $108.5 million from the third quarter of 2020. Net charge-offs as a percentage of average total loans for the quarter were 17 basis points, relatively unchanged from the 16 basis points recorded in the third quarter a year ago. The increase in net charge-offs on a linked quarter basis was primarily associated with a single previously identified commercial loan. Provision for credit losses in the quarter was a credit of $19.9 million, reflecting continued positive trends in asset quality metrics and improved economic modeling scenarios. The allowance for credit losses at the end of the third quarter of 2021 totaled $202.5 million compared to $227.2 million at the end of the second quarter of 2021 and $248.3 million at the end of the third quarter of 2020. At the same time, all of our coverage ratios remain strong. The allowance to loan ratio ended the quarter at 1.87 percent compared to 2.00 percent at the end of the second quarter of 2021 and 1.77 percent at the end of the third quarter of 2020. The nonperforming loan coverage ratio rose to 341 percent compared to 281 percent at the end of the second quarter of 2021 and 148 percent at the end of the third quarter of 2020.

Foreclosed Assets and Other Real Estate OwnedAt September 30, 2021, foreclosed assets and other real estate owned (OREO) totaled $11.8 million compared to $15.2 million at the June 30, 2021 and $12.6 million at September 30, 2020. A breakdown of the composition of foreclosed assets and OREO is provided in the table below:

3^rd 2^nd 1^st 4^th 3^rd Qtr Qtr Qtr Qtr Qtr($ in millions) 2021 2021 2021 2020 2020Closed bank branches and branch $2.7 $4.4 $0.5 $0.6 $0.6sitesForeclosed assets ? acquired $6.0 $6.7 $7.7 $15.3 $9.3Foreclosed assets ? legacy $3.1 $4.1 $3.0 $2.5 $2.7

Capital

3^rd 2^nd 1^st 4^th 3^rd Qtr Qtr Qtr Qtr Qtr 2021 2021 2021 2020 2020Stockholders? equity to total assets 13.1% 13.0% 12.6% 13.3% 13.7% Tangible common equity to tangible 8.4% 8.4% 7.9% 8.5% 8.7% assets^(1)Regulatory common equity tier 1 ratio 14.3% 14.2% 14.1% 13.4% 12.6% Regulatory tier 1 leverage ratio 9.1% 9.0% 9.0% 9.1% 9.1% Regulatory tier 1 risk-based capital 14.3% 14.2% 14.1% 13.4% 12.6% ratioRegulatory total risk-based capital 17.4% 17.5% 17.5% 16.8% 15.8% ratio

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

Total common stockholders equity at the end of the second and third quarters of 2021 totaled $3.0 billion compared to $2.9 billion at the end of the third quarter of 2020. Book value per share at the end of the quarter was $28.42 compared to $28.03 at the end of the second quarter of 2021 and $26.98 at the end of the third quarter of 2020. Tangible book value per share was $17.39 compared to $17.16 at the end of the second quarter of 2021 and $16.07 at the end of the third quarter of 2020. The ratio of stockholders equity to total assets at September 30, 2021 was 13.1 percent while tangible common equity to tangible total assets was 8.4 percent. The Company continues to maintain an outstanding capital positions with each of its regulatory capital ratios significantly in excess of well-capitalized guidelines.

Share Repurchase ProgramDuring the third quarter of 2021, the Company repurchased approximately 1.8 million shares of its common stock at an average price of $28.48 pursuant to the Companys stock repurchase program (the Program), with remaining capacity under the Program totaling approximately $98.5 million. Market conditions and our capital needs will drive the decisions regarding additional, future stock repurchases.

The Program permits the Company to repurchase shares of its common stock through open market and privately negotiated transactions or otherwise. The timing, pricing, and amount of any repurchases under the Program will be determined by the Companys management at its discretion based on a variety of factors, including, but not limited to, trading volume and market price of the common stock, corporate considerations, the Companys working capital and investment requirements, general market and economic conditions, and legal requirements. The Program does not obligate the Company to repurchase any common stock and may be modified, discontinued, or suspended at any time without prior notice.

Simmons First National CorporationSimmons First National Corporation (NASDAQ: SFNC) is a Mid-South based financial holding company whose principal subsidiary, Simmons Bank, operates more than 200 financial centers in Arkansas, Missouri, Tennessee, Texas, Oklahoma and Kansas. Founded in 1903, Simmons Bank offers comprehensive financial solutions delivered with a client-centric approach. Simmons Bank was named to Forbes list of Worlds Best Banks for the second consecutive year and ranked among the top 30 banks in Forbes list of Americas Best Banks for 2021. Additional information about Simmons and Simmons Bank can be found on our website at simmonsbank.com, by following @Simmons_Bank on Twitter or by visiting our newsroom.

Conference CallManagement will conduct a live conference call to review this information beginning at 9:00 a.m. CDT today, Tuesday, October 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 ID6606988. In addition, the call will be available live or in recorded version on the Companys website at simmonsbank.com for at least 60 days.

Non-GAAP Financial MeasuresThis 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 StatementsCertain 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, loan demand, 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 booster vaccination efforts and developments with respect to COVID-19 variants; 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; 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:Ed BilekEVP, Director of Investor RelationsSimmons First National Corporationed.bilek@simmonsbank.com

Simmons FirstNational SFNCCorporationConsolidated Endof Period Balance SheetsFor the Quarters Sep 30 Jun 30 Mar 31 Dec 31 Sep 30Ended(Unaudited) 2021 2021 2021 2020 2020 ($ in thousands) ASSETS Cash andnon-interest $ 225,500 $ 215,381 $ 227,713 $ 217,499 $ 382,691 bearing balancesdue from banksInterest bearingbalances due from 1,555,913 2,123,743 3,677,750 3,254,653 2,139,440 banks and federalfunds soldCash and cash 1,781,413 2,339,124 3,905,463 3,472,152 2,522,131 equivalentsInterest bearingbalances due from 1,780 1,335 1,334 1,579 4,061 banks - timeInvestmentsecurities - 1,516,797 931,352 609,500 333,031 47,102 held-to-maturityInvestmentsecurities - 6,822,203 6,556,581 4,528,348 3,473,598 2,607,288 available-for-saleMortgage loans 34,628 36,011 63,655 137,378 192,729 held for saleOther assets held 100 100 100 100 389 for saleLoans: Loans 10,825,227 11,386,352 12,195,873 12,900,897 14,017,442 Allowance forcredit losses on (202,508 ) (227,239 ) (235,116 ) (238,050 ) (248,251 )loansNet loans 10,622,719 11,159,113 11,960,757 12,662,847 13,769,191 Premises and 463,924 429,587 427,540 441,692 470,491 equipmentPremises held for - 6,090 13,613 15,008 4,486 saleForeclosed assetsand other real 11,759 15,239 11,168 18,393 12,590 estate ownedInterest 68,405 67,916 71,359 72,597 77,352 receivableBank owned life 421,762 419,198 257,152 255,630 257,718 insuranceGoodwill 1,075,305 1,075,305 1,075,305 1,075,305 1,075,305 Other intangible 100,428 103,759 107,091 111,110 114,460 assetsOther assets 304,707 282,449 315,732 289,332 282,102 Total assets $ 23,225,930 $ 23,423,159 $ 23,348,117 $ 22,359,752 $ 21,437,395 LIABILITIES ANDSTOCKHOLDERS' EQUITYDeposits: Non-interestbearing $ 4,918,845 $ 4,893,959 $ 4,884,667 $ 4,482,091 $ 4,451,385 transactionaccountsInterest bearingtransaction 10,697,451 10,569,602 10,279,997 9,672,608 8,993,255 accounts andsavings depositsTime deposits 2,455,774 2,841,052 3,024,724 2,832,327 2,802,007 Total deposits 18,072,070 18,304,613 18,189,388 16,987,026 16,246,647 Federal fundspurchased and securities soldunder agreements 217,276 187,215 323,053 299,111 313,694 to repurchaseOther borrowings 1,338,585 1,339,193 1,340,467 1,342,067 1,342,769 Subordinated notes 383,278 383,143 383,008 382,874 382,739 and debenturesOther liabilities - - - 154,620 - held for saleAccrued interestand other 184,190 169,629 181,426 217,398 209,305 liabilitiesTotal liabilities 20,195,399 20,383,793 20,417,342 19,383,096 18,495,154 Stockholders' equity:Preferred stock 767 767 767 767 767 Common stock 1,066 1,084 1,083 1,081 1,090 Surplus 1,974,561 2,021,128 2,017,188 2,014,076 2,032,372 Undivided profits 1,065,566 1,004,314 948,913 901,006 866,503 Accumulated othercomprehensive (loss) income:Unrealized(depreciation) (11,429 ) 12,073 (37,176 ) 59,726 41,509 accretion on AFSsecuritiesTotalstockholders' 3,030,531 3,039,366 2,930,775 2,976,656 2,942,241 equityTotal liabilitiesand stockholders' $ 23,225,930 $ 23,423,159 $ 23,348,117 $ 22,359,752 $ 21,437,395 equity

Simmons FirstNational SFNC CorporationConsolidated Statements of Income - Quarter-to-DateFor the Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Quarters Ended(Unaudited) 2021 2021 2021 2020 2020 ($ inthousands, except pershare data)INTEREST INCOMELoans(including $ 132,216 $ 138,804 $ 146,424 $ 160,115 $ 163,180 fees)Interestbearingbalances due 763 651 798 716 623 from banks andfederal fundssoldInvestment 30,717 27,128 21,573 17,207 14,910 securitiesMortgage loans 230 386 639 1,070 1,012 held for saleTOTAL INTEREST 163,926 166,969 169,434 179,108 179,725 INCOMEINTEREST EXPENSETime deposits 4,747 6,061 7,091 7,835 9,437 Other deposits 4,369 4,721 6,088 6,536 6,769 Federal fundspurchased and securitiessold underagreements to 70 192 245 284 335 repurchaseOther 4,893 4,897 4,802 4,869 4,943 borrowingsSubordinatednotes and 4,610 4,565 4,527 4,624 4,631 debenturesTOTAL INTEREST 18,689 20,436 22,753 24,148 26,115 EXPENSENET INTEREST 145,237 146,533 146,681 154,960 153,610 INCOMEProvision for (19,890 ) (12,951 ) 1,445 6,943 22,981 credit lossesNET INTERESTINCOME AFTER PROVISIONFOR 165,127 159,484 145,236 148,017 130,629 CREDIT LOSSESNON-INTEREST INCOMETrust income 7,145 7,238 6,666 6,557 6,744 Servicecharges on 11,557 10,050 9,715 10,799 10,385 depositaccountsOther servicecharges and 1,964 2,048 1,922 1,783 1,764 feesMortgage 5,818 4,490 6,447 2,993 13,971 lending incomeSBA lending 191 287 240 484 304 incomeInvestment 732 654 695 676 557 banking incomeDebit andcredit card 7,102 7,073 6,610 6,415 6,478 feesBank ownedlife insurance 2,573 2,038 1,523 1,481 1,591 incomeGain on saleof securities, 5,248 5,127 5,471 16 22,305 netOther income 6,220 8,110 10,260 10,557 5,380 TOTALNON-INTEREST 48,550 47,115 49,549 41,761 69,479 INCOMENON-INTEREST EXPENSESalaries andemployee 61,902 60,261 60,340 55,762 61,144 benefitsOccupancy 9,361 9,103 9,300 9,182 9,647 expense, netFurniture andequipment 4,895 4,859 5,415 5,940 6,231 expenseOther realestate and 339 863 343 551 602 foreclosureexpenseDeposit 1,870 1,687 1,308 1,627 2,244 insuranceMerger-related 1,401 686 233 731 902 costsOtheroperating 34,565 37,198 36,063 52,047 35,807 expensesTOTALNON-INTEREST 114,333 114,657 113,002 125,840 116,577 EXPENSENET INCOMEBEFORE INCOME 99,344 91,942 81,783 63,938 83,531 TAXESProvision for 18,770 17,018 14,363 10,970 17,633 income taxesNET INCOME 80,574 74,924 67,420 52,968 65,898 Preferredstock 13 13 13 13 13 dividendsNET INCOMEAVAILABLE TO $ 80,561 $ 74,911 $ 67,407 $ 52,955 $ 65,885 COMMONSTOCKHOLDERSBASIC EARNINGS $ 0.75 $ 0.69 $ 0.62 $ 0.49 $ 0.60 PER SHAREDILUTEDEARNINGS PER $ 0.74 $ 0.69 $ 0.62 $ 0.49 $ 0.60 SHARE

Simmons First National SFNCCorporationConsolidatedRisk-Based CapitalFor theQuarters Sep 30 Jun 30 Mar 31 Dec 31 Sep 30Ended(Unaudited) 2021 2021 2021 2020 2020 ($ in thousands)Tier 1 capitalStockholders' $ 3,030,531 $ 3,039,366 $ 2,930,775 $ 2,976,656 $ 2,942,241 equityCECLtransition 122,787 128,933 131,637 131,430 134,798 provision ^(1)Disallowedintangibleassets, net (1,152,688 ) (1,156,203 ) (1,159,720 ) (1,163,797 ) (1,167,357 )of deferredtaxUnrealizedloss (gain) 11,429 (12,073 ) 37,176 (59,726 ) (41,509 )on AFSsecuritiesTotal Tier 1 2,012,059 2,000,023 1,939,868 1,884,563 1,868,173 capital Tier 2 capitalTrustpreferredsecurities 383,278 383,143 383,008 382,874 382,739 andsubordinateddebtQualifyingallowance for loan lossesandreserve forunfunded 60,700 79,138 87,251 89,546 96,734 commitmentsTotal Tier 2 443,978 462,281 470,259 472,420 479,473 capitalTotalrisk-based $ 2,456,037 $ 2,462,304 $ 2,410,127 $ 2,356,983 $ 2,347,646 capital Risk weighted $ 14,098,320 $ 14,076,975 $ 13,771,244 $ 14,048,608 $ 14,878,932 assets Adjustedaverageassets for $ 22,189,921 $ 22,244,118 $ 21,668,406 $ 20,765,127 $ 20,652,454 leverageratio Ratios at end of quarterEquity to 13.05 % 12.98 % 12.55 % 13.31 % 13.72 %assetsTangiblecommon equity 8.41 % 8.36 % 7.88 % 8.45 % 8.65 %to tangibleassets ^(2)Common equityTier 1 ratio 14.27 % 14.20 % 14.08 % 13.41 % 12.55 %(CET1)Tier 1leverage 9.07 % 8.99 % 8.95 % 9.08 % 9.05 %ratioTier 1risk-based 14.27 % 14.21 % 14.09 % 13.41 % 12.56 %capital ratioTotalrisk-based 17.42 % 17.49 % 17.50 % 16.78 % 15.78 %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 SFNC CorporationConsolidatedInvestment SecuritiesFor the Quarters Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Ended(Unaudited) 2021 2021 2021 2020 2020 ($ in thousands) InvestmentSecurities - End of PeriodHeld-to-Maturity U.S. Government $ 232,549 $ 77,396 $ 77,396 $ - $ - agenciesMortgage-backed 57,930 60,649 47,988 22,354 24,297 securitiesState andpolitical 1,209,091 793,307 484,116 310,109 21,930 subdivisionsOther securities 17,227 - - 568 875 Totalheld-to-maturity 1,516,797 931,352 609,500 333,031 47,102 (net of creditlosses)Available-for-Sale U.S. Treasury $ 300 $ 600 $ 600 $ - $ - U.S. Government 354,382 554,937 487,679 477,237 471,973 agenciesMortgage-backed 4,421,620 3,987,209 2,133,086 1,394,936 903,687 securitiesState andpolitical 1,575,208 1,557,497 1,571,910 1,470,723 1,133,006 subdivisionsOther securities 470,693 456,338 335,073 130,702 98,622 Totalavailable-for-sale 6,822,203 6,556,581 4,528,348 3,473,598 2,607,288 (net of creditlosses)Total investmentsecurities (net of $ 8,339,000 $ 7,487,933 $ 5,137,848 $ 3,806,629 $ 2,654,390 credit losses)Fair value - HTMinvestment $ 1,487,916 $ 935,596 $ 597,694 $ 341,925 $ 49,064 securities InvestmentSecurities - QTD AverageTaxable securities $ 5,475,932 $ 4,265,545 $ 2,471,291 $ 1,757,234 $ 1,534,742 Tax exempt 2,496,958 2,157,076 1,919,919 1,528,127 1,155,099 securitiesTotal investmentsecurities - QTD $ 7,972,890 $ 6,422,621 $ 4,391,210 $ 3,285,361 $ 2,689,841 average

Simmons First National SFNC CorporationConsolidated LoansFor theQuarters Sep 30 Jun 30 Mar 31 Dec 31 Sep 30 Ended(Unaudited) 2021 2021 2021 2020 2020 ($ in thousands)LoanPortfolio - End of PeriodConsumer Credit cards $ 175,884 $ 177,634 $ 175,458 $ 188,845 $ 180,848 Other 182,492 181,712 172,965 202,379 182,768 consumerTotal 358,376 359,346 348,423 391,224 363,616 consumerReal Estate Construction 1,229,740 1,428,165 1,451,841 1,596,255 1,853,360 Single-family 1,540,701 1,608,028 1,730,056 1,880,673 1,997,070 residentialOthercommercial 5,308,902 5,332,655 5,638,010 5,746,863 6,132,823 real estateTotal real 8,079,343 8,368,848 8,819,907 9,223,791 9,983,253 estateCommercial Commercial 1,821,905 2,074,729 2,444,700 2,574,386 2,907,798 Agricultural 216,735 193,462 155,921 175,905 241,687 Total 2,038,640 2,268,191 2,600,621 2,750,291 3,149,485 commercialOther 348,868 389,967 426,922 535,591 521,088 Total loans $ 10,825,227 $ 11,386,352 $ 12,195,873 $ 12,900,897 $ 14,017,442

Simmons First National SFNCCorporationConsolidatedAllowance and Asset QualityFor the Sep 30 Jun 30 Mar 31 Dec 31 Sep 30Quarters Ended(Unaudited) 2021 2021 2021 2020 2020 ($ in thousands)Allowance forCredit Losses on LoansBeginningbalance, after $ 227,239 $ 235,116 $ 238,050 $ 248,251 $ 231,641 adoption of ASC326 Loans charged offCredit cards 711 1,046 1,003 787 832 Other consumer 463 411 702 960 1,091 Real estate 5,941 439 1,687 10,415 1,153 Commercial 932 309 859 8,199 4,327 Total loans 8,047 2,205 4,251 20,361 7,403 charged off Recoveries ofloans previouslycharged offCredit cards 267 244 290 241 276 Other consumer 408 425 304 355 366 Real estate 2,068 1,523 403 431 120 Commercial 463 2,147 320 1,835 936 Total 3,206 4,339 1,317 2,862 1,698 recoveriesNet loans 4,841 (2,134 ) 2,934 17,499 5,705 charged offProvision forcredit losses (19,890 ) (10,011 ) - 7,298 22,315 on loansBalance, end of $ 202,508 $ 227,239 $ 235,116 $ 238,050 $ 248,251 quarter Non-performing assetsNon-performing loansNonaccrual $ 59,054 $ 80,282 $ 114,856 $ 122,879 $ 167,713 loansLoans past due 334 653 635 578 174 90 days or moreTotalnon-performing 59,388 80,935 115,491 123,457 167,887 loansOthernon-performing assetsForeclosedassets and 11,759 15,239 11,168 18,393 12,590 other realestate ownedOthernon-performing 1,724 1,062 1,229 2,016 1,983 assetsTotal othernon-performing 13,483 16,301 12,397 20,409 14,573 assetsTotalnon-performing $ 72,871 $ 97,236 $ 127,888 $ 143,866 $ 182,460 assetsPerforming TDRs(troubled debt $ 4,251 $ 4,436 $ 3,805 $ 3,138 $ 3,379 restructurings) Ratios Allowance forcredit losses 1.87 % 2.00 % 1.93 % 1.85 % 1.77 %on loans tototal loansAllowance forcredit lossesto 341 % 281 % 204 % 193 % 148 %non-performingloansNon-performingloans to total 0.55 % 0.71 % 0.95 % 0.96 % 1.20 %loansNon-performingassets(including performingTDRs)to total assets 0.33 % 0.43 % 0.56 % 0.66 % 0.87 %Non-performingassets to total 0.31 % 0.42 % 0.55 % 0.64 % 0.85 %assetsAnnualized netcharge offs to 0.17 % -0.07 % 0.10 % 0.52 % 0.16 %total loansAnnualized netcredit card charge offs tototal credit 0.96 % 1.78 % 1.39 % 1.15 % 1.20 %card loans

Simmons First National SFNCCorporationConsolidated - Average Balance Sheet and Net Interest Income Analysis For the Quarters Ended(Unaudited) Three Months Ended Sep 2021 Three Months Ended Jun 2021 Three Months Ended Sep 2020 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 $ 1,866,530 $ 763 0.16% $ 2,703,920 $ 651 0.10% $ 2,265,233 $ 623 0.11% federal funds soldInvestmentsecurities - 5,475,932 17,076 1.24% 4,265,545 14,594 1.37% 1,534,742 7,193 1.86% taxableInvestmentsecurities - 2,496,958 18,399 2.92% 2,157,076 16,899 3.14% 1,155,099 10,382 3.58% non-taxable (FTE)Mortgageloans held for 32,134 230 2.84% 49,262 386 3.14% 145,226 1,012 2.77% saleLoans -including fees 11,030,438 132,399 4.76% 11,783,839 138,987 4.73% 14,315,014 163,379 4.54% (FTE)Totalinterest earning 20,901,992 168,867 3.21% 20,959,642 171,517 3.28% 19,415,314 182,589 3.74% assets (FTE)Non-earning 2,353,549 2,298,279 2,350,007 assetsTotal $ 23,255,541 $ 23,257,921 $ 21,765,321 assets LIABILITIES AND STOCKHOLDERS' EQUITYInterest bearing liabilities:Interestbearing transaction andsavings $ 10,629,142 $ 4,369 0.16% $ 10,403,932 $ 4,721 0.18% $ 8,977,886 $ 6,769 0.30% accountsTime 2,645,896 4,747 0.71% 2,930,025 6,061 0.83% 2,998,091 9,437 1.25% depositsTotalinterest bearing 13,275,038 9,116 0.27% 13,333,957 10,782 0.32% 11,975,977 16,206 0.54% depositsFederalfunds purchased and securitiessoldunder agreement to 219,604 70 0.13% 240,876 192 0.32% 386,631 335 0.34% repurchaseOther 1,338,866 4,893 1.45% 1,340,008 4,897 1.47% 1,357,278 4,943 1.45% borrowingsSubordinatednotes and 383,213 4,610 4.77% 383,078 4,565 4.78% 382,672 4,631 4.81% debenturesTotalinterest bearing 15,216,721 18,689 0.49% 15,297,919 20,436 0.54% 14,102,558 26,115 0.74% liabilitiesNon-interestbearing liabilities:Non-interest 4,803,171 4,826,927 4,529,782 bearing depositsOther 167,677 151,699 190,169 liabilitiesTotal 20,187,569 20,276,545 18,822,509 liabilitiesStockholders' 3,067,972 2,981,376 2,942,812 equityTotalliabilities and $ 23,255,541 $ 23,257,921 $ 21,765,321 stockholders'equityNet interest $ 150,178 $ 151,081 $ 156,474 income (FTE)Net interest 2.72% 2.74% 3.00% spread (FTE)Net interestmargin (FTE) - 2.85% 2.89% 3.21% quarter-to-date Net interestmargin (FTE) - 2.91% 2.94% 3.43% year-to-date Core net interest margin (FTE) - 2.77% 2.78% 3.02% quarter-to-date^ (1)Core loan yield(FTE) - 4.61% 4.54% 4.29% quarter-to-date ^(1) Core net interestmargin (FTE) - 2.80% 2.82% 3.20% year-to-date ^(1)Core loan yield(FTE) - 4.56% 4.54% 4.56% year-to-date^ (1) (1) Calculations of core net interest margin and core loan yield and thereconciliations to GAAP are included in the schedules accompanying thisrelease.

Simmons First National SFNCCorporationConsolidated -Selected Financial DataFor the Sep 30 Jun 30 Mar 31 Dec 31 Sep 30Quarters Ended(Unaudited) 2021 2021 2021 2020 2020 ($ inthousands, except sharedata)QUARTER-TO-DATE FinancialHighlights - GAAPNet Income $ 80,561 $ 74,911 $ 67,407 $ 52,955 $ 65,885 Dilutedearnings per 0.74 0.69 0.62 0.49 0.60 shareReturn on 1.37 % 1.29 % 1.20 % 0.96 % 1.20 %average assetsReturn onaverage common 10.42 % 10.08 % 9.20 % 7.13 % 8.91 %equityReturn ontangible common 17.43 % 17.25 % 15.85 % 12.48 % 15.45 %equityNet interest 2.85 % 2.89 % 2.99 % 3.22 % 3.21 %margin (FTE)FTE adjustment 4,941 4,548 4,163 3,482 2,864 Amortization of 3,331 3,333 3,344 3,351 3,362 intangiblesAmortization ofintangibles, 2,460 2,462 2,470 2,475 2,483 net of taxesAverage dilutedshares 108,359,890 108,822,175 108,655,293 108,888,264 109,207,294 outstandingSharesrepurchased 1,806,205 - 130,916 1,034,364 - under planAverage priceof shares 28.48 - 23.53 19.36 - repurchasedCash dividendsdeclared per 0.18 0.18 0.18 0.17 0.17 common shareFinancialHighlights - Core (non-GAAP)Core earnings(excludes $ 79,350 $ 75,435 $ 63,995 $ 61,977 $ 68,338 non-core items)^ (1)Core dilutedearnings per 0.73 0.69 0.59 0.57 0.63 share ^(1)Core netinterest margin 2.77 % 2.78 % 2.86 % 3.04 % 3.02 %(FTE)^ (2)Accretableyield on 4,122 5,619 6,630 8,999 8,948 acquired loansEfficiency 58.10 % 56.75 % 57.25 % 54.75 % 53.58 %ratio ^(1)Core return onaverage assets^ 1.35 % 1.30 % 1.14 % 1.13 % 1.25 %(1)Core return onaverage common 10.26 % 10.15 % 8.73 % 8.34 % 9.24 %equity^ (1)Core return ontangible common 17.18 % 17.36 % 15.08 % 14.51 % 16.00 %equity ^(1)YEAR-TO-DATE FinancialHighlights - GAAPNet Income $ 222,879 $ 142,318 $ 67,407 $ 254,852 $ 201,897 Dilutedearnings per 2.05 1.31 0.62 2.31 1.83 shareReturn on 1.29 % 1.25 % 1.20 % 1.18 % 1.25 %average assetsReturn onaverage common 9.91 % 9.64 % 9.20 % 8.72 % 9.27 %equityReturn ontangible common 16.86 % 16.56 % 15.85 % 15.25 % 16.19 %equityNet interest 2.91 % 2.94 % 2.99 % 3.38 % 3.43 %margin (FTE)FTE adjustment 13,652 8,711 4,163 11,001 7,519 Amortization of 10,008 6,677 3,344 13,495 10,144 intangiblesAmortization ofintangibles, 7,392 4,932 2,470 9,968 7,493 net of taxesAverage dilutedshares 108,667,928 108,746,439 108,655,293 110,173,661 110,480,508 outstandingCash dividendsdeclared per 0.54 0.36 0.18 0.68 0.51 common shareFinancialHighlights - Core (non-GAAP)Core earnings(excludes $ 218,780 $ 139,430 $ 63,995 $ 264,300 $ 202,323 non-core items)^ (1)Core dilutedearnings per 2.01 1.28 0.59 2.40 1.83 share ^(1)Core netinterest margin 2.80 % 2.82 % 2.86 % 3.16 % 3.20 %(FTE)^ (2)Accretableyield on 16,371 12,249 6,630 41,507 32,508 acquired loansEfficiency 57.37 % 57.00 % 57.25 % 54.18 % 53.99 %ratio ^(1)Core return onaverage assets^ 1.27 % 1.22 % 1.14 % 1.22 % 1.26 %(1)Core return onaverage common 9.73 % 9.45 % 8.73 % 9.05 % 9.29 %equity^ (1)Core return ontangible common 16.56 % 16.23 % 15.08 % 15.79 % 16.22 %equity ^(1)END OF PERIOD Book value per $ 28.42 $ 28.03 $ 27.04 $ 27.53 $ 26.98 shareTangible book 17.39 17.16 16.13 16.56 16.07 value per shareShares 106,603,231 108,386,669 108,345,732 108,077,662 109,023,781 outstandingFull-timeequivalent 2,740 2,783 2,817 2,827 2,840 employeesTotal number offinancial 185 198 198 204 226 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 in the schedules accompanyingthis release.

Simmons First National SFNCCorporationReconciliation Of Non-GAAP Financial Measures - Core Earnings - Quarter-to-DateFor the Quarters Sep 30 Jun 30 Mar 31 Dec 31 Sep 30Ended(Unaudited) 2021 2021 2021 2020 2020 ($ in thousands,except per share data)QUARTER-TO-DATE Net Income $ 80,561 $ 74,911 $ 67,407 $ 52,955 $ 65,885 Non-core items Gain on sale of - (16 ) (5,300 ) (275 ) - branchesMerger-related 1,401 686 233 731 902 costsEarly retirement - - - 62 2,346 programBranch (3,041 ) 39 448 11,696 72 right-sizing (net)Tax effect ^(1) 429 (185 ) 1,207 (3,192 ) (867 )Net non-core items (1,211 ) 524 (3,412 ) 9,022 2,453 Core earnings $ 79,350 $ 75,435 $ 63,995 $ 61,977 $ 68,338 (non-GAAP) Diluted earnings $ 0.74 $ 0.69 $ 0.62 $ 0.49 $ 0.60 per shareNon-core items Gain on sale of - - (0.05 ) - - branchesMerger-related 0.01 0.01 - - 0.01 costsEarly retirement - - - - 0.02 programBranch (0.03 ) - 0.01 0.11 - right-sizing (net)Tax effect ^(1) 0.01 (0.01 ) 0.01 (0.03 ) - Net non-core items (0.01 ) - (0.03 ) 0.08 0.03 Core dilutedearnings per share $ 0.73 $ 0.69 $ 0.59 $ 0.57 $ 0.63 (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 $ 6,220 $ 8,110 $ 10,260 $ 10,557 $ 5,380 Non-core items^ 239 (445 ) (5,477 ) (275 ) (370 )(1)Core other $ 6,459 $ 7,665 $ 4,783 $ 10,282 $ 5,010 income (non-GAAP) Non-interest $ 114,333 $ 114,657 $ 113,002 $ 125,840 $ 116,577 expenseNon-core items^ 1,879 (1,154 ) (858 ) (12,489 ) (3,690 )(1)Corenon-interest $ 116,212 $ 113,503 $ 112,144 $ 113,351 $ 112,887 expense (non-GAAP) Salaries and $ 61,902 $ 60,261 $ 60,340 $ 55,762 $ 61,144 employee benefitsNon-core items^ (66 ) - - (144 ) (2,448 )(1)Coresalaries and $ 61,836 $ 60,261 $ 60,340 $ 55,618 $ 58,696 employee benefits(non-GAAP) Merger $ 1,401 $ 686 $ 233 $ 731 $ 902 related costsNon-core items^ (1,401 ) (686 ) (233 ) (731 ) (902 )(1)Core mergerrelated costs $ - $ - $ - $ - $ - (non-GAAP) Other $ 34,565 $ 37,198 $ 36,063 $ 52,047 $ 35,807 operating expensesNon-core items^ 3,759 (89 ) (208 ) (10,270 ) (11 )(1)Core otheroperating expenses $ 38,324 $ 37,109 $ 35,855 $ 41,777 $ 35,796 (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 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30Ended(Unaudited) 2021 2021 2021 2020 2020 ($ in thousands,except per share data)YEAR-TO-DATE Net Income $ 222,879 $ 142,318 $ 67,407 $ 254,852 $ 201,897 Non-core items Gain on sale of (5,316 ) (5,316 ) (5,300 ) (8,368 ) (8,093 )branchesMerger-related 2,320 919 233 4,531 3,800 costsEarly retirement - - - 2,901 2,839 programBranch (2,554 ) 487 448 13,727 2,031 right-sizing (net)Tax effect ^(1) 1,451 1,022 1,207 (3,343 ) (151 )Net non-core items (4,099 ) (2,888 ) (3,412 ) 9,448 426 Core earnings $ 218,780 $ 139,430 $ 63,995 $ 264,300 $ 202,323 (non-GAAP) Diluted earnings $ 2.05 $ 1.31 $ 0.62 $ 2.31 $ 1.83 per shareNon-core items Gain on sale of (0.05 ) (0.05 ) (0.05 ) (0.07 ) (0.07 )branchesMerger-related 0.02 0.01 - 0.04 0.03 costsEarly retirement - - - 0.03 0.02 programBranch (0.02 ) - 0.01 0.12 0.02 right-sizing (net)Tax effect ^(1) 0.01 0.01 0.01 (0.03 ) - Net non-core items (0.04 ) (0.03 ) (0.03 ) 0.09 - Core dilutedearnings per share $ 2.01 $ 1.28 $ 0.59 $ 2.40 $ 1.83 (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 $ 24,590 $ 18,370 $ 10,260 $ 38,547 $ 27,990 Non-core items^ (5,683 ) (5,922 ) (5,477 ) (8,738 ) (8,463 )(1)Core other $ 18,907 $ 12,448 $ 4,783 $ 29,809 $ 19,527 income (non-GAAP) Non-interest $ 341,992 $ 227,659 $ 113,002 $ 484,736 $ 358,896 expenseNon-core items^ (133 ) (2,012 ) (858 ) (21,529 ) (9,040 )(1)Corenon-interest $ 341,859 $ 225,647 $ 112,144 $ 463,207 $ 349,856 expense (non-GAAP) Salaries and $ 182,503 $ 120,601 $ 60,340 $ 242,474 $ 186,712 employee benefitsNon-core items^ (66 ) - - (3,085 ) (2,941 )(1)Coresalaries and $ 182,437 $ 120,601 $ 60,340 $ 239,389 $ 183,771 employee benefits(non-GAAP) Merger $ 2,320 $ 919 $ 233 $ 4,531 $ 3,800 related costsNon-core items^ (2,320 ) (919 ) (233 ) (4,531 ) (3,800 )(1)Core mergerrelated costs $ - $ - $ - $ - $ - (non-GAAP) Other $ 107,826 $ 73,261 $ 36,063 $ 165,201 $ 113,154 operating expensesNon-core items^ 3,462 (297 ) (208 ) (12,155 ) (1,885 )(1)Core otheroperating expenses $ 111,288 $ 72,964 $ 35,855 $ 153,046 $ 111,269 (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 SFNCCorporationReconciliation Of Non-GAAP Financial Measures - End of PeriodFor the Sep 30 Jun 30 Mar 31 Dec 31 Sep 30Quarters Ended(Unaudited) 2021 2021 2021 2020 2020 ($ inthousands, except pershare data) Calculation of Tangible Common Equity and the Ratio of Tangible Common Equity to Tangible Assets Total commonstockholders' $ 3,029,764 $ 3,038,599 $ 2,930,008 $ 2,975,889 $ 2,941,474 equityIntangible assets:Goodwill (1,075,305 ) (1,075,305 ) (1,075,305 ) (1,075,305 ) (1,075,305 )Otherintangible (100,428 ) (103,759 ) (107,091 ) (111,110 ) (114,460 )assetsTotal (1,175,733 ) (1,179,064 ) (1,182,396 ) (1,186,415 ) (1,189,765 )intangiblesTangiblecommon $ 1,854,031 $ 1,859,535 $ 1,747,612 $ 1,789,474 $ 1,751,709 stockholders'equity Total assets $ 23,225,930 $ 23,423,159 $ 23,348,117 $ 22,359,752 $ 21,437,395 Intangible assets:Goodwill (1,075,305 ) (1,075,305 ) (1,075,305 ) (1,075,305 ) (1,075,305 )Otherintangible (100,428 ) (103,759 ) (107,091 ) (111,110 ) (114,460 )assetsTotal (1,175,733 ) (1,179,064 ) (1,182,396 ) (1,186,415 ) (1,189,765 )intangiblesTangible $ 22,050,197 $ 22,244,095 $ 22,165,721 $ 21,173,337 $ 20,247,630 assets Paycheckprotection (212,087 ) (441,353 ) (797,629 ) (904,673 ) (970,488 )program("PPP") loansTotal assetsexcluding PPP $ 23,013,843 $ 22,981,806 $ 22,550,488 $ 21,455,079 $ 20,466,907 loansTangibleassets $ 21,838,110 $ 21,802,742 $ 21,368,092 $ 20,268,664 $ 19,277,142 excluding PPPloans Ratio ofcommon equity 13.04 % 12.97 % 12.55 % 13.31 % 13.72 %to assetsRatio ofcommon equityto assets 13.16 % 13.22 % 12.99 % 13.87 % 14.37 %excluding PPPloansRatio oftangiblecommon equity 8.41 % 8.36 % 7.88 % 8.45 % 8.65 %to tangibleassetsRatio oftangiblecommon equityto tangible 8.49 % 8.53 % 8.18 % 8.83 % 9.09 %assetsexcluding PPPloans Calculation ofTangible Book Value perShare Total commonstockholders' $ 3,029,764 $ 3,038,599 $ 2,930,008 $ 2,975,889 $ 2,941,474 equityIntangible assets:Goodwill (1,075,305 ) (1,075,305 ) (1,075,305 ) (1,075,305 ) (1,075,305 )Otherintangible (100,428 ) (103,759 ) (107,091 ) (111,110 ) (114,460 )assetsTotal (1,175,733 ) (1,179,064 ) (1,182,396 ) (1,186,415 ) (1,189,765 )intangiblesTangiblecommon $ 1,854,031 $ 1,859,535 $ 1,747,612 $ 1,789,474 $ 1,751,709 stockholders'equityShares ofcommon stock 106,603,231 108,386,669 108,345,732 108,077,662 109,023,781 outstandingBook value per $ 28.42 $ 28.03 $ 27.04 $ 27.53 $ 26.98 common shareTangible bookvalue per $ 17.39 $ 17.16 $ 16.13 $ 16.56 $ 16.07 common share Calculation of Regulatory Tier 1 Leverage Ratio Excluding Average PPP Loans Total Tier 1 $ 2,012,059 $ 2,000,023 $ 1,939,868 $ 1,884,563 $ 1,868,173 capital Adjustedaverage assets $ 22,199,822 $ 22,244,118 $ 21,668,406 $ 20,765,127 $ 20,652,454 for leverageratioAverage PPP (359,828 ) (707,296 ) (891,070 ) (937,544 ) (967,152 )loansAdjustedaverage assetsexcluding $ 21,839,994 $ 21,536,822 $ 20,777,336 $ 19,827,583 $ 19,685,302 average PPPloans Tier 1 9.06 % 8.99 % 8.95 % 9.08 % 9.05 %leverage ratioTier 1leverage ratioexcluding 9.21 % 9.29 % 9.34 % 9.50 % 9.49 %average PPPloans

Simmons FirstNational SFNCCorporationReconciliation Of Non-GAAP Financial Measures - Quarter-to-DateFor the Sep 30 Jun 30 Mar 31 Dec 31 Sep 30Quarters Ended(Unaudited) 2021 2021 2021 2020 2020 ($ in thousands)Calculation ofCore Return on Average Assets Net income $ 80,561 $ 74,911 $ 67,407 $ 52,955 $ 65,885 Net non-coreitems, net of (1,211 ) 524 (3,412 ) 9,022 2,453 taxes,adjustmentCore earnings $ 79,350 $ 75,435 $ 63,995 $ 61,977 $ 68,338 Average total $ 23,255,541 $ 23,257,921 $ 22,738,821 $ 21,852,094 $ 21,765,321 assets Return on 1.37 % 1.29 % 1.20 % 0.96 % 1.20 %average assetsCore return on 1.35 % 1.30 % 1.14 % 1.13 % 1.25 %average assets Calculation ofReturn on TangibleCommon Equity Net income $ 80,561 $ 74,911 $ 67,407 $ 52,955 $ 65,885 Amortizationof 2,460 2,462 2,470 2,475 2,483 intangibles,net of taxesTotal incomeavailable to $ 83,021 $ 77,373 $ 69,877 $ 55,430 $ 68,368 commonstockholders Net non-coreitems, net of (1,211 ) 524 (3,412 ) 9,022 2,453 taxesCore earnings 79,350 75,435 63,995 61,977 68,338 Amortizationof 2,460 2,462 2,470 2,475 2,483 intangibles,net of taxesTotal coreincomeavailable to $ 81,810 $ 77,897 $ 66,465 $ 64,452 $ 70,821 commonstockholders Average commonstockholders' $ 3,067,205 $ 2,980,609 $ 2,972,689 $ 2,955,865 $ 2,942,045 equityAverageintangible assets:Goodwill (1,075,305 ) (1,075,305 ) (1,075,305 ) (1,075,305 ) (1,064,893 )Other (102,576 ) (105,785 ) (109,850 ) (113,098 ) (116,385 )intangiblesTotal average (1,177,881 ) (1,181,090 ) (1,185,155 ) (1,188,403 ) (1,181,278 )intangiblesAveragetangiblecommon $ 1,889,324 $ 1,799,519 $ 1,787,534 $ 1,767,462 $ 1,760,767 stockholders'equity Return onaverage common 10.42 % 10.08 % 9.20 % 7.13 % 8.91 %equityReturn ontangible 17.43 % 17.25 % 15.85 % 12.48 % 15.45 %common equityCore return onaverage common 10.26 % 10.15 % 8.73 % 8.34 % 9.24 %equityCore return ontangible 17.18 % 17.36 % 15.08 % 14.51 % 16.00 %common equity Calculation ofEfficiency Ratio ^(1) Non-interest $ 114,333 $ 114,657 $ 113,002 $ 125,840 $ 116,577 expenseNon-corenon-interest 1,879 (1,154 ) (858 ) (12,489 ) (3,690 )expenseadjustmentOther realestate andforeclosure (339 ) (863 ) (343 ) (545 ) (600 )expenseadjustmentAmortizationof intangibles (3,331 ) (3,333 ) (3,344 ) (3,351 ) (3,362 )adjustmentEfficiencyratio $ 112,542 $ 109,307 $ 108,457 $ 109,455 $ 108,925 numerator Net-interest $ 145,237 $ 146,533 $ 146,681 $ 154,960 $ 153,610 incomeNon-interest 48,550 47,115 49,549 41,761 69,479 incomeNon-corenon-interest 239 (445 ) (5,477 ) (275 ) (370 )incomeadjustmentFullytax-equivalentadjustment 4,941 4,548 4,163 3,482 2,864 (effective taxrate of26.135%)Gain on sale (5,248 ) (5,127 ) (5,471 ) (16 ) (22,305 )of securitiesEfficiencyratio $ 193,719 $ 192,624 $ 189,445 $ 199,912 $ 203,278 denominator Efficiency 58.10 % 56.75 % 57.25 % 54.75 % 53.58 %ratio ^(1) (1) Efficiency ratio is core non-interest expense before foreclosed propertyexpense and amortization of intangibles as a percent of net interest income(fullytaxable equivalent) and non-interest revenues, excluding gains andlosses from securities transactions and non-core items.

Simmons FirstNational SFNCCorporationReconciliation Of Non-GAAP Financial Measures - Quarter-to-Date (continued)For the Sep 30 Jun 30 Mar 31 Dec 31 Sep 30Quarters Ended(Unaudited) 2021 2021 2021 2020 2020 ($ in thousands)Calculation ofCore Net InterestMargin Net interest $ 145,237 $ 146,533 $ 146,681 $ 154,960 $ 153,610 incomeFullytax-equivalentadjustment 4,941 4,548 4,163 3,482 2,864 (effective taxrate of26.135%)Fullytax-equivalent 150,178 151,081 150,844 158,442 156,474 net interestincome Totalaccretable (4,122 ) (5,619 ) (6,630 ) (8,999 ) (8,948 )yieldCore netinterest $ 146,056 $ 145,462 $ 144,214 $ 149,443 $ 147,526 income PPP loan andadditionalliquidity (10,064 ) (9,445 ) (12,257 ) $ (6,983 ) $ (6,131 )interestincomeNet interestincomeadjusted for $ 140,114 $ 141,636 $ 138,587 $ 151,459 $ 150,343 PPP loans andliquidity Average $ 20,901,992 $ 20,959,642 $ 20,484,908 $ 19,573,651 $ 19,415,314 earning assetsAverage PPPloan balance (1,475,098 ) (2,659,831 ) (3,617,567 ) $ (2,837,125 ) $ (2,359,928 )and additionalliquidityAverageearning assetsadjusted for $ 19,426,894 $ 18,299,811 $ 16,867,341 $ 16,736,526 $ 17,055,386 PPP loans andliquidity Net interest 2.85 % 2.89 % 2.99 % 3.22 % 3.21 %marginCore netinterest 2.77 % 2.78 % 2.86 % 3.04 % 3.02 %marginNet interestmarginadjusted for 2.86 % 3.10 % 3.33 % 3.60 % 3.51 %PPP loans andliquidity Calculation ofCore Loan Yield Loan interest $ 132,399 $ 138,987 $ 146,601 $ 160,306 $ 163,379 income (FTE)Totalaccretable (4,122 ) (5,619 ) (6,630 ) (8,999 ) (8,948 )yieldCore loaninterest $ 128,277 $ 133,368 $ 139,971 $ 151,307 $ 154,431 incomePPP loaninterest (9,614 ) (8,958 ) (11,652 ) $ (6,457 ) $ (5,782 )incomeCore loaninterest $ 118,663 $ 124,410 $ 128,319 $ 144,850 $ 148,649 income withoutPPP loans Average loan $ 11,030,438 $ 11,783,839 $ 12,518,300 $ 13,457,077 $ 14,315,014 balanceAverage PPP (359,828 ) (707,296 ) (891,070 ) $ (937,544 ) $ (967,152 )loan balanceAverage loanbalance $ 10,670,610 $ 11,076,543 $ 11,627,230 $ 12,519,533 $ 13,347,862 without PPPloans Core loan 4.61 % 4.54 % 4.53 % 4.47 % 4.29 %yieldCore loanyield without 4.41 % 4.51 % 4.48 % 4.60 % 4.43 %PPP loans Calculation of AdjustedPre-Tax, Pre-Provision (PTPP) Earnings Net incomeavailable to $ 80,561 $ 74,911 $ 67,407 $ 52,955 $ 65,885 commonstockholdersProvision for 18,770 17,018 14,363 10,970 17,633 income taxesProvision forcredit losses(including (19,890 ) (12,951 ) 1,445 6,943 22,981 provision forunfundedcommitments)(Gain) loss onsale of (5,248 ) (5,127 ) (5,471 ) (16 ) (22,305 )securitiesNet pre-tax (1,640 ) 709 (4,619 ) 12,214 3,320 non-core itemsAdjustedPre-tax,pre-provision $ 72,553 $ 74,560 $ 73,125 $ 83,066 $ 87,514 (PTPP)earnings

Simmons FirstNational SFNCCorporationReconciliation Of Non-GAAP Financial Measures - Year-to-DateFor the Quarters Sep 30 Jun 30 Mar 31 Dec 31 Sep 30Ended(Unaudited) 2021 2021 2021 2020 2020 ($ in thousands) Calculation ofCore Return on Average Assets Net income $ 222,879 $ 142,318 $ 67,407 $ 254,852 $ 201,897 Net non-coreitems, net of (4,099 ) (2,888 ) (3,412 ) 9,448 426 taxes,adjustmentCore earnings $ 218,780 $ 139,430 $ 63,995 $ 264,300 $ 202,323 Average total $ 23,085,987 $ 22,999,805 $ 22,738,821 $ 21,590,745 $ 21,503,564 assets Return on 1.29 % 1.25 % 1.20 % 1.18 % 1.25 %average assetsCore return on 1.27 % 1.22 % 1.14 % 1.22 % 1.26 %average assets Calculation ofReturn on Tangible CommonEquity Net income $ 222,879 $ 142,318 $ 67,407 $ 254,852 $ 201,897 Amortization ofintangibles, net 7,392 4,932 2,470 9,968 7,493 of taxesTotal incomeavailable to $ 230,271 $ 147,250 $ 69,877 $ 264,820 $ 209,390 commonstockholders Net non-coreitems, net of (4,099 ) (2,888 ) (3,412 ) 9,448 426 taxesCore earnings 218,780 139,430 63,995 264,300 202,323 Amortization ofintangibles, net 7,392 4,932 2,470 9,968 7,493 of taxesTotal coreincome available $ 226,172 $ 144,362 $ 66,465 $ 274,268 $ 209,816 to commonstockholders Average commonstockholders' $ 3,007,181 $ 2,976,671 $ 2,972,689 $ 2,921,039 $ 2,910,366 equityAverageintangible assets:Goodwill (1,075,305 ) (1,075,305 ) (1,075,305 ) (1,065,190 ) (1,061,793 )Other (106,043 ) (107,806 ) (109,850 ) (118,812 ) (120,731 )intangiblesTotal average (1,181,348 ) (1,183,111 ) (1,185,155 ) (1,184,002 ) (1,182,524 )intangiblesAverage tangiblecommon $ 1,825,833 $ 1,793,560 $ 1,787,534 $ 1,737,037 $ 1,727,842 stockholders'equity Return onaverage common 9.91 % 9.64 % 9.20 % 8.72 % 9.27 %equityReturn ontangible common 16.86 % 16.56 % 15.85 % 15.25 % 16.19 %equityCore return onaverage common 9.73 % 9.45 % 8.73 % 9.05 % 9.29 %equityCore return ontangible common 16.56 % 16.23 % 15.08 % 15.79 % 16.22 %equity Calculation ofEfficiency Ratio ^(1) Non-interest $ 341,992 $ 227,659 $ 113,002 $ 484,736 $ 358,896 expenseNon-corenon-interest (133 ) (2,012 ) (858 ) (21,529 ) (9,040 )expenseadjustmentOther realestate andforeclosure (1,545 ) (1,206 ) (343 ) (1,706 ) (1,161 )expenseadjustmentAmortization ofintangibles (10,008 ) (6,677 ) (3,344 ) (13,495 ) (10,144 )adjustmentEfficiency ratio $ 330,306 $ 217,764 $ 108,457 $ 448,006 $ 338,551 numerator Net-interest $ 438,451 $ 293,214 $ 146,681 $ 639,734 $ 484,774 incomeNon-interest 145,214 96,664 49,549 239,769 198,008 incomeNon-corenon-interest (5,683 ) (5,922 ) (5,477 ) (8,738 ) (8,463 )incomeadjustmentFullytax-equivalentadjustment 13,652 8,711 4,163 11,001 7,519 (effective taxrate of 26.135%)Gain on sale of (15,846 ) (10,598 ) (5,471 ) (54,806 ) (54,790 )securitiesEfficiency ratio $ 575,788 $ 382,069 $ 189,445 $ 826,960 $ 627,048 denominator Efficiency ratio 57.37 % 57.00 % 57.25 % 54.18 % 53.99 %^(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 SFNCCorporationReconciliation Of Non-GAAP Financial Measures - Year-to-Date (continued)For the Sep 30 Jun 30 Mar 31 Dec 31 Sep 30Quarters Ended(Unaudited) 2021 2021 2021 2020 2020 ($ in thousands)Calculation ofCore Net InterestMargin Net interest $ 438,451 $ 293,214 $ 146,681 $ 639,734 $ 484,774 incomeFullytax-equivalentadjustment 13,652 8,711 4,163 11,001 7,519 (effective taxrate of26.135%)Fullytax-equivalent 452,103 301,925 150,844 650,735 492,293 net interestincome Totalaccretable (16,371 ) (12,249 ) (6,630 ) (41,507 ) (32,508 )yieldCore netinterest $ 435,732 $ 289,676 $ 144,214 $ 609,228 $ 459,785 incomeAverage $ 20,783,708 $ 20,723,587 $ 20,484,908 $ 19,272,886 $ 19,172,318 earning assets Net interest 2.91 % 2.94 % 2.99 % 3.38 % 3.43 %marginCore netinterest 2.80 % 2.82 % 2.86 % 3.16 % 3.20 %margin Calculation ofCore Loan Yield Loan interest $ 417,987 $ 285,588 $ 146,601 $ 688,600 $ 528,294 income (FTE)Totalaccretable (16,371 ) (12,249 ) (6,630 ) (41,507 ) (32,508 )yieldCore loaninterest $ 401,616 $ 273,339 $ 139,971 $ 647,093 $ 495,786 incomeAverage loan $ 11,772,077 $ 12,149,041 $ 12,518,300 $ 14,260,689 $ 14,530,938 balance Core loan 4.56 % 4.54 % 4.53 % 4.54 % 4.56 %yield Calculation of AdjustedPre-Tax, Pre-Provision (PTPP) Earnings Net incomeavailable to $ 222,879 $ 142,318 $ 67,407 $ 254,852 $ 201,897 commonstockholdersProvision for 50,151 31,381 14,363 64,890 53,920 income taxesProvision forcredit losses(including (31,396 ) (11,506 ) 1,445 74,973 68,030 provision forunfundedcommitments)(Gain) loss onsale of (15,846 ) (10,598 ) (5,471 ) (54,806 ) (54,790 )securitiesNet pre-tax (5,550 ) (3,910 ) (4,619 ) 12,791 577 non-core itemsAdjustedPre-tax,pre-provision $ 220,238 $ 147,685 $ 73,125 $ 352,700 $ 269,634 (PTPP)earnings