GlobeNewswire Inc | Jan 27, 2022 08:00AM EST

January 27, 2022

Board of Directors authorizes new $175 million share repurchase program after substantially exhausting prior program in January 2022 and approves a 6 percent increase in the quarterly cash dividend

-- Net income of $271.2 million for the full year of 2021, up 6 percent from the full year of 2020 -- Diluted EPS of $2.46 for the full year of 2021, up 6 percent compared to $2.31 for the full year of 2020 -- Diluted EPS of $0.42 for the fourth quarter of 2021; core diluted EPS of $0.52 in the quarter -- Newly funded loans and advances top $2.6 billion in the quarter; commercial loan pipeline increases for 5th consecutive quarter, up 56 percent on a linked quarter basis, and unfunded commitments rise 31 percent linked quarter -- Total deposits rise to $19.4 billion at year-end 2021, up $2.4 billion since year-end 2020, reflecting continued growth and acquisition-related activity; change in mix coupled with ability to effectively manage rates results in 17 bps year-over-year decline in deposit costs -- Asset quality metrics remain sound; nonperforming assets as a percentage of total assets at the end of 2021 were 0.31 percent, compared to 0.64 percent at the end of 2020, while net charge-offs totaled 13 basis points in 2021, compared to 45 basis points in 2020. Continued improvement in metrics and macroeconomic scenario models results in $1.3 million provision expense recapture in the fourth quarter -- Strong capital position and ability to organically generate capital results in $211.3 million of capital returned to shareholders in 2021 through a combination of cash dividends and share repurchases. Approximately 2.6 million shares of common stock repurchased during the fourth quarter of 2021. Remaining capacity under the share repurchase program substantially exhausted in January 2022 -- Book value per share ends the year at $28.82, representing a 5 percent increase year-over-year. Tangible book value per share at $17.71, a 7 percent increase year-over-year

PINE BLUFF, Ark., Jan. 27, 2022 (GLOBE NEWSWIRE) -- Simmons First National Corporation (NASDAQ: SFNC) (the Company or Simmons) today reported record net income of $271.2 million for the year ended December 31, 2021, up $16.3 million, or 6 percent, compared to $254.9 million earned during the full year 2020. Diluted earnings per share for 2021 were $2.46, up $0.15, or 6 percent, compared to $2.31 earned in 2020. Included in 2021 results were $7.2 million in net after-tax merger related costs, gains on sale of branches and net branch right-sizing costs. Excluding the impact of these items, core earnings were $278.3 million for the year ended December 31, 2021, compared to $264.3 million for the full year of 2020. Core diluted earnings per share were $2.53 for 2021, compared to $2.40 for 2020.

Net income for the fourth quarter of 2021 was $48.2 million, compared to $53.0 million in the fourth quarter of 2020. Diluted earnings per share for the fourth quarter of 2021 were $0.42, compared to $0.49 for the fourth quarter of 2020. Included in fourth quarter 2021 results were $13.6 million (pre-tax) of merger related costs, primarily associated with the acquisitions of Landmark Community Bank (Landmark) and Triumph Bancshares, Inc. (Triumph), which were completed and integrated in early October 2021. Excluding the impact of merger related and net branch rightsizing costs, core earnings were $59.5 million in the fourth quarter of 2021, compared to $62.0 million in the fourth quarter of 2020.

Simmons delivered record earnings in 2021 while continuing to navigate the headwinds brought about by the pandemic and the resulting impact on economic and business conditions, said George A. Makris, Jr, Simmons chairman and CEO. In addition to our strong financial performance, the year also brought our return to M&A activity with our acquisitions of Landmark Community Bank and Triumph Bancshares, Inc., which have significantly enhanced our size and scale in Tennessee where we now rank as the 8th largest bank based on deposit market share. Shortly after the acquisition and integration of these two banks in October, we announced a definitive agreement to acquire Spirit of Texas Bancshares, Inc., which will further strengthen our Texas franchise and establish a platform for growth in Houston, Austin, San Antonio and College Station. We look forward to welcoming our new customers, associates and shareholders to the Simmons family later this year.

While overall loan growth was muted for much of the year given the high levels of liquidity throughout the system, we are beginning to see positive signs that indicate an increase in business activity and a return to more normalized loan demand. Newly funded loans and advances topped $2.6 billion in the fourth quarter while unfunded commitments, considered a leading indicator of future loan growth, rose 31 percent during the quarter. Equally important, our commercial loan pipeline rose for the fifth consecutive quarter and is more than double that of a year ago. We are encouraged by this positive momentum and believe that our strong capital position and outstanding deposit base well position us for another strong year in 2022.



Selected Highlights: FY 2021 FY 2020 Q4 21 Q4 20Net income $271.2 $254.9 $48.2 $53.0 million million million millionDiluted earnings per share $2.46 $2.31 $0.42 $0.49 Return on avg assets 1.15% 1.18% 0.77% 0.96% Return on avg common equity 8.83% 8.72% 5.87% 7.13% Return on tangible common equity ^ 14.99% 15.25% 9.98% 12.48% (1) Core earnings ^(2) $278.3 $264.3 $59.5 $62.0 million million million millionCore diluted earnings per share ^ $2.53 $2.40 $0.52 $0.57 (2)Core return on avg assets ^(2) 1.18% 1.22% 0.96% 1.13% Core return on avg common equity ^ 9.06% 9.05% 7.24% 8.34% (2)Core return on tangible common 15.38% 15.79% 12.19% 14.51% equity ^(1)(2)Efficiency ratio ^(3) 57.92% 54.18% 59.48% 54.75% Adjusted pre-tax, pre-provision $293.9 $352.7 $73.7 $83.1earnings ^(2) million million million million

(1)Return on tangible common equity excludes goodwill and other intangible assets and is a non-GAAP measurement. See Non-GAAP Financial Measures and Reconciliation of Non-GAAP Financial Measures below.(2)Core and adjusted figures exclude non-core items and are non-GAAP measurements. See Non-GAAP Financial Measures and Reconciliation of Non-GAAP Financial Measures below.(3)Efficiency is a non-GAAP measurement. See Non-GAAP Financial Measures and Reconciliation of Non-GAAP Financial Measures below.

Loans

($ in billions) Q4 21 Q3 21 Q2 21 Q1 21 Q4 20Total loans $12.0 $10.8 $11.4 $12.2 $12.9Total loans excluding PPP $11.9 $10.6 $10.9 $11.4 $12.0

Total loans at the end of the fourth quarter of 2021 were $12.0 billion, compared to $10.8 billion at the end of the third quarter of 2021 and $12.9 billion at the end of the fourth quarter of 2020. The decrease in total loans from a year ago reflects planned run-off in certain targeted portfolios, Paycheck Protection Program (PPP) loan forgiveness, and increased paydowns and payoffs that were exacerbated by higher than normal levels of liquidity made available during the pandemic. The increase in total loans on a linked quarter basis primarily reflects loans acquired in connection with the Landmark and Triumph acquisitions, and an increase in loan production, which offset paydowns and payoffs during the quarter.

At the same time, evidence suggests that loan demand is beginning to return to more normalized levels. During the fourth quarter of 2021, newly funded loans and advances totaled $2.6 billion, up from $1.5 billion during the third quarter of 2021. Unfunded commitments rose for the third consecutive quarter, including a 31 percent increase on a linked quarter basis. Momentum in our commercial pipeline continued during the quarter with all loan opportunities totaling $2.3 billion, an increase of 56 percent on a linked quarter basis and more than double the levels of a year ago. This marked the fifth consecutive quarter of increased activity in the commercial pipeline as each respective category showed double-digit increases from third quarter 2021 levels. Equally important, the increases were broad-based across most of our markets and across our business units.

Deposits

($ in billions) Q4 21 Q3 21 Q2 21 Q1 21 Q4 20Total deposits $19.4 $18.1 $18.3 $18.2 $17.0Noninterest bearing deposits $5.3 $4.9 $4.9 $4.9 $4.5Interest bearing deposits $11.6 $10.7 $10.6 $10.3 $9.7Time deposits $2.5 $2.5 $2.8 $3.0 $2.8

Total deposits at the end of the fourth quarter of 2021 were $19.4 billion, an increase of $2.4 billion, or 14 percent, from $17.0 billion at the end of the fourth quarter of 2020. Total noninterest bearing deposits accounts totaled $5.3 billion, up $843 million, or 19 percent, from $4.5 billion at the end of the fourth quarter a year ago. Interest bearing deposits (checking, savings and money market accounts) totaled $11.6 billion, up $1.9 billion, or 20 percent, compared to $9.7 billion at the end of 2020. The year-over-year increases in each of these categories reflects an increase in customers as well as acquired deposits from the Landmark and Triumph acquisitions. Time deposits totaled $2.5 billion at the end of the fourth quarter of 2021, down 13 percent compared to $2.8 billion at the end of 2020.

Net Interest Income

Q4 21 Q3 21 Q2 21 Q1 21 Q4 20Loan yield ^(1) 4.58% 4.76% 4.73% 4.75% 4.74%Security yield ^(1) 1.74% 1.77% 1.97% 2.36% 2.48%Cost of interest bearing deposits 0.23% 0.27% 0.32% 0.41% 0.47%Cost of deposits ^(^2^) 0.17% 0.20% 0.24% 0.30% 0.34%Cost of borrowed funds 1.95% 1.96% 1.97% 1.91% 1.88%Net interest spread ^(1) 2.74% 2.72% 2.74% 2.83% 3.04%Net interest margin ^(1) 2.86% 2.85% 2.89% 2.99% 3.22%

(1)Fully tax equivalent using an effective tax rate of 26.135%.(2)Includes noninterest bearing deposits.

Net interest income for the fourth quarter of 2021 totaled $153.1 million, compared to $155.0 million in the fourth quarter of 2020, a decrease of 1 percent. Included in net interest income is accretion recognized on loans acquired, which totaled $5.8 million in the fourth quarter of 2021 and $9.0 million in the fourth quarter of 2020. Also included in net interest income is interest income on PPP loans, which totaled $5.1 million in the fourth quarter of 2021 and $6.5 million in the fourth quarter of 2020. The decrease in net interest income from a year ago reflects lower average loan balances, a decrease in loan yields and lower contributions from accretion and PPP loans, offset in part by our ability to successfully reduce deposit costs.

The yield on loans for the fourth quarter of 2021 was 4.58 percent, compared to 4.76 percent in the third quarter of 2021 and 4.74 percent in the fourth quarter of 2020. Cost of deposits for the fourth quarter of 2021 was 17 basis points, down 3 basis points on a linked quarter basis and down 17 basis points compared to the fourth quarter of 2020. Net interest margin on a fully taxable equivalent basis was 2.86 percent for the fourth quarter of 2021, compared to 2.85 percent in the third quarter of 2021 and 3.22 percent in the fourth quarter of 2020. Throughout 2021, the Company strategically redeployed excess liquidity through the purchase of investment securities, including short-term variable rate securities. At December 31, 2021, short-term, variable securities totaled approximately $1.5 billion.

Noninterest IncomeNoninterest income for 2021 was $191.8 million, compared to $239.8 million recorded in 2020. The decrease in noninterest income was primarily due to a $39.3 million decrease in gains on sales of investment securities and a $12.7 million decrease in mortgage lending income, offset in part by a $3.5 million increase in debit and credit card fees as a result of an increased usage and a higher number of customers.

Noninterest income for the fourth quarter of 2021 was $46.6 million, compared to $41.8 million in the fourth quarter of 2020. The increase in noninterest income compared to a year ago was broad based as most of our fee-based businesses posted gains, including mortgage lending income up $2.1 million, service charges on deposit accounts up $1.1 million, debit and credit card fee up $1.0 million and wealth management fees up $0.8 million.

Select Noninterest Income Items FY 2021 FY 2020 Q4 21 Q4 20($ in millions)Service charges on deposit accounts $43.2 $43.1 $11.9 $10.8Wealth management fees $31.2 $30.4 $8.0 $7.2Debit and credit card fees ^(1) $28.2 $24.7 $7.5 $6.4Mortgage lending income $21.8 $34.5 $5.0 $3.0Bank owned life insurance $8.9 $5.8 $2.8 $1.5Gain on sale of securities $15.5 $54.8 $(0.4) -Other income $35.3 $39.9 $10.0 $11.0 Core other income ^(^2^) $29.6 $31.1 $10.0 $10.8

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

Noninterest ExpenseNoninterest expense for 2021 was $483.6 million, down $1.1 million, or less than 1 percent, compared to $484.7 million recorded in 2020. Included in 2021 noninterest expense are pre-tax, non-core items totaling $15.3 million that primarily consist of merger-related expenses ($15.9 million, pre-tax). Excluding these items, core noninterest expense for 2021 was $468.2 million, compared to core noninterest expense of $463.2 million for 2020. The increase was primarily attributable to an increase in salaries and benefits (+$6.9 million), offset in part by a decline in furniture and equipment expense (-$4.0 million).

Noninterest expense for the fourth quarter of 2021 totaled $141.6 million, compared to $125.8 million in the fourth quarter of 2020. Included in noninterest expense are pre-tax, non-core items totaling $15.2 million that primarily consisted of merger-related expenses ($13.6 million, pre-tax). Excluding these items, core noninterest expense for the fourth quarter of 2021 was $126.4 million, compared to $113.4 million in the fourth quarter of 2020. The increase in noninterest expense was primarily due to the addition of operating expenses associated with the acquired banks at the beginning of the quarter. Expected costs saves from the acquisitions are expected to be achieved, in their entirety, in 2022. During the fourth quarter of 2021, the Company also donated $2.5 million to the Simmons First Foundation.

Select Noninterest Expense Items FY 2021 FY 2020 Q4 21 Q4 20($ in millions)Salaries and employee benefits $246.3 $242.5 $63.9 $55.8Occupancy expense, net $38.8 $37.6 $11.0 $9.2Furniture and equipment expense $19.9 $24.0 $4.7 $5.9Merger related costs $15.9 $4.5 $13.6 $0.7Other operating expenses^ (1) $153.6 $165.2 $45.7 $52.0 Core salaries and employee benefits ^(^2^) $246.2 $239.4 $63.8 $55.6Core other operating expenses ^(^2^) $157.1 $153.0 $45.8 $41.8

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

Asset Quality

($ in millions) Q4 21 Q3 21 Q2 21 Q1 21 Q4 20Allowance for credit losses on loans to total 1.71% 1.87% 2.00% 1.93% 1.85%loansAllowance for credit losses on loans to 300% 341% 281% 204% 193%nonperforming loansNonperforming loans to total loans 0.57% 0.55% 0.71% 0.95% 0.96%Net charge-off ratio (annualized) 0.31% 0.17% (0.07%) 0.10% 0.52%Net charge-off ratio YTD (annualized) 0.13% 0.06% 0.01% 0.10% 0.45% Total nonperforming loans $68.6 $59.4 $80.9 $115.5 $123.5Total other nonperforming assets $7.7 $13.5 $16.3 $12.4 $20.4

Credit quality metrics showed marked improvement throughout the year. Total nonperforming assets as a percentage of total assets were 0.31 percent at the end of 2021, compared to 0.64 percent at the end of 2020. Total nonperforming loans at the end of the fourth quarter of 2021 totaled $68.6 million, down $54.9 million compared to $123.5 million at the end of the fourth quarter a year ago. Net charge-offs as a percentage of average loans for the full year of 2021 were 13 basis points, down from 45 basis points reported for the full year of 2020. Net charge-offs for the fourth quarter of 2021 were 31 basis points, compared to 52 basis points for the fourth quarter of 2020. Provision for credit losses for the full year of 2021 was a credit of $32.7 million compared to expense of $75.0 million for the full year of 2020, reflecting positive trends in asset quality metrics throughout the year and improved economic modeling scenarios that in the prior year were negatively impacted by the corresponding impact of the pandemic on the macroeconomic environment. Provision for credit losses on loans during the fourth quarter of 2021 was a credit of $1.3 million, compared to expense of $6.9 million during the fourth quarter of 2020.

The allowance for credit losses on loans at the end of 2021 was $205.3 million, compared to $238.1 million at the end of 2020. During the fourth quarter of 2021, the Company recorded allowance of $13.4 million in connection with Purchase Credit Deteriorated loans acquired in the Landmark and Triumph acquisitions. The allowance to loan ratio ended 2021 at 1.71 percent, compared to 1.85 percent at the end of 2020, and the nonperforming loan coverage ratio was 300 percent at the end of 2021, compared to 193 percent at the end of 2020.

Capital

Q4 21 Q3 21 Q2 21 Q1 21 Q4 20Stockholders? equity to total assets 13.1% 13.1% 13.0% 12.6% 13.3%Tangible common equity to tangible assets^(1) 8.5% 8.4% 8.4% 7.9% 8.5%Regulatory common equity tier 1 ratio 13.8% 14.3% 14.2% 14.1% 13.4%Regulatory tier 1 leverage ratio 9.1% 9.1% 9.0% 9.0% 9.1%Regulatory tier 1 risk-based capital ratio 13.8% 14.3% 14.2% 14.1% 13.4%Regulatory total risk-based capital ratio 16.8% 17.4% 17.5% 17.5% 16.8%

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

Total common stockholders equity at the end of 2021 was $3.2 billion, compared to $3.0 billion at the end of 2020. During the fourth quarter of 2021, the Company redeemed its outstanding preferred stock totaling approximately $767 thousand. Book value per share at the end of the fourth quarter of 2021 was $28.82, compared to $27.53 at the end of the fourth quarter of 2020. Tangible book value per share was $17.71 at the end of the fourth quarter of 2021, compared to $16.56 at the end of the fourth quarter of 2020. The ratio of stockholders equity to total assets at December 31, 2021 was 13.1 percent, while tangible common equity to tangible total assets was 8.5 percent. All of the Companys regulatory capital ratios continue to significantly exceed well-capitalized guidelines, and it is noteworthy that the increase in book value per share and tangible book value per share was accomplished while also completing the acquisitions of Landmark and Triumph, paying cash dividends and actively utilizing the Companys stock repurchase program.

Share Repurchase Program and Cash DividendAs a result of the Companys strong capital position and ability to organically generate capital, the Companys board of directors has declared a quarterly cash dividend on the Companys Class A common stock of $0.19 per share, which is payable on April 4, 2022, to shareholders of record as of March 15, 2022. The cash dividend rate represents an increase of $0.01 per share, or 6 percent, from the dividend paid for the same time period last year.

During the fourth quarter of 2021, the Company repurchased approximately 2.6 million shares of its Class A common stock at an average price of $29.69 pursuant to the Companys stock repurchase program, which was originally approved in October 2019 (the 2019 Program). Remaining capacity under the 2019 Program at the end of 2021 totaled approximately $20.6 million. During January 2022, the Company substantially exhausted the remaining capacity under the 2019 Program.

Therefore, the Company also announced today that its board of directors has authorized a new stock repurchase program (the New Program) under which the Company may repurchase up to $175,000,000 of its Class A common stock currently issued and outstanding. The New Program replaces the 2019 Program.

Under the New Program, the Company may 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 New 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 Companys common stock, corporate considerations, the Companys working capital and investment requirements, general market and economic conditions, and legal requirements. The New Program does not obligate the Company to repurchase any common stock and may be modified, discontinued, or suspended at any time without prior notice. The Company anticipates funding for the New Program to come from available sources of liquidity, including cash on hand and future cash flow. The New Program will terminate on January 31, 2024 (unless terminated sooner).

Simmons First National CorporationSimmons First National Corporation (NASDAQ: SFNC) is a Mid-South based financial holding company whose principal subsidiary, Simmons Bank, operates 199 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. Central Time today, Thursday, January 27, 2022. 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 ID7373369. 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, branch closures and branch sales, the adequacy of the allowance for credit losses, the ability of the Company to manage the impacts 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 ability to obtain regulatory approvals and meet other closing conditions to the proposed merger of Spirit of Texas Bancshares, Inc. (Spirit) with and into the Company (Proposed Transaction); delay in closing the Proposed Transaction; difficulties and delays in integrating the acquired business or fully realizing cost savings and other benefits of the Proposed Transaction; 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 projected in or 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, and other reports that the Company has filed with or furnished to the U.S. Securities and Exchange Commission (the SEC), all of which are available from the SEC.

Important Additional Information and Where to Find ItThis communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval with respect to the Proposed Transaction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, and no offer to sell or solicitation of an offer to buy shall be made in any jurisdiction in which such offer, solicitation or sale would be unlawful.

In connection with the Proposed Transaction, the Company has filed with the SEC a registration statement on Form S-4 (the Registration Statement) to register the shares of Company common stock that will be issued to Spirit shareholders in the Proposed Transaction. The Registration Statement includes a proxy statement of Spirit and a prospectus of the Company (the Proxy Statement/Prospectus), and the Company and/or Spirit may file with the SEC other relevant documents concerning the Proposed Transaction. The definitive Proxy Statement/Prospectus is being mailed to shareholders of Spirit. SHAREHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION CAREFULLY AND IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BY THE COMPANY AND/OR SPIRIT, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.

Free copies of the Proxy Statement/Prospectus, as well as other filings containing information about the Company and Spirit, may be obtained at the SECs Internet site ( http://www.sec.gov), when they are filed by the Company or Spirit. You will also be able to obtain these documents, when they are filed, free of charge, from the Company at simmonsbank.com under the heading Investor Relations or from Spirit at www.sotb.com under the Investor Relations link. Copies of the Proxy Statement/Prospectus can also be obtained, free of charge, by directing a request to the Company at Simmons First National Corporation, 501 Main Street, Pine Bluff, Arkansas 71601, Attention: Ed Bilek, Director of Investor Relations, Email: ed.bilek@simmonsbank.com or ir@simmonsbank.com, Telephone: (870) 541-1000; or by directing a request to Spirit at Spirit of Texas Bancshares, Inc., 1836 Spirit of Texas Way, Conroe, Texas 77301, Attention: Corporate Secretary, Email: jgoleman@sotb.com, Telephone: (936) 521-1836.

Participants in the SolicitationThe Company, Spirit, and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies from the shareholders of Spirit in connection with the Proposed Transaction. Information about the Companys directors and executive officers is available in its proxy statement for its 2021 annual meeting of shareholders, which was filed with the SEC on April 15, 2021. Information about Spirits directors and executive officers is available in its proxy statement for its 2021 annual meeting of shareholders, which was filed with the SEC on April 9, 2021. Information regarding all of the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Proxy Statement/Prospectus regarding the Proposed Transaction and other relevant materials to be filed with the SEC when they become available. Free copies of these documents may be obtained as described in the preceding paragraph.

FOR MORE INFORMATION CONTACT:Ed BilekEVP, Director of Investor RelationsSimmons First National Corporationed.bilek@simmonsbank.com

Simmons First SFNCNational CorporationConsolidated End of Period Balance SheetsFor the Quarters Dec 31 Sep 30 Jun 30 Mar 31 Dec 31Ended(Unaudited) 2021 2021 2021 2021 2020 ($ in thousands) ASSETS Cash and non-interestbearing balances due $ 209,190 $ 225,500 $ 215,381 $ 227,713 $ 217,499 from banksInterest bearingbalances due from 1,441,463 1,555,913 2,123,743 3,677,750 3,254,653 banks and federalfunds soldCash and cash 1,650,653 1,781,413 2,339,124 3,905,463 3,472,152 equivalentsInterest bearingbalances due from 1,882 1,780 1,335 1,334 1,579 banks - timeInvestment securities 1,529,221 1,516,797 931,352 609,500 333,031 - held-to-maturityInvestment securities 7,113,545 6,822,203 6,556,581 4,528,348 3,473,598 - available-for-saleMortgage loans held 36,356 34,628 36,011 63,655 137,378 for saleOther assets held for 100 100 100 100 100 saleLoans: Loans 12,012,503 10,825,227 11,386,352 12,195,873 12,900,897 Allowance for credit (205,332 ) (202,508 ) (227,239 ) (235,116 ) (238,050 )losses on loansNet loans 11,807,171 10,622,719 11,159,113 11,960,757 12,662,847 Premises and 483,469 463,924 429,587 427,540 441,692 equipmentPremises held for - - 6,090 13,613 15,008 saleForeclosed assets andother real estate 6,032 11,759 15,239 11,168 18,393 ownedInterest receivable 72,990 68,405 67,916 71,359 72,597 Bank owned life 445,305 421,762 419,198 257,152 255,630 insuranceGoodwill 1,146,007 1,075,305 1,075,305 1,075,305 1,075,305 Other intangible 106,235 100,428 103,759 107,091 111,110 assetsOther assets 325,793 304,707 282,449 315,732 289,332 Total assets $ 24,724,759 $ 23,225,930 $ 23,423,159 $ 23,348,117 $ 22,359,752 LIABILITIES AND STOCKHOLDERS' EQUITYDeposits: Non-interest bearing $ 5,325,318 $ 4,918,845 $ 4,893,959 $ 4,884,667 $ 4,482,091 transaction accountsInterest bearingtransaction accounts 11,588,770 10,697,451 10,569,602 10,279,997 9,672,608 and savings depositsTime deposits 2,452,460 2,455,774 2,841,052 3,024,724 2,832,327 Total 19,366,548 18,072,070 18,304,613 18,189,388 16,987,026 depositsFederal fundspurchased and securities soldunder agreements to 185,403 217,276 187,215 323,053 299,111 repurchaseOther borrowings 1,337,973 1,338,585 1,339,193 1,340,467 1,342,067 Subordinated notes 384,131 383,278 383,143 383,008 382,874 and debenturesOther liabilities - - - - 154,620 held for saleAccrued interest and 201,863 184,190 169,629 181,426 217,398 other liabilitiesTotal liabilities 21,475,918 20,195,399 20,383,793 20,417,342 19,383,096 Stockholders' equity: Preferred stock - 767 767 767 767 Common stock 1,127 1,066 1,084 1,083 1,081 Surplus 2,164,989 1,974,561 2,021,128 2,017,188 2,014,076 Undivided profits 1,093,270 1,065,566 1,004,314 948,913 901,006 Accumulated othercomprehensive (loss) income:Unrealized(depreciation) (10,545 ) (11,429 ) 12,073 (37,176 ) 59,726 appreciation on AFSsecuritiesTotal stockholders' 3,248,841 3,030,531 3,039,366 2,930,775 2,976,656 equityTotal liabilities and $ 24,724,759 $ 23,225,930 $ 23,423,159 $ 23,348,117 $ 22,359,752 stockholders' equity Page 1

Simmons First National SFNC CorporationConsolidated Statements of Income - Quarter-to-DateFor the Quarters Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 (Unaudited) 2021 2021 2021 2021 2020 ($ in thousands, except per share data)INTEREST INCOME Loans (including $ 137,564 $ 132,216 $ 138,804 $ 146,424 $ 160,115 fees)Interest bearingbalances due from banks and 583 763 651 798 716 federal funds soldInvestment securities 32,275 30,717 27,128 21,573 17,207 Mortgage loans held 310 230 386 639 1,070 for saleTOTAL 170,732 163,926 166,969 169,434 179,108 INTEREST INCOMEINTEREST EXPENSE Time deposits 3,705 4,747 6,061 7,091 7,835 Other deposits 4,390 4,369 4,721 6,088 6,536 Federal funds purchased and securitiessold under 72 70 192 245 284 agreements to repurchaseOther borrowings 4,903 4,893 4,897 4,802 4,869 Subordinated notes 4,581 4,610 4,565 4,527 4,624 and debenturesTOTAL 17,651 18,689 20,436 22,753 24,148 INTEREST EXPENSENET INTEREST INCOME 153,081 145,237 146,533 146,681 154,960 Provision for credit (1,308 ) (19,890 ) (12,951 ) 1,445 6,943 lossesNET INTEREST INCOME AFTER PROVISIONFOR CREDIT LOSSES 154,389 165,127 159,484 145,236 148,017 NON-INTEREST INCOME Wealth management 8,042 7,877 7,892 7,361 7,233 feesService charges on 11,909 11,557 10,050 9,715 10,799 deposit accountsOther service charges 1,762 1,964 2,048 1,922 1,783 and feesMortgage lending 5,043 5,818 4,490 6,447 2,993 incomeDebit and credit card 7,460 7,102 7,073 6,610 6,415 feesBank owned life 2,768 2,573 2,038 1,523 1,481 insurance income(Loss) gain on sale (348 ) 5,248 5,127 5,471 16 of securities, netOther income 9,965 6,411 8,397 10,500 11,041 TOTAL 46,601 48,550 47,115 49,549 41,761 NON-INTEREST INCOMENON-INTEREST EXPENSE Salaries and employee 63,832 61,902 60,261 60,340 55,762 benefitsOccupancy expense, 11,033 9,361 9,103 9,300 9,182 netFurniture and 4,721 4,895 4,859 5,415 5,940 equipment expenseOther real estate and 576 339 863 343 551 foreclosure expenseDeposit insurance 2,108 1,870 1,687 1,308 1,627 Merger-related costs 13,591 1,401 686 233 731 Other operating 45,736 34,565 37,198 36,063 52,047 expensesTOTAL 141,597 114,333 114,657 113,002 125,840 NON-INTEREST EXPENSENET INCOME BEFORE INCOME 59,393 99,344 91,942 81,783 63,938 TAXESProvision for income 11,155 18,770 17,018 14,363 10,970 taxesNET INCOME 48,238 80,574 74,924 67,420 52,968 Preferred stock 8 13 13 13 13 dividendsNET INCOME AVAILABLE TO $ 48,230 $ 80,561 $ 74,911 $ 67,407 $ 52,955 COMMON STOCKHOLDERSBASIC EARNINGS PER SHARE $ 0.42 $ 0.75 $ 0.69 $ 0.62 $ 0.49 DILUTED EARNINGS PER SHARE $ 0.42 $ 0.74 $ 0.69 $ 0.62 $ 0.49 Page 2

Simmons First National Corporation SFNCConsolidated Risk-Based CapitalFor the Quarters Dec 31 Sep 30 Jun 30 Mar 31 Dec 31Ended(Unaudited) 2021 2021 2021 2021 2020 ($ in thousands) Tier 1 capital Stockholders' $ 3,248,841 $ 3,030,531 $ 3,039,366 $ 2,930,775 $ 2,976,656 equityCECL transition 114,458 122,787 128,933 131,637 131,430 provision ^(1)Disallowedintangible assets, (1,226,686 ) (1,152,688 ) (1,156,203 ) (1,159,720 ) (1,163,797 )net of deferred taxUnrealizedloss (gain) on AFS 10,545 11,429 (12,073 ) 37,176 (59,726 )securitiesTotal 2,147,158 2,012,059 2,000,023 1,939,868 1,884,563 Tier 1 capital Tier 2 capital Trustpreferred 384,131 383,278 383,143 383,008 382,874 securities andsubordinated debtQualifyingallowance for loan losses andreservefor unfunded 71,853 60,700 79,138 87,251 89,546 commitmentsTotal 455,984 443,978 462,281 470,259 472,420 Tier 2 capitalTotal $ 2,603,142 $ 2,456,037 $ 2,462,304 $ 2,410,127 $ 2,356,983 risk-based capital Risk weighted $ 15,538,967 $ 14,098,320 $ 14,076,975 $ 13,771,244 $ 14,048,608 assets Adjusted averageassets for leverage $ 23,647,901 $ 22,189,921 $ 22,244,118 $ 21,668,406 $ 20,765,127 ratio Ratios at end of quarterEquity to 13.14 % 13.05 % 12.98 % 12.55 % 13.31 %assetsTangible commonequity to tangible 8.51 % 8.41 % 8.36 % 7.88 % 8.45 %assets ^(2)Common equity 13.82 % 14.27 % 14.20 % 14.08 % 13.41 %Tier 1 ratio (CET1)Tier 1 9.08 % 9.07 % 8.99 % 8.95 % 9.08 %leverage ratioTier 1risk-based capital 13.82 % 14.27 % 14.21 % 14.09 % 13.41 %ratioTotalrisk-based capital 16.75 % 17.42 % 17.49 % 17.50 % 16.78 %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 theschedulesaccompanying this release. Page 3

Simmons First National Corporation SFNC Consolidated Investment SecuritiesFor the Quarters Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Ended(Unaudited) 2021 2021 2021 2021 2020 ($ in thousands) Investment Securities - End of PeriodHeld-to-Maturity U.S. Government $ 232,609 $ 232,549 $ 77,396 $ 77,396 $ - agenciesMortgage-backed 70,342 57,930 60,649 47,988 22,354 securitiesState andpolitical 1,209,051 1,209,091 793,307 484,116 310,109 subdivisionsOther 17,219 17,227 - - 568 securitiesTotalheld-to-maturity (net 1,529,221 1,516,797 931,352 609,500 333,031 of credit losses)Available-for-Sale U.S. Treasury $ 300 $ 300 $ 600 $ 600 $ - U.S. Government 364,641 354,382 554,937 487,679 477,237 agenciesMortgage-backed 4,448,616 4,421,620 3,987,209 2,133,086 1,394,936 securitiesState andpolitical 1,819,658 1,575,208 1,557,497 1,571,910 1,470,723 subdivisionsOther 480,330 470,693 456,338 335,073 130,702 securitiesTotalavailable-for-sale 7,113,545 6,822,203 6,556,581 4,528,348 3,473,598 (net of creditlosses)Totalinvestment securities $ 8,642,766 $ 8,339,000 $ 7,487,933 $ 5,137,848 $ 3,806,629 (net of creditlosses)Fairvalue - HTM $ 1,517,378 $ 1,487,916 $ 935,596 $ 597,694 $ 341,925 investment securities Investment Securities - QTD AverageTaxable securities $ 5,790,429 $ 5,475,932 $ 4,265,545 $ 2,471,291 $ 1,757,234 Tax exempt securities 2,787,301 2,496,958 2,157,076 1,919,919 1,528,127 Totalinvestment securities $ 8,577,730 $ 7,972,890 $ 6,422,621 $ 4,391,210 $ 3,285,361 - QTD average Page 4

Simmons First National SFNC CorporationConsolidated Loans For the Quarters Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Ended(Unaudited) 2021 2021 2021 2021 2020 ($ in thousands) Loan Portfolio - End of PeriodConsumer Credit cards $ 187,052 $ 175,884 $ 177,634 $ 175,458 $ 188,845 Other 168,318 182,492 181,712 172,965 202,379 consumerTotal consumer 355,370 358,376 359,346 348,423 391,224 Real Estate Construction 1,327,210 1,229,740 1,428,165 1,451,841 1,596,255 Single-family 2,101,136 1,540,701 1,608,028 1,730,056 1,880,673 residentialOthercommercial real 5,738,904 5,308,902 5,332,655 5,638,010 5,746,863 estateTotal real estate 9,167,250 8,079,343 8,368,848 8,819,907 9,223,791 Commercial Commercial 1,992,043 1,821,905 2,074,729 2,444,700 2,574,386 Agricultural 168,717 216,735 193,462 155,921 175,905 Total commercial 2,160,760 2,038,640 2,268,191 2,600,621 2,750,291 Other 329,123 348,868 389,967 426,922 535,591 Total $ 12,012,503 $ 10,825,227 $ 11,386,352 $ 12,195,873 $ 12,900,897 loans Page 5

Simmons First National Corporation SFNCConsolidated Allowance and Asset QualityFor the Quarters Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31(Unaudited) 2021 2021 2021 2021 2020 ($ in thousands) Allowance for Credit Losses on LoansBeginning balance,after adoption of ASC $ 202,508 $ 227,239 $ 235,116 $ 238,050 $ 248,251 326 Day 1 PCD allowance from acquisitionsLandmark (10/08/ 2,359 2021)Triumph (10/08/ 11,092 2021)Total Day 1 13,451 PCD allowance Loans charged off Credit cards 865 711 1,046 1,003 787 Other consumer 477 463 411 702 960 Real estate 2,624 5,941 439 1,687 10,415 Commercial 8,513 932 309 859 8,199 Total loans 12,479 8,047 2,205 4,251 20,361 charged off Recoveries of loans previously charged offCredit cards 247 267 244 290 241 Other consumer 267 408 425 304 355 Real estate 916 2,068 1,523 403 431 Commercial 1,730 463 2,147 320 1,835 Total 3,160 3,206 4,339 1,317 2,862 recoveriesNet loans charged 9,319 4,841 (2,134 ) 2,934 17,499 offProvision for credit (1,308 ) (19,890 ) (10,011 ) - 7,298 losses on loansBalance, end of quarter $ 205,332 $ 202,508 $ 227,239 $ 235,116 $ 238,050 Non-performing assets Non-performing loans Nonaccrual loans $ 68,204 $ 59,054 $ 80,282 $ 114,856 $ 122,879 Loans past due 90 349 334 653 635 578 days or moreTotal 68,553 59,388 80,935 115,491 123,457 non-performing loansOther non-performing assetsForeclosed assetsand other real estate 6,032 11,759 15,239 11,168 18,393 ownedOther 1,667 1,724 1,062 1,229 2,016 non-performing assetsTotal other 7,699 13,483 16,301 12,397 20,409 non-performing assetsTotal $ 76,252 $ 72,871 $ 97,236 $ 127,888 $ 143,866 non-performing assetsPerforming TDRs(troubled debt $ 4,289 $ 4,251 $ 4,436 $ 3,805 $ 3,138 restructurings) Ratios Allowance for creditlosses on loans to 1.71 % 1.87 % 2.00 % 1.93 % 1.85 %total loansAllowance for creditlosses to 300 % 341 % 281 % 204 % 193 %non-performing loansNon-performing loans to 0.57 % 0.55 % 0.71 % 0.95 % 0.96 %total loansNon-performing assets(including performing TDRs)to total assets 0.33 % 0.33 % 0.43 % 0.56 % 0.66 %Non-performing assets 0.31 % 0.31 % 0.42 % 0.55 % 0.64 %to total assetsAnnualized net charge 0.31 % 0.17 % -0.07 % 0.10 % 0.52 %offs to total loansAnnualized net credit card charge offs tototal credit card 1.29 % 0.96 % 1.78 % 1.58 % 1.15 %loans Page 6

Simmons First National SFNCCorporationConsolidated - Average Balance Sheet and Net Interest Income AnalysisFor the Quarters Ended(Unaudited) Three Months Ended Dec 2021 Three Months Ended Sep 2021 Three Months Ended Dec 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 $ 1,484,752 $ 583 0.16 % $ 1,866,530 $ 763 0.16 % $ 2,651,938 $ 716 0.11 %federal funds soldInvestmentsecurities - 5,790,429 17,186 1.18 % 5,475,932 17,076 1.24 % 1,757,234 7,720 1.75 %taxableInvestmentsecurities - 2,787,301 20,470 2.91 % 2,496,958 18,399 2.92 % 1,528,127 12,778 3.33 %non-taxable (FTE)Mortgageloans held for 42,866 310 2.87 % 32,134 230 2.84 % 179,275 1,070 2.37 %saleLoans -including fees 11,924,444 137,762 4.58 % 11,030,438 132,399 4.76 % 13,457,077 160,306 4.74 %(FTE)Totalinterest earning 22,029,792 176,311 3.18 % 20,901,992 168,867 3.21 % 19,573,651 182,590 3.71 %assets (FTE)Non-earning 2,668,230 2,353,549 2,278,443 assetsTotal $ 24,698,022 $ 23,255,541 $ 21,852,094 assets LIABILITIES AND STOCKHOLDERS' EQUITYInterest bearing liabilities:Interestbearing transaction andsavings $ 11,413,325 $ 4,390 0.15 % $ 10,629,142 $ 4,369 0.16 % $ 9,389,570 $ 6,536 0.28 %accountsTime 2,607,011 3,705 0.56 % 2,645,896 4,747 0.71 % 2,823,166 7,835 1.10 %depositsTotalinterest bearing 14,020,336 8,095 0.23 % 13,275,038 9,116 0.27 % 12,212,736 14,371 0.47 %depositsFederalfunds purchased and securitiessoldunder agreement to 223,008 72 0.13 % 219,604 70 0.13 % 340,333 284 0.33 %repurchaseOther 1,340,825 4,903 1.45 % 1,338,866 4,893 1.45 % 1,342,403 4,869 1.44 %borrowingsSubordinatednotes and 383,489 4,581 4.74 % 383,213 4,610 4.77 % 382,808 4,624 4.81 %debenturesTotalinterest bearing 15,967,658 17,651 0.44 % 15,216,721 18,689 0.49 % 14,278,280 24,148 0.67 %liabilitiesNon-interestbearing liabilities:Non-interest 5,288,933 4,803,171 4,413,168 bearing depositsOther 179,362 167,677 204,014 liabilitiesTotal 21,435,953 20,187,569 18,895,462 liabilitiesStockholders' 3,262,069 3,067,972 2,956,632 equityTotalliabilities and $ 24,698,022 $ 23,255,541 $ 21,852,094 stockholders'equityNet interest $ 158,660 $ 150,178 $ 158,442 income (FTE)Net interest 2.74 % 2.72 % 3.04 %spread (FTE)Net interestmargin (FTE) - 2.86 % 2.85 % 3.22 %quarter-to-date Net interestmargin (FTE) - 2.89 % 2.91 % 3.38 %year-to-date

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Simmons First National SFNC CorporationConsolidated -Selected Financial DataFor the Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Quarters Ended(Unaudited) 2021 2021 2021 2021 2020 ($ inthousands, except sharedata)QUARTER-TO-DATE FinancialHighlights - GAAPNet Income $ 48,230 $ 80,561 $ 74,911 $ 67,407 $ 52,955 Dilutedearnings per 0.42 0.74 0.69 0.62 0.49 shareReturn on 0.77 % 1.37 % 1.29 % 1.20 % 0.96 % average assetsReturn onaverage common 5.87 % 10.42 % 10.08 % 9.20 % 7.13 % equityReturn ontangible common 9.98 % 17.43 % 17.25 % 15.85 % 12.48 % equityNet interest 2.86 % 2.85 % 2.89 % 2.99 % 3.22 % margin (FTE)FTE adjustment 5,579 4,941 4,548 4,163 3,482 Average dilutedshares 114,491,119 108,359,890 108,822,175 108,655,293 108,888,264 outstandingSharesrepurchased 2,625,348 1,806,205 - 130,916 1,034,364 under planAverage priceof shares 29.69 28.48 - 23.53 19.36 repurchasedCash dividendsdeclared per 0.18 0.18 0.18 0.18 0.17 common shareFinancialHighlights - Core (non-GAAP)Core earnings(excludes $ 59,486 $ 79,350 $ 75,435 $ 63,995 $ 61,977 non-core items)^ (1)Core dilutedearnings per 0.52 0.73 0.69 0.59 0.57 share ^(1)Accretableyield on 5,758 4,122 5,619 6,630 8,999 acquired loansEfficiency 59.48 % 58.10 % 56.75 % 57.25 % 54.75 % ratio ^(1)Core return onaverage assets^ 0.96 % 1.35 % 1.30 % 1.14 % 1.13 % (1)Core return onaverage common 7.24 % 10.26 % 10.15 % 8.73 % 8.34 % equity^ (1)Core return ontangible common 12.19 % 17.18 % 17.36 % 15.08 % 14.51 % equity ^(1)YEAR-TO-DATE FinancialHighlights - GAAPNet Income $ 271,109 $ 222,879 $ 142,318 $ 67,407 $ 254,852 Dilutedearnings per 2.46 2.05 1.31 0.62 2.31 shareReturn on 1.15 % 1.29 % 1.25 % 1.20 % 1.18 % average assetsReturn onaverage common 8.83 % 9.91 % 9.64 % 9.20 % 8.72 % equityReturn ontangible common 14.99 % 16.86 % 16.56 % 15.85 % 15.25 % equityNet interest 2.89 % 2.91 % 2.94 % 2.99 % 3.38 % margin (FTE)FTE adjustment 19,231 13,652 8,711 4,163 11,001 Average dilutedshares 110,198,094 108,667,928 108,746,439 108,655,293 110,173,661 outstandingCash dividendsdeclared per 0.72 0.54 0.36 0.18 0.68 common shareFinancialHighlights - Core (non-GAAP)Core earnings(excludes $ 278,266 $ 218,780 $ 139,430 $ 63,995 $ 264,300 non-core items)^ (1)Core dilutedearnings per 2.53 2.01 1.28 0.59 2.40 share ^(1)Accretableyield on 22,129 16,371 12,249 6,630 41,507 acquired loansEfficiency 57.92 % 57.37 % 57.00 % 57.25 % 54.18 % ratio ^(1)Core return onaverage assets^ 1.18 % 1.27 % 1.22 % 1.14 % 1.22 % (1)Core return onaverage common 9.06 % 9.73 % 9.45 % 8.73 % 9.05 % equity^ (1)Core return ontangible common 15.38 % 16.56 % 16.23 % 15.08 % 15.79 % equity ^(1)END OF PERIOD Book value per $ 28.82 $ 28.42 $ 28.03 $ 27.04 $ 27.53 shareTangible book 17.71 17.39 17.16 16.13 16.56 value per shareShares 112,715,444 106,603,231 108,386,669 108,345,732 108,077,662 outstandingFull-timeequivalent 2,877 2,740 2,783 2,817 2,827 employeesTotal number offinancial 199 185 198 198 204 centers (1) Core earnings exclude non-core items, which is a non-GAAP measurement. Reconciliations to GAAP are included in theschedulesaccompanying this release. Page 8

Simmons First National SFNCCorporationReconciliation Of Non-GAAP Financial Measures - Core Earnings - Quarter-to-DateFor the Quarters Dec 31 Sep 30 Jun 30 Mar 31 Dec 31Ended(Unaudited) 2021 2021 2021 2021 2020 ($ in thousands,except per share data)QUARTER-TO-DATE Net Income $ 48,230 $ 80,561 $ 74,911 $ 67,407 $ 52,955 Non-core items Gain on sale of - - (16 ) (5,300 ) (275 )branchesMerger-related 13,591 1,401 686 233 731 costsEarly retirement - - - - 62 programBranch 1,648 (3,041 ) 39 448 11,696 right-sizing (net)Tax effect ^(1) (3,983 ) 429 (185 ) 1,207 (3,192 )Net non-core items 11,256 (1,211 ) 524 (3,412 ) 9,022 Core earnings $ 59,486 $ 79,350 $ 75,435 $ 63,995 $ 61,977 (non-GAAP) Diluted earnings $ 0.42 $ 0.74 $ 0.69 $ 0.62 $ 0.49 per shareNon-core items Gain on sale of - - - (0.05 ) - branchesMerger-related 0.12 0.01 0.01 - - costsEarly retirement - - - - - programBranch 0.01 (0.03 ) - 0.01 0.11 right-sizing (net)Tax effect ^(1) (0.03 ) 0.01 (0.01 ) 0.01 (0.03 )Net non-core items 0.10 (0.01 ) - (0.03 ) 0.08 Core dilutedearnings per share $ 0.52 $ 0.73 $ 0.69 $ 0.59 $ 0.57 (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 $ 9,965 $ 6,411 $ 8,397 $ 10,500 $ 11,041 Non-core items^ (2 ) 239 (445 ) (5,477 ) (275 )(1)Core other $ 9,963 $ 6,650 $ 7,952 $ 5,023 $ 10,766 income (non-GAAP) Non-interest $ 141,597 $ 114,333 $ 114,657 $ 113,002 $ 125,840 expenseNon-core items^ (15,241 ) 1,879 (1,154 ) (858 ) (12,489 )(1)Corenon-interest $ 126,356 $ 116,212 $ 113,503 $ 112,144 $ 113,351 expense (non-GAAP) Salaries and $ 63,832 $ 61,902 $ 60,261 $ 60,340 $ 55,762 employee benefitsNon-core items^ - (66 ) - - (144 )(1)Coresalaries and $ 63,832 $ 61,836 $ 60,261 $ 60,340 $ 55,618 employee benefits(non-GAAP) Merger $ 13,591 $ 1,401 $ 686 $ 233 $ 731 related costsNon-core items^ (13,591 ) (1,401 ) (686 ) (233 ) (731 )(1)Core mergerrelated costs $ - $ - $ - $ - $ - (non-GAAP) Other $ 45,736 $ 34,565 $ 37,198 $ 36,063 $ 52,047 operating expensesNon-core items^ 96 3,759 (89 ) (208 ) (10,270 )(1)Core otheroperating expenses $ 45,832 $ 38,324 $ 37,109 $ 35,855 $ 41,777 (non-GAAP) (1) Non-core items include gain on sale of branches, merger related costs,early retirement program expenses andbranchright-sizing costs. Page 9

Simmons First National SFNCCorporationReconciliation Of Non-GAAP Financial Measures - Core Earnings - Year-to-DateFor the Quarters Dec 31 Sep 30 Jun 30 Mar 31 Dec 31Ended(Unaudited) 2021 2021 2021 2021 2020 ($ in thousands,except per share data)YEAR-TO-DATE Net Income $ 271,109 $ 222,879 $ 142,318 $ 67,407 $ 254,852 Non-core items Gain on sale of (5,316 ) (5,316 ) (5,316 ) (5,300 ) (8,368 )branchesMerger-related 15,911 2,320 919 233 4,531 costsEarly retirement - - - - 2,901 programBranch (906 ) (2,554 ) 487 448 13,727 right-sizing (net)Tax effect ^(1) (2,532 ) 1,451 1,022 1,207 (3,343 )Net non-core items 7,157 (4,099 ) (2,888 ) (3,412 ) 9,448 Core earnings $ 278,266 $ 218,780 $ 139,430 $ 63,995 $ 264,300 (non-GAAP) Diluted earnings $ 2.46 $ 2.05 $ 1.31 $ 0.62 $ 2.31 per shareNon-core items Gain on sale of (0.05 ) (0.05 ) (0.05 ) (0.05 ) (0.07 )branchesMerger-related 0.15 0.02 0.01 - 0.04 costsEarly retirement - - - - 0.03 programBranch (0.01 ) (0.02 ) - 0.01 0.12 right-sizing (net)Tax effect ^(1) (0.02 ) 0.01 0.01 0.01 (0.03 )Net non-core items 0.07 (0.04 ) (0.03 ) (0.03 ) 0.09 Core dilutedearnings per share $ 2.53 $ 2.01 $ 1.28 $ 0.59 $ 2.40 (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 $ 35,273 $ 25,308 $ 18,897 $ 10,500 $ 39,876 Non-core items^ (5,685 ) (5,683 ) (5,922 ) (5,477 ) (8,738 )(1)Core other $ 29,588 $ 19,625 $ 12,975 $ 5,023 $ 31,138 income (non-GAAP) Non-interest $ 483,589 $ 341,992 $ 227,659 $ 113,002 $ 484,736 expenseNon-core items^ (15,374 ) (133 ) (2,012 ) (858 ) (21,529 )(1)Corenon-interest $ 468,215 $ 341,859 $ 225,647 $ 112,144 $ 463,207 expense (non-GAAP) Salaries and $ 246,335 $ 182,503 $ 120,601 $ 60,340 $ 242,474 employee benefitsNon-core items^ (66 ) (66 ) - - (3,085 )(1)Coresalaries and $ 246,269 $ 182,437 $ 120,601 $ 60,340 $ 239,389 employee benefits(non-GAAP) Merger $ 15,911 $ 2,320 $ 919 $ 233 $ 4,531 related costsNon-core items^ (15,911 ) (2,320 ) (919 ) (233 ) (4,531 )(1)Core mergerrelated costs $ - $ - $ - $ - $ - (non-GAAP) Other $ 153,562 $ 107,826 $ 73,261 $ 36,063 $ 165,201 operating expensesNon-core items^ 3,558 3,462 (297 ) (208 ) (12,155 )(1)Core otheroperating expenses $ 157,120 $ 111,288 $ 72,964 $ 35,855 $ 153,046 (non-GAAP) (1) Non-core items include gain on sale of branches, merger related costs,early retirement program expenses andbranchright-sizing costs. Page 10

Simmons FirstNational SFNC CorporationReconciliation Of Non-GAAP Financial Measures - End of PeriodFor the Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Quarters Ended(Unaudited) 2021 2021 2021 2021 2020 ($ inthousands, except pershare data) Calculation of Tangible Common Equity and the Ratio of Tangible Common Equity to Tangible Assets Total commonstockholders' $ 3,248,841 $ 3,029,764 $ 3,038,599 $ 2,930,008 $ 2,975,889 equityIntangible assets:Goodwill (1,146,007 ) (1,075,305 ) (1,075,305 ) (1,075,305 ) (1,075,305 ) Otherintangible (106,235 ) (100,428 ) (103,759 ) (107,091 ) (111,110 ) assetsTotal (1,252,242 ) (1,175,733 ) (1,179,064 ) (1,182,396 ) (1,186,415 ) intangiblesTangiblecommon $ 1,996,599 $ 1,854,031 $ 1,859,535 $ 1,747,612 $ 1,789,474 stockholders'equity Total assets $ 24,724,759 $ 23,225,930 $ 23,423,159 $ 23,348,117 $ 22,359,752 Intangible assets:Goodwill (1,146,007 ) (1,075,305 ) (1,075,305 ) (1,075,305 ) (1,075,305 ) Otherintangible (106,235 ) (100,428 ) (103,759 ) (107,091 ) (111,110 ) assetsTotal (1,252,242 ) (1,175,733 ) (1,179,064 ) (1,182,396 ) (1,186,415 ) intangiblesTangible $ 23,472,517 $ 22,050,197 $ 22,244,095 $ 22,165,721 $ 21,173,337 assets Paycheckprotection (116,659 ) (212,087 ) (441,353 ) (797,629 ) (904,673 ) program("PPP") loansTotal assetsexcluding PPP $ 24,608,100 $ 23,013,843 $ 22,981,806 $ 22,550,488 $ 21,455,079 loansTangibleassets $ 23,355,858 $ 21,838,110 $ 21,802,742 $ 21,368,092 $ 20,268,664 excluding PPPloans Ratio ofcommon equity 13.14 % 13.04 % 12.97 % 12.55 % 13.31 % to assetsRatio ofcommon equityto assets 13.20 % 13.16 % 13.22 % 12.99 % 13.87 % excluding PPPloansRatio oftangiblecommon equity 8.51 % 8.41 % 8.36 % 7.88 % 8.45 % to tangibleassetsRatio oftangiblecommon equityto tangible 8.55 % 8.49 % 8.53 % 8.18 % 8.83 % assetsexcluding PPPloans Calculation ofTangible Book Value perShare Total commonstockholders' $ 3,248,841 $ 3,029,764 $ 3,038,599 $ 2,930,008 $ 2,975,889 equityIntangible assets:Goodwill (1,146,007 ) (1,075,305 ) (1,075,305 ) (1,075,305 ) (1,075,305 ) Otherintangible (106,235 ) (100,428 ) (103,759 ) (107,091 ) (111,110 ) assetsTotal (1,252,242 ) (1,175,733 ) (1,179,064 ) (1,182,396 ) (1,186,415 ) intangiblesTangiblecommon $ 1,996,599 $ 1,854,031 $ 1,859,535 $ 1,747,612 $ 1,789,474 stockholders'equityShares ofcommon stock 112,715,444 106,603,231 108,386,669 108,345,732 108,077,662 outstandingBook value per $ 28.82 $ 28.42 $ 28.03 $ 27.04 $ 27.53 common shareTangible bookvalue per $ 17.71 $ 17.39 $ 17.16 $ 16.13 $ 16.56 common share Page 11

Simmons FirstNational SFNC CorporationReconciliation Of Non-GAAP Financial Measures - Quarter-to-DateFor the Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Quarters Ended(Unaudited) 2021 2021 2021 2021 2020 ($ in thousands)Calculation ofCore Return on Average Assets Net income $ 48,230 $ 80,561 $ 74,911 $ 67,407 $ 52,955 Net non-coreitems, net of 11,256 (1,211 ) 524 (3,412 ) 9,022 taxes,adjustmentCore earnings $ 59,486 $ 79,350 $ 75,435 $ 63,995 $ 61,977 Average total $ 24,698,022 $ 23,255,541 $ 23,257,921 $ 22,738,821 $ 21,852,094 assets Return on 0.77 % 1.37 % 1.29 % 1.20 % 0.96 % average assetsCore return on 0.96 % 1.35 % 1.30 % 1.14 % 1.13 % average assets Calculation ofReturn on TangibleCommon Equity Net income $ 48,230 $ 80,561 $ 74,911 $ 67,407 $ 52,955 Amortizationof 2,575 2,460 2,462 2,470 2,475 intangibles,net of taxesTotal incomeavailable to $ 50,805 $ 83,021 $ 77,373 $ 69,877 $ 55,430 commonstockholders Net non-coreitems, net of 11,256 (1,211 ) 524 (3,412 ) 9,022 taxesCore earnings 59,486 79,350 75,435 63,995 61,977 Amortizationof 2,575 2,460 2,462 2,470 2,475 intangibles,net of taxesTotal coreincomeavailable to $ 62,061 $ 81,810 $ 77,897 $ 66,465 $ 64,452 commonstockholders Average commonstockholders' $ 3,261,627 $ 3,067,205 $ 2,980,609 $ 2,972,689 $ 2,955,865 equityAverageintangible assets:Goodwill (1,137,441 ) (1,075,305 ) (1,075,305 ) (1,075,305 ) (1,075,305 ) Other (105,155 ) (102,576 ) (105,785 ) (109,850 ) (113,098 ) intangiblesTotal average (1,242,596 ) (1,177,881 ) (1,181,090 ) (1,185,155 ) (1,188,403 ) intangiblesAveragetangiblecommon $ 2,019,031 $ 1,889,324 $ 1,799,519 $ 1,787,534 $ 1,767,462 stockholders'equity Return onaverage common 5.87 % 10.42 % 10.08 % 9.20 % 7.13 % equityReturn ontangible 9.98 % 17.43 % 17.25 % 15.85 % 12.48 % common equityCore return onaverage common 7.24 % 10.26 % 10.15 % 8.73 % 8.34 % equityCore return ontangible 12.19 % 17.18 % 17.36 % 15.08 % 14.51 % common equity Calculation ofEfficiency Ratio ^(1) Non-interest $ 141,597 $ 114,333 $ 114,657 $ 113,002 $ 125,840 expenseNon-corenon-interest (15,241 ) 1,879 (1,154 ) (858 ) (12,489 ) expenseadjustmentOther realestate andforeclosure (576 ) (339 ) (863 ) (343 ) (545 ) expenseadjustmentAmortizationof intangibles (3,486 ) (3,331 ) (3,333 ) (3,344 ) (3,351 ) adjustmentEfficiencyratio $ 122,294 $ 112,542 $ 109,307 $ 108,457 $ 109,455 numerator Net-interest $ 153,081 $ 145,237 $ 146,533 $ 146,681 $ 154,960 incomeNon-interest 46,601 48,550 47,115 49,549 41,761 incomeNon-corenon-interest (2 ) 239 (445 ) (5,477 ) (275 ) incomeadjustmentFullytax-equivalentadjustment 5,579 4,941 4,548 4,163 3,482 (effective taxrate of26.135%)Loss (gain) onsale of 348 (5,248 ) (5,127 ) (5,471 ) (16 ) securitiesEfficiencyratio $ 205,607 $ 193,719 $ 192,624 $ 189,445 $ 199,912 denominator Efficiency 59.48 % 58.10 % 56.75 % 57.25 % 54.75 % ratio ^(1) (1) Efficiency ratio is core non-interest expense before foreclosed propertyexpense and amortization of intangibles as a percent of net interest income(fullytaxable equivalent) and non-interest revenues, excluding gains and losses from securities transactions and non-core items. Page 12

Simmons FirstNational SFNC CorporationReconciliation Of Non-GAAP Financial Measures - Quarter-to-Date (continued)For theQuarters Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Ended(Unaudited) 2021 2021 2021 2021 2020 ($ in thousands)Calculation of AdjustedPre-Tax, Pre-Provision (PTPP) Earnings Net incomeavailable to $ 48,230 $ 80,561 $ 74,911 $ 67,407 $ 52,955 commonstockholdersProvision for 11,155 18,770 17,018 14,363 10,970 income taxesProvision forcredit losses(including (1,308 ) (19,890 ) (12,951 ) 1,445 6,943 provision forunfundedcommitments)Loss (gain)on sale of 348 (5,248 ) (5,127 ) (5,471 ) (16 ) securitiesNet pre-taxnon-core 15,239 (1,640 ) 709 (4,619 ) 12,214 itemsAdjustedPre-tax,pre-provision $ 73,664 $ 72,553 $ 74,560 $ 73,125 $ 83,066 (PTPP)earnings Page 13

Simmons FirstNational SFNCCorporationReconciliation Of Non-GAAP Financial Measures - Year-to-DateFor the Dec 31 Sep 30 Jun 30 Mar 31 Dec 31Quarters Ended(Unaudited) 2021 2021 2021 2021 2020 ($ in thousands)Calculation ofCore Return on Average Assets Net income $ 271,109 $ 222,879 $ 142,318 $ 67,407 $ 254,852 Net non-coreitems, net of 7,157 (4,099 ) (2,888 ) (3,412 ) 9,448 taxes,adjustmentCore earnings $ 278,266 $ 218,780 $ 139,430 $ 63,995 $ 264,300 Average total $ 23,492,308 $ 23,085,987 $ 22,999,805 $ 22,738,821 $ 21,590,745 assets Return on 1.15 % 1.29 % 1.25 % 1.20 % 1.18 %average assetsCore return on 1.18 % 1.27 % 1.22 % 1.14 % 1.22 %average assets Calculation ofReturn on TangibleCommon Equity Net income $ 271,109 $ 222,879 $ 142,318 $ 67,407 $ 254,852 Amortizationof 9,967 7,392 4,932 2,470 9,968 intangibles,net of taxesTotal incomeavailable to $ 281,076 $ 230,271 $ 147,250 $ 69,877 $ 264,820 commonstockholders Net non-coreitems, net of 7,157 (4,099 ) (2,888 ) (3,412 ) 9,448 taxesCore earnings 278,266 218,780 139,430 63,995 264,300 Amortizationof 9,967 7,392 4,932 2,470 9,968 intangibles,net of taxesTotal coreincomeavailable to $ 288,233 $ 226,172 $ 144,362 $ 66,465 $ 274,268 commonstockholders Average commonstockholders' $ 3,071,313 $ 3,007,181 $ 2,976,671 $ 2,972,689 $ 2,921,039 equityAverageintangible assets:Goodwill (1,090,967 ) (1,075,305 ) (1,075,305 ) (1,075,305 ) (1,065,190 )Other (105,820 ) (106,043 ) (107,806 ) (109,850 ) (118,812 )intangiblesTotal average (1,196,787 ) (1,181,348 ) (1,183,111 ) (1,185,155 ) (1,184,002 )intangiblesAveragetangiblecommon $ 1,874,526 $ 1,825,833 $ 1,793,560 $ 1,787,534 $ 1,737,037 stockholders'equity Return onaverage common 8.83 % 9.91 % 9.64 % 9.20 % 8.72 %equityReturn ontangible 14.99 % 16.86 % 16.56 % 15.85 % 15.25 %common equityCore return onaverage common 9.06 % 9.73 % 9.45 % 8.73 % 9.05 %equityCore return ontangible 15.38 % 16.56 % 16.23 % 15.08 % 15.79 %common equity Calculation ofEfficiency Ratio ^(1) Non-interest $ 483,589 $ 341,992 $ 227,659 $ 113,002 $ 484,736 expenseNon-corenon-interest (15,374 ) (133 ) (2,012 ) (858 ) (21,529 )expenseadjustmentOther realestate andforeclosure (2,121 ) (1,545 ) (1,206 ) (343 ) (1,706 )expenseadjustmentAmortizationof intangibles (13,494 ) (10,008 ) (6,677 ) (3,344 ) (13,495 )adjustmentEfficiencyratio $ 452,600 $ 330,306 $ 217,764 $ 108,457 $ 448,006 numerator Net-interest $ 591,532 $ 438,451 $ 293,214 $ 146,681 $ 639,734 incomeNon-interest 191,815 145,214 96,664 49,549 239,769 incomeNon-corenon-interest (5,685 ) (5,683 ) (5,922 ) (5,477 ) (8,738 )incomeadjustmentFullytax-equivalentadjustment 19,231 13,652 8,711 4,163 11,001 (effective taxrate of26.135%)Gain on sale (15,498 ) (15,846 ) (10,598 ) (5,471 ) (54,806 )of securitiesEfficiencyratio $ 781,395 $ 575,788 $ 382,069 $ 189,445 $ 826,960 denominator Efficiency 57.92 % 57.37 % 57.00 % 57.25 % 54.18 %ratio ^(1) (1) Efficiency ratio is core non-interest expense before foreclosed propertyexpense and amortization of intangibles as a percent of net interest income(fullytaxable equivalent) and non-interest revenues, excluding gains and losses from securities transactions and non-core items. Page 14

Simmons FirstNational SFNC CorporationReconciliation Of Non-GAAP Financial Measures - Year-to-Date (continued)For theQuarters Dec 31 Sep 30 Jun 30 Mar 31 Dec 31 Ended(Unaudited) 2021 2021 2021 2021 2020 ($ in thousands)Calculation of AdjustedPre-Tax, Pre-Provision (PTPP) Earnings Net incomeavailable to $ 271,109 $ 222,879 $ 142,318 $ 67,407 $ 254,852 commonstockholdersProvision for 61,306 50,151 31,381 14,363 64,890 income taxesProvision forcredit losses(including (32,704 ) (31,396 ) (11,506 ) 1,445 74,973 provision forunfundedcommitments)Gain on sale (15,498 ) (15,846 ) (10,598 ) (5,471 ) (54,806 ) of securitiesNet pre-taxnon-core 9,689 (5,550 ) (3,910 ) (4,619 ) 12,791 itemsAdjustedPre-tax,pre-provision $ 293,902 $ 220,238 $ 147,685 $ 73,125 $ 352,700 (PTPP)earnings Page 15