Simmons First National (SFNC) 8-K Simmons First Announces Fourth Quarter Earnings

FOR IMMEDIATE RELEASE:    January 21, 2010

SIMMONS FIRST ANNOUNCES FOURTH QUARTER EARNINGS

Pine Bluff, AR – Simmons First National Corporation (NASDAQ-GS: SFNC) today announced fourth quarter earnings of $6.8 million, a 21.0% increase over the same period in 2008.  Diluted earnings per share for the quarter ended December 31, 2009 were $0.44, compared to $0.40 for the same period in 2008.  The earnings increase was primarily driven by improvement in net interest margin and non-interest income.

“Our fourth quarter earnings slightly exceeded our expectations and the consensus estimates of our research analysts.  While loan demand continues to be somewhat subdued, we are well positioned to meet both the consumer and business demand as the economy continues to recover.  Our continued focus on customer service was rewarded with a 10.4 % growth in core deposits during 2009.  We ended the year on a very positive note with --- relatively good asset quality, strong liquidity and exceptional capital,” commented J. Thomas May, Chairman and CEO, regarding the Company’s fourth quarter results.

For the year ended December 31, 2009, net income was $25.2 million, or $1.74 diluted earnings per share, compared to $26.9 million, or $1.91 per share for the same period in 2008, a $0.17 decrease.  “During the first quarter of 2008 we recorded earnings of $0.18 per share for nonrecurring items related to Visa, Inc.’s IPO.  Excluding the nonrecurring items, our core earnings per share for the year ended December 31, 2009, increased by $0.01,” explained May.

The Company’s net interest income for the fourth quarter of 2009 increased 6.1% to $25.2 million compared to $23.8 million for the same period of 2008.  Net interest margin increased 7 basis points to 3.77% from the fourth quarter of 2008.

Non-performing assets as a percent of total assets were 1.12% as of December 31, 2009.  Non-performing loans as a percent of total loans were 1.33%.  These ratios include approximately $1.9 million of Government guaranteed student loans that were over 90 days past due at the end of the quarter.  Excluding the guaranteed past due student loans, non-performing assets as a percent of total assets were 1.05% and non-performing loans as a percent of total loans were 1.25%.  Total loans greater than 30 days past due were 0.81% of total loans compared to 0.82% in the third quarter of 2009.

“While we have experienced an increase in non-performing assets, we continue to have relatively good asset quality.  In fact, our nonperforming asset ratio puts us in the 87th percentile within our peer group,” added May.

The allowance for loan losses was $25.0 million at December 31, 2009, or 1.33% of total loans and 99% of non-performing loans.  The Company’s annualized net charge-off ratio for the fourth quarter of 2009 was 0.75%.  Excluding credit cards, the annualized net charge-off ratio for the fourth quarter was 0.57%.  Annualized net credit card charge-offs for the fourth quarter were 2.41%, a decrease of 17 basis points

from the previous quarter, and now more than 800 basis points below the most recently published credit card charge-off industry average of 10.56%.

Total deposits were $2.4 billion and total assets for the Company were $3.1 billion at December 31, 2009.  Stockholders’ equity increased 28.6% to $371 million at December 31, 2009, compared to $289 million at December 31, 2008.  At December 31, 2009, book value per share was $21.72, tangible book value per share was $18.07 and the equity to assets ratio was 12.0%.

“One of the major strengths of our Company is our exceptional level of capital,” continued May.  “We enhanced the strength of our capital during the fourth quarter when we completed a $75 million secondary stock offering, issuing 3,047,500 shares of common stock, which netted $70.5 million in new capital.  The offering bolstered our already strong capital ratios, placing us in the 90th percentile or above in our peer group.  While this offering is dilutive to EPS in the short term, the excess capital positions us to take advantage of unprecedented acquisition opportunities through FDIC assisted transactions of failed banks and future traditional acquisitions of healthy banks.”

Simmons First National Corporation is an Arkansas based financial holding company with eight community banks in Pine Bluff, Lake Village, Jonesboro, Rogers, Searcy, Russellville, El Dorado and Hot Springs, Arkansas.  The Company’s eight banks conduct financial operations from 88 offices, of which 84 are financial centers, in 47 communities.

CONFERENCE CALL

Management will conduct a conference call to review this information beginning at 3:00 p.m. Central Time on Thursday, January 21, 2010.  Interested persons can listen to this call by dialing 1-800-854-4175 (United States and Canada only) and asking for the Simmons First National Corporation conference call.  A replay of the call will be available through 5:00 p.m. Central Time on January 28, 2010, by dialing 1-800-642-1687.  The passcode for the replay is 51159719.  In addition, the call will be available live or in recorded version on the Company’s website at www.simmonsfirst.com.

GENERAL

Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risk and uncertainties.  Various factors, including, but not limited to, economic conditions, credit quality, interest rates, loan demand and changes in the assumptions used in making the forward-looking statements, could cause actual results to differ materially from those contemplated by the forward-looking statements.  Additional information on factors that might affect Simmons First National Corporation’s financial results is included in its Form 10-K filing with the Securities and Exchange Commission.

####

FOR MORE INFORMATION CONTACT:

DAVID W. GARNER

Senior Vice President and Investor Relations Officer

Simmons First National Corporation

(870) 541-1000

Simmons First National Corporation													SFNC
Consolidated End of Period Balance Sheets
For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2009			2009			2009			2009			2008
(in thousands)
ASSETS
Cash and non-interest bearing balances due from banks	$	71,575		$	54,176		$	53,956		$	53,707		$	71,801
Interest bearing balances due from banks		282,010			142,714			52,321			43,219			61,085
Federal funds sold		-			12,500			8,300			1,000			6,650
Cash and cash equivalents		353,585			209,390			114,577			97,926			139,536
Investment securities - held-to-maturity		464,061			387,122			352,921			217,443			187,301
Investment securities - available-for-sale		182,854			184,493			277,948			505,349			458,833
Mortgage loans held for sale		8,397			13,355			14,868			9,695			10,336
Assets held in trading accounts		6,886			6,839			6,051			7,510			5,754
Loans		1,874,989			1,925,101			1,943,460			1,917,332			1,933,074
Allowance for loan losses		(25,016	)		(25,830	)		(25,032	)		(24,508	)		(25,841	)
Net loans		1,849,973			1,899,271			1,918,428			1,892,824			1,907,233
Premises and equipment		78,126			78,674			78,649			78,632			78,904
Foreclosed assets held for sale, net		9,179			6,019			5,147			3,704			2,995
Interest receivable		17,881			19,618			18,131			19,071			20,930
Bank owned life insurance		40,920			40,612			40,319			39,995			39,617
Goodwill		60,605			60,605			60,605			60,605			60,605
Core deposit premiums		1,769			1,970			2,172			2,373			2,575
Other assets		19,086			7,469			8,015			8,452			8,490
TOTAL ASSETS	$	3,093,322		$	2,915,437		$	2,897,831		$	2,943,579		$	2,923,109
LIABILITIES
Non-interest bearing transaction accounts	$	363,154		$	325,594		$	324,686		$	330,656		$	334,998
Interest bearing transaction accounts and savings deposits		1,156,264			1,090,842			1,065,646			1,078,324			1,026,824
Time deposits less than $100,000		492,217			513,696			532,200			550,676			556,118
Time deposits greater than $100,000		420,537			401,137			396,612			409,846			418,393
Total deposits		2,432,172			2,331,269			2,319,144			2,369,502			2,336,333
Federal funds purchased and securities
sold under agreements to repurchase		105,910			96,666			98,146			98,680			115,449
Short-term debt		3,640			3,493			2,647			1,456			1,112
Long-term debt		159,823			161,560			162,726			160,423			158,671
Accrued interest and other liabilities		20,530			24,626			22,953			21,348			22,752
TOTAL LIABILITIES		2,722,075			2,617,614			2,605,616			2,651,409			2,634,317
STOCKHOLDERS' EQUITY
Capital stock		171			140			140			140			140
Surplus		111,694			41,048			40,824			41,901			40,807
Undivided profits		258,620			255,062			250,070			247,228			244,655
Accumulated other comprehensive income (loss)
Unrealized appreciation (depreciation) on AFS securities		762			1,573			1,181			2,901			3,190
TOTAL STOCKHOLDERS' EQUITY		371,247			297,823			292,215			292,170			288,792
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	3,093,322		$	2,915,437		$	2,897,831		$	2,943,579		$	2,923,109

Simmons First National Corporation													SFNC
Consolidated Average Quarter-to-Date Balance Sheets
For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2009			2009			2009			2009			2008
(in thousands)
ASSETS
Cash and non-interest bearing balances due from banks	$	74,862		$	56,953		$	57,708		$	62,974		$	63,005
Interest bearing balances due from banks		292,219			91,832			44,946			54,057			107,211
Federal funds sold		1,280			5,962			9,355			486			14,394
Cash and cash equivalents		368,361			154,747			112,009			117,517			184,610
Investment securities - held-to-maturity		408,431			365,825			288,794			194,100			181,249
Investment securities - available-for-sale		172,290			231,962			404,406			515,648			405,812
Mortgage loans held for sale		8,603			11,063			16,316			13,731			4,661
Assets held in trading accounts		8,260			6,293			5,981			4,213			5,774
Loans		1,898,629			1,957,600			1,923,787			1,917,251			1,948,320
Allowance for loan losses		(26,021	)		(25,603	)		(25,013	)		(25,840	)		(25,817	)
Net loans		1,872,608			1,931,997			1,898,774			1,891,411			1,922,503
Premises and equipment		78,636			78,763			78,743			78,847			79,048
Foreclosed assets held for sale, net		7,049			5,813			4,362			3,365			3,724
Interest receivable		20,582			19,280			19,161			19,856			22,716
Bank owned life insurance		40,761			40,465			40,161			39,802			39,411
Goodwill		60,605			60,605			60,605			60,605			60,605
Core deposit premiums		1,869			2,089			2,288			2,491			2,694
Other assets		7,605			5,979			6,945			7,777			7,748
TOTAL ASSETS	$	3,055,660		$	2,914,881		$	2,938,545		$	2,949,363		$	2,920,555
LIABILITIES
Non-interest bearing transaction accounts	$	347,279		$	329,427		$	328,036		$	327,250		$	322,540
Interest bearing transaction accounts and savings deposits		1,159,372			1,074,415			1,081,416			1,052,635			1,040,619
Time deposits less than $100,000		507,236			524,367			539,165			558,969			565,219
Time deposits greater than $100,000		412,132			398,208			402,939			414,418			408,764
Total deposits		2,426,019			2,326,417			2,351,556			2,353,272			2,337,142
Federal funds purchased and securities
sold under agreements to repurchase		105,295			100,470			106,288			119,846			116,048
Short-term debt		3,802			3,032			1,802			1,695			3,153
Long-term debt		160,215			161,882			161,065			160,692			159,027
Accrued interest and other liabilities		25,487			25,107			22,566			21,100			20,078
TOTAL LIABILITIES		2,720,818			2,616,908			2,643,277			2,656,605			2,635,448
TOTAL STOCKHOLDERS' EQUITY		334,842			297,973			295,268			292,758			285,107
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	3,055,660		$	2,914,881		$	2,938,545		$	2,949,363		$	2,920,555

Simmons First National Corporation									SFNC
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended	Dec 31		Sep 30		Jun 30		Mar 31		Dec 31
(Unaudited)	2009		2009		2009		2009		2008
(in thousands, except per share data)
INTEREST INCOME
Loans	$	28,275	$	29,122	$	28,017	$	28,234	$	30,266
Federal funds sold		2		10		14		1		31
Investment securities		5,029		5,089		5,256		6,417		6,749
Mortgage loans held for sale, net of unrealized gains (losses)		119		136		195		158		74
Assets held in trading accounts		7		3		5		5		10
Interest bearing balances due from banks		204		87		70		78		231
TOTAL INTEREST INCOME		33,636		34,447		33,557		34,893		37,361
INTEREST EXPENSE
Time deposits		4,643		5,242		5,975		6,934		7,807
Other deposits		1,866		1,891		1,926		2,569		3,643
Federal funds purchased and securities
sold under agreements to repurchase		172		172		182		243		297
Short-term debt		15		6		6		6		10
Long-term debt		1,719		1,743		1,748		1,748		1,824
TOTAL INTEREST EXPENSE		8,415		9,054		9,837		11,500		13,581
NET INTEREST INCOME		25,221		25,393		23,720		23,393		23,780
Provision for loan losses		2,767		2,789		2,622		2,138		2,751
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES		22,454		22,604		21,098		21,255		21,029
NON-INTEREST INCOME
Trust income		1,317		1,361		1,223		1,326		1,524
Service charges on deposit accounts		4,883		4,763		4,571		3,727		4,013
Other service charges and fees		634		642		646		746		659
Income on sale of mortgage loans, net of commissions		834		798		1,361		1,039		530
Income on investment banking, net of commissions		469		598		675		411		246
Credit card fees		3,897		3,745		3,597		3,153		3,435
Premiums on sale of student loans		-		2,047		286		-		-
Bank owned life insurance income		300		293		299		378		389
Other income		597		716		556		679		530
Gain on sale of securities		-		-		144		-		-
TOTAL NON-INTEREST INCOME		12,931		14,963		13,358		11,459		11,326
NON-INTEREST EXPENSE
Salaries and employee benefits		14,619		14,441		14,674		14,583		14,353
Occupancy expense, net		1,898		1,846		1,824		1,889		1,857
Furniture and equipment expense		1,572		1,553		1,527		1,543		1,462
Other real estate and foreclosure expense		161		132		90		70		53
Deposit insurance		687		865		2,557		533		325
Other operating expenses		6,869		7,470		6,279		7,040		6,530
TOTAL NON-INTEREST EXPENSE		25,806		26,307		26,951		25,658		24,580
NET INCOME BEFORE INCOME TAXES		9,579		11,260		7,505		7,056		7,775
Provision for income taxes		2,774		3,600		1,996		1,820		2,149
NET INCOME	$	6,805	$	7,660	$	5,509	$	5,236	$	5,626
BASIC EARNINGS PER SHARE	$	0.44	$	0.54	$	0.40	$	0.37	$	0.40
DILUTED EARNINGS PER SHARE	$	0.44	$	0.54	$	0.39	$	0.37	$	0.40

Simmons First National Corporation									SFNC
Consolidated Statements of Income - Year-to-Date
For the Quarters Ended	Dec 31		Sep 30		Jun 30		Mar 31		Dec 31
(Unaudited)	2009		2009		2009		2009		2008
(in thousands, except per share data)
INTEREST INCOME
Loans	$	113,648	$	85,373	$	56,251	$	28,234	$	126,079
Federal funds sold		27		25		15		1		748
Investment securities		21,791		16,762		11,673		6,417		27,415
Mortgage loans held for sale, net of unrealized gains (losses)		608		489		353		158		411
Assets held in trading accounts		20		13		10		5		73
Interest bearing balances due from banks		439		235		148		78		1,415
TOTAL INTEREST INCOME		136,533		102,897		68,450		34,893		156,141
INTEREST EXPENSE
Time deposits		22,794		18,151		12,909		6,934		38,226
Other deposits		8,252		6,386		4,495		2,569		14,924
Federal funds purchased and securities
sold under agreements to repurchase		769		597		425		243		2,110
Short-term debt		33		18		12		6		111
Long-term debt		6,958		5,239		3,496		1,748		6,753
TOTAL INTEREST EXPENSE		38,806		30,391		21,337		11,500		62,124
NET INTEREST INCOME		97,727		72,506		47,113		23,393		94,017
Provision for loan losses		10,316		7,549		4,760		2,138		8,646
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES		87,411		64,957		42,353		21,255		85,371
NON-INTEREST INCOME
Trust income		5,227		3,910		2,549		1,326		6,230
Service charges on deposit accounts		17,944		13,061		8,298		3,727		15,145
Other service charges and fees		2,668		2,034		1,392		746		2,681
Income on sale of mortgage loans, net of commissions		4,032		3,198		2,400		1,039		2,606
Income on investment banking, net of commissions		2,153		1,684		1,086		411		1,025
Credit card fees		14,392		10,495		6,750		3,153		13,579
Premiums on sale of student loans		2,333		2,333		286		-		1,134
Bank owned life insurance income		1,270		970		677		378		1,547
Other income		2,548		1,951		1,235		679		5,379
Gain on sale of securities		144		144		144		-		-
TOTAL NON-INTEREST INCOME		52,711		39,780		24,817		11,459		49,326
NON-INTEREST EXPENSE
Salaries and employee benefits		58,317		43,698		29,257		14,583		57,050
Occupancy expense, net		7,457		5,559		3,713		1,889		7,383
Furniture and equipment expense		6,195		4,623		3,070		1,543		5,967
Other real estate and foreclosure expense		453		292		160		70		239
Deposit insurance		4,642		3,955		3,090		533		793
Other operating expenses		27,658		20,789		13,319		7,040		24,928
TOTAL NON-INTEREST EXPENSE		104,722		78,916		52,609		25,658		96,360
NET INCOME BEFORE INCOME TAXES		35,400		25,821		14,561		7,056		38,337
Provision for income taxes		10,190		7,416		3,816		1,820		11,427
NET INCOME	$	25,210	$	18,405	$	10,745	$	5,236	$	26,910
BASIC EARNINGS PER SHARE	$	1.75	$	1.31	$	0.77	$	0.37	$	1.93
DILUTED EARNINGS PER SHARE	$	1.74	$	1.30	$	0.76	$	0.37	$	1.91

Simmons First National Corporation													SFNC
Consolidated Risk-Based Capital
For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2009			2009			2009			2009			2008
(in thousands)
Tier 1 capital
Stockholders' equity	$	371,247		$	297,823		$	292,215		$	292,170		$	288,792
Trust preferred securities, net allowable		30,000			30,000			30,000			30,000			30,000
Disallowed intangible assets, net of def. tax		(51,128	)		(51,483	)		(51,958	)		(52,459	)		(53,034	)
Unrealized loss (gain) on AFS securities		(762	)		(1,573	)		(1,181	)		(2,901	)		(3,190	)
Total Tier 1 capital		349,357			274,767			269,076			266,810			262,568
Tier 2 capital
Qualifying unrealized gain on AFS equity securities		5			-			162			186			179
Qualifying allowance for loan losses		24,405			24,754			24,796			24,537			24,827
Total Tier 2 capital		24,410			24,754			24,958			24,723			25,006
Total risk-based capital	$	373,767		$	299,521		$	294,034		$	291,533		$	287,574
Risk weighted assets	$	1,950,227		$	1,977,736		$	1,981,955		$	1,961,351		$	1,983,654
Adjusted average assets for leverage ratio	$	3,002,275		$	2,861,329		$	2,883,021		$	2,893,210		$	2,870,882
Ratios at end of quarter
Equity to assets		12.00	%		10.22	%		10.08	%		9.93	%		9.88	%
Tangible common equity to tangible assets		10.19	%		8.25	%		8.09	%		7.96	%		7.89	%
Tier 1 leverage ratio		11.64	%		9.60	%		9.33	%		9.22	%		9.15	%
Tier 1 risk-based capital ratio		17.91	%		13.89	%		13.58	%		13.60	%		13.24	%
Total risk-based capital ratio		19.17	%		15.14	%		14.84	%		14.86	%		14.50	%

Simmons First National Corporation									SFNC
Consolidated Loans and Investments
For the Quarters Ended	Dec 31		Sep 30		Jun 30		Mar 31		Dec 31
(Unaudited)	2009		2009		2009		2009		2008
(in thousands)
Loan Portfolio - End of Period
Consumer
Credit cards	$	189,154	$	175,493	$	168,897	$	158,503	$	169,615
Student loans		114,296		106,080		139,928		143,130		111,584
Other consumer		139,647		144,155		142,040		139,502		138,145
Total consumer		443,097		425,728		450,865		441,135		419,344
Real Estate
Construction		180,759		192,051		197,336		208,664		224,924
Single-family residential		392,208		403,035		401,447		410,315		409,540
Other commercial		596,517		600,436		601,217		588,216		584,843
Total real estate		1,169,484		1,195,522		1,200,000		1,207,195		1,219,307
Commercial
Commercial		168,206		165,747		182,064		187,645		192,496
Agricultural		84,866		125,566		96,526		68,731		88,233
Financial institutions		3,885		4,087		3,598		3,471		3,471
Total commercial		256,957		295,400		282,188		259,847		284,200
Other		5,451		8,451		10,407		9,155		10,223
Total Loans	$	1,874,989	$	1,925,101	$	1,943,460	$	1,917,332	$	1,933,074
Investment Securities - End of Period
Held-to-Maturity
U.S. Government agencies	$	254,229	$	176,340	$	149,698	$	33,000	$	18,000
Mortgage-backed securities		90		95		98		105		109
State and political subdivisions		208,812		209,757		202,195		183,408		168,262
Other securities		930		930		930		930		930
Total held-to-maturity		464,061		387,122		352,921		217,443		187,301
Available-for-Sale
U.S. Treasury		4,329		4,345		5,058		7,563		6,089
U.S. Government agencies		161,524		162,760		195,236		301,785		351,161
Mortgage-backed securities		2,972		2,998		2,936		3,008		2,879
State and political subdivisions		-		366		486		486		637
FHLB stock		7,477		7,474		7,471		7,376		7,358
Other securities		6,552		6,550		66,761		185,131		90,709
Total available-for-sale		182,854		184,493		277,948		505,349		458,833
Total investment securities	$	646,915	$	571,615	$	630,869	$	722,792	$	646,134
Fair Value - HTM investment securities	$	465,665	$	392,450	$	353,021	$	218,712	$	187,320
Investment Securities - QTD Average
Taxable securities	$	370,538	$	390,226	$	498,989	$	536,443	$	419,682
Tax exempt securities		210,183		207,561		194,211		173,305		162,563
Total investment securities - QTD average	$	580,721	$	597,787	$	693,200	$	709,748	$	582,245

Simmons First National Corporation													SFNC
Consolidated Allowance and Asset Quality
For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2009			2009			2009			2009			2008
(in thousands)
Allowance for Loan Losses
Balance, beginning of quarter	$	25,830		$	25,032		$	24,508		$	25,841		$	25,548
Loans charged off
Credit cards		1,353			1,363			1,350			1,270			1,033
Other consumer		1,048			652			528			530			697
Real estate		1,245			483			1,389			1,697			517
Commercial		633			378			467			442			761
Total loans charged off		4,279			2,876			3,734			3,939			3,008
Recoveries of loans previously charged off
Credit cards		263			242			201			214			202
Other consumer		118			151			214			190			97
Real estate		141			407			841			4			35
Commercial		176			85			380			60			216
Total recoveries		698			885			1,636			468			550
Net loans charged off		3,581			1,991			2,098			3,471			2,458
Provision for loan losses		2,767			2,789			2,622			2,138			2,751
Balance, end of quarter	$	25,016		$	25,830		$	25,032		$	24,508		$	25,841
Non-performing assets
Non-performing loans
Nonaccrual loans
Real estate	$	18,358		$	12,269		$	13,217		$	12,690		$	12,234
Commercial		1,776			1,291			1,611			1,349			668
Consumer		1,860			1,836			1,517			1,563			1,456
Total nonaccrual loans		21,994			15,396			16,345			15,602			14,358
Loans past due 90 days or more
Government guaranteed student loans		1,939			2,258			2,371			2,739			-
Other loans		1,383			1,475			1,147			1,482			1,292
Total loans past due 90 days or more		3,322			3,733			3,518			4,221			1,292
Total non-performing loans		25,316			19,129			19,863			19,823			15,650
Other non-performing assets
Foreclosed assets held for sale		9,179			6,019			5,147			3,704			2,995
Other non-performing assets		20			21			17			12			12
Total other non-performing assets		9,199			6,040			5,164			3,716			3,007
Total non-performing assets	$	34,515		$	25,169		$	25,027		$	23,539		$	18,657
Ratios
Allowance for loan losses to total loans		1.33	%		1.34	%		1.29	%		1.28	%		1.34	%
Allowance for loan losses to
non-performing loans		98.81	%		135.03	%		126.02	%		123.63	%		165.12	%
Non-performing loans to total loans		1.35	%		0.99	%		1.02	%		1.03	%		0.81	%
Non-performing assets to total assets		1.12	%		0.86	%		0.86	%		0.80	%		0.64	%
Non-performing assets to total assets
(excluding Gov't guaranteed student loans)		1.05	%		0.79	%		0.78	%		0.71	%		0.64	%
Annualized net charge offs to total loans		0.75	%		0.40	%		0.44	%		0.73	%		0.50	%
Annualized net charge offs to total loans
(excluding credit cards)		0.57	%		0.19	%		0.22	%		0.56	%		0.36	%
Past due loans >30 days (excluding nonaccrual)		0.81	%		0.82	%		0.58	%		0.78	%		0.88	%

Simmons First National Corporation													SFNC
Consolidated - Net Interest Income Analysis
For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2009			2009			2009			2009			2008
ASSETS
Earning Assets
Interest bearing balances due from banks		0.28	%		0.38	%		0.62	%		0.59	%		0.86	%
Federal funds sold		0.62	%		0.67	%		0.60	%		0.83	%		0.86	%
Investment securities		4.30	%		4.21	%		3.71	%		4.28	%		5.24	%
Mortgage loans held for sale		5.49	%		4.88	%		4.79	%		4.67	%		6.32	%
Assets held in trading accounts		0.34	%		0.19	%		0.34	%		0.48	%		0.69	%
Loans		5.92	%		5.91	%		5.85	%		5.98	%		6.19	%
Total interest earning assets		4.97	%		5.31	%		5.18	%		5.41	%		5.73	%
LIABILITIES
Interest bearing liabilities
Interest bearing transaction and
savings accounts		0.64	%		0.70	%		0.71	%		0.99	%		1.39	%
Time deposits		2.00	%		2.25	%		2.54	%		2.89	%		3.19	%
Total interest bearing deposits		1.24	%		1.42	%		1.57	%		1.90	%		2.26	%
Federal funds purchased and securities
sold under agreement to repurchase		0.65	%		0.68	%		0.69	%		0.82	%		1.02	%
Short-term debt		1.57	%		0.79	%		1.34	%		1.44	%		1.26	%
Long-term debt		4.26	%		4.27	%		4.35	%		4.41	%		4.56	%
Total interest bearing liabilities		1.42	%		1.59	%		1.72	%		2.02	%		2.36	%
NET INTEREST MARGIN/SPREAD
Net interest spread		3.55	%		3.72	%		3.46	%		3.39	%		3.37	%
Net interest margin - quarter-to-date		3.77	%		3.97	%		3.71	%		3.68	%		3.70	%
Net interest margin - year-to-date		3.78	%		3.79	%		3.70	%		3.68	%		3.75	%

Simmons First National Corporation													SFNC
Consolidated - Selected Financial Data
For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2009			2009			2009			2009			2008
(in thousands, except share data)
QUARTER-TO-DATE
Diluted earnings per share	$	0.44		$	0.54		$	0.39		$	0.37		$	0.40
Core earnings (excludes nonrecurring items) (non-GAAP)		6,805			7,660			5,509			5,236			5,626
Diluted core earnings per share (non-GAAP)		0.44			0.54			0.39			0.37			0.40
Cash dividends declared per common share		0.19			0.19			0.19			0.19			0.19
Cash dividends declared - amount		3,248			2,668			2,667			2,663			2,653
Return on average stockholders' equity		8.06	%		10.20	%		7.48	%		7.25	%		7.85	%
Return on tangible equity		10.10	%		13.13	%		9.73	%		9.47	%		10.32	%
Return on average assets		0.88	%		1.04	%		0.75	%		0.72	%		0.77	%
Net interest margin (FTE)		3.77	%		3.97	%		3.71	%		3.68	%		3.70	%
FTE adjustment - investments		1,265			1,253			1,150			1,069			980
FTE adjustment - loans		37			51			53			57			63
Amortization of intangibles		201			201			202			202			202
Amortization of intangibles, net of taxes		127			127			127			127			127
Average shares outstanding		15,432,821			14,042,813			14,021,727			13,991,748			13,959,174
Shares repurchased		-			-			-			-			-
Average price of repurchased shares		-			-			-			-			-	��
Average earning assets		2,789,712			2,670,537			2,693,585			2,699,486			2,667,421
Average interest bearing liabilities		2,348,052			2,262,374			2,292,675			2,308,255			2,292,830
YEAR-TO-DATE
Diluted earnings per share	$	1.74		$	1.30		$	0.76		$	0.37		$	1.91
Core earnings (excludes nonrecurring items) (non-GAAP)		25,210			18,405			10,745			5,236			24,352
Diluted core earnings per share (non-GAAP)		1.74			1.30			0.76			0.37			1.73
Cash dividends declared per common share		0.76			0.57			0.38			0.19			0.76
Return on average stockholders' equity		8.26	%		8.33	%		7.37	%		7.25	%		9.54	%
Return on tangible equity		10.61	%		10.80	%		9.60	%		9.47	%		12.54	%
Return on average assets		0.85	%		0.84	%		0.74	%		0.72	%		0.94	%
Net interest margin (FTE)		3.78	%		3.79	%		3.70	%		3.68	%		3.75	%
FTE adjustment - investments		4,737			3,472			2,219			1,069			3,815
FTE adjustment - loans		198			161			110			57			245
Amortization of intangibles		806			605			404			202			807
Amortization of intangibles, net of taxes		508			381			254			127			508
Average shares outstanding		14,375,323			14,018,949			14,006,820			13,991,748			13,945,249
Average diluted shares outstanding		14,465,718			14,108,546			14,093,163			14,090,246			14,107,943
Average earning assets		2,713,330			2,687,868			2,696,535			2,699,486			2,617,506
Average interest bearing liabilities		2,302,839			2,287,767			2,300,464			2,308,255			2,245,509
END OF PERIOD
Book value per share	$	21.72		$	21.20		$	20.82		$	20.85		$	20.69
Tangible book value per share		18.07			16.75			16.35			16.35			16.16
Shares outstanding		17,093,931			14,045,631			14,036,274			14,013,839			13,960,680
Full-time equivalent employees		1,091			1,111			1,103			1,097			1,123
Total number of ATM's		93			93			94			94			93
Total number of financial centers		84			84			84			84			84
Parent company only - investment in subsidiaries		303,183			300,946			298,310			297,860			291,392
Parent company only - intangible assets		133			133			133			133			133

Simmons First National Corporation									SFNC
Consolidated - Reconciliation of Core Earnings (non-GAAP)
For the Quarters Ended	Dec 31		Sep 30		Jun 30		Mar 31		Dec 31
(Unaudited)	2009		2009		2009		2009		2008
(in thousands, except per share data)
QUARTER-TO-DATE
Net Income	$	6,805	$	7,660	$	5,509	$	5,236	$	5,626
Nonrecurring items
Mandatory stock redemption gain (Visa)		-		-		-		-		-
Litigation liability (Visa)		-		-		-		-		-
Tax effect (39%)		-		-		-		-		-
Net nonrecurring items		-		-		-		-		-
Core earnings (non-GAAP)	$	6,805	$	7,660	$	5,509	$	5,236	$	5,626
Diluted earnings per share	$	0.44	$	0.54	$	0.39	$	0.37	$	0.40
Nonrecurring items
Mandatory stock redemption gain (Visa)		-		-		-		-		-
Litigation liability (Visa)		-		-		-		-		-
Tax effect (39%)		-		-		-		-		-
Net nonrecurring items		-		-		-		-		-
Diluted core earnings per share (non-GAAP)	$	0.44	$	0.54	$	0.39	$	0.37	$	0.40
YEAR-TO-DATE
Net Income	$	25,210	$	18,405	$	10,745	$	5,236	$	26,910
Nonrecurring items
Mandatory stock redemption gain (Visa)		-		-		-		-		(2,973	)
Litigation liability (Visa)		-		-		-		-		(1,220	)
Tax effect (39%)		-		-		-		-		1,635
Net nonrecurring items		-		-		-		-		(2,558	)
Core earnings (non-GAAP)	$	25,210	$	18,405	$	10,745	$	5,236	$	24,352
Diluted earnings per share	$	1.74	$	1.30	$	0.76	$	0.37	$	1.91
Nonrecurring items
Mandatory stock redemption gain (Visa)		-		-		-		-		(0.21	)
Litigation liability (Visa)		-		-		-		-		(0.09	)
Tax effect (39%)		-		-		-		-		0.12
Net nonrecurring items		-		-		-		-		(0.18	)
Diluted core earnings per share (non-GAAP)	$	1.74	$	1.30	$	0.76	$	0.37	$	1.73