Simmons First National (SFNC) 8-K Simmons First Announces Record Net Income of $37.1 Million for 2010

EXHIBIT 99.1

FOR IMMEDIATE RELEASE: January 27, 2011

SIMMONS FIRST ANNOUNCES RECORD NET INCOME OF $37.1 MILLION FOR 2010

Pine Bluff, AR – Simmons First National Corporation (NASDAQ-GS: SFNC) today announced net income of $37.1 million for the year ended December 31, 2010, an increase of $11.9 million, or 47% compared to the same period in 2009. Diluted earnings per share for the year ended 2010 were $2.15, compared to $1.74 for 2009.

Net income for the fourth quarter 2010 was $16.6 million, or $0.96 diluted earnings per share, compared to net income of $6.8 million, or $0.44 diluted earnings per share for the same period in 2009. This represents an increase of $9.8 million in net income and $0.52 diluted earnings per share.

On October 15, 2010, the Company announced that its wholly-owned bank subsidiary, Simmons First National Bank, entered into a purchase and assumption agreement with loss share arrangements with the FDIC to purchase substantially all of the assets and to assume substantially all of the deposits and certain other liabilities of Security Savings Bank (“SSB”) in Olathe, Kansas. In the fourth quarter 2010, the Company recognized a pre-tax bargain purchase gain of $18.3 million on this transaction and incurred pre-tax merger related costs of $2.0 million. As part of the Company’s acquisition strategy, the investment portfolio was liquidated resulting in a pre-tax gain of $317,000. Additionally, in order to utilize some of the Company’s excess liquidity, $58.4 million in FHLB advances were paid off, which resulted in a one-time pre-payment expense of $594,000. After taxes, the combined fourth quart er 2010 non-recurring items contributed $9.7 million to net income, or $0.56 to diluted earnings per share.

On May 14, 2010, the Company announced that its wholly-owned bank subsidiary, Simmons First National Bank, entered into a purchase and assumption agreement with loss share arrangements with the FDIC to purchase substantially all of the assets and to assume substantially all of the deposits and certain other liabilities of Southwest Community Bank (“SWCB”) in Springfield, Missouri. In the second quarter 2010, the Company recognized a pre-tax bargain purchase gain of $3.0 million on this transaction and incurred pre-tax merger related costs of $0.4 million. After taxes, these non-recurring items contributed $1.6 million to net income, or $0.09 to diluted earnings per share, for the second quarter and the year ended 2010.

Excluding all non-recurring items, fourth quarter core earnings were $6.8 million, or $0.40 diluted core earnings per share and excluding all non-recurring items for the year ended December 31, 2010, core earnings were $26.0 million, or $1.51 diluted core earnings per share.

"We are excited about our expansion beyond the borders of Arkansas into Missouri and Kansas.  We are pleased with our 2010 results, which resulted in a significant bargain purchase gain on two acquisitions, record net interest income, good expense control through our efficiency initiatives and continued good asset quality compared to the rest of the industry," commented J. Thomas May, Chairman and CEO. "As expected, while the impact of our November 2009 stock offering was dilutive to 2010 by approximately $0.25; however, the excess capital positions us to continue to take advantage of unprecedented acquisition opportunities through FDIC assisted transactions of failed banks. We have seen the dilutive impact of the

offering over the past five quarters; in contrast, going forward we will see the accretive impact from our two acquisitions beginning in the first quarter of 2011."

Total assets were $3.3 billion at December 31, 2010, an increase of 7.2% from $3.1 billion at December 31, 2009.

Loans

Total loans, excluding those covered by FDIC loss share agreements, were $1.7 billion at December 31, 2010, a decrease of 10.2% from the same period in 2009. “As expected, we saw a $53 million decrease in our Student Loan Portfolio as a result of the irrational decision by the administration and congress to eliminate the private sector from providing student loans. Additionally, like the rest of the industry, we continue to experience weak loan demand as a result of the recession. We believe loan demand is likely to remain soft throughout 2011, but we are committed and positioned to meet the borrowing needs of our consumer and business customers,” commented May. Loans covered by FDIC loss share agreements, which provide 80% guaranteed protection against credit risk on those covered assets, were $232 million at December 31, 2010.

Deposits

At December 31, 2010, total deposits were $2.6 billion, an increase of $177 million, or 7.3% compared to the same period in 2009. The December 31, 2010, deposits include $231 million of previously acquired deposits in Missouri and Kansas. “In both acquisitions, we made a strategic decision to redeem brokered deposits and reduce non-core deposits by lowering interest rates to manage cost of funds and utilize excess liquidity.   As expected, since the acquisition date, deposits have decreased $79 million in Springfield and $125 million in Kansas. We are very pleased with our non-time deposits as a percent of total deposits, which is a very favorable 63%,” commented May.

Net Interest Income

The Company’s net interest income for the fourth quarter of 2010 increased 4.2% to a record $26.3 million compared to the same period of 2009. Net interest margin decreased 17 basis points to 3.60% from the fourth quarter of 2009. The decrease was the result of the impact from the pre-payment of FHLB advances related to the SSB transaction, the decrease in the loan portfolio and a higher level of liquidity than planned. The yield on earning assets was 4.52%, a decrease of 45 basis points from the fourth quarter of 2009 and the rate on the cost of funds was 1.12%, a decrease of 30 basis points.

Non-Interest Income

Non-interest income for the fourth quarter increased $20.7 million, or 160.3%, to $33.7 million compared to $12.9 million for the fourth quarter of 2009. Excluding the bargain purchase gains and securities gains, non-interest income increased $2.1 million, or 16.58% from the fourth quarter of 2009. This increase is primarily the result of volume increases in both mortgage refinancing and credit card operations.

Non-Interest Expense

Non-interest expense for the fourth quarter of 2010 was $30.5 million, an increase of 18.15% from $25.8 million for the fourth quarter of 2009.  Included in fourth quarter 2010 non-interest expense is $2.0 million in merger related costs associated with the previously mentioned FDIC assisted acquisitions and incremental operating expenses related to the acquisitions in Missouri and Kansas. Excluding the non-recurring items and additional expenses related to the acquisitions, non-interest expense increased $133,000, or 0.5%. “Obviously, we are beginning to see the positive impact from our efficiency initiatives,” according to May.

Asset Quality

During 2010, the Company acquired substantially all of the loans and foreclosed real estate (“OREO”) of SWCB and SSB.  Through the loss share provisions of the purchase and assumption agreements, the FDIC agreed to reimburse the Company for 80% of the losses incurred on the disposition of such loans and OREO. The loans and OREO covered by the FDIC loss share agreements and the related FDIC loss share receivable were presented in the Company's financial reports as "covered" assets (i.e., covered by the FDIC loss share agreements) with a carrying value equal to the discounted net present value of expected future proceeds. At December 31, 2010, loans covered by loss share were carried at $232 million (net of discount), OREO covered by loss share was carried at $9 million (net of discount) and the FDIC loss share receivable was carried at $60 million. As a result of the FDIC loss share indemnifica tion related to these assets and the discounted net present value method of valuing these assets, such assets are excluded from the computations of the following asset quality ratios, except for their inclusion in total assets.

Nonperforming assets as a percent of total assets were 1.12% as of December 31, 2010, a decrease from 1.23% as of September 30, 2010. Nonperforming loans as a percent of total loans were 0.83% as of December 31, 2010, an increase of 8 basis points from 0.75% as of September 30, 2010. These ratios include approximately $1.7 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 1.07% and non-performing loans as a percent of total loans were 0.72%.

Excluding credit cards, the Company's annualized net charge-off ratio was 0.52% for the fourth quarter of 2010. The credit card annualized net charge-off ratio decreased to 2.14%, compared to 2.24% for the third quarter of 2010. The Company’s credit card loss ratio is more than 600 basis points below the most recently published credit card charge-off industry average of over 8.5%.

For the fourth quarter of 2010, the Company's provision for loan losses was $3.7 million, compared to $3.4 million for the third quarter of 2010 and $2.8 million for the fourth quarter of 2009.  The Company's allowance for loan losses was $26.4 million at December 31, 2010, or 1.57% of total loans and 190% of non-performing loans.

Capital

At December 31, 2010, stockholders' equity was $397 million, book value per share was $23.01, and tangible book value per share was $19.36. The Company's ratio of stockholders' equity to total assets was 12.0% and its ratio of tangible stockholders’ equity to tangible assets was 10.28%, as of December 31, 2010.

“Our exceptional level of capital puts us in the 97th percentile of our peer group and allows us to actively pursue the right opportunities that meet our strategic plan regarding mergers and acquisitions,” continued May. As of December 31, 2010, the Company’s regulatory capital ratios remain significantly higher than regulatory “well capitalized” guidelines:

	“Well Capitalized”	SFNC
Tier 1 Leverage Ratio	5.00%	11.33%
Tier 1 Risk-Based Capital Ratio	6.00%	20.05%
Total Risk-Based Capital Ratio	10.00%	21.30%

Simmons First National Corporation

Simmons First National Corporation is an eight bank financial holding company with community banks in Pine Bluff, Lake Village, Jonesboro, Rogers, Searcy, Russellville, El Dorado and Hot Springs, Arkansas.  Including the recently acquired Kansas locations, the Company’s eight banks conduct financial operations from 89 offices, of which 85 are financial centers, in 47 communities in Arkansas, Missouri and Kansas. The Company’s common stock trades on the NASDAQ Global Select Market under the symbol “SFNC”.

Conference Call

Management will conduct a conference call to review this information beginning at 3:00 p.m. Central Time on Thursday, January 27, 2011. 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 February 4, 2011, by dialing 1-800-642-1687. The passcode for the replay is 33464347. In addition, the call will be available live or in recorded version on the Company’s website at www.simmonsfirst.com.

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles (GAAP). The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance. These measures typically adjust GAAP performance measures to exclude the effects of the amortization of intangibles and include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant activities or nonrecurring transactions. Since the presentation of these GAAP performance measures and their impact differ between companies, management 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 Company’s core businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

Forward Looking Statements

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)	2010			2010			2010			2010			2009
(in thousands)
ASSETS
Cash and non-interest bearing balances due from banks	$	33,717		$	77,874		$	80,883		$	61,975		$	71,575
Interest bearing balances due from banks		418,343			247,300			161,443			365,396			282,010
Federal funds sold		-			750			2,750			-			-
Cash and cash equivalents		452,060			325,924			245,076			427,371			353,585
Investment securities - held-to-maturity		465,183			461,548			436,018			432,004			464,061
Investment securities - available-for-sale		148,479			183,942			224,031			156,096			182,854
Mortgage loans held for sale		17,237			25,383			18,298			6,930			8,397
Assets held in trading accounts		7,577			7,412			7,827			7,521			6,886
Loans		1,683,464			1,739,554			1,822,028			1,849,960			1,874,989
Allowance for loan losses		(26,416	)		(25,682	)		(25,881	)		(25,047	)		(25,016	)
Net loans		1,657,048			1,713,872			1,796,147			1,824,913			1,849,973
Covered assets:
Loans, net of discount		231,600			38,160			39,346			-			-
Other real estate owned, net of discount		8,717			2,650			3,609			-			-
FDIC indemnification asset		60,235			9,600			12,614			-			-
Premises and equipment		77,199			77,967			76,349			77,408			78,126
Foreclosed assets held for sale, net		23,204			23,903			20,091			18,744			9,179
Interest receivable		17,363			16,884			16,264			16,421			17,881
Bank owned life insurance		49,072			48,662			48,258			47,667			40,920
Goodwill		60,605			60,605			60,605			60,605			60,605
Core deposit premiums		2,463			1,194			1,381			1,568			1,769
Other assets		38,390			20,451			19,211			20,251			19,086
Total assets	$	3,316,432		$	3,018,157		$	3,025,125		$	3,097,499		$	3,093,322
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing transaction accounts	$	428,750		$	374,494		$	358,171		$	385,495		$	363,154
Interest bearing transaction accounts and savings deposits		1,220,133			1,146,433			1,172,746			1,167,836			1,156,264
Time deposits less than $100,000		599,537			483,285			496,809			482,181			492,217
Time deposits greater than $100,000		360,349			377,957			365,868			392,757			420,537
Total deposits		2,608,769			2,382,169			2,393,594			2,428,269			2,432,172
Federal funds purchased and securities
sold under agreements to repurchase		109,139			85,561			84,456			131,750			105,910
Short-term debt		1,033			1,728			3,202			3,263			3,640
Long-term debt		164,324			136,829			138,893			139,183			159,823
Accrued interest and other liabilities		35,796			27,901			25,836			21,780			20,530
Total liabilities		2,919,061			2,634,188			2,645,981			2,724,245			2,722,075
Stockholders' equity:
Preferred stock		-			-			-			-			-
Common stock		173			172			172			172			171
Surplus		114,040			113,376			112,851			112,250			111,694
Undivided profits		282,646			269,369			265,021			260,310			258,620
Accumulated other comprehensive income
Unrealized appreciation on AFS securities		512			1,052			1,100			522			762
Total stockholders' equity		397,371			383,969			379,144			373,254			371,247
Total liabilities and stockholders' equity	$	3,316,432		$	3,018,157		$	3,025,125		$	3,097,499		$	3,093,322

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)	2010			2010			2010			2010			2009
(in thousands)
ASSETS
Cash and non-interest bearing balances due from banks	$	71,780		$	75,606		$	76,983		$	75,267		$	74,862
Interest bearing balances due from banks		400,174			159,996			240,847			290,990			292,219
Federal funds sold		1,208			3,477			1,044			1,015			1,280
Cash and cash equivalents		473,162			239,079			318,874			367,272			368,361
Investment securities - held-to-maturity		462,328			457,368			421,878			453,740			408,431
Investment securities - available-for-sale		180,634			197,419			228,972			186,503			172,290
Mortgage loans held for sale		27,832			19,842			13,560			5,815			8,603
Assets held in trading accounts		7,615			7,438			7,092			6,968			8,260
Loans		1,697,937			1,809,902			1,831,766			1,863,850			1,898,629
Allowance for loan losses		(23,316	)		(26,396	)		(25,584	)		(25,849	)		(26,021	)
Net loans		1,674,621			1,783,506			1,806,182			1,838,001			1,872,608
Covered assets:
Loans, net of discount		256,619			38,956			24,074			-			-
Other real estate owned, net of discount		12,978			3,056			2,632			-			-
FDIC indemnification asset		32,008			12,601			4,544			-			-
Premises and equipment		77,876			76,673			77,330			77,939			78,636
Foreclosed assets held for sale, net		23,658			22,540			18,727			9,238			7,049
Interest receivable		18,325			15,451			16,928			17,005			20,582
Bank owned life insurance		48,868			48,463			47,915			42,023			40,761
Goodwill		60,605			60,605			60,605			60,605			60,605
Core deposit premiums		1,612			1,300			1,484			1,684			1,869
Other assets		20,515			18,800			20,415			18,308			7,605
Total assets	$	3,379,256		$	3,003,097		$	3,071,212		$	3,085,101		$	3,055,660
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing transaction accounts	$	416,343		$	363,599		$	366,340		$	357,483		$	347,279
Interest bearing transaction accounts and savings deposits		1,239,736			1,143,827			1,176,180			1,166,643			1,159,372
Time deposits less than $100,000		617,288			493,890			500,070			491,603			507,236
Time deposits greater than $100,000		364,481			366,375			385,736			409,137			412,132
Total deposits		2,637,848			2,367,691			2,428,326			2,424,866			2,426,019
Federal funds purchased and securities
sold under agreements to repurchase		111,594			82,708			98,995			114,376			105,295
Short-term debt		2,094			3,241			3,455			3,751			3,802
Long-term debt		166,774			137,631			138,375			145,387			160,215
Accrued interest and other liabilities		67,113			27,600			22,890			21,386			25,487
Total liabilities		2,985,423			2,618,871			2,692,041			2,709,766			2,720,818
Total stockholders' equity		393,833			384,226			379,171			375,335			334,842
Total liabilities and stockholders' equity	$	3,379,256		$	3,003,097		$	3,071,212		$	3,085,101		$	3,055,660

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)	2010		2010		2010		2010		2009
(in thousands, except per share data)
INTEREST INCOME
Loans	$	25,649	$	26,934	$	26,691	$	26,788	$	28,275
Covered loans		3,127		864		213		-		-
Federal funds sold		3		6		2		4		2
Investment securities		4,030		4,182		4,465		4,531		5,029
Mortgage loans held for sale, net of unrealized gains (losses)		286		210		149		70		119
Assets held in trading accounts		10		7		11		2		7
Interest bearing balances due from banks		234		123		173		191		204
TOTAL INTEREST INCOME		33,339		32,326		31,704		31,586		33,636
INTEREST EXPENSE
Time deposits		3,500		3,369		3,522		3,919		4,643
Other deposits		1,156		1,236		1,317		1,518		1,866
Federal funds purchased and securities
sold under agreements to repurchase		134		126		123		149		172
Short-term debt		13		15		15		15		15
Long-term debt		2,260		1,524		1,522		1,573		1,719
TOTAL INTEREST EXPENSE		7,063		6,270		6,499		7,174		8,415
NET INTEREST INCOME		26,276		26,056		25,205		24,412		25,221
Provision for loan losses		3,733		3,407		3,758		3,231		2,767
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES		22,543		22,649		21,447		21,181		22,454
NON-INTEREST INCOME
Trust income		1,416		1,343		1,170		1,250		1,317
Service charges on deposit accounts		4,272		4,388		4,739		4,301		4,883
Other service charges and fees		716		646		671		779		634
Income on sale of mortgage loans, net of commissions		2,033		1,242		932		603		834
Income on investment banking, net of commissions		486		369		776		605		469
Credit card fees		4,448		3,972		4,043		3,677		3,897
Premiums on sale of student loans		-		1,979		545		-		-
Bank owned life insurance income		410		404		566		290		300
Gain on sale of securities		317		-		-		-		-
Gain on FDIC assisted transactions		18,277		-		3,037		-		-
Other income		1,286		479		769		695		597
TOTAL NON-INTEREST INCOME		33,661		14,822		17,248		12,200		12,931
NON-INTEREST EXPENSE
Salaries and employee benefits		15,692		14,809		15,064		15,166		14,619
Occupancy expense, net		2,176		1,906		1,844		1,882		1,898
Furniture and equipment expense		1,530		1,542		1,526		1,495		1,572
Other real estate and foreclosure expense		298		304		314		58		161
Deposit insurance		914		885		1,059		955		687
Merger related costs		2,034		134		443		-		-
Other operating expenses		7,846		7,178		7,026		7,240		6,869
TOTAL NON-INTEREST EXPENSE		30,490		26,758		27,276		26,796		25,806
NET INCOME BEFORE INCOME TAXES		25,714		10,713		11,419		6,585		9,579
Provision for income taxes		9,154		3,093		3,438		1,629		2,774
NET INCOME	$	16,560	$	7,620	$	7,981	$	4,956	$	6,805
BASIC EARNINGS PER SHARE	$	0.96	$	0.45	$	0.46	$	0.29	$	0.44
DILUTED EARNINGS PER SHARE	$	0.96	$	0.44	$	0.46	$	0.29	$	0.44

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)	2010		2010		2010		2010		2009
(in thousands, except per share data)
INTEREST INCOME
Loans	$	106,062	$	80,413	$	53,479	$	26,788	$	113,648
Covered loans		4,204		1,077		213		-		-
Federal funds sold		15		12		7		4		27
Investment securities		17,208		13,178		8,997		4,531		21,791
Mortgage loans held for sale, net of unrealized gains (losses)		715		429		218		70		608
Assets held in trading accounts		30		20		13		2		20
Interest bearing balances due from banks		721		487		364		191		439
TOTAL INTEREST INCOME		128,955		95,616		63,291		31,586		136,533
INTEREST EXPENSE
Time deposits		14,310		10,810		7,441		3,919		22,794
Other deposits		5,227		4,071		2,835		1,518		8,252
Federal funds purchased and securities
sold under agreements to repurchase		532		398		273		149		769
Short-term debt		58		45		30		15		33
Long-term debt		6,879		4,619		3,095		1,573		6,958
TOTAL INTEREST EXPENSE		27,006		19,943		13,674		7,174		38,806
NET INTEREST INCOME		101,949		75,673		49,617		24,412		97,727
Provision for loan losses		14,129		10,396		6,990		3,231		10,316
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES		87,820		65,277		42,627		21,181		87,411
NON-INTEREST INCOME
Trust income		5,179		3,763		2,420		1,250		5,227
Service charges on deposit accounts		17,700		13,428		9,040		4,301		17,944
Other service charges and fees		2,812		2,096		1,451		779		2,668
Income on sale of mortgage loans, net of commissions		4,810		2,777		1,535		603		4,032
Income on investment banking, net of commissions		2,236		1,750		1,381		605		2,153
Credit card fees		16,140		11,692		7,720		3,677		14,392
Premiums on sale of student loans		2,524		2,524		545		-		2,333
Bank owned life insurance income		1,670		1,260		857		290		1,270
Gain on sale of securities		317		-		-		-		144
Gain on FDIC assisted transactions		21,314		3,037		3,037		-		-
Other income		3,229		1,943		1,463		695		2,548
TOTAL NON-INTEREST INCOME		77,931		44,270		29,449		12,200		52,711
NON-INTEREST EXPENSE
Salaries and employee benefits		60,731		45,039		30,230		15,166		58,317
Occupancy expense, net		7,808		5,632		3,726		1,882		7,457
Furniture and equipment expense		6,093		4,563		3,021		1,495		6,195
Other real estate and foreclosure expense		974		676		372		58		453
Deposit insurance		3,813		2,899		2,014		955		4,642
Merger related costs		2,611		577		443		-		-
Other operating expenses		29,290		21,444		14,265		7,240		27,658
TOTAL NON-INTEREST EXPENSE		111,320		80,830		54,071		26,796		104,722
NET INCOME BEFORE INCOME TAXES		54,431		28,717		18,005		6,585		35,400
Provision for income taxes		17,314		8,160		5,068		1,629		10,190
NET INCOME	$	37,117	$	20,557	$	12,937	$	4,956	$	25,210
BASIC EARNINGS PER SHARE	$	2.16	$	1.20	$	0.75	$	0.29	$	1.75
DILUTED EARNINGS PER SHARE	$	2.15	$	1.19	$	0.75	$	0.29	$	1.74

Simmons First National Corporation													SFNC
Consolidated Risk-Based Capital
For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2010			2010			2010			2010			2009
(in thousands)
Tier 1 capital
Stockholders' equity	$	397,371		$	383,969		$	379,144		$	373,254		$	371,247
Trust preferred securities, net allowable		30,000			30,000			30,000			30,000			30,000
Disallowed intangible assets, net of deferred tax		(49,953	)		(48,986	)		(49,476	)		(50,503	)		(51,128	)
Unrealized gain on AFS securities		(512	)		(1,052	)		(1,100	)		(522	)		(762	)
Total Tier 1 capital		376,906			363,931			358,568			352,229			349,357
Tier 2 capital
Qualifying unrealized gain on AFS equity securities		7			4			1			8			5
Qualifying allowance for loan losses		23,553			23,729			23,737			23,574			24,405
Total Tier 2 capital		23,560			23,733			23,738			23,582			24,410
Total risk-based capital	$	400,466		$	387,664		$	382,306		$	375,811		$	373,767
Risk weighted assets	$	1,879,832		$	1,894,845		$	1,895,258		$	1,882,902		$	1,950,227
Adjusted average assets for leverage ratio	$	3,327,825		$	2,952,227		$	3,020,704		$	3,033,367		$	3,002,275
Ratios at end of quarter
Equity to assets		11.98	%		12.72	%		12.53	%		12.05	%		12.00	%
Tangible common equity to tangible assets		10.28	%		10.90	%		10.70	%		10.25	%		10.19	%
Tier 1 leverage ratio		11.33	%		12.33	%		11.87	%		11.61	%		11.64	%
Tier 1 risk-based capital ratio		20.05	%		19.21	%		18.92	%		18.71	%		17.91	%
Total risk-based capital ratio		21.30	%		20.46	%		20.17	%		19.96	%		19.17	%

Simmons First National Corporation									SFNC
Consolidated Loans and Investments
For the Quarters Ended	Dec 31		Sep 30		Jun 30		Mar 31		Dec 31
(Unaudited)	2010		2010		2010		2010		2009
(in thousands)
Loan Portfolio - End of Period (1)
Consumer
Credit cards	$	190,329	$	181,774	$	180,591	$	177,959	$	189,154
Student loans		61,305		64,989		133,012		153,291		114,296
Other consumer		118,581		123,062		127,343		131,735		139,647
Total consumer		370,215		369,825		440,946		462,985		443,097
Real Estate
Construction		153,772		150,137		153,869		173,080		180,759
Single-family residential		364,442		375,150		386,570		389,257		392,208
Other commercial		548,360		566,370		574,859		592,728		596,517
Total real estate		1,066,574		1,091,657		1,115,298		1,155,065		1,169,484
Commercial
Commercial		150,501		146,258		151,817		155,970		168,206
Agricultural		86,171		121,716		104,247		65,964		84,866
Financial institutions		-		-		-		4,093		3,885
Total commercial		236,672		267,974		256,064		226,027		256,957
Other		10,004		10,098		9,720		5,883		5,451
Total Loans	$	1,683,465	$	1,739,554	$	1,822,028	$	1,849,960	$	1,874,989
(1) Excludes loans covered by FDIC loss share agreements.
Investment Securities - End of Period
Held-to-Maturity
U.S. Treasury	$	4,000	$	4,000	$	4,000	$	-	$	-
U.S. Government agencies		249,844		250,927		224,928		221,885		254,229
Mortgage-backed securities		78		81		84		88		90
State and political subdivisions		210,331		205,610		206,076		209,101		208,812
Other securities		930		930		930		930		930
Total held-to-maturity		465,183		461,548		436,018		432,004		464,061
Available-for-Sale
U.S. Treasury		-		-		300		4,008		4,329
U.S. Government agencies		125,469		166,624		206,497		135,038		161,524
Mortgage-backed securities		2,789		2,993		3,008		2,996		2,972
FHLB stock		11,508		7,549		7,490		7,484		7,477
Other securities		8,713		6,776		6,736		6,570		6,552
Total available-for-sale		148,479		183,942		224,031		156,096		182,854
Total investment securities	$	613,662	$	645,490	$	660,049	$	588,100	$	646,915
Fair value - HTM investment securities	$	466,907	$	469,101	$	440,603	$	435,810	$	465,665
Investment Securities - QTD Average
Taxable securities	$	435,839	$	448,978	$	443,946	$	432,736	$	370,538
Tax exempt securities		207,123		205,809		206,904		207,507		210,183
Total investment securities - QTD average	$	642,962	$	654,787	$	650,850	$	640,243	$	580,721

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)	2010			2010			2010			2010			2009
(in thousands)
Allowance for Loan Losses
Balance, beginning of quarter	$	25,682		$	25,881		$	25,047		$	25,016		$	25,830
Loans charged off
Credit cards		1,218			1,329			1,339			1,435			1,353
Other consumer		560			559			852			500			1,048
Real estate		1,361			3,548			2,254			2,401			1,245
Commercial		567			164			288			227			633
Total loans charged off		3,706			5,600			4,733			4,563			4,279
Recoveries of loans previously charged off
Credit cards		225			308			273			229			263
Other consumer		128			150			313			293			118
Real estate		275			1,512			1,169			701			141
Commercial		79			24			54			140			176
Total recoveries		707			1,994			1,809			1,363			698
Net loans charged off		2,999			3,606			2,924			3,200			3,581
Provision for loan losses		3,733			3,407			3,758			3,231			2,767
Balance, end of quarter	$	26,416		$	25,682		$	25,881		$	25,047		$	25,016
Non-performing assets (1)
Non-performing loans
Nonaccrual loans
Real estate	$	8,345			7,588			10,930			8,442			18,358
Commercial		1,314			1,160			1,091			1,673			1,776
Consumer		1,527			1,251			1,403			1,604			1,860
Total nonaccrual loans		11,186			9,999			13,424			11,719			21,994
Loans past due 90 days or more
Government guaranteed student loans		1,736			2,154			3,230			2,464			1,939
Other loans		969			891			644			1,132			1,383
Total loans past due 90 days or more		2,705			3,045			3,874			3,596			3,322
Total non-performing loans		13,891			13,044			17,298			15,315			25,316
Other non-performing assets
Foreclosed assets held for sale		23,204			23,903			20,091			18,744			9,179
Other non-performing assets		109			104			128			15			20
Total other non-performing assets		23,313			24,007			20,219			18,759			9,199
Total non-performing assets	$	37,204		$	37,051		$	37,517		$	34,074		$	34,515
Ratios (1)
Allowance for loan losses to total loans		1.57	%		1.48	%		1.42	%		1.35	%		1.33	%
Allowance for loan losses to non-performing loans		190.17	%		196.89	%		149.62	%		163.55	%		98.81	%
Non-performing loans to total loans		0.83	%		0.75	%		0.95	%		0.83	%		1.35	%
Non-performing assets to total assets		1.12	%		1.23	%		1.24	%		1.10	%		1.12	%
Non-performing assets to total assets
(excluding Gov't guaranteed student loans)		1.07	%		1.16	%		1.13	%		1.02	%		1.05	%
Annualized net charge offs to total loans		0.70	%		0.79	%		0.64	%		0.70	%		0.75	%
Annualized net credit card charge offs to
total credit card loans		2.14	%		2.24	%		2.41	%		2.71	%		2.41	%
Annualized net charge offs to total loans
(excluding credit cards)		0.52	%		0.63	%		0.45	%		0.48	%		0.57	%
Past due loans >30 days (excluding nonaccrual)		0.95	%		0.74	%		0.56	%		1.02	%		0.81	%
(1) Excludes assets covered by FDIC loss share agreements, except for their inclusion in total assets.

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)	2010			2010			2010			2010			2009
ASSETS
Earning Assets
Interest bearing balances due from banks		0.23	%		0.31	%		0.29	%		0.27	%		0.28	%
Federal funds sold		0.99	%		0.68	%		0.77	%		1.60	%		0.62	%
Investment securities		3.24	%		3.29	%		3.52	%		3.66	%		4.30	%
Mortgage loans held for sale		4.08	%		4.20	%		4.41	%		4.88	%		5.49	%
Assets held in trading accounts		0.52	%		0.37	%		0.62	%		0.12	%		0.34	%
Loans, including covered loans (1)		5.84	%		5.97	%		5.82	%		5.83	%		5.92	%
Total interest earning assets		4.52	%		4.94	%		4.77	%		4.74	%		4.97	%
LIABILITIES
Interest bearing liabilities
Interest bearing transaction and
savings accounts		0.37	%		0.43	%		0.45	%		0.53	%		0.64	%
Time deposits		1.41	%		1.55	%		1.59	%		1.76	%		2.00	%
Total interest bearing deposits		0.83	%		0.91	%		0.94	%		1.07	%		1.24	%
Federal funds purchased and securities
sold under agreement to repurchase		0.48	%		0.60	%		0.50	%		0.53	%		0.65	%
Short-term debt		2.46	%		1.84	%		1.74	%		1.62	%		1.57	%
Long-term debt		5.38	%		4.39	%		4.41	%		4.39	%		4.26	%
Total interest bearing liabilities		1.12	%		1.12	%		1.13	%		1.25	%		1.42	%
NET INTEREST MARGIN/SPREAD
Net interest spread		3.40	%		3.82	%		3.64	%		3.49	%		3.55	%
Net interest margin - quarter-to-date		3.60	%		4.02	%		3.83	%		3.71	%		3.77	%
Net interest margin - year-to-date		3.78	%		3.85	%		3.77	%		3.71	%		3.78	%
(1) Covered loans are loans covered by FDIC loss share agreements.

Simmons First National Corporation													SFNC
Consolidated - Selected Financial Data
For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2010			2010			2010			2010			2009
(in thousands, except share data)
QUARTER-TO-DATE
Diluted earnings per share	$	0.96		$	0.44		$	0.46		$	0.29		$	0.44
Core earnings (excludes nonrecurring items) (non-GAAP)		6,856			7,701			6,528			4,956			6,805
Diluted core earnings per share (non-GAAP)		0.40			0.44			0.38			0.29			0.44
Cash dividends declared per common share		0.19			0.19			0.19			0.19			0.19
Cash dividends declared - amount		3,282			3,273			3,270			3,266			3,248
Return on average stockholders' equity		16.68	%		7.87	%		8.44	%		5.36	%		8.06	%
Return on tangible equity		19.97	%		9.52	%		10.24	%		6.58	%		10.10	%
Return on average assets		1.94	%		1.01	%		1.04	%		0.65	%		0.88	%
Net interest margin (FTE)		3.60	%		4.02	%		3.83	%		3.71	%		3.77	%
FTE adjustment - investments		1,216			1,243			1,245			1,250			1,265
FTE adjustment - loans		14			14			14			16			37
Amortization of intangibles		211			187			187			201			201
Amortization of intangibles, net of taxes		128			114			114			127			127
Average shares outstanding		17,255,366			17,220,572			17,199,705			17,139,732			15,432,821
Average earning assets		3,034,347			2,694,398			2,769,233			2,808,881			2,789,712
Average interest bearing liabilities		2,501,967			2,227,672			2,302,811			2,330,897			2,348,052
YEAR-TO-DATE
Diluted earnings per share	$	2.15		$	1.19		$	0.75		$	0.29		$	1.74
Core earnings (excludes nonrecurring items) (non-GAAP)		26,041			19,185			11,484			4,956			25,210
Diluted core earnings per share (non-GAAP)		1.51			1.11			0.67			0.29			1.74
Cash dividends declared per common share		0.76			0.57			0.38			0.19			0.76
Return on average stockholders' equity		9.69	%		7.24	%		6.92	%		5.36	%		8.26	%
Return on tangible equity		11.71	%		8.80	%		8.43	%		6.58	%		10.61	%
Return on average assets		1.18	%		0.90	%		0.85	%		0.65	%		0.85	%
Net interest margin (FTE)		3.78	%		3.85	%		3.77	%		3.71	%		3.78	%
FTE adjustment - investments		4,954			3,738			2,495			1,250			4,737
FTE adjustment - loans		58			44			30			16			198
Amortization of intangibles		786			575			388			201			806
Amortization of intangibles, net of taxes		483			355			241			127			508
Average shares outstanding		17,204,200			17,186,957			17,169,872			17,139,732			14,375,323
Average diluted shares outstanding		17,264,900			17,248,878			17,237,990			17,212,980			14,465,718
Average earning assets		2,826,718			2,757,509			2,789,058			2,808,881			2,713,330
Average interest bearing liabilities		2,340,838			2,287,127			2,316,854			2,330,897			2,302,839
END OF PERIOD
Book value per share	$	23.01		$	22.28		$	22.03		$	21.72		$	21.72
Tangible book value per share		19.36			18.70			18.43			18.10			18.07
Shares outstanding		17,271,594			17,230,920			17,209,973			17,186,263			17,093,931
Full-time equivalent employees		1,075			1,029			1,045			1,057			1,091
Total number of ATM's		103			93			93			93			93
Total number of financial centers		85			85			76			84			84
Parent company only - investment in subsidiaries		370,402			322,730			319,814			305,182			303,183
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)	2010			2010			2010			2010			2009
(in thousands, except per share data)
QUARTER-TO-DATE
Net Income	$	16,560		$	7,620		$	7,981		$	4,956		$	6,805
Nonrecurring items
Gain on FDIC assisted transactions		(18,277	)		-			(3,037	)		-			-
Merger related costs		2,034			134			443			-			-
Gains from sale of securities (1)		(318	)		-			-			-			-
FHLB prepayment penalties (2)		594			-			-			-			-
Branch right sizing		-			-			372			-			-
Tax effect (3)		6,263			(53	)		769			-			-
Net nonrecurring items		(9,704	)		81			(1,453	)		-			-
Core earnings (non-GAAP)	$	6,856		$	7,701		$	6,528		$	4,956		$	6,805
Diluted earnings per share	$	0.96		$	0.44		$	0.46		$	0.29		$	0.44
Nonrecurring items
Gain on FDIC assisted transactions		(1.05	)		-			(0.18	)		-			-
Merger related costs		0.12			-			0.03			-			-
Gains from sale of securities (1)		(0.02	)		-			-			-			-
FHLB prepayment penalties (2)		0.03			-			-			-			-
Branch right sizing		-			-			0.02			-			-
Tax effect (3)		0.36			-			0.05			-			-
Net nonrecurring items		(0.56	)		-			(0.08	)		-			-
Diluted core earnings per share (non-GAAP)	$	0.40		$	0.44		$	0.38		$	0.29		$	0.44
YEAR-TO-DATE
Net Income	$	37,117		$	20,557		$	12,937		$	4,956		$	25,210
Nonrecurring items
Gain on FDIC assisted transactions		(21,314	)		(3,037	)		(3,037	)		-			-
Merger related costs		2,611			577			443			-			-
Gains from sale of securities (1)		(318	)		-			-			-			-
FHLB prepayment penalties (2)		594			-			-			-			-
Branch right sizing		372			372			372			-			-
Tax effect (3)		6,979			716			769			-			-
Net nonrecurring items		(11,076	)		(1,372	)		(1,453	)		-	��		-
Core earnings (non-GAAP)	$	26,041		$	19,185		$	11,484		$	4,956		$	25,210
Diluted earnings per share	$	2.15		$	1.19		$	0.75		$	0.29		$	1.74
Nonrecurring items
Gain on FDIC assisted transactions		(1.23	)		(0.18	)		(0.18	)		-			-
Merger related costs		0.15			0.03			0.03			-			-
Gains from sale of securities (1)		(0.02	)		-			-			-			-
FHLB prepayment penalties (2)		0.03			-			-			-			-
Branch right sizing		0.02			0.02			0.02			-			-
Tax effect (3)		0.41			0.05			0.05			-			-
Net nonrecurring items		(0.64	)		(0.08	)		(0.08	)		-			-
Diluted core earnings per share (non-GAAP)	$	1.51		$	1.11		$	0.67		$	0.29		$	1.74
(1) Gains from sale of securities marked for sale at time of FDIC assisted transaction.
(2) Penalties for prepayment of FHLB advances marked for sale at time of FDIC assisted transaction.
(3) Effective tax rate of 39.225%, adjusted for additional fair value deduction related to donation of closed branch.