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

Exhibit 99.1

Simmons First Announces Second Quarter Earnings

PINE BLUFF, Ark., July 21, 2011 (GLOBE NEWSWIRE) -- Simmons First National Corporation (Nasdaq:SFNC) today announced net income of $6.7 million and diluted earnings per share of $0.39 for the quarter ended June 30, 2011.

During the second quarter of 2011, the Company recorded after-tax non-recurring items of $501,000. Excluding the non-recurring items, core earnings for the quarter ended June 30, 2011, were $6.2 million, or $0.36 diluted core earnings per share, compared to $6.5 million, or $0.38 diluted core earnings per share for the second quarter of 2010.

Core earnings for the quarter ended June 30, 2011, exclude, on an after-tax basis, a gain of $688,000 from the liquidation of Class B shares the Company received as part of MasterCard's 2006 IPO, merger related expenses of $101,000 associated with the Company's 2010 FDIC-assisted acquisitions and branch closing expenses of $86,000.

"While we remain disappointed with the lack of loan demand throughout our markets, it was expected based on the economy and it is likely to continue throughout 2011. Considering the negative impact on non-interest income created by regulatory and legislative actions, coupled with the negative impact of historically low interest rates on margins, we are pleased with our second quarter earnings performance," commented J. Thomas May, Chairman and CEO.

Total assets were $3.3 billion at June 30, 2011, an increase of 7.9% from $3.0 billion at June 30, 2010.

Loans

Total loans, including those covered by FDIC loss share agreements, were $1.8 billion at June 30, 2011, a decrease of 1.9% from the same period in 2010. "In our legacy portfolio, we experienced a decrease of $188 million, or 10.3%, compared to June 30, 2010. As expected, we saw a $79 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 a slow economy. We believe loan demand is likely to remain soft throughout the remainder of 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% Government guaranteed protection against credit risk on those covered assets, were $193 million at June 30, 2011.

Deposits

At June 30, 2011, total deposits were $2.6 billion, an increase of $214 million, or 8.9%, compared to the same period in 2010. The June 30, 2011, deposits include $197 million of deposits in Missouri and Kansas. "While we continue our efforts to manage our high levels of liquidity, we remain focused on creating core deposit growth. We are very pleased with our ratio of non-time deposits as a percent of total deposits, which is a very favorable 65%," added May.

Net Interest Income

The Company's net interest income for the second quarter of 2011 increased 8.1% to $27.3 million compared to the same period of 2010. Net interest margin increased 7 basis points to 3.90% from the second quarter of 2010. The increase in both net interest income and margin was primarily due to a higher yield on covered loans acquired through acquisitions compared to the yield on loans in the Company's legacy portfolio and a continued decrease in cost of funds.

Non-Interest Income

Non-interest income for the second quarter of 2011 was $14.4 million. Non-interest income in the same quarter last year included a pre-tax $3.0 million bargain purchase gain related to the FDIC-assisted acquisition of Southwest Community Bank in Springfield, Missouri. Included in the second quarter this year is a pre-tax $1.1 million gain from the sale of MasterCard stock. Excluding these non-recurring items, non-interest income for the quarter ended June 30, 2011, decreased $979,000, or 6.9%, from the same period in 2010. The decrease was primarily related to service charges on deposit accounts and premium on sale of student loans, both of which were the result of recent regulatory and legislative actions.

Non-Interest Expense

Non-interest expense for the second quarter of 2011 was $28.7 million, an increase of $1.4 million, compared to the same period in 2010. "Non-interest expense includes $2.0 million in incremental normal operating expense for our two FDIC-assisted acquisitions. In addition, we incurred merger related costs and costs related to branch closings in the second quarter of both 2011 and 2010. Normalizing for these expenses, non-interest expense decreased by $331,000, or 1.3%, compared to the same quarter last year. This decrease in normalized non-interest expense is the result of the implementation of our efficiency initiatives. Obviously, we are continuing to see the positive impact from our efficiency initiatives related to revenue enhancements, process improvement and branch staffing levels," according to May.

Asset Quality

During 2010, the Company acquired loans and foreclosed real estate ("OREO") through FDIC-assisted acquisitions. 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 indemnification asset 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 June 30, 2011, loans covered by loss share were carried at $193 million (net of discount), OREO covered by loss share was carried at $13 million (net of discount) and the FDIC loss share indemnification asset was carried at $54 million. As a result of the FDIC loss share indemnification 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.

The Company's allowance for loan losses was $27.8 million at June 30, 2011, or 1.70% of total loans and 149% of non-performing loans. Non-performing assets as a percent of total assets were 1.27% as of June 30, 2011, a decrease from 1.32% as of March 31, 2011. Non-performing loans as a percent of total loans were 1.14% as of June 30, 2011, a decrease of 5 basis points from 1.19% as of March 31, 2011. These ratios include $3.1 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 1.17% and non-performing loans as a percent of total loans were 0.95%.

Excluding credit cards, the Company's annualized net charge-off ratio was 0.39% for the first half of 2011. The credit card annualized net charge-off ratio decreased to 2.08%, compared to 2.41% for the second quarter of 2010. The Company's credit card loss ratio is more than 475 basis points below the most recently published credit card charge-off industry average of almost 7%.

Capital

At June 30, 2011, stockholders' equity was $404 million, book value per share was $23.28 and tangible book value per share was $19.67. The Company's ratio of stockholders' equity to total assets was 12.4% and its ratio of tangible stockholders' equity to tangible assets was 10.7%, as of June 30, 2011.

"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 June 30, 2011, the Company's regulatory capital ratios remain significantly higher than regulatory "well capitalized" guidelines:

	"Well Capitalized"			SFNC
Tier 1 Leverage Ratio		5.00	%		11.97	%
Tier 1 Risk-Based Capital Ratio		6.00	%		21.12	%
Total Risk-Based Capital Ratio		10.00	%		22.37	%

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. The Company's eight banks conduct financial operations from 88 offices, of which 84 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, July 21, 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 July 28, 2011, by dialing 1-800-642-1687. The passcode for the replay is 81203187. 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	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2011			2011			2010			2010			2010
(in thousands)
ASSETS
Cash and non-interest bearing balances due from banks	$	43,604		$	35,923		$	33,717		$	77,874		$	80,883
Interest bearing balances due from banks		498,323			473,247			418,343			247,300			161,443
Federal funds sold		-			-			-			750			2,750
Cash and cash equivalents		541,927			509,170			452,060			325,924			245,076
Investment securities - held-to-maturity		406,365			501,745			465,183			461,548			436,018
Investment securities - available-for-sale		178,853			119,847			148,479			183,942			224,031
Mortgage loans held for sale		9,983			6,618			17,237			25,383			18,298
Assets held in trading accounts		7,356			7,468			7,577			7,412			7,827
Loans		1,633,660			1,619,374			1,683,464			1,739,554			1,822,028
Allowance for loan losses		(27,796	)		(27,905	)		(26,416	)		(25,682	)		(25,881	)
Net loans		1,605,864			1,591,469			1,657,048			1,713,872			1,796,147
Covered assets:
Loans, net of discount		192,899			208,774			231,600			38,160			39,346
Other real estate owned, net of discount		13,033			12,933			8,717			2,650			3,609
FDIC indemnification asset		54,437			58,520			60,235			9,600			12,614
Premises and equipment		82,145			82,948			77,199			77,967			76,349
Foreclosed assets held for sale, net		22,441			23,686			23,204			23,903			20,091
Interest receivable		15,203			15,382			17,363			16,884			16,264
Bank owned life insurance		49,914			49,475			49,072			48,662			48,258
Goodwill		60,605			60,605			60,605			60,605			60,605
Core deposit premiums		2,015			2,239			2,463			1,194			1,381
Other assets		20,169			18,511			38,390			20,451			19,211
Total assets	$	3,263,209		$	3,269,390		$	3,316,432		$	3,018,157		$	3,025,125
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing transaction accounts	$	476,274		$	459,628		$	428,750		$	374,494		$	358,171
Interest bearing transaction accounts and savings deposits		1,228,910			1,217,718			1,220,133			1,146,433			1,172,746
Time deposits less than $100,000		524,567			537,070			599,537			483,285			496,809
Time deposits greater than $100,000		377,429			387,000			360,349			377,957			365,868
Total deposits		2,607,180			2,601,416			2,608,769			2,382,169			2,393,594
Federal funds purchased and securities
sold under agreements to repurchase		93,560			107,099			109,139			85,561			84,456
Short-term debt		628			718			1,033			1,728			3,202
Long-term debt		123,673			127,344			164,324			136,829			138,893
Accrued interest and other liabilities		34,308			33,266			35,796			27,901			25,836
Total liabilities		2,859,349			2,869,843			2,919,061			2,634,188			2,645,981
Stockholders' equity:
Preferred stock		-			-			-			-			-
Common stock		173			173			173			172			172
Surplus		115,126			114,537			114,040			113,376			112,851
Undivided profits		287,870			284,420			282,646			269,369			265,021
Accumulated other comprehensive income
Unrealized appreciation on AFS securities		691			417			512			1,052			1,100
Total stockholders' equity		403,860			399,547			397,371			383,969			379,144
Total liabilities and stockholders' equity	$	3,263,209		$	3,269,390		$	3,316,432		$	3,018,157		$	3,025,125

Simmons First National Corporation													SFNC
Consolidated Average Quarter-to-Date Balance Sheets
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2011			2011			2010			2010			2010
(in thousands)
ASSETS
Cash and non-interest bearing balances due from banks	$	34,128		$	34,869		$	71,780		$	75,606		$	76,983
Interest bearing balances due from banks		472,425			463,858			400,174			159,996			240,847
Federal funds sold		554			583			1,208			3,477			1,044
Cash and cash equivalents		507,107			499,310			473,162			239,079			318,874
Investment securities - held-to-maturity		479,371			493,128			462,328			457,368			421,878
Investment securities - available-for-sale		143,447			120,085			180,634			197,419			228,972
Mortgage loans held for sale		7,806			7,445			27,832			19,842			13,560
Assets held in trading accounts		7,462			7,598			7,615			7,438			7,092
Loans		1,618,749			1,633,298			1,697,937			1,809,902			1,831,766
Allowance for loan losses		(27,498	)		(27,073	)		(23,316	)		(26,396	)		(25,584	)
Net loans		1,591,251			1,606,225			1,674,621			1,783,506			1,806,182
Covered assets:
Loans, net of discount		201,788			219,956			256,619			38,956			24,074
Other real estate owned, net of discount		12,722			9,171			12,978			3,056			2,632
FDIC indemnification asset		57,738			59,777			32,008			12,601			4,544
Premises and equipment		82,729			80,516			77,876			76,673			77,330
Foreclosed assets held for sale, net		23,299			23,382			23,658			22,540			18,727
Interest receivable		15,712			15,831			18,325			15,451			16,928
Bank owned life insurance		49,695			49,275			48,868			48,463			47,915
Goodwill		60,605			60,605			60,605			60,605			60,605
Core deposit premiums		2,140			2,363			1,612			1,300			1,484
Other assets		18,296			29,784			20,515			18,800			20,415
Total assets	$	3,261,168		$	3,284,451		$	3,379,256		$	3,003,097		$	3,071,212
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing transaction accounts	$	463,689		$	436,272		$	416,343		$	363,599		$	366,340
Interest bearing transaction accounts and savings deposits		1,222,299			1,216,903			1,239,736			1,143,827			1,176,180
Time deposits less than $100,000		532,462			570,426			617,288			493,890			500,070
Time deposits greater than $100,000		379,289			370,004			364,481			366,375			385,736
Total deposits		2,597,739			2,593,605			2,637,848			2,367,691			2,428,326
Federal funds purchased and securities
sold under agreements to repurchase		98,919			114,491			111,594			82,708			98,995
Short-term debt		828			865			2,094			3,241			3,455
Long-term debt		125,357			139,728			166,774			137,631			138,375
Accrued interest and other liabilities		33,954			34,480			67,113			27,600			22,890
Total liabilities		2,856,797			2,883,169			2,985,423			2,618,871			2,692,041
Total stockholders' equity		404,371			401,282			393,833			384,226			379,171
Total liabilities and stockholders' equity	$	3,261,168		$	3,284,451		$	3,379,256		$	3,003,097		$	3,071,212

Simmons First National Corporation									SFNC
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended	Jun 30		Mar 31		Dec 31		Sep 30		Jun 30
(Unaudited)	2011		2011		2010		2010		2010
(in thousands, except per share data)
INTEREST INCOME
Loans	$	23,883	$	24,094	$	25,649	$	26,934	$	26,691
Covered loans		4,347		4,341		3,127		864		213
Federal funds sold		1		1		3		6		2
Investment securities		3,771		3,705		4,030		4,182		4,465
Mortgage loans held for sale, net of unrealized gains (losses)		87		88		286		210		149
Assets held in trading accounts		9		9		10		7		11
Interest bearing balances due from banks		298		235		234		123		173
TOTAL INTEREST INCOME		32,396		32,473		33,339		32,326		31,704
INTEREST EXPENSE
Time deposits		2,865		3,134		3,500		3,369		3,522
Other deposits		934		1,042		1,156		1,236		1,317
Federal funds purchased and securities
sold under agreements to repurchase		103		116		134		126		123
Short-term debt		12		12		13		15		15
Long-term debt		1,232		1,335		2,260		1,524		1,522
TOTAL INTEREST EXPENSE		5,146		5,639		7,063		6,270		6,499
NET INTEREST INCOME		27,250		26,834		26,276		26,056		25,205
Provision for loan losses		3,328		2,675		3,733		3,407		3,758
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES		23,922		24,159		22,543		22,649		21,447
NON-INTEREST INCOME
Trust income		1,243		1,346		1,416		1,343		1,170
Service charges on deposit accounts		4,212		3,857		4,272		4,388		4,739
Other service charges and fees		780		806		716		646		671
Income on sale of mortgage loans, net of commissions		849		626		2,033		1,242		932
Income on investment banking, net of commissions		381		600		486		369		776
Credit card fees		4,264		3,943		4,448		3,972		4,043
Premiums on sale of student loans		-		-		-		1,979		545
Bank owned life insurance income		414		403		410		404		566
Gain on sale of securities		-		-		317		-		-
Gain on FDIC assisted transactions		-		-		18,277		-		3,037
Other income		2,221		1,051		1,286		479		769
TOTAL NON-INTEREST INCOME		14,364		12,632		33,661		14,822		17,248
NON-INTEREST EXPENSE
Salaries and employee benefits		16,436		17,116		15,692		14,809		15,064
Occupancy expense, net		2,100		2,189		2,176		1,906		1,844
Furniture and equipment expense		1,560		1,589		1,530		1,542		1,526
Other real estate and foreclosure expense		223		94		298		304		314
Deposit insurance		842		1,039		914		885		1,059
Merger related costs		167		190		2,034		134		443
Other operating expenses		7,364		7,758		7,846		7,178		7,026
TOTAL NON-INTEREST EXPENSE		28,692		29,975		30,490		26,758		27,276
NET INCOME BEFORE INCOME TAXES		9,594		6,816		25,714		10,713		11,419
Provision for income taxes		2,848		1,750		9,154		3,093		3,438
NET INCOME	$	6,746	$	5,066	$	16,560	$	7,620	$	7,981
BASIC EARNINGS PER SHARE	$	0.39	$	0.29	$	0.96	$	0.45	$	0.46
DILUTED EARNINGS PER SHARE	$	0.39	$	0.29	$	0.96	$	0.44	$	0.46

Simmons First National Corporation									SFNC
Consolidated Statements of Income - Year-to-Date
For the Quarters Ended	Jun 30		Mar 31		Dec 31		Sep 30		Jun 30
(Unaudited)	2011		2011		2010		2010		2010
(in thousands, except per share data)
INTEREST INCOME
Loans	$	47,977	$	24,094	$	106,062	$	80,413	$	53,479
Covered loans		8,688		4,341		4,204		1,077		213
Federal funds sold		2		1		15		12		7
Investment securities		7,476		3,705		17,208		13,178		8,997
Mortgage loans held for sale, net of unrealized gains (losses)		175		88		715		429		218
Assets held in trading accounts		18		9		30		20		13
Interest bearing balances due from banks		533		235		721		487		364
TOTAL INTEREST INCOME		64,869		32,473		128,955		95,616		63,291
INTEREST EXPENSE
Time deposits		5,999		3,134		14,310		10,810		7,441
Other deposits		1,976		1,042		5,227		4,071		2,835
Federal funds purchased and securities
sold under agreements to repurchase		219		116		532		398		273
Short-term debt		24		12		58		45		30
Long-term debt		2,567		1,335		6,879		4,619		3,095
TOTAL INTEREST EXPENSE		10,785		5,639		27,006		19,943		13,674
NET INTEREST INCOME		54,084		26,834		101,949		75,673		49,617
Provision for loan losses		6,003		2,675		14,129		10,396		6,990
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES		48,081		24,159		87,820		65,277		42,627
NON-INTEREST INCOME
Trust income		2,589		1,346		5,179		3,763		2,420
Service charges on deposit accounts		8,069		3,857		17,700		13,428		9,040
Other service charges and fees		1,586		806		2,812		2,096		1,451
Income on sale of mortgage loans, net of commissions		1,475		626		4,810		2,777		1,535
Income on investment banking, net of commissions		981		600		2,236		1,750		1,381
Credit card fees		8,207		3,943		16,140		11,692		7,720
Premiums on sale of student loans		-		-		2,524		2,524		545
Bank owned life insurance income		817		403		1,670		1,260		857
Gain on sale of securities		-		-		317		-		-
Gain on FDIC assisted transactions		-		-		21,314		3,037		3,037
Other income		3,272		1,051		3,229		1,943		1,463
TOTAL NON-INTEREST INCOME		26,996		12,632		77,931		44,270		29,449
NON-INTEREST EXPENSE
Salaries and employee benefits		33,552		17,116		60,731		45,039		30,230
Occupancy expense, net		4,289		2,189		7,808		5,632		3,726
Furniture and equipment expense		3,149		1,589		6,093		4,563		3,021
Other real estate and foreclosure expense		317		94		974		676		372
Deposit insurance		1,881		1,039		3,813		2,899		2,014
Merger related costs		357		190		2,611		577		443
Other operating expenses		15,122		7,758		29,290		21,444		14,265
TOTAL NON-INTEREST EXPENSE		58,667		29,975		111,320		80,830		54,071
NET INCOME BEFORE INCOME TAXES		16,410		6,816		54,431		28,717		18,005
Provision for income taxes		4,598		1,750		17,314		8,160		5,068
NET INCOME	$	11,812	$	5,066	$	37,117	$	20,557	$	12,937
BASIC EARNINGS PER SHARE	$	0.68	$	0.29	$	2.16	$	1.20	$	0.75
DILUTED EARNINGS PER SHARE	$	0.68	$	0.29	$	2.15	$	1.19	$	0.75

Simmons First National Corporation													SFNC
Consolidated Risk-Based Capital
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2011			2011			2010			2010			2010
(in thousands)
Tier 1 capital
Stockholders' equity	$	403,860		$	399,547		$	397,371		$	383,969		$	379,144
Trust preferred securities, net allowable		30,000			30,000			30,000			30,000			30,000
Disallowed intangible assets, net of deferred tax		(48,923	)		(49,447	)		(49,953	)		(48,986	)		(49,476	)
Unrealized gain on AFS securities		(691	)		(417	)		(512	)		(1,052	)		(1,100	)
Total Tier 1 capital		384,246			379,683			376,906			363,931			358,568
Tier 2 capital
Qualifying unrealized gain on AFS equity securities		17			14			7			4			1
Qualifying allowance for loan losses		22,825			22,700			23,553			23,729			23,737
Total Tier 2 capital		22,842			22,714			23,560			23,733			23,738
Total risk-based capital	$	407,088		$	402,397		$	400,466		$	387,664		$	382,306
Risk weighted assets	$	1,819,494		$	1,809,241		$	1,879,832		$	1,894,845		$	1,895,258
Adjusted average assets for leverage ratio	$	3,211,310		$	3,234,262		$	3,327,825		$	2,952,227		$	3,020,704
Ratios at end of quarter
Equity to assets		12.38	%		12.22	%		11.98	%		12.72	%		12.53	%
Tangible common equity to tangible assets		10.66	%		10.50	%		10.28	%		10.90	%		10.70	%
Tier 1 leverage ratio		11.97	%		11.74	%		11.33	%		12.33	%		11.87	%
Tier 1 risk-based capital ratio		21.12	%		20.99	%		20.05	%		19.21	%		18.92	%
Total risk-based capital ratio		22.37	%		22.24	%		21.30	%		20.46	%		20.17	%

Simmons First National Corporation									SFNC
Consolidated Loans and Investments
For the Quarters Ended	Jun 30		Mar 31		Dec 31		Sep 30		Jun 30
(Unaudited)	2011		2011		2010		2010		2010
(in thousands)
Loan Portfolio - End of Period (1)
Consumer
Credit cards	$	181,216	$	176,544	$	190,329	$	181,774	$	180,591
Student loans		53,574		57,181		61,305		64,989		133,012
Other consumer		107,411		110,954		118,581		123,062		127,343
Total consumer		342,201		344,679		370,215		369,825		440,946
Real Estate
Construction		139,217		142,261		153,772		150,137		153,869
Single-family residential		355,566		358,152		364,442		375,150		386,570
Other commercial		540,011		546,659		548,360		566,370		574,859
Total real estate		1,034,794		1,047,072		1,066,574		1,091,657		1,115,298
Commercial
Commercial		142,897		144,298		150,501		146,258		151,817
Agricultural		104,526		72,205		86,171		121,716		104,247
Total commercial		247,423		216,503		236,672		267,974		256,064
Other		9,242		11,120		10,004		10,098		9,720
Total Loans	$	1,633,660	$	1,619,374	$	1,683,465	$	1,739,554	$	1,822,028
(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	$	4,000	$	4,000
U.S. Government agencies		190,294		289,844		249,844		250,927		224,928
Mortgage-backed securities		70		75		78		81		84
State and political subdivisions		211,071		206,896		210,331		205,610		206,076
Other securities		930		930		930		930		930
Total held-to-maturity		406,365		501,745		465,183		461,548		436,018
Available-for-Sale
U.S. Treasury		-		-		-		-		300
U.S. Government agencies		157,836		97,830		125,469		166,624		206,497
Mortgage-backed securities		2,664		2,657		2,789		2,993		3,008
FHLB stock		8,604		9,604		11,508		7,549		7,490
Other securities		9,749		9,756		8,713		6,776		6,736
Total available-for-sale		178,853		119,847		148,479		183,942		224,031
Total investment securities	$	585,218	$	621,592	$	613,662	$	645,490	$	660,049
Fair value - HTM investment securities	$	411,531	$	505,150	$	466,907	$	469,101	$	440,603
Investment Securities - QTD Average
Taxable securities	$	415,101	$	405,257	$	435,839	$	448,978	$	443,946
Tax exempt securities		207,717		207,956		207,123		205,809		206,904
Total investment securities - QTD average	$	622,818	$	613,213	$	642,962	$	654,787	$	650,850

Simmons First National Corporation													SFNC
Consolidated Allowance and Asset Quality
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2011			2011			2010			2010			2010
(in thousands)
Allowance for Loan Losses
Balance, beginning of quarter	$	27,905		$	26,416		$	25,682		$	25,881		$	25,047
Loans charged off
Credit cards		1,145			1,156			1,218			1,329			1,339
Other consumer		621			289			560			559			852
Real estate		1,682			343			1,361			3,548			2,254
Commercial		745			95			567			164			288
Total loans charged off		4,193			1,883			3,706			5,600			4,733
Recoveries of loans previously charged off
Credit cards		237			237			225			308			273
Other consumer		131			154			128			150			313
Real estate		147			247			275			1,512			1,169
Commercial		241			59			79			24			54
Total recoveries		756			697			707			1,994			1,809
Net loans charged off		3,437			1,186			2,999			3,606			2,924
Provision for loan losses		3,328			2,675			3,733			3,407			3,758
Balance, end of quarter	$	27,796		$	27,905		$	26,416		$	25,682		$	25,881
Non-performing assets (1)
Non-performing loans
Nonaccrual loans
Real estate	$	11,823		$	12,872		$	8,345		$	7,588		$	10,930
Commercial		1,583			1,173			1,314			1,160			1,091
Consumer		1,400			1,546			1,527			1,251			1,403
Total nonaccrual loans		14,806			15,591			11,186			9,999			13,424
Loans past due 90 days or more
Government guaranteed student loans		3,113			2,627			1,736			2,154			3,230
Other loans		721			1,117			969			891			644
Total loans past due 90 days or more		3,834			3,744			2,705			3,045			3,874
Total non-performing loans		18,640			19,335			13,891			13,044			17,298
Other non-performing assets
Foreclosed assets held for sale		22,441			23,686			23,204			23,903			20,091
Other non-performing assets		235			246			109			104			128
Total other non-performing assets		22,676			23,932			23,313			24,007			20,219
Total non-performing assets	$	41,316		$	43,267		$	37,204		$	37,051		$	37,517
Performing TDRs (troubled debt restructurings)	$	10,298		$	10,653		$	19,426		$	16,149		$	16,298
Ratios (1)
Allowance for loan losses to total loans		1.70	%		1.72	%		1.57	%		1.48	%		1.42	%
Allowance for loan losses to non-performing loans		149.12	%		144.32	%		190.17	%		196.89	%		149.62	%
Non-performing loans to total loans		1.14	%		1.19	%		0.83	%		0.75	%		0.95	%
Non-performing assets (including performing TDRs)
to total assets		1.58	%		1.65	%		1.71	%		1.76	%		1.78	%
Non-performing assets to total assets		1.27	%		1.32	%		1.12	%		1.23	%		1.24	%
Non-performing assets to total assets
(excluding Gov't guaranteed student loans)		1.17	%		1.24	%		1.07	%		1.16	%		1.13	%
Annualized net charge offs to total loans		0.85	%		0.29	%		0.70	%		0.79	%		0.64	%
Annualized net credit card charge offs to
total credit card loans		2.08	%		2.06	%		2.14	%		2.24	%		2.41	%
Annualized net charge offs to total loans
(excluding credit cards)		0.70	%		0.07	%		0.52	%		0.63	%		0.45	%
Past due loans >30 days (excluding nonaccrual)		0.87	%		1.41	%		0.95	%		0.74	%		0.56	%
(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	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2011			2011			2010			2010			2010
ASSETS
Earning Assets
Interest bearing balances due from banks		0.25	%		0.21	%		0.23	%		0.31	%		0.29	%
Federal funds sold		0.72	%		0.70	%		0.99	%		0.68	%		0.77	%
Investment securities		3.23	%		3.27	%		3.24	%		3.29	%		3.52	%
Mortgage loans held for sale		4.47	%		4.79	%		4.08	%		4.20	%		4.41	%
Assets held in trading accounts		0.48	%		0.48	%		0.52	%		0.37	%		0.62	%
Loans, including covered loans (1)		6.22	%		6.23	%		5.84	%		5.97	%		5.82	%
Total interest earning assets		4.60	%		4.64	%		4.52	%		4.94	%		4.77	%
LIABILITIES
Interest bearing liabilities
Interest bearing transaction and
savings accounts		0.31	%		0.35	%		0.37	%		0.43	%		0.45	%
Time deposits		1.26	%		1.35	%		1.41	%		1.55	%		1.59	%
Total interest bearing deposits		0.71	%		0.79	%		0.83	%		0.91	%		0.94	%
Federal funds purchased and securities
sold under agreement to repurchase		0.42	%		0.41	%		0.48	%		0.60	%		0.50	%
Short-term debt		5.81	%		5.63	%		2.46	%		1.84	%		1.74	%
Long-term debt		3.94	%		3.87	%		5.38	%		4.39	%		4.41	%
Total interest bearing liabilities		0.87	%		0.95	%		1.12	%		1.12	%		1.13	%
NET INTEREST MARGIN/SPREAD
Net interest spread		3.73	%		3.69	%		3.40	%		3.82	%		3.64	%
Net interest margin - quarter-to-date		3.90	%		3.87	%		3.60	%		4.02	%		3.83	%
Net interest margin - year-to-date		3.88	%		3.87	%		3.78	%		3.85	%		3.77	%
(1) Covered loans are loans covered by FDIC loss share agreements.

Simmons First National Corporation													SFNC
Consolidated - Selected Financial Data
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2011			2011			2010			2010			2010
(in thousands, except share data)
QUARTER-TO-DATE
Diluted earnings per share	$	0.39		$	0.29		$	0.96		$	0.44		$	0.46
Core earnings (excludes nonrecurring items) (non-GAAP)		6,245			5,181			6,856			7,701			6,528
Diluted core earnings per share (non-GAAP)		0.36			0.30			0.40			0.44			0.38
Cash dividends declared per common share		0.19			0.19			0.19			0.19			0.19
Cash dividends declared - amount		3,297			3,292			3,282			3,273			3,270
Return on average stockholders' equity		6.69	%		5.12	%		16.68	%		7.87	%		8.44	%
Return on tangible equity		8.08	%		6.24	%		19.97	%		9.52	%		10.24	%
Return on average assets		0.83	%		0.63	%		1.94	%		1.01	%		1.04	%
Net interest margin (FTE)		3.90	%		3.87	%		3.60	%		4.02	%		3.83	%
FTE adjustment - investments		1,241			1,239			1,216			1,243			1,245
FTE adjustment - loans		13			13			14			14			14
Amortization of intangibles		224			224			211			187			187
Amortization of intangibles, net of taxes		136			136			128			114			114
Average shares outstanding		17,342,165			17,296,684			17,255,366			17,220,572			17,199,705
Average earning assets		2,931,602			2,945,951			3,034,347			2,694,398			2,769,233
Average interest bearing liabilities		2,359,154			2,412,417			2,501,967			2,227,672			2,302,811
YEAR-TO-DATE
Diluted earnings per share	$	0.68		$	0.29		$	2.15		$	1.19		$	0.75
Core earnings (excludes nonrecurring items) (non-GAAP)		11,426			5,181			26,041			19,185			11,484
Diluted core earnings per share (non-GAAP)		0.66			0.30			1.51			1.11			0.67
Cash dividends declared per common share		0.38			0.19			0.76			0.57			0.38
Return on average stockholders' equity		5.91	%		5.12	%		9.69	%		7.24	%		6.92	%
Return on tangible equity		7.17	%		6.24	%		11.71	%		8.80	%		8.43	%
Return on average assets		0.73	%		0.63	%		1.18	%		0.90	%		0.85	%
Net interest margin (FTE)		3.88	%		3.87	%		3.78	%		3.85	%		3.77	%
FTE adjustment - investments		2,480			1,239			4,954			3,738			2,495
FTE adjustment - loans		26			13			58			44			30
Amortization of intangibles		448			224			786			575			388
Amortization of intangibles, net of taxes		272			136			483			355			241
Average shares outstanding		17,319,550			17,296,684			17,204,200			17,186,957			17,169,872
Average diluted shares outstanding		17,352,606			17,329,740			17,264,900			17,248,878			17,237,990
Average earning assets		2,938,777			2,945,951			2,826,718			2,757,509			2,789,058
Average interest bearing liabilities		2,385,787			2,412,417			2,340,838			2,287,127			2,316,854
END OF PERIOD
Book value per share	$	23.28		$	23.06		$	23.01		$	22.28		$	22.03
Tangible book value per share		19.67			19.43			19.36			18.70			18.43
Shares outstanding		17,348,775			17,327,601			17,271,594			17,230,920			17,209,973
Full-time equivalent employees		1,095			1,082			1,075			1,029			1,045
Total number of ATM's		102			103			103			93			93
Total number of financial centers		84			85			85			85			76
Parent company only - investment in subsidiaries		375,686			372,773			370,402			322,730			319,814
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	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2011			2011			2010			2010			2010
(in thousands, except per share data)
QUARTER-TO-DATE
Net Income	$	6,746		$	5,066		$	16,560		$	7,620		$	7,981
Nonrecurring items
Gain on sale of MasterCard stock (1)		(1,132	)		-			-			-			-
Gain on FDIC-assisted transactions		-			-			(18,277	)		-			(3,037	)
Merger related costs		167			190			2,034			134			443
Gains from sale of securities (2)		-			-			(318	)		-			-
FHLB prepayment penalties (3)		-			-			594			-			-
Branch right sizing		141			-			-			-			372
Tax effect (4)		323			(75	)		6,263			(53	)		769
Net nonrecurring items		(501	)		115			(9,704	)		81			(1,453	)
Core earnings (non-GAAP)	$	6,245		$	5,181		$	6,856		$	7,701		$	6,528
Diluted earnings per share	$	0.39		$	0.29		$	0.96		$	0.44		$	0.46
Nonrecurring items
Gain on sale of MasterCard stock (1)		(0.07	)		-			-			-			-
Gain on FDIC-assisted transactions		-			-			(1.05	)		-			(0.18	)
Merger related costs		0.01			0.01			0.12			-			0.03
Gains from sale of securities (2)		-			-			(0.02	)		-			-
FHLB prepayment penalties (3)		-			-			0.03			-			-
Branch right sizing		0.01			-			-			-			0.02
Tax effect (4)		0.02			-			0.36			-			0.05
Net nonrecurring items		(0.03	)		0.01			(0.56	)		-			(0.08	)
Diluted core earnings per share (non-GAAP)	$	0.36		$	0.30		$	0.40		$	0.44		$	0.38
YEAR-TO-DATE
Net Income	$	11,812		$	5,066		$	37,117		$	20,557		$	12,937
Nonrecurring items
Gain on sale of MasterCard stock (1)		(1,132	)		-			-			-			-
Gain on FDIC-assisted transactions		-			-			(21,314	)		(3,037	)		(3,037	)
Merger related costs		357			190			2,611			577			443
Gains from sale of securities (2)		-			-			(318	)		-			-
FHLB prepayment penalties (3)		-			-			594			-			-
Branch right sizing		141			-			372			372			372
Tax effect (4)		248			(75	)		6,979			716			769
Net nonrecurring items		(386	)		115			(11,076	)		(1,372	)		(1,453	)
Core earnings (non-GAAP)	$	11,426		$	5,181		$	26,041		$	19,185		$	11,484
Diluted earnings per share	$	0.68		$	0.29		$	2.15		$	1.19		$	0.75
Nonrecurring items
Gain on sale of MasterCard stock (1)		(0.07	)		-			-			-			-
Gain on FDIC-assisted transactions		-			-			(1.23	)		(0.18	)		(0.18	)
Merger related costs		0.02			0.01			0.15			0.03			0.03
Gains from sale of securities (2)		-			-			(0.02	)		-			-
FHLB prepayment penalties (3)		-			-			0.03			-			-
Branch right sizing		0.01			-			0.02			0.02			0.02
Tax effect (4)		0.02			-			0.41			0.05			0.05
Net nonrecurring items		(0.02	)		0.01			(0.64	)		(0.08	)		(0.08	)
Diluted core earnings per share (non-GAAP)	$	0.66		$	0.30		$	1.51		$	1.11		$	0.67
(1) Gain from liquidation of Class B shares received as part of MasterCard's 2006 IPO.
(2) Gains from sale of securities marked for sale at time of FDIC-assisted transaction.
(3) Penalties for prepayment of FHLB advances marked for sale at time of FDIC-assisted transaction.
(4) Effective tax rate of 39.225%; 2010 adjusted for additional fair value deduction related to donation of closed branch.