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

EXHIBIT 99.1

Simmons First Announces First Quarter Earnings

PINE BLUFF, Ark., April 19, 2012 (GLOBE NEWSWIRE) -- Simmons First National Corporation (Nasdaq:SFNC) today announced net income of $6.4 million for the quarter ended March 31, 2012, an increase of $1.3 million, or 25.4%, compared to the same period in 2011. Diluted earnings per share for the quarter ended March 31, 2012, were $0.37, an increase of $0.08, or 27.6%.

"Obviously, we are pleased with our first quarter earnings performance. We benefited significantly from continued pristine asset quality which has resulted in a reduction in our provision for loan losses, and our on-going efficiency initiatives that resulted in a decrease in our non-interest expense," commented J. Thomas May, Chairman and CEO.

Total assets were $3.3 billion at March 31, 2012, an increase of 1.6% from March 31, 2011.

Loans

Total loans, including those covered by FDIC loss share agreements, were $1.7 billion at March 31, 2012, a decrease of $155 million, or 8.5%, from the same period in 2011. Loans covered by FDIC loss share agreements, which provide 80% Government guaranteed protection against credit risk on those covered assets, were $130 million at March 31, 2012, down $79 million from the same period in 2011. "Concerning our loss share portfolio, the decrease results from the planned liquidation of the guaranteed problem assets acquired from the FDIC. Regarding our legacy portfolio, we experienced a decrease of $76 million, or 4.7%, compared to March 31, 2011. Additionally, like the rest of the financial industry in Arkansas, we continue to experience soft loan demand as a result of the overall general economic environment. However, on a positive note, when compared to our last four quarters we see some improvement in loan demand. In fact, when we normalize for seasonality in the first quarter, our loan portfolio was relatively flat to our fourth quarter of 2011. Considering the challenges of the economy, we view this as a positive and it allows us to be cautiously optimistic that we are beginning to see somewhat improved loan demand. However, only time will tell and as is our philosophy, we will continue to be patient and prepared to meet the needs of the customer," commented May.

Deposits

At March 31, 2012, total deposits were $2.7 billion, an increase of $53 million, or 2.0%, compared to the same period in 2011. "While we continue our efforts to manage our high levels of liquidity, which is a challenge for the entire banking industry in this low rate environment, 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 68%," added May.

Net Interest Income

The Company's net interest income for the first quarter of 2012 increased 3.3% to $27.7 million compared to the same period of 2011. The increase was primarily due to additional yield accretion recognized as a result of updated estimates of the cash flows of the loan pools acquired in the Company's 2010 FDIC-assisted transactions. Each quarter, the Company estimates the cash flows expected to be collected from the acquired loan pools, and adjustments may or may not be required. Beginning in the fourth quarter of 2011, the cash flows estimate has increased based on payment histories and reduced loss expectations of the loan pools. This resulted in increased interest income that is spread on a level-yield basis over the remaining expected lives of the loan pools. The increases in expected cash flows also reduce the amount of expected reimbursements under the loss sharing agreements with the FDIC, which are recorded as indemnification assets. The impact of the adjustments on the Company's financial results for the current reporting period is shown below:

(In thousands, except basis points data)	Three Months Ended  March 31, 2012				Year Ended  December 31, 2011
Impact on net interest income/
net interest margin (in basis points)	$	3,185		43 bps	$	1,124		4 bps
Non-interest income		(2,778	)			(978	)
Net impact to pre-tax income	$	407			$	146

Because these adjustments will be recognized over the remaining lives of the loan pools and the remainder of the loss sharing agreements, respectively, they will impact future periods as well. The current estimate of the remaining accretable yield adjustment that will positively impact interest income is $20.8 million and the remaining adjustment to the indemnification assets that will reduce non-interest income is $18.3 million. Of the remaining adjustments, we expect to recognize $8.0 million of interest income and a $7.2 million reduction of non-interest income, for a net addition to pre-tax income of approximately $800,000 during the remainder of 2012. "It is important to reiterate that the fluctuations discussed in net interest income and that will be discussed in non-interest income create some noise, and the bottom line is a positive impact of $407,000 for the first quarter and estimated $800,000 for rest of the year," said May. The accretable yield adjustments recorded in future periods will change as we continue to evaluate expected cash flows from the acquired loan pools. Net interest margin was 3.93% for the quarter ended March 31, 2012, an increase of 6 basis points from the first quarter of 2011.

Non-Interest Income

Non-interest income for the first quarter decreased $1.9 million, or 14.9%, to $10.7 million compared to $12.6 million for the first quarter of 2011. "As previously discussed, there was a $2.8 million decrease due to reductions of the indemnification assets resulting from increased cash flows expected to be collected from the FDIC covered loan portfolios," reiterated May. Excluding the indemnification asset adjustment, non-interest income increased $921,000, or 7.3%. Income from sale of mortgage loans increased $668,000 primarily due to higher levels of refinancing. Credit card fees increased $136,000 due to a higher volume of credit and debit card transactions. Other non-interest income increased by $344,000 over the same period last year.

Non-Interest Expense

Non-interest expense for the first quarter of 2012 was $28.6 million, a decrease of $1.3 million, or 4.4%, compared to the same period in 2011. "This decrease in non-interest expense is primarily the result of the implementation of our efficiency initiatives," according to May. "Since 2008, we have focused our efforts in standardizing certain back office functions and eliminating other duplications, and we have done so with it being transparent to our customers. This is especially important during the lull of the economy and as we prepare for future acquisitions, both FDIC and traditional."

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 March 31, 2012, loans covered by loss share were carried at $130 million (net of discount), OREO covered by loss share was carried at $12 million (net of discount) and the FDIC loss share indemnification asset was carried at $40 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 $28.3 million at March 31, 2012, or 1.83% of total loans and 215% of non-performing loans. Non-performing assets as a percent of total assets were 1.14% as of March 31, 2012, a decrease from 1.18% as of December 31, 2011. Non-performing loans as a percent of total loans were 0.85% as of March 31, 2012, a decrease of 17 basis points from 1.02% as of December 31, 2011. These ratios include $3.4 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 1.03% and non-performing loans as a percent of total loans were 0.63%.

Capital

At March 31, 2012, stockholders' equity was $409 million, book value per share was $23.82 and tangible book value per share was $20.21. The Company's ratio of stockholders' equity to total assets was 12.3% and its ratio of tangible stockholders' equity to tangible assets was 10.7%, as of March 31, 2012.

"Our exceptional level of capital puts us in the 93rd 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 March 31, 2012, the Company's regulatory capital ratios remain significantly higher than regulatory "well capitalized" guidelines: 

	"Well Capitalized"			SFNC
Tier 1 Leverage Ratio		5.00	%		12.11	%
Tier 1 Risk-Based Capital Ratio		6.00	%		22.23	%
Total Risk-Based Capital Ratio		10.00	%		23.49	%

Stock Repurchase Program

As announced in September 2011, the Company plans to allocate its earnings, less dividends, to its stock repurchase program. Since the Company reinstituted the repurchase program, approximately 274,000 shares have been repurchased at an average price of $24.78, with approximately 372,000 shares remaining under the plan.

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".

The Simmons First National Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4819

Conference Call

Management will conduct a conference call to review this information beginning at 3:00 p.m. Central Time on Thursday, April 19, 2012. Interested persons can listen to this call by dialing 1-800-967-7134 (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 April 25, 2012, by dialing 1-888-203-1112. The passcode for the replay is 8174170. 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.

Simmons First National Corporation													SFNC
Consolidated End of Period Balance Sheets
For the Quarters Ended	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)	2012			2011			2011			2011			2011
(in thousands)
ASSETS
Cash and non-interest bearing balances due from banks	$	34,314		$	35,087		$	33,408		$	43,604		$	35,923
Interest bearing balances due from banks		642,929			535,119			490,283			498,323			473,247
Federal funds sold		750			--			--			--			--
Cash and cash equivalents		677,993			570,206			523,691			541,927			509,170
Investment securities - held-to-maturity		481,314			525,444			504,302			406,365			501,745
Investment securities - available-for-sale		176,466			172,212			140,579			178,853			119,847
Mortgage loans held for sale		24,351			22,976			21,037			9,983			6,618
Assets held in trading accounts		7,708			7,541			5,252			7,356			7,468
Loans not covered by FDIC loss share agreements		1,543,653			1,579,769			1,631,541			1,633,660			1,619,374
Loans covered by FDIC loss share agreements		129,735			158,075			172,394			192,899			208,774
Allowance for loan losses		(28,325	)		(30,108	)		(29,151	)		(27,796	)		(27,905	)
Net loans		1,645,063			1,707,736			1,774,784			1,798,763			1,800,243
FDIC indemnification asset		39,978			47,683			51,223			54,437			58,520
Premises and equipment		85,784			86,486			86,972			82,145			82,948
Foreclosed assets not covered by FDIC loss share agreements		24,542			22,887			22,159			22,441			23,686
Foreclosed assets covered by FDIC loss share agreements		11,705			11,685			13,845			13,033			12,933
Interest receivable		13,319			15,126			16,195			15,203			15,382
Bank owned life insurance		50,934			50,579			50,175			49,914			49,475
Goodwill		60,605			60,605			60,605			60,605			60,605
Core deposit premiums		1,505			1,579			1,793			2,015			2,239
Other assets		18,786			17,384			20,736			20,169			18,511
Total assets	$	3,320,053		$	3,320,129		$	3,293,348		$	3,263,209		$	3,269,390
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing transaction accounts	$	521,202		$	532,259		$	531,025		$	476,274		$	459,628
Interest bearing transaction accounts and savings deposits		1,282,763			1,239,504			1,194,907			1,228,910			1,217,718
Time deposits less than $100,000		485,134			499,809			513,658			524,567			537,070
Time deposits greater than $100,000		365,478			378,825			395,224			377,429			387,000
Total deposits		2,654,577			2,650,397			2,634,814			2,607,180			2,601,416
Federal funds purchased and securities sold under agreements to repurchase		106,224			114,766			98,286			93,560			107,099
Short-term debt		--			272			481			628			718
Long-term debt		121,242			120,828			122,501			123,673			127,344
Accrued interest and other liabilities		28,698			25,955			29,607			34,308			33,266
Total liabilities		2,910,741			2,912,218			2,885,689			2,859,349			2,869,843
Stockholders' equity:
Common stock		172			172			173			173			173
Surplus		110,976			112,436			115,026			115,126			114,537
Undivided profits		297,776			294,864			291,830			287,870			284,420
Accumulated other comprehensive income
Unrealized appreciation on AFS securities		388			439			630			691			417
Total stockholders' equity		409,312			407,911			407,659			403,860			399,547
Total liabilities and stockholders' equity	$	3,320,053		$	3,320,129		$	3,293,348		$	3,263,209		$	3,269,390

Simmons First National Corporation													SFNC
Consolidated Average Quarter-to-Date Balance Sheets
For the Quarters Ended	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)	2012			2011			2011			2011			2011
(in thousands)
ASSETS
Cash and non-interest bearing balances due from banks	$	37,469		$	35,132		$	35,202		$	34,128		$	34,869
Interest bearing balances due from banks		576,416			546,478			462,333			472,425			463,858
Federal funds sold		281			99			2,309			554			583
Cash and cash equivalents		614,166			581,709			499,844			507,107			499,310
Investment securities - held-to-maturity		496,002			501,812			460,951			479,371			493,128
Investment securities - available-for-sale		172,523			173,360			164,468			143,447			120,085
Mortgage loans held for sale		17,076			20,035			12,527			7,806			7,445
Assets held in trading accounts		6,845			7,375			7,428			7,462			7,598
Loans not covered by FDIC loss share agreements		1,550,341			1,590,584			1,640,439			1,618,749			1,633,298
Loans covered by FDIC loss share agreements		141,563			168,506			180,884			201,788			219,956
Allowance for loan losses		(30,896	)		(29,730	)		(28,299	)		(27,498	)		(27,073	)
Net loans		1,661,008			1,729,360			1,793,024			1,793,039			1,826,181
FDIC indemnification asset		44,845			50,180			53,547			57,738			59,777
Premises and equipment		86,187			86,881			83,917			82,729			80,516
Foreclosed assets not covered by FDIC loss share agreements		23,279			22,702			22,292			23,299			23,382
Foreclosed assets covered by FDIC loss share agreements		13,048			12,409			13,467			12,722			9,171
Interest receivable		13,847			16,071			15,376			15,712			15,831
Bank owned life insurance		50,761			50,362			50,116			49,695			49,275
Goodwill		60,605			60,605			60,605			60,605			60,605
Core deposit premiums		1,541			1,685			1,917			2,140			2,363
Other assets		17,952			18,562			20,307			18,296			29,784
Total assets	$	3,279,685		$	3,333,108		$	3,259,786		$	3,261,168		$	3,284,451
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing transaction accounts	$	494,366		$	535,663		$	494,982		$	463,689		$	436,272
Interest bearing transaction accounts and savings deposits		1,252,972			1,228,495			1,201,174			1,222,299			1,216,903
Time deposits less than $100,000		492,354			508,847			518,855			532,462			570,426
Time deposits greater than $100,000		371,168			388,470			383,688			379,289			370,004
Total deposits		2,610,860			2,661,475			2,598,699			2,597,739			2,593,605
Federal funds purchased and securities  sold under agreements to repurchase		108,841			107,750			93,067			98,919			114,491
Short-term debt		6			396			579			828			865
Long-term debt		120,844			122,086			123,136			125,357			139,728
Accrued interest and other liabilities		27,417			31,303			35,683			33,954			34,480
Total liabilities		2,867,968			2,923,010			2,851,164			2,856,797			2,883,169
Total stockholders' equity		411,717			410,098			408,622			404,371			401,282
Total liabilities and stockholders' equity	$	3,279,685		$	3,333,108		$	3,259,786		$	3,261,168		$	3,284,451

Simmons First National Corporation											SFNC
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended	Mar 31			Dec 31			Sep 30		Jun 30		Mar 31
(Unaudited)	2012			2011			2011		2011		2011
(in thousands, except per share data)
INTEREST INCOME
Loans not covered by loss share agreements	$	22,272		$	23,370		$	24,366	$	23,883	$	24,094
Loans covered by FDIC loss share agreements		5,973			4,513			3,917		4,347		4,341
Federal funds sold		--			1			3		1		1
Investment securities		3,275			3,568			3,539		3,771		3,705
Mortgage loans held for sale		153			198			130		87		88
Assets held in trading accounts		12			7			8		9		9
Interest bearing balances due from banks		303			324			243		298		235
TOTAL INTEREST INCOME		31,988			31,981			32,206		32,396		32,473
INTEREST EXPENSE
Time deposits		2,269			2,577			2,738		2,865		3,134
Other deposits		696			779			856		934		1,042
Federal funds purchased and securities sold under agreements to repurchase		99			118			113		103		116
Short-term debt		14			14			13		12		12
Long-term debt		1,192			1,196			1,207		1,232		1,335
TOTAL INTEREST EXPENSE		4,270			4,684			4,927		5,146		5,639
NET INTEREST INCOME		27,718			27,297			27,279		27,250		26,834
Provision for loan losses		771			2,831			2,842		3,328		2,675
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES		26,947			24,466			24,437		23,922		24,159
NON-INTEREST INCOME
Trust income		1,309			1,416			1,370		1,243		1,346
Service charges on deposit accounts		3,865			4,289			4,450		4,212		3,857
Other service charges and fees		792			699			695		780		806
Income on sale of mortgage loans, net of commissions		1,294			1,464			1,249		849		626
Income on investment banking, net of commissions		699			294			203		381		600
Credit card fees		4,079			4,318			4,303		4,264		3,943
Premiums on sale of student loans		--			--			--		--		--
Bank owned life insurance income		355			403			261		414		403
Net gain (loss) on assets covered by FDIC loss share agreements		(2,665	)		(826	)		287		323		370
Other income		995			786			871		1,865		651
TOTAL NON-INTEREST INCOME		10,723			12,843			13,689		14,331		12,602
NON-INTEREST EXPENSE
Salaries and employee benefits		16,824			15,973			15,533		16,436		17,116
Occupancy expense, net		2,081			1,930			2,224		2,100		2,189
Furniture and equipment expense		1,604			1,721			1,763		1,560		1,589
Other real estate and foreclosure expense		207			146			215		223		94
Deposit insurance		571			295			211		842		1,039
Merger related costs		--			--			--		167		190
Other operating expenses		7,350			8,381			7,654		7,331		7,728
TOTAL NON-INTEREST EXPENSE		28,637			28,446			27,600		28,659		29,945
NET INCOME BEFORE INCOME TAXES		9,033			8,863			10,526		9,594		6,816
Provision for income taxes		2,678			2,558			3,269		2,848		1,750
NET INCOME	$	6,355		$	6,305		$	7,257	$	6,746	$	5,066
BASIC EARNINGS PER SHARE	$	0.37		$	0.37		$	0.42	$	0.39	$	0.29
DILUTED EARNINGS PER SHARE	$	0.37		$	0.37		$	0.42	$	0.39	$	0.29

Simmons First National Corporation													SFNC
Consolidated Risk-Based Capital
For the Quarters Ended	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)	2012			2011			2011			2011			2011
(in thousands)
Tier 1 capital
Stockholders' equity	$	409,312		$	407,911		$	407,659		$	403,860		$	399,547
Trust preferred securities, net allowable		30,000			30,000			30,000			30,000			30,000
Disallowed intangible assets, net of deferred tax		(47,607	)		(47,889	)		(48,403	)		(48,923	)		(49,447	)
Unrealized gain on AFS securities		(388	)		(439	)		(630	)		(691	)		(417	)
Total Tier 1 capital		391,317			389,583			388,626			384,246			379,683
Tier 2 capital
Qualifying unrealized gain on AFS equity securities		14			9			6			17			14
Qualifying allowance for loan losses		22,096			22,682			23,337			22,825			22,700
Total Tier 2 capital		22,110			22,691			23,343			22,842			22,714
Total risk-based capital	$	413,427		$	412,274		$	411,969		$	407,088		$	402,397
Risk weighted assets	$	1,759,932		$	1,805,585		$	1,859,657		$	1,819,494		$	1,809,241
Adjusted average assets for leverage ratio	$	3,231,257		$	3,284,379		$	3,210,283		$	3,211,310		$	3,234,262
Ratios at end of quarter
Equity to assets		12.33	%		12.29	%		12.38	%		12.38	%		12.22	%
Tangible common equity to tangible assets		10.66	%		10.61	%		10.69	%		10.66	%		10.50	%
Tier 1 leverage ratio		12.11	%		11.86	%		12.11	%		11.97	%		11.74	%
Tier 1 risk-based capital ratio		22.23	%		21.58	%		20.90	%		21.12	%		20.99	%
Total risk-based capital ratio		23.49	%		22.83	%		22.15	%		22.37	%		22.24	%

Simmons First National Corporation									SFNC
Consolidated Loans and Investments
For the Quarters Ended	Mar 31		Dec 31		Sep 30		Jun 30		Mar 31
(Unaudited)	2012		2011		2011		2011		2011
(in thousands)
Loan Portfolio - End of Period(1)
Consumer
Credit cards	$	175,013	$	189,970	$	182,886	$	181,216	$	176,544
Student loans		44,059		47,419		50,620		53,574		57,181
Other consumer		110,001		109,211		112,947		107,411		110,954
Total consumer		329,073		346,600		346,453		342,201		344,679
Real Estate
Construction		109,979		109,825		113,317		139,217		142,261
Single-family residential		349,009		355,094		353,917		355,566		358,152
Other commercial		537,807		536,372		550,410		540,011		546,659
Total real estate		996,795		1,001,291		1,017,644		1,034,794		1,047,072
Commercial
Commercial		144,772		141,422		138,724		142,897		144,298
Agricultural		69,598		85,728		123,873		104,526		72,205
Total commercial		214,370		227,150		262,597		247,423		216,503
Other		3,415		4,728		4,847		9,242		11,120
Total Loans	$	1,543,653	$	1,579,769	$	1,631,541	$	1,633,660	$	1,619,374
(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		267,991		308,779		291,795		190,294		289,844
Mortgage-backed securities		59		62		67		70		75
State and political subdivisions		208,334		211,673		207,510		211,071		206,896
Other securities		930		930		930		930		930
Total held-to-maturity		481,314		525,444		504,302		406,365		501,745
Available-for-Sale
U.S. Government agencies		157,631		153,627		121,939		157,836		97,830
Mortgage-backed securities		2,528		2,557		2,624		2,664		2,657
FHLB stock		6,241		6,237		6,231		8,604		9,604
Other securities		10,066		9,791		9,785		9,749		9,756
Total available-for-sale		176,466		172,212		140,579		178,853		119,847
Total investment securities	$	657,780	$	697,656	$	644,881	$	585,218	$	621,592
Fair value - HTM investment securities	$	486,743	$	532,206	$	511,617	$	411,531	$	505,150
Investment Securities - QTD Average
Taxable securities	$	459,164	$	466,369	$	418,179	$	415,101	$	405,257
Tax exempt securities		209,361		208,803		207,240		207,717		207,956
Total investment securities - QTD average	$	668,525	$	675,172	$	625,419	$	622,818	$	613,213

Simmons First National Corporation													SFNC
Consolidated Allowance and Asset Quality
For the Quarters Ended	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)	2012			2011			2011			2011			2011
(in thousands)
Allowance for Loan Losses
Balance, beginning of quarter	$	30,108		$	29,151		$	27,796		$	27,905		$	26,416
Loans charged off
Credit cards		997			1,262			1,140			1,145			1,156
Other consumer		226			530			450			621			289
Real estate		2,539			885			255			1,682			343
Commercial		129			226			345			745			95
Total loans charged off		3,891			2,903			2,190			4,193			1,883
Recoveries of loans previously charged off
Credit cards		210			244			261			237			237
Other consumer		156			100			219			131			154
Real estate		930			436			151			147			247
Commercial		41			249			72			241			59
Total recoveries		1,337			1,029			703			756			697
Net loans charged off		2,554			1,874			1,487			3,437			1,186
Provision for loan losses		771			2,831			2,842			3,328			2,675
Balance, end of quarter	$	28,325		$	30,108		$	29,151		$	27,796		$	27,905
Non-performing assets(1)
Non-performing loans
Nonaccrual loans
Real estate	$	6,898		$	10,315		$	12,810		$	11,823		$	12,872
Commercial		942			1,253			1,177			1,583			1,173
Consumer		1,299			1,339			1,356			1,400			1,546
Total nonaccrual loans		9,139			12,907			15,343			14,806			15,591
Loans past due 90 days or more
Government guaranteed student loans		3,434			2,483			2,496			3,113			2,627
Other loans		606			785			777			721			1,117
Total loans past due 90 days or more		4,040			3,268			3,273			3,834			3,744
Total non-performing loans		13,179			16,175			18,616			18,640			19,335
Other non-performing assets
Foreclosed assets held for sale		24,542			22,887			22,159			22,441			23,686
Other non-performing assets		1			--			191			235			246
Total other non-performing assets		24,543			22,887			22,350			22,676			23,932
Total non-performing assets	$	37,722		$	39,062		$	40,966		$	41,316		$	43,267
Performing TDRs (troubled debt restructurings)	$	11,531		$	11,391		$	10,393		$	10,298		$	10,653
Ratios (1)
Allowance for loan losses to total loans		1.83	%		1.91	%		1.79	%		1.70	%		1.72	%
Allowance for loan losses to non-performing loans		214.93	%		186.14	%		156.59	%		149.12	%		144.32	%
Non-performing loans to total loans		0.85	%		1.02	%		1.14	%		1.14	%		1.19	%
Non-performing assets (including performing TDRs) to total assets		1.48	%		1.52	%		1.56	%		1.58	%		1.65	%
Non-performing assets to total assets		1.14	%		1.18	%		1.24	%		1.27	%		1.32	%
Non-performing assets to total assets (excluding Gov't guaranteed student loans)		1.03	%		1.10	%		1.17	%		1.17	%		1.24	%
Annualized net charge offs to total loans		0.66	%		0.47	%		0.36	%		0.85	%		0.29	%
Annualized net credit card charge offs to total credit card loans		1.75	%		2.20	%		1.94	%		2.08	%		2.06	%
Annualized net charge offs to total loans (excluding credit cards)		0.52	%		0.24	%		0.17	%		0.70	%		0.07	%
Past due loans >30 days (excluding nonaccrual)		0.83	%		0.82	%		0.71	%		0.87	%		1.41	%
Past due loans >30 days (excluding nonaccrual)  (excluding Gov't guaranteed student loans)		0.47	%		0.56	%		0.46	%		0.60	%		1.13	%
(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	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)	2012			2011			2011			2011			2011
ASSETS
Earning Assets
Interest bearing balances due from banks		0.21	%		0.24	%		0.21	%		0.25	%		0.21	%
Investment securities		2.69	%		2.81	%		3.02	%		3.23	%		3.27	%
Mortgage loans held for sale		3.60	%		3.92	%		4.12	%		4.47	%		4.79	%
Assets held in trading accounts		0.71	%		0.38	%		0.43	%		0.48	%		0.48	%
Loans, including covered loans (1)		6.72	%		6.29	%		6.16	%		6.22	%		6.23	%
Total interest earning assets		4.51	%		4.38	%		4.53	%		4.60	%		4.64	%
LIABILITIES
Interest bearing liabilities
Interest bearing transaction and savings accounts		0.22	%		0.25	%		0.28	%		0.31	%		0.35	%
Time deposits		1.06	%		1.14	%		1.20	%		1.26	%		1.35	%
Total interest bearing deposits		0.56	%		0.63	%		0.68	%		0.71	%		0.79	%
Federal funds purchased and securities sold under agreement to repurchase		0.37	%		0.43	%		0.48	%		0.42	%		0.41	%
Other borrowings		4.01	%		3.92	%		3.91	%		3.95	%		3.89	%
Total interest bearing liabilities		0.73	%		0.79	%		0.84	%		0.87	%		0.95	%
NET INTEREST MARGIN/SPREAD
Net interest spread		3.78	%		3.59	%		3.69	%		3.73	%		3.69	%
Net interest margin - quarter-to-date		3.93	%		3.76	%		3.86	%		3.90	%		3.87	%
Net interest margin - year-to-date		3.93	%		3.85	%		3.87	%		3.88	%		3.87	%
(1) Covered loans are loans covered by FDIC loss share agreements.

Simmons First National Corporation													SFNC
Consolidated - Selected Financial Data
For the Quarters Ended	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)	2012			2011			2011			2011			2011
(in thousands, except share data)
QUARTER-TO-DATE
Diluted earnings per share	$	0.37		$	0.37		$	0.42		$	0.39		$	0.29
Core earnings (excludes nonrecurring items) (non-GAAP)		6,355			6,305			7,257			6,245			5,181
Diluted core earnings per share (non-GAAP)		0.37			0.37			0.42			0.36			0.30
Cash dividends declared per common share		0.20			0.19			0.19			0.19			0.19
Cash dividends declared - amount		3,444			3,271			3,296			3,297			3,292
Return on average stockholders' equity		6.21	%		6.10	%		7.05	%		6.69	%		5.12	%
Return on tangible equity		7.36	%		7.34	%		8.47	%		8.08	%		6.24	%
Return on average assets		0.78	%		0.75	%		0.88	%		0.83	%		0.63	%
Net interest margin (FTE)		3.93	%		3.76	%		3.86	%		3.90	%		3.87	%
FTE adjustment - investments		1,192			1,219			1,221			1,241			1,239
FTE adjustment - loans		11			12			12			13			13
Amortization of intangibles		74			214			222			224			224
Amortization of intangibles, net of taxes		45			130			135			136			136
Average shares outstanding		17,215,027			17,250,718			17,348,460			17,342,165			17,296,684
Average earning assets		2,961,047			3,008,249			2,931,339			2,931,602			2,945,951
Average interest bearing liabilities		2,346,185			2,356,044			2,320,499			2,359,154			2,412,417
YEAR-TO-DATE
Diluted earnings per share	$	0.37		$	1.47		$	1.10		$	0.68		$	0.29
Core earnings (excludes nonrecurring items) (non-GAAP)		6,355			24,988			18,683			11,426			5,181
Diluted core earnings per share (non-GAAP)		0.37			1.45			1.08			0.66			0.30
Cash dividends declared per common share		0.20			0.76			0.57			0.38			0.19
Cash dividends declared - amount		3,444			13,156			9,885			6,589			3,292
Return on average stockholders' equity		6.21	%		6.25	%		6.30	%		5.91	%		5.12	%
Return on tangible equity		7.36	%		7.54	%		7.61	%		7.17	%		6.24	%
Return on average assets		0.78	%		0.77	%		0.78	%		0.73	%		0.63	%
Net interest margin (FTE)		3.93	%		3.85	%		3.87	%		3.88	%		3.87	%
FTE adjustment - investments		1,192			4,920			3,701			2,480			1,239
FTE adjustment - loans		11			50			38			26			13
Amortization of intangibles		74			884			670			448			224
Amortization of intangibles, net of taxes		45			537			407			272			136
Average shares outstanding		17,215,027			17,309,488			17,329,293			17,319,550			17,296,684
Average diluted shares outstanding		17,223,085			17,317,850			17,338,676			17,352,606			17,329,740
Average earning assets		2,961,047			2,954,285			2,936,297			2,938,777			2,945,951
Average interest bearing liabilities		2,346,185			2,362,028			2,364,023			2,385,787			2,412,417
END OF PERIOD
Book value per share	$	23.82		$	23.70		$	23.52		$	23.28		$	23.06
Tangible book value per share		20.21			20.09			19.92			19.67			19.43
Shares outstanding		17,182,526			17,212,317			17,329,775			17,348,775			17,327,601
Full-time equivalent employees		1,077			1,083			1,070			1,095			1,082
Total number of ATM's		102			102			102			102			103
Total number of financial centers		84			84			84			84			85
Parent company only - investment in subsidiaries		384,713			381,236			379,331			375,686			372,773
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	Mar 31		Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)	2012		2011			2011			2011			2011
(in thousands, except per share data)
QUARTER-TO-DATE
Net Income	$	6,355	$	6,305		$	7,257		$	6,746		$	5,066
Nonrecurring items
Gain on sale of MasterCard stock (1)		--		--			--			(1,132	)		--
Merger related costs		--		--			--			167			190
Branch right sizing		--		--			--			141			--
Tax effect		--		--			--			323			(75	)
Net nonrecurring items		--		--			--			(501	)		115
Core earnings (non-GAAP)	$	6,355	$	6,305		$	7,257		$	6,245		$	5,181
Diluted earnings per share	$	0.37	$	0.37		$	0.42		$	0.39		$	0.29
Nonrecurring items
Gain on sale of MasterCard stock (1)		--		--			--			(0.07	)		--
Merger related costs		--		--			--			0.01			0.01
Branch right sizing		--		--			--			0.01			--
Tax effect		--		--			--			0.02			--
Net nonrecurring items		--		--			--			(0.03	)		0.01
Diluted core earnings per share (non-GAAP)	$	0.37	$	0.37		$	0.42		$	0.36		$	0.30
YEAR-TO-DATE
Net Income	$	6,355	$	25,374		$	19,069		$	11,812		$	5,066
Nonrecurring items
Gain on sale of MasterCard stock (1)		--		(1,132	)		(1,132	)		(1,132	)		--
Merger related costs		--		357			357			357			190
Branch right sizing		--		141			141			141			--
Tax effect		--		248			248			248			(75	)
Net nonrecurring items		--		(386	)		(386	)		(386	)		115
Core earnings (non-GAAP)	$	6,355	$	24,988		$	18,683		$	11,426		$	5,181
Diluted earnings per share	$	0.37	$	1.47		$	1.10		$	0.68		$	0.29
Nonrecurring items
Gain on sale of MasterCard stock (1)		--		(0.07	)		(0.07	)		(0.07	)		--
Merger related costs		--		0.02			0.02			0.02			0.01
Branch right sizing		--		0.01			0.01			0.01			--
Tax effect		--		0.02			0.02			0.02			--
Net nonrecurring items		--		(0.02	)		(0.02	)		(0.02	)		0.01
Diluted core earnings per share (non-GAAP)	$	0.37	$	1.45		$	1.08		$	0.66		$	0.30
(1) Gain from liquidation of Class B shares received as part of MasterCard's 2006 IPO.

CONTACT:  DAVID W. GARNER

Senior Vice President and Investor Relations Officer

Simmons First National Corporation

(870) 541-1000