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

EXHIBIT 99.1

FOR IMMEDIATE RELEASE: October 25, 2012

SIMMONS FIRST ANNOUNCES THIRD QUARTER EARNINGS

Pine Bluff, AR – Simmons First National Corporation (NASDAQ-GS: SFNC) today announced net income of $6.8 million and diluted earnings per share of $0.41 for the quarter ended September 30, 2012.  Net income for the nine months ended September 30, 2012, was $19.7 million, or $1.16 diluted earnings per share.

On September 14, 2012, 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 $219 million in assets and assume substantially all of the deposits and other liabilities of Truman Bank of St. Louis, Missouri. Another $63 million in Truman Bank assets were acquired through a linked-bid loan sale agreement with the FDIC. The Company recognized a pre-tax bargain purchase gain of $1.1 million on this transaction and incurred pre-tax merger related costs of $815,000. After taxes, the combined non-recurring items from the transactions contributed $185,000 to net income, or $0.01 to diluted earnings per share.

“Excluding the non-recurring items from the Truman Bank acquisition, and other non-recurring items from 2011, quarterly core EPS decreased $0.02, or 4.8%, and year-to-date core EPS increased $0.07, or 6.5%. We are pleased with our third quarter earnings performance. We continue to benefit significantly from strong asset quality, which has resulted in a reduction in our provision for loan losses, and from our on-going efficiency initiatives that resulted in a decrease in our year-to-date non-interest expense,” commented J. Thomas May, Chairman and CEO.

Loans

Total loans, including those acquired, were $1.9 billion at September 30, 2012, an increase of $56 million compared to the same period in 2011. “On a quarter over quarter basis, loans acquired in the Truman acquisition were $130 million net of discounts, FDIC covered loans from previous acquisitions declined $66 million, as expected, and legacy loans declined $8 million,” commented May.

Legacy loans (excluding acquired loans) increased $8.7 million from the previous quarter end. “This increase was primarily driven by our commercial real estate and seasonality in our agricultural lending, somewhat mitigated by a slight decline in student loans and commercial loan portfolios,” added May.

Deposits

At September 30, 2012, total deposits were $2.8 billion, an increase of $160 million, or 6.1%, compared to the same period in 2011. Deposits acquired in the Truman acquisition were $194 million at quarter end.  Total non-time deposits totaled $1.9 billion, or 68% of total deposits.

Net Interest Income

The Company’s net interest income for the third quarter of 2012 was $27.9 million, a $662,000 increase from the same period of 2011. Included in interest income for the period is the 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. 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)	Three Months Ended September 30, 2012			Nine Months Ended September 30, 2012
Impact on net interest income	$	2,915		$	9,104
Non-interest income		(2,729	)		(8,245	)
Net impact to pre-tax income	$	186		$	859

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 $18.0 million and the remaining adjustment to the indemnification assets that will reduce non-interest income is $15.8 million. Of the remaining adjustments, we expect to recognize $2.6 million of interest income and a $2.4 million reduction of non-interest income, for a net addition to pre-tax income of approximately $182,000 during the remainder of 2012. “While these items create some noise in the quarter, the bottom line is a positive impact of $186,000 for the third quarter and estimated $182,000 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 3.94% for the quarter ended September 30, 2012.

Non-Interest Income

Non-interest income for the third quarter was $11.8 million, compared to $13.7 million for the third quarter of 2011. “As previously discussed, there was a $2.7 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 and a non-recurring $1.1 million bargain purchase gain on the Truman Bank acquisition, non-interest income decreased $267,000, or 2.0%.”

Non-Interest Expense

Non-interest expense for the third quarter of 2012 was $28.7 million, an increase of $1.1 million compared to the same period in 2011. “Included in the quarter were $815,000 in merger related expenses associated with the Truman Bank acquisition. Excluding the non-recurring item, non-interest expense for the quarter increased $271,000, or 1.0%. Obviously, we continue to have good expense control as a result of the implementation of our efficiency initiatives,” added May.

Asset Quality

Beginning in 2010, the Company has 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 covered loans and OREO. The acquired loans and OREO and any related FDIC loss share indemnification asset were presented in the Company's financial reports with a carrying value equal to the discounted net present value of expected future proceeds. At September 30, 2012, acquired loans covered by loss share were carried at $164 million, OREO covered by loss share was carried at $26 million and the FDIC loss share indemnification asset was carried at $60 million. Acquired loans and OREO not covered by loss share were carried at $73 million and $6.5 million, respectively. As a result of using the discounted net present value method of valuing these assets, and due to the significant protection against possible losses provided by the FDIC loss share indemnification, all acquired assets, with the exception of OREO not covered by loss share, are excluded from the computations of the asset quality ratios for the legacy loan portfolio, except for their inclusion in total assets.

The Company's allowance for loan losses was $28.1 million at September 30, 2012, or 1.73% of total loans and 238% of non-performing loans. Non-performing loans as a percent of total loans were 0.73% as of September 30, 2012, a decrease of 6 basis points from 0.79% as of June 30, 2012. “Because of the Truman Bank acquisition, we reflect an addition of $6.5 million to non-performing assets related to the Truman Bank non-covered OREO we acquired with a very conservative mark. Normalizing for the acquired OREO, our legacy non-performing assets decreased $1.7 million. Our legacy non-performing assets as a percent of total assets of 1.02% as of September 30, 2012 continues to compare favorably to the industry and our peer group,” commented May. For the third quarter, the annualized net charge-off ratio, excluding credit cards, was 0.27%, and the annualized credit card charge-off ratio was 1.27%.

Capital

At September 30, 2012, stockholders' equity was $404 million, book value per share was $24.26 and tangible book value per share was $20.47. The Company's ratio of stockholders' equity to total assets was 11.8% and its ratio of tangible stockholders’ equity to tangible assets was 10.2%, as of September 30, 2012.

“Our exceptional level of capital puts us in the 84th 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 September 30, 2012, the Company’s regulatory capital ratios remain significantly higher than regulatory “well capitalized” guidelines:

	“Well Capitalized”			SFNC
Tier 1 Leverage Ratio		5.00	%		11.68	%
Tier 1 Risk-Based Capital Ratio		6.00	%		19.30	%
Total Risk-Based Capital Ratio		10.00	%		20.55	%

Stock Repurchase Program

During 2012, the Company has repurchased approximately 608,000 shares at an average price of $24.16. Due to the substantial completion of the existing stock repurchase plan, on July 23, the Board of Directors approved a new stock repurchase program, authorizing the repurchase of up to 850,000 additional shares of stock, which is approximately 5% of the shares outstanding. The Company plans to continue to allocate its earnings, less dividends, to its stock repurchase program.

Missouri Bank Acquisition

Subsequent to quarter end, on October 19, 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 $201 million in assets and assume all of the deposits and substantially all other liabilities of Excel Bank of Sedalia, Missouri, at a discount of $21.0 million and no deposit premium. “Our fourth acquisition was strategic in that it complements the footprint we have been building in the Kansas and Missouri market,” commented May on the recent acquisition. “We fully expect to pursue other opportunities to expand our footprint in that geographic region through additional FDIC and/or traditional acquisitions going forward.”

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 96 offices, of which 92 are financial centers, in 55 communities in Arkansas, Missouri and Kansas, including its recently acquired branches in Missouri. 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, October 25, 2012. Interested persons can listen to this call by dialing 1-888-438-5535 (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 October 31, 2012, by dialing 1-888-203-1112. The passcode for the replay is 4128323. 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	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
(Unaudited)	2012			2012			2012			2011			2011
(in thousands)
ASSETS
Cash and non-interest bearing balances due from banks	$	40,356		$	29,708		$	34,314		$	35,087		$	33,408
Interest bearing balances due from banks		440,524			515,874			642,929			535,119			490,283
Federal funds sold		7,571			-			750			-			-
Cash and cash equivalents		488,451			545,582			677,993			570,206			523,691
Investment securities - held-to-maturity		510,630			525,522			481,314			525,444			504,302
Investment securities - available-for-sale		205,051			166,966			176,466			172,212			140,579
Mortgage loans held for sale		23,980			15,495			24,351			22,976			21,037
Assets held in trading accounts		7,002			7,812			7,708			7,541			5,252
Loans:
Not covered by FDIC loss share agreements		1,623,401			1,614,736			1,543,653			1,579,769			1,631,541
Acquired, not covered by FDIC loss share agreements
(net of discounts)		73,023			-			-			-			-
Covered by FDIC loss share agreements (net of discounts)		163,657			114,189			129,735			158,075			172,394
Allowance for loan losses		(28,145	)		(28,397	)		(28,325	)		(30,108	)		(29,151	)
Net loans		1,831,936			1,700,528			1,645,063			1,707,736			1,774,784
FDIC indemnification asset		59,547			35,038			39,978			47,683			51,223
Premises and equipment		85,969			85,171			85,784			86,486			86,972
Foreclosed assets not covered by FDIC loss share agreements		29,665			23,947			24,542			22,887			22,159
Foreclosed assets covered by FDIC loss share agreements		26,466			11,252			11,705			11,685			13,845
Interest receivable		15,253			12,975			13,319			15,126			16,195
Bank owned life insurance		51,681			51,326			50,934			50,579			50,175
Goodwill		60,605			60,605			60,605			60,605			60,605
Core deposit premiums		2,549			1,431			1,505			1,579			1,793
Other assets		16,195			13,494			18,786			17,384			20,736
Total assets	$	3,414,980		$	3,257,144		$	3,320,053		$	3,320,129		$	3,293,348
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing transaction accounts	$	543,380		$	517,854		$	521,202		$	532,259		$	531,025
Interest bearing transaction accounts and savings deposits		1,343,784			1,290,954			1,282,763			1,239,504			1,194,907
Time deposits less than $100,000		521,259			467,503			485,134			499,809			513,658
Time deposits greater than $100,000		386,872			352,973			365,478			378,825			395,224
Total deposits		2,795,295			2,629,284			2,654,577			2,650,397			2,634,814
Federal funds purchased and securities
sold under agreements to repurchase		64,829			70,220			106,224			114,766			98,286
Other borrowings		88,852			90,866			90,312			90,170			92,052
Subordinated debentures		20,620			30,930			30,930			30,930			30,930
Accrued interest and other liabilities		41,136			28,431			28,698			25,955			29,607
Total liabilities		3,010,732			2,849,731			2,910,741			2,912,218			2,885,689
Stockholders' equity:
Common stock		167			170			172			172			173
Surplus		99,156			105,825			110,976			112,436			115,026
Undivided profits		304,343			300,917			297,776			294,864			291,830
Accumulated other comprehensive income
Unrealized appreciation on AFS securities		582			501			388			439			630
Total stockholders' equity		404,248			407,413			409,312			407,911			407,659
Total liabilities and stockholders' equity	$	3,414,980		$	3,257,144		$	3,320,053		$	3,320,129		$	3,293,348

Simmons First National Corporation													SFNC
Consolidated Average Quarter-to-Date Balance Sheets
For the Quarters Ended	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
(Unaudited)	2012			2012			2012			2011			2011
(in thousands)
ASSETS
Cash and non-interest bearing balances due from banks	$	36,603		$	35,899		$	37,469		$	35,132		$	35,202
Interest bearing balances due from banks		479,435			550,512			576,416			546,478			462,333
Federal funds sold		2,850			363			281			99			2,309
Cash and cash equivalents		518,888			586,774			614,166			581,709			499,844
Investment securities - held-to-maturity		496,102			508,293			496,002			501,812			460,951
Investment securities - available-for-sale		178,247			172,539			172,523			173,360			164,468
Mortgage loans held for sale		19,334			17,623			17,076			20,035			12,527
Assets held in trading accounts		7,780			7,831			6,845			7,375			7,428
Loans:
Not covered by FDIC loss share agreements		1,637,437			1,579,166			1,550,341			1,590,584			1,640,439
Acquired, not covered by FDIC loss share agreements
(net of discounts)		12,700			-			-			-			-
Covered by FDIC loss share agreements (net of discounts)		117,809			120,695			141,563			168,506			180,884
Allowance for loan losses		(29,228	)		(29,339	)		(30,896	)		(29,730	)		(28,299	)
Net loans		1,738,718			1,670,522			1,661,008			1,729,360			1,793,024
FDIC indemnification asset		39,476			38,563			44,845			50,180			53,547
Premises and equipment		85,173			85,629			86,187			86,881			83,917
Foreclosed assets not covered by FDIC loss share agreements		24,945			24,322			23,279			22,702			22,292
Foreclosed assets covered by FDIC loss share agreements		14,521			12,079			13,048			12,409			13,467
Interest receivable		13,484			12,877			13,847			16,071			15,376
Bank owned life insurance		51,507			51,133			50,761			50,362			50,116
Goodwill		60,605			60,605			60,605			60,605			60,605
Core deposit premiums		1,614			1,467			1,541			1,685			1,917
Other assets		14,991			15,114			17,952			18,562			20,307
Total assets	$	3,265,385		$	3,265,371		$	3,279,685		$	3,333,108		$	3,259,786
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing transaction accounts	$	504,923		$	502,884		$	494,366		$	535,663		$	494,982
Interest bearing transaction accounts and savings deposits		1,291,141			1,282,616			1,252,972			1,228,495			1,201,174
Time deposits less than $100,000		477,275			477,588			492,354			508,847			518,855
Time deposits greater than $100,000		361,504			360,233			371,168			388,470			383,688
Total deposits		2,634,843			2,623,321			2,610,860			2,661,475			2,598,699
Federal funds purchased and securities
sold under agreements to repurchase		72,381			82,738			108,841			107,750			93,067
Other borrowings		90,307			89,606			89,920			91,552			92,785
Subordinated debentures		30,594			30,930			30,930			30,930			30,930
Accrued interest and other liabilities		30,219			29,077			27,417			31,303			35,683
Total liabilities		2,858,344			2,855,672			2,867,968			2,923,010			2,851,164
Total stockholders' equity		407,041			409,699			411,717			410,098			408,622
Total liabilities and stockholders' equity	$	3,265,385		$	3,265,371		$	3,279,685		$	3,333,108		$	3,259,786

Simmons First National Corporation													SFNC
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
(Unaudited)	2012			2012			2012			2011			2011
(in thousands, except per share data)
INTEREST INCOME
Loans not covered by loss share agreements	$	23,192		$	22,358		$	22,272		$	23,370		$	24,366
Loans covered by FDIC loss share agreements		5,041			4,994			5,973			4,513			3,917
Federal funds sold		2			1			-			1			3
Investment securities		3,027			3,313			3,275			3,568			3,539
Mortgage loans held for sale		171			164			153			198			130
Assets held in trading accounts		12			13			12			7			8
Interest bearing balances due from banks		267			349			303			324			243
TOTAL INTEREST INCOME		31,712			31,192			31,988			31,981			32,206
INTEREST EXPENSE
Time deposits		1,863			2,004			2,269			2,577			2,738
Other deposits		658			676			696			779			856
Federal funds purchased and securities
sold under agreements to repurchase		69			77			99			118			113
Other borrowings		792			799			815			826			842
Subordinated debentures		389			385			391			384			378
TOTAL INTEREST EXPENSE		3,771			3,941			4,270			4,684			4,927
NET INTEREST INCOME		27,941			27,251			27,718			27,297			27,279
Provision for loan losses		1,299			775			771			2,831			2,842
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES		26,642			26,476			26,947			24,466			24,437
NON-INTEREST INCOME
Trust income		1,440			1,240			1,309			1,416			1,370
Service charges on deposit accounts		4,368			3,930			3,865			4,289			4,450
Other service charges and fees		684			738			792			699			695
Mortgage lending income		1,705			1,445			1,294			1,464			1,249
Investment banking income		560			442			699			294			203
Credit card fees		4,104			4,207			4,079			4,318			4,303
Bank owned life insurance income		355			368			355			403			261
Gain on FDIC-assisted transactions		1,120			-			-			-			-
Net gain (loss) on assets covered by FDIC loss share agreements		(2,689	)		(2,153	)		(2,665	)		(826	)		287
Other income		165			876			995			786			871
TOTAL NON-INTEREST INCOME		11,812			11,093			10,723			12,843			13,689
NON-INTEREST EXPENSE
Salaries and employee benefits		15,911			16,590			16,824			15,973			15,533
Occupancy expense, net		2,182			2,029			2,081			1,930			2,224
Furniture and equipment expense		1,835			1,608			1,604			1,721			1,763
Other real estate and foreclosure expense		280			194			207			146			215
Deposit insurance		444			457			571			295			211
Merger related costs		815			-			-			-			-
Other operating expenses		7,219			7,366			7,350			8,381			7,654
TOTAL NON-INTEREST EXPENSE		28,686			28,244			28,637			28,446			27,600
NET INCOME BEFORE INCOME TAXES		9,768			9,325			9,033			8,863			10,526
Provision for income taxes		3,008			2,789			2,678			2,558			3,269
NET INCOME	$	6,760		$	6,536		$	6,355		$	6,305		$	7,257
BASIC EARNINGS PER SHARE	$	0.41		$	0.38		$	0.37		$	0.37		$	0.42
DILUTED EARNINGS PER SHARE	$	0.41		$	0.38		$	0.37		$	0.37		$	0.42

Simmons First National Corporation												SFNC
Consolidated Statements of Income - Year-to-Date
For the Quarters Ended	Sep 30			Jun 30			Mar 31			Dec 31		Sep 30
(Unaudited)	2012			2012			2012			2011		2011
(in thousands, except per share data)
INTEREST INCOME
Loans not covered by loss share agreements	$	67,822		$	44,630		$	22,272		$	95,713	$	72,343
Loans covered by FDIC loss share agreements		16,009			10,967			5,973			17,118		12,605
Federal funds sold		4			1			-			6		5
Investment securities		9,615			6,588			3,275			14,583		11,015
Mortgage loans held for sale		487			317			153			503		305
Assets held in trading accounts		37			25			12			33		26
Interest bearing balances due from banks		919			652			303			1,100		776
TOTAL INTEREST INCOME		94,893			63,180			31,988			129,056		97,075
INTEREST EXPENSE
Time deposits		6,136			4,273			2,269			11,314		8,737
Other deposits		2,029			1,372			696			3,611		2,832
Federal funds purchased and securities
sold under agreements to repurchase		248			176			99			450		332
Other borrowings		2,406			1,613			815			3,512		2,686
Subordinated debentures		1,166			777			391			1,509		1,125
TOTAL INTEREST EXPENSE		11,985			8,211			4,270			20,396		15,712
NET INTEREST INCOME		82,908			54,969			27,718			108,660		81,363
Provision for loan losses		2,846			1,546			771			11,676		8,845
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES		80,062			53,423			26,947			96,984		72,518
NON-INTEREST INCOME
Trust income		3,988			2,549			1,309			5,375		3,959
Service charges on deposit accounts		12,163			7,795			3,865			16,808		12,519
Other service charges and fees		2,211			1,530			792			2,980		2,281
Mortgage lending income		4,441			2,739			1,294			4,188		2,724
Investment banking income		1,700			1,141			699			1,478		1,184
Credit card fees		12,390			8,286			4,079			16,828		12,510
Bank owned life insurance income		1,078			723			355			1,481		1,078
Gain on FDIC-assisted transactions		1,120			-			-			-		-
Net gain (loss) on assets covered by FDIC loss share agreements		(7,507	)		(4,818	)		(2,665	)		154		980
Other income		2,037			1,871			995			4,173		3,387
TOTAL NON-INTEREST INCOME		33,621			21,816			10,723			53,465		40,622
NON-INTEREST EXPENSE
Salaries and employee benefits		49,323			33,414			16,824			65,058		49,085
Occupancy expense, net		6,291			4,110			2,081			8,443		6,513
Furniture and equipment expense		5,047			3,212			1,604			6,633		4,912
Other real estate and foreclosure expense		681			401			207			678		532
Deposit insurance		1,472			1,028			571			2,387		2,092
Merger related costs		815			-			-			357		357
Other operating expenses		21,928			14,716			7,350			31,094		22,713
TOTAL NON-INTEREST EXPENSE		85,557			56,881			28,637			114,650		86,204
NET INCOME BEFORE INCOME TAXES		28,126			18,358			9,033			35,799		26,936
Provision for income taxes		8,475			5,467			2,678			10,425		7,867
NET INCOME	$	19,651		$	12,891		$	6,355		$	25,374	$	19,069
BASIC EARNINGS PER SHARE	$	1.16		$	0.75		$	0.37		$	1.47	$	1.10
DILUTED EARNINGS PER SHARE	$	1.16		$	0.75		$	0.37		$	1.47	$	1.10

Simmons First National Corporation													SFNC
Consolidated Risk-Based Capital
For the Quarters Ended	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
(Unaudited)	2012			2012			2012			2011			2011
(in thousands)
Tier 1 capital
Stockholders' equity	$	404,248		$	407,413		$	409,312		$	407,911		$	407,659
Trust preferred securities, net allowable		20,000			30,000			30,000			30,000			30,000
Disallowed intangible assets, net of deferred tax		(48,053	)		(47,235	)		(47,607	)		(47,889	)		(48,403	)
Unrealized gain on AFS securities		(582	)		(501	)		(388	)		(439	)		(630	)
Total Tier 1 capital		375,613			389,677			391,317			389,583			388,626
Tier 2 capital
Qualifying unrealized gain on AFS equity securities		14			15			14			9			6
Qualifying allowance for loan losses		24,395			22,910			22,096			22,682			23,337
Total Tier 2 capital		24,409			22,925			22,110			22,691			23,343
Total risk-based capital	$	400,022		$	412,602		$	413,427		$	412,274		$	411,969
Risk weighted assets	$	1,946,344		$	1,825,808		$	1,759,932		$	1,805,585		$	1,859,657
Adjusted average assets for leverage ratio	$	3,216,488		$	3,217,291		$	3,231,257		$	3,284,379		$	3,210,283
Ratios at end of quarter
Equity to assets		11.84	%		12.51	%		12.33	%		12.29	%		12.38	%
Tangible common equity to tangible assets		10.18	%		10.81	%		10.66	%		10.61	%		10.69	%
Tier 1 leverage ratio		11.68	%		12.11	%		12.11	%		11.86	%		12.11	%
Tier 1 risk-based capital ratio		19.30	%		21.34	%		22.23	%		21.58	%		20.90	%
Total risk-based capital ratio		20.55	%		22.60	%		23.49	%		22.83	%		22.15	%

Simmons First National Corporation									SFNC
Consolidated Loans and Investments
For the Quarters Ended	Sep 30		Jun 30		Mar 31		Dec 31		Sep 30
(Unaudited)	2012		2012		2012		2011		2011
(in thousands)
Legacy Loan Portfolio - End of Period(1)
Consumer
Credit cards	$	175,760	$	176,325	$	175,013	$	189,970	$	182,886
Student loans		36,441		39,823		44,059		47,419		50,620
Other consumer		107,604		107,284		110,001		109,211		112,947
Total consumer		319,805		323,432		329,073		346,600		346,453
Real Estate
Construction		128,423		117,235		109,979		109,825		113,317
Single-family residential		355,976		355,978		349,009		355,094		353,917
Other commercial		546,224		550,418		537,807		536,372		550,410
Total real estate		1,030,623		1,023,631		996,795		1,001,291		1,017,644
Commercial
Commercial		138,719		140,868		144,772		141,422		138,724
Agricultural		130,727		122,245		69,598		85,728		123,873
Total commercial		269,446		263,113		214,370		227,150		262,597
Other		3,527		4,560		3,415		4,728		4,847
Total Loans	$	1,623,401	$	1,614,736	$	1,543,653	$	1,579,769	$	1,631,541
(1) Excludes all acquired loans, including those 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		303,640		315,493		267,991		308,779		291,795
Mortgage-backed securities		51		56		59		62		67
State and political subdivisions		206,319		209,043		208,334		211,673		207,510
Other securities		620		930		930		930		930
Total held-to-maturity		510,630		525,522		481,314		525,444		504,302
Available-for-Sale
U.S. Government agencies		164,467		148,837		157,631		153,627		121,939
Mortgage-backed securities		24,333		2,493		2,528		2,557		2,624
FHLB stock		5,788		5,578		6,241		6,237		6,231
Other securities		10,463		10,058		10,066		9,791		9,785
Total available-for-sale		205,051		166,966		176,466		172,212		140,579
Total investment securities	$	715,681	$	692,488	$	657,780	$	697,656	$	644,881
Fair value - HTM investment securities	$	516,419	$	531,499	$	486,743	$	532,206	$	511,617
Investment Securities - QTD Average
Taxable securities	$	467,988	$	471,826	$	459,164	$	466,369	$	418,179
Tax exempt securities		206,361		209,006		209,361		208,803		207,240
Total investment securities - QTD average	$	674,349	$	680,832	$	668,525	$	675,172	$	625,419

Simmons First National Corporation													SFNC
Consolidated Allowance and Asset Quality
For the Quarters Ended	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
(Unaudited)	2012			2012			2012			2011			2011
(in thousands)
Allowance for Loan Losses
Balance, beginning of quarter	$	28,397		$	28,325		$	30,108		$	29,151		$	27,796
Loans charged off
Credit cards		806			829			997			1,262			1,140
Other consumer		358			252			226			530			450
Real estate		773			78			2,539			885			255
Commercial		86			165			129			226			345
Total loans charged off		2,023			1,324			3,891			2,903			2,190
Recoveries of loans previously charged off
Credit cards		242			212			210			244			261
Other consumer		107			135			156			100			219
Real estate		61			248			930			436			151
Commercial		62			26			41			249			72
Total recoveries		472			621			1,337			1,029			703
Net loans charged off		1,551			703			2,554			1,874			1,487
Provision for loan losses		1,299			775			771			2,831			2,842
Balance, end of quarter	$	28,145		$	28,397		$	28,325		$	30,108		$	29,151
Non-performing assets (1) (2)
Non-performing loans
Nonaccrual loans
Real estate	$	6,197		$	6,851		$	6,898		$	10,315		$	12,810
Commercial		894			676			942			1,253			1,177
Consumer		1,389			1,462			1,299			1,339			1,356
Total nonaccrual loans		8,480			8,989			9,139			12,907			15,343
Loans past due 90 days or more
Government guaranteed student loans		2,324			3,275			3,434			2,483			2,496
Other loans		1,001			509			606			785			777
Total loans past due 90 days or more		3,325			3,784			4,040			3,268			3,273
Total non-performing loans		11,805			12,773			13,179			16,175			18,616
Other non-performing assets
Foreclosed assets held for sale		23,126			23,947			24,542			22,887			22,159
Acquired foreclosed assets held for sale, not covered
by FDIC loss share agreements		6,539			-			-			-			-
Other non-performing assets		60			-			1			-			191
Total other non-performing assets		29,725			23,947			24,543			22,887			22,350
Total non-performing assets	$	41,530		$	36,720		$	37,722		$	39,062		$	40,966
Performing TDRs (troubled debt restructurings)	$	10,995		$	11,492		$	11,531		$	11,391		$	10,393
Ratios (1) (2)
Allowance for loan losses to total loans		1.73	%		1.76	%		1.83	%		1.91	%		1.79	%
Allowance for loan losses to non-performing loans		238	%		222	%		215	%		186	%		157	%
Non-performing loans to total loans		0.73	%		0.79	%		0.85	%		1.02	%		1.14	%
Non-performing assets (including performing TDRs)
to total assets		1.54	%		1.48	%		1.48	%		1.52	%		1.56	%
Non-performing assets to total assets		1.22	%		1.13	%		1.14	%		1.18	%		1.24	%
Non-performing assets to total assets
(excluding Gov't guaranteed student loans)		1.15	%		1.03	%		1.03	%		1.10	%		1.17	%
Annualized net charge offs to total loans		0.38	%		0.18	%		0.66	%		0.47	%		0.36	%
Annualized net credit card charge offs to
total credit card loans		1.27	%		1.42	%		1.75	%		2.20	%		1.94	%
Annualized net charge offs to total loans
(excluding credit cards)		0.27	%		0.02	%		0.52	%		0.24	%		0.17	%
Past due loans >30 days (excluding nonaccrual)		0.75	%		0.68	%		0.83	%		0.82	%		0.71	%
Past due loans >30 days (excluding nonaccrual)
(excluding Gov't guaranteed student loans)		0.48	%		0.42	%		0.47	%		0.56	%		0.46	%

 (1) Excludes all acquired loans, including those covered by FDIC loss share agreements, except for their inclusion in total assets.

 (2) Excludes acquired foreclosed 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	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
(Unaudited)	2012			2012			2012			2011			2011
ASSETS
Earning Assets
Interest bearing balances due from banks		0.22	%		0.25	%		0.21	%		0.24	%		0.21	%
Investment securities		2.46	%		2.66	%		2.69	%		2.81	%		3.02	%
Mortgage loans held for sale		3.52	%		3.74	%		3.60	%		3.92	%		4.12	%
Assets held in trading accounts		0.61	%		0.67	%		0.71	%		0.38	%		0.43	%
Loans, including covered loans*		6.40	%		6.47	%		6.72	%		6.29	%		6.16	%
Total interest earning assets		4.45	%		4.41	%		4.51	%		4.38	%		4.53	%
LIABILITIES
Interest bearing liabilities
Interest bearing transaction and
savings accounts		0.20	%		0.21	%		0.22	%		0.25	%		0.28	%
Time deposits		0.88	%		0.96	%		1.06	%		1.14	%		1.20	%
Total interest bearing deposits		0.47	%		0.51	%		0.56	%		0.63	%		0.68	%
Federal funds purchased and securities
sold under agreement to repurchase		0.38	%		0.37	%		0.37	%		0.43	%		0.48	%
Other borrowings		3.49	%		3.59	%		3.65	%		3.58	%		3.60	%
Subordinated debentures		5.06	%		5.01	%		5.08	%		4.93	%		4.85	%
Total interest bearing liabilities		0.65	%		0.68	%		0.73	%		0.79	%		0.84	%
NET INTEREST MARGIN/SPREAD
Net interest spread		3.80	%		3.73	%		3.78	%		3.59	%		3.69	%
Net interest margin - quarter-to-date		3.94	%		3.87	%		3.93	%		3.76	%		3.86	%
Net interest margin - year-to-date		3.91	%		3.90	%		3.93	%		3.85	%		3.87	%

* Covered loans are loans covered by FDIC loss share agreements.

Simmons First National Corporation													SFNC
Consolidated - Selected Financial Data
For the Quarters Ended	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
(Unaudited)	2012			2012			2012			2011			2011
(in thousands, except share data)
QUARTER-TO-DATE
Diluted earnings per share	$	0.41		$	0.38		$	0.37		$	0.37		$	0.42
Core earnings (excludes nonrecurring items) (non-GAAP)		6,575			6,536			6,355			6,305			7,257
Diluted core earnings per share (non-GAAP)		0.40			0.38			0.37			0.37			0.42
Cash dividends declared per common share		0.20			0.20			0.20			0.19			0.19
Cash dividends declared - amount		3,334			3,395			3,444			3,271			3,296
Return on average stockholders' equity		6.61	%		6.42	%		6.21	%		6.10	%		7.05	%
Return on tangible equity		7.85	%		7.61	%		7.36	%		7.34	%		8.47	%
Return on average assets		0.82	%		0.81	%		0.78	%		0.75	%		0.88	%
Net interest margin (FTE)		3.94	%		3.87	%		3.93	%		3.76	%		3.86	%
FTE adjustment - investments		1,138			1,196			1,192			1,219			1,221
FTE adjustment - loans		11			12			11			12			12
Amortization of intangibles		74			74			74			214			222
Amortization of intangibles, net of taxes		45			45			45			130			135
Average shares outstanding		16,756,589			17,044,160			17,215,027			17,250,718			17,348,460
Average earning assets		2,938,994			2,957,022			2,961,047			3,008,249			2,931,339
Average interest bearing liabilities		2,323,202			2,323,711			2,346,185			2,356,044			2,320,499
YEAR-TO-DATE
Diluted earnings per share	$	1.16		$	0.75		$	0.37		$	1.47		$	1.10
Core earnings (excludes nonrecurring items) (non-GAAP)		19,466			12,891			6,355			24,988			18,683
Diluted core earnings per share (non-GAAP)		1.15			0.75			0.37			1.45			1.08
Cash dividends declared per common share		0.60			0.40			0.20			0.76			0.57
Cash dividends declared - amount		10,173			6,839			3,444			13,156			9,885
Return on average stockholders' equity		6.41	%		6.31	%		6.21	%		6.25	%		6.30	%
Return on tangible equity		7.61	%		7.49	%		7.36	%		7.54	%		7.61	%
Return on average assets		0.80	%		0.79	%		0.78	%		0.77	%		0.78	%
Net interest margin (FTE)		3.91	%		3.90	%		3.93	%		3.85	%		3.87	%
FTE adjustment - investments		3,526			2,388			1,192			4,920			3,701
FTE adjustment - loans		34			23			11			50			38
Amortization of intangibles		222			148			74			884			670
Amortization of intangibles, net of taxes		135			90			45			537			407
Average shares outstanding		17,004,351			17,129,593			17,215,027			17,309,488			17,329,293
Average diluted shares outstanding		17,007,623			17,134,232			17,223,085			17,317,850			17,338,676
Average earning assets		2,952,324			2,959,034			2,961,047			2,954,285			2,936,297
Average interest bearing liabilities		2,331,032			2,334,948			2,346,185			2,362,028			2,364,023
												��
END OF PERIOD
Book value per share	$	24.26		$	24.03		$	23.82		$	23.70		$	23.52
Tangible book value per share		20.47			20.37			20.21			20.09			19.92
Shares outstanding		16,660,278			16,956,991			17,182,526			17,212,317			17,329,775
Full-time equivalent employees		1,073			1,074			1,077			1,083			1,070
Total number of ATM's		106			102			102			102			102
Total number of financial centers		88			84			84			84			84
Parent company only - investment in subsidiaries		387,944			386,441			384,713			381,236			379,331
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	Sep 30			Jun 30		Mar 31		Dec 31			Sep 30
(Unaudited)	2012			2012		2012		2011			2011
(in thousands, except per share data)
QUARTER-TO-DATE
Net Income	$	6,760		$	6,536	$	6,355	$	6,305		$	7,257
Nonrecurring items
Gain on FDIC assisted transactions		(1,120	)		-		-		-			-
Merger related costs		815			-		-		-			-
Tax effect		120			-		-		-			-
Net nonrecurring items		(185	)		-		-		-			-
Core earnings (non-GAAP)	$	6,575		$	6,536	$	6,355	$	6,305		$	7,257
Diluted earnings per share	$	0.41		$	0.38	$	0.37	$	0.37		$	0.42
Nonrecurring items
Gain on FDIC assisted transactions		(0.07	)		-		-		-			-
Merger related costs		0.05			-		-		-			-
Tax effect		0.01			-		-		-			-
Net nonrecurring items		(0.01	)		-		-		-			-
Diluted core earnings per share (non-GAAP)	$	0.40		$	0.38	$	0.37	$	0.37		$	0.42
YEAR-TO-DATE
Net Income	$	19,651		$	12,891	$	6,355	$	25,374		$	19,069
Nonrecurring items
Gain on sale of MasterCard stock (1)		-			-		-		(1,132	)		(1,132	)
Gain on FDIC assisted transactions		(1,120	)		-		-		-			-
Merger related costs		815			-		-		357			357
Branch right sizing		-			-		-		141			141
Tax effect		120			-		-		248			248
Net nonrecurring items		(185	)		-		-		(386	)		(386	)
Core earnings (non-GAAP)	$	19,466		$	12,891	$	6,355	$	24,988		$	18,683
Diluted earnings per share	$	1.16		$	0.75	$	0.37	$	1.47		$	1.10
Nonrecurring items
Gain on sale of MasterCard stock (1)		-			-		-		(0.07	)		(0.07	)
Gain on FDIC assisted transactions		(0.07	)		-		-		-			-
Merger related costs		0.05			-		-		0.02			0.02
Branch right sizing		-			-		-		0.01			0.01
Tax effect		0.01			-		-		0.02			0.02
Net nonrecurring items		(0.01	)		-		-		(0.02	)		(0.02	)
Diluted core earnings per share (non-GAAP)	$	1.15		$	0.75	$	0.37	$	1.45		$	1.08

(1) Gain from liquidation of Class B shares received as part of MasterCard's 2006 IPO.