Simmons First National (SFNC) 8-K Simmons First Announces 27% Increase In Fourth Quarter Earnings

EXHIBIT 99.1

FOR IMMEDIATE RELEASE: January 24, 2013

SIMMONS FIRST ANNOUNCES 27% INCREASE IN FOURTH QUARTER EARNINGS

Pine Bluff, AR – Simmons First National Corporation (NASDAQ-GS: SFNC) today announced fourth quarter 2012 net income of $8.0 million, a 27.4% increase compared to $6.3 million for the same quarter in 2011. Diluted earnings per share were $0.48, an $0.11, or 29.8% increase over the same period in 2011. For the year ended December 31, 2012, net income was $27.7 million, or $1.64 diluted earnings per share, compared to $1.47 per share for 2011, an increase of $0.17, or 11.6%.

On October 19, 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 $180 million in assets and assume substantially all of the deposits and other liabilities of Excel Bank of Sedalia, Missouri. The Company recognized a pre-tax bargain purchase gain of $2.3 million on this transaction and incurred pre-tax merger related costs of $1.1 million. After taxes, the combined non-recurring items from the transactions contributed $735,000 to net income, or $0.04 to diluted earnings per share.

“There are many positives with our earnings announcement. Personally I believe the 27% net income growth is a major accomplishment. Even more significant is the way it was accomplished through the execution of our strategic plan, which resulted in the deployment of our excess capital in two strategic acquisitions, continued improvement in our asset quality numbers that were already strong and new initiatives that were introduced in all eight of our banks that resulted in good growth in our loan portfolios and customer relationships,” commented J. Thomas May, Chairman and CEO.

Loans

Total loans, including those acquired, were $1.9 billion at December 31, 2012, an increase of $184.3 million, or 10.6%, compared to the same period in 2011. Loans acquired in FDIC-assisted acquisitions grew $135.6 million, net of discounts, and legacy loans (excluding acquired loans) grew $48.7 million, or 3.1%. “This was the second consecutive quarter of organic loan growth.  While not enough to call a trend, we believe it is very positive in that the growth is coming throughout our markets in Arkansas, Kansas and Missouri. Needless to say, the economy remains in a slow recovery, which makes this growth even more significant,” added May.

Deposits

At December 31, 2012, total deposits were $2.9 billion, an increase of $224 million, or 8.4%, compared to the same period in 2011. Deposits acquired in the Excel acquisition were $117 million at quarter end. Total non-time deposits totaled $2.0 billion, or 70% of total deposits.

Net Interest Income

The Company’s net interest income for the fourth quarter of 2012 was $30.6 million, an increase of $3.3 million, or 12.1%, from the same period of 2011. Net interest margin was 3.99% for the quarter ended December 31, 2012. 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:

	Three Months Ended						Year Ended
(In thousands)	December 31, 2012						December 31, 2012
	2012			2011			2012			2011
Impact on net interest income	$	2,647		$	1,124		$	11,751		$	1,124
Non-interest income		(2,510	)		(978	)		(10,755	)		(978	)
Net impact to pre-tax income	$	137		$	146		$	997		$	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 $19.2 million and the remaining adjustment to the indemnification assets that will reduce non-interest income is $16.8 million. Of the remaining adjustments, we expect to recognize $9.6 million of interest income and a $9.1 million reduction of non-interest income, for a net addition to pre-tax income of approximately $540,000 during 2013. The accretable yield adjustments recorded in future periods will change as the Company continues to evaluate expected cash flows from the acquired loan pools.

Non-Interest Income

Non-interest income for the fourth quarter was $14.8 million, compared to $12.8 million for the fourth quarter of 2011. “There was a $1.5 million incremental decrease in non-interest income compared to the fourth quarter last year 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 $2.3 million bargain purchase gain on the Excel Bank acquisition, non-interest income increased $1.1 million, or 8.9%.”

Non-Interest Expense

Non-interest expense for the fourth quarter of 2012 was $32.2 million, an increase of $3.7 million compared to the same period in 2011. “Included in the quarter were $1.1 million in merger related expenses and $2.4 million in normal operating expenses attributable to our FDIC-assisted acquisitions. Normalized for these acquisition related items, non-interest expense for the quarter increased by only 1%. 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 December 31, 2012, acquired loans covered by loss share were carried at $211 million, OREO covered by loss share was carried at $28 million and the FDIC loss share indemnification asset was carried at $75 million. Acquired loans and OREO not covered by loss share were carried at $83 million and $12 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 $27.9 million at December 31, 2012, or 1.71% of total loans and 232% of non-performing loans. Non-performing loans as a percent of total loans were 0.74% as of December 31, 2012 compared to 0.73% as of September 30, 2012. “Included in our non-performing assets was $11.8 million, net of a credit mark, of non-covered OREO we acquired in our two recent FDIC-assisted transactions. Normalizing for the acquired OREO, our legacy non-performing assets decreased $1.2 million for the previous quarter. Our legacy non-performing assets as a percent of total assets of 0.96% as of December 31, 2012 continues to compare favorably to the industry and our peer group,” commented May. For the fourth quarter, the annualized net charge-off ratio, excluding credit cards, was 0.24%, and the annualized credit card charge-off ratio was 1.54%.

Capital

At December 31, 2012, stockholders' equity was $406 million, book value per share was $24.55 and tangible book value per share was $20.66. The Company's ratio of stockholders' equity to total assets was 11.5% and its ratio of tangible common equity to tangible assets was 9.9%, as of December 31, 2012.

“Our exceptional level of capital puts us in the 82nd percentile of our peer group and allows us to actively pursue the right opportunities that meet our strategic plan regarding mergers and acquisitions,” continued May. As of December 31, 2012, the Company’s regulatory capital ratios remain significantly higher than regulatory “well capitalized” guidelines:

	“Well Capitalized”	SFNC
Tier 1 Leverage Ratio	5.00%	10.81%
Tier 1 Risk-Based Capital Ratio	6.00%	19.08%
Total Risk-Based Capital Ratio	10.00%	20.34%

Stock Repurchase Program

During 2012, the Company repurchased approximately 726,000 shares at an average price of $24.24. The Company plans to continue to allocate its earnings, less dividends, to its stock repurchase program.

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, January 24, 2013. Interested persons can listen to this call by dialing 1-888-438-5524 (United States and Canada only) and asking for the Simmons First National Corporation conference call. A replay of the call will be available through 5:00 p.m. Central Time on January 30, 2013, by dialing 1-888-203-1112. The passcode for the replay is 1242917. In addition, the call will be available live or in recorded version on the Company’s website at www.simmonsfirst.com.

Non-GAAP Financial Measures

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

Forward Looking Statements

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

####

FOR MORE INFORMATION CONTACT:

DAVID W. GARNER

Senior Vice President and Investor Relations Officer

Simmons First National Corporation

(870) 541-1000

Simmons First National Corporation													SFNC
Consolidated End of Period Balance Sheets
For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2012			2012			2012			2012			2011
(in thousands)
ASSETS
Cash and non-interest bearing balances due from banks	$	47,470		$	40,356		$	29,708		$	34,314		$	35,087
Interest bearing balances due from banks		467,984			440,524			515,874			642,929			535,119
Federal funds sold		22,343			7,571			-			750			-
Cash and cash equivalents		537,797			488,451			545,582			677,993			570,206
Investment securities - held-to-maturity		496,141			510,630			525,522			481,314			525,444
Investment securities - available-for-sale		191,342			205,051			166,966			176,466			172,212
Mortgage loans held for sale		25,367			23,980			15,495			24,351			22,976
Assets held in trading accounts		6,224			7,002			7,812			7,708			7,541
Loans:
Not covered by FDIC loss share agreements		1,628,513			1,623,401			1,614,736			1,543,653			1,579,769
Acquired, not covered by FDIC loss share agreements
(net of discounts)		82,764			73,023			-			-			-
Covered by FDIC loss share agreements (net of discounts)		210,842			163,657			114,189			129,735			158,075
Allowance for loan losses		(27,882	)		(28,145	)		(28,397	)		(28,325	)		(30,108	)
Net loans		1,894,237			1,831,936			1,700,528			1,645,063			1,707,736
FDIC indemnification asset		75,286			59,547			35,038			39,978			47,683
Premises and equipment		87,557			85,969			85,171			85,784			86,486
Foreclosed assets not covered by FDIC loss share agreements		33,352			29,665			23,947			24,542			22,887
Foreclosed assets covered by FDIC loss share agreements		27,620			26,466			11,252			11,705			11,685
Interest receivable		14,530			15,253			12,975			13,319			15,126
Bank owned life insurance		52,066			51,681			51,326			50,934			50,579
Goodwill		60,605			60,605			60,605			60,605			60,605
Core deposit premiums		3,760			2,549			1,431			1,505			1,579
Other assets		21,605			16,195			13,494			18,786			17,384
Total assets	$	3,527,489		$	3,414,980		$	3,257,144		$	3,320,053		$	3,320,129
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing transaction accounts	$	576,655		$	543,380		$	517,854		$	521,202		$	532,259
Interest bearing transaction accounts and savings deposits		1,421,137			1,343,784			1,290,954			1,282,763			1,239,504
Time deposits less than $100,000		505,773			521,259			467,503			485,134			499,809
Time deposits greater than $100,000		370,598			386,872			352,973			365,478			378,825
Total deposits		2,874,163			2,795,295			2,629,284			2,654,577			2,650,397
Federal funds purchased and securities
sold under agreements to repurchase		104,078			64,829			70,220			106,224			114,766
Other borrowings		89,441			88,852			90,866			90,312			90,170
Subordinated debentures		20,620			20,620			30,930			30,930			30,930
Accrued interest and other liabilities		33,125			41,136			28,431			28,698			25,955
Total liabilities		3,121,427			3,010,732			2,849,731			2,910,741			2,912,218
Stockholders' equity:
Common stock		165			167			170			172			172
Surplus		96,587			99,156			105,825			110,976			112,436
Undivided profits		309,053			304,343			300,917			297,776			294,864
Accumulated other comprehensive income
Unrealized appreciation on AFS securities		257			582			501			388			439
Total stockholders' equity		406,062			404,248			407,413			409,312			407,911
Total liabilities and stockholders' equity	$	3,527,489		$	3,414,980		$	3,257,144		$	3,320,053		$	3,320,129

Simmons First National Corporation													SFNC
Consolidated Average Quarter-to-Date Balance Sheets
For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2012			2012			2012			2012			2011
(in thousands)
ASSETS
Cash and non-interest bearing balances due from banks	$	43,691		$	36,603		$	35,899		$	37,469		$	35,132
Interest bearing balances due from banks		490,532			479,435			550,512			576,416			546,478
Federal funds sold		8,931			2,850			363			281			99
Cash and cash equivalents		543,154			518,888			586,774			614,166			581,709
Investment securities - held-to-maturity		511,203			496,102			508,293			496,002			501,812
Investment securities - available-for-sale		194,815			178,247			172,539			172,523			173,360
Mortgage loans held for sale		17,804			19,334			17,623			17,076			20,035
Assets held in trading accounts		7,701			7,780			7,831			6,845			7,375
Loans:
Not covered by FDIC loss share agreements		1,633,710			1,637,437			1,579,166			1,550,341			1,590,584
Acquired, not covered by FDIC loss share agreements
(net of discounts)		82,764			12,700			-			-			-
Covered by FDIC loss share agreements (net of discounts)		218,135			117,809			120,695			141,563			168,506
Allowance for loan losses		(28,660	)		(29,228	)		(29,339	)		(30,896	)		(29,730	)
Net loans		1,905,949			1,738,718			1,670,522			1,661,008			1,729,360
FDIC indemnification asset		66,994			39,476			38,563			44,845			50,180
Premises and equipment		87,784			85,173			85,629			86,187			86,881
Foreclosed assets not covered by FDIC loss share agreements		34,883			24,945			24,322			23,279			22,702
Foreclosed assets covered by FDIC loss share agreements		29,779			14,521			12,079			13,048			12,409
Interest receivable		15,154			13,484			12,877			13,847			16,071
Bank owned life insurance		51,864			51,507			51,133			50,761			50,362
Goodwill		60,605			60,605			60,605			60,605			60,605
Core deposit premiums		2,955			1,614			1,467			1,541			1,685
Other assets		3,574			14,991			15,114			17,952			18,562
Total assets	$	3,534,218		$	3,265,385		$	3,265,371		$	3,279,685		$	3,333,108
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing transaction accounts	$	570,800		$	504,923		$	502,884		$	494,366		$	535,663
Interest bearing transaction accounts and savings deposits		1,405,956			1,291,141			1,282,616			1,252,972			1,228,495
Time deposits less than $100,000		523,050			477,275			477,588			492,354			508,847
Time deposits greater than $100,000		380,843			361,504			360,233			371,168			388,470
Total deposits		2,880,649			2,634,843			2,623,321			2,610,860			2,661,475
Federal funds purchased and securities
sold under agreements to repurchase		101,815			72,381			82,738			108,841			107,750
Other borrowings		89,617			90,307			89,606			89,920			91,552
Subordinated debentures		20,620			30,594			30,930			30,930			30,930
Accrued interest and other liabilities		33,227			30,219			29,077			27,417			31,303
Total liabilities		3,125,928			2,858,344			2,855,672			2,867,968			2,923,010
Total stockholders' equity		408,290			407,041			409,699			411,717			410,098
Total liabilities and stockholders' equity	$	3,534,218		$	3,265,385		$	3,265,371		$	3,279,685		$	3,333,108

Simmons First National Corporation													SFNC
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2012			2012			2012			2012			2011
(in thousands, except per share data)
INTEREST INCOME
Loans not covered by loss share agreements	$	23,912		$	23,192		$	22,358		$	22,272		$	23,370
Loans covered by FDIC loss share agreements		6,759			5,041			4,994			5,973			4,513
Federal funds sold		4			2			1			-			1
Investment securities		3,106			3,027			3,313			3,275			3,568
Mortgage loans held for sale		149			171			164			153			198
Assets held in trading accounts		11			12			13			12			7
Interest bearing balances due from banks		301			267			349			303			324
TOTAL INTEREST INCOME		34,242			31,712			31,192			31,988			31,981
INTEREST EXPENSE
Time deposits		1,807			1,863			2,004			2,269			2,577
Other deposits		652			658			676			696			779
Federal funds purchased and securities
sold under agreements to repurchase		65			69			77			99			118
Other borrowings		948			792			799			815			826
Subordinated debentures		163			389			385			391			384
TOTAL INTEREST EXPENSE		3,635			3,771			3,941			4,270			4,684
NET INTEREST INCOME		30,607			27,941			27,251			27,718			27,297
Provision for loan losses		1,295			1,299			775			771			2,831
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES		29,312			26,642			26,476			26,947			24,466
NON-INTEREST INCOME
Trust income		1,484			1,440			1,240			1,309			1,416
Service charges on deposit accounts		4,645			4,368			3,930			3,865			4,289
Other service charges and fees		747			684			738			792			699
Mortgage lending income		1,553			1,705			1,445			1,294			1,464
Investment banking income		337			560			442			699			294
Credit card fees		4,655			4,104			4,207			4,079			4,318
Bank owned life insurance income		385			355			368			355			403
Gain on sale of securities		2			-			-			-			-
Gain on FDIC-assisted transactions		2,291			1,120			-			-			-
Net gain (loss) on assets covered by FDIC loss share agreements		(2,286	)		(2,689	)		(2,153	)		(2,665	)		(826	)
Other income		930			165			876			995			786
TOTAL NON-INTEREST INCOME		14,743			11,812			11,093			10,723			12,843
NON-INTEREST EXPENSE
Salaries and employee benefits		17,674			15,911			16,590			16,824			15,973
Occupancy expense, net		2,311			2,182			2,029			2,081			1,930
Furniture and equipment expense		1,835			1,835			1,608			1,604			1,721
Other real estate and foreclosure expense		311			280			194			207			146
Deposit insurance		614			444			457			571			295
Merger related costs		1,081			815			-			-			-
Other operating expenses		8,340			7,219			7,366			7,350			8,381
TOTAL NON-INTEREST EXPENSE		32,166			28,686			28,244			28,637			28,446
NET INCOME BEFORE INCOME TAXES		11,889			9,768			9,325			9,033			8,863
Provision for income taxes		3,856			3,008			2,789			2,678			2,558
NET INCOME	$	8,033		$	6,760		$	6,536		$	6,355		$	6,305
BASIC EARNINGS PER SHARE	$	0.48		$	0.41		$	0.38		$	0.37		$	0.37
DILUTED EARNINGS PER SHARE	$	0.48		$	0.41		$	0.38		$	0.37		$	0.37

Simmons First National Corporation													SFNC
Consolidated Statements of Income - Year-to-Date
For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2012			2012			2012			2012			2011
(in thousands, except per share data)
INTEREST INCOME
Loans not covered by loss share agreements	$	91,734		$	67,822		$	44,630		$	22,272		$	95,713
Loans covered by FDIC loss share agreements		22,767			16,009			10,967			5,973			17,118
Federal funds sold		7			4			1			-			6
Investment securities		12,721			9,615			6,588			3,275			14,583
Mortgage loans held for sale		637			487			317			153			503
Assets held in trading accounts		48			37			25			12			33
Interest bearing balances due from banks		1,220			919			652			303			1,100
TOTAL INTEREST INCOME		129,134			94,893			63,180			31,988			129,056
INTEREST EXPENSE
Time deposits		7,943			6,136			4,273			2,269			11,314
Other deposits		2,682			2,029			1,372			696			3,611
Federal funds purchased and securities
sold under agreements to repurchase		310			248			176			99			450
Other borrowings		3,354			2,406			1,613			815			3,512
Subordinated debentures		1,328			1,166			777			391			1,509
TOTAL INTEREST EXPENSE		15,617			11,985			8,211			4,270			20,396
NET INTEREST INCOME		113,517			82,908			54,969			27,718			108,660
Provision for loan losses		4,140			2,846			1,546			771			11,676
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES		109,377			80,062			53,423			26,947			96,984
NON-INTEREST INCOME
Trust income		5,473			3,988			2,549			1,309			5,375
Service charges on deposit accounts		16,808			12,163			7,795			3,865			16,808
Other service charges and fees		2,961			2,211			1,530			792			2,980
Mortgage lending income		5,997			4,441			2,739			1,294			4,188
Investment banking income		2,038			1,700			1,141			699			1,478
Credit card fees		17,045			12,390			8,286			4,079			16,828
Bank owned life insurance income		1,463			1,078			723			355			1,481
Gain on sale of securities		2			-			-			-			-
Gain on FDIC-assisted transactions		3,411			1,120			-			-			-
Net gain (loss) on assets covered by FDIC loss share agreements		(9,793	)		(7,507	)		(4,818	)		(2,665	)		154
Other income		2,966			2,037			1,871			995			4,173
TOTAL NON-INTEREST INCOME		48,371			33,621			21,816			10,723			53,465
NON-INTEREST EXPENSE
Salaries and employee benefits		66,999			49,323			33,414			16,824			65,058
Occupancy expense, net		8,603			6,291			4,110			2,081			8,443
Furniture and equipment expense		6,882			5,047			3,212			1,604			6,633
Other real estate and foreclosure expense		992			681			401			207			678
Deposit insurance		2,086			1,472			1,028			571			2,387
Merger related costs		1,896			815			-			-			357
Other operating expenses		30,275			21,928			14,716			7,350			31,094
TOTAL NON-INTEREST EXPENSE		117,733			85,557			56,881			28,637			114,650
NET INCOME BEFORE INCOME TAXES		40,015			28,126			18,358			9,033			35,799
Provision for income taxes		12,331			8,475			5,467			2,678			10,425
NET INCOME	$	27,684		$	19,651		$	12,891		$	6,355		$	25,374
BASIC EARNINGS PER SHARE	$	1.64		$	1.16		$	0.75		$	0.37		$	1.47
DILUTED EARNINGS PER SHARE	$	1.64		$	1.16		$	0.75		$	0.37		$	1.47

Simmons First National Corporation													SFNC
Consolidated Risk-Based Capital
For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2012			2012			2012			2012			2011
(in thousands)
Tier 1 capital
Stockholders' equity	$	406,062		$	404,248		$	407,413		$	409,312		$	407,911
Trust preferred securities, net allowable		20,000			20,000			30,000			30,000			30,000
Disallowed intangible assets, net of deferred tax		(48,966	)		(48,053	)		(47,235	)		(47,607	)		(47,889	)
Unrealized gain on AFS securities		(257	)		(582	)		(501	)		(388	)		(439	)
Total Tier 1 capital		376,839			375,613			389,677			391,317			389,583
Tier 2 capital
Qualifying unrealized gain on AFS equity securities		19			14			15			14			9
Qualifying allowance for loan losses		24,743			24,395			22,910			22,096			22,682
Total Tier 2 capital		24,762			24,409			22,925			22,110			22,691
Total risk-based capital	$	401,601		$	400,022		$	412,602		$	413,427		$	412,274
Risk weighted assets	$	1,974,800		$	1,946,344		$	1,825,808		$	1,759,932		$	1,805,585
Adjusted average assets for leverage ratio	$	3,484,504		$	3,216,488		$	3,217,291		$	3,231,257		$	3,284,379
Ratios at end of quarter
Equity to assets		11.51	%		11.84	%		12.51	%		12.33	%		12.29	%
Tangible common equity to tangible assets		9.87	%		10.18	%		10.81	%		10.66	%		10.61	%
Tier 1 leverage ratio		10.81	%		11.68	%		12.11	%		12.11	%		11.86	%
Tier 1 risk-based capital ratio		19.08	%		19.30	%		21.34	%		22.23	%		21.58	%
Total risk-based capital ratio		20.34	%		20.55	%		22.60	%		23.49	%		22.83	%

Simmons First National Corporation									SFNC
Consolidated Loans and Investments
For the Quarters Ended	Dec 31		Sep 30		Jun 30		Mar 31		Dec 31
(Unaudited)	2012		2012		2012		2012		2011
(in thousands)
Legacy Loan Portfolio - End of Period(1)
Consumer
Credit cards	$	185,536	$	175,760	$	176,325	$	175,013	$	189,970
Student loans		34,145		36,441		39,823		44,059		47,419
Other consumer		105,319		107,604		107,284		110,001		109,211
Total consumer		325,000		319,805		323,432		329,073		346,600
Real Estate
Construction		138,132		128,423		117,235		109,979		109,825
Single-family residential		356,907		355,976		355,978		349,009		355,094
Other commercial		568,166		546,224		550,418		537,807		536,372
Total real estate		1,063,205		1,030,623		1,023,631		996,795		1,001,291
Commercial
Commercial		141,336		138,719		140,868		144,772		141,422
Agricultural		93,805		130,727		122,245		69,598		85,728
Total commercial		235,141		269,446		263,113		214,370		227,150
Other		5,167		3,527		4,560		3,415		4,728
Total Loans	$	1,628,513	$	1,623,401	$	1,614,736	$	1,543,653	$	1,579,769
(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
U.S. Government agencies		288,098		303,640		315,493		267,991		308,779
Mortgage-backed securities		49		51		56		59		62
State and political subdivisions		207,374		206,319		209,043		208,334		211,673
Other securities		620		620		930		930		930
Total held-to-maturity		496,141		510,630		525,522		481,314		525,444
Available-for-Sale
U.S. Government agencies		152,481		164,467		148,837		157,631		153,627
Mortgage-backed securities		20,634		24,333		2,493		2,528		2,557
State and political subdivisions		2,988		-		-		-		-
FHLB stock		5,498		5,788		5,578		6,241		6,237
Other securities		9,741		10,463		10,058		10,066		9,791
Total available-for-sale		191,342		205,051		166,966		176,466		172,212
Total investment securities	$	687,483	$	715,681	$	692,488	$	657,780	$	697,656
Fair value - HTM investment securities	$	500,578	$	516,419	$	531,499	$	486,743	$	532,206
Investment Securities - QTD Average
Taxable securities	$	495,917	$	467,988	$	471,826	$	459,164	$	466,369
Tax exempt securities		210,101		206,361		209,006		209,361		208,803
Total investment securities - QTD average	$	706,018	$	674,349	$	680,832	$	668,525	$	675,172

Simmons First National Corporation													SFNC
Consolidated Allowance and Asset Quality
For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2012			2012			2012			2012			2011
(in thousands)
Allowance for Loan Losses
Balance, beginning of quarter	$	28,145		$	28,397		$	28,325		$	30,108		$	29,151
Loans charged off
Credit cards		884			806			829			997			1,262
Other consumer		362			358			252			226			530
Real estate		705			773			78			2,539			885
Commercial		163			86			165			129			226
Total loans charged off		2,114			2,023			1,324			3,891			2,903
Recoveries of loans previously charged off
Credit cards		194			242			212			210			244
Other consumer		177			107			135			156			100
Real estate		144			61			248			930			436
Commercial		41			62			26			41			249
Total recoveries		556			472			621			1,337			1,029
Net loans charged off		1,558			1,551			703			2,554			1,874
Provision for loan losses		1,295			1,299			775			771			2,831
Balance, end of quarter	$	27,882		$	28,145		$	28,397		$	28,325		$	30,108
Non-performing assets (1) (2)
Non-performing loans
Nonaccrual loans
Real estate	$	7,135		$	6,197		$	6,851		$	6,898		$	10,315
Commercial		618			894			676			942			1,253
Consumer		1,370			1,389			1,462			1,299			1,339
Total nonaccrual loans		9,123			8,480			8,989			9,139			12,907
Loans past due 90 days or more
Government guaranteed student loans		2,234			2,324			3,275			3,434			2,483
Other loans		681			1,001			509			606			785
Total loans past due 90 days or more		2,915			3,325			3,784			4,040			3,268
Total non-performing loans		12,038			11,805			12,773			13,179			16,175
Other non-performing assets
Foreclosed assets held for sale		21,556			23,126			23,947			24,542			22,887
Acquired foreclosed assets held for sale, not covered
by FDIC loss share agreements		11,796			6,539			-			-			-
Other non-performing assets		221			60			-			1			-
Total other non-performing assets		33,573			29,725			23,947			24,543			22,887
Total non-performing assets	$	45,611		$	41,530		$	36,720		$	37,722		$	39,062
Performing TDRs (troubled debt restructurings)	$	11,015		$	10,995		$	11,492		$	11,531		$	11,391
Ratios (1) (2)
Allowance for loan losses to total loans		1.71	%		1.73	%		1.76	%		1.83	%		1.91	%
Allowance for loan losses to non-performing loans		232	%		238	%		222	%		215	%		186	%
Non-performing loans to total loans		0.74	%		0.73	%		0.79	%		0.85	%		1.02	%
Non-performing assets (including performing TDRs)
to total assets		1.61	%		1.54	%		1.48	%		1.48	%		1.52	%
Non-performing assets to total assets		1.29	%		1.22	%		1.13	%		1.14	%		1.18	%
Non-performing assets to total assets
(excluding Gov't guaranteed student loans)		1.23	%		1.15	%		1.03	%		1.03	%		1.10	%
Annualized net charge offs to total loans		0.38	%		0.38	%		0.18	%		0.66	%		0.47	%
Annualized net credit card charge offs to
total credit card loans		1.54	%		1.27	%		1.42	%		1.75	%		2.20	%
Annualized net charge offs to total loans
(excluding credit cards)		0.24	%		0.27	%		0.02	%		0.52	%		0.24	%
Past due loans >30 days (excluding nonaccrual)		0.63	%		0.75	%		0.68	%		0.83	%		0.82	%
Past due loans >30 days (excluding nonaccrual)
(excluding Gov't guaranteed student loans)		0.44	%		0.48	%		0.42	%		0.47	%		0.56	%
(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	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2012			2012			2012			2012			2011
ASSETS
Earning Assets
Interest bearing balances due from banks		0.24	%		0.22	%		0.25	%		0.21	%		0.24	%
Investment securities		2.39	%		2.46	%		2.66	%		2.69	%		2.81	%
Mortgage loans held for sale		3.33	%		3.52	%		3.74	%		3.60	%		3.92	%
Assets held in trading accounts		0.57	%		0.61	%		0.67	%		0.71	%		0.38	%
Loans, including covered loans*		6.59	%		6.40	%		6.47	%		6.72	%		6.29	%
Total interest earning assets		4.45	%		4.45	%		4.41	%		4.51	%		4.38	%
LIABILITIES
Interest bearing liabilities
Interest bearing transaction and
savings accounts		0.18	%		0.20	%		0.21	%		0.22	%		0.25	%
Time deposits		0.80	%		0.88	%		0.96	%		1.06	%		1.14	%
Total interest bearing deposits		0.42	%		0.47	%		0.51	%		0.56	%		0.63	%
Federal funds purchased and securities
sold under agreement to repurchase		0.25	%		0.38	%		0.37	%		0.37	%		0.43	%
Other borrowings		4.21	%		3.49	%		3.59	%		3.65	%		3.58	%
Subordinated debentures		3.14	%		5.06	%		5.01	%		5.08	%		4.93	%
Total interest bearing liabilities		0.57	%		0.65	%		0.68	%		0.73	%		0.79	%
NET INTEREST MARGIN/SPREAD
Net interest spread		3.88	%		3.80	%		3.73	%		3.78	%		3.59	%
Net interest margin - quarter-to-date		3.99	%		3.94	%		3.87	%		3.93	%		3.76	%
Net interest margin - year-to-date		3.93	%		3.91	%		3.90	%		3.93	%		3.85	%
* Covered loans are loans covered by FDIC loss share agreements.

Simmons First National Corporation													SFNC
Consolidated - Selected Financial Data
For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2012			2012			2012			2012			2011
(in thousands, except share data)
QUARTER-TO-DATE
Diluted earnings per share	$	0.48		$	0.41		$	0.38		$	0.37		$	0.37
Core earnings (excludes nonrecurring items) (non-GAAP)		7,404			6,575			6,536			6,355			6,305
Diluted core earnings per share (non-GAAP)		0.44			0.40			0.38			0.37			0.37
Cash dividends declared per common share		0.20			0.20			0.20			0.20			0.19
Cash dividends declared - amount		3,323			3,334			3,395			3,444			3,271
Return on average stockholders' equity		7.83	%		6.61	%		6.42	%		6.21	%		6.10	%
Return on tangible equity		9.36	%		7.85	%		7.61	%		7.36	%		7.34	%
Return on average assets		0.90	%		0.82	%		0.81	%		0.78	%		0.75	%
Net interest margin (FTE)		3.99	%		3.94	%		3.87	%		3.93	%		3.76	%
FTE adjustment - investments		1,134			1,138			1,196			1,192			1,219
FTE adjustment - loans		11			11			12			11			12
Amortization of intangibles		126			74			74			74			214
Amortization of intangibles, net of taxes		77			45			45			45			130
Average shares outstanding		16,624,637			16,756,589			17,044,160			17,215,027			17,250,718
Average earning assets		3,165,595			2,938,994			2,957,022			2,961,047			3,008,249
Average interest bearing liabilities		2,521,901			2,323,202			2,323,711			2,346,185			2,356,044
YEAR-TO-DATE
Diluted earnings per share	$	1.64		$	1.16		$	0.75		$	0.37		$	1.47
Core earnings (excludes nonrecurring items) (non-GAAP)		26,870			19,466			12,891			6,355			24,988
Diluted core earnings per share (non-GAAP)		1.59			1.15			0.75			0.37			1.45
Cash dividends declared per common share		0.80			0.60			0.40			0.20			0.76
Cash dividends declared - amount		13,496			10,173			6,839			3,444			13,156
Return on average stockholders' equity		6.77	%		6.41	%		6.31	%		6.21	%		6.25	%
Return on tangible equity		8.05	%		7.61	%		7.49	%		7.36	%		7.54	%
Return on average assets		0.83	%		0.80	%		0.79	%		0.78	%		0.77	%
Net interest margin (FTE)		3.93	%		3.91	%		3.90	%		3.93	%		3.85	%
FTE adjustment - investments		4,660			3,526			2,388			1,192			4,920
FTE adjustment - loans		45			34			23			11			50
Amortization of intangibles		348			222			148			74			884
Amortization of intangibles, net of taxes		212			135			90			45			537
Average shares outstanding		16,908,904			17,004,351			17,129,593			17,215,027			17,309,488
Average diluted shares outstanding		16,911,363			17,007,623			17,134,232			17,223,085			17,317,850
Average earning assets		3,008,840			2,952,324			2,959,034			2,961,047			2,954,285
Average interest bearing liabilities		2,378,748			2,331,032			2,334,948			2,346,185			2,362,028
END OF PERIOD
Book value per share	$	24.55		$	24.26		$	24.03		$	23.82		$	23.70
Tangible book value per share		20.66			20.47			20.37			20.21			20.09
Shares outstanding		16,542,778			16,660,278			16,956,991			17,182,526			17,212,317
Full-time equivalent employees		1,068			1,073			1,074			1,077			1,083
Total number of ATM's		110			106			102			102			102
Total number of financial centers		92			88			84			84			84
Parent company only - investment in subsidiaries		368,847			387,944			386,441			384,713			381,236
Parent company only - intangible assets		133			133			133			133			133

Simmons First National Corporation											SFNC
Consolidated - Reconciliation of Core Earnings (non-GAAP)
For the Quarters Ended	Dec 31			Sep 30			Jun 30		Mar 31		Dec 31
(Unaudited)	2012			2012			2012		2012		2011
(in thousands, except per share data)
QUARTER-TO-DATE
Net Income	$	8,033		$	6,760		$	6,536	$	6,355	$	6,305
Nonrecurring items
Gain on FDIC assisted transactions		(2,291	)		(1,120	)		-		-		-
Merger related costs		1,081			815			-		-		-
FHLB prepayment penalties		175			-			-		-		-
Tax effect		406			120			-		-		-
Net nonrecurring items		(629	)		(185	)		-		-		-
Core earnings (non-GAAP)	$	7,404		$	6,575		$	6,536	$	6,355	$	6,305
Diluted earnings per share	$	0.48		$	0.41		$	0.38	$	0.37	$	0.37
Nonrecurring items
Gain on FDIC assisted transactions		(0.14	)		(0.07	)		-		-		-
Merger related costs		0.07			0.05			-		-		-
FHLB prepayment penalties		0.01			-			-		-		-
Tax effect		0.02			0.01			-		-		-
Net nonrecurring items		(0.04	)		(0.01	)		-		-		-
Diluted core earnings per share (non-GAAP)	$	0.44		$	0.40		$	0.38	$	0.37	$	0.37
YEAR-TO-DATE
Net Income	$	27,684		$	19,651		$	12,891	$	6,355	$	25,374
Nonrecurring items
Gain on sale of MasterCard stock (1)		-			-			-		-		(1,132	)
Gain on FDIC assisted transactions		(3,411	)		(1,120	)		-		-		-
Merger related costs		1,896			815			-		-		357
FHLB prepayment penalties		175			-			-		-		-
Branch right sizing		-			-			-		-		141
Tax effect		526			120			-		-		248
Net nonrecurring items		(814	)		(185	)		-		-		(386	)
Core earnings (non-GAAP)	$	26,870		$	19,466		$	12,891	$	6,355	$	24,988
Diluted earnings per share	$	1.64		$	1.16		$	0.75	$	0.37	$	1.47
Nonrecurring items
Gain on sale of MasterCard stock (1)		-			-			-		-		(0.07	)
Gain on FDIC assisted transactions		(0.21	)		(0.07	)		-		-		-
Merger related costs		0.12			0.05			-		-		0.02
FHLB prepayment penalties		0.01			-			-		-		-
Branch right sizing		-			-			-		-		0.01
Tax effect		0.03			0.01			-		-		0.02
Net nonrecurring items		(0.05	)		(0.01	)		-		-		(0.02	)
Diluted core earnings per share (non-GAAP)	$	1.59		$	1.15		$	0.75	$	0.37	$	1.45
(1) Gain from liquidation of Class B shares received as part of MasterCard's 2006 IPO.