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

EXHIBIT 99.1

FOR IMMEDIATE RELEASE: April 17, 2014

SIMMONS FIRST ANNOUNCES FIRST QUARTER EARNINGS

Pine Bluff, AR – Simmons First National Corporation (NASDAQ-GS: SFNC) today announced first quarter 2014 core earnings of $7.5 million, an increase of $1.4 million, or 23.0%, compared to the same quarter last year. Diluted core earnings per share were $0.46, an increase of $0.09, or 24.3%. Core earnings exclude $3.1 million in after-tax non-interest merger related expenses and branch right sizing costs. Including the non-core expenses, net income was $4.4 million and diluted earnings per share were $0.27.

“We are pleased with the core earnings results for the first quarter. As a result of our fourth quarter acquisition of Metropolitan National Bank, our recently announced acquisition of Delta Trust & Bank, other possible acquisitions and efficiency initiatives, we have and will continue to recognize one-time revenue and expense items which may skew our short-term business results but provide long-term performance benefits. Our focus continues to be improvement in core operating income,” commented George A. Makris, Jr., Chairman and CEO.

Loans

Total loans, including those acquired, were $2.4 billion at March 31, 2014, an increase of $518 million, or 28.0%, compared to the same period in 2013. Acquired loans increased by $328 million, net of discounts, while legacy loans (all loans excluding acquired loans) grew $191 million, or 12.0%. “We are encouraged by the continued growth in our legacy loan portfolio during the first quarter. We have experienced nice loan growth in virtually every market we serve,” added Makris.

Deposits

At March 31, 2014, total deposits were $3.7 billion, an increase of $814 million, or 28.2%, compared to the same period in 2013. Total non-time deposits totaled $2.6 billion, or 71% of total deposits.

Net Interest Income

The Company’s net interest income for the first quarter of 2014 was $41.5 million, an increase of $11.5 million, or 38.1%, from the same period of 2013. This increase was driven by growth in the legacy loan portfolio, earning assets acquired through the Metropolitan transaction and an increase in accretable yield on acquired loans. Net interest margin was 4.54% for the quarter ended March 31, 2014, a 53 basis point increase from the same quarter of 2013. Included in interest income for both periods was the additional yield accretion recognized as a result of updated estimates of the cash flows of the loan pools acquired in the Company’s 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
(In thousands)	March 31
	2014			2013
Impact on net interest income	$	7,391		$	2,947
Non-interest income		(7,441	)		(2,828	)
Net impact to pre-tax income	$	(50	)	$	119

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 $27.1 million and the remaining adjustment to the indemnification assets that will reduce non-interest income is $20.4 million. Of the remaining adjustments, we expect to recognize $13.9 million of interest income and a $14.4 million reduction of non-interest income, for a net reduction to pre-tax income of approximately $514,000, during the remainder of 2014. 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 first quarter was $9.2 million, a decrease of $2.1 million, compared to the first quarter of 2013. The reduction in non-interest income was due to the $4.6 million incremental reduction in non-interest income from the adjustment to the indemnification assets. Normalized for the indemnification asset adjustments, non-interest income for the quarter increased by $2.5 million, or 17.7%, primarily from additional service charge and fee income from the Metropolitan acquisition.

Non-Interest Expense

Non-interest expense for the first quarter of 2014 was $44.6 million, an increase of $12.6 million compared to the same period in 2013. “In March we completed the branch consolidation plan related to the Metropolitan acquisition. During the quarter, we recorded branch right sizing costs of $3.9 million associated with the closure of eleven legacy Simmons branches,” noted Makris. “Also included in the quarter were $1.3 million of various merger costs related to Metropolitan and the recently announced acquisition of Delta Trust & Bank.”

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 March 31, 2014, acquired loans covered by loss share were carried at $138 million, OREO covered by loss share was carried at $18 million and the FDIC loss share indemnification asset was carried at $39 million. Acquired loans and OREO not covered by loss share were carried at $450 million and $40 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.

“It is important to remember that the acquired non-covered loans are protected by a credit mark and the acquired covered loans are protected by a credit mark and 80% loss coverage by the FDIC,” explained Makris. “At March 31, 2014, the allowance for loan losses was $27.0 million and the loan credit mark was $96.5 million, for a total of $123.5 million of coverage. This equates to a total coverage ratio of 5.0% of gross loans. The ratio of credit mark to acquired loans was 14.1%.” The Company's allowance for loan losses at March 31, 2014, was 1.52% of total loans and 216% of non-performing loans. Non-performing loans as a percent of total loans were 0.70%. Non-performing assets decreased $4.1 million from the previous quarter to $70.0 million. For the first quarter of 2014, the annualized net charge-off ratio, excluding credit cards, was 0.22%, and the annualized credit card charge-off ratio was 1.20%.

Capital

At March 31, 2014, stockholders' equity was $407 million, book value per share was $24.93 and tangible book value per share was $19.23. The Company's ratio of stockholders' equity to total assets was 9.3% and its ratio of tangible common equity to tangible assets was 7.3%.

Simmons First National Corporation

Simmons First National Corporation is a $4.4 billion Arkansas based financial holding company conducting financial operations throughout Arkansas, Kansas and 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, April 17, 2014. Interested persons can listen to this call by dialing toll-free 1-866-298-7926 (United States and Canada only) and asking for the Simmons First National Corporation conference call, conference ID 21404149. 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 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

Executive 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	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)	2014			2013			2013			2013			2013
(in thousands)
ASSETS
Cash and non-interest bearing balances due from banks	$	48,018		$	69,827		$	37,752		$	38,494		$	40,006
Interest bearing balances due from banks		474,118			469,553			320,368			420,740			602,992
Federal funds sold		-			-			18,365			-			-
Cash and cash equivalents		522,136			539,380			376,485			459,234			642,998
Investment securities - held-to-maturity		776,615			745,688			581,768			555,464			488,513
Investment securities - available-for-sale		264,974			212,277			179,937			177,531			192,165
Mortgage loans held for sale		16,717			9,494			10,605			14,454			19,100
Assets held in trading accounts		6,865			8,978			8,744			8,739			8,368
Loans:
Legacy loans		1,779,609			1,742,638			1,741,161			1,650,395			1,589,077
Allowance for loan losses		(26,983	)		(27,442	)		(27,533	)		(27,398	)		(27,735	)
Loans acquired, not covered by FDIC loss share
(net of discount)		450,289			515,644			68,133			63,500			78,745
Loans acquired, covered by FDIC loss share (net of discount)		137,879			146,653			148,884			163,736			181,537
Net loans		2,340,794			2,377,493			1,930,645			1,850,233			1,821,624
FDIC indemnification asset		39,239			48,791			61,500			67,744			71,002
Premises and equipment		111,888			119,614			87,065			88,164			87,934
Premises held for sale		23,779			19,466			-			-			-
Foreclosed assets not covered by FDIC loss share		57,476			64,820			26,203			30,390			30,714
Foreclosed assets covered by FDIC loss share		18,171			20,585			23,260			22,990			28,003
Interest receivable		15,102			15,654			15,635			12,637			13,027
Bank owned life insurance		60,714			60,384			60,040			59,710			59,344
Goodwill		78,529			78,906			60,605			60,605			60,605
Other intangible assets		14,519			14,972			5,420			3,487			3,624
Other assets		49,129			46,598			13,797			10,387			16,540
Total assets	$	4,396,647		$	4,383,100		$	3,441,709		$	3,421,769		$	3,543,561
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing transaction accounts	$	838,050		$	718,438		$	580,063		$	565,433		$	592,442
Interest bearing transaction accounts and savings deposits		1,793,330			1,862,618			1,453,139			1,428,422			1,456,005
Time deposits less than $100,000		589,798			611,729			454,325			467,778			482,688
Time deposits greater than $100,000		485,870			504,782			351,271			351,486			361,529
Total deposits		3,707,048			3,697,567			2,838,798			2,813,119			2,892,664
Federal funds purchased and securities sold
under agreements to repurchase		104,643			107,887			62,311			79,063			108,227
Other borrowings		116,970			117,090			75,987			77,659			81,646
Subordinated debentures		20,620			20,620			20,620			20,620			20,620
Accrued interest and other liabilities		40,694			36,104			40,959			29,458			33,950
Total liabilities		3,989,975			3,979,268			3,038,675			3,019,919			3,137,107
Stockholders' equity:
Common stock		163			162			162			163			165
Surplus		89,274			88,095			87,279			89,434			94,723
Undivided profits		319,354			318,577			318,194			314,663			311,521
Accumulated other comprehensive income
Unrealized appreciation on AFS securities		(2,119	)		(3,002	)		(2,601	)		(2,410	)		45
Total stockholders' equity		406,672			403,832			403,034			401,850			406,454
Total liabilities and stockholders' equity	$	4,396,647		$	4,383,100		$	3,441,709		$	3,421,769		$	3,543,561

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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)	2014			2013			2013			2013			2013
(in thousands)
ASSETS
Cash and non-interest bearing balances due from banks	$	68,770		$	50,473		$	39,067		$	41,030		$	42,334
Interest bearing balances due from banks		507,936			428,551			365,504			527,787			560,759
Federal funds sold		385			2,616			3,719			1,922			8,487
Cash and cash equivalents		577,091			481,640			408,290			570,739			611,580
Investment securities - held-to-maturity		749,126			657,736			567,579			511,008			497,152
Investment securities - available-for-sale		223,203			220,292			178,351			182,227			191,981
Mortgage loans held for sale		6,668			6,666			12,171			14,154			19,442
Assets held in trading accounts		7,212			8,881			8,731			8,292			8,525
Loans:
Legacy loans		1,719,294			1,734,469			1,705,204			1,616,036			1,588,299
Allowance for loan losses		(27,771	)		(27,806	)		(27,735	)		(28,219	)		(27,999	)
Loans acquired, not covered by FDIC loss share
(net of discount)		505,031			261,577			61,372			72,663			80,755
Loans acquired, covered by FDIC loss share (net of discount)		142,777			145,742			156,392			172,415			196,190
Net loans		2,339,331			2,113,982			1,895,233			1,832,895			1,837,245
FDIC indemnification asset		46,154			57,587			65,478			70,442			74,205
Premises and equipment		119,626			87,310			88,044			88,210			87,571
Premises held for sale		19,514			212			-			-			-
Foreclosed assets not covered by FDIC loss share		63,453			50,680			27,368			29,399			32,102
Foreclosed assets covered by FDIC loss share		19,901			22,529			22,392			25,603			27,812
Interest receivable		14,882			15,707			13,739			12,524			13,370
Bank owned life insurance		60,552			60,209			59,878			59,523			52,706
Goodwill		78,901			60,804			60,605			60,605			60,605
Other intangible assets		14,765			5,526			3,439			3,554			3,693
Other assets		45,458			33,324			12,122			13,435			20,827
Total assets	$	4,385,837		$	3,883,085		$	3,423,420		$	3,482,610		$	3,538,816
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing transaction accounts	$	735,101		$	665,644		$	559,461		$	560,804		$	567,588
Interest bearing transaction accounts and savings deposits		1,854,510			1,620,244			1,444,058			1,456,258			1,446,533
Time deposits less than $100,000		601,046			517,603			461,101			475,428			494,196
Time deposits greater than $100,000		495,574			409,361			358,307			359,155			364,496
Total deposits		3,686,231			3,212,852			2,822,927			2,851,645			2,872,813
Federal funds purchased and securities sold
under agreements to repurchase		115,018			98,359			67,924			89,879			118,131
Other borrowings		117,588			108,693			75,704			80,090			83,872
Subordinated debentures		20,620			20,620			20,620			20,620			20,620
Accrued interest and other liabilities		36,967			33,117			31,867			32,146			34,486
Total liabilities		3,976,424			3,473,641			3,019,042			3,074,380			3,129,922
Total stockholders' equity		409,413			409,444			404,378			408,230			408,894
Total liabilities and stockholders' equity	$	4,385,837		$	3,883,085		$	3,423,420		$	3,482,610		$	3,538,816

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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)	2014			2013			2013			2013			2013
(in thousands, except per share data)
INTEREST INCOME
Legacy loans	$	21,554		$	22,463		$	22,464		$	22,331		$	21,207
Loans acquired		18,577			16,151			16,151			8,283			7,864
Federal funds sold		1			5			6			5			3
Investment securities		4,549			3,951			3,428			3,019			2,902
Mortgage loans held for sale		69			72			122			118			155
Assets held in trading accounts		5			6			6			6			11
Interest bearing balances due from banks		279			251			234			352			290
TOTAL INTEREST INCOME		45,034			42,899			34,411			32,571			33,232
INTEREST EXPENSE
Time deposits		1,577			1,479			1,392			1,479			1,588
Other deposits		692			646			601			603			611
Federal funds purchased and securities
sold under agreements to repurchase		53			55			46			53			65
Other borrowings		1,010			929			646			692			734
Subordinated debentures		157			161			162			162			159
TOTAL INTEREST EXPENSE		3,489			3,270			2,847			2,989			3,157
NET INTEREST INCOME		41,545			39,629			31,564			29,582			30,075
Provision for loan losses		908			1,084			1,081			1,034			919
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES		40,637			38,545			30,483			28,548			29,156
NON-INTEREST INCOME
Trust income		1,537			1,608			1,448			1,342			1,444
Service charges on deposit accounts		6,068			5,497			4,603			4,474			4,241
Other service charges and fees		1,866			1,164			728			791			775
Mortgage lending income		810			916			1,122			1,338			1,216
Investment banking income		181			421			240			696			454
Credit card fees		4,600			4,592			4,400			4,341			4,039
Bank owned life insurance income		330			347			328			366			278
Gain on sale of securities, net		-			42			-			(193	)		-
Net (loss) gain on assets covered by FDIC loss share agreements		(7,370	)		(7,988	)		(3,443	)		(2,615	)		(2,142	)
Other income		1,176			1,118			887			733			1,008
TOTAL NON-INTEREST INCOME		9,198			7,717			10,313			11,273			11,313
NON-INTEREST EXPENSE
Salaries and employee benefits		22,464			19,933			17,701			17,937			18,507
Occupancy expense, net		3,890			2,544			2,485			2,450			2,555
Furniture and equipment expense		2,014			2,257			1,613			2,030			1,723
Other real estate and foreclosure expense		873			562			385			59			331
Deposit insurance		668			620			595			492			775
Merger related costs		1,272			6,413			190			(467	)		240
Other operating expenses		13,370			9,349			7,934			7,818			7,781
TOTAL NON-INTEREST EXPENSE		44,551			41,678			30,903			30,319			31,912
NET INCOME BEFORE INCOME TAXES		5,284			4,584			9,893			9,502			8,557
Provision for income taxes		932			798			2,961			2,926			2,620
NET INCOME	$	4,352		$	3,786		$	6,932		$	6,576		$	5,937
BASIC EARNINGS PER SHARE	$	0.27		$	0.23		$	0.43		$	0.40		$	0.36
DILUTED EARNINGS PER SHARE	$	0.27		$	0.23		$	0.43		$	0.40		$	0.36

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Simmons First National Corporation													SFNC
Consolidated Risk-Based Capital
For the Quarters Ended	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)	2014			2013			2013			2013			2013
(in thousands)
Tier 1 capital
Stockholders' equity	$	406,672		$	403,832		$	403,034		$	401,850		$	406,454
Trust preferred securities, net allowable		20,000			20,000			20,000			20,000			20,000
Disallowed intangible assets, net of deferred tax		(74,477	)		(75,501	)		(49,727	)		(48,091	)		(48,529	)
Unrealized loss (gain) on AFS securities		2,119			3,002			2,601			2,410			(45	)
Total Tier 1 capital		354,314			351,333			375,908			376,169			377,880
Tier 2 capital
Qualifying unrealized gain on AFS equity securities		42			45			40			35			28
Qualifying allowance for loan losses		28,846			28,967			25,633			24,818			24,129
Total Tier 2 capital		28,888			29,012			25,673			24,853			24,157
Total risk-based capital	$	383,202		$	380,345		$	401,581		$	401,022		$	402,037
Risk weighted assets	$	2,651,970		$	2,697,630		$	2,047,198		$	1,981,341		$	1,925,199
Adjusted average assets for leverage ratio	$	4,315,279		$	3,811,793		$	3,378,676		$	3,434,844		$	3,490,102
Ratios at end of quarter
Equity to assets		9.25	%		9.21	%		11.71	%		11.74	%		11.47	%
Tangible common equity to tangible assets		7.29	%		7.23	%		9.98	%		10.06	%		9.84	%
Tier 1 leverage ratio		8.21	%		9.22	%		11.13	%		10.95	%		10.83	%
Tier 1 risk-based capital ratio		13.36	%		13.02	%		18.36	%		18.99	%		19.63	%
Total risk-based capital ratio		14.45	%		14.10	%		19.62	%		20.24	%		20.88	%

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Simmons First National Corporation									SFNC
Consolidated Loans and Investments
For the Quarters Ended	Mar 31		Dec 31		Sep 30		Jun 30		Mar 31
(Unaudited)	2014		2013		2013		2013		2013
(in thousands)
Legacy Loan Portfolio - End of Period (1)
Consumer
Credit cards	$	172,609	$	184,935	$	177,463	$	173,536	$	171,599
Student loans		24,415		25,906		28,392		30,106		31,835
Other consumer		104,185		98,851		101,399		103,765		102,297
Total consumer		301,209		309,692		307,254		307,407		305,731
Real Estate
Construction		168,147		146,458		161,024		142,902		136,099
Single-family residential		402,588		392,285		375,703		364,239		355,479
Other commercial		644,772		626,333		602,463		572,110		569,686
Total real estate		1,215,507		1,165,076		1,139,190		1,079,251		1,061,264
Commercial
Commercial		186,303		164,329		154,508		152,122		150,427
Agricultural		72,239		98,886		135,633		107,113		68,028
Total commercial		258,542		263,215		290,141		259,235		218,455
Other		4,351		4,655		4,576		4,502		3,627
Total Loans	$	1,779,609	$	1,742,638	$	1,741,161	$	1,650,395	$	1,589,077
(1) Excludes all acquired loans, including those covered by FDIC loss share agreements.
Investment Securities - End of Period
Held-to-Maturity
U.S. Government agencies	$	425,616	$	395,198	$	313,052	$	313,050	$	288,480
Mortgage-backed securities		33,323		34,425		41		43		45
State and political subdivisions		317,056		315,445		268,055		241,751		199,368
Other securities		620		620		620		620		620
Total held-to-maturity		776,615		745,688		581,768		555,464		488,513
Available-for-Sale
U.S. Government agencies		231,949		178,217		163,127		159,390		159,846
Mortgage-backed securities		1,833		1,891		1,994		2,078		15,891
State and political subdivisions		7,367		7,861		1,263		1,262		1,417
FHLB stock		5,168		6,002		5,085		5,353		5,325
Other securities		14,676		14,321		8,468		9,448		9,686
Total available-for-sale		264,974		212,277		179,937		177,531		192,165
Total investment securities	$	1,041,589	$	957,965	$	761,705	$	732,995	$	680,678
Fair value - HTM investment securities	$	771,114	$	731,705	$	570,703	$	543,154	$	491,556
Investment Securities - QTD Average
Taxable securities	$	649,329	$	583,389	$	490,801	$	478,946	$	485,711
Tax exempt securities		323,000		294,639		255,129		214,289		203,422
Total investment securities - QTD average	$	972,329	$	878,028	$	745,930	$	693,235	$	689,133

Page 5

Simmons First National Corporation				SFNC
Consolidated Loans and Credit Coverage
For the Quarters Ended	Mar 31			Dec 31
(Unaudited)	2014			2013
(in thousands)
LOANS
Legacy loans	$	1,779,609		$	1,742,638
Allowance for loan losses		(26,983	)		(27,442	)
Legacy loans (net of allowance)		1,752,626			1,715,196
Loans acquired, not covered by FDIC loss share		495,915			566,895
Credit discount		(45,626	)		(51,251	)
Loans acquired, not covered (net of discount)		450,289			515,644
Loans acquired, covered by FDIC loss share		188,755			209,459
Credit discount		(50,876	)		(62,806	)
Loans acquired, covered (net of discount)		137,879			146,653
Net loans	$	2,340,794		$	2,377,493
Loan Coverage Ratios
Allowance for loan losses to legacy loans		1.52	%		1.57	%
Discount for credit losses on loans acquired, not covered,
to total loans acquired, not covered, plus discount for
credit losses on loans acquired, not covered		9.20	%		9.04	%
Discount for credit losses on loans acquired, covered,
to total loans acquired, covered, plus discount for
credit losses on loans acquired, covered		26.95	%		29.98	%
Total allowance and credit coverage		5.01	%		5.62	%

Page 6

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)	2014			2013			2013			2013			2013
(in thousands)
Allowance for Loan Losses
Balance, beginning of quarter	$	27,442		$	27,533		$	27,398		$	27,735		$	27,882
Loans charged off
Credit cards		816			841			770			743			909
Other consumer		148			428			449			310			374
Real estate		1,035			255			247			887			239
Commercial		82			133			20			133			96
Total loans charged off		2,081			1,657			1,486			2,073			1,618
Recoveries of loans previously charged off
Credit cards		271			226			235			204			236
Other consumer		121			166			114			116			195
Real estate		308			78			151			295			68
Commercial		14			12			40			87			53
Total recoveries		714			482			540			702			552
Net loans charged off		1,367			1,175			946			1,371			1,066
Provision for loan losses		908			1,084			1,081			1,034			919
Balance, end of quarter	$	26,983		$	27,442		$	27,533		$	27,398		$	27,735
Non-performing assets (1) (2)
Non-performing loans
Nonaccrual loans
Real estate	$	8,075		$	4,799		$	4,157		$	4,327		$	6,963
Commercial		1,054			495			525			526			602
Consumer		883			967			1,293			1,410			1,203
Total nonaccrual loans		10,012			6,261			5,975			6,263			8,768
Loans past due 90 days or more
Government guaranteed student loans		1,965			2,264			2,966			2,254			2,283
Other loans		517			687			725			879			661
Total loans past due 90 days or more		2,482			2,951			3,691			3,133			2,944
Total non-performing loans		12,494			9,212			9,666			9,396			11,712
Other non-performing assets
Foreclosed assets held for sale		17,357			19,361			20,493			21,804			21,253
Acquired foreclosed assets held for sale, not covered
by FDIC loss share agreements		40,119			45,459			5,710			8,586			9,461
Other non-performing assets		60			75			60			80			238
Total other non-performing assets		57,536			64,895			26,263			30,470			30,952
Total non-performing assets	$	70,030		$	74,107		$	35,929		$	39,866		$	42,664
Performing TDRs (troubled debt restructurings)	$	8,655		$	9,497		$	9,584		$	10,473		$	10,745
Ratios (1) (2)
Allowance for loan losses to total loans		1.52	%		1.57	%		1.58	%		1.66	%		1.75	%
Allowance for loan losses to non-performing loans		216	%		298	%		285	%		292	%		237	%
Non-performing loans to total loans		0.70	%		0.53	%		0.56	%		0.57	%		0.74	%
Non-performing assets (including performing TDRs)
to total assets		1.79	%		1.91	%		1.32	%		1.47	%		1.51	%
Non-performing assets to total assets		1.59	%		1.69	%		1.04	%		1.17	%		1.20	%
Non-performing assets to total assets
(excluding Gov't guaranteed student loans)		1.55	%		1.64	%		0.96	%		1.10	%		1.14	%
Annualized net charge offs to total loans		0.32	%		0.27	%		0.22	%		0.34	%		0.27	%
Annualized net credit card charge offs to
total credit card loans		1.20	%		1.31	%		1.21	%		1.25	%		1.53	%
Annualized net charge offs to total loans
(excluding credit cards)		0.22	%		0.14	%		0.11	%		0.23	%		0.11	%
Past due loans >30 days (excluding nonaccrual)		0.61	%		0.57	%		0.62	%		0.54	%		0.64	%
Past due loans >30 days (excluding nonaccrual)
(excluding Gov't guaranteed student loans)		0.45	%		0.41	%		0.36	%		0.35	%		0.40	%

(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.

Page 7

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)	2014			2013			2013			2013			2013
ASSETS
Earning Assets
Interest bearing balances due from banks		0.22	%		0.23	%		0.25	%		0.27	%		0.21	%
Investment securities		2.60	%		2.44	%		2.52	%		2.37	%		2.33	%
Mortgage loans held for sale		4.20	%		4.29	%		3.98	%		3.34	%		3.23	%
Assets held in trading accounts		0.28	%		0.27	%		0.27	%		0.29	%		0.52	%
Loans, including acquired loans		6.88	%		7.16	%		6.32	%		6.27	%		6.32	%
Total interest earning assets		4.91	%		5.08	%		4.63	%		4.35	%		4.41	%
LIABILITIES
Interest bearing liabilities
Interest bearing transaction and
savings accounts		0.15	%		0.16	%		0.17	%		0.17	%		0.17	%
Time deposits		0.58	%		0.63	%		0.67	%		0.71	%		0.75	%
Total interest bearing deposits		0.31	%		0.33	%		0.35	%		0.36	%		0.39	%
Federal funds purchased and securities
sold under agreement to repurchase		0.19	%		0.22	%		0.27	%		0.24	%		0.22	%
Other borrowings		3.48	%		3.39	%		3.39	%		3.47	%		3.55	%
Subordinated debentures		3.09	%		3.10	%		3.12	%		3.15	%		3.13	%
Total interest bearing liabilities		0.44	%		0.47	%		0.47	%		0.48	%		0.51	%
NET INTEREST MARGIN/SPREAD
Net interest spread		4.47	%		4.61	%		4.16	%		3.87	%		3.90	%
Net interest margin - quarter-to-date		4.54	%		4.70	%		4.27	%		3.96	%		4.01	%
Net interest margin - year-to-date		4.54	%		4.21	%		4.08	%		3.98	%		4.01	%

Page 8

Simmons First National Corporation													SFNC
Consolidated - Selected Financial Data
For the Quarters Ended	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)	2014			2013			2013			2013			2013
($ in thousands, except share data)
QUARTER-TO-DATE
Diluted earnings per share	$	0.27		$	0.23		$	0.43		$	0.40		$	0.36
Core earnings (excludes nonrecurring items) (non-GAAP)		7,482			7,749			7,371			6,409			6,083
Diluted core earnings per share (non-GAAP)		0.46			0.48			0.45			0.39			0.37
Cash dividends declared per common share		0.22			0.21			0.21			0.21			0.21
Cash dividends declared - amount		3,575			3,403			3,401			3,434			3,469
Return on average stockholders' equity		4.31	%		3.67	%		6.80	%		6.46	%		5.89	%
Return on tangible equity		5.87	%		4.51	%		8.18	%		7.76	%		7.09	%
Return on average assets		0.40	%		0.39	%		0.80	%		0.76	%		0.68	%
Net interest margin (FTE)		4.54	%		4.70	%		4.27	%		3.96	%		4.01	%
FTE adjustment - investments		1,682			1,442			1,313			1,083			1,062
FTE adjustment - loans		10			17			11			12			11
Amortization of intangibles		364			192			135			137			137
Amortization of intangibles, net of taxes		221			117			82			83			83
Average shares outstanding		16,270,149			16,210,480			16,220,199			16,414,893			16,516,438
Average earning assets		3,861,632			3,466,530			3,059,023			3,106,504			3,151,590
Average interest bearing liabilities		3,204,356			2,774,880			2,427,714			2,481,430			2,527,848
YEAR-TO-DATE
Diluted earnings per share	$	0.27		$	1.42		$	1.19		$	0.76		$	0.36
Core earnings (excludes nonrecurring items) (non-GAAP)		7,482			27,612			19,863			12,492			6,083
Diluted core earnings per share (non-GAAP)		0.46			1.69			1.21			0.76			0.37
Cash dividends declared per common share		0.22			0.84			0.63			0.42			0.21
Cash dividends declared - amount		3,575			13,707			10,304			6,903			3,469
Return on average stockholders' equity		4.31	%		5.33	%		6.39	%		6.18	%		5.89	%
Return on tangible equity		5.87	%		6.36	%		7.68	%		7.43	%		7.09	%
Return on average assets		0.40	%		0.64	%		0.75	%		0.72	%		0.68	%
Net interest margin (FTE)		4.54	%		4.21	%		4.08	%		3.98	%		4.01	%
FTE adjustment - investments		1,682			4,900			3,458			2,145			1,062
FTE adjustment - loans		10			51			34			23			11
Amortization of intangibles		364			601			409			274			137
Amortization of intangibles, net of taxes		221			365			248			166			83
Average shares outstanding		16,270,149			16,339,335			16,382,758			16,465,385			16,516,438
Average diluted shares outstanding		16,309,868			16,352,167			16,388,393			16,468,814			16,520,398
Average earning assets		3,861,632			3,224,094			3,105,706			3,129,048			3,151,590
Average interest bearing liabilities		3,204,356			2,551,653			2,477,899			2,503,992			2,527,848
END OF PERIOD
Book value per share	$	24.93		$	24.89		$	24.88		$	24.67		$	24.62
Tangible book value per share		19.23			19.10			20.80			20.74			20.73
Shares outstanding		16,311,263			16,226,256			16,198,964			16,289,239			16,509,666
Full-time equivalent employees		1,321			1,343			1,097			1,114			1,112
Total number of ATM's		120			157			106			110			110
Total number of financial centers		104			131			87			92			92
Parent company only - investment in subsidiaries		453,067			452,688			371,531			369,965			370,728
Parent company only - intangible assets		133			133			133			133			133

Page 9

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)	2014			2013			2013			2013			2013
(in thousands, except per share data)
QUARTER-TO-DATE
Net Income	$	4,352		$	3,786		$	6,932		$	6,576		$	5,937
Nonrecurring items
Merger related costs		1,272			6,413			190			(467	)		240
Loss on sale of securities		-			-			-			193			-
Branch right sizing		3,878			108			533			-			-
Tax effect		(2,020	)		(2,558	)		(284	)		107			(94	)
Net nonrecurring items		3,130			3,963			439			(167	)		146
Core earnings (non-GAAP)	$	7,482		$	7,749		$	7,371		$	6,409		$	6,083
Diluted earnings per share	$	0.27		$	0.23		$	0.43		$	0.40		$	0.36
Nonrecurring items
Merger related costs		0.08			0.40			0.01			(0.03	)		0.01
Loss on sale of securities		-			-			-			0.01			-
Branch right sizing		0.24			0.01			0.03			-			-
Tax effect		(0.13	)		(0.16	)		(0.02	)		0.01			-
Net nonrecurring items		0.19			0.25			0.02			(0.01	)		0.01
Diluted core earnings per share (non-GAAP)	$	0.46		$	0.48		$	0.45		$	0.39		$	0.37
YEAR-TO-DATE
Net Income	$	4,352		$	23,231		$	19,445		$	12,513		$	5,937
Nonrecurring items
Merger related costs		1,272			6,376			(37	)		(227	)		240
Loss on sale of securities		-			193			193			193			-
Branch right sizing		3,878			641			533			-			-
Tax effect		(2,020	)		(2,829	)		(271	)		13			(94	)
Net nonrecurring items		3,130			4,381			418			(21	)		146
Core earnings (non-GAAP)	$	7,482		$	27,612		$	19,863		$	12,492		$	6,083
Diluted earnings per share	$	0.27		$	1.42		$	1.19		$	0.76		$	0.36
Nonrecurring items
Merger related costs		0.08			0.39			(0.01	)		(0.02	)		0.01
Loss on sale of securities		-			0.01			0.01			0.01			-
Branch right sizing		0.24			0.04			0.03			-			-
Tax effect		(0.13	)		(0.17	)		(0.01	)		0.01			-
Net nonrecurring items		0.19			0.27			0.02			-			0.01
Diluted core earnings per share (non-GAAP)	$	0.46		$	1.69		$	1.21		$	0.76		$	0.37

Page 10