Simmons First National (SFNC) 8-K Simmons First National Corporation Reports Fourth Quarter 2023 Results

Exhibit 99.1

January 24, 2024

Simmons First National Corporation Reports Fourth Quarter 2023 Results

Board of Directors authorizes new $175 million share repurchase program and

approves a 5 percent increase in the quarterly cash dividend

Bob Fehlman, Simmons’ Chief Executive Officer, commented on fourth quarter 2023 results:

Overall, we were encouraged by the underlying trends experienced during the quarter, as well as the strategic decision we made to selectively sell certain lower yielding bonds in our securities portfolio given advantageous market conditions. Both net interest income and net interest margin were up on a linked quarter basis, reflecting our focus on maintaining strong loan and deposit pricing discipline. Equally important, deposit growth was driven by an increase in customer deposits – primarily money market and savings accounts.

A strong risk profile has always been a key attribute of Simmons and our results for the quarter continue to bear this out. Net charge-offs for the quarter were 11 basis points and our allowance for credit losses on loans to total loans ended the quarter at 1.34 percent as provision expense exceeded net charge-offs. Expense growth, other than the impact of a FDIC special assessment, was also well contained and reflected the success of our Better Bank Initiative.

As we enter 2024 against a backdrop of economic uncertainty, we believe certain strategic actions we have taken this past year position us well to take advantage of opportunities and meet the challenges ahead.

FINANCIAL HIGHLIGHTS	4Q23			3Q23			4Q22			4Q 23 Highlights
BALANCE SHEET (in millions)										Comparisons reflect 4Q23 vs 3Q23 •  Net income of $23.9 million and diluted EPS of $0.19 •  Adjusted earnings1 of $50.2 million and adjusted diluted EPS1 of $0.40 •  Net interest income up 1%; Net interest margin 2.68%, up 7 bps •  Total revenue of $177.6 million; Adjusted total revenue1 of $197.8 million. PPNR1 of $29.5 million; Adjusted PPNR1 of $65.1 million •  NCO 11 bps in 4Q23; NCO 12 bps for the full-year 2023 •  Provision for credit losses on loans exceeded net charge-offs in the quarter by $6.7 million •  ACL ratio ends the quarter at 1.34%; NPA to total assets ratio at 0.33%, relatively unchanged •  Sold $241 million of AFS securities; Proceeds used to paydown higher rate wholesale funding; Earn back period estimated at ~2.5 years •  Book value per share up 4% and TBVPS1 up 8% •  EA ratio 12.53%; TCE ratio1 up 62 bps to 7.69%
Total loans	$	16,846		$	16,772		$	16,142
Total investment securities		6,878			7,101			7,613
Total deposits		22,245			22,231			22,548
Total assets		27,346			27,564			27,461
Total shareholders’ equity		3,426			3,286			3,269
ASSET QUALITY
Net charge-off ratio (NCO ratio)		0.11	%		0.28	%		0.13	%
Nonperforming loan ratio		0.50			0.49			0.37
Nonperforming assets to total assets		0.33			0.32			0.23
Allowance for credit losses to total loans		1.34			1.30			1.22
Nonperforming loan coverage ratio		267			267			334
PERFORMANCE MEASURES (in millions)
Total revenue	$	177.6		$	196.2		$	237.7
Adjusted total revenue1		197.8			196.2			233.7
Pre-provision net revenue1 (PPNR)		29.5			64.2			95.1
Adjusted pre-provision net revenue1		65.1			66.3			92.2
Provision for credit losses		10.0			7.7			-
PERSHARE DATA
Diluted earnings	$	0.19		$	0.37		$	0.65
Adjusted diluted earnings1		0.40			0.39			0.64
Book value		27.37			26.26			25.73
Tangible book value1 (TBVPS)		15.92			14.77			14.33
CAPITAL RATIOS
Equity to assets (EA ratio)		12.53	%		11.92	%		11.91	%
Tangible common equity (TCE) ratio1		7.69			7.07			7.00
Common equity tier 1 (CET1) ratio		12.11			12.02			11.90
Total risk-based capital ratio		14.39			14.27			14.22
LIQUIDITY ($ in millions)
Loan to deposit ratio		75.73	%		75.44	%		71.59	%
Borrowed funds to total liabilities		5.88			7.37			5.73
Uninsured, non-collateralized deposits (UCD)	$	4,753		$	4,631		$	5,626
Additional liquidity sources		11,216			11,447			10,604
Coverage ratio of UCD		2.4x			2.5x			1.9x

Simmons First National Corporation (NASDAQ: SFNC) (Simmons or Company) today reported net income of $23.9 million for the fourth quarter of 2023, compared to $47.2 million in the third quarter of 2023 and $83.3 million in the fourth quarter of 2022. Diluted earnings per share were $0.19 for the fourth quarter of 2023, compared to $0.37 per share in the third quarter of 2023 and $0.65 per share in the fourth quarter of 2022. Adjusted earnings¹ for the fourth quarter of 2023 were $50.2 million, compared to $48.8 million in the third quarter of 2023 and $81.1 million in the fourth quarter of 2022. Adjusted diluted earnings per share¹ for the fourth quarter of 2023 were $0.40, compared to $0.39 in the third quarter of 2023 and $0.64 in the fourth quarter of 2022.

During the fourth quarter of 2023, we executed a strategic decision to sell approximately $241 million of low yield available-for-sale (AFS) investment securities, resulting in a pre-tax loss of approximately $20.2 million. The proceeds from the sale were used to pay off higher rate wholesale fundings, including both brokered deposits and FHLB advances. The earn back period of this initiative is estimated at approximately 2.5 years. In addition, during the quarter we also recorded $10.5 million of noninterest expense for a FDIC special assessment levied to support the Deposit Insurance Fund following the failure of certain banks in 2023. The table below summarizes the impact of these items, along with the impact of other items, consisting primarily of branch right sizing and early retirement program, and they are also described in further detail in the “Reconciliation of Non-GAAP Financial Measures” tables contained in this press release.

Impact of Certain Items on Earnings and Diluted EPS

$ in millions, except per share data	Q4 23			Q3 23			Q4 22
Net income	$	23.9		$	47.2		$	83.3
Loss on sale of AFS investment securities		20.2			-			0.1
FDIC special assessment		10.5			-			-
Branch right sizing, net		3.9			0.5			1.1
Early retirement program		1.0			1.6			-
Gain on insurance settlement		-			-			(4.1	)
Total pre-tax impact		35.6			2.1			(2.9	)
Tax effect2		(9.3	)		(0.5	)		0.7
Total impact on earnings		26.3			1.6			(2.2	)
Adjusted earnings1	$	50.2		$	48.8		$	81.1
Diluted EPS	$	0.19		$	0.37		$	0.65
Loss on sale of AFS investment securities		0.16			-			-
FDIC special assessment		0.08			-			-
Branch right sizing, net		0.03			0.01			0.01
Early retirement program		0.01			0.01			-
Gain on insurance settlement		-			-			(0.03	)
Total pre-tax impact		0.28			0.02			(0.02	)
Tax effect2		(0.07	)		—			0.01
Total impact on earnings		0.21			0.02			(0.01	)
Adjusted Diluted EPS1	$	0.40		$	0.39		$	0.64

Net Interest Income

Net interest income for the fourth quarter of 2023 totaled $155.6 million, compared to $153.4 million in the third quarter of 2023 and $193.0 million in the fourth quarter of 2022. Interest income totaled $323.5 million in the fourth quarter of 2023, up $13.2 million on a linked quarter basis. Interest expense totaled $167.9 million in the fourth quarter of 2023, up $11.0 million on a linked quarter basis. The increase in net interest income was primarily due to a $5.6 million increase in interest income on loans, coupled with an $8.1 million increase in interest income on investment securities, offset in part by a $10.7 million increase in interest expense associated with interest bearing deposits. Included in net interest income is accretion recognized on assets acquired, which totaled $1.8 million in the fourth quarter of 2023, $2.1 million in the third quarter of 2023 and $4.5 million in the fourth quarter of 2022.

The yield on loans on a fully taxable equivalent (FTE) basis for the fourth quarter of 2023 was 6.20 percent, compared to 6.08 percent in the third quarter of 2023 and 5.40 percent in the fourth quarter of 2022. The yield on investment securities on an FTE basis for the fourth quarter of 2023 was 3.67 percent, compared to 3.08 percent in the third quarter of 2023 and 2.68 percent in the fourth quarter of 2022. Costs of deposits for the fourth quarter of 2023 was 2.58 percent, compared to 2.37 percent in the third quarter of 2023 and 1.02 percent in the fourth quarter of 2022. The net interest margin on an FTE basis for the fourth quarter of 2023 was 2.68 percent, compared to 2.61 percent in the third quarter of 2023 and 3.31 percent in the fourth quarter of 2022.

Select Yield/Rates	Q4 23			Q3 23			Q2 23			Q1 23			Q4 22
Loan yield (FTE)2		6.20	%		6.08	%		5.89	%		5.67	%		5.40	%
Investment securities yield (FTE)2		3.67			3.08			2.91			2.92			2.68
Cost of interest bearing deposits		3.31			3.06			2.57			2.10			1.41
Cost of deposits		2.58			2.37			1.96			1.58			1.02
Cost of borrowed funds		5.79			5.60			5.31			4.29			3.92
Net interest spread (FTE)2		1.93			1.87			2.10			2.52			2.87
Net interest margin (FTE)2		2.68			2.61			2.76			3.09			3.31

Noninterest Income

Noninterest income for the fourth quarter of 2023 was $22.0 million, compared to $42.8 million in the third quarter of 2023 and $44.6 million in the fourth quarter of 2022. Included in the fourth quarter of 2023 was a $20.2 million loss on the strategic sale of AFS investment securities. Excluding this item, adjusted noninterest income¹ was $42.2 million in the fourth quarter of 2023, compared to $42.8 million in the third quarter of 2023. Adjusted noninterest income¹ for the fourth quarter of 2022 was $40.6 million.

Noninterest Income $ in millions	Q4 23			Q3 23		Q2 23			Q1 23		Q4 22
Service charges on deposit accounts	$	12.8		$	12.4	$	12.9		$	12.4		11.9
Wealth management fees		7.7			7.7		7.4			7.4		8.2
Debit and credit card fees		7.8			7.7		8.0			8.0		7.8
Mortgage lending income		1.6			2.2		2.4			1.6		1.1
Other service charges and fees		2.3			2.2		2.3			2.3		2.0
Bank owned life insurance		3.1			3.1		2.6			3.0		3.0
Gain (loss) on sale of securities		(20.2	)		-		(0.4	)		-		(0.1	)
Gain on insurance settlement		-			-		-			-		4.1
Other income		6.9			7.4		9.8			11.3		6.6
Total noninterest income	$	22.0		$	42.8	$	45.0		$	45.8	$	44.6
Adjusted noninterest income1	$	42.2		$	42.8	$	45.4		$	45.8	$	40.6

Noninterest Expense

Noninterest expense for the fourth quarter of 2023 was $148.1 million, compared to $132.0 million in the third quarter of 2023 and $142.6 million in the fourth quarter of 2022. Included in noninterest expense are certain items consisting primarily of early retirement program, branch right sizing and merger related costs, as well as a FDIC special assessment recorded in the fourth quarter of 2023. These items totaled $15.4 million in the fourth quarter of 2023, $2.1 million in the third quarter of 2023 and $1.1 million in the fourth quarter of 2022. Excluding these items (which are described in the “Reconciliation of Non-GAAP Financial Measures” tables below), adjusted noninterest expense¹ was $132.7 million in the fourth quarter of 2023, $129.9 million in the third quarter of 2023 and $141.4 million in the fourth quarter of 2022. The increase in noninterest expense on a linked quarter basis was primarily the result of the FDIC special assessment, branch right sizing and early retirement program costs. The increase in adjusted noninterest expense¹ on a linked quarter basis was primarily due to sundry items included in other operating expenses.

Provision for income taxes for the fourth quarter of 2023 was $(4.5) million, compared to $9.2 million in the third quarter of 2023 and $11.8 million in the fourth quarter of 2022. Provision for income taxes in the fourth quarter of 2023 reflected an effective tax rate adjustment based on the level of taxable income primarily due to the FDIC special assessment and loss on sale of securities.

Noninterest Expense

$ in millions	Q4 23			Q3 23			Q2 23			Q1 23			Q4 22
Salaries and employee benefits	$	67.0		$	67.4		$	74.7		$	77.0		$	73.0
Occupancy expense, net		11.7			12.0			11.4			11.6			11.6
Furniture and equipment		5.4			5.1			5.1			5.1			5.4
Deposit insurance		4.7			4.7			5.2			4.9			3.7
Other real estate and foreclosure expense		0.2			0.2			0.3			0.2			0.4
Merger related costs		-			-			-			1.4			-
FDIC special assessment		10.5			-			-			-			-
Other operating expenses		48.6			42.6			42.9			43.1			48.5
Total noninterest expense	$	148.1		$	132.0		$	139.7		$	143.2		$	142.6
Adjusted salaries and employee benefits1	$	66.0		$	65.8		$	71.1		$	77.0		$	73.0
Adjusted other operating expenses1		44.9			42.1			43.0			42.3			47.5
Adjusted noninterest expense1		132.7			129.9			136.0			140.9			141.4
Efficiency ratio		80.46	%		65.11	%		65.18	%		62.28	%		58.33	%
Adjusted efficiency ratio1		62.91			61.94			61.29			59.38			56.97
Full-time equivalent employees		3,007			3,005			3,066			3,189			3,236

Loans and Unfunded Loan Commitments

Total loans at the end of the fourth quarter of 2023 were $16.8 billion, up $704 million, or 4 percent, compared to $16.1 billion at the end of the fourth quarter of 2022. Total loans on a linked quarter basis increased $74 million, reflecting moderating demand, as well as our focus on maintaining disciplined pricing strategies and our conservative underwriting standards given projections surrounding near-term future economic activity and conditions. Unfunded commitments at the end of the fourth quarter of 2023 were $3.9 billion, compared to $4.0 billion at the end of the third quarter of 2023 and $5.0 billion at the end of the fourth quarter of 2022. At the same time, our commercial loan pipeline experienced measured growth for the second consecutive quarter. Commercial loans ready to close at the end of the fourth quarter of 2023 were $416 million, and the rate on ready to close commercial loans was 8.44 percent.

Loans and Unfunded Commitments $ in millions	Q4 23		Q3 23		Q2 23		Q1 23		Q4 22
Total loans	$	16,846	$	16,772	$	16,834	$	16,555	$	16,142
Unfunded loan commitments		3,880		4,049		4,443		4,725		5,000

Deposits

Total deposits at the end of the fourth quarter of 2023 were $22.2 billion, compared to $22.5 billion at the end of the fourth quarter of 2022. On a linked quarter basis, total deposits were up slightly, driven by increased levels of interest bearing transaction accounts (interest bearing checking, money market and savings accounts) and time deposits, offset primarily by a decrease in brokered deposits. Noninterest bearing deposits totaled $4.8 billion, compared to $5.0 billion at the end of the third quarter of 2023. Interest bearing transaction accounts totaled $10.3 billion at the end of the fourth quarter of 2023, compared to $9.9 billion at the end of the third quarter of 2023. Time deposits totaled $4.3 billion, compared to $4.1 billion at the end of the third quarter of 2023. Brokered deposits totaled $2.9 billion at the end of the fourth quarter of 2023, compared to $3.3 billion at the end of the third quarter of 2023. The loan-to-deposit ratio at the end of the fourth quarter of 2023 was 76 percent, compared to 75 percent at the end of the third quarter of 2023 and 72 percent at the end of the fourth quarter of 2022.

Deposits $ in millions	Q4 23			Q3 23			Q2 23			Q1 23			Q4 22
Noninterest bearing deposits	$	4,801		$	4,991		$	5,265		$	5,489		$	6,017
Interest bearing transaction accounts		10,277			9,875			10,203			10,625			10,936
Time deposits		4,266			4,103			3,784			3,385			2,849
Brokered deposits		2,901			3,262			3,237			2,953			2,746
Total deposits	$	22,245		$	22,231		$	22,489		$	22,452		$	22,548
Noninterest bearing deposits to total deposits		22	%		22	%		23	%		24	%		27	%
Total loans to total deposits		76			75			75			74			72

Asset Quality

Total nonperforming loans at the end of the fourth quarter of 2023 were $84.5 million, compared to $81.9 million at the end of the third quarter of 2023 and $58.9 million at the end of the fourth quarter of 2022. Total nonperforming assets as a percentage of total assets were 0.33 percent at the end of the fourth quarter of 2023, compared to 0.32 percent at the end of the third quarter of 2023 and 0.23 percent at the end of the fourth quarter of 2022. Activity in the quarter included the remaining $6.7 million payoff of a commercial credit originally totaling approximately $9.6 million that was placed on nonaccrual status during the second quarter of 2023, thus resulting in no loss of principal or interest to the company. Net charge-offs as a percentage of average loans for the fourth quarter of 2023 were 11 basis points, compared to 28 basis points in the third quarter of 2023 and 13 basis points in the fourth quarter of 2022. For the full-year of 2023, net charge-offs as a percentage of average loans were 12 basis points, compared to 9 basis points for the full-year of 2022.

Provision for credit losses totaled $10.0 million in the fourth quarter of 2023, compared to $7.7 million in the third quarter of 2023 and less than $1.0 million in the fourth quarter of 2022. Included in provision for credit losses was the recapture of provision expense related to investment securities totaling $1.2 million in both the third quarter and fourth quarter of 2023. The increase in provision for credit losses on a linked quarter and year-over-year basis reflected in part increased activity in the loan portfolio, as well as changes in macroeconomic conditions and variables. The allowance for credit losses at the end of the fourth quarter of 2023 was $225.2 million, compared to $218.5 million at the end of the third quarter of 2023 and $197.0 million at the end of the fourth quarter of 2022. The allowance for credit losses as a percentage of total loans at the end of the fourth quarter of 2023 was 1.34 percent, compared to 1.30 percent at the end of the third quarter of 2023 and 1.22 percent at the end of the fourth quarter of 2022. The nonperforming loan coverage ratio ended the quarter at 267 percent, and the reserve for unfunded commitments totaled $25.6 million, both unchanged from third quarter 2023 levels.

Asset Quality $ in millions	Q4 23			Q3 23			Q2 23			Q1 23			Q4 22
Allowance for credit losses on loans to total loans		1.34	%		1.30	%		1.25	%		1.25	%		1.22	%
Allowance for credit losses on loans to nonperforming loans		267			267			292			324			334
Nonperforming loans to total loans		0.50			0.49			0.43			0.38			0.37
Net charge-off ratio (annualized)		0.11			0.28			0.04			0.03			0.13
Net charge-off ratio YTD (annualized)		0.12			0.12			0.04			0.03			0.09
Total nonperforming loans		$84.5			$81.9			$72.0			$63.7			$58.9
Total other nonperforming assets		5.8			5.2			4.9			7.7			3.6
Total nonperforming assets		$90.3			$87.1			$76.9			$71.4			$62.5
Reserve for unfunded commitments		$25.6			$25.6			$36.9			$41.9			$41.9

Capital

Total common stockholders’ equity at the end of the fourth quarter of 2023 was $3.4 billion, compared to $3.3 billion at the end of both the third quarter of 2023 and the fourth quarter of 2022. Book value per share at the end of the fourth quarter of 2023 was $27.37, an increase of $1.11, or 4 percent, compared to $26.26 at the end of the third quarter of 2023 and an increase of $1.64, or 6 percent, compared to $25.73 at the end of the fourth quarter of 2022. Tangible book value per share¹ at the end of the fourth quarter of 2023 was $15.92, an increase of $1.15, or 8 percent, compared to $14.77 at the end of the third quarter of 2023 and an increase of $1.59, or 11 percent, compared to $14.33 at the end of the fourth quarter of 2022.

Stockholders’ equity as a percentage of total assets at December 31, 2023, was 12.5 percent, compared to 11.9 percent at September 30, 2023 and at December 31, 2022. Tangible common equity as a percentage of tangible assets¹ was 7.7 percent at December 31, 2023, compared to 7.1 percent at September 30, 2023, and 7.0 percent at December 31, 2022. Simmons continued to maintain a strong regulatory capital position with all regulatory capital ratios significantly exceeding “well capitalized” guidelines.

Share Repurchase Program and Cash Dividend

As a result of the Company’s strong capital position and ability to organically generate capital, the Company’s board of directors declared a quarterly cash dividend on the Company’s Class A common stock of $0.21 per share, which is payable on April 1, 2024, to shareholders of record as of March 15, 2024. The cash dividend rate represents an increase of $0.01 per share, or 5 percent, from the dividend paid for the same time period last year.

During the fourth quarter of 2023, Simmons did not repurchase any shares of its Class A common stock under its 2022 stock repurchase program (2022 Program). With the 2022 Program set to terminate on January 31, 2024, the Company also announced today that its Board of Directors has authorized a new stock repurchase program (New Program) under which the Company may repurchase up to $175,000,000 of its Class A common stock currently issued and outstanding. The New Program replaces the 2022 Program.

Under the New Program, the Company may repurchase shares of its common stock through open market and privately negotiated transactions or otherwise. The timing, pricing, and amount of any repurchases under the New Program will be determined by the Company’s management at its discretion based on a variety of factors, including, but not limited to, trading volume and market price of the Company’s common stock, corporate considerations, the Company’s working capital and investment requirements, general market and economic conditions, and legal requirements. The New Program does not obligate the Company to repurchase any common stock and may be modified, discontinued, or suspended at any time without prior notice. The Company anticipates funding for the New Program to come from available sources of liquidity, including cash on hand and future cash flow. The New Program will terminate on January 31, 2026 (unless terminated sooner).

Select Capital Ratios	Q4 23			Q3 23			Q2 23			Q1 23			Q4 22
Stockholders’ equity to total assets		12.5	%		11.9	%		12.0	%		12.1	%		11.9	%
Tangible common equity to tangible assets1		7.7			7.1			7.2			7.3			7.0
Common equity tier 1 (CET1) ratio		12.1			12.0			11.9			11.9			11.9
Tier 1 leverage ratio		9.4			9.3			9.2			9.2			9.3
Tier 1 risk-based capital ratio		12.1			12.0			11.9			11.9			11.9
Total risk-based capital ratio		14.4			14.3			14.2			14.5			14.2

(1)    Non-GAAP measurement. See “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below

(2)    FTE – fully taxable equivalent basis using an effective tax rate of 26.135%

Conference Call

Management will conduct a live conference call to review this information beginning at 9:00 a.m. Central Time today, Wednesday, January 24, 2024. Interested persons can listen to this call by dialing toll-free 1-844-481-2779 (North America only) and asking for the Simmons First National Corporation conference call, conference ID 10185194. In addition, the call will be available live or in recorded version on Simmons’ website at simmonsbank.com for at least 60 days following the date of the call.

Simmons First National Corporation

Simmons First National Corporation (NASDAQ: SFNC) is a Mid-South based financial holding company that has paid cash dividends to its shareholders for 115 consecutive years. Its principal subsidiary, Simmons Bank, operates 234 branches in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas. Founded in 1903, Simmons Bank offers comprehensive financial solutions delivered with a client-centric approach. In 2023, Simmons Bank was recognized by Forbes as one of America’s Best Midsize Employers and among the World’s Best Banks for the fourth consecutive year. In 2022, Simmons Bank was named to Forbes’ list of “America’s Best Banks” for the second consecutive year. Additional information about Simmons Bank can be found on our website at simmonsbank.com, by following @Simmons_Bank on X (formerly Twitter) or by visiting our newsroom.

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with U.S. 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 adjust GAAP performance measures to, among other things, include the tax benefit associated with revenue items that are tax-exempt, as well as exclude from net income (including on a per share diluted basis), pre-tax, pre-provision earnings, net charge-offs, income available to common shareholders, non-interest income, and non-interest expense certain income and expense items attributable to, for example, merger activity (primarily including merger-related expenses and Day 2 CECL provisions), gains and/or

losses on sale of branches, net branch right-sizing initiatives, loss on redemption of trust preferred securities, gain on sale of intellectual property, FDIC special assessment charges and gain/loss on the sale of AFS investment securities. The Company has updated its calculation of certain non-GAAP financial measures to exclude the impact of gains or losses on the sale of AFS investment securities in light of the impact of the Company’s strategic AFS investment securities transactions during the fourth quarter of 2023 and has presented past periods on a comparable basis.

In addition, the Company also presents certain figures based on tangible common stockholders’ equity, tangible assets and tangible book value, which exclude goodwill and other intangible assets. The Company further presents certain figures that are exclusive of the impact of deposits and/or loans acquired through acquisitions, mortgage warehouse loans, and/or energy loans, or gains and/or losses on the sale of securities. The Company’s management believes that these non-GAAP financial measures are useful to investors because they, among other things, present the results of the Company’s ongoing operations without the effect of mergers or other items not central to the Company’s ongoing business, as well as normalize for tax effects and certain other effects. Management, therefore, 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 ongoing businesses, and management uses these non-GAAP financial measures to assess the performance of the Company’s ongoing businesses as related to prior financial periods. 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. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.

Forward-Looking Statements

Certain statements in this press release may not be based on historical facts and should be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including, without limitation, statements made in Mr. Fehlman’s quote and estimated earn back periods, may be identified by reference to future periods or by the use of forward-looking terminology, such as “believe,” “budget,” “expect,” “foresee,” “anticipate,” “intend,” “indicate,” “target,” “estimate,” “plan,” “project,” “continue,” “contemplate,” “positions,” “prospects,” “predict,” or “potential,” by future conditional verbs such as “will,” “would,” “should,” “could,” “might” or “may,” or by variations of such words or by similar expressions. These forward-looking statements include, without limitation, statements relating to Simmons’ future growth, business strategies, lending capacity and lending activity, loan demand, revenue, assets, asset quality, profitability, dividends, net interest margin, non-interest revenue, share repurchase program, acquisition strategy, digital banking initiatives, the Company’s ability to recruit and retain key employees, the estimated cost savings associated with the Company’s Better Bank Initiative, the adequacy of the allowance for credit losses, and future economic conditions and interest rates. Any forward-looking statement speaks only as of the date of this press release, and Simmons undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this press release. By nature, forward-looking statements are based on various assumptions and involve inherent risk and uncertainties. Various factors, including, but not limited to, changes in economic conditions, changes in credit quality, changes in interest rates and related governmental policies, changes in loan demand, changes in deposit flows, changes in real estate values, changes in the assumptions used in making the forward-looking statements, changes in the securities markets generally or the price of Simmons’ common stock specifically, changes in information technology affecting the financial industry, and changes in customer behaviors, including consumer spending, borrowing, and saving habits; general economic and market conditions; market disruptions including pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, war and other military conflicts (including the ongoing military conflicts between Russia and Ukraine and between Israel and Hamas) or other major events, or the prospect of these events; the soundness of other financial institutions and indirect exposure related to the closings of Silicon Valley Bank (SVB), Signature Bank and Silvergate Bank and their impact on the broader market through other customers, suppliers and partners (or that the conditions which resulted in the liquidity concerns with SVB, Signature Bank and Silvergate Bank may also adversely impact, directly or indirectly, other financial institutions and market participants with which the Company has commercial or deposit relationships); increased inflation; the loss of key employees; increased competition in the markets in which the Company operates; increased unemployment; labor shortages; claims, damages, and fines related to litigation or government actions; changes in accounting principles relating to loan loss recognition (current expected credit losses); the Company’s ability to manage and successfully integrate its mergers and acquisitions and to fully realize cost savings and other benefits associated with acquisitions; increased delinquency and foreclosure rates on commercial real estate loans; cyber threats, attacks or events; reliance on third parties for key services; government legislation; and other factors, many of which are beyond the control of the Company, could cause actual results to differ materially from those projected in or contemplated by the forward-

looking statements. Additional information on factors that might affect the Company’s financial results is included in the Company’s Form 10-K for the year ended December 31, 2022, the Company’s Form 10-Q for the quarterly period ended March 31, 2023, and other reports that the Company has filed with or furnished to the U.S. Securities and Exchange Commission (the SEC), all of which are available from the SEC on its website, www.sec.gov. In addition, there can be no guarantee that the board of directors (Board) of Simmons will approve a quarterly dividend in future quarters, and the timing, payment, and amount of future dividends (if any) is subject to, among other things, the discretion of the Board and may differ significantly from past dividends.

FOR MORE INFORMATION CONTACT:

Ed Bilek, EVP, Director of Investor and Media Relations

ed.bilek@simmonsbank.com or 205.612.3378 (cell)

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)	2023			2023			2023			2023			2022
($ in thousands)
ASSETS
Cash and noninterest bearing balances due from banks	$	345,258		$	181,822		$	181,268		$	199,316		$	200,616
Interest bearing balances due from banks and federal funds sold		268,834			423,826			564,644			325,135			481,506
Cash and cash equivalents		614,092			605,648			745,912			524,451			682,122
Interest bearing balances due from banks - time		100			100			545			795			795
Investment securities - held-to-maturity		3,726,288			3,742,292			3,756,754			3,765,483			3,759,706
Investment securities - available-for-sale		3,152,153			3,358,421			3,579,758			3,755,956			3,852,854
Mortgage loans held for sale		9,373			11,690			10,342			4,244			3,486
Loans:
Loans		16,845,670			16,771,888			16,833,653			16,555,098			16,142,124
Allowance for credit losses on loans		(225,231	)		(218,547	)		(209,966	)		(206,557	)		(196,955	)
Net loans		16,620,439			16,553,341			16,623,687			16,348,541			15,945,169
Premises and equipment		570,678			567,167			562,025			564,497			548,741
Foreclosed assets and other real estate owned		4,073			3,809			3,909			2,721			2,887
Interest receivable		122,430			110,361			103,431			98,775			102,892
Bank owned life insurance		500,559			497,465			494,370			493,191			491,340
Goodwill		1,320,799			1,320,799			1,320,799			1,320,799			1,319,598
Other intangible assets		112,645			116,660			120,758			124,854			128,951
Other assets		592,045			676,572			636,833			579,139			622,520
Total assets	$	27,345,674		$	27,564,325		$	27,959,123		$	27,583,446		$	27,461,061
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Noninterest bearing transaction accounts	$	4,800,880		$	4,991,034		$	5,264,962		$	5,489,434		$	6,016,651
Interest bearing transaction accounts and savings deposits		10,997,425			10,571,807			10,866,078			11,283,584			11,762,885
Time deposits		6,446,673			6,668,370			6,357,682			5,678,757			4,768,558
Total deposits		22,244,978			22,231,211			22,488,722			22,451,775			22,548,094
Federal funds purchased and securities sold under agreements to repurchase		67,969			74,482			102,586			142,862			160,403
Other borrowings		972,366			1,347,855			1,373,339			1,023,826			859,296
Subordinated notes and debentures		366,141			366,103			366,065			366,027			365,989
Accrued interest and other liabilities		267,732			259,119			272,085			259,055			257,917
Total liabilities		23,919,186			24,278,770			24,602,797			24,243,545			24,191,699
Stockholders’ equity:
Common stock		1,252			1,251			1,262			1,273			1,270
Surplus		2,499,930			2,497,874			2,516,398			2,533,589			2,530,066
Undivided profits		1,329,681			1,330,810			1,308,654			1,275,720			1,255,586
Accumulated other comprehensive (loss) income		(404,375	)		(544,380	)		(469,988	)		(470,681	)		(517,560	)
Total stockholders’ equity		3,426,488			3,285,555			3,356,326			3,339,901			3,269,362
Total liabilities and stockholders’ equity	$	27,345,674		$	27,564,325		$	27,959,123		$	27,583,446		$	27,461,061

Page 1

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)	2023			2023			2023			2023		2022
($ in thousands, except per share data)
INTEREST INCOME
Loans (including fees)	$	261,505		$	255,901		$	244,292		$	227,498	$	216,091
Interest bearing balances due from banks and federal funds sold		3,115			3,569			4,023			2,783		2,593
Investment securities		58,755			50,638			48,751			48,774		45,689
Mortgage loans held for sale		143			178			154			82		152
Other loans held for sale		-			-			-			-		59
TOTAL INTEREST INCOME		323,518			310,286			297,220			279,137		264,584
INTEREST EXPENSE
Time deposits		72,458			68,062			53,879			39,538		22,434
Other deposits		71,412			65,095			54,485			47,990		34,615
Federal funds purchased and securities sold under agreements to repurchase		232			277			318			323		449
Other borrowings		16,607			16,450			18,612			8,848		9,263
Subordinated notes and debentures		7,181			6,969			6,696			4,603		4,797
TOTAL INTEREST EXPENSE		167,890			156,853			133,990			101,302		71,558
NET INTEREST INCOME		155,628			153,433			163,230			177,835		193,026
PROVISION FOR CREDIT LOSSES
Provision for credit losses on loans		11,225			20,222			5,061			10,916		26
Provision for credit losses on unfunded commitments		-			(11,300	)		(5,000	)		-		-
Provision for credit losses on investment securities - AFS		(1,196	)		(1,200	)		(1,326	)		12,800		-
Provision for credit losses on investment securities - HTM		-			-			1,326			500		-
TOTAL PROVISION FOR CREDIT LOSSES		10,029			7,722			61			24,216		26
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		145,599			145,711			163,169			153,619		193,000
NONINTEREST INCOME
Service charges on deposit accounts		12,782			12,429			12,882			12,437		11,892
Debit and credit card fees		7,822			7,712			7,986			7,952		7,845
Wealth management fees		7,679			7,719			7,440			7,365		8,151
Mortgage lending income		1,603			2,157			2,403			1,570		1,139
Bank owned life insurance income		3,094			3,095			2,555			2,973		2,975
Other service charges and fees (includes insurance income)		2,346			2,232			2,262			2,282		2,023
Gain (loss) on sale of securities		(20,218	)		-			(391	)		-		(52	)
Gain on insurance settlement		-			-			-			-		4,074
Other income		6,866			7,433			9,843			11,256		6,600
TOTAL NONINTEREST INCOME		21,974			42,777			44,980			45,835		44,647
NONINTEREST EXPENSE
Salaries and employee benefits		66,982			67,374			74,723			77,038		73,018
Occupancy expense, net		11,733			12,020			11,410			11,578		11,620
Furniture and equipment expense		5,445			5,117			5,128			5,051		5,392
Other real estate and foreclosure expense		189			228			289			186		350
Deposit insurance		15,220			4,672			5,201			4,893		3,680
Merger-related costs		-			5			19			1,396		35
Other operating expenses		48,570			42,582			42,926			43,086		48,480
TOTAL NONINTEREST EXPENSE		148,139			131,998			139,696			143,228		142,575
NET INCOME BEFORE INCOME TAXES		19,434			56,490			68,453			56,226		95,072
Provision for income taxes		(4,473	)		9,243			10,139			10,637		11,812
NET INCOME	$	23,907		$	47,247		$	58,314		$	45,589	$	83,260
BASIC EARNINGS PER SHARE	$	0.19		$	0.38		$	0.46		$	0.36	$	0.66
DILUTED EARNINGS PER SHARE	$	0.19		$	0.37		$	0.46		$	0.36	$	0.65

Page 2

Simmons First National Corporation	SFNC
Consolidated Risk-Based Capital

For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2023			2023			2023			2023			2022
($ in thousands)
Tier 1 capital
Stockholders’ equity	$	3,426,488		$	3,285,555		$	3,356,326		$	3,339,901		$	3,269,362
CECL transition provision (1)		61,746			61,746			61,746			61,746			92,619
Disallowed intangible assets, net of deferred tax		(1,398,810	)		(1,402,682	)		(1,406,500	)		(1,410,141	)		(1,412,667	)
Unrealized loss (gain) on AFS securities		404,375			544,380			469,988			470,681			517,560
Total Tier 1 capital		2,493,799			2,488,999			2,481,560			2,462,187			2,466,874
Tier 2 capital
Subordinated notes and debentures		366,141			366,103			366,065			366,027			365,989
Subordinated debt phase out		(66,000	)		(66,000	)		(66,000	)		-			-
Qualifying allowance for loan losses and reserve for unfunded commitments		170,977			165,490			169,409			173,077			115,627
Total Tier 2 capital		471,118			465,593			469,474			539,104			481,616
Total risk-based capital	$	2,964,917		$	2,954,592		$	2,951,034		$	3,001,291		$	2,948,490
Risk weighted assets	$	20,599,238		$	20,703,669		$	20,821,075		$	20,748,605		$	20,738,727
Adjusted average assets for leverage ratio	$	26,552,988		$	26,733,658		$	26,896,289		$	26,632,691		$	26,407,061
Ratios at end of quarter
Equity to assets		12.53%			11.92%			12.00%			12.11%			11.91%
Tangible common equity to tangible assets (2)		7.69%			7.07%			7.22%			7.25%			7.00%
Common equity Tier 1 ratio (CET1)		12.11%			12.02%			11.92%			11.87%			11.90%
Tier 1 leverage ratio		9.39%			9.31%			9.23%			9.24%			9.34%
Tier 1 risk-based capital ratio		12.11%			12.02%			11.92%			11.87%			11.90%
Total risk-based capital ratio		14.39%			14.27%			14.17%			14.47%			14.22%

(1) The Company has elected to use the CECL transition provision allowed for in the year of adopting ASC 326.

(2) Calculations of tangible common equity to tangible assets and the reconciliations to GAAP are included in the schedules accompanying this release.

Page 3

Simmons First National Corporation	SFNC
Consolidated Investment Securities

For the Quarters Ended	Dec 31		Sep 30		Jun 30		Mar 31		Dec 31
(Unaudited)	2023		2023		2023		2023		2022
($ in thousands)
Investment Securities - End of Period
Held-to-Maturity
U.S. Government agencies	$	453,121	$	452,428	$	451,737	$	451,052	$	448,012
Mortgage-backed securities		1,161,694		1,178,324		1,193,118		1,201,418		1,190,781
State and political subdivisions		1,856,674		1,857,652		1,859,022		1,859,970		1,860,992
Other securities		254,799		253,888		252,877		253,043		259,921
Total held-to-maturity (net of credit losses)		3,726,288		3,742,292		3,756,754		3,765,483		3,759,706
Available-for-Sale
U.S. Treasury	$	2,254	$	2,224	$	2,209	$	2,220	$	2,197
U.S. Government agencies		72,502		172,759		176,564		181,843		184,279
Mortgage-backed securities		1,940,307		2,157,092		2,282,328		2,433,530		2,542,902
State and political subdivisions		902,793		790,344		885,505		895,896		871,074
Other securities		234,297		236,002		233,152		242,467		252,402
Total available-for-sale (net of credit losses)		3,152,153		3,358,421		3,579,758		3,755,956		3,852,854
Total investment securities (net of credit losses)	$	6,878,441	$	7,100,713	$	7,336,512	$	7,521,439	$	7,612,560
Fair value - HTM investment securities	$	3,135,370	$	2,848,211	$	3,094,958	$	3,148,976	$	3,063,233

Page 4

Simmons First National Corporation	SFNC
Consolidated Loans

For the Quarters Ended	Dec 31		Sep 30		Jun 30		Mar 31		Dec 31
(Unaudited)	2023		2023		2023		2023		2022
($ in thousands)
Loan Portfolio - End of Period
Consumer:
Credit cards	$	191,204	$	191,550	$	209,452	$	188,590	$	196,928
Other consumer		127,462		112,832		148,333		142,817		152,882
Total consumer		318,666		304,382		357,785		331,407		349,810
Real Estate:
Construction		3,144,220		3,022,321		2,930,586		2,777,122		2,566,649
Single-family residential		2,641,556		2,657,879		2,633,365		2,589,831		2,546,115
Other commercial real estate		7,552,410		7,565,008		7,546,130		7,520,964		7,468,498
Total real estate		13,338,186		13,245,208		13,110,081		12,887,917		12,581,262
Commercial:
Commercial		2,490,176		2,477,077		2,569,330		2,669,731		2,632,290
Agricultural		232,710		296,912		280,541		220,641		205,623
Total commercial		2,722,886		2,773,989		2,849,871		2,890,372		2,837,913
Other		465,932		448,309		515,916		445,402		373,139
Total loans	$	16,845,670	$	16,771,888	$	16,833,653	$	16,555,098	$	16,142,124

Page 5

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)	2023		2023		2023		2023		2022
($ in thousands)
Allowance for Credit Losses on Loans
Beginning balance	$	218,547	$	209,966	$	206,557	$	196,955	$	197,589
Day 1 PCD allowance from acquisitions:
Spirit of Texas (04/08/2022)		-		-		-		-		4,523
Total Day 1 PCD allowance		-		-		-		-		4,523
Loans charged off:
Credit cards		1,500		1,318		1,409		1,076		1,035
Other consumer		767		633		666		456		439
Real estate		1,023		9,723		435		1,204		3,392
Commercial		3,105		1,219		1,225		413		5,389
Total loans charged off		6,395		12,893		3,735		3,149		10,255
Recoveries of loans previously charged off:
Credit cards		242		234		298		234		251
Other consumer		518		344		436		240		230
Real estate		785		429		878		294		4,117
Commercial		309		245		471		1,067		475
Total recoveries		1,854		1,252		2,083		1,835		5,073
Net loans charged off		4,541		11,641		1,652		1,314		5,182
Provision for credit losses on loans		11,225		20,222		5,061		10,916		25
Balance, end of quarter	$	225,231	$	218,547	$	209,966	$	206,557	$	196,955
Nonperforming assets
Nonperforming loans:
Nonaccrual loans	$	83,325	$	81,135	$	71,279	$	63,218	$	58,434
Loans past due 90 days or more		1,147		806		738		437		507
Total nonperforming loans		84,472		81,941		72,017		63,655		58,941
Other nonperforming assets:
Foreclosed assets and other real estate owned		4,073		3,809		3,909		2,721		2,887
Other nonperforming assets		1,726		1,417		1,013		5,012		644
Total other nonperforming assets		5,799		5,226		4,922		7,733		3,531
Total nonperforming assets	$	90,271	$	87,167	$	76,939	$	71,388	$	62,472
Performing FDMs (modifications to borrowers experiencing financial difficulty)	$	33,577	$	33,723	$	2,996	$	2,183	$	1,849
Ratios
Allowance for credit losses on loans to total loans		1.34%		1.30%		1.25%		1.25%		1.22%
Allowance for credit losses to nonperforming loans		267%		267%		292%		324%		334%
Nonperforming loans to total loans		0.50%		0.49%		0.43%		0.38%		0.37%
Nonperforming assets (including performing FDMs) to total assets		0.45%		0.44%		0.29%		0.27%		0.23%
Nonperforming assets to total assets		0.33%		0.32%		0.28%		0.26%		0.23%
Annualized net charge offs to average loans (QTD)		0.11%		0.28%		0.04%		0.03%		0.13%
Annualized net charge offs to average loans (YTD)		0.12%		0.12%		0.04%		0.03%		0.09%
Annualized net credit card charge offs to average credit card loans (QTD)		2.49%		2.19%		2.25%		1.69%		1.52%

Page 6

Simmons First National Corporation	SFNC
Consolidated - Average Balance Sheet and Net Interest Income Analysis
For the Quarters Ended
(Unaudited)

	Three Months Ended Dec 2023						Three Months Ended Sep 2023						Three Months Ended Dec 2022
($ in thousands)	Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate
ASSETS
Earning assets:
Interest bearing balances due from banks and federal funds sold	$	230,464	$	3,115		5.36%	$	331,444	$	3,569		4.27%	$	361,856	$	2,593		2.84%
Investment securities - taxable		4,410,681		42,895		3.86%		4,638,486		34,734		2.97%		5,085,960		29,645		2.31%
Investment securities - non-taxable (FTE)		2,555,125		21,523		3.34%		2,617,152		21,563		3.27%		2,582,050		22,123		3.40%
Mortgage loans held for sale		7,644		143		7.42%		9,542		178		7.40%		8,601		152		7.01%
Other loans held for sale		-		-		0.00%		-		-		0.00%		1,704		59		13.74%
Loans - including fees (FTE)		16,793,211		262,353		6.20%		16,758,597		256,757		6.08%		15,929,957		216,782		5.40%
Total interest earning assets (FTE)		23,997,125		330,029		5.46%		24,355,221		316,801		5.16%		23,970,128		271,354		4.49%
Non-earning assets		3,373,686						3,239,390						3,210,447
Total assets	$	27,370,811					$	27,594,611					$	27,180,575
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest bearing liabilities:
Interest bearing transaction and savings accounts	$	10,730,701	$	71,412		2.64%	$	10,682,767	$	65,095		2.42%	$	11,859,322	$	34,615		1.16%
Time deposits		6,509,663		72,458		4.42%		6,558,110		68,062		4.12%		4,212,271		22,434		2.11%
Total interest bearing deposits		17,240,364		143,870		3.31%		17,240,877		133,157		3.06%		16,071,593		57,049		1.41%
Federal funds purchased and securities sold under agreement to repurchase		65,871		232		1.40%		89,769		277		1.22%		178,948		449		1.00%
Other borrowings		1,212,501		16,607		5.43%		1,222,557		16,450		5.34%		923,189		9,263		3.98%
Subordinated notes and debentures		366,123		7,181		7.78%		366,085		6,969		7.55%		365,971		4,797		5.20%
Total interest bearing liabilities		18,884,859		167,890		3.53%		18,919,288		156,853		3.29%		17,539,701		71,558		1.62%
Noninterest bearing liabilities:
Noninterest bearing deposits		4,864,274						5,032,631						6,161,732
Other liabilities		285,431						271,014						264,230
Total liabilities		24,034,564						24,222,933						23,965,663
Stockholders’ equity		3,336,247						3,371,678						3,214,912
Total liabilities and stockholders’ equity	$	27,370,811					$	27,594,611					$	27,180,575
Net interest income (FTE)			$	162,139					$	159,948					$	199,796
Net interest spread (FTE)						1.93%						1.87%						2.87%
Net interest margin (FTE)						2.68%						2.61%						3.31%

Page 7

Simmons First National Corporation	SFNC
Consolidated - Selected Financial Data

For the Quarters Ended	Dec 31		Sep 30		Jun 30		Mar 31		Dec 31
(Unaudited)	2023		2023		2023		2023		2022
($ in thousands, except share data)
QUARTER-TO-DATE
Financial Highlights - As Reported
Net Income	$	23,907	$	47,247	$	58,314	$	45,589	$	83,260
Diluted earnings per share		0.19		0.37		0.46		0.36		0.65
Return on average assets		0.35%		0.68%		0.84%		0.67%		1.22%
Return on average common equity		2.84%		5.56%		6.96%		5.49%		10.27%
Return on tangible common equity (non-GAAP) (1)		5.61%		10.33%		12.85%		10.25%		19.29%
Net interest margin (FTE)		2.68%		2.61%		2.76%		3.09%		3.31%
Efficiency ratio (2)		80.46%		65.11%		65.18%		62.28%		58.33%
FTE adjustment		6,511		6,515		6,106		6,311		6,770
Average diluted shares outstanding		125,609,265		126,283,609		127,379,976		127,516,478		127,505,996
Shares repurchased under plan		-		1,128,962		1,128,087		-		-
Average price of shares repurchased		-		17.69		17.75		-		-
Cash dividends declared per common share		0.200		0.200		0.200		0.200		0.190
Accretable yield on acquired loans		1,762		2,146		2,267		2,579		4,473
Financial Highlights - Adjusted (non-GAAP) (1)
Adjusted earnings	$	50,215	$	48,804	$	61,354	$	47,343	$	81,131
Adjusted diluted earnings per share		0.40		0.39		0.48		0.37		0.64
Adjusted return on average assets		0.73%		0.70%		0.89%		0.70%		1.18%
Adjusted return on average common equity		5.97%		5.74%		7.33%		5.70%		10.01%
Adjusted return on tangible common equity		11.10%		10.64%		13.48%		10.62%		18.82%
Adjusted efficiency ratio (2)		62.91%		61.94%		61.29%		59.38%		56.97%
YEAR-TO-DATE
Financial Highlights - GAAP
Net Income	$	175,057	$	151,150	$	103,903	$	45,589	$	256,412
Diluted earnings per share		1.38		1.19		0.82		0.36		2.06
Return on average assets		0.64%		0.73%		0.76%		0.67%		0.97%
Return on average common equity		5.21%		6.00%		6.23%		5.49%		7.87%
Return on tangible common equity (non-GAAP) (1)		9.76%		11.14%		11.55%		10.25%		14.33%
Net interest margin (FTE)		2.78%		2.82%		2.92%		3.09%		3.17%
Efficiency ratio (2)		67.75%		64.13%		63.68%		62.28%		62.14%
FTE adjustment		25,443		18,932		12,417		6,311		24,671
Average diluted shares outstanding		126,775,704		127,099,727		127,421,034		127,516,478		124,470,184
Cash dividends declared per common share		0.800		0.600		0.400		0.200		0.760
Financial Highlights - Adjusted (non-GAAP) (1)
Adjusted earnings	$	207,716	$	157,501	$	108,697	$	47,343	$	298,840
Adjusted diluted earnings per share		1.64		1.24		0.85		0.37		2.40
Adjusted return on average assets		0.75%		0.76%		0.79%		0.70%		1.13%
Adjusted return on average common equity		6.18%		6.25%		6.51%		5.70%		9.17%
Adjusted return on tangible common equity		11.46%		11.58%		12.06%		10.62%		16.60%
Adjusted efficiency ratio (2)		61.32%		60.81%		60.30%		59.38%		57.50%
END OF PERIOD
Book value per share	$	27.37	$	26.26	$	26.59	$	26.24	$	25.73
Tangible book value per share		15.92		14.77		15.17		14.88		14.33
Shares outstanding		125,184,119		125,133,281		126,224,707		127,282,192		127,046,654
Full-time equivalent employees		3,007		3,005		3,066		3,189		3,236
Total number of financial centers		234		232		231		231		230

(1) Non-GAAP measurement that management believes aids in the understanding and discussion of results. Reconciliations to GAAP are included in the schedules accompanying this release.

(2) Efficiency ratio is noninterest expense as a percent of net interest income (fully taxable equivalent) and noninterest revenues. Adjusted efficiency ratio is noninterest expense before foreclosed property expense, amortization of intangibles and certain adjusting items as a percent of net interest income (fully taxable equivalent) and noninterest revenues, excluding gains and losses from securities transactions and certain adjusting items, and is a non-GAAP measurement.

Page 8

Simmons First National Corporation	SFNC
Reconciliation Of Non-GAAP Financial Measures - Adjusted Earnings - Quarter-to-Date

For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2023			2023			2023			2023			2022
(in thousands, except per share data)
QUARTER-TO-DATE
Net income	$	23,907		$	47,247		$	58,314		$	45,589		$	83,260
Certain items (non-GAAP)
Gain on insurance settlement		-			-			-			-			(4,074	)
FDIC Deposit Insurance special assessment		10,521			-			-			-			-
Merger related costs		-			5			19			1,396			35
Early retirement program		1,032			1,557			3,609			-			-
Loss (gain) on sale of securities		20,218			-			391			-			52
Branch right sizing (net)		3,846			547			95			979			1,104
Tax effect of certain items (1)		(9,309	)		(552	)		(1,074	)		(621	)		754
Certain items, net of tax		26,308			1,557			3,040			1,754			(2,129	)
Adjusted earnings (non-GAAP)	$	50,215		$	48,804		$	61,354		$	47,343		$	81,131
Diluted earnings per share	$	0.19		$	0.37		$	0.46		$	0.36		$	0.65
Certain items (non-GAAP)
Gain on insurance settlement		-			-			-			-			(0.03	)
FDIC Deposit Insurance special assessment		0.08			-			-			-			-
Merger related costs		-			-			-			0.01			-
Early retirement program		0.01			0.01			0.03			-			-
Loss (gain) on sale of securities		0.16			-			-			-			-
Branch right sizing (net)		0.03			0.01			-			0.01			0.01
Tax effect of certain items (1)		(0.07	)		-			(0.01	)		(0.01	)		0.01
Certain items, net of tax		0.21			0.02			0.02			0.01			(0.01	)
Adjusted diluted earnings per share (non-GAAP)	$	0.40		$	0.39		$	0.48		$	0.37		$	0.64
(1) Effective tax rate of 26.135%.
Reconciliation of Certain Noninterest Income and Expense Items (non-GAAP)
QUARTER-TO-DATE
Noninterest income	$	21,974		$	42,777		$	44,980		$	45,835		$	44,647
Certain noninterest income items
Gain on insurance settlement		-			-			-			-			(4,074	)
Loss (gain) on sale of securities		20,218			-			391			-			52
Branch right sizing income		-			-			-			-			-
Adjusted noninterest income (non-GAAP)	$	42,192		$	42,777		$	45,371		$	45,835		$	40,625
Other income	$	6,866		$	7,433		$	9,843		$	11,256		$	6,600
Certain other income items
Branch right sizing income		-			-			-			-			-
Adjusted other income (non-GAAP)	$	6,866		$	7,433		$	9,843		$	11,256		$	6,600
Noninterest expense	$	148,139		$	131,998		$	139,696		$	143,228		$	142,575
Certain noninterest expense items
Merger related costs		-			(5	)		(19	)		(1,396	)		(35	)
Early retirement program		(1,032	)		(1,557	)		(3,609	)		-			-
FDIC Deposit Insurance special assessment		(10,521	)		-			-			-			-
Branch right sizing expense		(3,846	)		(547	)		(95	)		(979	)		(1,104	)
Adjusted noninterest expense (non-GAAP)	$	132,740		$	129,889		$	135,973		$	140,853		$	141,436
Salaries and employee benefits	$	66,982		$	67,374		$	74,723		$	77,038		$	73,018
Certain salaries and employee benefits items
Early retirement program		(1,032	)		(1,557	)		(3,609	)		-			-
Other		2			-			-			-			-
Adjusted salaries and employee benefits (non-GAAP)	$	65,952		$	65,817		$	71,114		$	77,038		$	73,018
Other operating expenses	$	48,570		$	42,582		$	42,926		$	43,086		$	48,480
Certain other operating expenses items
Branch right sizing expense		(3,708	)		(466	)		53			(816	)		(953	)
Adjusted other operating expenses (non-GAAP)	$	44,862		$	42,116		$	42,979		$	42,270		$	47,527

Page 9

Simmons First National Corporation	SFNC
Reconciliation Of Non-GAAP Financial Measures - Adjusted Earnings - Year-to-Date

For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2023			2023			2023			2023			2022
(in thousands, except per share data)
YEAR-TO-DATE
Net income	$	175,057		$	151,150		$	103,903		$	45,589		$	256,412
Certain items (non-GAAP)
(Gain) loss from early retirement of TruPS		-			-			-			-			365
Gain on sale of intellectual property		-			-			-			-			(750	)
Gain on insurance settlement		-			-			-			-			(4,074	)
FDIC Deposit Insurance special assessment		10,521			-			-			-			-
Donation to Simmons First Foundation		-			-			-			-			1,738
Merger related costs		1,420			1,420			1,415			1,396			22,476
Early retirement program		6,198			5,166			3,609			-			-
Loss (gain) on sale of securities		20,609			391			391			-			278
Branch right sizing (net)		5,467			1,621			1,074			979			3,628
Day 2 CECL provision		-			-			-			-			33,779
Tax effect of certain items (1)		(11,556	)		(2,247	)		(1,695	)		(621	)		(15,012	)
Certain items, net of tax		32,659			6,351			4,794			1,754			42,428
Adjusted earnings (non-GAAP)	$	207,716		$	157,501		$	108,697		$	47,343		$	298,840
Diluted earnings per share	$	1.38		$	1.19		$	0.82		$	0.36		$	2.06
Certain items (non-GAAP)
Gain on sale of intellectual property		-			-			-			-			(0.01	)
Gain on insurance settlement		-			-			-			-			(0.03	)
FDIC Deposit Insurance special assessment		0.08			-			-			-			-
Donation to Simmons First Foundation		-			-			-			-			0.01
Merger related costs		0.01			0.01			0.01			0.01			0.18
Early retirement program		0.05			0.04			0.03			-			-
Loss (gain) on sale of securities		0.17			-			-			-			-
Branch right sizing (net)		0.04			0.02			0.01			0.01			0.03
Day 2 CECL provision		-			-			-			-			0.28
Tax effect of certain items (1)		(0.09	)		(0.02	)		(0.02	)		(0.01	)		(0.12	)
Certain items, net of tax		0.26			0.05			0.03			0.01			0.34
Adjusted diluted earnings per share (non-GAAP)	$	1.64		$	1.24		$	0.85		$	0.37		$	2.40
(1) Effective tax rate of 26.135%.
Reconciliation of Certain Noninterest Income and Expense Items (non-GAAP)
YEAR-TO-DATE
Noninterest income	$	155,566		$	133,592		$	90,815		$	45,835		$	170,066
Certain noninterest income items
Gain on insurance settlement		-			-			-			-			(4,074	)
(Gain) loss from early retirement of TruPS		-			-			-			-			365
Gain on sale of intellectual property		-			-			-			-			(750	)
Loss (gain) on sale of securities		20,609			391			391			-			278
Branch right sizing income		-			-			-			-			153
Adjusted noninterest income (non-GAAP)	$	176,175		$	133,983		$	91,206		$	45,835		$	166,038
Other income	$	35,398		$	28,532		$	21,099		$	11,256		$	27,361
Certain other income items
(Gain) loss from early retirement of TruPS		-			-			-			-			365
Gain on sale of intellectual property		-			-			-			-			(750	)
Branch right sizing income		-			-			-			-			153
Adjusted other income (non-GAAP)	$	35,398		$	28,532		$	21,099		$	11,256		$	27,129
Noninterest expense	$	563,061		$	414,922		$	282,924		$	143,228		$	566,748
Certain noninterest expense items
Merger related costs		(1,420	)		(1,420	)		(1,415	)		(1,396	)		(22,476	)
Early retirement program		(6,198	)		(5,166	)		(3,609	)		-			-
Donation to Simmons First Foundation		-			-			-			-			(1,738	)
FDIC Deposit Insurance special assessment		(10,521	)		-			-			-			-
Branch right sizing expense		(5,467	)		(1,621	)		(1,074	)		(979	)		(3,475	)
Adjusted noninterest expense (non-GAAP)	$	539,455		$	406,715		$	276,826		$	140,853		$	539,059
Salaries and employee benefits	$	286,117		$	219,135		$	151,761		$	77,038		$	286,982
Certain salaries and employee benefits items
Early retirement program		(6,198	)		(5,166	)		(3,609	)		-			-
Other		2			-			-			-			-
Adjusted salaries and employee benefits (non-GAAP)	$	279,921		$	213,969		$	148,152		$	77,038		$	286,982
Merger related costs	$	1,420		$	1,420		$	1,415		$	1,396		$	22,476
Adjustment for merger related costs		(1,420	)		(1,420	)		(1,415	)		(1,396	)		(22,476	)
Adjusted merger related costs (non-GAAP)	$	-		$	-		$	-		$	-		$	-
Other operating expenses	$	177,164		$	128,594		$	86,012		$	43,086		$	179,693
Certain other operating expenses items
Donation to Simmons First Foundation		-			-			-			-			(1,738	)
Branch right sizing expense		(4,937	)		(1,229	)		(763	)		(816	)		(2,650	)
Adjusted other operating expenses (non-GAAP)	$	172,227		$	127,365		$	85,249		$	42,270		$	175,305

Page 10

Simmons First National Corporation	SFNC
Reconciliation Of Non-GAAP Financial Measures - End of Period

For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2023			2023			2023			2023			2022
($ in thousands, except per share data)
Calculation of Tangible Common Equity and the Ratio of Tangible Common Equity to Tangible Assets
Total common stockholders’ equity	$	3,426,488		$	3,285,555		$	3,356,326		$	3,339,901		$	3,269,362
Intangible assets:
Goodwill		(1,320,799	)		(1,320,799	)		(1,320,799	)		(1,320,799	)		(1,319,598	)
Other intangible assets		(112,645	)		(116,660	)		(120,758	)		(124,854	)		(128,951	)
Total intangibles		(1,433,444	)		(1,437,459	)		(1,441,557	)		(1,445,653	)		(1,448,549	)
Tangible common stockholders’ equity	$	1,993,044		$	1,848,096		$	1,914,769		$	1,894,248		$	1,820,813
Total assets	$	27,345,674		$	27,564,325		$	27,959,123		$	27,583,446		$	27,461,061
Intangible assets:
Goodwill		(1,320,799	)		(1,320,799	)		(1,320,799	)		(1,320,799	)		(1,319,598	)
Other intangible assets		(112,645	)		(116,660	)		(120,758	)		(124,854	)		(128,951	)
Total intangibles		(1,433,444	)		(1,437,459	)		(1,441,557	)		(1,445,653	)		(1,448,549	)
Tangible assets	$	25,912,230		$	26,126,866		$	26,517,566		$	26,137,793		$	26,012,512
Ratio of common equity to assets		12.53	%		11.92	%		12.00	%		12.11	%		11.91	%
Ratio of tangible common equity to tangible assets		7.69	%		7.07	%		7.22	%		7.25	%		7.00	%
Calculation of Tangible Book Value per Share
Total common stockholders’ equity	$	3,426,488		$	3,285,555		$	3,356,326		$	3,339,901		$	3,269,362
Intangible assets:
Goodwill		(1,320,799	)		(1,320,799	)		(1,320,799	)		(1,320,799	)		(1,319,598	)
Other intangible assets		(112,645	)		(116,660	)		(120,758	)		(124,854	)		(128,951	)
Total intangibles		(1,433,444	)		(1,437,459	)		(1,441,557	)		(1,445,653	)		(1,448,549	)
Tangible common stockholders’ equity	$	1,993,044		$	1,848,096		$	1,914,769		$	1,894,248		$	1,820,813
Shares of common stock outstanding		125,184,119			125,133,281			126,224,707			127,282,192			127,046,654
Book value per common share	$	27.37		$	26.26		$	26.59		$	26.24		$	25.73
Tangible book value per common share	$	15.92		$	14.77		$	15.17		$	14.88		$	14.33
Calculation of Coverage Ratio of Uninsured, Non-Collateralized Deposits
Uninsured deposits at Simmons Bank	$	8,328,444		$	8,143,200		$	8,507,395		$	8,978,581		$	8,913,990
Less: Collateralized deposits (excluding portion that is FDIC insured)		2,846,716			2,835,405			3,030,550			3,081,829			2,759,248
Less: Intercompany eliminations		728,480			676,840			674,552			628,592			529,042
Total uninsured, non-collateralized deposits	$	4,753,248		$	4,630,955		$	4,802,293		$	5,268,160		$	5,625,700
FHLB borrowing availability	$	5,401,000		$	5,372,000		$	5,345,000		$	5,574,000		$	5,442,000
Unpledged securities		3,817,000			4,124,000			3,877,000			3,000,000			3,180,000
Fed funds lines, Fed discount window and Bank Term Funding Program		1,998,000			1,951,000			1,874,000			2,206,000			1,982,000
Additional liquidity sources	$	11,216,000		$	11,447,000		$	11,096,000		$	10,780,000		$	10,604,000
Uninsured, non-collateralized deposit coverage ratio		2.4			2.5			2.3			2.0			1.9

Page 11

Simmons First National Corporation	SFNC
Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date

For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2023			2023			2023			2023			2022
($ in thousands)
Calculation of Adjusted Return on Average Assets
Net income	$	23,907		$	47,247		$	58,314		$	45,589		$	83,260
Certain items (non-GAAP)
Gain on insurance settlement		-			-			-			-			(4,074	)
FDIC Deposit Insurance special assessment		10,521			-			-			-			-
Merger related costs		-			5			19			1,396			35
Early retirement program		1,032			1,557			3,609			-			-
Loss (gain) on sale of securities		20,218			-			391			-			52
Branch right sizing (net)		3,846			547			95			979			1,104
Tax effect of certain items (2)		(9,309	)		(552	)		(1,074	)		(621	)		754
Adjusted earnings (non-GAAP)	$	50,215		$	48,804		$	61,354		$	47,343		$	81,131
Average total assets	$	27,370,811		$	27,594,611		$	27,766,139		$	27,488,732		$	27,180,575
Return on average assets		0.35	%		0.68	%		0.84	%		0.67	%		1.22	%
Adjusted return on average assets (non-GAAP)		0.73	%		0.70	%		0.89	%		0.70	%		1.18	%
Calculation of Return on Tangible Common Equity
Net income available to common stockholders	$	23,907		$	47,247		$	58,314		$	45,589		$	83,260
Amortization of intangibles, net of taxes		2,965			3,027			3,026			3,026			3,035
Total income available to common stockholders	$	26,872		$	50,274		$	61,340		$	48,615		$	86,295
Certain items (non-GAAP)
Gain on insurance settlement		-			-			-			-			(4,074	)
FDIC Deposit Insurance special assessment		10,521			-			-			-			-
Merger related costs		-			5			19			1,396			35
Early retirement program		1,032			1,557			3,609			-			-
Loss (gain) on sale of securities		20,218			-			391			-			52
Branch right sizing (net)		3,846			547			95			979			1,104
Tax effect of certain items (2)		(9,309	)		(552	)		(1,074	)		(621	)		754
Adjusted earnings (non-GAAP)		50,215			48,804			61,354			47,343			81,131
Amortization of intangibles, net of taxes		2,965			3,027			3,026			3,026			3,035
Total adjusted earnings available to common stockholders (non-GAAP)	$	53,180		$	51,831		$	64,380		$	50,369		$	84,166
Average common stockholders’ equity	$	3,336,247		$	3,371,678		$	3,358,924		$	3,370,651		$	3,214,912
Average intangible assets:
Goodwill		(1,320,799	)		(1,320,799	)		(1,320,799	)		(1,319,624	)		(1,309,124	)
Other intangibles		(114,861	)		(119,125	)		(123,173	)		(127,394	)		(131,229	)
Total average intangibles		(1,435,660	)		(1,439,924	)		(1,443,972	)		(1,447,018	)		(1,440,353	)
Average tangible common stockholders’ equity (non-GAAP)	$	1,900,587		$	1,931,754		$	1,914,952		$	1,923,633		$	1,774,559
Return on average common equity		2.84	%		5.56	%		6.96	%		5.49	%		10.27	%
Return on tangible common equity		5.61	%		10.33	%		12.85	%		10.25	%		19.29	%
Adjusted return on average common equity (non-GAAP)		5.97	%		5.74	%		7.33	%		5.70	%		10.01	%
Adjusted return on tangible common equity (non-GAAP)		11.10	%		10.64	%		13.48	%		10.62	%		18.82	%
Calculation of Efficiency Ratio and Adjusted Efficiency Ratio (1)
Noninterest expense (efficiency ratio numerator)	$	148,139		$	131,998		$	139,696		$	143,228		$	142,575
Certain noninterest expense items (non-GAAP)
Merger related costs		-			(5	)		(19	)		(1,396	)		(35	)
Early retirement program		(1,032	)		(1,557	)		(3,609	)		-			-
FDIC Deposit Insurance special assessment		(10,521	)		-			-			-			-
Branch right sizing expense		(3,846	)		(547	)		(95	)		(979	)		(1,104	)
Other real estate and foreclosure expense adjustment		(189	)		(228	)		(289	)		(186	)		(350	)
Amortization of intangibles adjustment		(4,015	)		(4,097	)		(4,098	)		(4,096	)		(4,108	)
Adjusted efficiency ratio numerator	$	128,536		$	125,564		$	131,586		$	136,571		$	136,978
Net interest income	$	155,628		$	153,433		$	163,230		$	177,835		$	193,026
Noninterest income		21,974			42,777			44,980			45,835			44,647
Fully tax-equivalent adjustment (effective tax rate of 26.135%)		6,511			6,515			6,106			6,311			6,770
Efficiency ratio denominator		184,113			202,725			214,316			229,981			244,443
Certain noninterest income items (non-GAAP)
Gain on insurance settlement		-			-			-			-			(4,074	)
(Gain) loss on sale of securities		20,218			-			391			-			52
Adjusted efficiency ratio denominator	$	204,331		$	202,725		$	214,707		$	229,981		$	240,421
Efficiency ratio (1)		80.46	%		65.11	%		65.18	%		62.28	%		58.33	%
Adjusted efficiency ratio (non-GAAP) (1)		62.91	%		61.94	%		61.29	%		59.38	%		56.97	%

(1) Efficiency ratio is noninterest expense as a percent of net interest income (fully taxable equivalent) and noninterest revenues. Adjusted efficiency ratio is noninterest expense before foreclosed property expense, amortization of intangibles and certain adjusting items as a percent of net interest income (fully taxable equivalent) and noninterest revenues, excluding gains and losses from securities transactions and certain adjusting items, and is a non-GAAP measurement.

(2) Effective tax rate of 26.135%.

Page 12

Simmons First National Corporation	SFNC
Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date (continued)

For the Quarters Ended	Dec 31			Sep 30		Jun 30			Mar 31		Dec 31
(Unaudited)	2023			2023		2023			2023		2022
($ in thousands)
Calculation of Total Revenue and Adjusted Total Revenue
Net interest income	$	155,628		$	153,433	$	163,230		$	177,835	$	193,026
Noninterest income		21,974			42,777		44,980			45,835		44,647
Total revenue		177,602			196,210		208,210			223,670		237,673
Certain items, pre-tax (non-GAAP)
Less: Gain on insurance settlement		-			-		-			-		4,074
Less: Gain (loss) on sale of securities		(20,218	)		-		(391	)		-		(52	)
Adjusted total revenue	$	197,820		$	196,210	$	208,601		$	223,670	$	233,651
Calculation of Pre-Provision Net Revenue (PPNR)
Net interest income	$	155,628		$	153,433	$	163,230		$	177,835	$	193,026
Noninterest income		21,974			42,777		44,980			45,835		44,647
Total revenue		177,602			196,210		208,210			223,670		237,673
Less: Noninterest expense		148,139			131,998		139,696			143,228		142,575
Pre-Provision Net Revenue (PPNR)	$	29,463		$	64,212	$	68,514		$	80,442	$	95,098
Calculation of Adjusted Pre-Provision Net Revenue
Pre-Provision Net Revenue (PPNR)	$	29,463		$	64,212	$	68,514		$	80,442	$	95,098
Certain items, pre-tax (non-GAAP)
Less: Gain on insurance settlement		-			-		-			-		(4,074	)
Plus: Loss (gain) on sale of securities		20,218			-		391			-		52
Plus: FDIC Deposit Insurance special assessment		10,521			-		-			-		-
Plus: Merger related costs		-			5		19			1,396		35
Plus: Early retirement program costs		1,032			1,557		3,609			-		-
Plus: Branch right sizing costs (net)		3,846			547		95			979		1,104
Adjusted Pre-Provision Net Revenue	$	65,080		$	66,321	$	72,628		$	82,817	$	92,215

Page 13

Simmons First National Corporation SFNC

Reconciliation Of Non-GAAP Financial Measures - Year-to-Date

For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2023			2023			2023			2023			2022
($ in thousands)
Calculation of Adjusted Return on Average Assets
Net income	$	175,057		$	151,150		$	103,903		$	45,589		$	256,412
Certain items (non-GAAP)
(Gain) loss from early retirement of TruPS		-			-			-			-			365
Gain on sale of intellectual property		-			-			-			-			(750	)
Gain on insurance settlement		-			-			-			-			(4,074	)
FDIC Deposit Insurance special assessment		10,521			-			-			-			-
Donation to Simmons First Foundation		-			-			-			-			1,738
Merger related costs		1,420			1,420			1,415			1,396			22,476
Early retirement program		6,198			5,166			3,609			-			-
Loss (gain) on sale of securities		20,609			391			391			-			278
Branch right sizing (net)		5,467			1,621			1,074			979			3,628
Day 2 CECL provision		-			-			-			-			33,779
Tax effect of certain items (2)		(11,556	)		(2,247	)		(1,695	)		(621	)		(15,012	)
Adjusted earnings (non-GAAP)	$	207,716		$	157,501		$	108,697		$	47,343		$	298,840
Average total assets	$	27,554,859		$	27,616,882		$	27,628,202		$	27,488,732		$	26,418,838
Return on average assets		0.64	%		0.73	%		0.76	%		0.67	%		0.97	%
Adjusted return on average assets (non-GAAP)		0.75	%		0.76	%		0.79	%		0.70	%		1.13	%
Calculation of Return on Tangible Common Equity
Net income available to common stockholders	$	175,057		$	151,150		$	103,903		$	45,589		$	256,412
Amortization of intangibles, net of taxes		12,044			9,079			6,052			3,026			11,756
Total income available to common stockholders	$	187,101		$	160,229		$	109,955		$	48,615		$	268,168
Certain items (non-GAAP)
(Gain) loss from early retirement of TruPS	$	-		$	-		$	-		$	-		$	365
Gain on sale of intellectual property		-			-			-			-			(750	)
Gain on insurance settlement		-			-			-			-			(4,074	)
FDIC Deposit Insurance special assessment		10,521			-			-			-			-
Donation to Simmons First Foundation		-			-			-			-			1,738
Merger related costs		1,420			1,420			1,415			1,396			22,476
Early retirement program		6,198			5,166			3,609			-			-
Loss (gain) on sale of securities		20,609			391			391			-			278
Branch right sizing (net)		5,467			1,621			1,074			979			3,628
Day 2 CECL provision		-			-			-			-			33,779
Tax effect of certain items (2)		(11,556	)		(2,247	)		(1,695	)		(621	)		(15,012	)
Adjusted earnings (non-GAAP)		207,716			157,501			108,697			47,343			298,840
Amortization of intangibles, net of taxes		12,044			9,079			6,052			3,026			11,756
Total adjusted earnings available to common stockholders (non-GAAP)	$	219,760		$	166,580		$	114,749		$	50,369		$	310,596
Average common stockholders’ equity	$	3,359,312		$	3,367,088		$	3,364,755		$	3,370,651		$	3,259,664
Average intangible assets:
Goodwill		(1,320,510	)		(1,320,412	)		(1,320,215	)		(1,319,624	)		(1,266,762	)
Other intangibles		(121,098	)		(123,200	)		(125,272	)		(127,394	)		(121,622	)
Total average intangibles		(1,441,608	)		(1,443,612	)		(1,445,487	)		(1,447,018	)		(1,388,384	)
Average tangible common stockholders’ equity (non-GAAP)	$	1,917,704		$	1,923,476		$	1,919,268		$	1,923,633		$	1,871,280
Return on average common equity		5.21	%		6.00	%		6.23	%		5.49	%		7.87	%
Return on tangible common equity		9.76	%		11.14	%		11.55	%		10.25	%		14.33	%
Adjusted return on average common equity (non-GAAP)		6.18	%		6.25	%		6.51	%		5.70	%		9.17	%
Adjusted return on tangible common equity (non-GAAP)		11.46	%		11.58	%		12.06	%		10.62	%		16.60	%
Calculation of Efficiency Ratio and Adjusted Efficiency Ratio (1)
Noninterest expense (efficiency ratio numerator)	$	563,061		$	414,922		$	282,924		$	143,228		$	566,748
Certain noninterest expense items (non-GAAP)
Merger related costs		(1,420	)		(1,420	)		(1,415	)		(1,396	)		(22,476	)
Early retirement program		(6,198	)		(5,166	)		(3,609	)		-			-
FDIC Deposit Insurance special assessment		(10,521	)		-			-			-			-
Donation to Simmons First Foundation		-			-			-			-			(1,738	)
Branch right sizing expense		(5,467	)		(1,621	)		(1,074	)		(979	)		(3,475	)
Other real estate and foreclosure expense adjustment		(892	)		(703	)		(475	)		(186	)		(1,003	)
Amortization of intangibles adjustment		(16,306	)		(12,291	)		(8,194	)		(4,096	)		(15,915	)
Adjusted efficiency ratio numerator	$	522,257		$	393,721		$	268,157		$	136,571		$	522,141
Net interest income	$	650,126		$	494,498		$	341,065		$	177,835		$	717,316
Noninterest income		155,566			133,592			90,815			45,835			170,066
Fully tax-equivalent adjustment (effective tax rate of 26.135%)		25,443			18,932			12,417			6,311			24,671
Efficiency ratio denominator		831,135			647,022			444,297			229,981			912,053
Certain noninterest income items (non-GAAP)
Gain on insurance settlement		-			-			-			-			(4,074	)
(Gain) loss from early retirement of TruPS		-			-			-			-			365
Gain on sale of intellectual property		-			-			-			-			(750	)
Branch right sizing income		-			-			-			-			153
(Gain) loss on sale of securities		20,609			391			391			-			278
Adjusted efficiency ratio denominator	$	851,744		$	647,413		$	444,688		$	229,981		$	908,025
Efficiency ratio (1)		67.75	%		64.13	%		63.68	%		62.28	%		62.14	%
Adjusted efficiency ratio (non-GAAP) (1)		61.32	%		60.81	%		60.30	%		59.38	%		57.50	%

(1) Efficiency ratio is noninterest expense as a percent of net interest income (fully taxable equivalent) and noninterest revenues. Adjusted efficiency ratio is noninterest expense before foreclosed property expense, amortization of intangibles and certain adjusting items as a percent of net interest income (fully taxable equivalent) and noninterest revenues, excluding gains and losses from securities transactions and certain adjusting items, and is a non-GAAP measurement.

(2) Effective tax rate of 26.135%.

Page 14