Simmons First National (SFNC) 8-K Simmons First National Corporation Reports Third Quarter 2024 Results

Exhibit 99.1

October 18, 2024

Simmons First National Corporation Reports Third Quarter 2024 Results

Bob Fehlman, Simmons’ Chief Executive Officer, commented on third quarter 2024 results:

Simmons’ third quarter results were highlighted by positive underlying trends across the board. Net interest income increased 10 percent annualized on a linked quarter basis as loan yields continued to increase, while deposit costs were unchanged from second quarter 2024 levels and appear to have peaked.

We also were proactive in responding to favorable market conditions when opportunities presented themselves. During the quarter, we decided to sell certain lower yielding bonds in our securities portfolio to hasten the pace of our ongoing balance sheet optimization strategy. While the loss on the sale of these securities weighed on reported results, on an adjusted basis total revenue, noninterest income and pre-provision net revenue posted solid growth on a linked quarter basis. Equally important, credit trends remained steady in the quarter and our allowance for credit losses on loans ended the quarter at 1.35 percent.

As we enter the final quarter of 2024, we believe our strong capital and liquidity positions combined with the liability sensitivity position of our balance sheet will provide tailwinds as we navigate an uncertain macroeconomic environment.

FINANCIAL HIGHLIGHTS	3Q24			2Q24			3Q23			3Q24 Highlights
BALANCE SHEET (in millions)										Comparisons reflect 3Q24 vs 2Q24 •  Net income of $24.7 million and diluted EPS of $0.20 •  Adjusted earnings1 of $46.0 million and adjusted diluted EPS1 of $0.37 •  Total revenue of $174.8 million and PPNR1 of $37.6 million •  Adjusted total revenue1 of $203.2 million and adjusted PPNR1 of $66.4 million •  Net interest margin of 2.74%, up 5 bps •  Cost of deposits unchanged from 2Q24 levels at 2.79% •  Provision for credit losses on loans exceeded net charge-offs in the quarter by $2.8 million •  NCO ratio 22 bps in 3Q24; 9 bps of NCO ratio associated with run-off portfolio •  ACL ratio ends the quarter at 1.35% •  EA ratio 12.94%; TCE ratio1 up 31 bps to 8.15% •  Book value per share up 2%; tangible book value per share1 up 4%
Total loans	$	17,336		$	17,192		$	16,772
Total investment securities		6,350			6,571			7,101
Total deposits		21,935			21,841			22,231
Total assets		27,269			27,369			27,564
Total shareholders’ equity		3,529			3,459			3,286
ASSET QUALITY
Net charge-off ratio (NCO ratio)		0.22	%		0.19	%		0.28	%
Nonperforming loan ratio		0.59			0.60			0.49
Nonperforming assets to total assets		0.38			0.39			0.32
Allowance for credit losses to loans (ACL)		1.35			1.34			1.30
Nonperforming loan coverage ratio		229			223			267
PERFORMANCE MEASURES (in millions)
Total revenue	$	174.8		$	197.2		$	196.2
Adjusted total revenue1		203.2			197.2			196.2
Pre-provision net revenue1 (PPNR)		37.6			57.9			64.2
Adjusted pre-provision net revenue1		66.4			59.4			66.3
Provision for credit losses		12.1			11.1			7.7
PERSHARE DATA
Diluted earnings	$	0.20		$	0.32		$	0.37
Adjusted diluted earnings1		0.37			0.33			0.39
Book value		28.11			27.56			26.26
Tangible book value1		16.78			16.20			14.77
CAPITAL RATIOS
Equity to assets (EA ratio)		12.94	%		12.64	%		11.92	%
Tangible common equity (TCE) ratio1		8.15			7.84			7.07
Common equity tier 1 (CET1) ratio		12.06			12.00			12.02
Total risk-based capital ratio		14.25			14.17			14.27
LIQUIDITY ($ in millions)
Loan to deposit ratio		79.03	%		78.72	%		75.44	%
Borrowed funds to total liabilities		6.16			7.38			7.37
Uninsured, non-collateralized deposits (UCD)	$	4,659		$	4,408		$	4,631
Additional liquidity sources		11,174			11,120			11,447
Coverage ratio of UCD		2.4	x		2.5	x		2.5	x

Simmons First National Corporation (NASDAQ: SFNC) (Simmons or Company) today reported net income of $24.7 million for the third quarter of 2024, compared to $40.8 million in the second quarter of 2024 and $47.2 million in the third quarter of 2023. Diluted earnings per share were $0.20 for the third quarter of 2024, compared to $0.32 in the second quarter of 2024 and $0.37 in the third quarter of 2023. Adjusted earnings¹ for the third quarter of 2024 were $46.0 million, compared to $41.9 million in the second quarter of 2024 and $48.8 million in the third quarter of 2023. Adjusted diluted earnings per share¹ for the third quarter of 2024 were $0.37, compared to $0.33 in the second quarter of 2024 and $0.39 in the third quarter of 2023.

During the third quarter of 2024, given prevailing market conditions, we executed a strategic decision to sell approximately $252 million of available-for-sale (AFS) investment securities with a weighted average yield of approximately 1.29 percent, resulting in an after-tax loss of $21.0 million. The proceeds from the sale were used to pay off higher rate wholesale funding consisting of Federal Home Loan Bank advances. The table below summarizes the impact of this transaction, along with the impact of certain other items consisting primarily of branch right sizing, early retirement, and termination of vendor and software services. 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	3Q24			2Q24			3Q23
Net income	$	24.7		$	40.8		$	47.2
FDIC special assessment		—			0.3			—
Branch right sizing, net		0.4			0.5			0.5
Early retirement program		—			0.1			1.6
Termination of vendor and software services		—			0.6			—
Loss on sale of AFS investment securities		28.4			—			—
Total pre-tax impact		28.8			1.5			2.1
Tax effect2		(7.5	)		(0.4	)		(0.5	)
Total impact on earnings		21.3			1.1			1.6
Adjusted earnings1	$	46.0		$	41.9		$	48.8
Diluted EPS	$	0.20		$	0.32		$	0.37
FDIC special assessment		—			—			—
Branch right sizing, net		—			—			0.01
Early retirement program		—			—			0.01
Termination of vendor and software contracts		—			0.01			—
Loss on sale of AFS investment securities		0.23			—			—
Total pre-tax impact		0.23			0.01			0.02
Tax effect2		(0.6	)		—			—
Total impact on earnings		0.17			0.01			0.02
Adjusted Diluted EPS1	$	0.37		$	0.33		$	0.39

Net Interest Income

Net interest income for the third quarter of 2024 totaled $157.7 million, compared to $153.9 million in the second quarter of 2024 and $153.4 million in the third quarter of 2023. Interest income totaled $334.3 million in the third quarter of 2024, compared to $329.1 million in the second quarter of 2024 and $310.3 million in the third quarter of 2023. The increase in interest income was primarily driven by an increase in total loans, coupled with an increase in the rate earned on loans. Interest expense totaled $176.6 million in the third quarter of 2024, up $1.3 million on a linked quarter basis primarily due to an increase in other borrowings costs, offset in part by a decrease in the interest expense on interest bearing deposits. Included in net interest income is accretion recognized on loans, which totaled $1.5 million in the third quarter of 2024, $1.6 million in the second quarter of 2024 and $2.1 million in the third quarter of 2023.

The yield on loans on a fully taxable equivalent (FTE) basis for the third quarter of 2024 was 6.44 percent, up 5 basis points from the 6.39 percent for the second quarter of 2024 and up 36 basis points from the 6.08 percent for the third quarter of 2023. Cost of deposits for the third quarter of 2024 was 2.79 percent, unchanged from second quarter 2024 levels. The net interest margin on an FTE basis for the third quarter of 2024 was 2.74 percent, compared to 2.69 percent for the second quarter of 2024 and 2.61 percent for the third quarter of 2023. The 5 basis point increase in the net interest margin on a linked quarter basis included an estimated 3 basis point benefit from the strategic sale of

AFS investment securities.

Select Yield/Rates	3Q24			2Q24			1Q24			4Q23			3Q23
Loan yield (FTE)2		6.44	%		6.39	%		6.24	%		6.20	%		6.08	%
Investment securities yield (FTE)2		3.63			3.68			3.76			3.67			3.08
Cost of interest bearing deposits		3.52			3.53			3.48			3.31			3.06
Cost of deposits		2.79			2.79			2.75			2.58			2.37
Cost of borrowed funds		5.79			5.84			5.85			5.79			5.60
Net interest spread (FTE)2		1.95			1.92			1.89			1.93			1.87
Net interest margin (FTE)2		2.74			2.69			2.66			2.68			2.61

Noninterest Income

Noninterest income for the third quarter of 2024 was $17.1 million, compared to $43.3 million in the second quarter of 2024 and $42.8 million in the third quarter of 2023. Included in the third quarter of 2024 was a $28.4 million pre-tax loss on the strategic sale of AFS investment securities. Excluding this item, adjusted noninterest income¹ was $45.5 million in the third quarter of 2024, compared to $43.3 million in the second quarter of 2024 and $42.8 million in the third quarter of 2023. The increase in adjusted noninterest income on a linked quarter basis was primarily due to an increase in other noninterest income reflecting gains on the sale of other real estate owned.

Noninterest Income $ in millions	3Q24			2Q24		1Q24		4Q23			3Q23
Service charges on deposit accounts	$	12.7		$	12.3	$	12.0	$	12.8		$	12.4
Wealth management fees		8.2			8.3		7.5		7.7			7.7
Debit and credit card fees		8.1			8.2		8.2		7.8			7.7
Mortgage lending income		2.0			2.0		2.3		1.6			2.2
Other service charges and fees		2.4			2.4		2.2		2.3			2.2
Bank owned life insurance		3.8			3.9		3.8		3.1			3.1
Gain (loss) on sale of securities		(28.4	)		—		—		(20.2	)		—
Other income		8.3			6.4		7.2		6.9			7.4
Total noninterest income	$	17.1		$	43.3	$	43.2	$	22.0		$	42.8
Adjusted noninterest income1	$	45.5		$	43.3	$	43.2	$	42.2		$	42.8

Noninterest Expense

Noninterest expense for the third quarter of 2024 was $137.2 million, compared to $139.4 million in the second quarter of 2024 and $132.0 million in the third quarter of 2023. Included in noninterest expense are certain items consisting of branch right sizing, early retirement, and termination of vendor and software services, amongst others. Collectively, these items totaled $0.4 million in the third quarter of 2024, $1.5 million in the second quarter of 2024 and $2.1 million in the third quarter of 2023. Excluding these items (which are described in the “Reconciliation of Non-GAAP Financial Measures” tables below), adjusted noninterest expense¹ was $136.8 million in the third quarter of 2024, $137.8 million in the second quarter of 2024 and $129.9 million in the third quarter of 2023. The decrease in noninterest expense and adjusted noninterest expense on a linked quarter basis was primarily attributable to a decline in salaries and employee benefits reflecting incentive compensation accrual adjustments.

Noninterest Expense $ in millions	3Q24		2Q24		1Q24		4Q23		3Q23
Salaries and employee benefits	$	69.2	$	70.7	$	72.7	$	67.0	$	67.4
Occupancy expense, net		12.2		11.9		12.3		11.7		12.0
Furniture and equipment		5.6		5.6		5.1		5.4		5.1
Deposit insurance		5.6		5.4		5.5		4.7		4.7
Other real estate and foreclosure expense		0.1		0.1		0.2		0.2		0.2
FDIC special assessment		—		0.3		1.6		10.5		—
Other operating expenses		44.5		45.4		42.5		48.6		42.6
Total noninterest expense	$	137.2	$	139.4	$	139.9	$	148.1	$	132.0
Adjusted salaries and employee benefits1	$	69.2	$	70.6	$	72.4	$	66.0	$	65.8
Adjusted other operating expenses1		44.4		44.3		42.4		44.9		42.1

Adjusted noninterest expense1	136.8		137.8		137.9		132.7		129.9
Efficiency ratio	75.70	%	68.38	%	69.41	%	80.46	%	65.11	%
Adjusted efficiency ratio1	63.38		65.68		66.42		62.91		61.94
Full-time equivalent employees	2,972		2,961		2,989		3,007		3,005

Loans and Unfunded Loan Commitments

Total loans at the end of the third quarter of 2024 were $17.3 billion, up $564.2 million, or 3 percent, compared to $16.8 billion at the end of the third quarter of 2023. Total loans on a linked quarter basis increased $143.6 million, or 3 percent on an annualized basis. Unfunded loan commitments at the end of the third quarter of 2024 were $3.7 billion, down slightly from second quarter 2024 levels. The commercial loan pipeline ended the third quarter of 2024 at $1.2 billion, compared to $1.0 billion at the end of the second quarter of 2024 and $877 million at the end of the third quarter of 2023. The rate on ready to close commercial loans at the end of the third quarter of 2024 was 8.31 percent.

Loans and Unfunded Loan Commitments $ in millions	3Q24		2Q24		1Q24		4Q23		3Q23
Total loans	$	17,336	$	17,192	$	17,002	$	16,846	$	16,772
Unfunded loan commitments		3,681		3,746		3,875		3,880		4,049

Deposits

Total deposits at the end of the third quarter of 2024 were $21.9 billion, compared to $21.8 billion at the end of the second quarter of 2024 and $22.2 billion at the end of the third quarter of 2023. The increase in total deposits on a linked quarter basis was primarily attributable to an increase in public funds and brokered deposits. During the third quarter of 2024, the brokered deposit market reflected more favorable pricing opportunities compared to other wholesale funding options. As a result, while the utilization of brokered deposits increased during the third quarter of 2024, other borrowings totaled $1.0 billion, down $300.5 million on a linked quarter basis. The loan to deposit ratio at the end of the third quarter of 2024 was 79 percent, unchanged from second quarter 2024 levels.

Deposits $ in millions	3Q24			2Q24			1Q24			4Q23			3Q23
Noninterest bearing deposits	$	4,522		$	4,624		$	4,698		$	4,801		$	4,991
Interest bearing transaction accounts		10,038			10,092			10,316			10,277			9,875
Time deposits		4,014			4,185			4,314			4,266			4,103
Brokered deposits		3,361			2,940			3,025			2,901			3,262
Total deposits	$	21,935		$	21,841		$	22,353		$	22,245		$	22,231
Noninterest bearing deposits to total deposits		21	%		21	%		21	%		22	%		22	%
Total loans to total deposits		79			79			76			76			75

Asset Quality

Provision for credit losses totaled $12.1 million for the third quarter of 2024, compared to $11.1 for the second quarter of 2024 and $7.7 million for the third quarter of 2023. Provision for credit losses on loans exceeded net charge-offs by $2.8 million during the third quarter of 2024. The allowance for credit losses on loans at the end of the third quarter of 2024 was $233.2 million, compared to $230.4 million at the end of the second quarter of 2024 and $218.5 million at the end of the third quarter of 2023. The increase in allowance for credit losses on loans on a linked quarter and year-over-year basis reflected normalization of the credit environment from historical lows, as well as changes in the macroeconomic conditions and increased activity in the loan portfolio. The allowance for credit losses on loans as a percentage of total loans was 1.35 percent at the end of the third quarter of 2024, compared to 1.34 percent at the end of the second quarter of 2024 and 1.30 percent at the end of the third quarter of 2023.

Net charge-offs as a percentage of average loans for the third quarter of 2024 were 22 basis points, compared to 19 basis points in the second quarter of 2024 and 28 basis points in the third quarter of 2023. Net charge-offs in the third quarter of 2024 included $3.5 million of charge-offs associated with the run-off portfolio, which consists of an acquired asset-based lending portfolio and a small ticket equipment finance portfolio. Net charge-offs from the run-off portfolio accounted for 9 basis points of total net charge-offs during the third quarter of 2024 and 16 basis points of total net charge-offs during the second quarter of 2024.

Total nonperforming loans at the end of the third quarter of 2024 were $101.7 million, compared to $103.4 million at the end of the second quarter of 2024 and $81.9 million at the end of the third quarter of 2023. The decrease in nonperforming loans on a linked quarter basis reflected $5 million of payoffs from the run-off portfolio and the previously noted charge-offs associated with this portfolio. The nonperforming loan coverage ratio ended the third quarter of 2024 at 229 percent, compared to 223 percent at the end of the second quarter of 2024 and 267 percent at the end of the third quarter of 2023. Total nonperforming assets as a percentage of total assets were 38 basis points at the end of the third quarter of 2024, compared to 39 basis points at the end of the second quarter of 2024 and 32 basis points at the end of the third quarter of 2023.

Asset Quality $ in millions	3Q24			2Q24			1Q24			4Q23			3Q23
Allowance for credit losses on loans to total loans		1.35	%		1.34	%		1.34	%		1.34	%		1.30	%
Allowance for credit losses on loans to nonperforming loans		229			223			212			267			267
Nonperforming loans to total loans		0.59			0.60			0.63			0.50			0.49
Net charge-off ratio (annualized)		0.22			0.19			0.19			0.11			0.28
Net charge-off ratio YTD (annualized)		0.20			0.19			0.19			0.12			0.12
Total nonperforming loans	$	101.7		$	103.4		$	107.3		$	84.5		$	81.9
Total other nonperforming assets		2.6			3.4			5.0			5.8			5.2
Total nonperforming assets	$	104.3		$	106.8		$	112.3		$	90.3		$	87.1
Reserve for unfunded commitments	$	25.6		$	25.6		$	25.6		$	25.6		$	25.6

Capital

Total stockholders’ equity at the end of the third quarter of 2024 was $3.5 billion, compared to $3.3 billion at the end of the third quarter of 2023. On a linked quarter basis, total stockholders’ equity increased $70.0 million, primarily as a result of a $69.6 million recapture of accumulated other comprehensive income principally associated with mark-to-market adjustment on AFS investment securities. Book value per share at the end of the third quarter of 2024 was $28.11, up 2 percent on a linked quarter basis and up 7 percent compared to the end of the third quarter of 2023. Tangible book value per share¹ at the end of the third quarter of 2024 was $16.78, up 4 percent on a linked quarter basis and up 14 percent compared to the end of the third quarter of 2023.

Total stockholders’ equity as a percentage of total assets at September 30, 2024 was 12.9 percent, up from 12.6 percent reported at the end of the second quarter of 2024 and up from 11.9 percent reported at the end of the third quarter of 2023. Tangible common equity as a percentage of tangible assets¹ was 8.2 percent, up from 7.8 percent reported at the end of the second quarter of 2024 and up from 7.1 percent reported at the end of the third quarter of 2023. Each of the regulatory capital ratios for Simmons and its lead subsidiary, Simmons Bank, continue to significantly exceed “well-capitalized” guidelines.

Select Capital Ratios	3Q24			2Q24			1Q24			4Q23			3Q23
Stockholders’ equity to total assets		12.9	%		12.6	%		12.6	%		12.5	%		11.9	%
Tangible common equity to tangible assets1		8.2			7.8			7.8			7.7			7.1
Common equity tier 1 (CET1) ratio		12.1			12.0			12.0			12.1			12.0
Tier 1 leverage ratio		9.6			9.5			9.4			9.4			9.3
Tier 1 risk-based capital ratio		12.1			12.0			12.0			12.1			12.0
Total risk-based capital ratio		14.3			14.2			14.4			14.4			14.3

Share Repurchase Program

During the third quarter of 2024, Simmons did not repurchase shares under its stock repurchase program that was authorized in January 2024 (2024 Program), which replaced its former repurchase program that was authorized in January 2022. Remaining authorization under the 2024 Program as of September 30, 2024, was approximately $175 million. The timing, pricing and amount of any repurchases under the 2024 Program will be determined by Simmons’ management at its discretion based on a variety of factors including, but not limited to, market conditions, trading volume and market price of Simmons’ common stock, Simmons’ capital needs, Simmons’ working capital and investment requirements, other corporate considerations, economic conditions, and legal requirements. The 2024

Program does not obligate Simmons to repurchase any common stock and may be modified, discontinued or suspended at any time without prior notice.

(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, Friday, October 18, 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 10193072. 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 2024, Simmons Bank was recognized by U.S. News & World Report as one of the 2024-2025 Best Companies to Work For in the South and by Forbes as one of America’s Best-In-State Banks 2024 in Tennessee and America’s Best-In-State Banks 2024 in Missouri. 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), gains and/or losses on sale of branches, net branch right-sizing initiatives, 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, 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 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; changes in governmental administrations; 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 any indirect exposure related to the closings of other financial institutions and their impact on the broader market through other customers, suppliers and partners, or that the conditions which resulted in the liquidity concerns experienced by closed financial institutions 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 and from non-bank financial institutions; 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, 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
(Unaudited)

	Sep 30 2024			Jun 30 2024			Mar 31 2024			Dec 31 2023			Sep 30 2023
($ in thousands)
ASSETS
Cash and noninterest bearing balances due from banks	$	398,321		$	320,021		$	380,324		$	345,258		$	181,822
Interest bearing balances due from banks and federal funds sold		205,081			254,312			222,979			268,834			423,826
Cash and cash equivalents		603,402			574,333			603,303			614,092			605,648
Interest bearing balances due from banks - time		100			100			100			100			100
Investment securities - held-to-maturity		3,658,700			3,685,450			3,707,258			3,726,288			3,742,292
Investment securities - available-for-sale		2,691,094			2,885,904			3,027,558			3,152,153			3,358,421
Mortgage loans held for sale		8,270			13,053			11,899			9,373			11,690
Loans:
Loans		17,336,040			17,192,437			17,001,760			16,845,670			16,771,888
Allowance for credit losses on loans		(233,223	)		(230,389	)		(227,367	)		(225,231	)		(218,547	)
Net loans		17,102,817			16,962,048			16,774,393			16,620,439			16,553,341
Premises and equipment		584,366			581,893			576,466			570,678			567,167
Foreclosed assets and other real estate owned		1,299			2,209			3,511			4,073			3,809
Interest receivable		125,700			126,625			122,781			122,430			110,361
Bank owned life insurance		508,781			505,023			503,348			500,559			497,465
Goodwill		1,320,799			1,320,799			1,320,799			1,320,799			1,320,799
Other intangible assets		101,093			104,943			108,795			112,645			116,660
Other assets		562,983			606,692			611,964			592,045			676,572
Total assets	$	27,269,404		$	27,369,072		$	27,372,175		$	27,345,674		$	27,564,325
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Noninterest bearing transaction accounts	$	4,521,715		$	4,624,186		$	4,697,539		$	4,800,880		$	4,991,034
Interest bearing transaction accounts and savings deposits		10,863,945			10,925,179			11,071,762			10,997,425			10,571,807
Time deposits		6,549,774			6,291,518			6,583,703			6,446,673			6,668,370
Total deposits		21,935,434			21,840,883			22,353,004			22,244,978			22,231,211
Federal funds purchased and securities sold under agreements to repurchase		51,071			52,705			58,760			67,969			74,482
Other borrowings		1,045,878			1,346,378			871,874			972,366			1,347,855
Subordinated notes and debentures		366,255			366,217			366,179			366,141			366,103
Accrued interest and other liabilities		341,933			304,020			283,232			267,732			259,119
Total liabilities		23,740,571			23,910,203			23,933,049			23,919,186			24,278,770
Stockholders’ equity:
Common stock		1,256			1,255			1,254			1,252			1,251
Surplus		2,508,438			2,506,469			2,503,673			2,499,930			2,497,874
Undivided profits		1,355,000			1,356,626			1,342,215			1,329,681			1,330,810
Accumulated other comprehensive (loss) income		(335,861	)		(405,481	)		(408,016	)		(404,375	)		(544,380	)
Total stockholders’ equity		3,528,833			3,458,869			3,439,126			3,426,488			3,285,555
Total liabilities and stockholders’ equity	$	27,269,404		$	27,369,072		$	27,372,175		$	27,345,674		$	27,564,325

Page 1

Simmons First National Corporation	SFNC
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended
(Unaudited)

	Sep 30 2024			Jun 30 2024		Mar 31 2024		Dec 31 2023			Sep 30 2023
($ in thousands, except per share data)
INTEREST INCOME
Loans (including fees)	$	277,939		$	270,937	$	261,490	$	261,505		$	255,901
Interest bearing balances due from banks and federal funds sold		2,921			2,964		3,010		3,115			3,569
Investment securities		53,220			55,050		58,001		58,755			50,638
Mortgage loans held for sale		209			194		148		143			178
TOTAL INTEREST INCOME		334,289			329,145		322,649		323,518			310,286
INTEREST EXPENSE
Time deposits		73,937			73,946		73,241		72,458			68,062
Other deposits		78,307			79,087		78,692		71,412			65,095
Federal funds purchased and securities sold under agreements to repurchase		138			156		189		232			277
Other borrowings		17,067			15,025		11,649		16,607			16,450
Subordinated notes and debentures		7,128			7,026		6,972		7,181			6,969
TOTAL INTEREST EXPENSE		176,577			175,240		170,743		167,890			156,853
NET INTEREST INCOME		157,712			153,905		151,906		155,628			153,433
PROVISION FOR CREDIT LOSSES
Provision for credit losses on loans		12,148			11,099		10,206		11,225			20,222
Provision for credit losses on unfunded commitments		—			—		—		—			(11,300	)
Provision for credit losses on investment securities - AFS		—			—		—		(1,196	)		(1,200	)
Provision for credit losses on investment securities - HTM		—			—		—		—			—
TOTAL PROVISION FOR CREDIT LOSSES		12,148			11,099		10,206		10,029			7,722
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		145,564			142,806		141,700		145,599			145,711
NONINTEREST INCOME
Service charges on deposit accounts		12,713			12,252		11,955		12,782			12,429
Debit and credit card fees		8,144			8,162		8,246		7,822			7,712
Wealth management fees		8,226			8,274		7,478		7,679			7,719
Mortgage lending income		1,956			1,973		2,320		1,603			2,157
Bank owned life insurance income		3,757			3,876		3,814		3,094			3,095
Other service charges and fees (includes insurance income)		2,381			2,352		2,199		2,346			2,232
Gain (loss) on sale of securities		(28,393	)		—		—		(20,218	)		—
Other income		8,346			6,410		7,172		6,866			7,433
TOTAL NONINTEREST INCOME		17,130			43,299		43,184		21,974			42,777
NONINTEREST EXPENSE
Salaries and employee benefits		69,167			70,716		72,653		66,982			67,374
Occupancy expense, net		12,216			11,864		12,258		11,733			12,020
Furniture and equipment expense		5,612			5,623		5,141		5,445			5,117
Other real estate and foreclosure expense		87			117		179		189			228
Deposit insurance		5,571			5,682		7,135		15,220			4,672
Merger-related costs		—			—		—		—			5
Other operating expenses		44,540			45,352		42,513		48,570			42,582
TOTAL NONINTEREST EXPENSE		137,193			139,354		139,879		148,139			131,998
NET INCOME BEFORE INCOME TAXES		25,501			46,751		45,005		19,434			56,490
Provision for income taxes		761			5,988		6,134		(4,473	)		9,243
NET INCOME	$	24,740		$	40,763	$	38,871	$	23,907		$	47,247
BASIC EARNINGS PER SHARE	$	0.20		$	0.32	$	0.31	$	0.19		$	0.38
DILUTED EARNINGS PER SHARE	$	0.20		$	0.32	$	0.31	$	0.19		$	0.37

Page 2

Simmons First National Corporation	SFNC
Consolidated Risk-Based Capital
For the Quarters Ended
(Unaudited)

	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
	2024			2024			2024			2023			2023
($ in thousands)
Tier 1 capital
Stockholders’ equity	$	3,528,833		$	3,458,869		$	3,439,126		$	3,426,488		$	3,285,555
CECL transition provision (1)		30,873			30,873			30,873			61,746			61,746
Disallowed intangible assets, net of deferred tax		(1,388,549	)		(1,391,969	)		(1,394,672	)		(1,398,810	)		(1,402,682	)
Unrealized loss (gain) on AFS securities		335,861			405,481			408,016			404,375			544,380
Total Tier 1 capital		2,507,018			2,503,254			2,483,343			2,493,799			2,488,999
Tier 2 capital
Subordinated notes and debentures		366,255			366,217			366,179			366,141			366,103
Subordinated debt phase out		(132,000	)		(132,000	)		(66,000	)		(66,000	)		(66,000	)
Qualifying allowance for loan losses and reserve for unfunded commitments		220,517			217,684			214,660			170,977			165,490
Total Tier 2 capital		454,772			451,901			514,839			471,118			465,593
Total risk-based capital	$	2,961,790		$	2,955,155		$	2,998,182		$	2,964,917		$	2,954,592
Risk weighted assets	$	20,790,941		$	20,856,194		$	20,782,094		$	20,599,238		$	20,703,669
Adjusted average assets for leverage ratio	$	26,198,178		$	26,371,545		$	26,312,873		$	26,552,988		$	26,733,658
Ratios at end of quarter
Equity to assets		12.94	%		12.64	%		12.56	%		12.53	%		11.92	%
Tangible common equity to tangible assets (2)		8.15	%		7.84	%		7.75	%		7.69	%		7.07	%
Common equity Tier 1 ratio (CET1)		12.06	%		12.00	%		11.95	%		12.11	%		12.02	%
Tier 1 leverage ratio		9.57	%		9.49	%		9.44	%		9.39	%		9.31	%
Tier 1 risk-based capital ratio		12.06	%		12.00	%		11.95	%		12.11	%		12.02	%
Total risk-based capital ratio		14.25	%		14.17	%		14.43	%		14.39	%		14.27	%

(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
(Unaudited)

	Sep 30 2024		Jun 30 2024		Mar 31 2024		Dec 31 2023		Sep 30 2023
($ in thousands)
Investment Securities - End of Period
Held-to-Maturity
U.S. Government agencies	$	455,179	$	454,488	$	453,805	$	453,121	$	452,428
Mortgage-backed securities		1,093,070		1,119,741		1,142,352		1,161,694		1,178,324
State and political subdivisions		1,857,283		1,857,409		1,855,642		1,856,674		1,857,652
Other securities		253,168		253,812		255,459		254,799		253,888
Total held-to-maturity (net of credit losses)		3,658,700		3,685,450		3,707,258		3,726,288		3,742,292
Available-for-Sale
U.S. Treasury	$	1,290	$	1,275	$	1,964	$	2,254	$	2,224
U.S. Government agencies		58,397		66,563		69,801		72,502		172,759
Mortgage-backed securities		1,510,402		1,730,842		1,845,364		1,940,307		2,157,092
State and political subdivisions		898,178		864,190		874,849		902,793		790,344
Other securities		222,827		223,034		235,580		234,297		236,002
Total available-for-sale (net of credit losses)		2,691,094		2,885,904		3,027,558		3,152,153		3,358,421
Total investment securities (net of credit losses)	$	6,349,794	$	6,571,354	$	6,734,816	$	6,878,441	$	7,100,713
Fair value - HTM investment securities	$	3,109,610	$	3,005,524	$	3,049,281	$	3,135,370	$	2,848,211

Page 4

Simmons First National Corporation	SFNC
Consolidated Loans
For the Quarters Ended
(Unaudited)

	Sep 30 2024		Jun 30 2024		Mar 31 2024		Dec 31 2023		Sep 30 2023
($ in thousands)
Loan Portfolio - End of Period
Consumer:
Credit cards	$	177,696	$	178,354	$	182,742	$	191,204	$	191,550
Other consumer		113,896		130,278		124,531		127,462		112,832
Total consumer		291,592		308,632		307,273		318,666		304,382
Real Estate:
Construction		2,796,378		3,056,703		3,331,739		3,144,220		3,022,321
Single-family residential		2,724,648		2,666,201		2,624,738		2,641,556		2,657,879
Other commercial real estate		7,992,437		7,760,266		7,508,049		7,552,410		7,565,008
Total real estate		13,513,463		13,483,170		13,464,526		13,338,186		13,245,208
Commercial:
Commercial		2,467,384		2,484,474		2,499,311		2,490,176		2,477,077
Agricultural		314,340		285,181		226,642		232,710		296,912
Total commercial		2,781,724		2,769,655		2,725,953		2,722,886		2,773,989
Other		749,261		630,980		504,008		465,932		448,309
Total loans	$	17,336,040	$	17,192,437	$	17,001,760	$	16,845,670	$	16,771,888

Page 5

Simmons First National Corporation	SFNC
Consolidated Allowance and Asset Quality
For the Quarters Ended
(Unaudited)

	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
	2024			2024			2024			2023			2023
($ in thousands)
Allowance for Credit Losses on Loans
Beginning balance	$	230,389		$	227,367		$	225,231		$	218,547		$	209,966
Loans charged off:
Credit cards		1,744			1,418			1,646			1,500			1,318
Other consumer		524			550			732			767			633
Real estate		159			123			2,857			1,023			9,723
Commercial		8,235			7,243			4,593			3,105			1,219
Total loans charged off		10,662			9,334			9,828			6,395			12,893
Recoveries of loans previously charged off:
Credit cards		231			221			248			242			234
Other consumer		275			509			333			518			344
Real estate		403			72			735			785			429
Commercial		439			455			442			309			245
Total recoveries		1,348			1,257			1,758			1,854			1,252
Net loans charged off		9,314			8,077			8,070			4,541			11,641
Provision for credit losses on loans		12,148			11,099			10,206			11,225			20,222
Balance, end of quarter	$	233,223		$	230,389		$	227,367		$	225,231		$	218,547
Nonperforming assets
Nonperforming loans:
Nonaccrual loans	$	100,865		$	102,891		$	105,788		$	83,325		$	81,135
Loans past due 90 days or more		830			558			1,527			1,147			806
Total nonperforming loans		101,695			103,449			107,315			84,472			81,941
Other nonperforming assets:
Foreclosed assets and other real estate owned		1,299			2,209			3,511			4,073			3,809
Other nonperforming assets		1,311			1,167			1,491			1,726			1,417
Total other nonperforming assets		2,610			3,376			5,002			5,799			5,226
Total nonperforming assets	$	104,305		$	106,825		$	112,317		$	90,271		$	87,167
Ratios
Allowance for credit losses on loans to total loans		1.35	%		1.34	%		1.34	%		1.34	%		1.30	%
Allowance for credit losses to nonperforming loans		229	%		223	%		212	%		267	%		267	%
Nonperforming loans to total loans		0.59	%		0.60	%		0.63	%		0.50	%		0.49	%
Nonperforming assets to total assets		0.38	%		0.39	%		0.41	%		0.33	%		0.32	%
Annualized net charge offs to average loans (QTD)		0.22	%		0.19	%		0.19	%		0.11	%		0.28	%
Annualized net charge offs to average loans (YTD)		0.20	%		0.19	%		0.19	%		0.12	%		0.12	%
Annualized net credit card charge offs to average credit card loans (QTD)		3.23	%		2.50	%		2.88	%		2.49	%		2.19	%

Page 6

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

	Three Months Ended Sep 2024							Three Months Ended Jun 2024							Three Months Ended Sep 2023
	Average Balance		Income/ Expense		Yield/ Rate			Average Balance		Income/ Expense		Yield/ Rate			Average Balance		Income/ Expense		Yield/ Rate
($ in thousands)
ASSETS
Earning assets:
Interest bearing balances due from banks and federal funds sold	$	204,505	$	2,921		5.68	%	$	214,777	$	2,964		5.55	%	$	331,444	$	3,569		4.27	%
Investment securities - taxable		3,826,934		37,473		3.90	%		4,035,508		39,283		3.92	%		4,638,486		34,734		2.97	%
Investment securities - non-taxable (FTE)		2,617,532		21,318		3.24	%		2,597,005		21,429		3.32	%		2,617,152		21,563		3.27	%
Mortgage loans held for sale		12,425		209		6.69	%		10,328		194		7.55	%		9,542		178		7.40	%
Loans - including fees (FTE)		17,208,162		278,766		6.44	%		17,101,799		271,851		6.39	%		16,758,597		256,757		6.08	%
Total interest earning assets (FTE)		23,869,558		340,687		5.68	%		23,959,417		335,721		5.64	%		24,355,221		316,801		5.16	%
Non-earning assets		3,346,882							3,345,860							3,239,390
Total assets	$	27,216,440						$	27,305,277						$	27,594,611
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest bearing liabilities:
Interest bearing transaction and savings accounts	$	10,826,514	$	78,307		2.88	%	$	10,973,462	$	79,087		2.90	%	$	10,682,767	$	65,095		2.42	%
Time deposits		6,355,801		73,937		4.63	%		6,447,259		73,946		4.61	%		6,558,110		68,062		4.12	%
Total interest bearing deposits		17,182,315		152,244		3.52	%		17,420,721		153,033		3.53	%		17,240,877		133,157		3.06	%
Federal funds purchased and securities sold under agreement to repurchase		51,830		138		1.06	%		50,558		156		1.24	%		89,769		277		1.22	%
Other borrowings		1,252,435		17,067		5.42	%		1,111,734		15,025		5.44	%		1,222,557		16,450		5.34	%
Subordinated notes and debentures		366,236		7,128		7.74	%		366,198		7,026		7.72	%		366,085		6,969		7.55	%
Total interest bearing liabilities		18,852,816		176,577		3.73	%		18,949,211		175,240		3.72	%		18,919,288		156,853		3.29	%
Noninterest bearing liabilities:
Noninterest bearing deposits		4,535,105							4,624,819							5,032,631
Other liabilities		323,378							280,092							271,014
Total liabilities		23,711,299							23,854,122							24,222,933
Stockholders’ equity		3,505,141							3,451,155							3,371,678
Total liabilities and stockholders’ equity	$	27,216,440						$	27,305,277						$	27,594,611
Net interest income (FTE)			$	164,110						$	160,481						$	159,948
Net interest spread (FTE)						1.95	%						1.92	%						1.87	%
Net interest margin (FTE)						2.74	%						2.69	%						2.61	%

Page 7

Simmons First National Corporation	SFNC
Consolidated - Selected Financial Data
For the Quarters Ended
(Unaudited)

	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
	2024			2024			2024			2023			2023
($ in thousands, except share data)
QUARTER-TO-DATE
Financial Highlights - As Reported
Net Income	$	24,740		$	40,763		$	38,871		$	23,907		$	47,247
Diluted earnings per share		0.20			0.32			0.31			0.19			0.37
Return on average assets		0.36	%		0.60	%		0.57	%		0.35	%		0.68	%
Return on average common equity		2.81	%		4.75	%		4.54	%		2.84	%		5.56	%
Return on tangible common equity (non-GAAP) (1)		5.27	%		8.67	%		8.33	%		5.61	%		10.33	%
Net interest margin (FTE)		2.74	%		2.69	%		2.66	%		2.68	%		2.61	%
Efficiency ratio (2)		75.70	%		68.38	%		69.41	%		80.46	%		65.11	%
FTE adjustment		6,398			6,576			6,422			6,511			6,515
Average diluted shares outstanding		125,999,269			125,758,166			125,661,950			125,609,265			126,283,609
Shares repurchased under plan		—			—			—			—			1,128,962
Average price of shares repurchased		—			—			—			—			17.69
Cash dividends declared per common share		0.210			0.210			0.210			0.200			0.200
Accretable yield on acquired loans		1,496			1,569			1,123			1,762			2,146
Financial Highlights - Adjusted (non-GAAP) (1)
Adjusted earnings	$	46,005		$	41,897		$	40,351		$	50,215		$	48,804
Adjusted diluted earnings per share		0.37			0.33			0.32			0.40			0.39
Adjusted return on average assets		0.67	%		0.62	%		0.60	%		0.73	%		0.70	%
Adjusted return on average common equity		5.22	%		4.88	%		4.71	%		5.97	%		5.74	%
Adjusted return on tangible common equity		9.34	%		8.89	%		8.62	%		11.10	%		10.64	%
Adjusted efficiency ratio (2)		63.38	%		65.68	%		66.42	%		62.91	%		61.94	%
YEAR-TO-DATE
Financial Highlights - GAAP
Net Income	$	104,374		$	79,634		$	38,871		$	175,057		$	151,150
Diluted earnings per share		0.83			0.63			0.31			1.38			1.19
Return on average assets		0.51	%		0.59	%		0.57	%		0.64	%		0.73	%
Return on average common equity		4.02	%		4.64	%		4.54	%		5.21	%		6.00	%
Return on tangible common equity (non-GAAP) (1)		7.39	%		8.50	%		8.33	%		9.76	%		11.14	%
Net interest margin (FTE)		2.70	%		2.68	%		2.66	%		2.78	%		2.82	%
Efficiency ratio (2)		71.00	%		68.90	%		69.41	%		67.75	%		64.13	%
FTE adjustment		19,396			12,998			6,422			25,443			18,932
Average diluted shares outstanding		125,910,260			125,693,536			125,661,950			126,775,704			127,099,727
Cash dividends declared per common share		0.630			0.420			0.210			0.800			0.600
Financial Highlights - Adjusted (non-GAAP) (1)
Adjusted earnings	$	128,253		$	82,248		$	40,351		$	207,716		$	157,501
Adjusted diluted earnings per share		1.02			0.65			0.32			1.64			1.24
Adjusted return on average assets		0.63	%		0.61	%		0.60	%		0.75	%		0.76	%
Adjusted return on average common equity		4.94	%		4.80	%		4.71	%		6.18	%		6.25	%
Adjusted return on tangible common equity		8.96	%		8.76	%		8.62	%		11.46	%		11.58	%
Adjusted efficiency ratio (2)		65.14	%		66.05	%		66.42	%		61.32	%		60.81	%
END OF PERIOD
Book value per share	$	28.11		$	27.56		$	27.42		$	27.37		$	26.26
Tangible book value per share		16.78			16.20			16.02			15.92			14.77
Shares outstanding		125,554,598			125,487,520			125,419,618			125,184,119			125,133,281
Full-time equivalent employees		2,972			2,961			2,989			3,007			3,005
Total number of financial centers		234			234			233			234			232

(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
(Unaudited)

	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
	2024			2024			2024			2023			2023
(in thousands, except per share data)
QUARTER-TO-DATE
Net income	$	24,740		$	40,763		$	38,871		$	23,907		$	47,247
Certain items (non-GAAP)
FDIC Deposit Insurance special assessment		—			283			1,549			10,521			—
Merger related costs		—			—			—			—			5
Early retirement program		(1	)		118			219			1,032			1,557
Termination of vendor and software services		(13	)		615			—			—			—
Loss (gain) on sale of securities		28,393			—			—			20,218			—
Branch right sizing (net)		410			519			236			3,846			547
Tax effect of certain items (1)		(7,524	)		(401	)		(524	)		(9,309	)		(552	)
Certain items, net of tax		21,265			1,134			1,480			26,308			1,557
Adjusted earnings (non-GAAP)	$	46,005		$	41,897		$	40,351		$	50,215		$	48,804
Diluted earnings per share	$	0.20		$	0.32		$	0.31		$	0.19		$	0.37
Certain items (non-GAAP)
FDIC Deposit Insurance special assessment		—			—			0.01			0.08			—
Early retirement program		—			—			—			0.01			0.01
Termination of vendor and software services		—			0.01			—			—			—
Loss (gain) on sale of securities		0.23			—			—			0.16			—
Branch right sizing (net)		—			—			—			0.03			0.01
Tax effect of certain items (1)		(0.06	)		—			—			(0.07	)		—
Certain items, net of tax		0.17			0.01			0.01			0.21			0.02
Adjusted diluted earnings per share (non-GAAP)	$	0.37		$	0.33		$	0.32		$	0.40		$	0.39

(1) Effective tax rate of 26.135%.

Reconciliation of Certain Noninterest Income and Expense Items (non-GAAP)
QUARTER-TO-DATE
Noninterest income	$	17,130		$	43,299		$	43,184		$	21,974		$	42,777
Certain noninterest income items
Loss (gain) on sale of securities		28,393			—			—			20,218			—
Adjusted noninterest income (non-GAAP)	$	45,523		$	43,299		$	43,184		$	42,192		$	42,777
Noninterest expense	$	137,193		$	139,354		$	139,879		$	148,139		$	131,998
Certain noninterest expense items
Merger related costs		—			—			—			—			(5	)
Early retirement program		1			(118	)		(219	)		(1,032	)		(1,557	)
FDIC Deposit Insurance special assessment		—			(283	)		(1,549	)		(10,521	)		—
Termination of vendor and software services		13			(615	)		—			—			—
Branch right sizing expense		(410	)		(519	)		(236	)		(3,846	)		(547	)
Adjusted noninterest expense (non-GAAP)	$	136,797		$	137,819		$	137,875		$	132,740		$	129,889
Salaries and employee benefits	$	69,167		$	70,716		$	72,653		$	66,982		$	67,374
Certain salaries and employee benefits items
Early retirement program		1			(118	)		(219	)		(1,032	)		(1,557	)
Other		(1	)		1			—			2			—
Adjusted salaries and employee benefits (non-GAAP)	$	69,167		$	70,599		$	72,434		$	65,952		$	65,817
Other operating expenses	$	44,540		$	45,352		$	42,513		$	48,570		$	42,582
Certain other operating expenses items
Termination of vendor and software services		13			(615	)		—			—			—
Branch right sizing expense		(184	)		(392	)		(83	)		(3,708	)		(466	)
Adjusted other operating expenses (non-GAAP)	$	44,369		$	44,345		$	42,430		$	44,862		$	42,116

Page 9

Simmons First National Corporation	SFNC
Reconciliation Of Non-GAAP Financial Measures - Adjusted Earnings - Year-to-Date
For the Quarters Ended
(Unaudited)

	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
	2024			2024			2024			2023			2023
(in thousands, except per share data)
YEAR-TO-DATE
Net income	$	104,374		$	79,634		$	38,871		$	175,057		$	151,150
Certain items (non-GAAP)
FDIC Deposit Insurance special assessment		1,832			1,832			1,549			10,521			—
Merger related costs		—			—			—			1,420			1,420
Early retirement program		336			337			219			6,198			5,166
Termination of vendor and software services		602			615			—			—			—
Loss (gain) on sale of securities		28,393			—			—			20,609			391
Branch right sizing (net)		1,165			755			236			5,467			1,621
Tax effect of certain items (1)		(8,449	)		(925	)		(524	)		(11,556	)		(2,247	)
Certain items, net of tax		23,879			2,614			1,480			32,659			6,351
Adjusted earnings (non-GAAP)	$	128,253		$	82,248		$	40,351		$	207,716		$	157,501
Diluted earnings per share	$	0.83		$	0.63		$	0.31		$	1.38		$	1.19
Certain items (non-GAAP)
FDIC Deposit Insurance special assessment		0.02			0.02			0.01			0.08			—
Merger related costs		—			—			—			0.01			0.01
Early retirement program		—			—			—			0.05			0.04
Loss (gain) on sale of securities		0.23			—			—			0.17			—
Branch right sizing (net)		0.01			0.01			—			0.04			0.02
Tax effect of certain items (1)		(0.07	)		(0.01	)		—			(0.09	)		(0.02	)
Certain items, net of tax		0.19			0.02			0.01			0.26			0.05
Adjusted diluted earnings per share (non-GAAP)	$	1.02		$	0.65		$	0.32		$	1.64		$	1.24

(1) Effective tax rate of 26.135%.

Reconciliation of Certain Noninterest Income and Expense Items (non-GAAP)
YEAR-TO-DATE
Noninterest income	$	103,613		$	86,483		$	43,184		$	155,566		$	133,592
Certain noninterest income items
Loss (gain) on sale of securities		28,393			—			—			20,609			391
Adjusted noninterest income (non-GAAP)	$	132,006		$	86,483		$	43,184		$	176,175		$	133,983
Noninterest expense	$	416,426		$	279,233		$	139,879		$	563,061		$	414,922
Certain noninterest expense items
Merger related costs		—			—			—			(1,420	)		(1,420	)
Early retirement program		(336	)		(337	)		(219	)		(6,198	)		(5,166	)
FDIC Deposit Insurance special assessment		(1,832	)		(1,832	)		(1,549	)		(10,521	)		—
Termination of vendor and software services		(602	)		(615	)		—			—			—
Branch right sizing expense		(1,165	)		(755	)		(236	)		(5,467	)		(1,621	)
Adjusted noninterest expense (non-GAAP)	$	412,491		$	275,694		$	137,875		$	539,455		$	406,715
Salaries and employee benefits	$	212,536		$	143,369		$	72,653		$	286,117		$	219,135
Certain salaries and employee benefits items
Early retirement program		(336	)		(337	)		(219	)		(6,198	)		(5,166	)
Other		—			1			—			2			—
Adjusted salaries and employee benefits (non-GAAP)	$	212,200		$	143,033		$	72,434		$	279,921		$	213,969
Other operating expenses	$	132,405		$	87,865		$	42,513		$	177,164		$	128,594
Certain other operating expenses items
Termination of vendor and software services		(602	)		(615	)		—			—			—
Branch right sizing expense		(659	)		(475	)		(83	)		(4,937	)		(1,229	)
Adjusted other operating expenses (non-GAAP)	$	131,144		$	86,775		$	42,430		$	172,227		$	127,365

Page 10

Simmons First National Corporation	SFNC
Reconciliation Of Non-GAAP Financial Measures - End of Period
For the Quarters Ended
(Unaudited)

	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
	2024			2024			2024			2023			2023
($ 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	$	3,528,833		$	3,458,869		$	3,439,126		$	3,426,488		$	3,285,555
Intangible assets:
Goodwill		(1,320,799	)		(1,320,799	)		(1,320,799	)		(1,320,799	)		(1,320,799	)
Other intangible assets		(101,093	)		(104,943	)		(108,795	)		(112,645	)		(116,660	)
Total intangibles		(1,421,892	)		(1,425,742	)		(1,429,594	)		(1,433,444	)		(1,437,459	)
Tangible common stockholders’ equity	$	2,106,941		$	2,033,127		$	2,009,532		$	1,993,044		$	1,848,096
Total assets	$	27,269,404		$	27,369,072		$	27,372,175		$	27,345,674		$	27,564,325
Intangible assets:
Goodwill		(1,320,799	)		(1,320,799	)		(1,320,799	)		(1,320,799	)		(1,320,799	)
Other intangible assets		(101,093	)		(104,943	)		(108,795	)		(112,645	)		(116,660	)
Total intangibles		(1,421,892	)		(1,425,742	)		(1,429,594	)		(1,433,444	)		(1,437,459	)
Tangible assets	$	25,847,512		$	25,943,330		$	25,942,581		$	25,912,230		$	26,126,866
Ratio of common equity to assets		12.94	%		12.64	%		12.56	%		12.53	%		11.92	%
Ratio of tangible common equity to tangible assets		8.15	%		7.84	%		7.75	%		7.69	%		7.07	%
Calculation of Tangible Book Value per Share
Total common stockholders’ equity	$	3,528,833		$	3,458,869		$	3,439,126		$	3,426,488		$	3,285,555
Intangible assets:
Goodwill		(1,320,799	)		(1,320,799	)		(1,320,799	)		(1,320,799	)		(1,320,799	)
Other intangible assets		(101,093	)		(104,943	)		(108,795	)		(112,645	)		(116,660	)
Total intangibles		(1,421,892	)		(1,425,742	)		(1,429,594	)		(1,433,444	)		(1,437,459	)
Tangible common stockholders’ equity	$	2,106,941		$	2,033,127		$	2,009,532		$	1,993,044		$	1,848,096
Shares of common stock outstanding		125,554,598			125,487,520			125,419,618			125,184,119			125,133,281
Book value per common share	$	28.11		$	27.56		$	27.42		$	27.37		$	26.26
Tangible book value per common share	$	16.78		$	16.20		$	16.02		$	15.92		$	14.77
Calculation of Coverage Ratio of Uninsured, Non-Collateralized Deposits
Uninsured deposits at Simmons Bank	$	8,355,496		$	8,186,903		$	8,413,514		$	8,328,444		$	8,143,200
Less: Collateralized deposits (excluding portion that is FDIC insured)		2,710,167			2,835,424			2,995,241			2,846,716			2,835,405
Less: Intercompany eliminations		986,626			943,979			775,461			728,480			676,840
Total uninsured, non-collateralized deposits	$	4,658,703		$	4,407,500		$	4,642,812		$	4,753,248		$	4,630,955
FHLB borrowing availability	$	4,955,000		$	4,910,000		$	5,326,000		$	5,401,000		$	5,372,000
Unpledged securities		4,110,000			4,145,000			4,122,000			3,817,000			4,124,000
Fed funds lines, Fed discount window and
Bank Term Funding Program (1)		2,109,000			2,065,000			2,009,000			1,998,000			1,951,000
Additional liquidity sources	$	11,174,000		$	11,120,000		$	11,457,000		$	11,216,000		$	11,447,000
Uninsured, non-collateralized deposit coverage ratio		2.4			2.5			2.5			2.4			2.5
(1)   The Bank Term Funding Program closed for new loans on March 11, 2024. At no time did Simmons borrow funds under this program.
Calculation of Net Charge Off Ratio
Net charge offs	$	9,314		$	8,077		$	8,070
Less: Net charge offs from run-off portfolio (1)		3,500			6,700			4,500
Net charge offs excluding run-off portfolio	$	5,814		$	1,377		$	3,570
Average total loans	$	17,208,162		$	17,101,799		$	16,900,496
Annualized net charge offs to average loans (NCO ratio)		0.22	%		0.19	%		0.19	%
NCO ratio, excluding net charge offs associated with run-off portfolio (annualized)		0.13	%		0.03	%		0.08	%

(1) Run-off portfolio consists of asset based lending and small equipment finance portfolios obtained in acquisitions.  

Page 11

Simmons First National Corporation	SFNC
Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date
For the Quarters Ended
(Unaudited)

	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
	2024			2024			2024			2023			2023
($ in thousands)
Calculation of Adjusted Return on Average Assets
Net income	$	24,740		$	40,763		$	38,871		$	23,907		$	47,247
Certain items (non-GAAP)
FDIC Deposit Insurance special assessment		—			283			1,549			10,521			—
Merger related costs		—			—			—			—			5
Early retirement program		(1	)		118			219			1,032			1,557
Termination of vendor and software services		(13	)		615			—			—			—
Loss (gain) on sale of securities		28,393			—			—			20,218			—
Branch right sizing (net)		410			519			236			3,846			547
Tax effect of certain items (2)		(7,524	)		(401	)		(524	)		(9,309	)		(552	)
Adjusted earnings (non-GAAP)	$	46,005		$	41,897		$	40,351		$	50,215		$	48,804
Average total assets	$	27,216,440		$	27,305,277		$	27,259,399		$	27,370,811		$	27,594,611
Return on average assets		0.36	%		0.60	%		0.57	%		0.35	%		0.68	%
Adjusted return on average assets (non-GAAP)		0.67	%		0.62	%		0.60	%		0.73	%		0.70	%
Calculation of Return on Tangible Common Equity
Net income available to common stockholders	$	24,740		$	40,763		$	38,871		$	23,907		$	47,247
Amortization of intangibles, net of taxes		2,845			2,845			2,844			2,965			3,027
Total income available to common stockholders	$	27,585		$	43,608		$	41,715		$	26,872		$	50,274
Certain items (non-GAAP)
FDIC Deposit Insurance special assessment	$	—		$	283		$	1,549		$	10,521		$	—
Merger related costs		—			—			—			—			5
Early retirement program		(1	)		118			219			1,032			1,557
Termination of vendor and software services		(13	)		615			—			—			—
Loss (gain) on sale of securities		28,393			—			—			20,218			—
Branch right sizing (net)		410			519			236			3,846			547
Tax effect of certain items (2)		(7,524	)		(401	)		(524	)		(9,309	)		(552	)
Adjusted earnings (non-GAAP)		46,005			41,897			40,351			50,215			48,804
Amortization of intangibles, net of taxes		2,845			2,845			2,844			2,965			3,027
Total adjusted earnings available to common stockholders (non-GAAP)	$	48,850		$	44,742		$	43,195		$	53,180		$	51,831
Average common stockholders’ equity	$	3,505,141		$	3,451,155		$	3,447,021		$	3,336,247		$	3,371,678
Average intangible assets:
Goodwill		(1,320,799	)		(1,320,799	)		(1,320,799	)		(1,320,799	)		(1,320,799	)
Other intangibles		(103,438	)		(107,173	)		(111,023	)		(114,861	)		(119,125	)
Total average intangibles		(1,424,237	)		(1,427,972	)		(1,431,822	)		(1,435,660	)		(1,439,924	)
Average tangible common stockholders’ equity (non-GAAP)	$	2,080,904		$	2,023,183		$	2,015,199		$	1,900,587		$	1,931,754
Return on average common equity		2.81	%		4.75	%		4.54	%		2.84	%		5.56	%
Return on tangible common equity		5.27	%		8.67	%		8.33	%		5.61	%		10.33	%
Adjusted return on average common equity (non-GAAP)		5.22	%		4.88	%		4.71	%		5.97	%		5.74	%
Adjusted return on tangible common equity (non-GAAP)		9.34	%		8.89	%		8.62	%		11.10	%		10.64	%
Calculation of Efficiency Ratio and Adjusted Efficiency Ratio (1)
Noninterest expense (efficiency ratio numerator)	$	137,193		$	139,354		$	139,879		$	148,139		$	131,998
Certain noninterest expense items (non-GAAP)
Merger related costs		—			—			—			—			(5	)
Early retirement program		1			(118	)		(219	)		(1,032	)		(1,557	)
FDIC Deposit Insurance special assessment		—			(283	)		(1,549	)		(10,521	)		—
Termination of vendor and software services		13			(615	)		—			—			—
Branch right sizing expense		(410	)		(519	)		(236	)		(3,846	)		(547	)
Other real estate and foreclosure expense adjustment		(87	)		(117	)		(179	)		(189	)		(228	)
Amortization of intangibles adjustment		(3,851	)		(3,852	)		(3,850	)		(4,015	)		(4,097	)
Adjusted efficiency ratio numerator	$	132,859		$	133,850		$	133,846		$	128,536		$	125,564
Net interest income	$	157,712		$	153,905		$	151,906		$	155,628		$	153,433
Noninterest income		17,130			43,299			43,184			21,974			42,777
Fully tax-equivalent adjustment (effective tax rate of 26.135%)		6,398			6,576			6,422			6,511			6,515
Efficiency ratio denominator		181,240			203,780			201,512			184,113			202,725
Certain noninterest income items (non-GAAP)
(Gain) loss on sale of securities		28,393			—			—			20,218			—
Adjusted efficiency ratio denominator	$	209,633		$	203,780		$	201,512		$	204,331		$	202,725
Efficiency ratio (1)		75.70	%		68.38	%		69.41	%		80.46	%		65.11	%
Adjusted efficiency ratio (non-GAAP) (1)		63.38	%		65.68	%		66.42	%		62.91	%		61.94	%

(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
(Unaudited)

	Sep 30			Jun 30		Mar 31		Dec 31			Sep 30
	2024			2024		2024		2023			2023
($ in thousands)
Calculation of Total Revenue and Adjusted Total Revenue
Net interest income	$	157,712		$	153,905	$	151,906	$	155,628		$	153,433
Noninterest income		17,130			43,299		43,184		21,974			42,777
Total revenue		174,842			197,204		195,090		177,602			196,210
Certain items, pre-tax (non-GAAP)
Less: Gain (loss) on sale of securities		(28,393	)		—		—		(20,218	)		—
Adjusted total revenue	$	203,235		$	197,204	$	195,090	$	197,820		$	196,210
Calculation of Pre-Provision Net Revenue (PPNR)
Net interest income	$	157,712		$	153,905	$	151,906	$	155,628		$	153,433
Noninterest income		17,130			43,299		43,184		21,974			42,777
Total revenue		174,842			197,204		195,090		177,602			196,210
Less: Noninterest expense		137,193			139,354		139,879		148,139			131,998
Pre-Provision Net Revenue (PPNR)	$	37,649		$	57,850	$	55,211	$	29,463		$	64,212
Calculation of Adjusted Pre-Provision Net Revenue
Pre-Provision Net Revenue (PPNR)	$	37,649		$	57,850	$	55,211	$	29,463		$	64,212
Certain items, pre-tax (non-GAAP)
Plus: Loss (gain) on sale of securities		28,393			—		—		20,218			—
Plus: FDIC Deposit Insurance special assessment		—			283		1,549		10,521			—
Plus: Merger related costs		—			—		—		—			5
Plus: Early retirement program costs		(1	)		118		219		1,032			1,557
Plus: Termination of vendor and software services		(13	)		615		—		—			—
Plus: Branch right sizing costs (net)		410			519		236		3,846			547
Adjusted Pre-Provision Net Revenue	$	66,438		$	59,385	$	57,215	$	65,080		$	66,321

Page 13

Simmons First National Corporation	SFNC
Reconciliation Of Non-GAAP Financial Measures - Year-to-Date
For the Quarters Ended
(Unaudited)

	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
	2024			2024			2024			2023			2023
($ in thousands)
Calculation of Adjusted Return on Average Assets
Net income	$	104,374		$	79,634		$	38,871		$	175,057		$	151,150
Certain items (non-GAAP)
FDIC Deposit Insurance special assessment		1,832			1,832			1,549			10,521			—
Merger related costs		—			—			—			1,420			1,420
Early retirement program		336			337			219			6,198			5,166
Termination of vendor and software services		602			615			—			—			—
Loss (gain) on sale of securities		28,393			—			—			20,609			391
Branch right sizing (net)		1,165			755			236			5,467			1,621
Tax effect of certain items (2)		(8,449	)		(925	)		(524	)		(11,556	)		(2,247	)
Adjusted earnings (non-GAAP)	$	128,253		$	82,248		$	40,351		$	207,716		$	157,501
Average total assets	$	27,260,212		$	27,282,338		$	27,259,399		$	27,554,859		$	27,616,882
Return on average assets		0.51	%		0.59	%		0.57	%		0.64	%		0.73	%
Adjusted return on average assets (non-GAAP)		0.63	%		0.61	%		0.60	%		0.75	%		0.76	%
Calculation of Return on Tangible Common Equity
Net income available to common stockholders	$	104,374		$	79,634		$	38,871		$	175,057		$	151,150
Amortization of intangibles, net of taxes		8,534			5,689			2,844			12,044			9,079
Total income available to common stockholders	$	112,908		$	85,323		$	41,715		$	187,101		$	160,229
Certain items (non-GAAP)
FDIC Deposit Insurance special assessment	$	1,832		$	1,832		$	1,549		$	10,521		$	—
Merger related costs		—			—			—			1,420			1,420
Early retirement program		336			337			219			6,198			5,166
Termination of vendor and software services		602			615			—			—			—
Loss (gain) on sale of securities		28,393			—			—			20,609			391
Branch right sizing (net)		1,165			755			236			5,467			1,621
Tax effect of certain items (2)		(8,449	)		(925	)		(524	)		(11,556	)		(2,247	)
Adjusted earnings (non-GAAP)		128,253			82,248			40,351			207,716			157,501
Amortization of intangibles, net of taxes		8,534			5,689			2,844			12,044			9,079
Total adjusted earnings available to common stockholders (non-GAAP)	$	136,787		$	87,937		$	43,195		$	219,760		$	166,580
Average common stockholders’ equity	$	3,467,908		$	3,449,089		$	3,447,021		$	3,359,312		$	3,367,088
Average intangible assets:
Goodwill		(1,320,799	)		(1,320,799	)		(1,320,799	)		(1,320,510	)		(1,320,412	)
Other intangibles		(107,197	)		(109,098	)		(111,023	)		(121,098	)		(123,200	)
Total average intangibles		(1,427,996	)		(1,429,897	)		(1,431,822	)		(1,441,608	)		(1,443,612	)
Average tangible common stockholders’ equity (non-GAAP)	$	2,039,912		$	2,019,192		$	2,015,199		$	1,917,704		$	1,923,476
Return on average common equity		4.02	%		4.64	%		4.54	%		5.21	%		6.00	%
Return on tangible common equity		7.39	%		8.50	%		8.33	%		9.76	%		11.14	%
Adjusted return on average common equity (non-GAAP)		4.94	%		4.80	%		4.71	%		6.18	%		6.25	%
Adjusted return on tangible common equity (non-GAAP)		8.96	%		8.76	%		8.62	%		11.46	%		11.58	%
Calculation of Efficiency Ratio and Adjusted Efficiency Ratio (1)
Noninterest expense (efficiency ratio numerator)	$	416,426		$	279,233		$	139,879		$	563,061		$	414,922
Certain noninterest expense items (non-GAAP)
Merger related costs		—			—			—			(1,420	)		(1,420	)
Early retirement program		(336	)		(337	)		(219	)		(6,198	)		(5,166	)
FDIC Deposit Insurance special assessment		(1,832	)		(1,832	)		(1,549	)		(10,521	)		—
Termination of vendor and software services		(602	)		(615	)		—			—			—
Branch right sizing expense		(1,165	)		(755	)		(236	)		(5,467	)		(1,621	)
Other real estate and foreclosure expense adjustment		(383	)		(296	)		(179	)		(892	)		(703	)
Amortization of intangibles adjustment		(11,553	)		(7,702	)		(3,850	)		(16,306	)		(12,291	)
Adjusted efficiency ratio numerator	$	400,555		$	267,696		$	133,846		$	522,257		$	393,721
Net interest income	$	463,523		$	305,811		$	151,906		$	650,126		$	494,498
Noninterest income		103,613			86,483			43,184			155,566			133,592
Fully tax-equivalent adjustment (effective tax rate of 26.135%)		19,396			12,998			6,422			25,443			18,932
Efficiency ratio denominator		586,532			405,292			201,512			831,135			647,022
Certain noninterest income items (non-GAAP)
(Gain) loss on sale of securities		28,393			—			—			20,609			391
Adjusted efficiency ratio denominator	$	614,925		$	405,292		$	201,512		$	851,744		$	647,413
Efficiency ratio (1)		71.00	%		68.90	%		69.41	%		67.75	%		64.13	%
Adjusted efficiency ratio (non-GAAP) (1)		65.14	%		66.05	%		66.42	%		61.32	%		60.81	%

(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