EX-99.1 2 exh_991.htm EXHIBIT 99.1

Exhibit 99.1

For Immediate Release: | July 27, 2021

SIMMONS REPORTS SECOND QUARTER 2021 EARNINGS

Board of Directors extends and increases authorization under share repurchase program

| · | Net income of $74.9 million, up 27 percent from the year ago quarter and up 11 percent compared to the first quarter of 2021

| · | Diluted EPS of $0.69, up 28 percent from the year ago quarter and up 11 percent compared to the first quarter of 2021

| · | Adjusted pre-tax, pre-provision income of $74.6 million, up 2 percent from first quarter 2021 levels

| · | Loan production totaled $1.8 billion during the first half of 2021, on pace to significantly exceed production volume for full-year of 2020

| · | Total deposits of $18.3 billion, up $1.3 billion since year-end 2020 while deposits costs dropped 10 bps over the same period

| · | Improved macroeconomic scenario models and sharp decline in nonperforming loans (down $34.6 million linked quarter) drive $13.0 million provision expense recapture in the quarter

| · | Merger and acquisition activity resumes during the quarter with announced pending acquisitions of Tennessee-based Landmark Community Bank and Triumph Bancshares, Inc.

Pine Bluff, AR – Simmons First National Corporation (NASDAQ: SFNC) (the “Company” or “Simmons”) today reported net income of $74.9 million for the second quarter of 2021 compared to net income of $58.8 million for the second quarter of 2020, an increase of $16.1 million, or 27 percent. Diluted earnings per share for the second quarter of 2021 were $0.69, an increase of $0.15, or 28 percent, compared to the same period in the prior year. Included in second quarter 2021 results were $524,000 in net after-tax merger-related and net branch right-sizing costs. Excluding the impact of these items, core earnings were $75.4 million for the second quarter of 2021, compared to $60.1 million for the second quarter of 2020, an increase of $15.3 million, or 25 percent. Core diluted earnings per share were $0.69, an increase of $0.14, or 25 percent, from the comparable period in 2020.

On a year-to-date basis, net income for the first half of 2021 was $142.3 million, or $1.31 diluted earnings per share, compared to $136.0 million, or $1.22 diluted earnings per share, for the first half of 2020. Excluding $2.9 million in net after-tax merger-related and net branch right-sizing costs and the after-tax gain primarily associated with the sale of branches in Illinois, core earnings for the first half of 2021 were $139.4 million, an increase of $5.4 million compared to the first half of last year. Core diluted earnings per share for the first half of 2021 were $1.28, an increase of $0.07, or 6 percent, from the comparable period of 2020.

“Overall we were very pleased with our results for the quarter as we delivered solid performance in multiple areas while continuing to navigate the challenging environment,” said George A, Makris, Jr., Simmons’ chairman and CEO. “While loan growth throughout the financial services industry continues to be hampered by the significant amounts of government stimulus in the economy that has resulted in sluggish loan demand and historically high levels of paydowns, Simmons generated $1.8 billion in loan originations and advances during the first half of 2021, putting us on pace to significantly exceed loan production volume reported for the full-year of 2020. Our commercial loan pipeline has increased for three consecutive quarters and we are cautiously optimistic that this trend is a positive sign going forward.”

P.O. BOX 7009 501 MAIN STREET PINE BLUFF, ARKANSAS 71611-7009 (870) 541-1000 www.simmonsbank.com

“At the same time, asset quality metrics continued to improve as certain initially anticipated impacts of the COVID-19 pandemic on asset quality have thus far failed to materialize. As such, we recorded the recapture of $13.0 million of provision expense during the quarter while maintaining our nonperforming loan coverage ratio and an appropriate allowance to loan ratio that is reflective of the uncertainty in the economy and associated risk in our loan portfolio. As a result of our solid results in the quarter and our strong asset quality and capital positions, Simmons’ board of directors extended and increased the authorization under our share repurchase program, thus increasing our remaining capacity under the program to approximately $150 million and extending the program’s scheduled expiration to October 2022.”

Selected Highlights: | 2nd Qtr 2021 | 1st Qtr 2021 | 2nd Qtr 2020
Net income | $74.9 million | $67.4 million | $58.8 million
Diluted earnings per share | $0.69 | $0.62 | $0.54
Return on avg assets | 1.29% | 1.20% | 1.08%
Return on avg common equity | 10.08% | 9.20% | 8.21%
Return on tangible common equity (1) | 17.25% | 15.85% | 14.55%
Core earnings (2) | $75.4 million | $64.0 million | $60.1 million
Core diluted earnings per share (2) | $0.69 | $0.59 | $0.55
Core return on avg assets (2) | 1.30% | 1.14% | 1.11%
Core return on avg common equity (2) | 10.15% | 8.73% | 8.40%
Core return on tangible common equity (1)(2) | 17.36% | 15.08% | 14.87%
Efficiency ratio (3) | 56.93% | 57.43% | 51.13%
Adjusted pre-tax, pre-provision earnings (2) | $74.6 million | $73.1 million | $97.7 million

| (1) | Return on tangible common equity excludes goodwill and other intangible assets and is a non-GAAP measurement. Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below.

| (2) | Core figures exclude non-core items and are non-GAAP measurements. Adjusted pre-tax, pre-provision earnings exclude provision for income taxes, provisions for credit losses and unfunded commitments, gains on sales of securities, and other pre-tax, non-core items, and is also a non-GAAP measurement. Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below.

| (3) | Efficiency ratio is core non-interest expense before foreclosed property expense and amortization of intangibles, as a percent of net interest income (fully taxable equivalent) and non-interest revenues, excluding gains and losses from securities transactions and non-core items, and is a non-GAAP measurement. Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below.

Loans

($ in billions) | 2nd Qtr 2021 | 1st Qtr 2021 | 2nd Qtr 2020
Total loans | $11.4 | $12.2 | $14.6

Total loans at the end of the second quarter of 2021 were $11.4 billion compared to $12.2 billion at the end of the first quarter of 2021 and $14.6 billion at the end of the second quarter of 2020. Total loan production (loan originations and advances) for the first half of 2021 totaled $1.8 billion. While loan originations and advances are outpacing prior year production, the decline in loan balances reflects the substantial government stimulus to support the economy during the COVID-19 pandemic which contributed to an increase in the level of loan paydowns, payoffs and corresponding sluggish loan demand throughout the financial services industry. The Company’s balance of Paycheck Protection Program (“PPP”) loans totaled $441.4 million at the end of the second quarter of 2021, down $463.3 million during the first half of 2021 as originations under PPP Round 2 have been offset by loan forgiveness.

Despite these headwinds, loan demand appears to be returning to more normalized levels. For the third consecutive quarter, the Company experienced an increase in its commercial loan demand. The Company’s total commercial loan pipeline consisting of all loan opportunities was $1.3 billion compared to $674 million at December 31, 2020. Loans approved and ready to close at the end of the quarter totaled $467 million.

PPP Loans

($ in millions) | PPP Round 1 | PPP Round 2 | Total PPP Loans
Beginning balance, January 1, 2021 | $904.7 | $ - | $904.7
PPP loan originations | - | 318.9 | 318.9
PPP loan forgiveness and repayments | (763.9) | (18.3) | (782.2)
Ending balance, June 30, 2021 | $140.8 | $300.6 | $441.4

Deposits

($ in billions) | 2nd Qtr 2021 | 1st Qtr 2021 | 2nd Qtr 2020
Total deposits | $18.3 | $18.2 | $16.6
Noninterest bearing deposits | $4.9 | $4.9 | $4.6
Interest bearing deposits | $10.6 | $10.3 | $9.0
Time deposits | $2.8 | $3.0 | $3.0

Total deposits at the end of the second quarter of 2021 were $18.3 billion, an increase of $1.7 billion or 10 percent from $16.6 billion at the end of the second quarter of 2020. The increase in total deposits from a year ago was driven by a $1.6 billion increase in interest bearing deposits (checking, savings and money market accounts) which totaled $10.6 billion at the end of the second quarter of 2021. Noninterest bearing deposits also contributed to the year-over-year growth in total deposits, increasing $285.9 million or 6 percent while time deposits declined $188.9 million or 6 percent during the same period.

Net Interest Income

| 2nd Qtr 2021 | 1st Qtr 2021 | 4th Qtr 2020 | 3rd Qtr 2020 | 2nd Qtr 2020
Loan yield (1) | 4.73% | 4.75% | 4.74% | 4.54% | 4.84%
Core loan yield (1) (2) | 4.54% | 4.53% | 4.47% | 4.29% | 4.52%
Security yield (1) | 1.97% | 2.36% | 2.48% | 2.60% | 2.50%
Cost of interest bearing deposits | 0.32% | 0.41% | 0.47% | 0.54% | 0.59%
Cost of deposits (3) | 0.24% | 0.30% | 0.34% | 0.39% | 0.44%
Cost of borrowed funds | 1.97% | 1.91% | 1.88% | 1.85% | 1.84%
Net interest margin (1) | 2.89% | 2.99% | 3.22% | 3.21% | 3.42%
Core net interest margin (1) (2) | 2.78% | 2.86% | 3.04% | 3.02% | 3.18%

| (1) | Fully tax equivalent using an effective tax rate of 26.135%.

| (2) | Core loan yield and core net interest margin exclude accretion and are non-GAAP measurements. Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below.

| (3) | Includes non-interest bearing deposits.

Net interest income for the second quarter of 2021 totaled $146.5 million, compared to $146.7 million in the first quarter of 2021 and $163.7 million in the second quarter of 2020. Included in net interest income is accretion recognized on loans acquired totaling $5.6 million in the second quarter of 2021, $6.6 million in the first quarter of 2021 and $11.7 million in the second quarter of 2020. Excluding the impact of accretion, core net interest income for the second quarter of 2021 increased 1 percent on a linked quarter basis.

The decrease in net interest income from the year ago quarter reflects a lower average loan balance combined with an 11 basis point decrease in loan yields. To offset the expected pressure on net interest income given the current low interest rate environment, the Company has been diligent in its efforts to reduce deposits costs. As a result, cost of deposits for the second quarter of 2021 was 24 basis points, down 6 basis points on a linked quarter basis and 20 basis points compared to the second quarter of 2020.

While loan yields declined from the year ago quarter, on a linked quarter basis loan yields declined only 2 basis points. The core loan yield, which excludes accretion, for the second quarter of 2021 was 4.54 percent, up 1 basis point compared to the first quarter of 2021 and up 2 basis points compared to the second quarter a year ago. The yield on PPP loans was approximately 5.08 percent during the second quarter of 2021 (including accretion of net fees), which increased the overall loan yield by approximately 2 basis points.

The net interest margin on a fully taxable equivalent basis was 2.89 percent for the second quarter of 2021 compared to 2.99 percent for the first quarter of 2021 and 3.42 percent for the second quarter of 2020. Core net interest margin (excluding accretion on acquired loans) was 2.78 percent compared to 2.86 percent for the first quarter of 2021 and 3.18 percent for the second quarter of 2020. During the second quarter of 2021, the Company purchased $2.5 billion of investment securities. This included the strategic redeployment of excess liquidity through the purchase of variable rate investment securities totaling approximately $1.1 billion. Consequently, the duration of the investment securities portfolio shortened from 6.5 years at March 31, 2021 to 4.9 years at June 30, 2021.

Noninterest Income

Noninterest income for the second quarter of 2021 was $47.9 million compared to $50.3 million in the first quarter of 2021 and $48.8 million in the second quarter of 2020. Gains on the sale of investment securities totaled $5.1 million in the second quarter of 2021, $5.5 million in the first quarter of 2021 and $390,000 in the second quarter of 2020. Core noninterest income totaled $47.5 million in the second quarter of 2021 compared to $44.9 million in the first quarter of 2021 and $46.6 million in the second quarter of 2020. Core noninterest income excludes gains on the sale of branches which totaled $445,000 in the second quarter of 2021, $5.5 million in the first quarter of 2021 and $2.2 million in the second quarter of 2020.

Select Noninterest Income Items ($ in millions) | 2nd Qtr 2021 | 1st Qtr 2021 | 4th Qtr 2020 | 3rd Qtr 2020 | 2nd Qtr 2020
Service charges on deposit accounts | $10.1 | $9.7 | $10.8 | $10.4 | $8.6
Trust income | $7.2 | $6.7 | $6.6 | $6.7 | $7.3
Mortgage lending income | $4.5 | $6.4 | $3.0 | $14.0 | $12.5
SBA lending income | $0.3 | $0.2 | $0.5 | $0.3 | $0.2
Debit and credit card fees (1) | $7.9 | $7.4 | $7.2 | $7.2 | $6.6
Gain on sale of securities | $5.1 | $5.5 | - | $22.3 | $0.4
Other income | $8.1 | $10.3 | $10.6 | $5.4 | $9.8
Core other income (2) | $7.7 | $4.8 | $10.3 | $5.0 | $7.6

| (1) | During the second quarter of 2021, certain debit and credit card transaction fees were reclassified from noninterest expense to noninterest income. Prior periods have been adjusted to reflect this reclassification.

| (2) | Core figures exclude non-core items and are non-GAAP measurements. Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below.

Noninterest Expense

Noninterest expense for the second quarter of 2021 totaled $115.5 million compared to $113.8 million for the first quarter of 2021 and $116.2 million for the second quarter of 2020. Included in noninterest expense are pre-tax, non-core items for merger-related expenses and branch right sizing costs. Excluding these items, core noninterest expense was $114.3 million for the second quarter of 2021, $112.9 million for the first quarter of 2021 and $112.1 million for the second quarter of 2020. Overall expenses were well contained, increasing 1 percent from first quarter 2021 levels both on a reported basis and on a core basis. The efficiency ratio for the second quarter of 2021 was 56.93 percent compared to 57.43 percent for the first quarter of 2021 and 51.13 percent for the second quarter of 2020. As part of its ongoing branch right sizing initiative, the Company announced plans to close 12 branches during the third quarter of 2021.

Select Noninterest Expense Items ($ in millions) | 2nd Qtr 2021 | 1st Qtr 2021 | 4th Qtr 2020 | 3rd Qtr 2020 | 2nd Qtr 2020
Salaries and employee benefits | $60.3 | $60.3 | $55.8 | $61.1 | $57.6
Merger related costs | $0.7 | $0.2 | $0.7 | $0.9 | $1.8
Other operating expenses (1) | $38.0 | $36.9 | $52.8 | $36.5 | $38.2
Core salaries and employee benefits (2) | $60.3 | $60.3 | $55.6 | $58.7 | $57.2
Core merger related costs (2) | - | - | - | - | -
Core other operating expenses (2) | $37.9 | $36.6 | $42.6 | $36.5 | $36.6

| (1) | During the second quarter of 2021, certain debit and credit card transaction fees were reclassified from noninterest expense to noninterest income. Prior periods have been adjusted to reflect this reclassification.

| (2) | Core figures exclude non-core items and are non-GAAP measurements. Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below.

Asset Quality

($ in millions) | 2nd Qtr 2021 | 1st Qtr 2021 | 4th Qtr 2020 | 3rd Qtr 2020 | 2nd Qtr 2020
Allowance for credit losses on loans to total loans | 2.00% | 1.93% | 1.85% | 1.77% | 1.59%
Allowance for credit losses on loans to nonperforming loans | 281% | 204% | 193% | 148% | 176%
Nonperforming loans to total loans | 0.71% | 0.95% | 0.96% | 1.20% | 0.90%
Net charge-off ratio (annualized) | (0.07%) | 0.10% | 0.52% | 0.16% | 1.04%
Net charge-off ratio YTD (annualized) | 0.01% | 0.10% | 0.45% | 0.43% | 0.56%
Total nonperforming loans | $80.9 | $115.5 | $123.5 | $167.9 | $131.9
Total other nonperforming assets | $16.3 | $12.4 | $20.4 | $14.6 | $16.1

Asset quality metrics continued to show marked improvement during the quarter. Total nonperforming loans at the end of the quarter totaled $80.9 million, down $34.6 million compared to $115.5 million at the end of the first quarter of 2021 and down $50.9 million from the second quarter of 2020. Net charge-offs as a percentage of average total loans for the quarter were negative 7 basis points, reflecting $2.2 million of loan charge-offs completely offset by $4.3 million of recoveries. Provision for credit losses in the quarter was a credit of $13 million, including $10 million associated with the loan portfolio. The recapture of provision for credit losses reflected continued positive trends in asset quality metrics, combined with improved economic modeling scenarios. As a result, the allowance for credit losses at the end of the second quarter of 2021 totaled $227.2 million compared to $235.1 million at the end of the first quarter of 2021 and $231.6 million at the end of the second quarter of 2020. At the same time, the allowance to loan ratio rose 7 basis points to 2.00 percent compared to 1.93 percent at the end of the first quarter of 2021 and 1.59 percent at the end of the second quarter of 2020. The nonperforming loan coverage ratio remains strong at 281 percent compared to 204 percent at the end of the first quarter of 2021 and 176 percent at the end of the second quarter of 2020.

Foreclosed Assets and Other Real Estate Owned

At June 30, 2021, foreclosed assets and other real estate owned (“OREO”) totaled $15.2 million compared to $11.2 million at the March 31, 2021 and $14.1 million at June 30, 2020. The increase on a linked quarter basis is primarily due to $4.4 million in closed bank branch facilities. A breakdown of the composition of foreclosed assets and OREO is provided in the table below:

($ in millions) | 2nd Qtr 2021 | 1st Qtr 2021 | 4th Qtr 2020 | 3rd Qtr 2020 | 2nd Qtr 2020
Closed bank branches and branch sites | $4.4 | $0.5 | $0.6 | $0.6 | $2.7
Foreclosed assets – acquired | $6.7 | $7.7 | $15.3 | $9.3 | $9.2
Foreclosed assets – legacy | $4.1 | $3.0 | $2.5 | $2.7 | $2.2

Capital

| 2nd Qtr 2021 | 1st Qtr 2021 | 4th Qtr 2020 | 3rd Qtr 2020 | 2nd Qtr 2020
Stockholders’ equity to total assets | 13.0% | 12.6% | 13.3% | 13.7% | 13.3%
Tangible common equity to tangible assets (1) | 8.4% | 7.9% | 8.5% | 8.7% | 8.3%
Regulatory common equity tier 1 ratio | 14.2% | 14.1% | 13.4% | 12.6% | 11.9%
Regulatory tier 1 leverage ratio | 9.0% | 9.0% | 9.1% | 9.1% | 8.8%
Regulatory tier 1 risk-based capital ratio | 14.2% | 14.1% | 13.4% | 12.6% | 11.9%
Regulatory total risk-based capital ratio | 17.5% | 17.5% | 16.8% | 15.8% | 14.9%

| (1) | Tangible common equity to tangible assets is a non-GAAP measurement. Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below.

Total common stockholders’ equity at the end of the quarter totaled $3.0 billion compared to $2.9 billion at the end of the first quarter of 2021 and the second quarter of 2020. Book value per share at the end of the quarter was $28.03 compared to $27.04 at the end of the first quarter of 2021 and $26.64 at the end of the second quarter of 2020. Tangible book value per share was $17.16, up $1.03 from $16.13 reported at the end of the first quarter of 2021 and up $1.37 from $15.79 reported at the end of the second quarter of 2020. The ratio of stockholders’ equity to total assets at June 30, 2021 was 13.0 percent while tangible common equity to tangible total assets was 8.4 percent. All of the Company’s regulatory capital ratios continue to exceed the requirements under “well-capitalized” guidelines. The Company did not repurchase shares during the second quarter of 2021 primarily as a result of its merger and acquisition activity.

Share Repurchase Program

The Company’s board of directors approved an amendment to the Company’s stock repurchase program (“Program”) that increases the amount of the Company’s common stock that may be repurchased under the Program from a maximum of $180 million to a maximum of $276.5 million and extends the term of the Program from October 31, 2021, to October 31, 2022 (unless terminated sooner). The Program was originally approved on October 17, 2019 and amended in March 2020, and to date, the Company has repurchased approximately $126.5 million of its common stock under the Program.

The Program permits the Company to 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 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 common stock, corporate considerations, the Company’s working capital and investment requirements, general market and economic conditions, and legal requirements. The Program does not obligate the Company to repurchase any common stock and may be modified, discontinued, or suspended at any time without prior notice.

Simmons First National Corporation

Simmons First National Corporation (NASDAQ: SFNC) is an approximately $23.4 billion asset Mid-South based financial holding company whose principal subsidiary, Simmons Bank, operates 198 financial centers, including 68 in Arkansas, 48 in Missouri, 33 in Tennessee, 23 in Texas, 20 in Oklahoma and 6 in Kansas. Founded in 1903, Simmons Bank offers comprehensive financial solutions delivered with a client-centric approach. Simmons Bank was recently named to Forbes’ list of “World’s Best Banks” for the second consecutive year and ranked among the top 30 banks in Forbes’ list of “America’s Best Banks” for 2021. Additional information about Simmons and Simmons Bank can be found on our website at simmonsbank.com, by following @Simmons_Bank on Twitter or by visiting our newsroom.

Conference Call

Management will conduct a live conference call to review this information beginning at 9:00 a.m. CDT today, Tuesday, July 27, 2021. Interested persons can listen to this call by dialing toll-free 1-866-298-7926 (United States and Canada only) and asking for the Simmons First National Corporation conference call, conference ID 8482416. In addition, the call will be available live or in recorded version on the Company’s website at simmonsbank.com for at least 60 days.

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 income available to common shareholders, non-interest income, and non-interest expense certain income and expenses related to significant non-core activities, including merger-related expenses, gain on sale of branches, early retirement program expenses and net branch right-sizing expenses. 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 PPP loans. 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. 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 core businesses, and management uses these non-GAAP financial measures to assess the performance of the Company’s core 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

Some of the statements in this news 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. Makris’s quotes, 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, lending capacity and lending activity, loan demand, revenue, assets, asset quality, profitability, 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 benefits associated with the Company’s early retirement program, branch closures and branch sales, the adequacy of the allowance for credit losses, the ability of the Company to manage the impact of the COVID-19 pandemic, and the impacts of the Company’s and its customers participation in the PPP. Any forward-looking statement speaks only as of the date of this news release, and Simmons undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news 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, credit quality, interest rates, loan demand, deposit flows, real estate values, the assumptions used in making the forward-looking statements, the securities markets generally or the price of Simmons common stock specifically, and information technology affecting the financial industry; the effect of steps the Company takes and has taken in response to the COVID-19 pandemic; the severity and duration of the pandemic, including the effectiveness of vaccination efforts and developments with respect to COVID-19 variants; the pace of recovery when the pandemic subsides and the heightened impact it has on many of the risks described herein; the effects of the COVID-19 pandemic on, among other things, the Company’s operations, liquidity, and credit quality; general economic and market conditions; unemployment; claims, damages, and fines related to litigation or government actions, including litigation or actions arising from the Company’s participation in and administration of programs related to the COVID-19 pandemic (including, among other things, the PPP loan program authorized by the Coronavirus Aid, Relief and Economic Security Act); changes in accounting principles relating to loan loss recognition (current expected credit losses, or CECL); the Company’s ability to manage and successfully integrate its mergers and acquisitions; 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 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, 2020, which has been filed with, and is available from, the U.S. Securities and Exchange Commission.

Important Additional Information and Where to Find It

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval with respect to the proposed transactions (“Proposed Transactions”) with Landmark Community Bank (“Landmark”) and Triumph Bancshares, Inc. (“Triumph”). No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, and no offer to sell or solicitation of an offer to buy shall be made in any jurisdiction in which such offer, solicitation or sale would be unlawful.

In connection with the Proposed Transactions, the Company has filed with the SEC a registration statement on Form S-4 (the “Registration Statement”) that includes proxy statements of each of Landmark and Triumph and a prospectus of the Company (the “Joint Proxy Statement/Prospectus”), and the Company may file with the SEC other relevant documents concerning the Proposed Transactions. The definitive Joint Proxy Statement/Prospectus will be mailed to shareholders of Landmark and Triumph. SHAREHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTIONS CAREFULLY AND IN ITS ENTIRETY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BY THE COMPANY, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTIONS.

Free copies of the Joint Proxy Statement/Prospectus, as well as other filings containing information about the Company, may be obtained at the SEC’s Internet site (http://www.sec.gov), when they are filed by the Company. You will also be able to obtain these documents, when they are filed, free of charge, from the Company at simmonsbank.com under the heading “Investor Relations.” Copies of the Joint Proxy Statement/Prospectus can also be obtained, free of charge, by directing a request to Simmons First National Corporation, 501 Main Street, Pine Bluff, Arkansas 71601, Attention: Ed Bilek, Director of Investor Relations, Email: ed.bilek@simmonsbank.com or ir@simmonsbank.com, Telephone: (870) 541-1000, to Triumph Bancshares, Inc., 5699 Poplar Avenue, Memphis, TN 38119, Attention: Will Chase, President, Telephone: (901) 333-8800, or to Landmark Community Bank, 1015 West Poplar Avenue, Collierville, TN 38017, Attention: Jake Farrell, Chairman, Telephone: (901) 850-0555.

Participants in the Solicitation

The Company, Landmark, Triumph and certain of their directors, executive officers and employees may be deemed to be participants in the solicitation of proxies from the shareholders of Landmark or Triumph in connection with the Proposed Transactions. Information about the Company’s directors and executive officers is available in its proxy statement for its 2021 annual meeting of shareholders, which was filed with the SEC on April 15, 2021. Information regarding all of the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, are contained in the Joint Proxy Statement/Prospectus regarding the Proposed Transactions and other relevant materials to be filed with the SEC when they become available. Free copies of these documents may be obtained as described in the preceding paragraph.

####

FOR MORE INFORMATION CONTACT:

Ed Bilek

EVP, Director of Investor Relations

Simmons First National Corporation

ed.bilek@simmonsbank.com

Simmons First National Corporation |  |  |  |  |  |  |  |  |  | SFNC
Consolidated End of Period Balance Sheets |  |  |  |  |  |  |  |  |  |
For the Quarters Ended |  | Jun 30 |  | Mar 31 |  | Dec 31 |  | Sep 30 |  | Jun 30
(Unaudited) |  | 2021 |  | 2021 |  | 2020 |  | 2020 |  | 2020
($ in thousands) |  |  |  |  |  |  |  |  |  |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and non-interest bearing balances due from banks |  | $ | 215,381 |  |  | $ | 227,713 |  |  | $ | 217,499 |  |  | $ | 382,691 |  |  | $ | 234,998 |
Interest bearing balances due from banks and federal funds sold |  |  | 2,123,743 |  |  |  | 3,677,750 |  |  |  | 3,254,653 |  |  |  | 2,139,440 |  |  |  | 2,310,162 |
Cash and cash equivalents |  |  | 2,339,124 |  |  |  | 3,905,463 |  |  |  | 3,472,152 |  |  |  | 2,522,131 |  |  |  | 2,545,160 |
Interest bearing balances due from banks - time |  |  | 1,335 |  |  |  | 1,334 |  |  |  | 1,579 |  |  |  | 4,061 |  |  |  | 4,561 |
Investment securities - held-to-maturity |  |  | 931,352 |  |  |  | 609,500 |  |  |  | 333,031 |  |  |  | 47,102 |  |  |  | 51,720 |
Investment securities - available-for-sale |  |  | 6,556,581 |  |  |  | 4,528,348 |  |  |  | 3,473,598 |  |  |  | 2,607,288 |  |  |  | 2,496,896 |
Mortgage loans held for sale |  |  | 36,011 |  |  |  | 63,655 |  |  |  | 137,378 |  |  |  | 192,729 |  |  |  | 120,034 |
Other assets held for sale |  |  | 100 |  |  |  | 100 |  |  |  | 100 |  |  |  | 389 |  |  |  | 399 |
Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans |  |  | 11,386,352 |  |  |  | 12,195,873 |  |  |  | 12,900,897 |  |  |  | 14,017,442 |  |  |  | 14,606,900 |
Allowance for credit losses on loans |  |  | (227,239 | ) |  |  | (235,116 | ) |  |  | (238,050 | ) |  |  | (248,251 | ) |  |  | (231,643 | )
Net loans |  |  | 11,159,113 |  |  |  | 11,960,757 |  |  |  | 12,662,847 |  |  |  | 13,769,191 |  |  |  | 14,375,257 |
Premises and equipment |  |  | 429,587 |  |  |  | 427,540 |  |  |  | 441,692 |  |  |  | 470,491 |  |  |  | 478,896 |
Premises held for sale |  |  | 6,090 |  |  |  | 13,613 |  |  |  | 15,008 |  |  |  | 4,486 |  |  |  | 4,576 |
Foreclosed assets and other real estate owned |  |  | 15,239 |  |  |  | 11,168 |  |  |  | 18,393 |  |  |  | 12,590 |  |  |  | 14,111 |
Interest receivable |  |  | 67,916 |  |  |  | 71,359 |  |  |  | 72,597 |  |  |  | 77,352 |  |  |  | 79,772 |
Bank owned life insurance |  |  | 419,198 |  |  |  | 257,152 |  |  |  | 255,630 |  |  |  | 257,718 |  |  |  | 256,643 |
Goodwill |  |  | 1,075,305 |  |  |  | 1,075,305 |  |  |  | 1,075,305 |  |  |  | 1,075,305 |  |  |  | 1,064,765 |
Other intangible assets |  |  | 103,759 |  |  |  | 107,091 |  |  |  | 111,110 |  |  |  | 114,460 |  |  |  | 117,823 |
Other assets |  |  | 282,449 |  |  |  | 315,732 |  |  |  | 289,332 |  |  |  | 282,102 |  |  |  | 293,071 |
Total assets |  | $ | 23,423,159 |  |  | $ | 23,348,117 |  |  | $ | 22,359,752 |  |  | $ | 21,437,395 |  |  | $ | 21,903,684 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-interest bearing transaction accounts |  | $ | 4,893,959 |  |  | $ | 4,884,667 |  |  | $ | 4,482,091 |  |  | $ | 4,451,385 |  |  | $ | 4,608,098 |
Interest bearing transaction accounts and savings deposits |  |  | 10,569,602 |  |  |  | 10,279,997 |  |  |  | 9,672,608 |  |  |  | 8,993,255 |  |  |  | 8,978,045 |
Time deposits |  |  | 2,841,052 |  |  |  | 3,024,724 |  |  |  | 2,832,327 |  |  |  | 2,802,007 |  |  |  | 3,029,975 |
Total deposits |  |  | 18,304,613 |  |  |  | 18,189,388 |  |  |  | 16,987,026 |  |  |  | 16,246,647 |  |  |  | 16,616,118 |
Federal funds purchased and securities sold under agreements to repurchase |  |  | 187,215 |  |  |  | 323,053 |  |  |  | 299,111 |  |  |  | 313,694 |  |  |  | 387,025 |
Other borrowings |  |  | 1,339,193 |  |  |  | 1,340,467 |  |  |  | 1,342,067 |  |  |  | 1,342,769 |  |  |  | 1,393,689 |
Subordinated notes and debentures |  |  | 383,143 |  |  |  | 383,008 |  |  |  | 382,874 |  |  |  | 382,739 |  |  |  | 382,604 |
Other liabilities held for sale |  |  | - |  |  |  | - |  |  |  | 154,620 |  |  |  | - |  |  |  | - |
Accrued interest and other liabilities |  |  | 169,629 |  |  |  | 181,426 |  |  |  | 217,398 |  |  |  | 209,305 |  |  |  | 219,545 |
Total liabilities |  |  | 20,383,793 |  |  |  | 20,417,342 |  |  |  | 19,383,096 |  |  |  | 18,495,154 |  |  |  | 18,998,981 |
Stockholders' equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock |  |  | 767 |  |  |  | 767 |  |  |  | 767 |  |  |  | 767 |  |  |  | 767 |
Common stock |  |  | 1,084 |  |  |  | 1,083 |  |  |  | 1,081 |  |  |  | 1,090 |  |  |  | 1,090 |
Surplus |  |  | 2,021,128 |  |  |  | 2,017,188 |  |  |  | 2,014,076 |  |  |  | 2,032,372 |  |  |  | 2,029,383 |
Undivided profits |  |  | 1,004,314 |  |  |  | 948,913 |  |  |  | 901,006 |  |  |  | 866,503 |  |  |  | 819,153 |
Accumulated other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized (depreciation) accretion on AFS securities |  |  | 12,073 |  |  |  | (37,176 | ) |  |  | 59,726 |  |  |  | 41,509 |  |  |  | 54,310 |
Total stockholders' equity |  |  | 3,039,366 |  |  |  | 2,930,775 |  |  |  | 2,976,656 |  |  |  | 2,942,241 |  |  |  | 2,904,703 |
Total liabilities and stockholders' equity |  | $ | 23,423,159 |  |  | $ | 23,348,117 |  |  | $ | 22,359,752 |  |  | $ | 21,437,395 |  |  | $ | 21,903,684 |

Page 1

Simmons First National Corporation |  |  |  |  |  |  |  |  |  | SFNC
Consolidated Statements of Income - Quarter-to-Date |  |  |  |  |  |  |  |  |  |
For the Quarters Ended |  | Jun 30 |  | Mar 31 |  | Dec 31 |  | Sep 30 |  | Jun 30
(Unaudited) |  | 2021 |  | 2021 |  | 2020 |  | 2020 |  | 2020
($ in thousands, except per share data) |  |  |  |  |  |  |  |  |  |
INTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans (including fees) |  | $ | 138,804 |  |  | $ | 146,424 |  |  | $ | 160,115 |  |  | $ | 163,180 |  |  | $ | 176,910 |
Interest bearing balances due from banks and federal funds sold |  |  | 651 |  |  |  | 798 |  |  |  | 716 |  |  |  | 623 |  |  |  | 603 |
Investment securities |  |  | 27,128 |  |  |  | 21,573 |  |  |  | 17,207 |  |  |  | 14,910 |  |  |  | 13,473 |
Mortgage loans held for sale |  |  | 386 |  |  |  | 639 |  |  |  | 1,070 |  |  |  | 1,012 |  |  |  | 668 |
TOTAL INTEREST INCOME |  |  | 166,969 |  |  |  | 169,434 |  |  |  | 179,108 |  |  |  | 179,725 |  |  |  | 191,654 |
INTEREST EXPENSE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time deposits |  |  | 6,061 |  |  |  | 7,091 |  |  |  | 7,835 |  |  |  | 9,437 |  |  |  | 10,803 |
Other deposits |  |  | 4,721 |  |  |  | 6,088 |  |  |  | 6,536 |  |  |  | 6,769 |  |  |  | 7,203 |
Federal funds purchased and securities sold under agreements to repurchase |  |  | 192 |  |  |  | 245 |  |  |  | 284 |  |  |  | 335 |  |  |  | 337 |
Other borrowings |  |  | 4,897 |  |  |  | 4,802 |  |  |  | 4,869 |  |  |  | 4,943 |  |  |  | 4,963 |
Subordinated notes and debentures |  |  | 4,565 |  |  |  | 4,527 |  |  |  | 4,624 |  |  |  | 4,631 |  |  |  | 4,667 |
TOTAL INTEREST EXPENSE |  |  | 20,436 |  |  |  | 22,753 |  |  |  | 24,148 |  |  |  | 26,115 |  |  |  | 27,973 |
NET INTEREST INCOME |  |  | 146,533 |  |  |  | 146,681 |  |  |  | 154,960 |  |  |  | 153,610 |  |  |  | 163,681 |
Provision for credit losses |  |  | (12,951 | ) |  |  | 1,445 |  |  |  | 6,943 |  |  |  | 22,981 |  |  |  | 21,915 |
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES |  |  | 159,484 |  |  |  | 145,236 |  |  |  | 148,017 |  |  |  | 130,629 |  |  |  | 141,766 |
NON-INTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trust income |  |  | 7,238 |  |  |  | 6,666 |  |  |  | 6,557 |  |  |  | 6,744 |  |  |  | 7,253 |
Service charges on deposit accounts |  |  | 10,050 |  |  |  | 9,715 |  |  |  | 10,799 |  |  |  | 10,385 |  |  |  | 8,570 |
Other service charges and fees |  |  | 2,048 |  |  |  | 1,922 |  |  |  | 1,783 |  |  |  | 1,764 |  |  |  | 1,489 |
Mortgage lending income |  |  | 4,490 |  |  |  | 6,447 |  |  |  | 2,993 |  |  |  | 13,971 |  |  |  | 12,459 |
SBA lending income |  |  | 287 |  |  |  | 240 |  |  |  | 484 |  |  |  | 304 |  |  |  | 245 |
Investment banking income |  |  | 654 |  |  |  | 695 |  |  |  | 676 |  |  |  | 557 |  |  |  | 571 |
Debit and credit card fees |  |  | 7,882 |  |  |  | 7,401 |  |  |  | 7,203 |  |  |  | 7,217 |  |  |  | 6,575 |
Bank owned life insurance income |  |  | 2,038 |  |  |  | 1,523 |  |  |  | 1,481 |  |  |  | 1,591 |  |  |  | 1,445 |
Gain on sale of securities, net |  |  | 5,127 |  |  |  | 5,471 |  |  |  | 16 |  |  |  | 22,305 |  |  |  | 390 |
Other income |  |  | 8,110 |  |  |  | 10,260 |  |  |  | 10,557 |  |  |  | 5,380 |  |  |  | 9,809 |
TOTAL NON-INTEREST INCOME |  |  | 47,924 |  |  |  | 50,340 |  |  |  | 42,549 |  |  |  | 70,218 |  |  |  | 48,806 |
NON-INTEREST EXPENSE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  |  | 60,261 |  |  |  | 60,340 |  |  |  | 55,762 |  |  |  | 61,144 |  |  |  | 57,644 |
Occupancy expense, net |  |  | 9,103 |  |  |  | 9,300 |  |  |  | 9,182 |  |  |  | 9,647 |  |  |  | 9,217 |
Furniture and equipment expense |  |  | 4,859 |  |  |  | 5,415 |  |  |  | 5,940 |  |  |  | 6,231 |  |  |  | 6,144 |
Other real estate and foreclosure expense |  |  | 863 |  |  |  | 343 |  |  |  | 551 |  |  |  | 602 |  |  |  | 274 |
Deposit insurance |  |  | 1,687 |  |  |  | 1,308 |  |  |  | 1,627 |  |  |  | 2,244 |  |  |  | 2,838 |
Merger-related costs |  |  | 686 |  |  |  | 233 |  |  |  | 731 |  |  |  | 902 |  |  |  | 1,830 |
Other operating expenses |  |  | 38,007 |  |  |  | 36,854 |  |  |  | 52,835 |  |  |  | 36,546 |  |  |  | 38,230 |
TOTAL NON-INTEREST EXPENSE |  |  | 115,466 |  |  |  | 113,793 |  |  |  | 126,628 |  |  |  | 117,316 |  |  |  | 116,177 |
NET INCOME BEFORE INCOME TAXES |  |  | 91,942 |  |  |  | 81,783 |  |  |  | 63,938 |  |  |  | 83,531 |  |  |  | 74,395 |
Provision for income taxes |  |  | 17,018 |  |  |  | 14,363 |  |  |  | 10,970 |  |  |  | 17,633 |  |  |  | 15,593 |
NET INCOME |  |  | 74,924 |  |  |  | 67,420 |  |  |  | 52,968 |  |  |  | 65,898 |  |  |  | 58,802 |
Preferred stock dividends |  |  | 13 |  |  |  | 13 |  |  |  | 13 |  |  |  | 13 |  |  |  | 13 |
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS |  | $ | 74,911 |  |  | $ | 67,407 |  |  | $ | 52,955 |  |  | $ | 65,885 |  |  | $ | 58,789 |
BASIC EARNINGS PER SHARE |  | $ | 0.69 |  |  | $ | 0.62 |  |  | $ | 0.49 |  |  | $ | 0.60 |  |  | $ | 0.54 |
DILUTED EARNINGS PER SHARE |  | $ | 0.69 |  |  | $ | 0.62 |  |  | $ | 0.49 |  |  | $ | 0.60 |  |  | $ | 0.54 |

Page 2

Simmons First National Corporation |  |  |  |  |  |  |  | SFNC
Consolidated Risk-Based Capital |  |  |  |  |  |  |  |  |  |
For the Quarters Ended |  | Jun 30 |  | Mar 31 |  | Dec 31 |  | Sep 30 |  | Jun 30
(Unaudited) |  | 2021 |  | 2021 |  | 2020 |  | 2020 |  | 2020
($ in thousands) |  |  |  |  |  |  |  |  |  |
Tier 1 capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stockholders' equity |  | $ | 3,039,366 |  |  | $ | 2,930,775 |  |  | $ | 2,976,656 |  |  | $ | 2,942,241 |  |  | $ | 2,904,703 |
CECL transition provision (1) |  |  | 128,933 |  |  |  | 131,637 |  |  |  | 131,430 |  |  |  | 134,798 |  |  |  | 130,480 |
Disallowed intangible assets, net of deferred tax |  |  | (1,156,203 | ) |  |  | (1,159,720 | ) |  |  | (1,163,797 | ) |  |  | (1,167,357 | ) |  |  | (1,160,385 | )
Unrealized loss (gain) on AFS securities |  |  | (12,073 | ) |  |  | 37,176 |  |  |  | (59,726 | ) |  |  | (41,509 | ) |  |  | (54,310 | )
Total Tier 1 capital |  |  | 2,000,023 |  |  |  | 1,939,868 |  |  |  | 1,884,563 |  |  |  | 1,868,173 |  |  |  | 1,820,488 |
Tier 2 capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trust preferred securities and subordinated debt |  |  | 383,143 |  |  |  | 383,008 |  |  |  | 382,874 |  |  |  | 382,739 |  |  |  | 382,604 |
Qualifying allowance for loan losses and reserve for unfunded commitments |  |  | 79,138 |  |  |  | 87,251 |  |  |  | 89,546 |  |  |  | 96,734 |  |  |  | 83,780 |
Total Tier 2 capital |  |  | 462,281 |  |  |  | 470,259 |  |  |  | 472,420 |  |  |  | 479,473 |  |  |  | 466,384 |
Total risk-based capital |  | $ | 2,462,304 |  |  | $ | 2,410,127 |  |  | $ | 2,356,983 |  |  | $ | 2,347,646 |  |  | $ | 2,286,872 |
Risk weighted assets |  | $ | 14,076,975 |  |  | $ | 13,771,244 |  |  | $ | 14,048,608 |  |  | $ | 14,878,932 |  |  | $ | 15,362,175 |
Adjusted average assets for leverage ratio |  | $ | 22,244,118 |  |  | $ | 21,668,406 |  |  | $ | 20,765,127 |  |  | $ | 20,652,454 |  |  | $ | 20,742,824 |
Ratios at end of quarter |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity to assets |  |  | 12.98 | % |  |  | 12.55 | % |  |  | 13.31 | % |  |  | 13.72 | % |  |  | 13.26 | %
Tangible common equity to tangible assets (2) |  |  | 8.36 | % |  |  | 7.88 | % |  |  | 8.45 | % |  |  | 8.65 | % |  |  | 8.31 | %
Common equity Tier 1 ratio (CET1) |  |  | 14.20 | % |  |  | 14.08 | % |  |  | 13.41 | % |  |  | 12.55 | % |  |  | 11.85 | %
Tier 1 leverage ratio |  |  | 8.99 | % |  |  | 8.95 | % |  |  | 9.08 | % |  |  | 9.05 | % |  |  | 8.78 | %
Tier 1 risk-based capital ratio |  |  | 14.21 | % |  |  | 14.09 | % |  |  | 13.41 | % |  |  | 12.56 | % |  |  | 11.85 | %
Total risk-based capital ratio |  |  | 17.49 | % |  |  | 17.50 | % |  |  | 16.78 | % |  |  | 15.78 | % |  |  | 14.89 | %

(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 |  | Jun 30 |  | Mar 31 |  | Dec 31 |  | Sep 30 |  | Jun 30
(Unaudited) |  | 2021 |  | 2021 |  | 2020 |  | 2020 |  | 2020
($ in thousands) |  |  |  |  |  |  |  |  |  |
Investment Securities - End of Period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  | $ | 77,396 |  |  | $ | 77,396 |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Mortgage-backed securities |  |  | 60,649 |  |  |  | 47,988 |  |  |  | 22,354 |  |  |  | 24,297 |  |  |  | 25,980 |
State and political subdivisions |  |  | 793,307 |  |  |  | 484,116 |  |  |  | 310,109 |  |  |  | 21,930 |  |  |  | 24,777 |
Other securities |  |  | - |  |  |  | - |  |  |  | 568 |  |  |  | 875 |  |  |  | 963 |
Total held-to-maturity (net of credit losses) |  |  | 931,352 |  |  |  | 609,500 |  |  |  | 333,031 |  |  |  | 47,102 |  |  |  | 51,720 |
Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 600 |  |  | $ | 600 |  |  | $ | - |  |  | $ | - |  |  | $ | - |
U.S. Government agencies |  |  | 554,937 |  |  |  | 487,679 |  |  |  | 477,237 |  |  |  | 471,973 |  |  |  | 210,921 |
Mortgage-backed securities |  |  | 3,987,209 |  |  |  | 2,133,086 |  |  |  | 1,394,936 |  |  |  | 903,687 |  |  |  | 1,154,086 |
State and political subdivisions |  |  | 1,557,497 |  |  |  | 1,571,910 |  |  |  | 1,470,723 |  |  |  | 1,133,006 |  |  |  | 1,054,068 |
Other securities |  |  | 456,338 |  |  |  | 335,073 |  |  |  | 130,702 |  |  |  | 98,622 |  |  |  | 77,821 |
Total available-for-sale (net of credit losses) |  |  | 6,556,581 |  |  |  | 4,528,348 |  |  |  | 3,473,598 |  |  |  | 2,607,288 |  |  |  | 2,496,896 |
Total investment securities (net of credit losses) |  | $ | 7,487,933 |  |  | $ | 5,137,848 |  |  | $ | 3,806,629 |  |  | $ | 2,654,390 |  |  | $ | 2,548,616 |
Fair value - HTM investment securities |  | $ | 935,596 |  |  | $ | 597,694 |  |  | $ | 341,925 |  |  | $ | 49,064 |  |  | $ | 53,751 |
Investment Securities - QTD Average |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable securities |  | $ | 4,265,545 |  |  | $ | 2,471,291 |  |  | $ | 1,757,234 |  |  | $ | 1,534,742 |  |  | $ | 1,642,083 |
Tax exempt securities |  |  | 2,157,076 |  |  |  | 1,919,919 |  |  |  | 1,528,127 |  |  |  | 1,155,099 |  |  |  | 866,944 |
Total investment securities - QTD average |  | $ | 6,422,621 |  |  | $ | 4,391,210 |  |  | $ | 3,285,361 |  |  | $ | 2,689,841 |  |  | $ | 2,509,027 |

Page 4

Simmons First National Corporation |  |  |  |  |  |  |  | SFNC
Consolidated Loans |  |  |  |  |  |  |  |  |  |
For the Quarters Ended |  | Jun 30 |  | Mar 31 |  | Dec 31 |  | Sep 30 |  | Jun 30
(Unaudited) |  | 2021 |  | 2021 |  | 2020 |  | 2020 |  | 2020
($ in thousands) |  |  |  |  |  |  |  |  |  |
Loan Portfolio - End of Period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit cards |  | $ | 177,634 |  |  | $ | 175,458 |  |  | $ | 188,845 |  |  | $ | 180,848 |  |  | $ | 184,348 |
Other consumer |  |  | 181,712 |  |  |  | 172,965 |  |  |  | 202,379 |  |  |  | 182,768 |  |  |  | 214,024 |
Total consumer |  |  | 359,346 |  |  |  | 348,423 |  |  |  | 391,224 |  |  |  | 363,616 |  |  |  | 398,372 |
Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  |  | 1,428,165 |  |  |  | 1,451,841 |  |  |  | 1,596,255 |  |  |  | 1,853,360 |  |  |  | 2,010,256 |
Single-family residential |  |  | 1,608,028 |  |  |  | 1,730,056 |  |  |  | 1,880,673 |  |  |  | 1,997,070 |  |  |  | 2,207,087 |
Other commercial real estate |  |  | 5,332,655 |  |  |  | 5,638,010 |  |  |  | 5,746,863 |  |  |  | 6,132,823 |  |  |  | 6,316,444 |
Total real estate |  |  | 8,368,848 |  |  |  | 8,819,907 |  |  |  | 9,223,791 |  |  |  | 9,983,253 |  |  |  | 10,533,787 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 2,074,729 |  |  |  | 2,444,700 |  |  |  | 2,574,386 |  |  |  | 2,907,798 |  |  |  | 3,038,216 |
Agricultural |  |  | 193,462 |  |  |  | 155,921 |  |  |  | 175,905 |  |  |  | 241,687 |  |  |  | 217,715 |
Total commercial |  |  | 2,268,191 |  |  |  | 2,600,621 |  |  |  | 2,750,291 |  |  |  | 3,149,485 |  |  |  | 3,255,931 |
Other |  |  | 389,967 |  |  |  | 426,922 |  |  |  | 535,591 |  |  |  | 521,088 |  |  |  | 418,810 |
Total Loans |  | $ | 11,386,352 |  |  | $ | 12,195,873 |  |  | $ | 12,900,897 |  |  | $ | 14,017,442 |  |  | $ | 14,606,900 |

Page 5

Simmons First National Corporation |  |  |  |  |  |  |  | SFNC
Consolidated Allowance and Asset Quality |  |  |  |  |  |  |  |  |  |
For the Quarters Ended |  | Jun 30 |  | Mar 31 |  | Dec 31 |  | Sep 30 |  | Jun 30
(Unaudited) |  | 2021 |  | 2021 |  | 2020 |  | 2020 |  | 2020
($ in thousands) |  |  |  |  |  |  |  |  |  |
Allowance for Credit Losses on Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance, after adoption of ASC 326 |  | $ | 235,116 |  |  | $ | 238,050 |  |  | $ | 248,251 |  |  | $ | 231,641 |  |  | $ | 243,195 |
Loans charged off |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit cards |  |  | 1,046 |  |  |  | 1,003 |  |  |  | 787 |  |  |  | 832 |  |  |  | 1,053 |
Other consumer |  |  | 411 |  |  |  | 702 |  |  |  | 960 |  |  |  | 1,091 |  |  |  | 592 |
Real estate |  |  | 439 |  |  |  | 1,687 |  |  |  | 10,415 |  |  |  | 1,153 |  |  |  | 1,824 |
Commercial |  |  | 309 |  |  |  | 859 |  |  |  | 8,199 |  |  |  | 4,327 |  |  |  | 35,687 |
Total loans charged off |  |  | 2,205 |  |  |  | 4,251 |  |  |  | 20,361 |  |  |  | 7,403 |  |  |  | 39,156 |
Recoveries of loans previously charged off |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit cards |  |  | 244 |  |  |  | 290 |  |  |  | 241 |  |  |  | 276 |  |  |  | 272 |
Other consumer |  |  | 425 |  |  |  | 304 |  |  |  | 355 |  |  |  | 366 |  |  |  | 301 |
Real estate |  |  | 1,523 |  |  |  | 403 |  |  |  | 431 |  |  |  | 120 |  |  |  | 253 |
Commercial |  |  | 2,147 |  |  |  | 320 |  |  |  | 1,835 |  |  |  | 936 |  |  |  | 98 |
Total recoveries |  |  | 4,339 |  |  |  | 1,317 |  |  |  | 2,862 |  |  |  | 1,698 |  |  |  | 924 |
Net loans charged off |  |  | (2,134 | ) |  |  | 2,934 |  |  |  | 17,499 |  |  |  | 5,705 |  |  |  | 38,232 |
Provision for credit losses on loans |  |  | (10,011 | ) |  |  | - |  |  |  | 7,298 |  |  |  | 22,315 |  |  |  | 26,678 |
Balance, end of quarter |  | $ | 227,239 |  |  | $ | 235,116 |  |  | $ | 238,050 |  |  | $ | 248,251 |  |  | $ | 231,641 |
Non-performing assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-performing loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nonaccrual loans |  | $ | 80,282 |  |  | $ | 114,856 |  |  | $ | 122,879 |  |  | $ | 167,713 |  |  | $ | 131,383 |
Loans past due 90 days or more |  |  | 653 |  |  |  | 635 |  |  |  | 578 |  |  |  | 174 |  |  |  | 494 |
Total non-performing loans |  |  | 80,935 |  |  |  | 115,491 |  |  |  | 123,457 |  |  |  | 167,887 |  |  |  | 131,877 |
Other non-performing assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreclosed assets and other real estate owned |  |  | 15,239 |  |  |  | 11,168 |  |  |  | 18,393 |  |  |  | 12,590 |  |  |  | 14,111 |
Other non-performing assets |  |  | 1,062 |  |  |  | 1,229 |  |  |  | 2,016 |  |  |  | 1,983 |  |  |  | 2,008 |
Total other non-performing assets |  |  | 16,301 |  |  |  | 12,397 |  |  |  | 20,409 |  |  |  | 14,573 |  |  |  | 16,119 |
Total non-performing assets |  | $ | 97,236 |  |  | $ | 127,888 |  |  | $ | 143,866 |  |  | $ | 182,460 |  |  | $ | 147,996 |
Performing TDRs (troubled debt restructurings) |  | $ | 4,436 |  |  | $ | 3,805 |  |  | $ | 3,138 |  |  | $ | 3,379 |  |  | $ | 3,960 |
Ratios |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses on loans to total loans |  |  | 2.00 | % |  |  | 1.93 | % |  |  | 1.85 | % |  |  | 1.77 | % |  |  | 1.59 | %
Allowance for credit losses to non-performing loans |  |  | 281 | % |  |  | 204 | % |  |  | 193 | % |  |  | 148 | % |  |  | 176 | %
Non-performing loans to total loans |  |  | 0.71 | % |  |  | 0.95 | % |  |  | 0.96 | % |  |  | 1.20 | % |  |  | 0.90 | %
Non-performing assets (including performing TDRs) to total assets |  |  | 0.43 | % |  |  | 0.56 | % |  |  | 0.66 | % |  |  | 0.87 | % |  |  | 0.69 | %
Non-performing assets to total assets |  |  | 0.42 | % |  |  | 0.55 | % |  |  | 0.64 | % |  |  | 0.85 | % |  |  | 0.68 | %
Annualized net charge offs to total loans |  |  | -0.07 | % |  |  | 0.10 | % |  |  | 0.52 | % |  |  | 0.16 | % |  |  | 1.04 | %
Annualized net credit card charge offs to total credit card loans |  |  | 1.78 | % |  |  | 1.39 | % |  |  | 1.15 | % |  |  | 1.20 | % |  |  | 1.67 | %

Page 6

Simmons First National Corporation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | SFNC
Consolidated - Average Balance Sheet and Net Interest Income Analysis |  |  |  |  |  |  |  |  |  |
For the Quarters Ended |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Unaudited) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Three Months Ended Jun 2021 |  | Three Months Ended Mar 2021 |  | Three Months Ended Jun 2020
($ 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 |  | $ | 2,703,920 |  |  | $ | 651 |  |  |  | 0.10 | % |  | $ | 3,477,989 |  |  | $ | 798 |  |  |  | 0.09 | % |  | $ | 2,190,878 |  |  | $ | 603 |  |  |  | 0.11 | %
Investment securities - taxable |  |  | 4,265,545 |  |  |  | 14,594 |  |  |  | 1.37 | % |  |  | 2,471,291 |  |  |  | 10,120 |  |  |  | 1.66 | % |  |  | 1,642,083 |  |  |  | 7,131 |  |  |  | 1.75 | %
Investment securities - non-taxable (FTE) |  |  | 2,157,076 |  |  |  | 16,899 |  |  |  | 3.14 | % |  |  | 1,919,919 |  |  |  | 15,439 |  |  |  | 3.26 | % |  |  | 866,944 |  |  |  | 8,434 |  |  |  | 3.91 | %
Mortgage loans held for sale |  |  | 49,262 |  |  |  | 386 |  |  |  | 3.14 | % |  |  | 97,409 |  |  |  | 639 |  |  |  | 2.66 | % |  |  | 86,264 |  |  |  | 668 |  |  |  | 3.11 | %
Loans - including fees (FTE) |  |  | 11,783,839 |  |  |  | 138,987 |  |  |  | 4.73 | % |  |  | 12,518,300 |  |  |  | 146,601 |  |  |  | 4.75 | % |  |  | 14,731,306 |  |  |  | 177,168 |  |  |  | 4.84 | %
Total interest earning assets (FTE) |  |  | 20,959,642 |  |  |  | 171,517 |  |  |  | 3.28 | % |  |  | 20,484,908 |  |  |  | 173,597 |  |  |  | 3.44 | % |  |  | 19,517,475 |  |  |  | 194,004 |  |  |  | 4.00 | %
Non-earning assets |  |  | 2,298,279 |  |  |  |  |  |  |  |  |  |  |  | 2,253,913 |  |  |  |  |  |  |  |  |  |  |  | 2,304,798 |  |  |  |  |  |  |  |  |
Total assets |  | $ | 23,257,921 |  |  |  |  |  |  |  |  |  |  | $ | 22,738,821 |  |  |  |  |  |  |  |  |  |  | $ | 21,822,273 |  |  |  |  |  |  |  |  |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest bearing liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest bearing transaction and savings accounts |  | $ | 10,403,932 |  |  | $ | 4,721 |  |  |  | 0.18 | % |  | $ | 10,093,868 |  |  | $ | 6,088 |  |  |  | 0.24 | % |  | $ | 9,138,563 |  |  | $ | 7,203 |  |  |  | 0.32 | %
Time deposits |  |  | 2,930,025 |  |  |  | 6,061 |  |  |  | 0.83 | % |  |  | 3,043,000 |  |  |  | 7,091 |  |  |  | 0.95 | % |  |  | 3,057,153 |  |  |  | 10,803 |  |  |  | 1.42 | %
Total interest bearing deposits |  |  | 13,333,957 |  |  |  | 10,782 |  |  |  | 0.32 | % |  |  | 13,136,868 |  |  |  | 13,179 |  |  |  | 0.41 | % |  |  | 12,195,716 |  |  |  | 18,006 |  |  |  | 0.59 | %
Federal funds purchased and securities sold under agreement to repurchase |  |  | 240,876 |  |  |  | 192 |  |  |  | 0.32 | % |  |  | 307,540 |  |  |  | 245 |  |  |  | 0.32 | % |  |  | 392,633 |  |  |  | 337 |  |  |  | 0.35 | %
Other borrowings |  |  | 1,340,008 |  |  |  | 4,897 |  |  |  | 1.47 | % |  |  | 1,341,059 |  |  |  | 4,802 |  |  |  | 1.45 | % |  |  | 1,395,109 |  |  |  | 4,963 |  |  |  | 1.43 | %
Subordinated notes and debentures |  |  | 383,078 |  |  |  | 4,565 |  |  |  | 4.78 | % |  |  | 382,943 |  |  |  | 4,527 |  |  |  | 4.79 | % |  |  | 387,422 |  |  |  | 4,667 |  |  |  | 4.84 | %
Total interest bearing liabilities |  |  | 15,297,919 |  |  |  | 20,436 |  |  |  | 0.54 | % |  |  | 15,168,410 |  |  |  | 22,753 |  |  |  | 0.61 | % |  |  | 14,370,880 |  |  |  | 27,973 |  |  |  | 0.78 | %
Non-interest bearing liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-interest bearing deposits |  |  | 4,826,927 |  |  |  |  |  |  |  |  |  |  |  | 4,419,136 |  |  |  |  |  |  |  |  |  |  |  | 4,354,781 |  |  |  |  |  |  |  |  |
Other liabilities |  |  | 151,699 |  |  |  |  |  |  |  |  |  |  |  | 177,819 |  |  |  |  |  |  |  |  |  |  |  | 216,508 |  |  |  |  |  |  |  |  |
Total liabilities |  |  | 20,276,545 |  |  |  |  |  |  |  |  |  |  |  | 19,765,365 |  |  |  |  |  |  |  |  |  |  |  | 18,942,169 |  |  |  |  |  |  |  |  |
Stockholders' equity |  |  | 2,981,376 |  |  |  |  |  |  |  |  |  |  |  | 2,973,456 |  |  |  |  |  |  |  |  |  |  |  | 2,880,104 |  |  |  |  |  |  |  |  |
Total liabilities and stockholders' equity |  | $ | 23,257,921 |  |  |  |  |  |  |  |  |  |  | $ | 22,738,821 |  |  |  |  |  |  |  |  |  |  | $ | 21,822,273 |  |  |  |  |  |  |  |  |
Net interest income (FTE) |  |  |  |  |  | $ | 151,081 |  |  |  |  |  |  |  |  |  |  | $ | 150,844 |  |  |  |  |  |  |  |  |  |  | $ | 166,031 |  |  |  |  |
Net interest spread (FTE) |  |  |  |  |  |  |  |  |  |  | 2.74 | % |  |  |  |  |  |  |  |  |  |  | 2.83 | % |  |  |  |  |  |  |  |  |  |  | 3.22 | %
Net interest margin (FTE) - quarter-to-date |  |  |  |  |  |  |  |  |  |  | 2.89 | % |  |  |  |  |  |  |  |  |  |  | 2.99 | % |  |  |  |  |  |  |  |  |  |  | 3.42 | %
Net interest margin (FTE) - year-to-date |  |  |  |  |  |  |  |  |  |  | 2.94 | % |  |  |  |  |  |  |  |  |  |  | 2.99 | % |  |  |  |  |  |  |  |  |  |  | 3.55 | %
Core net interest margin (FTE) - quarter-to-date (1) |  |  |  |  |  |  |  |  |  |  | 2.78 | % |  |  |  |  |  |  |  |  |  |  | 2.86 | % |  |  |  |  |  |  |  |  |  |  | 3.18 | %
Core loan yield (FTE) - quarter-to-date (1) |  |  |  |  |  |  |  |  |  |  | 4.54 | % |  |  |  |  |  |  |  |  |  |  | 4.53 | % |  |  |  |  |  |  |  |  |  |  | 4.52 | %
Core net interest margin (FTE) - year-to-date (1) |  |  |  |  |  |  |  |  |  |  | 2.82 | % |  |  |  |  |  |  |  |  |  |  | 2.86 | % |  |  |  |  |  |  |  |  |  |  | 3.30 | %
Core loan yield (FTE) - year-to-date (1) |  |  |  |  |  |  |  |  |  |  | 4.54 | % |  |  |  |  |  |  |  |  |  |  | 4.53 | % |  |  |  |  |  |  |  |  |  |  | 4.69 | %

(1) Calculations of core net interest margin and core loan yield and the reconciliations to GAAP are included in the schedules accompanying this release.

Page 7

Simmons First National Corporation |  |  |  |  |  |  |  | SFNC
Consolidated - Selected Financial Data |  |  |  |  |  |  |  |  |  |
For the Quarters Ended |  | Jun 30 |  | Mar 31 |  | Dec 31 |  | Sep 30 |  | Jun 30
(Unaudited) |  | 2021 |  | 2021 |  | 2020 |  | 2020 |  | 2020
($ in thousands, except share data) |  |  |  |  |  |  |  |  |  |
QUARTER-TO-DATE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Highlights - GAAP |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income |  | $ | 74,911 |  |  | $ | 67,407 |  |  | $ | 52,955 |  |  | $ | 65,885 |  |  | $ | 58,789 |
Diluted earnings per share |  |  | 0.69 |  |  |  | 0.62 |  |  |  | 0.49 |  |  |  | 0.60 |  |  |  | 0.54 |
Return on average assets |  |  | 1.29 | % |  |  | 1.20 | % |  |  | 0.96 | % |  |  | 1.20 | % |  |  | 1.08 | %
Return on average common equity |  |  | 10.08 | % |  |  | 9.20 | % |  |  | 7.13 | % |  |  | 8.91 | % |  |  | 8.21 | %
Return on tangible common equity |  |  | 17.25 | % |  |  | 15.85 | % |  |  | 12.48 | % |  |  | 15.45 | % |  |  | 14.55 | %
Net interest margin (FTE) |  |  | 2.89 | % |  |  | 2.99 | % |  |  | 3.22 | % |  |  | 3.21 | % |  |  | 3.42 | %
FTE adjustment |  |  | 4,548 |  |  |  | 4,163 |  |  |  | 3,482 |  |  |  | 2,864 |  |  |  | 2,350 |
Amortization of intangibles |  |  | 3,333 |  |  |  | 3,344 |  |  |  | 3,351 |  |  |  | 3,362 |  |  |  | 3,369 |
Amortization of intangibles, net of taxes |  |  | 2,462 |  |  |  | 2,470 |  |  |  | 2,475 |  |  |  | 2,483 |  |  |  | 2,489 |
Average diluted shares outstanding |  |  | 108,822,175 |  |  |  | 108,655,293 |  |  |  | 108,888,264 |  |  |  | 109,207,294 |  |  |  | 109,130,866 |
Shares repurchased under plan |  |  | - |  |  |  | 130,916 |  |  |  | 1,034,364 |  |  |  | - |  |  |  | - |
Average price of shares repurchased |  |  | - |  |  |  | 23.53 |  |  |  | 19.36 |  |  |  | - |  |  |  | - |
Cash dividends declared per common share |  |  | 0.18 |  |  |  | 0.18 |  |  |  | 0.17 |  |  |  | 0.17 |  |  |  | 0.17 |
Financial Highlights - Core (non-GAAP) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core earnings (excludes non-core items) (1) |  | $ | 75,435 |  |  | $ | 63,995 |  |  | $ | 61,977 |  |  | $ | 68,338 |  |  | $ | 60,147 |
Core diluted earnings per share (1) |  |  | 0.69 |  |  |  | 0.59 |  |  |  | 0.57 |  |  |  | 0.63 |  |  |  | 0.55 |
Core net interest margin (FTE) (2) |  |  | 2.78 | % |  |  | 2.86 | % |  |  | 3.04 | % |  |  | 3.02 | % |  |  | 3.18 | %
Accretable yield on acquired loans |  |  | 5,619 |  |  |  | 6,630 |  |  |  | 8,999 |  |  |  | 8,948 |  |  |  | 11,723 |
Efficiency ratio (1) |  |  | 56.93 | % |  |  | 57.43 | % |  |  | 54.93 | % |  |  | 53.75 | % |  |  | 51.13 | %
Core return on average assets (1) |  |  | 1.30 | % |  |  | 1.14 | % |  |  | 1.13 | % |  |  | 1.25 | % |  |  | 1.11 | %
Core return on average common equity (1) |  |  | 10.15 | % |  |  | 8.73 | % |  |  | 8.34 | % |  |  | 9.24 | % |  |  | 8.40 | %
Core return on tangible common equity (1) |  |  | 17.36 | % |  |  | 15.08 | % |  |  | 14.51 | % |  |  | 16.00 | % |  |  | 14.87 | %
YEAR-TO-DATE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Highlights - GAAP |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income |  | $ | 142,318 |  |  | $ | 67,407 |  |  | $ | 254,852 |  |  | $ | 201,897 |  |  | $ | 136,012 |
Diluted earnings per share |  |  | 1.31 |  |  |  | 0.62 |  |  |  | 2.31 |  |  |  | 1.83 |  |  |  | 1.22 |
Return on average assets |  |  | 1.25 | % |  |  | 1.20 | % |  |  | 1.18 | % |  |  | 1.25 | % |  |  | 1.28 | %
Return on average common equity |  |  | 9.64 | % |  |  | 9.20 | % |  |  | 8.72 | % |  |  | 9.27 | % |  |  | 9.45 | %
Return on tangible common equity |  |  | 16.56 | % |  |  | 15.85 | % |  |  | 15.25 | % |  |  | 16.19 | % |  |  | 16.57 | %
Net interest margin (FTE) |  |  | 2.94 | % |  |  | 2.99 | % |  |  | 3.38 | % |  |  | 3.43 | % |  |  | 3.55 | %
FTE adjustment |  |  | 4,548 |  |  |  | 4,163 |  |  |  | 11,001 |  |  |  | 7,519 |  |  |  | 4,655 |
Amortization of intangibles |  |  | 6,677 |  |  |  | 3,344 |  |  |  | 13,495 |  |  |  | 10,144 |  |  |  | 6,782 |
Amortization of intangibles, net of taxes |  |  | 4,932 |  |  |  | 2,470 |  |  |  | 9,968 |  |  |  | 7,493 |  |  |  | 5,010 |
Average diluted shares outstanding |  |  | 108,746,439 |  |  |  | 108,655,293 |  |  |  | 110,173,661 |  |  |  | 110,480,508 |  |  |  | 111,083,999 |
Cash dividends declared per common share |  |  | 0.18 |  |  |  | 0.18 |  |  |  | 0.68 |  |  |  | 0.51 |  |  |  | 0.34 |
Financial Highlights - Core (non-GAAP) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core earnings (excludes non-core items) (1) |  | $ | 139,430 |  |  | $ | 63,995 |  |  | $ | 264,300 |  |  | $ | 202,323 |  |  | $ | 133,985 |
Core diluted earnings per share (1) |  |  | 1.28 |  |  |  | 0.59 |  |  |  | 2.40 |  |  |  | 1.83 |  |  |  | 1.21 |
Core net interest margin (FTE) (2) |  |  | 2.82 | % |  |  | 2.86 | % |  |  | 3.16 | % |  |  | 3.20 | % |  |  | 3.30 | %
Accretable yield on acquired loans |  |  | 12,249 |  |  |  | 6,630 |  |  |  | 41,507 |  |  |  | 32,508 |  |  |  | 23,560 |
Efficiency ratio (1) |  |  | 57.18 | % |  |  | 57.43 | % |  |  | 54.33 | % |  |  | 54.14 | % |  |  | 54.33 | %
Core return on average assets (1) |  |  | 1.22 | % |  |  | 1.14 | % |  |  | 1.22 | % |  |  | 1.26 | % |  |  | 1.26 | %
Core return on average common equity (1) |  |  | 9.45 | % |  |  | 8.73 | % |  |  | 9.05 | % |  |  | 9.29 | % |  |  | 9.31 | %
Core return on tangible common equity (1) |  |  | 16.23 | % |  |  | 15.08 | % |  |  | 15.79 | % |  |  | 16.22 | % |  |  | 16.33 | %
END OF PERIOD |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Book value per share |  | $ | 28.03 |  |  | $ | 27.04 |  |  | $ | 27.53 |  |  | $ | 26.98 |  |  | $ | 26.64 |
Tangible book value per share |  |  | 17.16 |  |  |  | 16.13 |  |  |  | 16.56 |  |  |  | 16.07 |  |  |  | 15.79 |
Shares outstanding |  |  | 108,386,669 |  |  |  | 108,345,732 |  |  |  | 108,077,662 |  |  |  | 109,023,781 |  |  |  | 108,994,389 |
Full-time equivalent employees |  |  | 2,783 |  |  |  | 2,817 |  |  |  | 2,827 |  |  |  | 2,840 |  |  |  | 2,906 |
Total number of financial centers |  |  | 198 |  |  |  | 198 |  |  |  | 204 |  |  |  | 226 |  |  |  | 226 |

(1) Core earnings exclude non-core items, which is a non-GAAP measurement. Reconciliations to GAAP are included in the schedules accompanying this release.

(2) Excludes accretable yield adjustment on loans, which is a non-GAAP measurement. Reconciliations to GAAP are included in the schedules accompanying this release.

Page 8

Simmons First National Corporation |  |  |  |  |  |  |  | SFNC
Reconciliation Of Non-GAAP Financial Measures - Core Earnings - Quarter-to-Date |  |
For the Quarters Ended |  | Jun 30 |  | Mar 31 |  | Dec 31 |  | Sep 30 |  | Jun 30
(Unaudited) |  | 2021 |  | 2021 |  | 2020 |  | 2020 |  | 2020
($ in thousands, except per share data) |  |  |  |  |  |  |  |  |  |
QUARTER-TO-DATE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income |  | $ | 74,911 |  |  | $ | 67,407 |  |  | $ | 52,955 |  |  | $ | 65,885 |  |  | $ | 58,789 |
Non-core items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on sale of branches |  |  | (445 | ) |  |  | (5,477 | ) |  |  | (275 | ) |  |  | - |  |  |  | (2,204 | )
Merger-related costs |  |  | 686 |  |  |  | 233 |  |  |  | 731 |  |  |  | 902 |  |  |  | 1,830 |
Early retirement program |  |  | - |  |  |  | - |  |  |  | 62 |  |  |  | 2,346 |  |  |  | 493 |
Branch right-sizing (net) |  |  | 468 |  |  |  | 625 |  |  |  | 11,696 |  |  |  | 72 |  |  |  | 1,721 |
Tax effect (1) |  |  | (185 | ) |  |  | 1,207 |  |  |  | (3,192 | ) |  |  | (867 | ) |  |  | (482 | )
Net non-core items |  |  | 524 |  |  |  | (3,412 | ) |  |  | 9,022 |  |  |  | 2,453 |  |  |  | 1,358 |
Core earnings (non-GAAP) |  | $ | 75,435 |  |  | $ | 63,995 |  |  | $ | 61,977 |  |  | $ | 68,338 |  |  | $ | 60,147 |
Diluted earnings per share |  | $ | 0.69 |  |  | $ | 0.62 |  |  | $ | 0.49 |  |  | $ | 0.60 |  |  | $ | 0.54 |
Non-core items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on sale of branches |  |  | (0.01 | ) |  |  | (0.05 | ) |  |  | - |  |  |  | - |  |  |  | (0.02 | )
Merger-related costs |  |  | 0.01 |  |  |  | - |  |  |  | - |  |  |  | 0.01 |  |  |  | 0.02 |
Early retirement program |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 0.02 |  |  |  | - |
Branch right-sizing (net) |  |  | - |  |  |  | 0.01 |  |  |  | 0.11 |  |  |  | - |  |  |  | 0.02 |
Tax effect (1) |  |  | - |  |  |  | 0.01 |  |  |  | (0.03 | ) |  |  | - |  |  |  | (0.01 | )
Net non-core items |  |  | - |  |  |  | (0.03 | ) |  |  | 0.08 |  |  |  | 0.03 |  |  |  | 0.01 |
Core diluted earnings per share (non-GAAP) |  | $ | 0.69 |  |  | $ | 0.59 |  |  | $ | 0.57 |  |  | $ | 0.63 |  |  | $ | 0.55 |
(1) Effective tax rate of 26.135%. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reconciliation of Selected Non-Core Non-Interest Income and Expense Items (non-GAAP) |  |  |  |  |  |  |  |  |  |  |  |  |
QUARTER-TO-DATE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other income |  | $ | 8,110 |  |  | $ | 10,260 |  |  | $ | 10,557 |  |  | $ | 5,380 |  |  | $ | 9,809 |
Non-core items (1) |  |  | (445 | ) |  |  | (5,477 | ) |  |  | (275 | ) |  |  | (370 | ) |  |  | (2,204 | )
Core other income (non-GAAP) |  | $ | 7,665 |  |  | $ | 4,783 |  |  | $ | 10,282 |  |  | $ | 5,010 |  |  | $ | 7,605 |
Non-interest expense |  | $ | 115,466 |  |  | $ | 113,793 |  |  | $ | 126,628 |  |  | $ | 117,316 |  |  | $ | 116,177 |
Non-core items (1) |  |  | (1,154 | ) |  |  | (858 | ) |  |  | (12,489 | ) |  |  | (3,690 | ) |  |  | (4,044 | )
Core non-interest expense (non-GAAP) |  | $ | 114,312 |  |  | $ | 112,935 |  |  | $ | 114,139 |  |  | $ | 113,626 |  |  | $ | 112,133 |
Salaries and employee benefits |  | $ | 60,261 |  |  | $ | 60,340 |  |  | $ | 55,762 |  |  | $ | 61,144 |  |  | $ | 57,644 |
Non-core items (1) |  |  | - |  |  |  | - |  |  |  | (144 | ) |  |  | (2,448 | ) |  |  | (493 | )
Core salaries and employee benefits (non-GAAP) |  | $ | 60,261 |  |  | $ | 60,340 |  |  | $ | 55,618 |  |  | $ | 58,696 |  |  | $ | 57,151 |
Merger related costs |  | $ | 686 |  |  | $ | 233 |  |  | $ | 731 |  |  | $ | 902 |  |  | $ | 1,830 |
Non-core items (1) |  |  | (686 | ) |  |  | (233 | ) |  |  | (731 | ) |  |  | (902 | ) |  |  | (1,830 | )
Core merger related costs (non-GAAP) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Other operating expenses |  | $ | 38,007 |  |  | $ | 36,854 |  |  | $ | 52,835 |  |  | $ | 36,546 |  |  | $ | 38,230 |
Non-core items (1) |  |  | (89 | ) |  |  | (208 | ) |  |  | (10,270 | ) |  |  | (11 | ) |  |  | (1,662 | )
Core other operating expenses (non-GAAP) |  | $ | 37,918 |  |  | $ | 36,646 |  |  | $ | 42,565 |  |  | $ | 36,535 |  |  | $ | 36,568 |
(1) Non-core items include gain on sale of branches, merger related costs, early retirement program expenses and branch right-sizing costs.

Page 9

Simmons First National Corporation |  |  |  |  |  |  |  | SFNC
Reconciliation Of Non-GAAP Financial Measures - Core Earnings - Year-to-Date |  |
For the Quarters Ended |  | Jun 30 |  | Mar 31 |  | Dec 31 |  | Sep 30 |  | Jun 30
(Unaudited) |  | 2021 |  | 2021 |  | 2020 |  | 2020 |  | 2020
($ in thousands, except per share data) |  |  |  |  |  |  |  |  |  |
YEAR-TO-DATE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income |  | $ | 142,318 |  |  | $ | 67,407 |  |  | $ | 254,852 |  |  | $ | 201,897 |  |  | $ | 136,012 |
Non-core items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on sale of branches |  |  | (5,922 | ) |  |  | (5,477 | ) |  |  | (8,368 | ) |  |  | (8,093 | ) |  |  | (8,093 | )
Merger-related costs |  |  | 919 |  |  |  | 233 |  |  |  | 4,531 |  |  |  | 3,800 |  |  |  | 2,898 |
Early retirement program |  |  | - |  |  |  | - |  |  |  | 2,901 |  |  |  | 2,839 |  |  |  | 493 |
Branch right-sizing (net) |  |  | 1,093 |  |  |  | 625 |  |  |  | 13,727 |  |  |  | 2,031 |  |  |  | 1,959 |
Tax effect (1) |  |  | 1,022 |  |  |  | 1,207 |  |  |  | (3,343 | ) |  |  | (151 | ) |  |  | 716 |
Net non-core items |  |  | (2,888 | ) |  |  | (3,412 | ) |  |  | 9,448 |  |  |  | 426 |  |  |  | (2,027 | )
Core earnings (non-GAAP) |  | $ | 139,430 |  |  | $ | 63,995 |  |  | $ | 264,300 |  |  | $ | 202,323 |  |  | $ | 133,985 |
Diluted earnings per share |  | $ | 1.31 |  |  | $ | 0.62 |  |  | $ | 2.31 |  |  | $ | 1.83 |  |  | $ | 1.22 |
Non-core items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on sale of branches |  |  | (0.06 | ) |  |  | (0.05 | ) |  |  | (0.07 | ) |  |  | (0.07 | ) |  |  | (0.07 | )
Merger-related costs |  |  | 0.01 |  |  |  | - |  |  |  | 0.04 |  |  |  | 0.03 |  |  |  | 0.03 |
Early retirement program |  |  | - |  |  |  | - |  |  |  | 0.03 |  |  |  | 0.02 |  |  |  | - |
Branch right-sizing (net) |  |  | 0.01 |  |  |  | 0.01 |  |  |  | 0.12 |  |  |  | 0.02 |  |  |  | 0.02 |
Tax effect (1) |  |  | 0.01 |  |  |  | 0.01 |  |  |  | (0.03 | ) |  |  | - |  |  |  | 0.01 |
Net non-core items |  |  | (0.03 | ) |  |  | (0.03 | ) |  |  | 0.09 |  |  |  | - |  |  |  | (0.01 | )
Core diluted earnings per share (non-GAAP) |  | $ | 1.28 |  |  | $ | 0.59 |  |  | $ | 2.40 |  |  | $ | 1.83 |  |  | $ | 1.21 |
(1) Effective tax rate of 26.135%. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reconciliation of Selected Non-Core Non-Interest Income and Expense Items (non-GAAP) |  |  |  |  |  |  |  |  |  |  |  |
YEAR-TO-DATE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other income |  | $ | 18,370 |  |  | $ | 10,260 |  |  | $ | 38,547 |  |  | $ | 27,990 |  |  | $ | 22,610 |
Non-core items (1) |  |  | (5,922 | ) |  |  | (5,477 | ) |  |  | (8,738 | ) |  |  | (8,463 | ) |  |  | (8,093 | )
Core other income (non-GAAP) |  | $ | 12,448 |  |  | $ | 4,783 |  |  | $ | 29,809 |  |  | $ | 19,527 |  |  | $ | 14,517 |
Non-interest expense |  | $ | 229,259 |  |  | $ | 113,793 |  |  | $ | 487,585 |  |  | $ | 360,957 |  |  | $ | 243,641 |
Non-core items (1) |  |  | (2,012 | ) |  |  | (858 | ) |  |  | (21,529 | ) |  |  | (9,040 | ) |  |  | (5,350 | )
Core non-interest expense (non-GAAP) |  | $ | 227,247 |  |  | $ | 112,935 |  |  | $ | 466,056 |  |  | $ | 351,917 |  |  | $ | 238,291 |
Salaries and employee benefits |  | $ | 120,601 |  |  | $ | 60,340 |  |  | $ | 242,474 |  |  | $ | 186,712 |  |  | $ | 125,568 |
Non-core items (1) |  |  | - |  |  |  | - |  |  |  | (3,085 | ) |  |  | (2,941 | ) |  |  | (493 | )
Core salaries and employee benefits (non-GAAP) |  | $ | 120,601 |  |  | $ | 60,340 |  |  | $ | 239,389 |  |  | $ | 183,771 |  |  | $ | 125,075 |
Merger related costs |  | $ | 919 |  |  | $ | 233 |  |  | $ | 4,531 |  |  | $ | 3,800 |  |  | $ | 2,898 |
Non-core items (1) |  |  | (919 | ) |  |  | (233 | ) |  |  | (4,531 | ) |  |  | (3,800 | ) |  |  | (2,898 | )
Core merger related costs (non-GAAP) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Other operating expenses |  | $ | 74,861 |  |  | $ | 36,854 |  |  | $ | 168,050 |  |  | $ | 115,215 |  |  | $ | 78,669 |
Non-core items (1) |  |  | (297 | ) |  |  | (208 | ) |  |  | (12,155 | ) |  |  | (1,885 | ) |  |  | (1,874 | )
Core other operating expenses (non-GAAP) |  | $ | 74,564 |  |  | $ | 36,646 |  |  | $ | 155,895 |  |  | $ | 113,330 |  |  | $ | 76,795 |
(1) Non-core items include gain on sale of branches, merger related costs, early retirement program expenses and branch right-sizing costs.

Page 10

Simmons First National Corporation |  |  |  |  |  |  |  |  |  | SFNC
Reconciliation Of Non-GAAP Financial Measures - End of Period |  |  |  |  |  |  |  |
For the Quarters Ended |  | Jun 30 |  | Mar 31 |  | Dec 31 |  | Sep 30 |  | Jun 30
(Unaudited) |  | 2021 |  | 2021 |  | 2020 |  | 2020 |  | 2020
($ 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 |  | $ | 3,038,599 |  |  | $ | 2,930,008 |  |  | $ | 2,975,889 |  |  | $ | 2,941,474 |  |  | $ | 2,903,936 |
Intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | (1,075,305 | ) |  |  | (1,075,305 | ) |  |  | (1,075,305 | ) |  |  | (1,075,305 | ) |  |  | (1,064,765 | )
Other intangible assets |  |  | (103,759 | ) |  |  | (107,091 | ) |  |  | (111,110 | ) |  |  | (114,460 | ) |  |  | (117,823 | )
Total intangibles |  |  | (1,179,064 | ) |  |  | (1,182,396 | ) |  |  | (1,186,415 | ) |  |  | (1,189,765 | ) |  |  | (1,182,588 | )
Tangible common stockholders' equity |  | $ | 1,859,535 |  |  | $ | 1,747,612 |  |  | $ | 1,789,474 |  |  | $ | 1,751,709 |  |  | $ | 1,721,348 |
Total assets |  | $ | 23,423,159 |  |  | $ | 23,348,117 |  |  | $ | 22,359,752 |  |  | $ | 21,437,395 |  |  | $ | 21,903,684 |
Intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | (1,075,305 | ) |  |  | (1,075,305 | ) |  |  | (1,075,305 | ) |  |  | (1,075,305 | ) |  |  | (1,064,765 | )
Other intangible assets |  |  | (103,759 | ) |  |  | (107,091 | ) |  |  | (111,110 | ) |  |  | (114,460 | ) |  |  | (117,823 | )
Total intangibles |  |  | (1,179,064 | ) |  |  | (1,182,396 | ) |  |  | (1,186,415 | ) |  |  | (1,189,765 | ) |  |  | (1,182,588 | )
Tangible assets |  | $ | 22,244,095 |  |  | $ | 22,165,721 |  |  | $ | 21,173,337 |  |  | $ | 20,247,630 |  |  | $ | 20,721,096 |
Paycheck protection program ("PPP") loans |  |  | (441,353 | ) |  |  | (797,629 | ) |  |  | (904,673 | ) |  |  | (970,488 | ) |  |  | (963,712 | )
Total assets excluding PPP loans |  | $ | 22,981,806 |  |  | $ | 22,550,488 |  |  | $ | 21,455,079 |  |  | $ | 20,466,907 |  |  | $ | 20,939,972 |
Tangible assets excluding PPP loans |  | $ | 21,802,742 |  |  | $ | 21,368,092 |  |  | $ | 20,268,664 |  |  | $ | 19,277,142 |  |  | $ | 19,757,384 |
Ratio of equity to assets |  |  | 12.98 | % |  |  | 12.55 | % |  |  | 13.31 | % |  |  | 13.72 | % |  |  | 13.26 | %
Ratio of equity to assets excluding PPP loans |  |  | 13.23 | % |  |  | 13.00 | % |  |  | 13.87 | % |  |  | 14.38 | % |  |  | 13.87 | %
Ratio of tangible common equity to tangible assets |  |  | 8.36 | % |  |  | 7.88 | % |  |  | 8.45 | % |  |  | 8.65 | % |  |  | 8.31 | %
Ratio of tangible common equity to tangible assets excluding PPP loans |  |  | 8.53 | % |  |  | 8.18 | % |  |  | 8.83 | % |  |  | 9.09 | % |  |  | 8.71 | %
Calculation of Tangible Book Value per Share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total common stockholders' equity |  | $ | 3,038,599 |  |  | $ | 2,930,008 |  |  | $ | 2,975,889 |  |  | $ | 2,941,474 |  |  | $ | 2,903,936 |
Intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | (1,075,305 | ) |  |  | (1,075,305 | ) |  |  | (1,075,305 | ) |  |  | (1,075,305 | ) |  |  | (1,064,765 | )
Other intangible assets |  |  | (103,759 | ) |  |  | (107,091 | ) |  |  | (111,110 | ) |  |  | (114,460 | ) |  |  | (117,823 | )
Total intangibles |  |  | (1,179,064 | ) |  |  | (1,182,396 | ) |  |  | (1,186,415 | ) |  |  | (1,189,765 | ) |  |  | (1,182,588 | )
Tangible common stockholders' equity |  | $ | 1,859,535 |  |  | $ | 1,747,612 |  |  | $ | 1,789,474 |  |  | $ | 1,751,709 |  |  | $ | 1,721,348 |
Shares of common stock outstanding |  |  | 108,386,669 |  |  |  | 108,345,732 |  |  |  | 108,077,662 |  |  |  | 109,023,781 |  |  |  | 108,994,389 |
Book value per common share |  | $ | 28.03 |  |  | $ | 27.04 |  |  | $ | 27.53 |  |  | $ | 26.98 |  |  | $ | 26.64 |
Tangible book value per common share |  | $ | 17.16 |  |  | $ | 16.13 |  |  | $ | 16.56 |  |  | $ | 16.07 |  |  | $ | 15.79 |
Calculation of Regulatory Tier 1 Leverage Ratio Excluding Average PPP Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Tier 1 capital |  | $ | 2,000,023 |  |  | $ | 1,939,868 |  |  | $ | 1,884,563 |  |  | $ | 1,868,173 |  |  | $ | 1,820,488 |
Adjusted average assets for leverage ratio |  | $ | 22,244,118 |  |  | $ | 21,668,406 |  |  | $ | 20,765,127 |  |  | $ | 20,652,454 |  |  | $ | 20,742,824 |
Average PPP loans |  |  | (707,296 | ) |  |  | (891,070 | ) |  |  | (937,544 | ) |  |  | (967,152 | ) |  |  | (645,172 | )
Adjusted average assets excluding average PPP loans |  | $ | 21,536,822 |  |  | $ | 20,777,336 |  |  | $ | 19,827,583 |  |  | $ | 19,685,302 |  |  | $ | 20,097,652 |
Tier 1 leverage ratio |  |  | 8.99 | % |  |  | 8.95 | % |  |  | 9.08 | % |  |  | 9.05 | % |  |  | 8.78 | %
Tier 1 leverage ratio excluding average PPP loans |  |  | 9.29 | % |  |  | 9.34 | % |  |  | 9.50 | % |  |  | 9.49 | % |  |  | 9.06 | %

Page 11

Simmons First National Corporation |  |  |  |  |  |  |  |  |  | SFNC
Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date |  |  |  |  |  |
For the Quarters Ended |  | Jun 30 |  | Mar 31 |  | Dec 31 |  | Sep 30 |  | Jun 30
(Unaudited) |  | 2021 |  | 2021 |  | 2020 |  | 2020 |  | 2020
($ in thousands) |  |  |  |  |  |  |  |  |  |
Calculation of Core Return on Average Assets |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 74,911 |  |  | $ | 67,407 |  |  | $ | 52,955 |  |  | $ | 65,885 |  |  | $ | 58,789 |
Net non-core items, net of taxes, adjustment |  |  | 524 |  |  |  | (3,412 | ) |  |  | 9,022 |  |  |  | 2,453 |  |  |  | 1,358 |
Core earnings |  | $ | 75,435 |  |  | $ | 63,995 |  |  | $ | 61,977 |  |  | $ | 68,338 |  |  | $ | 60,147 |
Average total assets |  | $ | 23,257,921 |  |  | $ | 22,738,821 |  |  | $ | 21,852,094 |  |  | $ | 21,765,321 |  |  | $ | 21,822,273 |
Return on average assets |  |  | 1.29 | % |  |  | 1.20 | % |  |  | 0.96 | % |  |  | 1.20 | % |  |  | 1.08 | %
Core return on average assets |  |  | 1.30 | % |  |  | 1.14 | % |  |  | 1.13 | % |  |  | 1.25 | % |  |  | 1.11 | %
Calculation of Return on Tangible Common Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 74,911 |  |  | $ | 67,407 |  |  | $ | 52,955 |  |  | $ | 65,885 |  |  | $ | 58,789 |
Amortization of intangibles, net of taxes |  |  | 2,462 |  |  |  | 2,470 |  |  |  | 2,475 |  |  |  | 2,483 |  |  |  | 2,489 |
Total income available to common stockholders |  | $ | 77,373 |  |  | $ | 69,877 |  |  | $ | 55,430 |  |  | $ | 68,368 |  |  | $ | 61,278 |
Net non-core items, net of taxes |  |  | 524 |  |  |  | (3,412 | ) |  |  | 9,022 |  |  |  | 2,453 |  |  |  | 1,358 |
Core earnings |  |  | 75,435 |  |  |  | 63,995 |  |  |  | 61,977 |  |  |  | 68,338 |  |  |  | 60,147 |
Amortization of intangibles, net of taxes |  |  | 2,462 |  |  |  | 2,470 |  |  |  | 2,475 |  |  |  | 2,483 |  |  |  | 2,489 |
Total core income available to common stockholders |  | $ | 77,897 |  |  | $ | 66,465 |  |  | $ | 64,452 |  |  | $ | 70,821 |  |  | $ | 62,636 |
Average common stockholders' equity |  | $ | 2,980,609 |  |  | $ | 2,972,689 |  |  | $ | 2,955,865 |  |  | $ | 2,942,045 |  |  | $ | 2,879,337 |
Average intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | (1,075,305 | ) |  |  | (1,075,305 | ) |  |  | (1,075,305 | ) |  |  | (1,064,893 | ) |  |  | (1,064,955 | )
Other intangibles |  |  | (105,785 | ) |  |  | (109,850 | ) |  |  | (113,098 | ) |  |  | (116,385 | ) |  |  | (120,111 | )
Total average intangibles |  |  | (1,181,090 | ) |  |  | (1,185,155 | ) |  |  | (1,188,403 | ) |  |  | (1,181,278 | ) |  |  | (1,185,066 | )
Average tangible common stockholders' equity |  | $ | 1,799,519 |  |  | $ | 1,787,534 |  |  | $ | 1,767,462 |  |  | $ | 1,760,767 |  |  | $ | 1,694,271 |
Return on average common equity |  |  | 10.08 | % |  |  | 9.20 | % |  |  | 7.13 | % |  |  | 8.91 | % |  |  | 8.21 | %
Return on tangible common equity |  |  | 17.25 | % |  |  | 15.85 | % |  |  | 12.48 | % |  |  | 15.45 | % |  |  | 14.55 | %
Core return on average common equity |  |  | 10.15 | % |  |  | 8.73 | % |  |  | 8.34 | % |  |  | 9.24 | % |  |  | 8.40 | %
Core return on tangible common equity |  |  | 17.36 | % |  |  | 15.08 | % |  |  | 14.51 | % |  |  | 16.00 | % |  |  | 14.87 | %
Calculation of Efficiency Ratio (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-interest expense |  | $ | 115,466 |  |  | $ | 113,793 |  |  | $ | 126,628 |  |  | $ | 117,316 |  |  | $ | 116,177 |
Non-core non-interest expense adjustment |  |  | (1,154 | ) |  |  | (858 | ) |  |  | (12,489 | ) |  |  | (3,690 | ) |  |  | (4,044 | )
Other real estate and foreclosure expense adjustment |  |  | (863 | ) |  |  | (343 | ) |  |  | (545 | ) |  |  | (600 | ) |  |  | (242 | )
Amortization of intangibles adjustment |  |  | (3,333 | ) |  |  | (3,344 | ) |  |  | (3,351 | ) |  |  | (3,362 | ) |  |  | (3,369 | )
Efficiency ratio numerator |  | $ | 110,116 |  |  | $ | 109,248 |  |  | $ | 110,243 |  |  | $ | 109,664 |  |  | $ | 108,522 |
Net-interest income |  | $ | 146,533 |  |  | $ | 146,681 |  |  | $ | 154,960 |  |  | $ | 153,610 |  |  | $ | 163,681 |
Non-interest income |  |  | 47,924 |  |  |  | 50,340 |  |  |  | 42,549 |  |  |  | 70,218 |  |  |  | 48,806 |
Non-core non-interest income adjustment |  |  | (445 | ) |  |  | (5,477 | ) |  |  | (275 | ) |  |  | (370 | ) |  |  | (2,204 | )
Fully tax-equivalent adjustment (effective tax rate of 26.135%) |  |  | 4,548 |  |  |  | 4,163 |  |  |  | 3,482 |  |  |  | 2,864 |  |  |  | 2,350 |
Gain on sale of securities |  |  | (5,127 | ) |  |  | (5,471 | ) |  |  | (16 | ) |  |  | (22,305 | ) |  |  | (390 | )
Efficiency ratio denominator |  | $ | 193,433 |  |  | $ | 190,236 |  |  | $ | 200,700 |  |  | $ | 204,017 |  |  | $ | 212,243 |
Efficiency ratio (1) |  |  | 56.93 | % |  |  | 57.43 | % |  |  | 54.93 | % |  |  | 53.75 | % |  |  | 51.13 | %

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

Page 12

Simmons First National Corporation |  |  |  |  |  |  |  |  |  | SFNC
Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date (continued) |  |  |  |  |  |
For the Quarters Ended |  | Jun 30 |  | Mar 31 |  | Dec 31 |  | Sep 30 |  | Jun 30
(Unaudited) |  | 2021 |  | 2021 |  | 2020 |  | 2020 |  | 2020
($ in thousands) |  |  |  |  |  |  |  |  |  |
Calculation of Core Net Interest Margin |  |  |  |  |  |  |  |  |  |
Net interest income |  | $ | 146,533 |  |  | $ | 146,681 |  |  | $ | 154,960 |  |  | $ | 153,610 |  |  | $ | 163,681 |
Fully tax-equivalent adjustment (effective tax rate of 26.135%) |  |  | 4,548 |  |  |  | 4,163 |  |  |  | 3,482 |  |  |  | 2,864 |  |  |  | 2,350 |
Fully tax-equivalent net interest income |  |  | 151,081 |  |  |  | 150,844 |  |  |  | 158,442 |  |  |  | 156,474 |  |  |  | 166,031 |
Total accretable yield |  |  | (5,619 | ) |  |  | (6,630 | ) |  |  | (8,999 | ) |  |  | (8,948 | ) |  |  | (11,723 | )
Core net interest income |  | $ | 145,462 |  |  | $ | 144,214 |  |  | $ | 149,443 |  |  | $ | 147,526 |  |  | $ | 154,308 |
PPP loan and additional liquidity interest income |  |  | (9,445 | ) |  |  | (12,257 | ) |  |  | (6,983 | ) |  | $ | (6,131 | ) |  | $ | (5,623 | )
Net interest income adjusted for PPP loans and liquidity |  | $ | 141,636 |  |  | $ | 138,587 |  |  | $ | 151,459 |  |  | $ | 150,343 |  |  | $ | 160,408 |
Average earning assets |  | $ | 20,959,642 |  |  | $ | 20,484,908 |  |  | $ | 19,573,651 |  |  | $ | 19,415,314 |  |  | $ | 19,517,475 |
Average PPP loan balance and additional liquidity |  |  | (2,659,831 | ) |  |  | (3,617,567 | ) |  |  | (2,837,125 | ) |  | $ | (2,359,928 | ) |  | $ | (2,071,411 | )
Average earning assets adjusted for PPP loans and liquidity |  | $ | 18,299,811 |  |  | $ | 16,867,341 |  |  | $ | 16,736,526 |  |  | $ | 17,055,386 |  |  | $ | 17,446,064 |
Net interest margin |  |  | 2.89 | % |  |  | 2.99 | % |  |  | 3.22 | % |  |  | 3.21 | % |  |  | 3.42 | %
Core net interest margin |  |  | 2.78 | % |  |  | 2.86 | % |  |  | 3.04 | % |  |  | 3.02 | % |  |  | 3.18 | %
Net interest margin adjusted for PPP loans and liquidity |  |  | 3.10 | % |  |  | 3.33 | % |  |  | 3.60 | % |  |  | 3.51 | % |  |  | 3.70 | %
Calculation of Core Loan Yield |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan interest income (FTE) |  | $ | 138,987 |  |  | $ | 146,601 |  |  | $ | 160,306 |  |  | $ | 163,379 |  |  | $ | 177,168 |
Total accretable yield |  |  | (5,619 | ) |  |  | (6,630 | ) |  |  | (8,999 | ) |  |  | (8,948 | ) |  |  | (11,723 | )
Core loan interest income |  | $ | 133,368 |  |  | $ | 139,971 |  |  | $ | 151,307 |  |  | $ | 154,431 |  |  | $ | 165,445 |
PPP loan interest income |  |  | (8,958 | ) |  |  | (11,652 | ) |  |  | (6,457 | ) |  | $ | (5,782 | ) |  | $ | (3,733 | )
Core loan interest income without PPP loans |  | $ | 124,410 |  |  | $ | 128,319 |  |  | $ | 144,850 |  |  | $ | 148,649 |  |  | $ | 161,712 |
Average loan balance |  | $ | 11,783,839 |  |  | $ | 12,518,300 |  |  | $ | 13,457,077 |  |  | $ | 14,315,014 |  |  | $ | 14,731,306 |
Average PPP loan balance |  |  | (707,296 | ) |  |  | (891,070 | ) |  |  | (937,544 | ) |  | $ | (967,152 | ) |  | $ | (645,172 | )
Average loan balance without PPP loans |  | $ | 11,076,543 |  |  | $ | 11,627,230 |  |  | $ | 12,519,533 |  |  | $ | 13,347,862 |  |  | $ | 14,086,134 |
Core loan yield |  |  | 4.54 | % |  |  | 4.53 | % |  |  | 4.47 | % |  |  | 4.29 | % |  |  | 4.52 | %
Core loan yield without PPP loans |  |  | 4.51 | % |  |  | 4.48 | % |  |  | 4.60 | % |  |  | 4.43 | % |  |  | 4.62 | %
Calculation of Adjusted Pre-Tax, Pre-Provision (PTPP) Earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income available to common stockholders |  | $ | 74,911 |  |  | $ | 67,407 |  |  | $ | 52,955 |  |  | $ | 65,885 |  |  | $ | 58,789 |
Provision for income taxes |  |  | 17,018 |  |  |  | 14,363 |  |  |  | 10,970 |  |  |  | 17,633 |  |  |  | 15,593 |
Provision for credit losses (including provision for unfunded commitments) |  |  | (12,951 | ) |  |  | 1,445 |  |  |  | 6,943 |  |  |  | 22,981 |  |  |  | 21,915 |
(Gain) loss on sale of securities |  |  | (5,127 | ) |  |  | (5,471 | ) |  |  | (16 | ) |  |  | (22,305 | ) |  |  | (390 | )
Net pre-tax non-core items |  |  | 709 |  |  |  | (4,619 | ) |  |  | 12,214 |  |  |  | 3,320 |  |  |  | 1,840 |
Adjusted Pre-tax, pre-provision (PTPP) earnings |  | $ | 74,560 |  |  | $ | 73,125 |  |  | $ | 83,066 |  |  | $ | 87,514 |  |  | $ | 97,747 |

Page 13

Simmons First National Corporation |  |  |  |  |  |  |  |  |  | SFNC
Reconciliation Of Non-GAAP Financial Measures - Year-to-Date |  |  |  |  |  |  |  |
For the Quarters Ended |  | Jun 30 |  | Mar 31 |  | Dec 31 |  | Sep 30 |  | Jun 30
(Unaudited) |  | 2021 |  | 2021 |  | 2020 |  | 2020 |  | 2020
($ in thousands) |  |  |  |  |  |  |  |  |  |
Calculation of Core Return on Average Assets |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 142,318 |  |  | $ | 67,407 |  |  | $ | 254,852 |  |  | $ | 201,897 |  |  | $ | 136,012 |
Net non-core items, net of taxes, adjustment |  |  | (2,888 | ) |  |  | (3,412 | ) |  |  | 9,448 |  |  |  | 426 |  |  |  | (2,027 | )
Core earnings |  | $ | 139,430 |  |  | $ | 63,995 |  |  | $ | 264,300 |  |  | $ | 202,323 |  |  | $ | 133,985 |
Average total assets |  | $ | 22,999,805 |  |  | $ | 22,738,821 |  |  | $ | 21,590,745 |  |  | $ | 21,503,564 |  |  | $ | 21,371,248 |
Return on average assets |  |  | 1.25 | % |  |  | 1.20 | % |  |  | 1.18 | % |  |  | 1.25 | % |  |  | 1.28 | %
Core return on average assets |  |  | 1.22 | % |  |  | 1.14 | % |  |  | 1.22 | % |  |  | 1.26 | % |  |  | 1.26 | %
Calculation of Return on Tangible Common Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 142,318 |  |  | $ | 67,407 |  |  | $ | 254,852 |  |  | $ | 201,897 |  |  | $ | 136,012 |
Amortization of intangibles, net of taxes |  |  | 4,932 |  |  |  | 2,470 |  |  |  | 9,968 |  |  |  | 7,493 |  |  |  | 5,010 |
Total income available to common stockholders |  | $ | 147,250 |  |  | $ | 69,877 |  |  | $ | 264,820 |  |  | $ | 209,390 |  |  | $ | 141,022 |
Net non-core items, net of taxes |  |  | (2,888 | ) |  |  | (3,412 | ) |  |  | 9,448 |  |  |  | 426 |  |  |  | (2,027 | )
Core earnings |  |  | 139,430 |  |  |  | 63,995 |  |  |  | 264,300 |  |  |  | 202,323 |  |  |  | 133,985 |
Amortization of intangibles, net of taxes |  |  | 4,932 |  |  |  | 2,470 |  |  |  | 9,968 |  |  |  | 7,493 |  |  |  | 5,010 |
Total core income available to common stockholders |  | $ | 144,362 |  |  | $ | 66,465 |  |  | $ | 274,268 |  |  | $ | 209,816 |  |  | $ | 138,995 |
Average common stockholders' equity |  | $ | 2,976,671 |  |  | $ | 2,972,689 |  |  | $ | 2,921,039 |  |  | $ | 2,910,366 |  |  | $ | 2,894,351 |
Average intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | (1,075,305 | ) |  |  | (1,075,305 | ) |  |  | (1,065,190 | ) |  |  | (1,061,793 | ) |  |  | (1,060,226 | )
Other intangibles |  |  | (107,806 | ) |  |  | (109,850 | ) |  |  | (118,812 | ) |  |  | (120,731 | ) |  |  | (122,928 | )
Total average intangibles |  |  | (1,183,111 | ) |  |  | (1,185,155 | ) |  |  | (1,184,002 | ) |  |  | (1,182,524 | ) |  |  | (1,183,154 | )
Average tangible common stockholders' equity |  | $ | 1,793,560 |  |  | $ | 1,787,534 |  |  | $ | 1,737,037 |  |  | $ | 1,727,842 |  |  | $ | 1,711,197 |
Return on average common equity |  |  | 9.64 | % |  |  | 9.20 | % |  |  | 8.72 | % |  |  | 9.27 | % |  |  | 9.45 | %
Return on tangible common equity |  |  | 16.56 | % |  |  | 15.85 | % |  |  | 15.25 | % |  |  | 16.19 | % |  |  | 16.57 | %
Core return on average common equity |  |  | 9.45 | % |  |  | 8.73 | % |  |  | 9.05 | % |  |  | 9.29 | % |  |  | 9.31 | %
Core return on tangible common equity |  |  | 16.23 | % |  |  | 15.08 | % |  |  | 15.79 | % |  |  | 16.22 | % |  |  | 16.33 | %
Calculation of Efficiency Ratio (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-interest expense |  | $ | 229,259 |  |  | $ | 113,793 |  |  | $ | 487,585 |  |  | $ | 360,957 |  |  | $ | 243,641 |
Non-core non-interest expense adjustment |  |  | (2,012 | ) |  |  | (858 | ) |  |  | (21,529 | ) |  |  | (9,040 | ) |  |  | (5,350 | )
Other real estate and foreclosure expense adjustment |  |  | (1,206 | ) |  |  | (343 | ) |  |  | (1,706 | ) |  |  | (1,161 | ) |  |  | (561 | )
Amortization of intangibles adjustment |  |  | (6,677 | ) |  |  | (3,344 | ) |  |  | (13,495 | ) |  |  | (10,144 | ) |  |  | (6,782 | )
Efficiency ratio numerator |  | $ | 219,364 |  |  | $ | 109,248 |  |  | $ | 450,855 |  |  | $ | 340,612 |  |  | $ | 230,948 |
Net-interest income |  | $ | 293,214 |  |  | $ | 146,681 |  |  | $ | 639,734 |  |  | $ | 484,774 |  |  | $ | 331,164 |
Non-interest income |  |  | 98,264 |  |  |  | 50,340 |  |  |  | 242,618 |  |  |  | 200,069 |  |  |  | 129,851 |
Non-core non-interest income adjustment |  |  | (5,922 | ) |  |  | (5,477 | ) |  |  | (8,738 | ) |  |  | (8,463 | ) |  |  | (8,093 | )
Fully tax-equivalent adjustment (effective tax rate of 26.135%) |  |  | 8,711 |  |  |  | 4,163 |  |  |  | 11,001 |  |  |  | 7,519 |  |  |  | 4,655 |
Gain on sale of securities |  |  | (10,598 | ) |  |  | (5,471 | ) |  |  | (54,806 | ) |  |  | (54,790 | ) |  |  | (32,485 | )
Efficiency ratio denominator |  | $ | 383,669 |  |  | $ | 190,236 |  |  | $ | 829,809 |  |  | $ | 629,109 |  |  | $ | 425,092 |
Efficiency ratio (1) |  |  | 57.18 | % |  |  | 57.43 | % |  |  | 54.33 | % |  |  | 54.14 | % |  |  | 54.33 | %

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

Page 14

Simmons First National Corporation |  |  |  |  |  |  |  |  |  | SFNC
Reconciliation Of Non-GAAP Financial Measures - Year-to-Date (continued) |  |  |  |  |  |
For the Quarters Ended |  | Jun 30 |  | Mar 31 |  | Dec 31 |  | Sep 30 |  | Jun 30
(Unaudited) |  | 2021 |  | 2021 |  | 2020 |  | 2020 |  | 2020
($ in thousands) |  |  |  |  |  |  |  |  |  |
Calculation of Core Net Interest Margin |  |  |  |  |  |  |  |  |  |
Net interest income |  | $ | 293,214 |  |  | $ | 146,681 |  |  | $ | 639,734 |  |  | $ | 484,774 |  |  | $ | 331,164 |
Fully tax-equivalent adjustment (effective tax rate of 26.135%) |  |  | 8,711 |  |  |  | 4,163 |  |  |  | 11,001 |  |  |  | 7,519 |  |  |  | 4,655 |
Fully tax-equivalent net interest income |  |  | 301,925 |  |  |  | 150,844 |  |  |  | 650,735 |  |  |  | 492,293 |  |  |  | 335,819 |
Total accretable yield |  |  | (12,249 | ) |  |  | (6,630 | ) |  |  | (41,507 | ) |  |  | (32,508 | ) |  |  | (23,560 | )
Core net interest income |  | $ | 289,676 |  |  | $ | 144,214 |  |  | $ | 609,228 |  |  | $ | 459,785 |  |  | $ | 312,259 |
Average earning assets |  | $ | 20,723,587 |  |  | $ | 20,484,908 |  |  | $ | 19,272,886 |  |  | $ | 19,172,318 |  |  | $ | 19,049,487 |
Net interest margin |  |  | 2.94 | % |  |  | 2.99 | % |  |  | 3.38 | % |  |  | 3.43 | % |  |  | 3.55 | %
Core net interest margin |  |  | 2.82 | % |  |  | 2.86 | % |  |  | 3.16 | % |  |  | 3.20 | % |  |  | 3.30 | %
Calculation of Core Loan Yield |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan interest income (FTE) |  | $ | 285,588 |  |  | $ | 146,601 |  |  | $ | 688,600 |  |  | $ | 528,294 |  |  | $ | 364,915 |
Total accretable yield |  |  | (12,249 | ) |  |  | (6,630 | ) |  |  | (41,507 | ) |  |  | (32,508 | ) |  |  | (23,560 | )
Core loan interest income |  | $ | 273,339 |  |  | $ | 139,971 |  |  | $ | 647,093 |  |  | $ | 495,786 |  |  | $ | 341,355 |
Average loan balance |  | $ | 12,149,041 |  |  | $ | 12,518,300 |  |  | $ | 14,260,689 |  |  | $ | 14,530,938 |  |  | $ | 14,640,082 |
Core loan yield |  |  | 4.54 | % |  |  | 4.53 | % |  |  | 4.54 | % |  |  | 4.56 | % |  |  | 4.69 | %
Calculation of Adjusted Pre-Tax, Pre-Provision (PTPP) Earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income available to common stockholders |  | $ | 142,318 |  |  | $ | 67,407 |  |  | $ | 254,852 |  |  | $ | 201,897 |  |  | $ | 136,012 |
Provision for income taxes |  |  | 31,381 |  |  |  | 14,363 |  |  |  | 64,890 |  |  |  | 53,920 |  |  |  | 36,287 |
Provision for credit losses (including provision for unfunded commitments) |  |  | (11,506 | ) |  |  | 1,445 |  |  |  | 74,973 |  |  |  | 68,030 |  |  |  | 45,049 |
(Gain) loss on sale of securities |  |  | (10,598 | ) |  |  | (5,471 | ) |  |  | (54,806 | ) |  |  | (54,790 | ) |  |  | (32,485 | )
Net pre-tax non-core items |  |  | (3,910 | ) |  |  | (4,619 | ) |  |  | 12,791 |  |  |  | 577 |  |  |  | (2,743 | )
Adjusted Pre-tax, pre-provision (PTPP) earnings |  | $ | 147,685 |  |  | $ | 73,125 |  |  | $ | 352,700 |  |  | $ | 269,634 |  |  | $ | 182,120 |

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