EX-99.1 2 exh_991.htm EXHIBIT 99.1

Exhibit 99.1

For Immediate Release: |  | January 27, 2022

SIMMONS FIRST NATIONAL CORPORATION REPORTS

RECORD EARNINGS FOR 2021

Board of Directors authorizes new $175 million share repurchase program after substantially exhausting prior program in January 2022 and approves a 6 percent increase in the quarterly cash dividend

| · | Net income of $271.2 million for the full year of 2021, up 6 percent from the full year of 2020

| · | Diluted EPS of $2.46 for the full year of 2021, up 6 percent compared to $2.31 for the full year of 2020

| · | Diluted EPS of $0.42 for the fourth quarter of 2021; core diluted EPS of $0.52 in the quarter

| · | Newly funded loans and advances top $2.6 billion in the quarter; commercial loan pipeline increases for 5th consecutive quarter, up 56 percent on a linked quarter basis, and unfunded commitments rise 31 percent linked quarter

| · | Total deposits rise to $19.4 billion at year-end 2021, up $2.4 billion since year-end 2020, reflecting continued growth and acquisition-related activity; change in mix coupled with ability to effectively manage rates results in 17 bps year-over-year decline in deposit costs

| · | Asset quality metrics remain sound; nonperforming assets as a percentage of total assets at the end of 2021 were 0.31 percent, compared to 0.64 percent at the end of 2020, while net charge-offs totaled 13 basis points in 2021, compared to 45 basis points in 2020. Continued improvement in metrics and macroeconomic scenario models results in $1.3 million provision expense recapture in the fourth quarter

| · | Strong capital position and ability to organically generate capital results in $211.3 million of capital returned to shareholders in 2021 through a combination of cash dividends and share repurchases. Approximately 2.6 million shares of common stock repurchased during the fourth quarter of 2021. Remaining capacity under the share repurchase program substantially exhausted in January 2022

| · | Book value per share ends the year at $28.82, representing a 5 percent increase year-over-year. Tangible book value per share at $17.71, a 7 percent increase year-over-year

Pine Bluff, AR – Simmons First National Corporation (NASDAQ: SFNC) (the “Company” or “Simmons”) today reported record net income of $271.2 million for the year ended December 31, 2021, up $16.3 million, or 6 percent, compared to $254.9 million earned during the full year 2020. Diluted earnings per share for 2021 were $2.46, up $0.15, or 6 percent, compared to $2.31 earned in 2020. Included in 2021 results were $7.2 million in net after-tax merger related costs, gains on sale of branches and net branch right-sizing costs. Excluding the impact of these items, core earnings were $278.3 million for the year ended December 31, 2021, compared to $264.3 million for the full year of 2020. Core diluted earnings per share were $2.53 for 2021, compared to $2.40 for 2020.

Net income for the fourth quarter of 2021 was $48.2 million, compared to $53.0 million in the fourth quarter of 2020. Diluted earnings per share for the fourth quarter of 2021 were $0.42, compared to $0.49 for the fourth quarter of 2020. Included in fourth quarter 2021 results were $13.6 million (pre-tax) of merger related costs, primarily associated with the acquisitions of Landmark Community Bank (“Landmark”) and Triumph Bancshares, Inc. (“Triumph”), which were completed and integrated in early October 2021. Excluding the impact of merger related and net branch rightsizing costs, core earnings were $59.5 million in the fourth quarter of 2021, compared to $62.0 million in the fourth quarter of 2020.

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

“Simmons delivered record earnings in 2021 while continuing to navigate the headwinds brought about by the pandemic and the resulting impact on economic and business conditions,” said George A. Makris, Jr, Simmons’ chairman and CEO. “In addition to our strong financial performance, the year also brought our return to M&A activity with our acquisitions of Landmark Community Bank and Triumph Bancshares, Inc., which have significantly enhanced our size and scale in Tennessee where we now rank as the 8th largest bank based on deposit market share. Shortly after the acquisition and integration of these two banks in October, we announced a definitive agreement to acquire Spirit of Texas Bancshares, Inc., which will further strengthen our Texas franchise and establish a platform for growth in Houston, Austin, San Antonio and College Station. We look forward to welcoming our new customers, associates and shareholders to the Simmons family later this year.”

“While overall loan growth was muted for much of the year given the high levels of liquidity throughout the system, we are beginning to see positive signs that indicate an increase in business activity and a return to more normalized loan demand. Newly funded loans and advances topped $2.6 billion in the fourth quarter while unfunded commitments, considered a leading indicator of future loan growth, rose 31 percent during the quarter. Equally important, our commercial loan pipeline rose for the fifth consecutive quarter and is more than double that of a year ago. We are encouraged by this positive momentum and believe that our strong capital position and outstanding deposit base well position us for another strong year in 2022.”

Selected Highlights: | FY 2021 | FY 2020 | Q4 21 | Q4 20
Net income | $271.2 million | $254.9 million | $48.2 million | $53.0 million
Diluted earnings per share | $2.46 | $2.31 | $0.42 | $0.49
Return on avg assets | 1.15% | 1.18% | 0.77% | 0.96%
Return on avg common equity | 8.83% | 8.72% | 5.87% | 7.13%
Return on tangible common equity (1) | 14.99% | 15.25% | 9.98% | 12.48%
Core earnings (2) | $278.3 million | $264.3 million | $59.5 million | $62.0 million
Core diluted earnings per share (2) | $2.53 | $2.40 | $0.52 | $0.57
Core return on avg assets (2) | 1.18% | 1.22% | 0.96% | 1.13%
Core return on avg common equity (2) | 9.06% | 9.05% | 7.24% | 8.34%
Core return on tangible common equity (1)(2) | 15.38% | 15.79% | 12.19% | 14.51%
Efficiency ratio (3) | 57.92% | 54.18% | 59.48% | 54.75%
Adjusted pre-tax, pre-provision earnings (2) | $293.9 million | $352.7 million | $73.7 million | $83.1 million

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

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

| (3) | Efficiency is a non-GAAP measurement. See “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below.

Loans

($ in billions) | Q4 21 | Q3 21 | Q2 21 | Q1 21 | Q4 20
Total loans | $12.0 | $10.8 | $11.4 | $12.2 | $12.9
Total loans excluding PPP | $11.9 | $10.6 | $10.9 | $11.4 | $12.0

Total loans at the end of the fourth quarter of 2021 were $12.0 billion, compared to $10.8 billion at the end of the third quarter of 2021 and $12.9 billion at the end of the fourth quarter of 2020. The decrease in total loans from a year ago reflects planned run-off in certain targeted portfolios, Paycheck Protection Program (“PPP”) loan forgiveness, and increased paydowns and payoffs that were exacerbated by higher than normal levels of liquidity made available during the pandemic. The increase in total loans on a linked quarter basis primarily reflects loans acquired in connection with the Landmark and Triumph acquisitions, and an increase in loan production, which offset paydowns and payoffs during the quarter.

At the same time, evidence suggests that loan demand is beginning to return to more normalized levels. During the fourth quarter of 2021, newly funded loans and advances totaled $2.6 billion, up from $1.5 billion during the third quarter of 2021. Unfunded commitments rose for the third consecutive quarter, including a 31 percent increase on a linked quarter basis. Momentum in our commercial pipeline continued during the quarter with all loan opportunities totaling $2.3 billion, an increase of 56 percent on a linked quarter basis and more than double the levels of a year ago. This marked the fifth consecutive quarter of increased activity in the commercial pipeline as each respective category showed double-digit increases from third quarter 2021 levels. Equally important, the increases were broad-based across most of our markets and across our business units.

Deposits

($ in billions) | Q4 21 | Q3 21 | Q2 21 | Q1 21 | Q4 20
Total deposits | $19.4 | $18.1 | $18.3 | $18.2 | $17.0
Noninterest bearing deposits | $5.3 | $4.9 | $4.9 | $4.9 | $4.5
Interest bearing deposits | $11.6 | $10.7 | $10.6 | $10.3 | $9.7
Time deposits | $2.5 | $2.5 | $2.8 | $3.0 | $2.8

Total deposits at the end of the fourth quarter of 2021 were $19.4 billion, an increase of $2.4 billion, or 14 percent, from $17.0 billion at the end of the fourth quarter of 2020. Total noninterest bearing deposits accounts totaled $5.3 billion, up $843 million, or 19 percent, from $4.5 billion at the end of the fourth quarter a year ago. Interest bearing deposits (checking, savings and money market accounts) totaled $11.6 billion, up $1.9 billion, or 20 percent, compared to $9.7 billion at the end of 2020. The year-over-year increases in each of these categories reflects an increase in customers as well as acquired deposits from the Landmark and Triumph acquisitions. Time deposits totaled $2.5 billion at the end of the fourth quarter of 2021, down 13 percent compared to $2.8 billion at the end of 2020.

Net Interest Income

| Q4 21 | Q3 21 | Q2 21 | Q1 21 | Q4 20
Loan yield (1) | 4.58% | 4.76% | 4.73% | 4.75% | 4.74%
Security yield (1) | 1.74% | 1.77% | 1.97% | 2.36% | 2.48%
Cost of interest bearing deposits | 0.23% | 0.27% | 0.32% | 0.41% | 0.47%
Cost of deposits (2) | 0.17% | 0.20% | 0.24% | 0.30% | 0.34%
Cost of borrowed funds | 1.95% | 1.96% | 1.97% | 1.91% | 1.88%
Net interest spread (1) | 2.74% | 2.72% | 2.74% | 2.83% | 3.04%
Net interest margin (1) | 2.86% | 2.85% | 2.89% | 2.99% | 3.22%

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

| (2) | Includes noninterest bearing deposits.

Net interest income for the fourth quarter of 2021 totaled $153.1 million, compared to $155.0 million in the fourth quarter of 2020, a decrease of 1 percent. Included in net interest income is accretion recognized on loans acquired, which totaled $5.8 million in the fourth quarter of 2021 and $9.0 million in the fourth quarter of 2020. Also included in net interest income is interest income on PPP loans, which totaled $5.1 million in the fourth quarter of 2021 and $6.5 million in the fourth quarter of 2020. The decrease in net interest income from a year ago reflects lower average loan balances, a decrease in loan yields and lower contributions from accretion and PPP loans, offset in part by our ability to successfully reduce deposit costs.

The yield on loans for the fourth quarter of 2021 was 4.58 percent, compared to 4.76 percent in the third quarter of 2021 and 4.74 percent in the fourth quarter of 2020. Cost of deposits for the fourth quarter of 2021 was 17 basis points, down 3 basis points on a linked quarter basis and down 17 basis points compared to the fourth quarter of 2020. Net interest margin on a fully taxable equivalent basis was 2.86 percent for the fourth quarter of 2021, compared to 2.85 percent in the third quarter of 2021 and 3.22 percent in the fourth quarter of 2020. Throughout 2021, the Company strategically redeployed excess liquidity through the purchase of investment securities, including short-term variable rate securities. At December 31, 2021, short-term, variable securities totaled approximately $1.5 billion.

Noninterest Income

Noninterest income for 2021 was $191.8 million, compared to $239.8 million recorded in 2020. The decrease in noninterest income was primarily due to a $39.3 million decrease in gains on sales of investment securities and a $12.7 million decrease in mortgage lending income, offset in part by a $3.5 million increase in debit and credit card fees as a result of an increased usage and a higher number of customers.

Noninterest income for the fourth quarter of 2021 was $46.6 million, compared to $41.8 million in the fourth quarter of 2020. The increase in noninterest income compared to a year ago was broad based as most of our fee-based businesses posted gains, including mortgage lending income up $2.1 million, service charges on deposit accounts up $1.1 million, debit and credit card fee up $1.0 million and wealth management fees up $0.8 million.

Select Noninterest Income Items ($ in millions) | FY 2021 | FY 2020 | Q4 21 | Q4 20
Service charges on deposit accounts | $43.2 | $43.1 | $11.9 | $10.8
Wealth management fees | $31.2 | $30.4 | $8.0 | $7.2
Debit and credit card fees (1) | $28.2 | $24.7 | $7.5 | $6.4
Mortgage lending income | $21.8 | $34.5 | $5.0 | $3.0
Bank owned life insurance | $8.9 | $5.8 | $2.8 | $1.5
Gain on sale of securities | $15.5 | $54.8 | $(0.4) | -
Other income | $35.3 | $39.9 | $10.0 | $11.0
Core other income (2) | $29.6 | $31.1 | $10.0 | $10.8

| (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 2021 was $483.6 million, down $1.1 million, or less than 1 percent, compared to $484.7 million recorded in 2020. Included in 2021 noninterest expense are pre-tax, non-core items totaling $15.3 million that primarily consist of merger-related expenses ($15.9 million, pre-tax). Excluding these items, core noninterest expense for 2021 was $468.2 million, compared to core noninterest expense of $463.2 million for 2020. The increase was primarily attributable to an increase in salaries and benefits (+$6.9 million), offset in part by a decline in furniture and equipment expense (-$4.0 million).

Noninterest expense for the fourth quarter of 2021 totaled $141.6 million, compared to $125.8 million in the fourth quarter of 2020. Included in noninterest expense are pre-tax, non-core items totaling $15.2 million that primarily consisted of merger-related expenses ($13.6 million, pre-tax). Excluding these items, core noninterest expense for the fourth quarter of 2021 was $126.4 million, compared to $113.4 million in the fourth quarter of 2020. The increase in noninterest expense was primarily due to the addition of operating expenses associated with the acquired banks at the beginning of the quarter. Expected costs saves from the acquisitions are expected to be achieved, in their entirety, in 2022. During the fourth quarter of 2021, the Company also donated $2.5 million to the Simmons First Foundation.

Select Noninterest Expense Items ($ in millions) | FY 2021 | FY 2020 | Q4 21 | Q4 20
Salaries and employee benefits | $246.3 | $242.5 | $63.9 | $55.8
Occupancy expense, net | $38.8 | $37.6 | $11.0 | $9.2
Furniture and equipment expense | $19.9 | $24.0 | $4.7 | $5.9
Merger related costs | $15.9 | $4.5 | $13.6 | $0.7
Other operating expenses (1) | $153.6 | $165.2 | $45.7 | $52.0
Core salaries and employee benefits (2) | $246.2 | $239.4 | $63.8 | $55.6
Core other operating expenses (2) | $157.1 | $153.0 | $45.8 | $41.8

| (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) | Q4 21 | Q3 21 | Q2 21 | Q1 21 | Q4 20
Allowance for credit losses on loans to total loans | 1.71% | 1.87% | 2.00% | 1.93% | 1.85%
Allowance for credit losses on loans to nonperforming loans | 300% | 341% | 281% | 204% | 193%
Nonperforming loans to total loans | 0.57% | 0.55% | 0.71% | 0.95% | 0.96%
Net charge-off ratio (annualized) | 0.31% | 0.17% | (0.07%) | 0.10% | 0.52%
Net charge-off ratio YTD (annualized) | 0.13% | 0.06% | 0.01% | 0.10% | 0.45%
Total nonperforming loans | $68.6 | $59.4 | $80.9 | $115.5 | $123.5
Total other nonperforming assets | $7.7 | $13.5 | $16.3 | $12.4 | $20.4

Credit quality metrics showed marked improvement throughout the year. Total nonperforming assets as a percentage of total assets were 0.31 percent at the end of 2021, compared to 0.64 percent at the end of 2020. Total nonperforming loans at the end of the fourth quarter of 2021 totaled $68.6 million, down $54.9 million compared to $123.5 million at the end of the fourth quarter a year ago. Net charge-offs as a percentage of average loans for the full year of 2021 were 13 basis points, down from 45 basis points reported for the full year of 2020. Net charge-offs for the fourth quarter of 2021 were 31 basis points, compared to 52 basis points for the fourth quarter of 2020. Provision for credit losses for the full year of 2021 was a credit of $32.7 million compared to expense of $75.0 million for the full year of 2020, reflecting positive trends in asset quality metrics throughout the year and improved economic modeling scenarios that in the prior year were negatively impacted by the corresponding impact of the pandemic on the macroeconomic environment. Provision for credit losses on loans during the fourth quarter of 2021 was a credit of $1.3 million, compared to expense of $6.9 million during the fourth quarter of 2020.

The allowance for credit losses on loans at the end of 2021 was $205.3 million, compared to $238.1 million at the end of 2020. During the fourth quarter of 2021, the Company recorded allowance of $13.4 million in connection with Purchase Credit Deteriorated loans acquired in the Landmark and Triumph acquisitions. The allowance to loan ratio ended 2021 at 1.71 percent, compared to 1.85 percent at the end of 2020, and the nonperforming loan coverage ratio was 300 percent at the end of 2021, compared to 193 percent at the end of 2020.

Capital

| Q4 21 | Q3 21 | Q2 21 | Q1 21 | Q4 20
Stockholders’ equity to total assets | 13.1% | 13.1% | 13.0% | 12.6% | 13.3%
Tangible common equity to tangible assets (1) | 8.5% | 8.4% | 8.4% | 7.9% | 8.5%
Regulatory common equity tier 1 ratio | 13.8% | 14.3% | 14.2% | 14.1% | 13.4%
Regulatory tier 1 leverage ratio | 9.1% | 9.1% | 9.0% | 9.0% | 9.1%
Regulatory tier 1 risk-based capital ratio | 13.8% | 14.3% | 14.2% | 14.1% | 13.4%
Regulatory total risk-based capital ratio | 16.8% | 17.4% | 17.5% | 17.5% | 16.8%

| (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 2021 was $3.2 billion, compared to $3.0 billion at the end of 2020. During the fourth quarter of 2021, the Company redeemed its outstanding preferred stock totaling approximately $767 thousand. Book value per share at the end of the fourth quarter of 2021 was $28.82, compared to $27.53 at the end of the fourth quarter of 2020. Tangible book value per share was $17.71 at the end of the fourth quarter of 2021, compared to $16.56 at the end of the fourth quarter of 2020. The ratio of stockholders’ equity to total assets at December 31, 2021 was 13.1 percent, while tangible common equity to tangible total assets was 8.5 percent. All of the Company’s regulatory capital ratios continue to significantly exceed “well-capitalized” guidelines, and it is noteworthy that the increase in book value per share and tangible book value per share was accomplished while also completing the acquisitions of Landmark and Triumph, paying cash dividends and actively utilizing the Company’s stock repurchase program.

Share Repurchase Program and Cash Dividend

As a result of the Company’s strong capital position and ability to organically generate capital, the Company’s board of directors has declared a quarterly cash dividend on the Company’s Class A common stock of $0.19 per share, which is payable on April 4, 2022, to shareholders of record as of March 15, 2022. The cash dividend rate represents an increase of $0.01 per share, or 6 percent, from the dividend paid for the same time period last year.

During the fourth quarter of 2021, the Company repurchased approximately 2.6 million shares of its Class A common stock at an average price of $29.69 pursuant to the Company’s stock repurchase program, which was originally approved in October 2019 (the “2019 Program”). Remaining capacity under the 2019 Program at the end of 2021 totaled approximately $20.6 million. During January 2022, the Company substantially exhausted the remaining capacity under the 2019 Program.

Therefore, the Company also announced today that its board of directors has authorized a new stock repurchase program (the “New Program”) under which the Company may repurchase up to $175,000,000 of its Class A common stock currently issued and outstanding. The New Program replaces the 2019 Program.

Under the New Program, the Company may repurchase shares of its common stock through open market and privately negotiated transactions or otherwise. The timing, pricing, and amount of any repurchases under the New Program will be determined by the Company’s management at its discretion based on a variety of factors, including, but not limited to, trading volume and market price of the Company’s common stock, corporate considerations, the Company’s working capital and investment requirements, general market and economic conditions, and legal requirements. The New Program does not obligate the Company to repurchase any common stock and may be modified, discontinued, or suspended at any time without prior notice. The Company anticipates funding for the New Program to come from available sources of liquidity, including cash on hand and future cash flow. The New Program will terminate on January 31, 2024 (unless terminated sooner).

Simmons First National Corporation

Simmons First National Corporation (NASDAQ: SFNC) is a Mid-South based financial holding company whose principal subsidiary, Simmons Bank, operates 199 financial centers in Arkansas, Missouri, Tennessee, Texas, Oklahoma and Kansas. Founded in 1903, Simmons Bank offers comprehensive financial solutions delivered with a client-centric approach. Simmons Bank was 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. Central Time today, Thursday, January 27, 2022. 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 7373369. 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

Certain 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, branch closures and branch sales, the adequacy of the allowance for credit losses, the ability of the Company to manage the impacts 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 “booster” 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; changes in accounting principles relating to loan loss recognition (current expected credit losses, or CECL); the ability to obtain regulatory approvals and meet other closing conditions to the proposed merger of Spirit of Texas Bancshares, Inc. (“Spirit”) with and into the Company (“Proposed Transaction”); delay in closing the Proposed Transaction; difficulties and delays in integrating the acquired business or fully realizing cost savings and other benefits of the Proposed Transaction; 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 projected in or contemplated by the forward-looking statements. Additional information on factors that might affect the Company’s financial results is included in the Company’s Form 10-K for the year ended December 31, 2020, and other reports that the Company has filed with or furnished to the U.S. Securities and Exchange Commission (the “SEC”), all of which are available from the SEC.

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 Transaction. 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 Transaction, the Company has filed with the SEC a registration statement on Form S-4 (the “Registration Statement”) to register the shares of Company common stock that will be issued to Spirit shareholders in the Proposed Transaction. The Registration Statement includes a proxy statement of Spirit and a prospectus of the Company (the “Proxy Statement/Prospectus”), and the Company and/or Spirit may file with the SEC other relevant documents concerning the Proposed Transaction. The definitive Proxy Statement/Prospectus is being mailed to shareholders of Spirit. SHAREHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION CAREFULLY AND IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BY THE COMPANY AND/OR SPIRIT, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.

Free copies of the Proxy Statement/Prospectus, as well as other filings containing information about the Company and Spirit, may be obtained at the SEC’s Internet site (http://www.sec.gov), when they are filed by the Company or Spirit. 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” or from Spirit at www.sotb.com under the “Investor Relations” link. Copies of the Proxy Statement/Prospectus can also be obtained, free of charge, by directing a request to the Company at 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; or by directing a request to Spirit at Spirit of Texas Bancshares, Inc., 1836 Spirit of Texas Way, Conroe, Texas 77301, Attention: Corporate Secretary, Email: jgoleman@sotb.com, Telephone: (936) 521-1836.

Participants in the Solicitation

The Company, Spirit, and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies from the shareholders of Spirit in connection with the Proposed Transaction. 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 about Spirit’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 9, 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, will be contained in the Proxy Statement/Prospectus regarding the Proposed Transaction 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 |  |  | Dec 31 |  |  |  | Sep 30 |  |  |  | Jun 30 |  |  |  | Mar 31 |  |  |  | Dec 31 |
(Unaudited) |  |  | 2021 |  |  |  | 2021 |  |  |  | 2021 |  |  |  | 2021 |  |  |  | 2020 |
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and non-interest bearing balances due from banks |  | $ | 209,190 |  |  | $ | 225,500 |  |  | $ | 215,381 |  |  | $ | 227,713 |  |  | $ | 217,499 |
Interest bearing balances due from banks and federal funds sold |  |  | 1,441,463 |  |  |  | 1,555,913 |  |  |  | 2,123,743 |  |  |  | 3,677,750 |  |  |  | 3,254,653 |
Cash and cash equivalents |  |  | 1,650,653 |  |  |  | 1,781,413 |  |  |  | 2,339,124 |  |  |  | 3,905,463 |  |  |  | 3,472,152 |
Interest bearing balances due from banks - time |  |  | 1,882 |  |  |  | 1,780 |  |  |  | 1,335 |  |  |  | 1,334 |  |  |  | 1,579 |
Investment securities - held-to-maturity |  |  | 1,529,221 |  |  |  | 1,516,797 |  |  |  | 931,352 |  |  |  | 609,500 |  |  |  | 333,031 |
Investment securities - available-for-sale |  |  | 7,113,545 |  |  |  | 6,822,203 |  |  |  | 6,556,581 |  |  |  | 4,528,348 |  |  |  | 3,473,598 |
Mortgage loans held for sale |  |  | 36,356 |  |  |  | 34,628 |  |  |  | 36,011 |  |  |  | 63,655 |  |  |  | 137,378 |
Other assets held for sale |  |  | 100 |  |  |  | 100 |  |  |  | 100 |  |  |  | 100 |  |  |  | 100 |
Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans |  |  | 12,012,503 |  |  |  | 10,825,227 |  |  |  | 11,386,352 |  |  |  | 12,195,873 |  |  |  | 12,900,897 |
Allowance for credit losses on loans |  |  | (205,332 | ) |  |  | (202,508 | ) |  |  | (227,239 | ) |  |  | (235,116 | ) |  |  | (238,050 | )
Net loans |  |  | 11,807,171 |  |  |  | 10,622,719 |  |  |  | 11,159,113 |  |  |  | 11,960,757 |  |  |  | 12,662,847 |
Premises and equipment |  |  | 483,469 |  |  |  | 463,924 |  |  |  | 429,587 |  |  |  | 427,540 |  |  |  | 441,692 |
Premises held for sale |  |  | - |  |  |  | - |  |  |  | 6,090 |  |  |  | 13,613 |  |  |  | 15,008 |
Foreclosed assets and other real estate owned |  |  | 6,032 |  |  |  | 11,759 |  |  |  | 15,239 |  |  |  | 11,168 |  |  |  | 18,393 |
Interest receivable |  |  | 72,990 |  |  |  | 68,405 |  |  |  | 67,916 |  |  |  | 71,359 |  |  |  | 72,597 |
Bank owned life insurance |  |  | 445,305 |  |  |  | 421,762 |  |  |  | 419,198 |  |  |  | 257,152 |  |  |  | 255,630 |
Goodwill |  |  | 1,146,007 |  |  |  | 1,075,305 |  |  |  | 1,075,305 |  |  |  | 1,075,305 |  |  |  | 1,075,305 |
Other intangible assets |  |  | 106,235 |  |  |  | 100,428 |  |  |  | 103,759 |  |  |  | 107,091 |  |  |  | 111,110 |
Other assets |  |  | 325,793 |  |  |  | 304,707 |  |  |  | 282,449 |  |  |  | 315,732 |  |  |  | 289,332 |
Total assets |  | $ | 24,724,759 |  |  | $ | 23,225,930 |  |  | $ | 23,423,159 |  |  | $ | 23,348,117 |  |  | $ | 22,359,752 |
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-interest bearing transaction accounts |  | $ | 5,325,318 |  |  | $ | 4,918,845 |  |  | $ | 4,893,959 |  |  | $ | 4,884,667 |  |  | $ | 4,482,091 |
Interest bearing transaction accounts and savings deposits |  |  | 11,588,770 |  |  |  | 10,697,451 |  |  |  | 10,569,602 |  |  |  | 10,279,997 |  |  |  | 9,672,608 |
Time deposits |  |  | 2,452,460 |  |  |  | 2,455,774 |  |  |  | 2,841,052 |  |  |  | 3,024,724 |  |  |  | 2,832,327 |
Total deposits |  |  | 19,366,548 |  |  |  | 18,072,070 |  |  |  | 18,304,613 |  |  |  | 18,189,388 |  |  |  | 16,987,026 |
Federal funds purchased and securities sold |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
under agreements to repurchase |  |  | 185,403 |  |  |  | 217,276 |  |  |  | 187,215 |  |  |  | 323,053 |  |  |  | 299,111 |
Other borrowings |  |  | 1,337,973 |  |  |  | 1,338,585 |  |  |  | 1,339,193 |  |  |  | 1,340,467 |  |  |  | 1,342,067 |
Subordinated notes and debentures |  |  | 384,131 |  |  |  | 383,278 |  |  |  | 383,143 |  |  |  | 383,008 |  |  |  | 382,874 |
Other liabilities held for sale |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 154,620 |
Accrued interest and other liabilities |  |  | 201,863 |  |  |  | 184,190 |  |  |  | 169,629 |  |  |  | 181,426 |  |  |  | 217,398 |
Total liabilities |  |  | 21,475,918 |  |  |  | 20,195,399 |  |  |  | 20,383,793 |  |  |  | 20,417,342 |  |  |  | 19,383,096 |
Stockholders' equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock |  |  | - |  |  |  | 767 |  |  |  | 767 |  |  |  | 767 |  |  |  | 767 |
Common stock |  |  | 1,127 |  |  |  | 1,066 |  |  |  | 1,084 |  |  |  | 1,083 |  |  |  | 1,081 |
Surplus |  |  | 2,164,989 |  |  |  | 1,974,561 |  |  |  | 2,021,128 |  |  |  | 2,017,188 |  |  |  | 2,014,076 |
Undivided profits |  |  | 1,093,270 |  |  |  | 1,065,566 |  |  |  | 1,004,314 |  |  |  | 948,913 |  |  |  | 901,006 |
Accumulated other comprehensive (loss) income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized (depreciation) appreciation on AFS securities |  |  | (10,545 | ) |  |  | (11,429 | ) |  |  | 12,073 |  |  |  | (37,176 | ) |  |  | 59,726 |
Total stockholders' equity |  |  | 3,248,841 |  |  |  | 3,030,531 |  |  |  | 3,039,366 |  |  |  | 2,930,775 |  |  |  | 2,976,656 |
Total liabilities and stockholders' equity |  | $ | 24,724,759 |  |  | $ | 23,225,930 |  |  | $ | 23,423,159 |  |  | $ | 23,348,117 |  |  | $ | 22,359,752 |

| Page 1 |

Simmons First National Corporation |  |  |  |  |  |  |  |  |  | SFNC
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended |  |  | Dec 31 |  |  |  | Sep 30 |  |  |  | Jun 30 |  |  |  | Mar 31 |  |  |  | Dec 31 |
(Unaudited) |  |  | 2021 |  |  |  | 2021 |  |  |  | 2021 |  |  |  | 2021 |  |  |  | 2020 |
($ in thousands, except per share data) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
INTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans (including fees) |  | $ | 137,564 |  |  | $ | 132,216 |  |  | $ | 138,804 |  |  | $ | 146,424 |  |  | $ | 160,115 |
Interest bearing balances due from banks and federal funds sold |  |  | 583 |  |  |  | 763 |  |  |  | 651 |  |  |  | 798 |  |  |  | 716 |
Investment securities |  |  | 32,275 |  |  |  | 30,717 |  |  |  | 27,128 |  |  |  | 21,573 |  |  |  | 17,207 |
Mortgage loans held for sale |  |  | 310 |  |  |  | 230 |  |  |  | 386 |  |  |  | 639 |  |  |  | 1,070 |
TOTAL INTEREST INCOME |  |  | 170,732 |  |  |  | 163,926 |  |  |  | 166,969 |  |  |  | 169,434 |  |  |  | 179,108 |
INTEREST EXPENSE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time deposits |  |  | 3,705 |  |  |  | 4,747 |  |  |  | 6,061 |  |  |  | 7,091 |  |  |  | 7,835 |
Other deposits |  |  | 4,390 |  |  |  | 4,369 |  |  |  | 4,721 |  |  |  | 6,088 |  |  |  | 6,536 |
Federal funds purchased and securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
sold under agreements to repurchase |  |  | 72 |  |  |  | 70 |  |  |  | 192 |  |  |  | 245 |  |  |  | 284 |
Other borrowings |  |  | 4,903 |  |  |  | 4,893 |  |  |  | 4,897 |  |  |  | 4,802 |  |  |  | 4,869 |
Subordinated notes and debentures |  |  | 4,581 |  |  |  | 4,610 |  |  |  | 4,565 |  |  |  | 4,527 |  |  |  | 4,624 |
TOTAL INTEREST EXPENSE |  |  | 17,651 |  |  |  | 18,689 |  |  |  | 20,436 |  |  |  | 22,753 |  |  |  | 24,148 |
NET INTEREST INCOME |  |  | 153,081 |  |  |  | 145,237 |  |  |  | 146,533 |  |  |  | 146,681 |  |  |  | 154,960 |
Provision for credit losses |  |  | (1,308 | ) |  |  | (19,890 | ) |  |  | (12,951 | ) |  |  | 1,445 |  |  |  | 6,943 |
NET INTEREST INCOME AFTER PROVISION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FOR CREDIT LOSSES |  |  | 154,389 |  |  |  | 165,127 |  |  |  | 159,484 |  |  |  | 145,236 |  |  |  | 148,017 |
NON-INTEREST INCOME |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wealth management fees |  |  | 8,042 |  |  |  | 7,877 |  |  |  | 7,892 |  |  |  | 7,361 |  |  |  | 7,233 |
Service charges on deposit accounts |  |  | 11,909 |  |  |  | 11,557 |  |  |  | 10,050 |  |  |  | 9,715 |  |  |  | 10,799 |
Other service charges and fees |  |  | 1,762 |  |  |  | 1,964 |  |  |  | 2,048 |  |  |  | 1,922 |  |  |  | 1,783 |
Mortgage lending income |  |  | 5,043 |  |  |  | 5,818 |  |  |  | 4,490 |  |  |  | 6,447 |  |  |  | 2,993 |
Debit and credit card fees |  |  | 7,460 |  |  |  | 7,102 |  |  |  | 7,073 |  |  |  | 6,610 |  |  |  | 6,415 |
Bank owned life insurance income |  |  | 2,768 |  |  |  | 2,573 |  |  |  | 2,038 |  |  |  | 1,523 |  |  |  | 1,481 |
(Loss) gain on sale of securities, net |  |  | (348 | ) |  |  | 5,248 |  |  |  | 5,127 |  |  |  | 5,471 |  |  |  | 16 |
Other income |  |  | 9,965 |  |  |  | 6,411 |  |  |  | 8,397 |  |  |  | 10,500 |  |  |  | 11,041 |
TOTAL NON-INTEREST INCOME |  |  | 46,601 |  |  |  | 48,550 |  |  |  | 47,115 |  |  |  | 49,549 |  |  |  | 41,761 |
NON-INTEREST EXPENSE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  |  | 63,832 |  |  |  | 61,902 |  |  |  | 60,261 |  |  |  | 60,340 |  |  |  | 55,762 |
Occupancy expense, net |  |  | 11,033 |  |  |  | 9,361 |  |  |  | 9,103 |  |  |  | 9,300 |  |  |  | 9,182 |
Furniture and equipment expense |  |  | 4,721 |  |  |  | 4,895 |  |  |  | 4,859 |  |  |  | 5,415 |  |  |  | 5,940 |
Other real estate and foreclosure expense |  |  | 576 |  |  |  | 339 |  |  |  | 863 |  |  |  | 343 |  |  |  | 551 |
Deposit insurance |  |  | 2,108 |  |  |  | 1,870 |  |  |  | 1,687 |  |  |  | 1,308 |  |  |  | 1,627 |
Merger-related costs |  |  | 13,591 |  |  |  | 1,401 |  |  |  | 686 |  |  |  | 233 |  |  |  | 731 |
Other operating expenses |  |  | 45,736 |  |  |  | 34,565 |  |  |  | 37,198 |  |  |  | 36,063 |  |  |  | 52,047 |
TOTAL NON-INTEREST EXPENSE |  |  | 141,597 |  |  |  | 114,333 |  |  |  | 114,657 |  |  |  | 113,002 |  |  |  | 125,840 |
NET INCOME BEFORE INCOME TAXES |  |  | 59,393 |  |  |  | 99,344 |  |  |  | 91,942 |  |  |  | 81,783 |  |  |  | 63,938 |
Provision for income taxes |  |  | 11,155 |  |  |  | 18,770 |  |  |  | 17,018 |  |  |  | 14,363 |  |  |  | 10,970 |
NET INCOME |  |  | 48,238 |  |  |  | 80,574 |  |  |  | 74,924 |  |  |  | 67,420 |  |  |  | 52,968 |
Preferred stock dividends |  |  | 8 |  |  |  | 13 |  |  |  | 13 |  |  |  | 13 |  |  |  | 13 |
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS |  | $ | 48,230 |  |  | $ | 80,561 |  |  | $ | 74,911 |  |  | $ | 67,407 |  |  | $ | 52,955 |
BASIC EARNINGS PER SHARE |  | $ | 0.42 |  |  | $ | 0.75 |  |  | $ | 0.69 |  |  | $ | 0.62 |  |  | $ | 0.49 |
DILUTED EARNINGS PER SHARE |  | $ | 0.42 |  |  | $ | 0.74 |  |  | $ | 0.69 |  |  | $ | 0.62 |  |  | $ | 0.49 |

| Page 2 |

Simmons First National Corporation |  |  |  |  |  |  |  | SFNC
Consolidated Risk-Based Capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
For the Quarters Ended |  |  | Dec 31 |  |  |  | Sep 30 |  |  |  | Jun 30 |  |  |  | Mar 31 |  |  |  | Dec 31 |
(Unaudited) |  |  | 2021 |  |  |  | 2021 |  |  |  | 2021 |  |  |  | 2021 |  |  |  | 2020 |
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tier 1 capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stockholders' equity |  | $ | 3,248,841 |  |  | $ | 3,030,531 |  |  | $ | 3,039,366 |  |  | $ | 2,930,775 |  |  | $ | 2,976,656 |
CECL transition provision (1) |  |  | 114,458 |  |  |  | 122,787 |  |  |  | 128,933 |  |  |  | 131,637 |  |  |  | 131,430 |
Disallowed intangible assets, net of deferred tax |  |  | (1,226,686 | ) |  |  | (1,152,688 | ) |  |  | (1,156,203 | ) |  |  | (1,159,720 | ) |  |  | (1,163,797 | )
Unrealized loss (gain) on AFS securities |  |  | 10,545 |  |  |  | 11,429 |  |  |  | (12,073 | ) |  |  | 37,176 |  |  |  | (59,726 | )
Total Tier 1 capital |  |  | 2,147,158 |  |  |  | 2,012,059 |  |  |  | 2,000,023 |  |  |  | 1,939,868 |  |  |  | 1,884,563 |
Tier 2 capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trust preferred securities and subordinated debt |  |  | 384,131 |  |  |  | 383,278 |  |  |  | 383,143 |  |  |  | 383,008 |  |  |  | 382,874 |
Qualifying allowance for loan losses and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
reserve for unfunded commitments |  |  | 71,853 |  |  |  | 60,700 |  |  |  | 79,138 |  |  |  | 87,251 |  |  |  | 89,546 |
Total Tier 2 capital |  |  | 455,984 |  |  |  | 443,978 |  |  |  | 462,281 |  |  |  | 470,259 |  |  |  | 472,420 |
Total risk-based capital |  | $ | 2,603,142 |  |  | $ | 2,456,037 |  |  | $ | 2,462,304 |  |  | $ | 2,410,127 |  |  | $ | 2,356,983 |
Risk weighted assets |  | $ | 15,538,967 |  |  | $ | 14,098,320 |  |  | $ | 14,076,975 |  |  | $ | 13,771,244 |  |  | $ | 14,048,608 |
Adjusted average assets for leverage ratio |  | $ | 23,647,901 |  |  | $ | 22,189,921 |  |  | $ | 22,244,118 |  |  | $ | 21,668,406 |  |  | $ | 20,765,127 |
Ratios at end of quarter |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity to assets |  |  | 13.14 | % |  |  | 13.05 | % |  |  | 12.98 | % |  |  | 12.55 | % |  |  | 13.31 | %
Tangible common equity to tangible assets (2) |  |  | 8.51 | % |  |  | 8.41 | % |  |  | 8.36 | % |  |  | 7.88 | % |  |  | 8.45 | %
Common equity Tier 1 ratio (CET1) |  |  | 13.82 | % |  |  | 14.27 | % |  |  | 14.20 | % |  |  | 14.08 | % |  |  | 13.41 | %
Tier 1 leverage ratio |  |  | 9.08 | % |  |  | 9.07 | % |  |  | 8.99 | % |  |  | 8.95 | % |  |  | 9.08 | %
Tier 1 risk-based capital ratio |  |  | 13.82 | % |  |  | 14.27 | % |  |  | 14.21 | % |  |  | 14.09 | % |  |  | 13.41 | %
Total risk-based capital ratio |  |  | 16.75 | % |  |  | 17.42 | % |  |  | 17.49 | % |  |  | 17.50 | % |  |  | 16.78 | %

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

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

| Page 3 |

Simmons First National Corporation |  |  |  |  |  |  |  | SFNC
Consolidated Investment Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
For the Quarters Ended |  |  | Dec 31 |  |  |  | Sep 30 |  |  |  | Jun 30 |  |  |  | Mar 31 |  |  |  | Dec 31 |
(Unaudited) |  |  | 2021 |  |  |  | 2021 |  |  |  | 2021 |  |  |  | 2021 |  |  |  | 2020 |
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment Securities - End of Period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies |  | $ | 232,609 |  |  | $ | 232,549 |  |  | $ | 77,396 |  |  | $ | 77,396 |  |  | $ | - |
Mortgage-backed securities |  |  | 70,342 |  |  |  | 57,930 |  |  |  | 60,649 |  |  |  | 47,988 |  |  |  | 22,354 |
State and political subdivisions |  |  | 1,209,051 |  |  |  | 1,209,091 |  |  |  | 793,307 |  |  |  | 484,116 |  |  |  | 310,109 |
Other securities |  |  | 17,219 |  |  |  | 17,227 |  |  |  | - |  |  |  | - |  |  |  | 568 |
Total held-to-maturity (net of credit losses) |  |  | 1,529,221 |  |  |  | 1,516,797 |  |  |  | 931,352 |  |  |  | 609,500 |  |  |  | 333,031 |
Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 300 |  |  | $ | 300 |  |  | $ | 600 |  |  | $ | 600 |  |  | $ | - |
U.S. Government agencies |  |  | 364,641 |  |  |  | 354,382 |  |  |  | 554,937 |  |  |  | 487,679 |  |  |  | 477,237 |
Mortgage-backed securities |  |  | 4,448,616 |  |  |  | 4,421,620 |  |  |  | 3,987,209 |  |  |  | 2,133,086 |  |  |  | 1,394,936 |
State and political subdivisions |  |  | 1,819,658 |  |  |  | 1,575,208 |  |  |  | 1,557,497 |  |  |  | 1,571,910 |  |  |  | 1,470,723 |
Other securities |  |  | 480,330 |  |  |  | 470,693 |  |  |  | 456,338 |  |  |  | 335,073 |  |  |  | 130,702 |
Total available-for-sale (net of credit losses) |  |  | 7,113,545 |  |  |  | 6,822,203 |  |  |  | 6,556,581 |  |  |  | 4,528,348 |  |  |  | 3,473,598 |
Total investment securities (net of credit losses) |  | $ | 8,642,766 |  |  | $ | 8,339,000 |  |  | $ | 7,487,933 |  |  | $ | 5,137,848 |  |  | $ | 3,806,629 |
Fair value - HTM investment securities |  | $ | 1,517,378 |  |  | $ | 1,487,916 |  |  | $ | 935,596 |  |  | $ | 597,694 |  |  | $ | 341,925 |
Investment Securities - QTD Average |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable securities |  | $ | 5,790,429 |  |  | $ | 5,475,932 |  |  | $ | 4,265,545 |  |  | $ | 2,471,291 |  |  | $ | 1,757,234 |
Tax exempt securities |  |  | 2,787,301 |  |  |  | 2,496,958 |  |  |  | 2,157,076 |  |  |  | 1,919,919 |  |  |  | 1,528,127 |
Total investment securities - QTD average |  | $ | 8,577,730 |  |  | $ | 7,972,890 |  |  | $ | 6,422,621 |  |  | $ | 4,391,210 |  |  | $ | 3,285,361 |

| Page 4 |

Simmons First National Corporation |  |  |  |  |  |  |  | SFNC
Consolidated Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
For the Quarters Ended |  |  | Dec 31 |  |  |  | Sep 30 |  |  |  | Jun 30 |  |  |  | Mar 31 |  |  |  | Dec 31 |
(Unaudited) |  |  | 2021 |  |  |  | 2021 |  |  |  | 2021 |  |  |  | 2021 |  |  |  | 2020 |
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan Portfolio - End of Period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit cards |  | $ | 187,052 |  |  | $ | 175,884 |  |  | $ | 177,634 |  |  | $ | 175,458 |  |  | $ | 188,845 |
Other consumer |  |  | 168,318 |  |  |  | 182,492 |  |  |  | 181,712 |  |  |  | 172,965 |  |  |  | 202,379 |
Total consumer |  |  | 355,370 |  |  |  | 358,376 |  |  |  | 359,346 |  |  |  | 348,423 |  |  |  | 391,224 |
Real Estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  |  | 1,327,210 |  |  |  | 1,229,740 |  |  |  | 1,428,165 |  |  |  | 1,451,841 |  |  |  | 1,596,255 |
Single-family residential |  |  | 2,101,136 |  |  |  | 1,540,701 |  |  |  | 1,608,028 |  |  |  | 1,730,056 |  |  |  | 1,880,673 |
Other commercial real estate |  |  | 5,738,904 |  |  |  | 5,308,902 |  |  |  | 5,332,655 |  |  |  | 5,638,010 |  |  |  | 5,746,863 |
Total real estate |  |  | 9,167,250 |  |  |  | 8,079,343 |  |  |  | 8,368,848 |  |  |  | 8,819,907 |  |  |  | 9,223,791 |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 1,992,043 |  |  |  | 1,821,905 |  |  |  | 2,074,729 |  |  |  | 2,444,700 |  |  |  | 2,574,386 |
Agricultural |  |  | 168,717 |  |  |  | 216,735 |  |  |  | 193,462 |  |  |  | 155,921 |  |  |  | 175,905 |
Total commercial |  |  | 2,160,760 |  |  |  | 2,038,640 |  |  |  | 2,268,191 |  |  |  | 2,600,621 |  |  |  | 2,750,291 |
Other |  |  | 329,123 |  |  |  | 348,868 |  |  |  | 389,967 |  |  |  | 426,922 |  |  |  | 535,591 |
Total loans |  | $ | 12,012,503 |  |  | $ | 10,825,227 |  |  | $ | 11,386,352 |  |  | $ | 12,195,873 |  |  | $ | 12,900,897 |

| Page 5 |

Simmons First National Corporation |  |  |  |  |  |  |  | SFNC
Consolidated Allowance and Asset Quality |  |  |  |  |  |  |  |  |  |
For the Quarters Ended |  | Dec 31 |  | Sep 30 |  | Jun 30 |  | Mar 31 |  | Dec 31
(Unaudited) |  | 2021 |  | 2021 |  | 2021 |  | 2021 |  | 2020
($ in thousands) |  |  |  |  |  |  |  |  |  |
Allowance for Credit Losses on Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance, after adoption of ASC 326 |  | $ | 202,508 |  |  | $ | 227,239 |  |  | $ | 235,116 |  |  | $ | 238,050 |  |  | $ | 248,251 |
Day 1 PCD allowance from acquisitions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Landmark (10/08/2021) |  |  | 2,359 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Triumph (10/08/2021) |  |  | 11,092 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Day 1 PCD allowance |  |  | 13,451 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans charged off |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit cards |  |  | 865 |  |  |  | 711 |  |  |  | 1,046 |  |  |  | 1,003 |  |  |  | 787 |
Other consumer |  |  | 477 |  |  |  | 463 |  |  |  | 411 |  |  |  | 702 |  |  |  | 960 |
Real estate |  |  | 2,624 |  |  |  | 5,941 |  |  |  | 439 |  |  |  | 1,687 |  |  |  | 10,415 |
Commercial |  |  | 8,513 |  |  |  | 932 |  |  |  | 309 |  |  |  | 859 |  |  |  | 8,199 |
Total loans charged off |  |  | 12,479 |  |  |  | 8,047 |  |  |  | 2,205 |  |  |  | 4,251 |  |  |  | 20,361 |
Recoveries of loans previously charged off |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit cards |  |  | 247 |  |  |  | 267 |  |  |  | 244 |  |  |  | 290 |  |  |  | 241 |
Other consumer |  |  | 267 |  |  |  | 408 |  |  |  | 425 |  |  |  | 304 |  |  |  | 355 |
Real estate |  |  | 916 |  |  |  | 2,068 |  |  |  | 1,523 |  |  |  | 403 |  |  |  | 431 |
Commercial |  |  | 1,730 |  |  |  | 463 |  |  |  | 2,147 |  |  |  | 320 |  |  |  | 1,835 |
Total recoveries |  |  | 3,160 |  |  |  | 3,206 |  |  |  | 4,339 |  |  |  | 1,317 |  |  |  | 2,862 |
Net loans charged off |  |  | 9,319 |  |  |  | 4,841 |  |  |  | (2,134 | ) |  |  | 2,934 |  |  |  | 17,499 |
Provision for credit losses on loans |  |  | (1,308 | ) |  |  | (19,890 | ) |  |  | (10,011 | ) |  |  | - |  |  |  | 7,298 |
Balance, end of quarter |  | $ | 205,332 |  |  | $ | 202,508 |  |  | $ | 227,239 |  |  | $ | 235,116 |  |  | $ | 238,050 |
Non-performing assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-performing loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nonaccrual loans |  | $ | 68,204 |  |  | $ | 59,054 |  |  | $ | 80,282 |  |  | $ | 114,856 |  |  | $ | 122,879 |
Loans past due 90 days or more |  |  | 349 |  |  |  | 334 |  |  |  | 653 |  |  |  | 635 |  |  |  | 578 |
Total non-performing loans |  |  | 68,553 |  |  |  | 59,388 |  |  |  | 80,935 |  |  |  | 115,491 |  |  |  | 123,457 |
Other non-performing assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreclosed assets and other real estate owned |  |  | 6,032 |  |  |  | 11,759 |  |  |  | 15,239 |  |  |  | 11,168 |  |  |  | 18,393 |
Other non-performing assets |  |  | 1,667 |  |  |  | 1,724 |  |  |  | 1,062 |  |  |  | 1,229 |  |  |  | 2,016 |
Total other non-performing assets |  |  | 7,699 |  |  |  | 13,483 |  |  |  | 16,301 |  |  |  | 12,397 |  |  |  | 20,409 |
Total non-performing assets |  | $ | 76,252 |  |  | $ | 72,871 |  |  | $ | 97,236 |  |  | $ | 127,888 |  |  | $ | 143,866 |
Performing TDRs (troubled debt restructurings) |  | $ | 4,289 |  |  | $ | 4,251 |  |  | $ | 4,436 |  |  | $ | 3,805 |  |  | $ | 3,138 |
Ratios |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses on loans to total loans |  |  | 1.71 | % |  |  | 1.87 | % |  |  | 2.00 | % |  |  | 1.93 | % |  |  | 1.85 | %
Allowance for credit losses to non-performing loans |  |  | 300 | % |  |  | 341 | % |  |  | 281 | % |  |  | 204 | % |  |  | 193 | %
Non-performing loans to total loans |  |  | 0.57 | % |  |  | 0.55 | % |  |  | 0.71 | % |  |  | 0.95 | % |  |  | 0.96 | %
Non-performing assets (including performing TDRs) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
to total assets |  |  | 0.33 | % |  |  | 0.33 | % |  |  | 0.43 | % |  |  | 0.56 | % |  |  | 0.66 | %
Non-performing assets to total assets |  |  | 0.31 | % |  |  | 0.31 | % |  |  | 0.42 | % |  |  | 0.55 | % |  |  | 0.64 | %
Annualized net charge offs to total loans |  |  | 0.31 | % |  |  | 0.17 | % |  |  | -0.07 | % |  |  | 0.10 | % |  |  | 0.52 | %
Annualized net credit card charge offs to |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
total credit card loans |  |  | 1.29 | % |  |  | 0.96 | % |  |  | 1.78 | % |  |  | 1.58 | % |  |  | 1.15 | %

| Page 6 |

Simmons First National Corporation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | SFNC
Consolidated - Average Balance Sheet and Net Interest Income Analysis |  |  |  |  |  |  |  |  |  |
For the Quarters Ended
(Unaudited)
|  | Three Months Ended Dec 2021 |  | Three Months Ended Sep 2021 |  | Three Months Ended Dec 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 |  | $ | 1,484,752 |  |  | $ | 583 |  |  |  | 0.16 | % |  | $ | 1,866,530 |  |  | $ | 763 |  |  |  | 0.16 | % |  | $ | 2,651,938 |  |  | $ | 716 |  |  |  | 0.11 | %
Investment securities - taxable |  |  | 5,790,429 |  |  |  | 17,186 |  |  |  | 1.18 | % |  |  | 5,475,932 |  |  |  | 17,076 |  |  |  | 1.24 | % |  |  | 1,757,234 |  |  |  | 7,720 |  |  |  | 1.75 | %
Investment securities - non-taxable (FTE) |  |  | 2,787,301 |  |  |  | 20,470 |  |  |  | 2.91 | % |  |  | 2,496,958 |  |  |  | 18,399 |  |  |  | 2.92 | % |  |  | 1,528,127 |  |  |  | 12,778 |  |  |  | 3.33 | %
Mortgage loans held for sale |  |  | 42,866 |  |  |  | 310 |  |  |  | 2.87 | % |  |  | 32,134 |  |  |  | 230 |  |  |  | 2.84 | % |  |  | 179,275 |  |  |  | 1,070 |  |  |  | 2.37 | %
Loans - including fees (FTE) |  |  | 11,924,444 |  |  |  | 137,762 |  |  |  | 4.58 | % |  |  | 11,030,438 |  |  |  | 132,399 |  |  |  | 4.76 | % |  |  | 13,457,077 |  |  |  | 160,306 |  |  |  | 4.74 | %
Total interest earning assets (FTE) |  |  | 22,029,792 |  |  |  | 176,311 |  |  |  | 3.18 | % |  |  | 20,901,992 |  |  |  | 168,867 |  |  |  | 3.21 | % |  |  | 19,573,651 |  |  |  | 182,590 |  |  |  | 3.71 | %
Non-earning assets |  |  | 2,668,230 |  |  |  |  |  |  |  |  |  |  |  | 2,353,549 |  |  |  |  |  |  |  |  |  |  |  | 2,278,443 |  |  |  |  |  |  |  |  |
Total assets |  | $ | 24,698,022 |  |  |  |  |  |  |  |  |  |  | $ | 23,255,541 |  |  |  |  |  |  |  |  |  |  | $ | 21,852,094 |  |  |  |  |  |  |  |  |
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest bearing liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest bearing transaction and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
savings accounts |  | $ | 11,413,325 |  |  | $ | 4,390 |  |  |  | 0.15 | % |  | $ | 10,629,142 |  |  | $ | 4,369 |  |  |  | 0.16 | % |  | $ | 9,389,570 |  |  | $ | 6,536 |  |  |  | 0.28 | %
Time deposits |  |  | 2,607,011 |  |  |  | 3,705 |  |  |  | 0.56 | % |  |  | 2,645,896 |  |  |  | 4,747 |  |  |  | 0.71 | % |  |  | 2,823,166 |  |  |  | 7,835 |  |  |  | 1.10 | %
Total interest bearing deposits |  |  | 14,020,336 |  |  |  | 8,095 |  |  |  | 0.23 | % |  |  | 13,275,038 |  |  |  | 9,116 |  |  |  | 0.27 | % |  |  | 12,212,736 |  |  |  | 14,371 |  |  |  | 0.47 | %
Federal funds purchased and securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
sold under agreement to repurchase |  |  | 223,008 |  |  |  | 72 |  |  |  | 0.13 | % |  |  | 219,604 |  |  |  | 70 |  |  |  | 0.13 | % |  |  | 340,333 |  |  |  | 284 |  |  |  | 0.33 | %
Other borrowings |  |  | 1,340,825 |  |  |  | 4,903 |  |  |  | 1.45 | % |  |  | 1,338,866 |  |  |  | 4,893 |  |  |  | 1.45 | % |  |  | 1,342,403 |  |  |  | 4,869 |  |  |  | 1.44 | %
Subordinated notes and debentures |  |  | 383,489 |  |  |  | 4,581 |  |  |  | 4.74 | % |  |  | 383,213 |  |  |  | 4,610 |  |  |  | 4.77 | % |  |  | 382,808 |  |  |  | 4,624 |  |  |  | 4.81 | %
Total interest bearing liabilities |  |  | 15,967,658 |  |  |  | 17,651 |  |  |  | 0.44 | % |  |  | 15,216,721 |  |  |  | 18,689 |  |  |  | 0.49 | % |  |  | 14,278,280 |  |  |  | 24,148 |  |  |  | 0.67 | %
Non-interest bearing liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-interest bearing deposits |  |  | 5,288,933 |  |  |  |  |  |  |  |  |  |  |  | 4,803,171 |  |  |  |  |  |  |  |  |  |  |  | 4,413,168 |  |  |  |  |  |  |  |  |
Other liabilities |  |  | 179,362 |  |  |  |  |  |  |  |  |  |  |  | 167,677 |  |  |  |  |  |  |  |  |  |  |  | 204,014 |  |  |  |  |  |  |  |  |
Total liabilities |  |  | 21,435,953 |  |  |  |  |  |  |  |  |  |  |  | 20,187,569 |  |  |  |  |  |  |  |  |  |  |  | 18,895,462 |  |  |  |  |  |  |  |  |
Stockholders' equity |  |  | 3,262,069 |  |  |  |  |  |  |  |  |  |  |  | 3,067,972 |  |  |  |  |  |  |  |  |  |  |  | 2,956,632 |  |  |  |  |  |  |  |  |
Total liabilities and stockholders' equity |  | $ | 24,698,022 |  |  |  |  |  |  |  |  |  |  | $ | 23,255,541 |  |  |  |  |  |  |  |  |  |  | $ | 21,852,094 |  |  |  |  |  |  |  |  |
Net interest income (FTE) |  |  |  |  |  | $ | 158,660 |  |  |  |  |  |  |  |  |  |  | $ | 150,178 |  |  |  |  |  |  |  |  |  |  | $ | 158,442 |  |  |  |  |
Net interest spread (FTE) |  |  |  |  |  |  |  |  |  |  | 2.74 | % |  |  |  |  |  |  |  |  |  |  | 2.72 | % |  |  |  |  |  |  |  |  |  |  | 3.04 | %
Net interest margin (FTE) - quarter-to-date |  |  |  |  |  |  |  |  |  |  | 2.86 | % |  |  |  |  |  |  |  |  |  |  | 2.85 | % |  |  |  |  |  |  |  |  |  |  | 3.22 | %
Net interest margin (FTE) - year-to-date |  |  |  |  |  |  |  |  |  |  | 2.89 | % |  |  |  |  |  |  |  |  |  |  | 2.91 | % |  |  |  |  |  |  |  |  |  |  | 3.38 | %

| Page 7 |

Simmons First National Corporation |  |  |  |  |  |  |  | SFNC
Consolidated - Selected Financial Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
For the Quarters Ended |  |  | Dec 31 |  |  |  | Sep 30 |  |  |  | Jun 30 |  |  |  | Mar 31 |  |  |  | Dec 31 |
(Unaudited) |  |  | 2021 |  |  |  | 2021 |  |  |  | 2021 |  |  |  | 2021 |  |  |  | 2020 |
($ in thousands, except share data) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
QUARTER-TO-DATE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Highlights - GAAP |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income |  | $ | 48,230 |  |  | $ | 80,561 |  |  | $ | 74,911 |  |  | $ | 67,407 |  |  | $ | 52,955 |
Diluted earnings per share |  |  | 0.42 |  |  |  | 0.74 |  |  |  | 0.69 |  |  |  | 0.62 |  |  |  | 0.49 |
Return on average assets |  |  | 0.77 | % |  |  | 1.37 | % |  |  | 1.29 | % |  |  | 1.20 | % |  |  | 0.96 | %
Return on average common equity |  |  | 5.87 | % |  |  | 10.42 | % |  |  | 10.08 | % |  |  | 9.20 | % |  |  | 7.13 | %
Return on tangible common equity |  |  | 9.98 | % |  |  | 17.43 | % |  |  | 17.25 | % |  |  | 15.85 | % |  |  | 12.48 | %
Net interest margin (FTE) |  |  | 2.86 | % |  |  | 2.85 | % |  |  | 2.89 | % |  |  | 2.99 | % |  |  | 3.22 | %
FTE adjustment |  |  | 5,579 |  |  |  | 4,941 |  |  |  | 4,548 |  |  |  | 4,163 |  |  |  | 3,482 |
Average diluted shares outstanding |  |  | 114,491,119 |  |  |  | 108,359,890 |  |  |  | 108,822,175 |  |  |  | 108,655,293 |  |  |  | 108,888,264 |
Shares repurchased under plan |  |  | 2,625,348 |  |  |  | 1,806,205 |  |  |  | - |  |  |  | 130,916 |  |  |  | 1,034,364 |
Average price of shares repurchased |  |  | 29.69 |  |  |  | 28.48 |  |  |  | - |  |  |  | 23.53 |  |  |  | 19.36 |
Cash dividends declared per common share |  |  | 0.18 |  |  |  | 0.18 |  |  |  | 0.18 |  |  |  | 0.18 |  |  |  | 0.17 |
Financial Highlights - Core (non-GAAP) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core earnings (excludes non-core items) (1) |  | $ | 59,486 |  |  | $ | 79,350 |  |  | $ | 75,435 |  |  | $ | 63,995 |  |  | $ | 61,977 |
Core diluted earnings per share (1) |  |  | 0.52 |  |  |  | 0.73 |  |  |  | 0.69 |  |  |  | 0.59 |  |  |  | 0.57 |
Accretable yield on acquired loans |  |  | 5,758 |  |  |  | 4,122 |  |  |  | 5,619 |  |  |  | 6,630 |  |  |  | 8,999 |
Efficiency ratio (1) |  |  | 59.48 | % |  |  | 58.10 | % |  |  | 56.75 | % |  |  | 57.25 | % |  |  | 54.75 | %
Core return on average assets (1) |  |  | 0.96 | % |  |  | 1.35 | % |  |  | 1.30 | % |  |  | 1.14 | % |  |  | 1.13 | %
Core return on average common equity (1) |  |  | 7.24 | % |  |  | 10.26 | % |  |  | 10.15 | % |  |  | 8.73 | % |  |  | 8.34 | %
Core return on tangible common equity (1) |  |  | 12.19 | % |  |  | 17.18 | % |  |  | 17.36 | % |  |  | 15.08 | % |  |  | 14.51 | %
YEAR-TO-DATE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Highlights - GAAP |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Income |  | $ | 271,109 |  |  | $ | 222,879 |  |  | $ | 142,318 |  |  | $ | 67,407 |  |  | $ | 254,852 |
Diluted earnings per share |  |  | 2.46 |  |  |  | 2.05 |  |  |  | 1.31 |  |  |  | 0.62 |  |  |  | 2.31 |
Return on average assets |  |  | 1.15 | % |  |  | 1.29 | % |  |  | 1.25 | % |  |  | 1.20 | % |  |  | 1.18 | %
Return on average common equity |  |  | 8.83 | % |  |  | 9.91 | % |  |  | 9.64 | % |  |  | 9.20 | % |  |  | 8.72 | %
Return on tangible common equity |  |  | 14.99 | % |  |  | 16.86 | % |  |  | 16.56 | % |  |  | 15.85 | % |  |  | 15.25 | %
Net interest margin (FTE) |  |  | 2.89 | % |  |  | 2.91 | % |  |  | 2.94 | % |  |  | 2.99 | % |  |  | 3.38 | %
FTE adjustment |  |  | 19,231 |  |  |  | 13,652 |  |  |  | 8,711 |  |  |  | 4,163 |  |  |  | 11,001 |
Average diluted shares outstanding |  |  | 110,198,094 |  |  |  | 108,667,928 |  |  |  | 108,746,439 |  |  |  | 108,655,293 |  |  |  | 110,173,661 |
Cash dividends declared per common share |  |  | 0.72 |  |  |  | 0.54 |  |  |  | 0.36 |  |  |  | 0.18 |  |  |  | 0.68 |
Financial Highlights - Core (non-GAAP) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core earnings (excludes non-core items) (1) |  | $ | 278,266 |  |  | $ | 218,780 |  |  | $ | 139,430 |  |  | $ | 63,995 |  |  | $ | 264,300 |
Core diluted earnings per share (1) |  |  | 2.53 |  |  |  | 2.01 |  |  |  | 1.28 |  |  |  | 0.59 |  |  |  | 2.40 |
Accretable yield on acquired loans |  |  | 22,129 |  |  |  | 16,371 |  |  |  | 12,249 |  |  |  | 6,630 |  |  |  | 41,507 |
Efficiency ratio (1) |  |  | 57.92 | % |  |  | 57.37 | % |  |  | 57.00 | % |  |  | 57.25 | % |  |  | 54.18 | %
Core return on average assets (1) |  |  | 1.18 | % |  |  | 1.27 | % |  |  | 1.22 | % |  |  | 1.14 | % |  |  | 1.22 | %
Core return on average common equity (1) |  |  | 9.06 | % |  |  | 9.73 | % |  |  | 9.45 | % |  |  | 8.73 | % |  |  | 9.05 | %
Core return on tangible common equity (1) |  |  | 15.38 | % |  |  | 16.56 | % |  |  | 16.23 | % |  |  | 15.08 | % |  |  | 15.79 | %
END OF PERIOD |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Book value per share |  | $ | 28.82 |  |  | $ | 28.42 |  |  | $ | 28.03 |  |  | $ | 27.04 |  |  | $ | 27.53 |
Tangible book value per share |  |  | 17.71 |  |  |  | 17.39 |  |  |  | 17.16 |  |  |  | 16.13 |  |  |  | 16.56 |
Shares outstanding |  |  | 112,715,444 |  |  |  | 106,603,231 |  |  |  | 108,386,669 |  |  |  | 108,345,732 |  |  |  | 108,077,662 |
Full-time equivalent employees |  |  | 2,877 |  |  |  | 2,740 |  |  |  | 2,783 |  |  |  | 2,817 |  |  |  | 2,827 |
Total number of financial centers |  |  | 199 |  |  |  | 185 |  |  |  | 198 |  |  |  | 198 |  |  |  | 204 |

(1) Core earnings exclude non-core items, 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 |  | Dec 31 |  | Sep 30 |  | Jun 30 |  | Mar 31 |  | Dec 31
(Unaudited) |  | 2021 |  | 2021 |  | 2021 |  | 2021 |  | 2020
($ in thousands, except per share data) |  |  |  |  |  |  |  |  |  |
QUARTER-TO-DATE |  |  |  |  |  |  |  |  |  |
Net Income |  | $ | 48,230 |  |  | $ | 80,561 |  |  | $ | 74,911 |  |  | $ | 67,407 |  |  | $ | 52,955 |
Non-core items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on sale of branches |  |  | - |  |  |  | - |  |  |  | (16 | ) |  |  | (5,300 | ) |  |  | (275 | )
Merger-related costs |  |  | 13,591 |  |  |  | 1,401 |  |  |  | 686 |  |  |  | 233 |  |  |  | 731 |
Early retirement program |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 62 |
Branch right-sizing (net) |  |  | 1,648 |  |  |  | (3,041 | ) |  |  | 39 |  |  |  | 448 |  |  |  | 11,696 |
Tax effect (1) |  |  | (3,983 | ) |  |  | 429 |  |  |  | (185 | ) |  |  | 1,207 |  |  |  | (3,192 | )
Net non-core items |  |  | 11,256 |  |  |  | (1,211 | ) |  |  | 524 |  |  |  | (3,412 | ) |  |  | 9,022 |
Core earnings (non-GAAP) |  | $ | 59,486 |  |  | $ | 79,350 |  |  | $ | 75,435 |  |  | $ | 63,995 |  |  | $ | 61,977 |
Diluted earnings per share |  | $ | 0.42 |  |  | $ | 0.74 |  |  | $ | 0.69 |  |  | $ | 0.62 |  |  | $ | 0.49 |
Non-core items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on sale of branches |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (0.05 | ) |  |  | - |
Merger-related costs |  |  | 0.12 |  |  |  | 0.01 |  |  |  | 0.01 |  |  |  | - |  |  |  | - |
Early retirement program |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Branch right-sizing (net) |  |  | 0.01 |  |  |  | (0.03 | ) |  |  | - |  |  |  | 0.01 |  |  |  | 0.11 |
Tax effect (1) |  |  | (0.03 | ) |  |  | 0.01 |  |  |  | (0.01 | ) |  |  | 0.01 |  |  |  | (0.03 | )
Net non-core items |  |  | 0.10 |  |  |  | (0.01 | ) |  |  | - |  |  |  | (0.03 | ) |  |  | 0.08 |
Core diluted earnings per share (non-GAAP) |  | $ | 0.52 |  |  | $ | 0.73 |  |  | $ | 0.69 |  |  | $ | 0.59 |  |  | $ | 0.57 |
(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 |  | $ | 9,965 |  |  | $ | 6,411 |  |  | $ | 8,397 |  |  | $ | 10,500 |  |  | $ | 11,041 |
Non-core items (1) |  |  | (2 | ) |  |  | 239 |  |  |  | (445 | ) |  |  | (5,477 | ) |  |  | (275 | )
Core other income (non-GAAP) |  | $ | 9,963 |  |  | $ | 6,650 |  |  | $ | 7,952 |  |  | $ | 5,023 |  |  | $ | 10,766 |
Non-interest expense |  | $ | 141,597 |  |  | $ | 114,333 |  |  | $ | 114,657 |  |  | $ | 113,002 |  |  | $ | 125,840 |
Non-core items (1) |  |  | (15,241 | ) |  |  | 1,879 |  |  |  | (1,154 | ) |  |  | (858 | ) |  |  | (12,489 | )
Core non-interest expense (non-GAAP) |  | $ | 126,356 |  |  | $ | 116,212 |  |  | $ | 113,503 |  |  | $ | 112,144 |  |  | $ | 113,351 |
Salaries and employee benefits |  | $ | 63,832 |  |  | $ | 61,902 |  |  | $ | 60,261 |  |  | $ | 60,340 |  |  | $ | 55,762 |
Non-core items (1) |  |  | - |  |  |  | (66 | ) |  |  | - |  |  |  | - |  |  |  | (144 | )
Core salaries and employee benefits (non-GAAP) |  | $ | 63,832 |  |  | $ | 61,836 |  |  | $ | 60,261 |  |  | $ | 60,340 |  |  | $ | 55,618 |
Merger related costs |  | $ | 13,591 |  |  | $ | 1,401 |  |  | $ | 686 |  |  | $ | 233 |  |  | $ | 731 |
Non-core items (1) |  |  | (13,591 | ) |  |  | (1,401 | ) |  |  | (686 | ) |  |  | (233 | ) |  |  | (731 | )
Core merger related costs (non-GAAP) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Other operating expenses |  | $ | 45,736 |  |  | $ | 34,565 |  |  | $ | 37,198 |  |  | $ | 36,063 |  |  | $ | 52,047 |
Non-core items (1) |  |  | 96 |  |  |  | 3,759 |  |  |  | (89 | ) |  |  | (208 | ) |  |  | (10,270 | )
Core other operating expenses (non-GAAP) |  | $ | 45,832 |  |  | $ | 38,324 |  |  | $ | 37,109 |  |  | $ | 35,855 |  |  | $ | 41,777 |

(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 |  | Dec 31 |  | Sep 30 |  | Jun 30 |  | Mar 31 |  | Dec 31
(Unaudited) |  | 2021 |  | 2021 |  | 2021 |  | 2021 |  | 2020
($ in thousands, except per share data) |  |  |  |  |  |  |  |  |  |
YEAR-TO-DATE |  |  |  |  |  |  |  |  |  |
Net Income |  | $ | 271,109 |  |  | $ | 222,879 |  |  | $ | 142,318 |  |  | $ | 67,407 |  |  | $ | 254,852 |
Non-core items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on sale of branches |  |  | (5,316 | ) |  |  | (5,316 | ) |  |  | (5,316 | ) |  |  | (5,300 | ) |  |  | (8,368 | )
Merger-related costs |  |  | 15,911 |  |  |  | 2,320 |  |  |  | 919 |  |  |  | 233 |  |  |  | 4,531 |
Early retirement program |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,901 |
Branch right-sizing (net) |  |  | (906 | ) |  |  | (2,554 | ) |  |  | 487 |  |  |  | 448 |  |  |  | 13,727 |
Tax effect (1) |  |  | (2,532 | ) |  |  | 1,451 |  |  |  | 1,022 |  |  |  | 1,207 |  |  |  | (3,343 | )
Net non-core items |  |  | 7,157 |  |  |  | (4,099 | ) |  |  | (2,888 | ) |  |  | (3,412 | ) |  |  | 9,448 |
Core earnings (non-GAAP) |  | $ | 278,266 |  |  | $ | 218,780 |  |  | $ | 139,430 |  |  | $ | 63,995 |  |  | $ | 264,300 |
Diluted earnings per share |  | $ | 2.46 |  |  | $ | 2.05 |  |  | $ | 1.31 |  |  | $ | 0.62 |  |  | $ | 2.31 |
Non-core items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on sale of branches |  |  | (0.05 | ) |  |  | (0.05 | ) |  |  | (0.05 | ) |  |  | (0.05 | ) |  |  | (0.07 | )
Merger-related costs |  |  | 0.15 |  |  |  | 0.02 |  |  |  | 0.01 |  |  |  | - |  |  |  | 0.04 |
Early retirement program |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 0.03 |
Branch right-sizing (net) |  |  | (0.01 | ) |  |  | (0.02 | ) |  |  | - |  |  |  | 0.01 |  |  |  | 0.12 |
Tax effect (1) |  |  | (0.02 | ) |  |  | 0.01 |  |  |  | 0.01 |  |  |  | 0.01 |  |  |  | (0.03 | )
Net non-core items |  |  | 0.07 |  |  |  | (0.04 | ) |  |  | (0.03 | ) |  |  | (0.03 | ) |  |  | 0.09 |
Core diluted earnings per share (non-GAAP) |  | $ | 2.53 |  |  | $ | 2.01 |  |  | $ | 1.28 |  |  | $ | 0.59 |  |  | $ | 2.40 |
(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 |  | $ | 35,273 |  |  | $ | 25,308 |  |  | $ | 18,897 |  |  | $ | 10,500 |  |  | $ | 39,876 |
Non-core items (1) |  |  | (5,685 | ) |  |  | (5,683 | ) |  |  | (5,922 | ) |  |  | (5,477 | ) |  |  | (8,738 | )
Core other income (non-GAAP) |  | $ | 29,588 |  |  | $ | 19,625 |  |  | $ | 12,975 |  |  | $ | 5,023 |  |  | $ | 31,138 |
Non-interest expense |  | $ | 483,589 |  |  | $ | 341,992 |  |  | $ | 227,659 |  |  | $ | 113,002 |  |  | $ | 484,736 |
Non-core items (1) |  |  | (15,374 | ) |  |  | (133 | ) |  |  | (2,012 | ) |  |  | (858 | ) |  |  | (21,529 | )
Core non-interest expense (non-GAAP) |  | $ | 468,215 |  |  | $ | 341,859 |  |  | $ | 225,647 |  |  | $ | 112,144 |  |  | $ | 463,207 |
Salaries and employee benefits |  | $ | 246,335 |  |  | $ | 182,503 |  |  | $ | 120,601 |  |  | $ | 60,340 |  |  | $ | 242,474 |
Non-core items (1) |  |  | (66 | ) |  |  | (66 | ) |  |  | - |  |  |  | - |  |  |  | (3,085 | )
Core salaries and employee benefits (non-GAAP) |  | $ | 246,269 |  |  | $ | 182,437 |  |  | $ | 120,601 |  |  | $ | 60,340 |  |  | $ | 239,389 |
Merger related costs |  | $ | 15,911 |  |  | $ | 2,320 |  |  | $ | 919 |  |  | $ | 233 |  |  | $ | 4,531 |
Non-core items (1) |  |  | (15,911 | ) |  |  | (2,320 | ) |  |  | (919 | ) |  |  | (233 | ) |  |  | (4,531 | )
Core merger related costs (non-GAAP) |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Other operating expenses |  | $ | 153,562 |  |  | $ | 107,826 |  |  | $ | 73,261 |  |  | $ | 36,063 |  |  | $ | 165,201 |
Non-core items (1) |  |  | 3,558 |  |  |  | 3,462 |  |  |  | (297 | ) |  |  | (208 | ) |  |  | (12,155 | )
Core other operating expenses (non-GAAP) |  | $ | 157,120 |  |  | $ | 111,288 |  |  | $ | 72,964 |  |  | $ | 35,855 |  |  | $ | 153,046 |

(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 |  | Dec 31 |  | Sep 30 |  | Jun 30 |  | Mar 31 |  | Dec 31
(Unaudited) |  | 2021 |  | 2021 |  | 2021 |  | 2021 |  | 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 |  | $ | 3,248,841 |  |  | $ | 3,029,764 |  |  | $ | 3,038,599 |  |  | $ | 2,930,008 |  |  | $ | 2,975,889 |
Intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | (1,146,007 | ) |  |  | (1,075,305 | ) |  |  | (1,075,305 | ) |  |  | (1,075,305 | ) |  |  | (1,075,305 | )
Other intangible assets |  |  | (106,235 | ) |  |  | (100,428 | ) |  |  | (103,759 | ) |  |  | (107,091 | ) |  |  | (111,110 | )
Total intangibles |  |  | (1,252,242 | ) |  |  | (1,175,733 | ) |  |  | (1,179,064 | ) |  |  | (1,182,396 | ) |  |  | (1,186,415 | )
Tangible common stockholders' equity |  | $ | 1,996,599 |  |  | $ | 1,854,031 |  |  | $ | 1,859,535 |  |  | $ | 1,747,612 |  |  | $ | 1,789,474 |
Total assets |  | $ | 24,724,759 |  |  | $ | 23,225,930 |  |  | $ | 23,423,159 |  |  | $ | 23,348,117 |  |  | $ | 22,359,752 |
Intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | (1,146,007 | ) |  |  | (1,075,305 | ) |  |  | (1,075,305 | ) |  |  | (1,075,305 | ) |  |  | (1,075,305 | )
Other intangible assets |  |  | (106,235 | ) |  |  | (100,428 | ) |  |  | (103,759 | ) |  |  | (107,091 | ) |  |  | (111,110 | )
Total intangibles |  |  | (1,252,242 | ) |  |  | (1,175,733 | ) |  |  | (1,179,064 | ) |  |  | (1,182,396 | ) |  |  | (1,186,415 | )
Tangible assets |  | $ | 23,472,517 |  |  | $ | 22,050,197 |  |  | $ | 22,244,095 |  |  | $ | 22,165,721 |  |  | $ | 21,173,337 |
Paycheck protection program ("PPP") loans |  |  | (116,659 | ) |  |  | (212,087 | ) |  |  | (441,353 | ) |  |  | (797,629 | ) |  |  | (904,673 | )
Total assets excluding PPP loans |  | $ | 24,608,100 |  |  | $ | 23,013,843 |  |  | $ | 22,981,806 |  |  | $ | 22,550,488 |  |  | $ | 21,455,079 |
Tangible assets excluding PPP loans |  | $ | 23,355,858 |  |  | $ | 21,838,110 |  |  | $ | 21,802,742 |  |  | $ | 21,368,092 |  |  | $ | 20,268,664 |
Ratio of common equity to assets |  |  | 13.14 | % |  |  | 13.04 | % |  |  | 12.97 | % |  |  | 12.55 | % |  |  | 13.31 | %
Ratio of common equity to assets excluding PPP loans |  |  | 13.20 | % |  |  | 13.16 | % |  |  | 13.22 | % |  |  | 12.99 | % |  |  | 13.87 | %
Ratio of tangible common equity to tangible assets |  |  | 8.51 | % |  |  | 8.41 | % |  |  | 8.36 | % |  |  | 7.88 | % |  |  | 8.45 | %
Ratio of tangible common equity to tangible assets excluding PPP loans |  |  | 8.55 | % |  |  | 8.49 | % |  |  | 8.53 | % |  |  | 8.18 | % |  |  | 8.83 | %
Calculation of Tangible Book Value per Share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total common stockholders' equity |  | $ | 3,248,841 |  |  | $ | 3,029,764 |  |  | $ | 3,038,599 |  |  | $ | 2,930,008 |  |  | $ | 2,975,889 |
Intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | (1,146,007 | ) |  |  | (1,075,305 | ) |  |  | (1,075,305 | ) |  |  | (1,075,305 | ) |  |  | (1,075,305 | )
Other intangible assets |  |  | (106,235 | ) |  |  | (100,428 | ) |  |  | (103,759 | ) |  |  | (107,091 | ) |  |  | (111,110 | )
Total intangibles |  |  | (1,252,242 | ) |  |  | (1,175,733 | ) |  |  | (1,179,064 | ) |  |  | (1,182,396 | ) |  |  | (1,186,415 | )
Tangible common stockholders' equity |  | $ | 1,996,599 |  |  | $ | 1,854,031 |  |  | $ | 1,859,535 |  |  | $ | 1,747,612 |  |  | $ | 1,789,474 |
Shares of common stock outstanding |  |  | 112,715,444 |  |  |  | 106,603,231 |  |  |  | 108,386,669 |  |  |  | 108,345,732 |  |  |  | 108,077,662 |
Book value per common share |  | $ | 28.82 |  |  | $ | 28.42 |  |  | $ | 28.03 |  |  | $ | 27.04 |  |  | $ | 27.53 |
Tangible book value per common share |  | $ | 17.71 |  |  | $ | 17.39 |  |  | $ | 17.16 |  |  | $ | 16.13 |  |  | $ | 16.56 |

| Page 11 |

Simmons First National Corporation |  |  |  |  |  |  |  |  |  | SFNC
Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date |  |  |  |  |  |
For the Quarters Ended |  | Dec 31 |  | Sep 30 |  | Jun 30 |  | Mar 31 |  | Dec 31
(Unaudited) |  | 2021 |  | 2021 |  | 2021 |  | 2021 |  | 2020
($ in thousands) |  |  |  |  |  |  |  |  |  |
Calculation of Core Return on Average Assets |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 48,230 |  |  | $ | 80,561 |  |  | $ | 74,911 |  |  | $ | 67,407 |  |  | $ | 52,955 |
Net non-core items, net of taxes, adjustment |  |  | 11,256 |  |  |  | (1,211 | ) |  |  | 524 |  |  |  | (3,412 | ) |  |  | 9,022 |
Core earnings |  | $ | 59,486 |  |  | $ | 79,350 |  |  | $ | 75,435 |  |  | $ | 63,995 |  |  | $ | 61,977 |
Average total assets |  | $ | 24,698,022 |  |  | $ | 23,255,541 |  |  | $ | 23,257,921 |  |  | $ | 22,738,821 |  |  | $ | 21,852,094 |
Return on average assets |  |  | 0.77 | % |  |  | 1.37 | % |  |  | 1.29 | % |  |  | 1.20 | % |  |  | 0.96 | %
Core return on average assets |  |  | 0.96 | % |  |  | 1.35 | % |  |  | 1.30 | % |  |  | 1.14 | % |  |  | 1.13 | %
Calculation of Return on Tangible Common Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 48,230 |  |  | $ | 80,561 |  |  | $ | 74,911 |  |  | $ | 67,407 |  |  | $ | 52,955 |
Amortization of intangibles, net of taxes |  |  | 2,575 |  |  |  | 2,460 |  |  |  | 2,462 |  |  |  | 2,470 |  |  |  | 2,475 |
Total income available to common stockholders |  | $ | 50,805 |  |  | $ | 83,021 |  |  | $ | 77,373 |  |  | $ | 69,877 |  |  | $ | 55,430 |
Net non-core items, net of taxes |  |  | 11,256 |  |  |  | (1,211 | ) |  |  | 524 |  |  |  | (3,412 | ) |  |  | 9,022 |
Core earnings |  |  | 59,486 |  |  |  | 79,350 |  |  |  | 75,435 |  |  |  | 63,995 |  |  |  | 61,977 |
Amortization of intangibles, net of taxes |  |  | 2,575 |  |  |  | 2,460 |  |  |  | 2,462 |  |  |  | 2,470 |  |  |  | 2,475 |
Total core income available to common stockholders |  | $ | 62,061 |  |  | $ | 81,810 |  |  | $ | 77,897 |  |  | $ | 66,465 |  |  | $ | 64,452 |
Average common stockholders' equity |  | $ | 3,261,627 |  |  | $ | 3,067,205 |  |  | $ | 2,980,609 |  |  | $ | 2,972,689 |  |  | $ | 2,955,865 |
Average intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | (1,137,441 | ) |  |  | (1,075,305 | ) |  |  | (1,075,305 | ) |  |  | (1,075,305 | ) |  |  | (1,075,305 | )
Other intangibles |  |  | (105,155 | ) |  |  | (102,576 | ) |  |  | (105,785 | ) |  |  | (109,850 | ) |  |  | (113,098 | )
Total average intangibles |  |  | (1,242,596 | ) |  |  | (1,177,881 | ) |  |  | (1,181,090 | ) |  |  | (1,185,155 | ) |  |  | (1,188,403 | )
Average tangible common stockholders' equity |  | $ | 2,019,031 |  |  | $ | 1,889,324 |  |  | $ | 1,799,519 |  |  | $ | 1,787,534 |  |  | $ | 1,767,462 |
Return on average common equity |  |  | 5.87 | % |  |  | 10.42 | % |  |  | 10.08 | % |  |  | 9.20 | % |  |  | 7.13 | %
Return on tangible common equity |  |  | 9.98 | % |  |  | 17.43 | % |  |  | 17.25 | % |  |  | 15.85 | % |  |  | 12.48 | %
Core return on average common equity |  |  | 7.24 | % |  |  | 10.26 | % |  |  | 10.15 | % |  |  | 8.73 | % |  |  | 8.34 | %
Core return on tangible common equity |  |  | 12.19 | % |  |  | 17.18 | % |  |  | 17.36 | % |  |  | 15.08 | % |  |  | 14.51 | %
Calculation of Efficiency Ratio (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-interest expense |  | $ | 141,597 |  |  | $ | 114,333 |  |  | $ | 114,657 |  |  | $ | 113,002 |  |  | $ | 125,840 |
Non-core non-interest expense adjustment |  |  | (15,241 | ) |  |  | 1,879 |  |  |  | (1,154 | ) |  |  | (858 | ) |  |  | (12,489 | )
Other real estate and foreclosure expense adjustment |  |  | (576 | ) |  |  | (339 | ) |  |  | (863 | ) |  |  | (343 | ) |  |  | (545 | )
Amortization of intangibles adjustment |  |  | (3,486 | ) |  |  | (3,331 | ) |  |  | (3,333 | ) |  |  | (3,344 | ) |  |  | (3,351 | )
Efficiency ratio numerator |  | $ | 122,294 |  |  | $ | 112,542 |  |  | $ | 109,307 |  |  | $ | 108,457 |  |  | $ | 109,455 |
Net-interest income |  | $ | 153,081 |  |  | $ | 145,237 |  |  | $ | 146,533 |  |  | $ | 146,681 |  |  | $ | 154,960 |
Non-interest income |  |  | 46,601 |  |  |  | 48,550 |  |  |  | 47,115 |  |  |  | 49,549 |  |  |  | 41,761 |
Non-core non-interest income adjustment |  |  | (2 | ) |  |  | 239 |  |  |  | (445 | ) |  |  | (5,477 | ) |  |  | (275 | )
Fully tax-equivalent adjustment (effective tax rate of 26.135%) |  |  | 5,579 |  |  |  | 4,941 |  |  |  | 4,548 |  |  |  | 4,163 |  |  |  | 3,482 |
Loss (gain) on sale of securities |  |  | 348 |  |  |  | (5,248 | ) |  |  | (5,127 | ) |  |  | (5,471 | ) |  |  | (16 | )
Efficiency ratio denominator |  | $ | 205,607 |  |  | $ | 193,719 |  |  | $ | 192,624 |  |  | $ | 189,445 |  |  | $ | 199,912 |
Efficiency ratio (1) |  |  | 59.48 | % |  |  | 58.10 | % |  |  | 56.75 | % |  |  | 57.25 | % |  |  | 54.75 | %

(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 |  | Dec 31 |  | Sep 30 |  | Jun 30 |  | Mar 31 |  | Dec 31
(Unaudited) |  | 2021 |  | 2021 |  | 2021 |  | 2021 |  | 2020
($ in thousands) |  |  |  |  |  |  |  |  |  |
Calculation of Adjusted Pre-Tax, Pre-Provision (PTPP) Earnings |  |  |  |  |  |  |  |  |  |
Net income available to common stockholders |  | $ | 48,230 |  |  | $ | 80,561 |  |  | $ | 74,911 |  |  | $ | 67,407 |  |  | $ | 52,955 |
Provision for income taxes |  |  | 11,155 |  |  |  | 18,770 |  |  |  | 17,018 |  |  |  | 14,363 |  |  |  | 10,970 |
Provision for credit losses (including provision for unfunded commitments) |  |  | (1,308 | ) |  |  | (19,890 | ) |  |  | (12,951 | ) |  |  | 1,445 |  |  |  | 6,943 |
Loss (gain) on sale of securities |  |  | 348 |  |  |  | (5,248 | ) |  |  | (5,127 | ) |  |  | (5,471 | ) |  |  | (16 | )
Net pre-tax non-core items |  |  | 15,239 |  |  |  | (1,640 | ) |  |  | 709 |  |  |  | (4,619 | ) |  |  | 12,214 |
Adjusted Pre-tax, pre-provision (PTPP) earnings |  | $ | 73,664 |  |  | $ | 72,553 |  |  | $ | 74,560 |  |  | $ | 73,125 |  |  | $ | 83,066 |

| Page 13 |

Simmons First National Corporation |  |  |  |  |  |  |  |  |  | SFNC
Reconciliation Of Non-GAAP Financial Measures - Year-to-Date |  |  |  |  |  |  |  |
For the Quarters Ended |  | Dec 31 |  | Sep 30 |  | Jun 30 |  | Mar 31 |  | Dec 31
(Unaudited) |  | 2021 |  | 2021 |  | 2021 |  | 2021 |  | 2020
($ in thousands) |  |  |  |  |  |  |  |  |  |
Calculation of Core Return on Average Assets |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 271,109 |  |  | $ | 222,879 |  |  | $ | 142,318 |  |  | $ | 67,407 |  |  | $ | 254,852 |
Net non-core items, net of taxes, adjustment |  |  | 7,157 |  |  |  | (4,099 | ) |  |  | (2,888 | ) |  |  | (3,412 | ) |  |  | 9,448 |
Core earnings |  | $ | 278,266 |  |  | $ | 218,780 |  |  | $ | 139,430 |  |  | $ | 63,995 |  |  | $ | 264,300 |
Average total assets |  | $ | 23,492,308 |  |  | $ | 23,085,987 |  |  | $ | 22,999,805 |  |  | $ | 22,738,821 |  |  | $ | 21,590,745 |
Return on average assets |  |  | 1.15 | % |  |  | 1.29 | % |  |  | 1.25 | % |  |  | 1.20 | % |  |  | 1.18 | %
Core return on average assets |  |  | 1.18 | % |  |  | 1.27 | % |  |  | 1.22 | % |  |  | 1.14 | % |  |  | 1.22 | %
Calculation of Return on Tangible Common Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 271,109 |  |  | $ | 222,879 |  |  | $ | 142,318 |  |  | $ | 67,407 |  |  | $ | 254,852 |
Amortization of intangibles, net of taxes |  |  | 9,967 |  |  |  | 7,392 |  |  |  | 4,932 |  |  |  | 2,470 |  |  |  | 9,968 |
Total income available to common stockholders |  | $ | 281,076 |  |  | $ | 230,271 |  |  | $ | 147,250 |  |  | $ | 69,877 |  |  | $ | 264,820 |
Net non-core items, net of taxes |  |  | 7,157 |  |  |  | (4,099 | ) |  |  | (2,888 | ) |  |  | (3,412 | ) |  |  | 9,448 |
Core earnings |  |  | 278,266 |  |  |  | 218,780 |  |  |  | 139,430 |  |  |  | 63,995 |  |  |  | 264,300 |
Amortization of intangibles, net of taxes |  |  | 9,967 |  |  |  | 7,392 |  |  |  | 4,932 |  |  |  | 2,470 |  |  |  | 9,968 |
Total core income available to common stockholders |  | $ | 288,233 |  |  | $ | 226,172 |  |  | $ | 144,362 |  |  | $ | 66,465 |  |  | $ | 274,268 |
Average common stockholders' equity |  | $ | 3,071,313 |  |  | $ | 3,007,181 |  |  | $ | 2,976,671 |  |  | $ | 2,972,689 |  |  | $ | 2,921,039 |
Average intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | (1,090,967 | ) |  |  | (1,075,305 | ) |  |  | (1,075,305 | ) |  |  | (1,075,305 | ) |  |  | (1,065,190 | )
Other intangibles |  |  | (105,820 | ) |  |  | (106,043 | ) |  |  | (107,806 | ) |  |  | (109,850 | ) |  |  | (118,812 | )
Total average intangibles |  |  | (1,196,787 | ) |  |  | (1,181,348 | ) |  |  | (1,183,111 | ) |  |  | (1,185,155 | ) |  |  | (1,184,002 | )
Average tangible common stockholders' equity |  | $ | 1,874,526 |  |  | $ | 1,825,833 |  |  | $ | 1,793,560 |  |  | $ | 1,787,534 |  |  | $ | 1,737,037 |
Return on average common equity |  |  | 8.83 | % |  |  | 9.91 | % |  |  | 9.64 | % |  |  | 9.20 | % |  |  | 8.72 | %
Return on tangible common equity |  |  | 14.99 | % |  |  | 16.86 | % |  |  | 16.56 | % |  |  | 15.85 | % |  |  | 15.25 | %
Core return on average common equity |  |  | 9.06 | % |  |  | 9.73 | % |  |  | 9.45 | % |  |  | 8.73 | % |  |  | 9.05 | %
Core return on tangible common equity |  |  | 15.38 | % |  |  | 16.56 | % |  |  | 16.23 | % |  |  | 15.08 | % |  |  | 15.79 | %
Calculation of Efficiency Ratio (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-interest expense |  | $ | 483,589 |  |  | $ | 341,992 |  |  | $ | 227,659 |  |  | $ | 113,002 |  |  | $ | 484,736 |
Non-core non-interest expense adjustment |  |  | (15,374 | ) |  |  | (133 | ) |  |  | (2,012 | ) |  |  | (858 | ) |  |  | (21,529 | )
Other real estate and foreclosure expense adjustment |  |  | (2,121 | ) |  |  | (1,545 | ) |  |  | (1,206 | ) |  |  | (343 | ) |  |  | (1,706 | )
Amortization of intangibles adjustment |  |  | (13,494 | ) |  |  | (10,008 | ) |  |  | (6,677 | ) |  |  | (3,344 | ) |  |  | (13,495 | )
Efficiency ratio numerator |  | $ | 452,600 |  |  | $ | 330,306 |  |  | $ | 217,764 |  |  | $ | 108,457 |  |  | $ | 448,006 |
Net-interest income |  | $ | 591,532 |  |  | $ | 438,451 |  |  | $ | 293,214 |  |  | $ | 146,681 |  |  | $ | 639,734 |
Non-interest income |  |  | 191,815 |  |  |  | 145,214 |  |  |  | 96,664 |  |  |  | 49,549 |  |  |  | 239,769 |
Non-core non-interest income adjustment |  |  | (5,685 | ) |  |  | (5,683 | ) |  |  | (5,922 | ) |  |  | (5,477 | ) |  |  | (8,738 | )
Fully tax-equivalent adjustment (effective tax rate of 26.135%) |  |  | 19,231 |  |  |  | 13,652 |  |  |  | 8,711 |  |  |  | 4,163 |  |  |  | 11,001 |
Gain on sale of securities |  |  | (15,498 | ) |  |  | (15,846 | ) |  |  | (10,598 | ) |  |  | (5,471 | ) |  |  | (54,806 | )
Efficiency ratio denominator |  | $ | 781,395 |  |  | $ | 575,788 |  |  | $ | 382,069 |  |  | $ | 189,445 |  |  | $ | 826,960 |
Efficiency ratio (1) |  |  | 57.92 | % |  |  | 57.37 | % |  |  | 57.00 | % |  |  | 57.25 | % |  |  | 54.18 | %

(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 |  | Dec 31 |  | Sep 30 |  | Jun 30 |  | Mar 31 |  | Dec 31
(Unaudited) |  | 2021 |  | 2021 |  | 2021 |  | 2021 |  | 2020
($ in thousands) |  |  |  |  |  |  |  |  |  |
Calculation of Adjusted Pre-Tax, Pre-Provision (PTPP) Earnings |  |  |  |  |  |  |  |  |  |
Net income available to common stockholders |  | $ | 271,109 |  |  | $ | 222,879 |  |  | $ | 142,318 |  |  | $ | 67,407 |  |  | $ | 254,852 |
Provision for income taxes |  |  | 61,306 |  |  |  | 50,151 |  |  |  | 31,381 |  |  |  | 14,363 |  |  |  | 64,890 |
Provision for credit losses (including provision for unfunded commitments) |  |  | (32,704 | ) |  |  | (31,396 | ) |  |  | (11,506 | ) |  |  | 1,445 |  |  |  | 74,973 |
Gain on sale of securities |  |  | (15,498 | ) |  |  | (15,846 | ) |  |  | (10,598 | ) |  |  | (5,471 | ) |  |  | (54,806 | )
Net pre-tax non-core items |  |  | 9,689 |  |  |  | (5,550 | ) |  |  | (3,910 | ) |  |  | (4,619 | ) |  |  | 12,791 |
Adjusted Pre-tax, pre-provision (PTPP) earnings |  | $ | 293,902 |  |  | $ | 220,238 |  |  | $ | 147,685 |  |  | $ | 73,125 |  |  | $ | 352,700 |

Page 15