EX-99.1 2 exh_991.htm EXHIBIT 99.1

Exhibit 99.1

October 25, 2022

Simmons First National Corporation Reports Third Quarter 2022 Earnings of $80.6 million, Earnings Per Diluted Share of $0.63

Positive operating leverage driven by strong total revenue and adjusted pre-provision net revenue growth

George A. Makris, Jr., Simmons’ Chairman and CEO, commented on the third quarter

Our financial performance in the quarter demonstrates the diversity of our franchise and our ability to navigate the current economic environment. Total revenue growth was strong and well balanced, increasing 5 percent from the previous quarter. Noninterest expense was well contained, decreasing 11 percent on a reported basis and 1 percent on an adjusted basis. As a result of the positive operating leverage we generated in the quarter, pre-provision net revenue was the highest in our history and we delivered a return on equity of 10 percent and a ROTE of 18 percent.

As we enter the final quarter of the year with positive momentum, we also recognize the backdrop of economic uncertainty that persists. Inflation levels remain elevated and market expectations are that interest rates will continue to rise, which will most likely have an impact on future economic growth and activity. As such, we are intently focused on targeted balance sheet growth that optimizes capital, prudently managing spreads, and maintaining disciplined loan and deposit pricing strategies. We believe our conservative credit culture and emphasis on effective risk management has served, and will continue to serve, us well during periods of economic unrest.

Importantly, the unwavering commitment of our associates provides us with pride and confidence in the future. It is through their efforts that we will be well-positioned to continue our tradition of prospering in competitive markets and challenging times.

Financial Highlights	3Q22		2Q22		3Q21		Third Quarter Highlights
Financial Results (in millions)							Comparisons reflect 3Q22 vs 2Q22 · Diluted EPS of $0.63 and adjusted diluted EPS ⁽¹⁾ of $0.64 · Revenue increased 5%, fueled by a 5% increase in net interest income and a 7% increase in noninterest income · Noninterest expense decreased 11%. Excluding merger related costs and certain other items, adjusted noninterest expense ⁽¹⁾ decreased 1% · Positive operating leverage drives 13% increase in adjusted pre-provision net revenue and 308 bp improvement in efficiency ratio · Solid balance sheet growth led by a 3% increase in total loans while total deposits increased 1% · Asset quality metrics remain at historically low-levels and reflect conservative credit culture and strategic decision in 2019 to de-risk certain elements of acquired loan portfolios · $45 million of common stock repurchased during the 3Q22
Revenue	$236.6		$225.3		$193.8
Revenue, excluding securities gain (loss) ⁽¹⁾	236.6		225.4		188.5
Noninterest expense	138.9		156.8		114.3
Pre-provision net revenue ⁽¹⁾	97.7		68.6		74.2
Merger related costs	1.4		19.1		1.4
Adjusted pre-provision net revenue ⁽¹⁾	100.0		88.1		72.6
Provision for credit losses	0.1		33.9		(19.9	)
Net income	80.6		27.5		80.6
Per Share Data
Diluted earnings	$ 0.63		$ 0.21		$ 0.74
Adjusted diluted earnings ⁽¹⁾	0.64		0.52		0.73
Book value	24.87		25.31		28.42
Tangible book value ⁽¹⁾	13.51		14.07		17.39
Balance Sheet (in millions)
Total loans	$15,607		$15,110		$10,825
Total deposits	22,149		22,036		18,072
Total shareholders’ equity	3,157		3,260		3,031
Asset Quality
Net charge-off ratio	—	%	0.02	%	0.17	%
Nonperforming loan ratio	0.37		0.42		0.55
Nonperforming assets to total assets	0.23		0.26		0.31
Allowance for credit losses to total loans	1.27		1.41		1.87
Nonperforming loan coverage ratio	342		334		341
Select Ratios
Net interest margin (FTE) ⁽²⁾	3.34	%	3.24	%	2.85	%
Efficiency ratio ⁽¹⁾	54.41		57.49		58.10
Loan to deposit ratio	70.47		68.57		59.90
Common equity tier 1 (CET1) ratio	11.73		12.10		14.27
Total risk-based capital ratio	14.08		14.83		17.42

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

Simmons First National Corporation (NASDAQ: SFNC) (Simmons or Company) today reported net income of $80.6 million for the third quarter of 2022, compared to $27.5 million for the second quarter of 2022 and $80.6 million in the third quarter of 2021. Diluted earnings per share were $0.63 for the third quarter of 2022, compared to $0.21 in the second quarter of 2022 and $0.74 in the third quarter of 2021. As shown in the table below, certain items, consisting primarily of merger-related expenses and branch right sizing costs, totaled $1.7 million (after-tax) in the third quarter of 2022. In the second quarter of 2022, certain items as shown in the table below totaled $39.4 million (after-tax) and included Day 2 accounting provision required for loans and unfunded commitments acquired in connection with an acquisition. Certain items for the third quarter of 2021 as shown in the table below totaled $(1.2) million (after-tax). Excluding these items, adjusted diluted earnings per share⁽¹⁾ were $0.64 for the third quarter of 2022, $0.52 for the second quarter of 2022 and $0.73 for the third quarter of 2021.

Total revenue for the third quarter of 2022 was $236.6 million, up 5 percent compared to the second quarter of 2022, and up 22 percent compared to the third quarter of 2021. Pre-provision net revenue⁽¹⁾ totaled $97.7 million during the third quarter of 2022, compared to $68.6 million in the second quarter of 2022 and $74.2 million in the third quarter of 2021. Adjusted pre-provision net revenue⁽¹⁾ totaled $100.0 million in the third quarter of 2022, up 13 percent from second quarter 2022 levels and 38 percent from third quarter 2021 levels. As a result of the positive operating leverage delivered in the quarter, the efficiency ratio⁽¹⁾ for the third quarter of 2022 was 54.41 percent, an improvement of 308 basis points from second quarter 2022 levels and 369 basis points from third quarter 2021 levels.

Impact of Certain Items on Earnings and Diluted EPS

$ in millions, except per share data	Q3 22			Q2 22			Q3 21
Net income	$	80.6		$	27.5		$	80.6

Day 2 accounting provision		-			33.8			-
Merger related expenses		1.4			19.1			1.4
Branch right sizing costs, net		1.3			0.4			(3.0	)
Loss from early retirement of TruPS		0.4			-			-
Gain on sale of intellectual property		(0.8	)		-			-
Total pre-tax impact		2.3			53.3			(1.6	)
Tax effect ⁽³⁾		(0.6	)		(14.0	)		0.4
Total impact on earnings		1.7			39.3			(1.2	)
Adjusted earnings ⁽¹⁾	$	82.3		$	66.8		$	79.4

Diluted EPS	$	0.63		$	0.21		$	0.74

Day 2 accounting provision		-			0.27			-
Merger related expenses		0.01			0.15			0.01
Branch right sizing costs		0.01			-			(0.03	)
Loss from early retirement of TruPS		-			-			-
Gain on sale of intellectual property		(0.01	)		-			-
Total pre-tax impact		0.01			0.41			(0.02	)
Tax effect ⁽³⁾		-			(0.11	)		0.01
Total impact on earnings		0.01			0.31			(0.01	)
Adjusted Diluted EPS ⁽¹⁾	$	0.64		$	0.52		$	0.73

Average diluted shares outstanding		128,336,422			128,720,078			108,359,890

Net Interest Income

Net interest income for the third quarter of 2022 totaled $193.6 million, up 5 percent compared to the second quarter of 2022, and up 33 percent compared to the third quarter of 2021. Included in net interest income is accretion recognized on assets acquired, which totaled $5.8 million in the third quarter of 2022, $9.9 million in the second quarter of 2022 and $4.1 million in the third quarter of 2021. Also included in net interest income is income from Paycheck Protection Program (PPP) loans totaling $0.2 million in the third quarter of 2022, $1.6 million in the second quarter of 2022 and $9.6 million in the third quarter of 2021. The increase in net interest income on a linked quarter basis was driven by a $25.8 million increase in interest income, reflecting higher average loan balances (up $843 million), increased interest income from the securities portfolio and the benefit of higher interest rates. These items more than offset the $17.3 million increase in interest expense that also reflects higher interest rates, as well as a shift in consumer sentiment given the attractiveness of higher yielding time deposits in the current interest rate environment.

The yield on loans for the third quarter of 2022 was 4.86 percent, compared to 4.54 percent in the second quarter of 2022 and 4.76 percent in the third quarter of 2021. The yield on investment securities for the third quarter of 2022 was 2.29 percent, compared to 2.08 percent in the second quarter of 2022 and 1.77 percent in the third quarter of 2021. Cost of deposits for the third quarter of 2022 were 47 basis points, compared to 18 basis points in the second quarter of 2022 and 20 basis points in the third quarter of 2021. Net interest margin on a fully taxable equivalent basis for the third quarter of 2022 was 3.34 percent, compared to 3.24 percent in the second quarter of 2022 and 2.85 percent in the third quarter of 2021. While PPP loan interest income had no impact on the net interest margin in the third quarter of 2022, it positively impacted the net interest margin by 3 basis points in the second quarter of 2022 and 14 basis points in the third quarter of 2021.

	Q3 22			Q2 22			Q1 22			Q4 21			Q3 21
Loan yield (FTE) ⁽²⁾		4.86	%		4.54	%		4.34	%		4.58	%		4.76	%
Security yield (FTE) ⁽²⁾		2.29			2.08			1.86			1.74			1.77
Cost of interest bearing deposits		0.65			0.25			0.19			0.23			0.27
Cost of deposits		0.47			0.18			0.14			0.17			0.20
Cost of borrowed funds		2.66			2.13			1.94			1.95			1.96
Net interest spread (FTE) ⁽²⁾		3.11			3.11			2.66			2.74			2.72
Net interest margin (FTE) ⁽²⁾		3.34			3.24			2.76			2.86			2.85
Net interest margin (FTE) excluding PPP ^{(1) (2)}		3.34			3.21			2.74			2.79			2.71

Noninterest Income

Noninterest income for the third quarter of 2022 was $43.0 million, compared to $40.2 million in the second quarter of 2022 and $48.6 million in the third quarter of 2021. Gains (losses) on the sales of investment securities totaled $(22) thousand in the third quarter of 2022, $(150) thousand in the second quarter of 2022 and $5.2 million in the third quarter of 2021. The $2.8 million increase in noninterest income on a linked quarter basis was primarily attributable to an increase in wealth management fees (up $1.3 million) and service charges on deposit accounts (up $1.2 million), offset in part by a decline in debit and credit card interchange fees (down $0.5 million).

Noninterest Income $ in millions	Q3 22		Q2 22			Q1 22			Q4 21			Q3 21
Service charges on deposit accounts	$	12.6	$	11.4		$	10.7		$	11.9		$	11.6
Wealth management fees		8.6		7.2			8.0			8.0			7.9
Debit and credit card fees		7.7		8.2			7.4			7.5			7.1
Mortgage lending income		2.6		2.2			4.6			5.0			5.8
Other service charges and fees		2.1		1.9			1.6			1.8			2.0
Bank owned life insurance		2.9		2.6			2.7			2.8			2.6
Gain (loss) on sale of securities		-		(0.2	)		(0.1	)		(0.3	)		5.2
Other income		6.7		6.8			7.3			10.0			6.4

Adjusted other income ⁽¹⁾		6.4		6.9			7.3			10.0			6.7

Noninterest Expense

Noninterest expense for the third quarter of 2022 was $138.9 million, compared to $156.8 million in the second quarter of 2022 and $114.3 million in the third quarter of 2021. Included in noninterest expense are certain items, primarily comprised of merger related and branch right sizing costs, totaling $2.6 million in the third quarter of 2022, $19.4 million in the second quarter of 2022 and a $1.9 million credit in the third quarter of 2021. Excluding these certain items (which are described in the “Reconciliation of non-GAAP Financial Measures” table below), adjusted noninterest expense⁽¹⁾ was $136.4 million for the third quarter of 2022, $137.4 million in the second quarter of 2022 and $116.2 million in the third quarter of 2021. The decrease in adjusted noninterest expense on a linked quarter basis was primarily due to a decline in salaries and employee benefits (down $2.2 million) and a $1.6 million contribution to the Simmons First Foundation recorded in the second quarter of 2022 that was not repeated in the third quarter, reflecting a portion of paper statement fees collected as part of an effort to encourage customers to enroll in eStatements. These decreases were offset in part by increases in occupancy expense (up $0.8 million) and deposit insurance (up $0.5 million). The decrease in noninterest expense, coupled with the growth in revenue, resulted in an efficiency ratio⁽¹⁾ of 54.41 percent during the third quarter of 2022, down 308 basis points from second quarter 2022 levels.

Noninterest Expense $ in millions	Q3 22			Q2 22			Q1 22			Q4 21			Q3 21
Salaries and employee benefits	$	71.9		$	74.1		$	67.9		$	63.9		$	61.9
Occupancy expense, net		11.7			11.0			10.0			11.0			9.4
Furniture and equipment		5.4			5.1			4.8			4.7			4.9
Deposit insurance		3.3			2.8			1.8			2.1			1.9
Other real estate and foreclosure expense		0.2			0.1			0.3			0.6			0.3
Merger related costs		1.4			19.1			1.9			13.6			1.4
Other operating expenses		45.1			44.5			41.6			45.7			34.6

Adjusted salaries and employee benefits ⁽¹⁾		71.9			74.1			67.9			63.8			61.8
Adjusted other operating expenses ⁽¹⁾		44.1			44.5			40.9			45.8			38.3
Efficiency ratio ⁽¹⁾		54.41	%		57.49	%		62.95	%		59.48	%		58.10	%

Loans and Unfunded Loan Commitments

Total loans at the end of the third quarter of 2022 were $15.6 billion, up $497 million, or 3 percent, compared to $15.1 billion at the end of the second quarter of 2022. Loan growth was widespread throughout our geographic markets, and each of our core banking units posted positive loan growth on a linked quarter basis, including Metro Banking (+2 percent), Community Banking (+3 percent) and Corporate Banking (+9 percent). At the same time, growth was generally broad-based by loan type and more than offset continued market-driven weakness in mortgage warehouse lending. Commercial loan line utilization rates have remained relatively stable and below pre-pandemic levels. Additionally, loan growth was weighted toward the latter half of the quarter as period-end loans exceeded average total loans of $15.3 billion for the third quarter of 2022.

Unfunded commitments increased for the sixth consecutive quarter to $5.1 billion, up $665 million or 15 percent on a linked quarter basis. At the same time, activity within our commercial loan pipeline slowed, as expected, given the impact of the rapidly rising interest rates, and our emphasis on maintaining prudent underwriting standards and pricing discipline. Commercial loans approved and ready to close at the end of the third quarter of 2022 totaled $552 million and the rate on ready to close commercial loans was 5.84 percent, up 139 basis points from the rate on ready to close commercial loans at the end of the second quarter of 2022.

$ in millions	Q3 22			Q2 22			Q1 22			Q4 21			Q3 21
Total loans	$	15,607		$	15,110		$	12,029		$	12,013		$	10,825

PPP loans	$	12		$	19		$	62		$	117		$	212
Mortgage warehouse loans		129			168			166			230			275
Energy loans		55			55			48			105			128

Unfunded loan commitments	$	5,138		$	4,473		$	3,428		$	2,943		$	2,254
Linked quarter change in unfunded commitments		15	%		30	%		16	%		31	%		6	%

Deposits

Total deposits at the end of the third quarter of 2022 were $22.1 billion, compared to $22.0 billion at the end of the second quarter of 2022 and $18.1 billion at the end of the third quarter of 2021. Noninterest bearing deposits totaled $6.2 billion, up 3 percent from second quarter 2022, and represent 28.1 percent of total deposits, compared to 27.5 percent at the end of the second quarter of 2022. Interest bearing deposits (checking, savings and money market accounts) totaled $12.1 billion at the end of the third quarter of 2022, compared to $12.8 billion at the end of the second quarter of 2022. The decline in interest bearing deposits was offset by an increase in time deposits, which totaled $3.8 billion at the end of the third quarter of 2022, compared to $3.2 billion at the end of the second quarter of 2022. The change in mix of deposits on a linked quarter basis was primarily attributable to the attractiveness of higher rate deposits, principally certificates of deposits, given the rapid increase in interest rates that has occurred during 2022. The loan to deposit ratio ended the third quarter of 2022 at 70 percent, compared to 69 percent at the end of the second quarter of 2022 and 60 percent at the end of the third quarter of 2021.

$ in millions	Q3 22			Q2 22			Q1 22			Q4 21			Q3 21
Noninterest bearing deposits	$	6,218		$	6,057		$	5,224		$	5,325		$	4,919
Interest bearing deposits		12,104			12,816			12,106			11,589			10,697
Time deposits		3,827			3,163			2,062			2,453			2,456
Total deposits	$	22,149		$	22,036		$	19,392		$	19,367		$	18,072

Noninterest bearing deposits to total deposits		28.1	%		27.5	%		26.9	%		27.5	%		27.2	%
Total loans to total deposits		70.5			68.6			62.0			62.0			59.9

Asset Quality

While the quality of our loan portfolio remains strong, and credit quality metrics remain at historical lows, we continue to carefully monitor our various geographies and segments for signs of stress or weakness. Total nonperforming loans at the end of the third quarter of 2022 were $57.8 million, down $5.8 million compared to $63.6 million at the end of the second quarter of 2022 and down $1.6 million compared to $59.4 million at the end of the third quarter of 2021. Total nonperforming assets as a percentage of total assets were 0.23 percent at the end of the third quarter of 2022, compared to 0.26 percent at the end of the second quarter of 2022 and 0.31 percent at the end of the third quarter of 2021. Loan charge-offs were offset by recoveries in the quarter, resulting in a net charge-off ratio of less than 1 basis point, compared to 2 basis points in the second quarter of 2022 and 17 basis points in the third quarter of 2021.

During the third quarter of 2022, provision for credit losses was $0.1 million, compared to $33.9 million in the second quarter of 2022 and provision recapture of $19.9 million in the third quarter of 2021. The allowance for credit losses on loans at the end of the third quarter of 2022 was $197.6 million, compared to $212.6 million at the end of the second quarter of 2022 and $202.5 million at the end of the third quarter of 2021. The allowance for credit losses on loans to total loans ended the quarter at 1.27 percent, compared to 1.41 percent at the end of the second quarter of 2022 and 1.87 percent at the end of the third quarter of 2021. The nonperforming loan coverage ratio ended the quarter at 342 percent, compared to 334 percent at the end of the second quarter of 2022 and 341 percent at the end of the third quarter of 2021. The reserve for unfunded commitments totaled $41.9 million at the end of the third quarter of 2022, compared to $25.9 million at the end of the third quarter of 2021 and $22.4 million at the end of the third quarter of 2021.

$ in millions	Q3 22			Q2 22			Q1 22			Q4 21			Q3 21
Allowance for credit losses on loans to total loans		1.27	%		1.41	%		1.49	%		1.71	%		1.87	%
Allowance for credit losses on loans to nonperforming loans		342			334			278			300			341
Nonperforming loans to total loans		0.37			0.42			0.53			0.57			0.55
Net charge-off ratio (annualized)		—			0.02			0.22			0.31			0.17
Net charge-off ratio YTD (annualized)		0.07			0.11			0.22			0.13			0.06

Total nonperforming loans	$	57.8		$	63.6		$	64.3		$	68.6		$	59.4
Total other nonperforming assets		4.7			6.4			6.6			7.7			13.5
Total nonperforming assets	$	62.5		$	70.0		$	70.9		$	76.3		$	72.9

Reserve for unfunded commitments	$	41.9		$	25.9		$	22.4		$	22.4		$	22.4

Capital

Total common stockholders’ equity at the end of the third quarter of 2022 was $3.2 billion, compared to $3.3 billion at the end of the second quarter of 2022 and $3.0 billion at the end of the third quarter of 2021. The decrease in common stockholders’ equity on a linked quarter basis reflected an increase in retained earnings, offset by the return of capital to shareholders through share repurchases and the payment of a cash dividend, and an increase in unrealized losses associated with investment securities classified as available-for-sale. Book value per share at the end of the third quarter of 2022 was $24.87, compared to $25.31 at the end of the second quarter of 2022 and $28.42 at the end of the third quarter of 2021. Tangible book value per share⁽¹⁾ was $13.51 at the end of the third quarter of 2022, compared to $14.07 at the end of the second quarter of 2022 and $17.39 at the end of the third quarter of 2021. Stockholders’ equity to total assets at September 30, 2022, was 11.7 percent, and tangible common equity to tangible assets⁽¹⁾ was 6.7 percent. All of Simmons’ regulatory capital ratios continue to significantly exceed “well-capitalized” guidelines.

	Q3 22			Q2 22			Q1 22			Q4 21			Q3 21
Stockholders’ equity to total assets		11.7	%		12.0	%		12.1	%		13.1	%		13.1	%
Tangible common equity to tangible assets ⁽¹⁾		6.7			7.0			7.4			8.5			8.4
Regulatory common equity tier 1 ratio		11.7			12.1			13.5			13.8			14.3
Regulatory tier 1 leverage ratio		9.2			9.2			9.0			9.1			9.1
Regulatory tier 1 risk-based capital ratio		11.7			12.1			13.5			13.8			14.3
Regulatory total risk-based capital ratio		14.1			14.8			16.4			16.8			17.4

Share Repurchase Program and Cash Dividend

Simmons has a strong record of returning excess capital to shareholders through a strategic combination of cash dividends and share repurchases. As announced on October 20, 2022, as a result of Simmons’ strong capital position and ability to organically generate capital, the board of directors declared a quarterly cash dividend on Simmons’ Class A common stock of $0.19 per share, which is payable on January 3, 2023, to shareholders of record as of December 15, 2022. The cash dividend represents an increase of $0.01 per share, or 6 percent, from the dividend paid for the same time period last year. The annual cash dividend rate of $0.76 for 2022 represents a ten-year compound annual growth rate of 7 percent, and 2022 represents the 113th consecutive year that Simmons has paid cash dividends. According to research performed by Dividend Power, Simmons is one of only 23 U.S. publicly traded companies that have paid dividends for 100+ uninterrupted years.

During the third quarter of 2022, Simmons repurchased approximately 1.9 million shares of its Class A common stock at an average price of $23.91 under its 2022 stock repurchase program that was announced in January 2022 (2022 Program). Under the 2022 Program, Simmons is authorized to repurchase up to $175,000,000 of its issued and outstanding Class A common stock. Market conditions and our capital needs will drive the decisions regarding future stock repurchases; the timing, pricing and amount of any repurchases under the 2022 Program will be determined by Simmons’ management at its discretion; and the 2022 Program does not obligate Simmons to repurchase any common stock and may be modified, discontinued or suspended at any time without prior notice.

__________________________________________________

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

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

(3) Effective tax rate of 26.135%

Conference Call

Management will conduct a live conference call to review this information beginning at 9:00 a.m. Central Time today, Tuesday, October 25, 2022. Interested persons can listen to this call by dialing toll-free 1-877-270-2148 (North America only) and asking for the Simmons First National Corporation conference call, conference ID 10171429. In addition, the call will be available live or in recorded version on the Simmons’ website at simmonsbank.com for at least 60 days following the date of the call.

Simmons First National Corporation

Simmons First National Corporation (NASDAQ: SFNC) is a Mid-South based financial holding company that has paid cash dividends to its shareholders for 113 consecutive years. Its principal subsidiary, Simmons Bank, operates 230 branches in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas. Founded in 1903, Simmons Bank offers comprehensive financial solutions delivered with a client-centric approach. In 2022, Simmons Bank was named to Forbes list of “America’s Best Banks” for the second consecutive year and was named to Forbes list of “World’s Best Banks” for the third consecutive year. Additional information about Simmons Bank can be found on our website at simmonsbank.com, by following @Simmons_Bank on Twitter or by visiting our newsroom.

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (GAAP). The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance. These measures adjust GAAP performance measures to, among other things, include the tax benefit associated with revenue items that are tax-exempt, as well as exclude from net income (including on a per share diluted basis), pre-tax, pre-provision earnings, net charge-offs, income available to common shareholders, non-interest income, and non-interest expense certain income and expense items attributable to merger activity (primarily including merger-related expenses), gains and/or losses on sale of branches, net branch right-sizing initiatives, loss on redemption of trust preferred securities and gain on sale of intellectual property. 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, deposits and/or loans acquired through the Spirit acquisition, mortgage warehouse loans, and/or energy loans, or gains and/or losses on the sale of securities. The Company’s management believes that these non-GAAP financial measures are useful to investors because they, among other things, present the results of the Company’s ongoing operations without the effect of mergers or other items not central to the Company’s ongoing business, as well as normalize for tax effects, the effects of the PPP, and certain other effects. Management, therefore, believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s ongoing businesses, and management uses these non-GAAP financial measures to assess the performance of the Company’s ongoing businesses as related to prior financial periods. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.

Forward-Looking Statements

Certain statements in this 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, business strategies, lending capacity and lending activity, loan demand, revenue, assets, asset quality, profitability, dividends, net interest margin, non-interest revenue, share repurchase program, acquisition strategy, digital banking initiatives, the Company’s ability to recruit and retain key employees, the adequacy of the allowance for credit losses, and future economic conditions and interest rates. Any forward-looking statement speaks only as of the date of this 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 and related governmental policies, 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 COVID-19 pandemic 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; market disruptions including pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, war and other military conflicts (including the ongoing military conflict between Russia and Ukraine) or other major events, or the prospect of these events; increased competition in the markets in which the Company operates; increased unemployment; labor shortages; claims, damages, and fines related to litigation or government actions; changes in accounting principles relating to loan loss recognition (current expected credit losses); the Company’s ability to manage and successfully integrate its mergers and acquisitions and to fully realize cost savings and other benefits associated with those transactions; 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, 2021, and other reports that the Company has filed with or furnished to the U.S. Securities and Exchange Commission (the SEC), all of which are available from the SEC on its website, www.sec.gov.

FOR MORE INFORMATION CONTACT:

Ed Bilek, EVP, Director of Investor and Media Relations

ed.bilek@simmonsbank.com

205.612.3378 (cell)

Simmons First National Corporation													SFNC
Consolidated End of Period Balance Sheets
For the Quarters Ended	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
(Unaudited)	2022			2022			2022			2021			2021
($ in thousands)
ASSETS
Cash and noninterest bearing balances due from banks	$	175,547		$	193,473		$	195,510		$	209,190		$	225,500
Interest bearing balances due from banks and federal funds sold		503,863			771,374			1,491,507			1,441,463			1,555,913
Cash and cash equivalents		679,410			964,847			1,687,017			1,650,653			1,781,413
Interest bearing balances due from banks - time		1,290			1,535			1,857			1,882			1,780
Investment securities - held-to-maturity		3,787,076			3,819,682			1,556,825			1,529,221			1,516,797
Investment securities - available-for-sale		3,937,543			4,341,647			6,640,069			7,113,545			6,822,203
Mortgage loans held for sale		12,759			14,437			18,206			36,356			34,628
Other loans held for sale		2,292			16,375			-			100			100
Loans:
Loans		15,607,135			15,110,344			12,028,593			12,012,503			10,825,227
Allowance for credit losses on loans		(197,589	)		(212,611	)		(178,924	)		(205,332	)		(202,508	)
Net loans		15,409,546			14,897,733			11,849,669			11,807,171			10,622,719
Premises and equipment		549,932			553,062			486,531			483,469			463,924
Foreclosed assets and other real estate owned		3,612			4,084			5,118			6,032			11,759
Interest receivable		86,637			82,332			69,357			72,990			68,405
Bank owned life insurance		488,364			486,355			448,011			445,305			421,762
Goodwill		1,309,000			1,310,528			1,147,007			1,146,007			1,075,305
Other intangible assets		133,059			137,285			102,748			106,235			100,428
Other assets		675,554			588,707			469,853			325,793			304,707
Total assets	$	27,076,074		$	27,218,609		$	24,482,268		$	24,724,759		$	23,225,930

LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Noninterest bearing transaction accounts	$	6,218,283		$	6,057,186		$	5,223,862		$	5,325,318		$	4,918,845
Interest bearing transaction accounts and savings deposits		12,103,994			12,816,198			12,105,948			11,588,770			10,697,451
Time deposits		3,826,415			3,162,479			2,062,612			2,452,460			2,455,774
Total deposits		22,148,692			22,035,863			19,392,422			19,366,548			18,072,070
Federal funds purchased and securities sold
under agreements to repurchase		168,513			155,101			196,828			185,403			217,276
Other borrowings		964,772			1,060,244			1,337,243			1,337,973			1,338,585
Subordinated notes and debentures		365,951			421,693			384,242			384,131			383,278
Accrued interest and other liabilities		270,995			285,813			209,926			201,863			184,190
Total liabilities		23,918,923			23,958,714			21,520,661			21,475,918			20,195,399

Stockholders' equity:
Preferred stock		-			-			-			-			767
Common stock		1,269			1,288			1,125			1,127			1,066
Surplus		2,527,153			2,569,060			2,150,453			2,164,989			1,974,561
Undivided profits		1,196,459			1,139,975			1,136,990			1,093,270			1,065,566
Accumulated other comprehensive (loss) income:
Unrealized (depreciation) appreciation on AFS securities		(567,730	)		(450,428	)		(326,961	)		(10,545	)		(11,429	)
Total stockholders' equity		3,157,151			3,259,895			2,961,607			3,248,841			3,030,531
Total liabilities and stockholders' equity	$	27,076,074		$	27,218,609		$	24,482,268		$	24,724,759		$	23,225,930

Page 1

Simmons First National Corporation													SFNC
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended		Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
(Unaudited)		2022			2022			2022			2021			2021
($ in thousands, except per share data)
INTEREST INCOME
Loans (including fees)	$	187,347		$	163,578		$	127,176		$	137,564		$	132,216
Interest bearing balances due from banks and federal funds sold		1,141			1,117			649			583			763
Investment securities		40,954			37,848			33,712			32,275			30,717
Mortgage loans held for sale		178			200			190			310			230
Other loans held for sale		998			2,063			-			-			-
TOTAL INTEREST INCOME		230,618			204,806			161,727			170,732			163,926
INTEREST EXPENSE
Time deposits		8,204			2,875			2,503			3,705			4,747
Other deposits		17,225			6,879			4,314			4,390			4,369
Federal funds purchased and securities
sold under agreements to repurchase		305			119			68			72			70
Other borrowings		6,048			4,844			4,779			4,903			4,893
Subordinated notes and debentures		5,251			4,990			4,457			4,581			4,610
TOTAL INTEREST EXPENSE		37,033			19,707			16,121			17,651			18,689
NET INTEREST INCOME		193,585			185,099			145,606			153,081			145,237
Provision for credit losses		103			33,859			(19,914	)		(1,308	)		(19,890	)
NET INTEREST INCOME AFTER PROVISION
FOR CREDIT LOSSES		193,482			151,240			165,520			154,389			165,127
NONINTEREST INCOME
Service charges on deposit accounts		12,560			11,379			10,696			11,909			11,557
Debit and credit card fees		7,685			8,224			7,449			7,460			7,102
Wealth management fees		8,562			7,214			7,968			8,042			7,877
Mortgage lending income		2,593			2,240			4,550			5,043			5,818
Bank owned life insurance income		2,902			2,563			2,706			2,768			2,573
Other service charges and fees (includes insurance income)		2,085			1,871			1,637			1,762			1,964
Gain (loss) on sale of securities		(22	)		(150	)		(54	)		(348	)		5,248
Other income		6,658			6,837			7,266			9,965			6,411
TOTAL NONINTEREST INCOME		43,023			40,178			42,218			46,601			48,550
NONINTEREST EXPENSE
Salaries and employee benefits		71,923			74,135			67,906			63,832			61,902
Occupancy expense, net		11,674			11,004			10,023			11,033			9,361
Furniture and equipment expense		5,394			5,104			4,775			4,721			4,895
Other real estate and foreclosure expense		168			142			343			576			339
Deposit insurance		3,278			2,812			1,838			2,108			1,870
Merger-related costs		1,422			19,133			1,886			13,591			1,401
Other operating expenses		45,084			44,483			41,646			45,736			34,565
TOTAL NONINTEREST EXPENSE		138,943			156,813			128,417			141,597			114,333
NET INCOME BEFORE INCOME TAXES		97,562			34,605			79,321			59,393			99,344
Provision for income taxes		16,959			7,151			14,226			11,155			18,770
NET INCOME		80,603			27,454			65,095			48,238			80,574
Preferred stock dividends		-			-			-			8			13
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	80,603		$	27,454		$	65,095		$	48,230		$	80,561
BASIC EARNINGS PER SHARE	$	0.63		$	0.21		$	0.58		$	0.42		$	0.75
DILUTED EARNINGS PER SHARE	$	0.63		$	0.21		$	0.58		$	0.42		$	0.74

Page 2

Simmons First National Corporation													SFNC
Consolidated Risk-Based Capital
For the Quarters Ended	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
(Unaudited)	2022			2022			2022			2021			2021
($ in thousands)
Tier 1 capital
Stockholders' equity	$	3,157,151		$	3,259,895		$	2,961,607		$	3,248,841		$	3,030,531
CECL transition provision ⁽¹⁾		92,619			92,619			92,619			114,458			122,787
Disallowed intangible assets, net of deferred tax		(1,416,453	)		(1,423,323	)		(1,224,691	)		(1,226,686	)		(1,152,688	)
Unrealized loss (gain) on AFS securities		567,730			450,428			326,961			10,545			11,429
Total Tier 1 capital		2,401,047			2,379,619			2,156,496			2,147,158			2,012,059

Tier 2 capital
Subordinated notes and debentures		365,951			421,693			384,242			384,131			383,278
Qualifying allowance for loan losses and
reserve for unfunded commitments		116,257			114,733			78,057			71,853			60,700
Total Tier 2 capital		482,208			536,426			462,299			455,984			443,978
Total risk-based capital	$	2,883,255		$	2,916,045		$	2,618,795		$	2,603,142		$	2,456,037

Risk weighted assets	$	20,470,918		$	19,669,149		$	15,953,622		$	15,538,967		$	14,098,320

Adjusted average assets for leverage ratio	$	25,986,938		$	25,807,113		$	23,966,206		$	23,647,901		$	22,189,921

Ratios at end of quarter
Equity to assets		11.66	%		11.98	%		12.10	%		13.14	%		13.05	%
Tangible common equity to tangible assets ⁽²⁾		6.69	%		7.03	%		7.37	%		8.51	%		8.41	%
Common equity Tier 1 ratio (CET1)		11.73	%		12.10	%		13.52	%		13.82	%		14.27	%
Tier 1 leverage ratio		9.24	%		9.22	%		9.00	%		9.08	%		9.07	%
Tier 1 risk-based capital ratio		11.73	%		12.10	%		13.52	%		13.82	%		14.27	%
Total risk-based capital ratio		14.08	%		14.83	%		16.42	%		16.75	%		17.42	%

(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	Sep 30		Jun 30		Mar 31		Dec 31		Sep 30
(Unaudited)	2022		2022		2022		2021		2021
($ in thousands)
Investment Securities - End of Period
Held-to-Maturity
U.S. Government agencies	$	447,400	$	446,789	$	232,670	$	232,609	$	232,549
Mortgage-backed securities		1,214,882		1,244,713		112,496		70,342		57,930
State and political subdivisions		1,865,203		1,868,924		1,194,459		1,209,051		1,209,091
Other securities		259,591		259,256		17,200		17,219		17,227
Total held-to-maturity (net of credit losses)		3,787,076		3,819,682		1,556,825		1,529,221		1,516,797
Available-for-Sale
U.S. Treasury	$	2,191	$	1,441	$	-	$	300	$	300
U.S. Government agencies		188,060		198,333		333,231		364,641		354,382
Mortgage-backed securities		2,670,348		2,963,934		4,166,108		4,448,616		4,421,620
State and political subdivisions		822,509		915,255		1,653,694		1,819,658		1,575,208
Other securities		254,435		262,684		487,036		480,330		470,693
Total available-for-sale (net of credit losses)		3,937,543		4,341,647		6,640,069		7,113,545		6,822,203
Total investment securities (net of credit losses)	$	7,724,619	$	8,161,329	$	8,196,894	$	8,642,766	$	8,339,000
Fair value - HTM investment securities	$	2,984,040	$	3,278,962	$	1,307,058	$	1,517,378	$	1,487,916

Page 4

Simmons First National Corporation									SFNC
Consolidated Loans
For the Quarters Ended	Sep 30		Jun 30		Mar 31		Dec 31		Sep 30
(Unaudited)	2022		2022		2022		2021		2021
($ in thousands)
Loan Portfolio - End of Period
Consumer:
Credit cards	$	192,559	$	189,684	$	184,372	$	187,052	$	175,884
Other consumer		180,604		204,692		180,602		168,318		182,492
Total consumer		373,163		394,376		364,974		355,370		358,376
Real Estate:
Construction		2,372,294		2,082,688		1,423,445		1,326,371		1,229,740
Single-family residential		2,467,008		2,357,942		2,042,978		2,101,975		1,540,701
Other commercial real estate		7,249,891		7,082,055		5,762,567		5,738,904		5,308,902
Total real estate		12,089,193		11,522,685		9,228,990		9,167,250		8,079,343
Commercial:
Commercial		2,525,218		2,612,256		2,016,405		1,992,043		1,821,905
Agricultural		263,539		218,743		150,465		168,717		216,735
Total commercial		2,788,757		2,830,999		2,166,870		2,160,760		2,038,640
Other		356,022		362,284		267,759		329,123		348,868
Total loans	$	15,607,135	$	15,110,344	$	12,028,593	$	12,012,503	$	10,825,227

Page 5

Simmons First National Corporation													SFNC
Consolidated Allowance and Asset Quality
For the Quarters Ended	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
(Unaudited)	2022			2022			2022			2021			2021
($ in thousands)
Allowance for Credit Losses on Loans
Beginning balance	$	212,611		$	178,924		$	205,332		$	202,508		$	227,239

Day 1 PCD allowance from acquisitions:
Landmark (10/08/2021)		-			-			-			2,359			-
Triumph (10/08/2021)		-			-			-			11,092			-
Spirit of Texas (04/08/2022)		1,057			4,043			-			-			-
Total Day 1 PCD allowance		1,057			4,043			-			13,451			-

Loans charged off:
Credit cards		903			1,004			920			865			711
Other consumer		505			518			414			477			463
Real estate		130			115			485			2,624			5,941
Commercial		1,874			688			6,319			8,513			932
Total loans charged off		3,412			2,325			8,138			12,479			8,047

Recoveries of loans previously charged off:
Credit cards		250			249			274			247			267
Other consumer		278			302			387			267			408
Real estate		1,982			391			426			916			2,068
Commercial		720			621			557			1,730			463
Total recoveries		3,230			1,563			1,644			3,160			3,206
Net loans charged off		182			762			6,494			9,319			4,841
Provision for credit losses on loans		(15,897	)		30,406			(19,914	)		(1,308	)		(19,890	)
Balance, end of quarter	$	197,589		$	212,611		$	178,924		$	205,332		$	202,508

Nonperforming assets
Nonperforming loans:
Nonaccrual loans	$	57,534		$	62,670		$	64,096		$	68,204		$	59,054
Loans past due 90 days or more		242			904			240			349			334
Total nonperforming loans		57,776			63,574			64,336			68,553			59,388
Other nonperforming assets:
Foreclosed assets and other real estate owned		3,612			4,084			5,118			6,032			11,759
Other nonperforming assets		1,146			2,314			1,479			1,667			1,724
Total other nonperforming assets		4,758			6,398			6,597			7,699			13,483
Total nonperforming assets	$	62,534		$	69,972		$	70,933		$	76,252		$	72,871
Performing TDRs (troubled debt restructurings)	$	1,869		$	2,655		$	3,424		$	4,289		$	4,251

Ratios
Allowance for credit losses on loans to total loans		1.27	%		1.41	%		1.49	%		1.71	%		1.87	%
Allowance for credit losses to nonperforming loans		342	%		334	%		278	%		300	%		341	%
Nonperforming loans to total loans		0.37	%		0.42	%		0.53	%		0.57	%		0.55	%
Nonperforming assets (including performing TDRs)
to total assets		0.24	%		0.27	%		0.30	%		0.33	%		0.33	%
Nonperforming assets to total assets		0.23	%		0.26	%		0.29	%		0.31	%		0.31	%
Annualized net charge offs to average loans (QTD)		0.00	%		0.02	%		0.22	%		0.31	%		0.17	%
Annualized net charge offs to average loans (YTD)		0.07	%		0.11	%		0.22	%		0.13	%		0.06	%
Annualized net credit card charge offs to
average credit card loans		1.30	%		1.55	%		1.39	%		1.29	%		0.96	%

Page 6

Simmons First National Corporation																			SFNC
Consolidated - Average Balance Sheet and Net Interest Income Analysis
For the Quarters Ended
(Unaudited)
	Three Months Ended Sep 2022							Three Months Ended Jun 2022							Three Months Ended Sep 2021
($ 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	$	327,841	$	1,141		1.38	%	$	777,098	$	1,117		0.58	%	$	1,866,530	$	763		0.16	%
Investment securities - taxable		5,408,189		24,848		1.82	%		5,674,470		21,794		1.54	%		5,475,932		17,076		1.24	%
Investment securities - non-taxable (FTE)		2,665,515		21,805		3.25	%		2,725,610		21,733		3.20	%		2,496,958		18,399		2.92	%
Mortgage loans held for sale		13,280		178		5.32	%		17,173		200		4.67	%		32,134		230		2.84	%
Other loans held for sale		9,439		998		41.95	%		22,114		2,063		37.42	%		-		-		0.00	%
Loans - including fees (FTE)		15,320,833		187,851		4.86	%		14,478,183		163,995		4.54	%		11,030,438		132,399		4.76	%
Total interest earning assets (FTE)		23,745,097		236,821		3.96	%		23,694,648		210,902		3.57	%		20,901,992		168,867		3.21	%
Non-earning assets		3,123,634							3,074,384							2,353,549
Total assets	$	26,868,731						$	26,769,032						$	23,255,541

LIABILITIES AND STOCKHOLDERS' EQUITY
Interest bearing liabilities:
Interest bearing transaction and
savings accounts	$	12,264,655	$	17,225		0.56	%	$	12,807,502	$	6,879		0.22	%	$	10,629,142	$	4,369		0.16	%
Time deposits		3,314,948		8,204		0.98	%		2,586,567		2,875		0.45	%		2,645,896		4,747		0.71	%
Total interest bearing deposits		15,579,603		25,429		0.65	%		15,394,069		9,754		0.25	%		13,275,038		9,116		0.27	%
Federal funds purchased and securities
sold under agreement to repurchase		196,047		305		0.62	%		210,280		119		0.23	%		219,604		70		0.13	%
Other borrowings		1,123,797		6,048		2.14	%		1,241,501		4,844		1.56	%		1,338,866		4,893		1.45	%
Subordinated notes and debentures		411,018		5,251		5.07	%		418,327		4,990		4.78	%		383,213		4,610		4.77	%
Total interest bearing liabilities		17,310,465		37,033		0.85	%		17,264,177		19,707		0.46	%		15,216,721		18,689		0.49	%
Non-interest bearing liabilities:
Non-interest bearing deposits		6,022,899							5,926,304							4,803,171
Other liabilities		243,296							216,848							167,677
Total liabilities		23,576,660							23,407,329							20,187,569
Stockholders' equity		3,292,071							3,361,703							3,067,972
Total liabilities and stockholders' equity	$	26,868,731						$	26,769,032						$	23,255,541
Net interest income (FTE)			$	199,788						$	191,195						$	150,178
Net interest spread (FTE)						3.11	%						3.11	%						2.72	%
Net interest margin (FTE)						3.34	%						3.24	%						2.85	%

Page 7

Simmons First National Corporation													SFNC
Consolidated - Selected Financial Data
For the Quarters Ended	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
(Unaudited)	2022			2022			2022			2021			2021
($ in thousands, except share data)
QUARTER-TO-DATE
Financial Highlights - As Reported
Net Income	$	80,603		$	27,454		$	65,095		$	48,230		$	80,561
Diluted earnings per share		0.63			0.21			0.58			0.42			0.74
Return on average assets		1.19	%		0.41	%		1.06	%		0.77	%		1.37	%
Return on average common equity		9.71	%		3.28	%		8.33	%		5.87	%		10.42	%
Return on tangible common equity (non-GAAP) ⁽¹⁾		17.99	%		6.28	%		14.31	%		9.98	%		17.43	%
Net interest margin (FTE)		3.34	%		3.24	%		2.76	%		2.86	%		2.85	%
FTE adjustment		6,203			6,096			5,602			5,579			4,941
Average diluted shares outstanding		128,336,422			128,720,078			113,026,911			114,491,119			108,359,890
Shares repurchased under plan		1,883,713			2,035,324			513,725			2,625,348			1,806,205
Average price of shares repurchased		23.91			24.59			31.25			29.69			28.48
Cash dividends declared per common share		0.190			0.190			0.190			0.180			0.180
Accretable yield on acquired loans		5,834			9,898			3,703			5,758			4,122
Financial Highlights - Adjusted (non-GAAP) ⁽¹⁾
Adjusted earnings	$	82,281		$	66,818		$	67,159		$	76,244		$	79,350
Adjusted diluted earnings per share		0.64			0.52			0.59			0.67			0.73
Adjusted return on average assets		1.21	%		1.00	%		1.10	%		1.22	%		1.35	%
Adjusted return on average common equity		9.92	%		7.97	%		8.59	%		9.27	%		10.26	%
Adjusted return on tangible common equity		18.35	%		14.38	%		14.74	%		15.49	%		17.18	%
Efficiency ratio ⁽²⁾		54.41	%		57.49	%		62.95	%		59.48	%		58.10	%
YEAR-TO-DATE
Financial Highlights - GAAP
Net Income	$	173,152		$	92,549		$	65,095		$	271,109		$	222,879
Diluted earnings per share		1.40			0.77			0.58			2.46			2.05
Return on average assets		0.88	%		0.72	%		1.06	%		1.15	%		1.29	%
Return on average common equity		7.07	%		5.71	%		8.33	%		8.83	%		9.91	%
Return on tangible common equity (non-GAAP) ⁽¹⁾		12.77	%		10.24	%		14.31	%		14.99	%		16.86	%
Net interest margin (FTE)		3.12	%		3.01	%		2.76	%		2.89	%		2.91	%
FTE adjustment		17,901			11,698			5,602			19,231			13,652
Average diluted shares outstanding		123,387,503			120,826,798			113,026,911			110,198,094			108,667,928
Cash dividends declared per common share		0.570			0.380			0.190			0.720			0.540
Financial Highlights - Adjusted (non-GAAP) ⁽¹⁾
Adjusted earnings	$	216,258		$	133,977		$	67,159		$	295,024		$	218,780
Adjusted diluted earnings per share		1.75			1.11			0.59			2.68			2.01
Adjusted return on average assets		1.11	%		1.05	%		1.10	%		1.26	%		1.27	%
Adjusted return on average common equity		8.83	%		8.27	%		8.59	%		9.61	%		9.73	%
Adjusted return on tangible common equity		15.80	%		14.56	%		14.74	%		16.27	%		16.56	%
Efficiency ratio ⁽²⁾		57.95	%		59.97	%		62.95	%		57.92	%		57.37	%
END OF PERIOD
Book value per share	$	24.87		$	25.31		$	26.32		$	28.82		$	28.42
Tangible book value per share		13.51			14.07			15.22			17.71			17.39
Shares outstanding		126,943,467			128,787,764			112,505,555			112,715,444			106,603,231
Full-time equivalent employees		3,206			3,233			2,893			2,877			2,740
Total number of financial centers		230			233			197			199			185

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

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

Page 8

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - Adjusted Earnings - Quarter-to-Date
For the Quarters Ended	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
(Unaudited)	2022			2022			2022			2021			2021
(in thousands, except per share data)
QUARTER-TO-DATE
Net Income	$	80,603		$	27,454		$	65,095		$	48,230		$	80,561
Certain items:
(Gain) loss from early retirement of TruPS		365			-			-			-			-
Gain on sale of intellectual property		(750	)		-			-			-			-
Merger related costs		1,422			19,133			1,886			13,591			1,401
Branch right sizing (net)		1,235			380			909			1,648			(3,041	)
Day 2 CECL provision		-			33,779			-			22,688			-
Tax effect ⁽¹⁾		(594	)		(13,928	)		(731	)		(9,913	)		429
Certain items, net of tax		1,678			39,364			2,064			28,014			(1,211	)
Adjusted earnings (non-GAAP)	$	82,281		$	66,818		$	67,159		$	76,244		$	79,350

Diluted earnings per share	$	0.63		$	0.21		$	0.58		$	0.42		$	0.74
Certain items:
(Gain) loss from early retirement of TruPS		-			-			-			-			-
Gain on sale of intellectual property		(0.01	)		-			-			-			-
Merger related costs		0.01			0.15			0.01			0.12			0.01
Branch right sizing (net)		0.01			-			0.01			0.01			(0.03	)
Day 2 CECL provision		-			0.27			-			0.20			-
Tax effect ⁽¹⁾		-			(0.11	)		(0.01	)		(0.08	)		0.01
Certain items, net of tax		0.01			0.31			0.01			0.25			(0.01	)
Adjusted diluted earnings per share (non-GAAP)	$	0.64		$	0.52		$	0.59		$	0.67		$	0.73

(1) Effective tax rate of 26.135%.

Reconciliation of Certain Noninterest Income and Expense Items (non-GAAP)

QUARTER-TO-DATE
Other income	$	6,658		$	6,837		$	7,266		$	9,965		$	6,411
Certain items ⁽¹⁾		(320	)		88			-			(2	)		239
Adjusted other income (non-GAAP)	$	6,338		$	6,925		$	7,266		$	9,963		$	6,650

Noninterest expense	$	138,943		$	156,813		$	128,417		$	141,597		$	114,333
Certain items ⁽¹⁾		(2,592	)		(19,425	)		(2,795	)		(15,241	)		1,879
Adjusted noninterest expense (non-GAAP)	$	136,351		$	137,388		$	125,622		$	126,356		$	116,212

Salaries and employee benefits	$	71,923		$	74,135		$	67,906		$	63,832		$	61,902
Certain items ⁽¹⁾		-			-			-			-			(66	)
Adjusted salaries and employee benefits (non-GAAP)	$	71,923		$	74,135		$	67,906		$	63,832		$	61,836

Other operating expenses	$	45,084		$	44,483		$	41,646		$	45,736		$	34,565
Certain items ⁽¹⁾		(973	)		(7	)		(717	)		96			3,759
Adjusted other operating expenses (non-GAAP)	$	44,111		$	44,476		$	40,929		$	45,832		$	38,324

(1) Certain items include loss from early retirement of trust preferred securities, gain on sale of intellectual property, merger related costs, branch right sizing costs and Day 2 CECL provision.

Page 9

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - Adjusted Earnings - Year-to-Date
For the Quarters Ended	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
(Unaudited)	2022			2022			2022			2021			2021
(in thousands, except per share data)
YEAR-TO-DATE
Net Income	$	173,152		$	92,549		$	65,095		$	271,109		$	222,879
Certain items:
Gain on sale of branches		-			-			-			(5,316	)		(5,316	)
(Gain) loss from early retirement of TruPS		365			-			-			-			-
Gain on sale of intellectual property		(750	)		-			-			-			-
Merger related costs		22,441			21,019			1,886			15,911			2,320
Branch right sizing (net)		2,524			1,289			909			(906	)		(2,554	)
Day 2 CECL provision		33,779			33,779			-			22,688			-
Tax effect ⁽¹⁾		(15,253	)		(14,659	)		(731	)		(8,462	)		1,451
Certain items, net of tax		43,106			41,428			2,064			23,915			(4,099	)
Adjusted earnings (non-GAAP)	$	216,258		$	133,977		$	67,159		$	295,024		$	218,780

Diluted earnings per share	$	1.40		$	0.77		$	0.58		$	2.46		$	2.05
Certain items:
Gain on sale of branches		-			-			-			(0.05	)		(0.05	)
(Gain) loss from early retirement of TruPS		-			-			-			-			-
Gain on sale of intellectual property		(0.01	)		-			-			-			-
Merger related costs		0.18			0.17			0.01			0.15			0.02
Branch right sizing (net)		0.02			0.01			0.01			(0.01	)		(0.02	)
Day 2 CECL provision		0.28			0.28			-			0.21			-
Tax effect ⁽¹⁾		(0.12	)		(0.12	)		(0.01	)		(0.08	)		0.01
Certain items, net of tax		0.35			0.34			0.01			0.22			(0.04	)
Adjusted earnings (non-GAAP)	$	1.75		$	1.11		$	0.59		$	2.68		$	2.01

(1) Effective tax rate of 26.135%.

Reconciliation of Certain Noninterest Income and Expense Items (non-GAAP)

YEAR-TO-DATE
Other income	$	20,761		$	14,103		$	7,266		$	35,273		$	25,308
Certain items ⁽¹⁾		(232	)		88			-			(5,685	)		(5,683	)
Adjusted other income (non-GAAP)	$	20,529		$	14,191		$	7,266		$	29,588		$	19,625

Noninterest expense	$	424,173		$	285,230		$	128,417		$	483,589		$	341,992
Certain items ⁽¹⁾		(24,812	)		(22,220	)		(2,795	)		(15,374	)		(133	)
Adjusted noninterest expense (non-GAAP)	$	399,361		$	263,010		$	125,622		$	468,215		$	341,859

Salaries and employee benefits	$	213,964		$	142,041		$	67,906		$	246,335		$	182,503
Certain items ⁽¹⁾		-			-			-			(66	)		(66	)
Adjusted salaries and employee benefits (non-GAAP)	$	213,964		$	142,041		$	67,906		$	246,269		$	182,437

Other operating expenses	$	131,213		$	86,129		$	41,646		$	153,562		$	107,826
Certain items ⁽¹⁾		(1,697	)		(724	)		(717	)		3,558			3,462
Adjusted other operating expenses (non-GAAP)	$	129,516		$	85,405		$	40,929		$	157,120		$	111,288

(1) Certain items include loss from early retirement of trust preferred securities, gain on sale of intellectual property, gain on sale of branches, merger related costs, branch right sizing costs and Day 2 CECL provision.

Page 10

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - End of Period
For the Quarters Ended	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
(Unaudited)	2022			2022			2022			2021			2021
($ 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	$	3,157,151		$	3,259,895		$	2,961,607		$	3,248,841		$	3,029,764
Intangible assets:
Goodwill		(1,309,000	)		(1,310,528	)		(1,147,007	)		(1,146,007	)		(1,075,305	)
Other intangible assets		(133,059	)		(137,285	)		(102,748	)		(106,235	)		(100,428	)
Total intangibles		(1,442,059	)		(1,447,813	)		(1,249,755	)		(1,252,242	)		(1,175,733	)
Tangible common stockholders' equity	$	1,715,092		$	1,812,082		$	1,711,852		$	1,996,599		$	1,854,031

Total assets	$	27,076,074		$	27,218,609		$	24,482,268		$	24,724,759		$	23,225,930
Intangible assets:
Goodwill		(1,309,000	)		(1,310,528	)		(1,147,007	)		(1,146,007	)		(1,075,305	)
Other intangible assets		(133,059	)		(137,285	)		(102,748	)		(106,235	)		(100,428	)
Total intangibles		(1,442,059	)		(1,447,813	)		(1,249,755	)		(1,252,242	)		(1,175,733	)
Tangible assets	$	25,634,015		$	25,770,796		$	23,232,513		$	23,472,517		$	22,050,197

Paycheck protection program ("PPP") loans		(12,143	)		(19,476	)		(61,887	)		(116,659	)		(212,087	)
Total assets excluding PPP loans	$	27,063,931		$	27,199,133		$	24,420,381		$	24,608,100		$	23,013,843
Tangible assets excluding PPP loans	$	25,621,872		$	25,751,320		$	23,170,626		$	23,355,858		$	21,838,110

Ratio of common equity to assets		11.66	%		11.98	%		12.10	%		13.14	%		13.04	%
Ratio of common equity to assets excluding PPP loans		11.67	%		11.99	%		12.13	%		13.20	%		13.16	%
Ratio of tangible common equity to tangible assets		6.69	%		7.03	%		7.37	%		8.51	%		8.41	%
Ratio of tangible common equity to tangible assets excluding PPP loans		6.69	%		7.04	%		7.39	%		8.55	%		8.49	%

Calculation of Tangible Book Value per Share

Total common stockholders' equity	$	3,157,151		$	3,259,895		$	2,961,607		$	3,248,841		$	3,029,764
Intangible assets:
Goodwill		(1,309,000	)		(1,310,528	)		(1,147,007	)		(1,146,007	)		(1,075,305	)
Other intangible assets		(133,059	)		(137,285	)		(102,748	)		(106,235	)		(100,428	)
Total intangibles		(1,442,059	)		(1,447,813	)		(1,249,755	)		(1,252,242	)		(1,175,733	)
Tangible common stockholders' equity	$	1,715,092		$	1,812,082		$	1,711,852		$	1,996,599		$	1,854,031
Shares of common stock outstanding		126,943,467			128,787,764			112,505,555			112,715,444			106,603,231
Book value per common share	$	24.87		$	25.31		$	26.32		$	28.82		$	28.42
Tangible book value per common share	$	13.51		$	14.07		$	15.22		$	17.71		$	17.39

Page 11

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date
For the Quarters Ended	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
(Unaudited)	2022			2022			2022			2021			2021
($ in thousands)
Calculation of Adjusted Return on Average Assets

Net income	$	80,603		$	27,454		$	65,095		$	48,230		$	80,561
Certain items, net of tax (non-GAAP)		1,678			39,364			2,064			28,014			(1,211	)
Adjusted earnings (non-GAAP)	$	82,281		$	66,818		$	67,159		$	76,244		$	79,350

Average total assets	$	26,868,731		$	26,769,032		$	24,826,199		$	24,698,022		$	23,255,541

Return on average assets		1.19	%		0.41	%		1.06	%		0.77	%		1.37	%
Adjusted return on average assets (non-GAAP)		1.21	%		1.00	%		1.10	%		1.22	%		1.35	%

Calculation of Return on Tangible Common Equity

Net income	$	80,603		$	27,454		$	65,095		$	48,230		$	80,561
Amortization of intangibles, net of taxes		3,121			3,025			2,575			2,575			2,460
Total income available to common stockholders	$	83,724		$	30,479		$	67,670		$	50,805		$	83,021

Certain items, net of tax (non-GAAP)		1,678			39,364			2,064			28,014			(1,211	)
Adjusted earnings (non-GAAP)		82,281			66,818			67,159			76,244			79,350
Amortization of intangibles, net of taxes		3,121			3,025			2,575			2,575			2,460
Total adjusted earnings available to common stockholders (non-GAAP)	$	85,402		$	69,843		$	69,734		$	78,819		$	81,810

Average common stockholders' equity	$	3,292,071		$	3,361,703		$	3,169,108		$	3,261,627		$	3,067,205
Average intangible assets:
Goodwill		(1,309,804	)		(1,299,821	)		(1,146,034	)		(1,137,441	)		(1,075,305	)
Other intangibles		(135,718	)		(114,195	)		(104,905	)		(105,155	)		(102,576	)
Total average intangibles		(1,445,522	)		(1,414,016	)		(1,250,939	)		(1,242,596	)		(1,177,881	)
Average tangible common stockholders' equity (non-GAAP)	$	1,846,549		$	1,947,687		$	1,918,169		$	2,019,031		$	1,889,324

Return on average common equity		9.71	%		3.28	%		8.33	%		5.87	%		10.42	%
Return on tangible common equity		17.99	%		6.28	%		14.31	%		9.98	%		17.43	%
Adjusted return on average common equity (non-GAAP)		9.92	%		7.97	%		8.59	%		9.27	%		10.26	%
Adjusted return on tangible common equity (non-GAAP)		18.35	%		14.38	%		14.74	%		15.49	%		17.18	%

Calculation of Efficiency Ratio ⁽¹⁾

Noninterest expense	$	138,943		$	156,813		$	128,417		$	141,597		$	114,333
Certain items (non-GAAP)		(2,592	)		(19,425	)		(2,795	)		(15,241	)		1,879
Other real estate and foreclosure expense adjustment		(168	)		(142	)		(343	)		(576	)		(339	)
Amortization of intangibles adjustment		(4,225	)		(4,096	)		(3,486	)		(3,486	)		(3,331	)
Efficiency ratio numerator	$	131,958		$	133,150		$	121,793		$	122,294		$	112,542

Net interest income	$	193,585		$	185,099		$	145,606		$	153,081		$	145,237
Noninterest income		43,023			40,178			42,218			46,601			48,550
Certain items (non-GAAP)		(320	)		88			-			(2	)		239
Fully tax-equivalent adjustment (effective tax rate of 26.135%)		6,203			6,096			5,602			5,579			4,941
(Gain) loss on sale of securities		22			150			54			348			(5,248	)
Efficiency ratio denominator	$	242,513		$	231,611		$	193,480		$	205,607		$	193,719

Efficiency ratio ⁽¹⁾		54.41	%		57.49	%		62.95	%		59.48	%		58.10	%

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

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Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date (continued)
For the Quarters Ended	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
(Unaudited)	2022			2022			2022			2021			2021
($ in thousands)
Calculation of Adjusted Net Interest Margin

Net interest income	$	193,585		$	185,099		$	145,606		$	153,081		$	145,237
Fully tax-equivalent adjustment (effective tax rate of 26.135%)		6,203			6,096			5,602			5,579			4,941
Fully tax-equivalent net interest income		199,788			191,195			151,208			158,660			150,178

Total accretable yield		(5,834	)		(9,898	)		(3,703	)		(5,758	)		(4,122	)
Adjusted net interest income	$	193,954		$	181,297		$	147,505		$	152,902		$	146,056

PPP loan interest income		(191	)	$	(1,648	)	$	(2,113	)	$	(5,107	)	$	(9,614	)
Net interest income adjusted for PPP loans	$	199,597		$	189,547		$	149,095		$	153,553		$	140,564

Average earning assets	$	23,745,097		$	23,694,648		$	22,185,215		$	22,029,792		$	20,901,992
Average PPP loan balance		(18,179	)		(43,329	)		(89,757	)		(172,130	)		(359,828	)
Average earning assets adjusted for PPP loans	$	23,726,918		$	23,651,319		$	22,095,458		$	21,857,662		$	20,542,164

Net interest margin		3.34	%		3.24	%		2.76	%		2.86	%		2.85	%
Net interest margin adjusted for PPP loans		3.34	%		3.21	%		2.74	%		2.79	%		2.71	%

Calculation of Pre-Provision Net Revenue (PPNR)

Net interest income	$	193,585		$	185,099		$	145,606		$	153,081		$	145,237
Noninterest income		43,023			40,178			42,218			46,601			48,550
Less: Gain (loss) on sale of securities		(22	)		(150	)		(54	)		(348	)		5,248
Less: Noninterest expense		138,943			156,813			128,417			141,597			114,333
Pre-Provision Net Revenue (PPNR)	$	97,687		$	68,614		$	59,461		$	58,433		$	74,206

Calculation of Adjusted Pre-Provision Net Revenue

Pre-Provision Net Revenue (PPNR)	$	97,687		$	68,614		$	59,461		$	58,433		$	74,206
Plus: Loss from early retirement of TruPS		365			-			-			-			-
Less: Gain on sale of intellectual property		(750	)		-			-			-			-
Plus: Merger related costs		1,422			19,133			1,886			13,591			1,401
Plus: Branch right sizing costs		1,235			380			909			1,648			(3,041	)
Adjusted Pre-Provision Net Revenue	$	99,959		$	88,127		$	62,256		$	73,672		$	72,566

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Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - Year-to-Date
For the Quarters Ended	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
(Unaudited)	2022			2022			2022			2021			2021
($ in thousands)
Calculation of Adjusted Return on Average Assets

Net income	$	173,152		$	92,549		$	65,095		$	271,109		$	222,879
Certain items, net of tax (non-GAAP)		43,106			41,428			2,064			7,157			(4,099	)
Adjusted earnings (non-GAAP)	$	216,258		$	133,977		$	67,159		$	278,266		$	218,780

Average total assets	$	26,162,136		$	25,802,982		$	24,826,199		$	23,492,308		$	23,085,987

Return on average assets		0.88	%		0.72	%		1.06	%		1.15	%		1.29	%
Adjusted return on average assets (non-GAAP)		1.11	%		1.05	%		1.10	%		1.18	%		1.27	%

Calculation of Return on Tangible Common Equity

Net income	$	173,152		$	92,549		$	65,095		$	271,109		$	222,879
Amortization of intangibles, net of taxes		8,721			5,600			2,575			9,967			7,392
Total income available to common stockholders	$	181,873		$	98,149		$	67,670		$	281,076		$	230,271

Certain items, net of tax (non-GAAP)		43,106			41,428			2,064			7,157			(4,099	)
Adjusted earnings (non-GAAP)		216,258			133,977			67,159			278,266			218,780
Amortization of intangibles, net of taxes		8,721			5,600			2,575			9,967			7,392
Total adjusted earnings available to common stockholders (non-GAAP)	$	224,979		$	139,577		$	69,734		$	288,233		$	226,172

Average common stockholders' equity	$	3,274,743		$	3,265,935		$	3,169,108		$	3,071,313		$	3,007,181
Average intangible assets:
Goodwill		(1,252,486	)		(1,223,352	)		(1,146,034	)		(1,090,967	)		(1,075,305	)
Other intangibles		(118,385	)		(109,575	)		(104,905	)		(105,820	)		(106,043	)
Total average intangibles		(1,370,871	)		(1,332,927	)		(1,250,939	)		(1,196,787	)		(1,181,348	)
Average tangible common stockholders' equity (non-GAAP)	$	1,903,872		$	1,933,008		$	1,918,169		$	1,874,526		$	1,825,833

Return on average common equity		7.07	%		5.71	%		8.33	%		8.83	%		9.91	%
Return on tangible common equity		12.77	%		10.24	%		14.31	%		14.99	%		16.86	%
Adjusted return on average common equity (non-GAAP)		8.83	%		8.27	%		8.59	%		9.06	%		9.73	%
Adjusted return on tangible common equity (non-GAAP)		15.80	%		14.56	%		14.74	%		15.38	%		16.56	%

Calculation of Efficiency Ratio ⁽¹⁾

Noninterest expense	$	424,173		$	285,230		$	128,417		$	483,589		$	341,992
Certain items (non-GAAP)		(24,812	)		(22,220	)		(2,795	)		(15,374	)		(133	)
Other real estate and foreclosure expense adjustment		(653	)		(485	)		(343	)		(2,121	)		(1,545	)
Amortization of intangibles adjustment		(11,807	)		(7,582	)		(3,486	)		(13,494	)		(10,008	)
Efficiency ratio numerator	$	386,901		$	254,943		$	121,793		$	452,600		$	330,306

Net interest income	$	524,290		$	330,705		$	145,606		$	591,532		$	438,451
Noninterest income		125,419			82,396			42,218			191,815			145,214
Certain items (non-GAAP)		(232	)		88			-			(5,685	)		(5,683	)
Fully tax-equivalent adjustment (effective tax rate of 26.135%)		17,901			11,698			5,602			19,231			13,652
(Gain) loss on sale of securities		226			204			54			(15,498	)		(15,846	)
Efficiency ratio denominator	$	667,604		$	425,091		$	193,480		$	781,395		$	575,788

Efficiency ratio ⁽¹⁾		57.95	%		59.97	%		62.95	%		57.92	%		57.37	%

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