EX-99.2 3 exh_992.htm EXHIBIT 99.2

Exhibit 99.2

Nasdaq: SFNC 3 rd Quarter 2023 Earnings Presentation Contents 3 Company Profile 4 Q3 Financial Highlights 12 Deposits, Securities, Liquidity, Interest Rate Sensitivity and Capital 18 Loan Portfolio 22 Credit Quality 26 Q3 23 Key Takeaways 28 Appendix

2 Forward - Looking Statements and Non - GAAP Financial Measures Forward - Looking Statements . Certain statements by Simmons First National Corporation (the “Company”, which where appropriate includes the Company’s wholly - owned banking subsidiary, Simmons Bank) contained in this presentation 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 may be identified by reference to a future period(s) or by the use of forward - looking terminology, such as "anticipate," “believe,” “continue,” "estimate," "expect," "foresee,“ “indicate,” “plan,” “potential,” “project,” “target,” "may," "might," "will," "would," "could,“ “should,” “likely” or "intend," future or conditional verb tenses, and variations or negatives of such terms or by similar expressions . These forward - looking statements include, without limitation, statements relating to the Company’s future growth ; business strategies ; product development ; revenue ; expenses (including interest expense and non - interest expenses) ; assets ; loan demand (including loan growth, loan capacity, and other lending activity) ; deposit levels ; asset quality ; profitability ; earnings ; critical accounting policies ; accretion ; net interest margin ; noninterest income ; the Company's common stock repurchase program ; adequacy of the allowance for credit losses ; income tax deductions ; credit quality ; level of credit losses from lending commitments ; net interest revenue ; interest rate sensitivity (including, among other things, the potential impact of rising rates) ; loan loss experience ; liquidity ; capital resources ; future economic conditions and market risk ; interest rates ; the expected benefits, milestones, timelines, and costs associated with the Company’s merger and acquisition strategy and activity ; the Company’s ability to recruit and retain key employees ; increases in, and cash flows associated with, the Company’s securities portfolio ; legal and regulatory limitations and compliance and competition ; anticipated loan principal reductions ; plans for investments in and cash flows from securities ; projections regarding securities investments and maturities thereof ; estimates of future swap income set forth on slide 8 ; statements contained in the “ 2023 Efficiency Targets Update” and “Long - Term Objectives” set forth on slide 11 ; the interest rate sensitivity estimates noted on slide 16 ; and dividends . Readers are cautioned not to place undue reliance on the forward - looking statements contained in this presentation in that actual results could differ materially from those indicated in or implied by such forward - looking statements due to a variety of factors . These factors include, but are not limited to, changes in the Company's operating or expansion strategy ; the availability of and costs associated with obtaining adequate and timely sources of liquidity ; the ability to maintain credit quality ; changes in general market and economic conditions ; increased unemployment ; labor shortages ; possible adverse rulings, judgments, settlements and other outcomes of pending or future litigation ; the ability of the Company to collect amounts due under loan agreements ; changes in consumer preferences and loan demand ; the effectiveness of the Company's interest rate risk management strategies ; laws and regulations affecting financial institutions in general or relating to taxes ; the effect of pending or future legislation ; the ability of the Company to repurchase its common stock on favorable terms ; the ability of the Company to successfully manage and implement its acquisition strategy and integrate acquired institutions ; difficulties and delays in integrating an acquired business or fully realizing cost savings and other benefits of mergers and acquisitions ; changes in interest rates, deposit flows, real estate values, and capital markets ; increased inflation ; customer acceptance of the Company's products and services ; changes or disruptions in technology and IT systems (including cyber threats, attacks and events) ; changes in accounting principles relating to loan loss recognition (current expected credit losses, or CECL) ; the benefits associated with the Company’s early retirement program ; political crises, war, and other military conflicts (including the ongoing military conflicts between Russia and Ukraine and between Israel and Hamas) or other major events, or the prospect of these events ; increased competition ; changes in governmental policies ; loss of key employees ; the soundness of other financial institutions and indirect exposure related to the closings of Silicon Valley Bank (“SVB”), Signature Bank and Silvergate Bank and their impact on the broader market through other customers, suppliers and partners (or that the conditions which resulted in the liquidity concerns with SVB, Signature Bank and Silvergate Bank may also adversely impact, directly or indirectly, other financial institutions and market participants with which the Company has commercial or deposit relationships) ; and other risk factors . Other relevant risk factors may be detailed from time to time in the Company's press releases and filings with the U . S . Securities and Exchange Commission, including, without limitation, the Company’s Form 10 - K for the year ended December 31 , 2022 , and the Company’s Form 10 - Q for the quarterly period ended March 31 , 2023 . In addition, there can be no guarantee that the board of directors (“Board”) of the Company will approve a quarterly dividend in future quarters, and the timing, payment, and amount of future dividends (if any) is subject to, among other things, the discretion of the Board and may differ significantly from past dividends . Any forward - looking statement speaks only as of the date of this presentation, and the Company undertakes no obligation to update these forward - looking statements to reflect events or circumstances that occur after the date of this presentation . Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results . Non - GAAP Financial Measures . This presentation 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 and capital adequacy . These measures adjust GAAP performance measures to, among other things, include the tax benefit associated with revenue items that are tax - exempt, as well as exclude from net income (including on a per share diluted basis), pre - tax, pre - provision earnings, net charge - offs, income available to common shareholders, non - interest income, and non - interest expense certain income and expense items attributable to, for example, merger activity (primarily including merger - related expenses and Day 2 CECL provisions), gains and/or losses on sale of branches, net branch right - sizing initiatives, loss on redemption of trust preferred securities 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, and presents certain other figures to include the effect that accumulated other comprehensive income could have on the Company’s capital levels . The Company further presents certain figures that are exclusive of the impact of Paycheck Protection Program (“PPP”) loans, deposits and/or loans acquired through acquisitions, mortgage warehouse loans, and/or energy loans, or gains and/or losses on the sale of securities . The Company’s management believes that these non - GAAP financial measures are useful to investors because they, among other things, present the results of the Company’s ongoing operations without the effect of mergers or other items not central to the Company’s ongoing business, present the Company’s capital inclusive of the potential impact of AOCI (primarily comprised of unrealized losses on securities), 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 appendix to this presentation .

3 Simmons First National Corporation A Mid - South based financial holding company serving our customers and the communities where we work and live since 1903 Company Overview $27.6 BILLION TOTAL ASSETS $22.2 BILLION TOTAL DEPOSITS 114 CONSECUTIVE YEARS PAYING DIVIDENDS 3 $7.7 BILLION ASSETS UNDER MANAGEMENT/ ADMINISTRATION $16.8 BILLION TOTAL LOANS 120 YEARS OF SERVICE 232 FINANCIAL CENTERS ACROSS SIX STATES 14.3% TOTAL RBC RATIO 7.1% TCE RATIO 1 4.8% DIVIDEND YIELD 2 75% LOAN TO DEPOSIT RATIO 0.32% NPA TO TOTAL ASSETS 267% NPL COVERAGE RATIO Figures presented on this slide are as of September 30, 2023, unless otherwise noted (1) Non - GAAP measures that management believes aid in the discussion of results. See appendix for Non - GAAP reconciliation (2) Based on October 6, 2023, closing stock price of $16.77 and projected annualized dividend rate of $0.80 per share (3) The future payment of dividends is not guaranteed and is subject to various factors, including approval by the Company’ s b oard of directors

Q3 23 Financial Highlights

5 Q3 23 Highlights Q 3 net income $47.2M Adjusted earnings 1 of $48.8M 1 Q 3 diluted EPS $0.37 Adjusted EPS 1 of $0.39 1 Bottom line results reflect continued focus on maintaining strong asset quality, c apital and l iquidity positions while navigating the challenging interest rate environment Q 3 noninterest expense - 6% vs Q2 23 Adjusted NIE 1 down 4% 2 Continued implementation of Better Bank Initiative with focus on managing controllable expenses leads to decline in noninterest expense . Annual cost savings from Better Bank Initiative achieved ahead of schedule NIE as a % of avg assets 1.90% in Q3 Adjusted NIE (1) at 1.87% Balance sheet optimization Avg loans +1% ( QoQ annualized) Avg deposits +1% ( QoQ annualized) Avg assets - 2% ( QoQ annualized) 3 Balance sheet optimization aimed at targeted loan growth that reflects prudent underwriting standards and pricing discipline remains a key priority . Continued to utilize securities portfolio to fund loan growth or reduce wholesale funding ACL to total loans ratio 1.30% at end of Q3 NPA to total assets at 32 bps Book value per share +6% vs Q3 22 Tangible BVPS 1 +9% 4 Maintained strong capital position and regulatory capital ratios significantly above “well - capitalized” levels while focused on growing tangible book value per share Share repurchase activity : 1.1M shares in Q3 $40M remaining capacity 2 QoQ = 3Q23 vs 2Q23 PE – Period End NCO Ratio – Net Charge - Offs as a Percentage of Average Loans (annualized) ACL – Allowan ce for Credit Losses (1) Non - GAAP measures that management believes aid in the discussion of results. See Appendix for Non - GAAP reconciliation (2) Market conditions and our capital needs (among other things) will drive decisions regarding additional, future stock re pur chases

6 Balance Sheet Highlights $ in millions, except per share data Q3 23 Q2 23 Q3 22 $ Change % Change $ Change % Change Period End Balances Total loans $16,771.9 $16,833.7 $15,607.1 $(61.8) - % $1,164.8 7 % Investment securities 7,100.7 7,336.5 7,724.6 (235.8) (3) (623.9) (8) Total assets 27,564.3 27,959.1 27,076.1 (394.8) (1) 488.3 2 Total deposits 22,231.2 22,488.7 22,148.7 (257.5) (1) 82.5 - Borrowed funds 1,788.4 1,842.0 1,499.2 (53.6) (3) 289.2 19 Total stockholders' equity 3,285.6 3,356.3 3,157.2 (70.8) (2) 128.4 4 Average Balances Total loans $16,758.6 $16,702.4 $15,320.8 $56.2 - % $1,437.8 9 % Investment securities 7,255.6 7,448.4 8,073.7 (192.8) (3) (818.1) (10) Total assets 27,594.6 27,766.1 26,868.7 (171.5) (1) 725.9 3 Total deposits 22,273.5 22,199.2 21,602.5 74.4 - 671.0 3 Borrowed funds 1,678.4 1,935.4 1,730.9 (257.0) (13) (52.5) (3) Total stockholders' equity 3,371.7 3,358.9 3,292.1 12.8 - 79.6 2 Select Other Data Equity to assets 11.92% 12.00% 11.66% Tangible common equity to tangible assets 1 7.07 7.22 6.69 Book value per share $26.26 $26.59 $24.87 $(0.33) (1)% $1.39 6 % Tangible book value per share 1 14.77 15.17 13.51 (0.40) (3) 1.26 9 Allowance for credit losses to total loans 1.30% 1.25% 1.27% Nonperforming loan coverage ratio 267 292 342 Q3 23 vs Q2 23 Q3 23 vs Q3 22 (1) Non - GAAP measures that management believes aid in the discussion of results. See appendix for Non - GAAP reconciliation Q3 23 Highlights Linked Quarter Comparison (Q3 23 vs Q2 23) □ While period end balances reflect a decrease from Q 2 23 levels, average balances reflect a strategic priority centered on balance sheet optimization ▪ + $ 56 . 2 M increase in average loans ▪ + $ 74 . 4 M increase in average deposits ▪ - $ 192 . 8 M decrease in average securities ▪ - $ 257 . 0 M decrease in borrowed funds

Q3 23 Highlights Income Summary $ in millions, except per share data Q3 23 Q2 23 Q3 22 Q2 23 Q3 22 Net interest income $153.4 $163.2 $193.6 (6) % (21)% Noninterest income, excluding securities gain (loss) 1 42.8 45.4 43.0 (6) (1) Total revenue, excluding securities gain (loss) 1 196.2 208.6 236.6 (6) (17) Noninterest expense 132.0 139.7 138.9 (6) (5) Pre-provision net revenue 1 64.2 68.9 97.7 (7) (34) Gain (loss) on sale of securities - (0.4) - NM NM Provision for credit losses on loans 8.9 0.1 0.1 NM NM Provision for credit losses on investment securities (1.2) - - NM NM Provision for income taxes 9.2 10.1 17.0 (9) (45) Net income $ 47.2 $ 58.3 $ 80.6 (19) % (41)% Diluted EPS $ 0.37 $ 0.46 $ 0.63 (20) % (41)% Impact of certain items, net of tax 1, 2 $ 1.6 $ 2.8 $ 1.7 Adjusted pre-provision net revenue 1 $ 66.3 $ 72.6 $ 100.0 (9) % (34)% Adjusted earnings 1 $ 48.8 $ 61.1 $ 82.3 (20) % (41)% Adjusted diluted EPS 1 $ 0.39 $ 0.48 $ 0.64 (19) % (39)% % Change vs 7 Income Summary Note: Numbers may not add due to rounding NM – not meaningful (1) Non - GAAP measures that management believes aid in the discussion of results. See appendix for Non - GAAP reconciliation (2) Effective tax rate of 26.135% Linked Quarter Comparison (Q3 23 vs Q2 23) □ Total revenue of $ 196 . 2 million reflects impact from higher deposit costs and change in deposit mix as customers continue to migrate to higher rate deposit offerings . □ Continued implementation of Better Bank Initiative with focus on managing controllable expenses leads to decline in noninterest expense ▪ $ 7 . 7 million, or 6 % , decline in noninterest expense ▪ $6.1 million, or 4%, decline in adjusted noninterest expense 1 □ Pre - provision net revenue of $ 64 . 2 million ; adjusted pre - provision net revenue of $ 66 . 3 million

Q3 23 Highlights 8 Net Interest Income and Margin (FTE) FTE – Fully taxable equivalent using an effective tax rate of 26.135% Totals may not foot due to rounding 1 Estimated swap income based on projected forward effective fed funds rates of 5.35% for Q4 23, 5.32% for Q1 24, 5.20% for Q 2 2 4, 4.97% for Q3 24, 4.70% for Q4 24 and 4.11% for the full - year of 2025. Does not include potential impact of hedge ineffectiven ess that is recorded in interest income. Under the terms of the swap agreement, the Company receives Effective Fed Funds rate and pays a fix ed rate of 1.21% $199.8 $199.8 $184.1 $169.3 $159.9 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Net Interest Income and Margin $ in millions; FTE Δ in Interest Income (FTE) excluding impact of swap Δ in Interest Expense - Deposits Impact of swap, net Net Interest Income Evolution $ in millions; FTE 4.86 5.40 5.67 5.89 6.08 2.29 2.68 2.92 2.91 3.08 0.47 1.02 1.58 1.96 2.37 2.66 3.92 4.29 5.31 5.60 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Loan Yield (FTE) Securities (FTE) Cost of Deposits Other Borrowings Select Yields/Rates FTE (%) Q2 23 Q3 23 Linked Quarter Comparison (Q3 23 vs Q2 23) □ Asset portion of balance sheet ▪ + 19 bps increase in yield on loans ▪ + 17 bps increase in yield on investment securities ▪ + 21 bps increase in yield on earnings assets ▪ 3 % decrease in average investment securities □ Liability portion of balance sheet ▪ + 41 bps increase in cost of deposits reflects change in mix of deposits and competitive environment ▪ 13 % decrease in average other borrowings ▪ Excess cash flows from investments securities portfolio not utilized to fund loan growth applied to reduce other borrowings □ Estimated future swap income based on projected average Effective Fed Fund rates . Estimated interest income derived from swap of $ 29 . 7 million 1 for FY 2025 based on projected average Effective Fed Fund rate of 4 . 11 % □ Remaining balance of purchase accounting accretion at 9 / 30 / 23 was $ 15 . 0 million Δ in Interest Expense - Borrowings Estimated Future Swap Income 1 $ in millions; Based on forward Fed Fund rates 3.34% 3.31% 3.09% 2.76% 2.61% $10.7 $10.5 $10.2 $9.7 $9.0 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Assumed Average Effective Fed Funds Rate 5.35% 5.32% 5.20% 4.97% 4.70% NIM

$13.4 $13.8 $14.4 $14.7 $14.2 $13.3 $12.6 $14.4 $14.8 $14.2 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Noninterest income per employee Adjusted noninterest income, excluding securities gain (loss) per employee(1) Noninterest Income Per Employee (FTE) ($ in thousands) $ in millions Q3 23 Q2 23 Q3 22 Q2 23 Q3 22 Service charges on deposit accounts $12.4 $12.9 $ 12.6 (4) % (1) % Wealth management fees 7.7 7.4 8.6 4 (10) Debit and credit card fees 7.7 8.0 7.7 (3) - Mortgage lending income 2.2 2.4 2.6 (10) (17) Bank owned life insurance 3.1 2.6 2.9 21 7 Other service charges and fees 2.2 2.3 2.1 (1) 7 Other 7.4 9.8 6.7 (24) 12 42.8 45.4 43.0 (6) (1) Gain (loss) on sale of securities - (0.4) - NM NM Total noninterest income $42.8 $45.0 $43.0 (5) % (1)% Adjusted noninterest income 1 $42.8 $45.0 $42.7 (5) % - % % Change vs 18.2% 18.8% 20.5% 21.6% 21.8% 18.1% 17.4% 20.5% 21.8% 21.8% Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Noninterest income/total revenue Adjusted Noninterest Income, excluding securities gain (loss)/adjusted total revenue(1) Noninterest Income to Total Revenue $73.8 $73.4 $70.1 $67.9 $65.3 $73.7 $72.2 $70.1 $68.0 $65.3 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Total revenue per employee Adjusted total revenue per employee(1) Revenue Per Employee (FTE) ($ in thousands) 9 Noninterest Income Totals may not foot due to rounding NM – not meaningful FTE – Full - time equivalent (1) Non - GAAP measures that management believes aid in the discussion of results. See appendix for Non - GAAP reconciliation Q3 23 Highlights Linked Quarter Comparison (Q3 23 vs Q2 23) □ Decrease in service charges on deposits accounts was primarily due to certain insufficient funds fee structure changes for consumer deposit accounts that were implemented during the quarter □ Decrease in other income primarily reflects the positive impact of fair value adjustments related to certain equity investments and death benefits from bank owned life insurance recorded in Q 2 23

$ in millions Q3 23 Q2 23 Q3 22 Q2 23 Q3 22 Salaries and employee benefits $67.4 $74.7 $71.9 (10) % (6)% Occupancy expense, net 12.0 11.4 11.7 5 3 Furniture and equipment 5.1 5.1 5.4 - (5) Deposit insurance 4.7 5.2 3.3 (10) 43 OREO and foreclosure expense 0.2 0.3 0.2 (21) 36 Other 42.6 42.9 45.1 (1) (6) Merger related costs - - 1.4 - (100) Total noninterest expense $132.0 $139.7 $138.9 (6) % (5)% Adjusted noninterest expense 1 $129.9 $136.0 $136.4 (4) % (5)% % Change vs 3,206 3,236 3,189 3,066 3,005 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Employees (FTE) 57.2% 58.3% 62.3% 65.2% 65.1% 54.4% 57.0% 59.4% 61.3% 61.9% Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Efficiency ratio Adjusted efficiency ratio (1) Efficiency Ratio 2.07% 2.10% 2.11% 2.02% 1.90% 2.03% 2.08% 2.08% 1.96% 1.87% Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Noninterest expense Adjusted noninterest expense (1) Noninterest Expense as a Percentage of Total Average Assets 10 Noninterest Expense Note: Numbers may not add due to rounding NM – not meaningful FTE – full - time equivalent (1) Non - GAAP measures that management believes aid in the discussion of results. See appendix for Non - GAAP reconciliation Q3 23 Highlights Linked Quarter Comparison (Q3 23 vs Q2 23) □ Better Bank Initiative and focus on actively managing controllable expenses leads to decline in noninterest expense ▪ $ 7 . 7 million, or 6 % , decline in noninterest expense ▪ $6.1 million, or 4%, decline in adjusted noninterest expense □ Decline in salaries and employee benefits primarily reflects reduced level of base salaries, $ 4 . 0 million incentive accrual adjustment offset, in part, by early retirement program expense of $ 1 . 6 million □ Noninterest expense as a percentage of average assets at 1 . 90 % and adjusted noninterest expense at 1 . 87 % - below 2 % target

Note: The “2023 Efficiency Targets Update” and “Long - Term Objectives” sections of this slide contain Company expectations and pr ojections Better Bank Initiative: Achieved 2023 efficiency targets ahead of schedule Long - Term Objectives (3 - 5 years) ROA ≥ 1.50% Efficiency ratio = low 50% 11 2023 Efficiency Targets Update Better Bank Initiative □ Balance sheet, liquidity & revenue optimization □ Enhance deposit and lending operations processes □ Expand data analytics capabilities and decision process □ Optimize product delivery channels □ Continued optimization of branch and digital delivery channels □ Early Retirement Program ▪ Program completed during Q 3 ▪ ~ $ 5 . 1 million of annual cost savings □ Other Identified Opportunities ▪ Completed other identified opportunities during Q 2 and Q 3 ▪ Achieved 100 % of original annual costs savings by the end of Q 3 ~$15M annual cost savings 100% achieved by the end of Q4 Original Estimate ~$15M annual cost savings 100% achieved by the end of Q3 Actual Results

Deposits, Securities, Liquidity, Interest Rate Sensitivity and Capital

Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Noninterest Bearing Interest Bearing Transactions Time Deposits Deposit Mix $ in billions 13 Deposits: Mix shift reflects continued customer migration to higher rate deposit offerings Source: Average Fed Funds rate based on data from www.macrotrends.net (1) Non - GAAP measures that management believes aid in the discussion of results. See appendix for Non - GAAP reconciliation. Col lateralized deposits represent collateralized deposits less the portion that is FDIC insured (2) Deposit beta calculated as change in cost of deposits from Q1 22 to Q3 23 divided by the change in quarterly average Fe der al Funds Effective rate for Q1 22 vs Q3 23 $22.1 $22.5 $22.5 $22.5 $25 $319 $(328) $(274) $(258) Linked Quarter Deposit Change $ in millions Total Deposits Noninterest Bearing Transaction Accounts Interest Bearing Transaction Accounts Time Deposits Brokered Deposits (money market & CDs) 0.65% 1.41% 2.10% 2.57% 3.06% 0.47% 1.02% 1.58% 1.96% 2.37% 2.20% 3.65% 4.52% 4.99% 5.26% Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Interest Bearing Deposits Cost of Deposits Avg Fed Funds Rate Evolution of Funding Rates 44% deposit beta during this cycle 2 $22.2 $14.8 $2.8 $4.6 Deposit Composition $22.2 Conservative Deposit Base 1 $ in billions as of September 30, 2023 FDIC Insured Collateralized Deposits Uninsured, Non - Collateralized Deposits Approximately 79% of deposits are FDIC insured or are collateralized deposits

Securities Portfolio: Utilizing as a funding source to support balance sheet optimization FTE – fully taxable equivalent using an effective tax rate of 26.135% Data presented on this slide is as of September 30, 2023, unless otherwise noted (1) Effective yield of securities portfolio at 9/30/23, excluding AOCI impact of HTM transfers made during Q2 22 (2) Bond ratings reflect highest rating by Moody's Investors Service, Inc., Standard & Poor's or Fitch Ratings. Government re lat ed or government sponsored enterprise securities represent implied rating by one of the previously noted rating agencies 14 9% 37% 47% 7% Securities Portfolio by Type Treasury/Agency States and Political Subdivisions MBS/CMO Corporate & Other AFS HTM At September 30, 2023 $2,615 $2,111 Aaa /AAA 464 1,159 Aa/AA 88 311 A 178 158 Baa/BBB 13 7 Not Rated $3,358 $ 3 , 746 Total $3,358 $ 2 , 851 Fair value Securities Portfolio Bond Ratings 2 $ in millions 39% 61% Senior Debt Subordinated Debt Corporate Bond Portfolio Effective Duration Yield (FTE) (1) At September 30, 2023 Fixed Rate 13.36 3.27% Municipal 5.10 2.08 MBS/CMO 7.65 2.30 Treasury/Agency 3.85 4.73 Corporate 10.90 2.02 Other - 5.58 Variable Rate 7.35 3.13% Total Securities Portfolio Summary Including the impact of $1B matched swap on certain fixed rate securities, the effective duration of the securities portfolio is reduced to 6.51 Securities Portfolio Highlights □ Focus on balance sheet optimization leads to further decline in securities portfolio . □ Average securities to total earning assets of 30 % at 9 / 30 / 23 compared to 39 % at 12 / 31 / 21 □ Cash flows from principal maturities of securities utilized to fund loan growth and reduce wholesale funding . □ Approximately $ 140 - $ 180 million per quarter of projected principal maturities □ 95 % of total securities portfolio A - rated or higher at 9 / 30 / 23 □ 53 % of corporate bond portfolio invested in Fortune 500 companies □ Recaptured $ 1 . 2 million of provision for credit losses on investment securities available for sale in the corporate bond portfolio during Q 3 23 43% 10% 21% 26% Fortune 500 - Banks Fortune 500 - Other Banks >$20B in assets Banks <$20B in assets

Loan to Deposit Ratio 60% 62% 62% 69% 70% 72% 74% 75% 75% Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Peer Median 1 71% 69% 69% 74% 79% 83% 84% 84% NA 15 Liquidity: Significant sources of liquidity and low reliance on borrowed funds Cash and Cash Equivalents + Variable Rate Securities $ in millions Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Cash & Cash Equivalents Variable Rate Securities $3,286 $3,150 $3,132 $2,321 $1,910 $1,824 NA – not available (1) Source: S&P Global Market Intelligence. Represents peer median loan to deposit ratio. Peer group includes ABCB, AUB, OZK, BO KF, CADE, CBSH, FBK, HWC, HTLF, HOMB, IBTX, ONB, PNFP, PB, RNST, SSB, SNV, TRMK, UMBF, UCBI (2) Uninsured, non - collateralized deposits represent uninsured deposits of Simmons Bank, less the uninsured portion of collatera lized deposits, and deposit balances of SFNC subsidiaries. See appendix for Non - GAAP reconciliation Borrowed Funds as a Percent of Total Liabilities Period End Balances 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Q1 23 Q2 23 Q3 23 7% 6% 6% 5% 6% 13% 13% 10% 10% 9% 6% 6% $1,572 $1,578 7% FHLB borrowing availability Unpledged securities Fed Funds lines and Fed Discount Window and Bank Term Funding Program Additional Liquidity Sources $ in millions Total at 9.30.23 $11,447 $ 5,372 4,124 1,951 Uninsured, non - collateralized deposits 2 $4,631 Coverage ratio 2.5x 7% $1,406

$1,633.5 $913.7 $749.4 $366.6 $1,348.9 $997.0 $155.4 $1.5 Q4 23 Q1 24 Q2 24 Q3 24 Other CDs Brokered CDs Weighted Average Rates 4.23% 4.90% 3.64% 5.09% 3.99% 5.29% 3.35% 4.05% 1 6 Interest Rate Sensitivity Balance Sheet Interest Rate Sensitivity Over the next 12 months (estimated) 0.43% 0.22% (0.21)% D50 bps D25 bps U25 bps Estimated net interest income sensitivity given immediate, parallel shift in interest rates across the yield curve with a static balance sheet Immediate change in interest rates 44% 56% Variable Rate Loans Fixed Rate Loans Fixed vs Variable Rate 48% 25% 5% 22% Daily Within 3Mo 4 to 12 Mo Over 12 Mo Variable Rate Loans – Rate Reset Date Gradual change in interest rates* Estimated net interest income sensitivity given gradual, parallel shift in interest rates across the yield curve with a static balance sheet Schedule of Select Maturities (over the next 12 months) $ in millions * Assumptions used in balance sheet interest rate sensitivity estimates under a gradual increase/decrease in interest rates i ncl ude the following: Down 50 bps scenario – 25 bp decrease in March 2024 and 25 bp decrease in June 2024 Down 25 bps scenario – 25 bp decrease in March 2024 Up 25 bps scenario – 25 bp increase December 2023 (0.17)% (0.16)% (0.07)% D50 bps D25 bps U25 bps Loan Portfolio At September 30, 2023 □ ~ $ 140 - $ 180 million per quarter of projected securities principal maturities □ ~ $ 1 . 0 billion of fixed rate loans principal maturities at a weighted average rate of 5 . 78 % □ ~ $ 1 . 2 billion of FHLB advances maturing at a weighted average rate of 5 . 44 %

17 Capital: Strong regulatory capital position and focused on tangible book value per share (1) Q3 23 data as of September 30, 2023, Q2 23 data as of June 30, 2023, and Q3 22 data as of September 30, 2022 (2) Non - GAAP measure that management believes aid in the discussion of results. See Appendix for Non - GAAP reconciliation (3) Market conditions and our capital needs (among other things) will drive decisions regarding additional, future stock re pur chases 9.2% 9.2% 9.3% Q3 22 Q2 23 Q3 23 W ELL C APITALIZED 5.0% Tier 1 Leverage Ratio 1 11.7% 11.9% 12.0% Q3 22 Q2 23 Q3 23 CET 1 Capital Ratio 1 W ELL C APITALIZED 6.5% 11.7% 11.9% 12.0% Q3 22 Q2 23 Q3 23 Tier 1 Risk - Based Capital Ratio 1 14.1% 14.2% 14.3% Q3 22 Q2 23 Q3 23 Total Risk - Based Capital Ratio 1 W ELL C APITALIZED 10.0% W ELL C APITALIZED 8.0% $24.87 $26.59 $26.26 Q3 22 Q2 23 Q3 23 Book Value Per Common Share 1 +6% $13.51 $15.17 $14.77 Q3 22 Q2 23 Q3 23 Tangible Book Value Per Common Share 1,2 Capital Ratios (at 9/30/23) CET 1 Capital Ratio 12.0% CET 1 Capital Ratio, Including AOCI 2 9.4% Equity to Assets 11.9% Tangible Common Equity Ratio 2 7.1% +9% Share Repurchase Activity 3 (Q3 23) • 1.1 million shares repurchased • $17.69 weighted average price • $20M total cost of shares repurchased • ~$40M remaining share authorization

Loan Portfolio

$5,138 $5,000 $4,725 $4,443 $4,049 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Unfunded Commitments $ in millions Mortgage Warehouse Agricultural 19 Loan Portfolio: Well - diversified, granular portfolio with no significant concentrations Total loans at 9/30/23 Total loans at 6/30/23 $(57) $16 $(64) $25 $(92) $91 $19 $(62) Linked Quarter Loan Growth $ in millions Total Loans RE - Commercial RE - Construction Commercial RE – Single Family Loan Portfolio Waterfall $ in millions Consumer & Other Funded loans /advances Paydowns/ payoffs 82% variable rate • 73% tied to Prime • 27% tied to SOFR Loan Portfolio Highlights □ Well - diversified, granular portfolio with no significant industry or geographic concentrations □ Highly focused on maintaining conservative underwriting standards and structure guidelines while emphasizing prudent pricing discipline □ Very limited exposure to Shared National Credits (SNCs) ▪ SNCs represent < 1 % of total loans ▪ Additional banking relationships with all borrowers Includes $160M payoff of low fixed rate or elevated risk rated loans

43% 10% 12% 3% 3% 3% 26% Texas Arkansas Tennessee Missouri Oklahoma Kansas Other $3.0B Office Portfolio (non - owner occupied) 20 Loan Portfolio: Well - performing and low leverage in key portfolios (1) Total loans and commitments excluding credit card portfolio and mortgage warehouse Data shown above as of September 30, 2023. By State Loan Portfolio – Geographic diversification 32% 18% 15% 10% 5% 2% 18% Texas Arkansas Tennessee Missouri Oklahoma Kansas Other % of Total Commitments 1 % of Total Loans 1 Top 10 MSAs 10.1% 10.0% Dallas - Plano - Irving 8.7% 8.6% Houston - Sugarland - Baytown 6.0% 6.0% Memphis 5.8% 5.5% Little Rock - North Little Rock - Conway 5.0% 5.2% Fort Worth - Arlington 5.9% 5.2% Nashville - Davidson - Murfreesboro 3.2% 3.5% St. Louis 3.0% 3.2% Fayetteville - Springdale - Rogers 2.2% 2.3% Oklahoma City 2.0% 2.1% Jonesboro, AR 44% 13% 12% 10% 2% 2% 17% Texas Arkansas Tennessee Missouri Oklahoma Kansas Other At 9/30/23 Key Statistics 0.00% NPL Ratio 0.00% Past Due 30+ Days $2.3M Average Loan Size $0.5M Median Loan Size 64% Number of Loans <$1M 48.7% Average LTV 55.6% Weighted Average LTV $16.4B 1 At 9/30/23 Key Statistics 0.09% NPL Ratio 0.00% Past Due 30+ Days $3.3M Average Loan Size $0.6M Median Loan Size 62% Number of Loans <$1M 53.0% Average LTV 61.2% Weighted Average LTV Multifamily 40% 12% 12% 6% 6% 9% 15% Texas Arkansas Tennessee Missouri Oklahoma Kansas Other Construction - Land Development At 9/30/23 Key Statistics 0.10% NPL Ratio 0.01% Past Due 30+ Days $1.2M Average Loan Size $0.3M Median Loan Size 83% Number of Loans <$1M 56.7% Average LTV 58.3% Weighted Average LTV By State By State By State $0.9B $1.3B

+49 bps $750 $824 $455 $392 $292 $248 $244 $838 $1,077 $542 $460 $252 $167 $200 $776 $1,114 $552 $270 $504 $274 $433 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Opportunity Proposal Ready to Close $2,364 $3,015 $1,549 $1,122 21 Loan Pipelines: Capitalizing on opportunities that meet pricing and disciplined credit appetite 1 Rate ready to close represents the weighted average rate on commercial loans that are ready to close and does not include f ees , including FAS 91 fees, associated with those commercial loans Rate Ready to Close 1 3.43% 4.45% 5.84% 6.85% 7.32% 7.94% 8.43% Commercial Loan Pipeline by Category $ in millions $219 $223 $183 $127 $106 $152 $101 $99 $58 $36 $21 $36 $32 $24 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Mortgage Closed Loan Volume Mortgage Pipeline Volume Mortgage Loan Volume $ in millions $1,048 Q3 23 Highlights □ Focused on maintaining prudent underwriting standards and pricing discipline given projections surrounding near - term future economic growth □ While loan growth has moderated throughout the year, as expected, linked quarter increase in ready to close loans represents ability to capitalize on opportunities that meet pricing and disciplined credit appetite □ Rate ready to close + 49 bps on a linked quarter basis □ Mortgage loan originations in Q 3 23 : ▪ 82 % purchase ▪ 18 % refinance $689 $877

Credit Quality

23 Credit Quality: Key credit quality metrics remain near historical lows Source: S&P Global Market Intelligence 2017 – 2022 (1) As of December 31, for each respective year shown above; quarterly data as of the end of the quarter for each respectiv e p eriod (2) Net charge - offs to average loans for the full - year for each respective year shown above; quarterly annualized data for eac h respective quarter (3) Non - GAAP measures that management believes aid in the discussion of results. See Appendix for Non - GAAP reconciliation 0.81% 0.67% 0.65% 0.96% 0.57% 0.37% 0.37% 0.38% 0.43% 0.49% 2017 2018 2019 2020 2021 2022 Q4 22 Q1 23 Q2 23 Q3 23 Annual Nonperforming loans / loans 1 Strategic decision to de - risk certain elements of the loan portfolio through planned run - off of particular acquired non - relationship credits Quarterly Nonperforming assets / total assets 1 0.83% 0.64% 0.55% 0.64% 0.31% 0.23% 0.23% 0.26% 0.28% 0.32% 2017 2018 2019 2020 2021 2022 Q4 22 Q1 23 Q2 23 Q3 23 Annual Quarterly Net charge - offs to average loans 2 0.31% 0.21% 0.24% 0.45% 0.13% 0.09% 0.13% 0.03% 0.04% 0.28% 0.05% 2017 2018 2019 2020 2021 2022 Q4 22 Q1 23 Q2 23 Q3 23 NCO Ratio (as reported) NCO Ratio (excluding single credit)(3) Annual Quarterly K ey Credit Metrics : ▪ Average FICO Scores 754 ▪ Balance Weighted Average FICO Score 746 ▪ Line Utilization 19% 1.61% 1.64% 1.86% 1.60% 1.40% 1.44% 1.52% 1.69% 2.25% 2.19% 2017 2018 2019 2020 2021 2022 Q4 22 Q1 23 Q2 23 Q3 23 Credit card portfolio net charge - off ratio 2 Annual Quarterly Linked Quarter Comparison (Q3 23 vs Q2 23) □ Increase in nonperforming assets primarily due to a commercial credit totaling approximately $ 8 . 0 million, offset in part by payoffs received on previously identified nonaccrual commercial and agricultural loans □ Completed a comprehensive review of our $ 305 million nursing/extended care portfolio during the quarter ▪ Net charge - off ratio reflects $ 9 . 6 million charge - off on a single nursing/extended care related credit that accounted for 23 bps of total 28 bps of net charge - offs in the quarter □ ACL to total loans ended the quarter at 1 . 30 % □ NPL coverage ratio ended the quarter at 267 % Key Highlights 0.29% 0.19% 0.24% 0.21% 0.11% 0.18% 0.18% 0.15% 0.10% 0.11% 2017 2018 2019 2020 2021 2022 Q4 22 Q1 23 Q2 23 Q3 23 Past due 30+ days / total loans 1 Annual Quarterly

24 ACL: Reflects current economic forecast and composition of loan portfolio Note: Numbers may not add due to rounding ACL – Allowance for Credit Losses on Loans (1) As of December 31, for each respective year shown above; quarterly data as of the end of the quarter for each respectiv e p eriod ACL / Loans ACL $ in millions 1.41% $ 212.6 ACL as of 6/30/22 (15.9) Q3 22 Recapture of Provision (0.2) Q3 22 Net Charge - Offs 1.1 Day 1 PCD Allowance Adjustment (Spirit) 1.27% $ 197.6 ACL as of 9/30/22 - Q4 22 Provision (5.1) Q4 22 Net Charge - Offs 4.5 Day 1 PCD Allowance Adjustment (Spirit) 1.22% $ 197.0 ACL as of 12/31/22 10.9 Q1 23 Provision (1.3) Q1 23 Net Charge - Offs 1.25% $ 206.6 ACL as of 3/31/23 5.1 Q2 23 Provision (1.6) Q2 23 Net Charge - Offs 1.25% $ 210.0 ACL as of 6/30/23 20.2 Q3 23 Provision (11.7) Q3 23 Net Charge - Offs 1.30% $ 218.5 ACL as of 9/30/23 Allowance for Credit Losses on Loans and Loan Coverage Reserve for Unfunded Commitments As of 9/30/23 As of 6/30/23 As of 3/31/23 As of 12/31/22 As of 9/30/22 $ in millions $4,049 $4,443 $4,725 $5,000 $5,138 Unfunded Commitments $25.6 $36.9 $41.9 $41.9 $41.9 Reserve for Unfunded Commitments $(11.3) $(5.0) - - $16.0 Provision for Unfunded Commitments 0.6% 0.8% 0.9% 0.8% 0.8% Reserve / Unfunded Balance ACL METHODOLOGY AS OF 9/30/23: ▪ Moody’s September 2023 scenarios with management’s weighting: Baseline (75%) / S1 (15%) / S3 (10%) ▪ Total credit coverage / total commitments: 1.17% ACL / Loans (%) and ACL ($) 1 $ in millions $220 $238 $205 $179 $213 $198 $197 $207 $210 $219 1.52% 1.85% 1.71% 1.49% 1.41% 1.27% 1.22% 1.25% 1.25% 1.30% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% $0 $25 $50 $75 $100 $125 $150 $175 $200 $225 $250 1/1/20 CECL Adoption 2020 2021 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Recapture of reserve for unfunded commitments over the past two quarters reflects the decline in unfunded commitments

25 Breakout: Loan portfolio by category as of September 30, 2023 as of June 30, 2023 Unfunded Commitment Reserve ACL % Unfunded Commitment $ Nonperforming $ Classified $ % of Total Loans Balance $ % of Total Loans Balance $ $ in millions Total Loan Portfolio - 3.2% - 1 1 1% 192 1% 210 Consumer - Credit Card 0.5% 2.6% 26 - - - 113 1% 148 Consumer - Other 1.0% 1.2% 2,095 3 5 18% 3,022 17% 2,931 Real Estate - Construction 0.5% 1.1% 260 12 205 45% 7,565 45% 7,546 Real Estate - Commercial 0.3% 1.8% 320 24 29 16% 2,658 16% 2,633 Real Estate - Single - family 0.1% 1.3% 1,260 41 46 15% 2,477 15% 2,569 Commercial - 0.2% - - - 1% 158 1% 215 Mortgage Warehouse 0.1% 0.5% 88 1 1 2% 297 2% 281 Agriculture 1.0% 0.7% - - - 2% 290 2% 301 Other 0.6% 1.30% 4,049 82 287 100% 16,772 100% 16,834 Total Loan Portfolio Loan Concentration (Holding Company Level) : 102% 99% C&D 274% 273% CRE Select Loan Categories 1.1% 1.2% 113 1 5 8% 1,285 8% 1,332 Retail 0.1% 4.9% 2 - 101 2% 305 2% 329 Nursing / Extended Care 0.5% 1.0% 149 4 15 3% 577 3% 553 Healthcare 0.6% 0.7% 832 1 16 8% 1,307 7% 1,228 Multifamily 1.6% 2.1% 73 5 51 4% 720 4% 745 Hotel 0.5% 1.0% 40 2 3 3% 508 3% 523 Restaurant 3.0% 2.3% 85 - 5 5% 906 5% 924 NOO Office 0.3% 0.2% 394 - - 9% 1,540 8% 1,423 NOO Industrial Warehouse

Q3 23 Key Takeaways

Balance sheet optimization remains a primary focus and will be driven by targeted loan growth that reflects conservative underwriting standards and disciplined pricing strategy 27 Q3 23 Key Takeaways 1 Continued implementation of Better Bank Initiative with focus on actively managing expenses enabled us to achieve $ 15 M in targeted annual cost savings ahead of schedule 2 Focused on maintaining strong asset quality, capital and liquidity positions . Regulatory capital ratios continue to significantly exceed “well - capitalized” guidelines, allowance ratio at 1 . 30 % and loan - to - deposit ratio at 75 % 3 Continue to navigate challenging interest rate environment by utilizing cash flows from securities portfolio to fund loan growth and/or reduce wholesale funding while continuing to focus on deepening customer relationships 4

Appendix

29 Non - GAAP Reconciliations Q3 Q2 Q1 Q4 Q3 2023 2023 2023 2022 2022 $ in thousands, except per share data Calculation of Adjusted Earnings $ 47,247 $ 58,314 $ 45,589 $ 83,260 $ 80,603 Net Income Certain items 5 19 1,396 35 1,422 Merger related costs 547 95 979 1,104 1,235 Branch right sizing, net - - - - 365 Loss from early retirement of TruPS - - - - (750) Gain on sale of intellectual property - - - (4,074) - Gain on insurance settlement 1,557 3,609 - - - Early retirement program (552) (972) (621) _ 768 _ (594) Tax effect⁽¹⁾ 1,557 2,751 1,754 (2,167) 1,678 Certain items, net of tax $ 48,804 $ 61,065 $ 47,343 $ 81,093 $ 82,281 Adjusted earnings (non - GAAP) Calculation of Earnings and Adjusted Earnings per Diluted Share $ 47,247 $ 58,314 $ 45,589 $ 83,260 $ 80,603 Earnings available to common shareholders $ 0.37 $ 0.46 $ 0.36 $ 0.65 $ 0.63 Diluted earnings per share $ 48,804 $ 61,065 $ 47,343 $ 81,093 $ 82,281 Adjusted earnings available to common shareholders (non - GAAP) $ 0.39 $ 0.48 $ 0.37 $ 0.64 $ 0.64 Adjusted diluted earnings per share (non - GAAP) (1) Effective tax rate of 26.135%

Q3 Q2 Q1 Q4 Q3 2023 2023 2023 2022 2022 $ in thousands Calculation of Pre - Provision Net Revenue (PPNR) $ 153,433 $ 163,230 $ 177,835 $ 193,026 $ 193,585 Net interest income 42,777 44,980 45,835 44,647 43,023 Noninterest income - (391) - (52) (22) Less: Gain (loss) on sale of securities 131,998 139,696 143,228 142,575 138,943 Less: Noninterest expense $ 64,212 $ 68,905 $ 80,442 $ 95,150 $ 97,687 Pre - Provision Net Revenue (PPNR) (non - GAAP) Calculation of Adjusted Pre - Provision Net Revenue $ 64,212 $ 68,905 $ 80,442 $ 95,150 $ 97,687 Pre - Provision Net Revenue (PPNR) (non - GAAP) 5 19 1,396 35 1,422 Plus: Merger related costs 547 95 979 1,104 1,235 Plus: Branch right sizing costs, net - - - - 365 Plus: Loss from early retirement of TruPS 1,557 3,609 - - - Plus: Early Retirement Program - - - - (750) Less: Gain on sale of intellectual property - - - (4,074) - Less: Gain on insurance settlement $ 66,321 $ 72,628 $ 82,817 $ 92,215 $ 99,959 Adjusted Pre - Provision Net Revenue (non - GAAP) 30 Non - GAAP Reconciliations Calculation of Book Value and Tangible Book Value per Share $ 3,285,555 $ 3,356,326 $ 3,339,901 $ 3,269,362 $ 3,157,151 Total common stockholders' equity Intangible assets: (1,320,799) (1,320,799) (1,320,799) (1,319,598) (1,309,000) Goodwill (116,660) (120,758) (124,854) (128,951) (133,059) Other intangible assets (1,437,459) (1,441,557) (1,445,653) (1,448,549) (1,442,059) Total intangible assets $ 1,848,096 $ 1,914,769 $ 1,894,248 $ 1,820,813 $ 1,715,092 Tangible common stockholders' equity (non - GAAP) 125,133,281 126,224,707 127,282,192 127,046,654 126,943,467 Shares of common stock outstanding $ 26.26 $ 26.59 $ 26.24 $ 25.73 $ 24.87 Book value per common share $ 14.77 $ 15.17 $ 14.88 $ 14.33 $ 13.51 Tangible book value per common share (non - GAAP)

31 Non - GAAP Reconciliations Q3 Q2 Q1 Q4 Q3 2023 2023 2023 2022 2022 $ in thousands, except number of employees (FTE) Calculation of Total Revenue Excluding Securities Gain (Loss) and Adjusted Total Revenue $ 153,433 $ 163,230 $ 177,835 $ 193,026 $ 193,585 Net Interest Income (GAAP) 42,777 44,980 45,835 44,647 43,023 Noninterest Income (GAAP) 196,210 208,210 223,670 237,673 236,608 Total Revenue - (391) - (52) (22) Less: Gain (loss) on sales of securities $ 196,210 $ 208,601 $ 223,670 $ 237,725 $ 236,630 Total Revenue, excluding securities gain (loss) (non - GAAP) $ 196,210 $ 208,601 $ 223,670 $ 237,725 $ 236,630 Total Revenue, excluding securities gain (loss) (non - GAAP) - - - - (65) Less: Branch right sizing income - - - - 750 Less: Gain on sale of intellectual property - - - - (365) Less: Loss from early retirement of TruPS - - - 4,074 - Less: Gain on insurance settlement $ 196,210 $ 208,601 $ 223,670 $ 233,651 $ 236,310 Adjusted Total Revenue (non - GAAP) 3,005 3,066 3,189 3,236 3,206 Employees (FTE) $ 65.29 $ 67.91 $ 70.14 $ 73.45 $ 73.80 Total Revenue per Employee (FTE) $ 65.29 $ 68.04 $ 70.14 $ 72.20 $ 73.71 Adjusted Total Revenue per Employee (FTE) FTE – Full time equivalent Calculation of Adjusted Noninterest Income and Adjusted Noninterest Income Excluding Securities Gain (Loss) $ 42,777 $ 44,980 $ 45,835 $ 44,647 $ 43,023 Noninterest Income (GAAP) - - - - (65) Less: Branch right sizing income - - - - 750 Less: Gain on sale of intellectual property - - - - (365) Less: Loss from early retirement of TruPS - - - 4,074 - Less: Gain on insurances settlement $ 42,777 $ 44,980 $ 45,835 $ 40,573 $ 42,703 Adjusted Noninterest Income (non - GAAP) $ 42,777 $ 44,980 $ 40,835 $ 40,573 $ 42,703 Adjusted Noninterest Income (non - GAAP) - (391) - (52) _ (22) Less: Gain (loss) on sale of securities $ 42,777 $ 45,371 $ 40,835 $ 40,625 $ 42,725 Adjusted Noninterest Income, excluding securities gains (losses) (non - GAAP)

32 Non - GAAP Reconciliations Calculation of Adjusted Noninterest Expense $ 131,998 $ 139,696 $ 143,228 $ 142,575 $ 138,943 Noninterest Expense (GAAP) 5 19 1,396 35 1,422 Less: Merger related costs 547 95 979 1,104 1,170 Less: Branch right sizing expense 1,557 3,609 - - - Less: Early Retirement Program $ 129,889 $ 135,973 $ 140,853 $ 141,436 $ 136,351 Adjusted Noninterest Expense (non - GAAP) Calculation of Noninterest Expense to Average Assets $ 27,594,611 $ 27,766,139 $ 27,488,732 $ 27,180,575 $ 26,868,731 Average total assets 1.90% 2.02% 2.11% 2.10% 2.07% Noninterest expense to average total assets 1.87% 1.96% 2.08% 2.08% 2.03% Adjusted noninterest expense to average assets (non - GAAP) FTE – Full time equivalent Q3 Q2 Q1 Q4 Q3 2023 2023 2023 2022 2022 $ in thousands Calculation of Noninterest Income to Total Revenue 21.80% 21.60% 20.49% 18.79% 18.18% Noninterest Income to Total Revenue 21.80% 21.75% 20.49% 17.39% 18.08% Adjusted Noninterest Income, excluding securities gain (loss) to Adjusted Total Revenue (non - GAAP) (reconciliation shown on page 31) $ 14.24 $ 14.67 $ 14.37 $ 13.80 $ 13.42 Noninterest Income per Employee $ 14.24 $ 14.80 $ 14.37 $ 12.55 $ 13.33 Adjusted Noninterest Income per Employee (FTE)

33 Non - GAAP Reconciliations Q3 Q2 Q1 Q4 Q3 2023 2023 2023 2022 2022 $ in thousands Calculation of Efficiency Ratio and Adjusted Efficiency Ratio $ 131,998 $ 139,696 $ 143,228 $ 142,575 $ 138,943 Noninterest Expense (efficiency ratio numerator) $ 196,210 $ 208,210 $ 223,670 $ 237,673 $ 236,608 Total Revenue ___ _ _6,515 ___ _ _6,106 ___ _ _6,311 ___ _ _6,770 ___ _ _6,203 Fully taxable equivalent adjustment $ 202,725 $ 214,316 $ 229,981 $ 244,443 $ 242,811 Efficiency ratio denominator 65.11% 65.18% 62.28% 58.33% 57.22% Efficiency ratio (based on GAAP figures) $ 129,889 $ 135,973 $ 140,853 $ 141,436 $ 136,351 Adjusted Noninterest Expense (non - GAAP) (reconciliation shown on page 32) 228 289 186 350 168 Less: Other real estate and foreclosure expense ___ __ 4,097 ___ __ 4,098 ___ __ 4,096 ___ __ 4,108 ___ __ 4,225 Less: Amortization of intangible assets $ 125,564 $ 131,586 $ 136,571 $ 136,978 $ 131,958 Adjusted efficiency ratio numerator (non - GAAP) $ 196,210 $ 208,601 $ 223,670 $ 233,651 $ 236,310 Adjusted Total Revenue (non - GAAP) (reconciliation shown on page 31) ___ _ _6,515 ___ _ _6,106 ___ _ _6,311 ___ _ _6,770 ___ _ _6,203 Fully taxable equivalent adjustment $ 202,725 $ 214,707 $ 229,981 $ 240,421 $ 242,513 Adjusted efficiency ratio denominator non - GAAP) 61.94% 61.29% 59.38% 56.97% 54.41% Adjusted Efficiency Ratio (non - GAAP) Fully taxable equivalent adjustment using an effective tax rate of 26.135%

34 Non - GAAP Reconciliations FTE - Fully taxable equivalent adjustment using an effective tax rate of 26.135% Q3 Q2 Q3 2023 2023 2022 $ in thousands Calculation of Tangible Common Equity (TCE) $ 3,285,555 $ 3,356,326 $ 3,157,151 Total common stockholders’ equity $ 27,564,325 $ 27,959,123 $ 27,076,074 Total assets (1,437,459) (1,441,557) (1,442,059) Less: Intangible assets $ 26,126,866 $ 26,517,566 $ 25,634,015 Total tangible assets 11.92% 12.00% 11.66% Common equity to total assets 7.07% 7.22% 6.69% Tangible common equity to tangible common assets (non - GAAP) Calculation of CET 1 Capital Ratio, Including the Impact of AOCI $ 3,285,555 $ 3,356,326 $ 3,157,151 Total stockholders’ equity 61,746 61,746 92,619 CECL transition provision (1,402,682) (1,406,500) (1,416,453) Disallowed allowed intangible assets, net of deferred tax ____ _ 544,380 ____ _ 469,988 ____ _ 567,730 Unrealized loss (gain) on available for sale securities (AOCI) $ 2,488,999 $ 2,481,560 $ 2,401,047 Total tier 1 capital (CET 1) $ 2,488,999 $ 2,481,560 $ 2,401,047 Total tier 1 capital (CET 1) 544,380 469,988 567,730 Less: Unrealized loss (gain) on available for sale securities (AOCI) $ 1,944,619 $ 2,011,572 $ 1,833,317 Total tier 1 capital, including AOCI (non - GAAP) $ 20,703,669 $ 20,821,075 $ 20,470,918 Risk weighted assets 12.02% 11.92% 11.73% CET 1 capital ratio 9.39% 9.66% 8.96% CET 1 capital ratio, including AOCI

35 Non - GAAP Reconciliations FTE - Fully taxable equivalent adjustment using an effective tax rate of 26.135% Q3 Q2 Q3 2023 2023 2022 $ in thousands Calculation of Uninsured, Non - Collateralized Deposit Coverage Ratio $ 8,143,200 $ 8,507,395 $ 9,315,086 Uninsured deposits at Simmons Bank 2,835,405 3,030,550 3,094,859 Less: Collateralized deposits (excluding portion that is FDIC insured) ______676,840 ______674,552 ____ _438,047 Less: Intercompany eliminations $ 4,630,955 $ 4,802,293 $ 5,782,180 Total uninsured, non - collateralized deposits $ 5,372,000 $ 5,345,000 $ 3,220,000 FHLB borrowing availability 4,124,000 3,877,000 4,985,000 Unpledged securities 1,951,000 1,874,000 504,000 Fed funds lines, Fed discount window and Bank Term Funding Program $ 11,447,000 $ 11,096,000 $ 8,709,000 Additional liquidity sources 2.5x 2.3x 1.5x Uninsured, non - collateralized deposit coverage ratio Calculation of Net Charge - Off Ratio $ 11,641 Net charge - offs ______ 9,600 Less: Partial charge - off of nursing/extended care related loan $ 2,041 Net charge offs excluding nursing/extended care related credit $ 16,758,597 Average total loans 0.28% Net charge - offs as a percentage of average total loans (annualized) (NCO ratio) 0.05% NCO ratio, excluding nursing/extended care related credit (annualized)

Nasdaq: SFNC 3 rd Quarter 2023 Earnings Presentation Contents 3 Company Profile 4 Q3 Financial Highlights 12 Deposits, Securities, Liquidity, Interest Rate Sensitivity and Capital 18 Loan Portfolio 22 Credit Quality 26 Q3 23 Key Takeaways 28 Appendix