PINE BLUFF, Ark., Jan. 23, 2020 (GLOBE NEWSWIRE) -- Simmons First National Corporation (NASDAQ: SFNC) today announced net income of $237.8 million for the year ended December 31, 2019, compared to $215.7 million for 2018, an increase of $22.1 million, or 10.3%. Diluted earnings per share were $2.41 for 2019, an increase of $0.09, or 3.9%, compared to prior year. Included in the 2019 results were $31.7 million in net after-tax merger-related, early retirement program and branch right-sizing costs. Excluding the impact of these items, core earnings were $269.6 million for the year ended December 31, 2019, compared to $220.2 million for 2018, an increase of $49.3 million, or 22.4%. Core diluted earnings per share were $2.73, an increase of $0.36, or 15.2%, from the same period in 2018.

Fourth quarter 2019 net income was $52.7 million, or $0.49 diluted earnings per share, compared to $55.6 million, or $0.60 diluted earnings per share, for the same period in 2018. Excluding $18.4 million in net after-tax merger-related and branch right-sizing costs, fourth quarter 2019 core earnings were $71.1 million, an increase of $14.6 million compared to the same period last year. Core diluted earnings per share were $0.66, an increase of $0.05, or 8.2%, from the same period in 2018.

“We are very proud of our results for 2019,” said George A. Makris, Jr., chairman and CEO of Simmons First National Corporation. “Not only did we produce excellent financial results, we welcomed new associates from Reliance Bank in St. Louis and Landmark Bank in Columbia, MO to the Simmons family.

“From time to time we tend to be focused more on specific metrics within our financial performance and lose sight of the bigger picture results. In retrospect, our performance in 2019 was remarkable. We achieved a return on assets of 1.33% and a core return on assets of 1.51%, which exceeded our target of 1.50%. We produced a 9.9% return on common equity with an 18.0% return on tangible common equity and a 20.3% core return on tangible common equity. We operated at an efficiency ratio of 50.3%, which is within our target range of 50-55%. Our construction and development concentration went from 105% at the end of the second quarter to 98% at year-end while our commercial real estate concentration was lowered from 333% at the end of the second quarter to 293% at year-end – both ratios now below the regulatory guidelines. And importantly, our book value per share rose 8.1% while our tangible book value per share rose 12.1% during a time when we completed two acquisitions – Reliance Bank in St. Louis and Landmark Bank in Columbia, MO – which added $4.9 billion in assets and we repurchased $10 million of our stock.”

Makris continued, “During 2020, we will continue to implement our technology initiatives, including the expansion of our digital offerings, and adjust our business strategy to take advantage of our successful growth over the past few years. I am extremely optimistic about the future of Simmons Bank.”

Selected Highlights:	YTD 2019		YTD 2018		4th Qtr 2019		4th Qtr 2018
Net income	$237.8 million		$215.7 million		$52.7 million		$55.6 million
Diluted earnings per share	$2.41		$2.32		$0.49		$0.60
Return on avg assets	1.33%		1.37%		1.04%		1.35%
Return on avg common equity	9.93%		10.00%		8.01%		9.98%
Return on tangible common equity (1)	17.99%		18.44%		14.62%		17.96%
Core earnings (2)	$269.6 million		$220.2 million		$71.1 million		$56.5 million
Core diluted earnings per share (2)	$2.73		$2.37		$0.66		$0.61
Core return on avg assets (2)	1.51%		1.40%		1.41%		1.37%
Core return on avg common equity (2)	11.25%		10.21%		10.80%		10.13%
Core return on tangible common equity (1)(2)	20.31%		18.81%		19.50%		18.21%
Efficiency ratio (3)	50.33%		52.85%		52.63%		51.99%

1. Return on tangible common equity excludes goodwill and other intangible assets, and is a non-GAAP measurement. Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below.
2. Core earnings excludes non-core items, and is a non-GAAP measurement. Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below.
3. Efficiency ratio is noninterest expense before foreclosed property expense, amortization of intangibles as a percent of net interest income (fully taxable equivalent) and noninterest revenues, excluding gains and losses from securities transactions and non-core items, and is a non-GAAP measurement. Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below.

Loans

($ in billions)	4th Qtr 2019		3rd Qtr 2019		4th Qtr 2018
Total loans	$14.4		$13.0		$11.7
Legacy loans (excludes loans acquired)	$9.6		$9.6		$8.4
Loans acquired	$4.8		$3.4		$3.3

Total loans, including those acquired, were $14.4 billion at December 31, 2019, an increase of $2.7 billion, or 23.0%, compared to December 31, 2018, primarily due to The Landrum Company and Reliance Bank mergers completed during the fourth and second quarters of 2019, respectively. On a linked-quarter basis (December 31, 2019 compared to September 30, 2019), total loans increased $1.4 billion, or 10.9%, from the fourth quarter merger. The increase was partially offset by the reclassification of $260 million in loan balances associated with the branches held for sale in south Texas.

Deposits

($ in billions)	4th Qtr 2019		3rd Qtr 2019		4th Qtr 2018
Total deposits	$16.1		$13.5		$12.4
Non-time deposits	$12.8		$10.4		$9.5
Time deposits	$3.3		$3.1		$2.9

Total deposits were $16.1 billion at December 31, 2019, an increase of $3.7 billion, or 29.9%, since December 31, 2018, primarily due to the 2019 mergers partially offset by the reclassification of $160 million of deposits associated with the branches held for sale.

Net Interest Income

	4th Qtr 2019		3rd Qtr 2019		2nd Qtr 2019		1st Qtr 2019		4th Qtr 2018
Loan yield (1)	5.43	%	5.47	%	5.58	%	5.53	%	5.39	%
Core loan yield (1) (2)	5.00	%	5.19	%	5.26	%	5.29	%	5.25	%
Security yield (1)	2.67	%	2.83	%	3.02	%	3.09	%	2.87	%
Cost of interest bearing deposits	1.22	%	1.40	%	1.37	%	1.31	%	1.20	%
Cost of deposits (3)	0.94	%	1.09	%	1.07	%	1.02	%	0.93	%
Cost of borrowed funds	2.30	%	2.52	%	2.50	%	2.73	%	2.64	%
Net interest margin (1)	3.76	%	3.81	%	3.92	%	3.85	%	3.76	%
Core net interest margin (1) (2)	3.43	%	3.58	%	3.66	%	3.67	%	3.66	%

1. Fully tax equivalent using an effective tax rate of 26.135%.
2. Core loan yield and core net interest margin exclude accretion, and are non-GAAP measurements. Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below.
3. Includes non-interest bearing deposits.

The Company’s net interest income for the fourth quarter of 2019 was $167.7 million, an increase of $29.9 million, or 21.7%, from the same period of 2018. Included in interest income was the yield accretion recognized on loans acquired of $15.1 million and $3.9 million for the fourth quarters of 2019 and 2018, respectively. Of this quarter’s yield accretion, 52% was accretable credit mark related and 48% was interest mark related.

Net interest margin (FTE) was 3.76% for the quarter ended December 31, 2019, while core net interest margin, which excludes the accretion, was 3.43% for the same period.

Non-Interest Income

Non-interest income for 2019 was $201.5 million, an increase of $57.6 million compared to the previous year. The increase was primarily due to the gain on sale of the Visa Inc. class B common stock of $42.9 million that was completed during the third quarter 2019. Additionally, during 2019 the Company was focused on rebalancing its investment portfolio and consequently recognized additional gains on the sale of securities.

Non-interest income for the fourth quarter of 2019 was $45.0 million, an increase of $10.4 million compared to the same period in the previous year. The increase was due to additional income within most non-interest income categories as a result of The Landrum Company and Reliance Bank mergers completed during 2019.

Selected Non-Interest Income Items ($ in millions)	YTD 2019		YTD 2018		4th Qtr 2019		4th Qtr 2018
Service charges on deposit accounts	$44.8		$42.5		$13.3		$11.3
Mortgage lending income	$15.0		$9.2		$4.0		$1.5
SBA lending income	$2.7		$1.8		$0.3		$0.2
Debit and credit card fees	$29.3		$32.3		$8.9		$6.5
Gain on sale of securities	$13.3		$0.1		$0.4		-
Other income	$58.5		$19.9		$6.4		$5.7

Non-Interest Expense

Non-interest expense for 2019 was $461.1 million, an increase of $68.9 million compared to the previous year. Included in 2019 were $43.0 million of pre-tax non-core items, that mostly consisted of merger-related costs. Excluding these expenses, core non-interest expense was $418.1 million, an increase of $32.0 million compared to 2018 core non-interest expense. The increase was primarily due to the incremental costs associated with the 2019 mergers and the Next Generation Banking (“NGB”) technology initiative. The Company recognized an additional $11.4 million in software and technology expense related to its NGB initiative in 2019.

Non-interest expense for the fourth quarter of 2019 was $142.1 million, an increase of $46.7 million compared to the fourth quarter of 2018. Included in this quarter were $24.9 million of pre-tax non-core items. Excluding these expenses, core non-interest expense was $117.2 million for the fourth quarter of 2019, an increase of $22.9 million compared to the same period in 2018, primarily the result of the 2019 mergers and additional software and technology costs related to the NGB initiative.

The efficiency ratio for 2019 was 50.33% compared to 52.85% for 2018.

Selected Non-Interest Expense Items ($ in millions)	YTD 2019		YTD 2018		4th Qtr 2019		4th Qtr 2018
Salaries and employee benefits	$227.8		$216.7		$63.2		$49.2
Merger related costs	$36.4		$4.8		$24.8		$0.8
Other operating expenses	$138.9		$111.6		$38.0		$30.2
Core salaries and employee benefits(1)	$224.3		$216.6		$63.2		$49.1
Core merger related costs(1)	-		-		-		-
Core other operating expenses(1)	$135.9		$110.7		$38.0		$30.3

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

Asset Quality

	4th Qtr 2019		3rd Qtr 2019		2nd Qtr 2019		1st Qtr 2019		4th Qtr 2018
Allowance for loan losses to total loans	0.70	%	0.68	%	0.68	%	0.68	%	0.67	%
Allowance for loan losses to non-performing loans	95	%	91	%	101	%	97	%	164	%
Non-performing loans to total loans	0.74	%	0.76	%	0.67	%	0.70	%	0.41	%
Net charge-off ratio (annualized)	0.12	%	0.78	%	0.14	%	0.20	%	0.35	%
Net charge-off ratio YTD (annualized)	0.31	%	0.38	%	0.17	%	0.20	%	0.28	%

All loans acquired are recorded at their discounted net present value; therefore, they are excluded from the computations of the asset quality ratios for the legacy loan portfolio, except for their inclusion in total assets.

At December 31, 2019, the allowance for loan losses for legacy loans was $67.8 million. The allowance for loan losses for loans acquired was $444,000 and the acquired loan discount mark was $87.3 million. The allowance for loan losses and discount mark provides a total of $155.5 million of coverage, which equates to a total coverage ratio of 1.07% of gross loans. The ratio of discount mark and related allowance to loans acquired was 1.80%.

Provision for loan losses for 2019 was $43.2 million, an increase of $5.1 million from 2018. Provision for loan losses for the fourth quarter 2019 was $4.9 million, a decrease of $4.7 million when compared to the same period of 2018.

Foreclosed Assets and Other Real Estate Owned

At December 31, 2019, foreclosed assets and other real estate owned were $19.1 million, a decrease of $6.4 million, or 25.2%, compared to year end 2018. The composition of these assets is divided into three types:     

($ in millions)	4th Qtr 2019		3rd Qtr 2019		2nd Qtr 2019		1st Qtr 2019		4th Qtr 2018
Closed bank branches, branch sites & associate relocation	$5.7		$5.9		$6.5		$7.6		$8.0
Foreclosed assets - acquired	$10.3		$10.1		$13.3		$6.2		$11.5
Foreclosed assets – legacy	$3.1		$3.6		$5.0		$5.2		$6.1

Capital

	4th Qtr 2019		3rd Qtr 2019		2nd Qtr 2019		1st Qtr 2019		4th Qtr 2018
Stockholders’ equity to total assets	14.1	%	14.3	%	13.8	%	14.3	%	13.6	%
Tangible common equity to tangible assets	9.0	%	9.1	%	8.5	%	9.0	%	8.4	%
Regulatory tier 1 leverage ratio	9.6	%	9.1	%	8.9	%	9.1	%	8.8	%
Regulatory total risk-based capital ratio	13.6	%	13.2	%	12.7	%	13.6	%	13.3	%

At December 31, 2019, common stockholders' equity was $3.0 billion. Book value per share was $26.30 and tangible book value per share was $15.89 at December 31, 2019, compared to $24.33 and $14.18, respectively, at December 31, 2018. The ratio of tangible common equity to tangible assets was 9.0% at December 31, 2019, compared to 8.4% from the previous year-end.

During the fourth quarter of 2019, the Company repurchased approximately 400,000 shares at an average price of $25.97.

Management Changes

The Company also announced today that Marty Casteel, a Company director and senior executive vice president, as well as the chairman, president, and chief executive officer of the Company’s subsidiary bank, Simmons Bank, will retire from his employment with the Company and Simmons Bank, effective March 31, 2020. Casteel will continue to serve as a director of both the Company and Simmons Bank. “For over thirty years, Marty has been a critical component of Simmons’ success,” said Makris. “With deep knowledge, experience, and integrity, Marty has provided incredible leadership to our organization and masterfully overseen its recent transformation through acquisitions with great care and compassion for all involved. I am personally extremely grateful for his presence and counsel during my tenure with this company, and I am thankful Marty has agreed to remain affiliated with it as a director. On behalf of everyone at Simmons, I’d like to congratulate Marty on a job very well done and wish him the best as he begins his next chapter.” Upon Casteel’s retirement, Makris will assume the role of chairman, president, and chief executive officer of Simmons Bank, in addition to his current role as chairman and chief executive officer of the Company.

In addition, the Company announced that Patrick Burrow, executive vice president and general counsel, will retire, effective March 31, 2020. “As the company’s first general counsel,” Makris noted, “and prior to that, its longtime outside counsel, Pat has been a steady source of legal advice for our organization and its associates. He has played a significant role in many of the company’s strategic transactions, and I am thankful for his service to Simmons. As with Marty, we wish him the best and congratulate him on his retirement.”

Current Expected Credit Losses (“CECL”)   

In 2016, new accounting guidance was issued that introduced a new credit loss methodology, the CECL methodology, which requires earlier recognition of credit losses, while also providing additional transparency about credit risk.

The CECL methodology replaces the current incurred loss methodology with a lifetime “expected credit loss” measurement objective for loans, held-to-maturity debt securities and other receivables measured at amortized cost at the time the financial asset is originated or acquired. This standard requires the consideration of historical loss experience and current conditions adjusted for reasonable and supportable economic forecasts. The Company has elected to utilize a blended macroeconomic scenario using a one-year forecast horizon with a subsequent reversion to historical loss experience. Within the life cycle of a loan or other financial asset, this new guidance will generally result in the earlier recognition of the provision for credit losses and the related allowance for credit losses than current practice. The CECL guidance was effective for the Company as of January 1, 2020.

The CECL methodology represents a significant change from existing guidance and is expected to result in material changes to the Company’s accounting for financial instruments. The Company is continuing to evaluate the effect that the new CECL methodology will have on its consolidated financial statements and related disclosures. Based on additional analysis performed during the fourth quarter of 2019, the Company currently estimates that the allowance for credit losses will be approximately 1.35% to 1.45% of total loans upon adoption. This estimate is based upon the Company’s analysis of current conditions, assumptions and economic forecasts at this point in time. The estimate is subject to change based on continuing review and challenge of the models, methodologies and judgements. The impact will be reflected as an adjustment to beginning retained earnings, net of income taxes. Federal banking regulatory agencies have provided relief for an initial regulatory capital decrease at adoption by allowing the impact to be phased-in over three years on a straight-line basis. The adoption of CECL in 2020 could also impact the Company’s ongoing earnings, perhaps materially.

Simmons First National Corporation

Simmons First National Corporation is a financial holding company headquartered in Pine Bluff, Arkansas, with total consolidated assets of approximately $21.3 billion as of December 31, 2019, conducting financial operations in Arkansas, Colorado, Illinois, Kansas, Missouri, Oklahoma, Tennessee and Texas. The Company, through its subsidiaries, offers comprehensive financial solutions delivered with a client-centric approach. The Company’s common stock trades on the NASDAQ Market under the symbol “SFNC.”

Conference Call

Management will conduct a live conference call to review this information beginning at 9:00 a.m. CST today, Thursday, January 23, 2020. Interested persons can listen to this call by dialing toll-free 1-866-298-7926 (United States and Canada only) and asking for the Simmons First National Corporation conference call, conference ID 9397974. In addition, the call will be available live or in recorded version on the Company’s website at www.simmonsbank.com.

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles (GAAP). The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance. These measures adjust GAAP performance measures to, among other things, include the tax benefit associated with revenue items that are tax-exempt, as well as exclude from income available to common shareholders certain expenses related to significant non-core activities, including merger-related expenses, expenses related to the Company’s early retirement program, and branch right-sizing expenses. In addition, the Company also presents certain figures based on tangible common stockholders’ equity and tangible book value, which exclude goodwill and other intangible assets. The Company’s management believes that these non-GAAP financial measures are useful to investors because they 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 normalizing for tax effects. Management, therefore, believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s core businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.

Forward-Looking Statements

Some of the statements in this news release may not be based on historical facts and should be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements 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, revenue, assets, asset quality, profitability, net interest margin, non-interest revenue, share repurchase program, the Company’s ability to recruit and retain key employees, the adequacy of the allowance for loan losses, and the effect of certain new accounting standards (including, without limitation, the CECL methodology and its anticipated effect on the provision and allowance for credit losses) on the Company’s financial statements. Any forward-looking statement speaks only as of the date of this news release, and Simmons undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release. By nature, forward-looking statements are based on various assumptions and involve inherent risk and uncertainties. Various factors, including, but not limited to, changes in economic conditions, credit quality, interest rates, loan demand, deposit flows, real estate values, the assumptions used in making the forward-looking statements, the securities markets generally or the price of Simmons common stock specifically, information technology affecting the financial industry, the assumptions, forecasts, models, and methodology used to calculate the expected impact of CECL on the Company’s financial statements, the Company’s ability to manage and successfully integrate its mergers and acquisitions, cyber threats, attacks or events, reliance on third parties for key services and other factors, many of which are beyond the control of the Company, could cause actual results to differ materially from those contemplated by the forward-looking statements. Additional information on factors that might affect Simmons First National Corporation’s financial results is included in its Form 10-K for the year ended December 31, 2018, which has been filed with, and is available from, the Securities and Exchange Commission.

FOR MORE INFORMATION CONTACT:
Stephen C. Massanelli
EVP, Chief Administrative Officer and Investor Relations Officer
Simmons First National Corporation
steve.massanelli@simmonsbank.com

Simmons First National Corporation													SFNC
Consolidated End of Period Balance Sheets
For the Quarters Ended		Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)		2019			2019			2019			2019			2018
($ in thousands)
ASSETS
Cash and non-interest bearing balances due from banks	$	277,208		$	161,440		$	145,491		$	151,112		$	171,792
Interest bearing balances due from banks and federal funds sold		719,415			368,530			509,765			340,049			661,666
Cash and cash equivalents		996,623			529,970			655,256			491,161			833,458
Interest bearing balances due from banks - time		4,554			5,041			5,041			4,684			4,934
Investment securities - held-to-maturity		40,927			42,237			47,455			61,435			289,194
Investment securities - available-for-sale		3,453,338			2,356,134			2,342,387			2,240,111			2,151,752
Mortgage loans held for sale		58,102			50,099			34,999			18,480			26,799
Other assets held for sale		260,332			383			397			397			1,790
Loans:
Legacy loans		9,630,076			9,643,365			9,262,497			8,684,550			8,430,388
Allowance for loan losses		(67,800	)		(65,993	)		(63,067	)		(59,243	)		(56,599	)
Loans acquired, net of discount and allowance		4,795,184			3,359,587			3,864,516			3,056,187			3,292,783
Net loans		14,357,460			12,936,959			13,063,946			11,681,494			11,666,572
Premises and equipment		492,384			378,678			370,551			333,740			295,060
Foreclosed assets and other real estate owned		19,121			19,576			24,761			18,952			25,565
Interest receivable		62,707			53,966			54,781			51,796			49,938
Bank owned life insurance		254,152			234,655			233,345			192,736			193,170
Goodwill		1,055,520			926,648			926,450			845,687			845,687
Other intangible assets		127,340			101,149			104,096			88,694			91,334
Other assets		76,583			123,016			73,970			62,272			68,084
Total assets	$	21,259,143		$	17,758,511		$	17,937,435		$	16,091,639		$	16,543,337
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing transaction accounts	$	3,741,093		$	3,044,330		$	2,954,032		$	2,674,034		$	2,672,405
Interest bearing transaction accounts and savings deposits		9,090,878			7,337,571			7,258,005			6,666,823			6,830,191
Time deposits		3,276,969			3,086,108			3,304,176			2,648,674			2,896,156
Total deposits		16,108,940			13,468,009			13,516,213			11,989,531			12,398,752
Federal funds purchased and securities sold
under agreements to repurchase		150,145			116,536			130,470			120,213			95,792
Other borrowings		1,297,599			1,098,395			1,324,094			1,169,989			1,345,450
Subordinated notes and debentures		388,260			354,223			354,132			354,041			353,950
Other liabilities held for sale		159,853			-			162			162			162
Accrued interest and other liabilities		165,409			174,277			142,851			155,382			102,797
Total liabilities		18,270,206			15,211,440			15,467,922			13,789,318			14,296,903
Stockholders' equity:
Preferred stock		767			-			-			-			-
Common stock		1,136			966			966			926			923
Surplus		2,117,282			1,708,058			1,705,262			1,599,566			1,597,944
Undivided profits		848,861			814,338			747,969			707,829			674,941
Accumulated other comprehensive income (loss):
Unrealized accretion (depreciation) on AFS securities		20,891			23,709			15,316			(6,000	)		(27,374	)
Total stockholders' equity		2,988,937			2,547,071			2,469,513			2,302,321			2,246,434
Total liabilities and stockholders' equity	$	21,259,143		$	17,758,511		$	17,937,435		$	16,091,639		$	16,543,337

Simmons First National Corporation										SFNC
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended		Dec 31			Sep 30		Jun 30		Mar 31		Dec 31
(Unaudited)		2019			2019		2019		2019		2018
($ in thousands, except per share data)
INTEREST INCOME
Loans	$	193,402		$	179,971	$	178,122	$	159,440	$	159,996
Interest bearing balances due from banks and federal funds sold		2,625			1,586		1,121		2,154		2,168
Investment securities		17,625			15,367		16,594		17,312		15,760
Mortgage loans held for sale		402			382		332		210		372
TOTAL INTEREST INCOME		214,054			197,306		196,169		179,116		178,296
INTEREST EXPENSE
Time deposits		16,198			15,573		14,606		12,320		11,273
Other deposits		20,331			21,363		20,190		18,430		17,489
Federal funds purchased and securities
sold under agreements to repurchase		368			249		257		136		121
Other borrowings		4,615			5,381		6,219		6,793		7,134
Subordinated notes and debentures		4,813			4,576		4,541		4,411		4,498
TOTAL INTEREST EXPENSE		46,325			47,142		45,813		42,090		40,515
NET INTEREST INCOME		167,729			150,164		150,356		137,026		137,781
Provision for loan losses		4,903			21,973		7,079		9,285		9,620
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES		162,826			128,191		143,277		127,741		128,161
NON-INTEREST INCOME
Trust income		7,430			6,108		5,794		5,708		5,980
Service charges on deposit accounts		13,332			10,825		10,557		10,068		11,263
Other service charges and fees		1,915			1,308		1,312		1,289		1,501
Mortgage lending income		4,029			4,509		3,656		2,823		1,457
SBA lending income		321			956		895		497		186
Investment banking income		822			513		360		618		829
Debit and credit card fees		8,920			7,059		7,212		6,098		6,547
Bank owned life insurance income		1,411			1,302		1,260		795		1,105
Gain on sale of securities, net		377			7,374		2,823		2,740		8
Other income		6,410			43,821		5,137		3,125		5,712
TOTAL NON-INTEREST INCOME		44,967			83,775		39,006		33,761		34,588
NON-INTEREST EXPENSE
Salaries and employee benefits		63,235			52,065		56,128		56,367		49,193
Occupancy expense, net		9,272			8,342		6,919		7,475		7,016
Furniture and equipment expense		5,758			4,898		4,206		3,358		4,139
Other real estate and foreclosure expense		1,089			1,125		591		637		1,540
Deposit insurance		(134	)		-		2,510		2,040		2,489
Merger-related costs		24,831			2,556		7,522		1,470		797
Other operating expenses		38,044			37,879		32,867		30,062		30,222
TOTAL NON-INTEREST EXPENSE		142,095			106,865		110,743		101,409		95,396
NET INCOME BEFORE INCOME TAXES		65,698			105,101		71,540		60,093		67,353
Provision for income taxes		12,976			23,275		15,616		12,398		11,707
NET INCOME		52,722			81,826		55,924		47,695		55,646
Preferred stock dividends		-			-		326		-		-
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	52,722		$	81,826	$	55,598	$	47,695	$	55,646
BASIC EARNINGS PER SHARE	$	0.49		$	0.85	$	0.58	$	0.52	$	0.60
DILUTED EARNINGS PER SHARE	$	0.49		$	0.84	$	0.58	$	0.51	$	0.60

Simmons First National Corporation													SFNC
Consolidated Risk-Based Capital
For the Quarters Ended		Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)		2019			2019			2019			2019			2018
($ in thousands)
Tier 1 capital
Stockholders' equity	$	2,988,937		$	2,547,071		$	2,469,513		$	2,302,321		$	2,246,434
Disallowed intangible assets, net of deferred tax		(1,155,405	)		(1,013,309	)		(1,001,676	)		(910,122	)		(912,428	)
Unrealized (gain) loss on AFS securities		(20,891	)		(23,709	)		(15,316	)		6,000			27,374
Total Tier 1 capital		1,812,641			1,510,053			1,452,521			1,398,199			1,361,380
Tier 2 capital
Qualifying unrealized gain on AFS equity securities		-			-			-			-			-
Trust preferred securities and subordinated debt		388,260			354,223			354,132			354,041			353,950
Qualifying allowance for loan losses and
reserve for unfunded commitments		76,644			74,455			72,044			67,771			63,608
Total Tier 2 capital		464,904			428,678			426,176			421,812			417,558
Total risk-based capital	$	2,277,545		$	1,938,731		$	1,878,697		$	1,820,011		$	1,778,938
Risk weighted assets	$	16,731,384		$	14,725,571		$	14,825,253		$	13,364,636		$	13,326,832
Adjusted average assets for leverage ratio	$	18,848,103		$	16,681,527		$	16,382,520		$	15,423,961		$	15,512,042
Ratios at end of quarter
Equity to assets		14.06	%		14.34	%		13.77	%		14.31	%		13.58	%
Tangible common equity to tangible assets (1)		8.99	%		9.08	%		8.51	%		9.02	%		8.39	%
Common equity Tier 1 ratio (CET1)		10.83	%		10.25	%		9.80	%		10.46	%		10.22	%
Tier 1 leverage ratio		9.62	%		9.05	%		8.87	%		9.07	%		8.78	%
Tier 1 risk-based capital ratio		10.83	%		10.25	%		9.80	%		10.46	%		10.22	%
Total risk-based capital ratio		13.61	%		13.17	%		12.67	%		13.62	%		13.35	%
(1) Calculations of tangible common equity to tangible assets and the reconciliations to GAAP are included in the
schedules accompanying this release.

Simmons First National Corporation									SFNC
Consolidated Loans and Investments
For the Quarters Ended		Dec 31		Sep 30		Jun 30		Mar 31		Dec 31
(Unaudited)		2019		2019		2019		2019		2018
($ in thousands)
Legacy Loan Portfolio - End of Period (1)
Consumer
Credit cards	$	204,802	$	195,083	$	187,919	$	181,549	$	204,173
Other consumer		191,946		208,643		207,445		213,659		201,297
Total consumer		396,748		403,726		395,364		395,208		405,470
Real Estate
Construction		1,760,894		1,712,858		1,540,352		1,376,162		1,300,723
Single-family residential		1,444,620		1,448,455		1,444,525		1,431,407		1,440,443
Other commercial		3,678,908		3,630,708		3,531,273		3,355,109		3,225,287
Total real estate		6,884,422		6,792,021		6,516,150		6,162,678		5,966,453
Commercial
Commercial		1,909,796		1,894,819		1,871,695		1,801,422		1,774,909
Agricultural		163,396		213,753		191,922		147,216		164,514
Total commercial		2,073,192		2,108,572		2,063,617		1,948,638		1,939,423
Other		275,714		339,046		287,366		178,026		119,042
Total Loans	$	9,630,076	$	9,643,365	$	9,262,497	$	8,684,550	$	8,430,388
(1) Excludes all acquired loans.
Investment Securities - End of Period
Held-to-Maturity
U.S. Government agencies	$	-	$	-	$	999	$	12,996	$	16,990
Mortgage-backed securities		10,796		11,549		12,225		12,847		13,346
State and political subdivisions		27,082		28,692		32,236		33,597		256,863
Other securities		3,049		1,996		1,995		1,995		1,995
Total held-to-maturity		40,927		42,237		47,455		61,435		289,194
Available-for-Sale
U.S. Treasury	$	449,729	$	-	$	-	$	-	$	-
U.S. Government agencies		194,249		178,139		197,656		161,577		154,301
Mortgage-backed securities		1,742,945		1,337,794		1,345,760		1,345,677		1,522,900
State and political subdivisions		880,524		681,202		636,558		580,790		314,843
FHLB stock		66,285		62,403		66,588		65,220		73,105
Other securities		119,606		96,596		95,825		86,847		86,603
Total available-for-sale		3,453,338		2,356,134		2,342,387		2,240,111		2,151,752
Total investment securities	$	3,494,265	$	2,398,371	$	2,389,842	$	2,301,546	$	2,440,946
Fair value - HTM investment securities	$	41,855	$	43,302	$	48,640	$	61,956	$	290,830
Investment Securities - QTD Average
Taxable securities	$	2,099,266	$	1,712,672	$	1,793,799	$	1,880,694	$	1,815,203
Tax exempt securities		825,000		681,505		624,898		590,941		551,185
Total investment securities - QTD average	$	2,924,266	$	2,394,177	$	2,418,697	$	2,471,635	$	2,366,388

Simmons First National Corporation													SFNC
Consolidated Loans and Credit Coverage
For the Quarters Ended		Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)		2019			2019			2019			2019			2018
($ in thousands)
LOANS
Legacy loans	$	9,630,076		$	9,643,365		$	9,262,497		$	8,684,550		$	8,430,388
Allowance for loan losses (legacy loans)		(67,800	)		(65,993	)		(63,067	)		(59,243	)		(56,599	)
Legacy loans (net of allowance)		9,562,276			9,577,372			9,199,430			8,625,307			8,373,789
Loans acquired		4,882,919			3,420,563			3,939,126			3,099,915			3,342,175
Credit discount		(87,291	)		(60,379	)		(73,498	)		(42,416	)		(49,297	)
Allowance for loan losses (loans acquired)		(444	)		(597	)		(1,112	)		(1,312	)		(95	)
Loans acquired (net of discount and allowance)		4,795,184			3,359,587			3,864,516			3,056,187			3,292,783
Net loans	$	14,357,460		$	12,936,959		$	13,063,946		$	11,681,494		$	11,666,572
Loan Coverage Ratios
Allowance for loan losses to legacy loans		0.70	%		0.68	%		0.68	%		0.68	%		0.67	%
Discount for credit losses and allowance on loans acquired
to total loans acquired plus discount for credit losses
and allowance on loans acquired (non-GAAP) (1)		1.80	%		1.78	%		1.89	%		1.41	%		1.48	%
Total allowance and credit coverage (non-GAAP) (1)		1.07	%		0.97	%		1.04	%		0.87	%		0.90	%
(1) Calculations of the non-GAAP loan coverage ratios and the reconciliations to GAAP are included in the schedules accompanying
this release.

Simmons First National Corporation													SFNC
Consolidated Allowance and Asset Quality
For the Quarters Ended		Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)		2019			2019			2019			2019			2018
($ in thousands)
Allowance for Loan Losses (Legacy Loans)
Balance, beginning of quarter	$	65,993		$	63,067		$	59,243		$	56,599		$	55,358
Loans charged off
Credit cards		1,287			1,117			1,039			1,142			1,121
Other consumer		1,397			1,059			905			1,533			2,894
Real estate		767			907			271			374			337
Commercial		459			17,729			1,867			1,968			3,480
Total loans charged off		3,910			20,812			4,082			5,017			7,832
Recoveries of loans previously charged off
Credit cards		287			223			271			240			227
Other consumer		304			1,422			331			300			154
Real estate		146			55			153			142			367
Commercial		77			65			72			158			167
Total recoveries		814			1,765			827			840			915
Net loans charged off		3,096			19,047			3,255			4,177			6,917
Provision for loan losses		4,903			21,973			7,079			6,821			8,158
Balance, end of quarter	$	67,800		$	65,993		$	63,067		$	59,243		$	56,599
Non-performing assets (1) (2)
Non-performing loans
Nonaccrual loans	$	70,836		$	72,721		$	61,956		$	60,925		$	34,201
Loans past due 90 days or more		259			155			267			281			224
Total non-performing loans		71,095			72,876			62,223			61,206			34,425
Other non-performing assets
Foreclosed assets and other real estate owned (2)		19,121			19,576			24,761			18,952			25,565
Other non-performing assets		1,964			540			613			505			553
Total other non-performing assets		21,085			20,116			25,374			19,457			26,118
Total non-performing assets	$	92,180		$	92,992		$	87,597		$	80,663		$	60,543
Performing TDRs (troubled debt restructurings)	$	4,411		$	6,519		$	6,246		$	6,297		$	6,369
Ratios (1) (2)
Allowance for loan losses to total loans		0.70	%		0.68	%		0.68	%		0.68	%		0.67	%
Allowance for loan losses to non-performing loans		95	%		91	%		101	%		97	%		164	%
Non-performing loans to total loans		0.74	%		0.76	%		0.67	%		0.70	%		0.41	%
Non-performing assets (including performing TDRs)
to total assets		0.45	%		0.56	%		0.52	%		0.54	%		0.40	%
Non-performing assets to total assets		0.43	%		0.52	%		0.49	%		0.50	%		0.37	%
Annualized net charge offs to total loans		0.12	%		0.78	%		0.14	%		0.20	%		0.35	%
Annualized net credit card charge offs to
total credit card loans		1.99	%		1.82	%		1.63	%		1.92	%		1.86	%
(1) Excludes all acquired loans, except for their inclusion in total assets.
(2) Includes acquired foreclosed assets and acquired other real estate owned.

Simmons First National Corporation																			SFNC
Consolidated - Average Balance Sheet and Net Interest Income Analysis
For the Quarters Ended
(Unaudited)
	Three Months Ended Dec 2019							Three Months Ended Sep 2019							Three Months Ended Dec 2018
($ 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	$	789,035	$	2,625	1.32	%		$	344,761	$	1,586	1.83	%		$	499,961	$	2,168	1.72	%
Investment securities - taxable		2,099,266		11,743	2.22	%			1,712,672		10,414	2.41	%			1,815,200		11,828	2.59	%
Investment securities - non-taxable (FTE)		825,000		7,945	3.82	%			681,505		6,687	3.89	%			551,188		5,313	3.82	%
Mortgage loans held for sale		53,511		402	2.98	%			39,551		382	3.83	%			30,851		372	4.78	%
Loans, including acquired loans		14,144,259		193,511	5.43	%			13,052,943		180,080	5.47	%			11,788,838		160,081	5.39	%
Total interest earning assets (FTE)		17,911,071		216,226	4.79	%			15,831,432		199,149	4.99	%			14,686,038		179,762	4.86	%
Non-earning assets		2,130,819							1,889,166							1,671,715
Total assets	$	20,041,890						$	17,720,598						$	16,357,753
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest bearing liabilities:
Interest bearing transaction and
savings accounts	$	8,440,090	$	20,331	0.96	%		$	7,322,395	$	21,363	1.16	%		$	6,770,217	$	17,489	1.02	%
Time deposits		3,393,089		16,198	1.89	%			3,122,422		15,573	1.98	%			2,752,113		11,273	1.63	%
Total interest bearing deposits		11,833,179		36,529	1.22	%			10,444,817		36,936	1.40	%			9,522,330		28,762	1.20	%
Federal funds purchased and securities
sold under agreement to repurchase		147,395		368	0.99	%			123,883		249	0.80	%			108,687		121	0.44	%
Other borrowings		1,168,897		4,615	1.57	%			1,127,886		5,381	1.89	%			1,302,453		7,134	2.17	%
Subordinated notes and debentures		376,766		4,813	5.07	%			354,178		4,576	5.13	%			353,906		4,498	5.04	%
Total interest bearing liabilities		13,526,237		46,325	1.36	%			12,050,764		47,142	1.55	%			11,287,376		40,515	1.42	%
Non-interest bearing liabilities:
Non-interest bearing deposits		3,524,092							3,012,544							2,768,437
Other liabilities		379,909							288,517							90,723
Total liabilities		17,430,238							15,351,825							14,146,536
Stockholders' equity		2,611,652							2,368,773							2,211,217
Total liabilities and stockholders' equity	$	20,041,890						$	17,720,598						$	16,357,753
Net interest income (FTE)			$	169,901						$	152,007						$	139,247
Net interest spread (FTE)					3.43	%						3.44	%						3.44	%
Net interest margin (FTE) - quarter-to-date					3.76	%						3.81	%						3.76	%
Net interest margin (FTE) - year-to-date					3.83	%						3.86	%						3.97	%
Core net interest margin (FTE) - quarter-to-date (1)					3.43	%						3.58	%						3.66	%
Core loan yield (FTE) - quarter-to-date (1)					5.00	%						5.19	%						5.25	%
Core net interest margin (FTE) - year-to-date (1)					3.58	%						3.63	%						3.72	%
Core loan yield (FTE) - year-to-date (1)					5.18	%						5.24	%						5.11	%
(1) Calculations of core net interest margin and core loan yield and the reconciliations to GAAP are included in the schedules accompanying this release.

Simmons First National Corporation													SFNC
Consolidated - Selected Financial Data
For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)		2019			2019			2019			2019			2018
($ in thousands, except share data)
QUARTER-TO-DATE
Financial Highlights - GAAP
Net Income	$	52,722		$	81,826		$	55,598		$	47,695		$	55,646
Diluted earnings per share		0.49			0.84			0.58			0.51			0.60
Return on average assets		1.04	%		1.83	%		1.28	%		1.19	%		1.35	%
Return on average common equity		8.01	%		13.70	%		9.48	%		8.60	%		9.98	%
Return on tangible common equity		14.62	%		24.89	%		17.40	%		15.34	%		17.96	%
Net interest margin (FTE)		3.76	%		3.81	%		3.92	%		3.85	%		3.76	%
FTE adjustment		2,172			1,843			1,706			1,601			1,466
Amortization of intangibles		3,270			2,947			2,947			2,641			2,642
Amortization of intangibles, net of taxes		2,416			2,176			2,177			1,951			1,952
Average diluted shares outstanding		108,472,559			96,968,775			96,367,857			92,870,813			92,897,105
Shares repurchased		400,000			-			-			-			-
Average price of shares repurchased		25.97			-			-			-			-
Cash dividends declared per common share		0.16			0.16			0.16			0.16			0.15
Financial Highlights - Core (non-GAAP)
Core earnings (excludes non-core items) (1)	$	71,087		$	83,963		$	65,453		$	49,076		$	56,451
Core diluted earnings per share (1)		0.66			0.87			0.68			0.53			0.61
Core net interest margin (FTE) (2)		3.43	%		3.58	%		3.66	%		3.67	%		3.66	%
Accretable yield on acquired loans		15,100			9,322			10,162			6,660			3,850
Efficiency ratio (1)		52.63	%		43.77	%		49.88	%		56.76	%		51.99	%
Core return on average assets (1)		1.41	%		1.88	%		1.51	%		1.22	%		1.37	%
Core return on average common equity (1)		10.80	%		14.06	%		11.16	%		8.85	%		10.13	%
Core return on tangible common equity (1)		19.50	%		25.52	%		20.36	%		15.76	%		18.21	%
YEAR-TO-DATE
Financial Highlights - GAAP
Net Income	$	237,841		$	185,119		$	103,293		$	47,695		$	215,713
Diluted earnings per share		2.41			1.94			1.09			0.51			2.32
Return on average assets		1.33	%		1.44	%		1.24	%		1.19	%		1.37	%
Return on average common equity		9.93	%		10.65	%		9.05	%		8.60	%		10.00	%
Return on tangible common equity		17.99	%		19.27	%		16.38	%		15.34	%		18.44	%
Net interest margin (FTE)		3.83	%		3.86	%		3.89	%		3.85	%		3.97	%
FTE adjustment		7,322			5,150			3,307			1,601			5,297
Amortization of intangibles		11,805			8,535			5,588			2,641			11,009
Amortization of intangibles, net of taxes		8,720			6,304			4,128			1,951			8,132
Average diluted shares outstanding		98,796,628			95,450,732			94,588,739			92,870,813			92,830,485
Cash dividends declared per common share		0.64			0.48			0.32			0.16			0.60
Financial Highlights - Core (non-GAAP)
Core earnings (excludes non-core items) (1)	$	269,579		$	198,492		$	114,529		$	49,076		$	220,233
Diluted core earnings per share (1)		2.73			2.08			1.21			0.53			2.37
Core net interest margin (FTE) (2)		3.58	%		3.63	%		3.66	%		3.67	%		3.72	%
Accretable yield on acquired loans		41,244			26,144			16,822			6,660			35,263
Efficiency ratio (1)		50.33	%		49.49	%		53.14	%		56.76	%		52.85	%
Core return on average assets (1)		1.51	%		1.55	%		1.37	%		1.22	%		1.40	%
Core return on average common equity (1)		11.25	%		11.42	%		10.04	%		8.85	%		10.21	%
Core return on tangible common equity (1)		20.31	%		20.62	%		18.09	%		15.76	%		18.81	%
END OF PERIOD
Book value per share	$	26.30		$	26.36		$	25.57		$	24.87		$	24.33
Tangible book value per share		15.89			15.73			14.90			14.78			14.18
Shares outstanding		113,628,601			96,613,855			96,590,656			92,568,361			92,347,643
Full-time equivalent employees		3,270			2,701			2,700			2,602			2,654
Total number of financial centers		251			212			212			191			191
(1) Core earnings exclude non-core items, which is a non-GAAP measurement. Reconciliations to GAAP are included in the
schedules accompanying this release.
(2) Excludes accretable yield adjustment on loans, which is a non-GAAP measurement. Reconciliations to GAAP are included in
the schedules accompanying this release.

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - Core Earnings
For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)		2019			2019			2019			2019			2018
($ in thousands, except per share data)
QUARTER-TO-DATE
Net Income	$	52,722		$	81,826		$	55,598		$	47,695		$	55,646
Non-core items
Merger-related costs		24,831			2,556			7,522			1,470			797
Early retirement program		-			177			2,932			355			-
Branch right-sizing		37			160			2,887			45			292
Tax effect (1)		(6,503	)		(756	)		(3,486	)		(489	)		(284	)
Net non-core items		18,365			2,137			9,855			1,381			805
Core earnings (non-GAAP)	$	71,087		$	83,963		$	65,453		$	49,076		$	56,451
Diluted earnings per share	$	0.49		$	0.84		$	0.58		$	0.51		$	0.60
Non-core items
Merger-related costs		0.23			0.04			0.08			0.02			0.01
Early retirement program		-			-			0.03			0.01			-
Branch right-sizing		-			-			0.03			-			-
Tax effect (1)		(0.06	)		(0.01	)		(0.04	)		(0.01	)		-
Net non-core items		0.17			0.03			0.10			0.02			0.01
Core earnings (non-GAAP)	$	0.66		$	0.87		$	0.68		$	0.53		$	0.61
YEAR-TO-DATE
Net Income	$	237,841		$	185,119		$	103,293		$	47,695		$	215,713
Non-core items
Merger-related costs		36,379			11,548			8,992			1,470			4,777
Early retirement program		3,464			3,464			3,287			355			-
Branch right-sizing		3,129			3,092			2,932			45			1,341
Tax effect (1)		(11,234	)		(4,731	)		(3,975	)		(489	)		(1,598	)
Net non-core items		31,738			13,373			11,236			1,381			4,520
Core earnings (non-GAAP)	$	269,579		$	198,492		$	114,529		$	49,076		$	220,233
Diluted earnings per share	$	2.41		$	1.94		$	1.09		$	0.51		$	2.32
Non-core items
Merger-related costs		0.37			0.12			0.10			0.02			0.05
Early retirement program		0.03			0.04			0.03			0.01			-
Branch right-sizing		0.03			0.03			0.03			-			0.02
Tax effect (1)		(0.11	)		(0.05	)		(0.04	)		(0.01	)		(0.02	)
Net non-core items		0.32			0.14			0.12			0.02			0.05
Core earnings (non-GAAP)	$	2.73		$	2.08		$	1.21		$	0.53		$	2.37
(1) Effective tax rate of 26.135%.
Reconciliation of Selected Non-Core Non-Interest Expense Items (non-GAAP)
QUARTER-TO-DATE
Salaries and employee benefits	$	63,235		$	52,065		$	56,128		$	56,367		$	49,193
Non-core items (1)		-			(176	)		(2,937	)		(351	)		(118	)
Core salaries and employee benefits (non-GAAP)	$	63,235		$	51,889		$	53,191		$	56,016		$	49,075
Merger related costs	$	24,831		$	2,556		$	7,522		$	1,470		$	797
Non-core items (1)		(24,831	)		(2,556	)		(7,522	)		(1,470	)		(797	)
Core merger related costs (non-GAAP)	$	-		$	-		$	-		$	-		$	-
Other operating expenses	$	38,044		$	37,881		$	32,867		$	30,062		$	30,222
Non-core items (1)		(4	)		(90	)		(2,834	)		(10	)		70
Core other operating expenses (non-GAAP)	$	38,040		$	37,791		$	30,033		$	30,052		$	30,292
(1) Non-core items include merger related costs, early retirement program expenses and branch right sizing costs.

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - End of Period
For the Quarters Ended
(Unaudited)	Dec 31			Sept 30			Jun 30			Mar 31			Dec 31
		2019			2019			2019			2019			2018
($ 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	$	2,988,170		$	2,547,071		$	2,469,513		$	2,302,321		$	2,246,434
Intangible assets:
Goodwill		(1,055,520	)		(926,648	)		(926,450	)		(845,687	)		(845,687	)
Other intangible assets		(127,340	)		(101,149	)		(104,096	)		(88,694	)		(91,334	)
Total intangibles		(1,182,860	)		(1,027,797	)		(1,030,546	)		(934,381	)		(937,021	)
Tangible common stockholders' equity	$	1,805,310		$	1,519,274		$	1,438,967		$	1,367,940		$	1,309,413
Total assets	$	21,259,143		$	17,758,511		$	17,937,435		$	16,091,639		$	16,543,337
Intangible assets:
Goodwill		(1,055,520	)		(926,648	)		(926,450	)		(845,687	)		(845,687	)
Other intangible assets		(127,340	)		(101,149	)		(104,096	)		(88,694	)		(91,334	)
Total intangibles		(1,182,860	)		(1,027,797	)		(1,030,546	)		(934,381	)		(937,021	)
Tangible assets	$	20,076,283		$	16,730,714		$	16,906,889		$	15,157,258		$	15,606,316
Ratio of equity to assets		14.06	%		14.34	%		13.77	%		14.31	%		13.58	%
Ratio of tangible common equity to tangible assets		8.99	%		9.08	%		8.51	%		9.02	%		8.39	%
Calculation of Discount for credit losses and allowance on loans acquired to total loans acquired plus
discount for credit losses and allowance on loans acquired
Credit discount on acquired loans	$	87,291		$	60,379		$	73,498		$	42,416		$	49,297
Allowance for loan losses on acquired loans		444			597			1,112			1,312			95
Total credit discount and ALLL on acquired loans	$	87,735		$	60,976		$	74,610		$	43,728		$	49,392
Total loans acquired	$	4,882,919		$	3,420,563		$	3,939,126		$	3,099,915		$	3,342,175
Discount and ALLL on acquired loans to acquired loans		1.80	%		1.78	%		1.89	%		1.41	%		1.48	%
Calculation of Total Allowance and Credit Coverage
Allowance for loan losses	$	67,800		$	65,993		$	63,067		$	59,243		$	56,599
Total credit discount and ALLL on acquired loans		87,735			60,976			74,610			43,728			49,392
Total allowance and credit discount	$	155,535		$	126,969		$	137,677		$	102,971		$	105,991
Total loans	$	14,512,995		$	13,063,928		$	13,201,623		$	11,784,465		$	11,772,563
Total allowance and credit coverage		1.07	%		0.97	%		1.04	%		0.87	%		0.90	%
Calculation of Tangible Book Value per Share
Total common stockholders' equity	$	2,988,170		$	2,547,071		$	2,469,513		$	2,302,321		$	2,246,434
Intangible assets:
Goodwill		(1,055,520	)		(926,648	)		(926,450	)		(845,687	)		(845,687	)
Other intangible assets		(127,340	)		(101,149	)		(104,096	)		(88,694	)		(91,334	)
Total intangibles		(1,182,860	)		(1,027,797	)		(1,030,546	)		(934,381	)		(937,021	)
Tangible common stockholders' equity	$	1,805,310		$	1,519,274		$	1,438,967		$	1,367,940		$	1,309,413
Shares of common stock outstanding		113,628,601			96,613,855			96,590,656			92,568,361			92,347,643
Book value per common share	$	26.30		$	26.36		$	25.57		$	24.87		$	24.33
Tangible book value per common share	$	15.89		$	15.73		$	14.90		$	14.78		$	14.18

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date
For the Quarters Ended
(Unaudited)	Dec 31			Sept 30			Jun 30			Mar 31			Dec 31
		2019			2019			2019			2019			2018
($ in thousands)
Calculation of Core Return on Average Assets
Net income	$	52,722		$	81,826		$	55,598		$	47,695		$	55,646
Net non-core items, net of taxes, adjustment		18,365			2,137			9,855			1,381			805
Core earnings	$	71,087		$	83,963		$	65,453		$	49,076		$	56,451
Average total assets	$	20,041,890		$	17,720,598		$	17,382,872		$	16,302,197		$	16,357,753
Return on average assets		1.04	%		1.83	%		1.28	%		1.19	%		1.35	%
Core return on average assets		1.41	%		1.88	%		1.51	%		1.22	%		1.37	%
Calculation of Return on Tangible Common Equity
Net income	$	52,722		$	81,826		$	55,598		$	47,695		$	55,646
Amortization of intangibles, net of taxes		2,416			2,176			2,177			1,951			1,952
Total income available to common stockholders	$	55,138		$	84,002		$	57,775		$	49,646		$	57,598
Net non-core items, net of taxes		18,365			2,137			9,855			1,381			805
Core earnings		71,087			83,963			65,453			49,076			56,451
Amortization of intangibles, net of taxes		2,416			2,176			2,177			1,951			1,952
Total core income available to common stockholders	$	73,503		$	86,139		$	67,630		$	51,027		$	58,403
Average common stockholders' equity	$	2,611,143		$	2,368,773		$	2,351,603		$	2,248,898		$	2,211,217
Average intangible assets:
Goodwill		(997,004	)		(926,687	)		(915,445	)		(845,687	)		(845,687	)
Other intangibles		(118,311	)		(103,028	)		(104,050	)		(90,317	)		(92,990	)
Total average intangibles		(1,115,315	)		(1,029,715	)		(1,019,495	)		(936,004	)		(938,677	)
Average tangible common stockholders' equity	$	1,495,828		$	1,339,058		$	1,332,108		$	1,312,894		$	1,272,540
Return on average common equity		8.01	%		13.70	%		9.48	%		8.60	%		9.98	%
Return on tangible common equity		14.62	%		24.89	%		17.40	%		15.34	%		17.96	%
Core return on average common equity		10.80	%		14.06	%		11.16	%		8.85	%		10.13	%
Core return on tangible common equity		19.50	%		25.52	%		20.36	%		15.76	%		18.21	%
Calculation of Efficiency Ratio (1)
Non-interest expense	$	142,095		$	106,865		$	110,743		$	101,409		$	95,396
Non-core non-interest expense adjustment		(24,868	)		(2,893	)		(13,341	)		(1,870	)		(1,089	)
Other real estate and foreclosure expense adjustment		(1,063	)		(1,057	)		(563	)		(599	)		(1,300	)
Amortization of intangibles adjustment		(3,270	)		(2,947	)		(2,947	)		(2,641	)		(2,642	)
Efficiency ratio numerator	$	112,894		$	99,968		$	93,892		$	96,299		$	90,365
Net-interest income	$	167,729		$	150,164		$	150,356		$	137,026		$	137,781
Non-interest income		44,967			83,775			39,006			33,761			34,588
Fully tax-equivalent adjustment		2,172			1,843			1,706			1,601			1,466
Gain on sale of securities		(377	)		(7,374	)		(2,823	)		(2,740	)		(8	)
Efficiency ratio denominator	$	214,491		$	228,408		$	188,245		$	169,648		$	173,827
Efficiency ratio (1)		52.63	%		43.77	%		49.88	%		56.76	%		51.99	%
Calculation of Core Net Interest Margin
Net interest income	$	167,729		$	150,164		$	150,356		$	137,026		$	137,781
Fully tax-equivalent adjustment		2,172			1,843			1,706			1,601			1,466
Fully tax-equivalent net interest income		169,901			152,007			152,062			138,627			139,247
Total accretable yield		(15,100	)		(9,322	)		(10,162	)		(6,660	)		(3,850	)
Core net interest income	$	154,801		$	142,685		$	141,900		$	131,967		$	135,397
Average earning assets	$	17,911,071		$	15,831,432		$	15,540,371		$	14,593,905		$	14,686,038
Net interest margin		3.76	%		3.81	%		3.92	%		3.85	%		3.76	%
Core net interest margin		3.43	%		3.58	%		3.66	%		3.67	%		3.66	%
Calculation of Core Loan Yield
Loan interest income	$	193,402		$	179,971		$	178,122		$	159,440		$	159,996
Total accretable yield		(15,100	)		(9,322	)		(10,162	)		(6,660	)		(3,850	)
Core loan interest income	$	178,302		$	170,649		$	167,960		$	152,780		$	156,146
Average loan balance	$	14,144,259		$	13,052,943		$	12,813,274		$	11,710,075		$	11,788,838
Core loan yield		5.00	%		5.19	%		5.26	%		5.29	%		5.25	%
(1) Efficiency ratio is 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 non-core items.

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - Year-to-Date
For the Quarters Ended
(Unaudited)	Dec 31			Sept 30			Jun 30			Mar 31			Dec 31
		2019			2019			2019			2019			2018
($ in thousands)
Calculation of Core Return on Average Assets
Net income	$	237,841		$	185,119		$	103,293		$	47,695		$	215,713
Net non-core items, net of taxes, adjustment		31,738			13,373			11,236			1,381			4,520
Core earnings	$	269,579		$	198,492		$	114,529		$	49,076		$	220,233
Average total assets	$	17,871,748		$	17,140,419		$	16,845,528		$	16,302,197		$	15,771,362
Return on average assets		1.33	%		1.44	%		1.24	%		1.19	%		1.37	%
Core return on average assets		1.51	%		1.55	%		1.37	%		1.22	%		1.40	%
Calculation of Return on Tangible Common Equity
Net income	$	237,841		$	185,119		$	103,293		$	47,695		$	215,713
Amortization of intangibles, net of taxes		8,720			6,304			4,128			1,951			8,132
Total income available to common stockholders	$	246,561		$	191,423		$	107,421		$	49,646		$	223,845
Net non-core items, net of taxes		31,738			13,373			11,236			1,381			4,520
Core earnings		269,579			198,492			114,529			49,076			220,233
Amortization of intangibles, net of taxes		8,720			6,304			4,128			1,951			8,132
Total core income available to common stockholders	$	278,299		$	204,796		$	118,657		$	51,027		$	228,365
Average common stockholders' equity	$	2,396,024		$	2,323,530		$	2,300,535		$	2,248,898		$	2,157,097
Average intangible assets:
Goodwill		(921,635	)		(896,236	)		(880,759	)		(845,688	)		(845,308	)
Other intangibles		(104,000	)		(99,178	)		(97,221	)		(90,316	)		(97,820	)
Total average intangibles		(1,025,635	)		(995,414	)		(977,980	)		(936,004	)		(943,128	)
Average tangible common stockholders' equity	$	1,370,389		$	1,328,116		$	1,322,555		$	1,312,894		$	1,213,969
Return on average common equity		9.93	%		10.65	%		9.05	%		8.60	%		10.00	%
Return on tangible common equity		17.99	%		19.27	%		16.38	%		15.34	%		18.44	%
Core return on average common equity		11.25	%		11.42	%		10.04	%		8.85	%		10.21	%
Core return on tangible common equity		20.31	%		20.62	%		18.09	%		15.76	%		18.81	%
Calculation of Efficiency Ratio (1)
Non-interest expense	$	461,112		$	319,017		$	212,152		$	101,409		$	392,229
Non-core non-interest expense adjustment		(42,972	)		(18,104	)		(15,211	)		(1,870	)		(6,118	)
Other real estate and foreclosure expense adjustment		(3,282	)		(2,219	)		(1,162	)		(599	)		(4,240	)
Amortization of intangibles adjustment		(11,805	)		(8,535	)		(5,588	)		(2,641	)		(11,009	)
Efficiency ratio numerator	$	403,053		$	290,159		$	190,191		$	96,299		$	370,862
Net-interest income	$	605,275		$	437,546		$	287,382		$	137,026		$	552,552
Non-interest income		201,509			156,542			72,767			33,761			143,896
Fully tax-equivalent adjustment		7,322			5,150			3,307			1,601			5,297
Gain on sale of securities		(13,314	)		(12,937	)		(5,563	)		(2,740	)		(61	)
Efficiency ratio denominator	$	800,792		$	586,301		$	357,893		$	169,648		$	701,684
Efficiency ratio (1)		50.33	%		49.49	%		53.14	%		56.76	%		52.85	%
Calculation of Core Net Interest Margin
Net interest income	$	605,275		$	437,546		$	287,382		$	137,026		$	552,552
Fully tax-equivalent adjustment		7,322			5,150			3,307			1,601			5,297
Fully tax-equivalent net interest income		612,597			442,696			290,689			138,627			557,849
Total accretable yield		(41,244	)		(26,144	)		(16,822	)		(6,660	)		(35,263	)
Core net interest income	$	571,353		$	416,552		$	273,867		$	131,967		$	522,586
Average earning assets	$	15,977,909		$	15,326,432		$	15,069,751		$	14,593,905		$	14,036,614
Net interest margin		3.83	%		3.86	%		3.89	%		3.85	%		3.97	%
Core net interest margin		3.58	%		3.63	%		3.66	%		3.67	%		3.72	%
Calculation of Core Loan Yield
Loan interest income	$	710,935		$	517,533		$	337,562		$	159,440		$	616,037
Total accretable yield		(41,244	)		(26,144	)		(16,822	)		(6,660	)		(35,263	)
Core loan interest income	$	669,691		$	491,389		$	320,740		$	152,780		$	580,774
Average loan balance	$	12,937,147		$	12,530,348		$	12,264,724		$	11,710,075		$	11,355,890
Core loan yield		5.18	%		5.24	%		5.27	%		5.29	%		5.11	%
(1) Efficiency ratio is 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 non-core items.

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