Simmons Reports First Quarter 2020 Earnings

Simmons First National Corporation (NASDAQ: SFNC) (the “Company” or “Simmons”) today announced net income of $77.2 million for the quarter ended March 31, 2020, compared to $47.7 million for the same period in 2019, an increase of $29.5 million, or 61.9%. Diluted earnings per share were $0.68, an increase of $0.17, or 33.3%, compared to the same period in the prior year. Included in first quarter 2020 results were $965,000 in net after-tax merger-related and branch right-sizing costs as well as a $4.4 million after-tax gain associated with the sale of branches in south Texas.

Excluding the impact of these items, core earnings were $73.8 million for the quarter ended March 31, 2020, compared to $49.1 million for the quarter ended March 31, 2019, an increase of $24.8 million, or 50.5%. Core diluted earnings per share were $0.65, an increase of $0.12, or 22.6%, from the same period in 2019.

“I am very proud of our team and their demonstration of our community banking values during these trying times,” said George A. Makris, Jr., chairman and CEO of Simmons First National Corporation. “Many of our associates could not work from home because they were serving our customers who needed our help.”

Makris continued, “On behalf of Simmons Bank, our customers, and the communities we serve, I would like to thank our healthcare professionals and other front-line workers, along with our federal, state and local officials, who have all responded quickly and with great care to the challenges presented by the pandemic. We believe we are well positioned to help our customers and communities as we come out of these unprecedented times. We have very strong liquidity and capital that we believe should assist Simmons once again in weathering critical economic times. The diversification in our risk profile along with a conservative risk appetite has helped to accommodate the needs of the communities we serve while providing value to our shareholders.”

Selected Highlights:	1st Qtr 2020	4th Qtr 2019	1st Qtr 2019
Net income	$77.2 million	$52.7 million	$47.7 million
Diluted earnings per share	$0.68	$0.49	$0.51
Return on avg assets	1.48%	1.04%	1.19%
Return on avg common equity	10.83%	8.01%	8.60%
Return on tangible common equity (1)	19.00%	14.62%	15.34%
Core earnings (2)	$73.8 million	$71.1 million	$49.1 million
Core diluted earnings per share (2)	$0.65	$0.66	$0.53
Core return on avg assets (2)	1.42%	1.41%	1.22%
Core return on avg common equity (2)	10.35%	10.80%	8.85%
Core return on tangible common equity (1)(2)	18.19%	19.49%	15.76%
Efficiency ratio (3)	56.38%	52.63%	56.76%

1. Return on tangible common equity excludes goodwill and other intangible assets and is a non-GAAP measurement. Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below.
2. Core figures exclude non-core items and are non-GAAP measurements. 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 non-interest revenues, excluding gains and losses from securities transactions and non-core items, and is a non-GAAP measurement. Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below.

Loans

($ in billions)	1st Qtr 2020		4th Qtr 2019		1st Qtr 2019
Total loans	$14.37		$14.43		$11.74

Total loans were $14.4 billion at March 31, 2020, an increase of $2.6 billion, or 22.4%, compared to March 31, 2019, primarily due to the Reliance Bancshares, Inc. and The Landrum Company mergers completed during 2019 (“2019 mergers”). On a linked-quarter basis (March 31, 2020 compared to December 31, 2019), total loans decreased $51.4 million, or 0.4%. During the first quarter 2020, $115 million in loan balances were reclassified associated with the four branches held for sale in Colorado.

Deposits

($ in billions)	1st Qtr 2020		4th Qtr 2019		1st Qtr 2019
Total deposits	$15.6		$16.1		$12.0
Non-time deposits	$12.4		$12.8		$9.3
Time deposits	$3.2		$3.3		$2.7

Total deposits were $15.6 billion at March 31, 2020, an increase of $3.6 billion, or 29.8%, since March 31, 2019, primarily due to the 2019 mergers, but partially offset by the reclassification of $58.4 million of deposits associated with the Colorado branches held for sale.

Net Interest Income

	1st Qtr 2020	4th Qtr 2019	3rd Qtr 2019	2nd Qtr 2019	1st Qtr 2019
Loan yield (1)	5.19%	5.43%	5.47%	5.58%	5.53%
Core loan yield (1) (2)	4.86%	5.00%	5.19%	5.26%	5.29%
Security yield (1)	2.63%	2.73%	2.87%	3.06%	3.11%
Cost of interest bearing deposits	1.03%	1.22%	1.40%	1.37%	1.31%
Cost of deposits (3)	0.80%	0.94%	1.09%	1.07%	1.02%
Cost of borrowed funds	2.06%	2.30%	2.52%	2.50%	2.73%
Net interest margin (1)	3.68%	3.78%	3.82%	3.94%	3.86%
Core net interest margin (1) (2)	3.42%	3.44%	3.59%	3.67%	3.68%

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 first quarter of 2020 was $167.5 million, an increase of $31.5 million, or 23.2%, from the same period of 2019 as a result of the 2019 mergers. Included in interest income was the yield accretion recognized on loans acquired of $11.8 million and $6.7 million for the first quarters of 2020 and 2019, respectively.

Net interest margin (FTE) was 3.68% for the quarter ended March 31, 2020, while core net interest margin, which excludes the accretion, was 3.42% for the same period. The decrease in the net interest margin during the first quarter of 2020 was due to a timing difference between the Company’s ability to manage the rate decrease in its variable rate loan portfolio and its repricing of interest bearing deposits in response to the substantial interest rate cuts by the Federal Open Market Committee of the Federal Reserve in March.

Non-Interest Income

Non-interest income for the first quarter of 2020 was $82.4 million, an increase of $47.6 million compared to the same period in the previous year. During the first quarter 2020, the Company sold approximately $1.0 billion in securities resulting in a gain of $30.1 million. In addition, the Company recognized a $5.9 million gain associated with the sale of the branches in south Texas recorded in Other Income, which the Company considers a non-core item.

Selected Non-Interest Income Items($ in millions)	1st Qtr 2020		4th Qtr 2019		3rd Qtr 2019		2nd Qtr 2019		1st Qtr 2019
Service charges on deposit accounts	$13.3		$13.3		$10.8		$10.6		$10.1
Mortgage lending income	$5.0		$4.0		$4.5		$3.7		$2.8
SBA lending income	$0.3		$0.3		$1.0		$0.9		$0.5
Debit and credit card fees	$7.9		$8.9		$7.1		$7.2		$6.1
Gain on sale of securities	$32.1		$0.4		$7.4		$2.8		$2.7
Other income	$12.8		$7.1		$44.7		$6.1		$4.2
Core other income(1)	$6.9		$7.1		$44.7		$6.1		$4.2

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.

Non-Interest Expense

Non-interest expense for the first quarter of 2020 was $125.8 million, an increase of $24.4 million compared to the first quarter of 2019. Included in this quarter were $1.3 million of pre-tax non-core items for merger-related expenses and branch right-sizing costs. Excluding these expenses, core non-interest expense was $124.5 million for the first quarter of 2020, an increase of $25.0 million compared to the same period in 2019, primarily the result of the 2019 mergers and additional software and technology costs related to the Next Generation Banking (“NGB”) initiative.

The efficiency ratio for the first quarter of 2020 was 56.38% compared to 56.76% for the same period in 2019.

Selected Non-Interest Expense Items($ in millions)	1st Qtr 2020		4th Qtr 2019		3rd Qtr 2019		2nd Qtr 2019		1st Qtr 2019
Salaries and employee benefits	$67.9		$63.2		$52.1		$56.1		$56.4
Merger related costs	$1.1		$24.8		$2.6		$7.5		$1.5
Other operating expenses	$38.8		$38.0		$37.9		$32.9		$30.1
Core salaries and employee benefits(1)	$67.9		$63.2		$51.9		$53.2		$56.0
Core merger related costs(1)	-		-		-		-		-
Core other operating expenses(1)	$38.6		$38.0		$37.8		$30.0		$30.1

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

	1st Qtr 2020	4th Qtr 2019	3rd Qtr 2019	2nd Qtr 2019	1st Qtr 2019
Allowance for credit losses to total loans	1.69%	0.47%	0.51%	0.49%	0.52%
Allowance for credit losses to non-performing loans	154%	74%	78%	60%	63%
Non-performing loans to total loans	1.10%	0.64%	0.65%	0.81%	0.81%
Net charge-off ratio (annualized)	0.07%	0.09%	0.59%	0.11%	0.19%
Net charge-off ratio YTD (annualized)	0.07%	0.24%	0.30%	0.15%	0.19%

At March 31, 2020, the allowance for credit losses was $243.2 million. Provision for credit losses for the first quarter of 2020 was $26.1 million.

Foreclosed Assets and Other Real Estate Owned

At March 31, 2020, foreclosed assets and other real estate owned were $20.8 million, an increase of $1.9 million, or 9.8%, compared to the same period in 2019 and an increase of $1.7 million, or 8.8% from December 31, 2019. The increase from year end was primarily due the closure of six branches in conjunction with the February 2020 system conversion of Landmark Bank into Simmons Bank. The composition of these assets is divided into three types:         

($ in millions)	1st Qtr 2020		4th Qtr 2019		3rd Qtr 2019		2nd Qtr 2019		1st Qtr 2019
Closed bank branches, branch sites & associate relocation	$8.8		$5.7		$5.9		$6.5		$7.6
Foreclosed assets – acquired	$9.2		$10.3		$10.1		$13.3		$6.2
Foreclosed assets – legacy	$2.8		$3.1		$3.6		$5.0		$5.2

Capital

	1st Qtr 2020	4th Qtr 2019	3rd Qtr 2019	2nd Qtr 2019	1st Qtr 2019
Stockholders’ equity to total assets	13.7%	14.1%	14.3%	13.8%	14.3%
Tangible common equity to tangible assets	8.4%	9.0%	9.1%	8.5%	9.0%
Regulatory tier 1 leverage ratio	9.0%	9.6%	9.1%	8.9%	9.1%
Regulatory total risk-based capital ratio	14.1%	13.7%	13.2%	12.7%	13.6%

At March 31, 2020, common stockholders' equity was $2.8 billion. Book value per share was $26.11 and tangible book value per share was $15.22 at March 31, 2020, compared to $26.30 and $15.89, respectively, at December 31, 2019. The ratio of stockholders’ equity to total assets was 13.7% at March 31, 2020, compared to 14.1% at December 31, 2019 while the tangible common equity to tangible assets was 8.4% at March 31, 2020, compared to 9.0% from the previous year-end.

Effective March 4, 2020, the Company’s board of directors approved an amendment to the Company’s stock repurchase program originally approved on October 17, 2019 to increase the amount of common stock that may be repurchased under the program from a maximum of $60 million to $180 million.  During the first quarter of 2020, the Company repurchased approximately 4,900,000 shares of its commons stock at an average price of $18.94. No shares have been repurchased since March 31, 2020. Market conditions and our capital needs will drive the decisions regarding additional, future stock repurchases.

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 previous practice. The CECL guidance was effective for the Company as of January 1, 2020. Upon adoption, the Company recorded an additional allowance for credit losses of approximately $151 million and an adjustment to the reserve for unfunded commitments of $24 million with a related $128 million as an adjustment to retained earnings, net of income taxes. The adjustment was based upon the Company’s analysis of current conditions, assumptions and economic forecasts.

COVID-19 Impact

In March 2020, Congress passed the Coronavirus Aid, Relief and Economic Security (“CARES”) Act, which is designed to provide comprehensive relief to individuals and businesses following the unprecedented impact of the COVID-19 pandemic. The CARES Act includes approximately $2 trillion in assistance and a key component is the Paycheck Protection Program (“PPP”), which provides 100% federally guaranteed loans for small businesses to cover up to eight weeks of payroll costs to retain their workforce and assist with mortgage interest, rent and utilities. Notably, these small business loans may be forgiven if borrowers maintain their payrolls and satisfy certain other conditions during the crisis.

In response to the economic hardships associated with the COVID-19 pandemic, as of April 16th, the Company has obtained approval from the SBA for over 3,100 PPP loans totaling over $745 million for existing and new customers. The Company is continually monitoring the PPP and making the necessary adjustments to its own operations.

In addition, the Company has completed or is in the process of modifying more than 3,600 loans totaling over $2.8 billion. The Company is dedicated to supporting its customers and communities throughout this period of uncertainty.

In March and in response to the pandemic, the Company announced temporary closure of 52 branches and has been focusing on the enhanced digital banking experience.

The Company has implemented business continuity plans to help ensure that customers have adequate access to banking services while at the same time working to protect associates through heightened safety procedures. As of March 31, 2020, the Company has approximately $4.7 billion in liquidity sources available and is well capitalized, which management believes should allow the Company to approach the crisis from a position of strength.

Simmons First National Corporation

Simmons First National Corporation is a financial holding company headquartered in Pine Bluff, Arkansas, with total consolidated assets of approximately $20.8 billion as of March 31, 2020, 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. CDT today, Tuesday, April 21, 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 5979394. 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, gain on sale of branches 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, acquisition strategy, NGB initiative, the Company’s ability to recruit and retain key employees, the adequacy of the allowance for credit losses, and the ability of the Company to manage the impact of the COVID-19 pandemic. Any forward-looking statement speaks only as of the date of this news release, and Simmons undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release. By nature, forward-looking statements are based on various assumptions and involve inherent risk and uncertainties. Various factors, including, but not limited to, changes in economic conditions, credit quality, interest rates, loan demand, deposit flows, real estate values, the assumptions used in making the forward-looking statements, the securities markets generally or the price of Simmons common stock specifically, and information technology affecting the financial industry; the effects of the COVID-19 pandemic on, among other things, the Company’s operations, liquidity, and credit quality; general economic and market conditions; unemployment; potential claims, damages, and fines related to litigation or government actions, including litigation or actions arising from the Company’s participation in and administration of programs related to the COVID-19 pandemic (including, among other things, the CARES Act); changes in accounting principles relating to loan loss recognition (CECL); the Company’s ability to manage and successfully integrate its mergers and acquisitions; cyber threats, attacks or events; reliance on third parties for key services; and other factors, many of which are beyond the control of the Company, could cause actual results to differ materially from those contemplated by the forward-looking statements. Additional information on factors that might affect the Company’s financial results is included in its Form 10-K for the year ended December 31, 2019, which has been filed with, and is available from, the U.S. Securities and Exchange Commission.

FOR MORE INFORMATION CONTACT:Stephen C. MassanelliEVP, Chief Administrative Officer and Investor Relations OfficerSimmons First National [e-mail]

Simmons First National Corporation													SFNC
Consolidated End of Period Balance Sheets
For the Quarters Ended	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)		2020			2019			2019			2019			2019
($ in thousands)
ASSETS
Cash and non-interest bearing balances due from banks	$	244,123		$	277,208		$	161,440		$	145,491		$	151,112
Interest bearing balances due from banks and federal funds sold		1,493,076			719,415			368,530			509,765			340,049
Cash and cash equivalents		1,737,199			996,623			529,970			655,256			491,161
Interest bearing balances due from banks - time		4,309			4,554			5,041			5,041			4,684
Investment securities - held-to-maturity		53,968			40,927			42,237			47,455			61,435
Investment securities - available-for-sale		2,466,640			3,288,343			2,210,931			2,191,573			2,092,637
Mortgage loans held for sale		49,984			58,102			50,099			34,999			18,480
Other assets held for sale		115,315			260,332			383			397			397
Loans:
Loans		14,374,277			14,425,704			13,003,549			13,128,125			11,742,049
Allowance for credit losses on loans		(243,195	)		(68,244	)		(66,590	)		(64,179	)		(60,555	)
Net loans		14,131,082			14,357,460			12,936,959			13,063,946			11,681,494
Premises and equipment		484,990			492,384			378,678			370,551			333,740
Foreclosed assets and other real estate owned		20,805			19,121			19,576			24,761			18,952
Interest receivable		57,039			62,707			53,966			54,781			51,796
Bank owned life insurance		255,197			254,152			234,655			233,345			192,736
Goodwill		1,064,978			1,055,520			926,648			926,450			845,687
Other intangible assets		121,673			127,340			101,149			104,096			88,694
Other assets		278,173			241,578			268,219			224,784			209,746
Total assets	$	20,841,352		$	21,259,143		$	17,758,511		$	17,937,435		$	16,091,639
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing transaction accounts	$	3,572,244		$	3,741,093		$	3,044,330		$	2,954,032		$	2,674,034
Interest bearing transaction accounts and savings deposits		8,840,678			9,090,878			7,337,571			7,258,005			6,666,823
Time deposits		3,146,811			3,276,969			3,086,108			3,304,176			2,648,674
Total deposits		15,559,733			16,108,940			13,468,009			13,516,213			11,989,531
Federal funds purchased and securities sold
under agreements to repurchase		377,859			150,145			116,536			130,470			120,213
Other borrowings		1,396,829			1,297,599			1,098,395			1,324,094			1,169,989
Subordinated notes and debentures		388,396			388,260			354,223			354,132			354,041
Other liabilities held for sale		58,405			159,853			-			162			162
Accrued interest and other liabilities		214,730			165,422			174,277			142,851			155,382
Total liabilities		17,995,952			18,270,219			15,211,440			15,467,922			13,789,318
Stockholders' equity:
Preferred stock		767			767			-			-			-
Common stock		1,090			1,136			966			966			926
Surplus		2,026,420			2,117,282			1,708,058			1,705,262			1,599,566
Undivided profits		778,893			848,848			814,338			747,969			707,829
Accumulated other comprehensive income (loss):
Unrealized accretion (depreciation) on AFS securities		38,230			20,891			23,709			15,316			(6,000	)
Total stockholders' equity		2,845,400			2,988,924			2,547,071			2,469,513			2,302,321
Total liabilities and stockholders' equity	$	20,841,352		$	21,259,143		$	17,758,511		$	17,937,435		$	16,091,639

Simmons First National Corporation													SFNC
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)		2020			2019			2019			2019			2019
($ in thousands, except per share data)
INTEREST INCOME
Loans	$	187,566		$	193,402		$	179,971		$	178,122		$	159,440
Interest bearing balances due from banks and federal funds sold		2,441			2,625			1,586			1,121			2,154
Investment securities		18,943			16,962			14,467			15,666			16,281
Mortgage loans held for sale		281			402			382			332			210
TOTAL INTEREST INCOME		209,231			213,391			196,406			195,241			178,085
INTEREST EXPENSE
Time deposits		13,323			16,198			15,573			14,606			12,320
Other deposits		17,954			20,331			21,363			20,190			18,430
Federal funds purchased and securities
sold under agreements to repurchase		759			368			249			257			136
Other borrowings		4,877			4,615			5,381			6,219			6,793
Subordinated notes and debentures		4,835			4,813			4,576			4,541			4,411
TOTAL INTEREST EXPENSE		41,748			46,325			47,142			45,813			42,090
NET INTEREST INCOME		167,483			167,066			149,264			149,428			135,995
Provision for credit losses		26,134			4,903			21,973			7,079			9,285
NET INTEREST INCOME AFTER PROVISION
FOR CREDIT LOSSES		141,349			162,163			127,291			142,349			126,710
NON-INTEREST INCOME
Trust income		7,151			7,430			6,108			5,794			5,708
Service charges on deposit accounts		13,328			13,332			10,825			10,557			10,068
Other service charges and fees		1,588			1,915			1,308			1,312			1,289
Mortgage lending income		5,046			4,029			4,509			3,656			2,823
SBA lending income		296			321			956			895			497
Investment banking income		877			822			513			360			618
Debit and credit card fees		7,914			8,920			7,059			7,212			6,098
Bank owned life insurance income		1,298			1,411			1,302			1,260			795
Gain on sale of securities, net		32,095			377			7,374			2,823			2,740
Other income		12,801			7,073			44,721			6,065			4,156
TOTAL NON-INTEREST INCOME		82,394			45,630			84,675			39,934			34,792
NON-INTEREST EXPENSE
Salaries and employee benefits		67,924			63,235			52,065			56,128			56,367
Occupancy expense, net		9,510			9,272			8,342			6,919			7,475
Furniture and equipment expense		5,723			5,758			4,898			4,206			3,358
Other real estate and foreclosure expense		325			1,089			1,125			591			637
Deposit insurance		2,475			(134	)		-			2,510			2,040
Merger-related costs		1,068			24,831			2,556			7,522			1,470
Other operating expenses		38,788			38,044			37,879			32,867			30,062
TOTAL NON-INTEREST EXPENSE		125,813			142,095			106,865			110,743			101,409
NET INCOME BEFORE INCOME TAXES		97,930			65,698			105,101			71,540			60,093
Provision for income taxes		20,694			12,976			23,275			15,616			12,398
NET INCOME		77,236			52,722			81,826			55,924			47,695
Preferred stock dividends		13			13			-			326			-
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	77,223		$	52,709		$	81,826		$	55,598		$	47,695
BASIC EARNINGS PER SHARE	$	0.68		$	0.49		$	0.85		$	0.58		$	0.52
DILUTED EARNINGS PER SHARE	$	0.68		$	0.49		$	0.84		$	0.58		$	0.51

Simmons First National Corporation													SFNC
Consolidated Risk-Based Capital
For the Quarters Ended	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)		2020			2019			2019			2019			2019
($ in thousands)
Tier 1 capital
Stockholders' equity	$	2,845,400		$	2,988,924		$	2,547,071		$	2,469,513		$	2,302,321
CECL transition provision (1)		134,558			-			-			-			-
Disallowed intangible assets, net of deferred tax		(1,164,038	)		(1,160,079	)		(1,013,309	)		(1,001,676	)		(910,122	)
Unrealized (gain) loss on AFS securities		(38,230	)		(20,891	)		(23,709	)		(15,316	)		6,000
Total Tier 1 capital		1,777,690			1,807,954			1,510,053			1,452,521			1,398,199
Tier 2 capital
Trust preferred securities and subordinated debt		388,396			388,260			354,223			354,132			354,041
Qualifying allowance for loan losses and
reserve for unfunded commitments		96,015			76,644			74,455			72,044			67,771
Total Tier 2 capital		484,411			464,904			428,678			426,176			421,812
Total risk-based capital	$	2,262,101		$	2,272,858		$	1,938,731		$	1,878,697		$	1,820,011
Risk weighted assets	$	16,012,233		$	16,554,081		$	14,725,571		$	14,825,253		$	13,364,636
Adjusted average assets for leverage ratio	$	19,832,219		$	18,852,798		$	16,681,527		$	16,382,520		$	15,423,961
Ratios at end of quarter
Equity to assets		13.65	%		14.06	%		14.34	%		13.77	%		14.31	%
Tangible common equity to tangible assets (2)		8.44	%		8.99	%		9.08	%		8.51	%		9.02	%
Common equity Tier 1 ratio (CET1)		11.10	%		10.92	%		10.25	%		9.80	%		10.46	%
Tier 1 leverage ratio		8.96	%		9.59	%		9.05	%		8.87	%		9.07	%
Tier 1 risk-based capital ratio		11.10	%		10.92	%		10.25	%		9.80	%		10.46	%
Total risk-based capital ratio		14.13	%		13.73	%		13.17	%		12.67	%		13.62	%
(1) The Company has elected to use the CECL transition provision allowed for in the year of adopting ASC 326.
(2) Calculations of tangible common equity to tangible assets and the reconciliations to GAAP are included in the schedules accompanying this release.

Simmons First National Corporation													SFNC
Consolidated Investment Securities
For the Quarters Ended	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)		2020			2019			2019			2019			2019
($ in thousands)
Investment Securities - End of Period
Held-to-Maturity
U.S. Government agencies	$	-		$	-		$	-		$	999		$	12,996
Mortgage-backed securities		27,121			10,796			11,549			12,225			12,847
State and political subdivisions		26,082			27,082			28,692			32,236			33,597
Other securities		765			3,049			1,996			1,995			1,995
Total held-to-maturity (net of credit losses)		53,968			40,927			42,237			47,455			61,435
Available-for-Sale
U.S. Government agencies	$	161,289		$	194,249		$	178,139		$	197,656		$	161,577
Mortgage-backed securities		1,179,837			1,742,945			1,337,794			1,345,760			1,345,677
State and political subdivisions		678,338			880,524			681,202			636,558			580,790
Other securities		22,187			20,896			13,796			11,599			4,593
Total available-for-sale (net of credit losses)		2,466,640			3,288,343			2,210,931			2,191,573			2,092,637
Total investment securities (net of credit losses)	$	2,520,608		$	3,329,270		$	2,253,168		$	2,239,028		$	2,154,072
Fair value - HTM investment securities	$	56,123		$	41,855		$	43,302		$	48,640		$	61,956
Investment Securities - QTD Average
Taxable securities	$	2,324,188		$	1,940,755		$	1,561,308		$	1,641,986		$	1,725,568
Tax exempt securities		900,223			825,000			681,505			624,898			590,941
Total investment securities - QTD average	$	3,224,411		$	2,765,755		$	2,242,813		$	2,266,884		$	2,316,509

Simmons First National Corporation													SFNC
Consolidated Allowance and Asset Quality
For the Quarters Ended	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)		2020			2019			2019			2019			2019
($ in thousands)
Allowance for Credit Losses on Loans
Beginning balance, prior to adoption of ASC 326	$	68,244		$	66,590		$	64,179		$	60,555		$	56,694
Impact of adopting ASC 326 (1)	$	151,377
Beginning balance, after adoption of ASC 326	$	219,621
Loans charged off
Credit cards		1,441			1,287			1,117			1,039			1,142
Other consumer		1,379			1,425			1,065			964			1,553
Real estate		396			892			1,367			1,216			417
Commercial		523			459			17,778			1,963			3,152
Total loans charged off		3,739			4,063			21,327			5,182			6,264
Recoveries of loans previously charged off
Credit cards		225			287			223			271			240
Other consumer		443			304			1,422			331			300
Real estate		101			146			55			158			142
Commercial		347			77			65			967			158
Total recoveries		1,116			814			1,765			1,727			840
Net loans charged off		2,623			3,249			19,562			3,455			5,424
Provision for credit losses on loans		26,197			4,903			21,973			7,079			9,285
Balance, end of quarter	$	243,195		$	68,244		$	66,590		$	64,179		$	60,555
Non-performing assets
Non-performing loans
Nonaccrual loans	$	156,746		$	91,723		$	84,660		$	106,670		$	95,286
Loans past due 90 days or more		1,305			855			177			277			305
Total non-performing loans		158,051			92,578			84,837			106,947			95,591
Other non-performing assets
Foreclosed assets and other real estate owned		20,805			19,121			19,576			24,761			18,952
Other non-performing assets		2,169			1,964			540			613			505
Total other non-performing assets		22,974			21,085			20,116			25,374			19,457
Total non-performing assets	$	181,025		$	113,663		$	104,953		$	132,321		$	115,048
Performing TDRs (troubled debt restructurings)	$	4,110		$	4,411		$	6,519		$	6,246		$	6,297
Ratios
Allowance for credit losses to total loans		1.69	%		0.47	%		0.51	%		0.49	%		0.52	%
Allowance for credit losses to non-performing loans		154	%		74	%		78	%		60	%		63	%
Non-performing loans to total loans		1.10	%		0.64	%		0.65	%		0.81	%		0.81	%
Non-performing assets (including performing TDRs)
to total assets		0.89	%		0.56	%		0.63	%		0.77	%		0.75	%
Non-performing assets to total assets		0.87	%		0.53	%		0.59	%		0.74	%		0.71	%
Annualized net charge offs to total loans		0.07	%		0.09	%		0.59	%		0.11	%		0.19	%
Annualized net credit card charge offs to
total credit card loans		2.26	%		1.99	%		1.82	%		1.63	%		1.92	%
(1) The Company adopted ASC 326.effective January 1, 2020.

Simmons First National Corporation																									SFNC
Consolidated - Average Balance Sheet and Net Interest Income Analysis
For the Quarters Ended
(Unaudited)
		Three Months EndedMar 2020									Three Months EndedDec 2019									Three Months EndedMar 2019
($ in thousands)		AverageBalance			Income/Expense		Yield/Rate				AverageBalance			Income/Expense		Yield/Rate				AverageBalance			Income/Expense		Yield/Rate
ASSETS
Earning assets:
Interest bearing balances due from banks
and federal funds sold	$	764,639		$	2,441		1.28	%		$	789,035		$	2,625		1.32	%		$	394,462		$	2,154		2.21	%
Investment securities - taxable		2,324,188			12,752		2.21	%			1,940,755			11,080		2.27	%			1,725,568			11,958		2.81	%
Investment securities - non-taxable (FTE)		900,223			8,315		3.71	%			825,000			7,945		3.82	%			590,941			5,834		4.00	%
Mortgage loans held for sale		43,588			281		2.59	%			53,511			402		2.98	%			17,733			210		4.80	%
Loans (FTE)		14,548,853			187,747		5.19	%			14,144,259			193,511		5.43	%			11,710,075			159,530		5.53	%
Total interest earning assets (FTE)		18,581,491			211,536		4.58	%			17,752,560			215,563		4.82	%			14,438,779			179,686		5.05	%
Non-earning assets		2,338,732									2,289,330									1,863,418
Total assets	$	20,920,223								$	20,041,890								$	16,302,197
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest bearing liabilities:
Interest bearing transaction and
savings accounts	$	9,005,701		$	17,954		0.80	%		$	8,440,090		$	20,331		0.96	%		$	6,749,032		$	18,430		1.11	%
Time deposits		3,150,909			13,323		1.70	%			3,393,089			16,198		1.89	%			2,781,592			12,320		1.80	%
Total interest bearing deposits		12,156,610			31,277		1.03	%			11,833,179			36,529		1.22	%			9,530,624			30,750		1.31	%
Federal funds purchased and securities
sold under agreement to repurchase		330,902			759		0.92	%			147,395			368		0.99	%			109,302			136		0.50	%
Other borrowings		1,320,245			4,877		1.49	%			1,168,897			4,615		1.57	%			1,224,255			6,793		2.25	%
Subordinated notes and debentures		388,330			4,835		5.01	%			376,766			4,813		5.07	%			353,996			4,411		5.05	%
Total interest bearing liabilities		14,196,087			41,748		1.18	%			13,526,237			46,325		1.36	%			11,218,177			42,090		1.52	%
Non-interest bearing liabilities:
Non-interest bearing deposits		3,602,678									3,524,092									2,707,715
Other liabilities		251,514									379,909									127,407
Total liabilities		18,050,279									17,430,238									14,053,299
Stockholders' equity		2,869,944									2,611,652									2,248,898
Total liabilities and stockholders' equity	$	20,920,223								$	20,041,890								$	16,302,197
Net interest income (FTE)				$	169,788								$	169,238								$	137,596
Net interest spread (FTE)							3.40	%								3.46	%								3.53	%
Net interest margin (FTE) - quarter-to-date							3.68	%								3.78	%								3.86	%
Net interest margin (FTE) - year-to-date							3.68	%								3.85	%								3.86	%
Core net interest margin (FTE) - quarter-to-date (1)							3.42	%								3.44	%								3.68	%
Core loan yield (FTE) - quarter-to-date (1)							4.86	%								5.00	%								5.29	%
Core net interest margin (FTE) - year-to-date (1)							3.42	%								3.59	%								3.68	%
Core loan yield (FTE) - year-to-date (1)							4.86	%								5.18	%								5.29	%
(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	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)		2020			2019			2019			2019			2019
($ in thousands, except share data)
QUARTER-TO-DATE
Financial Highlights - GAAP
Net Income	$	77,223		$	52,709		$	81,826		$	55,598		$	47,695
Diluted earnings per share		0.68			0.49			0.84			0.58			0.51
Return on average assets		1.48	%		1.04	%		1.83	%		1.28	%		1.19	%
Return on average common equity		10.83	%		8.01	%		13.70	%		9.48	%		8.60	%
Return on tangible common equity		19.00	%		14.62	%		24.89	%		17.40	%		15.34	%
Net interest margin (FTE)		3.68	%		3.78	%		3.82	%		3.94	%		3.86	%
FTE adjustment		2,305			2,172			1,843			1,706			1,601
Amortization of intangibles		3,413			3,270			2,947			2,947			2,641
Amortization of intangibles, net of taxes		2,521			2,416			2,176			2,177			1,951
Average diluted shares outstanding		113,136,995			108,472,559			96,968,775			96,367,857			92,870,813
Shares repurchased under plan		4,922,336			390,000			-			-			-
Average price of shares repurchased		18.95			25.95			-			-			-
Cash dividends declared per common share		0.17			0.16			0.16			0.16			0.16
Financial Highlights - Core (non-GAAP)
Core earnings (excludes non-core items) (1)	$	73,838		$	71,074		$	83,963		$	65,453		$	49,076
Core diluted earnings per share (1)		0.65			0.66			0.87			0.68			0.53
Core net interest margin (FTE) (2)		3.42	%		3.44	%		3.59	%		3.67	%		3.68	%
Accretable yield on acquired loans		11,837			15,100			9,322			10,162			6,660
Efficiency ratio (1)		56.38	%		52.63	%		43.77	%		49.88	%		56.76	%
Core return on average assets (1)		1.42	%		1.41	%		1.88	%		1.51	%		1.22	%
Core return on average common equity (1)		10.35	%		10.80	%		14.06	%		11.16	%		8.85	%
Core return on tangible common equity (1)		18.19	%		19.49	%		25.52	%		20.36	%		15.76	%
YEAR-TO-DATE
Financial Highlights - GAAP
Net Income	$	77,223		$	237,828		$	185,119		$	103,293		$	47,695
Diluted earnings per share		0.68			2.41			1.94			1.09			0.51
Return on average assets		1.48	%		1.33	%		1.44	%		1.24	%		1.19	%
Return on average common equity		10.83	%		9.93	%		10.65	%		9.05	%		8.60	%
Return on tangible common equity		19.00	%		17.99	%		19.27	%		16.38	%		15.34	%
Net interest margin (FTE)		3.68	%		3.85	%		3.88	%		3.90	%		3.86	%
FTE adjustment		2,305			7,322			5,150			3,307			1,601
Amortization of intangibles		3,413			11,805			8,535			5,588			2,641
Amortization of intangibles, net of taxes		2,521			8,720			6,304			4,128			1,951
Average diluted shares outstanding		113,136,995			98,796,628			95,450,732			94,588,739			92,870,813
Cash dividends declared per common share		0.17			0.64			0.48			0.32			0.16
Financial Highlights - Core (non-GAAP)
Core earnings (excludes non-core items) (1)	$	73,838		$	269,566		$	198,492		$	114,529		$	49,076
Core diluted earnings per share (1)		0.65			2.73			2.08			1.21			0.53
Core net interest margin (FTE) (2)		3.42	%		3.59	%		3.64	%		3.68	%		3.68	%
Accretable yield on acquired loans		11,837			41,244			26,144			16,822			6,660
Efficiency ratio (1)		56.38	%		50.33	%		49.49	%		53.14	%		56.76	%
Core return on average assets (1)		1.42	%		1.51	%		1.55	%		1.37	%		1.22	%
Core return on average common equity (1)		10.35	%		11.25	%		11.42	%		10.04	%		8.85	%
Core return on tangible common equity (1)		18.19	%		20.31	%		20.62	%		18.09	%		15.76	%
END OF PERIOD
Book value per share	$	26.11		$	26.30		$	26.36		$	25.57		$	24.87
Tangible book value per share		15.22			15.89			15.73			14.90			14.78
Shares outstanding		108,947,520			113,628,601			96,613,855			96,590,656			92,568,361
Full-time equivalent employees		3,079			3,270			2,701			2,700			2,602
Total number of financial centers		240			251			212			212			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
Consolidated - Reconciliation of Core Earnings (non-GAAP)
For the Quarters Ended	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)		2020			2019			2019			2019			2019
($ in thousands, except per share data)
QUARTER-TO-DATE
Net Income	$	77,223		$	52,709		$	81,826		$	55,598		$	47,695
Non-core items
Gain on sale of branches		(5,889	)		-			-			-			-
Merger-related costs		1,068			24,831			2,556			7,522			1,470
Early retirement program		-			-			177			2,932			355
Branch right-sizing		238			37			160			2,887			45
Tax effect (1)		1,198			(6,503	)		(756	)		(3,486	)		(489	)
Net non-core items		(3,385	)		18,365			2,137			9,855			1,381
Core earnings (non-GAAP)	$	73,838		$	71,074		$	83,963		$	65,453		$	49,076
Diluted earnings per share	$	0.68		$	0.49		$	0.84		$	0.58		$	0.51
Non-core items
Gain on sale of branches		(0.05	)		-			-			-			-
Merger-related costs		0.01			0.23			0.04			0.08			0.02
Early retirement program		-			-			-			0.03			0.01
Branch right-sizing		-			-			-			0.03			-
Tax effect (1)		0.01			(0.06	)		(0.01	)		(0.04	)		(0.01	)
Net non-core items		(0.03	)		0.17			0.03			0.10			0.02
Core diluted earnings per share (non-GAAP)	$	0.65		$	0.66		$	0.87		$	0.68		$	0.53
YEAR-TO-DATE
Net Income	$	77,223		$	237,828		$	185,119		$	103,293		$	47,695
Non-core items
Gain on sale of branches		(5,889	)		-			-			-			-
Merger-related costs		1,068			36,379			11,548			8,992			1,470
Early retirement program		-			3,464			3,464			3,287			355
Branch right-sizing		238			3,129			3,092			2,932			45
Tax effect (1)		1,198			(11,234	)		(4,731	)		(3,975	)		(489	)
Net non-core items		(3,385	)		31,738			13,373			11,236			1,381
Core earnings (non-GAAP)	$	73,838		$	269,566		$	198,492		$	114,529		$	49,076
Diluted earnings per share	$	0.68		$	2.41		$	1.94		$	1.09		$	0.51
Non-core items
Gain on sale of branches		(0.05	)		-			-			-			-
Merger-related costs		0.01			0.37			0.12			0.10			0.02
Early retirement program		-			0.03			0.04			0.03			0.01
Branch right-sizing		-			0.03			0.03			0.03			-
Tax effect (1)		0.01			(0.11	)		(0.05	)		(0.04	)		(0.01	)
Net non-core items		(0.03	)		0.32			0.14			0.12			0.02
Core diluted earnings per share (non-GAAP)	$	0.65		$	2.73		$	2.08		$	1.21		$	0.53
(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	$	67,924		$	63,235		$	52,065		$	56,128		$	56,367
Non-core items (1)		-			-			(176	)		(2,937	)		(351	)
Core salaries and employee benefits (non-GAAP)	$	67,924		$	63,235		$	51,889		$	53,191		$	56,016
Merger related costs	$	1,068		$	24,831		$	2,556		$	7,522		$	1,470
Non-core items (1)		(1,068	)		(24,831	)		(2,556	)		(7,522	)		(1,470	)
Core merger related costs (non-GAAP)	$	-		$	-		$	-		$	-		$	-
Other operating expenses	$	38,788		$	38,044		$	37,881		$	32,867		$	30,062
Non-core items (1)		(212	)		(4	)		(90	)		(2,834	)		(10	)
Core other operating expenses (non-GAAP)	$	38,576		$	38,040		$	37,791		$	30,033		$	30,052
(1) Non-core expense 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)	Mar 31			Dec 31			Sept 30			Jun 30			Mar 31
		2020			2019			2019			2019			2019
($ 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	$	2,844,633		$	2,988,157		$	2,547,071		$	2,469,513		$	2,302,321
Intangible assets:
Goodwill		(1,064,978	)		(1,055,520	)		(926,648	)		(926,450	)		(845,687	)
Other intangible assets		(121,673	)		(127,340	)		(101,149	)		(104,096	)		(88,694	)
Total intangibles		(1,186,651	)		(1,182,860	)		(1,027,797	)		(1,030,546	)		(934,381	)
Tangible common stockholders' equity	$	1,657,982		$	1,805,297		$	1,519,274		$	1,438,967		$	1,367,940
Total assets	$	20,841,352		$	21,259,143		$	17,758,511		$	17,937,435		$	16,091,639
Intangible assets:
Goodwill		(1,064,978	)		(1,055,520	)		(926,648	)		(926,450	)		(845,687	)
Other intangible assets		(121,673	)		(127,340	)		(101,149	)		(104,096	)		(88,694	)
Total intangibles		(1,186,651	)		(1,182,860	)		(1,027,797	)		(1,030,546	)		(934,381	)
Tangible assets	$	19,654,701		$	20,076,283		$	16,730,714		$	16,906,889		$	15,157,258
Ratio of equity to assets		13.65	%		14.06	%		14.34	%		13.77	%		14.31	%
Ratio of tangible common equity to tangible assets		8.44	%		8.99	%		9.08	%		8.51	%		9.02	%
Calculation of Tangible Book Value per Share
Total common stockholders' equity	$	2,844,633		$	2,988,157		$	2,547,071		$	2,469,513		$	2,302,321
Intangible assets:
Goodwill		(1,064,978	)		(1,055,520	)		(926,648	)		(926,450	)		(845,687	)
Other intangible assets		(121,673	)		(127,340	)		(101,149	)		(104,096	)		(88,694	)
Total intangibles		(1,186,651	)		(1,182,860	)		(1,027,797	)		(1,030,546	)		(934,381	)
Tangible common stockholders' equity	$	1,657,982		$	1,805,297		$	1,519,274		$	1,438,967		$	1,367,940
Shares of common stock outstanding		108,947,520			113,628,601			96,613,855			96,590,656			92,568,361
Book value per common share	$	26.11		$	26.30		$	26.36		$	25.57		$	24.87
Tangible book value per common share	$	15.22		$	15.89		$	15.73		$	14.90		$	14.78

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date
For the Quarters Ended
(Unaudited)	Mar 31			Dec 31			Sept 30			Jun 30			Mar 31
		2020			2019			2019			2019			2019
($ in thousands)
Calculation of Core Return on Average Assets
Net income	$	77,223		$	52,709		$	81,826		$	55,598		$	47,695
Net non-core items, net of taxes, adjustment		(3,385	)		18,365			2,137			9,855			1,381
Core earnings	$	73,838		$	71,074		$	83,963		$	65,453		$	49,076
Average total assets	$	20,920,223		$	20,041,890		$	17,720,598		$	17,382,872		$	16,302,197
Return on average assets		1.48	%		1.04	%		1.83	%		1.28	%		1.19	%
Core return on average assets		1.42	%		1.41	%		1.88	%		1.51	%		1.22	%
Calculation of Return on Tangible Common Equity
Net income	$	77,223		$	52,709		$	81,826		$	55,598		$	47,695
Amortization of intangibles, net of taxes		2,521			2,416			2,176			2,177			1,951
Total income available to common stockholders	$	79,744		$	55,125		$	84,002		$	57,775		$	49,646
Net non-core items, net of taxes		(3,385	)		18,365			2,137			9,855			1,381
Core earnings		73,838			71,074			83,963			65,453			49,076
Amortization of intangibles, net of taxes		2,521			2,416			2,176			2,177			1,951
Total core income available to common stockholders	$	76,359		$	73,490		$	86,139		$	67,630		$	51,027
Average common stockholders' equity	$	2,869,177		$	2,611,143		$	2,368,773		$	2,351,603		$	2,248,898
Average intangible assets:
Goodwill		(1,055,498	)		(997,004	)		(926,687	)		(915,445	)		(845,687	)
Other intangibles		(125,746	)		(118,311	)		(103,028	)		(104,050	)		(90,317	)
Total average intangibles		(1,181,244	)		(1,115,315	)		(1,029,715	)		(1,019,495	)		(936,004	)
Average tangible common stockholders' equity	$	1,687,933		$	1,495,828		$	1,339,058		$	1,332,108		$	1,312,894
Return on average common equity		10.83	%		8.01	%		13.70	%		9.48	%		8.60	%
Return on tangible common equity		19.00	%		14.62	%		24.89	%		17.40	%		15.34	%
Core return on average common equity		10.35	%		10.80	%		14.06	%		11.16	%		8.85	%
Core return on tangible common equity		18.19	%		19.49	%		25.52	%		20.36	%		15.76	%
Calculation of Efficiency Ratio (1)
Non-interest expense	$	125,813		$	142,095		$	106,865		$	110,743		$	101,409
Non-core non-interest expense adjustment		(1,306	)		(24,868	)		(2,893	)		(13,341	)		(1,870	)
Other real estate and foreclosure expense adjustment		(319	)		(1,063	)		(1,057	)		(563	)		(599	)
Amortization of intangibles adjustment		(3,413	)		(3,270	)		(2,947	)		(2,947	)		(2,641	)
Efficiency ratio numerator	$	120,775		$	112,894		$	99,968		$	93,892		$	96,299
Net-interest income	$	167,483		$	167,066		$	149,264		$	149,428		$	135,995
Non-interest income		82,394			45,630			84,675			39,934			34,792
Fully tax-equivalent adjustment		2,305			2,172			1,843			1,706			1,601
Gain on sale of securities		(32,095	)		(377	)		(7,374	)		(2,823	)		(2,740	)
Efficiency ratio denominator	$	214,198		$	214,491		$	228,408		$	188,245		$	169,648
Efficiency ratio (1)		56.38	%		52.63	%		43.77	%		49.88	%		56.76	%
Calculation of Core Net Interest Margin
Net interest income	$	167,483		$	167,066		$	149,264		$	149,428		$	135,995
Fully tax-equivalent adjustment		2,305			2,172			1,843			1,706			1,601
Fully tax-equivalent net interest income		169,788			169,238			151,107			151,134			137,596
Total accretable yield		(11,837	)		(15,100	)		(9,322	)		(10,162	)		(6,660	)
Core net interest income	$	157,951		$	154,138		$	141,785		$	140,972		$	130,936
Average earning assets	$	18,581,491		$	17,753,004		$	15,680,665		$	15,389,670		$	14,440,091
Net interest margin		3.68	%		3.78	%		3.82	%		3.94	%		3.86	%
Core net interest margin		3.42	%		3.44	%		3.59	%		3.67	%		3.68	%
Calculation of Core Loan Yield
Loan interest income	$	187,566		$	193,402		$	179,971		$	178,122		$	159,440
Total accretable yield		(11,837	)		(15,100	)		(9,322	)		(10,162	)		(6,660	)
Core loan interest income	$	175,729		$	178,302		$	170,649		$	167,960		$	152,780
Average loan balance	$	14,548,853		$	14,144,703		$	13,053,540		$	12,814,386		$	11,711,387
Core loan yield		4.86	%		5.00	%		5.19	%		5.26	%		5.29	%
(1) Efficiency ratio is non-interest expense before foreclosed property expense and amortization of intangibles as a percent of net interest income (fully taxable equivalent) and non-interest revenues, excluding gains and losses from securities transactions and non-core items.

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - Year-to-Date
For the Quarters Ended
(Unaudited)	Mar 31			Dec 31			Sept 30			Jun 30			Mar 31
		2020			2019			2019			2019			2019
($ in thousands)
Calculation of Core Return on Average Assets
Net income	$	77,223		$	237,828		$	185,119		$	103,293		$	47,695
Net non-core items, net of taxes, adjustment		(3,385	)		31,738			13,373			11,236			1,381
Core earnings	$	73,838		$	269,566		$	198,492		$	114,529		$	49,076
Average total assets	$	20,920,223		$	17,871,748		$	17,140,419		$	16,845,528		$	16,302,197
Return on average assets		1.48	%		1.33	%		1.44	%		1.24	%		1.19	%
Core return on average assets		1.42	%		1.51	%		1.55	%		1.37	%		1.22	%
Calculation of Return on Tangible Common Equity
Net income	$	77,223		$	237,828		$	185,119		$	103,293		$	47,695
Amortization of intangibles, net of taxes		2,521			8,720			6,304			4,128			1,951
Total income available to common stockholders	$	79,744		$	246,548		$	191,423		$	107,421		$	49,646
Net non-core items, net of taxes		(3,385	)		31,738			13,373			11,236			1,381
Core earnings		73,838			269,566			198,492			114,529			49,076
Amortization of intangibles, net of taxes		2,521			8,720			6,304			4,128			1,951
Total core income available to common stockholders	$	76,359		$	278,286		$	204,796		$	118,657		$	51,027
Average common stockholders' equity	$	2,869,177		$	2,396,024		$	2,323,530		$	2,300,535		$	2,248,898
Average intangible assets:
Goodwill		(1,055,498	)		(921,635	)		(896,236	)		(880,759	)		(845,688	)
Other intangibles		(125,746	)		(104,000	)		(99,178	)		(97,221	)		(90,316	)
Total average intangibles		(1,181,244	)		(1,025,635	)		(995,414	)		(977,980	)		(936,004	)
Average tangible common stockholders' equity	$	1,687,933		$	1,370,389		$	1,328,116		$	1,322,555		$	1,312,894
Return on average common equity		10.83	%		9.93	%		10.65	%		9.05	%		8.60	%
Return on tangible common equity		19.00	%		17.99	%		19.27	%		16.38	%		15.34	%
Core return on average common equity		10.35	%		11.25	%		11.42	%		10.04	%		8.85	%
Core return on tangible common equity		18.19	%		20.31	%		20.62	%		18.09	%		15.76	%
Calculation of Efficiency Ratio (1)
Non-interest expense	$	125,813		$	461,112		$	319,017		$	212,152		$	101,409
Non-core non-interest expense adjustment		(1,306	)		(42,972	)		(18,104	)		(15,211	)		(1,870	)
Other real estate and foreclosure expense adjustment		(319	)		(3,282	)		(2,219	)		(1,162	)		(599	)
Amortization of intangibles adjustment		(3,413	)		(11,805	)		(8,535	)		(5,588	)		(2,641	)
Efficiency ratio numerator	$	120,775		$	403,053		$	290,159		$	190,191		$	96,299
Net-interest income	$	167,483		$	601,753		$	434,687		$	285,423		$	135,995
Non-interest income		82,394			205,031			159,401			74,726			34,792
Fully tax-equivalent adjustment		2,305			7,322			5,150			3,307			1,601
Gain on sale of securities		(32,095	)		(13,314	)		(12,937	)		(5,563	)		(2,740	)
Efficiency ratio denominator	$	214,198		$	800,792		$	586,301		$	357,893		$	169,648
Efficiency ratio (1)		56.38	%		50.33	%		49.49	%		53.14	%		56.76	%
Calculation of Core Net Interest Margin
Net interest income	$	167,483		$	601,753		$	434,687		$	285,423		$	135,995
Fully tax-equivalent adjustment		2,305			7,322			5,150			3,307			1,601
Fully tax-equivalent net interest income		169,788			609,075			439,837			288,730			137,596
Total accretable yield		(11,837	)		(41,244	)		(26,144	)		(16,822	)		(6,660	)
Core net interest income	$	157,951		$	567,831		$	413,693		$	271,908		$	130,936
Average earning assets	$	18,581,491		$	15,824,571		$	15,174,671		$	14,917,493		$	14,440,091
Net interest margin		3.68	%		3.85	%		3.88	%		3.90	%		3.86	%
Core net interest margin		3.42	%		3.59	%		3.64	%		3.68	%		3.68	%
Calculation of Core Loan Yield
Loan interest income	$	187,566		$	710,935		$	517,533		$	337,562		$	159,440
Total accretable yield		(11,837	)		(41,244	)		(26,144	)		(16,822	)		(6,660	)
Core loan interest income	$	175,729		$	669,691		$	491,389		$	320,740		$	152,780
Average loan balance	$	14,548,853		$	12,938,013		$	12,531,355		$	12,265,936		$	11,711,387
Core loan yield		4.86	%		5.18	%		5.24	%		5.27	%		5.29	%
(1) Efficiency ratio is non-interest expense before foreclosed property expense and amortization of intangibles as a percent of net interest income (fully taxable equivalent) and non-interest revenues, excluding gains and losses from securities transactions and non-core items.