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Simmons First National Corporation (SFNC)

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16.83-0.34 (-1.98%)
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Previous Close17.17
Open15.59
Bid16.77 x 800
Ask16.82 x 1200
Day's Range15.59 - 17.08
52 Week Range13.75 - 27.29
Volume199,702
Avg. Volume465,059
Market Cap1.835B
Beta (5Y Monthly)1.00
PE Ratio (TTM)6.66
EPS (TTM)2.53
Earnings DateOct 19, 2020
Forward Dividend & Yield0.68 (3.96%)
Ex-Dividend DateSep 14, 2020
1y Target Est21.08
  • Benzinga

    Simmons First National: Q3 Earnings Insights

    Shares of Simmons First National (NASDAQ:SFNC) remained unaffected in pre-market session after the company reported Q3 results.Quarterly Results Earnings per share fell 31.03% over the past year to $0.60, which beat the estimate of $0.40.Revenue of $225,461,000 decreased by 3.62% year over year, which beat the estimate of $208,620,000.Guidance Earnings guidance hasn't been issued by the company for now.Revenue guidance hasn't been issued by the company for now.Details Of The Call Date: Oct 19, 2020View more earnings on SFNCTime: 10:00 AMET Webcast URL: https://edge.media-server.com/mmc/p/n8jwsop8Price Action Company's 52-week high was at $27.2952-week low: $13.75Price action over last quarter: Up 0.76%Company Description Simmons First National Corp is a financial holding company. The company through its subsidiaries is engaged in providing banking services including consumer, real estate and commercial loans, checking, savings and time deposits. The company's loan portfolio comprises construction, single family residential and commercial loans; non-real estate loans, nonaccrual and past due loans; and credit card loans, student loans and other consumer loans. It also offers a range of products and services such as trust services, investments, agricultural finance lending, equipment lending, insurance, consumer finance and small business administration lending. All the business activity of the firm is functioned through the region of United States.See more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * Earnings Scheduled For October 19, 2020 * Earnings Preview for Simmons First National(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

  • Simmons First National (SFNC) Tops Q3 Earnings and Revenue Estimates
    Zacks

    Simmons First National (SFNC) Tops Q3 Earnings and Revenue Estimates

    Simmons First National (SFNC) delivered earnings and revenue surprises of 50.00% and 9.43%, respectively, for the quarter ended September 2020. Do the numbers hold clues to what lies ahead for the stock?

  • GlobeNewswire

    Simmons Reports Third Quarter 2020 Earnings

    PINE BLUFF, Ark., Oct. 19, 2020 (GLOBE NEWSWIRE) -- Simmons First National Corporation (NASDAQ: SFNC) (the “Company” or “Simmons”) today announced net income of $65.9 million for the quarter ended September 30, 2020, compared to $81.8 million for the same period in 2019, a decrease of $15.9 million, or 19.5%. Diluted earnings per share were $0.60, a decrease of $0.24, or 28.6%, compared to the same period in the prior year. Included in the third quarter of 2019 results was a one-time after-tax gain on the sale of Visa Inc. class B common stock of $31.7 million.Included in third quarter 2020 results were $2.5 million in net after-tax merger-related, early retirement program and net branch right-sizing costs. Excluding the impact of these items, core earnings were $68.3 million for the quarter ended September 30, 2020, compared to $84.0 million for the quarter ended September 30, 2019, a decrease of $15.6 million, or 18.6%. Core diluted earnings per share were $0.63, a decrease of $0.24, or 27.6%, from the same period in 2019.Year-to-date net income for the first nine months of 2020 was $201.9 million, or $1.83 diluted earnings per share, compared to $185.1 million, or $1.94 diluted earnings per share, for the same period in 2019. Excluding $426,000 in net after-tax merger-related, early retirement program and net branch right-sizing costs and the gains on the sales of branches in south Texas and Colorado, year-to-date core earnings for 2020 were $202.3 million, an increase of $3.8 million compared to the same period last year. Core diluted earnings per share for the first nine months of 2020 were $1.83, a decrease of $0.25, or 12.0%, from the same period in 2019.“We are very proud of our results under these trying conditions. We have experienced very meaningful shifts in consumer habits which we believe will impact our delivery of products and services as well as the retail delivery of everyday amenities. Our investment in digital channels will continue to position our company for these changes and our associates are ready for the new normal,” said George A. Makris, Jr., chairman and CEO of Simmons First National Corporation.     Selected Highlights:3rd Qtr 20202nd Qtr 20203rd Qtr 2019 Net income$65.9 million$58.8 million$81.8 million Diluted earnings per share$0.60$0.54$0.84 Return on avg assets1.20%1.08%1.83% Return on avg common equity8.91%8.21%13.70% Return on tangible common equity (1)15.45%14.55%24.89%      Core earnings (2)$68.3 million$60.1 million$84.0 million Core diluted earnings per share (2)$0.63$0.55$0.87 Core return on avg assets (2)1.25%1.11%1.88% Core return on avg common equity (2)9.24%8.40%14.06% Core return on tangible common equity (1)(2)16.00%14.87%25.52% Efficiency ratio (3)54.12%51.46%43.77% Pre-tax, pre-provision (PTPP) earnings (2)$87.5 million$97.7 million$122.6 million (1)Return on tangible common equity excludes goodwill and other intangible assets and is a non-GAAP measurement. Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below. (2)Core figures exclude non-core items and are non-GAAP measurements. Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below. (3)Efficiency ratio is core non-interest expense before foreclosed property expense and amortization of intangibles, as a percent of net interest income (fully taxable equivalent) and non-interest revenues, excluding gains and losses from securities transactions and non-core items, and is a non-GAAP measurement. Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below.    Loans($ in billions)3rd Qtr 20202nd Qtr 20203rd Qtr 2019 Total loans$14.02$14.61$13.00      Total loans were $14.0 billion at September 30, 2020, an increase of $1.0 billion, or 7.8%, compared to September 30, 2019, primarily due to The Landrum Company (“Landrum”) merger completed during the fourth quarter of 2019. On a linked-quarter basis (September 30, 2020 compared to June 30, 2020), total loans decreased $589.5 million, or 4.0%. The decrease was across most loan categories with the largest decrease in the real estate loan portfolios. Makris stated, “Loan demand is very weak in almost every aspect of our commercial economy.”Through September 30, 2020, the Company originated approximately 8,200 loans under the Paycheck Protection Program (“PPP”) of the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, with an average balance of $118,000 per loan. Approximately 93% of the PPP loans had a balance less than $350,000 as of September 30, 2020.PPP Loans Balance as of September 30, 2020 of Loans Balance ($ in millions)  Less than $50,0005,21663%$94.410% $50,000 to $350,0002,44130%$304.831% More than $350,000 to less than $2 million4816%$358.037% $2 million to $10 million611%$213.322% Total8,199100%$970.5100%       Deposits($ in billions)3rd Qtr 20202nd Qtr 20203rd Qtr 2019 Total deposits$16.2$16.6$13.5 Non-interest bearing deposits$4.4$4.6$3.1 Interest bearing deposits$9.0$9.0$7.3 Time deposits$2.8$3.0$3.1      Total deposits were $16.2 billion at September 30, 2020, an increase of $2.8 billion, or 20.6%, since September 30, 2019, primarily due to the Landrum merger. On a linked-quarter basis, total deposits decreased $369.5 million, or 2.2%, primarily due to decreases in non-interest bearing and large public fund time deposits.Net Interest Income 3rd Qtr 20202nd Qtr 20201st Qtr 20204th Qtr 20193rd Qtr 2019 Loan yield (1)4.54%4.84%5.19%5.43%5.47% Core loan yield (1) (2)4.29%4.52%4.86%5.00%5.19% Security yield (1)2.60%2.50%2.63%2.73%2.87% Cost of interest bearing deposits0.54%0.59%1.03%1.22%1.40% Cost of deposits (3)0.39%0.44%0.80%0.94%1.09% Cost of borrowed funds1.85%1.84%2.06%2.30%2.52% Net interest margin (1)3.21%3.42%3.68%3.78%3.82% Core net interest margin (1) (2)3.02%3.18%3.42%3.44%3.59% (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 third quarter of 2020 was $153.6 million, an increase of $4.3 million, or 2.9%, from the same period of 2019. The increase in net interest income was primarily due to the decline in the cost of interest-bearing deposits of 86 basis points, which was partially offset by a reduction in the loan yield of 93 basis points. Included in interest income was the yield accretion recognized on loans acquired of $8.9 million and $9.3 million for the third quarters of 2020 and 2019, respectively. The loan yield was 4.54% for the quarter ended September 30, 2020, while the core loan yield, which excludes the accretion, was 4.29% for the same period. The decrease in the loan yield during the third quarter of 2020 was primarily driven by the lower yielding PPP loans originated during the second and third quarters of 2020. The PPP loan yield was approximately 2.37% during the third quarter of 2020 (including accretion of net fees), which decreased the loan yield by approximately 16 basis points.Net interest margin (FTE) was 3.21% for the quarter ended September 30, 2020, while the core net interest margin, which excludes the accretion, was 3.02% for the same period. The decrease in the net interest margin during the third quarter of 2020 was primarily driven by additional liquidity created in response to the COVID-19 pandemic and the lower yielding PPP loans originated during the second and third quarters of 2020, which decreased the net interest margin by approximately 30 basis points.Non-Interest IncomeNon-interest income for the third quarter of 2020 was $71.9 million, a decrease of $12.8 million compared to the same period in the previous year, primarily due to the gain on sale of Visa Inc. class B common stock recognized during the prior year period. During the third quarter of 2020, the Company benefited from additional gains on the sale of securities and incremental mortgage lending income driven by the current low mortgage interest rate environment.Selected Non-Interest Income Items ($ in millions)3rd Qtr 20202nd Qtr 20201st Qtr 20204th Qtr 20193rd Qtr 2019 Service charges on deposit accounts$10.4$8.6$13.3$13.3$10.8 Mortgage lending income$14.0$12.5$5.0$4.0$4.5 SBA lending income$0.3$0.2$0.3$0.3$1.0 Debit and credit card fees$8.9$8.0$7.9$8.9$7.1 Gain on sale of securities$22.3$0.4$32.1$0.4$7.4 Gain on sale of Visa Inc. class B stock----$42.9 Other income$5.4$9.8$12.8$7.1$1.8        Core other income (1)(2)$5.0$7.6$6.9$7.1$44.7 (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. (2)Core other income includes the gain on sale of Visa Inc. class B common stock.    Non-Interest Expense Non-interest expense for the third quarter of 2020 was $118.9 million, an increase of $12.1 million compared to the third quarter of 2019. Included in this quarter were $3.3 million of pre-tax non-core items for merger-related, early retirement program and branch right-sizing costs. Excluding these expenses, core non-interest expense was $115.3 million for the third quarter of 2020, an increase of $11.3 million compared to the same period in 2019, primarily the result of the Landrum merger and additional software and technology costs related to the Company’s Next Generation Banking (“NGB”) initiative.The efficiency ratio for the third quarter of 2020 was 54.12%.Selected Non-Interest Expense Items ($ in millions)3rd Qtr 20202nd Qtr 20201st Qtr 20204th Qtr 20193rd Qtr 2019 Salaries and employee benefits$61.1$57.6$67.9$63.2$52.1 Merger related costs$0.9$1.8$1.1$24.8$2.6 Other operating expenses$38.2$39.7$41.8$38.0$37.9        Core salaries and employee benefits (1)$58.7$57.2$67.9$63.2$51.9 Core merger related costs (1)----- Core other operating expenses (1)$38.2$38.0$41.6$38.0$37.8    (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.    Early in 2020, the Company offered qualifying associates an early retirement option resulting in $2.3 million of non-core expense during the third quarter. The Company expects ongoing net annualized savings of approximately $2.9 million.Management continuously evaluates the Company’s branch network as part of its analysis of the profitability of the Company’s operations and the efficiency with which it delivers banking services to its markets. As a result of this ongoing evaluation, the Company closed 11 branch locations during the second quarter of 2020, with estimated net annual cost savings of approximately $2.4 million related to these locations. The Company closed an additional 23 branch locations on October 9, 2020, with an expected net annual cost savings of approximately $6.7 million.Asset Quality 3rd Qtr 20202nd Qtr 20201st Qtr 20204th Qtr 20193rd Qtr 2019 Allowance for credit losses on loans to total loans1.77%1.59%1.69%0.47%0.51% Allowance for credit losses on loans to non-performing loans147%175%154%74%78% Non-performing loans to total loans1.20%0.91%1.10%0.64%0.65% Net charge-off ratio (annualized)0.16%1.04%0.07%0.09%0.59% Net charge-off ratio YTD (annualized)0.43%0.56%0.07%0.24%0.30%        At September 30, 2020, the allowance for credit losses on loans was $248.3 million. Provision for credit losses on loans for the third quarter of 2020 was $22.3 million. Included in total loans was $970.5 million of government guaranteed PPP loans. Excluding the PPP loans, the allowance for credit losses on loans to total loans was 1.90%.Foreclosed Assets and Other Real Estate OwnedAt September 30, 2020, foreclosed assets and other real estate owned were $12.6 million, a decrease of $7.0 million, or 35.7%, compared to the same period in 2019. The composition of these assets is divided into three types:         ($ in millions)3rd Qtr 20202nd Qtr 20201st Qtr 20204th Qtr 20193rd Qtr 2019 Closed bank branches and branch sites$0.6$2.7$8.8$5.7$5.9 Foreclosed assets – acquired$9.3$9.2$9.2$10.3$10.1 Foreclosed assets – legacy$2.7$2.2$2.8$3.1$3.6 Capital 3rd Qtr 20202nd Qtr 20201st Qtr 20204th Qtr 20193rd Qtr 2019 Stockholders’ equity to total assets13.7%13.3%13.7%14.1%14.3% Tangible common equity to tangible assets (1)8.7%8.3%8.4%9.0%9.1% Regulatory common equity tier 1 ratio12.6%11.9%11.1%10.9%10.3% Regulatory tier 1 leverage ratio9.1%8.8%9.0%9.6%9.1% Regulatory tier 1 risk-based capital ratio12.6%11.9%11.1%10.9%10.3% Regulatory total risk-based capital ratio15.8%14.9%14.1%13.7%13.2% (1)Tangible common equity to tangible assets is a non-GAAP measurement. Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below.    At September 30, 2020, common stockholders' equity was $2.9 billion. Book value per share was $26.98 and tangible book value per share was $16.07 at September 30, 2020. The ratio of stockholders’ equity to total assets was 13.7% at September 30, 2020, while the ratio of tangible common equity to tangible assets was 8.7%. As of September 30, 2020, PPP loans totaled $970.5 million, which are 100% federally guaranteed and have a zero percent risk-weight for regulatory capital ratios. Excluding PPP loans from total assets, equity to total assets was 14.4%, tangible common equity to tangible assets was 9.1% and the regulatory tier 1 leverage ratio was 9.5%.Simmons First National CorporationSimmons First National Corporation is a financial holding company headquartered in Pine Bluff, Arkansas, with total consolidated assets of approximately $21.4 billion as of September 30, 2020, conducting financial operations in Arkansas, 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 is listed on the NASDAQ Global Select Market under the symbol “SFNC.”Conference CallManagement will conduct a live conference call to review this information beginning at 9:00 a.m. CDT today, Monday, October 19, 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 6533868. In addition, the call will be available live or in recorded version on the Company’s website at www.simmonsbank.com for at least 60 days.Non-GAAP Financial MeasuresThis 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, early retirement program expenses and net 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 further presents certain figures that are exclusive of PPP loans. 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 StatementsSome 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, including, without limitation, statements made in Mr. Makris’s quotes, may be identified by reference to future periods or by the use of forward-looking terminology, such as “believe,” “budget,” “expect,” “foresee,” “anticipate,” “intend,” “indicate,” “target,” “estimate,” “plan,” “project,” “continue,” “contemplate,” “positions,” “prospects,” “predict,” or “potential,” by future conditional verbs such as “will,” “would,” “should,” “could,” “might” or “may,” or by variations of such words or by similar expressions. These forward-looking statements include, without limitation, statements relating to Simmons’ future growth, revenue, assets, asset quality, profitability, net interest margin, non-interest revenue, share repurchase program, acquisition strategy, NGB and other digital banking initiatives, the Company’s ability to recruit and retain key employees, the benefits associated with the Company’s early retirement program and completed and future branch closures, 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 effect of steps the Company takes in response to COVID-19, the severity and duration of the pandemic, including whether there is a widespread resurgence in COVID-19 infections combined with the seasonal flu, the pace of recovery when the pandemic subsides and the heightened impact it has on many of the risks described herein; the effects of the COVID-19 pandemic on, among other things, the Company’s operations, liquidity, and credit quality; general economic and market conditions; unemployment; claims, damages, and fines related to litigation or government actions, including litigation or actions arising from the Company’s participation in and administration of programs related to the COVID-19 pandemic (including, among other things, the PPP loan program authorized by the CARES Act); changes in accounting principles relating to loan loss recognition (current expected credit losses, or 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, and its Form 10-Q for the quarter ended June 30, 2020, which have been filed with, and are available from, the U.S. 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 EndedSep 30Jun 30Mar 31Dec 31Sep 30 (Unaudited) 2020  2020  2020  2019  2019  ($ in thousands)      ASSETS      Cash and non-interest bearing balances due from banks$382,691 $234,998 $244,123 $277,208 $161,440  Interest bearing balances due from banks and federal funds sold 2,139,440  2,310,162  1,493,076  719,415  368,530      Cash and cash equivalents 2,522,131  2,545,160  1,737,199  996,623  529,970  Interest bearing balances due from banks - time 4,061  4,561  4,309  4,554  5,041  Investment securities - held-to-maturity 47,102  51,720  53,968  40,927  42,237  Investment securities - available-for-sale 2,607,288  2,496,896  2,466,640  3,288,343  2,210,931  Mortgage loans held for sale 192,729  120,034  49,984  58,102  50,099  Other assets held for sale 389  399  115,315  260,332  383  Loans:      Loans 14,017,442  14,606,900  14,374,277  14,425,704  13,003,549  Allowance for credit losses on loans (248,251) (231,643) (243,195) (68,244) (66,590) Net loans 13,769,191  14,375,257  14,131,082  14,357,460  12,936,959  Premises and equipment 470,491  478,896  484,990  492,384  378,678  Premises held for sale 4,486  4,576  -  -  -  Foreclosed assets and other real estate owned 12,590  14,111  20,805  19,121  19,576  Interest receivable 77,352  79,772  57,039  62,707  53,966  Bank owned life insurance 257,718  256,643  255,197  254,152  234,655  Goodwill 1,075,305  1,064,765  1,064,978  1,055,520  926,648  Other intangible assets 114,460  117,823  121,673  127,340  101,149  Other assets 282,102  293,071  278,173  241,578  268,219  Total assets$21,437,395 $21,903,684 $20,841,352 $21,259,143 $17,758,511         LIABILITIES AND STOCKHOLDERS' EQUITY      Deposits:      Non-interest bearing transaction accounts$4,451,385 $4,608,098 $3,572,244 $3,741,093 $3,044,330  Interest bearing transaction accounts and savings deposits 8,993,255  8,978,045  8,840,678  9,090,878  7,337,571  Time deposits 2,802,007  3,029,975  3,146,811  3,276,969  3,086,108          Total deposits 16,246,647  16,616,118  15,559,733  16,108,940  13,468,009  Federal funds purchased and securities sold      under agreements to repurchase 313,694  387,025  377,859  150,145  116,536  Other borrowings 1,342,769  1,393,689  1,396,829  1,297,599  1,098,395  Subordinated notes and debentures 382,739  382,604  388,396  388,260  354,223  Other liabilities held for sale -  -  58,405  159,853  -  Accrued interest and other liabilities 209,305  219,545  214,730  165,422  174,277  Total liabilities 18,495,154  18,998,981  17,995,952  18,270,219  15,211,440         Stockholders' equity:      Preferred stock 767  767  767  767  -  Common stock 1,090  1,090  1,090  1,136  966  Surplus 2,032,372  2,029,383  2,026,420  2,117,282  1,708,058  Undivided profits 866,503  819,153  778,893  848,848  814,338  Accumulated other comprehensive income (loss):      Unrealized accretion (depreciation) on AFS securities 41,509  54,310  38,230  20,891  23,709  Total stockholders' equity 2,942,241  2,904,703  2,845,400  2,988,924  2,547,071  Total liabilities and stockholders' equity$21,437,395 $21,903,684 $20,841,352 $21,259,143 $17,758,511         Simmons First National Corporation    SFNC  Consolidated Statements of Income - Quarter-to-Date      For the Quarters Ended Sep 30  Jun 30  Mar 31  Dec 31  Sep 30  (Unaudited) 2020  2020  2020  2019  2019  ($ in thousands, except per share data)       INTEREST INCOME          Loans$163,180 $176,910 $187,566 $193,402 $179,971     Interest bearing balances due from banks and federal funds sold 623  603  2,441  2,625  1,586     Investment securities 14,910  13,473  18,943  16,962  14,467     Mortgage loans held for sale 1,012  668  281  402  382             TOTAL INTEREST INCOME 179,725  191,654  209,231  213,391  196,406          INTEREST EXPENSE          Time deposits 9,437  10,803  13,323  16,198  15,573     Other deposits 6,769  7,203  17,954  20,331  21,363     Federal funds purchased and securities            sold under agreements to repurchase 335  337  759  368  249     Other borrowings 4,943  4,963  4,877  4,615  5,381     Subordinated notes and debentures 4,631  4,667  4,835  4,813  4,576             TOTAL INTEREST EXPENSE 26,115  27,973  41,748  46,325  47,142  NET INTEREST INCOME 153,610  163,681  167,483  167,066  149,264     Provision for credit losses 22,981  21,915  23,134  4,903  21,973          NET INTEREST INCOME AFTER PROVISION          FOR CREDIT LOSSES 130,629  141,766  144,349  162,163  127,291  NON-INTEREST INCOME          Trust income 6,744  7,253  7,151  7,430  6,108     Service charges on deposit accounts 10,385  8,570  13,328  13,332  10,825     Other service charges and fees 1,764  1,489  1,588  1,915  1,308     Mortgage lending income 13,971  12,459  5,046  4,029  4,509     SBA lending income 304  245  296  321  956     Investment banking income 557  571  877  822  513     Debit and credit card fees 8,850  7,996  7,914  8,920  7,059     Bank owned life insurance income 1,591  1,445  1,298  1,411  1,302     Gain on sale of securities, net 22,305  390  32,095  377  7,374     Other income 5,380  9,809  12,801  7,073  44,721             TOTAL NON-INTEREST INCOME 71,851  50,227  82,394  45,630  84,675  NON-INTEREST EXPENSE          Salaries and employee benefits 61,144  57,644  67,924  63,235  52,065     Occupancy expense, net 9,647  9,217  9,510  9,272  8,342     Furniture and equipment expense 6,231  6,144  5,723  5,758  4,898     Other real estate and foreclosure expense 602  274  325  1,089  1,125     Deposit insurance 2,244  2,838  2,475  (134) -     Merger-related costs 902  1,830  1,068  24,831  2,556     Other operating expenses 38,179  39,651  41,788  38,044  37,879             TOTAL NON-INTEREST EXPENSE 118,949  117,598  128,813  142,095  106,865  NET INCOME BEFORE INCOME TAXES 83,531  74,395  97,930  65,698  105,101     Provision for income taxes 17,633  15,593  20,694  12,976  23,275  NET INCOME 65,898  58,802  77,236  52,722  81,826     Preferred stock dividends 13  13  13  13  -  NET INCOME AVAILABLE TO COMMON STOCKHOLDERS$65,885 $58,789 $77,223 $52,709 $81,826  BASIC EARNINGS PER SHARE$0.60 $0.54 $0.68 $0.49 $0.85  DILUTED EARNINGS PER SHARE$0.60 $0.54 $0.68 $0.49 $0.84          Simmons First National Corporation    SFNC  Consolidated Risk-Based Capital      For the Quarters EndedSep 30Jun 30Mar 31Dec 31Sep 30 (Unaudited) 2020  2020  2020  2019  2019  ($ in thousands)      Tier 1 capital         Stockholders' equity$2,942,241 $2,904,703 $2,845,400 $2,988,924 $2,547,071     CECL transition provision (1) 134,798  130,480  134,558  -  -     Disallowed intangible assets, net of deferred tax (1,167,357) (1,160,385) (1,164,038) (1,160,079) (1,013,309)    Unrealized (gain) loss on AFS securities (41,509) (54,310) (38,230) (20,891) (23,709)       Total Tier 1 capital 1,868,173  1,820,488  1,777,690  1,807,954  1,510,053                Tier 2 capital         Trust preferred securities and subordinated debt 382,739  382,604  388,396  388,260  354,223     Qualifying allowance for loan losses and            reserve for unfunded commitments 96,734  83,780  96,015  76,644  74,455        Total Tier 2 capital 479,473  466,384  484,411  464,904  428,678        Total risk-based capital$2,347,646 $2,286,872 $2,262,101 $2,272,858 $1,938,731                Risk weighted assets$14,878,932 $15,362,175 $16,012,233 $16,554,081 $14,725,571                Adjusted average assets for leverage ratio$20,652,454 $20,742,824 $19,832,219 $18,852,798 $16,681,527                Ratios at end of quarter         Equity to assets 13.72% 13.26% 13.65% 14.06% 14.34%    Tangible common equity to tangible assets (2) 8.65% 8.31% 8.44% 8.99% 9.08%    Common equity Tier 1 ratio (CET1) 12.55% 11.85% 11.10% 10.92% 10.25%    Tier 1 leverage ratio 9.05% 8.78% 8.96% 9.59% 9.05%    Tier 1 risk-based capital ratio 12.56% 11.85% 11.10% 10.92% 10.25%    Total risk-based capital ratio 15.78% 14.89% 14.13% 13.73% 13.17%        (1) The Company has elected to use the CECL transition provision allowed for in the year of adopting ASC 326. (2) Calculations of tangible common equity to tangible assets and the reconciliations to GAAP are included in the schedules accompanying this release.        Simmons First National Corporation    SFNC  Consolidated Investment Securities       For the Quarters EndedSep 30Jun 30Mar 31Dec 31Sep 30  (Unaudited) 2020  2020  2020  2019  2019  ($ in thousands)                        Investment Securities - End of Period       Held-to-Maturity          Mortgage-backed securities$24,297 $25,980 $27,121 $10,796 $11,549     State and political subdivisions 21,930  24,777  25,985  27,082  28,692     Other securities 875  963  862  3,049  1,996        Total held-to-maturity (net of credit losses) 47,102  51,720  53,968  40,927  42,237  Available-for-Sale                  U.S. Treasury$- $- $424,989 $449,729 $-     U.S. Government agencies 471,973  210,921  161,289  194,249  178,139     Mortgage-backed securities 903,687  1,154,086  1,179,837  1,742,945  1,337,794     State and political subdivisions 1,133,006  1,054,068  678,243  880,524  681,202     Other securities 98,622  77,821  22,282  20,896  13,796        Total available-for-sale (net of credit losses) 2,607,288  2,496,896  2,466,640  3,288,343  2,210,931        Total investment securities (net of credit losses)$2,654,390 $2,548,616 $2,520,608 $3,329,270 $2,253,168        Fair value - HTM investment securities$49,064 $53,751 $55,714 $41,855 $43,302                          Investment Securities - QTD Average       Taxable securities$1,534,742 $1,642,083 $2,324,188 $1,940,755 $1,561,308  Tax exempt securities 1,155,099  866,944  900,223  825,000  681,505     Total investment securities - QTD average$2,689,841 $2,509,027 $3,224,411 $2,765,755 $2,242,813                                  Simmons First National Corporation   SFNC  Consolidated Loans       For the Quarters EndedSep 30Jun 30Mar 31Dec 31Sep 30  (Unaudited) 2020  2020  2020  2019  2019  ($ in thousands)                Loan Portfolio - End of Period       Consumer          Credit cards$172,880 $184,348 $188,596 $204,802 $195,083     Other consumer 190,736  214,024  267,870  249,195  215,283  Total consumer 363,616  398,372  456,466  453,997  410,366  Real Estate          Construction 1,853,360  2,010,256  2,024,118  2,248,673  2,081,595     Single-family residential 1,997,070  2,207,087  2,343,543  2,414,753  1,951,842     Other commercial real estate 6,132,823  6,316,444  6,466,104  6,358,514  5,758,511  Total real estate 9,983,253  10,533,787  10,833,765  11,021,940  9,791,948  Commercial          Commercial 2,907,798  3,038,216  2,314,472  2,451,119  2,215,539     Agricultural 241,687  217,715  191,535  191,525  214,610  Total commercial 3,149,485  3,255,931  2,506,007  2,642,644  2,430,149  Other 521,088  418,810  578,039  307,123  371,086        Total Loans$14,017,442 $14,606,900 $14,374,277 $14,425,704 $13,003,549                  Simmons First National Corporation    SFNC  Consolidated Allowance and Asset Quality      For the Quarters EndedSep 30Jun 30Mar 31Dec 31Sep 30 (Unaudited) 2020  2020  2020  2019  2019         ($ in thousands)      Allowance for Credit Losses on Loans      Beginning balance, prior to adoption of ASC 326  $68,244 $66,590 $64,179  Impact of adopting ASC 326 (1)  $151,377      Beginning balance, after adoption of ASC 326$231,641 $243,195 $219,621                  Loans charged off         Credit cards 832  1,053  1,441  1,287  1,117     Other consumer 1,091  592  1,379  1,425  1,065     Real estate 1,153  1,824  396  892  1,367     Commercial 4,327  35,687  523  459  17,778        Total loans charged off 7,403  39,156  3,739  4,063  21,327                Recoveries of loans previously charged off         Credit cards 276  272  225  287  223     Other consumer 366  301  443  304  1,422     Real estate 120  253  101  146  55     Commercial 936  98  347  77  65        Total recoveries 1,698  924  1,116  814  1,765     Net loans charged off 5,705  38,232  2,623  3,249  19,562  Provision for credit losses on loans 22,315  26,678  26,197  4,903  21,973  Balance, end of quarter$248,251 $231,641 $243,195 $68,244 $66,590                Non-performing assets      Non-performing loans         Nonaccrual loans$168,349 $131,888 $156,746 $91,723 $84,660     Loans past due 90 days or more 156  537  1,305  855  177        Total non-performing loans 168,505  132,425  158,051  92,578  84,837  Other non-performing assets                 Foreclosed assets and other real estate owned 12,590  14,111  20,805  19,121  19,576     Other non-performing assets 1,983  2,008  2,169  1,964  540        Total other non-performing assets 14,573  16,119  22,974  21,085  20,116           Total non-performing assets$183,078 $148,544 $181,025 $113,663 $104,953  Performing TDRs (troubled debt restructurings)$2,791 $3,960 $4,110 $4,411 $6,519         Ratios      Allowance for credit losses on loans to total loans 1.77% 1.59% 1.69% 0.47% 0.51% Allowance for credit losses to non-performing loans 147% 175% 154% 74% 78% Non-performing loans to total loans 1.20% 0.91% 1.10% 0.64% 0.65% Non-performing assets (including performing TDRs)        to total assets 0.87% 0.70% 0.89% 0.56% 0.63% Non-performing assets to total assets 0.85% 0.68% 0.87% 0.53% 0.59% Annualized net charge offs to total loans 0.16% 1.04% 0.07% 0.09% 0.59% Annualized net credit card charge offs to        total credit card loans 1.26% 1.67% 2.29% 1.99% 1.82%        (1) The Company adopted ASC 326.effective January 1, 2020.            Simmons First National Corporation          SFNC  Consolidated - Average Balance Sheet and Net Interest Income Analysis       For the Quarters Ended            (Unaudited)             Three Months Ended Sep 2020 Three Months Ended Jun 2020 Three Months Ended Sep 2019 ($ 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$2,265,233 $623 0.11% $2,190,878 $603 0.11% $344,761 $1,586 1.83%    Investment securities - taxable 1,534,742  7,193 1.86%  1,642,083  7,131 1.75%  1,561,308  9,514 2.42%    Investment securities - non-taxable (FTE) 1,155,099  10,382 3.58%  866,944  8,434 3.91%  681,505  6,687 3.89%    Mortgage loans held for sale 145,226  1,012 2.77%  86,264  668 3.11%  39,551  382 3.83%    Loans (FTE) 14,315,014  163,379 4.54%  14,731,306  177,168 4.84%  13,053,540  180,080 5.47%       Total interest earning assets (FTE) 19,415,314  182,589 3.74%  19,517,475  194,004 4.00%  15,680,665  198,249 5.02%    Non-earning assets 2,350,007    2,304,798    2,039,933        Total assets$21,765,321     $21,822,273     $17,720,598                  LIABILITIES AND STOCKHOLDERS' EQUITY           Interest bearing liabilities:               Interest bearing transaction and                 savings accounts$8,977,886 $6,769 0.30% $9,138,563 $7,203 0.32% $7,322,395 $21,363 1.16%    Time deposits 2,998,091  9,437 1.25%  3,057,153  10,803 1.42%  3,122,422  15,573 1.98%       Total interest bearing deposits 11,975,977  16,206 0.54%  12,195,716  18,006 0.59%  10,444,817  36,936 1.40%    Federal funds purchased and securities                 sold under agreement to repurchase 386,631  335 0.34%  392,633  337 0.35%  123,883  249 0.80%    Other borrowings 1,357,278  4,943 1.45%  1,395,109  4,963 1.43%  1,127,886  5,381 1.89%    Subordinated notes and debentures 382,672  4,631 4.81%  387,422  4,667 4.84%  354,178  4,576 5.13%       Total interest bearing liabilities 14,102,558  26,115 0.74%  14,370,880  27,973 0.78%  12,050,764  47,142 1.55% Non-interest bearing liabilities:               Non-interest bearing deposits 4,529,782    4,354,781    3,012,544      Other liabilities 190,169    216,508    288,517         Total liabilities 18,822,509    18,942,169    15,351,825   Stockholders' equity 2,942,812    2,880,104    2,368,773         Total liabilities and stockholders' equity$21,765,321     $21,822,273     $17,720,598     Net interest income (FTE)  $156,474    $166,031    $151,107  Net interest spread (FTE)   3.00%    3.22%    3.47% Net interest margin (FTE) - quarter-to-date   3.21%    3.42%    3.82%              Net interest margin (FTE) - year-to-date   3.43%    3.55%    3.88%              Core net interest margin (FTE) - quarter-to-date (1)  3.02%    3.18%    3.59% Core loan yield (FTE) - quarter-to-date (1)   4.29%    4.52%    5.19%              Core net interest margin (FTE) - year-to-date (1)   3.20%    3.30%    3.64% Core loan yield (FTE) - year-to-date (1)   4.56%    4.69%    5.24%              (1) Calculations of core net interest margin and core loan yield and the reconciliations to GAAP are included in the schedules accompanying this release.              Simmons First National Corporation   SFNC Consolidated - Selected Financial Data      For the Quarters EndedSep 30Jun 30Mar 31Dec 31Sep 30 (Unaudited) 2020  2020  2020  2019  2019  ($ in thousands, except share data)      QUARTER-TO-DATE      Financial Highlights - GAAP      Net Income$65,885 $58,789 $77,223 $52,709 $81,826  Diluted earnings per share 0.60  0.54  0.68  0.49  0.84  Return on average assets 1.20% 1.08% 1.48% 1.04% 1.83% Return on average common equity 8.91% 8.21% 10.83% 8.01% 13.70% Return on tangible common equity 15.45% 14.55% 19.00% 14.62% 24.89% Net interest margin (FTE) 3.21% 3.42% 3.68% 3.78% 3.82% FTE adjustment 2,864  2,350  2,305  2,172  1,843  Amortization of intangibles 3,362  3,369  3,413  3,270  2,947  Amortization of intangibles, net of taxes 2,483  2,489  2,521  2,416  2,176  Average diluted shares outstanding 109,207,294  109,130,866  113,137,223  108,472,559  96,968,775  Shares repurchased under plan -  -  4,922,336  390,000  -  Average price of shares repurchased -  -  18.96  25.95  -  Cash dividends declared per common share 0.17  0.17  0.17  0.16  0.16  Financial Highlights - Core (non-GAAP)      Core earnings (excludes non-core items) (1)$68,338 $60,147 $73,838 $71,074 $83,963  Core diluted earnings per share (1) 0.63  0.55  0.65  0.66  0.87  Core net interest margin (FTE) (2) 3.02% 3.18% 3.42% 3.44% 3.59% Accretable yield on acquired loans 8,948  11,723  11,837  15,100  9,322  Efficiency ratio (1) 54.12% 51.46% 57.79% 52.63% 43.77% Core return on average assets (1) 1.25% 1.11% 1.42% 1.41% 1.88% Core return on average common equity (1) 9.24% 8.40% 10.35% 10.80% 14.06% Core return on tangible common equity (1) 16.00% 14.87% 18.19% 19.49% 25.52% YEAR-TO-DATE      Financial Highlights - GAAP      Net Income$201,897 $136,012 $77,223 $237,828 $185,119  Diluted earnings per share 1.83  1.22  0.68  2.41  1.94  Return on average assets 1.25% 1.28% 1.48% 1.33% 1.44% Return on average common equity 9.27% 9.45% 10.83% 9.93% 10.65% Return on tangible common equity 16.19% 16.57% 19.00% 17.99% 19.27% Net interest margin (FTE) 3.43% 3.55% 3.68% 3.85% 3.88% FTE adjustment 7,519  4,655  2,305  7,322  5,150  Amortization of intangibles 10,144  6,782  3,413  11,805  8,535  Amortization of intangibles, net of taxes 7,493  5,010  2,521  8,720  6,304  Average diluted shares outstanding 110,480,508  111,083,999  113,137,223  98,796,628  95,450,732  Cash dividends declared per common share 0.51  0.34  0.17  0.64  0.48  Financial Highlights - Core (non-GAAP)      Core earnings (excludes non-core items) (1)$202,323 $133,985 $73,838 $269,566 $198,492  Core diluted earnings per share (1) 1.83  1.21  0.65  2.73  2.08  Core net interest margin (FTE) (2) 3.20% 3.30% 3.42% 3.59% 3.64% Accretable yield on acquired loans 32,508  23,560  11,837  41,244  26,144  Efficiency ratio (1) 54.46% 54.62% 57.79% 50.33% 49.49% Core return on average assets (1) 1.26% 1.26% 1.42% 1.51% 1.55% Core return on average common equity (1) 9.29% 9.31% 10.35% 11.25% 11.42% Core return on tangible common equity (1) 16.22% 16.33% 18.19% 20.31% 20.62% END OF PERIOD      Book value per share$26.98 $26.64 $26.11 $26.30 $26.36  Tangible book value per share 16.07  15.79  15.22  15.89  15.73  Shares outstanding 109,023,781  108,994,389  108,966,331  113,628,601  96,613,855  Full-time equivalent employees 2,904  2,939  3,079  3,270  2,701  Total number of financial centers 226  226  240  251  212         (1) Core earnings exclude non-core items, which is a non-GAAP measurement. Reconciliations to GAAP are included in the schedules accompanying this release. (2) Excludes accretable yield adjustment on loans, which is a non-GAAP measurement. Reconciliations to GAAP are included in the schedules accompanying this release.        Simmons First National Corporation    SFNC  Consolidated - Reconciliation of Core Earnings (non-GAAP)    For the Quarters EndedSep 30Jun 30Mar 31Dec 31Sep 30 (Unaudited) 2020  2020  2020  2019  2019  ($ in thousands, except per share data)      QUARTER-TO-DATE      Net Income$65,885 $58,789 $77,223 $52,709 $81,826  Non-core items      Gain on sale of branches -  (2,204) (5,889) -  -  Merger-related costs 902  1,830  1,068  24,831  2,556  Early retirement program 2,346  493  -  -  177  Branch right-sizing (net) 72  1,721  238  37  160  Tax effect (1) (867) (482) 1,198  (6,503) (756) Net non-core items 2,453  1,358  (3,385) 18,365  2,137  Core earnings (non-GAAP)$68,338 $60,147 $73,838 $71,074 $83,963                Diluted earnings per share$0.60 $0.54 $0.68 $0.49 $0.84  Non-core items      Gain on sale of branches -  (0.02) (0.05) -  -  Merger-related costs 0.01  0.02  0.01  0.23  0.04  Early retirement program 0.02  -  -  -  -  Branch right-sizing (net) -  0.02  -  -  -  Tax effect (1) -  (0.01) 0.01  (0.06) (0.01) Net non-core items 0.03  0.01  (0.03) 0.17  0.03  Core diluted earnings per share (non-GAAP)$0.63 $0.55 $0.65 $0.66 $0.87                YEAR-TO-DATE      Net Income$201,897 $136,012 $77,223 $237,828 $185,119  Non-core items      Gain on sale of branches (8,093) (8,093) (5,889) -  -  Merger-related costs 3,800  2,898  1,068  36,379  11,548  Early retirement program 2,839  493  -  3,464  3,464  Branch right-sizing (net) 2,031  1,959  238  3,129  3,092  Tax effect (1) (151) 716  1,198  (11,234) (4,731) Net non-core items 426  (2,027) (3,385) 31,738  13,373  Core earnings (non-GAAP)$202,323 $133,985 $73,838 $269,566 $198,492                Diluted earnings per share$1.83 $1.22 $0.68 $2.41 $1.94  Non-core items      Gain on sale of branches (0.07) (0.07) (0.05) -  -  Merger-related costs 0.03  0.03  0.01  0.37  0.12  Early retirement program 0.02  -  -  0.03  0.04  Branch right-sizing (net) 0.02  0.02  -  0.03  0.03  Tax effect (1) -  0.01  0.01  (0.11) (0.05) Net non-core items -  (0.01) (0.03) 0.32  0.14  Core diluted earnings per share (non-GAAP)$1.83 $1.21 $0.65 $2.73 $2.08                (1) Effective tax rate of 26.135%.             Reconciliation of Selected Non-Core Non-Interest Income and Expense Items (non-GAAP)         QUARTER-TO-DATE         Other income$5,380 $9,809 $12,801 $7,073 $44,721  Non-core items (1) (370) (2,204) (5,889) -  -     Core other income (non-GAAP)$5,010 $7,605 $6,912 $7,073 $44,721                    Non-interest expense$118,949 $117,598 $128,813 $142,095 $106,865  Non-core items (1) (3,690) (4,044) (1,306) (24,868) (2,893)    Core non-interest expense (non-GAAP)$115,259 $113,554 $127,507 $117,227 $103,972                   Salaries and employee benefits$61,144 $57,644 $67,924 $63,235 $52,065  Non-core items (1) (2,448) (493) -  -  (176)    Core salaries and employee benefits (non-GAAP)$58,696 $57,151 $67,924 $63,235 $51,889                   Merger related costs$902 $1,830 $1,068 $24,831 $2,556  Non-core items (1) (902) (1,830) (1,068) (24,831) (2,556)    Core merger related costs (non-GAAP)$- $- $- $- $-                   Other operating expenses$38,179 $39,651 $41,788 $38,044 $37,881  Non-core items (1) (11) (1,662) (212) (4) (90)    Core other operating expenses (non-GAAP)$38,168 $37,989 $41,576 $38,040 $37,791                (1) Non-core items include gain on sale of branches, merger related costs, early retirement program expenses and branch right sizing costs.        Simmons First National Corporation     SFNC  Reconciliation Of Non-GAAP Financial Measures - End of Period    For the Quarters EndedSep 30Jun 30Mar 31Dec 31Sep 30 (Unaudited) 2020  2020  2020  2019  2019  ($ 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$2,941,474 $2,903,936 $2,844,633 $2,988,157 $2,547,071  Intangible assets:         Goodwill (1,075,305) (1,064,765) (1,064,978) (1,055,520) (926,648)    Other intangible assets (114,460) (117,823) (121,673) (127,340) (101,149) Total intangibles (1,189,765) (1,182,588) (1,186,651) (1,182,860) (1,027,797) Tangible common stockholders' equity$1,751,709 $1,721,348 $1,657,982 $1,805,297 $1,519,274                Total assets$21,437,395 $21,903,684 $20,841,352 $21,259,143 $17,758,511  Intangible assets:         Goodwill (1,075,305) (1,064,765) (1,064,978) (1,055,520) (926,648)    Other intangible assets (114,460) (117,823) (121,673) (127,340) (101,149) Total intangibles (1,189,765) (1,182,588) (1,186,651) (1,182,860) (1,027,797) Tangible assets$20,247,630 $20,721,096 $19,654,701 $20,076,283 $16,730,714                Paycheck protection program ("PPP") loans (970,488) (963,712)    Total assets less PPP loans$20,466,907 $20,939,972       Tangible assets less PPP loans$19,277,142 $19,757,384                     Ratio of equity to assets 13.72% 13.26% 13.65% 14.06% 14.34%            Ratio of equity to assets less PPP loans 14.38% 13.87%    Ratio of tangible common equity to tangible assets 8.65% 8.31% 8.44% 8.99% 9.08%            Ratio of tangible common equity to tangible assets less PPP loans 9.09% 8.71%                  Calculation of Tangible Book Value per Share             Total common stockholders' equity$2,941,474 $2,903,936 $2,844,633 $2,988,157 $2,547,071  Intangible assets:         Goodwill (1,075,305) (1,064,765) (1,064,978) (1,055,520) (926,648)    Other intangible assets (114,460) (117,823) (121,673) (127,340) (101,149) Total intangibles (1,189,765) (1,182,588) (1,186,651) (1,182,860) (1,027,797) Tangible common stockholders' equity$1,751,709 $1,721,348 $1,657,982 $1,805,297 $1,519,274  Shares of common stock outstanding 109,023,781  108,994,389  108,966,331  113,628,601  96,613,855  Book value per common share$26.98 $26.64 $26.11 $26.30 $26.36  Tangible book value per common share$16.07 $15.79 $15.22 $15.89 $15.73                Calculation of Regulatory Tier 1 Leverage Ratio Less Average PPP Loans           Total Tier 1 capital$1,868,173 $1,820,488                   Adjusted average assets for leverage ratio$20,652,454 $20,742,824       Average PPP loans (967,152) (645,172)    Adjusted average assets less average PPP loans$19,685,302 $20,097,652                     Tier 1 leverage ratio 9.05% 8.78%    Tier 1 leverage ratio less average PPP loans 9.49% 9.06%      Simmons First National Corporation     SFNC  Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date    For the Quarters EndedSep 30Jun 30Mar 31Dec 31Sep 30 (Unaudited) 2020  2020  2020  2019  2019  ($ in thousands)      Calculation of Core Return on Average Assets             Net income$65,885 $58,789 $77,223 $52,709 $81,826  Net non-core items, net of taxes, adjustment 2,453  1,358  (3,385) 18,365  2,137  Core earnings$ 68,338 $ 60,147 $ 73,838 $ 71,074 $ 83,963                   Average total assets$ 21,765,321 $ 21,822,273 $ 20,920,223 $ 20,041,890 $ 17,720,598                   Return on average assets 1.20% 1.08% 1.48% 1.04% 1.83% Core return on average assets 1.25% 1.11% 1.42% 1.41% 1.88%                  Calculation of Return on Tangible Common Equity             Net income$65,885 $58,789 $77,223 $52,709 $81,826  Amortization of intangibles, net of taxes 2,483  2,489  2,521  2,416  2,176  Total income available to common stockholders$ 68,368 $ 61,278 $ 79,744 $ 55,125 $ 84,002                   Net non-core items, net of taxes 2,453  1,358  (3,385) 18,365  2,137  Core earnings 68,338  60,147  73,838  71,074  83,963  Amortization of intangibles, net of taxes 2,483  2,489  2,521  2,416  2,176  Total core income available to common stockholders$ 70,821 $ 62,636 $ 76,359 $ 73,490 $ 86,139                   Average common stockholders' equity$2,942,045 $2,879,337 $2,869,177 $2,611,143 $2,368,773  Average intangible assets:                   Goodwill (1,064,893) (1,064,955) (1,055,498) (997,004) (926,687)    Other intangibles (116,385) (120,111) (125,746) (118,311) (103,028) Total average intangibles (1,181,278) (1,185,066) (1,181,244) (1,115,315) (1,029,715) Average tangible common stockholders' equity$ 1,760,767 $ 1,694,271 $ 1,687,933 $ 1,495,828 $ 1,339,058                   Return on average common equity 8.91% 8.21% 10.83% 8.01% 13.70% Return on tangible common equity 15.45% 14.55% 19.00% 14.62% 24.89% Core return on average common equity 9.24% 8.40% 10.35% 10.80% 14.06% Core return on tangible common equity 16.00% 14.87% 18.19% 19.49% 25.52%                  Calculation of Efficiency Ratio (1)             Non-interest expense$118,949 $117,598 $128,813 $142,095 $106,865  Non-core non-interest expense adjustment (3,690) (4,044) (1,306) (24,868) (2,893) Other real estate and foreclosure expense adjustment (600) (242) (319) (1,063) (1,057) Amortization of intangibles adjustment (3,362) (3,369) (3,413) (3,270) (2,947) Efficiency ratio numerator$ 111,297 $ 109,943 $ 123,775 $ 112,894 $ 99,968                   Net-interest income$153,610 $163,681 $167,483 $167,066 $149,264  Non-interest income 71,851  50,227  82,394  45,630  84,675  Non-core non-interest income adjustment (370) (2,204) (5,889) -  -  Fully tax-equivalent adjustment (effective tax rate of 26.135%) 2,864  2,350  2,305  2,172  1,843  Gain on sale of securities (22,305) (390) (32,095) (377) (7,374) Efficiency ratio denominator$ 205,650 $ 213,664 $ 214,198 $ 214,491 $ 228,408                   Efficiency ratio (1) 54.12% 51.46% 57.79% 52.63% 43.77%                         (1) Efficiency ratio is core non-interest expense before foreclosed property expense and amortization of intangibles as a percent of net interest income (fully taxable equivalent) and non-interest revenues, excluding gains and losses from securities transactions and non-core items.         Simmons First National Corporation     SFNC  Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date (continued)   For the Quarters EndedSep 30Jun 30Mar 31Dec 31Sep 30 (Unaudited) 2020  2020  2020  2019  2019  ($ in thousands)      Calculation of Core Net Interest Margin             Net interest income$153,610 $163,681 $167,483 $167,066 $149,264  Fully tax-equivalent adjustment (effective tax rate of 26.135%) 2,864  2,350  2,305  2,172  1,843  Fully tax-equivalent net interest income 156,474  166,031  169,788  169,238  151,107                   Total accretable yield (8,948) (11,723) (11,837) (15,100) (9,322) Core net interest income$ 147,526 $ 154,308 $ 157,951 $ 154,138 $ 141,785                   PPP loan and excess liquidity interest income (6,131)$ (5,623)    Net interest income adjusted for PPP loans and liquidity$ 150,343 $ 160,408                Average earning assets$ 19,415,314 $ 19,517,475 $ 18,581,491 $ 17,753,004 $ 15,680,665  Average PPP loan balance and excess liquidity (2,359,928) (2,071,411)          Average earning assets adjusted for PPL loans and liquidity$ 17,055,386 $ 17,446,064                Net interest margin 3.21% 3.42% 3.68% 3.78% 3.82% Core net interest margin 3.02% 3.18% 3.42% 3.44% 3.59% Net interest margin adjusted for PPP loans and liquidity 3.51% 3.70%                 Calculation of Core Loan Yield             Loan interest income (FTE)$163,379 $177,168 $187,566 $193,402 $179,971  Total accretable yield (8,948) (11,723) (11,837) (15,100) (9,322) Core loan interest income$ 154,431 $ 165,445 $ 175,729 $ 178,302 $ 170,649  PPP loan interest income (5,782) (3,733)          Core loan interest income without PPP loans$ 148,649 $ 161,712                Average loan balance$ 14,315,014 $ 14,731,306 $ 14,548,853 $ 14,144,703 $ 13,053,540  Average PPP loan balance (967,152)$ (645,172)          Average loan balance without PPP loans$ 13,347,862 $ 14,086,134                Core loan yield 4.29% 4.52% 4.86% 5.00% 5.19% Core loan yield without PPP loans 4.43% 4.62%               Calculation of Pre-Tax, Pre-Provision (PTPP) Earnings             Net income available to common stockholders$65,885 $58,789 $77,223 $52,709 $81,826  Provision for income taxes 17,633  15,593  20,694  12,976  23,275  Provision for credit losses (including provision for unfunded commitments) 22,981  21,915  23,134  4,903  21,973  (Gain) loss on sale of securities (22,305) (390) (32,095) (377) (7,374) Net pre-tax non-core items 3,320  1,840  (4,583) 24,868  2,893  Pre-tax, pre-provision (PTPP) earnings$ 87,514 $ 97,747 $ 84,373 $ 95,079 $ 122,593                   Simmons First National Corporation     SFNC  Reconciliation Of Non-GAAP Financial Measures - Year-to-Date    For the Quarters Ended      (Unaudited)Sep 30Jun 30Mar 31Dec 31Sep 30   2020  2020  2020  2019  2019  ($ in thousands)      Calculation of Core Return on Average Assets             Net income$201,897 $136,012 $77,223 $237,828 $185,119  Net non-core items, net of taxes, adjustment 426  (2,027) (3,385) 31,738  13,373  Core earnings$ 202,323 $ 133,985 $ 73,838 $ 269,566 $ 198,492                   Average total assets$ 21,503,564 $ 21,371,248 $ 20,920,223 $ 17,871,748 $ 17,140,419                   Return on average assets 1.25% 1.28% 1.48% 1.33% 1.44% Core return on average assets 1.26% 1.26% 1.42% 1.51% 1.55%                  Calculation of Return on Tangible Common Equity             Net income$201,897 $136,012 $77,223 $237,828 $185,119  Amortization of intangibles, net of taxes 7,493  5,010  2,521  8,720  6,304  Total income available to common stockholders$ 209,390 $ 141,022 $ 79,744 $ 246,548 $ 191,423                   Net non-core items, net of taxes 426  (2,027) (3,385) 31,738  13,373  Core earnings 202,323  133,985  73,838  269,566  198,492  Amortization of intangibles, net of taxes 7,493  5,010  2,521  8,720  6,304  Total core income available to common stockholders$ 209,816 $ 138,995 $ 76,359 $ 278,286 $ 204,796                   Average common stockholders' equity$2,910,366 $2,894,351 $2,869,177 $2,396,024 $2,323,530  Average intangible assets:                   Goodwill (1,061,793) (1,060,226) (1,055,498) (921,635) (896,236)    Other intangibles (120,731) (122,928) (125,746) (104,000) (99,178) Total average intangibles (1,182,524) (1,183,154) (1,181,244) (1,025,635) (995,414) Average tangible common stockholders' equity$ 1,727,842 $ 1,711,197 $ 1,687,933 $ 1,370,389 $ 1,328,116                   Return on average common equity 9.27% 9.45% 10.83% 9.93% 10.65% Return on tangible common equity 16.19% 16.57% 19.00% 17.99% 19.27% Core return on average common equity 9.29% 9.31% 10.35% 11.25% 11.42% Core return on tangible common equity 16.22% 16.33% 18.19% 20.31% 20.62%                  Calculation of Efficiency Ratio (1)             Non-interest expense$365,360 $246,411 $128,813 $461,112 $319,017  Non-core non-interest expense adjustment (9,040) (5,350) (1,306) (42,972) (18,104) Other real estate and foreclosure expense adjustment (1,161) (561) (319) (3,282) (2,219) Amortization of intangibles adjustment (10,144) (6,782) (3,413) (11,805) (8,535) Efficiency ratio numerator$ 345,015 $ 233,718 $ 123,775 $ 403,053 $ 290,159                   Net-interest income$484,774 $331,164 $167,483 $601,753 $434,687  Non-interest income 204,472  132,621  82,394  205,031  159,401  Non-core non-interest income adjustment (8,463) (8,093) (5,889) -  -  Fully tax-equivalent adjustment (effective tax rate of 26.135%) 7,519  4,655  2,305  7,322  5,150  Gain on sale of securities (54,790) (32,485) (32,095) (13,314) (12,937) Efficiency ratio denominator$ 633,512 $ 427,862 $ 214,198 $ 800,792 $ 586,301                   Efficiency ratio (1) 54.46% 54.62% 57.79% 50.33% 49.49%                         Calculation of Core Net Interest Margin             Net interest income$484,774 $331,164 $167,483 $601,753 $434,687  Fully tax-equivalent adjustment (effective tax rate of 26.135%) 7,519  4,655  2,305  7,322  5,150  Fully tax-equivalent net interest income 492,293  335,819  169,788  609,075  439,837                          Total accretable yield (32,508) (23,560) (11,837) (41,244) (26,144) Core net interest income$ 459,785 $ 312,259 $ 157,951 $ 567,831 $ 413,693  Average earning assets$ 19,172,318 $ 19,049,487 $ 18,581,491 $ 15,824,571 $ 15,174,671                          Net interest margin 3.43% 3.55% 3.68% 3.85% 3.88% Core net interest margin 3.20% 3.30% 3.42% 3.59% 3.64%                         Calculation of Core Loan Yield             Loan interest income (FTE)$528,294 $364,915 $187,566 $710,935 $517,533  Total accretable yield (32,508) (23,560) (11,837) (41,244) (26,144) Core loan interest income$ 495,786 $ 341,355 $ 175,729 $ 669,691 $ 491,389  Average loan balance$ 14,530,938 $ 14,640,082 $ 14,548,853 $ 12,938,013 $ 12,531,355                          Core loan yield 4.56% 4.69% 4.86% 5.18% 5.24%                         (1) Efficiency ratio is core non-interest expense before foreclosed property expense and amortization of intangibles as a percent of net interest income (fully taxable equivalent) and non-interest revenues, excluding gains and losses from securities transactions and non-core items.