0001171843-19-000416.txt : 20190122 0001171843-19-000416.hdr.sgml : 20190122 20190122170116 ACCESSION NUMBER: 0001171843-19-000416 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20190122 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190122 DATE AS OF CHANGE: 20190122 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIMMONS FIRST NATIONAL CORP CENTRAL INDEX KEY: 0000090498 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 710407808 STATE OF INCORPORATION: AR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-06253 FILM NUMBER: 19535870 BUSINESS ADDRESS: STREET 1: 501 MAIN STREET STREET 2: C/O SIMMONS FIRST NATIONAL CORP CITY: PINE BLUFF STATE: AR ZIP: 71601 BUSINESS PHONE: 8705411000 MAIL ADDRESS: STREET 1: 501 MAIN STREET STREET 2: C/O SIMMONS FIRST NATIONAL CORP CITY: PINE BLUFF STATE: AR ZIP: 71601 8-K 1 f8k_012219.htm FORM 8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________

Form 8-K
_____________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event Reported): January 22, 2019

Simmons First National Corporation
(Exact Name of Registrant as Specified in Charter)

Arkansas	000-06253	71-0407808
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

501 Main Street, Pine Bluff, Arkansas 71601

(Address of Principal Executive Offices) (Zip Code)

(870) 541-1000
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
	[ ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
	[ ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
	[ ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
	[ ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Item 2.02. Results of Operations and Financial Condition.

On January 22, 2019, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

Exhibit 99.1. Press release dated January 22, 2019

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Simmons First National Corporation


Date: January 22, 2019	By:	/s/ Robert A. Fehlman
		Robert A. Fehlman
		Senior Executive Vice President, Chief Financial Officer and Treasurer

EX-99.1 2 exh_991.htm EXHIBIT 99.1

Exhibit 99.1

For Immediate Release:

January 22, 2019

SIMMONS REPORTS RECORD 2018 RESULTS

Pine Bluff, AR – Simmons First National Corporation (NASDAQ: SFNC) today announced record net income of $215.7 million for the year ended December 31, 2018, compared to $92.9 million for 2017, an increase of $122.8 million, or 132.1%. Diluted earnings per share were $2.32 for 2018, an increase of $0.99, or 74.4%, compared to prior year. Included in the 2018 results were $4.5 million in net after-tax merger-related and branch right-sizing costs. Excluding the impact of these items, core earnings were $220.2 million for the year ended December 31, 2018, compared to $119.0 million for 2017, an increase of $101.2 million, or 85.0%. Core diluted earnings per share were $2.37, an increase of $0.67, or 39.4%, from the same period in 2017.

Fourth quarter 2018 net income was $55.6 million, or $0.60 diluted earnings per share, compared to $18.9 million, or $0.22 diluted earnings per share, for the same period in 2017. Excluding $805,000 in net after-tax merger-related and branch right sizing costs, fourth quarter 2018 core earnings were $56.5 million, an increase of $14.4 million compared to the same period in 2017.

“We had a remarkable year,” said George A. Makris, Jr., chairman and CEO.

Makris continued, “In addition to producing record financial results, we completed two successful system conversions for the banks acquired in late 2017 and a 2-for-1 stock split. We also announced yet another acquisition that will be completed this year. Throughout 2018, we experienced excellent organic growth in all our markets and balanced year-to-date loan yields with deposit costs in a rising-rate environment, all the while sustaining our reputable asset quality.

“This past year, we focused on improving our delivery of products and services to our customers throughout our existing footprint. We will carry this momentum into 2019 as we continue to focus on improving our business processes, expanding our customer relationships and closing our acquisition of Reliance Bancshares.”

Selected Highlights:	YTD 2018	YTD 2017	4^th Qtr 2018	3^rd Qtr 2018	4^th Qtr 2017
Net income	$215.7 million	$92.9 million	$55.6 million	$55.2 million	$18.9 million
Diluted earnings per share	$2.32	$1.33	$0.60	$0.59	$0.22
Return on avg assets	1.37%	0.92%	1.35%	1.37%	0.54%
Return on avg common equity	10.00%	6.68%	9.98%	10.06%	3.88%
Return on tangible common equity	18.44%	11.26%	17.96%	18.38%	7.53%

Core earnings⁽¹⁾	$220.2 million	$119.0 million	$56.5 million	$56.5 million	$42.0 million
Diluted core earnings per share⁽¹⁾	$2.37	$1.70	$0.61	$0.61	$0.48
Core return on avg assets⁽¹⁾	1.40%	1.18%	1.37%	1.40%	1.20%
Core return on avg common equity⁽¹⁾	10.21%	8.56%	10.13%	10.30%	8.63%
Core return on tangible common equity⁽¹⁾	18.81%	14.28%	18.21%	18.80%	15.97%

Efficiency ratio	52.85%	55.27%	51.99%	53.47%	51.36%

(1)

Core earnings excludes non-core items, and is a non-GAAP measurement.

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

Loans

($ in billions)	4^th Qtr 2018	3^rd Qtr 2018	4^th Qtr 2017
Total loans	$11.7	$11.9	$10.8
Legacy loans (excludes loans acquired)	$8.4	$8.1	$5.7
Loans acquired	$3.3	$3.8	$5.1

Total loans, including those acquired, were $11.7 billion at December 31, 2018 an increase of $943.5 million, or 8.8%, compared to $10.8 billion at December 31, 2017. On a linked-quarter basis (December 31, 2018 compared to September 30, 2018), total loans decreased $135.0 million, or 1.1%. The seasonal decrease in our agricultural portfolios and mortgage warehouse lines of credit was $85.9 million and the continuing decrease in our liquidating portfolios was $18.6 million. The remaining decline was due to loan payoffs greater than new loan fundings during the quarter. “Based on our current loan pipeline, we estimate loan growth in the 7% to 7.5% range for 2019,” said Makris.

Deposits

($ in billions)	4^th Qtr 2018	3^rd Qtr 2018	4^th Qtr 2017
Total deposits	$12.4	$12.1	$11.1
Non-time deposits	$9.5	$9.6	$9.2
Time deposits	$2.9	$2.5	$1.9

Total deposits were $12.4 billion at December 31, 2018, an increase of $1.3 billion, or 11.8%, since December 31, 2017. Total deposits increased $310.2 million, or 2.6%, compared to the previous quarter.

Net Interest Income

	4^thQtr 2018	3^rdQtr 2018	2^ndQtr 2018	1^stQtr 2018	4^thQtr 2017	4^thQtr 2017
Loan yield ⁽¹⁾	5.39%	5.54%	5.40%	5.38%	5.39%	5.39%
Core loan yield ^{(1) (2)}	5.25%	5.19%	5.04%	4.95%	4.75%	4.75%
Security yield ⁽¹⁾	2.87%	2.74%	2.75%	2.67%	2.62%	2.62%
Cost of interest bearing deposits	1.20%	1.05%	0.84%	0.74%	0.63%	0.63%
Cost of deposits ⁽³⁾	0.93%	0.81%	0.64%	0.56%	0.48%	0.48%
Cost of borrowed funds	2.64%	2.48%	2.38%	1.70%	1.78%	1.78%
Net interest margin ⁽¹⁾	3.76%	3.98%	3.99%	4.17%	4.21%	4.21%
Core net interest margin ^{(1) (2)}	3.66%	3.71%	3.70%	3.82%	3.70%	3.70%

(1)

Fully tax equivalent.

(2)

Core loan yield and core net interest margin exclude accretion, and are non-GAAP measurements.

(3)

Includes non-interest bearing deposits.

The Company’s net interest income for the fourth quarter of 2018 was $137.8 million, an increase of $10.9 million, or 8.6%, from the same period of 2017. Included in interest income was the yield accretion recognized on loans acquired of $3.9 million and $15.7 million for the fourth quarters of 2018 and 2017, respectively.

Net interest margin was 3.76% for the quarter ended December 31, 2018, a 22 basis point decrease from the third quarter. The Company’s core net interest margin, excluding the accretion, was 3.66% for the fourth quarter of 2018, a 5 basis point decrease from September 30, 2018. Cost of interest bearing deposits was 1.20% for the fourth quarter of 2018, a 15 basis point increase from September 30, 2018.

Makris stated, “Since December 2017, the Federal Reserve Board has increased the Fed Funds target rate by 100 basis points. During this same period, loan yield has remained even and core loan yield has increased 50 basis points while cost of deposits has risen 45 basis points. In addition, the cost of borrowed funds increased 86 basis points during this period.”

Non-Interest Income

Non-interest income for 2018 was $143.9 million, an increase of $5.1 million compared to the previous year. The increase was primarily due to additional trust income and service charges on deposit accounts from our 2017 acquisitions. These increases were partially offset by reductions in debit card fees and SBA lending income. The interchange rate cap as established by the Durbin amendment became effective for the Company July 1, 2018, resulting in a $5.9 million reduction in debit card fees for the last six months of 2018.

SBA lending premium income decreased $1.8 million when compared to 2017 as a result of management remaining selective in its decisions regarding loan sales as premium rates have continued to be lower in recent months compared to the first quarter of 2018.

For the fourth quarter 2018, non-interest income was $34.6 million, a decrease of $2.0 million compared to $36.6 million during the same period of 2017 primarily the result of the interchange rate cap.

Non-Interest Expense

Non-interest expense for 2018 was $392.2 million, an increase of $79.9 million compared to the previous year. Included in 2018 were $6.1 million of pre-tax merger-related expenses and branch rightsizing expenses. Excluding these expenses, core non-interest expense was $386.1 million, an increase of $101.1 million compared to 2017 core non-interest expense. Incremental increases in non-interest expense categories over previous year are primarily the result of our acquisitions in the fourth quarter of 2017.

Non-interest expense for the fourth quarter of 2018 was $95.4 million, a decrease of $4.9 million compared to the previous quarter. Included in this quarter were $1.1 million of pre-tax merger-related expenses and branch rightsizing expenses. Excluding these expenses, core non-interest expense was $94.3 million, a decrease of $4.2 million compared to the previous quarter. The fourth quarter results include the positive impact of the true-up of year to date accruals on incentive plans.

The efficiency ratio for 2018 was 52.85% compared to 55.27% for 2017.

Asset Quality

	4^thQtr 2018	3^rdQtr 2018	2^ndQtr 2018	1^stQtr 2018	4^thQtr 2017
Allowance for loan losses to total loans	0.67%	0.68%	0.73%	0.75%	0.73%
Allowance for loan losses to non-performing loans	164%	136%	115%	99%	90%
Non-performing loans to total loans	0.41%	0.50%	0.63%	0.76%	0.81%
Net charge-off ratio (annualized)	0.35%	0.36%	0.17%	0.24%	0.53%
- Net charge-off ratio excluding loan sale		0.12%

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

At December 31, 2018, the allowance for loan losses for legacy loans was $56.6 million. The allowance for loan losses for loans acquired was $95,000 and the acquired loan discount credit mark was $49.3 million. The allowances for loan losses and credit marks provide a total of $106.0 million of coverage, which equates to a total coverage ratio of 0.90% of gross loans. The ratio of credit mark and related allowance to loans acquired was 1.48%.

Provision for loan losses for 2018 was $38.1 million, an increase of $11.8 million from 2017. The increases are primarily due to strong legacy loan growth as well as increased migration from loans acquired to legacy loans resulting from new credit decisions being made on those loans during 2018. Provision for loan losses for the fourth quarter 2018 was $9.6 million, a decrease of $725,000 from the third quarter 2018 and an increase of $19,000 from the same period in 2017.

Foreclosed Assets and Other Real Estate Owned

At December 31, 2018, foreclosed assets and other real estate owned were $25.6 million, a decrease of $6.6 million, or 20.4%, compared to the same period in 2017 and an increase of $2.9 million, or 12.8% from September 30, 2018. The composition of these assets is divided into three types:

($ in millions)	4^thQtr 2018	3^rdQtr 2018	2^ndQtr 2018	1^stQtr 2018	4^thQtr 2017
Closed bank branches, branch sites & associate relocation	$8.0	$9.6	$7.2	$8.1	$9.8
Foreclosed assets - acquired	$11.5	$8.0	$13.2	$14.9	$16.0
Foreclosed assets - legacy	$6.1	$5.1	$10.1	$6.1	$6.3

Capital

	4^thQtr 2018	3^rdQtr 2018	2^nd Qtr 2018	1^st Qtr 2018	4^th Qtr 2017
Stockholders’ equity to total assets	13.6%	13.4%	13.3%	13.5%	13.9%
Tangible common equity to tangible assets	8.4%	8.1%	7.9%	7.9%	8.1%
Regulatory tier 1 leverage ratio	8.8%	8.7%	8.6%	8.6%	9.2%
Regulatory total risk-based capital ratio	13.3%	13.1%	13.7%	14.1%	11.4%

At December 31, 2018, common stockholders' equity was $2.2 billion. Book value per share was $24.33 and tangible book value per share was $14.18 at December 31, 2018, compared to $22.65 and $12.34, respectively, at December 31, 2017.

Simmons First National Corporation

Simmons First National Corporation is a financial holding company headquartered in Pine Bluff, Arkansas, with total assets of approximately $16.5 billion as of December 31, 2018, conducting financial operations in Arkansas, Colorado, Kansas, Missouri, Oklahoma, Tennessee and Texas. The Company, through its subsidiaries, offers comprehensive financial solutions delivered with a client-centric approach. The Company’s common stock trades on the NASDAQ Market under the symbol “SFNC.”

Conference Call

Management will conduct a live conference call to review this information beginning at 9:00 a.m. CST on Wednesday, January 23, 2019. 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 4279795. 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 typically adjust GAAP performance measures to include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant non-core activities or nonrecurring transactions. Since the presentation of these GAAP performance measures and their impact differ between companies, management 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, allowance for loan losses, and the effect of certain new accounting standards on Simmons’ financial statements. Any forward-looking statement speaks only as of the date of this news release, and Simmons undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release. By nature, forward-looking statements are based on various assumptions and involve inherent risk and uncertainties. Various factors, including, but not limited to, changes in economic conditions, credit quality, interest rates, loan demand, deposit flows, real estate values, the assumptions used in making the forward-looking statements, the securities markets generally or the price of Simmons common stock specifically, information technology affecting the financial industry, and the Company’s ability to manage and successfully integrate its mergers and acquisitions could cause actual results to differ materially from those contemplated by the forward-looking statements. Additional information on factors that might affect Simmons First National Corporation’s financial results is included in its Form 10-K for the year ended December 31, 2017, which has been filed with, and is available from, the Securities and Exchange Commission.

####

FOR MORE INFORMATION CONTACT:

Stephen C. Massanelli

EVP, Chief Administrative Officer and Investor Relations Officer

Simmons First National Corporation

steve.massanelli@simmonsbank.com

Simmons First National Corporation

SFNC

Consolidated End of Period Balance Sheets
For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2018			2018			2018			2018			2017
($ in thousands)
ASSETS
Cash and non-interest bearing balances due from banks	$	171,792		$	125,231		$	162,567		$	170,811		$	205,025
Interest bearing balances due from banks and federal funds sold		661,666			388,573			781,279			688,853			393,017
Cash and cash equivalents		833,458			513,804			943,846			859,664			598,042
Interest bearing balances due from banks - time		4,934			3,954			2,974			3,069			3,314
Investment securities - held-to-maturity		289,194			323,306			333,503			352,756			368,058
Investment securities - available-for-sale		2,151,752			1,997,814			1,938,644			1,830,113			1,589,517
Mortgage loans held for sale		26,799			48,195			39,812			17,708			24,038
Other assets held for sale		1,790			5,136			14,898			24,784			165,780
Loans:
Legacy loans		8,430,388			8,123,274			7,133,461			6,290,383			5,705,609
Allowance for loan losses		(56,599	)		(55,358	)		(51,732	)		(47,207	)		(41,668	)
Loans acquired, net of discount and allowance		3,292,783			3,734,921			4,232,434			4,696,945			5,074,076
Net loans		11,666,572			11,802,837			11,314,163			10,940,121			10,738,017
Premises and equipment		295,060			287,246			288,777			289,355			287,249
Foreclosed assets and other real estate owned		25,565			22,664			30,503			29,140			32,118
Interest receivable		49,938			51,509			44,266			42,129			43,528
Bank owned life insurance		193,170			192,680			191,575			186,473			185,984
Goodwill		845,687			845,687			845,687			845,687			842,651
Other intangible assets		91,334			93,975			96,720			99,504			106,071
Other assets		68,084			92,457			80,165			76,806			71,439
Total assets	$	16,543,337		$	16,281,264		$	16,165,533		$	15,597,309		$	15,055,806

LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing transaction accounts	$	2,672,405		$	2,778,670		$	2,683,489		$	2,734,287		$	2,665,249
Interest bearing transaction accounts and savings deposits		6,830,191			6,776,330			6,916,520			6,720,754			6,494,896
Time deposits		2,896,156			2,533,506			2,353,439			2,201,874			1,932,730
Total deposits		12,398,752			12,088,506			11,953,448			11,656,915			11,092,875
Federal funds purchased and securities sold under agreements to repurchase		95,792			109,213			99,801			120,909			122,444
Other borrowings		1,345,450			1,420,917			1,451,811			1,140,986			1,380,024
Subordinated notes and debentures		353,950			372,934			413,337			468,465			140,565
Other liabilities held for sale		162			424			1,840			2,781			157,366
Accrued interest and other liabilities		102,797			105,951			98,388			98,202			77,968
Total liabilities		14,296,903			14,097,945			14,018,625			13,488,258			12,971,242

Stockholders' equity:
Common stock		923			923			923			922			920
Surplus		1,597,944			1,597,261			1,594,342			1,590,086			1,586,034
Undivided profits		674,941			633,175			591,826			552,105			514,874
Accumulated other comprehensive loss:
Unrealized depreciation on AFS securities		(27,374	)		(48,040	)		(40,183	)		(34,062	)		(17,264	)
Total stockholders' equity		2,246,434			2,183,319			2,146,908			2,109,051			2,084,564
Total liabilities and stockholders' equity	$	16,543,337		$	16,281,264		$	16,165,533		$	15,597,309		$	15,055,806

Page 1

Simmons First National Corporation

SFNC

Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended	Dec 31		Sep 30		Jun 30			Mar 31		Dec 31
(Unaudited)	2018		2018		2018			2018		2017
($ in thousands, except per share data)
INTEREST INCOME
Loans	$	159,996	$	162,438	$	150,253		$	143,350	$	132,617
Interest bearing balances due from banks and federal funds sold		2,168		1,405		1,414			1,009		947
Investment securities		15,760		14,640		14,296			12,622		11,456
Mortgage loans held for sale		372		501		305			158		175
TOTAL INTEREST INCOME		178,296		178,984		166,268			157,139		145,195
INTEREST EXPENSE
Time deposits		11,273		8,017		6,175			4,842		3,944
Other deposits		17,489		16,373		12,286			10,755		8,762
Federal funds purchased and securities sold under agreements to repurchase		121		104		88			110		97
Other borrowings		7,134		6,240		5,141			5,139		3,993
Subordinated notes and debentures		4,498		5,282		5,741			1,327		1,480
TOTAL INTEREST EXPENSE		40,515		36,016		29,431			22,173		18,276
NET INTEREST INCOME		137,781		142,968		136,837			134,966		126,919
Provision for loan losses		9,620		10,345		9,033			9,150		9,601
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES		128,161		132,623		127,804			125,816		117,318
NON-INTEREST INCOME
Trust income		5,980		6,277		5,622			5,249		6,020
Service charges on deposit accounts		11,263		10,837		10,063			10,345		10,587
Other service charges and fees		1,501		1,201		2,017			2,750		2,774
Mortgage and SBA lending income		1,643		1,825		3,130			4,445		3,713
Investment banking income		829		664		814			834		786
Debit and credit card fees		6,547		6,820		10,105			8,796		8,801
Bank owned life insurance income		1,105		1,105		1,102			1,103		1,101
Gain (loss) on sale of securities, net		8		54		(7	)		6		(1,243	)
Other income		5,712		4,942		5,202			4,007		4,090
TOTAL NON-INTEREST INCOME		34,588		33,725		38,048			37,535		36,629
NON-INTEREST EXPENSE
Salaries and employee benefits		49,193		55,515		55,678			56,357		49,288
Occupancy expense, net		7,016		7,713		7,921			6,960		6,700
Furniture and equipment expense		4,139		3,761		4,020			4,403		5,533
Other real estate and foreclosure expense		1,540		538		1,382			1,020		865
Deposit insurance		2,489		2,248		1,856			2,128		1,216
Merger-related costs		797		804		1,465			1,711		14,044
Other operating expenses		30,222		29,674		26,185			25,494		30,844
TOTAL NON-INTEREST EXPENSE		95,396		100,253		98,507			98,073		108,490
NET INCOME BEFORE INCOME TAXES		67,353		66,095		67,345			65,278		45,457
Provision for income taxes		11,707		10,902		13,783			13,966		26,554
NET INCOME	$	55,646	$	55,193	$	53,562		$	51,312	$	18,903
BASIC EARNINGS PER SHARE	$	0.60	$	0.60	$	0.58		$	0.56	$	0.22
DILUTED EARNINGS PER SHARE	$	0.60	$	0.59	$	0.58		$	0.55	$	0.22

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Simmons First National Corporation

SFNC

Consolidated Risk-Based Capital
For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2018			2018			2018			2018			2017
($ in thousands)
Tier 1 capital
Stockholders' equity	$	2,246,434		$	2,183,319		$	2,146,908		$	2,109,051		$	2,084,564
Trust preferred securities, net allowable		–			–			–			–			–
Disallowed intangible assets, net of deferred tax		(912,024	)		(914,788	)		(917,050	)		(918,161	)		(902,371	)
Unrealized loss on AFS securities		27,374			48,040			40,183			34,062			17,264
Total Tier 1 capital		1,361,784			1,316,571			1,270,041			1,224,952			1,199,457

Tier 2 capital
Qualifying unrealized gain on AFS equity securities		–			1			1			8			1
Trust preferred securities and subordinated debt		353,950			372,934			413,337			468,466			140,565
Qualifying allowance for loan losses and reserve for unfunded commitments		57,157			63,618			60,691			54,436			48,947
Total Tier 2 capital		411,107			436,553			474,029			522,910			189,513
Total risk-based capital	$	1,772,891		$	1,753,124		$	1,744,070		$	1,747,862		$	1,388,970

Common equity
Tier 1 capital	$	1,361,784		$	1,316,571		$	1,270,041		$	1,224,952		$	1,199,457
Less: Trust preferred securities		–			–			–			–			–
Total common equity	$	1,361,784		$	1,316,571		$	1,270,041		$	1,224,952		$	1,199,457

Risk weighted assets	$	13,327,282		$	13,402,910		$	12,713,093		$	12,417,233		$	12,234,160

Adjusted average assets for leverage ratio	$	15,512,448		$	15,179,889		$	14,714,205		$	14,179,390		$	13,016,478

Ratios at end of quarter
Equity to assets		13.58	%		13.41	%		13.28	%		13.52	%		13.85	%
Tangible common equity to tangible assets (1)		8.39	%		8.11	%		7.91	%		7.94	%		8.05	%
Common equity Tier 1 ratio (CET1)		10.22	%		9.82	%		9.99	%		9.86	%		9.80	%
Tier 1 leverage ratio		8.78	%		8.67	%		8.63	%		8.64	%		9.21	%
Tier 1 risk-based capital ratio		10.22	%		9.82	%		9.99	%		9.86	%		9.80	%
Total risk-based capital ratio		13.30	%		13.08	%		13.72	%		14.08	%		11.35	%

(1) Calculations of tangible common equity to tangible assets and the reconciliations to GAAP are included in the schedules accompanying this release.

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Simmons First National Corporation

SFNC

Consolidated Loans and Investments
For the Quarters Ended	Dec 31		Sep 30		Jun 30		Mar 31		Dec 31
(Unaudited)	2018		2018		2018		2018		2017
($ in thousands)
Legacy Loan Portfolio - End of Period ⁽¹⁾
Consumer
Credit cards	$	204,173	$	182,137	$	180,352	$	176,602	$	185,422
Other consumer		201,297		259,581		277,330		284,285		280,094
Total consumer		405,470		441,718		457,682		460,887		465,516
Real Estate
Construction		1,300,723		1,229,888		967,720		786,077		614,155
Single-family residential		1,440,443		1,401,991		1,314,787		1,193,464		1,094,633
Other commercial		3,225,287		3,077,188		2,816,420		2,611,358		2,530,824
Total real estate		5,966,453		5,709,067		5,098,927		4,590,899		4,239,612
Commercial
Commercial		1,774,909		1,608,342		1,237,910		971,704		825,217
Agricultural		164,514		218,778		187,006		128,247		148,302
Total commercial		1,939,423		1,827,120		1,424,916		1,099,951		973,519
Other		119,042		145,369		151,936		138,646		26,962
Total Loans	$	8,430,388	$	8,123,274	$	7,133,461	$	6,290,383	$	5,705,609

(1) Excludes all acquired loans.

Investment Securities - End of Period
Held-to-Maturity
U.S. Government agencies	$	16,990	$	34,983	$	36,976	$	46,961	$	46,945
Mortgage-backed securities		13,346		13,933		14,645		15,404		16,132
State and political subdivisions		256,863		272,396		279,787		286,901		301,491
Other securities		1,995		1,994		2,095		3,490		3,490
Total held-to-maturity		289,194		323,306		333,503		352,756		368,058
Available-for-Sale
U.S. Government agencies	$	154,301	$	141,460	$	145,767	$	149,804	$	139,724
Mortgage-backed securities		1,522,900		1,419,626		1,395,231		1,356,179		1,187,317
State and political subdivisions		314,843		282,439		245,335		185,888		143,165
FHLB stock		73,105		72,579		72,042		58,177		58,914
Other securities		86,603		81,710		80,269		80,065		60,397
Total available-for-sale		2,151,752		1,997,814		1,938,644		1,830,113		1,589,517
Total investment securities	$	2,440,946	$	2,321,120	$	2,272,147	$	2,182,869	$	1,957,575
Fair value - HTM investment securities	$	290,830	$	322,838	$	334,857	$	354,649	$	373,298

Investment Securities - QTD Average
Taxable securities	$	1,815,203	$	1,775,193	$	1,750,172	$	1,618,270	$	1,569,173
Tax exempt securities		551,185		539,135		514,838		460,675		446,040
Total investment securities - QTD average	$	2,366,388	$	2,314,328	$	2,265,010	$	2,078,945	$	2,015,213

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Simmons First National Corporation

SFNC

Consolidated Loans and Credit Coverage
For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2018			2018			2018			2018			2017
($ in thousands)
LOANS
Legacy loans	$	8,430,388		$	8,123,274		$	7,133,461		$	6,290,383		$	5,705,609
Allowance for loan losses (legacy loans)		(56,599	)		(55,358	)		(51,732	)		(47,207	)		(41,668	)
Legacy loans (net of allowance)		8,373,789			8,067,916			7,081,729			6,243,176			5,663,941
Loans acquired		3,342,175			3,790,234			4,302,760			4,776,439			5,163,769
Credit discount		(49,297	)		(53,968	)		(68,282	)		(79,087	)		(89,275	)
Allowance for loan losses (loans acquired)		(95	)		(1,345	)		(2,044	)		(407	)		(418	)
Loans acquired (net of discount and allowance)		3,292,783			3,734,921			4,232,434			4,696,945			5,074,076
Net loans	$	11,666,572		$	11,802,837		$	11,314,163		$	10,940,121		$	10,738,017


Loan Coverage Ratios
Allowance for loan losses to legacy loans		0.67	%		0.68	%		0.73	%		0.75	%		0.73	%

Discount for credit losses and allowance on loans acquired to total loans acquired plus discount for credit losses and allowance on loans acquired (non-GAAP) ⁽¹⁾		1.48	%		1.46	%		1.63	%		1.66	%		1.74	%

Total allowance and credit coverage (non-GAAP) ⁽¹⁾		0.90	%		0.93	%		1.07	%		1.14	%		1.21	%

(1) Calculations of the non-GAAP loan coverage ratios and the reconciliations to GAAP are included in the schedules accompanying this release.

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Simmons First National Corporation

SFNC

Consolidated Allowance and Asset Quality
For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2018			2018			2018			2018			2017
($ in thousands)
Allowance for Loan Losses (Legacy Loans)
Balance, beginning of quarter	$	55,358		$	51,732		$	47,207		$	41,668		$	42,717
Loans charged off
Credit cards		1,121			919			1,012			999			943
Other consumer		2,894			1,321			1,366			1,056			781
Real estate		337			4,952			161			455			4,725
Commercial		3,480			592			790			1,761			4,754
Total loans charged off		7,832			7,784			3,329			4,271			11,203

Recoveries of loans previously charged off
Credit cards		227			229			286			263			233
Other consumer		154			176			133			94			468
Real estate		367			210			112			302			233
Commercial		167			450			59			69			20
Total recoveries		915			1,065			590			728			954
Net loans charged off		6,917			6,719			2,739			3,543			10,249
Provision for loan losses		8,158			10,345			7,264			9,082			9,200
Balance, end of quarter	$	56,599		$	55,358		$	51,732		$	47,207		$	41,668

Non-performing assets ^{(1) (2)}
Non-performing loans
Nonaccrual loans	$	34,201		$	40,505		$	44,548		$	47,395		$	45,642
Loans past due 90 days or more		224			281			303			336			520
Total non-performing loans		34,425			40,786			44,851			47,731			46,162
Other non-performing assets
Foreclosed assets and other real estate owned (2)		25,565			22,664			30,503			29,140			32,118
Other non-performing assets		553			524			573			794			675
Total other non-performing assets		26,118			23,188			31,076			29,934			32,793
Total non-performing assets	$	60,543		$	63,974		$	75,927		$	77,665		$	78,955
Performing TDRs (troubled debt restructurings)	$	6,369		$	8,413		$	6,367		$	6,459		$	7,107

Ratios ^{(1) (2)}
Allowance for loan losses to total loans		0.67	%		0.68	%		0.73	%		0.75	%		0.73	%
Allowance for loan losses to non-performing loans		164	%		136	%		115	%		99	%		90	%
Non-performing loans to total loans		0.41	%		0.50	%		0.63	%		0.76	%		0.81	%
Non-performing assets (including performing TDRs) to total assets		0.40	%		0.44	%		0.51	%		0.54	%		0.57	%
Non-performing assets to total assets		0.37	%		0.39	%		0.47	%		0.50	%		0.52	%
Annualized net charge offs to total loans		0.35	%		0.36	%		0.17	%		0.24	%		0.53	%
Annualized net credit card charge offs to total credit card loans		1.86	%		1.47	%		1.60	%		1.63	%		1.54	%

(1) Excludes all acquired loans, except for their inclusion in total assets.

(2) Includes acquired foreclosed assets and acquired other real estate owned.

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Simmons First National Corporation

SFNC

Consolidated - Average Balance Sheet and Net Interest Income Analysis
For the Quarters Ended
(Unaudited)
	Three Months Ended Dec 2018							Three Months Ended Sep 2018							Three Months Ended Dec 2017
($ 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	$	499,961	$	2,168		1.72	%	$	373,528	$	1,405		1.49	%	$	342,589	$	947		1.10	%
Investment securities - taxable		1,815,200		11,828		2.59	%		1,775,193		10,892		2.43	%		1,569,173		8,592		2.17	%
Investment securities - non-taxable (FTE)		551,188		5,313		3.82	%		539,135		5,064		3.73	%		446,040		4,702		4.18	%
Mortgage loans held for sale		30,851		372		4.78	%		43,554		501		4.56	%		15,144		175		4.58	%
Assets held in trading accounts		–		–		0.00	%		–		–		0.00	%		14		–		0.00	%
Loans, including acquired loans		11,788,838		160,081		5.39	%		11,641,843		162,515		5.54	%		9,772,043		132,704		5.39	%
Total interest earning assets (FTE)		14,686,038		179,762		4.86	%		14,373,253		180,377		4.98	%		12,145,003		147,120		4.81	%
Non-earning assets		1,671,715							1,667,631							1,752,775
Total assets	$	16,357,753						$	16,040,884						$	13,897,778

LIABILITIES AND STOCKHOLDERS' EQUITY
Interest bearing liabilities:
Interest bearing transaction and savings accounts	$	6,770,217	$	17,489		1.02	%	$	6,840,403	$	16,373		0.95	%	$	6,132,456	$	8,762		0.57	%
Time deposits		2,752,113		11,273		1.63	%		2,379,142		8,017		1.34	%		1,852,148		3,944		0.84	%
Total interest bearing deposits		9,522,330		28,762		1.20	%		9,219,545		24,390		1.05	%		7,984,604		12,706		0.63	%
Federal funds purchased and securities sold under agreement to repurchase		108,687		121		0.44	%		107,770		104		0.38	%		126,432		97		0.30	%
Other borrowings		1,302,453		7,134		2.17	%		1,375,052		6,240		1.80	%		988,614		3,993		1.60	%
Subordinated notes and debentures		353,906		4,498		5.04	%		379,168		5,282		5.53	%		127,680		1,480		4.60	%
Total interest bearing liabilities		11,287,376		40,515		1.42	%		11,081,535		36,016		1.29	%		9,227,330		18,276		0.79	%
Non-interest bearing liabilities:
Non-interest bearing deposits		2,768,437							2,679,469							2,476,235
Other liabilities		90,723							103,315							262,409
Total liabilities		14,146,536							13,864,319							11,965,974
Stockholders' equity		2,211,217							2,176,565							1,931,804
Total liabilities and stockholders' equity	$	16,357,753						$	16,040,884						$	13,897,778
Net interest income (FTE)			$	139,247						$	144,361						$	128,844
Net interest spread (FTE)						3.44	%						3.69	%						4.02	%
Net interest margin (FTE) - quarter-to-date						3.76	%						3.98	%						4.21	%

Net interest margin (FTE) - year-to-date						3.97	%						4.04	%						4.07	%

Core net interest margin (FTE) - quarter-to-date ⁽¹⁾						3.66	%						3.71	%						3.70	%
Core loan yield (FTE) - quarter-to-date ⁽¹⁾						5.25	%						5.19	%						4.75	%

Core net interest margin (FTE) - year-to-date ⁽¹⁾						3.72	%						3.74	%						3.76	%
Core loan yield (FTE) - year-to-date ⁽¹⁾						5.11	%						5.06	%						4.69	%

(1) Calculations of core net interest margin and core loan yield and the reconciliations to GAAP are included in the schedules accompanying this release.

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Simmons First National Corporation

SFNC

Consolidated - Selected Financial Data
For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2018			2018			2018			2018			2017
($ in thousands, except share data)
QUARTER-TO-DATE
Financial Highlights - GAAP
Net Income	$	55,646		$	55,193		$	53,562		$	51,312		$	18,903
Diluted earnings per share		0.60			0.59			0.58			0.55			0.22
Return on average assets		1.35	%		1.37	%		1.38	%		1.38	%		0.54	%
Return on average common equity		9.98	%		10.06	%		10.05	%		9.90	%		3.88	%
Return on tangible common equity		17.96	%		18.38	%		18.70	%		18.77	%		7.53	%
Net interest margin (FTE)		3.76	%		3.98	%		3.99	%		4.17	%		4.21	%
FTE adjustment		1,466			1,393			1,308			1,130			1,925
Amortization of intangibles		2,642			2,745			2,785			2,837			2,839
Amortization of intangibles, net of taxes		1,952			2,027			2,057			2,096			1,725
Average diluted shares outstanding		92,897,105			92,840,851			92,733,140			92,638,765			87,036,044
Cash dividends declared per common share		0.15			0.15			0.15			0.15			0.13
Financial Highlights - Core (non-GAAP)
Core earnings (excludes non-core items) ⁽¹⁾	$	56,451		$	56,504		$	54,660		$	52,618		$	42,018
Diluted core earnings per share ⁽¹⁾		0.61			0.61			0.59			0.57			0.48
Core net interest margin (FTE) ⁽²⁾		3.66	%		3.71	%		3.70	%		3.82	%		3.70	%
Accretable yield on acquired loans		3,850			10,006			10,113			11,294			15,684
Efficiency ratio ⁽¹⁾		51.99	%		53.47	%		52.70	%		53.24	%		51.36	%
Core return on average assets ⁽¹⁾		1.37	%		1.40	%		1.41	%		1.41	%		1.20	%
Core return on average common equity ⁽¹⁾		10.13	%		10.30	%		10.26	%		10.15	%		8.63	%
Core return on tangible common equity ⁽¹⁾		18.21	%		18.80	%		19.06	%		19.23	%		15.97	%
YEAR-TO-DATE
Financial Highlights - GAAP
Net Income	$	215,713		$	160,067		$	104,874		$	51,312		$	92,940
Diluted earnings per share		2.32			1.72			1.13			0.55			1.33
Return on average assets		1.37	%		1.37	%		1.38	%		1.38	%		0.92	%
Return on average common equity		10.00	%		10.01	%		9.98	%		9.90	%		6.68	%
Return on tangible common equity		18.44	%		18.61	%		18.73	%		18.77	%		11.26	%
Net interest margin (FTE)		3.97	%		4.04	%		4.08	%		4.17	%		4.07	%
FTE adjustment		5,297			3,831			2,438			1,130			7,723
Amortization of intangibles		11,009			8,367			5,622			2,837			7,666
Amortization of intangibles, net of taxes		8,132			6,180			4,153			2,096			4,659
Average diluted shares outstanding		92,830,485			92,796,860			92,692,234			92,638,765			69,852,920
Cash dividends declared per common share		0.60			0.45			0.30			0.15			0.50
Financial Highlights - Core (non-GAAP)
Core earnings (excludes non-core items) ⁽¹⁾	$	220,233		$	163,782		$	107,278		$	52,618		$	119,049
Diluted core earnings per share ⁽¹⁾		2.37			1.76			1.16			0.57			1.70
Core net interest margin (FTE) ⁽²⁾		3.72	%		3.74	%		3.76	%		3.82	%		3.76	%
Accretable yield on acquired loans		35,263			31,413			21,407			11,294			27,793
Efficiency ratio ⁽¹⁾		52.85	%		53.14	%		52.97	%		53.24	%		55.27	%
Core return on average assets ⁽¹⁾		1.40	%		1.41	%		1.41	%		1.41	%		1.18	%
Core return on average common equity ⁽¹⁾		10.21	%		10.24	%		10.20	%		10.15	%		8.56	%
Core return on tangible common equity ⁽¹⁾		18.81	%		19.03	%		19.14	%		19.23	%		14.28	%
END OF PERIOD
Book value per share	$	24.33		$	23.66		$	23.26		$	22.86		$	22.65
Tangible book value per share		14.18			13.48			13.05			12.62			12.34
Shares outstanding		92,347,643			92,291,070			92,281,370			92,242,389			92,029,118
Full-time equivalent employees		2,654			2,635			2,659			2,626			2,640
Total number of financial centers		191			191			199			200			200

(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.

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Simmons First National Corporation

SFNC

Consolidated - Reconciliation of Core Earnings (non-GAAP)
For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2018			2018			2018			2018			2017
($ in thousands, except per share data)
QUARTER-TO-DATE
Net Income	$	55,646		$	55,193		$	53,562		$	51,312		$	18,903
Non-core items
Donation to Simmons Foundation		–			–			–			–			5,000
Merger-related costs		797			804			1,465			1,711			14,044
Branch right-sizing		292			970			22			57			116
Tax effect ⁽¹⁾		(284	)		(463	)		(389	)		(462	)		(7,516	)
Net non-core items (before SAB 118 adjustment)		805			1,311			1,098			1,306			11,644
SAB 118 adjustment ⁽²⁾		–			–			–			–			11,471
Core earnings (non-GAAP)	$	56,451		$	56,504		$	54,660		$	52,618		$	42,018

Diluted earnings per share	$	0.60		$	0.59		$	0.58		$	0.55		$	0.22
Non-core items
Donation to Simmons Foundation		–			–			–			–			0.06
Merger-related costs		0.01			0.01			0.02			0.02			0.17
Branch right-sizing		–			0.01			–			–			–
Tax effect ⁽¹⁾		–			–			(0.01	)		–			(0.10	)
Net non-core items (before SAB 118 adjustment)		0.01			0.02			0.01			0.02			0.13
SAB 118 adjustment ⁽²⁾		–			–			–			–			0.13
Core earnings (non-GAAP)	$	0.61		$	0.61		$	0.59		$	0.57		$	0.48

YEAR-TO-DATE
Net Income	$	215,713		$	160,067		$	104,874		$	51,312		$	92,940
Non-core items
Gain on sale of P&C insurance business		–			–			–			–			(3,708	)
Donation to Simmons Foundation		–			–			–			–			5,000
Merger-related costs		4,777			3,980			3,176			1,711			21,923
Branch right-sizing		1,341			1,049			79			57			169
Tax effect ⁽¹⁾		(1,598	)		(1,314	)		(851	)		(462	)		(8,746	)
Net non-core items (before SAB 118 adjustment)		4,520			3,715			2,404			1,306			14,638
SAB 118 adjustment ⁽²⁾		–			–			–			–			11,471
Core earnings (non-GAAP)	$	220,233		$	163,782		$	107,278		$	52,618		$	119,049

Diluted earnings per share	$	2.32		$	1.72		$	1.13		$	0.55		$	1.33
Non-core items
Gain on sale of P&C insurance business		–			–			–			–			(0.04	)
Donation to Simmons Foundation		–			–			–			–			0.07
Merger-related costs		0.05			0.04			0.04			0.02			0.31
Branch right-sizing		0.01			0.01			–			–			–
Tax effect ⁽¹⁾		(0.02	)		(0.01	)		(0.01	)		–			(0.13	)
Net non-core items (before SAB 118 adjustment)		0.04			0.04			0.03			0.02			0.21
SAB 118 adjustment ⁽²⁾		–			–			–			–			0.16
Core earnings (non-GAAP)	$	2.36		$	1.76		$	1.16		$	0.57		$	1.70

(1) Effective tax rate of 26.135% for 2018 and 39.225% for prior years, adjusted for non-deductible merger-related costs and deferred tax items on P&C insurance sale.

(2) Tax adjustment to revalue deferred tax assets and liabilities to account for the future impact of lower corporate tax rates resulting from the "Tax Cuts and Jobs Act", signed into law on December 22, 2017.

Page 9

Simmons First National Corporation

SFNC

Reconciliation Of Non-GAAP Financial Measures - End of Period
For the Quarters Ended
(Unaudited)	Dec 31			Sept 30			Jun 30			Mar 31			Dec 31
	2018			2018			2018			2018			2017
($ 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	$	2,246,434		$	2,183,319		$	2,146,908		$	2,109,051		$	2,084,564
Intangible assets:
Goodwill		(845,687	)		(845,687	)		(845,687	)		(845,687	)		(842,651	)
Other intangible assets		(91,334	)		(93,975	)		(96,720	)		(99,504	)		(106,071	)
Total intangibles		(937,021	)		(939,662	)		(942,407	)		(945,191	)		(948,722	)
Tangible common stockholders' equity	$	1,309,413		$	1,243,657		$	1,204,501		$	1,163,860		$	1,135,842

Total assets	$	16,543,337		$	16,281,264		$	16,165,533		$	15,597,309		$	15,055,806
Intangible assets:
Goodwill		(845,687	)		(845,687	)		(845,687	)		(845,687	)		(842,651	)
Other intangible assets		(91,334	)		(93,975	)		(96,720	)		(99,504	)		(106,071	)
Total intangibles		(937,021	)		(939,662	)		(942,407	)		(945,191	)		(948,722	)
Tangible assets	$	15,606,316		$	15,341,602		$	15,223,126		$	14,652,118		$	14,107,084

Ratio of equity to assets		13.58	%		13.41	%		13.28	%		13.52	%		13.85	%
Ratio of tangible common equity to tangible assets		8.39	%		8.11	%		7.91	%		7.94	%		8.05	%

Calculation of Discount for credit losses and allowance on loans acquired to total loans acquired plus discount for credit losses and allowance on loans acquired

Credit discount on acquired loans	$	49,297		$	53,968		$	68,282		$	79,087		$	89,275
Allowance for loan losses on acquired loans		95			1,345			2,044			407			418
Total credit discount and ALLL on acquired loans	$	49,392		$	55,313		$	70,326		$	79,494		$	89,693
Total loans acquired	$	3,342,175		$	3,790,234		$	4,302,760		$	4,776,439		$	5,163,769
Discount and ALLL on acquired loans to acquired loans		1.48	%		1.46	%		1.63	%		1.66	%		1.74	%

Calculation of Total Allowance and Credit Coverage

Allowance for loan losses	$	56,599		$	55,358		$	51,732		$	47,207		$	41,668
Total credit discount and ALLL on acquired loans		49,392			55,313			70,326			79,494			89,693
Total allowance and credit discount	$	105,991		$	110,671		$	122,058		$	126,701		$	131,361
Total loans	$	11,772,563		$	11,913,508		$	11,436,221		$	11,066,822		$	10,869,378
Total allowance and credit coverage		0.90	%		0.93	%		1.07	%		1.14	%		1.21	%

Calculation of Tangible Book Value per Share

Total common stockholders' equity	$	2,246,434		$	2,183,319		$	2,146,908		$	2,109,051		$	2,084,564
Intangible assets:
Goodwill		(845,687	)		(845,687	)		(845,687	)		(845,687	)		(842,651	)
Other intangible assets		(91,334	)		(93,975	)		(96,720	)		(99,504	)		(106,071	)
Total intangibles		(937,021	)		(939,662	)		(942,407	)		(945,191	)		(948,722	)
Tangible common stockholders' equity	$	1,309,413		$	1,243,657		$	1,204,501		$	1,163,860		$	1,135,842
Shares of common stock outstanding		92,347,643			92,291,070			92,281,370			92,242,389			92,029,118
Book value per common share	$	24.33		$	23.66		$	23.26		$	22.86		$	22.65
Tangible book value per common share	$	14.18		$	13.48		$	13.05		$	12.62		$	12.34

Page 10

Simmons First National Corporation

SFNC

Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date
For the Quarters Ended
(Unaudited)	Dec 31			Sept 30			Jun 30			Mar 31			Dec 31
	2018			2018			2018			2018			2017
($ in thousands)
Calculation of Core Return on Average Assets

Net income	$	55,646		$	55,193		$	53,562		$	51,312		$	18,903
Net non-core items, net of taxes, adjustment		805			1,311			1,098			1,306			23,115
Core earnings	$	56,451		$	56,504		$	54,660		$	52,618		$	42,018

Average total assets	$	16,357,753		$	16,040,884		$	15,580,697		$	15,088,210		$	13,897,778

Return on average assets		1.35	%		1.37	%		1.38	%		1.38	%		0.54	%
Core return on average assets		1.37	%		1.40	%		1.41	%		1.41	%		1.20	%

Calculation of Return on Tangible Common Equity

Net income	$	55,646		$	55,193		$	53,562		$	51,312		$	18,903
Amortization of intangibles, net of taxes		1,952			2,027			2,057			2,096			1,725
Total income available to common stockholders	$	57,598		$	57,220		$	55,619		$	53,408		$	20,628

Net non-core items, net of taxes		805			1,311			1,098			1,306			23,115
Core earnings		56,451			56,504			54,660			52,618			42,018
Amortization of intangibles, net of taxes		1,952			2,027			2,057			2,096			1,725
Total core income available to common stockholders	$	58,403		$	58,531		$	56,717		$	54,714		$	43,743

Average common stockholders' equity	$	2,211,217		$	2,176,565		$	2,137,097		$	2,103,052		$	1,931,804
Average intangible assets:
Goodwill		(845,687	)		(845,687	)		(845,687	)		(844,148	)		(731,661	)
Other intangibles		(92,990	)		(95,576	)		(98,152	)		(104,718	)		(113,770	)
Total average intangibles		(938,677	)		(941,263	)		(943,839	)		(948,866	)		(845,431	)
Average tangible common stockholders' equity	$	1,272,540		$	1,235,302		$	1,193,258		$	1,154,186		$	1,086,373

Return on average common equity		9.98	%		10.06	%		10.05	%		9.90	%		3.88	%
Return on tangible common equity		17.96	%		18.38	%		18.70	%		18.77	%		7.53	%
Core return on average common equity		10.13	%		10.30	%		10.26	%		10.15	%		8.63	%
Core return on tangible common equity		18.21	%		18.80	%		19.06	%		19.23	%		15.97	%

Calculation of Efficiency Ratio *⁽¹⁾*

Non-interest expense	$	95,396		$	100,253		$	98,507		$	98,073		$	108,490
Non-core non-interest expense adjustment		(1,089	)		(1,774	)		(1,483	)		(1,772	)		(19,160	)
Other real estate and foreclosure expense adjustment		(1,300	)		(538	)		(1,382	)		(1,020	)		(865	)
Amortization of intangibles adjustment		(2,642	)		(2,745	)		(2,785	)		(2,837	)		(2,839	)
Efficiency ratio numerator	$	90,365		$	95,196		$	92,857		$	92,444		$	85,626

Net-interest income	$	137,781		$	142,968		$	136,837		$	134,966		$	126,919
Non-interest income		34,588			33,725			38,048			37,535			36,629
Non-core non-interest income adjustment		–			–			4			(4	)		–
Fully tax-equivalent adjustment		1,466			1,393			1,308			1,130			1,925
(Gain) loss on sale of securities		(8	)		(54	)		7			(6	)		1,243
Efficiency ratio denominator	$	173,827		$	178,032		$	176,204		$	173,621		$	166,716

Efficiency ratio ⁽¹⁾		51.99	%		53.47	%		52.70	%		53.24	%		51.36	%

Calculation of Core Net Interest Margin

Net interest income	$	137,781		$	142,968		$	136,837		$	134,966		$	126,919
Fully tax-equivalent adjustment		1,466			1,393			1,308			1,130			1,925
Fully tax-equivalent net interest income		139,247			144,361			138,145			136,096			128,844

Total accretable yield		(3,850	)		(10,006	)		(10,113	)		(11,294	)		(15,684	)
Core net interest income	$	135,397		$	134,355		$	128,032		$	124,802		$	113,160
Average earning assets	$	14,686,038		$	14,373,253		$	13,876,557		$	13,251,549		$	12,145,003

Net interest margin		3.76	%		3.98	%		3.99	%		4.17	%		4.21	%
Core net interest margin		3.66	%		3.71	%		3.70	%		3.82	%		3.70	%

Calculation of Core Loan Yield

Loan interest income	$	159,996		$	162,438		$	150,253		$	143,350		$	132,617
Total accretable yield		(3,850	)		(10,006	)		(10,113	)		(11,294	)		(15,684	)
Core loan interest income	$	156,146		$	152,432		$	140,140		$	132,056		$	116,933
Average loan balance	$	11,788,838		$	11,641,843		$	11,159,872		$	10,819,324		$	9,772,043

Core loan yield		5.25	%		5.19	%		5.04	%		4.95	%		4.75	%

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

Page 11

Simmons First National Corporation

SFNC

Reconciliation Of Non-GAAP Financial Measures - Year-to-Date
For the Quarters Ended
(Unaudited)	Dec 31			Sept 30			Jun 30			Mar 31			Dec 31
	2018			2018			2018			2018			2017
($ in thousands)
Calculation of Core Return on Average Assets

Net income	$	215,713		$	160,067		$	104,874		$	51,312		$	92,940
Net non-core items, net of taxes, adjustment		4,520			3,715			2,404			1,306			26,109
Core earnings	$	220,233		$	163,782		$	107,278		$	52,618		$	119,049

Average total assets	$	15,771,362		$	15,573,762		$	15,334,453		$	15,088,210		$	10,074,951

Return on average assets		1.37	%		1.37	%		1.38	%		1.38	%		0.92	%
Core return on average assets		1.40	%		1.41	%		1.41	%		1.41	%		1.18	%

Calculation of Return on Tangible Common Equity

Net income	$	215,713		$	160,067		$	104,874		$	51,312		$	92,940
Amortization of intangibles, net of taxes		8,132			6,180			4,153			2,096			4,659
Total income available to common stockholders	$	223,845		$	166,247		$	109,027		$	53,408		$	97,599

Net non-core items, net of taxes		4,520			3,715			2,404			1,306			26,109
Core earnings		220,233			163,782			107,278			52,618			119,049
Amortization of intangibles, net of taxes		8,132			6,180			4,153			2,096			4,659
Total core income available to common stockholders	$	228,365		$	169,962		$	111,431		$	54,714		$	123,708

Average common stockholders' equity	$	2,157,097		$	2,138,818		$	2,120,075		$	2,103,052		$	1,390,815
Average intangible assets:
Goodwill		(845,308	)		(845,180	)		(844,917	)		(844,148	)		(455,453	)
Other intangibles		(97,820	)		(99,448	)		(101,435	)		(104,718	)		(68,896	)
Total average intangibles		(943,128	)		(944,628	)		(946,352	)		(948,866	)		(524,349	)
Average tangible common stockholders' equity	$	1,213,969		$	1,194,190		$	1,173,723		$	1,154,186		$	866,466

Return on average common equity		10.00	%		10.01	%		9.98	%		9.90	%		6.68	%
Return on tangible common equity		18.44	%		18.61	%		18.73	%		18.77	%		11.26	%
Core return on average common equity		10.21	%		10.24	%		10.20	%		10.15	%		8.56	%
Core return on tangible common equity		18.81	%		19.03	%		19.14	%		19.23	%		14.28	%

Calculation of Efficiency Ratio *⁽¹⁾*

Non-interest expense	$	392,229		$	296,833		$	196,580		$	98,073		$	312,379
Non-core non-interest expense adjustment		(6,118	)		(5,029	)		(3,255	)		(1,772	)		(27,357	)
Other real estate and foreclosure expense adjustment		(4,240	)		(2,940	)		(2,402	)		(1,020	)		(3,042	)
Amortization of intangibles adjustment		(11,009	)		(8,367	)		(5,622	)		(2,837	)		(7,666	)
Efficiency ratio numerator	$	370,862		$	280,497		$	185,301		$	92,444		$	274,314

Net-interest income	$	552,552		$	414,771		$	271,803		$	134,966		$	354,930
Non-interest income		143,896			109,308			75,583			37,535			138,765
Non-core non-interest income adjustment		–			–			–			(4	)		(3,972	)
Fully tax-equivalent adjustment		5,297			3,831			2,438			1,130			7,723
(Gain) loss on sale of securities		(61	)		(53	)		1			(6	)		(1,059	)
Efficiency ratio denominator	$	701,684		$	527,857		$	349,825		$	173,621		$	496,387

Efficiency ratio ⁽¹⁾		52.85	%		53.14	%		52.97	%		53.24	%		55.27	%

Calculation of Core Net Interest Margin

Net interest income	$	552,552		$	414,771		$	271,803		$	134,966		$	354,930
Fully tax-equivalent adjustment		5,297			3,831			2,438			1,130			7,723
Fully tax-equivalent net interest income		557,849			418,602			274,241			136,096			362,653

Total accretable yield		(35,263	)		(31,413	)		(21,407	)		(11,294	)		(27,793	)
Core net interest income	$	522,586		$	387,189		$	252,834		$	124,802		$	334,860
Average earning assets	$	14,036,614		$	13,837,639		$	13,564,056		$	13,251,549		$	8,908,418

Net interest margin		3.97	%		4.04	%		4.08	%		4.17	%		4.07	%
Core net interest margin		3.72	%		3.74	%		3.76	%		3.82	%		3.76	%

Calculation of Core Loan Yield

Loan interest income	$	616,037		$	456,041		$	293,603		$	143,350		$	352,351
Total accretable yield		(35,263	)		(31,413	)		(21,407	)		(11,294	)		(27,793	)
Core loan interest income	$	580,774		$	424,628		$	272,196		$	132,056		$	324,558
Average loan balance	$	11,355,890		$	11,209,992		$	10,989,600		$	10,819,324		$	6,918,293

Core loan yield		5.11	%		5.06	%		4.99	%		4.95	%		4.69	%

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