Exhibit 99.1

 

For Immediate Release: April 22, 2019

SIMMONS REPORTS FIRST QUARTER 2019 EARNINGS

Pine Bluff, AR – Simmons First National Corporation (NASDAQ: SFNC) today announced net income of $47.7 million for the quarter ended March 31, 2019, compared to $51.3 million for the same period in 2018, a decrease of $3.6 million, or 7.1%. Diluted earnings per share were $0.51, a decrease of $0.04, or 7.3%, from the same period in 2018. Included in first quarter 2019 results was $1.4 million in net after-tax merger-related, early retirement program and branch right-sizing costs.

Excluding the impact of these items, core earnings were $49.1 million for the quarter ended March 31, 2019, compared to $52.6 million for the quarter ended March 31, 2018, a decrease of $3.5 million, or 6.7%. Core diluted earnings per share were $0.53, a decrease of $0.04, or 7.0%, from the same period in 2018.

“We had solid operating results in the first quarter. Revenue was affected by three significant items compared to the first quarter of 2018. Accretion income was down $4.6 million; debit card interchange income, primarily as a result of the Durbin rate cap, was down $2.8 million; and the gain on sale of securities was up $2.7 million, resulting in a net decrease of $4.7 million from the previous year,” said George A. Makris Jr., Chairman and CEO.

Makris continued, “We would also like to welcome our newest customers and associates from the Reliance Bank merger into the Simmons family. We closed the transaction Friday, April 12, 2019, and performed the systems conversion over that weekend. We are excited about our growth opportunities in the St. Louis market due to our increased presence.”

Selected Highlights:	1st QTR 2019	4th QTR 2018	1st QTR 2018
Net income	$47.7 million	$55.6 million	$51.3 million
Diluted earnings per share	$0.51	$0.60	$0.55
Return on avg assets	1.19%	1.35%	1.38%
Return on avg common equity	8.60%	9.98%	9.90%
Return on tangible common equity	15.34%	17.96%	18.77%
Core earnings(1)	$49.1 million	$56.5 million	$52.6 million
Diluted core earnings per share(1)	$0.53	$0.61	$0.57
Core return on avg assets(1)	1.22%	1.37%	1.41%
Core return on avg common equity(1)	8.85%	10.13%	10.15%
Core return on tangible common equity(1)	15.76%	18.21%	19.23%
Efficiency ratio(2)	56.76%	51.99%	53.24%

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

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

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

Loans

(In billions)	1st Qtr 2019	4th Qtr 2018	1st Qtr 2018
Total loans	$11.7	$11.7	$11.0
Legacy loans (excludes loans acquired)	$8.7	$8.4	$6.3
Loans acquired	$3.0	$3.3	$4.7

Total loans, including those acquired, were $11.7 billion at March 31, 2019 an increase of $753.4 million, or 6.9%, compared to $11.0 billion at March 31, 2018. On a linked-quarter basis (March 31, 2019 compared to December 31, 2018), total loans remained flat at $11.7 billion. The seasonal decrease in the credit card and agricultural portfolios was $40.4 million. Loans approved and ready to close totaled $473.3 million at March 31, 2019 compared to $277.5 million as of year-end. “Based on our current loan pipeline, we estimate loan growth in the 5% range for 2019,” said Makris.

Deposits

(In billions)	1st Qtr 2019	4th Qtr 2018	1st Qtr 2018
Total deposits	$12.0	$12.4	$11.7
Non-time deposits	$9.3	$9.5	$9.5
Time deposits	$2.7	$2.9	$2.2

Total deposits were $12.0 billion at March 31, 2019, an increase of $332.6 million, or 2.9%, since March 31, 2018. Total deposits decreased $409.2 million, or 3.3%, compared to December 31, 2018. During the quarter, brokered and public fund deposits decreased $557.2 million while core deposits increased $148.0 million. “Our cash balance was reduced as we eliminated some high cost deposits. We are very pleased with our growth in core deposits as we continue to emphasize relationship banking,” said Makris.

Net Interest Income

	1st Qtr 2019	4th Qtr 2018	3rd Qtr 2018	2nd Qtr 2018	1st Qtr 2018
Loan yield (1)	5.53%	5.39%	5.54%	5.40%	5.38%
Core loan yield (1) (2)	5.29%	5.25%	5.19%	5.04%	4.95%
Security yield (1)	3.09%	2.87%	2.74%	2.75%	2.67%
Cost of interest bearing deposits	1.31%	1.20%	1.05%	0.84%	0.74%
Cost of deposits (3)	1.02%	0.93%	0.81%	0.64%	0.56%
Cost of borrowed funds	2.73%	2.64%	2.48%	2.38%	1.70%
Net interest margin (1)	3.85%	3.76%	3.98%	3.99%	4.17%
Core net interest margin (1) (2)	3.67%	3.66%	3.71%	3.70%	3.82%

(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 first quarter of 2019 was $137.0 million, an increase of $2.1 million, or 1.5%, from the same period of 2018. Included in interest income was the yield accretion recognized on loans acquired of $6.7 million and $11.3 million for the first quarters of 2019 and 2018, respectively.

Net interest margin was 3.85% for the quarter ended March 31, 2019, a 9 basis point increase from the fourth quarter 2018. The Company’s core net interest margin, excluding the accretion, was 3.67% for the first quarter of 2019, a 1 basis point increase from the fourth quarter of 2018. Cost of interest bearing deposits was 1.31% for the first quarter of 2019, an 11 basis point increase from prior quarter.

Non-Interest Income

Non-interest income for the first quarter of 2019 was $33.8 million, a decrease of $3.8 million compared to the same period in the previous year. The decrease was primarily due to reductions in debit card fees and mortgage and SBA lending premium income. The interchange rate cap as established by the Durbin amendment became effective for the Company July 1, 2018, resulting in a $2.8 million reduction in debit card fees when compared to the first quarter of last year.

Mortgage and SBA lending premium income decreased $1.1 million when compared to the same quarter in 2018. Mortgage lending income during the first quarter of 2019 was lower by $649,000 compared to 2018 and SBA premium income decreased by $476,000 due to fewer loan sales in the current quarter compared to the first quarter of 2018.

During the first quarter, the Company sold approximately $197 million in securities which resulted in a gain of $2.7 million, as part of a bond portfolio analysis of expected cash flow changes.

Non-Interest Expense

Non-interest expense for the first quarter of 2019 was $101.4 million, an increase of $3.3 million compared to the first quarter of 2018. Included in this quarter were $1.9 million of pre-tax merger-related, early retirement program and branch right-sizing costs. Excluding these expenses, core non-interest expense was $99.5 million for the first quarter of 2019, an increase of $3.2 million compared to the same period in 2018. Software and technology costs increased approximately $1.8 million over the same period in the prior year. The Company’s Next Generation Banking technology initiative is progressing on schedule and the incremental IT expenditures during the first quarter were primarily related to this initiative.

During the first quarter, the Company offered qualifying associates an early retirement option resulting in $355,000 of non-core expense. The Company projects an additional $2.5 million of expense related to these retirements in the second quarter of 2019 and expects ongoing net savings of approximately $4.4 million beginning in the third quarter of 2019.

The efficiency ratio for the first quarter of 2019 was 56.76% compared to 53.24% for the same period in 2018.

Asset Quality

	1st Qtr 2019	4th Qtr 2018	3rd Qtr 2018	2nd Qtr 2018	1st Qtr 2018
Allowance for loan losses to total loans	0.68%	0.67%	0.68%	0.73%	0.75%
Allowance for loan losses to non-performing loans	97%	164%	136%	115%	99%
Non-performing loans to total loans	0.70%	0.41%	0.50%	0.63%	0.76%
Net charge-off ratio (annualized)	0.20%	0.35%	0.36%	0.17%	0.24%
-  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 March 31, 2019, the allowance for loan losses for legacy loans was $59.2 million. The allowance for loan losses for loans acquired was $1.3 million and the acquired loan discount credit mark was $42.4 million. The allowances for loan losses and credit marks provide a total of $103.0 million of coverage, which equates to a total coverage ratio of 0.87% of gross loans. The ratio of credit mark and related allowance to loans acquired was 1.41%.

During the quarter, the Company identified loans specific to the acquired portfolio of Bank SNB’s Dallas market which were poorly structured or were poorly managed post-funding, and were primarily linked to an individual lender. As a result, the Company made a provision for acquired loans of $2.0 million related to the Bank SNB acquired pool of loans.

Makris stated, “We have carefully reviewed these loans for potential losses and believe we have adequately identified any risk associated with the loans. Unfortunately, based on purchase accounting rules, the credit mark associated with the declining Bank SNB acquired pool is a standalone amount not related to Simmons’ overall allowance for loan losses and must be managed specific to that pool of loans.”

Provision for loan losses for the first quarter of 2019 was $9.3 million, essentially flat when compared to March 31, 2018 and $335,000 less than the fourth quarter of 2018.

Foreclosed Assets and Other Real Estate Owned

At March 31, 2019, foreclosed assets and other real estate owned were $19.0 million, a decrease of $10.2 million, or 35.0%, compared to the same period in 2018 and a decrease of $6.6 million, or 25.9% from December 31, 2018. The composition of these assets is divided into three types:

($ in millions)	1st Qtr 2019	4th Qtr 2018	3rd Qtr 2018	2nd Qtr 2018	1st Qtr 2018
Closed bank branches, branch sites & associate relocation	$7.6	$8.0	$9.6	$7.2	$8.1
Foreclosed assets - acquired	$6.2	$11.5	$8.0	$13.2	$14.9
Foreclosed assets - legacy	$5.2	$6.1	$5.1	$10.1	$6.1

Capital

	1st Qtr 2019	4th Qtr 2018	3rd Qtr 2018	2nd Qtr 2018	1st Qtr 2018
Stockholders’ equity to total assets	14.3%	13.6%	13.4%	13.3%	13.5%
Tangible common equity to tangible assets	9.0%	8.4%	8.1%	7.9%	7.9%
Regulatory tier 1 leverage ratio	9.1%	8.8%	8.7%	8.6%	8.6%
Regulatory total risk-based capital ratio	13.6%	13.3%	13.1%	13.7%	14.1%

At March 31, 2019, common stockholders' equity was $2.3 billion. Book value per share was $24.87 and tangible book value per share was $14.78 at March 31, 2019, compared to $22.86 and $12.62, respectively, at March 31, 2018.

Simmons First National Corporation

Simmons First National Corporation is a financial holding company headquartered in Pine Bluff, Arkansas, with total assets of approximately $16.1 billion as of March 31, 2019, 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. CDT on Tuesday, April 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 4557809. 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, 2018, which has been filed with, and is available from, the Securities and Exchange Commission.

####

FOR MORE INFORMATION CONTACT:

Stephen C. Massanelli

EVP, Chief Administrative Officer and Investor Relations Officer

Simmons First National Corporation

steve.massanelli@simmonsbank.com

Simmons First National Corporation	SFNC
Consolidated End of Period Balance Sheets

For the Quarters Ended	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)	2019			2018			2018			2018			2018
($ in thousands)
ASSETS
Cash and non-interest bearing balances due from banks	$	151,112		$	171,792		$	125,231		$	162,567		$	170,811
Interest bearing balances due from banks and federal funds sold		340,049			661,666			388,573			781,279			688,853
Cash and cash equivalents		491,161			833,458			513,804			943,846			859,664
Interest bearing balances due from banks - time		4,684			4,934			3,954			2,974			3,069
Investment securities - held-to-maturity		61,435			289,194			323,306			333,503			352,756
Investment securities - available-for-sale		2,240,111			2,151,752			1,997,814			1,938,644			1,830,113
Mortgage loans held for sale		18,480			26,799			48,195			39,812			17,708
Other assets held for sale		397			1,790			5,136			14,898			24,784
Loans:
Legacy loans		8,684,550			8,430,388			8,123,274			7,133,461			6,290,383
Allowance for loan losses		(59,243	)		(56,599	)		(55,358	)		(51,732	)		(47,207	)
Loans acquired, net of discount and allowance		3,056,187			3,292,783			3,734,921			4,232,434			4,696,945
Net loans		11,681,494			11,666,572			11,802,837			11,314,163			10,940,121
Premises and equipment		333,740			295,060			287,246			288,777			289,355
Foreclosed assets and other real estate owned		18,952			25,565			22,664			30,503			29,140
Interest receivable		51,796			49,938			51,509			44,266			42,129
Bank owned life insurance		192,736			193,170			192,680			191,575			186,473
Goodwill		845,687			845,687			845,687			845,687			845,687
Other intangible assets		88,694			91,334			93,975			96,720			99,504
Other assets		62,272			68,084			92,457			80,165			76,806
Total assets	$	16,091,639		$	16,543,337		$	16,281,264		$	16,165,533		$	15,597,309
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing transaction accounts	$	2,674,034		$	2,672,405		$	2,778,670		$	2,683,489		$	2,734,287
Interest bearing transaction accounts and savings deposits		6,666,823			6,830,191			6,776,330			6,916,520			6,720,754
Time deposits		2,648,674			2,896,156			2,533,506			2,353,439			2,201,874
Total deposits		11,989,531			12,398,752			12,088,506			11,953,448			11,656,915
Federal funds purchased and securities sold under agreements to repurchase		120,213			95,792			109,213			99,801			120,909
Other borrowings		1,169,989			1,345,450			1,420,917			1,451,811			1,140,986
Subordinated notes and debentures		354,041			353,950			372,934			413,337			468,465
Other liabilities held for sale		162			162			424			1,840			2,781
Accrued interest and other liabilities		155,382			102,797			105,951			98,388			98,202
Total liabilities		13,789,318			14,296,903			14,097,945			14,018,625			13,488,258
Stockholders' equity:
Common stock		926			923			923			923			922
Surplus		1,599,566			1,597,944			1,597,261			1,594,342			1,590,086
Undivided profits		707,829			674,941			633,175			591,826			552,105
Accumulated other comprehensive loss:
Unrealized depreciation on AFS securities		(6,000	)		(27,374	)		(48,040	)		(40,183	)		(34,062	)
Total stockholders' equity		2,302,321			2,246,434			2,183,319			2,146,908			2,109,051
Total liabilities and stockholders' equity	$	16,091,639		$	16,543,337		$	16,281,264		$	16,165,533		$	15,597,309

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Simmons First National Corporation	SFNC
Consolidated Statements of Income - Quarter-to-Date

For the Quarters Ended	Mar 31		Dec 31		Sep 30		Jun 30			Mar 31
(Unaudited)	2019		2018		2018		2018			2018
($ in thousands, except per share data)
INTEREST INCOME
Loans	$	159,440	$	159,996	$	162,438	$	150,253		$	143,350
Interest bearing balances due from banks and federal funds sold		2,154		2,168		1,405		1,414			1,009
Investment securities		17,312		15,760		14,640		14,296			12,622
Mortgage loans held for sale		210		372		501		305			158
TOTAL INTEREST INCOME		179,116		178,296		178,984		166,268			157,139
INTEREST EXPENSE
Time deposits		12,320		11,273		8,017		6,175			4,842
Other deposits		18,430		17,489		16,373		12,286			10,755
Federal funds purchased and securities sold under agreements to repurchase		136		121		104		88			110
Other borrowings		6,793		7,134		6,240		5,141			5,139
Subordinated notes and debentures		4,411		4,498		5,282		5,741			1,327
TOTAL INTEREST EXPENSE		42,090		40,515		36,016		29,431			22,173
NET INTEREST INCOME		137,026		137,781		142,968		136,837			134,966
Provision for loan losses		9,285		9,620		10,345		9,033			9,150
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES		127,741		128,161		132,623		127,804			125,816
NON-INTEREST INCOME
Trust income		5,708		5,980		6,277		5,622			5,249
Service charges on deposit accounts		10,068		11,263		10,837		10,063			10,345
Other service charges and fees		1,289		1,501		1,201		2,017			2,750
Mortgage and SBA lending income		3,320		1,643		1,825		3,130			4,445
Investment banking income		618		829		664		814			834
Debit and credit card fees		6,098		6,547		6,820		10,105			8,796
Bank owned life insurance income		795		1,105		1,105		1,102			1,103
Gain (loss) on sale of securities, net		2,740		8		54		(7	)		6
Other income		3,125		5,712		4,942		5,202			4,007
TOTAL NON-INTEREST INCOME		33,761		34,588		33,725		38,048			37,535
NON-INTEREST EXPENSE
Salaries and employee benefits		56,367		49,193		55,515		55,678			56,357
Occupancy expense, net		7,475		7,016		7,713		7,921			6,960
Furniture and equipment expense		3,358		4,139		3,761		4,020			4,403
Other real estate and foreclosure expense		637		1,540		538		1,382			1,020
Deposit insurance		2,040		2,489		2,248		1,856			2,128
Merger-related costs		1,470		797		804		1,465			1,711
Other operating expenses		30,062		30,222		29,674		26,185			25,494
TOTAL NON-INTEREST EXPENSE		101,409		95,396		100,253		98,507			98,073
NET INCOME BEFORE INCOME TAXES		60,093		67,353		66,095		67,345			65,278
Provision for income taxes		12,398		11,707		10,902		13,783			13,966
NET INCOME	$	47,695	$	55,646	$	55,193	$	53,562		$	51,312
BASIC EARNINGS PER SHARE	$	0.52	$	0.60	$	0.60	$	0.58		$	0.56
DILUTED EARNINGS PER SHARE	$	0.51	$	0.60	$	0.59	$	0.58		$	0.55

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Simmons First National Corporation													SFNC
Consolidated Risk-Based Capital
For the Quarters Ended	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)	2019			2018			2018			2018			2018
($ in thousands)
Tier 1 capital
Stockholders' equity	$	2,302,321		$	2,246,434		$	2,183,319		$	2,146,908		$	2,109,051
Trust preferred securities, net allowable		–			–			–			–			–
Disallowed intangible assets, net of deferred tax		(910,122	)		(912,428	)		(914,788	)		(917,050	)		(918,161	)
Unrealized loss on AFS securities		6,000			27,374			48,040			40,183			34,062
Total Tier 1 capital		1,398,199			1,361,380			1,316,571			1,270,041			1,224,952
Tier 2 capital
Qualifying unrealized gain on AFS equity securities		–			–			1			1			8
Trust preferred securities and subordinated debt		354,041			353,950			372,934			413,337			468,466
Qualifying allowance for loan losses and reserve for unfunded commitments		67,771			63,608			63,618			60,691			54,436
Total Tier 2 capital		421,812			417,558			436,553			474,029			522,910
Total risk-based capital	$	1,820,011		$	1,778,938		$	1,753,124		$	1,744,070		$	1,747,862
Common equity
Tier 1 capital	$	1,398,199		$	1,361,380		$	1,316,571		$	1,270,041		$	1,224,952
Less: Trust preferred securities		–			–			–			–			–
Total common equity	$	1,398,199		$	1,361,380		$	1,316,571		$	1,270,041		$	1,224,952
Risk weighted assets	$	13,364,636		$	13,326,832		$	13,402,910		$	12,713,093		$	12,417,233
Adjusted average assets for leverage ratio	$	15,423,961		$	15,512,042		$	15,179,889		$	14,714,205		$	14,179,390
Ratios at end of quarter
Equity to assets		14.31	%		13.58	%		13.41	%		13.28	%		13.52	%
Tangible common equity to tangible assets (1)		9.02	%		8.39	%		8.11	%		7.91	%		7.94	%
Common equity Tier 1 ratio (CET1)		10.46	%		10.22	%		9.82	%		9.99	%		9.86	%
Tier 1 leverage ratio		9.07	%		8.78	%		8.67	%		8.63	%		8.64	%
Tier 1 risk-based capital ratio		10.46	%		10.22	%		9.82	%		9.99	%		9.86	%
Total risk-based capital ratio		13.62	%		13.35	%		13.08	%		13.72	%		14.08	%

(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	Mar 31		Dec 31		Sep 30		Jun 30		Mar 31
(Unaudited)	2019		2018		2018		2018		2018
($ in thousands)
Legacy Loan Portfolio - End of Period (1)
Consumer
Credit cards	$	181,549	$	204,173	$	182,137	$	180,352	$	176,602
Other consumer		213,659		201,297		259,581		277,330		284,285
Total consumer		395,208		405,470		441,718		457,682		460,887
Real Estate
Construction		1,376,162		1,300,723		1,229,888		967,720		786,077
Single-family residential		1,431,407		1,440,443		1,401,991		1,314,787		1,193,464
Other commercial		3,355,109		3,225,287		3,077,188		2,816,420		2,611,358
Total real estate		6,162,678		5,966,453		5,709,067		5,098,927		4,590,899
Commercial
Commercial		1,801,422		1,774,909		1,608,342		1,237,910		971,704
Agricultural		147,216		164,514		218,778		187,006		128,247
Total commercial		1,948,638		1,939,423		1,827,120		1,424,916		1,099,951
Other		178,026		119,042		145,369		151,936		138,646
Total Loans	$	8,684,550	$	8,430,388	$	8,123,274	$	7,133,461	$	6,290,383
(1) Excludes all acquired loans.
Investment Securities - End of Period
Held-to-Maturity
U.S. Government agencies	$	12,996	$	16,990	$	34,983	$	36,976	$	46,961
Mortgage-backed securities		12,847		13,346		13,933		14,645		15,404
State and political subdivisions		33,597		256,863		272,396		279,787		286,901
Other securities		1,995		1,995		1,994		2,095		3,490
Total held-to-maturity		61,435		289,194		323,306		333,503		352,756
Available-for-Sale
U.S. Government agencies	$	161,577	$	154,301	$	141,460	$	145,767	$	149,804
Mortgage-backed securities		1,345,677		1,522,900		1,419,626		1,395,231		1,356,179
State and political subdivisions		580,790		314,843		282,439		245,335		185,888
FHLB stock		65,220		73,105		72,579		72,042		58,177
Other securities		86,847		86,603		81,710		80,269		80,065
Total available-for-sale		2,240,111		2,151,752		1,997,814		1,938,644		1,830,113
Total investment securities	$	2,301,546	$	2,440,946	$	2,321,120	$	2,272,147	$	2,182,869
Fair value - HTM investment securities	$	61,956	$	290,830	$	322,838	$	334,857	$	354,649
Investment Securities - QTD Average
Taxable securities	$	1,880,694	$	1,815,203	$	1,775,193	$	1,750,172	$	1,618,270
Tax exempt securities		590,941		551,185		539,135		514,838		460,675
Total investment securities - QTD average	$	2,471,635	$	2,366,388	$	2,314,328	$	2,265,010	$	2,078,945

Page 4

Simmons First National Corporation													SFNC
Consolidated Loans and Credit Coverage
For the Quarters Ended	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)	2019			2018			2018			2018			2018
($ in thousands)
LOANS
Legacy loans	$	8,684,550		$	8,430,388		$	8,123,274		$	7,133,461		$	6,290,383
Allowance for loan losses (legacy loans)		(59,243	)		(56,599	)		(55,358	)		(51,732	)		(47,207	)
Legacy loans (net of allowance)		8,625,307			8,373,789			8,067,916			7,081,729			6,243,176
Loans acquired		3,099,915			3,342,175			3,790,234			4,302,760			4,776,439
Credit discount		(42,416	)		(49,297	)		(53,968	)		(68,282	)		(79,087	)
Allowance for loan losses (loans acquired)		(1,312	)		(95	)		(1,345	)		(2,044	)		(407	)
Loans acquired (net of discount and allowance)		3,056,187			3,292,783			3,734,921			4,232,434			4,696,945
Net loans	$	11,681,494		$	11,666,572		$	11,802,837		$	11,314,163		$	10,940,121
Loan Coverage Ratios
Allowance for loan losses to legacy loans		0.68	%		0.67	%		0.68	%		0.73	%		0.75	%
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)		1.41	%		1.48	%		1.46	%		1.63	%		1.66	%
Total allowance and credit coverage (non-GAAP) (1)		0.87	%		0.90	%		0.93	%		1.07	%		1.14	%

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

Page 5

Simmons First National Corporation													SFNC
Consolidated Allowance and Asset Quality
For the Quarters Ended	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)	2019			2018			2018			2018			2018
($ in thousands)
Allowance for Loan Losses (Legacy Loans)
Balance, beginning of quarter	$	56,599		$	55,358		$	51,732		$	47,207		$	41,668
Loans charged off
Credit cards		1,142			1,121			919			1,012			999
Other consumer		1,533			2,894			1,321			1,366			1,056
Real estate		374			337			4,952			161			455
Commercial		1,968			3,480			592			790			1,761
Total loans charged off		5,017			7,832			7,784			3,329			4,271
Recoveries of loans previously charged off
Credit cards		240			227			229			286			263
Other consumer		300			154			176			133			94
Real estate		142			367			210			112			302
Commercial		158			167			450			59			69
Total recoveries		840			915			1,065			590			728
Net loans charged off		4,177			6,917			6,719			2,739			3,543
Provision for loan losses		6,821			8,158			10,345			7,264			9,082
Balance, end of quarter	$	59,243		$	56,599		$	55,358		$	51,732		$	47,207
Non-performing assets (1) (2)
Non-performing loans
Nonaccrual loans	$	60,925		$	34,201		$	40,505		$	44,548		$	47,395
Loans past due 90 days or more		281			224			281			303			336
Total non-performing loans		61,206			34,425			40,786			44,851			47,731
Other non-performing assets
Foreclosed assets and other real estate owned (2)		18,952			25,565			22,664			30,503			29,140
Other non-performing assets		505			553			524			573			794
Total other non-performing assets		19,457			26,118			23,188			31,076			29,934
Total non-performing assets	$	80,663		$	60,543		$	63,974		$	75,927		$	77,665
Performing TDRs (troubled debt restructurings)	$	6,297		$	6,369		$	8,413		$	6,367		$	6,459
Ratios (1) (2)
Allowance for loan losses to total loans		0.68	%		0.67	%		0.68	%		0.73	%		0.75	%
Allowance for loan losses to non-performing loans		97	%		164	%		136	%		115	%		99	%
Non-performing loans to total loans		0.70	%		0.41	%		0.50	%		0.63	%		0.76	%
Non-performing assets (including performing TDRs) to total assets		0.54	%		0.40	%		0.44	%		0.51	%		0.54	%
Non-performing assets to total assets		0.50	%		0.37	%		0.39	%		0.47	%		0.50	%
Annualized net charge offs to total loans		0.20	%		0.35	%		0.36	%		0.17	%		0.24	%
Annualized net credit card charge offs to total credit card loans		1.92	%		1.86	%		1.47	%		1.60	%		1.63	%

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

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

Page 6

Simmons First National Corporation																			SFNC
Consolidated - Average Balance Sheet and Net Interest Income Analysis
For the Quarters Ended
(Unaudited)
	Three Months Ended Mar 2019							Three Months Ended Dec 2018							Three Months Ended Mar 2018
($ in thousands)	Average Balance		Income/ Expense		Yield/ Rate			Average Balance		Income/ Expense		Yield/ Rate			Average Balance		Income/ Expense		Yield/ Rate
ASSETS
Earning assets:
Interest bearing balances due from banks and federal funds sold	$	394,462	$	2,154		2.21	%	$	499,961	$	2,168		1.72	%	$	338,505	$	1,009		1.21	%
Investment securities - taxable		1,880,694		12,989		2.80	%		1,815,200		11,828		2.59	%		1,618,270		9,599		2.41	%
Investment securities - non-taxable (FTE)		590,941		5,834		4.00	%		551,188		5,313		3.82	%		460,675		4,083		3.59	%
Mortgage loans held for sale		17,733		210		4.80	%		30,851		372		4.78	%		14,775		158		4.34	%
Loans, including acquired loans		11,710,075		159,530		5.53	%		11,788,838		160,081		5.39	%		10,819,324		143,420		5.38	%
Total interest earning assets (FTE)		14,593,905		180,717		5.02	%		14,686,038		179,762		4.86	%		13,251,549		158,269		4.84	%
Non-earning assets		1,708,292							1,671,715							1,836,661
Total assets	$	16,302,197						$	16,357,753						$	15,088,210
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest bearing liabilities:
Interest bearing transaction and savings accounts	$	6,749,032	$	18,430		1.11	%	$	6,770,217	$	17,489		1.02	%	$	6,579,295	$	10,755		0.66	%
Time deposits		2,781,592		12,320		1.80	%		2,752,113		11,273		1.63	%		2,003,668		4,842		0.98	%
Total interest bearing deposits		9,530,624		30,750		1.31	%		9,522,330		28,762		1.20	%		8,582,963		15,597		0.74	%
Federal funds purchased and securities sold under agreement to repurchase		109,302		136		0.50	%		108,687		121		0.44	%		120,443		110		0.37	%
Other borrowings		1,224,255		6,793		2.25	%		1,302,453		7,134		2.17	%		1,282,527		5,139		1.63	%
Subordinated notes and debentures		353,996		4,411		5.05	%		353,906		4,498		5.04	%		162,813		1,327		3.31	%
Total interest bearing liabilities		11,218,177		42,090		1.52	%		11,287,376		40,515		1.42	%		10,148,746		22,173		0.89	%
Non-interest bearing liabilities:
Non-interest bearing deposits		2,707,715							2,768,437							2,632,182
Other liabilities		127,407							90,723							204,230
Total liabilities		14,053,299							14,146,536							12,985,158
Stockholders' equity		2,248,898							2,211,217							2,103,052
Total liabilities and stockholders' equity	$	16,302,197						$	16,357,753						$	15,088,210
Net interest income (FTE)			$	138,627						$	139,247						$	136,096
Net interest spread (FTE)						3.50	%						3.44	%						3.95	%
Net interest margin (FTE) - quarter-to-date						3.85	%						3.76	%						4.17	%
Net interest margin (FTE) - year-to-date						3.85	%						3.97	%						4.17	%
Core net interest margin (FTE) - quarter-to-date (1)						3.67	%						3.66	%						3.82	%
Core loan yield (FTE) - quarter-to-date (1)						5.29	%						5.25	%						4.95	%
Core net interest margin (FTE) - year-to-date (1)						3.67	%						3.72	%						3.82	%
Core loan yield (FTE) - year-to-date (1)						5.29	%						5.11	%						4.95	%

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

Page 7

Simmons First National Corporation													SFNC
Consolidated - Selected Financial Data
For the Quarters Ended	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)	2019			2018			2018			2018			2018
($ in thousands, except share data)
QUARTER-TO-DATE
Financial Highlights - GAAP
Net Income	$	47,695		$	55,646		$	55,193		$	53,562		$	51,312
Diluted earnings per share		0.51			0.60			0.59			0.58			0.55
Return on average assets		1.19	%		1.35	%		1.37	%		1.38	%		1.38	%
Return on average common equity		8.60	%		9.98	%		10.06	%		10.05	%		9.90	%
Return on tangible common equity		15.34	%		17.96	%		18.38	%		18.70	%		18.77	%
Net interest margin (FTE)		3.85	%		3.76	%		3.98	%		3.99	%		4.17	%
FTE adjustment		1,601			1,466			1,393			1,308			1,130
Amortization of intangibles		2,641			2,642			2,745			2,785			2,837
Amortization of intangibles, net of taxes		1,951			1,952			2,027			2,057			2,096
Average diluted shares outstanding		92,870,813			92,897,105			92,840,851			92,733,140			92,638,765
Cash dividends declared per common share		0.16			0.15			0.15			0.15			0.15
Financial Highlights - Core (non-GAAP)
Core earnings (excludes non-core items) (1)	$	49,076		$	56,451		$	56,504		$	54,660		$	52,618
Diluted core earnings per share (1)		0.53			0.61			0.61			0.59			0.57
Core net interest margin (FTE) (2)		3.67	%		3.66	%		3.71	%		3.70	%		3.82	%
Accretable yield on acquired loans		6,660			3,850			10,006			10,113			11,294
Efficiency ratio (1)		56.76	%		51.99	%		53.47	%		52.70	%		53.24	%
Core return on average assets (1)		1.22	%		1.37	%		1.40	%		1.41	%		1.41	%
Core return on average common equity (1)		8.85	%		10.13	%		10.30	%		10.26	%		10.15	%
Core return on tangible common equity (1)		15.76	%		18.21	%		18.80	%		19.06	%		19.23	%
YEAR-TO-DATE
Financial Highlights - GAAP
Net Income	$	47,695		$	215,713		$	160,067		$	104,874		$	51,312
Diluted earnings per share		0.51			2.32			1.72			1.13			0.55
Return on average assets		1.19	%		1.37	%		1.37	%		1.38	%		1.38	%
Return on average common equity		8.60	%		10.00	%		10.01	%		9.98	%		9.90	%
Return on tangible common equity		15.34	%		18.44	%		18.61	%		18.73	%		18.77	%
Net interest margin (FTE)		3.85	%		3.97	%		4.04	%		4.08	%		4.17	%
FTE adjustment		1,601			5,297			3,831			2,438			1,130
Amortization of intangibles		2,641			11,009			8,367			5,622			2,837
Amortization of intangibles, net of taxes		1,951			8,132			6,180			4,153			2,096
Average diluted shares outstanding		92,870,813			92,830,485			92,796,860			92,692,234			92,638,765
Cash dividends declared per common share		0.16			0.60			0.45			0.30			0.15
Financial Highlights - Core (non-GAAP)
Core earnings (excludes non-core items) (1)	$	49,076		$	220,233		$	163,782		$	107,278		$	52,618
Diluted core earnings per share (1)		0.53			2.37			1.76			1.16			0.57
Core net interest margin (FTE) (2)		3.67	%		3.72	%		3.74	%		3.76	%		3.82	%
Accretable yield on acquired loans		6,660			35,263			31,413			21,407			11,294
Efficiency ratio (1)		56.76	%		52.85	%		53.14	%		52.97	%		53.24	%
Core return on average assets (1)		1.22	%		1.40	%		1.41	%		1.41	%		1.41	%
Core return on average common equity (1)		8.85	%		10.21	%		10.24	%		10.20	%		10.15	%
Core return on tangible common equity (1)		15.76	%		18.81	%		19.03	%		19.14	%		19.23	%
END OF PERIOD
Book value per share	$	24.87		$	24.33		$	23.66		$	23.26		$	22.86
Tangible book value per share		14.78			14.18			13.48			13.05			12.62
Shares outstanding		92,568,361			92,347,643			92,291,070			92,281,370			92,242,389
Full-time equivalent employees		2,602			2,654			2,635			2,659			2,626
Total number of financial centers		191			191			191			199			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.           

Page 8

Simmons First National Corporation													SFNC
Consolidated - Reconciliation of Core Earnings (non-GAAP)
For the Quarters Ended	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)	2019			2018			2018			2018			2018
($ in thousands, except per share data)
QUARTER-TO-DATE
Net Income	$	47,695		$	55,646		$	55,193		$	53,562		$	51,312
Non-core items
Merger-related costs		1,470			797			804			1,465			1,711
Early retirement program		355			–			–			–			–
Branch right-sizing		45			292			970			22			57
Tax effect (1)		(489	)		(284	)		(463	)		(389	)		(462	)
Net non-core items		1,381			805			1,311			1,098			1,306
Core earnings (non-GAAP)	$	49,076		$	56,451		$	56,504		$	54,660		$	52,618
Diluted earnings per share	$	0.51		$	0.60		$	0.59		$	0.58		$	0.55
Non-core items
Merger-related costs		0.02			0.01			0.01			0.02			0.02
Early retirement program		0.01			–			–			–			–
Branch right-sizing		–			–			0.01			–			–
Tax effect (1)		(0.01	)		–			–			(0.01	)		–
Net non-core items		0.02			0.01			0.02			0.01			0.02
Core earnings (non-GAAP)	$	0.53		$	0.61		$	0.61		$	0.59		$	0.57
YEAR-TO-DATE
Net Income	$	47,695		$	215,713		$	160,067		$	104,874		$	51,312
Non-core items
Merger-related costs		1,470			4,777			3,980			3,176			1,711
Early retirement program		355			–			–			–			–
Branch right-sizing		45			1,341			1,049			79			57
Tax effect (1)		(489	)		(1,598	)		(1,314	)		(851	)		(462	)
Net non-core items		1,381			4,520			3,715			2,404			1,306
Core earnings (non-GAAP)	$	49,076		$	220,233		$	163,782		$	107,278		$	52,618
Diluted earnings per share	$	0.51		$	2.32		$	1.72		$	1.13		$	0.55
Non-core items
Merger-related costs		0.02			0.05			0.04			0.04			0.02
Early retirement program		0.01			–			–			–			–
Branch right-sizing		–			0.02			0.01			–			–
Tax effect (1)		(0.01	)		(0.02	)		(0.01	)		(0.01	)		–
Net non-core items		0.02			0.05			0.04			0.03			0.02
Core earnings (non-GAAP)	$	0.53		$	2.37		$	1.76		$	1.16		$	0.57

(1) Effective tax rate of 26.135%.

Page 9

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - End of Period
For the Quarters Ended
(Unaudited)	Mar 31			Dec 31			Sept 30			Jun 30			Mar 31
	2019			2018			2018			2018			2018
($ in thousands, except per share data)
Calculation of Tangible Common Equity and the Ratio of Tangible Common Equity to Tangible Assets
Total common stockholders' equity	$	2,302,321		$	2,246,434		$	2,183,319		$	2,146,908		$	2,109,051
Intangible assets:
Goodwill		(845,687	)		(845,687	)		(845,687	)		(845,687	)		(845,687	)
Other intangible assets		(88,694	)		(91,334	)		(93,975	)		(96,720	)		(99,504	)
Total intangibles		(934,381	)		(937,021	)		(939,662	)		(942,407	)		(945,191	)
Tangible common stockholders' equity	$	1,367,940		$	1,309,413		$	1,243,657		$	1,204,501		$	1,163,860
Total assets	$	16,091,639		$	16,543,337		$	16,281,264		$	16,165,533		$	15,597,309
Intangible assets:
Goodwill		(845,687	)		(845,687	)		(845,687	)		(845,687	)		(845,687	)
Other intangible assets		(88,694	)		(91,334	)		(93,975	)		(96,720	)		(99,504	)
Total intangibles		(934,381	)		(937,021	)		(939,662	)		(942,407	)		(945,191	)
Tangible assets	$	15,157,258		$	15,606,316		$	15,341,602		$	15,223,126		$	14,652,118
Ratio of equity to assets		14.31	%		13.58	%		13.41	%		13.28	%		13.52	%
Ratio of tangible common equity to tangible assets		9.02	%		8.39	%		8.11	%		7.91	%		7.94	%
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	$	42,416		$	49,297		$	53,968		$	68,282		$	79,087
Allowance for loan losses on acquired loans		1,312			95			1,345			2,044			407
Total credit discount and ALLL on acquired loans	$	43,728		$	49,392		$	55,313		$	70,326		$	79,494
Total loans acquired	$	3,099,915		$	3,342,175		$	3,790,234		$	4,302,760		$	4,776,439
Discount and ALLL on acquired loans to acquired loans		1.41	%		1.48	%		1.46	%		1.63	%		1.66	%
Calculation of Total Allowance and Credit Coverage
Allowance for loan losses	$	59,243		$	56,599		$	55,358		$	51,732		$	47,207
Total credit discount and ALLL on acquired loans		43,728			49,392			55,313			70,326			79,494
Total allowance and credit discount	$	102,971		$	105,991		$	110,671		$	122,058		$	126,701
Total loans	$	11,784,465		$	11,772,563		$	11,913,508		$	11,436,221		$	11,066,822
Total allowance and credit coverage		0.87	%		0.90	%		0.93	%		1.07	%		1.14	%
Calculation of Tangible Book Value per Share
Total common stockholders' equity	$	2,302,321		$	2,246,434		$	2,183,319		$	2,146,908		$	2,109,051
Intangible assets:
Goodwill		(845,687	)		(845,687	)		(845,687	)		(845,687	)		(845,687	)
Other intangible assets		(88,694	)		(91,334	)		(93,975	)		(96,720	)		(99,504	)
Total intangibles		(934,381	)		(937,021	)		(939,662	)		(942,407	)		(945,191	)
Tangible common stockholders' equity	$	1,367,940		$	1,309,413		$	1,243,657		$	1,204,501		$	1,163,860
Shares of common stock outstanding		92,568,361			92,347,643			92,291,070			92,281,370			92,242,389
Book value per common share	$	24.87		$	24.33		$	23.66		$	23.26		$	22.86
Tangible book value per common share	$	14.78		$	14.18		$	13.48		$	13.05		$	12.62

Page 10

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date
For the Quarters Ended
(Unaudited)	Mar 31			Dec 31			Sept 30			Jun 30			Mar 31
	2019			2018			2018			2018			2018
($ in thousands)
Calculation of Core Return on Average Assets
Net income	$	47,695		$	55,646		$	55,193		$	53,562		$	51,312
Net non-core items, net of taxes, adjustment		1,381			805			1,311			1,098			1,306
Core earnings	$	49,076		$	56,451		$	56,504		$	54,660		$	52,618
Average total assets	$	16,302,197		$	16,357,753		$	16,040,884		$	15,580,697		$	15,088,210
Return on average assets		1.19	%		1.35	%		1.37	%		1.38	%		1.38	%
Core return on average assets		1.22	%		1.37	%		1.40	%		1.41	%		1.41	%
Calculation of Return on Tangible Common Equity
Net income	$	47,695		$	55,646		$	55,193		$	53,562		$	51,312
Amortization of intangibles, net of taxes		1,951			1,952			2,027			2,057			2,096
Total income available to common stockholders	$	49,646		$	57,598		$	57,220		$	55,619		$	53,408
Net non-core items, net of taxes		1,381			805			1,311			1,098			1,306
Core earnings		49,076			56,451			56,504			54,660			52,618
Amortization of intangibles, net of taxes		1,951			1,952			2,027			2,057			2,096
Total core income available to common stockholders	$	51,027		$	58,403		$	58,531		$	56,717		$	54,714
Average common stockholders' equity	$	2,248,898		$	2,211,217		$	2,176,565		$	2,137,097		$	2,103,052
Average intangible assets:
Goodwill		(845,687	)		(845,687	)		(845,687	)		(845,687	)		(844,148	)
Other intangibles		(90,317	)		(92,990	)		(95,576	)		(98,152	)		(104,718	)
Total average intangibles		(936,004	)		(938,677	)		(941,263	)		(943,839	)		(948,866	)
Average tangible common stockholders' equity	$	1,312,894		$	1,272,540		$	1,235,302		$	1,193,258		$	1,154,186
Return on average common equity		8.60	%		9.98	%		10.06	%		10.05	%		9.90	%
Return on tangible common equity		15.34	%		17.96	%		18.38	%		18.70	%		18.77	%
Core return on average common equity		8.85	%		10.13	%		10.30	%		10.26	%		10.15	%
Core return on tangible common equity		15.76	%		18.21	%		18.80	%		19.06	%		19.23	%
Calculation of Efficiency Ratio (1)
Non-interest expense	$	101,409		$	95,396		$	100,253		$	98,507		$	98,073
Non-core non-interest expense adjustment		(1,870	)		(1,089	)		(1,774	)		(1,483	)		(1,772	)
Other real estate and foreclosure expense adjustment		(599	)		(1,300	)		(538	)		(1,382	)		(1,020	)
Amortization of intangibles adjustment		(2,641	)		(2,642	)		(2,745	)		(2,785	)		(2,837	)
Efficiency ratio numerator	$	96,299		$	90,365		$	95,196		$	92,857		$	92,444
Net-interest income	$	137,026		$	137,781		$	142,968		$	136,837		$	134,966
Non-interest income		33,761			34,588			33,725			38,048			37,535
Non-core non-interest income adjustment		–			–			–			4			(4	)
Fully tax-equivalent adjustment		1,601			1,466			1,393			1,308			1,130
(Gain) loss on sale of securities		(2,740	)		(8	)		(54	)		7			(6	)
Efficiency ratio denominator	$	169,648		$	173,827		$	178,032		$	176,204		$	173,621
Efficiency ratio (1)		56.76	%		51.99	%		53.47	%		52.70	%		53.24	%
Calculation of Core Net Interest Margin
Net interest income	$	137,026		$	137,781		$	142,968		$	136,837		$	134,966
Fully tax-equivalent adjustment		1,601			1,466			1,393			1,308			1,130
Fully tax-equivalent net interest income		138,627			139,247			144,361			138,145			136,096
Total accretable yield		(6,660	)		(3,850	)		(10,006	)		(10,113	)		(11,294	)
Core net interest income	$	131,967		$	135,397		$	134,355		$	128,032		$	124,802
Average earning assets	$	14,593,905		$	14,686,038		$	14,373,253		$	13,876,557		$	13,251,549
Net interest margin		3.85	%		3.76	%		3.98	%		3.99	%		4.17	%
Core net interest margin		3.67	%		3.66	%		3.71	%		3.70	%		3.82	%
Calculation of Core Loan Yield
Loan interest income	$	159,440		$	159,996		$	162,438		$	150,253		$	143,350
Total accretable yield		(6,660	)		(3,850	)		(10,006	)		(10,113	)		(11,294	)
Core loan interest income	$	152,780		$	156,146		$	152,432		$	140,140		$	132,056
Average loan balance	$	11,710,075		$	11,788,838		$	11,641,843		$	11,159,872		$	10,819,324
Core loan yield		5.29	%		5.25	%		5.19	%		5.04	%		4.95	%

(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)	Mar 31			Dec 31			Sept 30			Jun 30			Mar 31
	2019			2018			2018			2018			2018
($ in thousands)
Calculation of Core Return on Average Assets
Net income	$	47,695		$	215,713		$	160,067		$	104,874		$	51,312
Net non-core items, net of taxes, adjustment		1,381			4,520			3,715			2,404			1,306
Core earnings	$	49,076		$	220,233		$	163,782		$	107,278		$	52,618
Average total assets	$	16,302,197		$	15,771,362		$	15,573,762		$	15,334,453		$	15,088,210
Return on average assets		1.19	%		1.37	%		1.37	%		1.38	%		1.38	%
Core return on average assets		1.22	%		1.40	%		1.41	%		1.41	%		1.41	%
Calculation of Return on Tangible Common Equity
Net income	$	47,695		$	215,713		$	160,067		$	104,874		$	51,312
Amortization of intangibles, net of taxes		1,951			8,132			6,180			4,153			2,096
Total income available to common stockholders	$	49,646		$	223,845		$	166,247		$	109,027		$	53,408
Net non-core items, net of taxes		1,381			4,520			3,715			2,404			1,306
Core earnings		49,076			220,233			163,782			107,278			52,618
Amortization of intangibles, net of taxes		1,951			8,132			6,180			4,153			2,096
Total core income available to common stockholders	$	51,027		$	228,365		$	169,962		$	111,431		$	54,714
Average common stockholders' equity	$	2,248,898		$	2,157,097		$	2,138,818		$	2,120,075		$	2,103,052
Average intangible assets:
Goodwill		(845,688	)		(845,308	)		(845,180	)		(844,917	)		(844,148	)
Other intangibles		(90,316	)		(97,820	)		(99,448	)		(101,435	)		(104,718	)
Total average intangibles		(936,004	)		(943,128	)		(944,628	)		(946,352	)		(948,866	)
Average tangible common stockholders' equity	$	1,312,894		$	1,213,969		$	1,194,190		$	1,173,723		$	1,154,186
Return on average common equity		8.60	%		10.00	%		10.01	%		9.98	%		9.90	%
Return on tangible common equity		15.34	%		18.44	%		18.61	%		18.73	%		18.77	%
Core return on average common equity		8.85	%		10.21	%		10.24	%		10.20	%		10.15	%
Core return on tangible common equity		15.76	%		18.81	%		19.03	%		19.14	%		19.23	%
Calculation of Efficiency Ratio (1)
Non-interest expense	$	101,409		$	392,229		$	296,833		$	196,580		$	98,073
Non-core non-interest expense adjustment		(1,870	)		(6,118	)		(5,029	)		(3,255	)		(1,772	)
Other real estate and foreclosure expense adjustment		(599	)		(4,240	)		(2,940	)		(2,402	)		(1,020	)
Amortization of intangibles adjustment		(2,641	)		(11,009	)		(8,367	)		(5,622	)		(2,837	)
Efficiency ratio numerator	$	96,299		$	370,862		$	280,497		$	185,301		$	92,444
Net-interest income	$	137,026		$	552,552		$	414,771		$	271,803		$	134,966
Non-interest income		33,761			143,896			109,308			75,583			37,535
Non-core non-interest income adjustment		–			–			–			–			(4	)
Fully tax-equivalent adjustment		1,601			5,297			3,831			2,438			1,130
(Gain) loss on sale of securities		(2,740	)		(61	)		(53	)		1			(6	)
Efficiency ratio denominator	$	169,648		$	701,684		$	527,857		$	349,825		$	173,621
Efficiency ratio (1)		56.76	%		52.85	%		53.14	%		52.97	%		53.24	%
Calculation of Core Net Interest Margin
Net interest income	$	137,026		$	552,552		$	414,771		$	271,803		$	134,966
Fully tax-equivalent adjustment		1,601			5,297			3,831			2,438			1,130
Fully tax-equivalent net interest income		138,627			557,849			418,602			274,241			136,096
Total accretable yield		(6,660	)		(35,263	)		(31,413	)		(21,407	)		(11,294	)
Core net interest income	$	131,967		$	522,586		$	387,189		$	252,834		$	124,802
Average earning assets	$	14,593,905		$	14,036,614		$	13,837,639		$	13,564,056		$	13,251,549
Net interest margin		3.85	%		3.97	%		4.04	%		4.08	%		4.17	%
Core net interest margin		3.67	%		3.72	%		3.74	%		3.76	%		3.82	%
Calculation of Core Loan Yield
Loan interest income	$	159,440		$	616,037		$	456,041		$	293,603		$	143,350
Total accretable yield		(6,660	)		(35,263	)		(31,413	)		(21,407	)		(11,294	)
Core loan interest income	$	152,780		$	580,774		$	424,628		$	272,196		$	132,056
Average loan balance	$	11,710,075		$	11,355,890		$	11,209,992		$	10,989,600		$	10,819,324
Core loan yield		5.29	%		5.11	%		5.06	%		4.99	%		4.95	%

(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 12