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 24, 2023

SIMMONS FIRST NATIONAL CORPORATION

(Exact name of registrant as specified in its charter)

Arkansas	0-6253	71-0407808
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

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 (see General Instruction A.2. below):

☐ 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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01 per share	SFNC	The Nasdaq Global Select Market

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 24, 2023, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information provided pursuant to this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (“Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Registrant under the Securities Act of 1933 (“Securities Act”) or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 7.01 Regulation FD Disclosure.

On January 24, 2023, the Registrant issued an investor presentation, a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

The information provided pursuant to this Item 7.01, including Exhibit 99.2, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Registrant under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

Exhibit 99.1	Press Release dated January 24, 2023
Exhibit 99.2	Investor Presentation issued on January 24, 2023
Exhibit 104	Cover Page Interactive Data File (embedded within the Inline XBRL Document)

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
	/s/ James M. Brogdon
Date: January 24, 2023	James M. Brogdon, President and Chief Financial Officer

EX-99.1

Exhibit 99.1

 

January 24, 2023

Simmons First National Corporation Reports Record Quarterly Earnings of $83.3 million for the Fourth Quarter of 2022 and Earnings Per Diluted Share of $0.65

George A. Makris, Jr., Simmons’ Executive Chairman, commented on financial results

During 2022, we completed a number of strategic initiatives, including the successful merger and integration of Spirit of Texas Bancshares, Inc., and delivered solid financial results while also navigating a challenging interest rate environment. First, and foremost, we were able to meet the needs of our customers and the markets we serve as total loans increased $4.1 billion and total deposits increased $3.2 billion during the year. Solid balance sheet growth helped us achieve the highest level of revenue in Simmons’ history. That growth did not come at the expense of maintaining our conservative underwriting standards as credit quality metrics remain at historically low levels.

Equally important, Simmons continued to maintain a strong capital position with all of our regulatory capital ratios significantly exceeding “well capitalized” levels. As a result, our Board of Directors approved a 5 percent increase in the cash dividend for the first quarter of 2023. This marks the 114^th consecutive year that Simmons has paid cash dividends to its shareholders, a record that less than 25 other U.S. publicly traded companies can match.

We have developed an outstanding management team – one that is deep on talent and experience, but also has a long runway ahead of them. Our foundation is strong and our team is prepared to capitalize on the opportunity to grow organically within our footprint and deliver on our “Better Bank” initiative focused on people, processes and systems.

Financial Highlights	4Q22	3Q22	4Q21	Q4/Full Year 2022 Highlights
Financial Results (in millions)				·Q4 22 Diluted EPS of $0.65 and adjusted diluted EPS (1) of $0.64 ·ROA of 1.22%, ROE of 10.27% & ROTCE(1) of 19.29% in Q4 22 ·Record revenue of $887.4 million in 2022, up 13% versus 2021 ·Positive operating leverage driven by 13% increase in pre-provision net revenue(1) in FY22 ·Solid balance sheet growth in 2022. Total loans up 3% and total deposits up 2% in Q4 22 vs Q3 22 ·Key credit quality metrics remain at historically low levels while adding more than $4.1 billion in loans during 2022, including loans added in connection with the acquisition of Spirit of Texas Bancshares, Inc. ·Maintained a strong capital position as all regulatory capital ratios are significantly above “well capitalized” guidelines ·Announced 5% increase in the cash dividend for Q1 23. This marks the 114th consecutive year paying cash dividends
Revenue	$237.7	$236.6	$199.7
Noninterest expense	142.6	138.9	141.6
Pre-provision net revenue (1)	95.2	97.7	58.4
Provision for credit losses	—	0.1	(1.3)
Net income	83.3	80.6	48.2
Per Share Data
Diluted earnings	$  0.65	$  0.63	$  0.42
Adjusted diluted earnings (1)	0.64	0.64	0.67
Book value	25.73	24.87	28.82
Tangible book value (1)	14.33	13.51	17.71
Balance Sheet (in millions)
Total loans	$16,142	$15,607	$12,013
Total deposits	22,548	22,149	19,367
Total shareholders’ equity	3,269	3,157	3,249
Asset Quality
Net charge-off ratio	0.13%	—%	0.31%
Nonperforming loan ratio	0.37	0.37	0.57
Nonperforming assets to total assets	0.23	0.23	0.31
Allowance for credit losses to total loans	1.22	1.27	1.71
Nonperforming loan coverage ratio	334	342	300
Select Ratios
Return on average assets	1.22%	1.19%	0.77%
Return on average common equity	10.27	9.71	5.87
Return on avg. tangible common equity (1)	19.29	17.99	9.98
Net interest margin (FTE) (2)	3.31	3.34	2.86
Efficiency ratio	58.33	57.22	68.98
Adjusted efficiency ratio (1)	56.97	54.41	59.48
Common equity tier 1 (CET1) ratio	11.90	11.73	13.82
Total risk-based capital ratio	14.22	14.08	16.75

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

Simmons First National Corporation (NASDAQ: SFNC) (Simmons or Company) today reported record quarterly net income of $83.3 million for the fourth quarter of 2022, compared to $80.6 million in the third quarter of 2022 and $48.2 million in the fourth quarter of 2021. Diluted earnings per share were $0.65 for the fourth quarter of 2022, compared to $0.63 per share in the third quarter of 2022 and $0.42 in the fourth quarter of 2021. Return on average assets was 1.22 percent, return on average common equity was 10.27 percent and return on average tangible common equity was 19.29 percent for the fourth quarter of 2022.

For the full year of 2022, earnings were $256.4 million, compared to $271.1 million earned during 2021. Results in 2021 were positively impacted by the recapture of provision for credit losses, gain on sales of securities and lower merger and integration expenses associated with acquisitions. Return on average assets was 0.97 percent, return on average common equity was 7.87 percent and return on average tangible common equity was 14.33 percent for the full year of 2022.

Adjusted earnings for the fourth quarter of 2022 were $81.1 million, compared to $82.3 million for the third quarter of 2022 and $76.2 million in the fourth quarter of 2021. Adjusted earnings for the full year of 2022 were a record $298.6 million, compared to $295.1 million for the full year of 2021. The table below provides a summary of certain items, consisting primarily of merger related costs, branch right-sizing costs, Day 2 accounting provision in connection with acquisitions and other items, and their corresponding impact on quarterly and annual results.

Total revenue for the fourth quarter of 2022 was $237.7 million, compared to $236.6 million in the third quarter for 2022 and $199.7 million in the fourth quarter of 2021. Pre-provision net revenue totaled $95.2 million, compared to $97.7 million in the third quarter of 2022 and $58.4 million in the fourth quarter of 2021. Total revenue for 2022 was a record $887.4 million and pre-provision net revenue was $320.9 million, up 13 percent compared to $284.3 million recorded in 2021.

Impact of Certain Items on Earnings and Diluted EPS

$ in millions, except per share data	Q4 22			Q3 22			Q4 21			FY 22			FY 21
Net income	$	83.3		$	80.6		$	48.2		$	256.4		$	271.2
Merger related costs		-			1.4			13.6			22.5			15.9
Day 2 CECL provision		-			-			22.7			33.8			22.7
Branch right sizing costs, net		1.1			1.3			1.6			3.6			(0.9	)
Gain on insurance settlement		(4.1	)		-			-			(4.1	)		-
Loss from early retirement of TruPS		-			0.4			-			0.4			-
Gain on sale of intellectual property		-			(0.8	)		-			(0.8	)		-
Gain on sale of branches		-			-			-			-			(5.3	)
Donation to Simmons First Foundation		-			-			-			1.7			-
Tax effect (3)		0.8			(0.6	)		(9.9	)		(14.9	)		(8.5	)
Total impact on earnings		(2.2	)		1.7			28.0			42.2			23.9
Adjusted earnings (1)	$	81.1		$	82.3		$	76.2		$	298.6		$	295.1
Diluted EPS	$	0.65		$	0.63		$	0.42		$	2.06		$	2.46
Merger related costs		-			0.01			0.12			0.18			0.15
Day 2 CECL provision		-			-			0.20			0.28			0.21
Branch right sizing costs, net		0.01			0.01			0.01			0.03			(0.01	)
Gain on insurance settlement		(0.03	)		-			-			(0.03	)		-
Loss from early retirement of TruPS		-			-			-			-			-
Gain on sale of intellectual property		-			(0.1	)		-			(0.1	)		-
Gain on sale of branches		-			-			-			-			(0.5	)
Donation to Simmons First Foundation		-			-			-			0.01			-
Tax effect (3)		0.01			-			(0.08	)		(0.12	)		(0.08	)
Total impact on earnings		(0.01	)		0.01			0.25			0.34			0.22
Adjusted diluted EPS(1)	$	0.64		$	0.64		$	0.67		$	2.40		$	2.68
Average diluted shares outstanding (in thousands)		127,506			128,336			114,491			124,470			110,198

Net Interest Income

Net interest income for the fourth quarter of 2022 totaled $193.0 million, relatively unchanged from third quarter 2022 levels and up 26 percent compared to the fourth quarter of 2021. Included in net interest income is accretion recognized on assets acquired, which totaled $4.5 million in the fourth quarter of 2022 and $5.8 million in both the third quarter of 2022 and fourth quarter of 2021. Also included is net interest income from Paycheck Protection Program (PPP) loans totaling $0.1 million in the fourth quarter of 2022, $0.2 million in the third quarter of 2022 and $5.1 million in the fourth quarter of 2021. On a linked quarter basis, interest income increased $34.0 million, or 15 percent, while interest expense increased $34.5 million. The increase in interest expense reflected the continued impact of higher interest rates, as well as a strategic decision to extend the duration of certain wholesale deposit maturities to reduce funding cost rate sensitivity.

The yield on loans for the fourth quarter of 2022 was 5.40 percent, compared to 4.86 percent in the third quarter of 2022 and 4.58 percent in the fourth quarter of 2021. The yield on investment securities for the fourth quarter of 2022 was 2.68 percent, compared to 2.29 percent in the third quarter of 2022 and 1.74 percent in the fourth quarter of 2021. Cost of deposits for the fourth quarter of 2022 was 102 basis points, reflecting the higher interest rate environment, an increase in higher-rate time deposits and the strategic decision to extend the duration of certain wholesale deposit maturities that required prefunding cost to carry for a portion of the quarter. The net interest margin on a fully taxable equivalent basis for the fourth quarter of 2022 was 3.31 percent, compared to 3.34 percent for the third quarter of 2022 and 2.86 percent for the fourth quarter of 2021.

	Q4 22			Q3 22			Q2 22			Q1 22			Q4 21
Loan yield (FTE) (2)		5.40	%		4.86	%		4.54	%		4.34	%		4.58	%
Investment securities yield (FTE) (2)		2.68			2.29			2.08			1.86			1.74
Cost of interest bearing deposits		1.41			0.65			0.25			0.19			0.23
Cost of deposits		1.02			0.47			0.18			0.14			0.17
Cost of borrowed funds		3.92			2.66			2.13			1.94			1.95
Net interest spread (FTE) (2)		2.87			3.11			3.11			2.66			2.74
Net interest margin (FTE) (2)		3.31			3.34			3.24			2.76			2.86
Net interest margin (FTE) excluding PPP (1) (2)		3.31			3.34			3.21			2.74			2.79

Noninterest Income

Noninterest income for the fourth quarter of 2022 was $44.6 million, compared to $43.0 million in the third quarter of 2022 and $46.6 million in the fourth quarter of 2021. Included in fourth quarter 2022 results is a $4.1 million gain on an insurance settlement related to a weather event that caused severe damage to one of our branch locations. The fourth quarter of 2021 included a $3.1 million gain in connection with a legal settlement. Adjusted noninterest income for the fourth quarter of 2022 was $40.6 million, compared to $42.7 million for the third quarter of 2022 and $46.6 million for the fourth quarter of 2021. The decrease in adjusted noninterest income on both a linked quarter basis and a year-over-year basis was primarily attributable to a decline in mortgage lending income, resulting from reduced activity throughout the housing industry given the dramatic increase in interest rates.

Noninterest Income $ in millions	Q4 22			Q3 22		Q2 22			Q1 22			Q4 21
Service charges on deposit accounts	$	11.9		$	12.6	$	11.4		$	10.7		$	11.9
Wealth management fees		8.2			8.6		7.2			8.0			8.0
Debit and credit card fees		7.8			7.7		8.2			7.4			7.5
Mortgage lending income		1.1			2.6		2.2			4.6			5.0
Other service charges and fees		2.0			2.1		1.9			1.6			1.8
Bank owned life insurance		3.0			2.9		2.6			2.7			2.8
Gain (loss) on sale of securities		(0.1	)		-		(0.2	)		(0.1	)		(0.3	)
Gain on insurance settlement		4.1			-		-			-			-
Other income		6.6			6.7		6.8			7.3			10.0
Adjusted other income (1)		6.6			6.3		6.9			7.3			10.0

Noninterest Expense

Noninterest expense for the fourth quarter of 2022 was $142.6 million, compared to $138.9 million in the third quarter of 2022 and $141.6 million in the fourth quarter of 2021. Included in noninterest expense are certain items, primarily consisting of merger related and branch right sizing costs, totaling $1.1 million in the fourth quarter of 2022, $2.6 million in the third quarter of 2022 and $15.2 million in the fourth quarter of 2021. Excluding these items (which are described in the “Reconciliation of Non-GAAP Financial Measures” tables below), adjusted noninterest expense was $141.4 million in the fourth quarter of 2022, $136.4 million in the third quarter of 2022 and $126.4 million in the fourth quarter of 2021. The increase in adjusted noninterest expense on a linked quarter basis was primarily due to an increase in FDIC deposit assessment, state banking assessment and salaries and employee benefits which reflected certain incentive compensation accrual adjustments recorded in the third quarter of 2022. Expenses in the fourth quarter also included the amortization of certain tax credits, the offset of which is recorded in provision for income taxes. The increase in adjusted noninterest expense compared to the fourth quarter of 2021 primarily reflects the addition of Spirit of Texas Bancshares, Inc. (Spirit).

Noninterest Expense $ in millions	Q4 22			Q3 22			Q2 22			Q1 22			Q4 21
Salaries and employee benefits	$	73.0		$	71.9		$	74.1		$	67.9		$	63.8
Occupancy expense, net		11.6			11.7			11.0			10.0			11.0
Furniture and equipment		5.4			5.4			5.1			4.8			4.7
Deposit insurance		3.7			3.3			2.8			1.8			2.1
Other real estate and foreclosure expense		0.4			0.2			0.1			0.3			0.6
Merger related costs		-			1.4			19.1			1.9			13.6
Other operating expenses		48.5			45.1			44.5			41.6			45.7
Adjusted salaries and employee benefits (1)		73.0			71.9			74.1			67.9			63.8
Adjusted other operating expenses (1)		47.5			44.1			42.7			40.9			45.8
Efficiency ratio		58.33	%		57.22	%		67.77	%		66.39	%		68.98	%
Adjusted efficiency ratio (1)		56.97	%		54.41	%		56.74	%		62.95	%		59.48	%

Loans and Unfunded Loan Commitments

Total loans at the end of the fourth quarter of 2022 were $16.1 billion, up $535 million, or 3 percent, compared to $15.6 billion at the end of the third quarter of 2022. On a year-over-year basis, total loans were up $4.1 billion, or 34 percent, reflecting widespread loan growth throughout our geographic markets and in each of our core banking units, coupled with the acquisition of Spirit that was completed early in the second quarter of 2022. The increase in total loans more than offset declines in PPP loans, mortgage warehouse lending and planned declines in our energy portfolio. Loan growth in the fourth quarter of 2022 was weighted toward the latter half of the quarter as period-end loans exceeded average total loans of $15.9 billion for the fourth quarter of 2022.

Unfunded commitments at the end of the fourth quarter of 2022 were $5.0 billion, compared to $5.1 billion at the end of the third quarter of 2022 and $2.9 billion at the end of the fourth quarter of 2021. While unfunded commitments are considered a key indicator of future loan growth, softening prospects of economic growth given current market conditions and increased concerns of a potential recession in the U.S. have resulted in lower activity in our commercial loan pipeline. As such, our emphasis remains on maintaining prudent underwriting standards and disciplined pricing strategies. Commercial loans approved and ready to close at the end of the fourth quarter of 2022 totaled $270 million and the rate on ready to close commercial loans was 6.85 percent, up 101 basis points from the rate on ready to close commercial loans at the end of the third quarter of 2022.

$ in millions	Q4 22		Q3 22		Q2 22		Q1 22		Q4 21
Total loans	$	16,142	$	15,607	$	15,110	$	12,029	$	12,013
PPP loans	$	9	$	12	$	19	$	62	$	117
Mortgage warehouse loans		95		129		168		166		230
Energy loans		53		55		55		48		105
Unfunded loan commitments	$	5,000	$	5,138	$	4,473	$	3,428	$	2,943

Deposits

Total deposits at the end of the fourth quarter of 2022 were $22.5 billion, compared to $22.1 billion at the end of the third quarter of 2022 and $19.4 billion at the end of the fourth quarter of 2021. Noninterest bearing deposits totaled $6.0 billion at the end of the fourth quarter of 2022, compared to $6.2 billion at the end of the third quarter of 2022 and $5.3 billion at the end of the fourth quarter of 2021. Noninterest bearing deposits represent 27 percent of total deposits at the end of the fourth quarter of 2022, compared to 28 percent at the end of the third quarter of 2022 and 27 percent at the end of the fourth quarter of 2021. Interest bearing transaction accounts (checking, savings and money market accounts) totaled $11.8 billion at the end of the fourth quarter of 2022, compared to $12.1 billion at the end of the third quarter of 2022 and $11.6 billion at the end of the fourth quarter of 2021. Time deposits totaled $4.8 billion at the end of the fourth quarter of 2022, compared to $3.8 billion at the end of the third quarter of 2022 and $2.5 billion at the end of the fourth quarter of 2021. The change in mix of deposits on a linked quarter basis was primarily attributable to a strategic decision to extend the duration of certain wholesale deposit maturities to reduce funding cost rate sensitivity. The loan to deposit ratio ended the fourth quarter of 2022 at 72 percent, compared to 70 percent at the end of the third quarter of 2022 and 62 percent at the end of the fourth quarter of 2021.

$ in millions	Q4 22			Q3 22			Q2 22			Q1 22			Q4 21
Noninterest bearing deposits	$	6,017		$	6,218		$	6,057		$	5,224		$	5,325
Interest bearing transaction accounts		11,763			12,104			12,816			12,106			11,589
Time deposits		4,768			3,827			3,163			2,062			2,453
Total deposits	$	22,548		$	22,149		$	22,036		$	19,392		$	19,367
Noninterest bearing deposits to total deposits		27	%		28	%		27	%		27	%		27	%
Total loans to total deposits		72			70			69			62			62

Asset Quality

During 2022, we experienced continuous improvement in a number of our key credit quality metrics, while also adding more than $4.1 billion in total loans. Total nonperforming loans at the end of the fourth quarter of 2022 were $58.9 million, compared to $57.8 million at the end of the third quarter of 2022 and $68.6 million at the end of the fourth quarter of 2021. Total nonperforming assets as a percentage of total assets were 0.23 percent at the end of the fourth quarter of 2022, compared to 0.23 percent at the end of the third quarter of 2022 and 0.31 percent at the end of the fourth quarter of 2021. Net charge-offs as a percentage of average loans for the fourth quarter of 2022 were 13 basis points, compared to 31 basis points for the fourth quarter of 2021. Loans acquired through acquisitions accounted for 6 of the 13 basis points of net charge-offs recorded in the fourth quarter of 2022. For the full year of 2022, net charge-offs were 9 basis points, compared to 13 basis points in 2021.

During 2022, provision for credit losses totaled $14.1 million, compared to provision recapture of $32.7 million in 2021. The allowance for credit losses on loans at the end of the fourth quarter of 2022 was $197.0 million, compared to $197.6 million at the end of the third quarter of 2022 and $205.3 million at the end of the fourth quarter of 2021. The nonperforming loan coverage ratio ended the quarter at 334 percent, compared to 342 percent at the end of the third quarter of 2022 and 300 percent at the end of the fourth quarter of 2021. The reserve for unfunded commitments totaled $41.9 million at the end of the fourth quarter of 2022, unchanged from third quarter 2022 levels and up from $22.4 million at the end of the fourth quarter of 2021.

$ in millions	Q4 22			Q3 22			Q2 22			Q1 22			Q4 21
Allowance for credit losses on loans to total loans		1.22	%		1.27	%		1.41	%		1.49	%		1.71	%
Allowance for credit losses on loans to nonperforming loans		334			342			334			278			300
Nonperforming loans to total loans		0.37			0.37			0.42			0.53			0.57
Net charge-off ratio (annualized)		0.13			-			0.02			0.22			0.31
Net charge-off ratio YTD (annualized)		0.09			0.07			0.11			0.22			0.13
Total nonperforming loans	$	58.9		$	57.8		$	63.6		$	64.3		$	68.6
Total other nonperforming assets		3.6			4.7			6.4			6.6			7.7
Total nonperforming assets	$	62.5		$	62.5		$	70.0		$	70.9		$	76.3
Reserve for unfunded commitments	$	41.9		$	41.9		$	25.9		$	22.4		$	22.4

Capital

Total common stockholders’ equity at the end of the fourth quarter of 2022 was $3.3 billion, compared to $3.2 billion at the end of both the third quarter of 2022 and the fourth quarter of 2021. The increase in common stockholders’ equity on a linked quarter basis reflected an increase in retained earnings and a decrease in the unrealized losses associated with investment securities classified as available-for-sale. Book value per share at the end of the fourth quarter of 2022 was $25.73, compared to $24.87 at the end of the third quarter of 2022 and $28.82 at the end of the fourth quarter of 2021. Tangible book value per share was $14.33 at the end of the fourth quarter of 2022, compared to $13.51 at the end of the third quarter of 2022 and $17.71 at the end of the fourth quarter of 2021. Stockholders’ equity to total assets at December 31, 2022, was 11.9 percent, compared to 11.7 percent at September 30, 2022 and 13.1 percent at December 31, 2021. Tangible common equity to tangible assets was 7.0 percent at December 31, 2022, compared to 6.7 percent at September 30, 2022 and 8.5 percent at December 31, 2021. All of Simmons’ regulatory capital ratios continue to significantly exceed “well-capitalized” guidelines.

	Q4 22			Q3 22			Q2 22			Q1 22			Q4 21
Stockholders’ equity to total assets		11.9	%		11.7	%		12.0	%		12.1	%		13.1	%
Tangible common equity to tangible assets (1)		7.0			6.7			7.0			7.4			8.5
Common equity tier 1 (CET1) ratio		11.9			11.7			12.1			13.5			13.8
Tier 1 leverage ratio		9.3			9.2			9.2			9.0			9.1
Tier 1 risk-based capital ratio		11.9			11.7			12.1			13.5			13.8
Total risk-based capital ratio		14.2			14.1			14.8			16.4			16.8

Share Repurchase Program and Cash Dividend

Simmons has a strong track record of returning capital to its shareholders through a strategic combination of cash dividends and share repurchases. During 2022, Simmons returned $205.1 million of capital to shareholders, including $94.1 million through the payment of cash dividends and $111.0 million through share repurchases. As a result of Simmons’ solid capital position and its ability to organically generate capital, the board of directors declared a cash dividend on Simmons’ Class A common stock for the first quarter of 2023 of $0.20 per share, which represents a 5 percent increase from the cash dividend paid for the same time period last year. The cash dividend is payable on April 3, 2023, to shareholders of record as of March 15, 2023. The indicated annualized cash dividend rate of $0.80 for 2023 represents a ten-year compound annual growth rate of 7 percent and represents the 114^th consecutive year that Simmons has paid cash dividends. According to research by Dividend Power, Simmons is one of only 24 U.S. publicly traded companies that have paid dividends for 100+ uninterrupted years. This marks the 12^th consecutive year that Simmons has increased its dividend, earning it Dividend Power’s designation as a “Dividend Contender,” a title exclusively for companies that have increased their dividend for 10 to 24 consecutive years. As of December 16, 2022, Dividend Power research noted that Simmons is one of only 347 companies out of nearly 6,000 companies listed on the New York Stock Exchange (NYSE) and NASDAQ in 2022 to achieve this distinction.

During the fourth quarter of 2022, Simmons did not repurchase shares under its 2022 stock repurchase program (2022 Program). Remaining authorization under the 2022 Program as of December 31, 2022, was approximately $80 million. Market conditions and our capital needs will drive the decision regarding future stock repurchases; the timing, pricing and amount of any repurchases under the 2022 Program will be determined by Simmons’ management at its discretion; and the 2022 Program does not obligate Simmons to repurchase any common stock and may be modified, discontinued or suspended at any time without prior notice.

__________________________________________________________________________

(1) Non-GAAP measurement. See “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below

(2) FTE – fully taxable equivalent using an effective tax rate of 26.135%

(3) Effective tax rate of 26.135%

Conference Call

Management will conduct a live conference call to review this information beginning at 9:00 a.m. Central Time today, Tuesday, January 24, 2023. Interested persons can listen to this call by dialing toll-free 1-844-481-2779 (North America only) and asking for the Simmons First National Corporation conference call, conference ID 10174103. In addition, the call will be available live or in recorded version on Simmons’ website at simmonsbank.com for at least 60 days following the date of the call.

Simmons First National Corporation

Simmons First National Corporation (NASDAQ: SFNC) is a Mid-South based financial holding company that has paid cash dividends to its shareholders for 114 consecutive years. Its principal subsidiary, Simmons Bank, operates 230 branches in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas. Founded in 1903, Simmons Bank offers comprehensive financial solutions delivered with a client-centric approach. In 2022, Simmons Bank was named to Forbes’ list of “America’s Best Banks” for the second consecutive year and was named to Forbes’ list of “World’s Best Banks” for the third consecutive year. Additional information about Simmons Bank can be found on our website at simmonsbank.com, by following @Simmons_Bank on Twitter or by visiting our newsroom.

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (GAAP). The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance. These measures adjust GAAP performance measures to, among other things, include the tax benefit associated with revenue items that are tax-exempt, as well as exclude from net income (including on a per share diluted basis), pre-tax, pre-provision earnings, net charge-offs, income available to common shareholders, non-interest income, and non-interest expense certain income and expense items attributable to merger activity (primarily including merger-related expenses and Day 2 CECL provisions), gains and/or losses on sale of branches, net branch right-sizing initiatives, loss on redemption of trust preferred securities and gain on sale of intellectual property. In addition, the Company also presents certain figures based on tangible common stockholders’ equity, tangible assets and tangible book value, which exclude goodwill and other intangible assets. The Company further presents certain figures that are exclusive of the impact of PPP loans, deposits and/or loans acquired through acquisitions, mortgage warehouse loans, and/or energy loans, or gains and/or losses on the sale of securities. The Company’s management believes that these non-GAAP financial measures are useful to investors because they, among other things, present the results of the Company’s ongoing operations without the effect of mergers or other items not central to the Company’s ongoing business, as well as normalize for tax effects, the effects of the PPP, and certain other effects. Management, therefore, believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s ongoing businesses, and management uses these non-GAAP financial measures to assess the performance of the Company’s ongoing businesses as related to prior financial periods. 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

Certain statements in this news release may not be based on historical facts and should be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including, without limitation, statements made in Mr. Makris’s quote, 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, business strategies, lending capacity and lending activity, loan demand, revenue, assets, asset quality, profitability, dividends, net interest margin, non-interest revenue, share repurchase program, acquisition strategy, digital banking initiatives, the Company’s ability to recruit and retain key employees, the adequacy of the allowance for credit losses, and future economic conditions and interest rates. 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 and related governmental policies, loan demand, deposit flows, real estate values, the assumptions used in making the forward-looking statements, the securities markets generally or the price of Simmons’ common stock specifically, and information technology affecting the financial industry; the effect of steps the Company takes and has taken in response to the COVID-19 pandemic; the severity and duration of the COVID-19 pandemic and the heightened impact it has on many of the risks described herein; the effects of the COVID-19 pandemic on, among other things, the Company’s operations, liquidity, and credit quality; general economic and market conditions; market disruptions including pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, war and other military conflicts (including the ongoing military conflict between Russia and Ukraine) or other major events, or the prospect of these events; increased inflation; the loss of key employees; increased competition in the markets in which the Company operates; increased unemployment; labor shortages; claims, damages, and fines related to litigation or government actions; changes in accounting principles relating to loan loss recognition (current expected credit losses); the Company’s ability to manage and successfully integrate its mergers and acquisitions and to fully realize cost savings and other benefits associated with those transactions; cyber threats, attacks or events; reliance on third parties for key services; government legislation; and other factors, many of which are beyond the control of the Company, could cause actual results to differ materially from those projected in or contemplated by the forward-looking statements. Additional information on factors that might affect the Company’s financial results is included in the Company’s Form 10-K for the year ended December 31, 2021, and other reports that the Company has filed with or furnished to the U.S. Securities and Exchange Commission (the SEC), all of which are available from the SEC on its website, www.sec.gov. In addition, there can be no guarantee that the board of directors of Simmons will approve a quarterly dividend in future quarters, and the timing, payment, and amount of future dividends (if any) may differ significantly from past dividends.

FOR MORE INFORMATION CONTACT:

Ed Bilek, EVP, Director of Investor and Media Relations

ed.bilek@simmonsbank.com

205.612.3378 (cell)

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)	2022			2022			2022			2022			2021
($ in thousands)
ASSETS
Cash and noninterest bearing balances due from banks	$	200,616		$	175,547		$	193,473		$	195,510		$	209,190
Interest bearing balances due from banks and federal funds sold		481,506			503,863			771,374			1,491,507			1,441,463
Cash and cash equivalents		682,122			679,410			964,847			1,687,017			1,650,653
Interest bearing balances due from banks - time		795			1,290			1,535			1,857			1,882
Investment securities - held-to-maturity		3,759,706			3,787,076			3,819,682			1,556,825			1,529,221
Investment securities - available-for-sale		3,852,854			3,937,543			4,341,647			6,640,069			7,113,545
Mortgage loans held for sale		3,486			12,759			14,437			18,206			36,356
Other loans held for sale		-			2,292			16,375			-			100
Loans:
Loans		16,142,124			15,607,135			15,110,344			12,028,593			12,012,503
Allowance for credit losses on loans		(196,955	)		(197,589	)		(212,611	)		(178,924	)		(205,332	)
Net loans		15,945,169			15,409,546			14,897,733			11,849,669			11,807,171
Premises and equipment		548,741			549,932			553,062			486,531			483,469
Foreclosed assets and other real estate owned		2,887			3,612			4,084			5,118			6,032
Interest receivable		102,892			86,637			82,332			69,357			72,990
Bank owned life insurance		491,340			488,364			486,355			448,011			445,305
Goodwill		1,319,598			1,309,000			1,310,528			1,147,007			1,146,007
Other intangible assets		128,951			133,059			137,285			102,748			106,235
Other assets		622,520			675,554			588,707			469,853			325,793
Total assets	$	27,461,061		$	27,076,074		$	27,218,609		$	24,482,268		$	24,724,759
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Noninterest bearing transaction accounts	$	6,016,651		$	6,218,283		$	6,057,186		$	5,223,862		$	5,325,318
Interest bearing transaction accounts and savings deposits		11,762,885			12,103,994			12,816,198			12,105,948			11,588,770
Time deposits		4,768,558			3,826,415			3,162,479			2,062,612			2,452,460
Total deposits		22,548,094			22,148,692			22,035,863			19,392,422			19,366,548
Federal funds purchased and securities sold
under agreements to repurchase		160,403			168,513			155,101			196,828			185,403
Other borrowings		859,296			964,772			1,060,244			1,337,243			1,337,973
Subordinated notes and debentures		365,989			365,951			421,693			384,242			384,131
Accrued interest and other liabilities		257,917			270,995			285,813			209,926			201,863
Total liabilities		24,191,699			23,918,923			23,958,714			21,520,661			21,475,918
Stockholders' equity:
Preferred stock		-			-			-			-			-
Common stock		1,270			1,269			1,288			1,125			1,127
Surplus		2,530,066			2,527,153			2,569,060			2,150,453			2,164,989
Undivided profits		1,255,586			1,196,459			1,139,975			1,136,990			1,093,270
Accumulated other comprehensive (loss) income:
Unrealized (depreciation) appreciation on AFS securities		(517,560	)		(567,730	)		(450,428	)		(326,961	)		(10,545	)
Total stockholders' equity		3,269,362			3,157,151			3,259,895			2,961,607			3,248,841
Total liabilities and stockholders' equity	$	27,461,061		$	27,076,074		$	27,218,609		$	24,482,268		$	24,724,759

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)	2022			2022			2022			2022			2021
($ in thousands, except per share data)
INTEREST INCOME
Loans (including fees)	$	216,091		$	187,347		$	163,578		$	127,176		$	137,564
Interest bearing balances due from banks and federal funds sold		2,593			1,141			1,117			649			583
Investment securities		45,689			40,954			37,848			33,712			32,275
Mortgage loans held for sale		152			178			200			190			310
Other loans held for sale		59			998			2,063			-			-
TOTAL INTEREST INCOME		264,584			230,618			204,806			161,727			170,732
INTEREST EXPENSE
Time deposits		22,434			8,204			2,875			2,503			3,705
Other deposits		34,615			17,225			6,879			4,314			4,390
Federal funds purchased and securities
sold under agreements to repurchase		449			305			119			68			72
Other borrowings		9,263			6,048			4,844			4,779			4,903
Subordinated notes and debentures		4,797			5,251			4,990			4,457			4,581
TOTAL INTEREST EXPENSE		71,558			37,033			19,707			16,121			17,651
NET INTEREST INCOME		193,026			193,585			185,099			145,606			153,081
Provision for credit losses		26			103			33,859			(19,914	)		(1,308	)
NET INTEREST INCOME AFTER PROVISION
FOR CREDIT LOSSES		193,000			193,482			151,240			165,520			154,389
NONINTEREST INCOME
Service charges on deposit accounts		11,892			12,560			11,379			10,696			11,909
Debit and credit card fees		7,845			7,685			8,224			7,449			7,460
Wealth management fees		8,151			8,562			7,214			7,968			8,042
Mortgage lending income		1,139			2,593			2,240			4,550			5,043
Bank owned life insurance income		2,975			2,902			2,563			2,706			2,768
Other service charges and fees (includes insurance income)		2,023			2,085			1,871			1,637			1,762
Gain (loss) on sale of securities		(52	)		(22	)		(150	)		(54	)		(348	)
Gain on insurance settlement		4,074			-			-			-			-
Other income		6,600			6,658			6,837			7,266			9,965
TOTAL NONINTEREST INCOME		44,647			43,023			40,178			42,218			46,601
NONINTEREST EXPENSE
Salaries and employee benefits		73,018			71,923			74,135			67,906			63,832
Occupancy expense, net		11,620			11,674			11,004			10,023			11,033
Furniture and equipment expense		5,392			5,394			5,104			4,775			4,721
Other real estate and foreclosure expense		350			168			142			343			576
Deposit insurance		3,680			3,278			2,812			1,838			2,108
Merger-related costs		35			1,422			19,133			1,886			13,591
Other operating expenses		48,480			45,084			44,483			41,646			45,736
TOTAL NONINTEREST EXPENSE		142,575			138,943			156,813			128,417			141,597
NET INCOME BEFORE INCOME TAXES		95,072			97,562			34,605			79,321			59,393
Provision for income taxes		11,812			16,959			7,151			14,226			11,155
NET INCOME		83,260			80,603			27,454			65,095			48,238
Preferred stock dividends		-			-			-			-			8
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	83,260		$	80,603		$	27,454		$	65,095		$	48,230
BASIC EARNINGS PER SHARE	$	0.66		$	0.63		$	0.21		$	0.58		$	0.42
DILUTED EARNINGS PER SHARE	$	0.65		$	0.63		$	0.21		$	0.58		$	0.42

Page 2

Simmons First National Corporation													SFNC
Consolidated Risk-Based Capital
For the Quarters Ended		Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)		2022			2022			2022			2022			2021
($ in thousands)
Tier 1 capital
Stockholders' equity	$	3,269,362		$	3,157,151		$	3,259,895		$	2,961,607		$	3,248,841
CECL transition provision (1)		92,619			92,619			92,619			92,619			114,458
Disallowed intangible assets, net of deferred tax		(1,412,667	)		(1,416,453	)		(1,423,323	)		(1,224,691	)		(1,226,686	)
Unrealized loss (gain) on AFS securities		517,560			567,730			450,428			326,961			10,545
Total Tier 1 capital		2,466,874			2,401,047			2,379,619			2,156,496			2,147,158
Tier 2 capital
Subordinated notes and debentures		365,989			365,951			421,693			384,242			384,131
Qualifying allowance for loan losses and
reserve for unfunded commitments		115,627			116,257			114,733			78,057			71,853
Total Tier 2 capital		481,616			482,208			536,426			462,299			455,984
Total risk-based capital	$	2,948,490		$	2,883,255		$	2,916,045		$	2,618,795		$	2,603,142
Risk weighted assets	$	20,738,727		$	20,470,918		$	19,669,149		$	15,953,622		$	15,538,967
Adjusted average assets for leverage ratio	$	26,407,061		$	25,986,938		$	25,807,113		$	23,966,206		$	23,647,901
Ratios at end of quarter
Equity to assets		11.91	%		11.66	%		11.98	%		12.10	%		13.14	%
Tangible common equity to tangible assets (2)		7.00	%		6.69	%		7.03	%		7.37	%		8.51	%
Common equity Tier 1 ratio (CET1)		11.90	%		11.73	%		12.10	%		13.52	%		13.82	%
Tier 1 leverage ratio		9.34	%		9.24	%		9.22	%		9.00	%		9.08	%
Tier 1 risk-based capital ratio		11.90	%		11.73	%		12.10	%		13.52	%		13.82	%
Total risk-based capital ratio		14.22	%		14.08	%		14.83	%		16.42	%		16.75	%

(1) The Company has elected to use the CECL transition provision allowed for in the year of adopting ASC 326.

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

Page 3

Simmons First National Corporation									SFNC
Consolidated Investment Securities
For the Quarters Ended		Dec 31		Sep 30		Jun 30		Mar 31		Dec 31
(Unaudited)		2022		2022		2022		2022		2021
($ in thousands)
Investment Securities - End of Period
Held-to-Maturity
U.S. Government agencies	$	448,012	$	447,400	$	446,789	$	232,670	$	232,609
Mortgage-backed securities		1,190,781		1,214,882		1,244,713		112,496		70,342
State and political subdivisions		1,860,992		1,865,203		1,868,924		1,194,459		1,209,051
Other securities		259,921		259,591		259,256		17,200		17,219
Total held-to-maturity (net of credit losses)		3,759,706		3,787,076		3,819,682		1,556,825		1,529,221
Available-for-Sale
U.S. Treasury	$	2,197	$	2,191	$	1,441	$	-	$	300
U.S. Government agencies		184,279		188,060		198,333		333,231		364,641
Mortgage-backed securities		2,542,902		2,670,348		2,963,934		4,166,108		4,448,616
State and political subdivisions		871,074		822,509		915,255		1,653,694		1,819,658
Other securities		252,402		254,435		262,684		487,036		480,330
Total available-for-sale (net of credit losses)		3,852,854		3,937,543		4,341,647		6,640,069		7,113,545
Total investment securities (net of credit losses)	$	7,612,560	$	7,724,619	$	8,161,329	$	8,196,894	$	8,642,766
Fair value - HTM investment securities	$	3,063,233	$	2,984,040	$	3,278,962	$	1,307,058	$	1,517,378

Page 4

Simmons First National Corporation									SFNC
Consolidated Loans
For the Quarters Ended		Dec 31		Sep 30		Jun 30		Mar 31		Dec 31
(Unaudited)		2022		2022		2022		2022		2021
($ in thousands)
Loan Portfolio - End of Period
Consumer:
Credit cards	$	196,928	$	192,559	$	189,684	$	184,372	$	187,052
Other consumer		152,882		180,604		204,692		180,602		168,318
Total consumer		349,810		373,163		394,376		364,974		355,370
Real Estate:
Construction		2,566,649		2,372,294		2,082,688		1,423,445		1,326,371
Single-family residential		2,546,115		2,467,008		2,357,942		2,042,978		2,101,975
Other commercial real estate		7,468,498		7,249,891		7,082,055		5,762,567		5,738,904
Total real estate		12,581,262		12,089,193		11,522,685		9,228,990		9,167,250
Commercial:
Commercial		2,632,290		2,525,218		2,612,256		2,016,405		1,992,043
Agricultural		205,623		263,539		218,743		150,465		168,717
Total commercial		2,837,913		2,788,757		2,830,999		2,166,870		2,160,760
Other		373,139		356,022		362,284		267,759		329,123
Total loans	$	16,142,124	$	15,607,135	$	15,110,344	$	12,028,593	$	12,012,503

Page 5

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)		2022			2022			2022			2022			2021
($ in thousands)
Allowance for Credit Losses on Loans
Beginning balance	$	197,589		$	212,611		$	178,924		$	205,332		$	202,508
Day 1 PCD allowance from acquisitions:
Landmark (10/08/2021)		-			-			-			-			2,359
Triumph (10/08/2021)		-			-			-			-			11,092
Spirit of Texas (04/08/2022)		4,523			1,057			4,043			-			-
Total Day 1 PCD allowance		4,523			1,057			4,043			-			13,451
Loans charged off:
Credit cards		1,035			903			1,004			920			865
Other consumer		439			505			518			414			477
Real estate		3,392			130			115			485			2,624
Commercial		5,389			1,874			688			6,319			8,513
Total loans charged off		10,255			3,412			2,325			8,138			12,479
Recoveries of loans previously charged off:
Credit cards		251			250			249			274			247
Other consumer		230			278			302			387			267
Real estate		4,117			1,982			391			426			916
Commercial		475			720			621			557			1,730
Total recoveries		5,073			3,230			1,563			1,644			3,160
Net loans charged off		5,182			182			762			6,494			9,319
Provision for credit losses on loans		25			(15,897	)		30,406			(19,914	)		(1,308	)
Balance, end of quarter	$	196,955		$	197,589		$	212,611		$	178,924		$	205,332
Nonperforming assets
Nonperforming loans:
Nonaccrual loans	$	58,434		$	57,534		$	62,670		$	64,096		$	68,204
Loans past due 90 days or more		507			242			904			240			349
Total nonperforming loans		58,941			57,776			63,574			64,336			68,553
Other nonperforming assets:
Foreclosed assets and other real estate owned		2,887			3,612			4,084			5,118			6,032
Other nonperforming assets		644			1,146			2,314			1,479			1,667
Total other nonperforming assets		3,531			4,758			6,398			6,597			7,699
Total nonperforming assets	$	62,472		$	62,534		$	69,972		$	70,933		$	76,252
Performing TDRs (troubled debt restructurings)	$	1,849		$	1,869		$	2,655		$	3,424		$	4,289
Ratios
Allowance for credit losses on loans to total loans		1.22	%		1.27	%		1.41	%		1.49	%		1.71	%
Allowance for credit losses to nonperforming loans		334	%		342	%		334	%		278	%		300	%
Nonperforming loans to total loans		0.37	%		0.37	%		0.42	%		0.53	%		0.57	%
Nonperforming assets (including performing TDRs)
to total assets		0.23	%		0.24	%		0.27	%		0.30	%		0.33	%
Nonperforming assets to total assets		0.23	%		0.23	%		0.26	%		0.29	%		0.31	%
Annualized net charge offs to average loans (QTD)		0.13	%		0.00	%		0.02	%		0.22	%		0.31	%
Annualized net charge offs to average loans (YTD)		0.09	%		0.07	%		0.11	%		0.22	%		0.13	%
Annualized net credit card charge offs to
average credit card loans		1.52	%		1.30	%		1.55	%		1.39	%		1.29	%

Page 6

Simmons First National Corporation																			SFNC
Consolidated - Average Balance Sheet and Net Interest Income Analysis
For the Quarters Ended
(Unaudited)
	Three Months Ended Dec 2022							Three Months Ended Sep 2022							Three Months Ended Dec 2021
($ 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	$	361,856	$	2,593		2.84	%	$	327,841	$	1,141		1.38	%	$	1,484,752	$	583		0.16	%
Investment securities - taxable		5,085,960		29,645		2.31	%		5,408,189		24,848		1.82	%		5,790,429		17,186		1.18	%
Investment securities - non-taxable (FTE)		2,582,050		22,123		3.40	%		2,665,515		21,805		3.25	%		2,787,301		20,470		2.91	%
Mortgage loans held for sale		8,601		152		7.01	%		13,280		178		5.32	%		42,866		310		2.87	%
Other loans held for sale		1,704		59		13.74	%		9,439		998		41.95	%		-		-		0.00	%
Loans - including fees (FTE)		15,929,957		216,782		5.40	%		15,320,833		187,851		4.86	%		11,924,444		137,762		4.58	%
Total interest earning assets (FTE)		23,970,128		271,354		4.49	%		23,745,097		236,821		3.96	%		22,029,792		176,311		3.18	%
Non-earning assets		3,210,447							3,123,634							2,668,230
Total assets	$	27,180,575						$	26,868,731						$	24,698,022
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest bearing liabilities:
Interest bearing transaction and
savings accounts	$	11,859,322	$	34,615		1.16	%	$	12,264,655	$	17,225		0.56	%	$	11,413,325	$	4,390		0.15	%
Time deposits		4,212,271		22,434		2.11	%		3,314,948		8,204		0.98	%		2,607,011		3,705		0.56	%
Total interest bearing deposits		16,071,593		57,049		1.41	%		15,579,603		25,429		0.65	%		14,020,336		8,095		0.23	%
Federal funds purchased and securities
sold under agreement to repurchase		178,948		449		1.00	%		196,047		305		0.62	%		223,008		72		0.13	%
Other borrowings		923,189		9,263		3.98	%		1,123,797		6,048		2.14	%		1,340,825		4,903		1.45	%
Subordinated notes and debentures		365,971		4,797		5.20	%		411,018		5,251		5.07	%		383,489		4,581		4.74	%
Total interest bearing liabilities		17,539,701		71,558		1.62	%		17,310,465		37,033		0.85	%		15,967,658		17,651		0.44	%
Noninterest bearing liabilities:
Noninterest bearing deposits		6,161,732							6,022,899							5,288,933
Other liabilities		264,230							243,296							179,362
Total liabilities		23,965,663							23,576,660							21,435,953
Stockholders' equity		3,214,912							3,292,071							3,262,069
Total liabilities and stockholders' equity	$	27,180,575						$	26,868,731						$	24,698,022
Net interest income (FTE)			$	199,796						$	199,788						$	158,660
Net interest spread (FTE)						2.87	%						3.11	%						2.74	%
Net interest margin (FTE)						3.31	%						3.34	%						2.86	%

Page 7

Simmons First National Corporation													SFNC
Consolidated - Selected Financial Data
For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2022			2022			2022			2022			2021
($ in thousands, except share data)
QUARTER-TO-DATE
Financial Highlights - As Reported
Net Income	$	83,260		$	80,603		$	27,454		$	65,095		$	48,230
Diluted earnings per share		0.65			0.63			0.21			0.58			0.42
Return on average assets		1.22	%		1.19	%		0.41	%		1.06	%		0.77	%
Return on average common equity		10.27	%		9.71	%		3.28	%		8.33	%		5.87	%
Return on tangible common equity (non-GAAP) (1)		19.29	%		17.99	%		6.28	%		14.31	%		9.98	%
Net interest margin (FTE)		3.31	%		3.34	%		3.24	%		2.76	%		2.86	%
Efficiency ratio (2)		58.33	%		57.22	%		67.77	%		66.39	%		68.98	%
FTE adjustment		6,770			6,203			6,096			5,602			5,579
Average diluted shares outstanding		127,505,996			128,336,422			128,720,078			113,026,911			114,491,119
Shares repurchased under plan		-			1,883,713			2,035,324			513,725			2,625,348
Average price of shares repurchased		-			23.91			24.59			31.25			29.69
Cash dividends declared per common share		0.190			0.190			0.190			0.190			0.180
Accretable yield on acquired loans		4,473			5,834			9,898			3,703			5,758
Financial Highlights - Adjusted (non-GAAP) (1)
Adjusted earnings	$	81,093		$	82,281		$	68,102		$	67,159		$	76,244
Adjusted diluted earnings per share		0.64			0.64			0.53			0.59			0.67
Adjusted return on average assets		1.18	%		1.21	%		1.02	%		1.10	%		1.22	%
Adjusted return on average common equity		10.01	%		9.92	%		8.13	%		8.59	%		9.27	%
Adjusted return on tangible common equity		18.81	%		18.35	%		14.65	%		14.74	%		15.49	%
Adjusted efficiency ratio (2)		56.97	%		54.41	%		56.74	%		62.95	%		59.48	%
YEAR-TO-DATE
Financial Highlights - GAAP
Net Income	$	256,412		$	173,152		$	92,549		$	65,095		$	271,109
Diluted earnings per share		2.06			1.40			0.77			0.58			2.46
Return on average assets		0.97	%		0.88	%		0.72	%		1.06	%		1.15	%
Return on average common equity		7.87	%		7.07	%		5.71	%		8.33	%		8.83	%
Return on tangible common equity (non-GAAP) (1)		14.33	%		12.77	%		10.24	%		14.31	%		14.99	%
Net interest margin (FTE)		3.17	%		3.12	%		3.01	%		2.76	%		2.89	%
Efficiency ratio (2)		62.14	%		63.54	%		67.14	%		66.39	%		60.25	%
FTE adjustment		24,671			17,901			11,698			5,602			19,231
Average diluted shares outstanding		124,470,184			123,387,503			120,826,798			113,026,911			110,198,094
Cash dividends declared per common share		0.760			0.570			0.380			0.190			0.720
Financial Highlights - Adjusted (non-GAAP) (1)
Adjusted earnings	$	298,635		$	217,542		$	135,261		$	67,159		$	295,024
Adjusted diluted earnings per share		2.40			1.76			1.12			0.59			2.68
Adjusted return on average assets		1.13	%		1.11	%		1.06	%		1.10	%		1.26	%
Adjusted return on average common equity		9.16	%		8.88	%		8.35	%		8.59	%		9.61	%
Adjusted return on tangible common equity		16.59	%		15.89	%		14.70	%		14.74	%		16.27	%
Adjusted efficiency ratio (2)		57.50	%		57.69	%		59.56	%		62.95	%		57.92	%
END OF PERIOD
Book value per share	$	25.73		$	24.87		$	25.31		$	26.32		$	28.82
Tangible book value per share		14.33			13.51			14.07			15.22			17.71
Shares outstanding		127,046,654			126,943,467			128,787,764			112,505,555			112,715,444
Full-time equivalent employees		3,236			3,206			3,233			2,893			2,877
Total number of financial centers		230			230			233			197			199

(1) Non-GAAP measurement that management believes aids in the understanding and discussion of results. Reconciliations to GAAP are included in the schedules accompanying this release.

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

Page 8

 

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - Adjusted Earnings - Quarter-to-Date
For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2022			2022			2022			2022			2021
(in thousands, except per share data)
QUARTER-TO-DATE
Net income available to common stockholders	$	83,260		$	80,603		$	27,454		$	65,095		$	48,230
Certain items:
(Gain) loss from early retirement of TruPS		-			365			-			-			-
Gain on sale of intellectual property		-			(750	)		-			-			-
Gain on insurance settlement		(4,074	)		-			-			-			-
Donation to Simmons First Foundation		-			-			1,738			-			-
Merger related costs		35			1,422			19,133			1,886			13,591
Branch right sizing (net)		1,104			1,235			380			909			1,648
Day 2 CECL provision		-			-			33,779			-			22,688
Tax effect (1)		768			(594	)		(14,382	)		(731	)		(9,913	)
Certain items, net of tax		(2,167	)		1,678			40,648			2,064			28,014
Adjusted earnings (non-GAAP)	$	81,093		$	82,281		$	68,102		$	67,159		$	76,244
Diluted earnings per share	$	0.65		$	0.63		$	0.21		$	0.58		$	0.42
Certain items:
(Gain) loss from early retirement of TruPS		-			-			-			-			-
Gain on sale of intellectual property		-			(0.01	)		-			-			-
Gain on insurance settlement		(0.03	)
Donation to Simmons First Foundation		-			-			0.01			-			-
Merger related costs		-			0.01			0.15			0.01			0.12
Branch right sizing (net)		0.01			0.01			-			0.01			0.01
Day 2 CECL provision		-			-			0.27						0.20
Tax effect (1)		0.01			-			(0.11	)		(0.01	)		(0.08	)
Certain items, net of tax		(0.01	)		0.01			0.32			0.01			0.25
Adjusted diluted earnings per share (non-GAAP)	$	0.64		$	0.64		$	0.53		$	0.59		$	0.67
(1) Effective tax rate of 26.135%.
Reconciliation of Certain Noninterest Income and Expense Items (non-GAAP)
QUARTER-TO-DATE
Noninterest income	$	44,647		$	43,023		$	40,178		$	42,218		$	46,601
Certain noninterest income items (1)
Gain on insurance settlement		(4,074	)		-			-			-			-
(Gain) loss from early retirement of TruPS		-			365			-			-			-
Gain on sale of intellectual property		-			(750	)		-			-			-
Gain on sale of branches		-			-			-			-			-
Branch right sizing income		-			65			88			-			(2	)
Adjusted noninterest income (non-GAAP)	$	40,573		$	42,703		$	40,266		$	42,218		$	46,599
Other income	$	6,600		$	6,658		$	6,837		$	7,266		$	9,965
Certain other income items (1)
(Gain) loss from early retirement of TruPS		-			365			-			-			-
Gain on sale of intellectual property		-			(750	)		-			-			-
Gain on sale of branches		-			-			-			-			-
Branch right sizing income		-			65			88			-			(2	)
Adjusted other income (non-GAAP)	$	6,600		$	6,338		$	6,925		$	7,266		$	9,963
Noninterest expense	$	142,575		$	138,943		$	156,813		$	128,417		$	141,597
Certain noninterest expense items (1)
Merger related costs		(35	)		(1,422	)		(19,133	)		(1,886	)		(13,591	)
Donation to Simmons First Foundation		-			-			(1,738	)		-			-
Branch right sizing expense		(1,104	)		(1,170	)		(292	)		(909	)		(1,650	)
Adjusted noninterest expense (non-GAAP)	$	141,436		$	136,351		$	135,650		$	125,622		$	126,356
Salaries and employee benefits	$	73,018		$	71,923		$	74,135		$	67,906		$	63,832
Certain salaries and employee benefits items (1)
Early retirement program		-			-			-			-			-
Change-in-control payments		-			-			-			-			-
Adjusted salaries and employee benefits (non-GAAP)	$	73,018		$	71,923		$	74,135		$	67,906		$	63,832
Other operating expenses	$	48,480		$	45,084		$	44,483		$	41,646		$	45,736
Certain other operating expenses items (1)
Donation to Simmons First Foundation		-			-			(1,738	)		-			-
Branch right sizing expense		(953	)		(973	)		(7	)		(717	)		96
Adjusted other operating expenses (non-GAAP)	$	47,527		$	44,111		$	42,738		$	40,929		$	45,832

(1) Certain items include gain from early retirement of trust preferred securities, gain on sale of intellectual property, gain on sale of branches, gain on insurance settlement, merger related costs, branch right sizing costs and Day 2 CECL provision.

Page 9

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - Adjusted Earnings - Year-to-Date
For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2022			2022			2022			2022			2021
(in thousands, except per share data)
YEAR-TO-DATE
Net income available to common stockholders	$	256,412		$	173,152		$	92,549		$	65,095		$	271,109
Certain items:
Gain on sale of branches		-			-			-			-			(5,316	)
(Gain) loss from early retirement of TruPS		365			365			-			-			-
Gain on sale of intellectual property		(750	)		(750	)		-			-			-
Gain on insurance settlement		(4,074	)		-			-			-			-
Donation to Simmons First Foundation		1,738			1,738			1,738			-			-
Merger related costs		22,476			22,441			21,019			1,886			15,911
Branch right sizing (net)		3,628			2,524			1,289			909			(906	)
Day 2 CECL provision		33,779			33,779			33,779			-			22,688
Tax effect (1)		(14,939	)		(15,707	)		(15,113	)		(731	)		(8,462	)
Certain items, net of tax		42,223			44,390			42,712			2,064			23,915
Adjusted earnings (non-GAAP)	$	298,635		$	217,542		$	135,261		$	67,159		$	295,024
Diluted earnings per share	$	2.06		$	1.40		$	0.77		$	0.58		$	2.46
Certain items:
Gain on sale of branches		-			-			-			-			(0.05	)
(Gain) loss from early retirement of TruPS		-			-			-			-			-
Gain on sale of intellectual property		(0.01	)		(0.01	)		-			-			-
Gain on insurance settlement		(0.03	)		-			-			-			-
Donation to Simmons First Foundation		0.01			0.01			0.01			-			-
Merger related costs		0.18			0.18			0.17			0.01			0.15
Branch right sizing (net)		0.03			0.02			0.01			0.01			(0.01	)
Day 2 CECL provision		0.28			0.28			0.28						0.21
Tax effect (1)		(0.12	)		(0.12	)		(0.12	)		(0.01	)		(0.08	)
Certain items, net of tax		0.34			0.36			0.35			0.01			0.22
Adjusted diluted earnings per share (non-GAAP)	$	2.40		$	1.76		$	1.12		$	0.59		$	2.68
(1) Effective tax rate of 26.135%.
Reconciliation of Certain Noninterest Income and Expense Items (non-GAAP)
YEAR-TO-DATE
Noninterest income	$	170,066		$	125,419		$	82,396		$	42,218		$	191,815
Certain noninterest income items (1)
Gain on insurance settlement		(4,074	)		-			-			-			-
(Gain) loss from early retirement of TruPS		365			365			-			-			-
Gain on sale of intellectual property		(750	)		(750	)		-			-			-
Gain on sale of branches		-			-			-			-			(5,316	)
Branch right sizing income		153			153			88			-			(369	)
Adjusted noninterest income (non-GAAP)	$	165,760		$	125,187		$	82,484		$	42,218		$	186,130
Other income	$	27,361		$	20,761		$	14,103		$	7,266		$	35,273
Certain other income items (1)
(Gain) loss from early retirement of TruPS		365			365			-			-			-
Gain on sale of intellectual property		(750	)		(750	)		-			-			-
Gain on sale of branches		-			-			-			-			(5,316	)
Branch right sizing income		153			153			88			-			(369	)
Adjusted other income (non-GAAP)	$	27,129		$	20,529		$	14,191		$	7,266		$	29,588
Noninterest expense	$	566,748		$	424,173		$	285,230		$	128,417		$	483,589
Certain noninterest expense items (1)
Merger related costs		(22,476	)		(22,441	)		(21,019	)		(1,886	)		(15,911	)
Donation to Simmons First Foundation		(1,738	)		(1,738	)		(1,738	)		-			-
Branch right sizing expense		(3,475	)		(2,371	)		(1,201	)		(909	)		537
Adjusted noninterest expense (non-GAAP)	$	539,059		$	397,623		$	261,272		$	125,622		$	468,215
Salaries and employee benefits	$	286,982		$	213,964		$	142,041		$	67,906		$	246,335
Certain salaries and employee benefits items (1)
Early retirement program		-			-			-			-			-
Change-in-control payments		-			-			-			-			-
Adjusted salaries and employee benefits (non-GAAP)	$	286,982		$	213,964		$	142,041		$	67,906		$	246,269
Other operating expenses	$	179,693		$	131,213		$	86,129		$	41,646		$	153,562
Certain other operating expenses items (1)
Donation to Simmons First Foundation		(1,738	)		(1,738	)		(1,738	)		-			-
Branch right sizing expense		(2,650	)		(1,697	)		(724	)		(717	)		3,558
Adjusted other operating expenses (non-GAAP)	$	175,305		$	127,778		$	83,667		$	40,929		$	157,120

(1) Certain items include gain from early retirement of trust preferred securities, gain on sale of intellectual property, gain on sale of branches, gain on insurance settlement, merger related costs, branch right sizing costs and Day 2 CECL provision.

Page 10

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - End of Period
For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2022			2022			2022			2022			2021
($ 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	$	3,269,362		$	3,157,151		$	3,259,895		$	2,961,607		$	3,248,841
Intangible assets:
Goodwill		(1,319,598	)		(1,309,000	)		(1,310,528	)		(1,147,007	)		(1,146,007	)
Other intangible assets		(128,951	)		(133,059	)		(137,285	)		(102,748	)		(106,235	)
Total intangibles		(1,448,549	)		(1,442,059	)		(1,447,813	)		(1,249,755	)		(1,252,242	)
Tangible common stockholders' equity	$	1,820,813		$	1,715,092		$	1,812,082		$	1,711,852		$	1,996,599
Total assets	$	27,461,061		$	27,076,074		$	27,218,609		$	24,482,268		$	24,724,759
Intangible assets:
Goodwill		(1,319,598	)		(1,309,000	)		(1,310,528	)		(1,147,007	)		(1,146,007	)
Other intangible assets		(128,951	)		(133,059	)		(137,285	)		(102,748	)		(106,235	)
Total intangibles		(1,448,549	)		(1,442,059	)		(1,447,813	)		(1,249,755	)		(1,252,242	)
Tangible assets	$	26,012,512		$	25,634,015		$	25,770,796		$	23,232,513		$	23,472,517
Ratio of common equity to assets		11.91	%		11.66	%		11.98	%		12.10	%		13.14	%
Ratio of tangible common equity to tangible assets		7.00	%		6.69	%		7.03	%		7.37	%		8.51	%
Calculation of Tangible Book Value per Share
Total common stockholders' equity	$	3,269,362		$	3,157,151		$	3,259,895		$	2,961,607		$	3,248,841
Intangible assets:
Goodwill		(1,319,598	)		(1,309,000	)		(1,310,528	)		(1,147,007	)		(1,146,007	)
Other intangible assets		(128,951	)		(133,059	)		(137,285	)		(102,748	)		(106,235	)
Total intangibles		(1,448,549	)		(1,442,059	)		(1,447,813	)		(1,249,755	)		(1,252,242	)
Tangible common stockholders' equity	$	1,820,813		$	1,715,092		$	1,812,082		$	1,711,852		$	1,996,599
Shares of common stock outstanding		127,046,654			126,943,467			128,787,764			112,505,555			112,715,444
Book value per common share	$	25.73		$	24.87		$	25.31		$	26.32		$	28.82
Tangible book value per common share	$	14.33		$	13.51		$	14.07		$	15.22		$	17.71

Page 11

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date
For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2022			2022			2022			2022			2021
($ in thousands)
Calculation of Adjusted Return on Average Assets
Net income available to common stockholders	$	83,260		$	80,603		$	27,454		$	65,095		$	48,230
Certain items (non-GAAP)
(Gain) loss from early retirement of TruPS		-			365			-			-			-
Gain on sale of intellectual property		-			(750	)		-			-			-
Gain on insurance settlement		(4,074	)		-			-			-			-
Donation to Simmons First Foundation		-			-			1,738			-			-
Merger related costs		35			1,422			19,133			1,886			13,591
Branch right sizing (net)		1,104			1,235			380			909			1,648
Day 2 CECL provision		-			-			33,779			-			22,688
Tax effect of certain items (2)		768			(594	)		(14,382	)		(731	)		(9,913	)
Adjusted earnings (non-GAAP)	$	81,093		$	82,281		$	68,102		$	67,159		$	76,244
Average total assets	$	27,180,575		$	26,868,731		$	26,769,032		$	24,826,199		$	24,698,022
Return on average assets		1.22	%		1.19	%		0.41	%		1.06	%		0.77	%
Adjusted return on average assets (non-GAAP)		1.18	%		1.21	%		1.02	%		1.10	%		1.22	%
Calculation of Return on Tangible Common Equity
Net income available to common stockholders	$	83,260		$	80,603		$	27,454		$	65,095		$	48,230
Amortization of intangibles, net of taxes		3,035			3,121			3,025			2,575			2,575
Total income available to common stockholders	$	86,295		$	83,724		$	30,479		$	67,670		$	50,805
Certain items (non-GAAP)
(Gain) loss from early retirement of TruPS		-			365			-			-			-
Gain on sale of intellectual property		-			(750	)		-			-			-
Gain on insurance settlement		(4,074	)		-			-			-			-
Donation to Simmons First Foundation		-			-			1,738			-			-
Merger related costs		35			1,422			19,133			1,886			13,591
Branch right sizing (net)		1,104			1,235			380			909			1,648
Day 2 CECL provision		-			-			33,779			-			22,688
Tax effect of certain items (2)		768			(594	)		(14,382	)		(731	)		(9,913	)
Adjusted earnings (non-GAAP)		81,093			82,281			68,102			67,159			76,244
Amortization of intangibles, net of taxes		3,035			3,121			3,025			2,575			2,575
Total adjusted earnings available to common stockholders (non-GAAP)	$	84,128		$	85,402		$	71,127		$	69,734		$	78,819
Average common stockholders' equity	$	3,214,912		$	3,292,071		$	3,361,703		$	3,169,108		$	3,261,627
Average intangible assets:
Goodwill		(1,309,124	)		(1,309,804	)		(1,299,821	)		(1,146,034	)		(1,137,441	)
Other intangibles		(131,229	)		(135,718	)		(114,195	)		(104,905	)		(105,155	)
Total average intangibles		(1,440,353	)		(1,445,522	)		(1,414,016	)		(1,250,939	)		(1,242,596	)
Average tangible common stockholders' equity (non-GAAP)	$	1,774,559		$	1,846,549		$	1,947,687		$	1,918,169		$	2,019,031
Return on average common equity		10.27	%		9.71	%		3.28	%		8.33	%		5.87	%
Return on tangible common equity		19.29	%		17.99	%		6.28	%		14.31	%		9.98	%
Adjusted return on average common equity (non-GAAP)		10.01	%		9.92	%		8.13	%		8.59	%		9.27	%
Adjusted return on tangible common equity (non-GAAP)		18.81	%		18.35	%		14.65	%		14.74	%		15.49	%
Calculation of Efficiency Ratio and Adjusted Efficiency Ratio (1)
Noninterest expense (efficiency ratio numerator)	$	142,575		$	138,943		$	156,813		$	128,417		$	141,597
Certain noninterest expense items (non-GAAP)
Merger related costs		(35	)		(1,422	)		(19,133	)		(1,886	)		(13,591	)
Donation to Simmons First Foundation		-			-			(1,738	)		-			-
Branch right sizing expense		(1,104	)		(1,170	)		(292	)		(909	)		(1,650	)
Other real estate and foreclosure expense adjustment		(350	)		(168	)		(142	)		(343	)		(576	)
Amortization of intangibles adjustment		(4,108	)		(4,225	)		(4,096	)		(3,486	)		(3,486	)
Adjusted efficiency ratio numerator	$	136,978		$	131,958		$	131,412		$	121,793		$	122,294
Net interest income	$	193,026		$	193,585		$	185,099		$	145,606		$	153,081
Noninterest income		44,647			43,023			40,178			42,218			46,601
Fully tax-equivalent adjustment (effective tax rate of 26.135%)		6,770			6,203			6,096			5,602			5,579
Efficiency ratio denominator		244,443			242,811			231,373			193,426			205,261
Certain noninterest income items (non-GAAP)
Gain on insurance settlement		(4,074	)		-			-			-			-
(Gain) loss from early retirement of TruPS		-			365			-			-			-
Gain on sale of intellectual property		-			(750	)		-			-			-
Branch right sizing income		-			65			88			-			(2	)
(Gain) loss on sale of securities		52			22			150			54			348
Adjusted efficiency ratio denominator	$	240,421		$	242,513		$	231,611		$	193,480		$	205,607
Efficiency ratio (1)		58.33	%		57.22	%		67.77	%		66.39	%		68.98	%
Adjusted efficiency ratio (non-GAAP) (1)		56.97	%		54.41	%		56.74	%		62.95	%		59.48	%

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

(2) Effective tax rate of 26.135%.

Page 12

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date (continued)
For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2022			2022			2022			2022			2021
($ in thousands)
Calculation of Adjusted Net Interest Margin
Net interest income	$	193,026		$	193,585		$	185,099		$	145,606		$	153,081
Fully tax-equivalent adjustment (effective tax rate of 26.135%)		6,770			6,203			6,096			5,602			5,579
Fully tax-equivalent net interest income		199,796			199,788			191,195			151,208			158,660
Total accretable yield		(4,473	)		(5,834	)		(9,898	)		(3,703	)		(5,758	)
Adjusted net interest income	$	195,323		$	193,954		$	181,297		$	147,505		$	152,902
PPP loan interest income		(103	)	$	(191	)	$	(1,648	)	$	(2,113	)	$	(5,107	)
Net interest income adjusted for PPP loans	$	199,693		$	199,597		$	189,547		$	149,095		$	153,553
Average earning assets	$	23,970,128		$	23,745,097		$	23,694,648		$	22,185,215		$	22,029,792
Average PPP loan balance		(11,325	)		(18,179	)		(43,329	)		(89,757	)		(172,130	)
Average earning assets adjusted for PPP loans	$	23,958,803		$	23,726,918		$	23,651,319		$	22,095,458		$	21,857,662
Net interest margin		3.31	%		3.34	%		3.24	%		2.76	%		2.86	%
Net interest margin adjusted for PPP loans		3.31	%		3.34	%		3.21	%		2.74	%		2.79	%
Calculation of Pre-Provision Net Revenue (PPNR)
Net interest income	$	193,026		$	193,585		$	185,099		$	145,606		$	153,081
Noninterest income		44,647			43,023			40,178			42,218			46,601
Revenue		237,673			236,608			225,277			187,824			199,682
Less: Gain (loss) on sale of securities		(52	)		(22	)		(150	)		(54	)		(348	)
Less: Noninterest expense		142,575			138,943			156,813			128,417			141,597
Pre-Provision Net Revenue (PPNR)	$	95,150		$	97,687		$	68,614		$	59,461		$	58,433
Calculation of Adjusted Pre-Provision Net Revenue
Pre-Provision Net Revenue (PPNR)	$	95,150		$	97,687		$	68,614		$	59,461		$	58,433
Plus: Loss from early retirement of TruPS		-			365			-			-			-
Less: Gain on sale of intellectual property		-			(750	)		-			-			-
Less: Gain on insurance settlement		(4,074	)		-			-			-			-
Plus: Donation to Simmons First Foundation		-			-			1,738			-			-
Plus: Merger related costs		35			1,422			19,133			1,886			13,591
Plus: Branch right sizing costs		1,104			1,235			380			909			1,648
Adjusted Pre-Provision Net Revenue	$	92,215		$	99,959		$	89,865		$	62,256		$	73,672

Page 13

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - Year-to-Date
For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2022			2022			2022			2022			2021
($ in thousands)
Calculation of Adjusted Return on Average Assets
Net income available to common stockholders	$	256,412		$	173,152		$	92,549		$	65,095		$	271,109
Certain items (non-GAAP)
Gain on sale of branches		-			-			-			-			(5,316	)
(Gain) loss from early retirement of TruPS		365			365			-			-			-
Gain on sale of intellectual property		(750	)		(750	)		-			-			-
Gain on insurance settlement		(4,074	)		-			-			-			-
Donation to Simmons First Foundation		1,738			1,738			1,738			-			-
Merger related costs		22,476			22,441			21,019			1,886			15,911
Branch right sizing (net)		3,628			2,524			1,289			909			(906	)
Day 2 CECL provision		33,779			33,779			33,779			-			22,688
Tax effect of certain items (2)		(14,939	)		(15,707	)		(15,113	)		(731	)		(8,462	)
Adjusted earnings (non-GAAP)	$	298,635		$	217,542		$	135,261		$	67,159		$	295,024
Average total assets	$	26,418,838		$	26,162,136		$	25,802,982		$	24,826,199		$	23,492,308
Return on average assets		0.97	%		0.88	%		0.72	%		1.06	%		1.15	%
Adjusted return on average assets (non-GAAP)		1.13	%		1.11	%		1.06	%		1.10	%		1.26	%
Calculation of Return on Tangible Common Equity
Net income available to common stockholders	$	256,412		$	173,152		$	92,549		$	65,095		$	271,109
Amortization of intangibles, net of taxes		11,756			8,721			5,600			2,575			9,967
Total income available to common stockholders	$	268,168		$	181,873		$	98,149		$	67,670		$	281,076
Certain items (non-GAAP)
Gain on sale of branches		-			-			-			-			(5,316	)
(Gain) loss from early retirement of TruPS		365			365			-			-			-
Gain on sale of intellectual property		(750	)		(750	)		-			-			-
Gain on insurance settlement		(4,074	)		-			-			-			-
Donation to Simmons First Foundation		1,738			1,738			1,738			-			-
Merger related costs		22,476			22,441			21,019			1,886			15,911
Branch right sizing (net)		3,628			2,524			1,289			909			(906	)
Day 2 CECL provision		33,779			33,779			33,779			-			22,688
Tax effect of certain items (2)		(14,939	)		(15,707	)		(15,113	)		(731	)		(8,462	)
Adjusted earnings (non-GAAP)		298,635			217,542			135,261			67,159			295,024
Amortization of intangibles, net of taxes		11,756			8,721			5,600			2,575			9,967
Total adjusted earnings available to common stockholders (non-GAAP)	$	310,391		$	226,263		$	140,861		$	69,734		$	288,233
Average common stockholders' equity	$	3,259,664		$	3,274,743		$	3,265,935		$	3,169,108		$	3,071,313
Average intangible assets:
Goodwill		(1,266,762	)		(1,252,486	)		(1,223,352	)		(1,146,034	)		(1,090,967	)
Other intangibles		(121,622	)		(118,385	)		(109,575	)		(104,905	)		(105,820	)
Total average intangibles		(1,388,384	)		(1,370,871	)		(1,332,927	)		(1,250,939	)		(1,196,787	)
Average tangible common stockholders' equity (non-GAAP)	$	1,871,280		$	1,903,872		$	1,933,008		$	1,918,169		$	1,874,526
Return on average common equity		7.87	%		7.07	%		5.71	%		8.33	%		8.83	%
Return on tangible common equity		14.33	%		12.77	%		10.24	%		14.31	%		14.99	%
Adjusted return on average common equity (non-GAAP)		9.16	%		8.88	%		8.35	%		8.59	%		9.61	%
Adjusted return on tangible common equity (non-GAAP)		16.59	%		15.89	%		14.70	%		14.74	%		16.27	%
Calculation of Efficiency Ratio and Adjusted Efficiency Ratio (1)
Noninterest expense (efficiency ratio numerator)	$	566,748		$	424,173		$	285,230		$	128,417		$	483,589
Certain noninterest expense items (non-GAAP)
Merger related costs		(22,476	)		(22,441	)		(21,019	)		(1,886	)		(15,911	)
Donation to Simmons First Foundation		(1,738	)		(1,738	)		(1,738	)		-			-
Branch right sizing expense		(3,475	)		(2,371	)		(1,201	)		(909	)		537
Other real estate and foreclosure expense adjustment		(1,003	)		(653	)		(485	)		(343	)		(2,121	)
Amortization of intangibles adjustment		(15,915	)		(11,807	)		(7,582	)		(3,486	)		(13,494	)
Adjusted efficiency ratio numerator	$	522,141		$	385,163		$	253,205		$	121,793		$	452,600
Net interest income	$	717,316		$	524,290		$	330,705		$	145,606		$	591,532
Noninterest income		170,066			125,419			82,396			42,218			191,815
Fully tax-equivalent adjustment (effective tax rate of 26.135%)		24,671			17,901			11,698			5,602			19,231
Efficiency ratio denominator		912,053			667,610			424,799			193,426			802,578
Certain noninterest income items (non-GAAP)
Gain on insurance settlement		(4,074	)		-			-			-			-
(Gain) loss from early retirement of TruPS		365			365			-			-			-
Gain on sale of intellectual property		(750	)		(750	)		-			-			-
Gain on sale of branches		-			-			-			-			(5,316	)
Branch right sizing income		153			153			88			-			(369	)
(Gain) loss on sale of securities		278			226			204			54			(15,498	)
Adjusted efficiency ratio denominator	$	908,025		$	667,604		$	425,091		$	193,480		$	781,395
Efficiency ratio (1)		62.14	%		63.54	%		67.14	%		66.39	%		60.25	%
Adjusted efficiency ratio (non-GAAP) (1)		57.50	%		57.69	%		59.56	%		62.95	%		57.92	%
Calculation of Pre-Provision Net Revenue (PPNR)
Net interest income	$	717,316		$	524,290		$	330,705		$	145,606		$	591,532
Noninterest income		170,066			125,419			82,396			42,218			191,815
Revenue		887,382			649,709			413,101			187,824			783,347
Less: Gain (loss) on sale of securities		(278	)		(226	)		(204	)		(54	)		15,498
Less: Noninterest expense		566,748			424,173			285,230			128,417			483,589
Pre-Provision Net Revenue (PPNR)	$	320,912		$	225,762		$	128,075		$	59,461		$	284,260

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

(2) Effective tax rate of 26.135%.

Page 14

EX-99.2

Exhibit 99.2

Nasdaq: SFNC 4 th Quarter 2022 Earnings Presentation Contents 5 Q4 Highlights 6 Q4 Results Overview 12 Loans 16 Deposits, Liquidity, Securities, Interest Rate Sensitivity & Capital 21 Credit Quality 25 Key Takeaways 27 Appendix

2 Forward - Looking Statements and Non - GAAP Financial Measures Forward - Looking Statements . Certain statements by Simmons First National Corporation (the “Company”, which where appropriate includes the Company’s wholly - owned banking subsidiary, Simmons Bank) contained in this presentation 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 a future period(s) or by the use of forward - looking terminology, such as "anticipate," “believe,” “continue,” "estimate," "expect," "foresee,“ “indicate,” “plan,” “potential,” “project,” “target,” "may," "might," "will," "would," "could,“ “should,” “likely” or "intend," future or conditional verb tenses, and variations or negatives of such terms or by similar expressions . These forward - looking statements include, without limitation, statements relating to the Company’s future growth ; business strategies ; product development ; revenue ; expenses (including interest expense and non - interest expenses) ; assets ; loan demand (including loan growth, loan capacity, and other lending activity) ; asset quality ; profitability ; earnings ; critical accounting policies ; accretion ; net interest margin ; noninterest revenue ; the Company's common stock repurchase program ; adequacy of the allowance for credit losses ; income tax deductions ; credit quality ; level of credit losses from lending commitments ; net interest revenue ; interest rate sensitivity (including, among other things, the potential impact of rising rates) ; loan loss experience ; liquidity ; capital resources ; future economic conditions and market risk ; interest rates ; the expected benefits, milestones, timelines, and costs associated with the Company’s merger and acquisition strategy and activity ; the Company’s ability to recruit and retain key employees ; increases in, and cash flows associated with, the Company’s securities portfolio ; legal and regulatory limitations and compliance and competition ; anticipated loan principal reductions ; plans for investments in and cash flows from securities ; projections regarding securities investments ; the interest rate sensitivity estimates noted on slide 19 ; digital bank initiatives ; and dividends . Readers are cautioned not to place undue reliance on the forward - looking statements contained in this presentation in that actual results could differ materially from those indicated in or implied by such forward - looking statements due to a variety of factors . These factors include, but are not limited to, changes in the Company's operating or expansion strategy ; the availability of and costs associated with obtaining adequate and timely sources of liquidity ; the ability to maintain credit quality ; the effect of steps the Company takes in response to the COVID - 19 pandemic ; the pace of recovery when the pandemic subsides and the heightened impact it has on many of the risks described herein ; the effects of the pandemic on, among other things, the Company’s operations, liquidity, and credit quality ; changes in general market and economic conditions ; increased unemployment ; labor shortages ; possible adverse rulings, judgments, settlements and other outcomes of pending or future litigation ; the ability of the Company to collect amounts due under loan agreements ; changes in consumer preferences and loan demand ; effectiveness of the Company's interest rate risk management strategies ; laws and regulations affecting financial institutions in general or relating to taxes ; the effect of pending or future legislation ; the ability of the Company to repurchase its common stock on favorable terms ; the ability of the Company to successfully manage and implement its acquisition strategy and integrate acquired institutions ; difficulties and delays in integrating an acquired business or fully realizing cost savings and other benefits of mergers and acquisitions ; changes in interest rates, deposit flows, real estate values, and capital markets ; increased inflation ; customer acceptance of the Company's products and services ; changes or disruptions in technology and IT systems (including cyber threats, attacks and events) ; changes in accounting principles relating to loan loss recognition (current expected credit losses, or CECL) ; the benefits associated with the Company’s early retirement program ; political crises, war, and other military conflicts (including the ongoing military conflict between Russia and Ukraine) or other major events, or the prospect of these events ; increased competition ; changes in governmental policies ; loss of key employees ; and other risk factors . Other relevant risk factors may be detailed from time to time in the Company's press releases and filings with the U . S . Securities and Exchange Commission, including, without limitation, the Company’s Form 10 - K for the year ended December 31 , 2021 . Any forward - looking statement speaks only as of the date of this presentation, and the Company undertakes no obligation to update these forward - looking statements to reflect events or circumstances that occur after the date of this presentation . Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results . Non - GAAP Financial Measures . This presentation contains financial information determined by methods other than in accordance with U . S . generally accepted accounting principles (“GAAP”) . The Company’s management uses these non - GAAP financial measures in their analysis of the Company’s performance . These measures adjust GAAP performance measures to, among other things, include the tax benefit associated with revenue items that are tax - exempt, as well as exclude from net income (including on a per share diluted basis), pre - tax, pre - provision earnings, net charge - offs, income available to common shareholders, non - interest income, and non - interest expense certain income and expense items attributable to merger activity (primarily including merger - related expenses and Day 2 CECL provisions), gains and/or losses on sale of branches, net branch right - sizing initiatives, loss on redemption of trust preferred securities and gain on sale of intellectual property . In addition, the Company also presents certain figures based on tangible common stockholders’ equity, tangible assets and tangible book value, which exclude goodwill and other intangible assets . The Company further presents certain figures that are exclusive of the impact of Paycheck Protection Program (“PPP”) loans, deposits and/or loans acquired through acquisitions, mortgage warehouse loans, and/or energy loans, or gains and/or losses on the sale of securities . The Company’s management believes that these non - GAAP financial measures are useful to investors because they, among other things, present the results of the Company’s ongoing operations without the effect of mergers or other items not central to the Company’s ongoing business, as well as normalize for tax effects, the effects of the PPP, and certain other effects . Management, therefore, believes presentations of these non - GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s ongoing businesses, and management uses these non - GAAP financial measures to assess the performance of the Company’s ongoing businesses as related to prior financial periods . 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 appendix to this presentation .

94% 6% Arkansas Kansas $2.6B 1 Total Deposits 83 branches 35% 22% 17% 16% 9% 1% Arkansas Texas Tennessee Missouri Oklahoma Kansas $22.2B 2 Total Deposits 230 branches 3 Simmons Bank: The culmination of a deliberate growth strategy… 1903 - 2012 Since 2012, we have dramatically improved our growth profile through geographic diversification, building brand awareness… A firm foundation Geographic transformation Building brand awareness $3.5 $4.4 $4.6 $7.6 $8.4 $15.1 $16.5 $21.3 $22.4 $24.7 $27.5 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Metropolitan National Bank Delta Trust & Banking Corporation Trust Company of the Ozarks Community First Bancshares, Inc . Liberty Bancshares, Inc. Citizens National Bank Hardeman County Investment Company, Inc . First Texas BHC Southwest Bancorp, Inc. Reliance Bancshares, Inc. Landrum Company Triumph Bancshares, Inc . Landmark Community Bank Spirit of Texas Bancshares, Inc. 2022 Korn Ferry Tour Tournament of the Year Will Zalatoris Team Simmons Bank 2022 FEDEX St. Jude Championship Winner 2021 PGA Tour Rookie of the Year Ground - breaking support for female student athletes at 10 universities across our six - state footprint Memphis, TN Little Rock, AR Union City, TN Simmons Bank Plaza at Dickies Arena Fort Worth, TX On March 23, 1903 , Simmons National Bank opens for business in Pine Bluff, AR Total deposits collected on Day 1 were $3,338.22 In 1909, Simmons paid its first cash dividend to shareholders On October 16, 1992, shares of Simmons First National Corporation begin trading on the NASDAQ stock exchange Figures presented in acquisition timeline represent total assets (in billions) of SFNC as of December 31 of each respective y ear (1) Total deposits and branch data as of June 30, 2012, based on FDIC Summary of Deposits filing (2) Total deposits as of June 30, 2022, based on FDIC Summary of Deposits filing, branch data as of December 31, 2022

Simmons Bank’s first fully digital account origination solutions that generally require no human intervention on the bank’s side from beginning to end, while offering a streamlined and engaging opening process A fast, safe and easy way to send money to friends, family and other people you trust, regardless of where they bank 1 4 … that sets a strong foundation for the next stage … substantial investments in leading edge technology and digital banking, while creating a well - defined culture… Strong foundation for the next stage Technology/Digital enhancements that sets a strong foundation for 2023 and beyond Simmons Bank Mobile App… like having a bank in your pocket 4.8 out of 5 star rating on IOS app store A $100 million, multi - year project that began in 2018 to upgrade customer - facing and back - office IT systems so that they compete both now and well into the future A well - defined corporate culture Coin Checking and Savings Zelle and Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license (1) U.S. checking or savings account required to use Zelle ®. Transactions between enrolled consumers typically occur in minutes. (2) Deposit market share ranking based on S&P Global Market Intelligence information based on FDIC Summary of Deposits repo rt as of June 30, 2022 (3) Based on research performed by Dividend Power Deposit Market Share 2 2 nd in Arkansas 8 th in Tennessee 9 th in Missouri 11 th in Oklahoma $0.38 $0.38 $0.40 $0.42 $0.44 $0.46 $0.48 $0.50 $0.60 $0.64 $0.68 $0.72 $0.76 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 1 of only 24 U.S. companies that have paid dividends for 100+ years 3 Organic Growth Better Bank Initiative P eople P rocesses S ystems Culture defines who we are at Simmons Bank. It provides parameters for our behaviors, values and attitudes and sets expectations for the ways we interact with others. This has been our story for more than 100 years as we’ve built a legacy around doing right by our team, customers and communities. Established the Simmons First Foundation in 2014

5 Q4 22 and FY 22 Highlights Q 4 net income $83.3M FY22 earnings of $256.4M 1 Q 4 earnings per share $0.65 Q4 adjusted EPS of $0.64 (1) 1 Net income up 3 % QoQ and up 73 % YoY EPS up 3 % QoQ and up 55 % YoY ROA of 1 . 22 % , ROE of 10 . 27 % and ROTCE ( 1 ) of 19 . 29 % Q 4 total revenue of $237.7M FY22 revenue +13% 2 Record revenue of $ 887 . 4 million reported in FY 22 , up 13 % YoY . Positive operating leverage results in 13 % increase in FY 22 pre - provision net revenue . Pre - provision net revenue (1) $95.2M in Q4 FY22 PPNR (1) +13% QoQ loan growth + 3 % to $16.1B Unfunded commitments $5B 3 Solid balance sheet growth with loans up 3 % and deposits up 2 % linked quarter . NPL ratio of 37 basis points unchanged on a linked quarter basis . Net charge - offs for FY 22 total 9 bps and NPL coverage ratio remains healthy at 334 % NPL coverage ratio at 334% NPAs/total assets at 23 bps Book value per share +3% vs Q3 22 and Tangible BVPS (1) +6% 4 Regulatory capital ratios increase on a linked quarter basis and remain significantly above “well - capitalized” guidelines . Equity to asset ratio + 25 bps 11.9% at 12/31/22 TCE ratio (1) up +31 bps to 7% QoQ = 4Q22 vs 3Q22 YoY = 4Q22 vs 4Q21 (1) Non - GAAP measures that management believes aids in the discussion of results. See Appendix for Non - GAAP reconciliation

Q4 22 Results Overview

Summary Income Statement FY $ in millions, except per share data Q4 22 Q3 22 Q4 21 Q3 22 Q4 21 2022 Net interest income 193.0 193.6 153.1 - 26 717.3 Noninterest income, excluding securities gain (loss) (1) 44.7 43.0 46.9 4 (5) 170.3 Total revenue, excluding securities gain (loss) (1) 237.7 236.6 200.0 - 19 887.7 Noninterest expense 142.6 138.9 141.6 3 1 566.7 Pre-provision net revenue (1) 95.2 97.7 58.4 (3) 63 320.9 Gain (loss) on sale of securities (0.1) (0.0) (0.3) NM NM (0.3) Provision for (recapture of) credit losses on loans 0.0 0.1 (1.3) NM NM 14.1 Provision for income taxes 11.8 17.0 11.2 (30) 6 50.1 Net income $ 83.3 $ 80.6 $ 48.2 3 % 73 % $256.4 Diluted EPS $ 0.65 $ 0.63 $ 0.42 3 % 55 % $2.06 Impact of certain items: Day 2 CECL provision $ - $ - 22.7$ 33.8$ Merger related costs - 1.4 13.6 22.5 Branch right sizing costs 1.1 1.2 1.6 3.6 Loss from early retirement of TruPS - 0.4 - 0.4 Gain on sale of intellectual property - (0.8) - (0.8) Gain on insurance settlement (4.1) - - (4.1) Donation to Simmons First Foundation - - - 1.7 Tax effect (2) 0.8 (0.6) (9.9) (14.9) Total impact on earnings ($2.2) $ 1.7 $ 28.0 $ 42.2 Adjusted pre-provision net revenue (1) $ 92.2 $ 100.0 $ 73.7 (8) % 25 % $ 344.3 Adjusted net income (1) $ 81.1 $ 82.3 $ 76.3 (1) 6 % $ 298.6 Adjusted diluted EPS (1) $ 0.64 $ 0.64 $ 0.67 - (4)% $ 2.40 % Change vs 7 Q4 22 and FY 22 Financial Highlights Note: Numbers may not add due to rounding NM – not meaningful (1) Non - GAAP measures that management believes aids in the discussion of results. See appendix for Non - GAAP reconciliation (2) Effective tax rate of 26.135% Q4 Highlights (Comparisons reflect Q4 22 vs Q3 22) Net Interest Income • Loan growth ( $ 535 million) outpaced cash flow from securities portfolio ( $ 185 million principal) • Decline in noninterest bearing and interest bearing transaction accounts ( $ 342 million) • Those dynamics required increased wholesale funding in the quarter, which drove increase in deposit costs and impacted net interest income growth • Strategic decision to extend the duration of certain wholesale deposit maturities to reduce funding cost rate sensitivity . Noninterest Income • Increase in noninterest income reflects gain on insurance settlement, offset by continued decline in mortgage lending income and decline in wealth management fees due to seasonal items that benefited the prior quarter Noninterest Expense • Increase in noninterest expense reflects increase in FDIC deposit and state banking assessments, full - year tax credit amortization recorded in the fourth quarter and the impact of certain incentive compensation accrual adjustments recorded in the prior quarter Provision for Income Taxes • Decrease in provision for income taxes reflects benefit of tax credits recorded in the fourth quarter

8 Net Interest Income and Margin (FTE) FTE – Fully taxable equivalent using an effective tax rate of 26.135% PPP – Paycheck Protection Program (1) Non - GAAP measures that management believes aids in the discussion of results. See appendix for Non - GAAP reconciliation (2) Adjusted loan yield excludes the impact of accretion and PPP $158.7 $151.2 $191.2 $199.8 $199.8 4Q21 1Q22 2Q22 3Q22 4Q22 Net Interest Income $ in millions; FTE +26% Δ in Interest Income (FTE) ex PPP & Accretion Δ in Interest Expense Δ in Accretion & PPP Contribution Net Interest Income Evolution $ in millions; FTE Net Interest Margin FTE (%) 2.86 2.76 3.24 3.34 3.31 3.24 3.23 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 NIM NIM excluding PPP and accretion(1) 4.58 4.34 4.54 4.86 5.40 1.74 1.86 2.08 2.29 2.68 0.17 0.14 0.18 0.47 1.02 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Loan Yield (FTE) Securities (FTE) Cost of Deposits Adjusted Loan Yield (1) (2) Loan, Securities & Deposits Yield/Rate FTE (%) Q4 Highlights (Comparisons reflect Q4 22 vs Q3 22) Net interest income (FTE) was flat on a linked quarter basis. Key highlights include: • 4% increase in average loans • +54 bp increase in loan yield and +39 bp increase in securities yield. Loan yield excluding PPP and accretion at 5.29% (1) , up 56 bps • Period end loan balance of $16.1 billion vs $15.9 billion average balance for the quarter, coupled with consistent balance of unfunded commitments provides a catalyst for future growth • Strategic decision in the quarter to extend the duration of certain wholesale deposit maturities to reduce funding cost rate sensitivity (required prefunding cost to carry for portion of Q4) • $1.4 million decrease in accretion income and PPP loans interest income Remaining balance of purchase accounting accretion at 12/31/22 was $22.0 million Q3 22 Q4 22

FY YoY $ in millions Q4 22 Q3 22 Q4 21 Q3 22 Q4 21 2022 % Change Service charges on deposit accounts $11.9 $12.6 $ 11.9 (5) % - % $ 46.5 8 % Wealth management fees 8.2 8.6 8.0 (5) 1 31.9 2 Debit and credit card fees 7.8 7.7 7.5 2 5 31.2 10 Mortgage lending income 1.1 2.6 5.0 (56) (77) 10.5 (52) Bank owned life insurance 3.0 2.9 2.8 3 7 11.1 25 Other service charges and fees 2.0 2.1 1.8 (3) 15 7.6 (1) Other 6.6 6.7 6.9 (1) (4) 27.4 (15) 40.6 43.0 43.8 (6) (7) 166.3 (4) Gain (loss) on sale of securities (0.1) - (0.3) NM NM (0.3) NM Gain on insurance/legal settlement 4.1 - 3.1 NM NM 4.1 NM Total noninterest income $44.6 $43.0 $46.6 4 % (4)% $170.1 (11) % Adjusted noninterest income (1) $40.6 $42.7 $46.6 (5) % (13)% $165.8 (11) % % Change vs 23.3% 22.5% 17.8% 18.2% 18.8% 23.5% 22.5% 17.9% 18.1% 17.4% Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Noninterest Income/Total Revenue Adjusted Noninterest Income, excludingsecurities gain (loss)/Adjusted Total Revenue(1) Noninterest Income to Total Revenue $16.2 $14.6 $12.4 $13.4 $13.8 $16.3 $14.6 $12.5 $13.3 $12.6 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Noninterest Income per Employee Adjusted Noninterest Income, excluding securities gain (loss) per Employee(1) Noninterest Income Per Employee (FTE) ($ in thousands) $69.4 $64.9 $69.7 $73.8 $73.5 $69.5 $64.9 $69.8 $73.7 $72.2 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Revenue per Employee Adjusted Revenue per Employee(1) Revenue Per Employee (FTE) ($ in thousands) 9 Noninterest Income Note: Numbers may not add due to rounding NM – not meaningful FTE – Full - time equivalent (1) Non - GAAP measures that management believes aids in the discussion of results. See appendix for Non - GAAP reconciliation Q4 Highlights (Comparisons reflect Q4 22 vs Q3 22) • Noninterest income totaled $ 44 . 6 million, up 4 % • Included in Q 4 results was a $ 4 . 1 million gain from an insurance settlement related to a weather - related event • Decrease in adjusted noninterest income primarily due to continued decline in mortgage lending income that is consistent with industry trends given current market environment • Expected decline in wealth management fees given market conditions and inclusion of seasonal items in the prior quarter • The year - over - year decline in noninterest income reflects a decrease in gain on sale of securities, coupled with an industry driven decline in mortgage lending income . Most other fee - based business lines reported year - over - year increases

FY YoY $ in millions Q4 22 Q3 22 Q4 21 Q3 22 Q4 21 2022 % Change Salaries and employee benefits $73.0 $71.9 $63.8 2 % 14 % 287.0 17 % Occupancy expense, net 11.6 11.7 11.0 - 5 44.3 14 Furniture and equipment 5.4 5.4 4.7 - 14 20.7 4 Deposit insurance 3.7 3.3 2.1 12 75 11.6 66 OREO and foreclosure expense 0.4 0.2 0.6 108 (39) 1.0 (53) Donation to Simmons First Foundation - - - - - 1.7 NM Other 48.5 45.1 45.7 8 6 178.0 16 Merger related costs and certain items - 1.4 13.6 NM NM 22.5 41 Total noninterest expense $142.6 $138.9 $141.6 3 % 1 % $566.7 17 % Adjusted noninterest expense (1) $141.4 $136.4 $126.4 4 % 12 % $539.1 15 % % Change vs 2,877 2,893 3,233 3,206 3,236 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Employees (FTE) 69.0% 66.4% 67.8% 57.2% 58.3% 59.5% 63.0% 56.7% 54.4% 57.0% Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Efficiency Ratio Adjusted Efficiency Ratio (1) Efficiency Ratio 2.29% 2.07% 2.34% 2.07% 2.10% 2.05% 2.02% 2.03% 2.03% 2.08% Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Noninterest Expense Adjusted Noninterest Expense (1) Noninterest Expense as a Percentage of Total Average Assets 10 Noninterest Expense Note: Numbers may not add due to rounding NM – not meaningful FTE – full - time equivalent QoQ = 4Q22 vs 3Q22 YoY = 4Q22 vs 4Q21 (1) Non - GAAP measures that management believes aids in the discussion of results. See appendix for Non - GAAP reconciliation Q4 Highlights • Noninterest expense comparisons on a YOY basis are impacted by the acquisitions of Spirit of Texas Bancshares, Inc . (April 2022 ), Landmark Community Bank (October 2021 ) and Triumph Bancshares, Inc . (October 2021 ) • The increase in noninterest expense on a QoQ basis was driven by an increase in : • FDIC deposit and state bank assessments up approximately $ 0 . 8 million • Full - year tax credit amortization ( $ 1 . 2 million) • The impact of certain incentive compensation accrual adjustments recorded in the prior quarter

Digital: Significant growth and enhancements implemented throughout the year Zelle and Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license 11 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Zelle ® Volume (transactions) 66% 70% +59% +50% +30% +21% +274% Q4 21 Q4 22 Avg Deposit Balance per Mobile Acct +14% Q4 21 Q4 22 Mobile Deposit Dollars +20% Q4 21 Q4 22 Branch Transactions Digital Transactions Customer Transactions by Channel 66% 70% 70% +17% Digital Launched Credit Score Manager in Q4 Credit Report Score Factors Credit Alerts Score Simulator Debt Analysis Credit Score Manager allows customers to: • View their credit score in detail • Gain insight into factors that contribute to their credit score • Receive alerts when changes to their score takes place • Utilize an interactive tool to see how future actions might affect their credit score • Track their debt balances, monthly payments and calculate debt to income

Loan Portfolio

13 Loan Portfolio: Well - diversified, granular portfolio with no significant concentrations (1) Total loans excluding credit card portfolio and mortgage warehouse Data shown above as of December 31, 2022. By State Loan Portfolio – Geographic diversification 33% 18% 16% 11% 5% 2% 15% Texas Arkansas Tennessee Missouri Oklahoma Kansas Other Top 10 MSA’s % of Total Loans 1 Dallas - Plano - Irving 10.4% Houston - Sugarland - Baytown 8.0% Memphis 6.4% Nashville - Davidson - Murfreesboro 5.9% Fort Worth - Arlington 5.6% Little Rock - North Little Rock - Conway 5.5% St. Louis 3.8% Fayetteville - Springdale - Rogers 3.4% Oklahoma City 2.2% Jonesboro, AR 2.0% Office Portfolio (non - owner occupied) 48% 13% 12% 10% 4% 13% Texas Arkansas Tennessee Missouri Oklahoma Other By State Key Statistics At 12/31/22 NPL Ratio 0.00% Past Due 30+ Days 0.00% Average Loan Size $2.2M Median Loan Size $0.5M Number of loans <$1M 64% Retail (non - owner occupied) 45% 11% 11% 11% 5% 17% Texas Arkansas Tennessee Missouri Oklahoma Other By State Key Statistics At 12/31/22 NPL Ratio 0.12% Past Due 30+ Days 0.00% Average Loan Size $1.9M Median Loan Size $0.9M Number of loans <$1M 52% Construction - Land Development 45% 9% 15% 4% 3% 24% Texas Arkansas Tennessee Missouri Oklahoma Other By State Key Statistics At 12/31/22 NPL Ratio 0.02% Past Due 30+ Days 0.10% Average Loan Size $1.1M Median Loan Size $0.2M Number of loans <$1M 81% $1.0B $1.0B $2.6B $15.8B 1

$2,943 $3,428 $4,473 $5,138 $5,000 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Unfunded Commitments $ in millions Mortgage Warehouse / PPP Agricultural 14 Loan portfolio: Solid growth that was geographically widespread PPP – Paycheck Protection Program Corporate Banking includes the following units: Corporate CRE, Public Sector Banking, Commercial Finance, Equipment Financing , A sset Based Lending, Institutional Banking and Mortgage Warehouse Total loans at 12/31/22 Total loans at 9/30/22 $(37) $(58) $28 $79 $110 $195 $218 $535 Linked Quarter Loan Growth $ in millions Total Loans RE - Commercial RE - Construction Commercial RE – Single Family Loan Growth by Core Banking Units Linked quarter percent change Metro Banking Community Banking Corporate Banking +8% Loan Portfolio Waterfall $ in millions Consumer & Other - % +4% Funded loan /advances Paydowns /payoffs +3% 78% variable rate • 70% tied to Prime • 28% tied to SOFR

+101 bps $340 $503 $766 $750 $824 $455 $392 $484 $484 $929 $838 $1,077 $542 $460 $467 $493 $619 $776 $1,114 $552 $270 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Opportunity Proposal Ready to Close $1,291 $2,314 $2,364 $3,015 $1,480 $1,549 $1,122 15 Loan pipelines: Steadfastly focused on disciplined pricing and underwriting standards (1) Quarterly amounts adjusted for Illinois branches sold in 2021 Rate Ready to Close 3.77% 3.47% 3.28% 3.43% 4.45% 5.84% 6.85% Commercial Loan Pipeline by Category $ in millions $274 $242 $291 $219 $223 $183 $127 $120 $97 $108 $99 $58 $36 $21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Mortgage Closed Loan Volume Mortgage Pipeline Volume Mortgage Loan Volume $ in millions Q4 Highlights – Mortgage Loan Volume • Mortgage originations in Q 4 22 : • 81 % purchase • 19 % refinance Q4 Highlights – Commercial Loan Pipeline • Commercial loan pipeline continues to reflect impact of rising rates and macro economic environment • Focused on maintaining prudent underwriting standards and pricing discipline

Deposits, Liquidity, Securities, Interest Rate Sensitivity and Capital

0.65% 1.41% 0.47% 1.02% 2.20% 3.65% 0.00% 0.75% 1.50% 2.25% 3.00% 3.75% Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Interest Bearing Deposits Cost of Deposits Avg Fed Funds Rate Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Noninterest Bearing Interest Bearing Transactions Time Deposits 17 Deposits: Strategic decision in Q4 to extend the duration of certain wholesale deposits Source: Average Fed Funds rate based on data from www.macrotrends.net (1) Deposit beta calculated as change in cost of deposits from Q4 21 to Q4 22 divided by the change in quarterly average Fed era l Funds Effective rate for Q4 21 vs Q4 22. $19.4 $19.4 Evolution of Funding Rates Q4 Highlights • Total deposits increased 2 % on a linked quarter basis • Strategic decision to extend the duration of select wholesale deposits ; brokered CDs added in Q 4 range from 6 - 12 months maturities • Weighted average maturity of wholesale deposits increase to 8 . 4 months at 12 / 31 / 22 compared to 6 . 8 months at 9 / 30 / 22 $22.0 $22.1 +2% $924 $(183) $(140) $(202) $399 Linked Quarter Deposit Growth $ in millions Total Deposits Noninterest Bearing Transaction Accounts Interest Bearing Transaction Accounts Time Deposits Deposit Mix $ in billions $22.5 Brokered Deposits (money market & CDs) 24% deposit beta during this cycle (1)

18 Liquidity: Significant sources of liquidity Cash and Cash Equivalents + Variable Rate Securities $ in millions Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Cash & Cash Equivalents Variable Rate Securities $3,527 $4,103 $3,606 $3,286 $3,150 $3,132 $2,321 $1,910 $1,824 At December 31, 2022 Par Value Yield (FTE) (1) Effective Duration AFS HTM Fixed Rate Municipal $2,979 3.18% 11.81 37% 63% MBS/CMO 2,855 1.98 4.79 59 41 Treasury/Agency 582 2.34 8.79 17 83 Corporate 471 4.29 4.49 42 58 Other 177 3.31 4.35 48 52 Variable Rate 1,142 4.33 0.00 100 - Total $ 8 , 205 2.93% 6.56 53% 47% Securities Portfolio Summary $ in millions Q4 Highlights • Solid liquidity as cash position returns to more normalized level, aided by variable rate securities • Securities portfolio is expected to generate approximately $ 160 – $ 180 million in quarterly cash flow based on scheduled principal maturities • Cash flows from securities portfolio are expected to help fund future loan growth • Nominal change in effective duration - from 6 . 47 at 9 / 30 / 22 to 6 . 56 at 12 / 31 / 22 ; effective yield ( 1 ) increased 22 bps • Including $ 1 B matched swap on fixed rate securities, effective duration is 5 . 84 at 12 / 31 / 22 FTE – fully taxable equivalent using an effective tax rate of 26.135% NA – not available (1) Effective yield of securities portfolio at 12/31/22, excludes AOCI impact of HTM transfers made during Q2 22 (2) Source: S&P Global Market Intelligence. Represents peer median loan to deposit ratio. Peer group includes ABCB, AUB, OZ K, BOKF, CADE, CBSH, FBK, HWC, HTLF, HOMB, IBTX, ONB, PNFP, PB, RNST, SSB, SNV, TRMK, UMBF, UCBI $3,180 5,442 1,982 Additional Liquidity Sources $ in millions Unpledged securities FHLB borrowing availability Fed Funds lines and Fed Discount Window Total at 12.31.22 $10,604 Loan to Deposit Ratio 90% 76% 67% 62% 60% 62% 62% 69% 70% 72% Q4 19 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Peer Median 2 89% 80% 75% 72% 71% 69% 69% 74% 79% NA

19 Interest Rate Sensitivity Balance Sheet Interest Rate Sensitivity Over the next 12 months (estimated) (0.49)% 0.40% 0.81% D50 bps U25 bps U50 bps Estimated net interest income sensitivity given immediate, parallel shift in interest rates across the yield curve with a static balance sheet Immediate increase in interest rates Loan Portfolio At December 31, 2022 43% 57% Variable Rate Loans Fixed Rate Loans Fixed vs Variable Rate 32% 68% No Floor Not At Floor Floor Status – Variable Rate Loans 51% 21% 6% 22% Daily Within 3Mo 4 to 12 Mo Over 12 Mo Variable Rate Loans – Rate Reset Date (0.29)% 0.34% 0.67% Gradual increase in interest rates* Estimated net interest income sensitivity given gradual, parallel shift in interest rates across the yield curve with a static balance sheet Fair Value Hedges At December 31, 2022 * Assumptions used in balance sheet interest rate sensitivity estimates under a gradual increase in interest rates include th e f ollowing: Down 50 bps scenario – 25 bp decrease in September and 25 bp decrease in December Up 25 bps scenario – 25 bp increase in February Up 50 bps scenario – 25 bp increase in February and 25 bp increase in March Approximately $1.1 billion principal of fixed rate loans maturing over the next 12 months at a weighted average rate of 4.86% Entered into a 2 - year forward starting swap in September 2021 to convert designated AFS securities from fixed interest rates to variable interest rates based on federal funds effective rate . Instrument Hedged Asset Notional Fair Value Weighted Avg Pay Rate Receive Rate 2 - yr Forward Starting Swap Fixed Rate Callable AFS Securities $1.0 Billion $105 Million 1.21% Federal Funds Effective (currently 4.33%) Spread based on current rates 3.12% D50 bps U25 bps U50 bps

20 Capital: Focused on tangible book value and maintaining strong regulatory capital levels (1) Q4 22 data as of December 31, 2022, 3Q 22 data as of September 30, 2022, and Q4 21 data as of December 31, 2021 (2) Non - GAAP measure that management believes aids in the discussion of results. See Appendix for Non - GAAP reconciliation (3) Based on January 12, 2023, closing stock price of $22.99. 9.1% 9.2% 9.3% 4Q 21 Q3 22 4Q 22 W ELL C APITALIZED 5.0% Tier 1 Leverage Ratio (1) 13.8% 11.7% 11.9% Q4 21 Q3 22 Q4 22 CET1 Capital Ratio (1) W ELL C APITALIZED 6.5% 13.8% 11.7% 11.9% Q4 21 Q3 22 Q4 22 Tier 1 Risk - Based Capital Ratio (1) 16.8% 14.1% 14.2% 4Q 21 Q3 22 Q4 22 Total Risk - Based Capital Ratio (1) W ELL C APITALIZED 10.0% W ELL C APITALIZED 8.0% $28.82 $24.87 $25.73 Q4 21 Q3 22 Q4 22 Book Value Per Common Share (1) +3% $17.71 $13.51 $14.33 Q4 21 Q3 22 Q4 22 +6% Tangible Book Value Per Common Share (1) (2) $0.40 $0.42 $0.44 $0.46 $0.48 $0.50 $0.60 $0.64 $0.68 $0.72 $0.76 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 113 consecutive years 30 - 35% targeted payout ratio 3.3% dividend yield (3) Proven Dividend Record Share Repurchase Program The Company did not repurchase any shares during Q4 22 under the 2022 Program authorized by the Board in January 2022

Credit Quality

22 Credit Quality: Key credit quality metrics remain at historically low - levels and reflect… Source: S&P Global Market Intelligence 2017 – 2021 (1) As of December 31, for each respective year shown above; quarterly data as of the end of the quarter for each respectiv e p eriod (2) Net charge - offs to average loans for the full - year for each respective year shown above; quarterly annualized data for eac h respective quarter Annual Trend 12/31/22 12/31/21 Change NPL / Loans 0.37% 0.57% (20) bps Nonperforming Loans (in millions) $58.9 $68.6 $(9.7) NPA / Assets 0.23% 0.31% (8) bps Nonperforming Assets (in millions) $62.5 $76.3 $(13.8) Past Due 30+ Days / Loans 0.18% 0.11% 7 bps Net Charge - offs / Average Loans 0.09% 0.13% (4) bps NPL Coverage Ratio 334% 300% 34 bps ACL / Loans 1.22% 1.71% (49) bps Total Loans (in millions) $16,142 $12,013 $4,129 … prudent underwriting standards and strategic decision in 2019 to de - risk certain elements of acquired loan portfolios 0.81% 0.67% 0.65% 0.96% 0.57% 0.53% 0.42% 0.37% 0.37% 2017 2018 2019 2020 2021 Q1 22 Q2 22 Q3 22 Q4 22 Annual Nonperforming loans / loans (1) Strategic decision to de - risk certain elements of the loan portfolio through planned run - off of particular acquired non - relationship credits Quarterly Nonperforming assets / total assets (1) 0.83% 0.64% 0.55% 0.64% 0.31% 0.29% 0.26% 0.23% 0.23% 2017 2018 2019 2020 2021 Q1 22 Q2 22 Q3 22 Q4 22 Annual Quarterly Net charge - offs to average loans (2) 0.31% 0.21% 0.24% 0.45% 0.13% 0.22% 0.02% 0.00% 0.13% 2017 2018 2019 2020 2021 Q1 22 Q2 22 Q3 22 Q4 22 Annual Quarterly K ey Credit Metrics : ▪ Average FICO Scores 754 ▪ Balance Weighted Average FICO Score 744 ▪ Line Utilization 21% 1.61% 1.64% 1.86% 1.60% 1.40% 1.39% 1.55% 1.30% 1.52% 2017 2018 2019 2020 2021 Q1 22 Q2 22 Q3 22 Q4 22 Credit card portfolio net charge - off ratio (2) Annual Quarterly 9 bps for 2022 Acquired loans accounted for 6 bps of the 13 bps of total net charge - offs reported during Q4 22. While reported as net charge - offs, they were offset by a PCD adjustment 144 bps for 2022

23 ACL: Reflects improved asset quality metrics and Moody’s economic forecast ACL – Allowance for Credit Losses on Loans (1) ALLL for 2017 – 2019 and ACL 2020 – 2022 (2) As of December 31, for each respective year shown above; quarterly data as of the end of the quarter for each respectiv e p eriod $ in millions ACL ACL / Loans ACL as of 9/30/21 $ 202.5 1.87% Q4 21 Recapture of Provision (24.0) Day 2 CECL Provision (Landmark/Triumph) 22.7 Q4 21 Net Charge - Offs (9.3) Day 1 PCD Allowance (Landmark/Triumph) 13.4 ACL as of 12/31/21 $ 205.3 1.71% Q1 22 Recapture of Provision (19.9) Q1 22 Net Charge - Offs (6.5) ACL as of 3/31/22 $ 178.9 1.49% Q2 22 Provision - Day 2 CECL Provision (Spirit) 30.3 Q2 22 Net Charge - Offs (0.7) Day 1 PCD Allowance (Spirit) 4.1 ACL as of 6/30/22 $ 212.6 1.41% Q3 22 Provision (15.9) Q3 22 Net Charge - Offs (0.2) Day 1 PCD Allowance Adjustment (Spirit) 1.1 ACL as of 9/30/22 $ 197.6 1.27% Q4 22 Provision - Q4 22 Net Charge - Offs (5.1) Day 1 PCD Allowance Adjustment (Spirit) 4.5 ACL as of 12/31/22 $ 197.0 1.22% Allowance for Credit Losses on Loans and Loan Coverage Reserve for Unfunded Commitments $ in millions As of 12/31/21 As of 3/31/22 As of 6/30/22 As of 9/30/22 As of 12/31/22 Unfunded Commitments $2,943 $3,428 $4,473 $5,138 $5,000 Reserve $22.4 $22.4 $25.9 $41.9 $41.9 Reserve / Unfunded Balance 0.8% 0.7% 0.6% 0.8% 0.8% ACL METHODOLOGY AS OF 12/31/22: ▪ Qualitative allocation: 0.31% ▪ Quantitative allocation: 0.91% ▪ Moody’s September 2022 scenarios with management’s weighting: Baseline (62%) / S1 (8%) / S2 (30%) ▪ Total credit coverage / total commitments: 1.13% ACL/ALLL (1) / Loans (%) and ACL/ALLL ($) (2) $ in millions $42 $57 $68 $220 $238 $205 $179 $213 $198 $197 0.39% 0.48% 0.46% 1.52% 1.85% 1.71% 1.49% 1.41% 1.27% 1.22% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% $0 $25 $50 $75 $100 $125 $150 $175 $200 $225 $250 2017 2018 2019 1/1/20 CECL Adoption 2020 2021 Q1 22 Q2 22 Q3 22 Q4 22

24 Company Ratings Rating Disclaimer: The ratings provided by Moody’s Investors Service, Kroll Bond Rating Agency and BauerFinancial are subject to review or withdrawal by Moody’s Investors Service, Kroll Bond Rating Agency and BauerFinancial , respectively, at any time and are not recommendations to buy, sell or hold securities. Each rating should be evaluated independently of any other rat ing. These ratings are provided for informational purposes only and are solely the opinions of the rating agencies. Long - Term Issuer Rating Baa2 Subordinated Debt Baa2 Outlook Stable Simmons First National Corporation Short - Term Deposit Rating P - 1 Long - Term Deposit Rating A2 Short - Term Counterparty Risk Rating P - 2 Long - Term Counterparty Risk Rating Baa1 Long - Term Issuer Rating Baa2 Baseline Credit Assessment baa1 Outlook Stable Simmons Bank Moody’s Investors Service assigned first - time ratings to Simmons First National Corporation and Simmons Bank on January 12, 2023 Senior Unsecured Debt BBB+ Subordinated Debt BBB Short - Term Debt K2 Long - Term Ratings Stable Simmons First National Corporation Deposit A - Short - Term Deposit K2 Short - Term Debt K2 Senior Unsecured Debt A - Subordinated Debt BBB+ Long - Term Rating Stable Simmons Bank Kroll Bond Rating Agency ratings shown above were reaffirmed on March, 4, 2022 5 STARS (superior) Star rating as of January 16, 2023

Key Takeaways

26 Key Takeaways 1 Strong foundation for the next stage centered on “Better Bank Initiative” that focuses on P eople, P rocesses and S ystems 2 Capital position provides a strong foundation to support future organic growth while also focusing on growing tangible book value per share 3 Credit quality metrics remain at historical lows and reflect the strength of our markets, our conservative credit culture and our strategic decision in 2019 to de - risk certain elements of acquired loan portfolios 4 Focused on organic balance sheet growth while maintaining disciplined loan and deposit pricing strategies designed to grow revenue and produce positive operating leverage

Appendix

28 Breakout: Loan portfolio by Category as of September 30, 2022 as of December 31, 2022 $ in millions Balance $ % of Total Loans Balance $ % of Total Loans Classified $ Nonperforming $ ACL % Unfunded Commitment $ Unfunded Commitment Reserve Total Loan Portfolio Consumer - Credit Card 193 1% 197 1% 1 1 2.7% - Consumer - Other 181 1% 153 1% - - 1.4% 28 Real Estate - Construction 2,372 15% 2,567 16% 4 3 1.4% 3,022 Real Estate - Commercial 7,250 46% 7,468 46% 106 15 1.3% 292 Real Estate - Single - family 2,467 16% 2,546 16% 27 23 0.7% 328 Commercial 2,512 16% 2,622 16% 27 17 1.3% 1,213 PPP 12 - 9 - - - - - Mortgage Warehouse 129 1% 95 1% - - 0.2% - Agriculture 264 2% 206 1% 1 - 0.3% 116 Other 227 1% 279 2% - - 1.5% 1 Total Loan Portfolio 15,607 100% 16,142 100% 166 59 1.22% 5,000 0.8% Loan Concentration (Holding Company Level) : C&D 82% 87% CRE 253% 259% Select Loan Categories (excluding PPP) Retail 1,480 9% 1,479 9% 9 4 2.1% 219 Nursing / Extended Care 337 2% 341 2% - - 1.1% 5 Healthcare 493 3% 501 3% 1 - 0.8% 171 Multifamily 883 6% 1,004 6% 9 - 0.7% 1,076 Hotel 867 6% 822 5% 66 7 1.4% 42 Restaurant 480 3% 505 3% 3 2 0.9% 35 NOO Office 993 6% 973 6% 4 - 2.3% 111 Energy 55 - 53 - 3 3 2.7% 6

29 Non - GAAP Reconciliations Q4 Q1 Q2 Q3 Q4 YTD YTD $ in thousands, except per share data 2021 2022 2022 2022 2022 2022 2021 Calculation of Adjusted Earnings Net Income $ 48,238 $ 65,095 $ 27,454 $ 80,603 $ 83,260 $ 256,412 $ 271,156 Certain items Merger related costs 13,591 1,886 19,133 1,422 35 22,476 15,911 Branch right sizing, net 1,648 909 380 1,235 1,104 3,628 (906) Day 2 CECL provision 22,688 - 33,779 - - 33,779 22,688 Donation to Simmons First Foundation - - 1,738 - - 1,738 - Loss from early retirement of TruPS - - - 365 - 365 - Gain on sale of intellectual property - - - (750) - (750) - Gain on insurance settlement - - - - (4,074) (4,074) - Gain on sale of branches - - - - - - (5,316) Tax effect⁽¹⁾ _ (9,913) _ (731) _ (14,382) _ (594) _ 768 (14,939) (8,462) Certain items, net of tax ____ 28,014 2,064 40,648 1,678 (2,167) 42,223 23,915 Adjusted earnings (non - GAAP) $ _76,252 $ 67,159 $ 68,102 $ 82,281 $ 81,093 $ 298,635 $ 295,071 Calculation of Earnings and Adjusted Earnings per Diluted Share Net Income $ 48,238 $ 65,095 $ 27,454 $ 80,603 $ 83,260 $ 256,412 $ 271,156 Less: Preferred stock dividend 8 _ - _ - _ - _ - _ - _ 47 Earnings available to common shareholders $ _48,230 $ 65,095 $ 27,454 $ 80,603 $ 83,260 $ 256,412 $ 271,109 Diluted earnings per share $ 0.42 $ 0.58 $ 0.21 $ 0.63 $ 0.65 $ 2.06 $ 2.46 Adjusted earnings (non - GAAP) $ 76,252 $ 67,159 $ 68,102 $ 82,281 $ 81,093 $ 298,635 $ 295,071 Less: Preferred stock dividend 8 - - - - - 47 Adjusted earnings available to common shareholders (non - GAAP) $ _76,244 $ 67,159 $ 68,102 $ 82,281 $ 81,093 $ 298,635 $ 295,024 Adjusted diluted earnings per share (non - GAAP) $ 0.67 $ 0.59 $ 0.53 $ 0.64 $ 0.64 $ 2.40 $ 2.68 (1) Effective tax rate of 26.135%

Q4 Q1 Q2 Q3 Q4 YTD YTD $ in thousands 2021 2022 2022 2022 2022 2022 2021 Calculation of Pre - Provision Net Revenue (PPNR) Net interest income $ 153,081 $ 145,606 $ 185,099 $ 193,585 $ 193,026 $ 717,316 $ 591,532 Noninterest income 46,601 42,218 40,178 43,023 44,647 170,066 191,815 Less: Gain (loss) on sale of securities (348) (54) (150) (22) (52) (278) 15,498 Less: Noninterest expense 141,597 128,417 156,813 138,943 142,575 566,748 483,589 Pre - Provision Net Revenue (PPNR) (non - GAAP) $ 58,433 $ 59,461 $ 68,614 $ 97,687 $ 95,150 $ 320,912 $ 284,260 Calculation of Adjusted Pre - Provision Net Revenue Pre - Provision Net Revenue (PPNR) (non - GAAP) $ 58,433 $ 59,461 $ 68,614 $ 97,687 $ 95,150 $ 320,912 $ 284,260 Plus: Merger related costs 13,591 1,886 19,133 1,422 35 22,476 15,911 Plus: Branch right sizing costs 1,648 909 380 1,235 1,104 3,628 (906) Plus : Loss from early retirement of TruPS - - - 365 - 365 - Plus: Donation to Simmons First Foundation - - 1,738 - - 1,738 - Less: Gain on sale of branches - - - - - - (5,316) Less: Gain on sale of intellectual property - - - (750) - (750) - Less: Gain on insurance settlement - - - - (4,074) (4,074) - Adjusted Pre - Provision Net Revenue (non - GAAP) $ 73,672 $ 62,256 $ 89,865 $ 99,959 $ 92,215 $ 344,295 $ 293,949 30 Non - GAAP Reconciliations Calculation of Book Value and Tangible Book Value per Share Total common stockholders' equity $ 3,248,841 $ 2,961,607 $ 3,259,895 $ 3,157,151 $ 3,269,362 Intangible assets: Goodwill (1,146,007) (1,147,007) (1,310,528) (1,309,000) (1,319,598) Other intangible assets (106,235) (102,748) (137,285) (133,059) (128,951) Total intangible assets (1,252,242) (1,249,755) (1,447,813) (1,442,059) (1,448,549) Tangible common stockholders' equity (non - GAAP) $ 1,996,599 $ 1,711,852 $ 1,812,082 $ 1,715,092 $ 1,820,813 Shares of common stock outstanding 112,715,444 112,505,555 128,787,764 126,943,467 127,046,654 Book value per common share $ 28.82 $ 26.32 $ 25.31 $ 24.87 $ 25.73 Tangible book value per common share (non - GAAP) $ 17.71 $ 15.22 $ 14.07 $ 13.51 $ 14.33

31 Non - GAAP Reconciliations Q4 Q1 Q2 Q3 Q4 YTD YTD $ in thousands, except number of employees (FTE) 2021 2022 2022 2022 2022 2022 2021 Calculation of Total Revenue Excluding Securities Gain (Loss) and Adjusted Total Revenue Net Interest Income (GAAP) $ 153,081 $ 145,606 $ 185,099 $ 193,585 $ 193,026 $ 717,316 $ 591,532 Noninterest Income (GAAP) 46,601 42,218 40,178 43,023 44,647 170,066 191,815 Total Revenue 199,682 187,824 225,277 236,608 237,673 887,382 783,347 Less: Gain (loss) on sales of securities (348) (54) (150) (22) (52) (278) 15,498 Total Revenue, excluding securities gain (loss) (non - GAAP) $ 200,030 $ 187,878 $ 225,427 $ 236,630 $ 237,725 $ 887,660 $ 767,849 Total Revenue, excluding securities gain (loss) (non - GAAP) $ 200,030 $ 187,878 $ 225,427 $ 236,630 $ 237,725 $ 887,660 $ 767,849 Less: Branch right sizing income 2 - (88) (65) - (153) 369 Less: Gain on sale of branches - - - - - - 5,316 Less: Gain on sale of intellectual property - - - 750 - 750 - Less: Loss from early retirement of TruPS - - - (365) - (365) - Less: Gain on insurance settlement - - - - 4,074 4,074 - Adjusted Total Revenue (non - GAAP) $ 200,028 $ 187,878 $ 225,515 $ 236,310 $ 233,651 $ 883,354 $ 762,164 Employees (FTE) 2,877 2,893 3,233 3,206 3,236 Total Revenue per Employee (FTE) $ 69.41 $ 64.92 $ 69.68 $ 73.80 $ 73.45 Adjusted Total Revenue per Employee (FTE) $ 69.53 $ 64.94 $ 69.75 $ 73.71 $ 72.20 FTE – Full time equivalent Calculation of Adjusted Noninterest Income Noninterest Income (GAAP) $ 46,601 $ 42,218 $ 40,178 $ 43,023 $ 44,647 $ 170,066 $ 191,815 Less: Branch right sizing income 2 - (88) (65) - (153) 369 Less: Gain on sale of branches - - - - - - 5,316 Less: Gain on sale of intellectual property - - - 750 - 750 - Less: Loss from early retirement of TruPS - - - (365) - (365) - Less: Gain on insurances settlement - ____ - - - 4,074 4,074 - Adjusted Noninterest Income (non - GAAP) $ 46,599 $ 42,218 $ 40,266 $ 42,703 $ 40,573 $ 165,760 $ 186,130 Adjusted Noninterest Income (non - GAAP) $ 46,599 $ 42,218 $ 40,266 $ 42,703 $ 40,573 $ 165,760 $ 186,130 Less: Gain (loss) on sale of securities (348) _(54) _(150) _ (22) (52) (278) 15,498 Adjusted Noninterest Income, excluding securities gains (losses) (non - GAAP) $ 46,947 $ 42,272 $ 40,416 $ 42,725 $ 40,625 $ 166,038 $ 170,632

32 Non - GAAP Reconciliations Calculation of Adjusted Noninterest Expense Noninterest Expense (GAAP) $ 141,597 $ 128,417 $ 156,813 $ 138,943 $ 142,575 $ 566,748 $ 483,589 Less: Merger related costs 13,591 1,886 19,133 1,422 35 22,476 15,911 Less: Branch right sizing expense 1,650 909 292 1,170 1,104 3,475 (537) Less: Donation to Simmons First Foundation - - 1,738 - - _ 1,738 - Adjusted Noninterest Expense (non - GAAP) $ 126,356 $ 125,622 $ 135,650 $ 136,351 $ 141,436 $ 539,059 $ 468,215 Calculation of Noninterest Expense to Average Assets Average total assets $ 24,698,022 $ 24,826,199 $ 26,769,032 $ 26,868,731 $ 27,180,575 Noninterest expense to average total assets 2.29% 2.07% 2.34% 2.07% 2.10% Adjusted noninterest expense to average assets (non - GAAP) 2.05% 2.02% 2.03% 2.03% 2.08% FTE – Full time equivalent Q4 Q1 Q2 Q3 Q4 YTD YTD $ in thousands 2021 2022 2022 2022 2022 2022 2021 Calculation of Noninterest Income Excluding Securities Gain (Loss) Noninterest Income (GAAP) $ 46,601 $ 42,218 $ 40,178 $ 43,023 $ 44,647 $ 170,066 $ 191,815 Less: Gain (loss) on sale of securities (348) _(54) _(150) _ (22) (52) (278) 15,498 Noninterest Income, excluding securities gains (losses) (non - GAAP) $ 46,949 $ 42,272 $ 40,328 $ 43,045 $ 44,699 $ 170,344 $ 176,317 Calculation of Noninterest Income to Total Revenue Noninterest Income to Total Revenue 23.34% 22.48% 17.83% 18.18% 18.79% Adjusted Noninterest Income, excluding securities gain (loss) to Adjusted Total Revenue (non - GAAP) (reconciliation shown on page 31) 23.47% 22.50% 17.92% 18.08% 17.39% Noninterest Income per Employee $ 16.20 $ 14.59 $ 12.43 $ 13.42 $ 13.80 Adjusted Noninterest Income per Employee (FTE) $ 16.32 $ 14.61 $ 12.50 $ 13.33 $ 12.55

33 Non - GAAP Reconciliations Q4 Q1 Q2 Q3 Q4 $ in thousands 2021 2022 2022 2022 2022 Calculation of Efficiency Ratio and Adjusted Efficiency Ratio Noninterest Expense (efficiency ratio numerator) $ 141,597 $ 128,417 $ 156,813 $ 138,943 $ 142,575 Total Revenue $ 199,682 $ 187,824 $ 225,277 $ 236,608 $ 237,673 Fully taxable equivalent adjustment ___ _ _5,579 ____ __ 5,602 ___ _ _6,096 ___ _ _6,203 ___ _ _6,770 Efficiency ratio denominator $ 205,261 $ 193,426 $ 231,373 $ 242,811 $ 244,443 Efficiency ratio (based on GAAP figures) 68.98% 66.39% 67.77% 57.22% 58.33% Adjusted Noninterest Expense (non - GAAP) (reconciliation shown on page 32) $ 126,356 $ 125,622 $ 135,650 $ 136,351 $ 141,436 Less: Other real estate and foreclosure expense 576 343 142 168 350 Less: Amortization of intangible assets ___ __ 3,486 ____ __ _3,486 ___ _ _4,096 ___ __ 4,225 ___ __ 4,108 Adjusted efficiency ratio numerator (non - GAAP) $ 122,294 $ 121,793 $ 131,412 $ 131,958 $ 136,978 Adjusted Total Revenue (non - GAAP) (reconciliation shown on page 31) $ 200,028 $ 187,878 $ 225,515 $ 236,310 $ 233,651 Fully taxable equivalent adjustment ___ _ _5,579 ____ __ 5,602 ___ _ _6,096 ___ _ _6,203 ___ _ _6,770 Adjusted efficiency ratio denominator non - GAAP) $ 205,607 $ 193,480 $ 231,611 $ 242,513 $ 240,421 Adjusted Efficiency Ratio (non - GAAP) 59.48% 62.95% 56.74% 54.41% 56.97% Fully taxable equivalent adjustment using an effective tax rate of 26.135%

34 Non - GAAP Reconciliations Q3 Q4 $ in thousands 2022 2022 Calculation of Net Interest Margin Net Interest Income $ 193,585 $ 193,026 Plus: taxable equivalent adjustment ________6,203 ________6,770 Net Interest Income – fully taxable equivalent 199,788 199,796 Less: Accretion (5,834) (4,473) Less: PPP interest income _______(191) _______(103) Net Interest Income – fully taxable equivalent excluding PPP interest income $ 193,763 $ 195,220 Average Earning Assets $ 23,745,097 $ 23,970,128 Less: PPP loans (average) (18,179) (11,325) Average Earning Assets, excluding PPP loans $ 23,726,918 $ 23,958,803 Net Interest Margin 3.34% 3.31% Net Interest Margin – excluding accretion and PPP interest income 3.24% 3.23% Calculation of Loan Yield Loan interest income (FTE) $ 187,851 $ 216,782 Less: Accretion on acquired loans (5,261) (4,464) Less: PPP interest income ________(191) ________(103) Adjusted Loan Interest Income (FTE) $ 182,399 $ 212,215 Average loans $ 15,320,833 $ 15,929,957 Less: PPP loans (average) (18,179) (11,325) $ 15,302,654 $ 15,918,632 Loan yield (FTE) 4.86% 5.40% Loan yield (FTE) – excluding accretion and PPP interest income 4.73% 5.29% Q3 FTE - Fully taxable equivalent adjustment using an effective tax rate of 26.135% Q3 Q4 $ in thousands 2022 2022 Calculation of Tangible Common Equity (TCE) Total stockholders’ equity $ 3,157,151 $ 3,269,362 Less: Preferred stock ________ - _______ _ - Total common stockholders’ equity $ 3,157,151 $ 3,269,362 Total assets $ 27,076,074 $ 27,461,061 Less: Intangible assets (1,442,059) (1,448,549) Total tangible assets $ 25,634,015 $ 26,012,512 Common equity to total assets 11.66% 11.91% Tangible common equity to tangible common assets (non - GAAP) 6.69% 7.00% Calculation of Return on Tangible Common Equity Net income $ 83,260 Less: Preferred dividend _______ _ - Net income available to common stockholders $ 83,260 Net income available to common stockholders $ 83,260 Less: Amortization of intangible assets, net of taxes 3,035 Adjusted net income available to common stockholders (non - GAAP) $ 86,295 Average common stockholders’ equity $ 3,214,912 Less: Average intangible assets 1,440,353 Average tangible common stockholders’ equity (non - GAAP) $ 1,774,559 Return on average common equity 10.27% Return on average tangible common equity (non - GAAP) 19.29%

Nasdaq: SFNC 4 th Quarter 2022 Earnings Presentation Contents 5 Q4 Highlights 6 Q4 Results Overview 12 Loans 16 Deposits, Liquidity, Securities, Interest Rate Sensitivity & Capital 21 Credit Quality 25 Key Takeaways 27 Appendix

XML

Cover	Jan. 24, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jan. 24, 2023
Entity File Number	0-6253
Entity Registrant Name	SIMMONS FIRST NATIONAL CORPORATION
Entity Central Index Key	0000090498
Entity Tax Identification Number	71-0407808
Entity Incorporation, State or Country Code	AR
Entity Address, Address Line One	501 Main Street
Entity Address, City or Town	Pine Bluff
Entity Address, State or Province	AR
Entity Address, Postal Zip Code	71601
City Area Code	(870)
Local Phone Number	541-1000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	SFNC
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false