Exhibit 99.1

April 24, 2024

Simmons First National Corporation Reports First Quarter 2024 Results

Bob Fehlman, Simmons’ Chief Executive Officer, commented on first quarter 2024 results:

Simmons delivered solid results in the quarter that clearly reflect our driving principles centered on a strong risk management culture, profitability and organic growth.

Total loans increased 4 percent on a linked quarter annualized basis and our commercial loan pipeline expanded for the third consecutive quarter. Total deposits were up 2 percent on a linked quarter annualized basis. We were particularly encouraged by the growth in money market and savings accounts again this quarter after robust growth in the fourth quarter of 2023. Importantly, the growth in loans and deposits, coupled with lower wholesale funding costs, enabled us to maintain a relatively stable net interest margin despite continued low-cost deposit migration.

Credit trends throughout the industry are beginning to normalize after an extended period at historically low levels. To that end, provision expense exceeded net charge-offs in the quarter and our allowance for credit losses as a percentage of loans stood at 1.34 percent. Moreover, our strong capital and liquidity positions provide us a solid foundation to continue delivering sound, profitable growth.

FINANCIAL HIGHLIGHTS	1Q24			4Q23			1Q23			1Q24 Highlights
BALANCE SHEET (in millions)										Comparisons reflect 1Q24 vs 4Q23 •  Net income of $38.9 million and diluted EPS of $0.31 •  Adjusted earnings1 of $40.4 million and adjusted diluted EPS1 of $0.32 •  Total revenue of $195.1 million. PPNR1 of $55.2 million; Adjusted PPNR1 of $57.2 million •  Net interest margin at 2.66%, relatively stable on a linked quarter basis •  Provision for credit losses on loans exceeded net charge-offs in the quarter by $2.1 million •  Noninterest expense includes $1.6 million FDIC special assessment in 1Q24 and $10.5 million in 4Q23 •  NCO 19 bps in 1Q24; 11 bps of NCOs associated with run-off/ acquired portfolios •  Increase in NPAs primarily due to two loans from run-off/ acquired portfolios •  ACL ratio ends the quarter at 1.34%; NPL coverage ratio at 212% •  EA ratio 12.56%; TCE ratio1 up 6 bps to 7.75%
Total loans	$	17,002		$	16,846		$	16,555
Total investment securities		6,735			6,878			7,521
Total deposits		22,353			22,245			22,452
Total assets		27,372			27,346			27,583
Total shareholders’ equity		3,439			3,426			3,340
ASSET QUALITY
Net charge-off ratio (NCO ratio)		0.19	%		0.11	%		0.03	%
Nonperforming loan ratio		0.63			0.50			0.38
Nonperforming assets to total assets		0.41			0.33			0.26
Allowance for credit losses to total loans		1.34			1.34			1.25
Nonperforming loan coverage ratio		212			267			324
PERFORMANCE MEASURES (in millions)
Total revenue	$	195.1		$	177.6		$	223.7
Adjusted total revenue1		195.1			197.8			223.7
Pre-provision net revenue1 (PPNR)		55.2			29.5			80.4
Adjusted pre-provision net revenue1		57.2			65.1			82.8
Provision for credit losses		10.2			10.0			24.2
PER SHARE DATA
Diluted earnings	$	0.31		$	0.19		$	0.36
Adjusted diluted earnings1		0.32			0.40			0.37
Book value		27.42			27.37			26.24
Tangible book value1		16.02			15.92			14.88
CAPITAL RATIOS
Equity to assets (EA ratio)		12.56	%		12.53	%		12.11	%
Tangible common equity (TCE) ratio1		7.75			7.69			7.25
Common equity tier 1 (CET1) ratio		11.95			12.11			11.87
Total risk-based capital ratio		14.43			14.39			14.47
LIQUIDITY ($ in millions)
Loan to deposit ratio		76.06	%		75.73	%		73.74	%
Borrowed funds to total liabilities		5.42			5.88			6.32
Uninsured, non-collateralized deposits (UCD)	$	4,643		$	4,753		$	5,268
Additional liquidity sources		11,457			11,216			10,780
Coverage ratio of UCD		2.5	x		2.4	x		2.0	x

Simmons First National Corporation (NASDAQ: SFNC) (Simmons or Company) today reported net income of $38.9 million for the first quarter of 2024, compared to $23.9 million for the fourth quarter of 2023 and $45.6 million for the first quarter of 2023. Diluted earnings per share were $0.31 for the first quarter of 2024, compared to $0.19 in the fourth quarter of 2023 and $0.36 for the first quarter of 2023. Adjusted earnings¹ for the first quarter of 2024 were $40.4 million, compared to $50.2 million for the fourth quarter of 2023 and $47.3 million for the first quarter of 2023. Adjusted diluted earnings per share¹ for the first quarter of 2024 were $0.32, compared to $0.40 for the fourth quarter of 2023 and $0.37 for the first quarter of 2023.

During the first quarter of 2024, we recorded $1.6 million of noninterest expense for an FDIC special assessment levied to support the Deposit Insurance Fund following the failure of certain banks in 2023. This expense was in addition to the $10.5 million FDIC special assessment we recorded in the fourth quarter of 2023. The table below summarizes the impact of these items, along with the impact of certain other items, consisting primarily of branch right sizing, early retirement and a loss recorded in connection with the strategic sale of available-for-sale securities. They are also described in further detail in the “Reconciliation of Non-GAAP Financial Measures” tables contained in this press release.

Impact of Certain Items on Earnings and Diluted EPS

$ in millions, except per share data	1Q24			4Q23			1Q23
Net income	$	38.9		$	23.9		$	45.6
Loss on sale of AFS investment securities		—			20.2			—
FDIC special assessment		1.6			10.5			—
Branch right sizing, net		0.2			3.9			0.9
Early retirement program		0.2			1.0			—
Merger related costs		—			—			1.4
Total pre-tax impact		2.0			35.6			2.3
Tax effect2		(0.5	)		(9.3	)		(0.6	)
Total impact on earnings		1.5			26.3			1.7
Adjusted earnings1	$	40.4		$	50.2		$	47.3
Diluted EPS	$	0.31		$	0.19		$	0.36
Loss on sale of AFS investment securities		—			0.16			—
FDIC special assessment		0.01			0.08			—
Branch right sizing, net		—			0.03			0.01
Early retirement program		—			0.01			—
Merger related costs		—			—			0.01
Total pre-tax impact		0.01			0.28			0.02
Tax effect2		—			(0.07	)		(0.01	)
Total impact on earnings		0.01			0.21			0.01
Adjusted Diluted EPS1	$	0.32		$	0.40		$	0.37

Net Interest Income

Net interest income for the first quarter of 2024 totaled $151.9 million, compared to $155.6 million for the fourth quarter of 2023 and $177.8 million for the first quarter of 2023. Interest income totaled $322.6 million for the first quarter of 2024, compared to $323.5 million for the fourth quarter of 2023. The decrease in interest income on a linked quarter basis was primarily due to a decline in the contribution from investment securities resulting from a lower average balance in the portfolio. Interest expense totaled $170.7 million for the first quarter of 2024, up $2.9 million on a linked quarter basis as an increase in deposit costs more than offset a decline in other borrowings. Included in net interest income is accretion recognized on assets, which totaled $1.1 million for the first quarter of 2024, $1.8 million in the fourth quarter of 2023 and $2.6 million in the first quarter of 2023.

The yield on loans on a fully taxable equivalent (FTE) basis for the first quarter of 2024 was 6.24 percent, compared to 6.20 percent in the fourth quarter of 2023 and 5.67 percent in the first quarter of 2023. The yield on investment securities in the first quarter of 2024 was 3.76 percent, compared to 3.67 percent in the fourth quarter of 2023 and 2.92 percent in the first quarter of 2023. Cost of deposits for the first quarter of 2024 was 2.75 percent, compared to 2.58 percent in the fourth quarter of 2023 and 1.58 percent in the first quarter of 2023. The net interest margin on an FTE basis for the first quarter of 2024 was 2.66 percent, compared to 2.68 percent in the fourth quarter of 2023 and 3.09 percent in the first quarter of 2023.

Select Yield/Rates

	1Q24			4Q23			3Q23			2Q23			1Q23
Loan yield (FTE)2		6.24	%		6.20	%		6.08	%		5.89	%		5.67	%
Investment securities yield (FTE)2		3.76			3.67			3.08			2.91			2.92
Cost of interest bearing deposits		3.48			3.31			3.06			2.57			2.10
Cost of deposits		2.75			2.58			2.37			1.96			1.58
Cost of borrowed funds		5.85			5.79			5.60			5.31			4.29
Net interest spread (FTE)2		1.89			1.93			1.87			2.10			2.52
Net interest margin (FTE)2		2.66			2.68			2.61			2.76			3.09

Noninterest Income

Noninterest income for the first quarter of 2024 was $43.2 million, compared to $22.0 million in the fourth quarter of 2023 and $45.8 million in the first quarter of 2023. Adjusted noninterest income¹ was $43.2 million in the first quarter of 2024, compared to $42.2 million in the fourth quarter of 2023 and $45.8 million in the first quarter of 2023. The increase in noninterest income on a linked quarter basis was primarily the result of increased activity related to debit and credit card fees, mortgage banking income and bank owned life insurance income, as well as a $20.2 million loss on the strategic sale of available-for-sale securities recorded in the fourth quarter of 2023.

Noninterest Income

$ in millions	1Q24		4Q23			3Q23		2Q23			1Q23
Service charges on deposit accounts	$	12.0	$	12.8		$	12.4	$	12.9		$	12.4
Wealth management fees		7.5		7.7			7.7		7.4			7.4
Debit and credit card fees		8.2		7.8			7.7		8.0			8.0
Mortgage lending income		2.3		1.6			2.2		2.4			1.6
Other service charges and fees		2.2		2.3			2.2		2.3			2.3
Bank owned life insurance		3.8		3.1			3.1		2.6			3.0
Gain (loss) on sale of securities		—		(20.2	)		—		(0.4	)		—
Other income		7.2		6.9			7.4		9.8			11.3
Total noninterest income	$	43.2	$	22.0		$	42.8	$	45.0		$	45.8
Adjusted noninterest income1	$	43.2	$	42.2		$	42.8	$	45.4		$	45.8

Noninterest Expense

Noninterest expense for the first quarter of 2024 was $139.9 million, compared to $148.1 million for the fourth quarter of 2023 and $143.2 million for the first quarter of 2023. During the first quarter of 2024 and fourth quarter of 2023, noninterest expense included an FDIC special assessment of $1.6 million and $10.5 million, respectively. Also included in noninterest expense are certain items consisting of branch right sizing, early retirement and merger and integration costs. Collectively, these items totaled $2.0 million for the first quarter of 2024, $15.4 million for the fourth quarter of 2023 and $2.4 million for the first quarter of 2023. Excluding these items (which are described in the “Reconciliation of Non-GAAP Financial Measures” tables below), adjusted noninterest expense¹ was $137.9 million for the first quarter of 2024, $132.7 million for the fourth quarter of 2023 and $140.9 million for the first quarter of 2023. The decrease in noninterest expense on a linked quarter basis was primarily the result of lower FDIC special assessment charges and branch right sizing costs during the first quarter of 2024, offset in part by an increase in salaries and employee benefits principally due to higher payroll taxes typically incurred during the first quarter.

Noninterest Expense

$ in millions	1Q24		4Q23		3Q23		2Q23		1Q23
Salaries and employee benefits	$	72.7	$	67.0	$	67.4	$	74.7	$	77.0
Occupancy expense, net		12.3		11.7		12.0		11.4		11.6
Furniture and equipment		5.1		5.4		5.1		5.1		5.1
Deposit insurance		5.5		4.7		4.7		5.2		4.9
Other real estate and foreclosure expense		0.2		0.2		0.2		0.3		0.2
Merger related costs		—		—		—		—		1.4
FDIC special assessment		1.6		10.5		—		—		—
Other operating expenses		42.5		48.6		42.6		42.9		43.1
Total noninterest expense	$	139.9	$	148.1	$	132.0	$	139.7	$	143.2

Adjusted salaries and employee benefits1	$	72.4		$	66.0		$	65.8		$	71.1		$	77.0
Adjusted other operating expenses1		42.4			44.9			42.1			43.0			42.3
Adjusted noninterest expense1		137.9			132.7			129.9			136.0			140.9
Efficiency ratio		69.41	%		80.46	%		65.11	%		65.18	%		62.28	%
Adjusted efficiency ratio1		66.42			62.91			61.94			61.29			59.38
Full-time equivalent employees		2,989			3,007			3,005			3,066			3,189

Loans and Unfunded Loan Commitments

Total loans at the end of the first quarter of 2024 were $17.0 billion, up $447 million, or 3 percent, compared to $16.6 billion at the end of the first quarter of 2023. Total loans on a linked quarter basis increased $156 million, or 1 percent, reflecting our focus on maintaining disciplined pricing strategies and prudent underwriting standards given projections surrounding near-term economic activity and conditions. Unfunded loan commitments at the end of the first quarter of 2024 were $3.9 billion, compared to $3.9 billion at the end of the fourth quarter of 2023 and $4.7 billion at the end of the first quarter of 2023. At the same time, our commercial loan pipeline experienced measured growth for the third consecutive quarter. Commercial loans ready to close at the end of the first quarter of 2024 were $381 million and the rate on ready to close commercial loans was 8.38 percent.

Loans and Unfunded Loan Commitments

$ in millions	1Q24		4Q23		3Q23		2Q23		1Q23
Total loans	$	17,002	$	16,846	$	16,772	$	16,834	$	16,555
Unfunded loan commitments		3,875		3,880		4,049		4,443		4,725

Deposits

Total deposits at the end of the first quarter of 2024 were $22.4 billion, compared to $22.2 billion at the end of the fourth quarter of 2023 and $22.5 billion at the end of the first quarter of 2023. On a linked quarter basis, deposit growth was driven by increased levels of interest bearing transaction accounts (interest bearing checking, money market and savings accounts), time deposits and brokered deposits. Noninterest bearing deposits totaled $4.7 billion at the end of the first quarter of 2024, compared to $4.8 billion at the end of the fourth quarter of 2023. The loan-to-deposit ratio at the end of the first quarter of 2024 was 76 percent, unchanged from the end of the fourth quarter of 2023 and up slightly from 74 percent at the end of the first quarter of 2023.

Deposits

$ in millions	1Q24			4Q23			3Q23			2Q23			1Q23
Noninterest bearing deposits	$	4,698		$	4,801		$	4,991		$	5,265		$	5,489
Interest bearing transaction accounts		10,316			10,277			9,875			10,203			10,625
Time deposits		4,314			4,266			4,103			3,784			3,385
Brokered deposits		3,025			2,901			3,262			3,237			2,953
Total deposits	$	22,353		$	22,245		$	22,231		$	22,489		$	22,452
Noninterest bearing deposits to total deposits		21	%		22	%		22	%		23	%		24	%
Total loans to total deposits		76			76			75			75			74

Asset Quality

Provision for credit losses totaled $10.2 million for the first quarter of 2024, compared to $10.0 million for the fourth quarter of 2023 and $24.2 million for the first quarter of 2023. Included in provision for credit losses was the recapture of provision expense on investment securities totaling $1.2 million for the fourth quarter of 2023, while the first quarter of 2023 included provision expense on investment securities totaling $13.3 million. The allowance for credit losses on loans at the end of the first quarter of 2024 was $227.4 million, compared to $225.2 million at the end of the fourth quarter of 2023 and $206.6 million at the end of the first quarter of 2023. The increase in allowance for credit losses on loans on a linked quarter and year-over-year basis reflected in part increased activity in the loan portfolio, as well as changes in macroeconomic conditions. The allowance for credit losses on loans as a percentage of total loans was 1.34 percent at the end of the first quarter of 2024, unchanged from fourth quarter 2023 levels and up from 1.25 percent at the end of the first quarter of 2023.

Net charge-offs as a percentage of average loans for the first quarter of 2024 were 19 basis points, compared to 11 basis points for the fourth quarter of 2023 and 3 basis points for the first quarter of 2023. The increase in net charge-offs on a linked quarter basis was primarily due to $4.5 million of charge-offs associated with the small ticket equipment finance portfolio that has been designated for run-off, as well as certain loans acquired through mergers since 2020. Net charge-offs from run-off and acquired portfolios accounted for 11 basis points of total net charge-offs recorded during the first quarter of 2024.

Total nonperforming loans at the end of the first quarter of 2024 were $107.3 million, compared to $84.5 million at the end of the fourth quarter of 2023 and $63.7 million at the end of the first quarter of 2023. The increase in nonperforming loans on a linked quarter basis was primarily due to an $11.0 million asset based lending loan and a $6.6 million non-owner occupied real estate loan to a business that was negatively impacted by Covid. The asset based lending portfolio was acquired in 2021 and has also been designated for run-off. The nonperforming loan coverage ratio ended the first quarter of 2024 at 212 percent. Total nonperforming assets as a percentage of total assets were 0.41 percent at the end of the first quarter of 2024, compared to 0.33 percent at the end of the fourth quarter of 2023 and 0.26 percent at the end of the first quarter of 2023.

Asset Quality

$ in millions	1Q24			4Q23			3Q23			2Q23			1Q23
Allowance for credit losses on loans to total loans		1.34	%		1.34	%		1.30	%		1.25	%		1.25	%
Allowance for credit losses on loans to nonperforming loans		212			267			267			292			324
Nonperforming loans to total loans		0.63			0.50			0.49			0.43			0.38
Net charge-off ratio (annualized)		0.19			0.11			0.28			0.04			0.03
Net charge-off ratio YTD (annualized)		0.19			0.12			0.12			0.04			0.03
Total nonperforming loans	$	107.3		$	84.5		$	81.9		$	72.0		$	63.7
Total other nonperforming assets		5.0			5.8			5.2			4.9			7.7
Total nonperforming assets	$	112.3		$	90.3		$	87.1		$	76.9		$	71.4
Reserve for unfunded commitments	$	25.6		$	25.6		$	25.6		$	36.9		$	41.9

Capital

Total stockholders’ equity at the end of the first quarter of 2024 was $3.4 billion, compared to $3.3 billion at the end of the first quarter of 2023. On a linked quarter basis, total stockholders’ equity increased $12.6 million, primarily as a result of a $12.5 million increase in retained earnings. Book value per share at the end of the first quarter of 2024 was $27.42, compared to $27.37 at the end of the fourth quarter of 2023 and $26.24 at the end of the first quarter of 2023. Tangible book value per share¹ at the end of the first quarter of 2024 was $16.02, compared to $15.92 at the end of the fourth quarter of 2023 and $14.88 at the end of the first quarter of 2023.

Stockholders’ equity as a percentage of total assets at March 31, 2024, was 12.6 percent, compared to 12.5 percent at December 31, 2023, and 12.1 percent at March 31, 2023. Tangible common equity as a percentage of tangible assets¹ was 7.8 percent at March 31, 2024, compared to 7.7 percent at December 31, 2023, and 7.3 percent at March 31, 2023. Both Simmons and Simmons Bank continue to maintain strong regulatory capital positions with all regulatory capital ratios significantly exceeding “well-capitalized” guidelines.

Select Capital Ratios

	1Q24			4Q23			3Q23			2Q23			1Q23
Stockholders’ equity to total assets		12.6	%		12.5	%		11.9	%		12.0	%		12.1	%
Tangible common equity to tangible assets1		7.8			7.7			7.1			7.2			7.3
Common equity tier 1 (CET1) ratio		12.0			12.1			12.0			11.9			11.9
Tier 1 leverage ratio		9.4			9.4			9.3			9.2			9.2
Tier 1 risk-based capital ratio		12.0			12.1			12.0			11.9			11.9
Total risk-based capital ratio		14.4			14.4			14.3			14.2			14.5

Cash Dividend and Share Repurchase Program

As a result of Simmons’ solid capital position and its ability to organically generate capital, the board of directors declared a quarterly cash dividend on Simmons’ Class A common stock of $0.21 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 July 1, 2024, to shareholders of record as of June 14, 2024. Simmons has paid cash dividends for 115 consecutive years, and 2024 represents the 13th consecutive year that Simmons has increased its dividend. According to research by Dividend Power, Simmons is one of only 26 U.S. publicly traded companies that have paid dividends for 100+ uninterrupted years. Simmons also earned Dividend Power’s designation as a “Dividend Contender,” a title reserved

exclusively for companies that have increased their dividend for 10 to 24 consecutive years. As of April 8, 2024, 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 and NASDAQ to achieve this distinction.

During the first quarter of 2024, Simmons did not repurchase shares under its stock repurchase program that was authorized in January 2024 (2024 Program) and which replaced its former repurchase program that was authorized in January 2022. Remaining authorization under the 2024 Program as of March 31, 2024, was approximately $175 million. The timing, pricing and amount of any repurchases under the 2024 Program will be determined by Simmons’ management at its discretion based on a variety of factors including, but not limited to, market conditions, trading volume and market price of Simmons’ common stock, Simmons’ capital needs, Simmons’ working capital and investment requirements, other corporate considerations, economic conditions, and legal requirements. The 2024 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 basis using an 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, Wednesday, April 24, 2024. 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 10187669. 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 115 consecutive years. Its principal subsidiary, Simmons Bank, operates 233 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 2023, Simmons Bank was recognized by Forbes as one of America’s Best Midsize Employers and among the World’s Best Banks for the fourth consecutive year. Additional information about Simmons Bank can be found on our website at simmonsbank.com, by following @Simmons_Bank on X (formerly 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, for example, merger activity (primarily including merger-related expenses), gains and/or losses on sale of branches, net branch right-sizing initiatives, FDIC special assessment charges and gain/loss on the sale of AFS investment securities. The Company has updated its calculation of certain non-GAAP financial measures to exclude the impact of gains or losses on the sale of AFS investment securities in light of the impact of the Company’s strategic AFS investment securities transactions during the fourth quarter of 2023 and has presented past periods on a comparable basis.

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 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 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 press 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. Fehlman’s quote and estimated earn back periods, 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 press release, and Simmons undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this press 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, changes in credit quality, changes in interest rates and related governmental policies, changes in loan demand, changes in deposit flows, changes in real estate values, changes in the assumptions used in making the forward- looking statements, changes in the securities markets generally or the price of Simmons’ common stock specifically, changes in information technology affecting the financial industry, and changes in customer behaviors, including consumer spending, borrowing, and saving habits; 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 conflicts between Russia and Ukraine and between Israel and Hamas) or other major events, or the prospect of these events; the soundness of other financial institutions and any indirect exposure related to the closings of other financial institutions and their impact on the broader market through other customers, suppliers and partners, or that the conditions which resulted in the liquidity concerns experienced by closed financial institutions may also adversely impact, directly or indirectly, other financial institutions and market participants with which the Company has commercial or deposit relationships; 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 acquisitions; increased delinquency and foreclosure rates on commercial real estate loans; 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, 2023, 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 (Board) of Simmons will approve a quarterly dividend in future quarters, and the timing, payment, and amount of future dividends (if any) is subject to, among other things, the discretion of the Board and may differ significantly from past dividends.

FOR MORE INFORMATION CONTACT:

Ed Bilek, EVP, Director of Investor and Media Relations

ed.bilek@simmonsbank.com or 205.612.3378 (cell)

Simmons First National Corporation	SFNC
Consolidated End of Period Balance Sheets
For the Quarters Ended
(Unaudited)

	Mar 31 2024			Dec 31 2023			Sep 30 2023			Jun 30 2023			Mar 31 2023
($ in thousands)
ASSETS
Cash and noninterest bearing balances due from banks	$	380,324		$	345,258		$	181,822		$	181,268		$	199,316
Interest bearing balances due from banks and federal funds sold		222,979			268,834			423,826			564,644			325,135
Cash and cash equivalents		603,303			614,092			605,648			745,912			524,451
Interest bearing balances due from banks - time		100			100			100			545			795
Investment securities - held-to-maturity		3,707,258			3,726,288			3,742,292			3,756,754			3,765,483
Investment securities - available-for-sale		3,027,558			3,152,153			3,358,421			3,579,758			3,755,956
Mortgage loans held for sale		11,899			9,373			11,690			10,342			4,244
Loans:
Loans		17,001,760			16,845,670			16,771,888			16,833,653			16,555,098
Allowance for credit losses on loans		(227,367	)		(225,231	)		(218,547	)		(209,966	)		(206,557	)
Net loans		16,774,393			16,620,439			16,553,341			16,623,687			16,348,541
Premises and equipment		576,466			570,678			567,167			562,025			564,497
Foreclosed assets and other real estate owned		3,511			4,073			3,809			3,909			2,721
Interest receivable		122,781			122,430			110,361			103,431			98,775
Bank owned life insurance		503,348			500,559			497,465			494,370			493,191
Goodwill		1,320,799			1,320,799			1,320,799			1,320,799			1,320,799
Other intangible assets		108,795			112,645			116,660			120,758			124,854
Other assets		611,964			592,045			676,572			636,833			579,139
Total assets	$	27,372,175		$	27,345,674		$	27,564,325		$	27,959,123		$	27,583,446
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Noninterest bearing transaction accounts	$	4,697,539		$	4,800,880		$	4,991,034		$	5,264,962		$	5,489,434
Interest bearing transaction accounts and savings deposits		11,071,762			10,997,425			10,571,807			10,866,078			11,283,584
Time deposits		6,583,703			6,446,673			6,668,370			6,357,682			5,678,757
Total deposits		22,353,004			22,244,978			22,231,211			22,488,722			22,451,775
Federal funds purchased and securities sold under agreements to repurchase		58,760			67,969			74,482			102,586			142,862
Other borrowings		871,874			972,366			1,347,855			1,373,339			1,023,826
Subordinated notes and debentures		366,179			366,141			366,103			366,065			366,027
Accrued interest and other liabilities		283,232			267,732			259,119			272,085			259,055
Total liabilities		23,933,049			23,919,186			24,278,770			24,602,797			24,243,545
Stockholders’ equity:
Common stock		1,254			1,252			1,251			1,262			1,273
Surplus		2,503,673			2,499,930			2,497,874			2,516,398			2,533,589
Undivided profits		1,342,215			1,329,681			1,330,810			1,308,654			1,275,720
Accumulated other comprehensive (loss) income		(408,016	)		(404,375	)		(544,380	)		(469,988	)		(470,681	)
Total stockholders’ equity		3,439,126			3,426,488			3,285,555			3,356,326			3,339,901
Total liabilities and stockholders’ equity	$	27,372,175		$	27,345,674		$	27,564,325		$	27,959,123		$	27,583,446

Page 1

Simmons First National Corporation	SFNC
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended
(Unaudited)

	Mar 31 2024		Dec 31 2023			Sep 30 2023			Jun 30 2023			Mar 31 2023
($ in thousands, except per share data)
INTEREST INCOME
Loans (including fees)	$	261,490	$	261,505		$	255,901		$	244,292		$	227,498
Interest bearing balances due from banks and federal funds sold		3,010		3,115			3,569			4,023			2,783
Investment securities		58,001		58,755			50,638			48,751			48,774
Mortgage loans held for sale		148		143			178			154			82
TOTAL INTEREST INCOME		322,649		323,518			310,286			297,220			279,137
INTEREST EXPENSE
Time deposits		73,241		72,458			68,062			53,879			39,538
Other deposits		78,692		71,412			65,095			54,485			47,990
Federal funds purchased and securities sold under agreements to repurchase		189		232			277			318			323
Other borrowings		11,649		16,607			16,450			18,612			8,848
Subordinated notes and debentures		6,972		7,181			6,969			6,696			4,603
TOTAL INTEREST EXPENSE		170,743		167,890			156,853			133,990			101,302
NET INTEREST INCOME		151,906		155,628			153,433			163,230			177,835
PROVISION FOR CREDIT LOSSES
Provision for credit losses on loans		10,206		11,225			20,222			5,061			10,916
Provision for credit losses on unfunded commitments		—		—			(11,300	)		(5,000	)		—
Provision for credit losses on investment securities - AFS		—		(1,196	)		(1,200	)		(1,326	)		12,800
Provision for credit losses on investment securities - HTM		—		—			—			1,326			500
TOTAL PROVISION FOR CREDIT LOSSES		10,206		10,029			7,722			61			24,216
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		141,700		145,599			145,711			163,169			153,619
NONINTEREST INCOME
Service charges on deposit accounts		11,955		12,782			12,429			12,882			12,437
Debit and credit card fees		8,246		7,822			7,712			7,986			7,952
Wealth management fees		7,478		7,679			7,719			7,440			7,365
Mortgage lending income		2,320		1,603			2,157			2,403			1,570
Bank owned life insurance income		3,814		3,094			3,095			2,555			2,973
Other service charges and fees (includes insurance income)		2,199		2,346			2,232			2,262			2,282
Gain (loss) on sale of securities		—		(20,218	)		—			(391	)		—
Other income		7,172		6,866			7,433			9,843			11,256
TOTAL NONINTEREST INCOME		43,184		21,974			42,777			44,980			45,835
NONINTEREST EXPENSE
Salaries and employee benefits		72,653		66,982			67,374			74,723			77,038
Occupancy expense, net		12,258		11,733			12,020			11,410			11,578
Furniture and equipment expense		5,141		5,445			5,117			5,128			5,051
Other real estate and foreclosure expense		179		189			228			289			186
Deposit insurance		7,135		15,220			4,672			5,201			4,893
Merger-related costs		—		—			5			19			1,396
Other operating expenses		42,513		48,570			42,582			42,926			43,086
TOTAL NONINTEREST EXPENSE		139,879		148,139			131,998			139,696			143,228
NET INCOME BEFORE INCOME TAXES		45,005		19,434			56,490			68,453			56,226
Provision for income taxes		6,134		(4,473	)		9,243			10,139			10,637
NET INCOME	$	38,871	$	23,907		$	47,247		$	58,314		$	45,589
BASIC EARNINGS PER SHARE	$	0.31	$	0.19		$	0.38		$	0.46		$	0.36
DILUTED EARNINGS PER SHARE	$	0.31	$	0.19		$	0.37		$	0.46		$	0.36

Page 2

Simmons First National Corporation	SFNC
Consolidated Risk-Based Capital
For the Quarters Ended
(Unaudited)

	Mar 31 2024			Dec 31 2023			Sep 30 2023			Jun 30 2023			Mar 31 2023
($ in thousands)
Tier 1 capital
Stockholders’ equity	$	3,439,126		$	3,426,488		$	3,285,555		$	3,356,326		$	3,339,901
CECL transition provision (1)		30,873			61,746			61,746			61,746			61,746
Disallowed intangible assets, net of deferred tax		(1,394,672	)		(1,398,810	)		(1,402,682	)		(1,406,500	)		(1,410,141	)
Unrealized loss (gain) on AFS securities		408,016			404,375			544,380			469,988			470,681
Total Tier 1 capital		2,483,343			2,493,799			2,488,999			2,481,560			2,462,187
Tier 2 capital
Subordinated notes and debentures		366,179			366,141			366,103			366,065			366,027
Subordinated debt phase out		(66,000	)		(66,000	)		(66,000	)		(66,000	)		—
Qualifying allowance for loan losses and reserve for unfunded commitments		214,660			170,977			165,490			169,409			173,077
Total Tier 2 capital		514,839			471,118			465,593			469,474			539,104
Total risk-based capital	$	2,998,182		$	2,964,917		$	2,954,592		$	2,951,034		$	3,001,291
Risk weighted assets	$	20,782,094		$	20,599,238		$	20,703,669		$	20,821,075		$	20,748,605
Adjusted average assets for leverage ratio	$	26,312,873		$	26,552,988		$	26,733,658		$	26,896,289		$	26,632,691
Ratios at end of quarter
Equity to assets		12.56	%		12.53	%		11.92	%		12.00	%		12.11	%
Tangible common equity to tangible assets (2)		7.75	%		7.69	%		7.07	%		7.22	%		7.25	%
Common equity Tier 1 ratio (CET1)		11.95	%		12.11	%		12.02	%		11.92	%		11.87	%
Tier 1 leverage ratio		9.44	%		9.39	%		9.31	%		9.23	%		9.24	%
Tier 1 risk-based capital ratio		11.95	%		12.11	%		12.02	%		11.92	%		11.87	%
Total risk-based capital ratio		14.43	%		14.39	%		14.27	%		14.17	%		14.47	%

(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
(Unaudited)

	Mar 31 2024		Dec 31 2023		Sep 30 2023		Jun 30 2023		Mar 31 2023
($ in thousands)
Investment Securities - End of Period
Held-to-Maturity
U.S. Government agencies	$	453,805	$	453,121	$	452,428	$	451,737	$	451,052
Mortgage-backed securities		1,142,352		1,161,694		1,178,324		1,193,118		1,201,418
State and political subdivisions		1,855,642		1,856,674		1,857,652		1,859,022		1,859,970
Other securities		255,459		254,799		253,888		252,877		253,043
Total held-to-maturity (net of credit losses)		3,707,258		3,726,288		3,742,292		3,756,754		3,765,483
Available-for-Sale
U.S. Treasury	$	1,964	$	2,254	$	2,224	$	2,209	$	2,220
U.S. Government agencies		69,801		72,502		172,759		176,564		181,843
Mortgage-backed securities		1,845,364		1,940,307		2,157,092		2,282,328		2,433,530
State and political subdivisions		874,849		902,793		790,344		885,505		895,896
Other securities		235,580		234,297		236,002		233,152		242,467
Total available-for-sale (net of credit losses)		3,027,558		3,152,153		3,358,421		3,579,758		3,755,956
Total investment securities (net of credit losses)	$	6,734,816	$	6,878,441	$	7,100,713	$	7,336,512	$	7,521,439
Fair value - HTM investment securities	$	3,049,281	$	3,135,370	$	2,848,211	$	3,094,958	$	3,148,976

Page 4

Simmons First National Corporation	SFNC
Consolidated Loans
For the Quarters Ended
(Unaudited)

	Mar 31 2024		Dec 31 2023		Sep 30 2023		Jun 30 2023		Mar 31 2023
($ in thousands)
Loan Portfolio - End of Period
Consumer:
Credit cards	$	182,742	$	191,204	$	191,550	$	209,452	$	188,590
Other consumer		124,531		127,462		112,832		148,333		142,817
Total consumer		307,273		318,666		304,382		357,785		331,407
Real Estate:
Construction		3,331,739		3,144,220		3,022,321		2,930,586		2,777,122
Single-family residential		2,624,738		2,641,556		2,657,879		2,633,365		2,589,831
Other commercial real estate		7,508,049		7,552,410		7,565,008		7,546,130		7,520,964
Total real estate		13,464,526		13,338,186		13,245,208		13,110,081		12,887,917
Commercial:
Commercial		2,499,311		2,490,176		2,477,077		2,569,330		2,669,731
Agricultural		226,642		232,710		296,912		280,541		220,641
Total commercial		2,725,953		2,722,886		2,773,989		2,849,871		2,890,372
Other		504,008		465,932		448,309		515,916		445,402
Total loans	$	17,001,760	$	16,845,670	$	16,771,888	$	16,833,653	$	16,555,098

Page 5

Simmons First National Corporation	SFNC
Consolidated Allowance and Asset Quality
For the Quarters Ended
(Unaudited)

	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
	2024			2023			2023			2023			2023
($ in thousands)
Allowance for Credit Losses on Loans
Beginning balance	$	225,231		$	218,547		$	209,966		$	206,557		$	196,955
Loans charged off:
Credit cards		1,646			1,500			1,318			1,409			1,076
Other consumer		732			767			633			666			456
Real estate		2,857			1,023			9,723			435			1,204
Commercial		4,593			3,105			1,219			1,225			413
Total loans charged off		9,828			6,395			12,893			3,735			3,149
Recoveries of loans previously charged off:
Credit cards		248			242			234			298			234
Other consumer		333			518			344			436			240
Real estate		735			785			429			878			294
Commercial		442			309			245			471			1,067
Total recoveries		1,758			1,854			1,252			2,083			1,835
Net loans charged off		8,070			4,541			11,641			1,652			1,314
Provision for credit losses on loans		10,206			11,225			20,222			5,061			10,916
Balance, end of quarter	$	227,367		$	225,231		$	218,547		$	209,966		$	206,557
Nonperforming assets
Nonperforming loans:
Nonaccrual loans	$	105,788		$	83,325		$	81,135		$	71,279		$	63,218
Loans past due 90 days or more		1,527			1,147			806			738			437
Total nonperforming loans		107,315			84,472			81,941			72,017			63,655
Other nonperforming assets:
Foreclosed assets and other real estate owned		3,511			4,073			3,809			3,909			2,721
Other nonperforming assets		1,491			1,726			1,417			1,013			5,012
Total other nonperforming assets		5,002			5,799			5,226			4,922			7,733
Total nonperforming assets	$	112,317		$	90,271		$	87,167		$	76,939		$	71,388
Performing FDMs (modifications to borrowers experiencing financial difficulty)	$	33,576		$	33,577		$	33,723		$	2,996		$	2,183
Ratios
Allowance for credit losses on loans to total loans		1.34	%		1.34	%		1.30	%		1.25	%		1.25	%
Allowance for credit losses to nonperforming loans		212	%		267	%		267	%		292	%		324	%
Nonperforming loans to total loans		0.63	%		0.50	%		0.49	%		0.43	%		0.38	%
Nonperforming assets (including performing FDMs) to total assets		0.53	%		0.45	%		0.44	%		0.29	%		0.27	%
Nonperforming assets to total assets		0.41	%		0.33	%		0.32	%		0.28	%		0.26	%
Annualized net charge offs to average loans (QTD)		0.19	%		0.11	%		0.28	%		0.04	%		0.03	%
Annualized net charge offs to average loans (YTD)		0.19	%		0.12	%		0.12	%		0.04	%		0.03	%
Annualized net credit card charge offs to average credit card loans (QTD)		2.88	%		2.49	%		2.19	%		2.25	%		1.69	%

Page 6

Simmons First National Corporation	SFNC
Consolidated - Average Balance Sheet and Net Interest Income Analysis
For the Quarters Ended
(Unaudited)

	Three Months Ended Mar 2024							Three Months Ended Dec 2023							Three Months Ended Mar 2023
($ 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	$	211,121	$	3,010		5.73	%	$	230,464	$	3,115		5.36	%	$	315,307	$	2,783		3.58	%
Investment securities - taxable		4,162,455		42,198		4.08	%		4,410,681		42,895		3.86	%		4,930,945		32,804		2.70	%
Investment securities - non-taxable (FTE)		2,635,368		21,301		3.25	%		2,555,125		21,523		3.34	%		2,624,642		21,522		3.33	%
Mortgage loans held for sale		9,048		148		6.58	%		7,644		143		7.42	%		5,470		82		6.08	%
Loans - including fees (FTE)		16,900,496		262,414		6.24	%		16,793,211		262,353		6.20	%		16,329,761		228,257		5.67	%
Total interest earning assets (FTE)		23,918,488		329,071		5.53	%		23,997,125		330,029		5.46	%		24,206,125		285,448		4.78	%
Non-earning assets		3,340,911							3,373,686							3,282,607
Total assets	$	27,259,399						$	27,370,811						$	27,488,732
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest bearing liabilities:
Interest bearing transaction and savings accounts	$	11,132,396	$	78,692		2.84	%	$	10,730,701	$	71,412		2.64	%	$	11,722,591	$	47,990		1.66	%
Time deposits		6,448,014		73,241		4.57	%		6,509,663		72,458		4.42	%		5,155,055		39,538		3.11	%
Total interest bearing deposits		17,580,410		151,933		3.48	%		17,240,364		143,870		3.31	%		16,877,646		87,528		2.10	%
Federal funds purchased and securities sold under agreement to repurchase		54,160		189		1.40	%		65,871		232		1.40	%		148,673		323		0.88	%
Other borrowings		873,278		11,649		5.37	%		1,212,501		16,607		5.43	%		787,783		8,848		4.56	%
Subordinated notes and debentures		366,160		6,972		7.66	%		366,123		7,181		7.78	%		366,009		4,603		5.10	%
Total interest bearing liabilities		18,874,008		170,743		3.64	%		18,884,859		167,890		3.53	%		18,180,111		101,302		2.26	%
Noninterest bearing liabilities:
Noninterest bearing deposits		4,654,179							4,864,274							5,642,779
Other liabilities		284,191							285,431							295,191
Total liabilities		23,812,378							24,034,564							24,118,081
Stockholders’ equity		3,447,021							3,336,247							3,370,651
Total liabilities and stockholders’ equity	$	27,259,399						$	27,370,811						$	27,488,732
Net interest income (FTE)			$	158,328						$	162,139						$	184,146
Net interest spread (FTE)						1.89	%						1.93	%						2.52	%
Net interest margin (FTE)						2.66	%						2.68	%						3.09	%

Page 7

Simmons First National Corporation	SFNC
Consolidated - Selected Financial Data
For the Quarters Ended
(Unaudited)

	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
	2024			2023			2023			2023			2023
($ in thousands, except share data)
QUARTER-TO-DATE
Financial Highlights - As Reported
Net Income	$	38,871		$	23,907		$	47,247		$	58,314		$	45,589
Diluted earnings per share		0.31			0.19			0.37			0.46			0.36
Return on average assets		0.57	%		0.35	%		0.68	%		0.84	%		0.67	%
Return on average common equity		4.54	%		2.84	%		5.56	%		6.96	%		5.49	%
Return on tangible common equity (non-GAAP) (1)		8.33	%		5.61	%		10.33	%		12.85	%		10.25	%
Net interest margin (FTE)		2.66	%		2.68	%		2.61	%		2.76	%		3.09	%
Efficiency ratio (2)		69.41	%		80.46	%		65.11	%		65.18	%		62.28	%
FTE adjustment		6,422			6,511			6,515			6,106			6,311
Average diluted shares outstanding		125,661,950			125,609,265			126,283,609			127,379,976			127,516,478
Shares repurchased under plan		—			—			1,128,962			1,128,087			—
Average price of shares repurchased		—			—			17.69			17.75			—
Cash dividends declared per common share		0.210			0.200			0.200			0.200			0.200
Accretable yield on acquired loans		1,123			1,762			2,146			2,267			2,579
Financial Highlights - Adjusted (non-GAAP) (1)
Adjusted earnings	$	40,351		$	50,215		$	48,804		$	61,354		$	47,343
Adjusted diluted earnings per share		0.32			0.40			0.39			0.48			0.37
Adjusted return on average assets		0.60	%		0.73	%		0.70	%		0.89	%		0.70	%
Adjusted return on average common equity		4.71	%		5.97	%		5.74	%		7.33	%		5.70	%
Adjusted return on tangible common equity		8.62	%		11.10	%		10.64	%		13.48	%		10.62	%
Adjusted efficiency ratio (2)		66.42	%		62.91	%		61.94	%		61.29	%		59.38	%
YEAR-TO-DATE
Financial Highlights - GAAP
Net Income	$	38,871		$	175,057		$	151,150		$	103,903		$	45,589
Diluted earnings per share		0.31			1.38			1.19			0.82			0.36
Return on average assets		0.57	%		0.64	%		0.73	%		0.76	%		0.67	%
Return on average common equity		4.54	%		5.21	%		6.00	%		6.23	%		5.49	%
Return on tangible common equity (non-GAAP) (1)		8.33	%		9.76	%		11.14	%		11.55	%		10.25	%
Net interest margin (FTE)		2.66	%		2.78	%		2.82	%		2.92	%		3.09	%
Efficiency ratio (2)		69.41	%		67.75	%		64.13	%		63.68	%		62.28	%
FTE adjustment		6,422			25,443			18,932			12,417			6,311
Average diluted shares outstanding		125,661,950			126,775,704			127,099,727			127,421,034			127,516,478
Cash dividends declared per common share		0.210			0.800			0.600			0.400			0.200
Financial Highlights - Adjusted (non-GAAP) (1)
Adjusted earnings	$	40,351		$	207,716		$	157,501		$	108,697		$	47,343
Adjusted diluted earnings per share		0.32			1.64			1.24			0.85			0.37
Adjusted return on average assets		0.60	%		0.75	%		0.76	%		0.79	%		0.70	%
Adjusted return on average common equity		4.71	%		6.18	%		6.25	%		6.51	%		5.70	%
Adjusted return on tangible common equity		8.62	%		11.46	%		11.58	%		12.06	%		10.62	%
Adjusted efficiency ratio (2)		66.42	%		61.32	%		60.81	%		60.30	%		59.38	%
END OF PERIOD
Book value per share	$	27.42		$	27.37		$	26.26		$	26.59		$	26.24
Tangible book value per share		16.02			15.92			14.77			15.17			14.88
Shares outstanding		125,419,618			125,184,119			125,133,281			126,224,707			127,282,192
Full-time equivalent employees		2,989			3,007			3,005			3,066			3,189
Total number of financial centers		233			234			232			231			231

(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
(Unaudited)

	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
	2024			2023			2023			2023			2023
(in thousands, except per share data)
QUARTER-TO-DATE
Net income	$	38,871		$	23,907		$	47,247		$	58,314		$	45,589
Certain items (non-GAAP)
FDIC Deposit Insurance special assessment		1,549			10,521			—			—			—
Merger related costs		—			—			5			19			1,396
Early retirement program		219			1,032			1,557			3,609			—
Loss (gain) on sale of securities		—			20,218			—			391			—
Branch right sizing (net)		236			3,846			547			95			979
Tax effect of certain items (1)		(524	)		(9,309	)		(552	)		(1,074	)		(621	)
Certain items, net of tax		1,480			26,308			1,557			3,040			1,754
Adjusted earnings (non-GAAP)	$	40,351		$	50,215		$	48,804		$	61,354		$	47,343
Diluted earnings per share	$	0.31		$	0.19		$	0.37		$	0.46		$	0.36
Certain items (non-GAAP)
FDIC Deposit Insurance special assessment		0.01			0.08			—			—			—
Merger related costs		—			—			—			—			0.01
Early retirement program		—			0.01			0.01			0.03			—
Loss (gain) on sale of securities		—			0.16			—			—			—
Branch right sizing (net)		—			0.03			0.01			—			0.01
Tax effect of certain items (1)		—			(0.07	)		—			(0.01	)		(0.01	)
Certain items, net of tax		0.01			0.21			0.02			0.02			0.01
Adjusted diluted earnings per share (non-GAAP)	$	0.32		$	0.40		$	0.39		$	0.48		$	0.37

(1) Effective tax rate of 26.135%.

Reconciliation of Certain Noninterest Income and Expense Items (non-GAAP)
QUARTER-TO-DATE
Noninterest income	$	43,184		$	21,974		$	42,777		$	44,980		$	45,835
Certain noninterest income items
Loss (gain) on sale of securities		—			20,218			—			391			—
Adjusted noninterest income (non-GAAP)	$	43,184		$	42,192		$	42,777		$	45,371		$	45,835
Noninterest expense	$	139,879		$	148,139		$	131,998		$	139,696		$	143,228
Certain noninterest expense items
Merger related costs		—			—			(5	)		(19	)		(1,396	)
Early retirement program		(219	)		(1,032	)		(1,557	)		(3,609	)		—
FDIC Deposit Insurance special assessment		(1,549	)		(10,521	)		—			—			—
Branch right sizing expense		(236	)		(3,846	)		(547	)		(95	)		(979	)
Adjusted noninterest expense (non-GAAP)	$	137,875		$	132,740		$	129,889		$	135,973		$	140,853
Salaries and employee benefits	$	72,653		$	66,982		$	67,374		$	74,723		$	77,038
Certain salaries and employee benefits items
Early retirement program		(219	)		(1,032	)		(1,557	)		(3,609	)		—
Other		—			2			—			—			—
Adjusted salaries and employee benefits (non-GAAP)	$	72,434		$	65,952		$	65,817		$	71,114		$	77,038
Other operating expenses	$	42,513		$	48,570		$	42,582		$	42,926		$	43,086
Certain other operating expenses items
Branch right sizing expense		(83	)		(3,708	)		(466	)		53			(816	)
Adjusted other operating expenses (non-GAAP)	$	42,430		$	44,862		$	42,116		$	42,979		$	42,270

Page 9

Simmons First National Corporation	SFNC
Reconciliation Of Non-GAAP Financial Measures - Adjusted Earnings - Year-to-Date
For the Quarters Ended
(Unaudited)

	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
	2024			2023			2023			2023			2023
(in thousands, except per share data)
YEAR-TO-DATE
Net income	$	38,871		$	175,057		$	151,150		$	103,903		$	45,589
Certain items (non-GAAP)
FDIC Deposit Insurance special assessment		1,549			10,521			—			—			—
Merger related costs		—			1,420			1,420			1,415			1,396
Early retirement program		219			6,198			5,166			3,609			—
Loss (gain) on sale of securities		—			20,609			391			391			—
Branch right sizing (net)		236			5,467			1,621			1,074			979
Tax effect of certain items (1)		(524	)		(11,556	)		(2,247	)		(1,695	)		(621	)
Certain items, net of tax		1,480			32,659			6,351			4,794			1,754
Adjusted earnings (non-GAAP)	$	40,351		$	207,716		$	157,501		$	108,697		$	47,343
Diluted earnings per share	$	0.31		$	1.38		$	1.19		$	0.82		$	0.36
Certain items (non-GAAP)
FDIC Deposit Insurance special assessment		0.01			0.08			—			—			—
Merger related costs		—			0.01			0.01			0.01			0.01
Early retirement program		—			0.05			0.04			0.03			—
Loss (gain) on sale of securities		—			0.17			—			—			—
Branch right sizing (net)		—			0.04			0.02			0.01			0.01
Tax effect of certain items (1)		—			(0.09	)		(0.02	)		(0.02	)		(0.01	)
Certain items, net of tax		0.01			0.26			0.05			0.03			0.01
Adjusted diluted earnings per share (non-GAAP)	$	0.32		$	1.64		$	1.24		$	0.85		$	0.37

(1) Effective tax rate of 26.135%.

Reconciliation of Certain Noninterest Income and Expense Items (non-GAAP)
YEAR-TO-DATE
Noninterest income	$	43,184		$	155,566		$	133,592		$	90,815		$	45,835
Certain noninterest income items
Loss (gain) on sale of securities		—			20,609			391			391			—
Adjusted noninterest income (non-GAAP)	$	43,184		$	176,175		$	133,983		$	91,206		$	45,835
Noninterest expense	$	139,879		$	563,061		$	414,922		$	282,924		$	143,228
Certain noninterest expense items
Merger related costs		—			(1,420	)		(1,420	)		(1,415	)		(1,396	)
Early retirement program		(219	)		(6,198	)		(5,166	)		(3,609	)		—
FDIC Deposit Insurance special assessment		(1,549	)		(10,521	)		—			—			—
Branch right sizing expense		(236	)		(5,467	)		(1,621	)		(1,074	)		(979	)
Adjusted noninterest expense (non-GAAP)	$	137,875		$	539,455		$	406,715		$	276,826		$	140,853
Salaries and employee benefits	$	72,653		$	286,117		$	219,135		$	151,761		$	77,038
Certain salaries and employee benefits items
Early retirement program		(219	)		(6,198	)		(5,166	)		(3,609	)		—
Other		—			2			—			—			—
Adjusted salaries and employee benefits (non-GAAP)	$	72,434		$	279,921		$	213,969		$	148,152		$	77,038
Merger related costs	$	—		$	1,420		$	1,420		$	1,415		$	1,396
Adjustment for merger related costs		—			(1,420	)		(1,420	)		(1,415	)		(1,396	)
Adjusted merger related costs (non-GAAP)	$	—		$	—		$	—		$	—		$	—
Other operating expenses	$	42,513		$	177,164		$	128,594		$	86,012		$	43,086
Certain other operating expenses items
Branch right sizing expense		(83	)		(4,937	)		(1,229	)		(763	)		(816	)
Adjusted other operating expenses (non-GAAP)	$	42,430		$	172,227		$	127,365		$	85,249		$	42,270

Page 10

Simmons First National Corporation	SFNC
Reconciliation Of Non-GAAP Financial Measures - End of Period
For the Quarters Ended
(Unaudited)

	Mar 31 2024			Dec 31 2023			Sep 30 2023			Jun 30 2023			Mar 31 2023
($ 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	$	3,439,126		$	3,426,488		$	3,285,555		$	3,356,326		$	3,339,901
Intangible assets:
Goodwill		(1,320,799	)		(1,320,799	)		(1,320,799	)		(1,320,799	)		(1,320,799	)
Other intangible assets		(108,795	)		(112,645	)		(116,660	)		(120,758	)		(124,854	)
Total intangibles		(1,429,594	)		(1,433,444	)		(1,437,459	)		(1,441,557	)		(1,445,653	)
Tangible common stockholders’ equity	$	2,009,532		$	1,993,044		$	1,848,096		$	1,914,769		$	1,894,248
Total assets	$	27,372,175		$	27,345,674		$	27,564,325		$	27,959,123		$	27,583,446
Intangible assets:
Goodwill		(1,320,799	)		(1,320,799	)		(1,320,799	)		(1,320,799	)		(1,320,799	)
Other intangible assets		(108,795	)		(112,645	)		(116,660	)		(120,758	)		(124,854	)
Total intangibles		(1,429,594	)		(1,433,444	)		(1,437,459	)		(1,441,557	)		(1,445,653	)
Tangible assets	$	25,942,581		$	25,912,230		$	26,126,866		$	26,517,566		$	26,137,793
Ratio of common equity to assets		12.56	%		12.53	%		11.92	%		12.00	%		12.11	%
Ratio of tangible common equity to tangible assets		7.75	%		7.69	%		7.07	%		7.22	%		7.25	%
Calculation of Tangible Book Value per Share
Total common stockholders’ equity	$	3,439,126		$	3,426,488		$	3,285,555		$	3,356,326		$	3,339,901
Intangible assets:
Goodwill		(1,320,799	)		(1,320,799	)		(1,320,799	)		(1,320,799	)		(1,320,799	)
Other intangible assets		(108,795	)		(112,645	)		(116,660	)		(120,758	)		(124,854	)
Total intangibles		(1,429,594	)		(1,433,444	)		(1,437,459	)		(1,441,557	)		(1,445,653	)
Tangible common stockholders’ equity	$	2,009,532		$	1,993,044		$	1,848,096		$	1,914,769		$	1,894,248
Shares of common stock outstanding		125,419,618			125,184,119			125,133,281			126,224,707			127,282,192
Book value per common share	$	27.42		$	27.37		$	26.26		$	26.59		$	26.24
Tangible book value per common share	$	16.02		$	15.92		$	14.77		$	15.17		$	14.88
Calculation of Coverage Ratio of Uninsured, Non-Collateralized Deposits
Uninsured deposits at Simmons Bank	$	8,413,514		$	8,328,444		$	8,143,200		$	8,507,395		$	8,978,581
Less: Collateralized deposits (excluding portion that is FDIC insured)		2,995,241			2,846,716			2,835,405			3,030,550			3,081,829
Less: Intercompany eliminations		775,461			728,480			676,840			674,552			628,592
Total uninsured, non-collateralized deposits	$	4,642,812		$	4,753,248		$	4,630,955		$	4,802,293		$	5,268,160
FHLB borrowing availability	$	5,326,000		$	5,401,000		$	5,372,000		$	5,345,000		$	5,574,000
Unpledged securities		4,122,000			3,817,000			4,124,000			3,877,000			3,000,000
Fed funds lines, Fed discount window and Bank Term Funding Program (1)		2,009,000			1,998,000			1,951,000			1,874,000			2,206,000
Additional liquidity sources	$	11,457,000		$	11,216,000		$	11,447,000		$	11,096,000		$	10,780,000
Uninsured, non-collateralized deposit coverage ratio		2.5			2.4			2.5			2.3			2.0
(1)   The Bank Term Funding Program closed for new loans on March 11, 2024. At no time did Simmons borrow funds under this program.
Calculation of Net Charge Off Ratio
Net charge offs	$	8,070
Less: Net charge offs from run-off (1) and acquired portfolios		4,500
Net charge offs excluding run-off and acquired portfolios	$	3,570
Average total loans	$	16,900,496
Annualized net charge offs to average loans (NCO ratio)		0.19	%
NCO ratio, excluding net charge offs of run-off and acquired portfolios (annualized)		0.08	%

(1) Run-off portfolio consists of asset based lending and small equipment finance portfolios obtained in acquisitions.

Page 11

Simmons First National Corporation	SFNC
Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date
For the Quarters Ended
(Unaudited)

	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
	2024			2023			2023			2023			2023
($ in thousands)
Calculation of Adjusted Return on Average Assets
Net income	$	38,871		$	23,907		$	47,247		$	58,314		$	45,589
Certain items (non-GAAP)
FDIC Deposit Insurance special assessment		1,549			10,521			—			—			—
Merger related costs		—			—			5			19			1,396
Early retirement program		219			1,032			1,557			3,609			—
Loss (gain) on sale of securities		—			20,218			—			391			—
Branch right sizing (net)		236			3,846			547			95			979
Tax effect of certain items (2)		(524	)		(9,309	)		(552	)		(1,074	)		(621	)
Adjusted earnings (non-GAAP)	$	40,351		$	50,215		$	48,804		$	61,354		$	47,343
Average total assets	$	27,259,399		$	27,370,811		$	27,594,611		$	27,766,139		$	27,488,732
Return on average assets		0.57	%		0.35	%		0.68	%		0.84	%		0.67	%
Adjusted return on average assets (non-GAAP)		0.60	%		0.73	%		0.70	%		0.89	%		0.70	%
Calculation of Return on Tangible Common Equity
Net income available to common stockholders	$	38,871		$	23,907		$	47,247		$	58,314		$	45,589
Amortization of intangibles, net of taxes		2,844			2,965			3,027			3,026			3,026
Total income available to common stockholders	$	41,715		$	26,872		$	50,274		$	61,340		$	48,615
Certain items (non-GAAP)
Gain on insurance settlement	$	—		$	—		$	—		$	—		$	—
FDIC Deposit Insurance special assessment		1,549			10,521			—			—			—
Merger related costs		—			—			5			19			1,396
Early retirement program		219			1,032			1,557			3,609			—
Loss (gain) on sale of securities		—			20,218			—			391			—
Branch right sizing (net)		236			3,846			547			95			979
Tax effect of certain items (2)		(524	)		(9,309	)		(552	)		(1,074	)		(621	)
Adjusted earnings (non-GAAP)		40,351			50,215			48,804			61,354			47,343
Amortization of intangibles, net of taxes		2,844			2,965			3,027			3,026			3,026
Total adjusted earnings available to common stockholders (non-GAAP)	$	43,195		$	53,180		$	51,831		$	64,380		$	50,369
Average common stockholders’ equity	$	3,447,021		$	3,336,247		$	3,371,678		$	3,358,924		$	3,370,651
Average intangible assets:
Goodwill		(1,320,799	)		(1,320,799	)		(1,320,799	)		(1,320,799	)		(1,319,624	)
Other intangibles		(111,023	)		(114,861	)		(119,125	)		(123,173	)		(127,394	)
Total average intangibles		(1,431,822	)		(1,435,660	)		(1,439,924	)		(1,443,972	)		(1,447,018	)
Average tangible common stockholders’ equity (non-GAAP)	$	2,015,199		$	1,900,587		$	1,931,754		$	1,914,952		$	1,923,633
Return on average common equity		4.54	%		2.84	%		5.56	%		6.96	%		5.49	%
Return on tangible common equity		8.33	%		5.61	%		10.33	%		12.85	%		10.25	%
Adjusted return on average common equity (non-GAAP)		4.71	%		5.97	%		5.74	%		7.33	%		5.70	%
Adjusted return on tangible common equity (non-GAAP)		8.62	%		11.10	%		10.64	%		13.48	%		10.62	%
Calculation of Efficiency Ratio and Adjusted Efficiency Ratio (1)
Noninterest expense (efficiency ratio numerator)	$	139,879		$	148,139		$	131,998		$	139,696		$	143,228
Certain noninterest expense items (non-GAAP)
Merger related costs		—			—			(5	)		(19	)		(1,396	)
Early retirement program		(219	)		(1,032	)		(1,557	)		(3,609	)		—
FDIC Deposit Insurance special assessment		(1,549	)		(10,521	)		—			—			—
Branch right sizing expense		(236	)		(3,846	)		(547	)		(95	)		(979	)
Other real estate and foreclosure expense adjustment		(179	)		(189	)		(228	)		(289	)		(186	)
Amortization of intangibles adjustment		(3,850	)		(4,015	)		(4,097	)		(4,098	)		(4,096	)
Adjusted efficiency ratio numerator	$	133,846		$	128,536		$	125,564		$	131,586		$	136,571
Net interest income	$	151,906		$	155,628		$	153,433		$	163,230		$	177,835
Noninterest income		43,184			21,974			42,777			44,980			45,835
Fully tax-equivalent adjustment (effective tax rate of 26.135%)		6,422			6,511			6,515			6,106			6,311
Efficiency ratio denominator		201,512			184,113			202,725			214,316			229,981
Certain noninterest income items (non-GAAP) Branch right sizing income		—			—			—			—			—
(Gain) loss on sale of securities		—			20,218			—			391			—
Adjusted efficiency ratio denominator	$	201,512		$	204,331		$	202,725		$	214,707		$	229,981
Efficiency ratio (1)		69.41	%		80.46	%		65.11	%		65.18	%		62.28	%
Adjusted efficiency ratio (non-GAAP) (1)		66.42	%		62.91	%		61.94	%		61.29	%		59.38	%

(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
(Unaudited)

	Mar 31		Dec 31			Sep 30		Jun 30			Mar 31
	2024		2023			2023		2023			2023
($ in thousands)
Calculation of Total Revenue and Adjusted Total Revenue
Net interest income	$	151,906	$	155,628		$	153,433	$	163,230		$	177,835
Noninterest income		43,184		21,974			42,777		44,980			45,835
Total revenue		195,090		177,602			196,210		208,210			223,670
Certain items, pre-tax (non-GAAP)
Less: Gain (loss) on sale of securities		—		(20,218	)		—		(391	)		—
Adjusted total revenue	$	195,090	$	197,820		$	196,210	$	208,601		$	223,670
Calculation of Pre-Provision Net Revenue (PPNR)
Net interest income	$	151,906	$	155,628		$	153,433	$	163,230		$	177,835
Noninterest income		43,184		21,974			42,777		44,980			45,835
Total revenue		195,090		177,602			196,210		208,210			223,670
Less: Noninterest expense		139,879		148,139			131,998		139,696			143,228
Pre-Provision Net Revenue (PPNR)	$	55,211	$	29,463		$	64,212	$	68,514		$	80,442
Calculation of Adjusted Pre-Provision Net Revenue
Pre-Provision Net Revenue (PPNR)	$	55,211	$	29,463		$	64,212	$	68,514		$	80,442
Certain items, pre-tax (non-GAAP)
Plus: Loss (gain) on sale of securities		—		20,218			—		391			—
Plus: FDIC Deposit Insurance special assessment		1,549		10,521			—		—			—
Plus: Merger related costs		—		—			5		19			1,396
Plus: Early retirement program costs		219		1,032			1,557		3,609			—
Plus: Branch right sizing costs (net)		236		3,846			547		95			979
Adjusted Pre-Provision Net Revenue	$	57,215	$	65,080		$	66,321	$	72,628		$	82,817

Page 13

Simmons First National Corporation	SFNC
Reconciliation Of Non-GAAP Financial Measures - Year-to-Date
For the Quarters Ended
(Unaudited)

	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
	2024			2023			2023			2023			2023
($ in thousands)
Calculation of Adjusted Return on Average Assets
Net income	$	38,871		$	175,057		$	151,150		$	103,903		$	45,589
Certain items (non-GAAP)
FDIC Deposit Insurance special assessment		1,549			10,521			—			—			—
Merger related costs		—			1,420			1,420			1,415			1,396
Early retirement program		219			6,198			5,166			3,609			—
Loss (gain) on sale of securities		—			20,609			391			391			—
Branch right sizing (net)		236			5,467			1,621			1,074			979
Tax effect of certain items (2)		(524	)		(11,556	)		(2,247	)		(1,695	)		(621	)
Adjusted earnings (non-GAAP)	$	40,351		$	207,716		$	157,501		$	108,697		$	47,343
Average total assets	$	27,259,399		$	27,554,859		$	27,616,882		$	27,628,202		$	27,488,732
Return on average assets		0.57	%		0.64	%		0.73	%		0.76	%		0.67	%
Adjusted return on average assets (non-GAAP)		0.60	%		0.75	%		0.76	%		0.79	%		0.70	%
Calculation of Return on Tangible Common Equity
Net income available to common stockholders	$	38,871		$	175,057		$	151,150		$	103,903		$	45,589
Amortization of intangibles, net of taxes		2,844			12,044			9,079			6,052			3,026
Total income available to common stockholders	$	41,715		$	187,101		$	160,229		$	109,955		$	48,615
Certain items (non-GAAP)
FDIC Deposit Insurance special assessment	$	1,549		$	10,521		$	—		$	—		$	—
Merger related costs		—			1,420			1,420			1,415			1,396
Early retirement program		219			6,198			5,166			3,609			—
Loss (gain) on sale of securities		—			20,609			391			391			—
Branch right sizing (net)		236			5,467			1,621			1,074			979
Tax effect of certain items (2)		(524	)		(11,556	)		(2,247	)		(1,695	)		(621	)
Adjusted earnings (non-GAAP)		40,351			207,716			157,501			108,697			47,343
Amortization of intangibles, net of taxes		2,844			12,044			9,079			6,052			3,026
Total adjusted earnings available to common stockholders (non-GAAP)	$	43,195		$	219,760		$	166,580		$	114,749		$	50,369
Average common stockholders’ equity	$	3,447,021		$	3,359,312		$	3,367,088		$	3,364,755		$	3,370,651
Average intangible assets:
Goodwill		(1,320,799	)		(1,320,510	)		(1,320,412	)		(1,320,215	)		(1,319,624	)
Other intangibles		(111,023	)		(121,098	)		(123,200	)		(125,272	)		(127,394	)
Total average intangibles		(1,431,822	)		(1,441,608	)		(1,443,612	)		(1,445,487	)		(1,447,018	)
Average tangible common stockholders’ equity (non-GAAP)	$	2,015,199		$	1,917,704		$	1,923,476		$	1,919,268		$	1,923,633
Return on average common equity		4.54	%		5.21	%		6.00	%		6.23	%		5.49	%
Return on tangible common equity		8.33	%		9.76	%		11.14	%		11.55	%		10.25	%
Adjusted return on average common equity (non-GAAP)		4.71	%		6.18	%		6.25	%		6.51	%		5.70	%
Adjusted return on tangible common equity (non-GAAP)		8.62	%		11.46	%		11.58	%		12.06	%		10.62	%
Calculation of Efficiency Ratio and Adjusted Efficiency Ratio (1)
Noninterest expense (efficiency ratio numerator)	$	139,879		$	563,061		$	414,922		$	282,924		$	143,228
Certain noninterest expense items (non-GAAP)
Merger related costs		—			(1,420	)		(1,420	)		(1,415	)		(1,396	)
Early retirement program		(219	)		(6,198	)		(5,166	)		(3,609	)		—
FDIC Deposit Insurance special assessment		(1,549	)		(10,521	)		—			—			—
Branch right sizing expense		(236	)		(5,467	)		(1,621	)		(1,074	)		(979	)
Other real estate and foreclosure expense adjustment		(179	)		(892	)		(703	)		(475	)		(186	)
Amortization of intangibles adjustment		(3,850	)		(16,306	)		(12,291	)		(8,194	)		(4,096	)
Adjusted efficiency ratio numerator	$	133,846		$	522,257		$	393,721		$	268,157		$	136,571
Net interest income	$	151,906		$	650,126		$	494,498		$	341,065		$	177,835
Noninterest income		43,184			155,566			133,592			90,815			45,835
Fully tax-equivalent adjustment (effective tax rate of 26.135%)		6,422			25,443			18,932			12,417			6,311
Efficiency ratio denominator		201,512			831,135			647,022			444,297			229,981
Certain noninterest income items (non-GAAP) Branch right sizing income		—			—			—			—			—
(Gain) loss on sale of securities		—			20,609			391			391			—
Adjusted efficiency ratio denominator	$	201,512		$	851,744		$	647,413		$	444,688		$	229,981
Efficiency ratio (1)		69.41	%		67.75	%		64.13	%		63.68	%		62.28	%
Adjusted efficiency ratio (non-GAAP) (1)		66.42	%		61.32	%		60.81	%		60.30	%		59.38	%

(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