Simmons Reports Second Quarter 2019 Earnings

PINE BLUFF, Ark., July 23, 2019 (GLOBE NEWSWIRE) -- Simmons First National Corporation (NASDAQ: SFNC) today announced net income of $55.6 million for the quarter ended June 30, 2019, compared to $53.6 million for the same period in 2018, an increase of $2.0 million, or 3.8%. Diluted earnings per share were $0.58, equal to the same period in 2018. Included in second quarter 2019 results were $9.9 million in net after-tax merger-related, early retirement program and branch right-sizing costs. Excluding the impact of these items, core earnings were $65.5 million for the quarter ended June 30, 2019, compared to $54.7 million for the quarter ended June 30, 2018, an increase of $10.8 million, or 19.8%. Core diluted earnings per share were $0.68, an increase of $0.09, or 15.3%, from the same period in 2018.

Year-to-date net income for the first half of 2019 was $103.3 million, or $1.09 diluted earnings per share, compared to $104.9 million, or $1.13 diluted earnings per share, for the same period in 2018. Excluding $11.2 million in net after-tax merger-related, early retirement program and branch right-sizing costs, year-to-date core earnings for 2019 were $114.5 million, an increase of $7.3 million compared to the same period last year. Core diluted earnings per share were $1.21, an increase of $0.05, or 4.3%, from the same period in 2018.

“We are very pleased with the results of our second quarter operations. We closed our acquisition of Reliance Bank in St. Louis and converted systems on April 12^th, finishing the quarter with just under $18 billion in assets,” said George A. Makris Jr., Chairman and CEO.

Makris continued, “We had very nice organic loan and core deposit growth during the quarter and our loan pipeline is still very strong with over $400 million approved and ready to close. We maintained a stable net interest margin and we improved our overall asset quality. We are very proud of our expense management demonstrated this quarter. We also completed the move to our new Little Rock corporate offices in the vibrant Rivermarket area of downtown. Additionally, on top of our recognition in many of our communities for our customer service, we were recently recognized as a Best Place to Work in Arkansas by Arkansas Business for a second year in a row.”


Selected Highlights:	2^nd Qtr 2019	1^st Qtr 2019	2^nd Qtr 2018
Net income	$55.6 million	$47.7 million	$53.6 million
Diluted earnings per share	$0.58	$0.51	$0.58
Return on avg assets	1.28%	1.19%	1.38%
Return on avg common equity	9.48%	8.60%	10.05%
Return on tangible common equity	17.40%	15.34%	18.70%

Core earnings ⁽¹⁾	$65.5 million	$49.1 million	$54.7 million
Diluted core earnings per share ⁽¹⁾	$0.68	$0.53	$0.59
Core return on avg assets ⁽¹⁾	1.51%	1.22%	1.41%
Core return on avg common equity ⁽¹⁾	11.16%	8.85%	10.26%
Core return on tangible common equity ⁽¹⁾	20.36%	15.76%	19.06%

Efficiency ratio ⁽²⁾	49.88%	56.76%	52.70%

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

Loans

(In billions)	2^nd Qtr 2019	1^st Qtr 2019	2^nd Qtr 2018
Total loans	$13.1	$11.7	$11.4
Legacy loans (excludes loans acquired)	$9.3	$8.7	$7.1
Loans acquired	$3.9	$3.0	$4.3

Total loans, including those acquired, were $13.1 billion at June 30, 2019, an increase of $1.8 billion, or 15.5%, compared to $11.4 billion at June 30, 2018. On a linked-quarter basis (June 30, 2019 compared to March 31, 2019), total loans increased $1.4 billion, or 11.8%. Included in the second quarter increase are loan balances of $1.0 billion related to the Reliance Bank merger during the quarter. Organic loan growth, primarily in the real estate portfolio, accounted for approximately $387 million of the increase.

Deposits

(In billions)	2^nd Qtr 2019	1^st Qtr 2019	2^nd Qtr 2018
Total deposits	$13.5	$12.0	$12.0
Non-time deposits	$10.2	$9.3	$9.6
Time deposits	$3.3	$2.7	$2.4

Total deposits were $13.5 billion at June 30, 2019, an increase of $1.6 billion, or 13.1%, since June 30, 2018. Total deposits increased $1.5 billion, or 12.7%, compared to March 31, 2019. Of the deposit increase during the quarter ended June 30, 2019, $1.2 billion was due to the Reliance Bank merger and $322 million was from organic deposit growth.

Net Interest Income

	2^nd Qtr 2019	1^st Qtr 2019	4^th Qtr 2018	3^rd Qtr 2018	2^nd Qtr 2018
Loan yield ⁽¹⁾	5.58%	5.53%	5.39%	5.54%	5.40%
Core loan yield ^{(1) (2)}	5.26%	5.29%	5.25%	5.19%	5.04%
Security yield ⁽¹⁾	3.02%	3.09%	2.87%	2.74%	2.75%
Cost of interest bearing deposits	1.37%	1.31%	1.20%	1.05%	0.84%
Cost of deposits ⁽³⁾	1.07%	1.02%	0.93%	0.81%	0.64%
Cost of borrowed funds	2.50%	2.73%	2.64%	2.48%	2.38%
Net interest margin ⁽¹⁾	3.92%	3.85%	3.76%	3.98%	3.99%
Core net interest margin ^{(1) (2)}	3.66%	3.67%	3.66%	3.71%	3.70%

Fully tax equivalent.
Core loan yield and core net interest margin exclude accretion, and are non-GAAP measurements.
Includes non-interest bearing deposits.

The Company’s net interest income for the second quarter of 2019 was $150.4 million, an increase of $13.5 million, or 9.9%, from the same period of 2018. Included in interest income was the yield accretion recognized on loans acquired of $10.2 million and $10.1 million for the second quarters of 2019 and 2018, respectively. Of this quarter’s yield accretion, $4.9 million, or 48%, was accretable credit mark related and $5.3 million, or 52%, was interest mark related.

Net interest margin was 3.92% for the quarter ended June 30, 2019, a 7 basis point increase from the first quarter 2019. The Company’s core net interest margin, excluding the accretion, was 3.66% for the second quarter of 2019, a 1 basis point decrease from the first quarter of 2019. Cost of interest bearing deposits was 1.37% for the second quarter of 2019, a 6 basis point increase from the prior quarter.

Non-Interest Income

Non-interest income for the second quarter of 2019 was $39.0 million, an increase of $958,000 compared to the same period in the previous year. The increase was primarily due to $2.8 million gain on sale of securities and incremental increases in service charges, mortgage lending income and SBA lending income. These increases were offset by reductions in debit card fees. The interchange rate cap as established by the Durbin amendment became effective for the Company July 1, 2018, resulting in a $3.1 million reduction in debit card fees when compared to the second quarter of last year.

Selected Non-Interest Income Items ($ in millions)	2^nd Qtr 2019	1^st Qtr 2019	4^th Qtr 2018	3^rd Qtr 2018	2^nd Qtr 2018
Service charges on deposit accounts	$10.6	$10.1	$11.3	$10.8	$10.1
Mortgage lending income	$3.7	$2.8	$1.5	$1.5	$2.8
SBA lending income	$0.9	$0.5	$0.2	$0.3	$0.4
Debit and credit card fees	$7.2	$6.1	$6.5	$6.8	$10.1
Gain (loss) on sale of securities	$2.8	$2.7	-	$0.1	-

Non-Interest Expense

Non-interest expense for the second quarter of 2019 was $110.7 million, an increase of $12.2 million compared to the second quarter of 2018. Included in this quarter were $13.3 million of pre-tax non-core items. Merger-related costs totaled $7.5 million, early retirement program expenses were $2.9 million and branch right-sizing costs, primarily related to the relocation of the Little Rock corporate offices, were $2.9 million, Excluding these expenses, core non-interest expense was $97.4 million for the second quarter of 2019, an increase of $378,000 compared to the same period in 2018.

Selected Non-Interest Expense Items ($ in millions)	2^nd Qtr 2019	1^st Qtr 2019	4^th Qtr 2018	3^rd Qtr 2018	2^nd Qtr 2018
Salaries and employee benefits	$56.1	$56.4	$49.2	$55.5	$55.7
Merger related costs	$7.5	$1.5	$0.8	$0.8	$1.5
Other operating expenses	$32.9	$30.1	$30.2	$29.7	$26.2

Core salaries and employee benefits	$53.2	$56.0	$49.1	$55.5	$55.7
Core merger related costs	-	-	-	-	-
Core other operating expenses	$30.0	$30.1	$30.3	$28.7	$26.2

Software and technology costs increased approximately $2.2 million over the same period in the prior year. The Company’s Next Generation Banking technology initiative is progressing on schedule and the incremental IT expenditures were primarily related to this initiative.

Early in 2019, the Company offered qualifying associates an early retirement option resulting in $2.9 million of non-core expense during the second quarter. The Company expects ongoing net annualized savings of approximately $4.4 million.

The efficiency ratio for the second quarter of 2019 was 49.88% compared to 52.70% for the same period in 2018.

Asset Quality

	2^nd Qtr 2019	1^st Qtr 2019	4^th Qtr 2018	3^rd Qtr 2018	2^nd Qtr 2018
Allowance for loan losses to total loans	0.68%	0.68%	0.67%	0.68%	0.73%
Allowance for loan losses to non-performing loans	101%	97%	164%	136%	115%
Non-performing loans to total loans	0.67%	0.70%	0.41%	0.50%	0.63%
Net charge-off ratio (annualized)	0.14%	0.20%	0.35%	0.36%	0.17%
- Net charge-off ratio excluding loan sale				0.12%

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

At June 30, 2019, the allowance for loan losses for legacy loans was $63.1 million. The allowance for loan losses for loans acquired was $1.1 million and the acquired loan discount mark was $73.5 million. The allowance for loan losses and discount mark provides a total of $137.7 million of coverage, which equates to a total coverage ratio of 1.04% of gross loans. The ratio of discount mark and related allowance to loans acquired was 1.89%.

Provision for loan losses for the second quarter of 2019 was $7.1 million, a decrease of $2.0 million when compared to June 30, 2018 and $2.2 million less than the first quarter of 2019.

Foreclosed Assets and Other Real Estate Owned

At June 30, 2019, foreclosed assets and other real estate owned were $24.8 million, a decrease of $5.7 million, or 18.8%, compared to the same period in 2018 and an increase of $5.8 million, or 30.7%, from March 31, 2019. The increase of $7.1 million in acquired foreclosed assets was due to the merger during the quarter. The composition of these assets is divided into three types:

($ in millions)	2^nd Qtr 2019	1^st Qtr 2019	4^th Qtr 2018	3^rd Qtr 2018	2^nd Qtr 2018
Closed bank branches, branch sites & associate relocation	$6.5	$7.6	$8.0	$9.6	$7.2
Foreclosed assets - acquired	$13.3	$6.2	$11.5	$8.0	$13.2
Foreclosed assets - legacy	$5.0	$5.2	$6.1	$5.1	$10.1

Capital

	2^nd Qtr 2019	1^st Qtr 2019	4^th Qtr 2018	3^rd Qtr 2018	2^nd Qtr 2018




Stockholders’ equity to total assets	13.8%	14.3%	13.6%	13.4%	13.3%




Tangible common equity to tangible assets	8.5%	9.0%	8.4%	8.1%	7.9%




Regulatory tier 1 leverage ratio	8.9%	9.1%	8.8%	8.7%	8.6%




Regulatory total risk-based capital ratio	12.7%	13.6%	13.3%	13.1%	13.7%

At June 30, 2019, common stockholders' equity was $2.5 billion. Book value per share was $25.57 and tangible book value per share was $14.90 at June 30, 2019, compared to $23.26 and $13.05, respectively, at June 30, 2018.

Simmons First National Corporation

Simmons First National Corporation is a financial holding company headquartered in Pine Bluff, Arkansas, with total assets of approximately $17.9 billion as of June 30, 2019, conducting financial operations in Arkansas, Colorado, Illinois, Kansas, Missouri, Oklahoma, Tennessee and Texas. The Company, through its subsidiaries, offers comprehensive financial solutions delivered with a client-centric approach. The Company’s common stock trades on the NASDAQ Market under the symbol “SFNC.”

Conference Call

Management will conduct a live conference call to review this information beginning at 9:00 a.m. CDT today, Tuesday, July 23, 2019. Interested persons can listen to this call by dialing toll-free 1-866-298-7926 (United States and Canada only) and asking for the Simmons First National Corporation conference call, conference ID 9976425. In addition, the call will be available live or in recorded version on the Company’s website at www.simmonsbank.com.

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles (GAAP). The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance. These measures typically adjust GAAP performance measures to include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant non-core activities or nonrecurring transactions. Since the presentation of these GAAP performance measures and their impact differ between companies, management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s core businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.

Forward-Looking Statements

Some of the statements in this news release may not be based on historical facts and should be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by reference to future periods or by the use of forward-looking terminology, such as “believe,” “budget,” “expect,” “foresee,” “anticipate,” “intend,” “indicate,” “target,” “estimate,” “plan,” “project,” “continue,” “contemplate,” “positions,” “prospects,” “predict,” or “potential,” by future conditional verbs such as “will,” “would,” “should,” “could,” “might” or “may,” or by variations of such words or by similar expressions. These forward-looking statements include, without limitation, statements relating to Simmons’ future growth, revenue, assets, asset quality, profitability, net interest margin, non-interest revenue, allowance for loan losses, and the effect of certain new accounting standards on Simmons’ financial statements. Any forward-looking statement speaks only as of the date of this news release, and Simmons undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release. By nature, forward-looking statements are based on various assumptions and involve inherent risk and uncertainties. Various factors, including, but not limited to, changes in economic conditions, credit quality, interest rates, loan demand, deposit flows, real estate values, the assumptions used in making the forward-looking statements, the securities markets generally or the price of Simmons common stock specifically, information technology affecting the financial industry, and the Company’s ability to manage and successfully integrate its mergers and acquisitions could cause actual results to differ materially from those contemplated by the forward-looking statements. Additional information on factors that might affect Simmons First National Corporation’s financial results is included in its Form 10-K for the year ended December 31, 2018, which has been filed with, and is available from, the Securities and Exchange Commission.

FOR MORE INFORMATION CONTACT:
Stephen C. Massanelli
EVP, Chief Administrative Officer and Investor Relations Officer
Simmons First National Corporation
steve.massanelli@simmonsbank.com


Simmons First National Corporation													SFNC
Consolidated End of Period Balance Sheets
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2019			2019			2018			2018			2018
($ in thousands)
ASSETS
Cash and non-interest bearing balances due from banks	$	145,491		$	151,112		$	171,792		$	125,231		$	162,567
Interest bearing balances due from banks and federal funds sold		509,765			340,049			661,666			388,573			781,279
Cash and cash equivalents		655,256			491,161			833,458			513,804			943,846
Interest bearing balances due from banks - time		5,041			4,684			4,934			3,954			2,974
Investment securities - held-to-maturity		47,455			61,435			289,194			323,306			333,503
Investment securities - available-for-sale		2,342,387			2,240,111			2,151,752			1,997,814			1,938,644
Mortgage loans held for sale		34,999			18,480			26,799			48,195			39,812
Other assets held for sale		397			397			1,790			5,136			14,898
Loans:
Legacy loans		9,262,497			8,684,550			8,430,388			8,123,274			7,133,461
Allowance for loan losses		(63,067	)		(59,243	)		(56,599	)		(55,358	)		(51,732	)
Loans acquired, net of discount and allowance		3,864,516			3,056,187			3,292,783			3,734,921			4,232,434
Net loans		13,063,946			11,681,494			11,666,572			11,802,837			11,314,163
Premises and equipment		370,551			333,740			295,060			287,246			288,777
Foreclosed assets and other real estate owned		24,761			18,952			25,565			22,664			30,503
Interest receivable		54,781			51,796			49,938			51,509			44,266
Bank owned life insurance		233,345			192,736			193,170			192,680			191,575
Goodwill		926,450			845,687			845,687			845,687			845,687
Other intangible assets		104,096			88,694			91,334			93,975			96,720
Other assets		73,970			62,272			68,084			92,457			80,165
Total assets	$	17,937,435		$	16,091,639		$	16,543,337		$	16,281,264		$	16,165,533

LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing transaction accounts	$	2,954,032		$	2,674,034		$	2,672,405		$	2,778,670		$	2,683,489
Interest bearing transaction accounts and savings deposits		7,258,005			6,666,823			6,830,191			6,776,330			6,916,520
Time deposits		3,304,176			2,648,674			2,896,156			2,533,506			2,353,439
Total deposits		13,516,213			11,989,531			12,398,752			12,088,506			11,953,448
Federal funds purchased and securities sold
under agreements to repurchase		130,470			120,213			95,792			109,213			99,801
Other borrowings		1,324,094			1,169,989			1,345,450			1,420,917			1,451,811
Subordinated notes and debentures		354,132			354,041			353,950			372,934			413,337
Other liabilities held for sale		162			162			162			424			1,840
Accrued interest and other liabilities		142,851			155,382			102,797			105,951			98,388
Total liabilities		15,467,922			13,789,318			14,296,903			14,097,945			14,018,625

Stockholders' equity:
Common stock		966			926			923			923			923
Surplus		1,705,262			1,599,566			1,597,944			1,597,261			1,594,342
Undivided profits		747,969			707,829			674,941			633,175			591,826
Accumulated other comprehensive income (loss):
Unrealized accretion (depreciation) on AFS securities		15,316			(6,000	)		(27,374	)		(48,040	)		(40,183	)
Total stockholders' equity		2,469,513			2,302,321			2,246,434			2,183,319			2,146,908
Total liabilities and stockholders' equity	$	17,937,435		$	16,091,639		$	16,543,337		$	16,281,264		$	16,165,533


Simmons First National Corporation									SFNC
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended	Jun 30		Mar 31		Dec 31		Sep 30		Jun 30
(Unaudited)	2019		2019		2018		2018		2018
($ in thousands, except per share data)
INTEREST INCOME
Loans	$	178,122	$	159,440	$	159,996	$	162,438	$	150,253
Interest bearing balances due from banks and federal funds sold		1,121		2,154		2,168		1,405		1,414
Investment securities		16,594		17,312		15,760		14,640		14,296
Mortgage loans held for sale		332		210		372		501		305
TOTAL INTEREST INCOME		196,169		179,116		178,296		178,984		166,268
INTEREST EXPENSE
Time deposits		14,606		12,320		11,273		8,017		6,175
Other deposits		20,190		18,430		17,489		16,373		12,286
Federal funds purchased and securities
sold under agreements to repurchase		257		136		121		104		88
Other borrowings		6,219		6,793		7,134		6,240		5,141
Subordinated notes and debentures		4,541		4,411		4,498		5,282		5,741
TOTAL INTEREST EXPENSE		45,813		42,090		40,515		36,016		29,431
NET INTEREST INCOME		150,356		137,026		137,781		142,968		136,837
Provision for loan losses		7,079		9,285		9,620		10,345		9,033
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES		143,277		127,741		128,161		132,623		127,804
NON-INTEREST INCOME
Trust income		5,794		5,708		5,980		6,277		5,622
Service charges on deposit accounts		10,557		10,068		11,263		10,837		10,063
Other service charges and fees		1,312		1,289		1,501		1,201		2,017
Mortgage lending income		3,656		2,823		1,457		1,521		2,780
SBA lending income		895		497		186		304		350
Investment banking income		360		618		829		664		814
Debit and credit card fees		7,212		6,098		6,547		6,820		10,105
Bank owned life insurance income		1,260		795		1,105		1,105		1,102
Gain (loss) on sale of securities, net		2,823		2,740		8		54		(7	)
Other income		5,137		3,125		5,712		4,942		5,202
TOTAL NON-INTEREST INCOME		39,006		33,761		34,588		33,725		38,048
NON-INTEREST EXPENSE
Salaries and employee benefits		56,128		56,367		49,193		55,515		55,678
Occupancy expense, net		6,919		7,475		7,016		7,713		7,921
Furniture and equipment expense		4,206		3,358		4,139		3,761		4,020
Other real estate and foreclosure expense		591		637		1,540		538		1,382
Deposit insurance		2,510		2,040		2,489		2,248		1,856
Merger-related costs		7,522		1,470		797		804		1,465
Other operating expenses		32,867		30,062		30,222		29,674		26,185
TOTAL NON-INTEREST EXPENSE		110,743		101,409		95,396		100,253		98,507
NET INCOME BEFORE INCOME TAXES		71,540		60,093		67,353		66,095		67,345
Provision for income taxes		15,616		12,398		11,707		10,902		13,783
NET INCOME		55,924		47,695		55,646		55,193		53,562
Preferred stock dividends		326		-		-		-		-
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	55,598	$	47,695	$	55,646	$	55,193	$	53,562
BASIC EARNINGS PER SHARE	$	0.58	$	0.52	$	0.60	$	0.60	$	0.58
DILUTED EARNINGS PER SHARE	$	0.58	$	0.51	$	0.60	$	0.59	$	0.58


Simmons First National Corporation													SFNC
Consolidated Risk-Based Capital
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2019			2019			2018			2018			2018
($ in thousands)
Tier 1 capital
Stockholders' equity	$	2,469,513		$	2,302,321		$	2,246,434		$	2,183,319		$	2,146,908
Disallowed intangible assets, net of deferred tax		(1,001,676	)		(910,122	)		(912,428	)		(914,788	)		(917,050	)
Unrealized (gain) loss on AFS securities		(15,316	)		6,000			27,374			48,040			40,183
Total Tier 1 capital		1,452,521			1,398,199			1,361,380			1,316,571			1,270,041

Tier 2 capital
Qualifying unrealized gain on AFS equity securities		-			-			-			1			1
Trust preferred securities and subordinated debt		354,132			354,041			353,950			372,934			413,337
Qualifying allowance for loan losses and
reserve for unfunded commitments		72,044			67,771			63,608			63,618			60,691
Total Tier 2 capital		426,176			421,812			417,558			436,553			474,029
Total risk-based capital	$	1,878,697		$	1,820,011		$	1,778,938		$	1,753,124		$	1,744,070

Risk weighted assets	$	14,825,253		$	13,364,636		$	13,326,832		$	13,402,910		$	12,713,093

Adjusted average assets for leverage ratio	$	16,382,520		$	15,423,961		$	15,512,042		$	15,179,889		$	14,714,205

Ratios at end of quarter
Equity to assets		13.77	%		14.31	%		13.58	%		13.41	%		13.28	%
Tangible common equity to tangible assets ⁽¹⁾		8.51	%		9.02	%		8.39	%		8.11	%		7.91	%
Common equity Tier 1 ratio (CET1)		9.80	%		10.46	%		10.22	%		9.82	%		9.99	%
Tier 1 leverage ratio		8.87	%		9.07	%		8.78	%		8.67	%		8.63	%
Tier 1 risk-based capital ratio		9.80	%		10.46	%		10.22	%		9.82	%		9.99	%
Total risk-based capital ratio		12.67	%		13.62	%		13.35	%		13.08	%		13.72	%

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


Simmons First National Corporation									SFNC
Consolidated Loans and Investments
For the Quarters Ended	Jun 30		Mar 31		Dec 31		Sep 30		Jun 30
(Unaudited)	2019		2019		2018		2018		2018
($ in thousands)
Legacy Loan Portfolio - End of Period ⁽¹⁾
Consumer
Credit cards	$	187,919	$	181,549	$	204,173	$	182,137	$	180,352
Other consumer		207,445		213,659		201,297		259,581		277,330
Total consumer		395,364		395,208		405,470		441,718		457,682
Real Estate
Construction		1,540,352		1,376,162		1,300,723		1,229,888		967,720
Single-family residential		1,444,525		1,431,407		1,440,443		1,401,991		1,314,787
Other commercial		3,531,273		3,355,109		3,225,287		3,077,188		2,816,420
Total real estate		6,516,150		6,162,678		5,966,453		5,709,067		5,098,927
Commercial
Commercial		1,871,695		1,801,422		1,774,909		1,608,342		1,237,910
Agricultural		191,922		147,216		164,514		218,778		187,006
Total commercial		2,063,617		1,948,638		1,939,423		1,827,120		1,424,916
Other		287,366		178,026		119,042		145,369		151,936
Total Loans	$	9,262,497	$	8,684,550	$	8,430,388	$	8,123,274	$	7,133,461

(1) Excludes all acquired loans.

Investment Securities - End of Period
Held-to-Maturity
U.S. Government agencies	$	999	$	12,996	$	16,990	$	34,983	$	36,976
Mortgage-backed securities		12,225		12,847		13,346		13,933		14,645
State and political subdivisions		32,236		33,597		256,863		272,396		279,787
Other securities		1,995		1,995		1,995		1,994		2,095
Total held-to-maturity		47,455		61,435		289,194		323,306		333,503
Available-for-Sale
U.S. Government agencies	$	197,656	$	161,577	$	154,301	$	141,460	$	145,767
Mortgage-backed securities		1,345,760		1,345,677		1,522,900		1,419,626		1,395,231
State and political subdivisions		636,558		580,790		314,843		282,439		245,335
FHLB stock		66,588		65,220		73,105		72,579		72,042
Other securities		95,825		86,847		86,603		81,710		80,269
Total available-for-sale		2,342,387		2,240,111		2,151,752		1,997,814		1,938,644
Total investment securities	$	2,389,842	$	2,301,546	$	2,440,946	$	2,321,120	$	2,272,147
Fair value - HTM investment securities	$	48,640	$	61,956	$	290,830	$	322,838	$	334,857

Investment Securities - QTD Average
Taxable securities	$	1,793,799	$	1,880,694	$	1,815,203	$	1,775,193	$	1,750,172
Tax exempt securities		624,898		590,941		551,185		539,135		514,838
Total investment securities - QTD average	$	2,418,697	$	2,471,635	$	2,366,388	$	2,314,328	$	2,265,010


Simmons First National Corporation													SFNC
Consolidated Loans and Credit Coverage
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2019			2019			2018			2018			2018
($ in thousands)
LOANS
Legacy loans	$	9,262,497		$	8,684,550		$	8,430,388		$	8,123,274		$	7,133,461
Allowance for loan losses (legacy loans)		(63,067	)		(59,243	)		(56,599	)		(55,358	)		(51,732	)
Legacy loans (net of allowance)		9,199,430			8,625,307			8,373,789			8,067,916			7,081,729
Loans acquired		3,939,126			3,099,915			3,342,175			3,790,234			4,302,760
Credit discount		(73,498	)		(42,416	)		(49,297	)		(53,968	)		(68,282	)
Allowance for loan losses (loans acquired)		(1,112	)		(1,312	)		(95	)		(1,345	)		(2,044	)
Loans acquired (net of discount and allowance)		3,864,516			3,056,187			3,292,783			3,734,921			4,232,434
Net loans	$	13,063,946		$	11,681,494		$	11,666,572		$	11,802,837		$	11,314,163


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

Discount for credit losses and allowance on loans acquired
to total loans acquired plus discount for credit losses
and allowance on loans acquired (non-GAAP) ⁽¹⁾		1.89	%		1.41	%		1.48	%		1.46	%		1.63	%

Total allowance and credit coverage (non-GAAP) ⁽¹⁾		1.04	%		0.87	%		0.90	%		0.93	%		1.07	%

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


Simmons First National Corporation													SFNC
Consolidated Allowance and Asset Quality
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2019			2019			2018			2018			2018
($ in thousands)
Allowance for Loan Losses (Legacy Loans)
Balance, beginning of quarter	$	59,243		$	56,599		$	55,358		$	51,732		$	47,207
Loans charged off
Credit cards		1,039			1,142			1,121			919			1,012
Other consumer		905			1,533			2,894			1,321			1,366
Real estate		271			374			337			4,952			161
Commercial		1,867			1,968			3,480			592			790
Total loans charged off		4,082			5,017			7,832			7,784			3,329

Recoveries of loans previously charged off
Credit cards		271			240			227			229			286
Other consumer		331			300			154			176			133
Real estate		153			142			367			210			112
Commercial		72			158			167			450			59
Total recoveries		827			840			915			1,065			590
Net loans charged off		3,255			4,177			6,917			6,719			2,739
Provision for loan losses		7,079			6,821			8,158			10,345			7,264
Balance, end of quarter	$	63,067		$	59,243		$	56,599		$	55,358		$	51,732

Non-performing assets ^{(1) (2)}
Non-performing loans
Nonaccrual loans	$	61,956		$	60,925		$	34,201		$	40,505		$	44,548
Loans past due 90 days or more		267			281			224			281			303
Total non-performing loans		62,223			61,206			34,425			40,786			44,851
Other non-performing assets
Foreclosed assets and other real estate owned ⁽²⁾		24,761			18,952			25,565			22,664			30,503
Other non-performing assets		613			505			553			524			573
Total other non-performing assets		25,374			19,457			26,118			23,188			31,076
Total non-performing assets	$	87,597		$	80,663		$	60,543		$	63,974		$	75,927
Performing TDRs (troubled debt restructurings)	$	6,246		$	6,297		$	6,369		$	8,413		$	6,367

Ratios ^{(1) (2)}
Allowance for loan losses to total loans		0.68	%		0.68	%		0.67	%		0.68	%		0.73	%
Allowance for loan losses to non-performing loans		101	%		97	%		164	%		136	%		115	%
Non-performing loans to total loans		0.67	%		0.70	%		0.41	%		0.50	%		0.63	%
Non-performing assets (including performing TDRs)
to total assets		0.52	%		0.54	%		0.40	%		0.44	%		0.51	%
Non-performing assets to total assets		0.49	%		0.50	%		0.37	%		0.39	%		0.47	%
Annualized net charge offs to total loans		0.14	%		0.20	%		0.35	%		0.36	%		0.17	%
Annualized net credit card charge offs to
total credit card loans		1.63	%		1.92	%		1.86	%		1.47	%		1.60	%

(1) Excludes all acquired loans, except for their inclusion in total assets.
(2) Includes acquired foreclosed assets and acquired other real estate owned.


Simmons First National Corporation																	SFNC
Consolidated - Average Balance Sheet and Net Interest Income Analysis
For the Quarters Ended
(Unaudited)
	Three Months Ended Jun 2019						Three Months Ended Mar 2019						Three Months Ended Jun 2018
($ in thousands)	Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate
ASSETS
Earning assets:
Interest bearing balances due from banks
and federal funds sold	$	276,370	$	1,121	1.63	%	$	394,462	$	2,154	2.21	%	$	422,987	$	1,414	1.34	%
Investment securities - taxable		1,793,799		11,994	2.68	%		1,880,694		12,989	2.80	%		1,750,172		10,764	2.47	%
Investment securities - non-taxable (FTE)		624,898		6,209	3.99	%		590,941		5,834	4.00	%		514,838		4,771	3.72	%
Mortgage loans held for sale		32,030		332	4.16	%		17,733		210	4.80	%		28,688		305	4.26	%
Loans, including acquired loans		12,813,274		178,219	5.58	%		11,710,075		159,530	5.53	%		11,159,872		150,322	5.40	%
Total interest earning assets (FTE)		15,540,371		197,875	5.11	%		14,593,905		180,717	5.02	%		13,876,557		167,576	4.84	%
Non-earning assets		1,842,501						1,708,292						1,704,140
Total assets	$	17,382,872					$	16,302,197					$	15,580,697

LIABILITIES AND STOCKHOLDERS' EQUITY
Interest bearing liabilities:
Interest bearing transaction and
savings accounts	$	7,139,356	$	20,190	1.13	%	$	6,749,032	$	18,430	1.11	%	$	6,570,471	$	12,286	0.75	%
Time deposits		3,072,246		14,606	1.91	%		2,781,592		12,320	1.80	%		2,233,673		6,175	1.11	%
Total interest bearing deposits		10,211,602		34,796	1.37	%		9,530,624		30,750	1.31	%		8,804,144		18,461	0.84	%
Federal funds purchased and securities
sold under agreement to repurchase		133,242		257	0.77	%		109,302		136	0.50	%		107,205		88	0.33	%
Other borrowings		1,277,450		6,219	1.95	%		1,224,255		6,793	2.25	%		1,273,135		5,141	1.62	%
Subordinated notes and debentures		354,088		4,541	5.14	%		353,996		4,411	5.05	%		466,612		5,741	4.93	%
Total interest bearing liabilities		11,976,382		45,813	1.53	%		11,218,177		42,090	1.52	%		10,651,096		29,431	1.11	%
Non-interest bearing liabilities:
Non-interest bearing deposits		2,834,452						2,707,715						2,705,677
Other liabilities		207,500						127,407						86,827
Total liabilities		15,018,334						14,053,299						13,443,600
Stockholders' equity		2,364,538						2,248,898						2,137,097
Total liabilities and stockholders' equity	$	17,382,872					$	16,302,197					$	15,580,697
Net interest income (FTE)			$	152,062					$	138,627					$	138,145
Net interest spread (FTE)					3.58	%					3.50	%					3.73	%
Net interest margin (FTE) - quarter-to-date					3.92	%					3.85	%					3.99	%

Net interest margin (FTE) - year-to-date					3.89	%					3.85	%					4.08	%

Core net interest margin (FTE) - quarter-to-date ⁽¹⁾					3.66	%					3.67	%					3.70	%
Core loan yield (FTE) - quarter-to-date ⁽¹⁾					5.26	%					5.29	%					5.04	%

Core net interest margin (FTE) - year-to-date ⁽¹⁾					3.66	%					3.67	%					3.76	%
Core loan yield (FTE) - year-to-date ⁽¹⁾					5.27	%					5.29	%					4.99	%

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


Simmons First National Corporation													SFNC
Consolidated - Selected Financial Data
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2019			2019			2018			2018			2018
($ in thousands, except share data)
QUARTER-TO-DATE
Financial Highlights - GAAP
Net Income	$	55,598		$	47,695		$	55,646		$	55,193		$	53,562
Diluted earnings per share		0.58			0.51			0.60			0.59			0.58
Return on average assets		1.28	%		1.19	%		1.35	%		1.37	%		1.38	%
Return on average common equity		9.48	%		8.60	%		9.98	%		10.06	%		10.05	%
Return on tangible common equity		17.40	%		15.34	%		17.96	%		18.38	%		18.70	%
Net interest margin (FTE)		3.92	%		3.85	%		3.76	%		3.98	%		3.99	%
FTE adjustment		1,706			1,601			1,466			1,393			1,308
Amortization of intangibles		2,947			2,641			2,642			2,745			2,785
Amortization of intangibles, net of taxes		2,177			1,951			1,952			2,027			2,057
Average diluted shares outstanding		96,367,857			92,870,813			92,897,105			92,840,851			92,733,140
Cash dividends declared per common share		0.16			0.16			0.15			0.15			0.15
Financial Highlights - Core (non-GAAP)
Core earnings (excludes non-core items) ⁽¹⁾	$	65,453		$	49,076		$	56,451		$	56,504		$	54,660
Diluted core earnings per share ⁽¹⁾		0.68			0.53			0.61			0.61			0.59
Core net interest margin (FTE) ⁽²⁾		3.66	%		3.67	%		3.66	%		3.71	%		3.70	%
Accretable yield on acquired loans		10,162			6,660			3,850			10,006			10,113
Efficiency ratio ⁽¹⁾		49.88	%		56.76	%		51.99	%		53.47	%		52.70	%
Core return on average assets ⁽¹⁾		1.51	%		1.22	%		1.37	%		1.40	%		1.41	%
Core return on average common equity ⁽¹⁾		11.16	%		8.85	%		10.13	%		10.30	%		10.26	%
Core return on tangible common equity ⁽¹⁾		20.36	%		15.76	%		18.21	%		18.80	%		19.06	%
YEAR-TO-DATE
Financial Highlights - GAAP
Net Income	$	103,293		$	47,695		$	215,713		$	160,067		$	104,874
Diluted earnings per share		1.09			0.51			2.32			1.72			1.13
Return on average assets		1.24	%		1.19	%		1.37	%		1.37	%		1.38	%
Return on average common equity		9.05	%		8.60	%		10.00	%		10.01	%		9.98	%
Return on tangible common equity		16.38	%		15.34	%		18.44	%		18.61	%		18.73	%
Net interest margin (FTE)		3.89	%		3.85	%		3.97	%		4.04	%		4.08	%
FTE adjustment		3,307			1,601			5,297			3,831			2,438
Amortization of intangibles		5,588			2,641			11,009			8,367			5,622
Amortization of intangibles, net of taxes		4,128			1,951			8,132			6,180			4,153
Average diluted shares outstanding		94,588,739			92,870,813			92,830,485			92,796,860			92,692,234
Cash dividends declared per common share		0.32			0.16			0.60			0.45			0.30
Financial Highlights - Core (non-GAAP)
Core earnings (excludes non-core items) ⁽¹⁾	$	114,529		$	49,076		$	220,233		$	163,782		$	107,278
Diluted core earnings per share ⁽¹⁾		1.21			0.53			2.37			1.76			1.16
Core net interest margin (FTE) ⁽²⁾		3.66	%		3.67	%		3.72	%		3.74	%		3.76	%
Accretable yield on acquired loans		16,822			6,660			35,263			31,413			21,407
Efficiency ratio ⁽¹⁾		53.14	%		56.76	%		52.85	%		53.14	%		52.97	%
Core return on average assets ⁽¹⁾		1.37	%		1.22	%		1.40	%		1.41	%		1.41	%
Core return on average common equity ⁽¹⁾		10.04	%		8.85	%		10.21	%		10.24	%		10.20	%
Core return on tangible common equity ⁽¹⁾		18.09	%		15.76	%		18.81	%		19.03	%		19.14	%
END OF PERIOD
Book value per share	$	25.57		$	24.87		$	24.33		$	23.66		$	23.26
Tangible book value per share		14.90			14.78			14.18			13.48			13.05
Shares outstanding		96,590,656			92,568,361			92,347,643			92,291,070			92,281,370
Full-time equivalent employees		2,700			2,602			2,654			2,635			2,659
Total number of financial centers		212			191			191			191			199

(1) Core earnings exclude non-core items, which is a non-GAAP measurement. Reconciliations to GAAP are included in the schedules accompanying this release.
(2) Excludes accretable yield adjustment on loans, which is a non-GAAP measurement. Reconciliations to GAAP are included in the schedules accompanying this release.


Simmons First National Corporation													SFNC
Consolidated - Reconciliation of Core Earnings (non-GAAP)
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2019			2019			2018			2018			2018
($ in thousands, except per share data)
QUARTER-TO-DATE
Net Income	$	55,598		$	47,695		$	55,646		$	55,193		$	53,562
Non-core items
Merger-related costs		7,522			1,470			797			804			1,465
Early retirement program		2,932			355			-			-			-
Branch right-sizing		2,887			45			292			970			22
Tax effect ⁽¹⁾		(3,486	)		(489	)		(284	)		(463	)		(389	)
Net non-core items		9,855			1,381			805			1,311			1,098
Core earnings (non-GAAP)	$	65,453		$	49,076		$	56,451		$	56,504		$	54,660

Diluted earnings per share	$	0.58		$	0.51		$	0.60		$	0.59		$	0.58
Non-core items
Merger-related costs		0.08			0.02			0.01			0.01			0.02
Early retirement program		0.03			0.01			-			-			-
Branch right-sizing		0.03			-			-			0.01			-
Tax effect ⁽¹⁾		(0.04	)		(0.01	)		-			-			(0.01	)
Net non-core items		0.10			0.02			0.01			0.02			0.01
Core earnings (non-GAAP)	$	0.68		$	0.53		$	0.61		$	0.61		$	0.59

YEAR-TO-DATE
Net Income	$	103,293		$	47,695		$	215,713		$	160,067		$	104,874
Non-core items
Merger-related costs		8,992			1,470			4,777			3,980			3,176
Early retirement program		3,287			355			-			-			-
Branch right-sizing		2,932			45			1,341			1,049			79
Tax effect ⁽¹⁾		(3,975	)		(489	)		(1,598	)		(1,314	)		(851	)
Net non-core items		11,236			1,381			4,520			3,715			2,404
Core earnings (non-GAAP)	$	114,529		$	49,076		$	220,233		$	163,782		$	107,278

Diluted earnings per share	$	1.09		$	0.51		$	2.32		$	1.72		$	1.13
Non-core items
Merger-related costs		0.10			0.02			0.05			0.04			0.04
Early retirement program		0.03			0.01			-			-			-
Branch right-sizing		0.03			-			0.02			0.01			-
Tax effect ⁽¹⁾		(0.04	)		(0.01	)		(0.02	)		(0.01	)		(0.01	)
Net non-core items		0.12			0.02			0.05			0.04			0.03
Core earnings (non-GAAP)	$	1.21		$	0.53		$	2.37		$	1.76		$	1.16

(1) Effective tax rate of 26.135%.

Reconciliation of Selected Non-Core Non-Interest Expense Items (non-GAAP)

QUARTER-TO-DATE
Salaries and employee benefits	$	56,128		$	56,367		$	49,193		$	55,515		$	55,678
Non-core items ⁽¹⁾		(2,937	)		(351	)		(118	)		-			-
Core salaries and employee benefits (non-GAAP)	$	53,191		$	56,016		$	49,075		$	55,515		$	55,678

Merger related costs	$	7,522		$	1,470		$	797		$	804		$	1,465
Non-core items ⁽¹⁾		(7,522	)		(1,470	)		(797	)		(804	)		(1,465	)
Core merger related costs (non-GAAP)	$	-		$	-		$	-		$	-		$	-

Other operating expenses	$	32,867		$	30,062		$	30,222		$	29,674		$	26,185
Non-core items ⁽¹⁾		(2,834	)		(10	)		70			(957	)		(7	)
Core other operating expenses (non-GAAP)	$	30,033		$	30,052		$	30,292		$	28,717		$	26,178

(1) Non-core items include merger related costs, early retirement program expenses and branch right sizing costs.


Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - End of Period
For the Quarters Ended
(Unaudited)	Jun 30			Mar 31			Dec 31			Sept 30			Jun 30
	2019			2019			2018			2018			2018
($ in thousands, except per share data)

Calculation of Tangible Common Equity and the Ratio of Tangible Common Equity to Tangible Assets

Total common stockholders' equity	$	2,469,513		$	2,302,321		$	2,246,434		$	2,183,319		$	2,146,908
Intangible assets:
Goodwill		(926,450	)		(845,687	)		(845,687	)		(845,687	)		(845,687	)
Other intangible assets		(104,096	)		(88,694	)		(91,334	)		(93,975	)		(96,720	)
Total intangibles		(1,030,546	)		(934,381	)		(937,021	)		(939,662	)		(942,407	)
Tangible common stockholders' equity	$	1,438,967		$	1,367,940		$	1,309,413		$	1,243,657		$	1,204,501

Total assets	$	17,937,435		$	16,091,639		$	16,543,337		$	16,281,264		$	16,165,533
Intangible assets:
Goodwill		(926,450	)		(845,687	)		(845,687	)		(845,687	)		(845,687	)
Other intangible assets		(104,096	)		(88,694	)		(91,334	)		(93,975	)		(96,720	)
Total intangibles		(1,030,546	)		(934,381	)		(937,021	)		(939,662	)		(942,407	)
Tangible assets	$	16,906,889		$	15,157,258		$	15,606,316		$	15,341,602		$	15,223,126

Ratio of equity to assets		13.77	%		14.31	%		13.58	%		13.41	%		13.28	%
Ratio of tangible common equity to tangible assets		8.51	%		9.02	%		8.39	%		8.11	%		7.91	%

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

Credit discount on acquired loans	$	73,498		$	42,416		$	49,297		$	53,968		$	68,282
Allowance for loan losses on acquired loans		1,112			1,312			95			1,345			2,044
Total credit discount and ALLL on acquired loans	$	74,610		$	43,728		$	49,392		$	55,313		$	70,326
Total loans acquired	$	3,939,126		$	3,099,915		$	3,342,175		$	3,790,234		$	4,302,760
Discount and ALLL on acquired loans to acquired loans		1.89	%		1.41	%		1.48	%		1.46	%		1.63	%

Calculation of Total Allowance and Credit Coverage

Allowance for loan losses	$	63,067		$	59,243		$	56,599		$	55,358		$	51,732
Total credit discount and ALLL on acquired loans		74,610			43,728			49,392			55,313			70,326
Total allowance and credit discount	$	137,677		$	102,971		$	105,991		$	110,671		$	122,058
Total loans	$	13,201,623		$	11,784,465		$	11,772,563		$	11,913,508		$	11,436,221
Total allowance and credit coverage		1.04	%		0.87	%		0.90	%		0.93	%		1.07	%

Calculation of Tangible Book Value per Share

Total common stockholders' equity	$	2,469,513		$	2,302,321		$	2,246,434		$	2,183,319		$	2,146,908
Intangible assets:
Goodwill		(926,450	)		(845,687	)		(845,687	)		(845,687	)		(845,687	)
Other intangible assets		(104,096	)		(88,694	)		(91,334	)		(93,975	)		(96,720	)
Total intangibles		(1,030,546	)		(934,381	)		(937,021	)		(939,662	)		(942,407	)
Tangible common stockholders' equity	$	1,438,967		$	1,367,940		$	1,309,413		$	1,243,657		$	1,204,501
Shares of common stock outstanding		96,590,656			92,568,361			92,347,643			92,291,070			92,281,370
Book value per common share	$	25.57		$	24.87		$	24.33		$	23.66		$	23.26
Tangible book value per common share	$	14.90		$	14.78		$	14.18		$	13.48		$	13.05


Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date
For the Quarters Ended
(Unaudited)	Jun 30			Mar 31			Dec 31			Sept 30			Jun 30
	2019			2019			2018			2018			2018
($ in thousands)
Calculation of Core Return on Average Assets

Net income	$	55,598		$	47,695		$	55,646		$	55,193		$	53,562
Net non-core items, net of taxes, adjustment		9,855			1,381			805			1,311			1,098
Core earnings	$	65,453		$	49,076		$	56,451		$	56,504		$	54,660

Average total assets	$	17,382,872		$	16,302,197		$	16,357,753		$	16,040,884		$	15,580,697

Return on average assets		1.28	%		1.19	%		1.35	%		1.37	%		1.38	%
Core return on average assets		1.51	%		1.22	%		1.37	%		1.40	%		1.41	%

Calculation of Return on Tangible Common Equity

Net income	$	55,598		$	47,695		$	55,646		$	55,193		$	53,562
Amortization of intangibles, net of taxes		2,177			1,951			1,952			2,027			2,057
Total income available to common stockholders	$	57,775		$	49,646		$	57,598		$	57,220		$	55,619

Net non-core items, net of taxes		9,855			1,381			805			1,311			1,098
Core earnings		65,453			49,076			56,451			56,504			54,660
Amortization of intangibles, net of taxes		2,177			1,951			1,952			2,027			2,057
Total core income available to common stockholders	$	67,630		$	51,027		$	58,403		$	58,531		$	56,717

Average common stockholders' equity	$	2,351,603		$	2,248,898		$	2,211,217		$	2,176,565		$	2,137,097
Average intangible assets:
Goodwill		(915,445	)		(845,687	)		(845,687	)		(845,687	)		(845,687	)
Other intangibles		(104,050	)		(90,317	)		(92,990	)		(95,576	)		(98,152	)
Total average intangibles		(1,019,495	)		(936,004	)		(938,677	)		(941,263	)		(943,839	)
Average tangible common stockholders' equity	$	1,332,108		$	1,312,894		$	1,272,540		$	1,235,302		$	1,193,258

Return on average common equity		9.48	%		8.60	%		9.98	%		10.06	%		10.05	%
Return on tangible common equity		17.40	%		15.34	%		17.96	%		18.38	%		18.70	%
Core return on average common equity		11.16	%		8.85	%		10.13	%		10.30	%		10.26	%
Core return on tangible common equity		20.36	%		15.76	%		18.21	%		18.80	%		19.06	%

Calculation of Efficiency Ratio ⁽¹⁾

Non-interest expense	$	110,743		$	101,409		$	95,396		$	100,253		$	98,507
Non-core non-interest expense adjustment		(13,341	)		(1,870	)		(1,089	)		(1,774	)		(1,483	)
Other real estate and foreclosure expense adjustment		(563	)		(599	)		(1,300	)		(538	)		(1,382	)
Amortization of intangibles adjustment		(2,947	)		(2,641	)		(2,642	)		(2,745	)		(2,785	)
Efficiency ratio numerator	$	93,892		$	96,299		$	90,365		$	95,196		$	92,857

Net-interest income	$	150,356		$	137,026		$	137,781		$	142,968		$	136,837
Non-interest income		39,006			33,761			34,588			33,725			38,048
Non-core non-interest income adjustment		-			-			-			-			4
Fully tax-equivalent adjustment		1,706			1,601			1,466			1,393			1,308
(Gain) loss on sale of securities		(2,823	)		(2,740	)		(8	)		(54	)		7
Efficiency ratio denominator	$	188,245		$	169,648		$	173,827		$	178,032		$	176,204

Efficiency ratio ⁽¹⁾		49.88	%		56.76	%		51.99	%		53.47	%		52.70	%

Calculation of Core Net Interest Margin

Net interest income	$	150,356		$	137,026		$	137,781		$	142,968		$	136,837
Fully tax-equivalent adjustment		1,706			1,601			1,466			1,393			1,308
Fully tax-equivalent net interest income		152,062			138,627			139,247			144,361			138,145

Total accretable yield		(10,162	)		(6,660	)		(3,850	)		(10,006	)		(10,113	)
Core net interest income	$	141,900		$	131,967		$	135,397		$	134,355		$	128,032
Average earning assets	$	15,540,371		$	14,593,905		$	14,686,038		$	14,373,253		$	13,876,557

Net interest margin		3.92	%		3.85	%		3.76	%		3.98	%		3.99	%
Core net interest margin		3.66	%		3.67	%		3.66	%		3.71	%		3.70	%

Calculation of Core Loan Yield

Loan interest income	$	178,122		$	159,440		$	159,996		$	162,438		$	150,253
Total accretable yield		(10,162	)		(6,660	)		(3,850	)		(10,006	)		(10,113	)
Core loan interest income	$	167,960		$	152,780		$	156,146		$	152,432		$	140,140
Average loan balance	$	12,813,274		$	11,710,075		$	11,788,838		$	11,641,843		$	11,159,872

Core loan yield		5.26	%		5.29	%		5.25	%		5.19	%		5.04	%

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


Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - Year-to-Date
For the Quarters Ended
(Unaudited)	Jun 30			Mar 31			Dec 31			Sept 30			Jun 30
	2019			2019			2018			2018			2018
($ in thousands)
Calculation of Core Return on Average Assets

Net income	$	103,293		$	47,695		$	215,713		$	160,067		$	104,874
Net non-core items, net of taxes, adjustment		11,236			1,381			4,520			3,715			2,404
Core earnings	$	114,529		$	49,076		$	220,233		$	163,782		$	107,278

Average total assets	$	16,845,528		$	16,302,197		$	15,771,362		$	15,573,762		$	15,334,453

Return on average assets		1.24	%		1.19	%		1.37	%		1.37	%		1.38	%
Core return on average assets		1.37	%		1.22	%		1.40	%		1.41	%		1.41	%

Calculation of Return on Tangible Common Equity

Net income	$	103,293		$	47,695		$	215,713		$	160,067		$	104,874
Amortization of intangibles, net of taxes		4,128			1,951			8,132			6,180			4,153
Total income available to common stockholders	$	107,421		$	49,646		$	223,845		$	166,247		$	109,027

Net non-core items, net of taxes		11,236			1,381			4,520			3,715			2,404
Core earnings		114,529			49,076			220,233			163,782			107,278
Amortization of intangibles, net of taxes		4,128			1,951			8,132			6,180			4,153
Total core income available to common stockholders	$	118,657		$	51,027		$	228,365		$	169,962		$	111,431

Average common stockholders' equity	$	2,300,535		$	2,248,898		$	2,157,097		$	2,138,818		$	2,120,075
Average intangible assets:
Goodwill		(880,759	)		(845,688	)		(845,308	)		(845,180	)		(844,917	)
Other intangibles		(97,221	)		(90,316	)		(97,820	)		(99,448	)		(101,435	)
Total average intangibles		(977,980	)		(936,004	)		(943,128	)		(944,628	)		(946,352	)
Average tangible common stockholders' equity	$	1,322,555		$	1,312,894		$	1,213,969		$	1,194,190		$	1,173,723

Return on average common equity		9.05	%		8.60	%		10.00	%		10.01	%		9.98	%
Return on tangible common equity		16.38	%		15.34	%		18.44	%		18.61	%		18.73	%
Core return on average common equity		10.04	%		8.85	%		10.21	%		10.24	%		10.20	%
Core return on tangible common equity		18.09	%		15.76	%		18.81	%		19.03	%		19.14	%

Calculation of Efficiency Ratio ⁽¹⁾

Non-interest expense	$	212,152		$	101,409		$	392,229		$	296,833		$	196,580
Non-core non-interest expense adjustment		(15,211	)		(1,870	)		(6,118	)		(5,029	)		(3,255	)
Other real estate and foreclosure expense adjustment		(1,162	)		(599	)		(4,240	)		(2,940	)		(2,402	)
Amortization of intangibles adjustment		(5,588	)		(2,641	)		(11,009	)		(8,367	)		(5,622	)
Efficiency ratio numerator	$	190,191		$	96,299		$	370,862		$	280,497		$	185,301

Net-interest income	$	287,382		$	137,026		$	552,552		$	414,771		$	271,803
Non-interest income		72,767			33,761			143,896			109,308			75,583
Non-core non-interest income adjustment		-			-			-			-			-
Fully tax-equivalent adjustment		3,307			1,601			5,297			3,831			2,438
(Gain) loss on sale of securities		(5,563	)		(2,740	)		(61	)		(53	)		1
Efficiency ratio denominator	$	357,893		$	169,648		$	701,684		$	527,857		$	349,825

Efficiency ratio ⁽¹⁾		53.14	%		56.76	%		52.85	%		53.14	%		52.97	%

Calculation of Core Net Interest Margin

Net interest income	$	287,382		$	137,026		$	552,552		$	414,771		$	271,803
Fully tax-equivalent adjustment		3,307			1,601			5,297			3,831			2,438
Fully tax-equivalent net interest income		290,689			138,627			557,849			418,602			274,241

Total accretable yield		(16,822	)		(6,660	)		(35,263	)		(31,413	)		(21,407	)
Core net interest income	$	273,867		$	131,967		$	522,586		$	387,189		$	252,834
Average earning assets	$	15,069,751		$	14,593,905		$	14,036,614		$	13,837,639		$	13,564,056

Net interest margin		3.89	%		3.85	%		3.97	%		4.04	%		4.08	%
Core net interest margin		3.66	%		3.67	%		3.72	%		3.74	%		3.76	%

Calculation of Core Loan Yield

Loan interest income	$	337,562		$	159,440		$	616,037		$	456,041		$	293,603
Total accretable yield		(16,822	)		(6,660	)		(35,263	)		(31,413	)		(21,407	)
Core loan interest income	$	320,740		$	152,780		$	580,774		$	424,628		$	272,196
Average loan balance	$	12,264,724		$	11,710,075		$	11,355,890		$	11,209,992		$	10,989,600

Core loan yield		5.27	%		5.29	%		5.11	%		5.06	%		4.99	%

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