Form 8-K

Exhibit 99.1

For Immediate Release:

July 21, 2020

SIMMONS REPORTS SECOND QUARTER 2020 EARNINGS

Pine Bluff, AR – Simmons First National Corporation (NASDAQ: SFNC) (the “Company” or “Simmons”) today announced net income of $58.8 million for the quarter ended June 30, 2020, compared to $55.6 million for the same period in 2019, an increase of $3.2 million, or 5.7%. Diluted earnings per share were $0.54, a decrease of $0.04, or 6.9%, compared to the same period in the prior year. Included in second quarter 2020 results were $3.0 million in net after-tax merger-related, early retirement program and branch right-sizing costs as well as a $1.6 million after-tax gain associated with the sale of branches.

Excluding the impact of these items, core earnings were $60.1 million for the quarter ended June 30, 2020, compared to $65.5 million for the quarter ended June 30, 2019, a decrease of $5.3 million, or 8.1%. Core diluted earnings per share were $0.55, a decrease of $0.13, or 19.1%, from the same period in 2019.

Year-to-date net income for the first half of 2020 was $136.0 million, or $1.22 diluted earnings per share, compared to $103.3 million, or $1.09 diluted earnings per share, for the same period in 2019. Excluding $2.0 million in net after-tax merger-related, early retirement program and branch right-sizing costs and the gains on the sales of branches in south Texas and Colorado, year-to-date core earnings for 2020 were $134.0 million, an increase of $19.5 million compared to the same period last year. Core diluted earnings per share for the first half of 2020 were $1.21, equal to the same period in 2019.

“Our associates at Simmons Bank have done an amazing job of adapting to the changes that have occurred over the past four months,” said George A. Makris, Jr., chairman and CEO of Simmons First National Corporation. “We continue to operate in an uncertain environment, and we will continue to adjust as necessary. We have consolidated various operations to provide capacity for continued service to our customers and communities. Our digital banking options have been very well received by our customers, and we expect to continue to see the trend toward more self-service. We need a sustainable plan for the opening of the economy, including public education across the country. We remain optimistic we will get one soon.”

Selected Highlights:	2^nd Qtr 2020	1^st Qtr 2020	2^nd Qtr 2019
Net income	$58.8 million	$77.2 million	$55.6 million
Diluted earnings per share	$0.54	$0.68	$0.58
Return on avg assets	1.08%	1.48%	1.28%
Return on avg common equity	8.21%	10.83%	9.48%
Return on tangible common equity ⁽¹⁾	14.55%	19.00%	17.40%

Core earnings ⁽²⁾	$60.1 million	$73.8 million	$65.5 million
Core diluted earnings per share ⁽²⁾	$0.55	$0.65	$0.68
Core return on avg assets ⁽²⁾	1.11%	1.42%	1.51%
Core return on avg common equity ⁽²⁾	8.40%	10.35%	11.16%
Core return on tangible common equity ⁽¹⁾⁽²⁾	14.87%	18.19%	20.36%
Efficiency ratio ⁽³⁾	49.12%	56.38%	49.88%
Pre-tax, pre-provision (PTPP) earnings ⁽²⁾	$97.7 million	$84.4 million	$88.8 million

(1)

Return on tangible common equity excludes goodwill and other intangible assets and is a non-GAAP measurement. Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below.

(2)

Core figures exclude non-core items and are non-GAAP measurements. Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below.

(3)

Efficiency ratio is noninterest expense before foreclosed property expense, amortization of intangibles as a percent of net interest income (fully taxable equivalent) and non-interest revenues, excluding gains and losses from securities transactions and non-core items, and is a non-GAAP measurement. Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below.

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

Loans

($ in billions)	2^nd Qtr 2020	1^st Qtr 2020	2^nd Qtr 2019
Total loans	$14.61	$14.37	$13.13

Total loans were $14.6 billion at June 30, 2020, an increase of $1.5 billion, or 11.3%, compared to June 30, 2019, primarily due to The Landrum Company (“Landrum”) merger completed during the fourth quarter 2019. On a linked-quarter basis (June 30, 2020 compared to March 31, 2020), total loans increased $232.6 million, or 1.6%. During the second quarter of 2020, the Company had $963.7 million in loan originations under the Paycheck Protection Program (“PPP”) of the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act and an increase in agricultural loans of $26.2 million. These increases were partially offset by decreases in energy loan lending, commercial real estate and single-family real estate loan categories of $64.8 million, $149.7 million and $136.5 million, respectively.

Deposits

($ in billions)	2^nd Qtr 2020	1^st Qtr 2020	2^nd Qtr 2019
Total deposits	$16.6	$15.6	$13.5
Non-interest bearing deposits	$4.6	$3.6	$2.9
Interest bearing deposits	$9.0	$8.8	$7.3
Time deposits	$3.0	$3.2	$3.3

Total deposits were $16.6 billion at June 30, 2020, an increase of $3.1 billion, or 22.9%, since June 30, 2019, primarily due to the Landrum merger. On a linked-quarter basis, total deposits increased $1.1 billion, or 6.8%, primarily due to the $1.0 billion increase in non-interest bearing deposits. This increase was partially offset by a decrease in brokered funds of $308.9 million during the second quarter.

Net Interest Income

	2^nd Qtr 2020	1^st Qtr 2020	4^th Qtr 2019	3^rd Qtr 2019	2^nd Qtr 2019
Loan yield ⁽¹⁾	4.84%	5.19%	5.43%	5.47%	5.58%
Core loan yield ^{(1) (2)}	4.52%	4.86%	5.00%	5.19%	5.26%
Security yield ⁽¹⁾	2.50%	2.63%	2.73%	2.87%	3.06%
Cost of interest bearing deposits	0.59%	1.03%	1.22%	1.40%	1.37%
Cost of deposits ⁽³⁾	0.44%	0.80%	0.94%	1.09%	1.07%
Cost of borrowed funds	1.84%	2.06%	2.30%	2.52%	2.50%
Net interest margin ⁽¹⁾	3.42%	3.68%	3.78%	3.82%	3.94%
Core net interest margin ^{(1) (2)}	3.18%	3.42%	3.44%	3.59%	3.67%

(1)

Fully tax equivalent using an effective tax rate of 26.135%.

(2)

Core loan yield and core net interest margin exclude accretion and are non-GAAP measurements. Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below.

(3)

Includes non-interest bearing deposits.

The Company’s net interest income for the second quarter of 2020 was $163.7 million, an increase of $14.3 million, or 9.5%, from the same period of 2019, primarily due to the 78 basis point decline in the cost of interest bearing deposits year over year. Included in interest income was the yield accretion recognized on loans acquired of $11.7 million and $10.2 million for the second quarters of 2020 and 2019, respectively.

The loan yield was 4.84% for the quarter ended June 30, 2020, while the core loan yield, which excludes the accretion, was 4.52% for the same period. The decrease in the loan yield during the second quarter of 2020 was primarily driven by the lower yielding PPP loans originated during the quarter. The PPP loan yield was approximately 2.33% (including accretion of net fees), which decreased the loan yield by approximately 10 basis points.

Net interest margin (FTE) was 3.42% for the quarter ended June 30, 2020, while the core net interest margin, which excludes the accretion, was 3.18% for the same period. The decrease in the net interest margin during the second quarter of 2020 was primarily driven by the additional liquidity and the lower yielding PPP loans, which decreased the net interest margin by approximately 25 basis points.

Non-Interest Income

Non-interest income for the second quarter of 2020 was $50.2 million, an increase of $10.3 million compared to the same period in the previous year. During the second quarter 2020, the Company recognized a $2.2 million gain associated with the sale of the branches recorded in other income, which the Company considers a non-core item.

The increase in non-interest income was primarily due to the increase in mortgage lending income driven by the current low mortgage interest rate environment. The decrease in service charges on deposit accounts was primarily attributable to a lower number of customer transactions, related to the impact of the COVID-19 pandemic.

Selected Non-Interest Income Items ($ in millions)	2^nd Qtr 2020	1^st Qtr 2020	4^th Qtr 2019	3^rd Qtr 2019	2^nd Qtr 2019
Service charges on deposit accounts	$8.6	$13.3	$13.3	$10.8	$10.6
Mortgage lending income	$12.5	$5.0	$4.0	$4.5	$3.7
SBA lending income	$0.2	$0.3	$0.3	$1.0	$0.9
Debit and credit card fees	$8.0	$7.9	$8.9	$7.1	$7.2
Gain on sale of securities	$0.4	$32.1	$0.4	$7.4	$2.8
Other income	$9.8	$12.8	$7.1	$44.7	$6.1

Core other income⁽¹⁾	$7.6	$6.9	$7.1	$44.7	$6.1

(1)

Core figures exclude non-core items and are non-GAAP measurements. Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below.

Non-Interest Expense

Non-interest expense for the second quarter of 2020 was $112.6 million, an increase of $1.9 million compared to the second quarter of 2019. Included in this quarter were $4.0 million of pre-tax non-core items for merger-related, early retirement program and branch right-sizing costs. Excluding these expenses, core non-interest expense was $108.6 million for the second quarter of 2020, an increase of $11.2 million compared to the same period in 2019, primarily the result of the Landrum merger and additional software and technology costs related to the Company’s Next Generation Banking (“NGB”) initiative.

The efficiency ratio for the second quarter of 2020 was 49.12%, compared to 49.88% for the same period in 2019.

Selected Non-Interest Expense Items ($ in millions)	2^nd Qtr 2020	1^st Qtr 2020	4^th Qtr 2019	3^rd Qtr 2019	2^nd Qtr 2019
Salaries and employee benefits	$57.6	$67.9	$63.2	$52.1	$56.1
Merger related costs	$1.8	$1.1	$24.8	$2.6	$7.5
Other operating expenses	$34.7	$38.8	$38.0	$37.9	$32.9

Core salaries and employee benefits⁽¹⁾	$57.2	$67.9	$63.2	$51.9	$53.2
Core merger related costs⁽¹⁾	-	-	-	-	-
Core other operating expenses⁽¹⁾	$33.0	$38.6	$38.0	$37.8	$30.0

(1)

Core figures exclude non-core items and are non-GAAP measurements. Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below.

On a linked-quarter basis, salaries and employee benefits decreased by $10.3 million, which included the impact of cost savings from the Landrum merger. The decrease was primarily driven by the following categories:

Employee benefits - $3.1 million decrease (payroll taxes, insurance utilization, and other employee benefits)

Salaries - $2.3 million decrease

Incentive based plans - $4.9 million decrease (executive, lender and retail incentive plans)

On a linked-quarter basis, other operating expenses decreased $4.1 million. The remaining decrease was primarily related to cost savings from the Landrum merger and lower operating expenses due to the impact of COVID-19.

Early in 2020, the Company offered qualifying associates an early retirement option resulting in $493,000 of non-core expense during the second quarter. The Company expects ongoing net annualized savings of approximately $2.9 million.

Management continuously evaluates the Company’s branch network as part of its analysis of the profitability of the Company’s operations and the efficiency with which it delivers banking services to its markets. As a result of this ongoing evaluation, the Company closed 11 branch locations during June 2020, with estimated net annual cost savings of approximately $2.4 million related to these locations. In addition, the Company expects to close an additional 23 branch locations and one loan production office during the fourth quarter of 2020, with an expected net annual cost savings of approximately $6.8 million.

Asset Quality

	2^nd Qtr 2020	1^st Qtr 2020	4^th Qtr 2019	3^rd Qtr 2019	2^nd Qtr 2019
Allowance for credit losses to total loans	1.59%	1.69%	0.47%	0.51%	0.49%
Allowance for credit losses to non-performing loans	175%	154%	74%	78%	60%
Non-performing loans to total loans	0.91%	1.10%	0.64%	0.65%	0.81%
Net charge-off ratio (annualized)	1.04%	0.07%	0.09%	0.59%	0.11%
Net charge-off ratio YTD (annualized)	0.56%	0.07%	0.24%	0.30%	0.15%

At June 30, 2020, the allowance for credit losses was $231.6 million. Provision for credit losses for the second quarter of 2020 was $26.9 million. Included in total loans was $963.7 million of government guaranteed PPP loans. Excluding the PPP loans, the allowance for credit losses to total loans was 1.70%.

Net charge-offs for the second quarter of 2020 were $38.2 million, of which $32.6 million were from loans included in the energy lending portfolios acquired from Bank SNB and Southwest Bank in 2017. Of the second quarter charge-offs, $27.8 million was specifically reserved for and included in the March 31, 2020 allowance for credit loss. Therefore, additional provision related to these charges was not required.

Foreclosed Assets and Other Real Estate Owned

At June 30, 2020, foreclosed assets and other real estate owned were $14.1 million, decreases of $10.7 million, or 43.0%, compared to the same period in 2019 and $6.7 million, or 32.2% from March 31, 2020. The composition of these assets is divided into three types:

($ in millions)	2^nd Qtr 2020	1^st Qtr 2020	4^th Qtr 2019	3^rd Qtr 2019	2^nd Qtr 2019
Closed bank branches and branch sites	$2.7	$8.8	$5.7	$5.9	$6.5
Foreclosed assets – acquired	$9.2	$9.2	$10.3	$10.1	$13.3
Foreclosed assets – legacy	$2.2	$2.8	$3.1	$3.6	$5.0

Capital

	2^nd Qtr 2020	1^st Qtr 2020	4^th Qtr 2019	3^rd Qtr 2019	2^nd Qtr 2019
Stockholders’ equity to total assets	13.3%	13.7%	14.1%	14.3%	13.8%
Tangible common equity to tangible assets⁽¹⁾	8.3%	8.4%	9.0%	9.1%	8.5%
Regulatory common equity tier 1 ratio	11.9%	11.1%	10.9%	10.3%	9.8%
Regulatory tier 1 leverage ratio	8.8%	9.0%	9.6%	9.1%	8.9%
Regulatory tier 1 risk-based capital ratio	11.9%	11.1%	10.9%	10.3%	9.8%
Regulatory total risk-based capital ratio	14.9%	14.1%	13.7%	13.2%	12.7%

(1)

Tangible common equity to tangible assets is a non-GAAP measurement. Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below.

At June 30, 2020, common stockholders' equity was $2.9 billion. Book value per share was $26.64 and tangible book value per share was $15.79 at June 30, 2020. The ratio of stockholders’ equity to total assets was 13.3% at June 30, 2020 while the tangible common equity to tangible assets was 8.3% at June 30, 2020. As of June 30, 2020, PPP loans totaled $963.7 million, which are 100% federally guaranteed and have a zero percent risk-weight for regulatory capital ratios. Excluding PPP loans from total assets, equity to total assets was 13.9%, tangible common equity to tangible assets was 8.7% and the regulatory tier 1 leverage ratio was 9.1%.

No shares have been repurchased under the Company’s stock repurchase program since March 31, 2020. Market conditions and the Company’s capital needs will drive the decisions regarding additional, future stock repurchases.

Digital Banking

Since the end of February 2020, the Company has added over 38,000 new digital banking users, a 23% increase. More than 78% of deposit transaction accounts are now enrolled in digital banking. For the first time, in March, the Company processed more weekly transactions using the digital channels than at the branches. During May 2020, the Company completed the conversion of all consumer customers to the new online platform. All consumer customers are now on the same online and mobile platforms, including acquired institutions.

COVID-19 Impact

Through June 30, 2020, the Company originated over 7,800 PPP loans with an average balance of $123,000 per loan. Approximately 93% of the PPP loans had a balance less than $350,000.

PPP Loans as of June 30, 2020	# of Loans		Balance ($ in millions)
Loan balance less than $350,000	7,286	93%	$392.3	41%
Loan balance $350,000 or less than $2 million	478	6%	$355.4	37%
Loan balance $2 million to $10 million	62	1%	$216.0	22%
Total	7,826	100%	$963.7	100%

In March and in response to the pandemic, the Company announced temporary closure of 52 branches and has been focusing on the enhanced digital banking experience. While the majority of these branches have been reopened, the Company has continued to review its branch network.

Simmons First National Corporation

Simmons First National Corporation is a financial holding company headquartered in Pine Bluff, Arkansas, with total consolidated assets of approximately $21.9 billion as of June 30, 2020, conducting financial operations in Arkansas, 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 is listed on the NASDAQ Global Select 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 21, 2020. 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 9275743. 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 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 income available to common shareholders certain expenses related to significant non-core activities, including merger-related expenses, gain on sale of branches, early retirement program expenses and branch right-sizing expenses. In addition, the Company also presents certain figures based on tangible common stockholders’ equity and tangible book value, which exclude goodwill and other intangible assets. The Company further presents certain figures that are exclusive of PPP loans. The Company’s management believes that these non-GAAP financial measures are useful to investors because they 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 normalizing for tax 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 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, including, without limitation, statements made in Mr. Makris’s quotes, 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, share repurchase program, acquisition strategy, NGB and other digital banking initiatives, the Company’s ability to recruit and retain key employees, the benefits associated with the Company’s early retirement program and completed and future branch closures, the adequacy of the allowance for credit losses, and the ability of the Company to manage the impact of the COVID-19 pandemic. 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, and information technology affecting the financial industry; the effect of steps the Company takes in response to COVID-19, the severity and duration of the pandemic, including whether there is a “second wave” as a result of the loosening of governmental restrictions, the pace of recovery when the pandemic subsides and the heightened impact it has on many of the risks described herein; the effects of the COVID-19 pandemic on, among other things, the Company’s operations, liquidity, and credit quality; general economic and market conditions; unemployment; potential claims, damages, and fines related to litigation or government actions, including litigation or actions arising from the Company’s participation in and administration of programs related to the COVID-19 pandemic (including, among other things, the CARES Act); changes in accounting principles relating to loan loss recognition (current expected credit losses, or CECL); the Company’s ability to manage and successfully integrate its mergers and acquisitions; cyber threats, attacks or events; reliance on third parties for key services; and other factors, many of which are beyond the control of the Company, could cause actual results to differ materially from those contemplated by the forward-looking statements. Additional information on factors that might affect the Company’s financial results is included in its Form 10-K for the year ended December 31, 2019, which has been filed with, and is available from, the U.S. Securities and Exchange Commission.

####

FOR MORE INFORMATION CONTACT:

Stephen C. Massanelli

EVP, Chief Administrative Officer and Investor Relations Officer

Simmons First National Corporation

[email protected]

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)	2020			2020			2019			2019			2019
($ in thousands)
ASSETS
Cash and non-interest bearing balances due from banks	$	234,998		$	244,123		$	277,208		$	161,440		$	145,491
Interest bearing balances due from banks and federal funds sold		2,310,162			1,493,076			719,415			368,530			509,765
Cash and cash equivalents		2,545,160			1,737,199			996,623			529,970			655,256
Interest bearing balances due from banks - time		4,561			4,309			4,554			5,041			5,041
Investment securities - held-to-maturity		51,720			53,968			40,927			42,237			47,455
Investment securities - available-for-sale		2,496,896			2,466,640			3,288,343			2,210,931			2,191,573
Mortgage loans held for sale		120,034			49,984			58,102			50,099			34,999
Other assets held for sale		399			115,315			260,332			383			397
Loans:
Loans		14,606,900			14,374,277			14,425,704			13,003,549			13,128,125
Allowance for credit losses on loans		(231,643	)		(243,195	)		(68,244	)		(66,590	)		(64,179	)
Net loans		14,375,257			14,131,082			14,357,460			12,936,959			13,063,946
Premises and equipment		478,896			484,990			492,384			378,678			370,551
Premises held for sale		4,576			–			–			–			–
Foreclosed assets and other real estate owned		14,111			20,805			19,121			19,576			24,761
Interest receivable		79,772			57,039			62,707			53,966			54,781
Bank owned life insurance		256,643			255,197			254,152			234,655			233,345
Goodwill		1,064,765			1,064,978			1,055,520			926,648			926,450
Other intangible assets		117,823			121,673			127,340			101,149			104,096
Other assets		293,071			278,173			241,578			268,219			224,784
Total assets	$	21,903,684		$	20,841,352		$	21,259,143		$	17,758,511		$	17,937,435

LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing transaction accounts	$	4,608,098		$	3,572,244		$	3,741,093		$	3,044,330		$	2,954,032
Interest bearing transaction accounts and savings deposits		8,978,045			8,840,678			9,090,878			7,337,571			7,258,005
Time deposits		3,029,975			3,146,811			3,276,969			3,086,108			3,304,176
Total deposits		16,616,118			15,559,733			16,108,940			13,468,009			13,516,213
Federal funds purchased and securities sold under agreements to repurchase		387,025			377,859			150,145			116,536			130,470
Other borrowings		1,393,689			1,396,829			1,297,599			1,098,395			1,324,094
Subordinated notes and debentures		382,604			388,396			388,260			354,223			354,132
Other liabilities held for sale		–			58,405			159,853			–			162
Accrued interest and other liabilities		219,545			214,730			165,422			174,277			142,851
Total liabilities		18,998,981			17,995,952			18,270,219			15,211,440			15,467,922

Stockholders' equity:
Preferred stock		767			767			767			–			–
Common stock		1,090			1,090			1,136			966			966
Surplus		2,029,383			2,026,420			2,117,282			1,708,058			1,705,262
Undivided profits		819,153			778,893			848,848			814,338			747,969
Accumulated other comprehensive income (loss):
Unrealized accretion (depreciation) on AFS securities		54,310			38,230			20,891			23,709			15,316
Total stockholders' equity		2,904,703			2,845,400			2,988,924			2,547,071			2,469,513
Total liabilities and stockholders' equity	$	21,903,684		$	20,841,352		$	21,259,143		$	17,758,511		$	17,937,435

Page 1

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)	2020		2020		2019			2019		2019
($ in thousands, except per share data)
INTEREST INCOME
Loans	$	176,910	$	187,566	$	193,402		$	179,971	$	178,122
Interest bearing balances due from banks and federal funds sold		603		2,441		2,625			1,586		1,121
Investment securities		13,473		18,943		16,962			14,467		15,666
Mortgage loans held for sale		668		281		402			382		332
TOTAL INTEREST INCOME		191,654		209,231		213,391			196,406		195,241
INTEREST EXPENSE
Time deposits		10,803		13,323		16,198			15,573		14,606
Other deposits		7,203		17,954		20,331			21,363		20,190
Federal funds purchased and securities sold under agreements to repurchase		337		759		368			249		257
Other borrowings		4,963		4,877		4,615			5,381		6,219
Subordinated notes and debentures		4,667		4,835		4,813			4,576		4,541
TOTAL INTEREST EXPENSE		27,973		41,748		46,325			47,142		45,813
NET INTEREST INCOME		163,681		167,483		167,066			149,264		149,428
Provision for credit losses		26,915		26,134		4,903			21,973		7,079
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		136,766		141,349		162,163			127,291		142,349
NON-INTEREST INCOME
Trust income		7,253		7,151		7,430			6,108		5,794
Service charges on deposit accounts		8,570		13,328		13,332			10,825		10,557
Other service charges and fees		1,489		1,588		1,915			1,308		1,312
Mortgage lending income		12,459		5,046		4,029			4,509		3,656
SBA lending income		245		296		321			956		895
Investment banking income		571		877		822			513		360
Debit and credit card fees		7,996		7,914		8,920			7,059		7,212
Bank owned life insurance income		1,445		1,298		1,411			1,302		1,260
Gain on sale of securities, net		390		32,095		377			7,374		2,823
Other income		9,809		12,801		7,073			44,721		6,065
TOTAL NON-INTEREST INCOME		50,227		82,394		45,630			84,675		39,934
NON-INTEREST EXPENSE
Salaries and employee benefits		57,644		67,924		63,235			52,065		56,128
Occupancy expense, net		9,217		9,510		9,272			8,342		6,919
Furniture and equipment expense		6,144		5,723		5,758			4,898		4,206
Other real estate and foreclosure expense		274		325		1,089			1,125		591
Deposit insurance		2,838		2,475		(134	)		–		2,510
Merger-related costs		1,830		1,068		24,831			2,556		7,522
Other operating expenses		34,651		38,788		38,044			37,879		32,867
TOTAL NON-INTEREST EXPENSE		112,598		125,813		142,095			106,865		110,743
NET INCOME BEFORE INCOME TAXES		74,395		97,930		65,698			105,101		71,540
Provision for income taxes		15,593		20,694		12,976			23,275		15,616
NET INCOME		58,802		77,236		52,722			81,826		55,924
Preferred stock dividends		13		13		13			–		326
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	58,789	$	77,223	$	52,709		$	81,826	$	55,598
BASIC EARNINGS PER SHARE	$	0.54	$	0.68	$	0.49		$	0.85	$	0.58
DILUTED EARNINGS PER SHARE	$	0.54	$	0.68	$	0.49		$	0.84	$	0.58

Page 2

Simmons First National Corporation													SFNC
Consolidated Risk-Based Capital
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2020			2020			2019			2019			2019
($ in thousands)
Tier 1 capital
Stockholders' equity	$	2,904,703		$	2,845,400		$	2,988,924		$	2,547,071		$	2,469,513
CECL transition provision ⁽¹⁾		130,480			134,558			–			–			–
Disallowed intangible assets, net of deferred tax		(1,160,385	)		(1,164,038	)		(1,160,079	)		(1,013,309	)		(1,001,676	)
Unrealized (gain) loss on AFS securities		(54,310	)		(38,230	)		(20,891	)		(23,709	)		(15,316	)
Total Tier 1 capital		1,820,488			1,777,690			1,807,954			1,510,053			1,452,521

Tier 2 capital
Trust preferred securities and subordinated debt		382,604			388,396			388,260			354,223			354,132
Qualifying allowance for loan losses and reserve for unfunded commitments		83,780			96,015			76,644			74,455			72,044
Total Tier 2 capital		466,384			484,411			464,904			428,678			426,176
Total risk-based capital	$	2,286,872		$	2,262,101		$	2,272,858		$	1,938,731		$	1,878,697

Risk weighted assets	$	15,362,175		$	16,012,233		$	16,554,081		$	14,725,571		$	14,825,253

Adjusted average assets for leverage ratio	$	20,742,824		$	19,832,219		$	18,852,798		$	16,681,527		$	16,382,520

Ratios at end of quarter
Equity to assets		13.26	%		13.65	%		14.06	%		14.34	%		13.77	%
Tangible common equity to tangible assets ⁽²⁾		8.31	%		8.44	%		8.99	%		9.08	%		8.51	%
Common equity Tier 1 ratio (CET1)		11.85	%		11.10	%		10.92	%		10.25	%		9.80	%
Tier 1 leverage ratio		8.78	%		8.96	%		9.59	%		9.05	%		8.87	%
Tier 1 risk-based capital ratio		11.85	%		11.10	%		10.92	%		10.25	%		9.80	%
Total risk-based capital ratio		14.89	%		14.13	%		13.73	%		13.17	%		12.67	%

(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	Jun 30		Mar 31		Dec 31		Sep 30		Jun 30
(Unaudited)	2020		2020		2019		2019		2019
($ in thousands)
Investment Securities - End of Period
Held-to-Maturity
U.S. Government agencies	$	–	$	–	$	–	$	–	$	999
Mortgage-backed securities		25,980		27,121		10,796		11,549		12,225
State and political subdivisions		24,777		25,985		27,082		28,692		32,236
Other securities		963		862		3,049		1,996		1,995
Total held-to-maturity (net of credit losses)		51,720		53,968		40,927		42,237		47,455
Available-for-Sale
U.S. Treasury	$	–	$	424,989	$	449,729	$	–	$	–
U.S. Government agencies		210,921		161,289		194,249		178,139		197,656
Mortgage-backed securities		1,154,086		1,179,837		1,742,945		1,337,794		1,345,760
State and political subdivisions		1,054,068		678,243		880,524		681,202		636,558
Other securities		77,821		22,282		20,896		13,796		11,599
Total available-for-sale (net of credit losses)		2,496,896		2,466,640		3,288,343		2,210,931		2,191,573
Total investment securities (net of credit losses)	$	2,548,616	$	2,520,608	$	3,329,270	$	2,253,168	$	2,239,028
Fair value - HTM investment securities	$	53,751	$	55,714	$	41,855	$	43,302	$	48,640

Investment Securities - QTD Average
Taxable securities	$	1,642,083	$	2,324,188	$	1,940,755	$	1,561,308	$	1,641,986
Tax exempt securities		866,944		900,223		825,000		681,505		624,898
Total investment securities - QTD average	$	2,509,027	$	3,224,411	$	2,765,755	$	2,242,813	$	2,266,884

Page 4

Simmons First National Corporation									SFNC
Consolidated Loans
For the Quarters Ended	Jun 30		Mar 31		Dec 31		Sep 30		Jun 30
(Unaudited)	2020		2020		2019		2019		2019
($ in thousands)
Loan Portfolio - End of Period
Consumer
Credit cards	$	184,348	$	188,596	$	204,802	$	195,083	$	187,919
Other consumer		214,024		267,870		249,195		215,283		216,144
Total consumer		398,372		456,466		453,997		410,366		404,063
Real Estate
Construction		2,010,256		2,024,118		2,248,673		2,081,595		1,975,179
Single-family residential		2,207,087		2,343,543		2,414,753		1,951,842		1,998,655
Other commercial real estate		6,316,444		6,466,104		6,358,514		5,758,511		5,983,488
Total real estate		10,533,787		10,833,765		11,021,940		9,791,948		9,957,322
Commercial
Commercial		3,038,216		2,314,472		2,451,119		2,215,539		2,249,078
Agricultural		217,715		191,535		191,525		214,610		192,988
Total commercial		3,255,931		2,506,007		2,642,644		2,430,149		2,442,066
Other		418,810		578,039		307,123		371,086		324,674
Total Loans	$	14,606,900	$	14,374,277	$	14,425,704	$	13,003,549	$	13,128,125

Page 5

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)	2020			2020			2019			2019			2019
($ in thousands)
Allowance for Credit Losses on Loans
Beginning balance, prior to adoption of ASC 326				$	68,244		$	66,590		$	64,179		$	60,555
Impact of adopting ASC 326 ⁽¹⁾					151,377
Beginning balance, after adoption of ASC 326	$	243,195		$	219,621

Loans charged off
Credit cards		1,053			1,441			1,287			1,117			1,039
Other consumer		592			1,379			1,425			1,065			964
Real estate		1,824			396			892			1,367			1,216
Commercial		35,687			523			459			17,778			1,963
Total loans charged off		39,156			3,739			4,063			21,327			5,182

Recoveries of loans previously charged off
Credit cards		272			225			287			223			271
Other consumer		301			443			304			1,422			331
Real estate		253			101			146			55			158
Commercial		98			347			77			65			967
Total recoveries		924			1,116			814			1,765			1,727
Net loans charged off		38,232			2,623			3,249			19,562			3,455
Provision for credit losses on loans		26,678			26,197			4,903			21,973			7,079
Balance, end of quarter	$	231,641		$	243,195		$	68,244		$	66,590		$	64,179

Non-performing assets
Non-performing loans
Nonaccrual loans	$	131,888		$	156,746		$	91,723		$	84,660		$	106,670
Loans past due 90 days or more		537			1,305			855			177			277
Total non-performing loans		132,425			158,051			92,578			84,837			106,947
Other non-performing assets
Foreclosed assets and other real estate owned		14,111			20,805			19,121			19,576			24,761
Other non-performing assets		2,008			2,169			1,964			540			613
Total other non-performing assets		16,119			22,974			21,085			20,116			25,374
Total non-performing assets	$	148,544		$	181,025		$	113,663		$	104,953		$	132,321
Performing TDRs (troubled debt restructurings)	$	3,960		$	4,110		$	4,411		$	6,519		$	6,246

Ratios
Allowance for credit losses to total loans		1.59	%		1.69	%		0.47	%		0.51	%		0.49	%
Allowance for credit losses to non-performing loans		175	%		154	%		74	%		78	%		60	%
Non-performing loans to total loans		0.91	%		1.10	%		0.64	%		0.65	%		0.81	%
Non-performing assets (including performing TDRs) to total assets		0.70	%		0.89	%		0.56	%		0.63	%		0.77	%
Non-performing assets to total assets		0.68	%		0.87	%		0.53	%		0.59	%		0.74	%
Annualized net charge offs to total loans		1.04	%		0.07	%		0.09	%		0.59	%		0.11	%
Annualized net credit card charge offs to total credit card loans		1.67	%		2.29	%		1.99	%		1.82	%		1.63	%

(1) The Company adopted ASC 326.effective January 1, 2020.

Page 6

Simmons First National Corporation																			SFNC
Consolidated - Average Balance Sheet and Net Interest Income Analysis
For the Quarters Ended
(Unaudited)
	Three Months Ended Jun 2020							Three Months Ended Mar 2020							Three Months Ended Jun 2019
($ 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	$	2,190,878	$	603		0.11	%	$	764,639	$	2,441		1.28	%	$	276,370	$	1,121		1.63	%
Investment securities - taxable		1,642,083		7,131		1.75	%		2,324,188		12,752		2.21	%		1,641,986		11,066		2.70	%
Investment securities - non-taxable (FTE)		866,944		8,434		3.91	%		900,223		8,315		3.71	%		624,898		6,209		3.99	%
Mortgage loans held for sale		86,264		668		3.11	%		43,588		281		2.59	%		32,030		332		4.16	%
Loans (FTE)		14,731,306		177,168		4.84	%		14,548,853		187,747		5.19	%		12,814,386		178,219		5.58	%
Total interest earning assets (FTE)		19,517,475		194,004		4.00	%		18,581,491		211,536		4.58	%		15,389,670		196,947		5.13	%
Non-earning assets		2,304,798							2,338,732							1,993,202
Total assets	$	21,822,273						$	20,920,223						$	17,382,872

LIABILITIES AND STOCKHOLDERS' EQUITY
Interest bearing liabilities:
Interest bearing transaction and savings accounts	$	9,138,563	$	7,203		0.32	%	$	9,005,701	$	17,954		0.80	%	$	7,139,356	$	20,190		1.13	%
Time deposits		3,057,153		10,803		1.42	%		3,150,909		13,323		1.70	%		3,072,246		14,606		1.91	%
Total interest bearing deposits		12,195,716		18,006		0.59	%		12,156,610		31,277		1.03	%		10,211,602		34,796		1.37	%
Federal funds purchased and securities sold under agreement to repurchase		392,633		337		0.35	%		330,902		759		0.92	%		133,242		257		0.77	%
Other borrowings		1,395,109		4,963		1.43	%		1,320,245		4,877		1.49	%		1,277,450		6,219		1.95	%
Subordinated notes and debentures		387,422		4,667		4.84	%		388,330		4,835		5.01	%		354,088		4,541		5.14	%
Total interest bearing liabilities		14,370,880		27,973		0.78	%		14,196,087		41,748		1.18	%		11,976,382		45,813		1.53	%
Non-interest bearing liabilities:
Non-interest bearing deposits		4,354,781							3,602,678							2,834,452
Other liabilities		216,508							251,514							207,500
Total liabilities		18,942,169							18,050,279							15,018,334
Stockholders' equity		2,880,104							2,869,944							2,364,538
Total liabilities and stockholders' equity	$	21,822,273						$	20,920,223						$	17,382,872
Net interest income (FTE)			$	166,031						$	169,788						$	151,134
Net interest spread (FTE)						3.22	%						3.40	%						3.60	%
Net interest margin (FTE) - quarter-to-date						3.42	%						3.68	%						3.94	%

Net interest margin (FTE) - year-to-date						3.55	%						3.68	%						3.90	%

Core net interest margin (FTE) - quarter-to-date ⁽¹⁾						3.18	%						3.42	%						3.67	%
Core loan yield (FTE) - quarter-to-date ⁽¹⁾						4.52	%						4.86	%						5.26	%

Core net interest margin (FTE) - year-to-date ⁽¹⁾						3.30	%						3.42	%						3.68	%
Core loan yield (FTE) - year-to-date ⁽¹⁾						4.69	%						4.86	%						5.27	%

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

Page 7

Simmons First National Corporation													SFNC
Consolidated - Selected Financial Data
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2020			2020			2019			2019			2019
($ in thousands, except share data)
QUARTER-TO-DATE
Financial Highlights - GAAP
Net Income	$	58,789		$	77,223		$	52,709		$	81,826		$	55,598
Diluted earnings per share		0.54			0.68			0.49			0.84			0.58
Return on average assets		1.08	%		1.48	%		1.04	%		1.83	%		1.28	%
Return on average common equity		8.21	%		10.83	%		8.01	%		13.70	%		9.48	%
Return on tangible common equity		14.55	%		19.00	%		14.62	%		24.89	%		17.40	%
Net interest margin (FTE)		3.42	%		3.68	%		3.78	%		3.82	%		3.94	%
FTE adjustment		2,350			2,305			2,172			1,843			1,706
Amortization of intangibles		3,369			3,413			3,270			2,947			2,947
Amortization of intangibles, net of taxes		2,489			2,521			2,416			2,176			2,177
Average diluted shares outstanding		109,130,866			113,137,223			108,472,559			96,968,775			96,367,857
Shares repurchased under plan		–			4,922,336			390,000			–			–
Average price of shares repurchased		–			18.96			25.95			–			–
Cash dividends declared per common share		0.17			0.17			0.16			0.16			0.16
Financial Highlights - Core (non-GAAP)
Core earnings (excludes non-core items) ⁽¹⁾	$	60,147		$	73,838		$	71,074		$	83,963		$	65,453
Core diluted earnings per share ⁽¹⁾		0.55			0.65			0.66			0.87			0.68
Core net interest margin (FTE) ⁽²⁾		3.18	%		3.42	%		3.44	%		3.59	%		3.67	%
Accretable yield on acquired loans		11,723			11,837			15,100			9,322			10,162
Efficiency ratio ⁽¹⁾		49.12	%		56.38	%		52.63	%		43.77	%		49.88	%
Core return on average assets ⁽¹⁾		1.11	%		1.42	%		1.41	%		1.88	%		1.51	%
Core return on average common equity ⁽¹⁾		8.40	%		10.35	%		10.80	%		14.06	%		11.16	%
Core return on tangible common equity ⁽¹⁾		14.87	%		18.19	%		19.49	%		25.52	%		20.36	%
YEAR-TO-DATE
Financial Highlights - GAAP
Net Income	$	136,012		$	77,223		$	237,828		$	185,119		$	103,293
Diluted earnings per share		1.22			0.68			2.41			1.94			1.09
Return on average assets		1.28	%		1.48	%		1.33	%		1.44	%		1.24	%
Return on average common equity		9.45	%		10.83	%		9.93	%		10.65	%		9.05	%
Return on tangible common equity		16.57	%		19.00	%		17.99	%		19.27	%		16.38	%
Net interest margin (FTE)		3.55	%		3.68	%		3.85	%		3.88	%		3.90	%
FTE adjustment		4,655			2,305			7,322			5,150			3,307
Amortization of intangibles		6,782			3,413			11,805			8,535			5,588
Amortization of intangibles, net of taxes		5,010			2,521			8,720			6,304			4,128
Average diluted shares outstanding		111,083,999			113,137,223			98,796,628			95,450,732			94,588,739
Cash dividends declared per common share		0.34			0.17			0.64			0.48			0.32
Financial Highlights - Core (non-GAAP)
Core earnings (excludes non-core items) ⁽¹⁾	$	133,985		$	73,838		$	269,566		$	198,492		$	114,529
Core diluted earnings per share ⁽¹⁾		1.21			0.65			2.73			2.08			1.21
Core net interest margin (FTE) ⁽²⁾		3.30	%		3.42	%		3.59	%		3.64	%		3.68	%
Accretable yield on acquired loans		23,560			11,837			41,244			26,144			16,822
Efficiency ratio ⁽¹⁾		52.75	%		56.38	%		50.33	%		49.49	%		53.14	%
Core return on average assets ⁽¹⁾		1.26	%		1.42	%		1.51	%		1.55	%		1.37	%
Core return on average common equity ⁽¹⁾		9.31	%		10.35	%		11.25	%		11.42	%		10.04	%
Core return on tangible common equity ⁽¹⁾		16.33	%		18.19	%		20.31	%		20.62	%		18.09	%
END OF PERIOD
Book value per share	$	26.64		$	26.11		$	26.30		$	26.36		$	25.57
Tangible book value per share		15.79			15.22			15.89			15.73			14.90
Shares outstanding		108,994,389			108,966,331			113,628,601			96,613,855			96,590,656
Full-time equivalent employees		2,939			3,079			3,270			2,701			2,700
Total number of financial centers		226			240			251			212			212

(1) Core earnings exclude non-core items, which is a non-GAAP measurement. Reconciliations to GAAP are included in the schedules accompanying this release.

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

Page 8

Simmons First National Corporation													SFNC
Consolidated - Reconciliation of Core Earnings (non-GAAP)
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2020			2020			2019			2019			2019
($ in thousands, except per share data)
QUARTER-TO-DATE
Net Income	$	58,789		$	77,223		$	52,709		$	81,826		$	55,598
Non-core items
Gain on sale of branches		(2,204	)		(5,889	)		–			–			–
Merger-related costs		1,830			1,068			24,831			2,556			7,522
Early retirement program		493			–			–			177			2,932
Branch right-sizing		1,721			238			37			160			2,887
Tax effect ⁽¹⁾		(482	)		1,198			(6,503	)		(756	)		(3,486	)
Net non-core items		1,358			(3,385	)		18,365			2,137			9,855
Core earnings (non-GAAP)	$	60,147		$	73,838		$	71,074		$	83,963		$	65,453

Diluted earnings per share	$	0.54		$	0.68		$	0.49		$	0.84		$	0.58
Non-core items
Gain on sale of branches		(0.02	)		(0.05	)		–			–			–
Merger-related costs		0.02			0.01			0.23			0.04			0.08
Early retirement program		–			–			–			–			0.03
Branch right-sizing		0.02			–			–			–			0.03
Tax effect ⁽¹⁾		(0.01	)		0.01			(0.06	)		(0.01	)		(0.04	)
Net non-core items		0.01			(0.03	)		0.17			0.03			0.10
Core diluted earnings per share (non-GAAP)	$	0.55		$	0.65		$	0.66		$	0.87		$	0.68

YEAR-TO-DATE
Net Income	$	136,012		$	77,223		$	237,828		$	185,119		$	103,293
Non-core items
Gain on sale of branches		(8,093	)		(5,889	)		–			–			–
Merger-related costs		2,898			1,068			36,379			11,548			8,992
Early retirement program		493			–			3,464			3,464			3,287
Branch right-sizing		1,959			238			3,129			3,092			2,932
Tax effect ⁽¹⁾		716			1,198			(11,234	)		(4,731	)		(3,975	)
Net non-core items		(2,027	)		(3,385	)		31,738			13,373			11,236
Core earnings (non-GAAP)	$	133,985		$	73,838		$	269,566		$	198,492		$	114,529

Diluted earnings per share	$	1.22		$	0.68		$	2.41		$	1.94		$	1.09
Non-core items
Gain on sale of branches		(0.07	)		(0.05	)		–			–			–
Merger-related costs		0.03			0.01			0.37			0.12			0.10
Early retirement program		–			–			0.03			0.04			0.03
Branch right-sizing		0.02			–			0.03			0.03			0.03
Tax effect ⁽¹⁾		0.01			0.01			(0.11	)		(0.05	)		(0.04	)
Net non-core items		(0.01	)		(0.03	)		0.32			0.14			0.12
Core diluted earnings per share (non-GAAP)	$	1.21		$	0.65		$	2.73		$	2.08		$	1.21

(1) Effective tax rate of 26.135%.

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

QUARTER-TO-DATE
Other income	$	9,809		$	12,801		$	7,073		$	44,721		$	6,065
Non-core items ⁽¹⁾		(2,204	)		(5,889	)		–			–			–
Core other income (non-GAAP)	$	7,605		$	6,912		$	7,073		$	44,721		$	6,065

Non-interest expense	$	112,598		$	125,813		$	142,095		$	106,865		$	110,743
Non-core items ⁽¹⁾		(4,044	)		(1,306	)		(24,868	)		(2,893	)		(13,341	)
Core non-interest expense (non-GAAP)	$	108,554		$	124,507		$	117,227		$	103,972		$	97,402

Salaries and employee benefits	$	57,644		$	67,924		$	63,235		$	52,065		$	56,128
Non-core items ⁽¹⁾		(493	)		–			–			(176	)		(2,937	)
Core salaries and employee benefits (non-GAAP)	$	57,151		$	67,924		$	63,235		$	51,889		$	53,191

Merger related costs	$	1,830		$	1,068		$	24,831		$	2,556		$	7,522
Non-core items ⁽¹⁾		(1,830	)		(1,068	)		(24,831	)		(2,556	)		(7,522	)
Core merger related costs (non-GAAP)	$	–		$	–		$	–		$	–		$	–

Other operating expenses	$	34,651		$	38,788		$	38,044		$	37,881		$	32,867
Non-core items ⁽¹⁾		(1,662	)		(212	)		(4	)		(90	)		(2,834	)
Core other operating expenses (non-GAAP)	$	32,989		$	38,576		$	38,040		$	37,791		$	30,033

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

Page 9

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - End of Period
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sept 30			Jun 30
(Unaudited)	2020			2020			2019			2019			2019
($ 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	$	2,903,936		$	2,844,633		$	2,988,157		$	2,547,071		$	2,469,513
Intangible assets:
Goodwill		(1,064,765	)		(1,064,978	)		(1,055,520	)		(926,648	)		(926,450	)
Other intangible assets		(117,823	)		(121,673	)		(127,340	)		(101,149	)		(104,096	)
Total intangibles		(1,182,588	)		(1,186,651	)		(1,182,860	)		(1,027,797	)		(1,030,546	)
Tangible common stockholders' equity	$	1,721,348		$	1,657,982		$	1,805,297		$	1,519,274		$	1,438,967

Total assets	$	21,903,684		$	20,841,352		$	21,259,143		$	17,758,511		$	17,937,435
Intangible assets:
Goodwill		(1,064,765	)		(1,064,978	)		(1,055,520	)		(926,648	)		(926,450	)
Other intangible assets		(117,823	)		(121,673	)		(127,340	)		(101,149	)		(104,096	)
Total intangibles		(1,182,588	)		(1,186,651	)		(1,182,860	)		(1,027,797	)		(1,030,546	)
Tangible assets	$	20,721,096		$	19,654,701		$	20,076,283		$	16,730,714		$	16,906,889

Paycheck protection program ("PPP") loans		(963,712	)
Total assets less PPP loans	$	20,939,972
Tangible assets less PPP loans	$	19,757,384

Ratio of equity to assets		13.26	%		13.65	%		14.06	%		14.34	%		13.77	%
Ratio of equity to assets less PPP loans		13.87	%
Ratio of tangible common equity to tangible assets		8.31	%		8.44	%		8.99	%		9.08	%		8.51	%
Ratio of tangible common equity to tangible assets less PPP loans		8.71	%

Calculation of Tangible Book Value per Share

Total common stockholders' equity	$	2,903,936		$	2,844,633		$	2,988,157		$	2,547,071		$	2,469,513
Intangible assets:
Goodwill		(1,064,765	)		(1,064,978	)		(1,055,520	)		(926,648	)		(926,450	)
Other intangible assets		(117,823	)		(121,673	)		(127,340	)		(101,149	)		(104,096	)
Total intangibles		(1,182,588	)		(1,186,651	)		(1,182,860	)		(1,027,797	)		(1,030,546	)
Tangible common stockholders' equity	$	1,721,348		$	1,657,982		$	1,805,297		$	1,519,274		$	1,438,967
Shares of common stock outstanding		108,994,389			108,966,331			113,628,601			96,613,855			96,590,656
Book value per common share	$	26.64		$	26.11		$	26.30		$	26.36		$	25.57
Tangible book value per common share	$	15.79		$	15.22		$	15.89		$	15.73		$	14.90

Calculation of Regulatory Tier 1 Leverage Ratio Less Average PPP Loans

Total Tier 1 capital	$	1,820,488

Adjusted average assets for leverage ratio	$	20,742,824
Average PPP loans		(645,172	)
Adjusted average assets less average PPP loans	$	20,097,652

Tier 1 leverage ratio		8.78	%
Tier 1 leverage ratio less average PPP loans		9.06	%

Page 10

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sept 30			Jun 30
(Unaudited)	2020			2020			2019			2019			2019
($ in thousands)
Calculation of Core Return on Average Assets

Net income	$	58,789		$	77,223		$	52,709		$	81,826		$	55,598
Net non-core items, net of taxes, adjustment		1,358			(3,385	)		18,365			2,137			9,855
Core earnings	$	60,147		$	73,838		$	71,074		$	83,963		$	65,453

Average total assets	$	21,822,273		$	20,920,223		$	20,041,890		$	17,720,598		$	17,382,872

Return on average assets		1.08	%		1.48	%		1.04	%		1.83	%		1.28	%
Core return on average assets		1.11	%		1.42	%		1.41	%		1.88	%		1.51	%

Calculation of Return on Tangible Common Equity

Net income	$	58,789		$	77,223		$	52,709		$	81,826		$	55,598
Amortization of intangibles, net of taxes		2,489			2,521			2,416			2,176			2,177
Total income available to common stockholders	$	61,278		$	79,744		$	55,125		$	84,002		$	57,775

Net non-core items, net of taxes		1,358			(3,385	)		18,365			2,137			9,855
Core earnings		60,147			73,838			71,074			83,963			65,453
Amortization of intangibles, net of taxes		2,489			2,521			2,416			2,176			2,177
Total core income available to common stockholders	$	62,636		$	76,359		$	73,490		$	86,139		$	67,630

Average common stockholders' equity	$	2,879,337		$	2,869,177		$	2,611,143		$	2,368,773		$	2,351,603
Average intangible assets:
Goodwill		(1,064,955	)		(1,055,498	)		(997,004	)		(926,687	)		(915,445	)
Other intangibles		(120,111	)		(125,746	)		(118,311	)		(103,028	)		(104,050	)
Total average intangibles		(1,185,066	)		(1,181,244	)		(1,115,315	)		(1,029,715	)		(1,019,495	)
Average tangible common stockholders' equity	$	1,694,271		$	1,687,933		$	1,495,828		$	1,339,058		$	1,332,108

Return on average common equity		8.21	%		10.83	%		8.01	%		13.70	%		9.48	%
Return on tangible common equity		14.55	%		19.00	%		14.62	%		24.89	%		17.40	%
Core return on average common equity		8.40	%		10.35	%		10.80	%		14.06	%		11.16	%
Core return on tangible common equity		14.87	%		18.19	%		19.49	%		25.52	%		20.36	%

Calculation of Efficiency Ratio ⁽¹⁾

Non-interest expense	$	112,598		$	125,813		$	142,095		$	106,865		$	110,743
Non-core non-interest expense adjustment		(4,044	)		(1,306	)		(24,868	)		(2,893	)		(13,341	)
Other real estate and foreclosure expense adjustment		(242	)		(319	)		(1,063	)		(1,057	)		(563	)
Amortization of intangibles adjustment		(3,369	)		(3,413	)		(3,270	)		(2,947	)		(2,947	)
Efficiency ratio numerator	$	104,943		$	120,775		$	112,894		$	99,968		$	93,892

Net-interest income	$	163,681		$	167,483		$	167,066		$	149,264		$	149,428
Non-interest income		50,227			82,394			45,630			84,675			39,934
Fully tax-equivalent adjustment		2,350			2,305			2,172			1,843			1,706
Gain on sale of securities		(390	)		(32,095	)		(377	)		(7,374	)		(2,823	)
Efficiency ratio denominator	$	213,664		$	214,198		$	214,491		$	228,408		$	188,245

Efficiency ratio ⁽¹⁾		49.12	%		56.38	%		52.63	%		43.77	%		49.88	%

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

Page 11

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date (continued)
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sept 30			Jun 30
(Unaudited)	2020			2020			2019			2019			2019
($ in thousands)
Calculation of Core Net Interest Margin

Net interest income	$	163,681		$	167,483		$	167,066		$	149,264		$	149,428
Fully tax-equivalent adjustment		2,350			2,305			2,172			1,843			1,706
Fully tax-equivalent net interest income		166,031			169,788			169,238			151,107			151,134

Total accretable yield		(11,723	)		(11,837	)		(15,100	)		(9,322	)		(10,162	)
Core net interest income	$	154,308		$	157,951		$	154,138		$	141,785		$	140,972
PPP loan and excess liquidity interest income		(5,623	)
Core net interest adjusted for PPP loans and liquidity	$	148,685

Average earning assets	$	19,517,475		$	18,581,491		$	17,753,004		$	15,680,665		$	15,389,670
Average PPP loan balance and excess liquidity		(2,071,411	)
Average earning assets adjusted for PPL loans and liquidity	$	17,446,064

Net interest margin		3.42	%		3.68	%		3.78	%		3.82	%		3.94	%
Core net interest margin		3.18	%		3.42	%		3.44	%		3.59	%		3.67	%
Core net interest margin adjusted for PPP loans and liquidity		3.43	%

Calculation of Core Loan Yield

Loan interest income	$	177,168		$	187,566		$	193,402		$	179,971		$	178,122
Total accretable yield		(11,723	)		(11,837	)		(15,100	)		(9,322	)		(10,162	)
Core loan interest income	$	165,445		$	175,729		$	178,302		$	170,649		$	167,960
PPP loan interest income		(3,733	)
Core loan interest income without PPP loans	$	161,712

Average loan balance	$	14,731,306		$	14,548,853		$	14,144,703		$	13,053,540		$	12,814,386
Average PPP loan balance		(645,172	)
Core loan interest income without PPP loans	$	14,086,134

Core loan yield		4.52	%		4.86	%		5.00	%		5.19	%		5.26	%
Core loan yield without PPP loans		4.62	%

Calculation of Pre-Tax, Pre-Provision (PTPP) Earnings

Net income available to common stockholders	$	58,789		$	77,223		$	52,709		$	81,826		$	55,598
Provision for income taxes		15,593			20,694			12,976			23,275			15,616
Provision for credit losses		26,915			26,134			4,903			21,973			7,079
Provision for unfunded commitments		(5,000	)		(3,000	)		–			–			–
(Gain) loss on sale of securities		(390	)		(32,095	)		(377	)		(7,374	)		(2,823	)
Net pre-tax non-core items		1,840			(4,583	)		24,868			2,893			13,341
Pre-tax, pre-provision (PTPP) earnings	$	97,747		$	84,373		$	95,079		$	122,593		$	88,811

Page 12

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
	2020			2020			2019			2019			2019
($ in thousands)
Calculation of Core Return on Average Assets

Net income	$	136,012		$	77,223		$	237,828		$	185,119		$	103,293
Net non-core items, net of taxes, adjustment		(2,027	)		(3,385	)		31,738			13,373			11,236
Core earnings	$	133,985		$	73,838		$	269,566		$	198,492		$	114,529

Average total assets	$	21,371,248		$	20,920,223		$	17,871,748		$	17,140,419		$	16,845,528

Return on average assets		1.28	%		1.48	%		1.33	%		1.44	%		1.24	%
Core return on average assets		1.26	%		1.42	%		1.51	%		1.55	%		1.37	%

Calculation of Return on Tangible Common Equity

Net income	$	136,012		$	77,223		$	237,828		$	185,119		$	103,293
Amortization of intangibles, net of taxes		5,010			2,521			8,720			6,304			4,128
Total income available to common stockholders	$	141,022		$	79,744		$	246,548		$	191,423		$	107,421

Net non-core items, net of taxes		(2,027	)		(3,385	)		31,738			13,373			11,236
Core earnings		133,985			73,838			269,566			198,492			114,529
Amortization of intangibles, net of taxes		5,010			2,521			8,720			6,304			4,128
Total core income available to common stockholders	$	138,995		$	76,359		$	278,286		$	204,796		$	118,657

Average common stockholders' equity	$	2,894,351		$	2,869,177		$	2,396,024		$	2,323,530		$	2,300,535
Average intangible assets:
Goodwill		(1,060,226	)		(1,055,498	)		(921,635	)		(896,236	)		(880,759	)
Other intangibles		(122,928	)		(125,746	)		(104,000	)		(99,178	)		(97,221	)
Total average intangibles		(1,183,154	)		(1,181,244	)		(1,025,635	)		(995,414	)		(977,980	)
Average tangible common stockholders' equity	$	1,711,197		$	1,687,933		$	1,370,389		$	1,328,116		$	1,322,555

Return on average common equity		9.45	%		10.83	%		9.93	%		10.65	%		9.05	%
Return on tangible common equity		16.57	%		19.00	%		17.99	%		19.27	%		16.38	%
Core return on average common equity		9.31	%		10.35	%		11.25	%		11.42	%		10.04	%
Core return on tangible common equity		16.33	%		18.19	%		20.31	%		20.62	%		18.09	%

Calculation of Efficiency Ratio ⁽¹⁾

Non-interest expense	$	238,411		$	125,813		$	461,112		$	319,017		$	212,152
Non-core non-interest expense adjustment		(5,350	)		(1,306	)		(42,972	)		(18,104	)		(15,211	)
Other real estate and foreclosure expense adjustment		(561	)		(319	)		(3,282	)		(2,219	)		(1,162	)
Amortization of intangibles adjustment		(6,782	)		(3,413	)		(11,805	)		(8,535	)		(5,588	)
Efficiency ratio numerator	$	225,718		$	120,775		$	403,053		$	290,159		$	190,191

Net-interest income	$	331,164		$	167,483		$	601,753		$	434,687		$	285,423
Non-interest income		132,621			82,394			205,031			159,401			74,726
Fully tax-equivalent adjustment		4,655			2,305			7,322			5,150			3,307
Gain on sale of securities		(32,485	)		(32,095	)		(13,314	)		(12,937	)		(5,563	)
Efficiency ratio denominator	$	427,862		$	214,198		$	800,792		$	586,301		$	357,893

Efficiency ratio ⁽¹⁾		52.75	%		56.38	%		50.33	%		49.49	%		53.14	%

Calculation of Core Net Interest Margin

Net interest income	$	331,164		$	167,483		$	601,753		$	434,687		$	285,423
Fully tax-equivalent adjustment		4,655			2,305			7,322			5,150			3,307
Fully tax-equivalent net interest income		335,819			169,788			609,075			439,837			288,730

Total accretable yield		(23,560	)		(11,837	)		(41,244	)		(26,144	)		(16,822	)
Core net interest income	$	312,259		$	157,951		$	567,831		$	413,693		$	271,908
Average earning assets	$	19,049,487		$	18,581,491		$	15,824,571		$	15,174,671		$	14,917,493

Net interest margin		3.55	%		3.68	%		3.85	%		3.88	%		3.90	%
Core net interest margin		3.30	%		3.42	%		3.59	%		3.64	%		3.68	%

Calculation of Core Loan Yield

Loan interest income	$	364,476		$	187,566		$	710,935		$	517,533		$	337,562
Total accretable yield		(23,560	)		(11,837	)		(41,244	)		(26,144	)		(16,822	)
Core loan interest income	$	340,916		$	175,729		$	669,691		$	491,389		$	320,740
Average loan balance	$	14,640,082		$	14,548,853		$	12,938,013		$	12,531,355		$	12,265,936

Core loan yield		4.68	%		4.86	%		5.18	%		5.24	%		5.27	%

Page 13

Exhibit 99.2

NASDAQ: SFNC 2 nd Quarter 2020 Investor Presentation

2 Forward - Looking Statements and Non - GAAP Financial Measures Forward - Looking Statements . Certain statements contained in this presentation may not be based on historical facts and should be considered "forward - looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 . These forward - looking statements may be identified by reference to a future period(s) or by the use of forward - looking terminology, such as "anticipate," "estimate," "expect," "foresee," "may," "might," "will," "would," "could" or "intend," future or conditional verb tenses, and variations or negatives of such terms . These forward - looking statements include, without limitation, those relating to Simmons First National Corporation’s (“Company”) future growth ; revenue ; expenses (including, without limitation, non - interest expenses) ; assets ; asset quality ; profitability ; earnings ; critical accounting policies ; accretion ; net interest margin ; non - interest revenue ; market conditions related to and impact of the Company's common stock repurchase program ; adequacy of the allowance for loan losses ; income tax deductions ; credit quality ; level of credit losses from lending commitments ; net interest revenue ; interest rate sensitivity ; loan loss experience ; liquidity ; capital resources ; market risk ; the expected benefits, milestones, or costs associated with the Company’s acquisition strategy and Next Generation Bank Program ; the Company’s ability to recruit and retain key employees ; the ability of the Company to manage the impact of the COVID - 19 pandemic ; legal and regulatory limitations and compliance and competition ; anticipated loan principal reductions ; fees associated with the Paycheck Protection Program ; plans for investments in securities ; statements under the caption “Management’s Outlook” on slides 21 and 23 ; the timing, charges, and savings associated with completed and future branch closures ; and projected dividends . Readers are cautioned not to place undue reliance on the forward - looking statements contained in this presentation in that actual results could differ materially from those indicated in such forward - looking statements, due to a variety of factors . These factors include, but are not limited to, changes in the Company's operating or expansion strategy ; the availability of and costs associated with obtaining adequate and timely sources of liquidity ; the ability to maintain credit quality ; the effect of steps the Company takes in response to the COVID - 19 pandemic ; the severity and duration of the pandemic, including whether there is a “second wave” as a result of the loosening of governmental restrictions ; the pace of recovery when the pandemic subsides and the heightened impact it has on many of the risks described herein ; the effects of the pandemic on, among other things, the Company’s operations, liquidity, and credit quality ; general market and economic conditions ; unemployment ; possible adverse rulings, judgments, settlements and other outcomes of pending or future litigation (including litigation arising from the Company’s participation in and administration of programs related to the COVID - 19 pandemic (including the CARES Act)) ; the ability of the Company to collect amounts due under loan agreements ; changes in consumer preferences and loan demand ; effectiveness of the Company's interest rate risk management strategies ; laws and regulations affecting financial institutions in general or relating to taxes ; the effect of pending or future legislation ; the ability of the Company to repurchase its common stock on favorable terms ; the ability of the Company to successfully implement its acquisition strategy ; changes in interest rates, deposit flows, real estate values, and capital markets ; inflation ; customer acceptance of the Company's products and services ; changes or disruptions in technology and IT systems (including cyber threats, attacks and events) ; changes in accounting principles relating to loan loss recognition (current expected credit losses, or CECL) ; the benefits associated with the Company’s early retirement program and completed and future branch closures ; and other risk factors . Other relevant risk factors may be detailed from time to time in the Company's press releases and filings with the U . S . Securities and Exchange Commission, including, without limitation, the Company’s Form 10 - K for the year ended December 31 , 2019 . Any forward - looking statement speaks only as of the date of this Report, and the Company undertakes no obligation to update these forward - looking statements to reflect events or circumstances that occur after the date of this Report . Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results . Non - GAAP Financial Measures . This document 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 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 income available to common shareholders certain expenses related to significant non - core activities, such as merger - related expenses, expenses related to the Company’s early retirement program, gain on sale of branches, and branch right - sizing expenses . In addition, the Company also presents certain figures based on tangible common stockholders’ equity and tangible book value, which exclude goodwill and other intangible assets . The Company further presents certain figures that are exclusive of PPP loans . The Company’s management believes that these non - GAAP financial measure 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 normalizing for tax 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 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 appendix to this presentation .

NASDAQ: SFNC COVID - 19 Update

January: ▪ Monitored information regarding COVID - 19 in China February: ▪ Held pandemic planning meetings ▪ Inventoried supplies, ordered additional laptops/IT equipment ▪ Communications to associates March: ▪ Announced temporary closure of 52 branches ▪ Closed lobbies, except by appointments ▪ Communicated with customers ▪ Focused on enhanced digital banking experience April - June: ▪ Refined travel policy for limited, critical business travel ▪ Conservatively reopened targeted lobbies ▪ Monitored and implemented local and state law changes Pandemic Timeline Our Associates ▪ Continued work from home plan for certain staff ▪ With only a few exceptions, branch staffing returned ▪ Suspended certain growth oriented incentive plans and focus on stability ▪ Extended pandemic pay program COVID - 19 Pandemic Response Our Communities ▪ Donated masks, gloves and hand sanitizers to healthcare facilities, police and a community group delivering meals ▪ Sponsored a live streaming concert from Simmons Bank Arena to benefit the Feeding America food banks and the Hunger Relief Alliance raising over $30,000 ▪ Donated $15,000 to Arkansas Foodbank ▪ Purchased gift cards from customers to give away on social media and to local non profit organizations ▪ Associates delivered food and care packages to support police, firefighters, emergency responders and healthcare workers ▪ One of our associates handmade 400 facemasks for healthcare workers and other community members ▪ A bank customer manufactures hand sanitizer and made it available to our bank customers in Tennessee ▪ Donated $10,000 to the United Way of Columbia, MO ▪ Donated $50,000 to an interest - free loan fund for small businesses in St. Louis ▪ Donated $10,000 to the Urban League in St. Louis to support weekly distributions of food, toiletries, gloves and masks for families in need throughout the St. Louis area ▪ Contributed $15,000 to the Arkansas 30 - Day Fund to support 7 Arkansas businesses with an emergency forgivable loan 4

Consumer Branch and Digital Trends (in thousands) Consumer Digital Banking 199 171 157 123 144 130 134 130 145 154 144 142 131 165 148 146 140 166 147 191 173 165 141 171 151 184 153 177 175 168 166 161 186 171 176 166 193 173 75 95 115 135 155 175 195 215 Weekly Number of Transactions Branch Digital 5 Consumer Digital Accounts and Transactions ▪ For the first time, in March, we had more weekly transactions using the digital channels than at the branches ▪ Mobile Deposit saw an increase of 75% since the end of February ▪ Over 38,000 (+23%) new consumer digital banking users since 2/29/20 ▪ 78% of deposit transaction accounts are enrolled in digital banking Consumer Digital Platform ▪ Converted to new mobile platform in October 2019 ▪ Converted to new online platform in May 2020 ▪ All consumer customers are now on the same system, including acquired institutions Weekly Digital Transactions passed Weekly Branch Transactions in March 2020

▪ Over $2.5 billion in Cash and Cash Equivalents as of 6/30/20 – Intentionally increased cash position in Q1 – In Q1, sold investment securities when the 10YR TSY was near historic lows – Increase in deposits ▪ Over $5 billion available in secondary borrowing sources of liquidity as of quarter end ▪ Substantial access to brokered deposits ▪ Loan/Deposit Ratio of 88% as of 6/30/20 (82% excluding PPP loans) Liquidity and Investment Securities Liquidity $491 $655 $530 $997 $1,737 $2,545 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 Q119 Q219 Q319 Q419 Q120 Q220 Cash and Cash Equivalents (In millions ) 98% 97% 97% 90% 92% 88% 80% 85% 90% 95% 100% Q119 Q219 Q319 Q419 Q120 Q220 Loans / Deposits ▪ In Q1, sold ~$1 billion of investment securities to – De - risk the balance sheet – Create liquidity – Recognize gains of over $30 million – Increase capital ▪ Security types sold in Q1: – MBS ~$615MM – CMOs ~$171MM – Municipals ~$252MM ▪ Q2 investment security yield was 2.50% ▪ Expect to re - invest approximately $1 billion in the investment securities portfolio by year - end Investment Securities Plan 6

Methodology Current Expected Credit Losses (CECL) Methodology ▪ CECL replaced the incurred loss methodology with a life of loan concept effective January 1, 2020 ▪ Reserve factors are based on estimated probability of default and loss given default for each segment – The estimates are determined based on management’s assessment of economic forecasts over the reasonable and supportable forecast period (one - year) – For contractual periods that extend beyond the one - year forecast period, the estimates revert to average historical loss experiences over a one - year period on a straight - line basis ▪ Further qualitative adjustments are based on factors and considerations that have not otherwise been fully accounted for ▪ Loans that do not share similar risk characteristics are evaluated on an individual basis by either estimating the fair value of underlying collateral or the present value of expected cash flows Economic Scenarios ▪ Regression Loss Models were developed using historical loan loss data to identify statistically significant relationships wit h national economic variables to forecast losses ▪ Significant variables include: (1) Commercial Real Estate Price Index, (2) Personal Disposable Income, (3) Prime Rate, (4) Unemployment Rate, (5) Gross Domestic Product ▪ Consideration given to Moody’s Analytics suite of economic scenario forecasts published in June 2020 ▪ Baseline, S1=“Upside – 10 th Percentile”, S2=“Downside – 75 th Percentile”, S3=“Downside – 90 th Percentile” ▪ Weighting of scenarios were applied to align with management’s expectation of future conditions ▪ June 30, 2020 weighting was Baseline S1 (68%) / S2 (22%) / S3 (10%) 7

ALLL or ACL Loan Discount Total Loan Coverage ALLL as of 12/31/19 $ 68.2 $ 87.3 $ 155.5 CECL Day 1 Adoption Impact 151.4 (87.3) 64.1 ACL as of 01/01/20 $ 219.6 $ 0 $ 219.6 Q1 - 20 Provision, net of charge - offs 23.6 23.6 ACL as of 03/31/20 $ 243.2 $ 0 $ 243.2 Q2 - 20 Provision 26.7 26.7 Q2 - 20 Net charge - offs (38.2) (38.2) ACL as of 06/30/20 $ 231.6 $ 0 $ 231.6 Allowance for Loan Losses and Loan Coverage 8 CECL (continued) CECL = Current Expected Credit Losses methodology for estimating ACL ACL = Allowance for Credit Losses on Loans PCD = Purchased Credit - Deteriorated Financial Assets (1) Figures excluding PPP loans are non - GAAP measurements. See Appendix for non - GAAP reconciliations. CECL Adoption (Day 1 adjustment) 01/01/20 ACL Loans $ 146.1 PCD Loan discount reclassed to ACL 5.4 ACL Securities 0.7 Unfunded commitment reserve 24.0 Total CECL Day 1 adjustment $ 176.2 Retrospective equity adjustment $ 128.1 Loan Discount not associated with loan coverage (Deferred Revenue) 12/31/19 $ 0 01/01/20, CECL adoption 81.8 03/31/20 69.2 06/30/20 $ 58.2 2020 Scheduled Loan Discount Accretion: Q1 [Actual] $ 11.8 Q2 [Actual] 11.7 Q3 [Estimated] 4.2 Q4 [Estimated] $ 3.9 12/31/19 ALLL / Loans 0.47% 01/01/20 ACL / Loans 1.52% 03/31/20 ACL / Loans 1.69% 06/30/20 ACL / Loans 1.59% $ in millions as of 03/31/20 as of 06/30/20 Unfunded Commitments $2,765 $2,616 Reserve $29.4 $24.4 Reserve / Unfunded Balance 1.1% 0.9% Reserve for Unfunded Commitments (1.70% excluding PPP Loans (1) )

Loan Portfolio Summary, including PPP Loans $ in millions Balance $ % of Total Loans COVID - 19 Modification $ Past Due 30 days or more $ Classified $ Non - performing $ ACL % Unfunded Commitment $ Unfunded Commitment Reserve Total Loan Portfolio Consumer - Credit Card 184 1% 2 1 - - 6.0% - Consumer - Other 214 1% 10 2 2 2 4.9% 20 Real Estate - Construction 2,010 14% 287 3 7 7 2.6% 982 Real Estate - Commercial 6,316 43% 2,345 1 122 36 1.2% 269 Real Estate - Single - family 2,207 15% 284 9 41 33 0.8% 253 Commercial 3,038 21% 359 3 79 54 1.9% 987 Agriculture 218 1% 1 - 1 1 0.9% 103 Other 419 3% - - 25 - 0.4% 2 Total Loan Portfolio 14,607 100% 3,288 19 277 132 1.6% 2,616 0.9% Select Loan Categories Retail 1,414 10% 726 - 23 5 1.2% 109 Nursing / Extended Care 446 3% 181 - - - 1.6% 117 Healthcare 649 4% 124 - 17 3 1.4% 116 Multifamily 874 6% 367 - 28 2 0.9% 125 Hotel 1,048 7% 635 - 16 11 1.6% 68 Restaurant – real estate 269 2% 163 - 2 1 1.7% 5 Restaurant – non - real estate 284 2% 116 - 3 2 0.7% 12 Energy Loans Upstream 247 2% 1 - 16 12 11.2% 61 Midstream 51 0% - - 20 20 23.2% 4 Services 18 0% - - 1 - 0.7% 1 Total Energy 315 2% 1 - 37 33 15.8% 66 9 as of June 30, 2020

Loan Portfolio Summary – Excluding PPP Loans $ in millions Balance $ % of Total Loans COVID - 19 Modification $ Past Due 30 days or more $ Classified $ Non - performing $ ACL % Unfunded Commitment $ Unfunded Commitment Reserve Total Loan Portfolio (1) Consumer - Credit Card 184 1% 2 1 - - 6.0% - Consumer - Other 214 2% 10 2 2 2 4.9% 20 Real Estate - Construction 2,010 15% 287 3 7 7 2.6% 982 Real Estate - Commercial 6,316 46% 2,345 1 122 36 1.2% 269 Real Estate - Single - family 2,207 16% 284 9 41 33 0.8% 253 Commercial 2,074 15% 359 3 79 54 2.7% 987 Agriculture 218 2% 1 - 1 1 0.9% 103 Other 419 3% - - 25 - 0.5% 2 Total Loan Portfolio 13,643 100% 3,288 19 277 132 1.7% 2,616 0.9% Select Loan Categories Retail 1,379 10% 726 - 23 5 1.3% 109 Nursing / Extended Care 429 3% 181 - - - 1.6% 117 Healthcare 527 4% 124 - 17 3 1.6% 116 Multifamily 872 6% 367 - 28 2 0.9% 125 Hotel 1,027 8% 635 - 16 11 1.6% 68 Restaurant – real estate 269 2% 163 - 2 1 1.7% 5 Restaurant – non - real estate 172 1% 116 - 3 2 1.0% 12 Energy Loans Upstream 234 2% 1 - 16 12 11.3 61 Midstream 50 0% - - 20 20 23.5% 4 Services 14 0% - - 1 - 1.0% 1 Total Energy 298 2% 1 - 37 32 16.7% 66 10 as of June 30, 2020 (1) All PPP loans were categorized as commercial.

Outstanding Balance as of June 30, 2020 Total Loan Portfolio $14.6 Billion Loan Portfolio – Geographic Diversification 13.3% 9.3% 6.9% 6.2% 3.8% 3.6% 56.9% Dallas Fort Worth St. Louis Little Rock Oklahoma City Nashville All other markets 11

Outstanding Balance as of June 30, 2020 Real Estate - Construction Loans Commercial Real Estate - Commercial Real Estate – Single Family Select Loan Categories – Geographic Diversification 7.3% 7.3% 6.0% 5.6% 4.6% 4.4% 64.8% Columbia, MO Little Rock Fort Worth Dallas Nashville Jonesboro All other markets $2.2 billion 12 26.3% 12.4% 6.0% 3.7% 2.9% 2.6% 46.1% Dallas Fort Worth Nashville Little Rock Columbia, MO Houston All other markets $6.3 billion $2.0 billion $3.0 billion 14.7% 11.0% 7.4% 5.1% 5.0% 2.6% 54.2% Dallas Little Rock Fort Worth St. Louis Oklahoma City Nashville All other markets 12.5% 11.4% 11.3% 5.0% 4.8% 3.3% 51.7% Dallas Fort Worth St. Louis Little Rock Oklahoma City Nashville All other markets

16.6% 15.2% 13.9% 7.3% 6.6% 2.9% 37.5% Dallas Springfield, MO Fort Worth Little Rock Nashville St. Louis All other markets 18.7% 10.8% 5.7% 4.6% 4.3% 4.0% 51.9% Dallas St. Louis Fort Worth Little Rock Wichita, KS Jackson, MS All other markets 15.5% 15.3% 12.7% 9.1% 4.9% 3.4% 39.1% Fort Worth St. Louis Nashville Dallas Jonesboro, AR Chattanooga All other markets Outstanding Balance as of June 30, 2020 Retail Multifamily Hotel Restaurant Select Loan Types – Geographic Diversification Note: Includes all loan categories (Construction, CRE, Commercial, etc.) $1.4 billion $1.0 billion $874 million $269 million 13 20.0% 13.1% 11.1% 4.5% 3.6% 3.3% 44.4% Dallas St. Louis Fort Worth Little Rock Oklahoma City San Antonio All other markets

25.0% 17.0% 16.1% 9.4% 9.4% 7.3% 6.5% 9.3% Little Rock Savannah, GA Houston Lafayette, LA Troy, MI Springfield, MO Dallas All other markets 24.6% 21.3% 6.3% 5.9% 4.5% 3.8% 33.6% Fort Worth Dallas Nashville Columbia, MO Denver Northwest AR All other markets Outstanding Balance as of June 30, 2020 Residential Multifamily Hotel Nursing / Extended Care Select Construction Loan Types – Geographic Diversification Note: Total Construction Loans were $2.0 billion $575 million $148 million $235 million $173 million 14 21.2% 14.4% 11.6% 10.2% 8.5% 8.1% 26.0% Dallas Jackson, MS Chattanooga, TN Kansas City Midland, TX Denver All other markets 42.9% 21.1% 19.9% 8.1% 5.4% 2.6% Nashville Fort Worth Dallas St. Louis Jonesboro, AR All other markets

Principal Reductions: ▪ Q1 - 20 $78 million ▪ Q2 - 20 $83 million ▪ Anticipated for the balance of 2020: ▪ Q3 $77 million ▪ Q4 $124 million Outstanding Balance as of June 30, 2020 Energy Lending Update – Excluding PPP Loans (1) (1) Excludes $16.9 million of PPP loans to energy customers, as these loans are 100% government guaranteed under the SBA PPP Prog ram . 15 81.0% 16.8% 2.2% Upstream Midstream Services By Industry Sector 17.9% 9.0% 8.6% 7.4% 7.3% 6.7% 6.2% 6.0% 30.9% Bakken, North Dakota SCOOP, Oklahoma STACK, NW OK SCOOP/STACK/UTICA /MARCELLUS Powder River, Wyoming DJ Basin, Colorado Permian, W. Texas Eagle Ford & E. Texas $298 million or 2.0% of Total Loan Portfolio By Upstream & Midstream by Play/Field [mix of oil & gas] Energy Shared National Credits: ▪ $53 million or 18% of outstanding energy loan balances ▪ $30 million unfunded commitments Q2 - 20 Energy Credit Charge - offs (~$32.4 million): ▪ $21.9 million – borrowers in bankruptcy ▪ $10.6 million – credits sold

▪ Most commodity prices are lower than 2019 and have been volatile – Soybean and corn prices are lower than last year – Cotton and rice prices have improved from this time last year ▪ Current crop conditions are good after a wet spring ▪ COVID - 19 resulted in lower exports and oversupply, putting more pressure on commodity pricing ▪ Lower oil prices have resulted in lower input cost ▪ Most of our farm customers participated in the SBA PPP loan program ▪ On April 17, 2020, President Trump announced a $19 billion Coronavirus Relief Program for farmers and food producers Ag. Loan Portfolio $ in millions 6/30/20 6/30/19 Change $ Change % Total $217.7 $193.0 $24.7 12.8% Agricultural Lending Update 16

Loan Balance Loan Balance ($ in millions) # of Loans Interest Rate SBA Fee Estimated SBA Fee $ Estimated Agent Fee $ Less than $350,000 $ 392 41% 7,286 93% 1.00% 5.00% $ 19.6 $ (1.5) $350,000 to Less than $2 million 355 37% 478 6% 1.00% 3.00% 10.7 (0.9) $2 to $10 Million 216 22% 62 1% 1.00% 1.00% 2.2 (0.3) Total $ 964 100% 7,826 100% 1.00% 1.00% $ 32.4 $ (2.6) Simmons’ PPP Loan Portfolio as of June 30, 2020 Lending – SBA PPP Loans 17 Simmons’ PPP Loan Portfolio ▪ PPP Loans are assigned a risk weighting of zero percent ▪ Average loan amount $123,000 ▪ Smallest loan amount $195 ▪ Loan yield 2.33% for second quarter 2020 (includes amortization of SBA fee income net of expenses) as of June 30, 2020

Loan Balance (In millions) % Real Estate Rental and Leasing $ 1,404 45.0% Accommodation and Food Services 744 23.8% Health Care and Social Assistance 273 8.7% Construction 197 6.3% Retail Trade 141 4.5% Other Services (except Public Admin.) 63 2.0% All other categories 300 9.7% Total $ 3,122 100.0% Lending – COVID - 19 Loan Modifications 18 Commercial Loan Modifications Real Estate Rental and Leasing Modifications Loan Balance (In millions) % Lessors of Nonresidential Buildings $ 852 60.6% Lessors of Residential Buildings/Dwellings 348 24.8% Lessors of Other Real Estate Property 57 4.1% Nonresidential Property Managers 46 3.3% All other categories 101 7.2% Total $ 1,404 100.0% Accommodations and Food Services Modifications Loan Balance (In millions) % Hotels (except Casino Hotels) and Motels $ 534 71.8% Full - Service Restaurants 82 11.0% Limited - Service Restaurants 81 10.9% Rooming and Boarding Houses 25 3.4% All other categories 21 2.9% Total $ 744 100.0% COVID - 19 Total Loan Modifications Loan Balance (In millions) % # of Loans % Commercial Loans $ 3,122 95% 3,094 67% Consumer Loans 166 5% 1,529 33% Total $ 3,288 100% 4,623 100% % of total loan portfolio 22.5% as of June 30, 2020

7.2% 5.1% 10.6% 11.7% 33.8% 31.6% Arkansas Central AR Tennessee Western Missouri Texas COVID - 19 Commercial Loan Modifications By Division COVID - 19 Commercial Loan Modifications By Loan Type Commercial Loan COVID - 19 Modifications 74.4% 11.5% 9.0% 4.3% 0.8% CRE Commercial Construction Single Family Agri COVID - 19 Commercial Loan Modifications -- $3.1 billion 19 as of June 30, 2020 by Division and Loan Type

$ in millions Total Common Equity Common Equity to Assets Tangible Common Equity (1) Tangible Common Equity to Tangible Assets (1) As of 12/31/19 $ 2,988 14.06% $ 1,805 8.99% As of 01/01/20, with CECL Day 1 adjustment 2,861 13.46% 1,678 8.36% As of 03/31/20 2,845 13.65% 1,658 8.44% As of 06/30/20 $ 2,905 13.26% $ 1,721 8.31% Regulatory Capital Ratios 20 Capital (1) Tangible common equity (which excludes goodwill and other intangible assets), as well as figures based on tangible common equ ity , are non - GAAP measurements. See Appendix for non - GAAP reconciliations. $ in millions Tier 1 Capital Tier 2 Capital Common Equity Tier 1 (CET1) Tier 1 Leverage Tier 1 Risk - based Capital Total Risk - based Capital As of 12/31/19 $ 1,808 $ 2,273 10.92% 9.59% 10.92% 13.73% As of 01/01/20, with CECL Day 1 adjustment 1,813 2,273 10.92% 9.59% 10.92% 13.73% As of 03/31/20 1,778 2,262 11.10% 8.96% 11.10% 14.13% As of 06/30/20 $ 1,820 $ 2,287 11.85% 8.78% 11.85% 14.89% Regulatory “Well Capitalized” 6.50% 5.00% 8.00% 10.00% Capital Ratios As of 06/30/20 % of Total Capital C&D 88% CRE 281% Loan Concentration Regulatory Capital Comments: ▪ The Company elected the 5 year phase - in of the CECL Day 1 impact to Regulatory Capital ▪ PPP loans are assigned a risk weight of zero percent

Category Q1 - 20 Linked Quarter Change Q2 - 20 Linked Quarter Change Management’s Outlook Interest Income Down $4.2 million or 2.0% Down $17.6 million or 8.4% (Decrease was driven by the Q2 Fed rate cut, excess liquidity, and lower security portfolio balance) Expect continued negative impact from: - Lower yields on investment securities and interest bearing cash accounts - Loan growth tempered (flat to down 5%) Expect to reinvest up $1 billion in the security portfolio by year - end. Interest Expense Down $4.6 million or 9.9% Down $13.8 million or 33.0% Cost of deposits decreased 36 basis points from Q1 to Q2. Anticipate deposit cost to remain stable for the balance of the year. Net Interest Income Up $417,000 or 0.3% Down $3.8 million or 2.3% Expect a flat to slightly declining NIM for the balance of 2020 (PPP Loans and additional liquidity are expected to continue to impact the NIM for the balance of the year). Trust Revenue Down $279,000 or 3.8% Up $102,000 or 1.4% Anticipate flat to slight decrease in Trust revenue due to pricing being based on market value. Service Charges Flat Down $4.8 million or 35.7% (Decrease was driven by lower transaction volume primarily related to COVID - 19) Anticipate flat to modest increase in service charge fee income on deposits and ODP fees (dependent on impact from COVID - 19). Mortgage Revenue Up $1.0 million or 25.2% Up $7.4 million or 146.9% (Increase was driven new mortgage loans and refinancing across the industry) Q2 results were higher than expected. For Q3, expect a decrease as new loans and refinancing slows. Debit and Credit Card fees Down $1.0 million or 11.3% Up $82,000 or 1.0% Anticipate flat to modest increase for the balance of the year. Gain on Sale of Securities Up $31.7 million Down $31.7 million Management does not anticipate a significant sale of additional investment securities. Other income Up $5.7 million Down $3.0 million (Decrease was primarily driven by gain on sale of the South TX branches of $5.9 million in Q1 and gain on sale of Colorado branches of $2 million in Q2) Management expects other income to modestly decrease due to lower income related to recoveries. Revenue 21

▪ Interest Rates – In March, the Fed reduced the Fed Funds target rate by 150 basis points. ▪ Interest Bearing Transaction Deposits – Rates were lowered during the latter part of the first quarter. ▪ Time Deposits – Rates were lowered during the latter part of the first quarter. Based on maturities, we expect there will be a continued lag in the impact to interest expense. $ in millions Interest Bearing Deposit Repricing Deposit Composition Deposit Interest Expense – Cost of Deposits decreased 36 bps (1) Source: S&P Global Market Intelligence Q407 Q408 Q409 Q410 Q411 Q412 Int . Bearing Dep . 3.45% 2.26% 1.24% 0.83% 0.63% 0.42% Cost of Deposits 2.98% 1.96% 1.07% 0.71% 0.50% 0.34% SFNC Cost of Deposits during the “Great Recession” (1) as of 3/31/20 as of 6/30/20 Linked Quarter Change Balance % Rate Balance % Rate Balance Rate Non - interest bearing $ 3,572 23% 0.00% $ 4,608 28% 0.00% $ 1,036 0.00% Interest bearing transaction & savings 8,841 57% 0.80% 8,978 54% 0.32% 137 (0.48%) Time deposits 3,147 20% 1.70% 3,030 18% 1.42% (117) (0.28%) Total Deposits $ 15,560 100% 0.80% $ 16,616 100% 0.44% $ 1,056 (0.36%) 22

Category Q1 - 20 Linked Quarter Change Q2 - 20 Linked Quarter Change Management’s Outlook Provision Expense Up $21.2 million Up $781,000 Provision expense expected to be impacted by changes of the following: 1. Loan Growth – expect flat to decreasing 2. Charge - off’s – if not specifically reserved 3. Moody’s Economic Scenario Forecast: Management’s weighting for Q2: • Moody’s Baseline – 68% • Moody’s Adverse – 22% • Moody’s Severely Adverse – 10% Salaries and Employee Benefits Up $4.7 million or 7.4% The increase was impacted by a full quarter effect of the Landmark Bank acquisition. Down $10.3 million or 15.1% 1) Employee benefits - $3.1 million decrease (payroll taxes, insurance utilization, and other employee benefits) 2) Salaries - $2.3 million decrease 3) Incentive based plans - $4.9 million decrease (executive, lender and retail incentive plans) The system conversion of Landmark was completed on 2/14/20, with cost savings realized beginning in Q2 - 20. Other Expected Changes: - Incentive payouts likely to be lower with a emphasis on maintenance of asset quality, customer care and less opportunity for growth - Impact from sale of branches - Branch rightsizing – announced the closing of 11 branches/June and 24 branches/Q4 - Voluntary early retirement plan Occupancy Expense Flat Down $293,000 or 3.1% Expect a decrease in occupancy due to branch sales and branch closing. Other operating Expense Up $744,000 or 2.0% Down $2.6 million or 5.5% Enhanced emphasis on efficiencies throughout the Company. We will continue to invest in our digital capacity. Non - interest Expense quarterly run - rate estimate for the balance of 2020 Anticipate that approximately $115 - $118 million per quarter. (Q3 & Q4 will be impacted by changes in incentive accruals, unfunded commitment expense, branch closures, early retirement and COVID - 19) Provision and Non - interest Expense 23

Branch Rightsizing Initiative 24 South Texas Branch Sale ▪ Announced on December 20, 2019 ▪ Closed on February 28, 2020 ▪ 5 Branches ▪ Deposits: $140 million ▪ Loans: $261 million ▪ Gain on sale: $5.9 million June 2020 Branch Closures ▪ 11 Branches closed on June 26, 2020 ▪ Estimated one - time charges of $1.9 million ▪ Estimated annual net savings $2.4 million ▪ Earn back period of less than 1 year Branch Sales Branch Closings Colorado Branch Sale ▪ Announced on February 10, 2020 ▪ Closed on May 15, 2020 ▪ 4 Branches ▪ Deposits: $63 million ▪ Loans: $121 million ▪ Gain on sale: $2.2 million Q4 2020 Expected Branch Closures ▪ 24 Branches expected to be closed in the 4 th quarter ▪ Estimated one - time charges of $9.6 million ▪ Estimated annual net savings $6.8 million ▪ Earn back period of less than 1.5 years Landrum Branch Closures ▪ 6 Branches closed as part of the Landrum acquisition ▪ Branches closed prior to system conversion on February 14, 2020 Will continue to review other branch rightsizing opportunities

Adjusted for PPP Loans Including PPP Loans Excluding PPP Loans (1) Loan yield 4.84% 4.94% Core Loan Yield 4.52% 4.62% Allowance for credit losses to total loans 1.59% 1.70% Stockholders’ equity to total assets 13.3% 13.9% Tangible common equity to tangible assets 8.3% 8.7% Regulatory tier 1 leverage ratio 8.8% 9.1% Loans / Deposits 88% 82% 25 Key Ratios Adjusted for PPP Loans & Additional Liquidity (1) Figures excluding PPP loans are non - GAAP measurements. See Appendix for non - GAAP reconciliations. Net interest margin (FTE) was 3.42% for the quarter ended June 30, 2020, while the core net interest margin, which excludes the accretion, was 3.18% for the same period. The decrease in the net interest margin during the second quarter of 2020 was primarily driven by the additional liquidity and the lower yielding PPP loans, which decreased the net interest margin by approximately 25 basis points.

NASDAQ: SFNC Quarterly Review

(1) Based on June 30, 2020 closing stock price of $17.11 and number of shares outstanding as of that date. (2) As of June 30, 2020. (3) Loan and deposit figures in billions. The balances include only those assigned to the division (The balances do not include o the r business units such as credit cards, equipment finance, energy, brokered and other). Company Profile FINANCIAL HIGHLIGHTS BY DIVISION (2)(3) TICKER: SFNC Founded Footprint Total Assets (2) Market Cap (1) 1903 $1.9 billion $21.9 billion 7 States 27 Division Geographic Footprint Branches Loans Deposits Arkansas Communities Arkansas smaller population markets 46 $1.5 $2.9 Central Arkansas Little Rock/North Little Rock/Benton/Bryant 18 $0.8 $1.5 Western Northwest Arkansas/Oklahoma/Kansas 39 $2.0 $2.5 Missouri Missouri/Illinois 58 $3.2 $3.8 Tennessee Tennessee 38 $1.6 $2.3 Texas Dallas/Fort Worth/North Texas 27 $3.9 $2.1 AR Community Central AR Western Texas Tennessee Missouri

As of and for the six months ended ended June 30, 2020 28 Selected Business Units ▪ $184 million nationwide credit card portfolio ▪ Loan yield (including fees): 13.2% ▪ History of excellent credit quality (1.98% YTD net charge - off ratio) TRUST ▪ Total Assets: $5.9 billion – Managed Assets: $3.6 billion – Non - managed / Custodial Assets: $2.2 billion ▪ Profit Margin: 37.0% ▪ Growing investment management business ROYALTY TRUST ▪ Revenue: $1.1 million ▪ Profit Margin : 35.7% INVESTMENTS ▪ Beginning March 2019, retail investments services provided through networking arrangement with LPL Financial – LPL platform, among other things, provides customers with online self - service trade option – Retail Group: $1.4 billion AUM • $274.1 million in fee - based / advisory assets INSURANCE (EMPLOYEE BENEFITS & LIFE) ▪ Revenue: $625 thousand ▪ Profit Margin: 32% ▪ Mortgage Originations : $502 million ▪ 47% Purchase vs. 52% Refinance

Note: Core figures (excluding Core NIM) exclude non - core income and expense items (e.g., early retirement program costs, gain on sale of banking operations, merger related costs and branch right - sizing costs). Core NIM excludes purchase accounting interest accretion. Core figures, as well as figures based on tangible common equity (which excl ude s goodwill and other intangible assets), are non - GAAP measurements. See Appendix for non - GAAP reconciliations. (1) Efficiency ratio is core non - interest expense before foreclosed property expense and amortization of intangibles as a percent of net interest income (fully taxable equivalent) and non - interest revenues, excluding gains and losses from securities transactions and non - core items, and is a non - GAAP measurement. See Appendix for non - GAAP reconcilia tions. 29 Financial Highlights Quarterly RESULTS Q1 2020 Q2 2020 CHANGE Q1 2020 Q2 2020 CHANGE $ IN MILLIONS, EXCEPT PER SHARE DATA EARNINGS EARNINGS $ % DILUTED EPS DILUTED EPS $ % GAAP Results 77.22$ 58.79$ (18.43)$ (23.9%) 0.68$ 0.54$ (0.14)$ (20.6%) Non-Core Items (3.39) 1.36 4.74 (140.1%) (0.03) 0.01 0.04 (133.3%) Non-GAAP Core Results 73.84$ 60.15$ (13.69)$ (18.5%) 0.65$ 0.55$ (0.10)$ (15.4%) ROA 1.48% 1.08% Core ROA 1.42% 1.11% ROACE 10.83% 8.21% Core ROACE 10.35% 8.40% ROTCE 19.00% 14.55% Core ROTCE 18.19% 14.87% Efficiency Ratio⁽¹⁾ 56.38% 49.12% NIM 3.68% 3.42% Core NIM 3.42% 3.18% YTD RESULTS (as of June 30) 2019 2020 CHANGE 2019 2020 CHANGE $ IN MILLIONS, EXCEPT PER SHARE DATA EARNINGS EARNINGS $ % DILUTED EPS DILUTED EPS $ % GAAP Results 103.29$ 136.01$ 32.72$ 31.7% 1.09$ 1.22$ 0.13$ 11.9% Non-Core Items 11.24 (2.03) (13.26) (118.0%) 0.12 (0.01) (0.13) (108.3%) Non-GAAP Core Results 114.53$ 133.99$ 19.46$ 17.0% 1.21$ 1.21$ -$ 0.0% ROA 1.24% 1.28% Core ROA 1.37% 1.26% ROACE 9.05% 9.45% Core ROACE 10.04% 9.31% ROTCE 16.38% 16.57% Core ROTCE 18.09% 16.33% Efficiency Ratio⁽¹⁾ 53.14% 52.75% NIM 3.90% 3.55% Core NIM 3.68% 3.30%

As of and for the quarter ended June 30, 2020 (1) Core figures (excluding Core NIM) exclude non - core income and expense items (e.g., early retirement program costs, gain on sale of branches, merger related costs and branch right - sizing costs). Core NIM excludes purchase accounting interest accretion. Core figures, as well as figures based on tangible common equity (which excl ude s goodwill and other intangible assets), are non - GAAP measurements. See Appendix for non - GAAP reconciliations. (2) Efficiency ratio is core non - interest expense before foreclosed property expense and amortization of intangibles as a percent of net interest income (fully taxable equivalent) and non - interest revenues, excluding gains and losses from securities transactions and non - core items, and is a non - GAAP measurement. See Appendix for non - GAAP reco nciliations. 30 2020 Financial Highlights NON - CORE ITEMS SELECTED HIGHLIGHTS (1)(2) ▪ Merger - related, early retirement program and branch right - sizing costs of $4.0 million pre - tax and $3.0 million after - tax ▪ Gain on sale of branches of $2.2 million pre - tax and $1.6 million after - tax ▪ Total assets were $21.9 billion, Loans were $14.6 billion and Deposits were $16.6 billion ▪ ROAA of 1.08% and Core ROAA of 1.11% ▪ Efficiency Ratio of 49.12% ▪ ROACE of 8.21% and Core ROACE of 8.40% ▪ ROTCE of 14.55% and Core ROTCE of 14.87% ▪ NIM of 3.42% and Core NIM of 3.18% ▪ Diluted EPS of $0.54 and Core Diluted EPS of $0.55 ▪ Equity to asset ratio of 13.3% and tangible common equity to tangible asset ratio of 8.3% ▪ Book value per share of $26.64, an increase of 4.2% compared to the same date in 2019 ▪ Tangible book value per share of $15.79, an increase of 6.0% compared to the same date in 2019 ▪ Since October 17, 2019, the Company has repurchased approximately 5.3 million shares at a weighted average price of $19.47; since March 31, 2020, the Company has not repurchased any shares ▪ Construction & Development concentration was 88% ▪ CRE concentration was 281%, down from a high of 333% at the end of the second quarter of 2019

(1) As of December 31, unless otherwise noted. (2) Efficiency ratio is core non - interest expense before foreclosed property expense and amortization of intangibles as a percent of net interest income (fully taxable equivalent) and non - interest revenues, excluding gains and losses from securities transactions and non - core items, and is a non - GAAP measurement. See Appendix for non - GAAP reconciliations. Note: Core figures exclude non - core income and expense items (e.g., early retirement program costs, gain on early retirement of trus t preferred securities, gain on sale of branches, gain on sale of insurance lines of business, donation to the Simmons Foundation, one - time tax adjustment, merger related costs and branch right - sizing costs). Core figures are non - GAAP meas urements. See Appendix for non - GAAP reconciliations. 31 Performance Trends TOTAL ASSETS (1) ($ IN BILLIONS) EFFICIENCY RATIO (2) NON - INTEREST INCOME / REVENUE TOTAL LOANS & DEPOSITS (1) ($ IN BILLIONS) $5.6 $10.8 $11.7 $14.4 $14.6 $6.7 $11.1 $12.4 $16.1 $16.6 $3.0 $4.5 $6.0 $7.5 $9.0 $10.5 $12.0 $13.5 $15.0 $16.5 $18.0 2016 2017 2018 2019 Jun 30, '20 Loans Deposits $8.4 $15.1 $16.5 $21.3 $21.9 $5.0 $7.0 $9.0 $11.0 $13.0 $15.0 $17.0 $19.0 $21.0 $23.0 2016 2017 2018 2019 Jun 30, '20 56.3% 55.3% 52.9% 50.3% 52.8% 30.0% 35.0% 40.0% 45.0% 50.0% 55.0% 60.0% 2016 2017 2018 2019 FY20 YTD 33.3% 28.1% 20.7% 25.4% 28.6% 33.2% 27.5% 20.7% 25.4% 27.3% 15.0% 17.0% 19.0% 21.0% 23.0% 25.0% 27.0% 29.0% 31.0% 33.0% 35.0% 2016 2017 2018 2019 FY20 YTD GAAP Core

Note: Core figures exclude non - core income and expense items (e.g., early retirement program costs, gain on early retirement of trust preferred securities, gain on sale of branches, gain on sale of insurance lines of business, donation to the Simmons Foundation, one - time tax adjustment, merger related costs and branch rig ht - sizing costs). Core figures, as well as figures based on tangible common equity (which excludes goodwill and other intangible assets), are non - GAAP measurements. See Appendix for non - GA AP reconciliations. 32 Performance Trends ROA ROTCE ROACE 1.25% 0.92% 1.37% 1.33% 1.28% 1.31% 1.18% 1.40% 1.51% 1.26% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 2016 2017 2018 2019 FY20 YTD GAAP Core 13.92% 11.26% 18.44% 17.99% 16.57% 14.56% 14.28% 18.81% 20.31% 16.33% 5.00% 7.00% 9.00% 11.00% 13.00% 15.00% 17.00% 19.00% 21.00% 23.00% 2016 2017 2018 2019 FY20 YTD ROTCE Core 8.75% 6.68% 10.00% 9.93% 9.45% 9.17% 8.56% 10.21% 11.25% 9.31% 5.00% 6.00% 7.00% 8.00% 9.00% 10.00% 11.00% 12.00% 2016 2017 2018 2019 FY20 YTD ROACE Core

(1) LTM (Last Twelve Months) as of June 30, 2020 (2) Per share information has been adjusted to reflect the effects of the Company’s two - for - one stock split, which occurred on Febr uary 8, 2018. Note: Core figures exclude non - core income and expense items (e.g., early retirement program costs, gain on early retirement of trust preferred securities, gain on sale of branches, gain on sale of insurance lines of business, donation to the Simmons Foundation, one - time tax adjustment, merger related costs and branch right - sizing costs). Core figures, as well as figur es based on tangible common equity (which excludes goodwill and other intangible assets), are non - GAAP measurements. See Appendix for non - GAAP reconciliations. 33 Performance Trends DILUTED EPS (1)(2) NET INCOME ($ IN MILLIONS) (1) $97 $93 $216 $238 $271 $101 $119 $220 $270 $289 $50 $100 $150 $200 $250 $300 $350 2016 2017 2018 2019 LTM GAAP Core $1.56 $1.33 $2.32 $2.41 $2.55 $1.64 $1.70 $2.37 $2.73 $2.73 $- $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 2016 2017 2018 2019 LTM GAAP Core

14.5% 9.8% 10.2% 10.9% 11.9% 3.0% 5.0% 7.0% 9.0% 11.0% 13.0% 15.0% 17.0% 2016 2017 2018 2019 FY20 Q2 15.1% 11.4% 13.4% 13.7% 14.9% 9.0% 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% 16.0% 2016 2017 2018 2019 FY20 Q2 11.0% 9.2% 8.8% 9.6% 8.8% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 12.0% 2016 2017 2018 2019 FY20 Q2 13.5% 9.8% 10.2% 10.9% 11.9% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 12.0% 13.0% 14.0% 2016 2017 2018 2019 FY20 Q2 (1) As of December 31, except for FY20 Q2, which is as of quarter end. 34 Regulatory Capital Ratios TIER 1 LEVERAGE RATIO (1) TOTAL RISK - BASED CAPITAL RATIO (1) TIER 1 RISK - BASED CAPITAL RATIO (1) CET1 CAPITAL RATIO (1) Well Cap. 5.0% Well Cap. 8.0%

(1) As of December 31, except for FY20 Q2, which is as of quarter end. (2) Figures based on tangible book value (which excludes goodwill and other intangible assets) are non - GAAP measurements. See Append ix for non - GAAP reconciliations. 35 Book Value & Tangible Book Value BOOK VALUE ($ IN MILLIONS) (1) TANGIBLE BOOK VALUE PER SHARE (1)(2) BOOK VALUE PER SHARE (1) TANGIBLE BOOK VALUE ($ IN MILLIONS) (1)(2) $1,151 $2,085 $2,246 $2,988 $2,904 $500 $750 $1,000 $1,250 $1,500 $1,750 $2,000 $2,250 $2,500 $2,750 $3,000 2016 2017 2018 2019 FY20 Q2 $750 $1,136 $1,309 $1,805 $1,721 $250 $500 $750 $1,000 $1,250 $1,500 $1,750 $2,000 2016 2017 2018 2019 FY20 Q2 $11.98 $12.34 $14.18 $15.89 $15.79 $10.00 $11.00 $12.00 $13.00 $14.00 $15.00 $16.00 2016 2017 2018 2019 FY20 Q2 $18.40 $22.65 $24.33 $26.30 $26.64 $10.00 $12.00 $14.00 $16.00 $18.00 $20.00 $22.00 $24.00 $26.00 $28.00 2016 2017 2018 2019 FY20 Q2

(1) As of June 30, 2020, unless otherwise noted. (2) Includes Illinois branches. (3) Includes credit card, indirect lending, and equipment finance (nationwide). (4) Source: S&P Global Market Intelligence SNL US Bank Index (data for FY20 Q2 currently unavailable), except for FY20 Q1 and “SF NC, excluding credit card net - charge offs” figures obtained from internal sources. (5) For the period ended or as of December 31, unless otherwise noted. 36 Loan Portfolio (1) TOTAL LOAN PORTFOLIO Agriculture 1.5% Credit Card 1.3% Consumer 1.5% Construction 13.8% Single Family Residential 15.1% Commercial Real Estate 43.2% Commercial 20.8% Other 2.9% NON-PERFORMING LOANS (4)(5) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 FY20 Q1 FY20 Q2 SFNC 0.74% 1.84% 1.80% 1.52% 1.16% 0.69% 0.64% 0.80% 1.71% 0.71% 0.53% 0.67% 1.10% 0.91% All US Banks 2.38% 4.78% 4.68% 4.13% 3.56% 2.90% 2.28% 1.82% 1.64% 1.37% 1.21% 0.96% 1.04% NA NON-PERFORMING ASSETS (4)(5) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 FY20 Q1 FY20 Q2 SFNC 0.60% 1.42% 1.63% 1.42% 1.52% 1.84% 1.33% 1.12% 1.48% 0.72% 0.53% 0.56% 0.87% 0.68% All US Banks 1.34% 2.39% 2.37% 2.04% 1.72% 1.40% 1.10% 0.92% 0.83% 0.69% 0.61% 0.49% 0.54% NA NET CHARGE-OFFS (4)(5) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 FY20 Q1 FY20 Q2 SFNC 0.43% 0.58% 0.70% 0.49% 0.39% 0.25% 0.22% 0.14% 0.29% 0.31% 0.21% 0.24% 0.07% 0.56% SFNC, excluding credit card net charge-offs 0.30% 0.38% 0.52% 0.30% 0.26% 0.15% 0.20% 0.16% 0.35% 0.31% 0.25% 0.22% 0.04% 0.54% All US Banks 1.70% 2.91% 2.96% 1.81% 1.26% 0.77% 0.55% 0.47% 0.48% 0.50% 0.48% 0.48% 0.53% NA $14.6 billion ORIGINATING DIVISION TOTAL % OF $ IN BILLIONS LOANS TOTAL Arkansas Community 1.46$ 10.0% Central Arkansas 0.82 5.6% Missouri⁽²⁾ 3.23 22.1% Tennessee 1.57 10.8% Texas 3.87 26.5% Western 1.96 13.4% Other⁽³⁾ 1.68 11.5% % OF RE-PRICING TOTAL Fixed Rate 55% Variable Rate 45% Variable - with LIBOR Index 30% Variable - with Prime Index 47% Variable - with Other Indices 23% % OF TOTAL LOAN CONCENTRATION CAPITAL C&D 88% CRE 281%

HISTORICAL LOAN DISCOUNT BALANCE & ACCRETION INCOME (1) Fully tax equivalent using an effective tax rate of 26.135%. (2) Core loan yield and core net interest margin exclude accretion and are non - GAAP measurements. See Appendix for non - GAAP reconcil iations. 37 Net Interest Income $112.0 $114.1 $77.2 $55.7 $35.5 $89.3 $49.3 $87.3 $70.0 $58.2 $17.3 $39.6 $37.5 $46.1 $24.3 $27.8 $35.3 $41.2 $11.8 $11.7 $- $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 2012 2013 2014 2015 2016 2017 2018 2019 FY20 Q1 FY20 Q2 Loan Discount Balance Accretion Income 2020 SCHEDULED ACCRETION Q1 (Actual) Q2 (Actual) Q4 (Estimated) Q3 (Estimated) FY20 (Estimated) $4.2 $11.8 $3.9 $11.7 $31.6 2019 2020 Q2 Q3 Q4 Q1 Q2 Loan Yield (1) 5.58% 5.47% 5.43% 5.19% 4.84% Core Loan Yield (1)(2) 5.26% 5.19% 5.00% 4.86% 4.52% Security Yield (1) 3.06% 2.87% 2.73% 2.63% 2.50% Cost of Interest Bearing Deposits 1.37% 1.40% 1.22% 1.03% 0.59% Cost of Deposits 1.07% 1.09% 0.94% 0.80% 0.44% Cost of Borrowed Funds 2.50% 2.52% 2.30% 2.06% 1.84% Net Interest Margin (1) 3.94% 3.82% 3.78% 3.68% 3.42% Core Net Interest Margin (1)(2) 3.67% 3.59% 3.44% 3.42% 3.18% Fed Funds Target Rate 2.50% 2.00% 1.75% 0.25% 0.25% $ in millions

38 Next Generation Bank Program WHY WHAT ▪ Allows better identification of opportunities for our customers and the ability to offer them proactively vs. waiting for our customer to ask for help ▪ Enhanced customer engagement and interaction across all channels, including digital ▪ Data will be more efficiently entered, accurate and accessible ▪ Many processes will be simplified and automated ▪ Intuitive access to information supporting quick, customer centric, profitable decisions ▪ Associates will have rewarding professional opportunities and internal support to grow along - side Simmons Bank ▪ Business - led, comprehensive IT initiative that is providing new systems and improved processes to help achieve Simmons’ position as a banking leader ▪ NGB will occur primarily during 2019 and 2020 EXPECTED BENEFITS ▪ To remain competitive, we must enhance what our current systems and processes can provide – to our customers and our associates COSTS ▪ Approximately $8 million of CapEx related to “NGB 2.0” in 2020 ▪ Approximately $9 million increase in 2020 IT OpEx compared to 2019 (full - year impact of NGB 1.0 and partial year of NGB 2.0)

(1) Purchase price and ratios as of closed date. Source: S&P Global Market Intelligence. (2) Metropolitan was acquired from Section 363 Bankruptcy. 39 Acquisitions Since 2013 2013 – 2014 Consolidated eight charters to one National to State Charter Conversion (Fed Member Bank) 2015 2016 2017 2019 $ IN MILLIONS SYSTEM TOTAL TRUST PURCHASE PRICE / BANK ANNOUNCED CLOSED CONVERSION ASSETS AUM PRICE⁽¹⁾ EARNINGS⁽¹⁾BOOK VALUE⁽¹⁾ TBV⁽¹⁾ Metropolitan National Bank⁽²⁾ Sep-13 Nov-13 Mar-14 920$ 370$ 54$ 12.5 x 88% 89% Delta Trust & Bank Mar-14 Aug-14 Oct-14 420 815 67 14.9 x 153% 157% First State Bank May-14 Feb-15 Sep-15 1,915 - 272 12.2 x 167% 170% Liberty Bank May-14 Feb-15 Apr-15 1,065 - 213 12.1 x 191% 198% Trust Company of the Ozarks Apr-15 Oct-15 Jan-16 15 1,000 24 NA NA NA Citizens National Bank May-16 Sep-16 Oct-16 585 200 82 18.0 x 130% 130% Hardeman County Investments Nov-16 May-17 Sep-17 462 - 71 17.4 x 138% 179% Southwest Bancorp, Inc (OKSB) Dec-16 Oct-17 May-18 2,468 - 532 24.7 x 180% 190% First Texas BHC, Inc. Jan-17 Oct-17 Feb-18 2,019 430 461 23.2 x 192% 228% Reliance Bancshares, Inc. Nov-18 Apr-19 Apr-19 1,534 - 166 NA 169% 169% The Landrum Company Jul-19 Oct-19 Feb-20 3,407 - 416 12.9 x 165% 165%

$0.14 $0.16 $0.18 $0.20 $0.22 $0.24 $0.27 $0.29 $0.31 $0.34 $0.37 $0.38 $0.38 $0.38 $0.38 $0.40 $0.42 $0.44 $0.46 $0.48 $0.50 $0.60 $0.64 $0.68 $- $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 (1) Based on June 30, 2020 closing stock price of $17.11. (2) FY20 Q2 EPS of $0.54. (3) FY20 Q2 Core EPS of $0.55, excludes non - core income and expense items and is a non - GAAP measurement. See Appendix for non - GAAP r econciliations. Note: The future payment of dividends is not guaranteed and is subject to various factors, including approval by the Company’s boar d of directors. 40 111 Years of Consistent Dividend History PROJECTED 2020 CURRENT DIVIDEND YIELD⁽¹⁾ 4.0% FY20 Q2 DIVIDEND PAYOUT RATIO GAAP Earnings⁽²⁾ 31.5% Core Earnings⁽³⁾ 30.9%

(50.0%) (45.0%) (40.0%) (35.0%) (30.0%) (25.0%) (20.0%) (15.0%) (10.0%) (5.0%) 0.0% 5.0% 10.0% 15.0% 20.0% Dividend + Stock Appreciation (7/1/19 – 6/30/20) Note: Based on June 30, 2020 closing stock price of $17.11. Source: S&P Global Market Intelligence 41 1 Year Total Shareholder Return SFNC (24.8%) SNL Mid Cap Bank (27.3%)

(80.0%) (60.0%) (40.0%) (20.0%) 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% 140.0% 160.0% 180.0% 200.0% 220.0% 240.0% Dividend + Stock Appreciation (12/31/07 – 6/30/20) Note: Based on June 30, 2020 closing stock price of $17.11. Source: S&P Global Market Intelligence 42 Long - term Shareholder Return SNL Mid Cap Bank (21.2%) SFNC 77.9%

Source: S&P Global Market Intelligence (1) LTM Core EPS excludes non - core income and expense items and is a non - GAAP measurement. See Appendix for non - GAAP reconciliations . (2) Based upon the Company’s average six analyst consensus EPS of $1.68 for 2020 and $1.60 for 2021. (3) Tangible book value (which excludes goodwill and other intangible assets) is a non - GAAP measurement. See Appendix for non - GAAP reconciliations. (4) The ratings provided by KBRA are subject to revision or withdrawal by KBRA at any time and are not recommendations to buy, se ll or hold these securities. Each rating should be evaluated independently of any other rating. 43 Investment Profile SENIOR UNSECURED DEBT SHORT - TERM DEBT SUBORDINATED DEBT SENIOR UNSECURED DEBT SHORT - TERM DEBT SUBORDINATED DEBT SHORT - TERM DEPOSIT DEPOSIT BBB+ BBB K2 SIMMONS FIRST NATIONAL CORPORATION SIMMONS BANK A - A - BBB+ K2 K2 KROLL BOND RATING AGENCY (4) SFNC MARKET DATA AS OF JUNE 30, 2020 VALUATION & PER SHARE DATA Stock Price 52 - Week High Common Shares Out. (millions) 52 - Week Low Market Cap. (billions) % Institutional Own. P / LTM EPS P / LTM Core EPS (1) P / 2021 Consensus EPS (2) P / 2020 Consensus EPS (2) P / Book Value P / Tangible Book Value (3) $13.75 $17.11 109 $27.29 $1.9 61% 10 .2 x 6.7 x 10.7 x 6.3 x 0.6 x 1.1 x

44 2020 Strategy

BRANDING PARTNERSHIPS 45

Simmons Bank Open, Team Simmons & Additional PGA Activation 46 A marquee showcase event, Simmons Bank Open, in Nashville, Tennessee. Tournament week includes substantial branding, Pro - Am outings and hospitality. Team Simmons Bank is comprised of four Korn Ferry tour golfers. Braden Thornberry of Memphis, Tennessee; Dawson Armstrong of Nashville, Tennessee; Kevin Dougherty and Will Zalatoris , both of Dallas, Texas. Our agreement includes branding and client engagement events. Additional Korn Ferry Tour and PGA TOUR hospitality tournament activations throughout the year.

47 St. Louis Blues |St. Louis, Missouri Our St. Louis market is excited to be a sponsor of the reigning 2019 Stanley Cup champions, the St. Louis Blues hockey team, dur ing the 2019 - 2020 season. As a part of the sponsorship, Simmons Bank signage is featured throughout Enterprise Center during hockey game s, as well as concerts and other events held at the venue. With our expanded presence in the St. Louis market, we think this sponsorship is a wonderful avenue for us to further the Sim mon s Bank brand within the community. The team’s recent championship win only adds to the value of this sponsorship.

Dickies Arena: Simmons Bank Plaza & Pavilion | Fort Worth, Texas In October 2019, Simmons Bank became the naming rights holder to the Simmons Bank Plaza and Simmons Bank Pavilion at the newl y constructed Dickies Arena, a 14,000 - seat, multi - purpose venue in Fort Worth, Texas. The Simmons Bank Plaza is an over 200,000 - square - foot outdoor entertainment hub where fan festivals, outdoor concerts, pre - and post - show events, and more are held. The Simmons Bank Pavilion is an indoor facility adjacent to the Plaza that hosts corporate and civic events. Simmons became the official banking partner for Dickies Arena and a major sponsor of the Fort Worth Stock Show & Rodeo, the o lde st continuously running livestock show and rodeo, held annually since 1896. The Stock Show provides millions of dollars in grant s a nd scholarships to support future leaders in agriculture and livestock management. 48

49 Discovery Park: Exhibit & Simmons Bank Ag Center | Union City, Tennessee In December 2019, Simmons Bank was announced as a major sponsor and partner for Discovery Park of America’s permanent exhibit , “ AgriCulture : Innovating for Our Survival.” The exhibit is scheduled to open in fall 2020 in a 8,900 - square - foot building to be named the Simmons Bank Ag Center. Discovery Park of America is a world - class museum and 50 - acre heritage park located in Union City, Tennessee, founded with a vis ion to support farmers and inspire the imaginations of children and adults. With our deep roots in the west Tennessee, Mississippi Delta and a heritage of serving farmers for more than 100 years, Simmo ns Bank is honored to help bring this initiative to life.

50 Simmons Bank Field | Pine Bluff, Arkansas In 2018, Simmons announced a $2.5 million gift to the University of Arkansas at Pine Bluff (UAPB) to fund athletics upgrades. Ad ding to our legacy of investing in our hometown and headquarters in Pine Bluff, Arkansas, the gift is the largest in UAPB history and fu nded a new football stadium scoreboard and 90,000 - square - foot IRONTURF field, along with the completion of the baseball pavilion at the Torii Hunter Baseball and Softball Complex.

51 Simmons Bank Arena | North Little Rock, Arkansas In October 2019, Simmons acquired naming rights to Simmons Bank Arena in North Little Rock, Arkansas. The arena is a beacon f or economic vitality and culture in our home state, all while being a destination for nearly 500,000 annual visitors. Simmons Ba nk Arena is ranked #39 in the United States in ticket sales according to Pollstar . Additional sponsorship rights include two suites used for business development, early access ticket sales and a Simmons customer entrance.

52 Simmons Tower | Little Rock, Arkansas We have a multi - year arrangement with the building’s owner for the tower signage and we continue to operate a branch bank in the lobby. Coupled with our River Market building and Simmons Bank Arena signage we effectively created a highly visible brand in downtown Little Rock.

53 River Market Building | Little Rock, Arkansas We were pleased to acquire this beautiful building in the heart of the vibrant city of Little Rock and make it a regional hub ju st an hour from our corporate headquarters in Pine Bluff. We continue to increase our banking operations in new areas of the country, and while we’re now i n s even states, many of our centralized services remain in Arkansas, where we were founded. Amenities of a secured parking deck, wellness center, café providing multiple meal options for breakfast and lunch, and our b eau tiful park get the attention of potential associates and help solidify relationships with existing associates. The building’s location is also convenient to ent ertainment and dining venues, nearby hotels and a short commute to the airport. We wrapped the exterior of the building in 3,000 feet of LED lights. With more than 16 - million color combinations and the abilit y to program them every five inches, these lights can create dynamic color - changing effects, and they are environmentally friendly and energy efficient. We h ave used the lights to support causes such as Breast Cancer Awareness and Prostate Cancer Awareness, as well as celebrating various holidays, including the 4 th of July, Christmas, Valentines’ Day and more.

APPENDIX 54

(1) Effective tax rate of 26.135% for 2018 - 2020 and 39.225% for prior periods, adjusted for non - deductible merger - related costs a nd deferred tax items on P&C insurance sale. (2) Tax adjustment to revalue deferred tax assets and liabilities to account for the future impact of lower corporate tax. 55 Non - GAAP Reconciliations Q1 Q2 YTD YTD $ in thousands 2016 2017 2018 2019 2020 2020 2019 2020 LTM Calculation of Core Earnings Net Income 96,790$ 92,940$ 215,713$ 237,828$ 77,223$ 58,789$ 103,293$ 136,012$ 270,547$ Non-core items Gain on sale of banking operations - - - - (5,889) (2,204) - (8,093) (8,093) Gain from early retirement of TRUPS (594) - - - - - - - - Gain on sale of P&C insurance business - (3,708) - - - - - - - Donation to Simmons Foundation - 5,000 - - - - - - - Merger related costs 4,835 21,923 4,777 36,379 1,068 1,830 8,992 2,898 30,285 Early Retirement Program - - - 3,464 - 493 3,287 493 670 Branch right sizing 3,359 169 1,341 3,129 238 1,721 2,932 1,959 2,156 Tax Effect⁽¹⁾ (2,981) (8,746) (1,598) (11,234) 1,198 (482) (3,975) 716 (6,543) Net non-core items (before SAB 118 adjustment) 4,619 14,638 4,520 31,738 (3,385) 1,358 11,236 (2,027) 18,475 SAB 118 adjustment⁽²⁾ - 11,471 - - - - - - - Core earnings (non-GAAP) 101,409$ 119,049$ 220,233$ 269,566$ 73,838$ 60,147$ 114,529$ 133,985$ 289,022$

(1) Effective tax rate of 26.135% for 2018 - 2020 and 39.225% for prior periods, adjusted for non - deductible merger - related costs a nd deferred tax items on P&C insurance sale. (2) Tax adjustment to revalue deferred tax assets and liabilities to account for the future impact of lower corporate tax. 56 Non - GAAP Reconciliations Q1 Q2 YTD YTD $ per Share 2016 2017 2018 2019 2020 2020 2019 2020 LTM Calculation of Diluted Earnings per Share (EPS) Diluted earnings per share 1.56$ 1.33$ 2.32$ 2.41$ 0.68$ 0.54$ 1.09$ 1.22$ 2.55$ Non-core items Gain on sale of banking operations - - - - (0.05) (0.02) - (0.07) (0.07) Gain from early retirement of TRUPS (0.01) - - - - - - - - Gain on sale of P&C insurance business - (0.04) - - - - - - - Donation to Simmons Foundation - 0.07 - - - - - Merger related costs 0.08 0.31 0.05 0.37 0.01 0.02 0.10 0.03 0.30 Early Retirement Program - - - 0.03 - - 0.03 - - Branch right sizing 0.06 - 0.02 0.03 - 0.02 0.03 0.02 0.02 Tax effect⁽¹⁾ (0.05) (0.13) (0.02) (0.11) 0.01 (0.01) (0.04) 0.01 (0.07) Net non-core items (before SAB 118 adjustment) 0.08 0.21 0.05 0.32 (0.03) 0.01 0.12 (0.01) 0.18 SAB 118 adjustment⁽²⁾ - 0.16 - - - - - - - Diluted core earnings per share (non-GAAP) 1.64$ 1.70$ 2.37$ 2.73$ 0.65$ 0.55$ 1.21$ 1.21$ 2.73$

57 Non - GAAP Reconciliations Q1 Q2 YTD YTD $ in thousands 2016 2017 2018 2019 2020 2020 2019 2020 Calculation of Core Return on Average Assets Net income available to common stockholders 96,790$ 92,940$ 215,713$ 237,828$ 77,223$ 58,789$ 103,293$ 136,012$ Net non-core items, net of taxes, adjustment (non-GAAP) 4,619 26,109 4,520 31,738 (3,385) 1,358 11,236 (2,027) Core earnings (non-GAAP) 101,409$ 119,049$ 220,233$ 269,566$ 73,838$ 60,147$ 114,529$ 133,985$ Average total assets 7,760,233$ 10,074,951$ 15,771,362$ 17,871,748$ 20,920,223$ 21,822,273$ 16,845,528$ 21,371,248$ Return on average assets 1.25% 0.92% 1.37% 1.33% 1.48% 1.08% 1.24% 1.28% Core return on average assets (non-GAAP) 1.31% 1.18% 1.40% 1.51% 1.42% 1.11% 1.37% 1.26% Calculation of Return on Tangible Common Equity Net income available to common stockholders 96,790$ 92,940$ 215,713$ 237,828$ 77,223$ 58,789$ 103,293$ 136,012$ Amortization of intangibles, net of taxes 3,611 4,659 8,132 8,720 2,521 2,489 4,128 5,010 Total income available to common stockholders (non-GAAP) 100,401$ 97,599$ 223,845$ 246,548$ 79,744$ 61,278$ 107,421$ 141,022$ Net non-core items, net of taxes (non-GAAP) 4,619 26,109 4,520 31,738 (3,385) 1,358 11,236 (2,027) Core earnings (non-GAAP) 101,409 119,049 220,233 269,566 73,838 60,147 114,529 133,985 Amortization of intangibles, net of taxes 3,611 4,659 8,132 8,720 2,521 2,489 4,128 5,010 Total core income available to common stockholders (non-GAAP) 105,020$ 123,708$ 228,365$ 278,286$ 76,359$ 62,636$ 118,657$ 138,995$ Average common stockholders' equity 1,105,775$ 1,390,815$ 2,157,097$ 2,396,024$ 2,869,177$ 2,879,337$ 2,300,535$ 2,894,351$ Average intangible assets: Goodwill (332,974) (455,453) (845,308) (921,635) (1,055,498) (1,064,955) (880,759) (1,060,226) Other intangibles (51,710) (68,896) (97,820) (104,000) (125,746) (120,111) (97,221) (122,928) Total average intangibles (384,684) (524,349) (943,128) (1,025,635) (1,181,244) (1,185,066) (977,980) (1,183,154) Average tangible common stockholders' equity (non-GAAP) 721,091$ 866,466$ 1,213,969$ 1,370,389$ 1,687,933$ 1,694,271$ 1,322,555$ 1,711,197$ Return on average common equity 8.75% 6.68% 10.00% 9.93% 10.83% 8.21% 9.05% 9.45% Return on tangible common equity (non-GAAP) 13.92% 11.26% 18.44% 17.99% 19.00% 14.55% 16.38% 16.57% Core return on average common equity (non-GAAP) 9.17% 8.56% 10.21% 11.25% 10.35% 8.40% 10.04% 9.31% Core return on tangible common equity (non-GAAP) 14.56% 14.28% 18.81% 20.31% 18.19% 14.87% 18.09% 16.33%

58 Non - GAAP Reconciliations YTD $ in thousands 2016 2017 2018 2019 2020 Calculation of Non-interest Income to Revenue Net Interest Income 279,206$ 354,930$ 552,552$ 601,753$ 331,164$ Non-interest income 139,382 138,765 143,896 205,031 132,621 Total Revenue (GAAP) 418,588$ 493,695$ 696,448$ 806,784$ 463,785$ Non-interest Income (GAAP) 139,382$ 138,765$ 143,896$ 205,031$ 132,621$ Non-core Items (non-GAAP) (835) (3,972) - - (8,093) Core Non-interest Income (non-GAAP) 138,547$ 134,793$ 143,896$ 205,031$ 124,528$ Net Interest Income 279,206$ 354,930$ 552,552$ 601,753$ 331,164$ Core Non-interest Income (non-GAAP) 138,547 134,793 143,896 205,031 124,528 Core Total Revenue (non-GAAP) 417,753$ 489,723$ 696,448$ 806,784$ 455,692$ Non-interest Income / Revenue (GAAP) 33.3% 28.1% 20.7% 25.4% 28.6% Core Non-interest Income / Revenue (non-GAAP) 33.2% 27.5% 20.7% 25.4% 27.3%

(1) Efficiency ratio is core non - interest 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. 59 Non - GAAP Reconciliations Q1 Q2 YTD YTD $ in thousands 2016 2017 2018 2019 2020 2020 2019 2020 Calculation of Efficiency Ratio Non-interest expense 255,085$ 312,379$ 392,229$ 461,112$ 125,813$ 112,598$ 212,152$ 238,411$ Non-core non-interest expense adjustment (8,435) (27,357) (6,118) (42,972) (1,306) (4,044) (15,211) (5,350) Other real estate and foreclosure expense adjustment (4,389) (3,042) (4,240) (3,282) (319) (242) (1,162) (561) Amortization of intangibles adjustment (5,942) (7,666) (11,009) (11,805) (3,413) (3,369) (5,588) (6,782) Efficiency ratio numerator 236,319$ 274,314$ 370,862$ 403,053$ 120,775$ 104,943$ 190,191$ 225,718$ Net-interest income 279,206$ 354,930$ 552,552$ 605,275$ 167,483$ 163,681$ 285,423$ 331,164$ Non-interest income 139,382 138,765 143,896 201,509 82,394 50,227 74,726 132,621 Non-core non-interest income adjustment (835) (3,972) - - (5,889) (2,204) - (8,093) Fully tax-equivalent adjustment 7,722 7,723 5,297 7,322 2,305 2,350 3,307 4,655 (Gain) loss on sale of securities (5,848) (1,059) (61) (13,314) (32,095) (390) (5,563) (32,485) Efficiency ratio denominator 419,627$ 496,387$ 701,684$ 800,792$ 214,198$ 213,664$ 357,893$ 427,862$ Efficiency ratio⁽¹⁾ 56.32% 55.27% 52.85% 50.33% 56.38% 49.12% 53.14% 52.75%

60 Non - GAAP Reconciliations Q1 Q2 YTD YTD $ in thousands, except per share and share count 2016 2017 2018 2019 2020 2020 2019 2020 Calculation of Core Net Interest Margin Net interest income 279,206$ 354,930$ 552,552$ 601,753$ 167,483$ 163,681$ 285,423$ 331,164$ Fully tax-equivalent adjustment 7,722 7,723 5,297 7,322 2,305 2,350 3,307 4,655 Fully tax-equivalent net interest income 286,928 362,653 557,849 612,597 169,788 166,031 288,730 335,819 Total accretable yield (24,257) (27,793) (35,263) (41,244) (11,837) (11,723) (16,822) (23,560) Core net interest income (non-GAAP) 262,671$ 334,860$ 522,586$ 571,353$ 157,951$ 154,308$ 271,908$ 312,259$ PPP loan and excess liquidity interest income (non-GAAP) (5,623) Core net interest adjusted for PPP loans and liquidity (non-GAAP) 148,685$ Average earning assets 6,855,322$ 8,908,418$ 14,036,614$ 15,824,571$ 18,581,491$ 19,517,475$ 14,917,493$ 19,049,487$ Average PPP loan balance and excess liquidty (2,071,411) Average earning assets adjusted for PPL loans and liquidity (non-GAAP) 17,446,064$ Net interest margin 4.19% 4.07% 3.97% 3.85% 3.68% 3.42% 3.90% 3.55% Core net interest margin (non-GAAP) 3.83% 3.76% 3.72% 3.59% 3.42% 3.18% 3.68% 3.30% Core net interest margin adjusted for PPP loans and liquidity (non-GAAP) 3.43%

61 Non - GAAP Reconciliations Q2 $ in thousands, except per share and share count 2016 2017 2018 2019 2020 Calculation of Book Value and Tangible Book Value per Share Total common stockholders' equity 1,151,111$ 2,084,564$ 2,246,434$ 2,988,157$ 2,903,936$ Intangible assets: Goodwill (348,505) (842,651) (845,687) (1,055,520) (1,064,765) Other intangible assets (52,959) (106,071) (91,334) (127,340) (117,823) Total intangibles (401,464) (948,722) (937,021) (1,182,860) (1,182,588) Tangible common stockholders' equity (non-GAAP) 749,647$ 1,135,842$ 1,309,413$ 1,805,297$ 1,721,348$ Shares of common stock outstanding 62,555,446 92,029,118 92,347,643 113,628,601 108,994,389 Book value per common share 18.40$ 22.65$ 24.33$ 26.30$ 26.64$ Tangible book value per common share (non-GAAP) 11.98$ 12.34$ 14.18$ 15.89$ 15.79$ Stock Price as of June 30, 2020 17.11$ Price / Book Value per Share 0.64 x Price / Tangible Book Value per Share (non-GAAP) 1.08 x

62 Non - GAAP Reconciliations Q2 Q3 Q4 Q1 Q2 $ in thousands 2019 2019 2019 2020 2020 Calculation of Core Loan Yield Loan interest income (FTE) 178,122$ 179,971$ 193,402$ 187,566$ 177,168$ Total accretable yield (10,162) (9,322) (15,100) (11,837) (11,723) Core loan interest income (non-GAAP) 167,960 170,649 178,302 175,729 165,445 PPP loan interest income (3,733) Core loan interest income without PPP loans (non-GAAP) 161,712 Average loan balance 12,814,386 13,053,540 14,144,703 14,548,853 14,731,306 Average PPP loan balance (non-GAAP) (645,172) Core loan interest income without PPP loans (non-GAAP) 14,086,134 Core loan yield (non-GAAP) 5.26% 5.19% 5.00% 4.86% 4.52% Core loan yield without PPP loans (non-GAAP) 4.62%

Non - GAAP Reconciliations 63 YTD Q2 $ in thousands 2019 2020 Calculation of Tangible Common Equity to Tangible Assets Total stockholders' equity 2,469,513$ 2,904,703$ Preferred stock - (767) Total common stockholders' equity 2,469,513 2,903,936 Intangible assets: Goodwill (926,450) (1,064,765) Other intangible assets (104,096)$ (117,823)$ Total intangibles (1,030,546) (1,182,588) Tangible common stockholders' equity (non-GAAP) 1,438,967 1,721,348 Total assets 17,937,435 21,903,684 Intangible assets: Goodwill (926,450) (1,064,765) Other intangible assets (104,096)$ (117,823)$ Total intangibles (1,030,546) (1,182,588) Tangible assets (non-GAAP) 16,906,889$ 20,721,096$ Paycheck protection program ("PPP") loans (963,712) Total assets less PPP loans (non-GAAP) 20,939,972$ Tangible assets less PPP loans (non-GAAP) 19,757,384$ Ratio of equity to assets 13.77% 13.26% Ratio of equity to assets less PPP loans (non-GAAP) 13.87% Ratio of tangible common equity to tangible assets (non-GAAP) 8.51% 8.31% Ratio of tangible common equity to tangible assets less PPP loans (non-GAAP) 8.71%

Non - GAAP Reconciliations 64 Q2 $ in thousands 2020 Calculation of ACL / Loans (exluding PPP Loans) Total loans 14,606,900$ Allowance for credit losses on loans 231,643 ACL / Loans 1.59% Total loans 14,606,900$ PPP Loans 963,700 Total loans, excluding PPP Loans (non-GAAP) 13,643,200 Allowance for credit losses on loans 231,643 ACL / Loans (excluding PPP Loans) (non-GAAP) 1.70%

Non - GAAP Reconciliations 65 Q2 $ in thousands 2020 Calculation of Regulatory Tier 1 Leverage Ratio Less Average PPP Loans Total Tier 1 capital 1,820,488$ Adjusted average assets for leverage ratio 20,742,824$ Average PPP loans (645,172) Adjusted average assets less average PPP loans (non-GAAP) 20,097,652$ Tier 1 leverage ratio 8.78% Tier 1 leverage ratio less average PPP loans (non-GAAP) 9.06%

Arkansas	000-06253	71-0407808
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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


Exhibit 99.1		Press Release dated July 21, 2020
Exhibit 99.2		Investor Presentation issued on July 21, 2020
Exhibit 104		Cover Page Interactive Data File (embedded within the Inline XBRL Document)

	SIMMONS FIRST NATIONAL CORPORATION


Date: July 21, 2020	By:	/s/ Robert A. Fehlman
		Robert A. Fehlman
		Senior Executive Vice President, Chief Financial Officer, Chief Operating Officer and Treasurer