Exhibit 99.1

 

July 25, 2023

Simmons First National Corporation Reports Second Quarter 2023 Results

Bob Fehlman, Simmons’ Chief Executive Officer, commented on second quarter 2023 results:

Simmons posted net income of $58.3 million and diluted earnings per share of $0.46 for the quarter. Adjusted earnings¹ were $61.1 million and adjusted diluted earnings per share¹ were $0.48. Balance sheet growth was steady, with total loans ending the quarter at $16.8 billion, up 2 percent, and total deposits at $22.5 billion, up slightly, both on a linked quarter basis.

Our Better Bank Initiative, which is focused on programs designed to optimize operational processes and increase capacity to capitalize on organic growth opportunities, achieved continued success across multiple fronts. During the quarter, we substantially completed our early retirement program, which is expected to result in approximately $5.1 million in annual cost savings. Extensive progress was also completed on other identified opportunities related to process improvements and streamlining or upgrading systems; and, as a result, we are on track to meet or exceed the estimated $15 million in annual cost savings we have identified to date by the end of 2023.

While we continue to navigate the challenging economic environment, like many in our industry we have experienced an increase in funding costs given the rapid rise in interest rates and resulting steps taken to defend our core customer deposit base. Given our strong liquidity and capital positions, our focus on maintaining prudent underwriting standards and our 120-year history, we believe we are in a position to continue to serve our customers and expand market share across our attractive footprint.

Financial Highlights	2Q23	1Q23	2Q22	Q2 23 Highlights
Balance Sheet (in millions)				Metrics as of quarter end: ·Net income of $58.3 million and diluted EPS of $0.46 ·Adjusted earnings1 of $61.1 million and adjusted diluted EPS1 of $0.48 ·Strong expense management with noninterest expense down 2% on a linked quarter basis ·Maintained strong funding and liquidity positions as deposits increased on a linked quarter basis and coverage of uninsured deposits rose to 2.3x ·Disciplined loan growth as total loans increased 2% on a linked quarter basis ·4 bps of net charge-offs; ACL to total loans unchanged at 1.25% ·Book value per share up 5% and tangible book value per share1 up 8%, both year-over-year ·Repurchased 1.1 million shares in the quarter
Total deposits	$22,489	$22,452	$22,036
Total loans	16,834	16,555	15,110
Total investment securities	7,337	7,521	8,161
Total shareholders’ equity	3,356	3,340	3,260
Asset Quality
Net charge-off ratio	0.04%	0.03%	0.02%
Nonperforming loan ratio	0.43	0.38	0.42
Nonperforming assets to total assets	0.28	0.26	0.26
Allowance for credit losses to total loans	1.25	1.25	1.41
Nonperforming loan coverage ratio	292	324	334
Capital Ratios
Equity to assets	12.00%	12.11%	11.98%
Tangible common equity (TCE) ratio 1	7.22	7.25	7.03
Common equity tier 1 (CET1) ratio	11.92	11.87	12.10
Total risk-based capital ratio	14.17	14.47	14.83
Liquidity ($ in millions)
Loan to deposit ratio	74.85%	73.74%	68.57%
Borrowed funds to total liabilities	7.49%	6.32%	6.83%
Uninsured deposits	$  4,817	$  5,268	$6,516
Additional liquidity sources	$11,096	$10,780	$7,808
Coverage ratio of uninsured deposits	2.3x	2.0x	1.2x
Performance Measures (in millions)
Total revenue	$208.2	$223.7	$225.3
Pre-provision net revenue1	68.9	80.4	68.6
Adjusted pre-provision net revenue1	72.6	82.8	89.9
Provision for credit losses on loans	0.1	10.9	33.9
Provision for credit losses on securities	-	13.3	-
Noninterest income	45.0	45.8	40.2
Noninterest expense	139.7	143.2	156.8

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

Simmons First National Corporation (NASDAQ: SFNC) (Simmons or Company) today reported net income of $58.3 million for the second quarter of 2023, compared to $45.6 million in the first quarter of 2023 and $27.5 million in the second quarter of 2022. Diluted earnings per share were $0.46 for the second quarter of 2023, compared to $0.36 in the first quarter of 2023 and $0.21 in the second quarter of 2022. Adjusted earnings¹ for the second quarter of 2023 were $61.1 million, compared to $47.3 million in the first quarter of 2023 and $68.1 million in the second quarter of 2022. A summary of certain items, consisting primarily of merger related costs, branch right-sizing costs and early retirement program costs are described in the “Reconciliation of Non-GAAP Financial Measures” tables below.

Net Interest Income

Net interest income for the second quarter of 2023 totaled $163.2 million, compared to $177.8 million in the first quarter of 2023 and $185.1 million for the second quarter of 2022. Included in net interest income is accretion recognized on assets acquired, which totaled $2.3 million in the second quarter of 2023, $2.6 million in the first quarter of 2023 and $9.9 million in the second quarter of 2022. On a linked quarter basis, interest income increased $18.1 million, while interest expense increased $32.7 million reflecting the competitive interest rate environment and resulting pricing measures to defend the core deposit base, continued customer migration to higher rate deposit products and a strategic decision to utilize short-term borrowings to elevate our liquidity position given the macroeconomic environment and the debt ceiling debate. On April 1, 2023, approximately $330.0 million of the Company’s outstanding subordinated debt converted from fixed rate to floating rate, resulting in a $2.1 million increase in interest expense during the quarter.

The yield on loans for the second quarter of 2023 was 5.89 percent, compared to 5.67 percent in the first quarter of 2023 and 4.54 percent in the second quarter of 2022. The yield on investment securities for the second quarter of 2023 was 2.91 percent, compared to 2.92 percent in the first quarter of 2023 and 2.08 percent in the second quarter of 2022. Cost of deposits for the second quarter of 2023 was 1.96 percent, compared to 1.58 percent in the first quarter of 2023 and 0.18 percent in the second quarter of 2022. The increase in the cost of deposits reflected the dramatic increase in interest rates, customer migration to higher rate deposit products and increased competition for deposits. The net interest margin on a fully taxable equivalent basis for the second quarter of 2023 was 2.76 percent, compared to 3.09 percent in the first quarter of 2023 and 3.24 percent in the second quarter of 2022.

	Q2 23			Q1 23			Q4 22			Q3 22			Q2 22
Loan yield (FTE)2		5.89	%		5.67	%		5.40	%		4.86	%		4.54	%
Investment securities yield (FTE)2		2.91			2.92			2.68			2.29			2.08
Cost of interest bearing deposits		2.57			2.10			1.41			0.65			0.25
Cost of deposits		1.96			1.58			1.02			0.47			0.18
Cost of borrowed funds		5.31			4.29			3.92			2.66			2.13
Net interest spread (FTE)2		2.10			2.52			2.87			3.11			3.11
Net interest margin (FTE)2		2.76			3.09			3.31			3.34			3.24

Noninterest Income

Noninterest income for the second quarter of 2023 was $45.0 million, compared to $45.8 million in the first quarter of 2023 and $40.2 million in the second quarter of 2022. Included in first quarter 2023 results is a $4.0 million legal reserve recapture associated with previously disclosed legal matters. On a linked quarter and year-over-year basis, most fee-based businesses posted positive gains, led by service charges on deposits accounts, wealth management fees and mortgage lending income, offset in part by a decline in bank owned life insurance. Other noninterest income increased on a year-over year basis, primarily as a result of fair value adjustments associated with certain equity investments and death benefits from bank owned life insurance.

Noninterest Income $ in millions	Q2 23			Q1 23		Q4 22			Q3 22		Q2 22
Service charges on deposit accounts	$	12.9		$	12.4	$	11.9		$	12.6	$	11.4
Wealth management fees		7.4			7.4		8.2			8.6		7.2
Debit and credit card fees		8.0			8.0		7.8			7.7		8.2
Mortgage lending income		2.4			1.6		1.1			2.6		2.2
Other service charges and fees		2.3			2.3		2.0			2.1		1.9
Bank owned life insurance		2.6			3.0		3.0			2.9		2.6
Gain (loss) on sale of securities		(0.4	)		-		(0.1	)		-		(0.2	)
Gain on insurance settlement		-			-		4.1			-		-
Other income		9.8			11.3		6.6			6.7		6.8
Adjusted other income1		9.8			11.3		6.6			6.3		6.9

Noninterest Expense

Noninterest expense for the second quarter of 2023 was $139.7 million, compared to $143.2 million in the first quarter of 2023 and $156.8 million in the second quarter of 2022. Included in noninterest expense are certain items consisting primarily of merger related costs, branch right sizing costs and early retirement program costs, totaling $3.7 million in the second quarter of 2023, $2.4 million in the first quarter of 2023 and $21.2 million in the second quarter of 2022. Excluding these items (which are described in the “Reconciliation of Non-GAAP Financial Measures” tables below), adjusted noninterest expense¹ was $136.0 million in the second quarter of 2023, $140.9 million in the first quarter of 2023 and $135.7 million in the second quarter of 2022. The decrease in adjusted noninterest expense on a linked quarter basis was primarily attributable to successful execution of our Better Bank Initiative as well as a $3.0 million incentive accrual adjustment recorded in the second quarter of 2023.

Noninterest Expense $ in millions	Q2 23			Q1 23			Q4 22			Q3 22			Q2 22
Salaries and employee benefits	$	74.7		$	77.0		$	73.0		$	71.9		$	74.1
Occupancy expense, net		11.4			11.6			11.6			11.7			11.0
Furniture and equipment		5.1			5.1			5.4			5.4			5.1
Deposit insurance		5.2			4.9			3.7			3.3			2.8
Other real estate and foreclosure expense		0.3			0.2			0.4			0.2			0.1
Merger related costs		-			1.4			-			1.4			19.1
Other operating expenses		42.9			43.1			48.5			45.1			44.5
Adjusted salaries and employee benefits1		71.1			77.0			73.0			71.9			74.1
Adjusted other operating expenses1		43.0			42.3			47.5			44.1			42.7
Efficiency ratio		65.18	%		62.28	%		58.33	%		57.22	%		67.77	%
Adjusted efficiency ratio1		61.29	%		59.38	%		56.97	%		54.41	%		56.74	%

Loans and Unfunded Loan Commitments

Total loans at the end of the second quarter of 2023 were $16.8 billion, an increase of $279 million, or 2 percent, compared to $16.6 billion at the end of the first quarter of 2023. On a year-over-year basis, total loans were up $1.7 billion, or 11 percent. While loan growth has moderated as expected, the increase in total loans on a linked quarter basis was broad-based, both in terms of industry type and geographic market. Unfunded commitments at the end of the second quarter of 2023 were $4.4 million, compared to $4.7 billion at the end of the first quarter of 2023 and $4.5 billion at the end of the second quarter of 2022. While unfunded commitments are considered a key indicator of future loan growth, the rapid increase in interest rates, coupled with softer economic conditions, have resulted in lower activity in our commercial loan pipeline. Commercial loans approved and ready to close at the end of the second quarter of 2023 totaled $274 million, and the rate on ready to close commercial loans was 7.94 percent, up 62 basis points on a linked quarter basis.

$ in millions	Q2 23		Q1 23		Q4 22		Q3 22		Q2 22
Total loans	$	16,834	$	16,555	$	16,142	$	15,607	$	15,110
Unfunded loan commitments	$	4,443	$	4,725	$	5,000	$	5,138	$	4,473

Deposits

Total deposits at the end of the second quarter of 2023 were $22.5 billion, up slightly from the end of the first quarter of 2023, and up $453 million compared to the second quarter of 2022. Noninterest bearing deposits totaled $5.3 billion at the end of the second quarter of 2023, compared to $5.5 billion at the end of the first quarter of 2023 and $6.1 billion at the end of the second quarter of 2022. Interest bearing transaction accounts totaled $10.9 billion at the end of the second quarter of 2023, compared to $11.3 billion at the end of the first quarter of 2023 and $12.8 billion at the end of the second quarter of 2022. Time deposits totaled $6.4 billion at the end of the second quarter of 2023, compared to $5.7 billion at the end of the first quarter of 2023 and $3.2 billion at the end of the second quarter of 2022. The change in mix of deposits, both on a linked quarter and year-over-year basis, reflects continued customer migration into higher rate deposits, principally certificates of deposits, given the rapid rise in interest rates, as well as increased market competition. The loan to deposit ratio ended the second quarter of 2023 at 75 percent, compared to 74 percent at the end of the first quarter of 2023 and 69 percent at the end of the second quarter of 2022.

$ in millions	Q2 23			Q1 23			Q4 22			Q3 22			Q2 22
Noninterest bearing deposits	$	5,265		$	5,489		$	6,017		$	6,218		$	6,057
Interest bearing transaction accounts		10,866			11,284			11,763			12,104			12,816
Time deposits		6,358			5,679			4,768			3,827			3,163
Total deposits	$	22,489		$	22,452		$	22,548		$	22,149		$	22,036
Noninterest bearing deposits to total deposits		23	%		24	%		27	%		28	%		27	%
Total loans to total deposits		75			74			72			70			69

Asset Quality

Total nonperforming loans at the end of the second quarter of 2023 were $72.0 million, compared to $63.7 million at the end of the first quarter of 2023 and $63.6 million at the end of the second quarter of 2022. Total nonperforming assets as a percentage of total assets were 0.28 percent at the end of the second quarter of 2023, compared to 0.26 percent at the end of both the first quarter of 2023 and the second quarter of 2022. The increase in nonperforming assets on a linked quarter basis was primarily due to a single, commercial relationship totaling $9.6 million, offset, in part, by a $2.8 million decrease in other nonperforming assets. Shortly after the end of the quarter, an initial payment of $2.9 million was received on the commercial relationship previously noted. Net charge-offs as a percentage of average loans for the second quarter of 2023 were 4 basis points, compared to 3 basis points in the first quarter of 2023 and 2 basis points in the second quarter of 2022. Net charge-offs as a percentage of average total loans, excluding credit cards, were 1 basis point for the second quarter of 2023.

Provision for credit losses totaled $0.1 million in the second quarter of 2023, compared to $33.9 million in the second quarter of 2022. Included in the year ago period was $30.3 million of Day 2 CECL provision recorded in connection with the Company’s acquisition of Spirt of Texas Bancshares, Inc. The allowance for credit losses on loans at the end of the second quarter of 2023 was $210.0 million compared to $206.6 million at the end of the first quarter of 2023 and $212.6 million at the end of the second quarter of 2022. The allowance for credit losses as a percentage of total loans at the end of the second quarter of 2023 was 1.25 percent, unchanged on a linked quarter basis. The nonperforming loan coverage ratio ended the quarter at 292 percent, compared to 324 percent at the end of the first quarter of 2023 and 334 percent at the end of the second quarter of 2022. The reserve for unfunded commitments totaled $36.9 million at the end of the second quarter of 2023, compared to $41.9 million at the end of the first quarter of 2023 and $25.9 million at the end of the second quarter of 2022. The decrease in the reserve for unfunded commitments on a linked quarter basis was primarily due to a decline in unfunded commitments resulting from customers utilizing lines of credit.

$ in millions	Q2 23			Q1 23			Q4 22			Q3 22			Q2 22
Allowance for credit losses on loans to total loans		1.25	%		1.25	%		1.22	%		1.27	%		1.41	%
Allowance for credit losses on loans to nonperforming loans		292			324			334			342			334
Nonperforming loans to total loans		0.43			0.38			0.37			0.37			0.42
Net charge-off ratio (annualized)		0.04			0.03			0.13			-			0.02
Net charge-off ratio YTD (annualized)		0.04			0.03			0.09			0.07			0.11
Total nonperforming loans	$	72.0		$	63.7		$	58.9		$	57.8		$	63.6
Total other nonperforming assets		4.9			7.7			3.6			4.7			6.4
Total nonperforming assets	$	76.9		$	71.4		$	62.5		$	62.5		$	70.0
Reserve for unfunded commitments	$	36.9		$	41.9		$	41.9		$	41.9		$	25.9

Capital

Total common stockholders’ equity at the end of the second quarter of 2023 was $3.4 billion, compared to $3.3 billion at the end of both the first quarter of 2023 and the second quarter of 2022. Book value per share at the end of the second quarter of 2023 was $26.59, compared to $26.24 at the end of the first quarter of 2023 and $25.31 at the end of the second quarter of 2022. Tangible book value per share¹ was $15.17 at the end of the second quarter of 2023, compared to $14.88 per share at the end of the first quarter of 2023 and $14.07 at the end of the second quarter of 2022. Stockholders’ equity to total assets at June 30, 2023, was 12.0 percent, compared to 12.1 percent at the end of the first quarter of 2023 and unchanged from the levels reported at the end of the second quarter of 2022. Tangible common equity to tangible assets¹ was 7.2 percent at June 30, 2023, compared to 7.3 percent at the end of the first quarter of 2023 and 7.0 percent at the end of the second quarter of 2022. All of Simmons’ regulatory capital ratios continue to significantly exceed “well capitalized” guidelines.

	Q2 23			Q1 23			Q4 22			Q3 22			Q2 22
Stockholders’ equity to total assets		12.0	%		12.1	%		11.9	%		11.7	%		12.0	%
Tangible common equity to tangible assets1		7.2			7.3			7.0			6.7			7.0
Common equity tier 1 (CET1) ratio		11.9			11.9			11.9			11.7			12.1
Tier 1 leverage ratio		9.2			9.2			9.3			9.2			9.2
Tier 1 risk-based capital ratio		11.9			11.9			11.9			11.7			12.1
Total risk-based capital ratio		14.2			14.5			14.2			14.1			14.8

Share Repurchase Program

During the second quarter of 2023, Simmons repurchased approximately 1.1 million shares of its Class A common stock at an average price of $17.75 under its 2022 stock repurchase program (2022 Program). Remaining authorization under the 2022 Program as of June 30, 2023, was approximately $60 million. Market conditions and our capital needs will drive the decision regarding future stock repurchases; the timing, pricing and amount of any repurchases under the 2022 Program will be determined by Simmons’ management at its discretion; and the 2022 Program does not obligate Simmons to repurchase any common stock and may be modified, discontinued or suspended at any time without prior notice.

__________________________________________________________

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

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

Conference Call

Management will conduct a live conference call to review this information beginning at 9:00 a.m. Central Time today, Tuesday, July 25, 2023. Interested persons can listen to this call by dialing toll-free 1-844-481-2779 (North America only) and asking for the Simmons First National Corporation conference call, conference ID 10180510. In addition, the call will be available live or in recorded version on Simmons’ website at simmonsbank.com for at least 60 days following the date of the call.

Simmons First National Corporation

Simmons First National Corporation (NASDAQ: SFNC) is a Mid-South based financial holding company that has paid cash dividends to its shareholders for 114 consecutive years. Its principal subsidiary, Simmons Bank, operates 231 branches in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas. Founded in 1903, Simmons Bank offers comprehensive financial solutions delivered with a client-centric approach. In 2023, Simmons Bank was recognized by Forbes as one of America’s Best Midsize Employers and among the World’s Best Banks for the fourth consecutive year. In 2022, Simmons Bank was named to Forbes’ list of "America's Best Banks" for the second consecutive year. Additional information about Simmons Bank can be found on our website at simmonsbank.com, by following @Simmons_Bank on Twitter or by visiting our newsroom.

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (GAAP). The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance. These measures adjust GAAP performance measures to, among other things, include the tax benefit associated with revenue items that are tax-exempt, as well as exclude from net income (including on a per share diluted basis), pre-tax, pre-provision earnings, net charge-offs, income available to common shareholders, non-interest income, and non-interest expense certain income and expense items attributable to, for example, merger activity (primarily including merger-related expenses and Day 2 CECL provisions), gains and/or losses on sale of branches, net branch right-sizing initiatives, loss on redemption of trust preferred securities and gain on sale of intellectual property. In addition, the Company also presents certain figures based on tangible common stockholders’ equity, tangible assets and tangible book value, which exclude goodwill and other intangible assets. The Company further presents certain figures that are exclusive of the impact of PPP loans, deposits and/or loans acquired through acquisitions, mortgage warehouse loans, and/or energy loans, or gains and/or losses on the sale of securities. The Company’s management believes that these non-GAAP financial measures are useful to investors because they, among other things, present the results of the Company’s ongoing operations without the effect of mergers or other items not central to the Company’s ongoing business, as well as normalize for tax effects, the effects of the PPP, and certain other effects. Management, therefore, believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s ongoing businesses, and management uses these non-GAAP financial measures to assess the performance of the Company’s ongoing businesses as related to prior financial periods. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.

Forward-Looking Statements

Certain statements in this press release may not be based on historical facts and should be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including, without limitation, statements made in Mr. Fehlman’s quote, may be identified by reference to future periods or by the use of forward-looking terminology, such as “believe,” “budget,” “expect,” “foresee,” “anticipate,” “intend,” “indicate,” “target,” “estimate,” “plan,” “project,” “continue,” “contemplate,” “positions,” “prospects,” “predict,” or “potential,” by future conditional verbs such as “will,” “would,” “should,” “could,” “might” or “may,” or by variations of such words or by similar expressions. These forward-looking statements include, without limitation, statements relating to Simmons’ future growth, business strategies, lending capacity and lending activity, loan demand, revenue, assets, asset quality, profitability, dividends, net interest margin, non-interest revenue, share repurchase program, acquisition strategy, digital banking initiatives, the Company’s ability to recruit and retain key employees, the estimated cost savings associated with the Company’s Better Bank Initiative, the adequacy of the allowance for credit losses, and future economic conditions and interest rates. Any forward-looking statement speaks only as of the date of this news release, and Simmons undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release. By nature, forward-looking statements are based on various assumptions and involve inherent risk and uncertainties. Various factors, including, but not limited to, changes in economic conditions, changes in credit quality, changes in interest rates and related governmental policies, changes in loan demand, changes in deposit flows, changes in real estate values, changes in the assumptions used in making the forward-looking statements, changes in the securities markets generally or the price of Simmons’ common stock specifically, and changes in information technology affecting the financial industry; changes in customer behaviors, including consumer spending, borrowing, and saving habits; the effects of the COVID-19 pandemic on, among other things, the Company’s operations, liquidity, and credit quality; general economic and market conditions; market disruptions including pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, war and other military conflicts (including the ongoing military conflict between Russia and Ukraine) or other major events, or the prospect of these events; the soundness of other financial institutions and indirect exposure related to the closings of Silicon Valley Bank (SVB), Signature Bank and Silvergate Bank and their impact on the broader market through other customers, suppliers and partners (or that the conditions which resulted in the liquidity concerns with SVB, Signature Bank and Silvergate Bank may also adversely impact, directly or indirectly, other financial institutions and market participants with which the Company has commercial or deposit relationships); increased inflation; the loss of key employees; increased competition in the markets in which the Company operates; increased unemployment; labor shortages; claims, damages, and fines related to litigation or government actions; changes in accounting principles relating to loan loss recognition (current expected credit losses); the Company’s ability to manage and successfully integrate its mergers and acquisitions and to fully realize cost savings and other benefits associated with those transactions; cyber threats, attacks or events; reliance on third parties for key services; government legislation; and other factors, many of which are beyond the control of the Company, could cause actual results to differ materially from those projected in or contemplated by the forward-looking statements. Additional information on factors that might affect the Company’s financial results is included in the Company’s Form 10-K for the year ended December 31, 2022, the Company’s Form 10-Q for the quarterly period ended March 31, 2023, and other reports that the Company has filed with or furnished to the U.S. Securities and Exchange Commission (the SEC), all of which are available from the SEC on its website, www.sec.gov. In addition, there can be no guarantee that the board of directors (Board) of Simmons will approve a quarterly dividend in future quarters, and the timing, payment, and amount of future dividends (if any) is subject to, among other things, the discretion of the Board and may differ significantly from past dividends.

FOR MORE INFORMATION CONTACT:

Ed Bilek, EVP, Director of Investor and Media Relations

ed.bilek@simmonsbank.com

205.612.3378 (cell)

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)	2023			2023			2022			2022			2022
($ in thousands)
ASSETS
Cash and noninterest bearing balances due from banks	$	181,268		$	199,316		$	200,616		$	175,547		$	193,473
Interest bearing balances due from banks and federal funds sold		564,644			325,135			481,506			503,863			771,374
Cash and cash equivalents		745,912			524,451			682,122			679,410			964,847
Interest bearing balances due from banks - time		545			795			795			1,290			1,535
Investment securities - held-to-maturity		3,756,754			3,765,483			3,759,706			3,787,076			3,819,682
Investment securities - available-for-sale		3,579,758			3,755,956			3,852,854			3,937,543			4,341,647
Mortgage loans held for sale		10,342			4,244			3,486			12,759			14,437
Other loans held for sale		-			-			-			2,292			16,375
Loans:
Loans		16,833,653			16,555,098			16,142,124			15,607,135			15,110,344
Allowance for credit losses on loans		(209,966	)		(206,557	)		(196,955	)		(197,589	)		(212,611	)
Net loans		16,623,687			16,348,541			15,945,169			15,409,546			14,897,733
Premises and equipment		562,025			564,497			548,741			549,932			553,062
Foreclosed assets and other real estate owned		3,909			2,721			2,887			3,612			4,084
Interest receivable		103,431			98,775			102,892			86,637			82,332
Bank owned life insurance		494,370			493,191			491,340			488,364			486,355
Goodwill		1,320,799			1,320,799			1,319,598			1,309,000			1,310,528
Other intangible assets		120,758			124,854			128,951			133,059			137,285
Other assets		636,833			579,139			622,520			675,554			588,707
Total assets	$	27,959,123		$	27,583,446		$	27,461,061		$	27,076,074		$	27,218,609
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Noninterest bearing transaction accounts	$	5,264,962		$	5,489,434		$	6,016,651		$	6,218,283		$	6,057,186
Interest bearing transaction accounts and savings deposits		10,866,078			11,283,584			11,762,885			12,103,994			12,816,198
Time deposits		6,357,682			5,678,757			4,768,558			3,826,415			3,162,479
Total deposits		22,488,722			22,451,775			22,548,094			22,148,692			22,035,863
Federal funds purchased and securities sold
under agreements to repurchase		102,586			142,862			160,403			168,513			155,101
Other borrowings		1,373,339			1,023,826			859,296			964,772			1,060,244
Subordinated notes and debentures		366,065			366,027			365,989			365,951			421,693
Accrued interest and other liabilities		272,085			259,055			257,917			270,995			285,813
Total liabilities		24,602,797			24,243,545			24,191,699			23,918,923			23,958,714
Stockholders' equity:
Common stock		1,262			1,273			1,270			1,269			1,288
Surplus		2,516,398			2,533,589			2,530,066			2,527,153			2,569,060
Undivided profits		1,308,654			1,275,720			1,255,586			1,196,459			1,139,975
Accumulated other comprehensive (loss) income		(469,988	)		(470,681	)		(517,560	)		(567,730	)		(450,428	)
Total stockholders' equity		3,356,326			3,339,901			3,269,362			3,157,151			3,259,895
Total liabilities and stockholders' equity	$	27,959,123		$	27,583,446		$	27,461,061		$	27,076,074		$	27,218,609

 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)		2023			2023		2022			2022			2022
($ in thousands, except per share data)
INTEREST INCOME
Loans (including fees)	$	244,292		$	227,498	$	216,091		$	187,347		$	163,578
Interest bearing balances due from banks and federal funds sold		4,023			2,783		2,593			1,141			1,117
Investment securities		48,751			48,774		45,689			40,954			37,848
Mortgage loans held for sale		154			82		152			178			200
Other loans held for sale		-			-		59			998			2,063
TOTAL INTEREST INCOME		297,220			279,137		264,584			230,618			204,806
INTEREST EXPENSE
Time deposits		53,879			39,538		22,434			8,204			2,875
Other deposits		54,485			47,990		34,615			17,225			6,879
Federal funds purchased and securities
sold under agreements to repurchase		318			323		449			305			119
Other borrowings		18,612			8,848		9,263			6,048			4,844
Subordinated notes and debentures		6,696			4,603		4,797			5,251			4,990
TOTAL INTEREST EXPENSE		133,990			101,302		71,558			37,033			19,707
NET INTEREST INCOME		163,230			177,835		193,026			193,585			185,099
PROVISION FOR CREDIT LOSSES
Provision for credit losses on loans		5,061			10,916		26			(15,897	)		30,406
Provision for credit losses on unfunded commitments		(5,000	)		-		-			16,000			3,453
Provision for credit losses on investment securities - AFS		(1,326	)		12,800		-			-			-
Provision for credit losses on investment securities - HTM		1,326			500		-			-			-
TOTAL PROVISION FOR CREDIT LOSSES		61			24,216		26			103			33,859
NET INTEREST INCOME AFTER PROVISION
FOR CREDIT LOSSES		163,169			153,619		193,000			193,482			151,240
NONINTEREST INCOME
Service charges on deposit accounts		12,882			12,437		11,892			12,560			11,379
Debit and credit card fees		7,986			7,952		7,845			7,685			8,224
Wealth management fees		7,440			7,365		8,151			8,562			7,214
Mortgage lending income		2,403			1,570		1,139			2,593			2,240
Bank owned life insurance income		2,555			2,973		2,975			2,902			2,563
Other service charges and fees (includes insurance income)		2,262			2,282		2,023			2,085			1,871
Gain (loss) on sale of securities		(391	)		-		(52	)		(22	)		(150	)
Gain on insurance settlement		-			-		4,074			-			-
Other income		9,843			11,256		6,600			6,658			6,837
TOTAL NONINTEREST INCOME		44,980			45,835		44,647			43,023			40,178
NONINTEREST EXPENSE
Salaries and employee benefits		74,723			77,038		73,018			71,923			74,135
Occupancy expense, net		11,410			11,578		11,620			11,674			11,004
Furniture and equipment expense		5,128			5,051		5,392			5,394			5,104
Other real estate and foreclosure expense		289			186		350			168			142
Deposit insurance		5,201			4,893		3,680			3,278			2,812
Merger-related costs		19			1,396		35			1,422			19,133
Other operating expenses		42,926			43,086		48,480			45,084			44,483
TOTAL NONINTEREST EXPENSE		139,696			143,228		142,575			138,943			156,813
NET INCOME BEFORE INCOME TAXES		68,453			56,226		95,072			97,562			34,605
Provision for income taxes		10,139			10,637		11,812			16,959			7,151
NET INCOME	$	58,314		$	45,589	$	83,260		$	80,603		$	27,454
BASIC EARNINGS PER SHARE	$	0.46		$	0.36	$	0.66		$	0.63		$	0.21
DILUTED EARNINGS PER SHARE	$	0.46		$	0.36	$	0.65		$	0.63		$	0.21

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)		2023			2023			2022			2022			2022
($ in thousands)
Tier 1 capital
Stockholders' equity	$	3,356,326		$	3,339,901		$	3,269,362		$	3,157,151		$	3,259,895
CECL transition provision (1)		61,746			61,746			92,619			92,619			92,619
Disallowed intangible assets, net of deferred tax		(1,406,500	)		(1,410,141	)		(1,412,667	)		(1,416,453	)		(1,423,323	)
Unrealized loss (gain) on AFS securities		469,988			470,681			517,560			567,730			450,428
Total Tier 1 capital		2,481,560			2,462,187			2,466,874			2,401,047			2,379,619
Tier 2 capital
Subordinated notes and debentures		366,065			366,027			365,989			365,951			421,693
Subordinated debt phase out		(66,000	)		-			-			-			-
Qualifying allowance for loan losses and
reserve for unfunded commitments		169,409			173,077			115,627			116,257			114,733
Total Tier 2 capital		469,474			539,104			481,616			482,208			536,426
Total risk-based capital	$	2,951,034		$	3,001,291		$	2,948,490		$	2,883,255		$	2,916,045
Risk weighted assets	$	20,821,075		$	20,748,605		$	20,738,727		$	20,470,918		$	19,669,149
Adjusted average assets for leverage ratio	$	26,896,289		$	26,632,691		$	26,407,061		$	25,986,938		$	25,807,113
Ratios at end of quarter
Equity to assets		12.00	%		12.11	%		11.91	%		11.66	%		11.98	%
Tangible common equity to tangible assets (2)		7.22	%		7.25	%		7.00	%		6.69	%		7.03	%
Common equity Tier 1 ratio (CET1)		11.92	%		11.87	%		11.90	%		11.73	%		12.10	%
Tier 1 leverage ratio		9.23	%		9.24	%		9.34	%		9.24	%		9.22	%
Tier 1 risk-based capital ratio		11.92	%		11.87	%		11.90	%		11.73	%		12.10	%
Total risk-based capital ratio		14.17	%		14.47	%		14.22	%		14.08	%		14.83	%

(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)		2023		2023		2022		2022		2022
($ in thousands)
Investment Securities - End of Period
Held-to-Maturity
U.S. Government agencies	$	451,737	$	451,052	$	448,012	$	447,400	$	446,789
Mortgage-backed securities		1,193,118		1,201,418		1,190,781		1,214,882		1,244,713
State and political subdivisions		1,859,022		1,859,970		1,860,992		1,865,203		1,868,924
Other securities		252,877		253,043		259,921		259,591		259,256
Total held-to-maturity (net of credit losses)		3,756,754		3,765,483		3,759,706		3,787,076		3,819,682
Available-for-Sale
U.S. Treasury	$	2,209	$	2,220	$	2,197	$	2,191	$	1,441
U.S. Government agencies		176,564		181,843		184,279		188,060		198,333
Mortgage-backed securities		2,282,328		2,433,530		2,542,902		2,670,348		2,963,934
State and political subdivisions		885,505		895,896		871,074		822,509		915,255
Other securities		233,152		242,467		252,402		254,435		262,684
Total available-for-sale (net of credit losses)		3,579,758		3,755,956		3,852,854		3,937,543		4,341,647
Total investment securities (net of credit losses)	$	7,336,512	$	7,521,439	$	7,612,560	$	7,724,619	$	8,161,329
Fair value - HTM investment securities	$	3,094,958	$	3,148,976	$	3,063,233	$	2,984,040	$	3,278,962

 Page 4 

Simmons First National Corporation									SFNC
Consolidated Loans
For the Quarters Ended		Jun 30		Mar 31		Dec 31		Sep 30		Jun 30
(Unaudited)		2023		2023		2022		2022		2022
($ in thousands)
Loan Portfolio - End of Period
Consumer:
Credit cards	$	209,452	$	188,590	$	196,928	$	192,559	$	189,684
Other consumer		148,333		142,817		152,882		180,604		204,692
Total consumer		357,785		331,407		349,810		373,163		394,376
Real Estate:
Construction		2,930,586		2,777,122		2,566,649		2,372,294		2,082,688
Single-family residential		2,633,365		2,589,831		2,546,115		2,467,008		2,357,942
Other commercial real estate		7,546,130		7,520,964		7,468,498		7,249,891		7,082,055
Total real estate		13,110,081		12,887,917		12,581,262		12,089,193		11,522,685
Commercial:
Commercial		2,569,330		2,669,731		2,632,290		2,525,218		2,612,256
Agricultural		280,541		220,641		205,623		263,539		218,743
Total commercial		2,849,871		2,890,372		2,837,913		2,788,757		2,830,999
Other		515,916		445,402		373,139		356,022		362,284
Total loans	$	16,833,653	$	16,555,098	$	16,142,124	$	15,607,135	$	15,110,344

 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)		2023			2023			2022			2022			2022
($ in thousands)
Allowance for Credit Losses on Loans
Beginning balance	$	206,557		$	196,955		$	197,589		$	212,611		$	178,924
Day 1 PCD allowance from acquisitions:
Spirit of Texas (04/08/2022)		-			-			4,523			1,057			4,043
Total Day 1 PCD allowance		-			-			4,523			1,057			4,043
Loans charged off:
Credit cards		1,409			1,076			1,035			903			1,004
Other consumer		666			456			439			505			518
Real estate		435			1,204			3,392			130			115
Commercial		1,225			413			5,389			1,874			688
Total loans charged off		3,735			3,149			10,255			3,412			2,325
Recoveries of loans previously charged off:
Credit cards		298			234			251			250			249
Other consumer		436			240			230			278			302
Real estate		878			294			4,117			1,982			391
Commercial		471			1,067			475			720			621
Total recoveries		2,083			1,835			5,073			3,230			1,563
Net loans charged off		1,652			1,314			5,182			182			762
Provision for credit losses on loans		5,061			10,916			25			(15,897	)		30,406
Balance, end of quarter	$	209,966		$	206,557		$	196,955		$	197,589		$	212,611
Nonperforming assets
Nonperforming loans:
Nonaccrual loans	$	71,279		$	63,218		$	58,434		$	57,534		$	62,670
Loans past due 90 days or more		738			437			507			242			904
Total nonperforming loans		72,017			63,655			58,941			57,776			63,574
Other nonperforming assets:
Foreclosed assets and other real estate owned		3,909			2,721			2,887			3,612			4,084
Other nonperforming assets		1,013			5,012			644			1,146			2,314
Total other nonperforming assets		4,922			7,733			3,531			4,758			6,398
Total nonperforming assets	$	76,939		$	71,388		$	62,472		$	62,534		$	69,972
Performing FDMs (modifications to borrowers
experiencing financial difficulty)	$	2,996		$	2,183		$	1,849		$	1,869		$	2,655
Ratios
Allowance for credit losses on loans to total loans		1.25	%		1.25	%		1.22	%		1.27	%		1.41	%
Allowance for credit losses to nonperforming loans		292	%		324	%		334	%		342	%		334	%
Nonperforming loans to total loans		0.43	%		0.38	%		0.37	%		0.37	%		0.42	%
Nonperforming assets (including performing FDMs)
to total assets		0.29	%		0.27	%		0.23	%		0.24	%		0.27	%
Nonperforming assets to total assets		0.28	%		0.26	%		0.23	%		0.23	%		0.26	%
Annualized net charge offs to average loans (QTD)		0.04	%		0.03	%		0.13	%		0.00	%		0.02	%
Annualized net charge offs to average loans (YTD)		0.04	%		0.03	%		0.09	%		0.07	%		0.11	%
Annualized net credit card charge offs to
average credit card loans (QTD)		2.25	%		1.69	%		1.52	%		1.30	%		1.55	%

 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 2023							Three Months Ended Mar 2023							Three Months Ended Jun 2022
($ 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	$	404,639	$	4,023		3.99	%	$	315,307	$	2,783		3.58	%	$	777,098	$	1,117		0.58	%
Investment securities - taxable		4,821,231		32,745		2.72	%		4,930,945		32,804		2.70	%		5,674,470		21,794		1.54	%
Investment securities - non-taxable (FTE)		2,627,192		21,253		3.24	%		2,624,642		21,522		3.33	%		2,725,610		21,733		3.20	%
Mortgage loans held for sale		9,560		154		6.46	%		5,470		82		6.08	%		17,173		200		4.67	%
Other loans held for sale		-		-		0.00	%		-		-		0.00	%		22,114		2,063		37.42	%
Loans - including fees (FTE)		16,702,403		245,151		5.89	%		16,329,761		228,257		5.67	%		14,478,183		163,995		4.54	%
Total interest earning assets (FTE)		24,565,025		303,326		4.95	%		24,206,125		285,448		4.78	%		23,694,648		210,902		3.57	%
Non-earning assets		3,201,114							3,282,607							3,074,384
Total assets	$	27,766,139						$	27,488,732						$	26,769,032
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest bearing liabilities:
Interest bearing transaction and
savings accounts	$	11,011,746	$	54,485		1.98	%	$	11,722,591	$	47,990		1.66	%	$	12,807,502	$	6,879		0.22	%
Time deposits		5,911,139		53,879		3.66	%		5,155,055		39,538		3.11	%		2,586,567		2,875		0.45	%
Total interest bearing deposits		16,922,885		108,364		2.57	%		16,877,646		87,528		2.10	%		15,394,069		9,754		0.25	%
Federal funds purchased and securities
sold under agreement to repurchase		119,985		318		1.06	%		148,673		323		0.88	%		210,280		119		0.23	%
Other borrowings		1,449,403		18,612		5.15	%		787,783		8,848		4.56	%		1,241,501		4,844		1.56	%
Subordinated notes and debentures		366,047		6,696		7.34	%		366,009		4,603		5.10	%		418,327		4,990		4.78	%
Total interest bearing liabilities		18,858,320		133,990		2.85	%		18,180,111		101,302		2.26	%		17,264,177		19,707		0.46	%
Noninterest bearing liabilities:
Noninterest bearing deposits		5,276,267							5,642,779							5,926,304
Other liabilities		272,628							295,191							216,848
Total liabilities		24,407,215							24,118,081							23,407,329
Stockholders' equity		3,358,924							3,370,651							3,361,703
Total liabilities and stockholders' equity	$	27,766,139						$	27,488,732						$	26,769,032
Net interest income (FTE)			$	169,336						$	184,146						$	191,195
Net interest spread (FTE)						2.10	%						2.52	%						3.11	%
Net interest margin (FTE)						2.76	%						3.09	%						3.24	%

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)		2023			2023			2022			2022			2022
($ in thousands, except share data)
QUARTER-TO-DATE
Financial Highlights - As Reported
Net Income	$	58,314		$	45,589		$	83,260		$	80,603		$	27,454
Diluted earnings per share		0.46			0.36			0.65			0.63			0.21
Return on average assets		0.84	%		0.67	%		1.22	%		1.19	%		0.41	%
Return on average common equity		6.96	%		5.49	%		10.27	%		9.71	%		3.28	%
Return on tangible common equity (non-GAAP) (1)		12.85	%		10.25	%		19.29	%		17.99	%		6.28	%
Net interest margin (FTE)		2.76	%		3.09	%		3.31	%		3.34	%		3.24	%
Efficiency ratio (2)		65.18	%		62.28	%		58.33	%		57.22	%		67.77	%
FTE adjustment		6,106			6,311			6,770			6,203			6,096
Average diluted shares outstanding		127,379,976			127,516,478			127,505,996			128,336,422			128,720,078
Shares repurchased under plan		1,128,087			-			-			1,883,713			2,035,324
Average price of shares repurchased		17.73			-			-			23.91			24.59
Cash dividends declared per common share		0.200			0.200			0.190			0.190			0.190
Accretable yield on acquired loans		2,267			2,579			4,473			5,834			9,898
Financial Highlights - Adjusted (non-GAAP) (1)
Adjusted earnings	$	61,065		$	47,343		$	81,093		$	82,281		$	68,102
Adjusted diluted earnings per share		0.48			0.37			0.64			0.64			0.53
Adjusted return on average assets		0.88	%		0.70	%		1.18	%		1.21	%		1.02	%
Adjusted return on average common equity		7.29	%		5.70	%		10.01	%		9.92	%		8.13	%
Adjusted return on tangible common equity		13.42	%		10.62	%		18.81	%		18.35	%		14.65	%
Adjusted efficiency ratio (2)		61.29	%		59.38	%		56.97	%		54.41	%		56.74	%
YEAR-TO-DATE
Financial Highlights - GAAP
Net Income	$	103,903		$	45,589		$	256,412		$	173,152		$	92,549
Diluted earnings per share		0.82			0.36			2.06			1.40			0.77
Return on average assets		0.76	%		0.67	%		0.97	%		0.88	%		0.72	%
Return on average common equity		6.23	%		5.49	%		7.87	%		7.07	%		5.71	%
Return on tangible common equity (non-GAAP) (1)		11.55	%		10.25	%		14.33	%		12.77	%		10.24	%
Net interest margin (FTE)		2.92	%		3.09	%		3.17	%		3.12	%		3.01	%
Efficiency ratio (2)		63.68	%		62.28	%		62.14	%		63.54	%		67.14	%
FTE adjustment		12,417			6,311			24,671			17,901			11,698
Average diluted shares outstanding		127,421,034			127,516,478			124,470,184			123,387,503			120,826,798
Cash dividends declared per common share		0.400			0.200			0.760			0.570			0.380
Financial Highlights - Adjusted (non-GAAP) (1)
Adjusted earnings	$	108,408		$	47,343		$	298,635		$	217,542		$	135,261
Adjusted diluted earnings per share		0.85			0.37			2.40			1.76			1.12
Adjusted return on average assets		0.79	%		0.70	%		1.13	%		1.11	%		1.06	%
Adjusted return on average common equity		6.50	%		5.70	%		9.16	%		8.88	%		8.35	%
Adjusted return on tangible common equity		12.03	%		10.62	%		16.59	%		15.89	%		14.70	%
Adjusted efficiency ratio (2)		60.30	%		59.38	%		57.50	%		57.69	%		59.56	%
END OF PERIOD
Book value per share	$	26.59		$	26.24		$	25.73		$	24.87		$	25.31
Tangible book value per share		15.17			14.88			14.33			13.51			14.07
Shares outstanding		126,224,707			127,282,192			127,046,654			126,943,467			128,787,764
Full-time equivalent employees		3,066			3,189			3,236			3,206			3,233
Total number of financial centers		231			231			230			230			233

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

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

Page 8

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - Adjusted Earnings - Quarter-to-Date
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2023			2023			2022			2022			2022
(in thousands, except per share data)
QUARTER-TO-DATE
Net income	$	58,314		$	45,589		$	83,260		$	80,603		$	27,454
Certain items:
(Gain) loss from early retirement of TruPS		-			-			-			365			-
Gain on sale of intellectual property		-			-			-			(750	)		-
Gain on insurance settlement		-			-			(4,074	)		-			-
Donation to Simmons First Foundation		-			-			-			-			1,738
Merger related costs		19			1,396			35			1,422			19,133
Early retirement program		3,609			-			-			-			-
Branch right sizing (net)		95			979			1,104			1,235			380
Day 2 CECL provision		-			-			-			-			33,779
Tax effect (1)		(972	)		(621	)		768			(594	)		(14,382	)
Certain items, net of tax		2,751			1,754			(2,167	)		1,678			40,648
Adjusted earnings (non-GAAP)	$	61,065		$	47,343		$	81,093		$	82,281		$	68,102
Diluted earnings per share	$	0.46		$	0.36		$	0.65		$	0.63		$	0.21
Certain items:
(Gain) loss from early retirement of TruPS		-			-			-			-			-
Gain on sale of intellectual property		-			-			-			(0.01	)		-
Gain on insurance settlement		-			-			(0.03	)
Donation to Simmons First Foundation		-			-			-			-			0.01
Merger related costs		-			0.01			-			0.01			0.15
Early retirement program		0.03			-			-			-			-
Branch right sizing (net)		-			0.01			0.01			0.01			-
Day 2 CECL provision		-			-			-			-			0.27
Tax effect (1)		(0.01	)		(0.01	)		0.01			-			(0.11	)
Certain items, net of tax		0.02			0.01			(0.01	)		0.01			0.32
Adjusted diluted earnings per share (non-GAAP)	$	0.48		$	0.37		$	0.64		$	0.64		$	0.53

(1) Effective tax rate of 26.135%.

Reconciliation of Certain Noninterest Income and Expense Items (non-GAAP)
QUARTER-TO-DATE
Noninterest income	$	44,980		$	45,835		$	44,647		$	43,023		$	40,178
Certain noninterest income items (1)
Gain on insurance settlement		-			-			(4,074	)		-			-
(Gain) loss from early retirement of TruPS		-			-			-			365			-
Gain on sale of intellectual property		-			-			-			(750	)		-
Branch right sizing income		-			-			-			65			88
Adjusted noninterest income (non-GAAP)	$	44,980		$	45,835		$	40,573		$	42,703		$	40,266
Other income	$	9,843		$	11,256		$	6,600		$	6,658		$	6,837
Certain other income items (1)
(Gain) loss from early retirement of TruPS		-			-			-			365			-
Gain on sale of intellectual property		-			-			-			(750	)		-
Branch right sizing income		-			-			-			65			88
Adjusted other income (non-GAAP)	$	9,843		$	11,256		$	6,600		$	6,338		$	6,925
Noninterest expense	$	139,696		$	143,228		$	142,575		$	138,943		$	156,813
Certain noninterest expense items (1)
Merger related costs		(19	)		(1,396	)		(35	)		(1,422	)		(19,133	)
Early retirement program		(3,609	)		-			-			-			-
Donation to Simmons First Foundation		-			-			-			-			(1,738	)
Branch right sizing expense		(95	)		(979	)		(1,104	)		(1,170	)		(292	)
Adjusted noninterest expense (non-GAAP)	$	135,973		$	140,853		$	141,436		$	136,351		$	135,650
Salaries and employee benefits	$	74,723		$	77,038		$	73,018		$	71,923		$	74,135
Certain salaries and employee benefits items (1)
Early retirement program		(3,609	)		-			-			-			-
Other		-			-			-			-			-
Adjusted salaries and employee benefits (non-GAAP)	$	71,114		$	77,038		$	73,018		$	71,923		$	74,135
Other operating expenses	$	42,926		$	43,086		$	48,480		$	45,084		$	44,483
Certain other operating expenses items (1)
Donation to Simmons First Foundation		-			-			-			-			(1,738	)
Branch right sizing expense		53			(816	)		(953	)		(973	)		(7	)
Adjusted other operating expenses (non-GAAP)	$	42,979		$	42,270		$	47,527		$	44,111		$	42,738

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

Page 9

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - Adjusted Earnings - Year-to-Date
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2023			2023			2022			2022			2022
(in thousands, except per share data)
YEAR-TO-DATE
Net income	$	103,903		$	45,589		$	256,412		$	173,152		$	92,549
Certain items:
(Gain) loss from early retirement of TruPS		-			-			365			365			-
Gain on sale of intellectual property		-			-			(750	)		(750	)		-
Gain on insurance settlement		-			-			(4,074	)		-			-
Donation to Simmons First Foundation		-			-			1,738			1,738			1,738
Merger related costs		1,415			1,396			22,476			22,441			21,019
Early retirement program		3,609			-			-			-			-
Branch right sizing (net)		1,074			979			3,628			2,524			1,289
Day 2 CECL provision		-			-			33,779			33,779			33,779
Tax effect (1)		(1,593	)		(621	)		(14,939	)		(15,707	)		(15,113	)
Certain items, net of tax		4,505			1,754			42,223			44,390			42,712
Adjusted earnings (non-GAAP)	$	108,408		$	47,343		$	298,635		$	217,542		$	135,261
Diluted earnings per share	$	0.82		$	0.36		$	2.06		$	1.40		$	0.77
Certain items:
(Gain) loss from early retirement of TruPS		-			-			-			-			-
Gain on sale of intellectual property		-			-			(0.01	)		(0.01	)		-
Gain on insurance settlement		-			-			(0.03	)		-			-
Donation to Simmons First Foundation		-			-			0.01			0.01			0.01
Merger related costs		0.01			0.01			0.18			0.18			0.17
Early retirement program		0.03			-			-			-			-
Branch right sizing (net)		0.01			0.01			0.03			0.02			0.01
Day 2 CECL provision		-			-			0.28			0.28			0.28
Tax effect (1)		(0.02	)		(0.01	)		(0.12	)		(0.12	)		(0.12	)
Certain items, net of tax		0.03			0.01			0.34			0.36			0.35
Adjusted diluted earnings per share (non-GAAP)	$	0.85		$	0.37		$	2.40		$	1.76		$	1.12

(1) Effective tax rate of 26.135%.

Reconciliation of Certain Noninterest Income and Expense Items (non-GAAP)
YEAR-TO-DATE
Noninterest income	$	90,815		$	45,835		$	170,066		$	125,419		$	82,396
Certain noninterest income items (1)
Gain on insurance settlement		-			-			(4,074	)		-			-
(Gain) loss from early retirement of TruPS		-			-			365			365			-
Gain on sale of intellectual property		-			-			(750	)		(750	)		-
Branch right sizing income		-			-			153			153			88
Adjusted noninterest income (non-GAAP)	$	90,815		$	45,835		$	165,760		$	125,187		$	82,484
Other income	$	21,099		$	11,256		$	27,361		$	20,761		$	14,103
Certain other income items (1)
(Gain) loss from early retirement of TruPS		-			-			365			365			-
Gain on sale of intellectual property		-			-			(750	)		(750	)		-
Branch right sizing income		-			-			153			153			88
Adjusted other income (non-GAAP)	$	21,099		$	11,256		$	27,129		$	20,529		$	14,191
Noninterest expense	$	282,924		$	143,228		$	566,748		$	424,173		$	285,230
Certain noninterest expense items (1)
Merger related costs		(1,415	)		(1,396	)		(22,476	)		(22,441	)		(21,019	)
Early retirement program		(3,609	)		-			-			-			-
Donation to Simmons First Foundation		-			-			(1,738	)		(1,738	)		(1,738	)
Branch right sizing expense		(1,074	)		(979	)		(3,475	)		(2,371	)		(1,201	)
Adjusted noninterest expense (non-GAAP)	$	276,826		$	140,853		$	539,059		$	397,623		$	261,272
Salaries and employee benefits	$	151,761		$	77,038		$	286,982		$	213,964		$	142,041
Certain salaries and employee benefits items (1)
Early retirement program		(3,609	)		-			-			-			-
Other		-			-			-			-			-
Adjusted salaries and employee benefits (non-GAAP)	$	148,152		$	77,038		$	286,982		$	213,964		$	142,041
Other operating expenses	$	86,012		$	43,086		$	179,693		$	131,213		$	86,129
Certain other operating expenses items (1)
Donation to Simmons First Foundation		-			-			(1,738	)		(1,738	)		(1,738	)
Branch right sizing expense		(763	)		(816	)		(2,650	)		(1,697	)		(724	)
Adjusted other operating expenses (non-GAAP)	$	85,249		$	42,270		$	175,305		$	127,778		$	83,667

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

Page 10

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - End of Period
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2023			2023			2022			2022			2022
($ in thousands, except per share data)
Calculation of Tangible Common Equity and the Ratio of Tangible Common Equity to Tangible Assets
Total common stockholders' equity	$	3,356,326		$	3,339,901		$	3,269,362		$	3,157,151		$	3,259,895
Intangible assets:
Goodwill		(1,320,799	)		(1,320,799	)		(1,319,598	)		(1,309,000	)		(1,310,528	)
Other intangible assets		(120,758	)		(124,854	)		(128,951	)		(133,059	)		(137,285	)
Total intangibles		(1,441,557	)		(1,445,653	)		(1,448,549	)		(1,442,059	)		(1,447,813	)
Tangible common stockholders' equity	$	1,914,769		$	1,894,248		$	1,820,813		$	1,715,092		$	1,812,082
Total assets	$	27,959,123		$	27,583,446		$	27,461,061		$	27,076,074		$	27,218,609
Intangible assets:
Goodwill		(1,320,799	)		(1,320,799	)		(1,319,598	)		(1,309,000	)		(1,310,528	)
Other intangible assets		(120,758	)		(124,854	)		(128,951	)		(133,059	)		(137,285	)
Total intangibles		(1,441,557	)		(1,445,653	)		(1,448,549	)		(1,442,059	)		(1,447,813	)
Tangible assets	$	26,517,566		$	26,137,793		$	26,012,512		$	25,634,015		$	25,770,796
Ratio of common equity to assets		12.00	%		12.11	%		11.91	%		11.66	%		11.98	%
Ratio of tangible common equity to tangible assets		7.22	%		7.25	%		7.00	%		6.69	%		7.03	%
Calculation of Tangible Book Value per Share
Total common stockholders' equity	$	3,356,326		$	3,339,901		$	3,269,362		$	3,157,151		$	3,259,895
Intangible assets:
Goodwill		(1,320,799	)		(1,320,799	)		(1,319,598	)		(1,309,000	)		(1,310,528	)
Other intangible assets		(120,758	)		(124,854	)		(128,951	)		(133,059	)		(137,285	)
Total intangibles		(1,441,557	)		(1,445,653	)		(1,448,549	)		(1,442,059	)		(1,447,813	)
Tangible common stockholders' equity	$	1,914,769		$	1,894,248		$	1,820,813		$	1,715,092		$	1,812,082
Shares of common stock outstanding		126,224,707			127,282,192			127,046,654			126,943,467			128,787,764
Book value per common share	$	26.59		$	26.24		$	25.73		$	24.87		$	25.31
Tangible book value per common share	$	15.17		$	14.88		$	14.33		$	13.51		$	14.07
Calculation of Uninsured Deposit Coverage Ratio
Uninsured deposits at Simmons Bank	$	5,491,062		$	5,896,752		$	7,267,220					$	7,071,483
Less: Intercompany eliminations		674,552			628,592			527,542						555,636
Total uninsured deposits	$	4,816,510		$	5,268,160		$	6,739,678					$	6,515,847
FHLB borrowing availability	$	5,345,000		$	5,574,000		$	5,442,000					$	3,707,000
Unpledged securities		3,877,000			3,000,000			3,180,000						3,597,000
Fed funds lines, Fed discount window and
Bank Term Funding Program		1,874,000			2,206,000			1,982,000						504,000
Additional liquidity sources	$	11,096,000		$	10,780,000		$	10,604,000					$	7,808,000
Uninsured deposit coverage ratio		2.3			2.0			1.6						1.2

Page 11

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2023			2023			2022			2022			2022
($ in thousands)
Calculation of Adjusted Return on Average Assets
Net income	$	58,314		$	45,589		$	83,260		$	80,603		$	27,454
Certain items (non-GAAP)
(Gain) loss from early retirement of TruPS		-			-			-			365			-
Gain on sale of intellectual property		-			-			-			(750	)		-
Gain on insurance settlement		-			-			(4,074	)		-			-
Donation to Simmons First Foundation		-			-			-			-			1,738
Merger related costs		19			1,396			35			1,422			19,133
Early retirement program		3,609			-			-			-			-
Branch right sizing (net)		95			979			1,104			1,235			380
Day 2 CECL provision		-			-			-			-			33,779
Tax effect of certain items (2)		(972	)		(621	)		768			(594	)		(14,382	)
Adjusted earnings (non-GAAP)	$	61,065		$	47,343		$	81,093		$	82,281		$	68,102
Average total assets	$	27,766,139		$	27,488,732		$	27,180,575		$	26,868,731		$	26,769,032
Return on average assets		0.84	%		0.67	%		1.22	%		1.19	%		0.41	%
Adjusted return on average assets (non-GAAP)		0.88	%		0.70	%		1.18	%		1.21	%		1.02	%
Calculation of Return on Tangible Common Equity
Net income available to common stockholders	$	58,314		$	45,589		$	83,260		$	80,603		$	27,454
Amortization of intangibles, net of taxes		3,026			3,026			3,035			3,121			3,025
Total income available to common stockholders	$	61,340		$	48,615		$	86,295		$	83,724		$	30,479
Certain items (non-GAAP)
(Gain) loss from early retirement of TruPS		-			-			-			365			-
Gain on sale of intellectual property		-			-			-			(750	)		-
Gain on insurance settlement		-			-			(4,074	)		-			-
Donation to Simmons First Foundation		-			-			-			-			1,738
Merger related costs		19			1,396			35			1,422			19,133
Early retirement program		3,609			-			-			-			-
Branch right sizing (net)		95			979			1,104			1,235			380
Day 2 CECL provision		-			-			-			-			33,779
Tax effect of certain items (2)		(972	)		(621	)		768			(594	)		(14,382	)
Adjusted earnings (non-GAAP)		61,065			47,343			81,093			82,281			68,102
Amortization of intangibles, net of taxes		3,026			3,026			3,035			3,121			3,025
Total adjusted earnings available to common stockholders (non-GAAP)	$	64,091		$	50,369		$	84,128		$	85,402		$	71,127
Average common stockholders' equity	$	3,358,924		$	3,370,651		$	3,214,912		$	3,292,071		$	3,361,703
Average intangible assets:
Goodwill		(1,320,799	)		(1,319,624	)		(1,309,124	)		(1,309,804	)		(1,299,821	)
Other intangibles		(123,173	)		(127,394	)		(131,229	)		(135,718	)		(114,195	)
Total average intangibles		(1,443,972	)		(1,447,018	)		(1,440,353	)		(1,445,522	)		(1,414,016	)
Average tangible common stockholders' equity (non-GAAP)	$	1,914,952		$	1,923,633		$	1,774,559		$	1,846,549		$	1,947,687
Return on average common equity		6.96	%		5.49	%		10.27	%		9.71	%		3.28	%
Return on tangible common equity		12.85	%		10.25	%		19.29	%		17.99	%		6.28	%
Adjusted return on average common equity (non-GAAP)		7.29	%		5.70	%		10.01	%		9.92	%		8.13	%
Adjusted return on tangible common equity (non-GAAP)		13.42	%		10.62	%		18.81	%		18.35	%		14.65	%
Calculation of Efficiency Ratio and Adjusted Efficiency Ratio (1)
Noninterest expense (efficiency ratio numerator)	$	139,696		$	143,228		$	142,575		$	138,943		$	156,813
Certain noninterest expense items (non-GAAP)
Merger related costs		(19	)		(1,396	)		(35	)		(1,422	)		(19,133	)
Early retirement program		(3,609	)		-			-			-			-
Donation to Simmons First Foundation		-			-			-			-			(1,738	)
Branch right sizing expense		(95	)		(979	)		(1,104	)		(1,170	)		(292	)
Other real estate and foreclosure expense adjustment		(289	)		(186	)		(350	)		(168	)		(142	)
Amortization of intangibles adjustment		(4,098	)		(4,096	)		(4,108	)		(4,225	)		(4,096	)
Adjusted efficiency ratio numerator	$	131,586		$	136,571		$	136,978		$	131,958		$	131,412
Net interest income	$	163,230		$	177,835		$	193,026		$	193,585		$	185,099
Noninterest income		44,980			45,835			44,647			43,023			40,178
Fully tax-equivalent adjustment (effective tax rate of 26.135%)		6,106			6,311			6,770			6,203			6,096
Efficiency ratio denominator		214,316			229,981			244,443			242,811			231,373
Certain noninterest income items (non-GAAP)
Gain on insurance settlement		-			-			(4,074	)		-			-
(Gain) loss from early retirement of TruPS		-			-			-			365			-
Gain on sale of intellectual property		-			-			-			(750	)		-
Branch right sizing income		-			-			-			65			88
(Gain) loss on sale of securities		391			-			52			22			150
Adjusted efficiency ratio denominator	$	214,707		$	229,981		$	240,421		$	242,513		$	231,611
Efficiency ratio (1)		65.18	%		62.28	%		58.33	%		57.22	%		67.77	%
Adjusted efficiency ratio (non-GAAP) (1)		61.29	%		59.38	%		56.97	%		54.41	%		56.74	%

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

(2) Effective tax rate of 26.135%.

 Page 12 

Simmons First National Corporation												SFNC
Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date (continued)
For the Quarters Ended	Jun 30			Mar 31		Dec 31			Sep 30			Jun 30
(Unaudited)	2023			2023		2022			2022			2022
($ in thousands)
Calculation of Pre-Provision Net Revenue (PPNR)
Net interest income	$	163,230		$	177,835	$	193,026		$	193,585		$	185,099
Noninterest income		44,980			45,835		44,647			43,023			40,178
Revenue		208,210			223,670		237,673			236,608			225,277
Less: Gain (loss) on sale of securities		(391	)		-		(52	)		(22	)		(150	)
Less: Noninterest expense		139,696			143,228		142,575			138,943			156,813
Pre-Provision Net Revenue (PPNR)	$	68,905		$	80,442	$	95,150		$	97,687		$	68,614
Calculation of Adjusted Pre-Provision Net Revenue
Pre-Provision Net Revenue (PPNR)	$	68,905		$	80,442	$	95,150		$	97,687		$	68,614
Plus: Loss from early retirement of TruPS		-			-		-			365			-
Less: Gain on sale of intellectual property		-			-		-			(750	)		-
Less: Gain on insurance settlement		-			-		(4,074	)		-			-
Plus: Donation to Simmons First Foundation		-			-		-			-			1,738
Plus: Merger related costs		19			1,396		35			1,422			19,133
Plus: Early retirement program costs		3,609			-		-			-			-
Plus: Branch right sizing costs		95			979		1,104			1,235			380
Adjusted Pre-Provision Net Revenue	$	72,628		$	82,817	$	92,215		$	99,959		$	89,865

Page 13

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - Year-to-Date
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2023			2023			2022			2022			2022
($ in thousands)
Calculation of Adjusted Return on Average Assets
Net income	$	103,903		$	45,589		$	256,412		$	173,152		$	92,549
Certain items (non-GAAP)
(Gain) loss from early retirement of TruPS		-			-			365			365			-
Gain on sale of intellectual property		-			-			(750	)		(750	)		-
Gain on insurance settlement		-			-			(4,074	)		-			-
Donation to Simmons First Foundation		-			-			1,738			1,738			1,738
Merger related costs		1,415			1,396			22,476			22,441			21,019
Early retirement program		3,609			-			-			-			-
Branch right sizing (net)		1,074			979			3,628			2,524			1,289
Day 2 CECL provision		-			-			33,779			33,779			33,779
Tax effect of certain items (2)		(1,593	)		(621	)		(14,939	)		(15,707	)		(15,113	)
Adjusted earnings (non-GAAP)	$	108,408		$	47,343		$	298,635		$	217,542		$	135,261
Average total assets	$	27,628,202		$	27,488,732		$	26,418,838		$	26,162,136		$	25,802,982
Return on average assets		0.76	%		0.67	%		0.97	%		0.88	%		0.72	%
Adjusted return on average assets (non-GAAP)		0.79	%		0.70	%		1.13	%		1.11	%		1.06	%
Calculation of Return on Tangible Common Equity
Net income available to common stockholders	$	103,903		$	45,589		$	256,412		$	173,152		$	92,549
Amortization of intangibles, net of taxes		6,052			3,026			11,756			8,721			5,600
Total income available to common stockholders	$	109,955		$	48,615		$	268,168		$	181,873		$	98,149
Certain items (non-GAAP)
(Gain) loss from early retirement of TruPS	$	-		$	-		$	365		$	365		$	-
Gain on sale of intellectual property		-			-			(750	)		(750	)		-
Gain on insurance settlement		-			-			(4,074	)		-			-
Donation to Simmons First Foundation		-			-			1,738			1,738			1,738
Merger related costs		1,415			1,396			22,476			22,441			21,019
Early retirement program		3,609			-			-			-			-
Branch right sizing (net)		1,074			979			3,628			2,524			1,289
Day 2 CECL provision		-			-			33,779			33,779			33,779
Tax effect of certain items (2)		(1,593	)		(621	)		(14,939	)		(15,707	)		(15,113	)
Adjusted earnings (non-GAAP)		108,408			47,343			298,635			217,542			135,261
Amortization of intangibles, net of taxes		6,052			3,026			11,756			8,721			5,600
Total adjusted earnings available to common stockholders (non-GAAP)	$	114,460		$	50,369		$	310,391		$	226,263		$	140,861
Average common stockholders' equity	$	3,364,755		$	3,370,651		$	3,259,664		$	3,274,743		$	3,265,935
Average intangible assets:
Goodwill		(1,320,215	)		(1,319,624	)		(1,266,762	)		(1,252,486	)		(1,223,352	)
Other intangibles		(125,272	)		(127,394	)		(121,622	)		(118,385	)		(109,575	)
Total average intangibles		(1,445,487	)		(1,447,018	)		(1,388,384	)		(1,370,871	)		(1,332,927	)
Average tangible common stockholders' equity (non-GAAP)	$	1,919,268		$	1,923,633		$	1,871,280		$	1,903,872		$	1,933,008
Return on average common equity		6.23	%		5.49	%		7.87	%		7.07	%		5.71	%
Return on tangible common equity		11.55	%		10.25	%		14.33	%		12.77	%		10.24	%
Adjusted return on average common equity (non-GAAP)		6.50	%		5.70	%		9.16	%		8.88	%		8.35	%
Adjusted return on tangible common equity (non-GAAP)		12.03	%		10.62	%		16.59	%		15.89	%		14.70	%
Calculation of Efficiency Ratio and Adjusted Efficiency Ratio (1)
Noninterest expense (efficiency ratio numerator)	$	282,924		$	143,228		$	566,748		$	424,173		$	285,230
Certain noninterest expense items (non-GAAP)
Merger related costs		(1,415	)		(1,396	)		(22,476	)		(22,441	)		(21,019	)
Early retirement program		(3,609	)		-			-			-			-
Donation to Simmons First Foundation		-			-			(1,738	)		(1,738	)		(1,738	)
Branch right sizing expense		(1,074	)		(979	)		(3,475	)		(2,371	)		(1,201	)
Other real estate and foreclosure expense adjustment		(475	)		(186	)		(1,003	)		(653	)		(485	)
Amortization of intangibles adjustment		(8,194	)		(4,096	)		(15,915	)		(11,807	)		(7,582	)
Adjusted efficiency ratio numerator	$	268,157		$	136,571		$	522,141		$	385,163		$	253,205
Net interest income	$	341,065		$	177,835		$	717,316		$	524,290		$	330,705
Noninterest income		90,815			45,835			170,066			125,419			82,396
Fully tax-equivalent adjustment (effective tax rate of 26.135%)		12,417			6,311			24,671			17,901			11,698
Efficiency ratio denominator		444,297			229,981			912,053			667,610			424,799
Certain noninterest income items (non-GAAP)
Gain on insurance settlement		-			-			(4,074	)		-			-
(Gain) loss from early retirement of TruPS		-			-			365			365			-
Gain on sale of intellectual property		-			-			(750	)		(750	)		-
Branch right sizing income		-			-			153			153			88
(Gain) loss on sale of securities		391			-			278			226			204
Adjusted efficiency ratio denominator	$	444,688		$	229,981		$	908,025		$	667,604		$	425,091
Efficiency ratio (1)		63.68	%		62.28	%		62.14	%		63.54	%		67.14	%
Adjusted efficiency ratio (non-GAAP) (1)		60.30	%		59.38	%		57.50	%		57.69	%		59.56	%

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

(2) Effective tax rate of 26.135%.

Page 14