8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) January 23, 2024

SIMMONS FIRST NATIONAL CORPORATION

(Exact name of registrant as specified in its charter)

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

501 Main Street, Pine Bluff, Arkansas	71601
(Address of principal executive offices)	(Zip Code)

(870) 541-1000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02 Results of Operations and Financial Condition.

On January 24, 2024, Simmons First National Corporation (“Company”) issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

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

Item 7.01 Regulation FD Disclosure.

On January 24, 2024, the Company issued an investor presentation, a copy of which is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

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

Item 8.01 Other Events.

On January 23, 2024, the board of directors of the Company authorized a new stock repurchase program (“Program”) under which the Company may repurchase up to $175,000,000 of its Class A common stock (“Common Stock”) currently issued and outstanding. The Program will be executed in accordance with Rule 10b-18 under the Exchange Act, and will terminate on January 31, 2026 (unless terminated sooner). The new Program replaces the Company’s existing stock repurchase program, which was announced on January 27, 2022. Under the Program, the Company may repurchase shares of its Common Stock through open market and privately negotiated transactions or otherwise (including pursuant to a trading plan in accordance with Exchange Act Rule 10b5-1). The timing, pricing, and amount of any repurchases under the Program will be determined by the Company’s management at its discretion based on a variety of factors, including, but not limited to, trading volume and market price of the Common Stock, corporate considerations, the Company’s working capital and investment requirements, general market and economic conditions, and legal requirements. The Program does not obligate the Company to repurchase any Common Stock and may be modified, discontinued, or suspended at any time without prior notice.

Item 9.01 Financial Statements and Exhibits

Exhibit 99.1	Press Release dated January 24, 2024
Exhibit 99.2	Investor Presentation issued on January 24, 2024
Exhibit 104	Cover Page Interactive Data File (embedded within the Inline XBRL Document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	SIMMONS FIRST NATIONAL CORPORATION
	/s/ James M. Brogdon
Date: January 24, 2024	James M. Brogdon, President

EX-99.1

Exhibit 99.1

January 24, 2024

Simmons First National Corporation Reports Fourth Quarter 2023 Results

Board of Directors authorizes new $175 million share repurchase program and

approves a 5 percent increase in the quarterly cash dividend

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

Overall, we were encouraged by the underlying trends experienced during the quarter, as well as the strategic decision we made to selectively sell certain lower yielding bonds in our securities portfolio given advantageous market conditions. Both net interest income and net interest margin were up on a linked quarter basis, reflecting our focus on maintaining strong loan and deposit pricing discipline. Equally important, deposit growth was driven by an increase in customer deposits – primarily money market and savings accounts.

A strong risk profile has always been a key attribute of Simmons and our results for the quarter continue to bear this out. Net charge-offs for the quarter were 11 basis points and our allowance for credit losses on loans to total loans ended the quarter at 1.34 percent as provision expense exceeded net charge-offs. Expense growth, other than the impact of a FDIC special assessment, was also well contained and reflected the success of our Better Bank Initiative.

As we enter 2024 against a backdrop of economic uncertainty, we believe certain strategic actions we have taken this past year position us well to take advantage of opportunities and meet the challenges ahead.

FINANCIAL HIGHLIGHTS	4Q23			3Q23			4Q22			4Q 23 Highlights
BALANCE SHEET (in millions)										Comparisons reflect 4Q23 vs 3Q23 •  Net income of $23.9 million and diluted EPS of $0.19 •  Adjusted earnings1 of $50.2 million and adjusted diluted EPS1 of $0.40 •  Net interest income up 1%; Net interest margin 2.68%, up 7 bps •  Total revenue of $177.6 million; Adjusted total revenue1 of $197.8 million. PPNR1 of $29.5 million; Adjusted PPNR1 of $65.1 million •  NCO 11 bps in 4Q23; NCO 12 bps for the full-year 2023 •  Provision for credit losses on loans exceeded net charge-offs in the quarter by $6.7 million •  ACL ratio ends the quarter at 1.34%; NPA to total assets ratio at 0.33%, relatively unchanged •  Sold $241 million of AFS securities; Proceeds used to paydown higher rate wholesale funding; Earn back period estimated at ~2.5 years •  Book value per share up 4% and TBVPS1 up 8% •  EA ratio 12.53%; TCE ratio1 up 62 bps to 7.69%
Total loans	$	16,846		$	16,772		$	16,142
Total investment securities		6,878			7,101			7,613
Total deposits		22,245			22,231			22,548
Total assets		27,346			27,564			27,461
Total shareholders’ equity		3,426			3,286			3,269
ASSET QUALITY
Net charge-off ratio (NCO ratio)		0.11	%		0.28	%		0.13	%
Nonperforming loan ratio		0.50			0.49			0.37
Nonperforming assets to total assets		0.33			0.32			0.23
Allowance for credit losses to total loans		1.34			1.30			1.22
Nonperforming loan coverage ratio		267			267			334
PERFORMANCE MEASURES (in millions)
Total revenue	$	177.6		$	196.2		$	237.7
Adjusted total revenue1		197.8			196.2			233.7
Pre-provision net revenue1 (PPNR)		29.5			64.2			95.1
Adjusted pre-provision net revenue1		65.1			66.3			92.2
Provision for credit losses		10.0			7.7			-
PER SHARE DATA
Diluted earnings	$	0.19		$	0.37		$	0.65
Adjusted diluted earnings1		0.40			0.39			0.64
Book value		27.37			26.26			25.73
Tangible book value1 (TBVPS)		15.92			14.77			14.33
CAPITAL RATIOS
Equity to assets (EA ratio)		12.53	%		11.92	%		11.91	%
Tangible common equity (TCE) ratio1		7.69			7.07			7.00
Common equity tier 1 (CET1) ratio		12.11			12.02			11.90
Total risk-based capital ratio		14.39			14.27			14.22
LIQUIDITY ($ in millions)
Loan to deposit ratio		75.73	%		75.44	%		71.59	%
Borrowed funds to total liabilities		5.88			7.37			5.73
Uninsured, non-collateralized deposits (UCD)	$	4,753		$	4,631		$	5,626
Additional liquidity sources		11,216			11,447			10,604
Coverage ratio of UCD		2.4x			2.5x			1.9x

Simmons First National Corporation (NASDAQ: SFNC) (Simmons or Company) today reported net income of $23.9 million for the fourth quarter of 2023, compared to $47.2 million in the third quarter of 2023 and $83.3 million in the fourth quarter of 2022. Diluted earnings per share were $0.19 for the fourth quarter of 2023, compared to $0.37 per share in the third quarter of 2023 and $0.65 per share in the fourth quarter of 2022. Adjusted earnings¹ for the fourth quarter of 2023 were $50.2 million, compared to $48.8 million in the third quarter of 2023 and $81.1 million in the fourth quarter of 2022. Adjusted diluted earnings per share¹ for the fourth quarter of 2023 were $0.40, compared to $0.39 in the third quarter of 2023 and $0.64 in the fourth quarter of 2022.

During the fourth quarter of 2023, we executed a strategic decision to sell approximately $241 million of low yield available-for-sale (AFS) investment securities, resulting in a pre-tax loss of approximately $20.2 million. The proceeds from the sale were used to pay off higher rate wholesale fundings, including both brokered deposits and FHLB advances. The earn back period of this initiative is estimated at approximately 2.5 years. In addition, during the quarter we also recorded $10.5 million of noninterest expense for a FDIC special assessment levied to support the Deposit Insurance Fund following the failure of certain banks in 2023. The table below summarizes the impact of these items, along with the impact of other items, consisting primarily of branch right sizing and early retirement program, and they are also described in further detail in the “Reconciliation of Non-GAAP Financial Measures” tables contained in this press release.

Impact of Certain Items on Earnings and Diluted EPS

$ in millions, except per share data	Q4 23			Q3 23			Q4 22
Net income	$	23.9		$	47.2		$	83.3
Loss on sale of AFS investment securities		20.2			-			0.1
FDIC special assessment		10.5			-			-
Branch right sizing, net		3.9			0.5			1.1
Early retirement program		1.0			1.6			-
Gain on insurance settlement		-			-			(4.1	)
Total pre-tax impact		35.6			2.1			(2.9	)
Tax effect2		(9.3	)		(0.5	)		0.7
Total impact on earnings		26.3			1.6			(2.2	)
Adjusted earnings1	$	50.2		$	48.8		$	81.1
Diluted EPS	$	0.19		$	0.37		$	0.65
Loss on sale of AFS investment securities		0.16			-			-
FDIC special assessment		0.08			-			-
Branch right sizing, net		0.03			0.01			0.01
Early retirement program		0.01			0.01			-
Gain on insurance settlement		-			-			(0.03	)
Total pre-tax impact		0.28			0.02			(0.02	)
Tax effect2		(0.07	)		—			0.01
Total impact on earnings		0.21			0.02			(0.01	)
Adjusted Diluted EPS1	$	0.40		$	0.39		$	0.64

Net Interest Income

Net interest income for the fourth quarter of 2023 totaled $155.6 million, compared to $153.4 million in the third quarter of 2023 and $193.0 million in the fourth quarter of 2022. Interest income totaled $323.5 million in the fourth quarter of 2023, up $13.2 million on a linked quarter basis. Interest expense totaled $167.9 million in the fourth quarter of 2023, up $11.0 million on a linked quarter basis. The increase in net interest income was primarily due to a $5.6 million increase in interest income on loans, coupled with an $8.1 million increase in interest income on investment securities, offset in part by a $10.7 million increase in interest expense associated with interest bearing deposits. Included in net interest income is accretion recognized on assets acquired, which totaled $1.8 million in the fourth quarter of 2023, $2.1 million in the third quarter of 2023 and $4.5 million in the fourth quarter of 2022.

The yield on loans on a fully taxable equivalent (FTE) basis for the fourth quarter of 2023 was 6.20 percent, compared to 6.08 percent in the third quarter of 2023 and 5.40 percent in the fourth quarter of 2022. The yield on investment securities on an FTE basis for the fourth quarter of 2023 was 3.67 percent, compared to 3.08 percent in the third quarter of 2023 and 2.68 percent in the fourth quarter of 2022. Costs of deposits for the fourth quarter of 2023 was 2.58 percent, compared to 2.37 percent in the third quarter of 2023 and 1.02 percent in the fourth quarter of 2022. The net interest margin on an FTE basis for the fourth quarter of 2023 was 2.68 percent, compared to 2.61 percent in the third quarter of 2023 and 3.31 percent in the fourth quarter of 2022.

Select Yield/Rates	Q4 23			Q3 23			Q2 23			Q1 23			Q4 22
Loan yield (FTE)2		6.20	%		6.08	%		5.89	%		5.67	%		5.40	%
Investment securities yield (FTE)2		3.67			3.08			2.91			2.92			2.68
Cost of interest bearing deposits		3.31			3.06			2.57			2.10			1.41
Cost of deposits		2.58			2.37			1.96			1.58			1.02
Cost of borrowed funds		5.79			5.60			5.31			4.29			3.92
Net interest spread (FTE)2		1.93			1.87			2.10			2.52			2.87
Net interest margin (FTE)2		2.68			2.61			2.76			3.09			3.31

Noninterest Income

Noninterest income for the fourth quarter of 2023 was $22.0 million, compared to $42.8 million in the third quarter of 2023 and $44.6 million in the fourth quarter of 2022. Included in the fourth quarter of 2023 was a $20.2 million loss on the strategic sale of AFS investment securities. Excluding this item, adjusted noninterest income¹ was $42.2 million in the fourth quarter of 2023, compared to $42.8 million in the third quarter of 2023. Adjusted noninterest income¹ for the fourth quarter of 2022 was $40.6 million.

Noninterest Income $ in millions	Q4 23			Q3 23		Q2 23			Q1 23		Q4 22
Service charges on deposit accounts	$	12.8		$	12.4	$	12.9		$	12.4		11.9
Wealth management fees		7.7			7.7		7.4			7.4		8.2
Debit and credit card fees		7.8			7.7		8.0			8.0		7.8
Mortgage lending income		1.6			2.2		2.4			1.6		1.1
Other service charges and fees		2.3			2.2		2.3			2.3		2.0
Bank owned life insurance		3.1			3.1		2.6			3.0		3.0
Gain (loss) on sale of securities		(20.2	)		-		(0.4	)		-		(0.1	)
Gain on insurance settlement		-			-		-			-		4.1
Other income		6.9			7.4		9.8			11.3		6.6
Total noninterest income	$	22.0		$	42.8	$	45.0		$	45.8	$	44.6
Adjusted noninterest income1	$	42.2		$	42.8	$	45.4		$	45.8	$	40.6

Noninterest Expense

Noninterest expense for the fourth quarter of 2023 was $148.1 million, compared to $132.0 million in the third quarter of 2023 and $142.6 million in the fourth quarter of 2022. Included in noninterest expense are certain items consisting primarily of early retirement program, branch right sizing and merger related costs, as well as a FDIC special assessment recorded in the fourth quarter of 2023. These items totaled $15.4 million in the fourth quarter of 2023, $2.1 million in the third quarter of 2023 and $1.1 million in the fourth quarter of 2022. Excluding these items (which are described in the “Reconciliation of Non-GAAP Financial Measures” tables below), adjusted noninterest expense¹ was $132.7 million in the fourth quarter of 2023, $129.9 million in the third quarter of 2023 and $141.4 million in the fourth quarter of 2022. The increase in noninterest expense on a linked quarter basis was primarily the result of the FDIC special assessment, branch right sizing and early retirement program costs. The increase in adjusted noninterest expense¹ on a linked quarter basis was primarily due to sundry items included in other operating expenses.

Provision for income taxes for the fourth quarter of 2023 was $(4.5) million, compared to $9.2 million in the third quarter of 2023 and $11.8 million in the fourth quarter of 2022. Provision for income taxes in the fourth quarter of 2023 reflected an effective tax rate adjustment based on the level of taxable income primarily due to the FDIC special assessment and loss on sale of securities.

Noninterest Expense

$ in millions	Q4 23			Q3 23			Q2 23			Q1 23			Q4 22
Salaries and employee benefits	$	67.0		$	67.4		$	74.7		$	77.0		$	73.0
Occupancy expense, net		11.7			12.0			11.4			11.6			11.6
Furniture and equipment		5.4			5.1			5.1			5.1			5.4
Deposit insurance		4.7			4.7			5.2			4.9			3.7
Other real estate and foreclosure expense		0.2			0.2			0.3			0.2			0.4
Merger related costs		-			-			-			1.4			-
FDIC special assessment		10.5			-			-			-			-
Other operating expenses		48.6			42.6			42.9			43.1			48.5
Total noninterest expense	$	148.1		$	132.0		$	139.7		$	143.2		$	142.6
Adjusted salaries and employee benefits1	$	66.0		$	65.8		$	71.1		$	77.0		$	73.0
Adjusted other operating expenses1		44.9			42.1			43.0			42.3			47.5
Adjusted noninterest expense1		132.7			129.9			136.0			140.9			141.4
Efficiency ratio		80.46	%		65.11	%		65.18	%		62.28	%		58.33	%
Adjusted efficiency ratio1		62.91			61.94			61.29			59.38			56.97
Full-time equivalent employees		3,007			3,005			3,066			3,189			3,236

Loans and Unfunded Loan Commitments

Total loans at the end of the fourth quarter of 2023 were $16.8 billion, up $704 million, or 4 percent, compared to $16.1 billion at the end of the fourth quarter of 2022. Total loans on a linked quarter basis increased $74 million, reflecting moderating demand, as well as our focus on maintaining disciplined pricing strategies and our conservative underwriting standards given projections surrounding near-term future economic activity and conditions. Unfunded commitments at the end of the fourth quarter of 2023 were $3.9 billion, compared to $4.0 billion at the end of the third quarter of 2023 and $5.0 billion at the end of the fourth quarter of 2022. At the same time, our commercial loan pipeline experienced measured growth for the second consecutive quarter. Commercial loans ready to close at the end of the fourth quarter of 2023 were $416 million, and the rate on ready to close commercial loans was 8.44 percent.

Loans and Unfunded Commitments $ in millions	Q4 23		Q3 23		Q2 23		Q1 23		Q4 22
Total loans	$	16,846	$	16,772	$	16,834	$	16,555	$	16,142
Unfunded loan commitments		3,880		4,049		4,443		4,725		5,000

Deposits

Total deposits at the end of the fourth quarter of 2023 were $22.2 billion, compared to $22.5 billion at the end of the fourth quarter of 2022. On a linked quarter basis, total deposits were up slightly, driven by increased levels of interest bearing transaction accounts (interest bearing checking, money market and savings accounts) and time deposits, offset primarily by a decrease in brokered deposits. Noninterest bearing deposits totaled $4.8 billion, compared to $5.0 billion at the end of the third quarter of 2023. Interest bearing transaction accounts totaled $10.3 billion at the end of the fourth quarter of 2023, compared to $9.9 billion at the end of the third quarter of 2023. Time deposits totaled $4.3 billion, compared to $4.1 billion at the end of the third quarter of 2023. Brokered deposits totaled $2.9 billion at the end of the fourth quarter of 2023, compared to $3.3 billion at the end of the third quarter of 2023. The loan-to-deposit ratio at the end of the fourth quarter of 2023 was 76 percent, compared to 75 percent at the end of the third quarter of 2023 and 72 percent at the end of the fourth quarter of 2022.

Deposits $ in millions	Q4 23			Q3 23			Q2 23			Q1 23			Q4 22
Noninterest bearing deposits	$	4,801		$	4,991		$	5,265		$	5,489		$	6,017
Interest bearing transaction accounts		10,277			9,875			10,203			10,625			10,936
Time deposits		4,266			4,103			3,784			3,385			2,849
Brokered deposits		2,901			3,262			3,237			2,953			2,746
Total deposits	$	22,245		$	22,231		$	22,489		$	22,452		$	22,548
Noninterest bearing deposits to total deposits		22	%		22	%		23	%		24	%		27	%
Total loans to total deposits		76			75			75			74			72

Asset Quality

Total nonperforming loans at the end of the fourth quarter of 2023 were $84.5 million, compared to $81.9 million at the end of the third quarter of 2023 and $58.9 million at the end of the fourth quarter of 2022. Total nonperforming assets as a percentage of total assets were 0.33 percent at the end of the fourth quarter of 2023, compared to 0.32 percent at the end of the third quarter of 2023 and 0.23 percent at the end of the fourth quarter of 2022. Activity in the quarter included the remaining $6.7 million payoff of a commercial credit originally totaling approximately $9.6 million that was placed on nonaccrual status during the second quarter of 2023, thus resulting in no loss of principal or interest to the company. Net charge-offs as a percentage of average loans for the fourth quarter of 2023 were 11 basis points, compared to 28 basis points in the third quarter of 2023 and 13 basis points in the fourth quarter of 2022. For the full-year of 2023, net charge-offs as a percentage of average loans were 12 basis points, compared to 9 basis points for the full-year of 2022.

Provision for credit losses totaled $10.0 million in the fourth quarter of 2023, compared to $7.7 million in the third quarter of 2023 and less than $1.0 million in the fourth quarter of 2022. Included in provision for credit losses was the recapture of provision expense related to investment securities totaling $1.2 million in both the third quarter and fourth quarter of 2023. The increase in provision for credit losses on a linked quarter and year-over-year basis reflected in part increased activity in the loan portfolio, as well as changes in macroeconomic conditions and variables. The allowance for credit losses at the end of the fourth quarter of 2023 was $225.2 million, compared to $218.5 million at the end of the third quarter of 2023 and $197.0 million at the end of the fourth quarter of 2022. The allowance for credit losses as a percentage of total loans at the end of the fourth quarter of 2023 was 1.34 percent, compared to 1.30 percent at the end of the third quarter of 2023 and 1.22 percent at the end of the fourth quarter of 2022. The nonperforming loan coverage ratio ended the quarter at 267 percent, and the reserve for unfunded commitments totaled $25.6 million, both unchanged from third quarter 2023 levels.

Asset Quality $ in millions	Q4 23			Q3 23			Q2 23			Q1 23			Q4 22
Allowance for credit losses on loans to total loans		1.34	%		1.30	%		1.25	%		1.25	%		1.22	%
Allowance for credit losses on loans to nonperforming loans		267			267			292			324			334
Nonperforming loans to total loans		0.50			0.49			0.43			0.38			0.37
Net charge-off ratio (annualized)		0.11			0.28			0.04			0.03			0.13
Net charge-off ratio YTD (annualized)		0.12			0.12			0.04			0.03			0.09
Total nonperforming loans		$84.5			$81.9			$72.0			$63.7			$58.9
Total other nonperforming assets		5.8			5.2			4.9			7.7			3.6
Total nonperforming assets		$90.3			$87.1			$76.9			$71.4			$62.5
Reserve for unfunded commitments		$25.6			$25.6			$36.9			$41.9			$41.9

Capital

Total common stockholders’ equity at the end of the fourth quarter of 2023 was $3.4 billion, compared to $3.3 billion at the end of both the third quarter of 2023 and the fourth quarter of 2022. Book value per share at the end of the fourth quarter of 2023 was $27.37, an increase of $1.11, or 4 percent, compared to $26.26 at the end of the third quarter of 2023 and an increase of $1.64, or 6 percent, compared to $25.73 at the end of the fourth quarter of 2022. Tangible book value per share¹ at the end of the fourth quarter of 2023 was $15.92, an increase of $1.15, or 8 percent, compared to $14.77 at the end of the third quarter of 2023 and an increase of $1.59, or 11 percent, compared to $14.33 at the end of the fourth quarter of 2022.

Stockholders’ equity as a percentage of total assets at December 31, 2023, was 12.5 percent, compared to 11.9 percent at September 30, 2023 and at December 31, 2022. Tangible common equity as a percentage of tangible assets¹ was 7.7 percent at December 31, 2023, compared to 7.1 percent at September 30, 2023, and 7.0 percent at December 31, 2022. Simmons continued to maintain a strong regulatory capital position with all regulatory capital ratios significantly exceeding “well capitalized” guidelines.

Share Repurchase Program and Cash Dividend

As a result of the Company’s strong capital position and ability to organically generate capital, the Company’s board of directors declared a quarterly cash dividend on the Company’s Class A common stock of $0.21 per share, which is payable on April 1, 2024, to shareholders of record as of March 15, 2024. The cash dividend rate represents an increase of $0.01 per share, or 5 percent, from the dividend paid for the same time period last year.

During the fourth quarter of 2023, Simmons did not repurchase any shares of its Class A common stock under its 2022 stock repurchase program (2022 Program). With the 2022 Program set to terminate on January 31, 2024, the Company also announced today that its Board of Directors has authorized a new stock repurchase program (New Program) under which the Company may repurchase up to $175,000,000 of its Class A common stock currently issued and outstanding. The New Program replaces the 2022 Program.

Under the New Program, the Company may repurchase shares of its common stock through open market and privately negotiated transactions or otherwise. The timing, pricing, and amount of any repurchases under the New Program will be determined by the Company’s management at its discretion based on a variety of factors, including, but not limited to, trading volume and market price of the Company’s common stock, corporate considerations, the Company’s working capital and investment requirements, general market and economic conditions, and legal requirements. The New Program does not obligate the Company to repurchase any common stock and may be modified, discontinued, or suspended at any time without prior notice. The Company anticipates funding for the New Program to come from available sources of liquidity, including cash on hand and future cash flow. The New Program will terminate on January 31, 2026 (unless terminated sooner).

Select Capital Ratios	Q4 23			Q3 23			Q2 23			Q1 23			Q4 22
Stockholders’ equity to total assets		12.5	%		11.9	%		12.0	%		12.1	%		11.9	%
Tangible common equity to tangible assets1		7.7			7.1			7.2			7.3			7.0
Common equity tier 1 (CET1) ratio		12.1			12.0			11.9			11.9			11.9
Tier 1 leverage ratio		9.4			9.3			9.2			9.2			9.3
Tier 1 risk-based capital ratio		12.1			12.0			11.9			11.9			11.9
Total risk-based capital ratio		14.4			14.3			14.2			14.5			14.2

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

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

Conference Call

Management will conduct a live conference call to review this information beginning at 9:00 a.m. Central Time today, Wednesday, January 24, 2024. Interested persons can listen to this call by dialing toll-free 1-844-481-2779 (North America only) and asking for the Simmons First National Corporation conference call, conference ID 10185194. In addition, the call will be available live or in recorded version on Simmons’ website at simmonsbank.com for at least 60 days following the date of the call.

Simmons First National Corporation

Simmons First National Corporation (NASDAQ: SFNC) is a Mid-South based financial holding company that has paid cash dividends to its shareholders for 115 consecutive years. Its principal subsidiary, Simmons Bank, operates 234 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 X (formerly Twitter) or by visiting our newsroom.

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (GAAP). The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance. These measures adjust GAAP performance measures to, among other things, include the tax benefit associated with revenue items that are tax-exempt, as well as exclude from net income (including on a per share diluted basis), pre-tax, pre-provision earnings, net charge-offs, income available to common shareholders, non-interest income, and non-interest expense certain income and expense items attributable to, for example, merger activity (primarily including merger-related expenses 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, gain on sale of intellectual property, FDIC special assessment charges and gain/loss on the sale of AFS investment securities. The Company has updated its calculation of certain non-GAAP financial measures to exclude the impact of gains or losses on the sale of AFS investment securities in light of the impact of the Company’s strategic AFS investment securities transactions during the fourth quarter of 2023 and has presented past periods on a comparable basis.

In addition, the Company also presents certain figures based on tangible common stockholders’ equity, tangible assets and tangible book value, which exclude goodwill and other intangible assets. The Company further presents certain figures that are exclusive of the impact of deposits and/or loans acquired through acquisitions, mortgage warehouse loans, and/or energy loans, or gains and/or losses on the sale of securities. The Company’s management believes that these non-GAAP financial measures are useful to investors because they, among other things, present the results of the Company’s ongoing operations without the effect of mergers or other items not central to the Company’s ongoing business, as well as normalize for tax effects and certain other effects. Management, therefore, believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s ongoing businesses, and management uses these non-GAAP financial measures to assess the performance of the Company’s ongoing businesses as related to prior financial periods. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.

Forward-Looking Statements

Certain statements in this press release may not be based on historical facts and should be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including, without limitation, statements made in Mr. Fehlman’s quote and estimated earn back periods, may be identified by reference to future periods or by the use of forward-looking terminology, such as “believe,” “budget,” “expect,” “foresee,” “anticipate,” “intend,” “indicate,” “target,” “estimate,” “plan,” “project,” “continue,” “contemplate,” “positions,” “prospects,” “predict,” or “potential,” by future conditional verbs such as “will,” “would,” “should,” “could,” “might” or “may,” or by variations of such words or by similar expressions. These forward-looking statements include, without limitation, statements relating to Simmons’ future growth, business strategies, lending capacity and lending activity, loan demand, revenue, assets, asset quality, profitability, dividends, net interest margin, non-interest revenue, share repurchase program, acquisition strategy, digital banking initiatives, the Company’s ability to recruit and retain key employees, the 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 press release, and Simmons undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this press release. By nature, forward-looking statements are based on various assumptions and involve inherent risk and uncertainties. Various factors, including, but not limited to, changes in economic conditions, changes in credit quality, changes in interest rates and related governmental policies, changes in loan demand, changes in deposit flows, changes in real estate values, changes in the assumptions used in making the forward-looking statements, changes in the securities markets generally or the price of Simmons’ common stock specifically, changes in information technology affecting the financial industry, and changes in customer behaviors, including consumer spending, borrowing, and saving habits; general economic and market conditions; market disruptions including pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, war and other military conflicts (including the ongoing military conflicts between Russia and Ukraine and between Israel and Hamas) or other major events, or the prospect of these events; the soundness of other financial institutions and 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 acquisitions; increased delinquency and foreclosure rates on commercial real estate loans; cyber threats, attacks or events; reliance on third parties for key services; government legislation; and other factors, many of which are beyond the control of the Company, could cause actual results to differ materially from those projected in or contemplated by the forward-

looking statements. Additional information on factors that might affect the Company’s financial results is included in the Company’s Form 10-K for the year ended December 31, 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 or 205.612.3378 (cell)

Simmons First National Corporation	SFNC
Consolidated End of Period Balance Sheets

For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2023			2023			2023			2023			2022
($ in thousands)
ASSETS
Cash and noninterest bearing balances due from banks	$	345,258		$	181,822		$	181,268		$	199,316		$	200,616
Interest bearing balances due from banks and federal funds sold		268,834			423,826			564,644			325,135			481,506
Cash and cash equivalents		614,092			605,648			745,912			524,451			682,122
Interest bearing balances due from banks - time		100			100			545			795			795
Investment securities - held-to-maturity		3,726,288			3,742,292			3,756,754			3,765,483			3,759,706
Investment securities - available-for-sale		3,152,153			3,358,421			3,579,758			3,755,956			3,852,854
Mortgage loans held for sale		9,373			11,690			10,342			4,244			3,486
Loans:
Loans		16,845,670			16,771,888			16,833,653			16,555,098			16,142,124
Allowance for credit losses on loans		(225,231	)		(218,547	)		(209,966	)		(206,557	)		(196,955	)
Net loans		16,620,439			16,553,341			16,623,687			16,348,541			15,945,169
Premises and equipment		570,678			567,167			562,025			564,497			548,741
Foreclosed assets and other real estate owned		4,073			3,809			3,909			2,721			2,887
Interest receivable		122,430			110,361			103,431			98,775			102,892
Bank owned life insurance		500,559			497,465			494,370			493,191			491,340
Goodwill		1,320,799			1,320,799			1,320,799			1,320,799			1,319,598
Other intangible assets		112,645			116,660			120,758			124,854			128,951
Other assets		592,045			676,572			636,833			579,139			622,520
Total assets	$	27,345,674		$	27,564,325		$	27,959,123		$	27,583,446		$	27,461,061
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Noninterest bearing transaction accounts	$	4,800,880		$	4,991,034		$	5,264,962		$	5,489,434		$	6,016,651
Interest bearing transaction accounts and savings deposits		10,997,425			10,571,807			10,866,078			11,283,584			11,762,885
Time deposits		6,446,673			6,668,370			6,357,682			5,678,757			4,768,558
Total deposits		22,244,978			22,231,211			22,488,722			22,451,775			22,548,094
Federal funds purchased and securities sold under agreements to repurchase		67,969			74,482			102,586			142,862			160,403
Other borrowings		972,366			1,347,855			1,373,339			1,023,826			859,296
Subordinated notes and debentures		366,141			366,103			366,065			366,027			365,989
Accrued interest and other liabilities		267,732			259,119			272,085			259,055			257,917
Total liabilities		23,919,186			24,278,770			24,602,797			24,243,545			24,191,699
Stockholders’ equity:
Common stock		1,252			1,251			1,262			1,273			1,270
Surplus		2,499,930			2,497,874			2,516,398			2,533,589			2,530,066
Undivided profits		1,329,681			1,330,810			1,308,654			1,275,720			1,255,586
Accumulated other comprehensive (loss) income		(404,375	)		(544,380	)		(469,988	)		(470,681	)		(517,560	)
Total stockholders’ equity		3,426,488			3,285,555			3,356,326			3,339,901			3,269,362
Total liabilities and stockholders’ equity	$	27,345,674		$	27,564,325		$	27,959,123		$	27,583,446		$	27,461,061

Page 1

Simmons First National Corporation	SFNC
Consolidated Statements of Income - Quarter-to-Date

For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31		Dec 31
(Unaudited)	2023			2023			2023			2023		2022
($ in thousands, except per share data)
INTEREST INCOME
Loans (including fees)	$	261,505		$	255,901		$	244,292		$	227,498	$	216,091
Interest bearing balances due from banks and federal funds sold		3,115			3,569			4,023			2,783		2,593
Investment securities		58,755			50,638			48,751			48,774		45,689
Mortgage loans held for sale		143			178			154			82		152
Other loans held for sale		-			-			-			-		59
TOTAL INTEREST INCOME		323,518			310,286			297,220			279,137		264,584
INTEREST EXPENSE
Time deposits		72,458			68,062			53,879			39,538		22,434
Other deposits		71,412			65,095			54,485			47,990		34,615
Federal funds purchased and securities sold under agreements to repurchase		232			277			318			323		449
Other borrowings		16,607			16,450			18,612			8,848		9,263
Subordinated notes and debentures		7,181			6,969			6,696			4,603		4,797
TOTAL INTEREST EXPENSE		167,890			156,853			133,990			101,302		71,558
NET INTEREST INCOME		155,628			153,433			163,230			177,835		193,026
PROVISION FOR CREDIT LOSSES
Provision for credit losses on loans		11,225			20,222			5,061			10,916		26
Provision for credit losses on unfunded commitments		-			(11,300	)		(5,000	)		-		-
Provision for credit losses on investment securities - AFS		(1,196	)		(1,200	)		(1,326	)		12,800		-
Provision for credit losses on investment securities - HTM		-			-			1,326			500		-
TOTAL PROVISION FOR CREDIT LOSSES		10,029			7,722			61			24,216		26
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		145,599			145,711			163,169			153,619		193,000
NONINTEREST INCOME
Service charges on deposit accounts		12,782			12,429			12,882			12,437		11,892
Debit and credit card fees		7,822			7,712			7,986			7,952		7,845
Wealth management fees		7,679			7,719			7,440			7,365		8,151
Mortgage lending income		1,603			2,157			2,403			1,570		1,139
Bank owned life insurance income		3,094			3,095			2,555			2,973		2,975
Other service charges and fees (includes insurance income)		2,346			2,232			2,262			2,282		2,023
Gain (loss) on sale of securities		(20,218	)		-			(391	)		-		(52	)
Gain on insurance settlement		-			-			-			-		4,074
Other income		6,866			7,433			9,843			11,256		6,600
TOTAL NONINTEREST INCOME		21,974			42,777			44,980			45,835		44,647
NONINTEREST EXPENSE
Salaries and employee benefits		66,982			67,374			74,723			77,038		73,018
Occupancy expense, net		11,733			12,020			11,410			11,578		11,620
Furniture and equipment expense		5,445			5,117			5,128			5,051		5,392
Other real estate and foreclosure expense		189			228			289			186		350
Deposit insurance		15,220			4,672			5,201			4,893		3,680
Merger-related costs		-			5			19			1,396		35
Other operating expenses		48,570			42,582			42,926			43,086		48,480
TOTAL NONINTEREST EXPENSE		148,139			131,998			139,696			143,228		142,575
NET INCOME BEFORE INCOME TAXES		19,434			56,490			68,453			56,226		95,072
Provision for income taxes		(4,473	)		9,243			10,139			10,637		11,812
NET INCOME	$	23,907		$	47,247		$	58,314		$	45,589	$	83,260
BASIC EARNINGS PER SHARE	$	0.19		$	0.38		$	0.46		$	0.36	$	0.66
DILUTED EARNINGS PER SHARE	$	0.19		$	0.37		$	0.46		$	0.36	$	0.65

Page 2

Simmons First National Corporation	SFNC
Consolidated Risk-Based Capital

For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2023			2023			2023			2023			2022
($ in thousands)
Tier 1 capital
Stockholders’ equity	$	3,426,488		$	3,285,555		$	3,356,326		$	3,339,901		$	3,269,362
CECL transition provision (1)		61,746			61,746			61,746			61,746			92,619
Disallowed intangible assets, net of deferred tax		(1,398,810	)		(1,402,682	)		(1,406,500	)		(1,410,141	)		(1,412,667	)
Unrealized loss (gain) on AFS securities		404,375			544,380			469,988			470,681			517,560
Total Tier 1 capital		2,493,799			2,488,999			2,481,560			2,462,187			2,466,874
Tier 2 capital
Subordinated notes and debentures		366,141			366,103			366,065			366,027			365,989
Subordinated debt phase out		(66,000	)		(66,000	)		(66,000	)		-			-
Qualifying allowance for loan losses and reserve for unfunded commitments		170,977			165,490			169,409			173,077			115,627
Total Tier 2 capital		471,118			465,593			469,474			539,104			481,616
Total risk-based capital	$	2,964,917		$	2,954,592		$	2,951,034		$	3,001,291		$	2,948,490
Risk weighted assets	$	20,599,238		$	20,703,669		$	20,821,075		$	20,748,605		$	20,738,727
Adjusted average assets for leverage ratio	$	26,552,988		$	26,733,658		$	26,896,289		$	26,632,691		$	26,407,061
Ratios at end of quarter
Equity to assets		12.53%			11.92%			12.00%			12.11%			11.91%
Tangible common equity to tangible assets (2)		7.69%			7.07%			7.22%			7.25%			7.00%
Common equity Tier 1 ratio (CET1)		12.11%			12.02%			11.92%			11.87%			11.90%
Tier 1 leverage ratio		9.39%			9.31%			9.23%			9.24%			9.34%
Tier 1 risk-based capital ratio		12.11%			12.02%			11.92%			11.87%			11.90%
Total risk-based capital ratio		14.39%			14.27%			14.17%			14.47%			14.22%

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

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

Page 3

Simmons First National Corporation	SFNC
Consolidated Investment Securities

For the Quarters Ended	Dec 31		Sep 30		Jun 30		Mar 31		Dec 31
(Unaudited)	2023		2023		2023		2023		2022
($ in thousands)
Investment Securities - End of Period
Held-to-Maturity
U.S. Government agencies	$	453,121	$	452,428	$	451,737	$	451,052	$	448,012
Mortgage-backed securities		1,161,694		1,178,324		1,193,118		1,201,418		1,190,781
State and political subdivisions		1,856,674		1,857,652		1,859,022		1,859,970		1,860,992
Other securities		254,799		253,888		252,877		253,043		259,921
Total held-to-maturity (net of credit losses)		3,726,288		3,742,292		3,756,754		3,765,483		3,759,706
Available-for-Sale
U.S. Treasury	$	2,254	$	2,224	$	2,209	$	2,220	$	2,197
U.S. Government agencies		72,502		172,759		176,564		181,843		184,279
Mortgage-backed securities		1,940,307		2,157,092		2,282,328		2,433,530		2,542,902
State and political subdivisions		902,793		790,344		885,505		895,896		871,074
Other securities		234,297		236,002		233,152		242,467		252,402
Total available-for-sale (net of credit losses)		3,152,153		3,358,421		3,579,758		3,755,956		3,852,854
Total investment securities (net of credit losses)	$	6,878,441	$	7,100,713	$	7,336,512	$	7,521,439	$	7,612,560
Fair value - HTM investment securities	$	3,135,370	$	2,848,211	$	3,094,958	$	3,148,976	$	3,063,233

Page 4

Simmons First National Corporation	SFNC
Consolidated Loans

For the Quarters Ended	Dec 31		Sep 30		Jun 30		Mar 31		Dec 31
(Unaudited)	2023		2023		2023		2023		2022
($ in thousands)
Loan Portfolio - End of Period
Consumer:
Credit cards	$	191,204	$	191,550	$	209,452	$	188,590	$	196,928
Other consumer		127,462		112,832		148,333		142,817		152,882
Total consumer		318,666		304,382		357,785		331,407		349,810
Real Estate:
Construction		3,144,220		3,022,321		2,930,586		2,777,122		2,566,649
Single-family residential		2,641,556		2,657,879		2,633,365		2,589,831		2,546,115
Other commercial real estate		7,552,410		7,565,008		7,546,130		7,520,964		7,468,498
Total real estate		13,338,186		13,245,208		13,110,081		12,887,917		12,581,262
Commercial:
Commercial		2,490,176		2,477,077		2,569,330		2,669,731		2,632,290
Agricultural		232,710		296,912		280,541		220,641		205,623
Total commercial		2,722,886		2,773,989		2,849,871		2,890,372		2,837,913
Other		465,932		448,309		515,916		445,402		373,139
Total loans	$	16,845,670	$	16,771,888	$	16,833,653	$	16,555,098	$	16,142,124

Page 5

Simmons First National Corporation	SFNC
Consolidated Allowance and Asset Quality

For the Quarters Ended	Dec 31		Sep 30		Jun 30		Mar 31		Dec 31
(Unaudited)	2023		2023		2023		2023		2022
($ in thousands)
Allowance for Credit Losses on Loans
Beginning balance	$	218,547	$	209,966	$	206,557	$	196,955	$	197,589
Day 1 PCD allowance from acquisitions:
Spirit of Texas (04/08/2022)		-		-		-		-		4,523
Total Day 1 PCD allowance		-		-		-		-		4,523
Loans charged off:
Credit cards		1,500		1,318		1,409		1,076		1,035
Other consumer		767		633		666		456		439
Real estate		1,023		9,723		435		1,204		3,392
Commercial		3,105		1,219		1,225		413		5,389
Total loans charged off		6,395		12,893		3,735		3,149		10,255
Recoveries of loans previously charged off:
Credit cards		242		234		298		234		251
Other consumer		518		344		436		240		230
Real estate		785		429		878		294		4,117
Commercial		309		245		471		1,067		475
Total recoveries		1,854		1,252		2,083		1,835		5,073
Net loans charged off		4,541		11,641		1,652		1,314		5,182
Provision for credit losses on loans		11,225		20,222		5,061		10,916		25
Balance, end of quarter	$	225,231	$	218,547	$	209,966	$	206,557	$	196,955
Nonperforming assets
Nonperforming loans:
Nonaccrual loans	$	83,325	$	81,135	$	71,279	$	63,218	$	58,434
Loans past due 90 days or more		1,147		806		738		437		507
Total nonperforming loans		84,472		81,941		72,017		63,655		58,941
Other nonperforming assets:
Foreclosed assets and other real estate owned		4,073		3,809		3,909		2,721		2,887
Other nonperforming assets		1,726		1,417		1,013		5,012		644
Total other nonperforming assets		5,799		5,226		4,922		7,733		3,531
Total nonperforming assets	$	90,271	$	87,167	$	76,939	$	71,388	$	62,472
Performing FDMs (modifications to borrowers experiencing financial difficulty)	$	33,577	$	33,723	$	2,996	$	2,183	$	1,849
Ratios
Allowance for credit losses on loans to total loans		1.34%		1.30%		1.25%		1.25%		1.22%
Allowance for credit losses to nonperforming loans		267%		267%		292%		324%		334%
Nonperforming loans to total loans		0.50%		0.49%		0.43%		0.38%		0.37%
Nonperforming assets (including performing FDMs) to total assets		0.45%		0.44%		0.29%		0.27%		0.23%
Nonperforming assets to total assets		0.33%		0.32%		0.28%		0.26%		0.23%
Annualized net charge offs to average loans (QTD)		0.11%		0.28%		0.04%		0.03%		0.13%
Annualized net charge offs to average loans (YTD)		0.12%		0.12%		0.04%		0.03%		0.09%
Annualized net credit card charge offs to average credit card loans (QTD)		2.49%		2.19%		2.25%		1.69%		1.52%

Page 6

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

	Three Months Ended Dec 2023						Three Months Ended Sep 2023						Three Months Ended Dec 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	$	230,464	$	3,115		5.36%	$	331,444	$	3,569		4.27%	$	361,856	$	2,593		2.84%
Investment securities - taxable		4,410,681		42,895		3.86%		4,638,486		34,734		2.97%		5,085,960		29,645		2.31%
Investment securities - non-taxable (FTE)		2,555,125		21,523		3.34%		2,617,152		21,563		3.27%		2,582,050		22,123		3.40%
Mortgage loans held for sale		7,644		143		7.42%		9,542		178		7.40%		8,601		152		7.01%
Other loans held for sale		-		-		0.00%		-		-		0.00%		1,704		59		13.74%
Loans - including fees (FTE)		16,793,211		262,353		6.20%		16,758,597		256,757		6.08%		15,929,957		216,782		5.40%
Total interest earning assets (FTE)		23,997,125		330,029		5.46%		24,355,221		316,801		5.16%		23,970,128		271,354		4.49%
Non-earning assets		3,373,686						3,239,390						3,210,447
Total assets	$	27,370,811					$	27,594,611					$	27,180,575
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest bearing liabilities:
Interest bearing transaction and savings accounts	$	10,730,701	$	71,412		2.64%	$	10,682,767	$	65,095		2.42%	$	11,859,322	$	34,615		1.16%
Time deposits		6,509,663		72,458		4.42%		6,558,110		68,062		4.12%		4,212,271		22,434		2.11%
Total interest bearing deposits		17,240,364		143,870		3.31%		17,240,877		133,157		3.06%		16,071,593		57,049		1.41%
Federal funds purchased and securities sold under agreement to repurchase		65,871		232		1.40%		89,769		277		1.22%		178,948		449		1.00%
Other borrowings		1,212,501		16,607		5.43%		1,222,557		16,450		5.34%		923,189		9,263		3.98%
Subordinated notes and debentures		366,123		7,181		7.78%		366,085		6,969		7.55%		365,971		4,797		5.20%
Total interest bearing liabilities		18,884,859		167,890		3.53%		18,919,288		156,853		3.29%		17,539,701		71,558		1.62%
Noninterest bearing liabilities:
Noninterest bearing deposits		4,864,274						5,032,631						6,161,732
Other liabilities		285,431						271,014						264,230
Total liabilities		24,034,564						24,222,933						23,965,663
Stockholders’ equity		3,336,247						3,371,678						3,214,912
Total liabilities and stockholders’ equity	$	27,370,811					$	27,594,611					$	27,180,575
Net interest income (FTE)			$	162,139					$	159,948					$	199,796
Net interest spread (FTE)						1.93%						1.87%						2.87%
Net interest margin (FTE)						2.68%						2.61%						3.31%

Page 7

Simmons First National Corporation	SFNC
Consolidated - Selected Financial Data

For the Quarters Ended	Dec 31		Sep 30		Jun 30		Mar 31		Dec 31
(Unaudited)	2023		2023		2023		2023		2022
($ in thousands, except share data)
QUARTER-TO-DATE
Financial Highlights - As Reported
Net Income	$	23,907	$	47,247	$	58,314	$	45,589	$	83,260
Diluted earnings per share		0.19		0.37		0.46		0.36		0.65
Return on average assets		0.35%		0.68%		0.84%		0.67%		1.22%
Return on average common equity		2.84%		5.56%		6.96%		5.49%		10.27%
Return on tangible common equity (non-GAAP) (1)		5.61%		10.33%		12.85%		10.25%		19.29%
Net interest margin (FTE)		2.68%		2.61%		2.76%		3.09%		3.31%
Efficiency ratio (2)		80.46%		65.11%		65.18%		62.28%		58.33%
FTE adjustment		6,511		6,515		6,106		6,311		6,770
Average diluted shares outstanding		125,609,265		126,283,609		127,379,976		127,516,478		127,505,996
Shares repurchased under plan		-		1,128,962		1,128,087		-		-
Average price of shares repurchased		-		17.69		17.75		-		-
Cash dividends declared per common share		0.200		0.200		0.200		0.200		0.190
Accretable yield on acquired loans		1,762		2,146		2,267		2,579		4,473
Financial Highlights - Adjusted (non-GAAP) (1)
Adjusted earnings	$	50,215	$	48,804	$	61,354	$	47,343	$	81,131
Adjusted diluted earnings per share		0.40		0.39		0.48		0.37		0.64
Adjusted return on average assets		0.73%		0.70%		0.89%		0.70%		1.18%
Adjusted return on average common equity		5.97%		5.74%		7.33%		5.70%		10.01%
Adjusted return on tangible common equity		11.10%		10.64%		13.48%		10.62%		18.82%
Adjusted efficiency ratio (2)		62.91%		61.94%		61.29%		59.38%		56.97%
YEAR-TO-DATE
Financial Highlights - GAAP
Net Income	$	175,057	$	151,150	$	103,903	$	45,589	$	256,412
Diluted earnings per share		1.38		1.19		0.82		0.36		2.06
Return on average assets		0.64%		0.73%		0.76%		0.67%		0.97%
Return on average common equity		5.21%		6.00%		6.23%		5.49%		7.87%
Return on tangible common equity (non-GAAP) (1)		9.76%		11.14%		11.55%		10.25%		14.33%
Net interest margin (FTE)		2.78%		2.82%		2.92%		3.09%		3.17%
Efficiency ratio (2)		67.75%		64.13%		63.68%		62.28%		62.14%
FTE adjustment		25,443		18,932		12,417		6,311		24,671
Average diluted shares outstanding		126,775,704		127,099,727		127,421,034		127,516,478		124,470,184
Cash dividends declared per common share		0.800		0.600		0.400		0.200		0.760
Financial Highlights - Adjusted (non-GAAP) (1)
Adjusted earnings	$	207,716	$	157,501	$	108,697	$	47,343	$	298,840
Adjusted diluted earnings per share		1.64		1.24		0.85		0.37		2.40
Adjusted return on average assets		0.75%		0.76%		0.79%		0.70%		1.13%
Adjusted return on average common equity		6.18%		6.25%		6.51%		5.70%		9.17%
Adjusted return on tangible common equity		11.46%		11.58%		12.06%		10.62%		16.60%
Adjusted efficiency ratio (2)		61.32%		60.81%		60.30%		59.38%		57.50%
END OF PERIOD
Book value per share	$	27.37	$	26.26	$	26.59	$	26.24	$	25.73
Tangible book value per share		15.92		14.77		15.17		14.88		14.33
Shares outstanding		125,184,119		125,133,281		126,224,707		127,282,192		127,046,654
Full-time equivalent employees		3,007		3,005		3,066		3,189		3,236
Total number of financial centers		234		232		231		231		230

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

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

Page 8

Simmons First National Corporation	SFNC
Reconciliation Of Non-GAAP Financial Measures - Adjusted Earnings - Quarter-to-Date

For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2023			2023			2023			2023			2022
(in thousands, except per share data)
QUARTER-TO-DATE
Net income	$	23,907		$	47,247		$	58,314		$	45,589		$	83,260
Certain items (non-GAAP)
Gain on insurance settlement		-			-			-			-			(4,074	)
FDIC Deposit Insurance special assessment		10,521			-			-			-			-
Merger related costs		-			5			19			1,396			35
Early retirement program		1,032			1,557			3,609			-			-
Loss (gain) on sale of securities		20,218			-			391			-			52
Branch right sizing (net)		3,846			547			95			979			1,104
Tax effect of certain items (1)		(9,309	)		(552	)		(1,074	)		(621	)		754
Certain items, net of tax		26,308			1,557			3,040			1,754			(2,129	)
Adjusted earnings (non-GAAP)	$	50,215		$	48,804		$	61,354		$	47,343		$	81,131
Diluted earnings per share	$	0.19		$	0.37		$	0.46		$	0.36		$	0.65
Certain items (non-GAAP)
Gain on insurance settlement		-			-			-			-			(0.03	)
FDIC Deposit Insurance special assessment		0.08			-			-			-			-
Merger related costs		-			-			-			0.01			-
Early retirement program		0.01			0.01			0.03			-			-
Loss (gain) on sale of securities		0.16			-			-			-			-
Branch right sizing (net)		0.03			0.01			-			0.01			0.01
Tax effect of certain items (1)		(0.07	)		-			(0.01	)		(0.01	)		0.01
Certain items, net of tax		0.21			0.02			0.02			0.01			(0.01	)
Adjusted diluted earnings per share (non-GAAP)	$	0.40		$	0.39		$	0.48		$	0.37		$	0.64
(1) Effective tax rate of 26.135%.
Reconciliation of Certain Noninterest Income and Expense Items (non-GAAP)
QUARTER-TO-DATE
Noninterest income	$	21,974		$	42,777		$	44,980		$	45,835		$	44,647
Certain noninterest income items
Gain on insurance settlement		-			-			-			-			(4,074	)
Loss (gain) on sale of securities		20,218			-			391			-			52
Branch right sizing income		-			-			-			-			-
Adjusted noninterest income (non-GAAP)	$	42,192		$	42,777		$	45,371		$	45,835		$	40,625
Other income	$	6,866		$	7,433		$	9,843		$	11,256		$	6,600
Certain other income items
Branch right sizing income		-			-			-			-			-
Adjusted other income (non-GAAP)	$	6,866		$	7,433		$	9,843		$	11,256		$	6,600
Noninterest expense	$	148,139		$	131,998		$	139,696		$	143,228		$	142,575
Certain noninterest expense items
Merger related costs		-			(5	)		(19	)		(1,396	)		(35	)
Early retirement program		(1,032	)		(1,557	)		(3,609	)		-			-
FDIC Deposit Insurance special assessment		(10,521	)		-			-			-			-
Branch right sizing expense		(3,846	)		(547	)		(95	)		(979	)		(1,104	)
Adjusted noninterest expense (non-GAAP)	$	132,740		$	129,889		$	135,973		$	140,853		$	141,436
Salaries and employee benefits	$	66,982		$	67,374		$	74,723		$	77,038		$	73,018
Certain salaries and employee benefits items
Early retirement program		(1,032	)		(1,557	)		(3,609	)		-			-
Other		2			-			-			-			-
Adjusted salaries and employee benefits (non-GAAP)	$	65,952		$	65,817		$	71,114		$	77,038		$	73,018
Other operating expenses	$	48,570		$	42,582		$	42,926		$	43,086		$	48,480
Certain other operating expenses items
Branch right sizing expense		(3,708	)		(466	)		53			(816	)		(953	)
Adjusted other operating expenses (non-GAAP)	$	44,862		$	42,116		$	42,979		$	42,270		$	47,527

Page 9

Simmons First National Corporation	SFNC
Reconciliation Of Non-GAAP Financial Measures - Adjusted Earnings - Year-to-Date

For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2023			2023			2023			2023			2022
(in thousands, except per share data)
YEAR-TO-DATE
Net income	$	175,057		$	151,150		$	103,903		$	45,589		$	256,412
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	)
FDIC Deposit Insurance special assessment		10,521			-			-			-			-
Donation to Simmons First Foundation		-			-			-			-			1,738
Merger related costs		1,420			1,420			1,415			1,396			22,476
Early retirement program		6,198			5,166			3,609			-			-
Loss (gain) on sale of securities		20,609			391			391			-			278
Branch right sizing (net)		5,467			1,621			1,074			979			3,628
Day 2 CECL provision		-			-			-			-			33,779
Tax effect of certain items (1)		(11,556	)		(2,247	)		(1,695	)		(621	)		(15,012	)
Certain items, net of tax		32,659			6,351			4,794			1,754			42,428
Adjusted earnings (non-GAAP)	$	207,716		$	157,501		$	108,697		$	47,343		$	298,840
Diluted earnings per share	$	1.38		$	1.19		$	0.82		$	0.36		$	2.06
Certain items (non-GAAP)
Gain on sale of intellectual property		-			-			-			-			(0.01	)
Gain on insurance settlement		-			-			-			-			(0.03	)
FDIC Deposit Insurance special assessment		0.08			-			-			-			-
Donation to Simmons First Foundation		-			-			-			-			0.01
Merger related costs		0.01			0.01			0.01			0.01			0.18
Early retirement program		0.05			0.04			0.03			-			-
Loss (gain) on sale of securities		0.17			-			-			-			-
Branch right sizing (net)		0.04			0.02			0.01			0.01			0.03
Day 2 CECL provision		-			-			-			-			0.28
Tax effect of certain items (1)		(0.09	)		(0.02	)		(0.02	)		(0.01	)		(0.12	)
Certain items, net of tax		0.26			0.05			0.03			0.01			0.34
Adjusted diluted earnings per share (non-GAAP)	$	1.64		$	1.24		$	0.85		$	0.37		$	2.40
(1) Effective tax rate of 26.135%.
Reconciliation of Certain Noninterest Income and Expense Items (non-GAAP)
YEAR-TO-DATE
Noninterest income	$	155,566		$	133,592		$	90,815		$	45,835		$	170,066
Certain noninterest income items
Gain on insurance settlement		-			-			-			-			(4,074	)
(Gain) loss from early retirement of TruPS		-			-			-			-			365
Gain on sale of intellectual property		-			-			-			-			(750	)
Loss (gain) on sale of securities		20,609			391			391			-			278
Branch right sizing income		-			-			-			-			153
Adjusted noninterest income (non-GAAP)	$	176,175		$	133,983		$	91,206		$	45,835		$	166,038
Other income	$	35,398		$	28,532		$	21,099		$	11,256		$	27,361
Certain other income items
(Gain) loss from early retirement of TruPS		-			-			-			-			365
Gain on sale of intellectual property		-			-			-			-			(750	)
Branch right sizing income		-			-			-			-			153
Adjusted other income (non-GAAP)	$	35,398		$	28,532		$	21,099		$	11,256		$	27,129
Noninterest expense	$	563,061		$	414,922		$	282,924		$	143,228		$	566,748
Certain noninterest expense items
Merger related costs		(1,420	)		(1,420	)		(1,415	)		(1,396	)		(22,476	)
Early retirement program		(6,198	)		(5,166	)		(3,609	)		-			-
Donation to Simmons First Foundation		-			-			-			-			(1,738	)
FDIC Deposit Insurance special assessment		(10,521	)		-			-			-			-
Branch right sizing expense		(5,467	)		(1,621	)		(1,074	)		(979	)		(3,475	)
Adjusted noninterest expense (non-GAAP)	$	539,455		$	406,715		$	276,826		$	140,853		$	539,059
Salaries and employee benefits	$	286,117		$	219,135		$	151,761		$	77,038		$	286,982
Certain salaries and employee benefits items
Early retirement program		(6,198	)		(5,166	)		(3,609	)		-			-
Other		2			-			-			-			-
Adjusted salaries and employee benefits (non-GAAP)	$	279,921		$	213,969		$	148,152		$	77,038		$	286,982
Merger related costs	$	1,420		$	1,420		$	1,415		$	1,396		$	22,476
Adjustment for merger related costs		(1,420	)		(1,420	)		(1,415	)		(1,396	)		(22,476	)
Adjusted merger related costs (non-GAAP)	$	-		$	-		$	-		$	-		$	-
Other operating expenses	$	177,164		$	128,594		$	86,012		$	43,086		$	179,693
Certain other operating expenses items
Donation to Simmons First Foundation		-			-			-			-			(1,738	)
Branch right sizing expense		(4,937	)		(1,229	)		(763	)		(816	)		(2,650	)
Adjusted other operating expenses (non-GAAP)	$	172,227		$	127,365		$	85,249		$	42,270		$	175,305

Page 10

Simmons First National Corporation	SFNC
Reconciliation Of Non-GAAP Financial Measures - End of Period

For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2023			2023			2023			2023			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	$	3,426,488		$	3,285,555		$	3,356,326		$	3,339,901		$	3,269,362
Intangible assets:
Goodwill		(1,320,799	)		(1,320,799	)		(1,320,799	)		(1,320,799	)		(1,319,598	)
Other intangible assets		(112,645	)		(116,660	)		(120,758	)		(124,854	)		(128,951	)
Total intangibles		(1,433,444	)		(1,437,459	)		(1,441,557	)		(1,445,653	)		(1,448,549	)
Tangible common stockholders’ equity	$	1,993,044		$	1,848,096		$	1,914,769		$	1,894,248		$	1,820,813
Total assets	$	27,345,674		$	27,564,325		$	27,959,123		$	27,583,446		$	27,461,061
Intangible assets:
Goodwill		(1,320,799	)		(1,320,799	)		(1,320,799	)		(1,320,799	)		(1,319,598	)
Other intangible assets		(112,645	)		(116,660	)		(120,758	)		(124,854	)		(128,951	)
Total intangibles		(1,433,444	)		(1,437,459	)		(1,441,557	)		(1,445,653	)		(1,448,549	)
Tangible assets	$	25,912,230		$	26,126,866		$	26,517,566		$	26,137,793		$	26,012,512
Ratio of common equity to assets		12.53	%		11.92	%		12.00	%		12.11	%		11.91	%
Ratio of tangible common equity to tangible assets		7.69	%		7.07	%		7.22	%		7.25	%		7.00	%
Calculation of Tangible Book Value per Share
Total common stockholders’ equity	$	3,426,488		$	3,285,555		$	3,356,326		$	3,339,901		$	3,269,362
Intangible assets:
Goodwill		(1,320,799	)		(1,320,799	)		(1,320,799	)		(1,320,799	)		(1,319,598	)
Other intangible assets		(112,645	)		(116,660	)		(120,758	)		(124,854	)		(128,951	)
Total intangibles		(1,433,444	)		(1,437,459	)		(1,441,557	)		(1,445,653	)		(1,448,549	)
Tangible common stockholders’ equity	$	1,993,044		$	1,848,096		$	1,914,769		$	1,894,248		$	1,820,813
Shares of common stock outstanding		125,184,119			125,133,281			126,224,707			127,282,192			127,046,654
Book value per common share	$	27.37		$	26.26		$	26.59		$	26.24		$	25.73
Tangible book value per common share	$	15.92		$	14.77		$	15.17		$	14.88		$	14.33
Calculation of Coverage Ratio of Uninsured, Non-Collateralized Deposits
Uninsured deposits at Simmons Bank	$	8,328,444		$	8,143,200		$	8,507,395		$	8,978,581		$	8,913,990
Less: Collateralized deposits (excluding portion that is FDIC insured)		2,846,716			2,835,405			3,030,550			3,081,829			2,759,248
Less: Intercompany eliminations		728,480			676,840			674,552			628,592			529,042
Total uninsured, non-collateralized deposits	$	4,753,248		$	4,630,955		$	4,802,293		$	5,268,160		$	5,625,700
FHLB borrowing availability	$	5,401,000		$	5,372,000		$	5,345,000		$	5,574,000		$	5,442,000
Unpledged securities		3,817,000			4,124,000			3,877,000			3,000,000			3,180,000
Fed funds lines, Fed discount window and Bank Term Funding Program		1,998,000			1,951,000			1,874,000			2,206,000			1,982,000
Additional liquidity sources	$	11,216,000		$	11,447,000		$	11,096,000		$	10,780,000		$	10,604,000
Uninsured, non-collateralized deposit coverage ratio		2.4			2.5			2.3			2.0			1.9

Page 11

Simmons First National Corporation	SFNC
Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date

For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2023			2023			2023			2023			2022
($ in thousands)
Calculation of Adjusted Return on Average Assets
Net income	$	23,907		$	47,247		$	58,314		$	45,589		$	83,260
Certain items (non-GAAP)
Gain on insurance settlement		-			-			-			-			(4,074	)
FDIC Deposit Insurance special assessment		10,521			-			-			-			-
Merger related costs		-			5			19			1,396			35
Early retirement program		1,032			1,557			3,609			-			-
Loss (gain) on sale of securities		20,218			-			391			-			52
Branch right sizing (net)		3,846			547			95			979			1,104
Tax effect of certain items (2)		(9,309	)		(552	)		(1,074	)		(621	)		754
Adjusted earnings (non-GAAP)	$	50,215		$	48,804		$	61,354		$	47,343		$	81,131
Average total assets	$	27,370,811		$	27,594,611		$	27,766,139		$	27,488,732		$	27,180,575
Return on average assets		0.35	%		0.68	%		0.84	%		0.67	%		1.22	%
Adjusted return on average assets (non-GAAP)		0.73	%		0.70	%		0.89	%		0.70	%		1.18	%
Calculation of Return on Tangible Common Equity
Net income available to common stockholders	$	23,907		$	47,247		$	58,314		$	45,589		$	83,260
Amortization of intangibles, net of taxes		2,965			3,027			3,026			3,026			3,035
Total income available to common stockholders	$	26,872		$	50,274		$	61,340		$	48,615		$	86,295
Certain items (non-GAAP)
Gain on insurance settlement		-			-			-			-			(4,074	)
FDIC Deposit Insurance special assessment		10,521			-			-			-			-
Merger related costs		-			5			19			1,396			35
Early retirement program		1,032			1,557			3,609			-			-
Loss (gain) on sale of securities		20,218			-			391			-			52
Branch right sizing (net)		3,846			547			95			979			1,104
Tax effect of certain items (2)		(9,309	)		(552	)		(1,074	)		(621	)		754
Adjusted earnings (non-GAAP)		50,215			48,804			61,354			47,343			81,131
Amortization of intangibles, net of taxes		2,965			3,027			3,026			3,026			3,035
Total adjusted earnings available to common stockholders (non-GAAP)	$	53,180		$	51,831		$	64,380		$	50,369		$	84,166
Average common stockholders’ equity	$	3,336,247		$	3,371,678		$	3,358,924		$	3,370,651		$	3,214,912
Average intangible assets:
Goodwill		(1,320,799	)		(1,320,799	)		(1,320,799	)		(1,319,624	)		(1,309,124	)
Other intangibles		(114,861	)		(119,125	)		(123,173	)		(127,394	)		(131,229	)
Total average intangibles		(1,435,660	)		(1,439,924	)		(1,443,972	)		(1,447,018	)		(1,440,353	)
Average tangible common stockholders’ equity (non-GAAP)	$	1,900,587		$	1,931,754		$	1,914,952		$	1,923,633		$	1,774,559
Return on average common equity		2.84	%		5.56	%		6.96	%		5.49	%		10.27	%
Return on tangible common equity		5.61	%		10.33	%		12.85	%		10.25	%		19.29	%
Adjusted return on average common equity (non-GAAP)		5.97	%		5.74	%		7.33	%		5.70	%		10.01	%
Adjusted return on tangible common equity (non-GAAP)		11.10	%		10.64	%		13.48	%		10.62	%		18.82	%
Calculation of Efficiency Ratio and Adjusted Efficiency Ratio (1)
Noninterest expense (efficiency ratio numerator)	$	148,139		$	131,998		$	139,696		$	143,228		$	142,575
Certain noninterest expense items (non-GAAP)
Merger related costs		-			(5	)		(19	)		(1,396	)		(35	)
Early retirement program		(1,032	)		(1,557	)		(3,609	)		-			-
FDIC Deposit Insurance special assessment		(10,521	)		-			-			-			-
Branch right sizing expense		(3,846	)		(547	)		(95	)		(979	)		(1,104	)
Other real estate and foreclosure expense adjustment		(189	)		(228	)		(289	)		(186	)		(350	)
Amortization of intangibles adjustment		(4,015	)		(4,097	)		(4,098	)		(4,096	)		(4,108	)
Adjusted efficiency ratio numerator	$	128,536		$	125,564		$	131,586		$	136,571		$	136,978
Net interest income	$	155,628		$	153,433		$	163,230		$	177,835		$	193,026
Noninterest income		21,974			42,777			44,980			45,835			44,647
Fully tax-equivalent adjustment (effective tax rate of 26.135%)		6,511			6,515			6,106			6,311			6,770
Efficiency ratio denominator		184,113			202,725			214,316			229,981			244,443
Certain noninterest income items (non-GAAP)
Gain on insurance settlement		-			-			-			-			(4,074	)
(Gain) loss on sale of securities		20,218			-			391			-			52
Adjusted efficiency ratio denominator	$	204,331		$	202,725		$	214,707		$	229,981		$	240,421
Efficiency ratio (1)		80.46	%		65.11	%		65.18	%		62.28	%		58.33	%
Adjusted efficiency ratio (non-GAAP) (1)		62.91	%		61.94	%		61.29	%		59.38	%		56.97	%

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

(2) Effective tax rate of 26.135%.

Page 12

Simmons First National Corporation	SFNC
Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date (continued)

For the Quarters Ended	Dec 31			Sep 30		Jun 30			Mar 31		Dec 31
(Unaudited)	2023			2023		2023			2023		2022
($ in thousands)
Calculation of Total Revenue and Adjusted Total Revenue
Net interest income	$	155,628		$	153,433	$	163,230		$	177,835	$	193,026
Noninterest income		21,974			42,777		44,980			45,835		44,647
Total revenue		177,602			196,210		208,210			223,670		237,673
Certain items, pre-tax (non-GAAP)
Less: Gain on insurance settlement		-			-		-			-		4,074
Less: Gain (loss) on sale of securities		(20,218	)		-		(391	)		-		(52	)
Adjusted total revenue	$	197,820		$	196,210	$	208,601		$	223,670	$	233,651
Calculation of Pre-Provision Net Revenue (PPNR)
Net interest income	$	155,628		$	153,433	$	163,230		$	177,835	$	193,026
Noninterest income		21,974			42,777		44,980			45,835		44,647
Total revenue		177,602			196,210		208,210			223,670		237,673
Less: Noninterest expense		148,139			131,998		139,696			143,228		142,575
Pre-Provision Net Revenue (PPNR)	$	29,463		$	64,212	$	68,514		$	80,442	$	95,098
Calculation of Adjusted Pre-Provision Net Revenue
Pre-Provision Net Revenue (PPNR)	$	29,463		$	64,212	$	68,514		$	80,442	$	95,098
Certain items, pre-tax (non-GAAP)
Less: Gain on insurance settlement		-			-		-			-		(4,074	)
Plus: Loss (gain) on sale of securities		20,218			-		391			-		52
Plus: FDIC Deposit Insurance special assessment		10,521			-		-			-		-
Plus: Merger related costs		-			5		19			1,396		35
Plus: Early retirement program costs		1,032			1,557		3,609			-		-
Plus: Branch right sizing costs (net)		3,846			547		95			979		1,104
Adjusted Pre-Provision Net Revenue	$	65,080		$	66,321	$	72,628		$	82,817	$	92,215

Page 13

Simmons First National Corporation SFNC

Reconciliation Of Non-GAAP Financial Measures - Year-to-Date

For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)	2023			2023			2023			2023			2022
($ in thousands)
Calculation of Adjusted Return on Average Assets
Net income	$	175,057		$	151,150		$	103,903		$	45,589		$	256,412
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	)
FDIC Deposit Insurance special assessment		10,521			-			-			-			-
Donation to Simmons First Foundation		-			-			-			-			1,738
Merger related costs		1,420			1,420			1,415			1,396			22,476
Early retirement program		6,198			5,166			3,609			-			-
Loss (gain) on sale of securities		20,609			391			391			-			278
Branch right sizing (net)		5,467			1,621			1,074			979			3,628
Day 2 CECL provision		-			-			-			-			33,779
Tax effect of certain items (2)		(11,556	)		(2,247	)		(1,695	)		(621	)		(15,012	)
Adjusted earnings (non-GAAP)	$	207,716		$	157,501		$	108,697		$	47,343		$	298,840
Average total assets	$	27,554,859		$	27,616,882		$	27,628,202		$	27,488,732		$	26,418,838
Return on average assets		0.64	%		0.73	%		0.76	%		0.67	%		0.97	%
Adjusted return on average assets (non-GAAP)		0.75	%		0.76	%		0.79	%		0.70	%		1.13	%
Calculation of Return on Tangible Common Equity
Net income available to common stockholders	$	175,057		$	151,150		$	103,903		$	45,589		$	256,412
Amortization of intangibles, net of taxes		12,044			9,079			6,052			3,026			11,756
Total income available to common stockholders	$	187,101		$	160,229		$	109,955		$	48,615		$	268,168
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	)
FDIC Deposit Insurance special assessment		10,521			-			-			-			-
Donation to Simmons First Foundation		-			-			-			-			1,738
Merger related costs		1,420			1,420			1,415			1,396			22,476
Early retirement program		6,198			5,166			3,609			-			-
Loss (gain) on sale of securities		20,609			391			391			-			278
Branch right sizing (net)		5,467			1,621			1,074			979			3,628
Day 2 CECL provision		-			-			-			-			33,779
Tax effect of certain items (2)		(11,556	)		(2,247	)		(1,695	)		(621	)		(15,012	)
Adjusted earnings (non-GAAP)		207,716			157,501			108,697			47,343			298,840
Amortization of intangibles, net of taxes		12,044			9,079			6,052			3,026			11,756
Total adjusted earnings available to common stockholders (non-GAAP)	$	219,760		$	166,580		$	114,749		$	50,369		$	310,596
Average common stockholders’ equity	$	3,359,312		$	3,367,088		$	3,364,755		$	3,370,651		$	3,259,664
Average intangible assets:
Goodwill		(1,320,510	)		(1,320,412	)		(1,320,215	)		(1,319,624	)		(1,266,762	)
Other intangibles		(121,098	)		(123,200	)		(125,272	)		(127,394	)		(121,622	)
Total average intangibles		(1,441,608	)		(1,443,612	)		(1,445,487	)		(1,447,018	)		(1,388,384	)
Average tangible common stockholders’ equity (non-GAAP)	$	1,917,704		$	1,923,476		$	1,919,268		$	1,923,633		$	1,871,280
Return on average common equity		5.21	%		6.00	%		6.23	%		5.49	%		7.87	%
Return on tangible common equity		9.76	%		11.14	%		11.55	%		10.25	%		14.33	%
Adjusted return on average common equity (non-GAAP)		6.18	%		6.25	%		6.51	%		5.70	%		9.17	%
Adjusted return on tangible common equity (non-GAAP)		11.46	%		11.58	%		12.06	%		10.62	%		16.60	%
Calculation of Efficiency Ratio and Adjusted Efficiency Ratio (1)
Noninterest expense (efficiency ratio numerator)	$	563,061		$	414,922		$	282,924		$	143,228		$	566,748
Certain noninterest expense items (non-GAAP)
Merger related costs		(1,420	)		(1,420	)		(1,415	)		(1,396	)		(22,476	)
Early retirement program		(6,198	)		(5,166	)		(3,609	)		-			-
FDIC Deposit Insurance special assessment		(10,521	)		-			-			-			-
Donation to Simmons First Foundation		-			-			-			-			(1,738	)
Branch right sizing expense		(5,467	)		(1,621	)		(1,074	)		(979	)		(3,475	)
Other real estate and foreclosure expense adjustment		(892	)		(703	)		(475	)		(186	)		(1,003	)
Amortization of intangibles adjustment		(16,306	)		(12,291	)		(8,194	)		(4,096	)		(15,915	)
Adjusted efficiency ratio numerator	$	522,257		$	393,721		$	268,157		$	136,571		$	522,141
Net interest income	$	650,126		$	494,498		$	341,065		$	177,835		$	717,316
Noninterest income		155,566			133,592			90,815			45,835			170,066
Fully tax-equivalent adjustment (effective tax rate of 26.135%)		25,443			18,932			12,417			6,311			24,671
Efficiency ratio denominator		831,135			647,022			444,297			229,981			912,053
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		-			-			-			-			153
(Gain) loss on sale of securities		20,609			391			391			-			278
Adjusted efficiency ratio denominator	$	851,744		$	647,413		$	444,688		$	229,981		$	908,025
Efficiency ratio (1)		67.75	%		64.13	%		63.68	%		62.28	%		62.14	%
Adjusted efficiency ratio (non-GAAP) (1)		61.32	%		60.81	%		60.30	%		59.38	%		57.50	%

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

(2) Effective tax rate of 26.135%.

Page 14

EX-99.2

Nasdaq: SFNC 4th Quarter 2023 Earnings Presentation Contents 3 Company Profile 4 4Q23 Financial Highlights 12 Deposits, Securities, Liquidity, Interest Rate Sensitivity and Capital 18 Loan Portfolio 22 Credit Quality 26Appendix Exhibit 99.2

Forward-Looking Statements and Non-GAAP Financial Measures Forward-Looking Statements. Certain statements by Simmons First National Corporation (the “Company”, which where appropriate includes the Company’s wholly-owned banking subsidiary, Simmons Bank) contained in this presentation may not be based on historical facts and should be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by reference to a future period(s) or by the use of forward-looking terminology, such as "anticipate," “believe,” “continue,” "estimate," "expect," "foresee,“ “indicate,” “plan,” “potential,” “project,” “target,” "may," "might," "will," "would," "could,“ “should,” “likely” or "intend," future or conditional verb tenses, and variations or negatives of such terms or by similar expressions. These forward-looking statements include, without limitation, statements relating to the Company’s future growth; business strategies; product development; revenue; expenses (including interest expense and non-interest expenses); assets; loan demand (including loan growth, loan capacity, and other lending activity); deposit levels; asset quality; profitability; earnings; critical accounting policies; accretion; net interest margin; noninterest income; the Company's common stock repurchase program; adequacy of the allowance for credit losses; income tax deductions; credit quality; level of credit losses from lending commitments; net interest revenue; interest rate sensitivity (including, among other things, the potential impact of rising rates); loan loss experience; liquidity; capital resources; future economic conditions and market risk; interest rates; the expected benefits, milestones, timelines, and costs associated with the Company’s merger and acquisition strategy and activity; the Company’s ability to recruit and retain key employees; increases in, and cash flows associated with, the Company’s securities portfolio; legal and regulatory limitations and compliance and competition; anticipated loan principal reductions; plans for investments in and cash flows from securities; estimated earn back periods; discussions in various slides regarding the Company’s 2024 outlook; projections regarding securities investments and maturities thereof; estimates of future swap income set forth on slide 8; projections and estimates regarding 2024 expenses set forth on slide 11; the interest rate sensitivity estimates and projections noted on slide 16; and dividends. Readers are cautioned not to place undue reliance on the forward-looking statements contained in this presentation in that actual results could differ materially from those indicated in or implied by such forward-looking statements due to a variety of factors. These factors include, but are not limited to, changes in the Company's operating or expansion strategy; the availability of and costs associated with obtaining adequate and timely sources of liquidity; the ability to maintain credit quality; changes in general market and economic conditions; increased unemployment; labor shortages; possible adverse rulings, judgments, settlements and other outcomes of pending or future litigation; the ability of the Company to collect amounts due under loan agreements; changes in consumer preferences and loan demand; the effectiveness of the Company's interest rate risk management strategies; laws and regulations affecting financial institutions in general or relating to taxes; the effect of pending or future legislation; the ability of the Company to repurchase its common stock on favorable terms; the ability of the Company to successfully manage and implement its acquisition strategy and integrate acquired institutions; difficulties and delays in integrating an acquired business or fully realizing cost savings and other benefits of mergers and acquisitions; changes in interest rates, deposit flows, real estate values, and capital markets; increased inflation; customer acceptance of the Company's products and services; changes or disruptions in technology and IT systems (including cyber threats, attacks and events); changes in accounting principles relating to loan loss recognition (current expected credit losses, or CECL); the benefits associated with the Company’s early retirement program; political crises, war, and other military conflicts (including the ongoing military conflicts between Russia and Ukraine and between Israel and Hamas) or other major events, or the prospect of these events; increased competition; changes in governmental policies; loss of key employees; 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 delinquency and foreclosure rates on commercial real estate loans; 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, 2022, and the Company’s Form 10-Q for the quarterly period ended March 31, 2023. In addition, there can be no guarantee that the board of directors (“Board”) of the Company 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. Any forward-looking statement speaks only as of the date of this presentation, and the Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this presentation. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results. Non-GAAP Financial Measures. This presentation contains financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company’s management uses these non-GAAP financial measures in their analysis of the Company’s performance and capital adequacy. 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, gain on sale of intellectual property, FDIC special assessment charges and gain/loss on the sale of AFS investment securities. The Company has updated its calculation of certain non-GAAP financial measures to exclude the impact of gains or losses on the sale of AFS investment securities in light of the impact of the Company’s strategic AFS investment securities transactions during the fourth quarter of 2023, and has presented past periods on a comparable basis. In addition, the Company also presents certain figures based on tangible common stockholders’ equity, tangible assets and tangible book value, which exclude goodwill and other intangible assets, and presents certain other figures to include the effect that accumulated other comprehensive income could have on the Company’s capital levels . The Company further presents certain figures that are exclusive of the impact of deposits and/or loans acquired through acquisitions, mortgage warehouse loans, and/or energy loans, or gains and/or losses on the sale of securities. The Company’s management believes that these non-GAAP financial measures are useful to investors because they, among other things, present the results of the Company’s ongoing operations without the effect of mergers or other items not central to the Company’s ongoing business, present the Company’s capital inclusive of the potential impact of AOCI (primarily comprised of unrealized losses on securities), as well as normalize for tax effects and certain other effects. Management, therefore, believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s ongoing businesses, and management uses these non-GAAP financial measures to assess the performance of the Company’s ongoing businesses as related to prior financial periods. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the appendix to this presentation.

Simmons First National Corporation A Mid-South based financial holding company serving our customers and the communities where we work and live since 1903 Company Overview $27.3 Billion total assets $22.2 Billion total deposits 114 Consecutive years Paying dividends3 $8.1 Billion Assets under Management/ Administration $16.8 Billion total Loans 120 Years of service 234 Financial Centers across Six States 14.4% Total RBC Ratio 7.7% TCE Ratio1 4.3% Dividend yield2 76% Loan to deposit ratio 0.33% NPA to Total assets 267% NPL Coverage Ratio Figures presented on this slide are as of December 31, 2023, unless otherwise noted 1 Non-GAAP measures that management believes aid in the discussion of results. See appendix for Non-GAAP reconciliation 2 Based on January 12, 2024, closing stock price of $18.69 and projected annualized dividend rate of $0.80 per share 3 The future payment of dividends is not guaranteed and is subject to various factors, including approval by the Company’s board of directors

4Q23 Financial Highlights

PPNR2 $29.5M $65.1M Revenue $177.6M $197.8M EPS (diluted) $0.19 $0.40 Net income $23.9M $50.2M 4Q23 Highlights 1 Non-GAAP measures that management believes aid in the discussion of results. See Appendix for Non-GAAP reconciliation 2 All pre-provision net revenue (PPNR) figures set forth in this row are Non-GAAP measures. See footnote 1 for more information Reported Adjusted1 Solid fourth quarter results Credit quality remains at historically strong levels ACL ratio increased to 1.34% Provision for credit losses on loans exceeded net charge-offs by $6.7 million Deposit growth driven by increase in interest bearing transaction and savings accounts Maintained robust capital and liquidity positions Fourth quarter key adjusted items Recorded a $10.5 million FDIC special assessment Capitalized on market conditions through a targeted sale of $241 million AFS securities at a $20.2 million pre-tax loss; estimated earn back period of ~2.5 years Proceeds used to reduce higher-cost wholesale funding NIM 2.68% NCO ratio 0.11%

Balance Sheet Highlights 1 Non-GAAP measures that management believes aid in the discussion of results. See appendix for Non-GAAP reconciliation 3Q21 2Q21 1Q21 4Q20 3Q20 Noninterest income 48,550 47,115 49,549 41,761 69,479 Securities gains 5,248 5,127 5,471 16 22,305 43,302 41,988 44,078 41,745 47,174 Avg Assets 23,255,541 23257921 22738821 21852094 21765321 7.4480314175447478E-3 7.2212817302113978E-3 7.7537881141682766E-3 7.6413729503451702E-3 8.6695711953892161E-3 FTE 2740 2783 2817 2827 2840 NII per FTE 17.71897810218978 16.929572403880705 17.589279375221867 14.77219667492041 24.46443661971831 NII per FTE, ex 15.803649635036496 15.087315846209126 15.647142350017749 14.766536964980546 16.61056338028169 Core 48789 46670 44072 41486 69109 17.806204379562043 16.769673014732302 15.64501242456514 14.674920410328971 24.334154929577466 Net interest income ,145,237 ,146,533 ,146,681 ,154,960 ,153,610 Noninterest income 48,550 47,115 49,549 41,761 69,479 Total Revenue ,193,787 ,193,648 ,196,230 ,196,721 ,223,089 70.72518248175183 69.582464965864176 69.659211927582533 69.586487442518575 78.552464788732394 Core ,194,026 ,193,203 ,190,753 ,196,446 ,222,719 70.812408759124082 69.422565576715769 67.714944976925807 69.489211177927132 78.422183098591546 Core 0.25145599043427169 0.24155939607563029 0.23104223786781861 0.21118271687893875 0.31029683143333081 4Q23 vs 3Q23 4Q23 vs 4Q22 YTD $ in millions, except per share data 4Q23 3Q23 4Q22 $ Change % Change $ Change % Change 4Q21 Period End Balances Total loans $16,845.669999999998 $16,771.887999999999 $16,142.124 $73.781999999999243 - % $703.54599999999846 4.3584475004652328 % 591.53200000000004 Investment securities 6,878.4409999999998 7,100.7129999999997 7,612.5599999999995 -,222.27199999999993 -3.1302771989235438 -,734.11899999999969 -9.6435233351198502 176.31700000000001 Total assets 27,345.673999999999 27,564.325000000001 27,461.61000000002 -,218.65100000000166 -0.7932390871171402 -,115.38700000000244 - 483.589 Total deposits 22,244.977999999999 22,231.210999999999 22,548.94000000001 13.766999999999825 - -,303.1160000000018 -1.3443087473380313 15.497999999999999 0 #REF! Borrowed funds 1,406.4760000000001 1,788.44 1,385.6880000000001 -,381.96399999999994 -21.357384088926658 20.788000000000011 1.5001934057305837 -32.704000000000001 0 #REF! Total stockholders' equity 3,426.4879999999998 3,285.5549999999998 3,269.3620000000001 140.93299999999999 4.2894731635903218 157.12599999999975 4.8060141397618175 61.305999999999997 #DIV/0! #REF! Average Balances Total loans $16,793.210999999999 $16,758.597000000002 $15,929.957 $34.613999999997759 - % $863.253999999999 5.4190604532077451 % 591.53200000000004 Investment securities 6,965.8060000000005 7,255.6380000000008 7,668.1 -,289.83200000000033 -3.994576355656116 -,702.20399999999972 -9.1575780417605053 176.31700000000001 Total assets 27,370.811000000002 27,594.611000000001 27,180.575000000001 -,223.79999999999927 -0.81102792135754076 190.23600000000079 0.69989689327764693 483.589 Total deposits 22,104.637999999999 22,273.508000000002 22,233.325000000001 -,168.87000000000262 -0.75816526072140322 -,128.68700000000172 -0.57880231589292974 15.497999999999999 0 #REF! Borrowed funds 1,644.4949999999999 1,678.4110000000001 1,468.1079999999999 -33.916000000000167 -2.0207207888890242 176.38699999999994 12.014579308879179 -32.704000000000001 0 #REF! Total stockholders' equity 3,336.2469999999998 3,371.6779999999999 3,214.9119999999998 -35.43100000000004 -1.0508417470470206 121.33500000000004 3.7741312981506194 61.305999999999997 #DIV/0! #REF! Select Other Data Equity to assets 12.53 % 11.92 % 11.91 % Tangible common equity to tangible assets1 7.69 7.07 7 Book value per share $27.37 $26.26 $25.73 $1.1099999999999994 4.2269611576542241 % $1.6400000000000006 6.3738826272833293 % Tangible book value per share1 15.92 14.77 14.33 1.1500000000000004 7.7860528097494957 1.5899999999999999 11.095603628750872 Allowance for credit losses to total loans 1.34 % 1.3 % 1.22 % Nonperforming loan coverage ratio 267 267 334 % Change vs YTD % YTD $ in millions Q3 21 Q2 21 Q3 20 Q2 21 Q3 20 3Q 21 Change 3Q20 Service charges on deposit accounts $11.557 $10.050000000000001 $10.385 14.995024875621887 % 11.285507944150222 % $31.321999999999999 -2.9767989344236967 $32.283000000000001 Debit and credit card fees (1) 7.1020000000000003 7.0730000000000004 6.4779999999999998 - 9.6326026551404844 20.785 13.604066462614783 18.295999999999999 Trust income 7.1449999999999996 7.2380000000000004 6.7439999999999998 -1.2848853274385306 5.9460260972716465 21.048999999999999 -0.46812937393607057 21.148 Mortgage lending income 5.8179999999999996 4.49 13.971 29.576837416481055 -58.356595805597308 16.754999999999999 -46.768966831871907 31.475999999999999 Other service charges and fees 1.964 2.048 1.764 -4.1015625000000036 11.337868480725621 5.9340000000000002 22.577979756248705 4.8410000000000002 Bank owned life insurance 2.573 2.0379999999999998 1.591 26.25122669283612 61.722187303582658 6.1340000000000003 41.532071988924798 4.3339999999999996 Investment banking income 0.73199999999999998 0.65400000000000003 0.55700000000000005 11.926605504587149 31.418312387791726 2.081 3.7905236907730711 2.0049999999999999 SBA lending income 0.191 0.28699999999999998 0.30399999999999999 -33.449477351916372 -37.171052631578945 0.71799999999999997 -15.029585798816569 0.84499999999999997 Gain (loss) on sale of securities 5.2480000000000002 5.1269999999999998 22.305 2.3600546128340247 -76.471643129343192 15.846 -71.078663989779173 54.79 Other 6.22 8.11 5.38 -23.304562268803945 15.613382899628251 24.59 -12.147195426938188 27.99 Total noninterest income $48.55 $47.115000000000002 $69.479000000000013 3.0457391488910011 % -30.122770909195602 % 145.214 -26.662559088521682 198.00800000000001 Core noninterest income (2) $48.788999999999994 $46.67 $69.109000000000009 4.5403899721448306 % -29.402827417557788 % 139.53100000000001 -26.386346250230819 189.54500000000002 3Q21 2Q21 3Q20 1Q21 4Q20 Noninterest income to revenue 25.145599043427168 % 24.330228042634058 % 31.144072545038075 % 25.250471385618916 % 21.228541945191413 % 24.879682694696445 % 29.000178680750228 Core noninterest income to revenue 25.145599043427168 24.155939607563027 31.029683143333081 23.104223786781862 21.118271687893873 24.14106321650155 28.109099699103833 Gain on sale of branches -0.23899999999999999 0.44500000000000001 0.37 5.4770000000000003 0.37 5.6829999999999998 8.4629999999999992 -370 Net interest income ,145,237 ,146,533 ,153,610 ,146,681 ,154,960 ,438,451 ,484,774 Noninterest income 48,789 47,115 69,479 49,549 41,761 ,145,214 ,198,008 24590 Total revenue ,194,026 ,193,648 ,223,089 ,196,230 ,196,721 ,583,665 ,682,782 18907 Non-core items 5683 Gain on sale of branches 0 445 370 5,477 275 5,683 8,463 Core noninterest income 48,789 46,670 69,109 44,072 41,486 ,139,531 ,189,545 Core total revenue ,194,026 ,193,203 ,222,719 ,190,753 ,196,446 ,577,982 ,674,319 Noninterest income 48,789 47,115 69,479 Less securities gains -5,248 -5,127 ,-22,305 43,541 41,988 47,174 % Change vs YTD % YTD $ in millions Q3 21 Q2 21 Q3 20 Q2 21 Q3 20 3Q 21 Change 3Q20 Salaries and employee benefits $61.902000000000001 $60.261000000000003 $61.143999999999998 2.723154278886839 % 1.2396964542718871 % 182.50299999999999 -2.2542739620377925 186.71199999999999 Occupancy expense, net 9.3610000000000007 9.1029999999999998 9.6470000000000002 2.8342304734702943 -2.9646522234891632 27.763999999999999 -2.1498555015154701 28.373999999999999 Furniture and equipment 4.8949999999999996 4.859 6.2309999999999999 0.74089318789873604 -21.4411811908201 15.169 -16.184108741297372 18.097999999999999 Deposit insurance 1.87 1.6870000000000001 2.2440000000000002 10.847658565500891 -16.666666666666671 4.8650000000000002 -35.62260156146619 7.5570000000000004 OREO and foreclosure expense 0.33900000000000002 0.86299999999999999 0.60199999999999998 -60.71842410196988 -43.687707641196006 1.5449999999999999 28.642797668609475 1.2010000000000001 Merger related costs 1.401 0.68600000000000005 0.90200000000000002 104.22740524781339 55.32150776053215 2.3199999999999998 -38.94736842105263 3.8 Other (1) 34.564999999999998 37.198 35.807000000000002 -7.07833754502931 -3.4685955260144787 107.82599999999999 -4.7086271806564532 113.154 Total noninterest expense $114.333 $114.65700000000001 $116.577 - % -1.9249080007205537 % 341.99199999999996 -4.7099995541883999 358.89599999999996 Core noninterest expense (2) $116.212 $113.503 $112.887 2.386721055831126 % 2.9454232994056029 % 341.85899999999992 -2.2857975852922388 349.85599999999994 Efficiency ratio 57.31 % 57.77 % 51.46 % Full-time equivalent employees 2,944 2,962 2,939 Total branches 198 198 226 Total noninterest expense ,114,333 ,114,657.1 ,116,577 ,341,991.99999999994 ,358,895.99999999994 Merger related costs 1,401 686 902 2,320 3,800 Salaries & benefits 0 0 2,448 66 2,941 Branch right sizing -3,280 468 340 -2,253 2,299 Total non-core items -1,879 1,154 3,690 133 9,040 Total noninterest expense - core ,116,212 ,113,503.1 ,112,887 ,341,858.99999999994 ,349,855.99999999994 0 341859 349856 0 0 SFNC SFNC Legacy Spirit Initial Provision SFNC Reported $ in millions Q1 22 Q2 22 + Q1 22 + & M&I Costs = Q2 22 Net interest income $145.60599999999999 154.66 30.439 0 $185.09899999999999 6.2181503509470777E-2 Noninterest income 42.218000000000004 38.47 1.708 0 40.177999999999997 -8.8777298782509936E-2 Total revenue 187.82400000000001 193.13 32.146999999999998 0 225.27699999999999 2.8249850924269439E-2 Noninterest expense 128.417 124.752 11.304 19.132999999999999 155.18899999999999 -2.8539835068565736E-2 Pre-provision net revenue 59.407000000000011 68.378 20.842999999999996 -19.132999999999999 70.087999999999994 0.15100914033699711 Provision for (recapture of) credit losses -19.914000000000001 7.9999999999998295E-2 0 33.779000000000003 33.859000000000002 -1.0040172742794014 Net income before income taxes 79.321000000000012 68.298000000000002 20.842999999999996 -52.912000000000006 36.228999999999992 -0.1389669822619484 Provision for income taxes 14.226000000000001 14.67652 3.96 -11.111520000000001 7.5250000000000004 3.1668775481512659E-2 Net income $65.095000000000013 $53.621480000000005 $16.882999999999996 -41.800480000000007 28.703999999999994 -0.17625808433827492 Key Performance Ratios % Change vs Q1 22 Q2 22 Q1 22 & M&I Costs Q2 22 Return on average assets 1.37 % 1.29 % 1.29 % 1.2 % Return on average common equity (ROCE) 10.08 9.1999999999999993 9.1999999999999993 8.2100000000000009 Return on average common equity 10.42 10.08 10.08 8.91 Return on average tangible common equity (2) 17.43 17.25 17.25 15.45 Efficiency ratio (2) 58.1 56.75 56.75 53.58 Net interest margin (FTE) 2.85 2.89 2.89 3.21 Book value per share $28.42 $28.03 $28.03 $26.98 1.3913663931501981 Tangible book value per share (2) 17.39 17.16 17.16 16.07 1.3403263403263428 Shares outstanding (in thousands) ,106,603.231 ,108,386.66899999999 ,108,386.66899999999 ,109,023.781 -1.6454403631501902 Noninterest income to revenue 25.319042668134468 % 26.136546750997059 % 26.136546750997059 % 23.480655234960825 % Core noninterest income to revenue 25.149284608744065 24.041593520690601 24.041593520690601 22.684030533197294 Gain on sale of branches 0.44500000000000001 5.4770000000000003 5.4770000000000003 2.2040000000000002 Net interest income ,146,533 ,146,681 ,146,681 ,163,681 Noninterest income 49,679 51,903 51,903 50,227 Total revenue ,196,212 ,198,584 ,198,584 ,213,908 Non-core items Gain on sale of branches 445 5,477 5,477 2,204 Core noninterest income 49,234 46,426 46,426 48,023 Core total revenue ,195,767 ,193,107 ,193,107 ,211,704 3Q21 2Q21 1Q21 4Q20 3Q20 Noninterest income 48,550 47,115 49,549 41,761 69,479 Securities gains 5,248 5,127 5,471 16 22,305 43,302 41,988 44,078 41,745 47,174 Avg Assets 23,255,541 23257921 22738821 21852094 21765321 7.4480314175447478E-3 7.2212817302113978E-3 7.7537881141682766E-3 7.6413729503451702E-3 8.6695711953892161E-3 FTE 2740 2783 2817 2827 2840 NII per FTE 17.71897810218978 16.929572403880705 17.589279375221867 14.77219667492041 24.46443661971831 NII per FTE, ex 15.803649635036496 15.087315846209126 15.647142350017749 14.766536964980546 16.61056338028169 Core 48789 46670 44072 41486 69109 17.806204379562043 16.769673014732302 15.64501242456514 14.674920410328971 24.334154929577466 Net interest income ,145,237 ,146,533 ,146,681 ,154,960 ,153,610 Noninterest income 48,550 47,115 49,549 41,761 69,479 Total Revenue ,193,787 ,193,648 ,196,230 ,196,721 ,223,089 70.72518248175183 69.582464965864176 69.659211927582533 69.586487442518575 78.552464788732394 Core ,194,026 ,193,203 ,190,753 ,196,446 ,222,719 70.812408759124082 69.422565576715769 67.714944976925807 69.489211177927132 78.422183098591546 Core 0.25145599043427169 0.24155939607563029 0.23104223786781861 0.21118271687893875 0.31029683143333081 4Q23 vs 3Q23 4Q23 vs 4Q22 YTD $ in millions, except per share data 4Q23 3Q23 4Q22 $ Change % Change $ Change % Change 4Q21 Period End Balances Total loans $16,845.669999999998 $16,771.887999999999 $16,142.124 $73.781999999999243 - % $703.54599999999846 4.3584475004652328 % 591.53200000000004 Investment securities 6,878.4409999999998 7,100.7129999999997 7,612.5599999999995 -,222.27199999999993 -3.1302771989235438 -,734.11899999999969 -9.6435233351198502 176.31700000000001 Total assets 27,345.673999999999 27,564.325000000001 27,461.61000000002 -,218.65100000000166 -0.7932390871171402 -,115.38700000000244 - 483.589 Total deposits 22,244.977999999999 22,231.210999999999 22,548.94000000001 13.766999999999825 - -,303.1160000000018 -1.3443087473380313 15.497999999999999 0 #REF! Borrowed funds 1,406.4760000000001 1,788.44 1,385.6880000000001 -,381.96399999999994 -21.357384088926658 20.788000000000011 1.5001934057305837 -32.704000000000001 0 #REF! Total stockholders' equity 3,426.4879999999998 3,285.5549999999998 3,269.3620000000001 140.93299999999999 4.2894731635903218 157.12599999999975 4.8060141397618175 61.305999999999997 #DIV/0! #REF! Average Balances Total loans $16,793.210999999999 $16,758.597000000002 $15,929.957 $34.613999999997759 - % $863.253999999999 5.4190604532077451 % 591.53200000000004 Investment securities 6,965.8060000000005 7,255.6380000000008 7,668.1 -,289.83200000000033 -3.994576355656116 -,702.20399999999972 -9.1575780417605053 176.31700000000001 Total assets 27,370.811000000002 27,594.611000000001 27,180.575000000001 -,223.79999999999927 -0.81102792135754076 190.23600000000079 0.69989689327764693 483.589 Total deposits 22,104.637999999999 22,273.508000000002 22,233.325000000001 -,168.87000000000262 -0.75816526072140322 -,128.68700000000172 -0.57880231589292974 15.497999999999999 0 #REF! Borrowed funds 1,644.4949999999999 1,678.4110000000001 1,468.1079999999999 -33.916000000000167 -2.0207207888890242 176.38699999999994 12.014579308879179 -32.704000000000001 0 #REF! Total stockholders' equity 3,336.2469999999998 3,371.6779999999999 3,214.9119999999998 -35.43100000000004 -1.0508417470470206 121.33500000000004 3.7741312981506194 61.305999999999997 #DIV/0! #REF! Select Other Data Equity to assets 12.53 % 11.92 % 11.91 % Tangible common equity to tangible assets1 7.69 7.07 7 Book value per share $27.37 $26.26 $25.73 $1.1099999999999994 4.2269611576542241 % $1.6400000000000006 6.3738826272833293 % Tangible book value per share1 15.92 14.77 14.33 1.1500000000000004 7.7860528097494957 1.5899999999999999 11.095603628750872 Allowance for credit losses to total loans 1.34 % 1.3 % 1.22 % Nonperforming loan coverage ratio 267 267 334 % Change vs YTD % YTD $ in millions Q3 21 Q2 21 Q3 20 Q2 21 Q3 20 3Q 21 Change 3Q20 Service charges on deposit accounts $11.557 $10.050000000000001 $10.385 14.995024875621887 % 11.285507944150222 % $31.321999999999999 -2.9767989344236967 $32.283000000000001 Debit and credit card fees (1) 7.1020000000000003 7.0730000000000004 6.4779999999999998 - 9.6326026551404844 20.785 13.604066462614783 18.295999999999999 Trust income 7.1449999999999996 7.2380000000000004 6.7439999999999998 -1.2848853274385306 5.9460260972716465 21.048999999999999 -0.46812937393607057 21.148 Mortgage lending income 5.8179999999999996 4.49 13.971 29.576837416481055 -58.356595805597308 16.754999999999999 -46.768966831871907 31.475999999999999 Other service charges and fees 1.964 2.048 1.764 -4.1015625000000036 11.337868480725621 5.9340000000000002 22.577979756248705 4.8410000000000002 Bank owned life insurance 2.573 2.0379999999999998 1.591 26.25122669283612 61.722187303582658 6.1340000000000003 41.532071988924798 4.3339999999999996 Investment banking income 0.73199999999999998 0.65400000000000003 0.55700000000000005 11.926605504587149 31.418312387791726 2.081 3.7905236907730711 2.0049999999999999 SBA lending income 0.191 0.28699999999999998 0.30399999999999999 -33.449477351916372 -37.171052631578945 0.71799999999999997 -15.029585798816569 0.84499999999999997 Gain (loss) on sale of securities 5.2480000000000002 5.1269999999999998 22.305 2.3600546128340247 -76.471643129343192 15.846 -71.078663989779173 54.79 Other 6.22 8.11 5.38 -23.304562268803945 15.613382899628251 24.59 -12.147195426938188 27.99 Total noninterest income $48.55 $47.115000000000002 $69.479000000000013 3.0457391488910011 % -30.122770909195602 % 145.214 -26.662559088521682 198.00800000000001 Core noninterest income (2) $48.788999999999994 $46.67 $69.109000000000009 4.5403899721448306 % -29.402827417557788 % 139.53100000000001 -26.386346250230819 189.54500000000002 3Q21 2Q21 3Q20 1Q21 4Q20 Noninterest income to revenue 25.145599043427168 % 24.330228042634058 % 31.144072545038075 % 25.250471385618916 % 21.228541945191413 % 24.879682694696445 % 29.000178680750228 Core noninterest income to revenue 25.145599043427168 24.155939607563027 31.029683143333081 23.104223786781862 21.118271687893873 24.14106321650155 28.109099699103833 Gain on sale of branches -0.23899999999999999 0.44500000000000001 0.37 5.4770000000000003 0.37 5.6829999999999998 8.4629999999999992 -370 Net interest income ,145,237 ,146,533 ,153,610 ,146,681 ,154,960 ,438,451 ,484,774 Noninterest income 48,789 47,115 69,479 49,549 41,761 ,145,214 ,198,008 24590 Total revenue ,194,026 ,193,648 ,223,089 ,196,230 ,196,721 ,583,665 ,682,782 18907 Non-core items 5683 Gain on sale of branches 0 445 370 5,477 275 5,683 8,463 Core noninterest income 48,789 46,670 69,109 44,072 41,486 ,139,531 ,189,545 Core total revenue ,194,026 ,193,203 ,222,719 ,190,753 ,196,446 ,577,982 ,674,319 Noninterest income 48,789 47,115 69,479 Less securities gains -5,248 -5,127 ,-22,305 43,541 41,988 47,174 % Change vs YTD % YTD $ in millions Q3 21 Q2 21 Q3 20 Q2 21 Q3 20 3Q 21 Change 3Q20 Salaries and employee benefits $61.902000000000001 $60.261000000000003 $61.143999999999998 2.723154278886839 % 1.2396964542718871 % 182.50299999999999 -2.2542739620377925 186.71199999999999 Occupancy expense, net 9.3610000000000007 9.1029999999999998 9.6470000000000002 2.8342304734702943 -2.9646522234891632 27.763999999999999 -2.1498555015154701 28.373999999999999 Furniture and equipment 4.8949999999999996 4.859 6.2309999999999999 0.74089318789873604 -21.4411811908201 15.169 -16.184108741297372 18.097999999999999 Deposit insurance 1.87 1.6870000000000001 2.2440000000000002 10.847658565500891 -16.666666666666671 4.8650000000000002 -35.62260156146619 7.5570000000000004 OREO and foreclosure expense 0.33900000000000002 0.86299999999999999 0.60199999999999998 -60.71842410196988 -43.687707641196006 1.5449999999999999 28.642797668609475 1.2010000000000001 Merger related costs 1.401 0.68600000000000005 0.90200000000000002 104.22740524781339 55.32150776053215 2.3199999999999998 -38.94736842105263 3.8 Other (1) 34.564999999999998 37.198 35.807000000000002 -7.07833754502931 -3.4685955260144787 107.82599999999999 -4.7086271806564532 113.154 Total noninterest expense $114.333 $114.65700000000001 $116.577 - % -1.9249080007205537 % 341.99199999999996 -4.7099995541883999 358.89599999999996 Core noninterest expense (2) $116.212 $113.503 $112.887 2.386721055831126 % 2.9454232994056029 % 341.85899999999992 -2.2857975852922388 349.85599999999994 Efficiency ratio 57.31 % 57.77 % 51.46 % Full-time equivalent employees 2,944 2,962 2,939 Total branches 198 198 226 Total noninterest expense ,114,333 ,114,657.1 ,116,577 ,341,991.99999999994 ,358,895.99999999994 Merger related costs 1,401 686 902 2,320 3,800 Salaries & benefits 0 0 2,448 66 2,941 Branch right sizing -3,280 468 340 -2,253 2,299 Total non-core items -1,879 1,154 3,690 133 9,040 Total noninterest expense - core ,116,212 ,113,503.1 ,112,887 ,341,858.99999999994 ,349,855.99999999994 0 341859 349856 0 0 SFNC SFNC Legacy Spirit Initial Provision SFNC Reported $ in millions Q1 22 Q2 22 + Q1 22 + & M&I Costs = Q2 22 Net interest income $145.60599999999999 154.66 30.439 0 $185.09899999999999 6.2181503509470777E-2 Noninterest income 42.218000000000004 38.47 1.708 0 40.177999999999997 -8.8777298782509936E-2 Total revenue 187.82400000000001 193.13 32.146999999999998 0 225.27699999999999 2.8249850924269439E-2 Noninterest expense 128.417 124.752 11.304 19.132999999999999 155.18899999999999 -2.8539835068565736E-2 Pre-provision net revenue 59.407000000000011 68.378 20.842999999999996 -19.132999999999999 70.087999999999994 0.15100914033699711 Provision for (recapture of) credit losses -19.914000000000001 7.9999999999998295E-2 0 33.779000000000003 33.859000000000002 -1.0040172742794014 Net income before income taxes 79.321000000000012 68.298000000000002 20.842999999999996 -52.912000000000006 36.228999999999992 -0.1389669822619484 Provision for income taxes 14.226000000000001 14.67652 3.96 -11.111520000000001 7.5250000000000004 3.1668775481512659E-2 Net income $65.095000000000013 $53.621480000000005 $16.882999999999996 -41.800480000000007 28.703999999999994 -0.17625808433827492 Key Performance Ratios % Change vs Q1 22 Q2 22 Q1 22 & M&I Costs Q2 22 Return on average assets 1.37 % 1.29 % 1.29 % 1.2 % Return on average common equity (ROCE) 10.08 9.1999999999999993 9.1999999999999993 8.2100000000000009 Return on average common equity 10.42 10.08 10.08 8.91 Return on average tangible common equity (2) 17.43 17.25 17.25 15.45 Efficiency ratio (2) 58.1 56.75 56.75 53.58 Net interest margin (FTE) 2.85 2.89 2.89 3.21 Book value per share $28.42 $28.03 $28.03 $26.98 1.3913663931501981 Tangible book value per share (2) 17.39 17.16 17.16 16.07 1.3403263403263428 Shares outstanding (in thousands) ,106,603.231 ,108,386.66899999999 ,108,386.66899999999 ,109,023.781 -1.6454403631501902 Noninterest income to revenue 25.319042668134468 % 26.136546750997059 % 26.136546750997059 % 23.480655234960825 % Core noninterest income to revenue 25.149284608744065 24.041593520690601 24.041593520690601 22.684030533197294 Gain on sale of branches 0.44500000000000001 5.4770000000000003 5.4770000000000003 2.2040000000000002 Net interest income ,146,533 ,146,681 ,146,681 ,163,681 Noninterest income 49,679 51,903 51,903 50,227 Total revenue ,196,212 ,198,584 ,198,584 ,213,908 Non-core items Gain on sale of branches 445 5,477 5,477 2,204 Core noninterest income 49,234 46,426 46,426 48,023 Core total revenue ,195,767 ,193,107 ,193,107 ,211,704

Income Summary Note: Numbers may not add due to roundingNM – not meaningful 1 Non-GAAP measures that management believes aid in the discussion of results. See appendix for Non-GAAP reconciliation 2 All pre-provision net revenue (PPNR) figures set forth in this row are Non-GAAP measures. See footnote 1 for more information Highlights Key performance metrics for 4Q23: Adjusted revenue1 of $197.8 million Adjusted PPNR1 of $65.1 million Adjusted earnings1 of $50.2 million Adjusted diluted EPS1 of $0.40 Provision for credit losses on loans totaled $11.2 million; exceeded 4Q23 net charge-offs by $6.7 million Provision for income taxes in 4Q23 includes an effective tax rate adjustment based on the level of taxable income primarily due to FDIC special assessment and loss on sale of securities 3Q21 2Q21 1Q21 4Q20 3Q20 Noninterest income 48,550 47,115 49,549 41,761 69,479 Securities gains 5,248 5,127 5,471 16 22,305 43,302 41,988 44,078 41,745 47,174 Avg Assets 23,255,541 23257921 22738821 21852094 21765321 7.4480314175447478E-3 7.2212817302113978E-3 7.7537881141682766E-3 7.6413729503451702E-3 8.6695711953892161E-3 FTE 2740 2783 2817 2827 2840 NII per FTE 17.71897810218978 16.929572403880705 17.589279375221867 14.77219667492041 24.46443661971831 NII per FTE, ex 15.803649635036496 15.087315846209126 15.647142350017749 14.766536964980546 16.61056338028169 Core 48789 46670 44072 41486 69109 17.806204379562043 16.769673014732302 15.64501242456514 14.674920410328971 24.334154929577466 Net interest income ,145,237 ,146,533 ,146,681 ,154,960 ,153,610 Noninterest income 48,550 47,115 49,549 41,761 69,479 Total Revenue ,193,787 ,193,648 ,196,230 ,196,721 ,223,089 70.72518248175183 69.582464965864176 69.659211927582533 69.586487442518575 78.552464788732394 Core ,194,026 ,193,203 ,190,753 ,196,446 ,222,719 70.812408759124082 69.422565576715769 67.714944976925807 69.489211177927132 78.422183098591546 Core 0.25145599043427169 0.24155939607563029 0.23104223786781861 0.21118271687893875 0.31029683143333081 4Q23 4Q22 Adjusted 4Q23 vs Adjusted Adjusted Adjusted $ in millions, except per share data Reported Adjusted1 Adjusted 3Q23 4Q22 3Q23 4Q22 Net interest income $155.62799999999999 $155.62799999999999 $193.02600000000001 1.4305918544250542 % -19.374592023872445 % $153.43299999999999 $193.02600000000001 Noninterest income 21.974 42.192 40.625 -1.3675573322112369 3.8572307692307697 42.777000000000001 40.625 Total revenue 177.60199999999998 197.82 233.65100000000001 0.82054941134499459 -15.335264989236089 196.20999999999998 233.65100000000001 Noninterest expense 148.13900000000001 132.74 141.43600000000001 2.1949510736090039 -6.148363924319125 129.88900000000001 141.43600000000001 Pre-provision net revenue2 29.462999999999965 65.079999999999984 92.215000000000003 -1.8712021833204959 -29.425798405899279 66.32099999999997 92.215000000000003 Provision for credit losses on loans 11.225 11.225 0 25.812598072181114 NM 8.9220000000000006 2.5999999999999999E-2 Provision for credit losses on investment securities -1.196 -1.196 0 - NM -1.2 0 Provision for income taxes -4.4729999999999999 4.8360000000000003 11.058 -50.627871362940269 -56.266956049918605 9.7949999999999999 11.058 Earnings $23.906999999999965 $50.214999999999982 $81.131000000000014 2.891156462585053 % -38.106272571520158 % $48.803999999999974 $81.131 Diluted EPS $0.19 $0.4 $0.64 2.5641025641025665 % -37.5 % $0.39 $0.64 Impact of certain items, net of tax1, 2 26.308 1.5569999999999999 -2.129 26.308 26.308 Impact of certain items: Day 2 CECL provision $ - $ - $0 $ - $ - Merger related costs $1.9E-2 $1.9E-2 $19.132999999999999 $1.9E-2 $1.9E-2 Branch right sizing costs 9.5000000000000001E-2 9.5000000000000001E-2 0.38 9.5000000000000001E-2 9.5000000000000001E-2 Loss from early retirement of TruPS - - - - - Gain on sale of intellectual property - - - - - Early retirement program 3.609 3.609 - 3.609 3.609 Donation to Simmons First Foundation - - 1.738 - - Day 2 CECL provision - - 33.779000000000003 - - Tax effect (2) -0.97199999999999998 -0.97199999999999998 -14.382 -0.97199999999999998 -0.97199999999999998 Total impact on earnings $2.7509999999999999 $2.7509999999999999 $40.648000000000003 $2.7509999999999999 $2.7509999999999999 Pre-tax, pre-provision income (adjusted) (3) $29.059000000000001 $4.3079999999999998 $38.519000000000005 574.53574744661103 % -24.559308393260476 % $29.059000000000001 $29.059000000000001 Tax effect on non-core items -3.9830000000000001 -3.9830000000000001 -3.1920000000000002 -3.9830000000000001 -3.9830000000000001 Net income $-2.4010000000000353 $48.65799999999998 $83.260000000000019 -,104.93444037979374 % -102.88373768916652 % $22.495999999999974 $54.823 Diluted EPS $0.19 $0.37 $0.65 -48.648648648648646 % -70.769230769230774 % $0.19 $0.19 Noninterest income 42.218000000000004 42.218000000000004 49.548999999999999 Gain (loss) on sale of securities -5.3999999999999999E-2 -5.3999999999999999E-2 5.4710000000000001 Noninterest income - adjusted 42.272000000000006 42.272000000000006 44.078000000000003 26.657999999999966 52.96599999999998 121.77900000000002 Key Performance Ratios % Change vs Reported Adjusted1 Adjusted 3Q23 4Q22 Return on average assets 1.37 % 1.29 % 1.2 % Return on average common equity (ROCE) 10.08 9.1999999999999993 8.2100000000000009 Return on average common equity 10.42 10.08 8.91 Return on average tangible common equity (2) 17.43 17.25 15.45 Efficiency ratio (2) 58.1 56.75 53.58 Net interest margin (FTE) 2.85 2.89 3.21 Book value per share $28.42 $28.03 $26.98 1.3913663931501981 % 5.3372868791697599 % Tangible book value per share (2) 17.39 17.16 16.07 1.3403263403263428 8.2140634723086503 Shares outstanding (in thousands) ,106,603.231 ,108,386.66899999999 ,109,023.781 -1.6454403631501902 -2.2202036819838442 Noninterest income to revenue 25.319042668134468 % 26.136546750997059 % 23.480655234960825 % Core noninterest income to revenue 25.149284608744065 24.041593520690601 22.684030533197294 Gain on sale of branches 0.44500000000000001 5.4770000000000003 2.2040000000000002 Net interest income ,146,533 ,146,681 ,163,681 Noninterest income 49,679 51,903 50,227 Total revenue ,196,212 ,198,584 ,213,908 Non-core items Gain on sale of branches 445 5,477 2,204 Core noninterest income 49,234 46,426 48,023 Core total revenue ,195,767 ,193,107 ,211,704 % Change vs YTD % YTD $ in millions Q3 21 Q2 21 Q3 20 Q2 21 Q3 20 3Q 21 Change 3Q20 Service charges on deposit accounts $11.557 $10.050000000000001 $10.385 14.995024875621887 % 11.285507944150222 % $31.321999999999999 -2.9767989344236967 $32.283000000000001 Debit and credit card fees (1) 7.1020000000000003 7.0730000000000004 6.4779999999999998 - 9.6326026551404844 20.785 13.604066462614783 18.295999999999999 Trust income 7.1449999999999996 7.2380000000000004 6.7439999999999998 -1.2848853274385306 5.9460260972716465 21.048999999999999 -0.46812937393607057 21.148 Mortgage lending income 5.8179999999999996 4.49 13.971 29.576837416481055 -58.356595805597308 16.754999999999999 -46.768966831871907 31.475999999999999 Other service charges and fees 1.964 2.048 1.764 -4.1015625000000036 11.337868480725621 5.9340000000000002 22.577979756248705 4.8410000000000002 Bank owned life insurance 2.573 2.0379999999999998 1.591 26.25122669283612 61.722187303582658 6.1340000000000003 41.532071988924798 4.3339999999999996 Investment banking income 0.73199999999999998 0.65400000000000003 0.55700000000000005 11.926605504587149 31.418312387791726 2.081 3.7905236907730711 2.0049999999999999 SBA lending income 0.191 0.28699999999999998 0.30399999999999999 -33.449477351916372 -37.171052631578945 0.71799999999999997 -15.029585798816569 0.84499999999999997 Gain (loss) on sale of securities 5.2480000000000002 5.1269999999999998 22.305 2.3600546128340247 -76.471643129343192 15.846 -71.078663989779173 54.79 Other 6.22 8.11 5.38 -23.304562268803945 15.613382899628251 24.59 -12.147195426938188 27.99 Total noninterest income $48.55 $47.115000000000002 $69.479000000000013 3.0457391488910011 % -30.122770909195602 % 145.214 -26.662559088521682 198.00800000000001 Core noninterest income (2) $48.788999999999994 $46.67 $69.109000000000009 4.5403899721448306 % -29.402827417557788 % 139.53100000000001 -26.386346250230819 189.54500000000002 3Q21 2Q21 3Q20 1Q21 4Q20 Noninterest income to revenue 25.145599043427168 % 24.330228042634058 % 31.144072545038075 % 25.250471385618916 % 21.228541945191413 % 24.879682694696445 % 29.000178680750228 Core noninterest income to revenue 25.145599043427168 24.155939607563027 31.029683143333081 23.104223786781862 21.118271687893873 24.14106321650155 28.109099699103833 Gain on sale of branches -0.23899999999999999 0.44500000000000001 0.37 5.4770000000000003 0.37 5.6829999999999998 8.4629999999999992 -370 Net interest income ,145,237 ,146,533 ,153,610 ,146,681 ,154,960 ,438,451 ,484,774 Noninterest income 48,789 47,115 69,479 49,549 41,761 ,145,214 ,198,008 24590 Total revenue ,194,026 ,193,648 ,223,089 ,196,230 ,196,721 ,583,665 ,682,782 18907 Non-core items 5683 Gain on sale of branches 0 445 370 5,477 275 5,683 8,463 Core noninterest income 48,789 46,670 69,109 44,072 41,486 ,139,531 ,189,545 Core total revenue ,194,026 ,193,203 ,222,719 ,190,753 ,196,446 ,577,982 ,674,319 Noninterest income 48,789 47,115 69,479 Less securities gains -5,248 -5,127 ,-22,305 43,541 41,988 47,174 % Change vs YTD % YTD $ in millions Q3 21 Q2 21 Q3 20 Q2 21 Q3 20 3Q 21 Change 3Q20 Salaries and employee benefits $61.902000000000001 $60.261000000000003 $61.143999999999998 2.723154278886839 % 1.2396964542718871 % 182.50299999999999 -2.2542739620377925 186.71199999999999 Occupancy expense, net 9.3610000000000007 9.1029999999999998 9.6470000000000002 2.8342304734702943 -2.9646522234891632 27.763999999999999 -2.1498555015154701 28.373999999999999 Furniture and equipment 4.8949999999999996 4.859 6.2309999999999999 0.74089318789873604 -21.4411811908201 15.169 -16.184108741297372 18.097999999999999 Deposit insurance 1.87 1.6870000000000001 2.2440000000000002 10.847658565500891 -16.666666666666671 4.8650000000000002 -35.62260156146619 7.5570000000000004 OREO and foreclosure expense 0.33900000000000002 0.86299999999999999 0.60199999999999998 -60.71842410196988 -43.687707641196006 1.5449999999999999 28.642797668609475 1.2010000000000001 Merger related costs 1.401 0.68600000000000005 0.90200000000000002 104.22740524781339 55.32150776053215 2.3199999999999998 -38.94736842105263 3.8 Other (1) 34.564999999999998 37.198 35.807000000000002 -7.07833754502931 -3.4685955260144787 107.82599999999999 -4.7086271806564532 113.154 Total noninterest expense $114.333 $114.65700000000001 $116.577 - % -1.9249080007205537 % 341.99199999999996 -4.7099995541883999 358.89599999999996 Core noninterest expense (2) $116.212 $113.503 $112.887 2.386721055831126 % 2.9454232994056029 % 341.85899999999992 -2.2857975852922388 349.85599999999994 Efficiency ratio 57.31 % 57.77 % 51.46 % Full-time equivalent employees 2,944 2,962 2,939 Total branches 198 198 226 Total noninterest expense ,114,333 ,114,657.1 ,116,577 ,341,991.99999999994 ,358,895.99999999994 Merger related costs 1,401 686 902 2,320 3,800 Salaries & benefits 0 0 2,448 66 2,941 Branch right sizing -3,280 468 340 -2,253 2,299 Total non-core items -1,879 1,154 3,690 133 9,040 Total noninterest expense - core ,116,212 ,113,503.1 ,112,887 ,341,858.99999999994 ,349,855.99999999994 0 341859 349856 0 0 SFNC SFNC Legacy Spirit Initial Provision SFNC Reported $ in millions Q1 22 Q2 22 + Q1 22 + & M&I Costs = Q2 22 Net interest income $145.60599999999999 154.66 30.439 0 $185.09899999999999 6.2181503509470777E-2 Noninterest income 42.218000000000004 38.47 1.708 0 40.177999999999997 -8.8777298782509936E-2 Total revenue 187.82400000000001 193.13 32.146999999999998 0 225.27699999999999 2.8249850924269439E-2 Noninterest expense 128.417 124.752 11.304 19.132999999999999 155.18899999999999 -2.8539835068565736E-2 Pre-provision net revenue 59.407000000000011 68.378 20.842999999999996 -19.132999999999999 70.087999999999994 0.15100914033699711 Provision for (recapture of) credit losses -19.914000000000001 7.9999999999998295E-2 0 33.779000000000003 33.859000000000002 -1.0040172742794014 Net income before income taxes 79.321000000000012 68.298000000000002 20.842999999999996 -52.912000000000006 36.228999999999992 -0.1389669822619484 Provision for income taxes 14.226000000000001 14.67652 3.96 -11.111520000000001 7.5250000000000004 3.1668775481512659E-2 Net income $65.095000000000013 $53.621480000000005 $16.882999999999996 -41.800480000000007 28.703999999999994 -0.17625808433827492 Key Performance Ratios % Change vs Q1 22 Q2 22 Q1 22 & M&I Costs Q2 22 Return on average assets 1.37 % 1.29 % 1.29 % 1.2 % Return on average common equity (ROCE) 10.08 9.1999999999999993 9.1999999999999993 8.2100000000000009 Return on average common equity 10.42 10.08 10.08 8.91 Return on average tangible common equity (2) 17.43 17.25 17.25 15.45 Efficiency ratio (2) 58.1 56.75 56.75 53.58 Net interest margin (FTE) 2.85 2.89 2.89 3.21 Book value per share $28.42 $28.03 $28.03 $26.98 1.3913663931501981 Tangible book value per share (2) 17.39 17.16 17.16 16.07 1.3403263403263428 Shares outstanding (in thousands) ,106,603.231 ,108,386.66899999999 ,108,386.66899999999 ,109,023.781 -1.6454403631501902 Noninterest income to revenue 25.319042668134468 % 26.136546750997059 % 26.136546750997059 % 23.480655234960825 % Core noninterest income to revenue 25.149284608744065 24.041593520690601 24.041593520690601 22.684030533197294 Gain on sale of branches 0.44500000000000001 5.4770000000000003 5.4770000000000003 2.2040000000000002 Net interest income ,146,533 ,146,681 ,146,681 ,163,681 Noninterest income 49,679 51,903 51,903 50,227 Total revenue ,196,212 ,198,584 ,198,584 ,213,908 Non-core items Gain on sale of branches 445 5,477 5,477 2,204 Core noninterest income 49,234 46,426 46,426 48,023 Core total revenue ,195,767 ,193,107 ,193,107 ,211,704 3Q21 2Q21 1Q21 4Q20 3Q20 Noninterest income 48,550 47,115 49,549 41,761 69,479 Securities gains 5,248 5,127 5,471 16 22,305 43,302 41,988 44,078 41,745 47,174 Avg Assets 23,255,541 23257921 22738821 21852094 21765321 7.4480314175447478E-3 7.2212817302113978E-3 7.7537881141682766E-3 7.6413729503451702E-3 8.6695711953892161E-3 FTE 2740 2783 2817 2827 2840 NII per FTE 17.71897810218978 16.929572403880705 17.589279375221867 14.77219667492041 24.46443661971831 NII per FTE, ex 15.803649635036496 15.087315846209126 15.647142350017749 14.766536964980546 16.61056338028169 Core 48789 46670 44072 41486 69109 17.806204379562043 16.769673014732302 15.64501242456514 14.674920410328971 24.334154929577466 Net interest income ,145,237 ,146,533 ,146,681 ,154,960 ,153,610 Noninterest income 48,550 47,115 49,549 41,761 69,479 Total Revenue ,193,787 ,193,648 ,196,230 ,196,721 ,223,089 70.72518248175183 69.582464965864176 69.659211927582533 69.586487442518575 78.552464788732394 Core ,194,026 ,193,203 ,190,753 ,196,446 ,222,719 70.812408759124082 69.422565576715769 67.714944976925807 69.489211177927132 78.422183098591546 Core 0.25145599043427169 0.24155939607563029 0.23104223786781861 0.21118271687893875 0.31029683143333081 4Q23 4Q22 Adjusted 4Q23 vs Adjusted Adjusted Adjusted $ in millions, except per share data Reported Adjusted1 Adjusted 3Q23 4Q22 3Q23 4Q22 Net interest income $155.62799999999999 $155.62799999999999 $193.02600000000001 1.4305918544250542 % -19.374592023872445 % $153.43299999999999 $193.02600000000001 Noninterest income 21.974 42.192 40.625 -1.3675573322112369 3.8572307692307697 42.777000000000001 40.625 Total revenue 177.60199999999998 197.82 233.65100000000001 0.82054941134499459 -15.335264989236089 196.20999999999998 233.65100000000001 Noninterest expense 148.13900000000001 132.74 141.43600000000001 2.1949510736090039 -6.148363924319125 129.88900000000001 141.43600000000001 Pre-provision net revenue2 29.462999999999965 65.079999999999984 92.215000000000003 -1.8712021833204959 -29.425798405899279 66.32099999999997 92.215000000000003 Provision for credit losses on loans 11.225 11.225 0 25.812598072181114 NM 8.9220000000000006 2.5999999999999999E-2 Provision for credit losses on investment securities -1.196 -1.196 0 - NM -1.2 0 Provision for income taxes -4.4729999999999999 4.8360000000000003 11.058 -50.627871362940269 -56.266956049918605 9.7949999999999999 11.058 Earnings $23.906999999999965 $50.214999999999982 $81.131000000000014 2.891156462585053 % -38.106272571520158 % $48.803999999999974 $81.131 Diluted EPS $0.19 $0.4 $0.64 2.5641025641025665 % -37.5 % $0.39 $0.64 Impact of certain items, net of tax1, 2 26.308 1.5569999999999999 -2.129 26.308 26.308 Impact of certain items: Day 2 CECL provision $ - $ - $0 $ - $ - Merger related costs $1.9E-2 $1.9E-2 $19.132999999999999 $1.9E-2 $1.9E-2 Branch right sizing costs 9.5000000000000001E-2 9.5000000000000001E-2 0.38 9.5000000000000001E-2 9.5000000000000001E-2 Loss from early retirement of TruPS - - - - - Gain on sale of intellectual property - - - - - Early retirement program 3.609 3.609 - 3.609 3.609 Donation to Simmons First Foundation - - 1.738 - - Day 2 CECL provision - - 33.779000000000003 - - Tax effect (2) -0.97199999999999998 -0.97199999999999998 -14.382 -0.97199999999999998 -0.97199999999999998 Total impact on earnings $2.7509999999999999 $2.7509999999999999 $40.648000000000003 $2.7509999999999999 $2.7509999999999999 Pre-tax, pre-provision income (adjusted) (3) $29.059000000000001 $4.3079999999999998 $38.519000000000005 574.53574744661103 % -24.559308393260476 % $29.059000000000001 $29.059000000000001 Tax effect on non-core items -3.9830000000000001 -3.9830000000000001 -3.1920000000000002 -3.9830000000000001 -3.9830000000000001 Net income $-2.4010000000000353 $48.65799999999998 $83.260000000000019 -,104.93444037979374 % -102.88373768916652 % $22.495999999999974 $54.823 Diluted EPS $0.19 $0.37 $0.65 -48.648648648648646 % -70.769230769230774 % $0.19 $0.19 Noninterest income 42.218000000000004 42.218000000000004 49.548999999999999 Gain (loss) on sale of securities -5.3999999999999999E-2 -5.3999999999999999E-2 5.4710000000000001 Noninterest income - adjusted 42.272000000000006 42.272000000000006 44.078000000000003 26.657999999999966 52.96599999999998 121.77900000000002 Key Performance Ratios % Change vs Reported Adjusted1 Adjusted 3Q23 4Q22 Return on average assets 1.37 % 1.29 % 1.2 % Return on average common equity (ROCE) 10.08 9.1999999999999993 8.2100000000000009 Return on average common equity 10.42 10.08 8.91 Return on average tangible common equity (2) 17.43 17.25 15.45 Efficiency ratio (2) 58.1 56.75 53.58 Net interest margin (FTE) 2.85 2.89 3.21 Book value per share $28.42 $28.03 $26.98 1.3913663931501981 % 5.3372868791697599 % Tangible book value per share (2) 17.39 17.16 16.07 1.3403263403263428 8.2140634723086503 Shares outstanding (in thousands) ,106,603.231 ,108,386.66899999999 ,109,023.781 -1.6454403631501902 -2.2202036819838442 Noninterest income to revenue 25.319042668134468 % 26.136546750997059 % 23.480655234960825 % Core noninterest income to revenue 25.149284608744065 24.041593520690601 22.684030533197294 Gain on sale of branches 0.44500000000000001 5.4770000000000003 2.2040000000000002 Net interest income ,146,533 ,146,681 ,163,681 Noninterest income 49,679 51,903 50,227 Total revenue ,196,212 ,198,584 ,213,908 Non-core items Gain on sale of branches 445 5,477 2,204 Core noninterest income 49,234 46,426 48,023 Core total revenue ,195,767 ,193,107 ,211,704 % Change vs YTD % YTD $ in millions Q3 21 Q2 21 Q3 20 Q2 21 Q3 20 3Q 21 Change 3Q20 Service charges on deposit accounts $11.557 $10.050000000000001 $10.385 14.995024875621887 % 11.285507944150222 % $31.321999999999999 -2.9767989344236967 $32.283000000000001 Debit and credit card fees (1) 7.1020000000000003 7.0730000000000004 6.4779999999999998 - 9.6326026551404844 20.785 13.604066462614783 18.295999999999999 Trust income 7.1449999999999996 7.2380000000000004 6.7439999999999998 -1.2848853274385306 5.9460260972716465 21.048999999999999 -0.46812937393607057 21.148 Mortgage lending income 5.8179999999999996 4.49 13.971 29.576837416481055 -58.356595805597308 16.754999999999999 -46.768966831871907 31.475999999999999 Other service charges and fees 1.964 2.048 1.764 -4.1015625000000036 11.337868480725621 5.9340000000000002 22.577979756248705 4.8410000000000002 Bank owned life insurance 2.573 2.0379999999999998 1.591 26.25122669283612 61.722187303582658 6.1340000000000003 41.532071988924798 4.3339999999999996 Investment banking income 0.73199999999999998 0.65400000000000003 0.55700000000000005 11.926605504587149 31.418312387791726 2.081 3.7905236907730711 2.0049999999999999 SBA lending income 0.191 0.28699999999999998 0.30399999999999999 -33.449477351916372 -37.171052631578945 0.71799999999999997 -15.029585798816569 0.84499999999999997 Gain (loss) on sale of securities 5.2480000000000002 5.1269999999999998 22.305 2.3600546128340247 -76.471643129343192 15.846 -71.078663989779173 54.79 Other 6.22 8.11 5.38 -23.304562268803945 15.613382899628251 24.59 -12.147195426938188 27.99 Total noninterest income $48.55 $47.115000000000002 $69.479000000000013 3.0457391488910011 % -30.122770909195602 % 145.214 -26.662559088521682 198.00800000000001 Core noninterest income (2) $48.788999999999994 $46.67 $69.109000000000009 4.5403899721448306 % -29.402827417557788 % 139.53100000000001 -26.386346250230819 189.54500000000002 3Q21 2Q21 3Q20 1Q21 4Q20 Noninterest income to revenue 25.145599043427168 % 24.330228042634058 % 31.144072545038075 % 25.250471385618916 % 21.228541945191413 % 24.879682694696445 % 29.000178680750228 Core noninterest income to revenue 25.145599043427168 24.155939607563027 31.029683143333081 23.104223786781862 21.118271687893873 24.14106321650155 28.109099699103833 Gain on sale of branches -0.23899999999999999 0.44500000000000001 0.37 5.4770000000000003 0.37 5.6829999999999998 8.4629999999999992 -370 Net interest income ,145,237 ,146,533 ,153,610 ,146,681 ,154,960 ,438,451 ,484,774 Noninterest income 48,789 47,115 69,479 49,549 41,761 ,145,214 ,198,008 24590 Total revenue ,194,026 ,193,648 ,223,089 ,196,230 ,196,721 ,583,665 ,682,782 18907 Non-core items 5683 Gain on sale of branches 0 445 370 5,477 275 5,683 8,463 Core noninterest income 48,789 46,670 69,109 44,072 41,486 ,139,531 ,189,545 Core total revenue ,194,026 ,193,203 ,222,719 ,190,753 ,196,446 ,577,982 ,674,319 Noninterest income 48,789 47,115 69,479 Less securities gains -5,248 -5,127 ,-22,305 43,541 41,988 47,174 % Change vs YTD % YTD $ in millions Q3 21 Q2 21 Q3 20 Q2 21 Q3 20 3Q 21 Change 3Q20 Salaries and employee benefits $61.902000000000001 $60.261000000000003 $61.143999999999998 2.723154278886839 % 1.2396964542718871 % 182.50299999999999 -2.2542739620377925 186.71199999999999 Occupancy expense, net 9.3610000000000007 9.1029999999999998 9.6470000000000002 2.8342304734702943 -2.9646522234891632 27.763999999999999 -2.1498555015154701 28.373999999999999 Furniture and equipment 4.8949999999999996 4.859 6.2309999999999999 0.74089318789873604 -21.4411811908201 15.169 -16.184108741297372 18.097999999999999 Deposit insurance 1.87 1.6870000000000001 2.2440000000000002 10.847658565500891 -16.666666666666671 4.8650000000000002 -35.62260156146619 7.5570000000000004 OREO and foreclosure expense 0.33900000000000002 0.86299999999999999 0.60199999999999998 -60.71842410196988 -43.687707641196006 1.5449999999999999 28.642797668609475 1.2010000000000001 Merger related costs 1.401 0.68600000000000005 0.90200000000000002 104.22740524781339 55.32150776053215 2.3199999999999998 -38.94736842105263 3.8 Other (1) 34.564999999999998 37.198 35.807000000000002 -7.07833754502931 -3.4685955260144787 107.82599999999999 -4.7086271806564532 113.154 Total noninterest expense $114.333 $114.65700000000001 $116.577 - % -1.9249080007205537 % 341.99199999999996 -4.7099995541883999 358.89599999999996 Core noninterest expense (2) $116.212 $113.503 $112.887 2.386721055831126 % 2.9454232994056029 % 341.85899999999992 -2.2857975852922388 349.85599999999994 Efficiency ratio 57.31 % 57.77 % 51.46 % Full-time equivalent employees 2,944 2,962 2,939 Total branches 198 198 226 Total noninterest expense ,114,333 ,114,657.1 ,116,577 ,341,991.99999999994 ,358,895.99999999994 Merger related costs 1,401 686 902 2,320 3,800 Salaries & benefits 0 0 2,448 66 2,941 Branch right sizing -3,280 468 340 -2,253 2,299 Total non-core items -1,879 1,154 3,690 133 9,040 Total noninterest expense - core ,116,212 ,113,503.1 ,112,887 ,341,858.99999999994 ,349,855.99999999994 0 341859 349856 0 0 SFNC SFNC Legacy Spirit Initial Provision SFNC Reported $ in millions Q1 22 Q2 22 + Q1 22 + & M&I Costs = Q2 22 Net interest income $145.60599999999999 154.66 30.439 0 $185.09899999999999 6.2181503509470777E-2 Noninterest income 42.218000000000004 38.47 1.708 0 40.177999999999997 -8.8777298782509936E-2 Total revenue 187.82400000000001 193.13 32.146999999999998 0 225.27699999999999 2.8249850924269439E-2 Noninterest expense 128.417 124.752 11.304 19.132999999999999 155.18899999999999 -2.8539835068565736E-2 Pre-provision net revenue 59.407000000000011 68.378 20.842999999999996 -19.132999999999999 70.087999999999994 0.15100914033699711 Provision for (recapture of) credit losses -19.914000000000001 7.9999999999998295E-2 0 33.779000000000003 33.859000000000002 -1.0040172742794014 Net income before income taxes 79.321000000000012 68.298000000000002 20.842999999999996 -52.912000000000006 36.228999999999992 -0.1389669822619484 Provision for income taxes 14.226000000000001 14.67652 3.96 -11.111520000000001 7.5250000000000004 3.1668775481512659E-2 Net income $65.095000000000013 $53.621480000000005 $16.882999999999996 -41.800480000000007 28.703999999999994 -0.17625808433827492 Key Performance Ratios % Change vs Q1 22 Q2 22 Q1 22 & M&I Costs Q2 22 Return on average assets 1.37 % 1.29 % 1.29 % 1.2 % Return on average common equity (ROCE) 10.08 9.1999999999999993 9.1999999999999993 8.2100000000000009 Return on average common equity 10.42 10.08 10.08 8.91 Return on average tangible common equity (2) 17.43 17.25 17.25 15.45 Efficiency ratio (2) 58.1 56.75 56.75 53.58 Net interest margin (FTE) 2.85 2.89 2.89 3.21 Book value per share $28.42 $28.03 $28.03 $26.98 1.3913663931501981 Tangible book value per share (2) 17.39 17.16 17.16 16.07 1.3403263403263428 Shares outstanding (in thousands) ,106,603.231 ,108,386.66899999999 ,108,386.66899999999 ,109,023.781 -1.6454403631501902 Noninterest income to revenue 25.319042668134468 % 26.136546750997059 % 26.136546750997059 % 23.480655234960825 % Core noninterest income to revenue 25.149284608744065 24.041593520690601 24.041593520690601 22.684030533197294 Gain on sale of branches 0.44500000000000001 5.4770000000000003 5.4770000000000003 2.2040000000000002 Net interest income ,146,533 ,146,681 ,146,681 ,163,681 Noninterest income 49,679 51,903 51,903 50,227 Total revenue ,196,212 ,198,584 ,198,584 ,213,908 Non-core items Gain on sale of branches 445 5,477 5,477 2,204 Core noninterest income 49,234 46,426 46,426 48,023 Core total revenue ,195,767 ,193,107 ,193,107 ,211,704

NII/NIM Highlights Net Interest Income and Margin (FTE) FTE – Fully taxable equivalent using an effective tax rate of 26.135% Totals may not foot due to rounding 1 Estimated swap income based on projected forward effective fed funds rates as of January 8, 2024. Does not include potential impact of hedge ineffectiveness that is recorded in interest income. Under the terms of the swap agreement, the Company receives Effective Fed Funds rate and pays a fixed rate of approximately 1.21% Net Interest Income and Margin $ in millions; FTE Δ in Interest Income (FTE) excluding impact of swap Δ in Interest Expense - Deposits Δ in interest income from swap, net Net Interest Income Evolution $ in millions; FTE Select Yields/Rates FTE (%) 3Q23 4Q23 Net interest income (FTE) for 4Q23 was $162.1 million, up $2.2 million, or 1%, on a linked quarter basis Net interest margin for 4Q23 was 2.68%, up 7 basis points on a linked quarter basis, including a 1 bp contribution resulting from the securities sale and paydown of wholesale borrowings Asset portion of balance sheet (4Q23 vs 3Q23) +12 bps increase in yield on loans +59 bps increase in yield on investment securities +30 bps increase in yield on earnings assets 4% decrease in average investment securities Liability portion of balance sheet (4Q23 vs 3Q23) +21 bps increase in cost of deposits 2% decrease in average other borrowings Proceeds from the sale of AFS securities used to reduce high-cost wholesale funding not fully reflected in 4Q23 average balances Remaining balance of purchase accounting accretion at 12/31/23 was $13.2 million 2024 Outlook: Modest improvement in net interest margin, subject to market conditions Δ in Interest Expense - Borrowings Estimated Future Swap Income1 $ in millions; Based on Forward Fed Funds rates 3.31% 3.09% 2.76% 2.61% 2.68% Assumed Average Effective Fed Funds Rate 5.20% 4.94% 4.52% 4.16% 3.81% NIM +7 bps +1.4%

Adjusted Noninterest Income Per Employee (FTE)1 ($ in thousands) Adjusted Noninterest Income to Adjusted Total Revenue1 Adjusted Total Revenue Per Employee (FTE)1 ($ in thousands) Noninterest Income Totals may not foot due to rounding NM – not meaningful FTE – Full-time equivalent 1 Non-GAAP measures that management believes aid in the discussion of results. See appendix for Non-GAAP reconciliation Noninterest Income Highlights Adjusted noninterest income1 was down less than 1 percent on a linked quarter basis, primarily due to lower mortgage lending income in 4Q23 2024 Outlook: Flat to modest growth, excluding the impact of proposed regulatory changes and market conditions 3Q21 2Q21 1Q21 4Q20 3Q20 Noninterest income 48,550 47,115 49,549 41,761 69,479 Securities gains 5,248 5,127 5,471 16 22,305 43,302 41,988 44,078 41,745 47,174 Avg Assets 23,255,541 23257921 22738821 21852094 21765321 7.4480314175447478E-3 7.2212817302113978E-3 7.7537881141682766E-3 7.6413729503451702E-3 8.6695711953892161E-3 FTE 2740 2783 2817 2827 2840 NII per FTE 17.71897810218978 16.929572403880705 17.589279375221867 14.77219667492041 24.46443661971831 NII per FTE, ex 15.803649635036496 15.087315846209126 15.647142350017749 14.766536964980546 16.61056338028169 Core 48789 46670 44072 41486 69109 17.806204379562043 16.769673014732302 15.64501242456514 14.674920410328971 24.334154929577466 Net interest income ,145,237 ,146,533 ,146,681 ,154,960 ,153,610 Noninterest income 48,550 47,115 49,549 41,761 69,479 Total Revenue ,193,787 ,193,648 ,196,230 ,196,721 ,223,089 70.72518248175183 69.582464965864176 69.659211927582533 69.586487442518575 78.552464788732394 Core ,194,026 ,193,203 ,190,753 ,196,446 ,222,719 70.812408759124082 69.422565576715769 67.714944976925807 69.489211177927132 78.422183098591546 Core 0.25145599043427169 0.24155939607563029 0.23104223786781861 0.21118271687893875 0.31029683143333081 Summary Income Statement % Change vs YTD % YTD $ in millions, except per share data Q4 21 Q3 21 Q4 20 Q3 21 Q4 20 Q4 21 Change 4Q20 Interest income $170.732 $163.92599999999999 $179.108 4.1518734062930909 % -4.6765080286754381 % $671.06100000000004 -11.669724818945969 % $759.71799999999996 Interest expense 17.651 18.689 24.148 -5.5540692385895456 -26.904919662083813 79.528999999999996 -33.716995599413259 119.98399999999999 Net interest income 153.08099999999999 145.23699999999999 154.96 5.4008276127983876 -1.2125709860609311 591.53200000000004 -7.5346941072383045 639.73399999999992 Noninterest income (1) 46.948999999999998 43.302 41.745000000000005 8.4222437762689903 12.466163612408655 176.31700000000001 -4.6744484031941598 184.96300000000002 Noninterest expense (1) 141.59700000000001 114.333 125.84 23.846133662197275 12.521455816910365 483.589 - 484.73599999999999 Pre-tax, pre-provision income 58.432999999999964 74.205999999999989 70.865000000000009 -21.255693609681195 -17.543215974035199 284.26000000000005 -16.384526460388066 339.9609999999999 Gain (loss) on sale of securities -0.34799999999999998 5.2480000000000002 1.6E-2 -,106.63109756097559 NM 15.497999999999999 -71.722074225449774 54.805999999999997 Provision for (recapture of) credit losses -1.3080000000000001 -19.89 6.9429999999999996 NM NM -32.704000000000001 NM 74.972999999999999 Provision for income taxes 11.154999999999999 18.77 10.97 -40.57005860415557 1.6864175022789307 61.305999999999997 -5.5231930960086348 64.89 Net income $48.237999999999964 $80.573999999999998 $52.968000000000011 -40.13205252314647 % -8.9299199516690191 % $271.15600000000006 6.3757336095158132 % $254.90399999999988 Diluted EPS $0.42 $0.74 $0.49 -43.243243243243242 % -14.285714285714288 % $2.46 6.4935064935064899 % $2.31 Pre-tax, pre-provision income $58.432999999999964 $74.205999999999989 $70.865000000000009 $284.26000000000005 $339.9609999999999 Non-core items: Merger related costs 13.590999999999999 1.401 0.73099999999999998 15.911 4.5309999999999997 Branch right sizing, net 1.6479999999999999 -3.0409999999999999 11.696 -0.90600000000000003 13.727 Gain on sale of branches - - -0.27500000000000002 -5.3159999999999998 -8.3680000000000003 Early retirement program - - 6.2E-2 - 2.9009999999999998 Pre-tax, pre-provision income (core) $73.671999999999969 $72.565999999999988 $83.079000000000008 1.5241297577377566 % -11.322957666799118 % $293.94900000000007 -16.66978500476251 % $352.7519999999999 Tax effect on non-core items -3.9830000000000001 0.42899999999999999 -3.1920000000000002 -2.532 -3.343 Net income (core) $59.493999999999964 $79.363 $61.990000000000016 -25.035595932613479 % -4.0264558799807251 % $278.31299999999999 5.2812159544849342 % 264.35199999999998 Diluted EPS (core) $0.52 $0.73 $0.56999999999999995 -28.767123287671232 % -8.7719298245613917 % $2.5299999999999998 5.4166666666666625 % 2.4 Noninterest income 46.600999999999999 48.55 41.761000000000003 191.815 239.76900000000001 Gain (loss) on sale of securities -0.34799999999999998 5.2480000000000002 1.6E-2 15.497999999999999 54.805999999999997 Noninterest income - adjusted 46.948999999999998 43.302 41.745000000000005 176.31700000000001 184.96300000000002 Key Performance Ratios % Change vs YTD Q4 21 Q3 21 Q4 20 Q3 21 Q4 20 Q4 21 Return on average assets 1.37 % 1.29 % 1.2 % 1.29 % Return on average common equity (ROCE) 10.08 9.1999999999999993 8.2100000000000009 10.15 Return on average common equity 10.42 10.08 8.91 9.91 Return on average tangible common equity (2) 17.43 17.25 15.45 16.86 Efficiency ratio (2) 58.1 56.75 53.58 57.37 Net interest margin (FTE) 2.85 2.89 3.21 2.91 Book value per share $28.42 $28.03 $26.98 1.3913663931501981 % 5.3372868791697599 % Tangible book value per share (2) 17.39 17.16 16.07 1.3403263403263428 8.2140634723086503 Shares outstanding (in thousands) ,106,603.231 ,108,386.66899999999 ,109,023.781 -1.6454403631501902 -2.2202036819838442 Noninterest income to revenue 25.319042668134468 % 26.136546750997059 % 23.480655234960825 % 25.730250559782775 % Core noninterest income to revenue 25.149284608744065 24.041593520690601 22.684030533197294 Gain on sale of branches 0.44500000000000001 5.4770000000000003 2.2040000000000002 5.9219999999999997 8.093 Net interest income ,146,533 ,146,681 ,163,681 ,293,214 Noninterest income 49,679 51,903 50,227 ,101,582 Total revenue ,196,212 ,198,584 ,213,908 ,394,796 Non-core items Gain on sale of branches 445 5,477 2,204 Core noninterest income 49,234 46,426 48,023 Core total revenue ,195,767 ,193,107 ,211,704 4Q23 Adjusted 4Q23 vs Adjusted Adjusted Adjusted $ in millions Reported Adjusted1 3Q23 4Q22 3Q23 4Q22 Service charges on deposit accounts $12.782 $12.782 2.8401319494730046 % 7.4840228725193452 % 12.429 11.891999999999999 Wealth management fees 7.6790000000000003 7.6790000000000003 -0.5182018396165311 -5.7907005275426267 7.7190000000000003 8.1509999999999998 Debit and credit card fees 7.8220000000000001 7.8220000000000001 1.3343697370125631 - 7.7190000000000003 7.8449999999999998 Mortgage lending income 1.603 1.603 -25.683820120537789 40.737489025460924 2.157 1.139 Bank owned life insurance 3.0939999999999999 3.0939999999999999 - 3.9999999999999925 3.0950000000000002 2.9750000000000001 Other service charges and fees 2.3460000000000001 2.3460000000000001 5.1075268817204238 15.966386554621845 2.2320000000000002 2.0230000000000001 Other 6.8659999999999997 6.8659999999999997 -7.6281447598547043 4.0303030303030303 7.4329999999999998 6.6 42.191999999999993 42.191999999999993 -1.383694839192235 3.8572307692307524 42.783999999999999 40.625 #DIV/0! #DIV/0! Gain on insurance settlement - - - #VALUE! 0 Gain (loss) on sale of securities -20.218 - - - 0 0 #DIV/0! #DIV/0! Total noninterest income $21.973999999999993 $42.191999999999993 -1.383694839192235 % 3.8572307692307524 % 42.783999999999999 40.625 4Q22 3Q22 1Q22 4Q21 Noninterest income to revenue 18.785053413723897 % 18.183239789018124 % 22.477425675100093 % 23.33760679480374 % Core noninterest income to revenue 17.387043068508159 18.080064322288518 22.499707256836885 23.470214170016199 Gain on sale of securities -370 Net interest income ,193,026 ,193,585 ,145,606 ,153,081 Noninterest income 44,647 43,023 42,218 46,601 24590 Total revenue ,237,673 ,236,608 ,187,824 ,199,682 18907 Non-core items 5683 Gain on sale of branches 0 320 0 2 Gain on sale of securities -52 -22 -54 -,348 Settlement award 4,074 0 0 0 Adjusted noninterest income 40,625 42,725 42,272 46,947 Adjusted revenue ,233,651 ,236,310 ,187,878 ,200,028 FTE Employees 3,236 3,206 2,893 2,877 Noninterest income/employee 13.796971569839307 13.419525888958203 14.593155893536121 16.197775460549185 Adjusted noninterest income/employee 12.554079110012362 13.326575171553337 14.611821638437608 16.318039624608968 Revenue/employee 73.446538936959215 73.801621958827198 64.923608710680952 69.406326034063255 Adjusted revenue/employee 72.203646477132267 73.708671241422337 64.942274455582435 69.526590198123046 Noninterest income to avg assets 6.570418649881761E-3 6.4049172995926012E-3 6.8021689506315482E-3 7.5473250448963077E-3 Adjusted noninterest income to avg assets 5.9785261641643684E-3 6.3605534626849326E-3 6.8108694367591269E-3 7.6033619210477662E-3 % Change vs $ in millions Reported Adjusted1 3Q23 4Q22 Salaries and employee benefits $72.906999999999996 $71.923000000000002 1.3681298054864155 % #REF! % Occupancy expense, net 11.62 11.673999999999999 -0.46256638684255846 #REF! Furniture and equipment 5.3920000000000003 5.3940000000000001 -3.70782350760063E-2 #REF! Deposit insurance 3.68 3.278 12.263575350823677 #REF! OREO and foreclosure expense 0.35 0.16800000000000001 108.3333333333333 #REF! Donation to Simmons First Foundation 0 - NM NM Other 48.475000000000001 45.084000000000003 7.5215153934877073 #REF! Subtotal 142.42400000000001 137.52100000000002 3.5652736672944432 #REF! Merger related costs and certain items 3.5000000000000003E-2 1.4219999999999999 NM NM Total noninterest expense $142.459 $138.94300000000001 2.5305341039131091 % #REF! % 1,139 Adjusted noninterest expense (1) $141.32 $136.351 3.6442710357826451 % #REF! % 4Q22 3Q22 1Q22 4Q21 Noninterest expense ,142,459 ,138,943 ,128,417 ,141,597 Core noninterest expense ,141,320 ,136,351 ,125,622 ,126,356 Average assets 27,180,612 26,868,731 24,826,199 24,698,022 NIE to avg assets 2.0964796524817027E-2 2.0684713394168112E-2 2.0690561611948731E-2 2.2932524717971341E-2 Core NIE to avg assets 2.0797177046638981E-2 2.0298837336232962E-2 2.0240230894789813E-2 2.0464148910386427E-2 Total noninterest expense Efficiency ratio 57.31 % 57.77 % Full-time equivalent employees 2,944 2,962 Total branches 198 198 Total noninterest expense ,114,333 ,136,351,000 Merger related costs ,142,459,000 ,138,943,000 Salaries & benefits 0 0 Branch right sizing -3,280 468 Total non-core items ,142,455,720 ,138,943,468 Total noninterest expense - core -,142,341,387 -2,592,468 -,142,457,599 3Q21 2Q21 1Q21 4Q20 3Q20 Noninterest income 48,550 47,115 49,549 41,761 69,479 Securities gains 5,248 5,127 5,471 16 22,305 43,302 41,988 44,078 41,745 47,174 Avg Assets 23,255,541 23257921 22738821 21852094 21765321 7.4480314175447478E-3 7.2212817302113978E-3 7.7537881141682766E-3 7.6413729503451702E-3 8.6695711953892161E-3 FTE 2740 2783 2817 2827 2840 NII per FTE 17.71897810218978 16.929572403880705 17.589279375221867 14.77219667492041 24.46443661971831 NII per FTE, ex 15.803649635036496 15.087315846209126 15.647142350017749 14.766536964980546 16.61056338028169 Core 48789 46670 44072 41486 69109 17.806204379562043 16.769673014732302 15.64501242456514 14.674920410328971 24.334154929577466 Net interest income ,145,237 ,146,533 ,146,681 ,154,960 ,153,610 Noninterest income 48,550 47,115 49,549 41,761 69,479 Total Revenue ,193,787 ,193,648 ,196,230 ,196,721 ,223,089 70.72518248175183 69.582464965864176 69.659211927582533 69.586487442518575 78.552464788732394 Core ,194,026 ,193,203 ,190,753 ,196,446 ,222,719 70.812408759124082 69.422565576715769 67.714944976925807 69.489211177927132 78.422183098591546 Core 0.25145599043427169 0.24155939607563029 0.23104223786781861 0.21118271687893875 0.31029683143333081 Summary Income Statement % Change vs YTD % YTD $ in millions, except per share data Q4 21 Q3 21 Q4 20 Q3 21 Q4 20 Q4 21 Change 4Q20 Interest income $170.732 $163.92599999999999 $179.108 4.1518734062930909 % -4.6765080286754381 % $671.06100000000004 -11.669724818945969 % $759.71799999999996 Interest expense 17.651 18.689 24.148 -5.5540692385895456 -26.904919662083813 79.528999999999996 -33.716995599413259 119.98399999999999 Net interest income 153.08099999999999 145.23699999999999 154.96 5.4008276127983876 -1.2125709860609311 591.53200000000004 -7.5346941072383045 639.73399999999992 Noninterest income (1) 46.948999999999998 43.302 41.745000000000005 8.4222437762689903 12.466163612408655 176.31700000000001 -4.6744484031941598 184.96300000000002 Noninterest expense (1) 141.59700000000001 114.333 125.84 23.846133662197275 12.521455816910365 483.589 - 484.73599999999999 Pre-tax, pre-provision income 58.432999999999964 74.205999999999989 70.865000000000009 -21.255693609681195 -17.543215974035199 284.26000000000005 -16.384526460388066 339.9609999999999 Gain (loss) on sale of securities -0.34799999999999998 5.2480000000000002 1.6E-2 -,106.63109756097559 NM 15.497999999999999 -71.722074225449774 54.805999999999997 Provision for (recapture of) credit losses -1.3080000000000001 -19.89 6.9429999999999996 NM NM -32.704000000000001 NM 74.972999999999999 Provision for income taxes 11.154999999999999 18.77 10.97 -40.57005860415557 1.6864175022789307 61.305999999999997 -5.5231930960086348 64.89 Net income $48.237999999999964 $80.573999999999998 $52.968000000000011 -40.13205252314647 % -8.9299199516690191 % $271.15600000000006 6.3757336095158132 % $254.90399999999988 Diluted EPS $0.42 $0.74 $0.49 -43.243243243243242 % -14.285714285714288 % $2.46 6.4935064935064899 % $2.31 Pre-tax, pre-provision income $58.432999999999964 $74.205999999999989 $70.865000000000009 $284.26000000000005 $339.9609999999999 Non-core items: Merger related costs 13.590999999999999 1.401 0.73099999999999998 15.911 4.5309999999999997 Branch right sizing, net 1.6479999999999999 -3.0409999999999999 11.696 -0.90600000000000003 13.727 Gain on sale of branches - - -0.27500000000000002 -5.3159999999999998 -8.3680000000000003 Early retirement program - - 6.2E-2 - 2.9009999999999998 Pre-tax, pre-provision income (core) $73.671999999999969 $72.565999999999988 $83.079000000000008 1.5241297577377566 % -11.322957666799118 % $293.94900000000007 -16.66978500476251 % $352.7519999999999 Tax effect on non-core items -3.9830000000000001 0.42899999999999999 -3.1920000000000002 -2.532 -3.343 Net income (core) $59.493999999999964 $79.363 $61.990000000000016 -25.035595932613479 % -4.0264558799807251 % $278.31299999999999 5.2812159544849342 % 264.35199999999998 Diluted EPS (core) $0.52 $0.73 $0.56999999999999995 -28.767123287671232 % -8.7719298245613917 % $2.5299999999999998 5.4166666666666625 % 2.4 Noninterest income 46.600999999999999 48.55 41.761000000000003 191.815 239.76900000000001 Gain (loss) on sale of securities -0.34799999999999998 5.2480000000000002 1.6E-2 15.497999999999999 54.805999999999997 Noninterest income - adjusted 46.948999999999998 43.302 41.745000000000005 176.31700000000001 184.96300000000002 Key Performance Ratios % Change vs YTD Q4 21 Q3 21 Q4 20 Q3 21 Q4 20 Q4 21 Return on average assets 1.37 % 1.29 % 1.2 % 1.29 % Return on average common equity (ROCE) 10.08 9.1999999999999993 8.2100000000000009 10.15 Return on average common equity 10.42 10.08 8.91 9.91 Return on average tangible common equity (2) 17.43 17.25 15.45 16.86 Efficiency ratio (2) 58.1 56.75 53.58 57.37 Net interest margin (FTE) 2.85 2.89 3.21 2.91 Book value per share $28.42 $28.03 $26.98 1.3913663931501981 % 5.3372868791697599 % Tangible book value per share (2) 17.39 17.16 16.07 1.3403263403263428 8.2140634723086503 Shares outstanding (in thousands) ,106,603.231 ,108,386.66899999999 ,109,023.781 -1.6454403631501902 -2.2202036819838442 Noninterest income to revenue 25.319042668134468 % 26.136546750997059 % 23.480655234960825 % 25.730250559782775 % Core noninterest income to revenue 25.149284608744065 24.041593520690601 22.684030533197294 Gain on sale of branches 0.44500000000000001 5.4770000000000003 2.2040000000000002 5.9219999999999997 8.093 Net interest income ,146,533 ,146,681 ,163,681 ,293,214 Noninterest income 49,679 51,903 50,227 ,101,582 Total revenue ,196,212 ,198,584 ,213,908 ,394,796 Non-core items Gain on sale of branches 445 5,477 2,204 Core noninterest income 49,234 46,426 48,023 Core total revenue ,195,767 ,193,107 ,211,704 4Q23 Adjusted 4Q23 vs Adjusted Adjusted Adjusted $ in millions Reported Adjusted1 3Q23 4Q22 3Q23 4Q22 Service charges on deposit accounts $12.782 $12.782 2.8401319494730046 % 7.4840228725193452 % 12.429 11.891999999999999 Wealth management fees 7.6790000000000003 7.6790000000000003 -0.5182018396165311 -5.7907005275426267 7.7190000000000003 8.1509999999999998 Debit and credit card fees 7.8220000000000001 7.8220000000000001 1.3343697370125631 - 7.7190000000000003 7.8449999999999998 Mortgage lending income 1.603 1.603 -25.683820120537789 40.737489025460924 2.157 1.139 Bank owned life insurance 3.0939999999999999 3.0939999999999999 - 3.9999999999999925 3.0950000000000002 2.9750000000000001 Other service charges and fees 2.3460000000000001 2.3460000000000001 5.1075268817204238 15.966386554621845 2.2320000000000002 2.0230000000000001 Other 6.8659999999999997 6.8659999999999997 -7.6281447598547043 4.0303030303030303 7.4329999999999998 6.6 42.191999999999993 42.191999999999993 -1.383694839192235 3.8572307692307524 42.783999999999999 40.625 #DIV/0! #DIV/0! Gain on insurance settlement - - - #VALUE! 0 Gain (loss) on sale of securities -20.218 - - - 0 0 #DIV/0! #DIV/0! Total noninterest income $21.973999999999993 $42.191999999999993 -1.383694839192235 % 3.8572307692307524 % 42.783999999999999 40.625 4Q22 3Q22 1Q22 4Q21 Noninterest income to revenue 18.785053413723897 % 18.183239789018124 % 22.477425675100093 % 23.33760679480374 % Core noninterest income to revenue 17.387043068508159 18.080064322288518 22.499707256836885 23.470214170016199 Gain on sale of securities -370 Net interest income ,193,026 ,193,585 ,145,606 ,153,081 Noninterest income 44,647 43,023 42,218 46,601 24590 Total revenue ,237,673 ,236,608 ,187,824 ,199,682 18907 Non-core items 5683 Gain on sale of branches 0 320 0 2 Gain on sale of securities -52 -22 -54 -,348 Settlement award 4,074 0 0 0 Adjusted noninterest income 40,625 42,725 42,272 46,947 Adjusted revenue ,233,651 ,236,310 ,187,878 ,200,028 FTE Employees 3,236 3,206 2,893 2,877 Noninterest income/employee 13.796971569839307 13.419525888958203 14.593155893536121 16.197775460549185 Adjusted noninterest income/employee 12.554079110012362 13.326575171553337 14.611821638437608 16.318039624608968 Revenue/employee 73.446538936959215 73.801621958827198 64.923608710680952 69.406326034063255 Adjusted revenue/employee 72.203646477132267 73.708671241422337 64.942274455582435 69.526590198123046 Noninterest income to avg assets 6.570418649881761E-3 6.4049172995926012E-3 6.8021689506315482E-3 7.5473250448963077E-3 Adjusted noninterest income to avg assets 5.9785261641643684E-3 6.3605534626849326E-3 6.8108694367591269E-3 7.6033619210477662E-3 % Change vs $ in millions Reported Adjusted1 3Q23 4Q22 Salaries and employee benefits $72.906999999999996 $71.923000000000002 1.3681298054864155 % #REF! % Occupancy expense, net 11.62 11.673999999999999 -0.46256638684255846 #REF! Furniture and equipment 5.3920000000000003 5.3940000000000001 -3.70782350760063E-2 #REF! Deposit insurance 3.68 3.278 12.263575350823677 #REF! OREO and foreclosure expense 0.35 0.16800000000000001 108.3333333333333 #REF! Donation to Simmons First Foundation 0 - NM NM Other 48.475000000000001 45.084000000000003 7.5215153934877073 #REF! Subtotal 142.42400000000001 137.52100000000002 3.5652736672944432 #REF! Merger related costs and certain items 3.5000000000000003E-2 1.4219999999999999 NM NM Total noninterest expense $142.459 $138.94300000000001 2.5305341039131091 % #REF! % 1,139 Adjusted noninterest expense (1) $141.32 $136.351 3.6442710357826451 % #REF! % 4Q22 3Q22 1Q22 4Q21 Noninterest expense ,142,459 ,138,943 ,128,417 ,141,597 Core noninterest expense ,141,320 ,136,351 ,125,622 ,126,356 Average assets 27,180,612 26,868,731 24,826,199 24,698,022 NIE to avg assets 2.0964796524817027E-2 2.0684713394168112E-2 2.0690561611948731E-2 2.2932524717971341E-2 Core NIE to avg assets 2.0797177046638981E-2 2.0298837336232962E-2 2.0240230894789813E-2 2.0464148910386427E-2 Total noninterest expense Efficiency ratio 57.31 % 57.77 % Full-time equivalent employees 2,944 2,962 Total branches 198 198 Total noninterest expense ,114,333 ,136,351,000 Merger related costs ,142,459,000 ,138,943,000 Salaries & benefits 0 0 Branch right sizing -3,280 468 Total non-core items ,142,455,720 ,138,943,468 Total noninterest expense - core -,142,341,387 -2,592,468 -,142,457,599

Employees (FTE) Adjusted Efficiency Ratio1 Adjusted Noninterest Expense as a Percentage of Total Average Assets1 Noninterest Expense Highlights Noninterest Expense Note: Numbers may not add due to rounding NM – not meaningful FTE – full-time equivalent 1 Non-GAAP measures that management believes aid in the discussion of results. See appendix for Non-GAAP reconciliation Adjusted noninterest expense1 in 4Q23 was up 2 percent on a linked quarter basis and down 6 percent vs 4Q22 Year-over-year decline in adjusted noninterest expense was primarily due to Better Bank Initiative cost savings, focus on actively managing controllable expenses and lower levels of incentive plan compensation Adjusted 4Q23 noninterest expense as a percentage of average assets at 1.92% # of Financial Centers 3Q21 2Q21 1Q21 4Q20 3Q20 Noninterest income 48,550 47,115 49,549 41,761 69,479 Securities gains 5,248 5,127 5,471 16 22,305 43,302 41,988 44,078 41,745 47,174 Avg Assets 23,255,541 23257921 22738821 21852094 21765321 7.4480314175447478E-3 7.2212817302113978E-3 7.7537881141682766E-3 7.6413729503451702E-3 8.6695711953892161E-3 FTE 2740 2783 2817 2827 2840 NII per FTE 17.71897810218978 16.929572403880705 17.589279375221867 14.77219667492041 24.46443661971831 NII per FTE, ex 15.803649635036496 15.087315846209126 15.647142350017749 14.766536964980546 16.61056338028169 Core 48789 46670 44072 41486 69109 17.806204379562043 16.769673014732302 15.64501242456514 14.674920410328971 24.334154929577466 Net interest income ,145,237 ,146,533 ,146,681 ,154,960 ,153,610 Noninterest income 48,550 47,115 49,549 41,761 69,479 Total Revenue ,193,787 ,193,648 ,196,230 ,196,721 ,223,089 70.72518248175183 69.582464965864176 69.659211927582533 69.586487442518575 78.552464788732394 Core ,194,026 ,193,203 ,190,753 ,196,446 ,222,719 70.812408759124082 69.422565576715769 67.714944976925807 69.489211177927132 78.422183098591546 Core 0.25145599043427169 0.24155939607563029 0.23104223786781861 0.21118271687893875 0.31029683143333081 Summary Income Statement % Change vs YTD % YTD $ in millions, except per share data Q4 21 Q3 21 Q4 20 Q3 21 Q4 20 Q4 21 Change 4Q20 Interest income $170.732 $163.92599999999999 $179.108 4.1518734062930909 % -4.6765080286754381 % $671.06100000000004 -11.669724818945969 % $759.71799999999996 Interest expense 17.651 18.689 24.148 -5.5540692385895456 -26.904919662083813 79.528999999999996 -33.716995599413259 119.98399999999999 Net interest income 153.08099999999999 145.23699999999999 154.96 5.4008276127983876 -1.2125709860609311 591.53200000000004 -7.5346941072383045 639.73399999999992 Noninterest income (1) 46.948999999999998 43.302 41.745000000000005 8.4222437762689903 12.466163612408655 176.31700000000001 -4.6744484031941598 184.96300000000002 Noninterest expense (1) 141.59700000000001 114.333 125.84 23.846133662197275 12.521455816910365 483.589 - 484.73599999999999 Pre-tax, pre-provision income 58.432999999999964 74.205999999999989 70.865000000000009 -21.255693609681195 -17.543215974035199 284.26000000000005 -16.384526460388066 339.9609999999999 Gain (loss) on sale of securities -0.34799999999999998 5.2480000000000002 1.6E-2 -,106.63109756097559 NM 15.497999999999999 -71.722074225449774 54.805999999999997 Provision for (recapture of) credit losses -1.3080000000000001 -19.89 6.9429999999999996 NM NM -32.704000000000001 NM 74.972999999999999 Provision for income taxes 11.154999999999999 18.77 10.97 -40.57005860415557 1.6864175022789307 61.305999999999997 -5.5231930960086348 64.89 Net income $48.237999999999964 $80.573999999999998 $52.968000000000011 -40.13205252314647 % -8.9299199516690191 % $271.15600000000006 6.3757336095158132 % $254.90399999999988 Diluted EPS $0.42 $0.74 $0.49 -43.243243243243242 % -14.285714285714288 % $2.46 6.4935064935064899 % $2.31 Pre-tax, pre-provision income $58.432999999999964 $74.205999999999989 $70.865000000000009 $284.26000000000005 $339.9609999999999 Non-core items: Merger related costs 13.590999999999999 1.401 0.73099999999999998 15.911 4.5309999999999997 Branch right sizing, net 1.6479999999999999 -3.0409999999999999 11.696 -0.90600000000000003 13.727 Gain on sale of branches - - -0.27500000000000002 -5.3159999999999998 -8.3680000000000003 Early retirement program - - 6.2E-2 - 2.9009999999999998 Pre-tax, pre-provision income (core) $73.671999999999969 $72.565999999999988 $83.079000000000008 1.5241297577377566 % -11.322957666799118 % $293.94900000000007 -16.66978500476251 % $352.7519999999999 Tax effect on non-core items -3.9830000000000001 0.42899999999999999 -3.1920000000000002 -2.532 -3.343 Net income (core) $59.493999999999964 $79.363 $61.990000000000016 -25.035595932613479 % -4.0264558799807251 % $278.31299999999999 5.2812159544849342 % 264.35199999999998 Diluted EPS (core) $0.52 $0.73 $0.56999999999999995 -28.767123287671232 % -8.7719298245613917 % $2.5299999999999998 5.4166666666666625 % 2.4 Noninterest income 46.600999999999999 48.55 41.761000000000003 191.815 239.76900000000001 Gain (loss) on sale of securities -0.34799999999999998 5.2480000000000002 1.6E-2 15.497999999999999 54.805999999999997 Noninterest income - adjusted 46.948999999999998 43.302 41.745000000000005 176.31700000000001 184.96300000000002 Key Performance Ratios % Change vs YTD Q4 21 Q3 21 Q4 20 Q3 21 Q4 20 Q4 21 Return on average assets 1.37 % 1.29 % 1.2 % 1.29 % Return on average common equity (ROCE) 10.08 9.1999999999999993 8.2100000000000009 10.15 Return on average common equity 10.42 10.08 8.91 9.91 Return on average tangible common equity (2) 17.43 17.25 15.45 16.86 Efficiency ratio (2) 58.1 56.75 53.58 57.37 Net interest margin (FTE) 2.85 2.89 3.21 2.91 Book value per share $28.42 $28.03 $26.98 1.3913663931501981 % 5.3372868791697599 % Tangible book value per share (2) 17.39 17.16 16.07 1.3403263403263428 8.2140634723086503 Shares outstanding (in thousands) ,106,603.231 ,108,386.66899999999 ,109,023.781 -1.6454403631501902 -2.2202036819838442 Noninterest income to revenue 25.319042668134468 % 26.136546750997059 % 23.480655234960825 % 25.730250559782775 % Core noninterest income to revenue 25.149284608744065 24.041593520690601 22.684030533197294 Gain on sale of branches 0.44500000000000001 5.4770000000000003 2.2040000000000002 5.9219999999999997 8.093 Net interest income ,146,533 ,146,681 ,163,681 ,293,214 Noninterest income 49,679 51,903 50,227 ,101,582 Total revenue ,196,212 ,198,584 ,213,908 ,394,796 Non-core items Gain on sale of branches 445 5,477 2,204 Core noninterest income 49,234 46,426 48,023 Core total revenue ,195,767 ,193,107 ,211,704 % Change vs $ in millions Q4 22 Q3 22 Q3 22 Q4 21 Service charges on deposit accounts $11.891999999999999 $12.56 -5.3184713375796253 % #REF! % Wealth management fees 8.1509999999999998 8.5619999999999994 -4.8002803083391683 #REF! Debit and credit card fees 7.8449999999999998 7.6849999999999996 2.0819778789850378 #REF! Mortgage lending income 1.139 2.593 -56.074045507134599 #REF! Bank owned life insurance 2.9750000000000001 2.9020000000000001 2.5155065472088198 #REF! Other service charges and fees 2.0230000000000001 2.085 -2.9736211031174982 #REF! Other 6.6 6.6580000000000004 -0.87113247221388879 #REF! 40.625 43.045000000000002 -5.6220234638169391 #REF! Settlement award - - NM - Gain on sale of branches - - NM NM Gain (loss) on sale of securities -5.1999999999999998E-2 - NM NM Gain on insurance/legal settlement 4.0739999999999998 - NM NM Total noninterest income $44.646999999999998 $43.045000000000002 3.7216866070391372 % #REF! % Adjusted noninterest income (1) $40.573 $42.703000000000003 -4.9879399573800489 % #REF! % 4Q22 3Q22 1Q22 4Q21 Noninterest income to revenue 18.785053413723897 % 18.183239789018124 % 22.477425675100093 % 23.33760679480374 % Core noninterest income to revenue 17.387043068508159 18.080064322288518 22.499707256836885 23.470214170016199 Gain on sale of securities Net interest income ,193,026 ,193,585 ,145,606 ,153,081 Noninterest income 44,647 43,023 42,218 46,601 Total revenue ,237,673 ,236,608 ,187,824 ,199,682 Non-core items Gain on sale of branches 0 320 0 2 Gain on sale of securities -52 -22 -54 -,348 Settlement award 4,074 0 0 0 Adjusted noninterest income 40,625 42,725 42,272 46,947 Adjusted revenue ,233,651 ,236,310 ,187,878 ,200,028 FTE Employees 3,236 3,206 2,893 2,877 Noninterest income/employee 13.796971569839307 13.419525888958203 14.593155893536121 16.197775460549185 Adjusted noninterest income/employee 12.554079110012362 13.326575171553337 14.611821638437608 16.318039624608968 Revenue/employee 73.446538936959215 73.801621958827198 64.923608710680952 69.406326034063255 Adjusted revenue/employee 72.203646477132267 73.708671241422337 64.942274455582435 69.526590198123046 Noninterest income to avg assets 6.5704275939710618E-3 6.4049172995926012E-3 6.8021689506315482E-3 7.5473250448963077E-3 Adjusted noninterest income to avg assets 5.978534302530392E-3 6.3605534626849326E-3 6.8108694367591269E-3 7.6033619210477662E-3 4Q23 Adjusted 4Q23 vs Adjusted Adjusted Adjusted $ in millions Reported Adjusted1 3Q23 4Q22 3Q23 4Q22 Salaries and employee benefits $66.981999999999999 $65.951999999999998 - % -9.6770659289490304 % 65.816999999999993 73.018000000000001 Occupancy expense, net 11.733000000000001 11.6 -2.8638419025288941 1.1422094341267786 11.942 11.468999999999999 Furniture and equipment 5.4450000000000003 5.4379999999999997 6.3355494720375409 0.85311572700295568 5.1139999999999999 5.3920000000000003 Deposit insurance 15.22 4.6989999999999998 0.57791095890411248 27.690217391304341 4.6719999999999997 3.68 OREO and foreclosure expense 0.189 0.189 -17.10526315789474 -46 0.22800000000000001 0.35 Donation to Simmons First Foundation - - #VALUE! #VALUE! Other 48.57 44.862000000000002 6.5200873777186876 -5.607338986260439 42.116 47.527000000000001 Merger related costs - - #VALUE! #VALUE! Total noninterest expense $148.13899999999998 $132.73999999999998 2.1949510736090043 % -6.1483639243191259 % 129.88899999999998 141.43599999999998 4Q22 3Q22 1Q22 4Q21 Noninterest expense ,142,575 ,138,943 ,128,417 ,141,597 Core noninterest expense ,141,436 ,136,351 ,125,622 ,126,356 Average assets 27,180,575 26,868,731 24,826,199 24,698,022 NIE to avg assets 2.0981896078357432E-2 2.0684713394168112E-2 2.0690561611948731E-2 2.2932524717971341E-2 Core NIE to avg assets 2.0814276372004639E-2 2.0298837336232962E-2 2.0240230894789813E-2 2.0464148910386427E-2 Net interest income ,193,026 ,193,585 ,145,606 ,153,081 Fully-taxable equivalent 6,770 6,203 5,602 5,579 Noninterest income 44,647 43,023 42,218 46,601 Noninterest expense ,142,575 ,138,943 ,128,417 ,141,597 Efficiency ratio (GAAP) 0.58326481020115117 0.57222695841621674 0.66390764426705817 0.68983879061292697 Total noninterest expense Efficiency ratio 57.31 % 57.77 % Full-time equivalent employees 2,944 2,962 Total branches 198 198 Total noninterest expense ,114,333 ,136,351,000 Merger related costs ,142,575,000 ,138,943,000 Salaries & benefits 0 0 Branch right sizing -3,280 468 Total non-core items ,142,571,720 ,138,943,468 Total noninterest expense - core -,142,457,387 -2,592,468 -,142,573,599 3Q21 2Q21 1Q21 4Q20 3Q20 Noninterest income 48,550 47,115 49,549 41,761 69,479 Securities gains 5,248 5,127 5,471 16 22,305 43,302 41,988 44,078 41,745 47,174 Avg Assets 23,255,541 23257921 22738821 21852094 21765321 7.4480314175447478E-3 7.2212817302113978E-3 7.7537881141682766E-3 7.6413729503451702E-3 8.6695711953892161E-3 FTE 2740 2783 2817 2827 2840 NII per FTE 17.71897810218978 16.929572403880705 17.589279375221867 14.77219667492041 24.46443661971831 NII per FTE, ex 15.803649635036496 15.087315846209126 15.647142350017749 14.766536964980546 16.61056338028169 Core 48789 46670 44072 41486 69109 17.806204379562043 16.769673014732302 15.64501242456514 14.674920410328971 24.334154929577466 Net interest income ,145,237 ,146,533 ,146,681 ,154,960 ,153,610 Noninterest income 48,550 47,115 49,549 41,761 69,479 Total Revenue ,193,787 ,193,648 ,196,230 ,196,721 ,223,089 70.72518248175183 69.582464965864176 69.659211927582533 69.586487442518575 78.552464788732394 Core ,194,026 ,193,203 ,190,753 ,196,446 ,222,719 70.812408759124082 69.422565576715769 67.714944976925807 69.489211177927132 78.422183098591546 Core 0.25145599043427169 0.24155939607563029 0.23104223786781861 0.21118271687893875 0.31029683143333081 Summary Income Statement % Change vs YTD % YTD $ in millions, except per share data Q4 21 Q3 21 Q4 20 Q3 21 Q4 20 Q4 21 Change 4Q20 Interest income $170.732 $163.92599999999999 $179.108 4.1518734062930909 % -4.6765080286754381 % $671.06100000000004 -11.669724818945969 % $759.71799999999996 Interest expense 17.651 18.689 24.148 -5.5540692385895456 -26.904919662083813 79.528999999999996 -33.716995599413259 119.98399999999999 Net interest income 153.08099999999999 145.23699999999999 154.96 5.4008276127983876 -1.2125709860609311 591.53200000000004 -7.5346941072383045 639.73399999999992 Noninterest income (1) 46.948999999999998 43.302 41.745000000000005 8.4222437762689903 12.466163612408655 176.31700000000001 -4.6744484031941598 184.96300000000002 Noninterest expense (1) 141.59700000000001 114.333 125.84 23.846133662197275 12.521455816910365 483.589 - 484.73599999999999 Pre-tax, pre-provision income 58.432999999999964 74.205999999999989 70.865000000000009 -21.255693609681195 -17.543215974035199 284.26000000000005 -16.384526460388066 339.9609999999999 Gain (loss) on sale of securities -0.34799999999999998 5.2480000000000002 1.6E-2 -,106.63109756097559 NM 15.497999999999999 -71.722074225449774 54.805999999999997 Provision for (recapture of) credit losses -1.3080000000000001 -19.89 6.9429999999999996 NM NM -32.704000000000001 NM 74.972999999999999 Provision for income taxes 11.154999999999999 18.77 10.97 -40.57005860415557 1.6864175022789307 61.305999999999997 -5.5231930960086348 64.89 Net income $48.237999999999964 $80.573999999999998 $52.968000000000011 -40.13205252314647 % -8.9299199516690191 % $271.15600000000006 6.3757336095158132 % $254.90399999999988 Diluted EPS $0.42 $0.74 $0.49 -43.243243243243242 % -14.285714285714288 % $2.46 6.4935064935064899 % $2.31 Pre-tax, pre-provision income $58.432999999999964 $74.205999999999989 $70.865000000000009 $284.26000000000005 $339.9609999999999 Non-core items: Merger related costs 13.590999999999999 1.401 0.73099999999999998 15.911 4.5309999999999997 Branch right sizing, net 1.6479999999999999 -3.0409999999999999 11.696 -0.90600000000000003 13.727 Gain on sale of branches - - -0.27500000000000002 -5.3159999999999998 -8.3680000000000003 Early retirement program - - 6.2E-2 - 2.9009999999999998 Pre-tax, pre-provision income (core) $73.671999999999969 $72.565999999999988 $83.079000000000008 1.5241297577377566 % -11.322957666799118 % $293.94900000000007 -16.66978500476251 % $352.7519999999999 Tax effect on non-core items -3.9830000000000001 0.42899999999999999 -3.1920000000000002 -2.532 -3.343 Net income (core) $59.493999999999964 $79.363 $61.990000000000016 -25.035595932613479 % -4.0264558799807251 % $278.31299999999999 5.2812159544849342 % 264.35199999999998 Diluted EPS (core) $0.52 $0.73 $0.56999999999999995 -28.767123287671232 % -8.7719298245613917 % $2.5299999999999998 5.4166666666666625 % 2.4 Noninterest income 46.600999999999999 48.55 41.761000000000003 191.815 239.76900000000001 Gain (loss) on sale of securities -0.34799999999999998 5.2480000000000002 1.6E-2 15.497999999999999 54.805999999999997 Noninterest income - adjusted 46.948999999999998 43.302 41.745000000000005 176.31700000000001 184.96300000000002 Key Performance Ratios % Change vs YTD Q4 21 Q3 21 Q4 20 Q3 21 Q4 20 Q4 21 Return on average assets 1.37 % 1.29 % 1.2 % 1.29 % Return on average common equity (ROCE) 10.08 9.1999999999999993 8.2100000000000009 10.15 Return on average common equity 10.42 10.08 8.91 9.91 Return on average tangible common equity (2) 17.43 17.25 15.45 16.86 Efficiency ratio (2) 58.1 56.75 53.58 57.37 Net interest margin (FTE) 2.85 2.89 3.21 2.91 Book value per share $28.42 $28.03 $26.98 1.3913663931501981 % 5.3372868791697599 % Tangible book value per share (2) 17.39 17.16 16.07 1.3403263403263428 8.2140634723086503 Shares outstanding (in thousands) ,106,603.231 ,108,386.66899999999 ,109,023.781 -1.6454403631501902 -2.2202036819838442 Noninterest income to revenue 25.319042668134468 % 26.136546750997059 % 23.480655234960825 % 25.730250559782775 % Core noninterest income to revenue 25.149284608744065 24.041593520690601 22.684030533197294 Gain on sale of branches 0.44500000000000001 5.4770000000000003 2.2040000000000002 5.9219999999999997 8.093 Net interest income ,146,533 ,146,681 ,163,681 ,293,214 Noninterest income 49,679 51,903 50,227 ,101,582 Total revenue ,196,212 ,198,584 ,213,908 ,394,796 Non-core items Gain on sale of branches 445 5,477 2,204 Core noninterest income 49,234 46,426 48,023 Core total revenue ,195,767 ,193,107 ,211,704 % Change vs $ in millions Q4 22 Q3 22 Q3 22 Q4 21 Service charges on deposit accounts $11.891999999999999 $12.56 -5.3184713375796253 % #REF! % Wealth management fees 8.1509999999999998 8.5619999999999994 -4.8002803083391683 #REF! Debit and credit card fees 7.8449999999999998 7.6849999999999996 2.0819778789850378 #REF! Mortgage lending income 1.139 2.593 -56.074045507134599 #REF! Bank owned life insurance 2.9750000000000001 2.9020000000000001 2.5155065472088198 #REF! Other service charges and fees 2.0230000000000001 2.085 -2.9736211031174982 #REF! Other 6.6 6.6580000000000004 -0.87113247221388879 #REF! 40.625 43.045000000000002 -5.6220234638169391 #REF! Settlement award - - NM - Gain on sale of branches - - NM NM Gain (loss) on sale of securities -5.1999999999999998E-2 - NM NM Gain on insurance/legal settlement 4.0739999999999998 - NM NM Total noninterest income $44.646999999999998 $43.045000000000002 3.7216866070391372 % #REF! % Adjusted noninterest income (1) $40.573 $42.703000000000003 -4.9879399573800489 % #REF! % 4Q22 3Q22 1Q22 4Q21 Noninterest income to revenue 18.785053413723897 % 18.183239789018124 % 22.477425675100093 % 23.33760679480374 % Core noninterest income to revenue 17.387043068508159 18.080064322288518 22.499707256836885 23.470214170016199 Gain on sale of securities Net interest income ,193,026 ,193,585 ,145,606 ,153,081 Noninterest income 44,647 43,023 42,218 46,601 Total revenue ,237,673 ,236,608 ,187,824 ,199,682 Non-core items Gain on sale of branches 0 320 0 2 Gain on sale of securities -52 -22 -54 -,348 Settlement award 4,074 0 0 0 Adjusted noninterest income 40,625 42,725 42,272 46,947 Adjusted revenue ,233,651 ,236,310 ,187,878 ,200,028 FTE Employees 3,236 3,206 2,893 2,877 Noninterest income/employee 13.796971569839307 13.419525888958203 14.593155893536121 16.197775460549185 Adjusted noninterest income/employee 12.554079110012362 13.326575171553337 14.611821638437608 16.318039624608968 Revenue/employee 73.446538936959215 73.801621958827198 64.923608710680952 69.406326034063255 Adjusted revenue/employee 72.203646477132267 73.708671241422337 64.942274455582435 69.526590198123046 Noninterest income to avg assets 6.5704275939710618E-3 6.4049172995926012E-3 6.8021689506315482E-3 7.5473250448963077E-3 Adjusted noninterest income to avg assets 5.978534302530392E-3 6.3605534626849326E-3 6.8108694367591269E-3 7.6033619210477662E-3 4Q23 Adjusted 4Q23 vs Adjusted Adjusted Adjusted $ in millions Reported Adjusted1 3Q23 4Q22 3Q23 4Q22 Salaries and employee benefits $66.981999999999999 $65.951999999999998 - % -9.6770659289490304 % 65.816999999999993 73.018000000000001 Occupancy expense, net 11.733000000000001 11.6 -2.8638419025288941 1.1422094341267786 11.942 11.468999999999999 Furniture and equipment 5.4450000000000003 5.4379999999999997 6.3355494720375409 0.85311572700295568 5.1139999999999999 5.3920000000000003 Deposit insurance 15.22 4.6989999999999998 0.57791095890411248 27.690217391304341 4.6719999999999997 3.68 OREO and foreclosure expense 0.189 0.189 -17.10526315789474 -46 0.22800000000000001 0.35 Donation to Simmons First Foundation - - #VALUE! #VALUE! Other 48.57 44.862000000000002 6.5200873777186876 -5.607338986260439 42.116 47.527000000000001 Merger related costs - - #VALUE! #VALUE! Total noninterest expense $148.13899999999998 $132.73999999999998 2.1949510736090043 % -6.1483639243191259 % 129.88899999999998 141.43599999999998 4Q22 3Q22 1Q22 4Q21 Noninterest expense ,142,575 ,138,943 ,128,417 ,141,597 Core noninterest expense ,141,436 ,136,351 ,125,622 ,126,356 Average assets 27,180,575 26,868,731 24,826,199 24,698,022 NIE to avg assets 2.0981896078357432E-2 2.0684713394168112E-2 2.0690561611948731E-2 2.2932524717971341E-2 Core NIE to avg assets 2.0814276372004639E-2 2.0298837336232962E-2 2.0240230894789813E-2 2.0464148910386427E-2 Net interest income ,193,026 ,193,585 ,145,606 ,153,081 Fully-taxable equivalent 6,770 6,203 5,602 5,579 Noninterest income 44,647 43,023 42,218 46,601 Noninterest expense ,142,575 ,138,943 ,128,417 ,141,597 Efficiency ratio (GAAP) 0.58326481020115117 0.57222695841621674 0.66390764426705817 0.68983879061292697 Total noninterest expense Efficiency ratio 57.31 % 57.77 % Full-time equivalent employees 2,944 2,962 Total branches 198 198 Total noninterest expense ,114,333 ,136,351,000 Merger related costs ,142,575,000 ,138,943,000 Salaries & benefits 0 0 Branch right sizing -3,280 468 Total non-core items ,142,571,720 ,138,943,468 Total noninterest expense - core -,142,457,387 -2,592,468 -,142,573,599

Continuous efficiency improvements Better Bank Initiative 4Q22 Annualized Adjusted Noninterest Expense Better Bank Initiative Cost Saves Annual Expense Base Post Better Bank Initiative Reduced expense base by >3% $18M $548M $566M Better Bank Initiative Completed program ahead of schedule $18M in annualized cost saves exceeded original target of $15M 2024 Outlook Merit and targeted investments ~1% estimated growth in 2024 Given our steadfast focus on managing expenses, our outlook projects 2024 expenses below the 4Q22 annualized expense base by approximately 1-2% despite inflationary headwinds $548M Annual Expense Base

Deposits, Securities, Liquidity, Interest Rate Sensitivity and Capital

Deposit Mix $ in billions Deposits: Linked quarter increase driven by growth in interest bearing transaction accounts1 Source: Average Fed Funds rate based on data from www.macrotrends.net 1 Linked quarter growth is 4Q23 vs 3Q23 2 Non-GAAP measures that management believes aid in the discussion of results. See appendix for Non-GAAP reconciliation. Collateralized deposits represent collateralized deposits less the portion that is FDIC insured 3 Deposit beta calculated as change in cost of deposits from 1Q22 to 4Q23 divided by the change in quarterly average Federal Funds Effective rate for 1Q22 vs 4Q23 $22.5 $22.5 $22.5 $22.2 Linked Quarter Deposit Change $ in millions Total Deposits Noninterest Bearing Transaction Accounts Interest Bearing Transaction Accounts (MM and savings) Time Deposits Brokered Deposits (money market & CDs) Evolution of Funding Rates 47% deposit beta during this cycle3 $22.2 Conservative Deposit Base2 $ in billions as of December 31, 2023 FDIC Insured Collateralized Deposits Uninsured, Non-Collateralized Deposits Approximately 79% of deposits are FDIC insured or are collateralized deposits 2024 Outlook: Down slightly with a focus on mix improvement

$241 million Weighted average yield ~1.81% $8 million net interest income NIM impact 8 bps ~2.5 years $20 million pre-tax loss EPS impact $0.16 Securities Portfolio: Utilize cash flows to fund loan growth and/or reduce wholesale funding FTE – fully taxable equivalent using an effective tax rate of 26.135% Data presented on this slide is as of December 31, 2023, unless otherwise noted 1 Effective yield of securities portfolio at 12/31/23, excluding AOCI impact of HTM transfers made during Q2 22 2 Bond ratings reflect highest rating by Moody's Investors Service, Inc., Standard & Poor's or Fitch Ratings. At December 31, 2023 HTM AFS U.S. Guaranteed/GSE $1,615 $2,015 Aaa/AAA 479 325 Aa/AA 1,160 531 A 311 86 Baa/BBB 158 182 Not Rated 7 13 Total $3,730 $3,152 Fair value $3,135 $3,152 Securities Portfolio Bond Ratings2 $ in millions At December 31, 2023 Yield (FTE)1 HTM AFS Effective Duration HTM AFS Fixed Rate Municipal 3.27% 3.24% 13.41 13.27 MBS/CMO 3.05 1.39 5.84 4.28 Treasury/Agency 2.35 2.50 9.46 0.73 Corporate 3.92 5.38 5.00 1.88 Other 2.42 1.45 19.37 3.77 Variable Rate - 5.65 - - Total 3.12% 3.12% 10.10 5.63 Securities Portfolio Summary Capitalized on market conditions through a targeted securities sale in 4Q23 resulting in the sale of $241 million AFS securities ~$150 million per quarter of projected principal maturities Average securities to total earning assets of 29% at 12/31/23 compared to 39% at 12/31/21 2024 Outlook: Continue to utilize cash flows to fund loan growth and/or paydown wholesale funding and evaluate targeted bond sales based on prevailing market conditions Securities Portfolio Highlights 4Q23 Targeted Securities Sale Size of targeted sale 2023 earnings impact Estimated earnback 2024 Estimated Impact Pay down higher rate wholesale funding Use of proceeds

Loan to Deposit Ratio Peer Median1 68.9% 69.4% 73.7% 79.2% 83.0% 83.7% 84.4% 85.2% NA Liquidity: Significant sources of liquidity and reduced reliance on borrowed funds Cash and Cash Equivalents + Variable Rate Securities $ in millions NA – not available 1 Source: S&P Global Market Intelligence. Represents peer median loan to deposit ratio. Peer group includes ABCB, AUB, OZK, BOKF, CADE, CBSH, FBK, HWC, HTLF, HOMB, IBTX, ONB, PNFP, PB, RNST, SSB, SNV, TRMK, UMBF, UCBI 2 Uninsured, non-collateralized deposits represent uninsured deposits of Simmons Bank, less the uninsured portion of collateralized deposits, and deposit balances of SFNC subsidiaries. See appendix for Non-GAAP reconciliation Borrowed Funds as a Percent of Total Liabilities Period End Balances 6.9% $1,572 $1,578 FHLB borrowing availability Unpledged securities Fed Funds lines and Fed Discount Window and Bank Term Funding Program Additional Liquidity Sources $ in millions Total at 12.31.23 $11,216 $ 5,401 3,817 1,998 Uninsured, non-collateralized deposits2 $4,753 Coverage ratio 2.4x $1,406 6.2% 5.9% 5.0% 6.2% 12.7% 12.6% 10.0% 10.4% 8.9% 5.7% 6.3% 7.5% 7.4% 5.9% $1,301

Interest Rate Sensitivity Loan Portfolio – Repricing and Maturity At December 31, 2023 In millions Weighted Average Rates 4.28% 5.16% 4.24% 5.34% 4.21% 5.28% 4.26% 1.93% CD Maturities (over the next 12 months) $ in millions ~$150 million per quarter of projected securities principal maturities2 ~$1.9 billion of projected principal cash flows from fixed rate loans at a weighted average rate of 5.49%2 ~$950 million of FHLB advances maturing at a weighted average rate of 5.40%2 ~17% of customer deposits (excluding non-brokered and wholesale deposits) are tied to indexed rates, principally Fed Funds target rate Balance Sheet Interest Rate Sensitivity Over the next 12 months (estimated) Estimated NII sensitivity given immediate, parallel shift in interest rates across the yield curve with a static balance sheet Immediate change in interest rates Gradual change in interest rates Estimated NII sensitivity given gradual, parallel shift in interest rates across the yield curve with a static balance sheet Additional Interest Rate Sensitivity Factors * Assumptions used in balance sheet interest rate sensitivity estimates under a gradual decrease in interest rates include the following rate cuts at the FOMC meetings: Down 25 bps scenario – 25 bp decrease in May 2024 Down 50 bps scenario – 25 bp decrease in May 2024 and June 30, 2024 Down 75 bps scenario – 25 bp decrease May 2024, June 2024 and July 2024 Totals may not add due to rounding 1 Other includes agriculture, mortgage warehouse and other loans 2 Projections over the next 12 months Repricing Term Rate Structure 3 mo or less 3-12 mo 1-3 years 3-5 years Over 5 years Total Variable Fixed RE - Construction 2,154.8000000000002 173.7 397 362.2 56.5 3,144.2 2,136.6 1,007.5999999999999 RE - Commercial 2,029.3 492.5 2,205.9 1,868.2 956.5 7,552.4000000000005 2,470.1999999999998 5,082.2000000000007 RE - Single-Family 365.2 215.5 467.3 590.9 1,002.7 2,641.6000000000004 1,280.3 1,361.3000000000004 Commercial 1,222.5 160.1 424.9 527.6 155 2,490.1999999999998 1,351.5 1,138.6999999999998 Consumer 224.5 11.6 48.5 23.4 10.6 318.7 216.79999999999998 101.9 Other1 308.7 27.3 61.9 62.6 238.2 698.6 303.10000000000002 395.5 Total 6,305 1,080.6999999999998 3,605.5000000000005 3,434.9 2,419.4999999999995 16,845.7 7,758.5 9,087.2000000000007 Weighted average rate 8.2299999999999998E-2 5.8599999999999999E-2 4.82E-2 5.16E-2 4.36E-2 6.1199999999999997E-2 7.51E-2 4.99E-2 Repricing Term Rate Structure 3 mo or less 3-12 mo 1-3 years 3-5 years Over 5 years Total Variable Fixed RE - Construction 2,154.8000000000002 173.7 397 362.2 56.5 3,144.2 2,136.6 1,007.5999999999999 RE - Commercial 2,029.3 492.5 2,205.9 1,868.2 956.5 7,552.4000000000005 2,470.1999999999998 5,082.2000000000007 RE - Single-Family 365.2 215.5 467.3 590.9 1,002.7 2,641.6000000000004 1,280.3 1,361.3000000000004 Commercial 1,222.5 160.1 424.9 527.6 155 2,490.1999999999998 1,351.5 1,138.6999999999998 Consumer 224.5 11.6 48.5 23.4 10.6 318.7 216.79999999999998 101.9 Other1 308.7 27.3 61.9 62.6 238.2 698.6 303.10000000000002 395.5 Total 6,305 1,080.6999999999998 3,605.5000000000005 3,434.9 2,419.4999999999995 16,845.7 7,758.5 9,087.2000000000007 Weighted average rate 8.2299999999999998E-2 5.8599999999999999E-2 4.82E-2 5.16E-2 4.36E-2 6.1199999999999997E-2 7.51E-2 4.99E-2

Capital: Maintained strong capital position while growing tangible book value per share 1 4Q23 data as of December 31, 2023, Q3 23 data as of September 30, 2023, and Q4 22 data as of December 31, 2022 2 Non-GAAP measure that management believes aid in the discussion of results. See Appendix for Non-GAAP reconciliation 3 Market conditions and our capital needs (among other things) will drive decisions regarding additional, future stock repurchases Well Capitalized 5.0% Tier 1 Leverage Ratio1 CET 1 Capital Ratio1 Well Capitalized 6.5% Tier 1 Risk-Based Capital Ratio1 Total Risk-Based Capital Ratio1 Well Capitalized 10.0% Well Capitalized 8.0% Book Value Per Common Share1 6% Tangible Book Value Per Common Share 1,2 Capital Ratios (at 12/31/23) CET 1 Capital Ratio 12.11% CET 1 Capital Ratio, Including AOCI2 10.14% Equity to Assets 12.53% Tangible Common Equity Ratio2 7.69% +11% Cash Dividend and Share Repurchase Program3 No shares were purchased during the fourth quarter of 2023 In January 2024, the Board authorizes a new $175 million share repurchase program and a 5 percent increase in the cash dividend +8%

Loan Portfolio

Well-diversified, granular portfolio with no significant industry or geographic concentrations Highly focused on maintaining conservative underwriting standards and structure guidelines while emphasizing prudent pricing discipline Very limited exposure to Shared National Credits (SNCs) SNCs total <1% of total loans Additional banking relationships with all borrowers No exposure to leveraged lending 2024 Outlook: Low single digit growth Loan Portfolio Highlights Unfunded Commitments $ in millions Mortgage Warehouse Agricultural Loans: Risk profile reflects well-diversified, granular portfolio and conservative culture Total loans at 12/31/23 Total loans at 9/30/23 Linked Quarter Loan Growth $ in millions Total Loans RE - Commercial RE - Construction Commercial RE – Single Family Loan Portfolio Waterfall $ in millions Consumer & Other Funded loans /advances Paydowns/ payoffs 85% variable rate 68% tied to Prime 32% tied to SOFR $3,880 $4,049 $4,443 $4,725 $5,000

$3.1B Office Portfolio (non-owner occupied) Loans: In focus sectors continue to perform extremely well with conservative LTV levels Data shown above as of December 31, 2023 1 Total loans and commitments excluding credit card portfolio and mortgage warehouse By State Loan Portfolio – Geographic diversification Top 10 MSAs % of Total Loans1 % of Total Commitments1 Dallas-Plano-Irving 12.5% 13.1% Houston-Sugarland-Baytown 11.1% 11.4% Fort Worth-Arlington 6.2% 6.1% Nashville-Davidson-Murfreesboro 5.4% 6.4% Memphis 5.3% 5.0% Little Rock-North Little Rock-Conway 4.9% 4.7% St. Louis 4.4% 3.9% Fayetteville-Springdale-Rogers 3.9% 3.8% Oklahoma City 2.6% 2.4% Jonesboro, AR 2.0% 2.0% Key Statistics At 12/31/23 NPL Ratio 0.00% Past Due 30+ Days 0.00% Average Loan Size $2.3M Median Loan Size $0.5M Number of Loans <$1M 65% Average LTV 49.1% Weighted Average LTV 55.8% $16.5B1 Key Statistics At 12/31/23 NPL Ratio 0.00% Past Due 30+ Days 0.00% Average Loan Size $3.6M Median Loan Size $0.7M Number of Loans <$1M 61% Average LTV 52.3% Weighted Average LTV 60.4% Multifamily Construction-Land Development Key Statistics At 12/31/23 NPL Ratio 0.08% Past Due 30+ Days 0.09% Average Loan Size $1.3M Median Loan Size $0.3M Number of Loans <$1M 83% Average LTV 56.4% Weighted Average LTV 57.6% By State By State By State $0.9B $1.4B

Loans: Pipelines represent opportunities that meet pricing and disciplined credit appetite 1 Rate ready to close represents the weighted average rate on commercial loans that are ready to close and does not include fees, including FAS 91 fees, associated with those commercial loans Rate Ready to Close1 4.45% 5.84% 6.85% 7.32% 7.94% 8.43% 8.44% Commercial Loan Pipeline by Category $ in millions Mortgage Loan Volume $ in millions $1,048 Pipeline Highlights Focused on maintaining prudent underwriting standards and pricing discipline given projections surrounding near-term future economic growth While loan growth has moderated throughout the year, as expected, linked quarter increase in ready to close loans represents ability to capitalize on opportunities that meet pricing and disciplined credit appetite Commercial loan pipeline increased for second consecutive quarter Mortgage loan originations in 4Q23: 82% purchase 18% refinance $689 $877

Credit Quality

Credit Quality: Key credit quality metrics remain near historical lows Source: S&P Global Market Intelligence 2017 – 2022 1 As of December 31, for each respective year shown above; quarterly data as of the end of the quarter for each respective period 2 Net charge-offs to average loans for the full-year for each respective year shown above; quarterly annualized data for each respective quarter 3 Non-GAAP measures that management believes aid in the discussion of results. See Appendix for Non-GAAP reconciliation Nonperforming loans / loans1 Strategic decision to de-risk certain elements of the loan portfolio through planned run-off of particular acquired non-relationship credits Quarterly Nonperforming assets / total assets1 Annual Quarterly Net charge-offs to average loans2 Annual Quarterly Key Credit Metrics: Average FICO Scores753 Balance Weighted Average FICO Score747 Line Utilization20% Credit card portfolio net charge-off ratio2 Annual Quarterly Net charge-offs of 11 bps in 4Q23. Full-year 2023 net charge-offs of 12 bps Provision for credit losses on loans exceeded net charge-offs in the quarter by $6.7 million during 4Q23 During 4Q23, received the remaining $6.7 million payoff of a commercial credit originally totaling approximately $9.6 million that was placed on nonaccrual status during 2Q23, resulting in no loss of principal or interest. ACL to total loans ended 4Q23 at 1.34% NPL coverage ratio ended 4Q23 at 267%, unchanged from 3Q23 levels Credit Quality Highlights Past due 30+ days / total loans1 Annual Quarterly 2023 Annual 12 bps Increase in loans past due 30+ days primarily associated with an increase in Real Estate – Single Family loan portfolio

ACL: Reflects current economic forecast and composition of loan portfolio Note: Numbers may not add due to rounding ACL – Allowance for Credit Losses on Loans 1 As of December 31, for each respective year shown above; quarterly data as of the end of the quarter for each respective period $ in millions ACL ACL / Loans ACL as of 9/30/22 $ 197.6 1.27% 4Q22 Provision - 4Q22 Net Charge-Offs (5.1) Day 1 PCD Allowance Adjustment (Spirit) 4.5 ACL as of 12/31/22 $ 197.0 1.22% 1Q23 Provision 10.9 1Q23 Net Charge-Offs (1.3) ACL as of 3/31/23 $ 206.6 1.25% 2Q23 Provision 5.1 2Q23 Net Charge-Offs (1.6) ACL as of 6/30/23 $ 210.0 1.25% 3Q23 Provision 20.2 3Q23 Net Charge-Offs (11.7) ACL as of 9/30/23 $ 218.5 1.30% 4Q23 Provision 11.2 4Q23 Net Charge-Offs (4.5) ACL as of 12/31/23 $ 225.2 1.34% Allowance for Credit Losses on Loans and Loan Coverage Reserve for Unfunded Commitments $ in millions As of 12/31/22 As of 3/31/23 As of 6/30/23 As of 9/30/23 As of 12/31/23 Unfunded Commitments $5,000 $4,725 $4,443 $4,049 $3,880 Reserve for Unfunded Commitments $41.9 $41.9 $36.9 $25.6 $25.6 Provision for Unfunded Commitments - - $(5.0) $(11.3) - Reserve / Unfunded Balance 0.84% 0.89% 0.83% 0.63% 0.66% ACL Methodology as of 12/31/23: Moody’s December 2023 scenarios with management’s weighting: Baseline (70%) / S1 (20%) / S3 (10%) Total credit coverage / total commitments: 1.21% ACL / Loans (%) and ACL ($)1 $ in millions

Breakout: Loan portfolio by category as of September 30, 2023 as of December 31, 2023 $ in millions Balance $ % of Total Loans Balance $ % of Total Loans Nonperforming $ Past Due 30+ Days $ Classified $ Unfunded Commitment $ ACL % Unfunded Commitment Reserve Total Loan Portfolio Consumer - Credit Card 192 1% 191 1% 1 2 1 - 3.1% - Consumer - Other 113 - 128 1% 1 1 - 26 2.4% 1.1% Real Estate - Construction 3,022 18% 3,144 18% 2 3 4 1,922 1.6% 1.1% Real Estate - Commercial 7,565 45% 7,552 45% 12 3 229 233 1.1% 0.4% Real Estate - Single-family 2,658 16% 2,642 16% 27 24 32 321 1.7% 0.4% Commercial 2,477 15% 2,490 15% 40 8 61 1,259 1.4% 0.1% Mortgage Warehouse 158 1% 167 1% - - - - 0.2% - Agriculture 297 2% 233 1% 1 - 1 119 0.5% 0.1% Other 290 2% 299 2% - - - - 0.8% 0.8% Total Loan Portfolio 16,772 100% 16,846 100% 84 41 328 3,880 1.34% 0.7% Loan Concentration (Holding Company Level): C&D 102% 106% CRE 274% 275% Select Loan Categories Retail 1,285 8% 1,274 8% 1 - 8 101 1.1% 0.9% Nursing / Extended Care 305 2% 294 2% - - 101 2 5.3% 0.1% Healthcare 577 3% 586 3% 5 - 15 120 1.1% 0.4% Multifamily 1,307 8% 1,409 8% - - 15 822 0.8% 0.6% Hotel 720 4% 695 4% 5 - 68 71 2.6% 1.5% Restaurant 508 3% 513 3% 2 - 5 30 1.0% 0.3% NOO Office 906 5% 899 5% - - 5 79 1.9% 2.5% NOO Industrial Warehouse 1,540 9% 1,610 10% - - - 331 0.3% 0.5%

Appendix

Non-GAAP Reconciliations   Q4 Q1 Q2 Q3 Q4 $ in thousands, except per share data 2022 2023 2023 2023 2023 Calculation of Adjusted Earnings Net Income $ 83,260 $ 45,589 $ 58,314 $ 47,247 $ 23,907 Certain items Merger related costs 35 1,396 19 5 - Branch right sizing, net 1,104 979 95 547 3,846 Loss (gain) on sale of securities 52 - 391 - 20,218 Gain on insurance settlement (4,074) - - - - Early retirement program - - 3,609 1,557 1,032 FDIC special assessment - - - - 10,521 Tax effect⁽¹⁾ _ 754 (621) (1,074) (552) (9,309) Certain items, net of tax (2,129) 1,754 3,040 1,557 26,308 Adjusted earnings (non-GAAP) $ 81,131 $ 47,343 $ 61,354 $ 48,804 $ 50,215 Calculation of Earnings and Adjusted Earnings per Diluted Share Earnings available to common shareholders $ 83,260 $ 45,589 $ 58,314 $ 47,247 $ 23,907 Diluted earnings per share $ 0.65 $ 0.36 $ 0.46 $ 0.37 $ 0.19 Adjusted earnings available to common shareholders (non-GAAP) $ 81,131 $ 47,343 $ 61,354 $ 48,804 $ 50,215 Adjusted diluted earnings per share (non-GAAP) $ 0.64 $ 0.37 $ 0.48 $ 0.39 $ 0.40 (1) Effective tax rate of 26.135%

  Q4 Q1 Q2 Q3 Q4 $ in thousands 2022 2023 2023 2023 2023 Calculation of Pre-Provision Net Revenue (PPNR) Net interest income $ 193,026 $ 177,835 $ 163,230 $ 153,433 $ 155,628 Noninterest income 44,647 45,835 44,980 42,777 21,974 Less: Noninterest expense 142,575 143,228 139,696 131,998 148,139 Pre-Provision Net Revenue (PPNR) (non-GAAP) $ 95,098 $ 80,442 $ 68,514 $ 64,212 $ 29,463 Calculation of Adjusted Pre-Provision Net Revenue Pre-Provision Net Revenue (PPNR) (non-GAAP) $ 95,098 $ 80,442 $ 68,514 $ 64,212 $ 29,463 Plus: (Gain) loss on sale of securities 52 - 391 - 20,218 Plus: Merger related costs 35 1,396 19 5 - Plus: Branch right sizing costs, net 1,104 979 95 547 3,846 Plus: FDIC special assessment - - - - 10,521 Plus: Early Retirement Program - - 3,609 1,557 1,032 Less: Gain on insurance settlement (4,074) - - - - Adjusted Pre-Provision Net Revenue (non-GAAP) $ 92,215 $ 82,817 $ 72,628 $ 66,321 $ 65,080 Non-GAAP Reconciliations Calculation of Book Value and Tangible Book Value per Share Total common stockholders' equity $ 3,269,362 $ 3,339,901 $ 3,356,326 $ 3,285,555 $ 3,426,488 Intangible assets: Goodwill (1,319,598) (1,320,799) (1,320,799) (1,320,799) (1,320,799) Other intangible assets (128,951) (124,854) (120,758) (116,660) (112,645) Total intangible assets (1,448,549) (1,445,653) (1,441,557) (1,437,459) (1,433,444) Tangible common stockholders' equity (non-GAAP) $ 1,820,813 $ 1,894,248 $ 1,914,769 $ 1,848,096 $ 1,993,044 Shares of common stock outstanding 127,046,654 127,282,192 126,224,707 125,133,281 125,184,119 Book value per common share $ 25.73 $ 26.24 $ 26.59 $ 26.26 $ 27.37 Tangible book value per common share (non-GAAP) $ 14.33 $ 14.88 $ 15.17 $ 14.77 $ 15.92

Non-GAAP Reconciliations   Q4 Q1 Q2 Q3 Q4 $ in thousands, except number of employees (FTE) 2022 2023 2023 2023 2023 Calculation of Total Revenue and Adjusted Total Revenue Net Interest Income (GAAP) $ 193,026 $ 177,835 $ 163,230 $ 153,433 $ 155,628 Noninterest Income (GAAP) 44,647 45,835 44,980 42,777 21,974 Total Revenue (non-GAAP) $ 237,673 $ 223,670 $ 208,210 $ 196,210 $ 177,602 Total Revenue (non-GAAP) $ 237,673 $ 223,670 $ 208,210 $ 196,210 $ 177,602 Less: Gain (loss) on sales of securities (52) - (391) - (20,218) Less: Gain on insurance settlement 4,074 - - - - Adjusted Total Revenue (non-GAAP) $ 233,651 $ 223,670 $ 208,601 $ 196,210 $ 197,820 Employees (FTE) 3,236 3,189 3,066 3,005 3,007 Total Revenue per Employee (FTE) $ 73.46 $ 70.14 $ 67.91 $ 65.29 $ 59.06 Adjusted Total Revenue per Employee (FTE) $ 72.20 $ 70.14 $ 68.04 $ 65.29 $ 65.79 FTE – Full time equivalent Calculation of Adjusted Noninterest Income Noninterest Income (GAAP) $ 44,647 $ 45,835 $ 44,980 $ 42,777 $ 21,974 Less: Gain (loss) on sale of securities (52) - (391) - (20,218) Less: Gain on insurance settlement 4,074 - - - - Adjusted Noninterest Income (non-GAAP) $ 40,625 $ 45,835 $ 45,371 $ 42,777 $ 42,192 Calculation of Noninterest Income to Total Revenue Noninterest Income to Total Revenue 18.79% 20.49% 21.60% 21.80% 12.37% Adjusted Noninterest Income to Adjusted Total Revenue (non-GAAP) 17.39% 20.49% 21.75% 21.80% 21.33% Noninterest Income per Employee $ 13.80 $ 14.37 $ 14.67 $ 14.24 $ 7.31 Adjusted Noninterest Income per Employee (FTE) $ 12.55 $ 14.37 $ 14.80 $ 14.24 $ 14.03

Non-GAAP Reconciliations   Q4 Q1 Q2 Q3 Q4 $ in thousands 2022 2023 2023 2023 2023 Calculation of Adjusted Noninterest Expense Noninterest Expense (GAAP) $ 142,575 $ 143,228 $ 139,696 $ 131,998 $ 148,139 Less: Merger related costs 35 1,396 19 5 - Less: Branch right sizing expense 1,104 979 95 547 3,846 Less: Early retirement program - - 3,609 1,557 1,032 Less: FDIC special assessment - - - - 10,521 Adjusted Noninterest Expense (non-GAAP) $ 141,436 $ 140,853 $ 135,973 $ 129,889 $ 132,740 Calculation of Noninterest Expense to Average Assets Average total assets $ 27,180,575 $ 27,488,732 $ 27,766,139 $ 27,594,611 $ 27,370,811 Noninterest expense to average total assets 2.08% 2.11% 2.02% 1.90% 2.15% Adjusted noninterest expense to average assets (non-GAAP) 2.06% 2.08% 1.96% 1.87% 1.92% FTE – Full time equivalent Fully taxable equivalent adjustment using an effective tax rate of 26.135% Calculation of Efficiency Ratio and Adjusted Efficiency Ratio Noninterest Expense (efficiency ratio numerator) $ 142,575 $ 143,228 $ 139,696 $ 131,998 $ 148,139 Total Revenue $ 237,673 $ 223,670 $ 208,210 $ 196,210 $ 177,602 Fully taxable equivalent adjustment ___ _ _6,770 ___ _ _6,311 ___ _ _6,106 ___ _ _6,515 ___ _ _6,511 Efficiency ratio denominator $ 244,443 $ 229,981 $ 214,316 $ 202,725 $ 184,113 Efficiency ratio (based on GAAP figures) 58.33% 62.28% 65.18% 65.11% 80.46% Adjusted Noninterest Expense (non-GAAP) (reconciliation shown on page 30) $ 141,436 $ 140,853 $ 135,973 $ 129,889 $ 132,740 Less: Other real estate and foreclosure expense 350 186 289 228 189 Less: Amortization of intangible assets ___ __ 4,108 ___ __ 4,096 ___ __ 4,098 ___ __ 4,097 ___ __ 4,015 Adjusted efficiency ratio numerator (non-GAAP) $ 136,978 $ 136,571 $ 131,586 $ 125,564 $ 128,536 Adjusted Total Revenue (non-GAAP) (reconciliation shown on page 29) $ 233,651 $ 223,670 $ 208,601 $ 196,210 $ 197,820 Fully taxable equivalent adjustment ___ _ _6,770 ___ _ _6,311 ___ _ _6,106 ___ _ _6,515 ___ _ _6,511 Adjusted efficiency ratio denominator non-GAAP) $ 240,421 $ 229,981 $ 214,707 $ 202,725 $ 204,331 Adjusted Efficiency Ratio (non-GAAP) 56.97% 59.38% 61.29% 61.94% 62.91%

Non-GAAP Reconciliations Fully taxable equivalent adjustment using an effective tax rate of 26.135%   Q4 Q3 Q4 $ in thousands 2022 2023 2023 Calculation of Adjusted Salaries and Employee Benefits Salaries and employee benefits (GAAP) $ 73,018 $ 67,374 $ 66,982 Less: Early retirement program - 1,557 1,032 Less: Other ____ _ - ____ _ - (2) Total Adjusted Salaries and Employee Benefits (non-GAAP) $ 73,018 $ 65,817 $ 65,952 Calculation of Adjusted Deposit Insurance Deposit insurance (GAAP) $ 3,680 $ 4,672 $ 15,220 Less: FDIC special assessment ____ _ - ____ _ - 10,521 Total Adjusted Deposit Insurance (non-GAAP) $ 3,680 $ 4,672 $ 4,699 Calculation of Adjusted Other Noninterest Expense Other noninterest expense (GAAP) $ 48,480 $ 42,582 $ 48,570 Less: Branch right sizing expense ____ _ 953 ____ _ 466 3,708 Total Adjusted Other Noninterest Expense (non-GAAP) $ 47,527 $ 42,116 $ 44,862 Calculation of Adjusted Provision for Income Taxes Provision for income taxes (GAAP) $ 11,812 $ 9,243 $ (4,473) Less: Tax effect of certain items (non-GAAP) (reconciliation shown on page 27) 754 (552) (9,309) Adjusted provision for income taxes (non-GAAP) $ 11,058 $ 9,795 $ 4,836 Calculation of Adjusted Occupancy Expense, Net Occupancy expense, net (GAAP) $ 11,620 $ 12,020 $ 11,733 Less: Branch right sizing expense ____ _ 151 ____ _ 78 133 Total Adjusted Occupancy Expense (non-GAAP) $ 11,469 $ 11,942 $ 11,600

Non-GAAP Reconciliations FTE - Fully taxable equivalent adjustment using an effective tax rate of 26.135%   Q4 Q3 Q4 $ in thousands 2022 2023 2023 Calculation of Tangible Common Equity (TCE) Total common stockholders’ equity $ 3,269,362 $ 3,285,555 $ 3,426,488 Total assets $ 27,461,061 $ 27,564,325 $ 27,345,674 Less: Intangible assets (1,448,549) (1,437,459) (1,433,444) Total tangible assets $ 26,012,512 $ 26,126,866 $ 25,912,230 Common equity to total assets 11.91% 11.92% 12.53% Tangible common equity to tangible common assets (non-GAAP) 7.00% 7.07% 7.69% Calculation of CET 1 Capital Ratio, Including the Impact of AOCI Total stockholders’ equity $ 3,269,362 $ 3,285,555 $ 3,426,488 CECL transition provision 92,619 61,746 61,746 Disallowed allowed intangible assets, net of deferred tax (1,412,667) (1,402,682) (1,398,810) Unrealized loss (gain) on available for sale securities (AOCI) ____ _ 517,560 ____ _ 544,380 ____ _ 404,375 Total tier 1 capital (CET 1) $ 2,466,874 $ 2,488,999 $ 2,493,799 Total tier 1 capital (CET 1) $ 2,466,874 $ 2,488,999 $ 2,493,799 Less: Unrealized loss (gain) on available for sale securities (AOCI) 517,560 544,380 404,375 Total tier 1 capital, including AOCI (non-GAAP) $ 1,949,314 $ 1,944,619 $ 2,089,424 Risk weighted assets $ 20,738,727 $ 20,703,669 $ 20,599,238 CET 1 capital ratio 11.90% 12.02% 12.11% CET 1 capital ratio, including AOCI 9.40% 9.39% 10.14%

Non-GAAP Reconciliations FTE - Fully taxable equivalent adjustment using an effective tax rate of 26.135%   Q4 Q3 Q4 $ in thousands 2022 2023 2023 Calculation of Uninsured, Non-Collateralized Deposit Coverage Ratio Uninsured deposits at Simmons Bank $ 8,913,990 $ 8,143,200 $ 8,328,444 Less: Collateralized deposits (excluding portion that is FDIC insured) 2,759,248 2,835,405 2,846,716 Less: Intercompany eliminations ____ _529,042 ______676,840 ______728,480 Total uninsured, non-collateralized deposits $ 5,625,700 $ 4,630,955 $ 4,753,248 FHLB borrowing availability $ 5,442,000 $ 5,372,000 $ 5,401,000 Unpledged securities 3,180,000 4,124,000 3,817,000 Fed funds lines, Fed discount window and Bank Term Funding Program 1,982,000 1,951,000 1,998,000 Additional liquidity sources $ 10,604,000 $ 11,447,000 $ 11,216,000 Uninsured, non-collateralized deposit coverage ratio 1.9x 2.5x 2.4x Calculation of Net Charge-Off Ratio Net charge-offs $ 11,641 Less: Partial charge-off of nursing/extended care related loan ______ 9,600 Net charge offs excluding nursing/extended care related credit $ 2,041 Average total loans $ 16,758,597 Net charge-offs as a percentage of average total loans (annualized) (NCO ratio) 0.28% NCO ratio, excluding nursing/extended care related credit (annualized) 0.05%

Nasdaq: SFNC 4th Quarter 2023 Earnings Presentation Contents 3 Company Profile 4 4Q23 Financial Highlights 12 Deposits, Securities, Liquidity, Interest Rate Sensitivity and Capital 18 Loan Portfolio 22 Credit Quality 26Appendix

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Document and Entity Information	Jan. 23, 2024
Cover [Abstract]
Entity Registrant Name	SIMMONS FIRST NATIONAL CORP
Amendment Flag	false
Entity Central Index Key	0000090498
Document Type	8-K
Document Period End Date	Jan. 23, 2024
Entity Incorporation State Country Code	AR
Entity File Number	0-6253
Entity Tax Identification Number	71-0407808
Entity Address, Address Line One	501 Main Street
Entity Address, City or Town	Pine Bluff
Entity Address, State or Province	AR
Entity Address, Postal Zip Code	71601
City Area Code	(870)
Local Phone Number	541-1000
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common stock, par value $0.01 per share
Trading Symbol	SFNC
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false