SFNC Simmons First National Corporation

Simmons First National Corporation (NASDAQ:SFNC) today announced net income available to common shareholders of $18.9 million, or $0.43 per diluted share, for the quarter ended December 31, 2017, compared to $27.0 million, or $0.85 per diluted share, for the same period in 2016.  Included in fourth quarter 2017 results was $14.2 million in merger-related and branch right-sizing costs, a $5.0 million donation to Simmons Foundation and a one-time tax adjustment of $11.5 million.

As a result of the “Tax Cuts and Jobs Act” that was signed into law on December 22, 2017, the Company was required to revalue its deferred tax assets and deferred tax liabilities to account for the future impact of lower corporate tax rates on these deferred amounts. The analysis resulted in a one-time non-cash charge to the income statement of $11.5 million.

Excluding the net after-tax impact of these items, core earnings were $42.0 million, or $0.97 per diluted share, for the quarter ended December 31, 2017, compared to $28.8 million, or $0.91 per diluted share, for the quarter ended December 31, 2016.

Year-to-date net income was $92.9 million, or $2.66 diluted earnings per share. Excluding the net after-tax merger-related and branch right-sizing costs, tax adjustment and the gain on sale of insurance lines recorded in the prior quarter, year-to-date core earnings were $119.0 million, or $3.41 diluted core earnings per share.

On October 19, 2017, Simmons First National Corporation completed the acquisitions of Southwest Bancorp, Inc. (NASDAQ:OKSB), headquartered in Stillwater, OK., including its wholly-owned bank subsidiary, Bank SNB, and First Texas BHC, Inc., headquartered in Ft. Worth, TX, including its wholly-owned subsidiary, Southwest Bank. The systems conversions are planned during the first half of 2018, at which time the subsidiary banks will be merged into Simmons Bank.

“We welcome our newest associates from Bank SNB and Southwest Bank and are pleased with our integration efforts thus far. We look forward to continued growth and profitability in their legacy markets,” said George A. Makris, Jr., chairman and CEO.

Makris continued, “The effect of the tax law changes has allowed us the opportunity to consider an increased investment in our associates which will include, among a variety of initiatives, an increase in the profit-sharing component of our 401(k) plan and increased consideration for our high-performing associates; an investment in technology of up to $100 million over 5 years to improve our delivery of products and services to our customers; an investment in our communities as evidenced by our $5 million contribution to our Foundation to support CRA qualified community development grants throughout our footprint; and finally a strategy to provide a return on the investment of our shareholders through retention and deployment of additional capital to grow our business while at the same time increasing the dividend we distribute to our shareholders.

“These investments reflect our optimism for Simmons and we believe will help us achieve the growth potential we envision for our company,” said Makris.

“Late last week we announced a 2 for 1 stock split which we believe will create investment opportunities for a wide variety of investors. Our retail ownership is approximately 50% and we believe it is a valuable dynamic to have owners as customers and vice-versa. We also announced a 20% increase in our dividend over the previous quarter.”

Financial statements, including earnings per share as well as other share-related disclosures, reported after the stock split record date of January 30, 2018, will include the impact of the stock split on all periods presented.

Selected Highlights:		4th Qtr 2017			3rd Qtr 2017			4th Qtr 2016
Net income		$18.9 million			$28.9 million			$27.0 million
Diluted earnings per share		$0.43			$0.89			$0.85
Return on avg assets		0.54%			1.25%			1.29%
Return on avg common equity		3.88%			9.12%			9.27%
Return on tangible common equity		7.53%			14.47%			14.71%
Net interest margin(1)		4.21%			3.91%			4.12%
Core earnings(2)		$42.0 million			$27.7 million			$28.8 million
Diluted core earnings per share(2)		$0.97			$0.86			$0.91
Core return on avg assets(2)		1.20%			1.20%			1.38%
Core return on avg common equity(2)		8.63%			8.77%			9.89%
Core return on tangible common equity(2)		15.97%			13.93%			15.65%
Core net interest margin(1)(2)		3.70%			3.77%			3.76%
Efficiency ratio		51.36%			55.06%			55.47%
(1) Fully tax equivalent.
(2) Core earnings excludes non-core items, which is a non-GAAP measurement.

Loans
		4th Qtr 2017		3rd Qtr 2017		4th Qtr 2016
Total loans		$10.8 billion		$6.3 billion		$5.6 billion
Legacy loans (all loans excluding loans acquired)		$5.7 billion		$5.2 billion		$4.3 billion
Loans acquired		$5.1 billion		$1.1 billion		$1.3 billion

Total loans, including those acquired, were $10.8 billion at December 31, 2017, an increase of $5.2 billion, or 91.4% from December 31, 2016. 

On a linked-quarter basis (December 31, 2017 compared to September 30, 2017), total loans increased $4.5 billion, or 71.0%.  The increase was due to:

• $4.2 billion increase in loans acquired on October 19th
• $193 million net increase in loans at Southwest Bank since merger
• $54 million net increase in loans at Bank SNB since merger
• $118 million net increase in loans at Simmons Bank
• $26 million decrease in liquidating portfolio (indirect lending and consumer finance)
• $65 million decrease from seasonal agricultural loan payoffs

Deposits
		4th Qtr 2017		3rd Qtr 2017		4th Qtr 2016
Total deposits		$11.1 billion		$7.3 billion		$6.7 billion
Non-time deposits		$9.2 billion		$6.0 billion		$5.4 billion
Time deposits		$1.9 billion		$1.3 billion		$1.3 billion

At December 31, 2017, total deposits were $11.1 billion, an increase of 64.7%, compared to the same period in 2016. The increase is from the recent acquisitions and growth in core deposits.  Total non-time deposits increased 68.1% compared to the same period in 2016, and comprised 82.6% of total deposits.

Net Interest Income

The Company’s net interest income for the fourth quarter of 2017 was $126.9 million, an increase of $52.6 million, or 70.8%, from the same period of 2016. Included in interest income was the yield accretion recognized on loans acquired of $15.7 million and $6.6 million for the fourth quarters of 2017 and 2016, respectively. Net interest margin was 4.21% for the quarter ended December 31, 2017, a 9 basis point increase from the same quarter of 2016. The Company’s core net interest margin, excluding the accretion, was 3.70% for the fourth quarter of 2017, a 6 basis point decline from December 31, 2016 and a 7 basis point decrease from September 30, 2017.  Cost of interest bearing deposits was 0.63% for the fourth quarter of 2017, a 32 basis point increase from December 31, 2016 and a 20 basis point increase from September 30, 2017.

Non-Interest Income

Non-interest income for the fourth quarter 2017 was $36.6 million, an increase of $514,000 compared to the fourth quarter of 2016. The increase was primarily due to additional trust income, service charge and fee income resulting from the acquisitions. These increases were partially offset by the following items included in non-interest income:

• $315,000 decrease in insurance income, due to the sale of the property and casualty lines of business in the third quarter of 2017
• $566,000 decrease in the gain on sale of SBA loans
• $2.7 million decrease in gain on sale of securities

Non-Interest Expense

Non-interest expense for the fourth quarter of 2017 was $108.5 million, an increase of $41.8 million compared to the fourth quarter of 2016. Included in this quarter were $14.2 million of merger-related expenses and branch rightsizing costs. Also included was a $5 million donation to Simmons Foundation.  Excluding these expenses, core non-interest expense was $89.3 million.

The increases during the quarter were driven by incremental increases in operating expenses related to the additions of Bank SNB and Southwest Bank during the quarter and First South Bank which closed earlier in 2017. The efficiency ratio for the fourth quarter 2017 was 51.36%.

Asset Quality
		4th Qtr 2017			3rd Qtr 2017			4th Qtr 2016
Allowance for loan losses on loans to total loans		0.73	%		0.82	%		0.84	%
Allowance for loan losses on loans to non-performing loans		90	%		78	%		92	%
Non-performing loans to total loans		0.81	%		1.05	%		0.91	%
Net charge-off ratio (annualized)		0.53	%		0.32	%		0.20	%
Net charge-off ratio excluding credit cards		0.51	%		0.27	%		0.14	%

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

At December 31, 2017, the allowance for loan losses for legacy loans was $41.7 million. The allowance for loan losses for loans acquired was $418,000 and the acquired loan discount credit mark was $89.3 million. The allowances for loan losses and credit marks provide a total of $131.4 million of coverage, which equates to a total coverage ratio of 1.2% of gross loans. The ratio of credit mark and related allowance to loans acquired was 1.7%.

Provision for loan losses for the fourth quarter of 2017 was $9.6 million, an increase of $5.3 million compared to December 31, 2016.

Foreclosed Assets and Other Real Estate Owned

At December 31, 2017, foreclosed assets and other real estate owned were $32.1 million, an increase of $5.2 million, or 19.4%, compared to the same period in 2016. The composition of these assets is divided into three types:    

		4th Qtr 2017		3rd Qtr 2017		4th Qtr 2016
Closed bank branches, branch sites & associate relocation		$9.8 million		$12.8 million		$6.1 million
Legacy loans (all loans excluding loans acquired)		$16.0 million		$11.1 million		$12.0 million
Loans acquired		$6.3 million		$7.6 million		$8.8 million

Capital
		4th Qtr 2017			3rd Qtr 2017			4th Qtr 2016
Stockholders’ equity to total assets		13.9%			13.2%			13.7%
Tangible common equity to tangible assets		8.1%			9.1%			9.4%
Regulatory tier 1 leverage ratio		9.2%			10.6%			11.0%
Regulatory total risk-based capital ratio		11.6%			13.5%			15.1%

At December 31, 2017, common stockholders' equity was $2.1 billion, book value per share was $45.30 and tangible book value per share was $24.68.  

Simmons First National Corporation

Simmons First National Corporation is a financial holding company, headquartered in Pine Bluff, Arkansas, with total assets of $15.1 billion as of December 31, 2017 conducting financial operations throughout Arkansas, Colorado, Kansas, Missouri, Oklahoma, Tennessee and Texas.  The Company, through its subsidiaries, offers comprehensive financial solutions delivered with a client-centric approach. The Company’s common stock trades on the NASDAQ Global Select Market under the symbol “SFNC.”

Conference Call

Management will conduct a live conference call to review this information beginning at 9:00 a.m. CST on Tuesday, January 23, 2018. Interested persons can listen to this call by dialing toll-free 1-866-298-7926 (United States and Canada only) and asking for the Simmons First National Corporation conference call, conference ID 9490927. In addition, the call will be available live or in recorded version on the Company’s website at www.simmonsbank.com.

Non-GAAP Financial Measures

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

Forward-Looking Statements

Statements in this news release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any forward-looking statement speaks only as of the date of this news release, and we undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release. By nature, forward-looking statements involve inherent risk and uncertainties. Various factors, including, but not limited to, economic conditions, credit quality, interest rates, loan demand, changes in the assumptions used in making the forward-looking statements, and the Company’s ability to manage and successfully integrate its mergers and acquisitions could cause actual results to differ materially from those contemplated by the forward-looking statements. Additional information on factors that might affect Simmons First National Corporation’s financial results is included in its Form 10-K filing with the Securities and Exchange Commission.

FOR MORE INFORMATION CONTACT:DAVID W. GARNEREVP and Investor Relations OfficerSimmons First National Corporation(870) 541-1000

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)		2017				2017				2017				2017				2016
($ in thousands)
ASSETS
Cash and non-interest bearing balances due from banks	$	205,025			$	108,675			$	112,567			$	103,875			$	117,007
Interest bearing balances due from banks and federal funds sold		393,017				323,615				217,047				201,406				168,652
Cash and cash equivalents		598,042				432,290				329,614				305,281				285,659
Interest bearing balances due from banks - time		3,314				4,059				6,057				4,563				4,563
Investment securities - held-to-maturity		368,058				406,033				419,003				431,176				462,096
Investment securities - available-for-sale		1,589,517				1,317,420				1,190,600				1,257,813				1,157,354
Mortgage loans held for sale		24,038				12,614				16,266				9,754				27,788
Assets held in trading accounts		-				49				50				55				41
Other assets held for sale		165,780				182,378				-				-				-
Loans:
Legacy loans		5,705,609				5,211,312				5,000,572				4,632,905				4,327,207
Allowance for loan losses		(41,668	)			(42,717	)			(41,379	)			(37,865	)			(36,286	)
Loans acquired, net of discount and allowance		5,074,076				1,092,039				1,224,739				1,144,291				1,305,683
Net loans		10,738,017				6,260,634				6,183,932				5,739,331				5,596,604
Premises and equipment		287,249				224,376				230,641				221,880				199,359
Premises held for sale		-				-				-				4,611				6,052
Foreclosed assets and other real estate owned		32,118				31,477				26,012				26,421				26,895
Interest receivable		43,528				30,749				27,337				26,089				27,788
Bank owned life insurance		185,984				148,984				148,134				139,439				138,620
Goodwill		842,651				375,731				379,437				350,035				348,505
Other intangible assets		106,071				55,501				58,528				51,408				52,959
Other assets		71,439				53,075				52,697				58,782				65,773
Total assets	$	15,055,806			$	9,535,370			$	9,068,308			$	8,626,638			$	8,400,056
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing transaction accounts	$	2,665,249			$	1,669,860			$	1,650,986			$	1,554,675			$	1,491,676
Interest bearing transaction accounts and savings deposits		6,494,896				4,344,779				4,141,426				3,987,730				3,956,483
Time deposits less than $100,000		1,196,760				675,186				645,855				653,538				686,780
Time deposits greater than $100,000		735,970				635,765				665,268				592,345				600,280
Total deposits		11,092,875				7,325,590				7,103,535				6,788,288				6,735,219
Federal funds purchased and securities sold
under agreements to repurchase		122,444				121,687				121,419				110,007				115,029
Other borrowings		1,380,024				522,541				474,962				441,074				273,159
Subordinated debentures		140,565				67,418				67,312				60,503				60,397
Other liabilities held for sale		157,366				176,964				-				-				-
Accrued interest and other liabilities		77,968				63,971				67,004				55,877				65,141
Total liabilities		12,971,242				8,278,171				7,834,232				7,455,749				7,248,945
Stockholders' equity:
Common stock		460				322				322				314				313
Surplus		1,586,494				763,443				761,754				716,564				711,976
Undivided profits		511,858				504,085				483,322				468,309				454,034
Accumulated other comprehensive income (loss):
Unrealized appreciation (depreciation) on AFS securities		(14,248	)			(10,651	)			(11,322	)			(14,298	)			(15,212	)
Total stockholders' equity		2,084,564				1,257,199				1,234,076				1,170,889				1,151,111
Total liabilities and stockholders' equity	$	15,055,806			$	9,535,370			$	9,068,308			$	8,626,638			$	8,400,056
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)		2017				2017				2017				2017				2016
($ in thousands, except per share data)
INTEREST INCOME
Loans	$	132,617			$	77,457			$	73,549			$	68,728			$	70,887
Interest bearing balances due from banks and federal funds sold		947				650				214				122				245
Investment securities		11,456				9,218				9,990				9,451				8,700
Mortgage loans held for sale		175				159				145				126				230
Assets held in trading accounts		-				-				-				-				3
TOTAL INTEREST INCOME		145,195				87,484				83,898				78,427				80,065
INTEREST EXPENSE
Time deposits		3,944				2,110				1,832				1,758				2,023
Other deposits		8,762				3,920				2,984				2,446				2,032
Federal funds purchased and securities
sold under agreements to repurchase		97				83				92				75				90
Other borrowings		3,993				1,875				1,559				1,194				1,034
Subordinated debentures		1,480				677				619				574				558
TOTAL INTEREST EXPENSE		18,276				8,665				7,086				6,047				5,737
NET INTEREST INCOME		126,919				78,819				76,812				72,380				74,328
Provision for loan losses		9,601				5,462				7,023				4,307				4,332
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES		117,318				73,357				69,789				68,073				69,996
NON-INTEREST INCOME
Trust income		6,020				4,225				4,113				4,212				4,282
Service charges on deposit accounts		10,587				8,907				8,483				8,102				8,666
Other service charges and fees		2,774				2,433				2,515				2,197				4,026
Mortgage and SBA lending income		3,713				3,219				3,961				2,423				4,580
Investment banking income		786				680				637				690				472
Debit and credit card fees		8,801				8,864				8,659				7,934				8,027
Bank owned life insurance income		1,101				725				859				818				895
(Loss) gain on sale of securities, net		(1,243	)			3				2,236				63				1,445
Other income		4,090				7,276				4,281				3,621				3,722
TOTAL NON-INTEREST INCOME		36,629				36,332				35,744				30,060				36,115
NON-INTEREST EXPENSE
Salaries and employee benefits		49,288				35,285				34,205				35,536				33,797
Occupancy expense, net		6,700				4,928				4,868				4,663				4,516
Furniture and equipment expense		5,533				4,840				4,550				4,443				4,387
Other real estate and foreclosure expense		865				1,071				517				589				679
Deposit insurance		1,216				1,020				780				680				89
Merger-related costs		14,044				752				6,603				524				2,846
Other operating expenses		30,844				18,263				19,885				19,887				20,411
TOTAL NON-INTEREST EXPENSE		108,490				66,159				71,408				66,322				66,725
NET INCOME BEFORE INCOME TAXES		45,457				43,530				34,125				31,811				39,386
Provision for income taxes		26,554				14,678				11,060				9,691				12,415
NET INCOME	$	18,903			$	28,852			$	23,065			$	22,120			$	26,971
BASIC EARNINGS PER SHARE	$	0.44			$	0.90			$	0.72			$	0.71			$	0.86
DILUTED EARNINGS PER SHARE	$	0.43			$	0.89			$	0.72			$	0.70			$	0.85
Page 2

Simmons First National Corporation																	SFNC
Consolidated Risk-Based Capital
For the Quarters Ended
(Unaudited)		Dec 31				Sep 30				Jun 30				Mar 31				Dec 31
		2017				2017				2017				2017				2016
($ in thousands)
Tier 1 capital
Stockholders' equity	$	2,084,564			$	1,257,199			$	1,234,076			$	1,170,889			$	1,151,111
Trust preferred securities, net allowable		-				67,418				67,312				60,503				60,397
Disallowed intangible assets, net of deferred tax		(902,371	)			(401,419	)			(406,990	)			(361,944	)			(354,028	)
Unrealized loss on AFS securities		17,264				10,651				11,322				14,298				15,212
Other		-				-				-				-				15
Total Tier 1 capital		1,199,457				933,849				905,720				883,746				872,707
Tier 2 capital
Qualifying unrealized gain on AFS equity securities		1				1				1				2				-
Trust preferred securities and subordinated debt		140,565				-				-				-				-
Qualifying allowance for loan losses and
reserve for unfunded commitments		48,947				46,709				45,369				41,303				40,241
Total Tier 2 capital		189,513				46,710				45,370				41,305				40,241
Total risk-based capital	$	1,388,970			$	980,559			$	951,090			$	925,051			$	912,948
Common equity
Tier 1 capital	$	1,199,457			$	933,849			$	905,720			$	883,746			$	872,707
Less: Trust preferred securities		-				(67,418	)			(67,312	)			(60,503	)			(60,397	)
Total common equity	$	1,199,457			$	866,431			$	838,408			$	823,243			$	812,310
Risk weighted assets	$	11,930,764			$	7,239,923			$	6,925,727			$	6,425,150			$	6,039,034
Adjusted average assets for leverage ratio	$	13,016,478			$	8,789,175			$	8,424,763			$	8,076,525			$	7,966,681
Ratios at end of quarter
Equity to assets		13.85	%			13.18	%			13.61	%			13.57	%			13.70	%
Tangible common equity to tangible assets (1)		8.05	%			9.07	%			9.22	%			9.35	%			9.37	%
Common equity Tier 1 ratio (CET1)		10.05	%			11.97	%			12.11	%			12.81	%			13.45	%
Tier 1 leverage ratio		9.21	%			10.62	%			10.75	%			10.94	%			10.95	%
Tier 1 risk-based capital ratio		10.05	%			12.90	%			13.08	%			13.75	%			14.45	%
Total risk-based capital ratio		11.64	%			13.54	%			13.73	%			14.40	%			15.12	%
(1) 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 Loans and Investments
For the Quarters Ended		Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)		2017			2017			2017			2017			2016
($ in thousands)
Legacy Loan Portfolio - End of Period (1)
Consumer
Credit cards	$	185,422		$	176,316		$	176,953		$	171,947		$	184,591
Other consumer		280,094			317,946			366,136			349,200			303,972
Total consumer		465,516			494,262			543,089			521,147			488,563
Real Estate
Construction		614,155			515,274			457,896			365,051			336,759
Single-family residential		1,094,633			1,048,403			1,014,412			957,717			904,245
Other commercial		2,530,824			2,231,223			2,089,707			1,959,677			1,787,075
Total real estate		4,239,612			3,794,900			3,562,015			3,282,445			3,028,079
Commercial
Commercial		825,217			688,960			678,932			657,606			639,525
Agricultural		148,302			207,849			191,345			141,125			150,378
Total commercial		973,519			896,809			870,277			798,731			789,903
Other		26,962			25,341			25,191			30,582			20,662
Total Loans	$	5,705,609		$	5,211,312		$	5,000,572		$	4,632,905		$	4,327,207
(1) Excludes all acquired loans.
Investment Securities - End of Period
Held-to-Maturity
U.S. Government agencies	$	46,945		$	66,928		$	67,912		$	68,895		$	76,875
Mortgage-backed securities		16,132			16,972			17,882			18,743			19,773
State and political subdivisions		301,491			320,116			331,249			341,854			362,532
Other securities		3,490			2,017			1,960			1,684			2,916
Total held-to-maturity		368,058			406,033			419,003			431,176			462,096
Available-for-Sale
U.S. Treasury	$	-		$	-		$	19,997		$	-		$	300
U.S. Government agencies		139,724			208,220			147,619			142,356			137,771
Mortgage-backed securities		1,187,317			959,698			878,205			927,277			868,324
State and political subdivisions		143,165			84,822			83,672			130,747			102,943
FHLB stock		58,914			24,415			21,772			19,149			12,235
Other securities		60,397			40,265			39,335			38,285			35,781
Total available-for-sale		1,589,517			1,317,420			1,190,600			1,257,814			1,157,354
Total investment securities	$	1,957,575		$	1,723,453		$	1,609,603		$	1,688,990		$	1,619,450
Fair value - HTM investment securities	$	373,298		$	412,140		$	425,263		$	435,701		$	465,960
Investment Securities - QTD Average
Taxable securities	$	1,569,173		$	1,229,172		$	1,244,071		$	1,185,794		$	1,146,703
Tax exempt securities		446,040			409,062			467,420			455,481			467,757
Total investment securities - QTD average	$	2,015,213		$	1,638,234		$	1,711,491		$	1,641,275		$	1,614,460
Page 4

Simmons First National Corporation													SFNC
Consolidated Loans and Credit Coverage
For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)		2017			2017			2017			2017			2016
($ in thousands)
LOANS
Legacy loans	$	5,705,609		$	5,211,312		$	5,000,572		$	4,632,905		$	4,327,207
Allowance for loan losses (legacy loans)		(41,668	)		(42,717	)		(41,379	)		(37,865	)		(36,286	)
Legacy loans (net of allowance)		5,663,941			5,168,595			4,959,193			4,595,040			4,290,921
Loans acquired		5,163,769			1,117,424			1,253,539			1,173,667			1,342,099
Credit discount		(89,275	)		(24,994	)		(28,409	)		(28,941	)		(35,462	)
Allowance for loan losses (loans acquired)		(418	)		(391	)		(391	)		(435	)		(954	)
Loans acquired (net of discount and allowance)		5,074,076			1,092,039			1,224,739			1,144,291			1,305,683
Net loans	$	10,738,017		$	6,260,634		$	6,183,932		$	5,739,331		$	5,596,604
Loan Coverage Ratios
Allowance for loan losses to legacy loans		0.73	%		0.82	%		0.83	%		0.82	%		0.84	%
Discount for credit losses and allowance on loans acquired
to total loans acquired plus discount for credit losses
and allowance on loans acquired (non-GAAP) (1)		1.74	%		2.27	%		2.30	%		2.50	%		2.71	%
Total allowance and credit coverage (non-GAAP) (1)		1.21	%		1.08	%		1.12	%		1.16	%		1.28	%
(1) Calculations of the non-GAAP loan coverage ratios and the reconciliations to GAAP are included in the schedules accompanying
this release.
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)		2017			2017			2017			2017			2016
($ in thousands)
Allowance for Loan Losses (Legacy Loans)
Balance, beginning of quarter	$	42,717		$	41,379		$	37,865		$	36,286		$	34,094
Loans charged off
Credit cards		943			1,017			901			1,044			935
Other consumer		781			819			993			1,174			493
Real estate		4,725			896			1,712			656			167
Commercial		4,754			2,442			349			292			913
Total loans charged off		11,203			5,174			3,955			3,166			2,508
Recoveries of loans previously charged off
Credit cards		233			275			277			236			213
Other consumer		468			445			636			690			158
Real estate		233			309			216			232			73
Commercial		20			21			32			30			28
Total recoveries		954			1,050			1,161			1,188			472
Net loans charged off		10,249			4,124			2,794			1,978			2,036
Provision for loan losses		9,200			5,462			6,308			3,557			4,228
Balance, end of quarter	$	41,668		$	42,717		$	41,379		$	37,865		$	36,286
Non-performing assets (1) (2)
Non-performing loans
Nonaccrual loans		45,642			54,439			57,127			52,913			39,104
Loans past due 90 days or more		520			232			281			231			299
Total non-performing loans		46,162			54,671			57,408			53,144			39,403
Other non-performing assets
Foreclosed assets and other real estate owned (2)		32,118			31,477			26,012			26,421			26,895
Other non-performing assets		675			639			485			352			471
Total other non-performing assets		32,793			32,116			26,497			26,773			27,366
Total non-performing assets	$	78,955		$	86,787		$	83,905		$	79,917		$	66,769
Performing TDRs (troubled debt restructurings)	$	7,107		$	9,212		$	8,794		$	10,833		$	10,998
Ratios (1) (2)
Allowance for loan losses to total loans		0.73	%		0.82	%		0.83	%		0.82	%		0.84	%
Allowance for loan losses to non-performing loans		90	%		78	%		72	%		71	%		92	%
Non-performing loans to total loans		0.81	%		1.05	%		1.15	%		1.15	%		0.91	%
Non-performing assets (including performing TDRs)
to total assets		0.57	%		1.01	%		1.02	%		1.05	%		0.93	%
Non-performing assets to total assets		0.52	%		0.91	%		0.93	%		0.93	%		0.79	%
Annualized net charge offs to total loans		0.53	%		0.32	%		0.23	%		0.18	%		0.20	%
Annualized net credit card charge offs to
total credit card loans		1.54	%		1.65	%		1.42	%		1.84	%		1.66	%
Annualized net charge offs to total loans
(excluding credit cards)		0.51	%		0.27	%		0.19	%		0.11	%		0.14	%
(1) Excludes all acquired loans, except for their inclusion in total assets.
(2) Includes acquired foreclosed assets and acquired other real estate owned.
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 2017							Three Months Ended Sep 2017							Three Months Ended Dec 2016
($ 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
Federal funds sold		342,589		947	1.10	%			269,111		650	0.96	%			248,777		245	0.39	%
Investment securities - taxable		1,702,531		8,592	2.00	%			1,313,333		6,574	1.99	%			1,236,864		5,681	1.83	%
Investment securities - non-taxable (FTE)		312,682		4,702	5.97	%			324,901		4,341	5.30	%			377,596		4,959	5.22	%
Mortgage loans held for sale		15,144		175	4.58	%			13,388		159	4.71	%			23,307		230	3.93	%
Assets held in trading accounts		14		-	0.00	%			52		-	0.00	%			1,774		3	0.67	%
Loans, including acquired loans		9,772,043		132,704	5.39	%			6,261,507		77,511	4.91	%			5,484,918		70,941	5.15	%
Total interest earning assets (FTE)		12,145,003		147,120	4.81	%			8,182,292		89,235	4.33	%			7,373,236		82,059	4.43	%
Non-earning assets		1,752,775							993,315							935,222
Total assets	$	13,897,778						$	9,175,607						$	8,308,458
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest bearing liabilities:
Interest bearing transaction and
savings accounts	$	6,132,456	$	8,762	0.57	%		$	4,227,567	$	3,920	0.37	%		$	3,895,367	$	2,032	0.21	%
Time deposits		1,852,148		3,944	0.84	%			1,330,889		2,110	0.63	%			1,292,961		2,023	0.62	%
Total interest bearing deposits		7,984,604		12,706	0.63	%			5,558,456		6,030	0.43	%			5,188,328		4,055	0.31	%
Federal funds purchased and securities
sold under agreement to repurchase		126,432		97	0.30	%			115,583		83	0.28	%			124,323		90	0.29	%
Other borrowings		988,614		3,993	1.60	%			502,972		1,875	1.48	%			203,615		1,034	2.02	%
Subordinated debentures		127,680		1,480	4.60	%			67,367		677	3.99	%			60,345		558	3.68	%
Total interest bearing liabilities		9,227,330		18,276	0.79	%			6,244,378		8,665	0.55	%			5,576,611		5,737	0.41	%
Non-interest bearing liabilities:
Non-interest bearing deposits		2,476,235							1,613,248							1,515,853
Other liabilities		262,409							62,287							59,061
Total liabilities		11,965,974							7,919,913							7,151,525
Stockholders' equity		1,931,804							1,255,694							1,156,933
Total liabilities and stockholders' equity	$	13,897,778						$	9,175,607						$	8,308,458
Net interest income (FTE)			$	128,844						$	80,570						$	76,322
Net interest spread (FTE)					4.02	%						3.78	%						4.02	%
Net interest margin (FTE) - quarter-to-date					4.21	%						3.91	%						4.12	%
Net interest margin (FTE) - year-to-date					4.07	%						3.99	%						4.19	%
Core net interest margin (FTE) - quarter-to-date (1)					3.70	%						3.77	%						3.76	%
Core loan yield (FTE) - quarter-to-date (1)					4.75	%						4.72	%						4.67	%
Core net interest margin (FTE) - year-to-date (1)					3.76	%						3.79	%						3.83	%
Core loan yield (FTE) - year-to-date (1)					4.69	%						4.65	%						4.72	%
(1) Calculations of core net interest margin and core loan yield and the reconciliations to GAAP are included in the schedules accompanying this release.
Page 7

Simmons First National Corporation													SFNC
Consolidated - Selected Financial Data
For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)		2017			2017			2017			2017			2016
($ in thousands, except share data)
QUARTER-TO-DATE
Financial Highlights - GAAP
Net Income	$	18,903		$	28,852		$	23,065		$	22,120		$	26,971
Diluted earnings per share		0.43			0.89			0.72			0.70			0.85
Return on average assets		0.54	%		1.25	%		1.05	%		1.07	%		1.29	%
Return on average common equity		3.88	%		9.12	%		7.65	%		7.69	%		9.27	%
Return on tangible common equity		7.53	%		14.47	%		12.13	%		12.22	%		14.71	%
Net interest margin (FTE)		4.21	%		3.91	%		4.04	%		4.04	%		4.12	%
FTE adjustment		1,925			1,751			2,082			1,965			1,994
Amortization of intangibles		2,839			1,724			1,553			1,550			1,533
Amortization of intangibles, net of taxes		1,725			1,048			944			942			932
Average diluted shares outstanding		43,518,022			32,423,796			32,025,780			31,612,900			31,592,713
Cash dividends declared per common share		0.25			0.25			0.25			0.25			0.24
Financial Highlights - Core (non-GAAP)
Core earnings (excludes non-core items) (1)	$	42,018		$	27,746		$	26,753		$	22,532		$	28,751
Diluted core earnings per share (1)		0.97			0.86			0.84			0.71			0.91
Core net interest margin (FTE) (2)		3.70	%		3.77	%		3.79	%		3.80	%		3.76	%
Accretable yield on acquired loans		15,684			2,890			4,792			4,427			6,552
Efficiency ratio (1)		51.36	%		55.06	%		56.04	%		60.92	%		55.47	%
Core return on average assets (1)		1.20	%		1.20	%		1.22	%		1.09	%		1.38	%
Core return on average common equity (1)		8.63	%		8.77	%		8.87	%		7.83	%		9.89	%
Core return on tangible common equity (1)		15.97	%		13.93	%		13.99	%		12.44	%		15.65	%
YEAR-TO-DATE
Financial Highlights - GAAP
Net Income	$	92,940		$	74,037		$	45,185		$	22,120		$	96,790
Diluted earnings per share		2.66			2.31			1.42			0.70			3.13
Return on average assets		0.92	%		1.12	%		1.06	%		1.07	%		1.25	%
Return on average common equity		6.68	%		8.18	%		7.67	%		7.69	%		8.75	%
Return on tangible common equity		11.26	%		12.97	%		12.17	%		12.22	%		13.92	%
Net interest margin (FTE)		4.07	%		3.99	%		4.04	%		4.04	%		4.19	%
FTE adjustment		7,723			5,798			4,047			1,965			7,722
Amortization of intangibles		7,666			4,827			3,103			1,550			5,942
Amortization of intangibles, net of taxes		4,659			2,934			1,886			942			3,611
Average diluted shares outstanding		34,926,460			32,007,135			31,794,363			31,612,900			30,963,546
Cash dividends declared per common share		1.00			0.75			0.50			0.25			0.96
Financial Highlights - Core (non-GAAP)
Core earnings (excludes non-core items) (1)	$	119,049		$	77,031		$	49,285		$	22,532		$	101,409
Diluted core earnings per share (1)		3.41			2.41			1.55			0.71			3.28
Core net interest margin (FTE) (2)		3.76	%		3.79	%		3.79	%		3.80	%		3.83	%
Accretable yield on acquired loans		27,793			12,109			9,219			4,427			24,257
Efficiency ratio (1)		55.27	%		57.25	%		58.40	%		60.92	%		56.32	%
Core return on average assets (1)		1.18	%		1.17	%		1.15	%		1.09	%		1.31	%
Core return on average common equity (1)		8.56	%		8.51	%		8.37	%		7.83	%		9.17	%
Core return on tangible common equity (1)		14.28	%		13.48	%		13.23	%		12.44	%		14.56	%
END OF PERIOD
Book value per share	$	45.30		$	39.03		$	38.31		$	37.30		$	36.80
Tangible book value per share		24.68			25.64			24.71			24.51			23.97
Shares outstanding		46,014,559			32,212,242			32,212,832			31,388,357			31,277,723
Full-time equivalent employees		2,640			1,942			1,919			1,876			1,875
Total number of financial centers		200			156			161			151			150
(1) Core earnings exclude non-core items, which is a non-GAAP measurement. Reconciliations to GAAP are included in the
schedules accompanying this release.
(2) Excludes accretable yield adjustment on loans, which is a non-GAAP measurement. Reconciliations to GAAP are included in
the schedules accompanying this release.
Page 8

Simmons First National Corporation													SFNC
Consolidated - Reconciliation of Core Earnings (non-GAAP)
For the Quarters Ended	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
(Unaudited)		2017			2017			2017			2017			2016
($ in thousands, except per share data)
QUARTER-TO-DATE
Net Income	$	18,903		$	28,852		$	23,065		$	22,120		$	26,971
Non-core items
Gain on sale of P&C insurance business		-			(3,708	)		-			-			-
Donation to Simmons Foundation		5,000			-			-			-			-
Merger-related costs		14,044			752			6,603			524			2,846
Branch right-sizing		116			435			(536	)		154			83
Tax effect (1)		(7,516	)		1,415			(2,379	)		(266	)		(1,149	)
Net non-core items (before SAB 118 adjustment)		11,644			(1,106	)		3,688			412			1,780
SAB 118 adjustment (2)		11,471			-			-			-			-
Core earnings (non-GAAP)	$	42,018		$	27,746		$	26,753		$	22,532		$	28,751
Diluted earnings per share	$	0.43		$	0.89		$	0.72		$	0.70		$	0.85
Non-core items
Gain on sale of P&C insurance business		-			(0.11	)		-			-			-
Donation to Simmons Foundation		0.11			-			-			-			-
Merger-related costs		0.33			0.02			0.21			0.02			0.09
Branch right-sizing		-			0.01			(0.02	)		-			-
Tax effect (1)		(0.16	)		0.05			(0.07	)		(0.01	)		(0.03	)
Net non-core items (before SAB 118 adjustment)		0.28			(0.03	)		0.12			0.01			0.06
SAB 118 adjustment (2)		0.26			-			-			-			-
Core earnings (non-GAAP)	$	0.97		$	0.86		$	0.84		$	0.71		$	0.91
YEAR-TO-DATE
Net Income	$	92,940		$	74,037		$	45,185		$	22,120		$	96,790
Non-core items
Gain from early retirement of trust preferred securities		-			-			-			-			(594	)
Gain on sale of P&C insurance business		(3,708	)		(3,708	)		-			-			-
Donation to Simmons Foundation		5,000			-			-			-			-
Merger-related costs		21,923			7,879			7,127			524			4,835
Branch right-sizing		169			53			(382	)		154			3,359
Tax effect (1)		(8,746	)		(1,230	)		(2,645	)		(266	)		(2,981	)
Net non-core items (before SAB 118 adjustment)		14,638			2,994			4,100			412			4,619
SAB 118 adjustment (2)		11,471			-			-			-			-
Core earnings (non-GAAP)	$	119,049		$	77,031		$	49,285		$	22,532		$	101,409
Diluted earnings per share	$	2.66		$	2.31		$	1.42		$	0.70		$	3.13
Non-core items
Gain from early retirement of trust preferred securities		-			-			-			-			(0.02	)
Gain on sale of P&C insurance business		(0.10	)		(0.11	)
Donation to Simmons Foundation		0.14
Merger-related costs		0.63			0.25			0.22			0.02			0.16
Branch right-sizing		-			-			(0.01	)		-			0.11
Tax effect (1)		(0.25	)		(0.04	)		(0.08	)		(0.01	)		(0.10	)
Net non-core items (before SAB 118 adjustment)		0.42			0.10			0.13			0.01			0.15
SAB 118 adjustment (2)		0.33			-			-			-			-
Core earnings (non-GAAP)	$	3.41		$	2.41		$	1.55		$	0.71		$	3.28
(1) Effective tax rate of 39.225%, adjusted for non-deductible merger-related costs and deferred tax items on P&C insurance sale.
(2) Tax adjustment to revalue deferred tax assets and liabilites to account for the future impact of lower corporate tax
rates resulting from the "Tax Cuts and Jobs Act", signed into law on December 22, 2017.
Page 9

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - End of Period
For the Quarters Ended
(Unaudited)	Dec 31			Sept 30			Jun 30			Mar 31			Dec 31
		2017			2017			2017			2017			2016
($ in thousands, except per share data)
Calculation of Tangible Common Equity and the Ratio of Tangible Common Equity to Tangible Assets
Total common stockholders' equity	$	2,084,564		$	1,257,199		$	1,234,076		$	1,170,889		$	1,151,111
Intangible assets:
Goodwill		(842,651	)		(375,731	)		(379,437	)		(350,035	)		(348,505	)
Other intangible assets		(106,071	)		(55,501	)		(58,528	)		(51,408	)		(52,959	)
Total intangibles		(948,722	)		(431,232	)		(437,965	)		(401,443	)		(401,464	)
Tangible common stockholders' equity	$	1,135,842		$	825,967		$	796,111		$	769,446		$	749,647
Total assets	$	15,055,806		$	9,535,370		$	9,068,308		$	8,626,638		$	8,400,056
Intangible assets:
Goodwill		(842,651	)		(375,731	)		(379,437	)		(350,035	)		(348,505	)
Other intangible assets		(106,071	)		(55,501	)		(58,528	)		(51,408	)		(52,959	)
Total intangibles		(948,722	)		(431,232	)		(437,965	)		(401,443	)		(401,464	)
Tangible assets	$	14,107,084		$	9,104,138		$	8,630,343		$	8,225,195		$	7,998,592
Ratio of equity to assets		13.85	%		13.18	%		13.61	%		13.57	%		13.70	%
Ratio of tangible common equity to tangible assets		8.05	%		9.07	%		9.22	%		9.35	%		9.37	%
Calculation of Discount for credit losses and allowance on loans acquired to total loans acquired plus
discount for credit losses and allowance on loans acquired
Credit discount on acquired loans	$	89,275		$	24,994		$	28,409		$	28,941		$	35,462
Allowance for loan losses on acquired loans		418			391			391			435			954
Total credit discount and ALLL on acquired loans	$	89,693		$	25,385		$	28,800		$	29,376		$	36,416
Total loans acquired	$	5,163,769		$	1,117,424		$	1,253,539		$	1,173,667		$	1,342,099
Discount and ALLL on acquired loans to acquired loans		1.74	%		2.27	%		2.30	%		2.50	%		2.71	%
Calculation of Total Allowance and Credit Coverage
Allowance for loan losses	$	41,668		$	42,717		$	41,379		$	37,865		$	36,286
Total credit discount and ALLL on acquired loans		89,693			25,385			28,800			29,376			36,416
Total allowance and credit discount	$	131,361		$	68,102		$	70,179		$	67,241		$	72,702
Total loans	$	10,869,378		$	6,328,736		$	6,254,155		$	5,806,572		$	5,669,306
Total allowance and credit coverage		1.21	%		1.08	%		1.12	%		1.16	%		1.28	%
Calculation of Tangible Book Value per Share
Total common stockholders' equity	$	2,084,564		$	1,257,199		$	1,234,076		$	1,170,889		$	1,151,111
Intangible assets:
Goodwill		(842,651	)		(375,731	)		(379,437	)		(350,035	)		(348,505	)
Other intangible assets		(106,071	)		(55,501	)		(58,528	)		(51,408	)		(52,959	)
Total intangibles		(948,722	)		(431,232	)		(437,965	)		(401,443	)		(401,464	)
Tangible common stockholders' equity	$	1,135,842		$	825,967		$	796,111		$	769,446		$	749,647
Shares of common stock outstanding		46,014,559			32,212,242			32,212,832			31,388,357			31,277,723
Book value per common share	$	45.30		$	39.03		$	38.31		$	37.30		$	36.80
Tangible book value per common share	$	24.68		$	25.64		$	24.71		$	24.51		$	23.97
Page 10

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date
For the Quarters Ended
(Unaudited)	Dec 31			Sept 30			Jun 30			Mar 31			Dec 31
		2017			2017			2017			2017			2016
($ in thousands)
Calculation of Core Return on Average Assets
Net income	$	18,903		$	28,852		$	23,065		$	22,120		$	26,971
Net non-core items, net of taxes, adjustment		23,115			(1,106	)		3,688			412			1,780
Core earnings	$	42,018		$	27,746		$	26,753		$	22,532		$	28,751
Average total assets	$	13,897,778		$	9,175,607		$	8,812,460		$	8,414,470		$	8,308,458
Return on average assets		0.54	%		1.25	%		1.05	%		1.07	%		1.29	%
Core return on average assets		1.20	%		1.20	%		1.22	%		1.09	%		1.38	%
Calculation of Return on Tangible Common Equity
Net income	$	18,903		$	28,852		$	23,065		$	22,120		$	26,971
Amortization of intangibles, net of taxes		1,725			1,048			944			942			932
Total income available to common stockholders	$	20,628		$	29,900		$	24,009		$	23,062		$	27,903
Net non-core items, net of taxes		23,115			(1,106	)		3,688			412			1,780
Core earnings		42,018			27,746			26,753			22,532			28,751
Amortization of intangibles, net of taxes		1,725			1,048			944			942			932
Total core income available to common stockholders	$	43,743		$	28,794		$	27,697		$	23,474		$	29,683
Average common stockholders' equity	$	1,931,804		$	1,255,694		$	1,209,343		$	1,166,473		$	1,156,933
Average intangible assets:
Goodwill		(731,661	)		(378,387	)		(362,925	)		(348,837	)		(348,597	)
Other intangibles		(113,770	)		(57,232	)		(52,419	)		(52,169	)		(53,646	)
Total average intangibles		(845,431	)		(435,619	)		(415,344	)		(401,006	)		(402,243	)
Average tangible common stockholders' equity	$	1,086,373		$	820,075		$	793,999		$	765,467		$	754,690
Return on average common equity		3.88	%		9.12	%		7.65	%		7.69	%		9.27	%
Return on tangible common equity		7.53	%		14.47	%		12.13	%		12.22	%		14.71	%
Core return on average common equity		8.63	%		8.77	%		8.87	%		7.83	%		9.89	%
Core return on tangible common equity		15.97	%		13.93	%		13.99	%		12.44	%		15.65	%
Calculation of Efficiency Ratio (1)
Non-interest expense	$	108,490		$	66,159		$	71,408		$	66,322		$	66,725
Non-core non-interest expense adjustment		(19,160	)		(862	)		(6,700	)		(635	)		(2,995	)
Other real estate and foreclosure expense adjustment		(865	)		(1,071	)		(517	)		(550	)		(669	)
Amortization of intangibles adjustment		(2,839	)		(1,724	)		(1,553	)		(1,550	)		(1,533	)
Efficiency ratio numerator	$	85,626		$	62,502		$	62,638		$	63,587		$	61,528
Net-interest income	$	126,919		$	78,819		$	76,812		$	72,380		$	74,328
Non-interest income		36,629			36,332			35,744			30,060			36,115
Non-core non-interest income adjustment		-			(3,383	)		(632	)		43			(66	)
Fully tax-equivalent adjustment		1,925			1,751			2,082			1,965			1,994
(Gain) loss on sale of securities		1,243			(3	)		(2,236	)		(63	)		(1,445	)
Efficiency ratio denominator	$	166,716		$	113,516		$	111,770		$	104,385		$	110,926
Efficiency ratio (1)		51.36	%		55.06	%		56.04	%		60.92	%		55.47	%
Calculation of Core Net Interest Margin
Net interest income	$	126,919		$	78,819		$	76,812		$	72,380		$	74,328
Fully tax-equivalent adjustment		1,925			1,751			2,082			1,965			1,994
Fully tax-equivalent net interest income		128,844			80,570			78,894			74,345			76,322
Total accretable yield		(15,684	)		(2,890	)		(4,792	)		(4,427	)		(6,552	)
Core net interest income	$	113,160		$	77,680		$	74,102		$	69,918		$	69,770
Average earning assets	$	12,145,003		$	8,182,292		$	7,841,208		$	7,469,709		$	7,373,236
Net interest margin		4.21	%		3.91	%		4.04	%		4.04	%		4.12	%
Core net interest margin		3.70	%		3.77	%		3.79	%		3.80	%		3.76	%
Calculation of Core Loan Yield
Loan interest income	$	132,617		$	77,457		$	73,549		$	68,728		$	70,887
Total accretable yield		(15,684	)		(2,890	)		(4,792	)		(4,427	)		(6,552	)
Core loan interest income	$	116,933		$	74,567		$	68,757		$	64,301		$	64,335
Average loan balance	$	9,772,043		$	6,261,507		$	5,954,019		$	5,685,585		$	5,484,918
Core loan yield		4.75	%		4.72	%		4.63	%		4.59	%		4.67	%
(1) Efficiency ratio is noninterest expense before foreclosed property expense and amortization of intangibles as a percent of net interest income (fully
taxable equivalent) and noninterest revenues, excluding gains and losses from securities transactions and non-core items.
Page 11

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - Year-to-Date
For the Quarters Ended
(Unaudited)	Dec 31			Sept 30			Jun 30			Mar 31			Dec 31
		2017			2017			2017			2017			2016
($ in thousands)
Calculation of Core Return on Average Assets
Net income	$	92,940		$	74,037		$	45,185		$	22,120		$	96,790
Net non-core items, net of taxes, adjustment		26,109			2,994			4,100			412			4,619
Core earnings	$	119,049		$	77,031		$	49,285		$	22,532		$	101,409
Average total assets	$	10,074,951		$	8,800,675		$	8,613,240		$	8,414,470		$	7,760,233
Return on average assets		0.92	%		1.12	%		1.06	%		1.07	%		1.25	%
Core return on average assets		1.18	%		1.17	%		1.15	%		1.09	%		1.31	%
Calculation of Return on Tangible Common Equity
Net income	$	92,940		$	74,037		$	45,185		$	22,120		$	96,790
Amortization of intangibles, net of taxes		4,659			2,934			1,886			942			3,611
Total income available to common stockholders	$	97,599		$	76,971		$	47,071		$	23,062		$	100,401
Net non-core items, net of taxes		26,109			2,994			4,100			412			4,619
Core earnings		119,049			77,031			49,285			22,532			101,409
Amortization of intangibles, net of taxes		4,659			2,934			1,886			942			3,611
Total core income available to common stockholders	$	123,708		$	79,965		$	51,171		$	23,474		$	105,020
Average common stockholders' equity	$	1,390,815		$	1,210,487		$	1,187,906		$	1,166,473		$	1,105,775
Average intangible assets:
Goodwill		(455,453	)		(363,383	)		(355,881	)		(348,837	)		(332,974	)
Other intangibles		(68,896	)		(53,941	)		(52,294	)		(52,169	)		(51,710	)
Total average intangibles		(524,349	)		(417,324	)		(408,175	)		(401,006	)		(384,684	)
Average tangible common stockholders' equity	$	866,466		$	793,163		$	779,731		$	765,467		$	721,091
Return on average common equity		6.68	%		8.18	%		7.67	%		7.69	%		8.75	%
Return on tangible common equity		11.26	%		12.97	%		12.17	%		12.22	%		13.92	%
Core return on average common equity		8.56	%		8.51	%		8.37	%		7.83	%		9.17	%
Core return on tangible common equity		14.28	%		13.48	%		13.23	%		12.44	%		14.56	%
Calculation of Efficiency Ratio (1)
Non-interest expense	$	312,379		$	203,889		$	137,730		$	66,322		$	255,085
Non-core non-interest expense adjustment		(27,357	)		(8,197	)		(7,335	)		(635	)		(8,435	)
Other real estate and foreclosure expense adjustment		(3,042	)		(2,177	)		(1,067	)		(550	)		(4,389	)
Amortization of intangibles adjustment		(7,666	)		(4,827	)		(3,103	)		(1,550	)		(5,942	)
Efficiency ratio numerator	$	274,314		$	188,688		$	126,225		$	63,587		$	236,319
Net-interest income	$	354,930		$	228,011		$	149,192		$	72,380		$	279,206
Non-interest income		138,765			102,136			65,804			30,060			139,382
Non-core non-interest income adjustment		(3,972	)		(3,972	)		(589	)		43			(835	)
Fully tax-equivalent adjustment		7,723			5,798			4,047			1,965			7,722
(Gain) loss on sale of securities		(1,059	)		(2,302	)		(2,299	)		(63	)		(5,848	)
Efficiency ratio denominator	$	496,387		$	329,671		$	216,155		$	104,385		$	419,627
Efficiency ratio (1)		55.27	%		57.25	%		58.40	%		60.92	%		56.32	%
Calculation of Core Net Interest Margin
Net interest income	$	354,930		$	228,011		$	149,192		$	72,380		$	279,206
Fully tax-equivalent adjustment		7,723			5,798			4,047			1,965			7,722
Fully tax-equivalent net interest income		362,653			233,809			153,239			74,345			286,928
Total accretable yield		(27,793	)		(12,109	)		(9,219	)		(4,427	)		(24,257	)
Core net interest income	$	334,860		$	221,700		$	144,020		$	69,918		$	262,671
Average earning assets	$	8,908,418		$	7,829,548		$	7,653,177		$	7,469,709		$	6,855,322
Net interest margin		4.07	%		3.99	%		4.04	%		4.04	%		4.19	%
Core net interest margin		3.76	%		3.79	%		3.79	%		3.80	%		3.83	%
Calculation of Core Loan Yield
Loan interest income	$	352,351		$	219,734		$	142,277		$	68,728		$	265,652
Total accretable yield		(27,793	)		(12,109	)		(9,219	)		(4,427	)		(24,257	)
Core loan interest income	$	324,558		$	207,625		$	133,058		$	64,301		$	241,395
Average loan balance	$	6,918,293		$	5,967,036		$	5,819,803		$	5,685,585		$	5,109,492
Core loan yield		4.69	%		4.65	%		4.61	%		4.59	%		4.72	%
(1) Efficiency ratio is noninterest expense before foreclosed property expense and amortization of intangibles as a percent of net interest income (fully
taxable equivalent) and noninterest revenues, excluding gains and losses from securities transactions and non-core items.
Page 12