SIMMONS FIRST NATIONAL CORP (Form: 8-K, Received: 07/27/2021 08:02:55)

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): July 23, 2021

Simmons First National Corporation

(Exact Name of Registrant as Specified in Charter)

Arkansas	000-06253	71-0407808
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

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:

	☒	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))

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 July 27, 2021, Simmons First National Corporation (“Registrant” or “Company”) issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

On July 27, 2021, the Registrant also 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 2.02, including Exhibits 99.1 and 99.2, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“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 Registrant under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 8.01 Other Events.

Effective July 23, 2021, the board of directors of the Company approved an amendment to the Company’s stock repurchase program originally approved on October 17, 2019, as amended on March 4, 2020, (the “Program”) to increase the amount of the Company’s Class A common stock (“Common Stock”) that may be repurchased under the Program from a maximum of $180 million to a maximum of $276.5 million and to extend the Program’s termination date from October 31, 2021, to October 31, 2022 (unless terminated sooner). The Program will be executed in accordance with Rule 10b-18 under the Exchange Act. To date, the Company has repurchased approximately $126.5 million of its Common Stock under the Program, which permits the Company to 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 July 27, 2021
Exhibit 99.2	Investor Presentation issued on July 27, 2021
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


Date: July 27, 2021	By:	/s/ James M. Brogdon
		James M. Brogdon, Executive Vice President,
		Chief Financial Officer and Treasurer

Exhibit 99.1

For Immediate Release:

July 27, 2021

SIMMONS REPORTS SECOND QUARTER 2021 EARNINGS

Board of Directors extends and increases authorization under share repurchase program

Net income of $74.9 million, up 27 percent from the year ago quarter and up 11 percent compared to the first quarter of 2021

Diluted EPS of $0.69, up 28 percent from the year ago quarter and up 11 percent compared to the first quarter of 2021

Adjusted pre-tax, pre-provision income of $74.6 million, up 2 percent from first quarter 2021 levels

Loan production totaled $1.8 billion during the first half of 2021, on pace to significantly exceed production volume for full-year of 2020

Total deposits of $18.3 billion, up $1.3 billion since year-end 2020 while deposits costs dropped 10 bps over the same period

Improved macroeconomic scenario models and sharp decline in nonperforming loans (down $34.6 million linked quarter) drive $13.0 million provision expense recapture in the quarter

Merger and acquisition activity resumes during the quarter with announced pending acquisitions of Tennessee-based Landmark Community Bank and Triumph Bancshares, Inc.

Pine Bluff, AR – Simmons First National Corporation (NASDAQ: SFNC) (the “Company” or “Simmons”) today reported net income of $74.9 million for the second quarter of 2021 compared to net income of $58.8 million for the second quarter of 2020, an increase of $16.1 million, or 27 percent. Diluted earnings per share for the second quarter of 2021 were $0.69, an increase of $0.15, or 28 percent, compared to the same period in the prior year. Included in second quarter 2021 results were $524,000 in net after-tax merger-related and net branch right-sizing costs. Excluding the impact of these items, core earnings were $75.4 million for the second quarter of 2021, compared to $60.1 million for the second quarter of 2020, an increase of $15.3 million, or 25 percent. Core diluted earnings per share were $0.69, an increase of $0.14, or 25 percent, from the comparable period in 2020.

On a year-to-date basis, net income for the first half of 2021 was $142.3 million, or $1.31 diluted earnings per share, compared to $136.0 million, or $1.22 diluted earnings per share, for the first half of 2020. Excluding $2.9 million in net after-tax merger-related and net branch right-sizing costs and the after-tax gain primarily associated with the sale of branches in Illinois, core earnings for the first half of 2021 were $139.4 million, an increase of $5.4 million compared to the first half of last year. Core diluted earnings per share for the first half of 2021 were $1.28, an increase of $0.07, or 6 percent, from the comparable period of 2020.

“Overall we were very pleased with our results for the quarter as we delivered solid performance in multiple areas while continuing to navigate the challenging environment,” said George A, Makris, Jr., Simmons’ chairman and CEO. “While loan growth throughout the financial services industry continues to be hampered by the significant amounts of government stimulus in the economy that has resulted in sluggish loan demand and historically high levels of paydowns, Simmons generated $1.8 billion in loan originations and advances during the first half of 2021, putting us on pace to significantly exceed loan production volume reported for the full-year of 2020. Our commercial loan pipeline has increased for three consecutive quarters and we are cautiously optimistic that this trend is a positive sign going forward.”

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

“At the same time, asset quality metrics continued to improve as certain initially anticipated impacts of the COVID-19 pandemic on asset quality have thus far failed to materialize. As such, we recorded the recapture of $13.0 million of provision expense during the quarter while maintaining our nonperforming loan coverage ratio and an appropriate allowance to loan ratio that is reflective of the uncertainty in the economy and associated risk in our loan portfolio. As a result of our solid results in the quarter and our strong asset quality and capital positions, Simmons’ board of directors extended and increased the authorization under our share repurchase program, thus increasing our remaining capacity under the program to approximately $150 million and extending the program’s scheduled expiration to October 2022.”

Selected Highlights:	2^nd Qtr 2021	1^st Qtr 2021	2^nd Qtr 2020
Net income	$74.9 million	$67.4 million	$58.8 million
Diluted earnings per share	$0.69	$0.62	$0.54
Return on avg assets	1.29%	1.20%	1.08%
Return on avg common equity	10.08%	9.20%	8.21%
Return on tangible common equity ⁽¹⁾	17.25%	15.85%	14.55%

Core earnings ⁽²⁾	$75.4 million	$64.0 million	$60.1 million
Core diluted earnings per share ⁽²⁾	$0.69	$0.59	$0.55
Core return on avg assets ⁽²⁾	1.30%	1.14%	1.11%
Core return on avg common equity ⁽²⁾	10.15%	8.73%	8.40%
Core return on tangible common equity ⁽¹⁾⁽²⁾	17.36%	15.08%	14.87%
Efficiency ratio ⁽³⁾	56.93%	57.43%	51.13%
Adjusted pre-tax, pre-provision earnings ⁽²⁾	$74.6 million	$73.1 million	$97.7 million

(1)

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

(2)

Core figures exclude non-core items and are non-GAAP measurements. Adjusted pre-tax, pre-provision earnings exclude provision for income taxes, provisions for credit losses and unfunded commitments, gains on sales of securities, and other pre-tax, non-core items, and is also a non-GAAP measurement. Please see “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below.

(3)

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

Loans

($ in billions)	2^nd Qtr 2021	1^st Qtr 2021	2^nd Qtr 2020
Total loans	$11.4	$12.2	$14.6

Total loans at the end of the second quarter of 2021 were $11.4 billion compared to $12.2 billion at the end of the first quarter of 2021 and $14.6 billion at the end of the second quarter of 2020. Total loan production (loan originations and advances) for the first half of 2021 totaled $1.8 billion. While loan originations and advances are outpacing prior year production, the decline in loan balances reflects the substantial government stimulus to support the economy during the COVID-19 pandemic which contributed to an increase in the level of loan paydowns, payoffs and corresponding sluggish loan demand throughout the financial services industry. The Company’s balance of Paycheck Protection Program (“PPP”) loans totaled $441.4 million at the end of the second quarter of 2021, down $463.3 million during the first half of 2021 as originations under PPP Round 2 have been offset by loan forgiveness.

Despite these headwinds, loan demand appears to be returning to more normalized levels. For the third consecutive quarter, the Company experienced an increase in its commercial loan demand. The Company’s total commercial loan pipeline consisting of all loan opportunities was $1.3 billion compared to $674 million at December 31, 2020. Loans approved and ready to close at the end of the quarter totaled $467 million.

PPP Loans

($ in millions)	PPP Round 1	PPP Round 2	Total PPP Loans
Beginning balance, January 1, 2021	$904.7	$ -	$904.7
PPP loan originations	-	318.9	318.9
PPP loan forgiveness and repayments	(763.9)	(18.3)	(782.2)
Ending balance, June 30, 2021	$140.8	$300.6	$441.4

Deposits

($ in billions)	2^nd Qtr 2021	1^st Qtr 2021	2^nd Qtr 2020
Total deposits	$18.3	$18.2	$16.6
Noninterest bearing deposits	$4.9	$4.9	$4.6
Interest bearing deposits	$10.6	$10.3	$9.0
Time deposits	$2.8	$3.0	$3.0

Total deposits at the end of the second quarter of 2021 were $18.3 billion, an increase of $1.7 billion or 10 percent from $16.6 billion at the end of the second quarter of 2020. The increase in total deposits from a year ago was driven by a $1.6 billion increase in interest bearing deposits (checking, savings and money market accounts) which totaled $10.6 billion at the end of the second quarter of 2021. Noninterest bearing deposits also contributed to the year-over-year growth in total deposits, increasing $285.9 million or 6 percent while time deposits declined $188.9 million or 6 percent during the same period.

Net Interest Income

	2^nd Qtr 2021	1^st Qtr 2021	4^th Qtr 2020	3^rd Qtr 2020	2^nd Qtr 2020
Loan yield ⁽¹⁾	4.73%	4.75%	4.74%	4.54%	4.84%
Core loan yield ^{(1) (2)}	4.54%	4.53%	4.47%	4.29%	4.52%
Security yield ⁽¹⁾	1.97%	2.36%	2.48%	2.60%	2.50%
Cost of interest bearing deposits	0.32%	0.41%	0.47%	0.54%	0.59%
Cost of deposits ⁽³⁾	0.24%	0.30%	0.34%	0.39%	0.44%
Cost of borrowed funds	1.97%	1.91%	1.88%	1.85%	1.84%
Net interest margin ⁽¹⁾	2.89%	2.99%	3.22%	3.21%	3.42%
Core net interest margin ^{(1) (2)}	2.78%	2.86%	3.04%	3.02%	3.18%

(1)

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

(2)

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

(3)

Includes non-interest bearing deposits.

Net interest income for the second quarter of 2021 totaled $146.5 million, compared to $146.7 million in the first quarter of 2021 and $163.7 million in the second quarter of 2020. Included in net interest income is accretion recognized on loans acquired totaling $5.6 million in the second quarter of 2021, $6.6 million in the first quarter of 2021 and $11.7 million in the second quarter of 2020. Excluding the impact of accretion, core net interest income for the second quarter of 2021 increased 1 percent on a linked quarter basis.

The decrease in net interest income from the year ago quarter reflects a lower average loan balance combined with an 11 basis point decrease in loan yields. To offset the expected pressure on net interest income given the current low interest rate environment, the Company has been diligent in its efforts to reduce deposits costs. As a result, cost of deposits for the second quarter of 2021 was 24 basis points, down 6 basis points on a linked quarter basis and 20 basis points compared to the second quarter of 2020.

While loan yields declined from the year ago quarter, on a linked quarter basis loan yields declined only 2 basis points. The core loan yield, which excludes accretion, for the second quarter of 2021 was 4.54 percent, up 1 basis point compared to the first quarter of 2021 and up 2 basis points compared to the second quarter a year ago. The yield on PPP loans was approximately 5.08 percent during the second quarter of 2021 (including accretion of net fees), which increased the overall loan yield by approximately 2 basis points.

The net interest margin on a fully taxable equivalent basis was 2.89 percent for the second quarter of 2021 compared to 2.99 percent for the first quarter of 2021 and 3.42 percent for the second quarter of 2020. Core net interest margin (excluding accretion on acquired loans) was 2.78 percent compared to 2.86 percent for the first quarter of 2021 and 3.18 percent for the second quarter of 2020. During the second quarter of 2021, the Company purchased $2.5 billion of investment securities. This included the strategic redeployment of excess liquidity through the purchase of variable rate investment securities totaling approximately $1.1 billion. Consequently, the duration of the investment securities portfolio shortened from 6.5 years at March 31, 2021 to 4.9 years at June 30, 2021.

Noninterest Income

Noninterest income for the second quarter of 2021 was $47.9 million compared to $50.3 million in the first quarter of 2021 and $48.8 million in the second quarter of 2020. Gains on the sale of investment securities totaled $5.1 million in the second quarter of 2021, $5.5 million in the first quarter of 2021 and $390,000 in the second quarter of 2020. Core noninterest income totaled $47.5 million in the second quarter of 2021 compared to $44.9 million in the first quarter of 2021 and $46.6 million in the second quarter of 2020. Core noninterest income excludes gains on the sale of branches which totaled $445,000 in the second quarter of 2021, $5.5 million in the first quarter of 2021 and $2.2 million in the second quarter of 2020.

Select Noninterest Income Items ($ in millions)	2^nd Qtr 2021	1^st Qtr 2021	4^th Qtr 2020	3^rd Qtr 2020	2^nd Qtr 2020
Service charges on deposit accounts	$10.1	$9.7	$10.8	$10.4	$8.6
Trust income	$7.2	$6.7	$6.6	$6.7	$7.3
Mortgage lending income	$4.5	$6.4	$3.0	$14.0	$12.5
SBA lending income	$0.3	$0.2	$0.5	$0.3	$0.2
Debit and credit card fees ⁽¹⁾	$7.9	$7.4	$7.2	$7.2	$6.6
Gain on sale of securities	$5.1	$5.5	-	$22.3	$0.4
Other income	$8.1	$10.3	$10.6	$5.4	$9.8

Core other income ⁽²⁾	$7.7	$4.8	$10.3	$5.0	$7.6

(1)

During the second quarter of 2021, certain debit and credit card transaction fees were reclassified from noninterest expense to noninterest income. Prior periods have been adjusted to reflect this reclassification.

(2)

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

Noninterest Expense

Noninterest expense for the second quarter of 2021 totaled $115.5 million compared to $113.8 million for the first quarter of 2021 and $116.2 million for the second quarter of 2020. Included in noninterest expense are pre-tax, non-core items for merger-related expenses and branch right sizing costs. Excluding these items, core noninterest expense was $114.3 million for the second quarter of 2021, $112.9 million for the first quarter of 2021 and $112.1 million for the second quarter of 2020. Overall expenses were well contained, increasing 1 percent from first quarter 2021 levels both on a reported basis and on a core basis. The efficiency ratio for the second quarter of 2021 was 56.93 percent compared to 57.43 percent for the first quarter of 2021 and 51.13 percent for the second quarter of 2020. As part of its ongoing branch right sizing initiative, the Company announced plans to close 12 branches during the third quarter of 2021.

Select Noninterest Expense Items ($ in millions)	2^nd Qtr 2021	1^st Qtr 2021	4^th Qtr 2020	3^rd Qtr 2020	2^nd Qtr 2020
Salaries and employee benefits	$60.3	$60.3	$55.8	$61.1	$57.6
Merger related costs	$0.7	$0.2	$0.7	$0.9	$1.8
Other operating expenses ⁽¹⁾	$38.0	$36.9	$52.8	$36.5	$38.2

Core salaries and employee benefits ⁽²⁾	$60.3	$60.3	$55.6	$58.7	$57.2
Core merger related costs ⁽²⁾	-	-	-	-	-
Core other operating expenses ⁽²⁾	$37.9	$36.6	$42.6	$36.5	$36.6

(1)

(2)

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

Asset Quality

($ in millions)	2^nd Qtr 2021	1^st Qtr 2021	4^th Qtr 2020	3^rd Qtr 2020	2^nd Qtr 2020
Allowance for credit losses on loans to total loans	2.00%	1.93%	1.85%	1.77%	1.59%
Allowance for credit losses on loans to nonperforming loans	281%	204%	193%	148%	176%
Nonperforming loans to total loans	0.71%	0.95%	0.96%	1.20%	0.90%
Net charge-off ratio (annualized)	(0.07%)	0.10%	0.52%	0.16%	1.04%
Net charge-off ratio YTD (annualized)	0.01%	0.10%	0.45%	0.43%	0.56%

Total nonperforming loans	$80.9	$115.5	$123.5	$167.9	$131.9
Total other nonperforming assets	$16.3	$12.4	$20.4	$14.6	$16.1

Asset quality metrics continued to show marked improvement during the quarter. Total nonperforming loans at the end of the quarter totaled $80.9 million, down $34.6 million compared to $115.5 million at the end of the first quarter of 2021 and down $50.9 million from the second quarter of 2020. Net charge-offs as a percentage of average total loans for the quarter were negative 7 basis points, reflecting $2.2 million of loan charge-offs completely offset by $4.3 million of recoveries. Provision for credit losses in the quarter was a credit of $13 million, including $10 million associated with the loan portfolio. The recapture of provision for credit losses reflected continued positive trends in asset quality metrics, combined with improved economic modeling scenarios. As a result, the allowance for credit losses at the end of the second quarter of 2021 totaled $227.2 million compared to $235.1 million at the end of the first quarter of 2021 and $231.6 million at the end of the second quarter of 2020. At the same time, the allowance to loan ratio rose 7 basis points to 2.00 percent compared to 1.93 percent at the end of the first quarter of 2021 and 1.59 percent at the end of the second quarter of 2020. The nonperforming loan coverage ratio remains strong at 281 percent compared to 204 percent at the end of the first quarter of 2021 and 176 percent at the end of the second quarter of 2020.

Foreclosed Assets and Other Real Estate Owned

At June 30, 2021, foreclosed assets and other real estate owned (“OREO”) totaled $15.2 million compared to $11.2 million at the March 31, 2021 and $14.1 million at June 30, 2020. The increase on a linked quarter basis is primarily due to $4.4 million in closed bank branch facilities. A breakdown of the composition of foreclosed assets and OREO is provided in the table below:

($ in millions)	2^nd Qtr 2021	1^st Qtr 2021	4^th Qtr 2020	3^rd Qtr 2020	2^nd Qtr 2020
Closed bank branches and branch sites	$4.4	$0.5	$0.6	$0.6	$2.7
Foreclosed assets – acquired	$6.7	$7.7	$15.3	$9.3	$9.2
Foreclosed assets – legacy	$4.1	$3.0	$2.5	$2.7	$2.2

Capital

	2^nd Qtr 2021	1^st Qtr 2021	4^th Qtr 2020	3^rd Qtr 2020	2^nd Qtr 2020
Stockholders’ equity to total assets	13.0%	12.6%	13.3%	13.7%	13.3%
Tangible common equity to tangible assets ⁽¹⁾	8.4%	7.9%	8.5%	8.7%	8.3%
Regulatory common equity tier 1 ratio	14.2%	14.1%	13.4%	12.6%	11.9%
Regulatory tier 1 leverage ratio	9.0%	9.0%	9.1%	9.1%	8.8%
Regulatory tier 1 risk-based capital ratio	14.2%	14.1%	13.4%	12.6%	11.9%
Regulatory total risk-based capital ratio	17.5%	17.5%	16.8%	15.8%	14.9%

(1)

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

Total common stockholders’ equity at the end of the quarter totaled $3.0 billion compared to $2.9 billion at the end of the first quarter of 2021 and the second quarter of 2020. Book value per share at the end of the quarter was $28.03 compared to $27.04 at the end of the first quarter of 2021 and $26.64 at the end of the second quarter of 2020. Tangible book value per share was $17.16, up $1.03 from $16.13 reported at the end of the first quarter of 2021 and up $1.37 from $15.79 reported at the end of the second quarter of 2020. The ratio of stockholders’ equity to total assets at June 30, 2021 was 13.0 percent while tangible common equity to tangible total assets was 8.4 percent. All of the Company’s regulatory capital ratios continue to exceed the requirements under “well-capitalized” guidelines. The Company did not repurchase shares during the second quarter of 2021 primarily as a result of its merger and acquisition activity.

Share Repurchase Program

The Company’s board of directors approved an amendment to the Company’s stock repurchase program (“Program”) that increases the amount of the Company’s common stock that may be repurchased under the Program from a maximum of $180 million to a maximum of $276.5 million and extends the term of the Program from October 31, 2021, to October 31, 2022 (unless terminated sooner). The Program was originally approved on October 17, 2019 and amended in March 2020, and to date, the Company has repurchased approximately $126.5 million of its common stock under the Program.

The Program permits the Company to 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 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.

Simmons First National Corporation

Simmons First National Corporation (NASDAQ: SFNC) is an approximately $23.4 billion asset Mid-South based financial holding company whose principal subsidiary, Simmons Bank, operates 198 financial centers, including 68 in Arkansas, 48 in Missouri, 33 in Tennessee, 23 in Texas, 20 in Oklahoma and 6 in Kansas. Founded in 1903, Simmons Bank offers comprehensive financial solutions delivered with a client-centric approach. Simmons Bank was recently named to Forbes’ list of “World’s Best Banks” for the second consecutive year and ranked among the top 30 banks in Forbes’ list of “America’s Best Banks” for 2021. Additional information about Simmons and Simmons Bank can be found on our website at simmonsbank.com, by following @Simmons_Bank on Twitter or by visiting our newsroom.

Conference Call

Management will conduct a live conference call to review this information beginning at 9:00 a.m. CDT today, Tuesday, July 27, 2021. 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 8482416. In addition, the call will be available live or in recorded version on the Company’s website at simmonsbank.com for at least 60 days.

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 income available to common shareholders, non-interest income, and non-interest expense certain income and expenses related to significant non-core activities, including merger-related expenses, gain on sale of branches, early retirement program expenses and net branch right-sizing expenses. In addition, the Company also presents certain figures based on tangible common stockholders’ equity, tangible assets and tangible book value, which exclude goodwill and other intangible assets. The Company further presents certain figures that are exclusive of the impact of PPP loans. 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. Management, therefore, believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s core businesses, and management uses these non-GAAP financial measures to assess the performance of the Company’s core 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

Some of the statements in this news release may not be based on historical facts and should be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including, without limitation, statements made in Mr. Makris’s quotes, may be identified by reference to future periods or by the use of forward-looking terminology, such as “believe,” “budget,” “expect,” “foresee,” “anticipate,” “intend,” “indicate,” “target,” “estimate,” “plan,” “project,” “continue,” “contemplate,” “positions,” “prospects,” “predict,” or “potential,” by future conditional verbs such as “will,” “would,” “should,” “could,” “might” or “may,” or by variations of such words or by similar expressions. These forward-looking statements include, without limitation, statements relating to Simmons’ future growth, lending capacity and lending activity, loan demand, revenue, assets, asset quality, profitability, 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 benefits associated with the Company’s early retirement program, branch closures and branch sales, the adequacy of the allowance for credit losses, the ability of the Company to manage the impact of the COVID-19 pandemic, and the impacts of the Company’s and its customers participation in the PPP. Any forward-looking statement speaks only as of the date of this news release, and Simmons undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release. By nature, forward-looking statements are based on various assumptions and involve inherent risk and uncertainties. Various factors, including, but not limited to, changes in economic conditions, credit quality, interest rates, loan demand, deposit flows, real estate values, the assumptions used in making the forward-looking statements, the securities markets generally or the price of Simmons common stock specifically, and information technology affecting the financial industry; the effect of steps the Company takes and has taken in response to the COVID-19 pandemic; the severity and duration of the pandemic, including the effectiveness of vaccination efforts and developments with respect to COVID-19 variants; the pace of recovery when the pandemic subsides and the heightened impact it has on many of the risks described herein; the effects of the COVID-19 pandemic on, among other things, the Company’s operations, liquidity, and credit quality; general economic and market conditions; unemployment; claims, damages, and fines related to litigation or government actions, including litigation or actions arising from the Company’s participation in and administration of programs related to the COVID-19 pandemic (including, among other things, the PPP loan program authorized by the Coronavirus Aid, Relief and Economic Security Act); changes in accounting principles relating to loan loss recognition (current expected credit losses, or CECL); the Company’s ability to manage and successfully integrate its mergers and acquisitions; cyber threats, attacks or events; reliance on third parties for key services; government legislation; and other factors, many of which are beyond the control of the Company, could cause actual results to differ materially from those contemplated by the forward-looking statements. Additional information on factors that might affect the Company’s financial results is included in the Company’s Form 10-K for the year ended December 31, 2020, which has been filed with, and is available from, the U.S. Securities and Exchange Commission.

Important Additional Information and Where to Find It

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval with respect to the proposed transactions (“Proposed Transactions”) with Landmark Community Bank (“Landmark”) and Triumph Bancshares, Inc. (“Triumph”). No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, and no offer to sell or solicitation of an offer to buy shall be made in any jurisdiction in which such offer, solicitation or sale would be unlawful.

In connection with the Proposed Transactions, the Company has filed with the SEC a registration statement on Form S-4 (the “Registration Statement”) that includes proxy statements of each of Landmark and Triumph and a prospectus of the Company (the “Joint Proxy Statement/Prospectus”), and the Company may file with the SEC other relevant documents concerning the Proposed Transactions. The definitive Joint Proxy Statement/Prospectus will be mailed to shareholders of Landmark and Triumph. SHAREHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTIONS CAREFULLY AND IN ITS ENTIRETY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BY THE COMPANY, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTIONS.

Free copies of the Joint Proxy Statement/Prospectus, as well as other filings containing information about the Company, may be obtained at the SEC’s Internet site (http://www.sec.gov), when they are filed by the Company. You will also be able to obtain these documents, when they are filed, free of charge, from the Company at simmonsbank.com under the heading “Investor Relations.” Copies of the Joint Proxy Statement/Prospectus can also be obtained, free of charge, by directing a request to Simmons First National Corporation, 501 Main Street, Pine Bluff, Arkansas 71601, Attention: Ed Bilek, Director of Investor Relations, Email: ed.bilek@simmonsbank.com or ir@simmonsbank.com, Telephone: (870) 541-1000, to Triumph Bancshares, Inc., 5699 Poplar Avenue, Memphis, TN 38119, Attention: Will Chase, President, Telephone: (901) 333-8800, or to Landmark Community Bank, 1015 West Poplar Avenue, Collierville, TN 38017, Attention: Jake Farrell, Chairman, Telephone: (901) 850-0555.

Participants in the Solicitation

The Company, Landmark, Triumph and certain of their directors, executive officers and employees may be deemed to be participants in the solicitation of proxies from the shareholders of Landmark or Triumph in connection with the Proposed Transactions. Information about the Company’s directors and executive officers is available in its proxy statement for its 2021 annual meeting of shareholders, which was filed with the SEC on April 15, 2021. Information regarding all of the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, are contained in the Joint Proxy Statement/Prospectus regarding the Proposed Transactions and other relevant materials to be filed with the SEC when they become available. Free copies of these documents may be obtained as described in the preceding paragraph.

####

FOR MORE INFORMATION CONTACT:

Ed Bilek

EVP, Director of Investor Relations

Simmons First National Corporation

ed.bilek@simmonsbank.com

Simmons First National Corporation													SFNC
Consolidated End of Period Balance Sheets
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2021			2021			2020			2020			2020
($ in thousands)
ASSETS
Cash and non-interest bearing balances due from banks	$	215,381		$	227,713		$	217,499		$	382,691		$	234,998
Interest bearing balances due from banks and federal funds sold		2,123,743			3,677,750			3,254,653			2,139,440			2,310,162
Cash and cash equivalents		2,339,124			3,905,463			3,472,152			2,522,131			2,545,160
Interest bearing balances due from banks - time		1,335			1,334			1,579			4,061			4,561
Investment securities - held-to-maturity		931,352			609,500			333,031			47,102			51,720
Investment securities - available-for-sale		6,556,581			4,528,348			3,473,598			2,607,288			2,496,896
Mortgage loans held for sale		36,011			63,655			137,378			192,729			120,034
Other assets held for sale		100			100			100			389			399
Loans:
Loans		11,386,352			12,195,873			12,900,897			14,017,442			14,606,900
Allowance for credit losses on loans		(227,239	)		(235,116	)		(238,050	)		(248,251	)		(231,643	)
Net loans		11,159,113			11,960,757			12,662,847			13,769,191			14,375,257
Premises and equipment		429,587			427,540			441,692			470,491			478,896
Premises held for sale		6,090			13,613			15,008			4,486			4,576
Foreclosed assets and other real estate owned		15,239			11,168			18,393			12,590			14,111
Interest receivable		67,916			71,359			72,597			77,352			79,772
Bank owned life insurance		419,198			257,152			255,630			257,718			256,643
Goodwill		1,075,305			1,075,305			1,075,305			1,075,305			1,064,765
Other intangible assets		103,759			107,091			111,110			114,460			117,823
Other assets		282,449			315,732			289,332			282,102			293,071
Total assets	$	23,423,159		$	23,348,117		$	22,359,752		$	21,437,395		$	21,903,684

LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing transaction accounts	$	4,893,959		$	4,884,667		$	4,482,091		$	4,451,385		$	4,608,098
Interest bearing transaction accounts and savings deposits		10,569,602			10,279,997			9,672,608			8,993,255			8,978,045
Time deposits		2,841,052			3,024,724			2,832,327			2,802,007			3,029,975
Total deposits		18,304,613			18,189,388			16,987,026			16,246,647			16,616,118
Federal funds purchased and securities sold under agreements to repurchase		187,215			323,053			299,111			313,694			387,025
Other borrowings		1,339,193			1,340,467			1,342,067			1,342,769			1,393,689
Subordinated notes and debentures		383,143			383,008			382,874			382,739			382,604
Other liabilities held for sale		-			-			154,620			-			-
Accrued interest and other liabilities		169,629			181,426			217,398			209,305			219,545
Total liabilities		20,383,793			20,417,342			19,383,096			18,495,154			18,998,981

Stockholders' equity:
Preferred stock		767			767			767			767			767
Common stock		1,084			1,083			1,081			1,090			1,090
Surplus		2,021,128			2,017,188			2,014,076			2,032,372			2,029,383
Undivided profits		1,004,314			948,913			901,006			866,503			819,153
Accumulated other comprehensive income (loss):
Unrealized (depreciation) accretion on AFS securities		12,073			(37,176	)		59,726			41,509			54,310
Total stockholders' equity		3,039,366			2,930,775			2,976,656			2,942,241			2,904,703
Total liabilities and stockholders' equity	$	23,423,159		$	23,348,117		$	22,359,752		$	21,437,395		$	21,903,684

Page 1

Simmons First National Corporation										SFNC
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended	Jun 30			Mar 31		Dec 31		Sep 30		Jun 30
(Unaudited)	2021			2021		2020		2020		2020
($ in thousands, except per share data)
INTEREST INCOME
Loans (including fees)	$	138,804		$	146,424	$	160,115	$	163,180	$	176,910
Interest bearing balances due from banks and federal funds sold		651			798		716		623		603
Investment securities		27,128			21,573		17,207		14,910		13,473
Mortgage loans held for sale		386			639		1,070		1,012		668
TOTAL INTEREST INCOME		166,969			169,434		179,108		179,725		191,654
INTEREST EXPENSE
Time deposits		6,061			7,091		7,835		9,437		10,803
Other deposits		4,721			6,088		6,536		6,769		7,203
Federal funds purchased and securities sold under agreements to repurchase		192			245		284		335		337
Other borrowings		4,897			4,802		4,869		4,943		4,963
Subordinated notes and debentures		4,565			4,527		4,624		4,631		4,667
TOTAL INTEREST EXPENSE		20,436			22,753		24,148		26,115		27,973
NET INTEREST INCOME		146,533			146,681		154,960		153,610		163,681
Provision for credit losses		(12,951	)		1,445		6,943		22,981		21,915
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		159,484			145,236		148,017		130,629		141,766
NON-INTEREST INCOME
Trust income		7,238			6,666		6,557		6,744		7,253
Service charges on deposit accounts		10,050			9,715		10,799		10,385		8,570
Other service charges and fees		2,048			1,922		1,783		1,764		1,489
Mortgage lending income		4,490			6,447		2,993		13,971		12,459
SBA lending income		287			240		484		304		245
Investment banking income		654			695		676		557		571
Debit and credit card fees		7,882			7,401		7,203		7,217		6,575
Bank owned life insurance income		2,038			1,523		1,481		1,591		1,445
Gain on sale of securities, net		5,127			5,471		16		22,305		390
Other income		8,110			10,260		10,557		5,380		9,809
TOTAL NON-INTEREST INCOME		47,924			50,340		42,549		70,218		48,806
NON-INTEREST EXPENSE
Salaries and employee benefits		60,261			60,340		55,762		61,144		57,644
Occupancy expense, net		9,103			9,300		9,182		9,647		9,217
Furniture and equipment expense		4,859			5,415		5,940		6,231		6,144
Other real estate and foreclosure expense		863			343		551		602		274
Deposit insurance		1,687			1,308		1,627		2,244		2,838
Merger-related costs		686			233		731		902		1,830
Other operating expenses		38,007			36,854		52,835		36,546		38,230
TOTAL NON-INTEREST EXPENSE		115,466			113,793		126,628		117,316		116,177
NET INCOME BEFORE INCOME TAXES		91,942			81,783		63,938		83,531		74,395
Provision for income taxes		17,018			14,363		10,970		17,633		15,593
NET INCOME		74,924			67,420		52,968		65,898		58,802
Preferred stock dividends		13			13		13		13		13
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	74,911		$	67,407	$	52,955	$	65,885	$	58,789
BASIC EARNINGS PER SHARE	$	0.69		$	0.62	$	0.49	$	0.60	$	0.54
DILUTED EARNINGS PER SHARE	$	0.69		$	0.62	$	0.49	$	0.60	$	0.54

Page 2

Simmons First National Corporation													SFNC
Consolidated Risk-Based Capital
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2021			2021			2020			2020			2020
($ in thousands)
Tier 1 capital
Stockholders' equity	$	3,039,366		$	2,930,775		$	2,976,656		$	2,942,241		$	2,904,703
CECL transition provision ⁽¹⁾		128,933			131,637			131,430			134,798			130,480
Disallowed intangible assets, net of deferred tax		(1,156,203	)		(1,159,720	)		(1,163,797	)		(1,167,357	)		(1,160,385	)
Unrealized loss (gain) on AFS securities		(12,073	)		37,176			(59,726	)		(41,509	)		(54,310	)
Total Tier 1 capital		2,000,023			1,939,868			1,884,563			1,868,173			1,820,488

Tier 2 capital
Trust preferred securities and subordinated debt		383,143			383,008			382,874			382,739			382,604
Qualifying allowance for loan losses and reserve for unfunded commitments		79,138			87,251			89,546			96,734			83,780
Total Tier 2 capital		462,281			470,259			472,420			479,473			466,384
Total risk-based capital	$	2,462,304		$	2,410,127		$	2,356,983		$	2,347,646		$	2,286,872

Risk weighted assets	$	14,076,975		$	13,771,244		$	14,048,608		$	14,878,932		$	15,362,175

Adjusted average assets for leverage ratio	$	22,244,118		$	21,668,406		$	20,765,127		$	20,652,454		$	20,742,824

Ratios at end of quarter
Equity to assets		12.98	%		12.55	%		13.31	%		13.72	%		13.26	%
Tangible common equity to tangible assets ⁽²⁾		8.36	%		7.88	%		8.45	%		8.65	%		8.31	%
Common equity Tier 1 ratio (CET1)		14.20	%		14.08	%		13.41	%		12.55	%		11.85	%
Tier 1 leverage ratio		8.99	%		8.95	%		9.08	%		9.05	%		8.78	%
Tier 1 risk-based capital ratio		14.21	%		14.09	%		13.41	%		12.56	%		11.85	%
Total risk-based capital ratio		17.49	%		17.50	%		16.78	%		15.78	%		14.89	%

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

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

Page 3

Simmons First National Corporation									SFNC
Consolidated Investment Securities
For the Quarters Ended	Jun 30		Mar 31		Dec 31		Sep 30		Jun 30
(Unaudited)	2021		2021		2020		2020		2020
($ in thousands)
Investment Securities - End of Period
Held-to-Maturity
U.S. Government agencies	$	77,396	$	77,396	$	-	$	-	$	-
Mortgage-backed securities		60,649		47,988		22,354		24,297		25,980
State and political subdivisions		793,307		484,116		310,109		21,930		24,777
Other securities		-		-		568		875		963
Total held-to-maturity (net of credit losses)		931,352		609,500		333,031		47,102		51,720
Available-for-Sale
U.S. Treasury	$	600	$	600	$	-	$	-	$	-
U.S. Government agencies		554,937		487,679		477,237		471,973		210,921
Mortgage-backed securities		3,987,209		2,133,086		1,394,936		903,687		1,154,086
State and political subdivisions		1,557,497		1,571,910		1,470,723		1,133,006		1,054,068
Other securities		456,338		335,073		130,702		98,622		77,821
Total available-for-sale (net of credit losses)		6,556,581		4,528,348		3,473,598		2,607,288		2,496,896
Total investment securities (net of credit losses)	$	7,487,933	$	5,137,848	$	3,806,629	$	2,654,390	$	2,548,616
Fair value - HTM investment securities	$	935,596	$	597,694	$	341,925	$	49,064	$	53,751

Investment Securities - QTD Average
Taxable securities	$	4,265,545	$	2,471,291	$	1,757,234	$	1,534,742	$	1,642,083
Tax exempt securities		2,157,076		1,919,919		1,528,127		1,155,099		866,944
Total investment securities - QTD average	$	6,422,621	$	4,391,210	$	3,285,361	$	2,689,841	$	2,509,027

Page 4

Simmons First National Corporation									SFNC
Consolidated Loans
For the Quarters Ended	Jun 30		Mar 31		Dec 31		Sep 30		Jun 30
(Unaudited)	2021		2021		2020		2020		2020
($ in thousands)
Loan Portfolio - End of Period
Consumer
Credit cards	$	177,634	$	175,458	$	188,845	$	180,848	$	184,348
Other consumer		181,712		172,965		202,379		182,768		214,024
Total consumer		359,346		348,423		391,224		363,616		398,372
Real Estate
Construction		1,428,165		1,451,841		1,596,255		1,853,360		2,010,256
Single-family residential		1,608,028		1,730,056		1,880,673		1,997,070		2,207,087
Other commercial real estate		5,332,655		5,638,010		5,746,863		6,132,823		6,316,444
Total real estate		8,368,848		8,819,907		9,223,791		9,983,253		10,533,787
Commercial
Commercial		2,074,729		2,444,700		2,574,386		2,907,798		3,038,216
Agricultural		193,462		155,921		175,905		241,687		217,715
Total commercial		2,268,191		2,600,621		2,750,291		3,149,485		3,255,931
Other		389,967		426,922		535,591		521,088		418,810
Total Loans	$	11,386,352	$	12,195,873	$	12,900,897	$	14,017,442	$	14,606,900

Page 5

Simmons First National Corporation													SFNC
Consolidated Allowance and Asset Quality
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2021			2021			2020			2020			2020
($ in thousands)
Allowance for Credit Losses on Loans
Beginning balance, after adoption of ASC 326	$	235,116		$	238,050		$	248,251		$	231,641		$	243,195

Loans charged off
Credit cards		1,046			1,003			787			832			1,053
Other consumer		411			702			960			1,091			592
Real estate		439			1,687			10,415			1,153			1,824
Commercial		309			859			8,199			4,327			35,687
Total loans charged off		2,205			4,251			20,361			7,403			39,156

Recoveries of loans previously charged off
Credit cards		244			290			241			276			272
Other consumer		425			304			355			366			301
Real estate		1,523			403			431			120			253
Commercial		2,147			320			1,835			936			98
Total recoveries		4,339			1,317			2,862			1,698			924
Net loans charged off		(2,134	)		2,934			17,499			5,705			38,232
Provision for credit losses on loans		(10,011	)		-			7,298			22,315			26,678
Balance, end of quarter	$	227,239		$	235,116		$	238,050		$	248,251		$	231,641

Non-performing assets
Non-performing loans
Nonaccrual loans	$	80,282		$	114,856		$	122,879		$	167,713		$	131,383
Loans past due 90 days or more		653			635			578			174			494
Total non-performing loans		80,935			115,491			123,457			167,887			131,877
Other non-performing assets
Foreclosed assets and other real estate owned		15,239			11,168			18,393			12,590			14,111
Other non-performing assets		1,062			1,229			2,016			1,983			2,008
Total other non-performing assets		16,301			12,397			20,409			14,573			16,119
Total non-performing assets	$	97,236		$	127,888		$	143,866		$	182,460		$	147,996
Performing TDRs (troubled debt restructurings)	$	4,436		$	3,805		$	3,138		$	3,379		$	3,960

Ratios
Allowance for credit losses on loans to total loans		2.00	%		1.93	%		1.85	%		1.77	%		1.59	%
Allowance for credit losses to non-performing loans		281	%		204	%		193	%		148	%		176	%
Non-performing loans to total loans		0.71	%		0.95	%		0.96	%		1.20	%		0.90	%
Non-performing assets (including performing TDRs) to total assets		0.43	%		0.56	%		0.66	%		0.87	%		0.69	%
Non-performing assets to total assets		0.42	%		0.55	%		0.64	%		0.85	%		0.68	%
Annualized net charge offs to total loans		-0.07	%		0.10	%		0.52	%		0.16	%		1.04	%
Annualized net credit card charge offs to total credit card loans		1.78	%		1.39	%		1.15	%		1.20	%		1.67	%

Page 6

Simmons First National Corporation																			SFNC
Consolidated - Average Balance Sheet and Net Interest Income Analysis
For the Quarters Ended
(Unaudited)
	Three Months Ended Jun 2021							Three Months Ended Mar 2021							Three Months Ended Jun 2020
($ in thousands)	Average Balance		Income/ Expense		Yield/ Rate			Average Balance		Income/ Expense		Yield/ Rate			Average Balance		Income/ Expense		Yield/ Rate
ASSETS
Earning assets:
Interest bearing balances due from banks and federal funds sold	$	2,703,920	$	651		0.10	%	$	3,477,989	$	798		0.09	%	$	2,190,878	$	603		0.11	%
Investment securities - taxable		4,265,545		14,594		1.37	%		2,471,291		10,120		1.66	%		1,642,083		7,131		1.75	%
Investment securities - non-taxable (FTE)		2,157,076		16,899		3.14	%		1,919,919		15,439		3.26	%		866,944		8,434		3.91	%
Mortgage loans held for sale		49,262		386		3.14	%		97,409		639		2.66	%		86,264		668		3.11	%
Loans - including fees (FTE)		11,783,839		138,987		4.73	%		12,518,300		146,601		4.75	%		14,731,306		177,168		4.84	%
Total interest earning assets (FTE)		20,959,642		171,517		3.28	%		20,484,908		173,597		3.44	%		19,517,475		194,004		4.00	%
Non-earning assets		2,298,279							2,253,913							2,304,798
Total assets	$	23,257,921						$	22,738,821						$	21,822,273

LIABILITIES AND STOCKHOLDERS' EQUITY
Interest bearing liabilities:
Interest bearing transaction and savings accounts	$	10,403,932	$	4,721		0.18	%	$	10,093,868	$	6,088		0.24	%	$	9,138,563	$	7,203		0.32	%
Time deposits		2,930,025		6,061		0.83	%		3,043,000		7,091		0.95	%		3,057,153		10,803		1.42	%
Total interest bearing deposits		13,333,957		10,782		0.32	%		13,136,868		13,179		0.41	%		12,195,716		18,006		0.59	%
Federal funds purchased and securities sold under agreement to repurchase		240,876		192		0.32	%		307,540		245		0.32	%		392,633		337		0.35	%
Other borrowings		1,340,008		4,897		1.47	%		1,341,059		4,802		1.45	%		1,395,109		4,963		1.43	%
Subordinated notes and debentures		383,078		4,565		4.78	%		382,943		4,527		4.79	%		387,422		4,667		4.84	%
Total interest bearing liabilities		15,297,919		20,436		0.54	%		15,168,410		22,753		0.61	%		14,370,880		27,973		0.78	%
Non-interest bearing liabilities:
Non-interest bearing deposits		4,826,927							4,419,136							4,354,781
Other liabilities		151,699							177,819							216,508
Total liabilities		20,276,545							19,765,365							18,942,169
Stockholders' equity		2,981,376							2,973,456							2,880,104
Total liabilities and stockholders' equity	$	23,257,921						$	22,738,821						$	21,822,273
Net interest income (FTE)			$	151,081						$	150,844						$	166,031
Net interest spread (FTE)						2.74	%						2.83	%						3.22	%
Net interest margin (FTE) - quarter-to-date						2.89	%						2.99	%						3.42	%

Net interest margin (FTE) - year-to-date						2.94	%						2.99	%						3.55	%

Core net interest margin (FTE) - quarter-to-date ⁽¹⁾						2.78	%						2.86	%						3.18	%
Core loan yield (FTE) - quarter-to-date ⁽¹⁾						4.54	%						4.53	%						4.52	%

Core net interest margin (FTE) - year-to-date ⁽¹⁾						2.82	%						2.86	%						3.30	%
Core loan yield (FTE) - year-to-date ⁽¹⁾						4.54	%						4.53	%						4.69	%

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

Page 7

Simmons First National Corporation													SFNC
Consolidated - Selected Financial Data
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2021			2021			2020			2020			2020
($ in thousands, except share data)
QUARTER-TO-DATE
Financial Highlights - GAAP
Net Income	$	74,911		$	67,407		$	52,955		$	65,885		$	58,789
Diluted earnings per share		0.69			0.62			0.49			0.60			0.54
Return on average assets		1.29	%		1.20	%		0.96	%		1.20	%		1.08	%
Return on average common equity		10.08	%		9.20	%		7.13	%		8.91	%		8.21	%
Return on tangible common equity		17.25	%		15.85	%		12.48	%		15.45	%		14.55	%
Net interest margin (FTE)		2.89	%		2.99	%		3.22	%		3.21	%		3.42	%
FTE adjustment		4,548			4,163			3,482			2,864			2,350
Amortization of intangibles		3,333			3,344			3,351			3,362			3,369
Amortization of intangibles, net of taxes		2,462			2,470			2,475			2,483			2,489
Average diluted shares outstanding		108,822,175			108,655,293			108,888,264			109,207,294			109,130,866
Shares repurchased under plan		-			130,916			1,034,364			-			-
Average price of shares repurchased		-			23.53			19.36			-			-
Cash dividends declared per common share		0.18			0.18			0.17			0.17			0.17
Financial Highlights - Core (non-GAAP)
Core earnings (excludes non-core items) ⁽¹⁾	$	75,435		$	63,995		$	61,977		$	68,338		$	60,147
Core diluted earnings per share ⁽¹⁾		0.69			0.59			0.57			0.63			0.55
Core net interest margin (FTE) ⁽²⁾		2.78	%		2.86	%		3.04	%		3.02	%		3.18	%
Accretable yield on acquired loans		5,619			6,630			8,999			8,948			11,723
Efficiency ratio ⁽¹⁾		56.93	%		57.43	%		54.93	%		53.75	%		51.13	%
Core return on average assets ⁽¹⁾		1.30	%		1.14	%		1.13	%		1.25	%		1.11	%
Core return on average common equity ⁽¹⁾		10.15	%		8.73	%		8.34	%		9.24	%		8.40	%
Core return on tangible common equity ⁽¹⁾		17.36	%		15.08	%		14.51	%		16.00	%		14.87	%
YEAR-TO-DATE
Financial Highlights - GAAP
Net Income	$	142,318		$	67,407		$	254,852		$	201,897		$	136,012
Diluted earnings per share		1.31			0.62			2.31			1.83			1.22
Return on average assets		1.25	%		1.20	%		1.18	%		1.25	%		1.28	%
Return on average common equity		9.64	%		9.20	%		8.72	%		9.27	%		9.45	%
Return on tangible common equity		16.56	%		15.85	%		15.25	%		16.19	%		16.57	%
Net interest margin (FTE)		2.94	%		2.99	%		3.38	%		3.43	%		3.55	%
FTE adjustment		4,548			4,163			11,001			7,519			4,655
Amortization of intangibles		6,677			3,344			13,495			10,144			6,782
Amortization of intangibles, net of taxes		4,932			2,470			9,968			7,493			5,010
Average diluted shares outstanding		108,746,439			108,655,293			110,173,661			110,480,508			111,083,999
Cash dividends declared per common share		0.18			0.18			0.68			0.51			0.34
Financial Highlights - Core (non-GAAP)
Core earnings (excludes non-core items) ⁽¹⁾	$	139,430		$	63,995		$	264,300		$	202,323		$	133,985
Core diluted earnings per share ⁽¹⁾		1.28			0.59			2.40			1.83			1.21
Core net interest margin (FTE) ⁽²⁾		2.82	%		2.86	%		3.16	%		3.20	%		3.30	%
Accretable yield on acquired loans		12,249			6,630			41,507			32,508			23,560
Efficiency ratio ⁽¹⁾		57.18	%		57.43	%		54.33	%		54.14	%		54.33	%
Core return on average assets ⁽¹⁾		1.22	%		1.14	%		1.22	%		1.26	%		1.26	%
Core return on average common equity ⁽¹⁾		9.45	%		8.73	%		9.05	%		9.29	%		9.31	%
Core return on tangible common equity ⁽¹⁾		16.23	%		15.08	%		15.79	%		16.22	%		16.33	%
END OF PERIOD
Book value per share	$	28.03		$	27.04		$	27.53		$	26.98		$	26.64
Tangible book value per share		17.16			16.13			16.56			16.07			15.79
Shares outstanding		108,386,669			108,345,732			108,077,662			109,023,781			108,994,389
Full-time equivalent employees		2,783			2,817			2,827			2,840			2,906
Total number of financial centers		198			198			204			226			226

(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
Reconciliation Of Non-GAAP Financial Measures - Core Earnings - Quarter-to-Date
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2021			2021			2020			2020			2020
($ in thousands, except per share data)
QUARTER-TO-DATE
Net Income	$	74,911		$	67,407		$	52,955		$	65,885		$	58,789
Non-core items
Gain on sale of branches		(445	)		(5,477	)		(275	)		-			(2,204	)
Merger-related costs		686			233			731			902			1,830
Early retirement program		-			-			62			2,346			493
Branch right-sizing (net)		468			625			11,696			72			1,721
Tax effect ⁽¹⁾		(185	)		1,207			(3,192	)		(867	)		(482	)
Net non-core items		524			(3,412	)		9,022			2,453			1,358
Core earnings (non-GAAP)	$	75,435		$	63,995		$	61,977		$	68,338		$	60,147

Diluted earnings per share	$	0.69		$	0.62		$	0.49		$	0.60		$	0.54
Non-core items
Gain on sale of branches		(0.01	)		(0.05	)		-			-			(0.02	)
Merger-related costs		0.01			-			-			0.01			0.02
Early retirement program		-			-			-			0.02			-
Branch right-sizing (net)		-			0.01			0.11			-			0.02
Tax effect ⁽¹⁾		-			0.01			(0.03	)		-			(0.01	)
Net non-core items		-			(0.03	)		0.08			0.03			0.01
Core diluted earnings per share (non-GAAP)	$	0.69		$	0.59		$	0.57		$	0.63		$	0.55

(1) Effective tax rate of 26.135%.

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

QUARTER-TO-DATE
Other income	$	8,110		$	10,260		$	10,557		$	5,380		$	9,809
Non-core items ⁽¹⁾		(445	)		(5,477	)		(275	)		(370	)		(2,204	)
Core other income (non-GAAP)	$	7,665		$	4,783		$	10,282		$	5,010		$	7,605

Non-interest expense	$	115,466		$	113,793		$	126,628		$	117,316		$	116,177
Non-core items ⁽¹⁾		(1,154	)		(858	)		(12,489	)		(3,690	)		(4,044	)
Core non-interest expense (non-GAAP)	$	114,312		$	112,935		$	114,139		$	113,626		$	112,133

Salaries and employee benefits	$	60,261		$	60,340		$	55,762		$	61,144		$	57,644
Non-core items ⁽¹⁾		-			-			(144	)		(2,448	)		(493	)
Core salaries and employee benefits (non-GAAP)	$	60,261		$	60,340		$	55,618		$	58,696		$	57,151

Merger related costs	$	686		$	233		$	731		$	902		$	1,830
Non-core items ⁽¹⁾		(686	)		(233	)		(731	)		(902	)		(1,830	)
Core merger related costs (non-GAAP)	$	-		$	-		$	-		$	-		$	-

Other operating expenses	$	38,007		$	36,854		$	52,835		$	36,546		$	38,230
Non-core items ⁽¹⁾		(89	)		(208	)		(10,270	)		(11	)		(1,662	)
Core other operating expenses (non-GAAP)	$	37,918		$	36,646		$	42,565		$	36,535		$	36,568

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

Page 9

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - Core Earnings - Year-to-Date
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2021			2021			2020			2020			2020
($ in thousands, except per share data)
YEAR-TO-DATE
Net Income	$	142,318		$	67,407		$	254,852		$	201,897		$	136,012
Non-core items
Gain on sale of branches		(5,922	)		(5,477	)		(8,368	)		(8,093	)		(8,093	)
Merger-related costs		919			233			4,531			3,800			2,898
Early retirement program		-			-			2,901			2,839			493
Branch right-sizing (net)		1,093			625			13,727			2,031			1,959
Tax effect ⁽¹⁾		1,022			1,207			(3,343	)		(151	)		716
Net non-core items		(2,888	)		(3,412	)		9,448			426			(2,027	)
Core earnings (non-GAAP)	$	139,430		$	63,995		$	264,300		$	202,323		$	133,985

Diluted earnings per share	$	1.31		$	0.62		$	2.31		$	1.83		$	1.22
Non-core items
Gain on sale of branches		(0.06	)		(0.05	)		(0.07	)		(0.07	)		(0.07	)
Merger-related costs		0.01			-			0.04			0.03			0.03
Early retirement program		-			-			0.03			0.02			-
Branch right-sizing (net)		0.01			0.01			0.12			0.02			0.02
Tax effect ⁽¹⁾		0.01			0.01			(0.03	)		-			0.01
Net non-core items		(0.03	)		(0.03	)		0.09			-			(0.01	)
Core diluted earnings per share (non-GAAP)	$	1.28		$	0.59		$	2.40		$	1.83		$	1.21

(1) Effective tax rate of 26.135%.

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

YEAR-TO-DATE
Other income	$	18,370		$	10,260		$	38,547		$	27,990		$	22,610
Non-core items ⁽¹⁾		(5,922	)		(5,477	)		(8,738	)		(8,463	)		(8,093	)
Core other income (non-GAAP)	$	12,448		$	4,783		$	29,809		$	19,527		$	14,517

Non-interest expense	$	229,259		$	113,793		$	487,585		$	360,957		$	243,641
Non-core items ⁽¹⁾		(2,012	)		(858	)		(21,529	)		(9,040	)		(5,350	)
Core non-interest expense (non-GAAP)	$	227,247		$	112,935		$	466,056		$	351,917		$	238,291

Salaries and employee benefits	$	120,601		$	60,340		$	242,474		$	186,712		$	125,568
Non-core items ⁽¹⁾		-			-			(3,085	)		(2,941	)		(493	)
Core salaries and employee benefits (non-GAAP)	$	120,601		$	60,340		$	239,389		$	183,771		$	125,075

Merger related costs	$	919		$	233		$	4,531		$	3,800		$	2,898
Non-core items ⁽¹⁾		(919	)		(233	)		(4,531	)		(3,800	)		(2,898	)
Core merger related costs (non-GAAP)	$	-		$	-		$	-		$	-		$	-

Other operating expenses	$	74,861		$	36,854		$	168,050		$	115,215		$	78,669
Non-core items ⁽¹⁾		(297	)		(208	)		(12,155	)		(1,885	)		(1,874	)
Core other operating expenses (non-GAAP)	$	74,564		$	36,646		$	155,895		$	113,330		$	76,795

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

Page 10

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - End of Period
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2021			2021			2020			2020			2020
($ 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	$	3,038,599		$	2,930,008		$	2,975,889		$	2,941,474		$	2,903,936
Intangible assets:
Goodwill		(1,075,305	)		(1,075,305	)		(1,075,305	)		(1,075,305	)		(1,064,765	)
Other intangible assets		(103,759	)		(107,091	)		(111,110	)		(114,460	)		(117,823	)
Total intangibles		(1,179,064	)		(1,182,396	)		(1,186,415	)		(1,189,765	)		(1,182,588	)
Tangible common stockholders' equity	$	1,859,535		$	1,747,612		$	1,789,474		$	1,751,709		$	1,721,348

Total assets	$	23,423,159		$	23,348,117		$	22,359,752		$	21,437,395		$	21,903,684
Intangible assets:
Goodwill		(1,075,305	)		(1,075,305	)		(1,075,305	)		(1,075,305	)		(1,064,765	)
Other intangible assets		(103,759	)		(107,091	)		(111,110	)		(114,460	)		(117,823	)
Total intangibles		(1,179,064	)		(1,182,396	)		(1,186,415	)		(1,189,765	)		(1,182,588	)
Tangible assets	$	22,244,095		$	22,165,721		$	21,173,337		$	20,247,630		$	20,721,096

Paycheck protection program ("PPP") loans		(441,353	)		(797,629	)		(904,673	)		(970,488	)		(963,712	)
Total assets excluding PPP loans	$	22,981,806		$	22,550,488		$	21,455,079		$	20,466,907		$	20,939,972
Tangible assets excluding PPP loans	$	21,802,742		$	21,368,092		$	20,268,664		$	19,277,142		$	19,757,384

Ratio of equity to assets		12.98	%		12.55	%		13.31	%		13.72	%		13.26	%
Ratio of equity to assets excluding PPP loans		13.23	%		13.00	%		13.87	%		14.38	%		13.87	%
Ratio of tangible common equity to tangible assets		8.36	%		7.88	%		8.45	%		8.65	%		8.31	%
Ratio of tangible common equity to tangible assets excluding PPP loans		8.53	%		8.18	%		8.83	%		9.09	%		8.71	%

Calculation of Tangible Book Value per Share

Total common stockholders' equity	$	3,038,599		$	2,930,008		$	2,975,889		$	2,941,474		$	2,903,936
Intangible assets:
Goodwill		(1,075,305	)		(1,075,305	)		(1,075,305	)		(1,075,305	)		(1,064,765	)
Other intangible assets		(103,759	)		(107,091	)		(111,110	)		(114,460	)		(117,823	)
Total intangibles		(1,179,064	)		(1,182,396	)		(1,186,415	)		(1,189,765	)		(1,182,588	)
Tangible common stockholders' equity	$	1,859,535		$	1,747,612		$	1,789,474		$	1,751,709		$	1,721,348
Shares of common stock outstanding		108,386,669			108,345,732			108,077,662			109,023,781			108,994,389
Book value per common share	$	28.03		$	27.04		$	27.53		$	26.98		$	26.64
Tangible book value per common share	$	17.16		$	16.13		$	16.56		$	16.07		$	15.79

Calculation of Regulatory Tier 1 Leverage Ratio Excluding Average PPP Loans

Total Tier 1 capital	$	2,000,023		$	1,939,868		$	1,884,563		$	1,868,173		$	1,820,488

Adjusted average assets for leverage ratio	$	22,244,118		$	21,668,406		$	20,765,127		$	20,652,454		$	20,742,824
Average PPP loans		(707,296	)		(891,070	)		(937,544	)		(967,152	)		(645,172	)
Adjusted average assets excluding average PPP loans	$	21,536,822		$	20,777,336		$	19,827,583		$	19,685,302		$	20,097,652

Tier 1 leverage ratio		8.99	%		8.95	%		9.08	%		9.05	%		8.78	%
Tier 1 leverage ratio excluding average PPP loans		9.29	%		9.34	%		9.50	%		9.49	%		9.06	%

Page 11

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2021			2021			2020			2020			2020
($ in thousands)
Calculation of Core Return on Average Assets

Net income	$	74,911		$	67,407		$	52,955		$	65,885		$	58,789
Net non-core items, net of taxes, adjustment		524			(3,412	)		9,022			2,453			1,358
Core earnings	$	75,435		$	63,995		$	61,977		$	68,338		$	60,147

Average total assets	$	23,257,921		$	22,738,821		$	21,852,094		$	21,765,321		$	21,822,273

Return on average assets		1.29	%		1.20	%		0.96	%		1.20	%		1.08	%
Core return on average assets		1.30	%		1.14	%		1.13	%		1.25	%		1.11	%

Calculation of Return on Tangible Common Equity

Net income	$	74,911		$	67,407		$	52,955		$	65,885		$	58,789
Amortization of intangibles, net of taxes		2,462			2,470			2,475			2,483			2,489
Total income available to common stockholders	$	77,373		$	69,877		$	55,430		$	68,368		$	61,278

Net non-core items, net of taxes		524			(3,412	)		9,022			2,453			1,358
Core earnings		75,435			63,995			61,977			68,338			60,147
Amortization of intangibles, net of taxes		2,462			2,470			2,475			2,483			2,489
Total core income available to common stockholders	$	77,897		$	66,465		$	64,452		$	70,821		$	62,636

Average common stockholders' equity	$	2,980,609		$	2,972,689		$	2,955,865		$	2,942,045		$	2,879,337
Average intangible assets:
Goodwill		(1,075,305	)		(1,075,305	)		(1,075,305	)		(1,064,893	)		(1,064,955	)
Other intangibles		(105,785	)		(109,850	)		(113,098	)		(116,385	)		(120,111	)
Total average intangibles		(1,181,090	)		(1,185,155	)		(1,188,403	)		(1,181,278	)		(1,185,066	)
Average tangible common stockholders' equity	$	1,799,519		$	1,787,534		$	1,767,462		$	1,760,767		$	1,694,271

Return on average common equity		10.08	%		9.20	%		7.13	%		8.91	%		8.21	%
Return on tangible common equity		17.25	%		15.85	%		12.48	%		15.45	%		14.55	%
Core return on average common equity		10.15	%		8.73	%		8.34	%		9.24	%		8.40	%
Core return on tangible common equity		17.36	%		15.08	%		14.51	%		16.00	%		14.87	%

Calculation of Efficiency Ratio ⁽¹⁾

Non-interest expense	$	115,466		$	113,793		$	126,628		$	117,316		$	116,177
Non-core non-interest expense adjustment		(1,154	)		(858	)		(12,489	)		(3,690	)		(4,044	)
Other real estate and foreclosure expense adjustment		(863	)		(343	)		(545	)		(600	)		(242	)
Amortization of intangibles adjustment		(3,333	)		(3,344	)		(3,351	)		(3,362	)		(3,369	)
Efficiency ratio numerator	$	110,116		$	109,248		$	110,243		$	109,664		$	108,522

Net-interest income	$	146,533		$	146,681		$	154,960		$	153,610		$	163,681
Non-interest income		47,924			50,340			42,549			70,218			48,806
Non-core non-interest income adjustment		(445	)		(5,477	)		(275	)		(370	)		(2,204	)
Fully tax-equivalent adjustment (effective tax rate of 26.135%)		4,548			4,163			3,482			2,864			2,350
Gain on sale of securities		(5,127	)		(5,471	)		(16	)		(22,305	)		(390	)
Efficiency ratio denominator	$	193,433		$	190,236		$	200,700		$	204,017		$	212,243

Efficiency ratio ⁽¹⁾		56.93	%		57.43	%		54.93	%		53.75	%		51.13	%

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

Page 12

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - Quarter-to-Date (continued)
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2021			2021			2020			2020			2020
($ in thousands)
Calculation of Core Net Interest Margin

Net interest income	$	146,533		$	146,681		$	154,960		$	153,610		$	163,681
Fully tax-equivalent adjustment (effective tax rate of 26.135%)		4,548			4,163			3,482			2,864			2,350
Fully tax-equivalent net interest income		151,081			150,844			158,442			156,474			166,031

Total accretable yield		(5,619	)		(6,630	)		(8,999	)		(8,948	)		(11,723	)
Core net interest income	$	145,462		$	144,214		$	149,443		$	147,526		$	154,308

PPP loan and additional liquidity interest income		(9,445	)		(12,257	)		(6,983	)	$	(6,131	)	$	(5,623	)
Net interest income adjusted for PPP loans and liquidity	$	141,636		$	138,587		$	151,459		$	150,343		$	160,408

Average earning assets	$	20,959,642		$	20,484,908		$	19,573,651		$	19,415,314		$	19,517,475
Average PPP loan balance and additional liquidity		(2,659,831	)		(3,617,567	)		(2,837,125	)	$	(2,359,928	)	$	(2,071,411	)
Average earning assets adjusted for PPP loans and liquidity	$	18,299,811		$	16,867,341		$	16,736,526		$	17,055,386		$	17,446,064

Net interest margin		2.89	%		2.99	%		3.22	%		3.21	%		3.42	%
Core net interest margin		2.78	%		2.86	%		3.04	%		3.02	%		3.18	%
Net interest margin adjusted for PPP loans and liquidity		3.10	%		3.33	%		3.60	%		3.51	%		3.70	%

Calculation of Core Loan Yield

Loan interest income (FTE)	$	138,987		$	146,601		$	160,306		$	163,379		$	177,168
Total accretable yield		(5,619	)		(6,630	)		(8,999	)		(8,948	)		(11,723	)
Core loan interest income	$	133,368		$	139,971		$	151,307		$	154,431		$	165,445
PPP loan interest income		(8,958	)		(11,652	)		(6,457	)	$	(5,782	)	$	(3,733	)
Core loan interest income without PPP loans	$	124,410		$	128,319		$	144,850		$	148,649		$	161,712

Average loan balance	$	11,783,839		$	12,518,300		$	13,457,077		$	14,315,014		$	14,731,306
Average PPP loan balance		(707,296	)		(891,070	)		(937,544	)	$	(967,152	)	$	(645,172	)
Average loan balance without PPP loans	$	11,076,543		$	11,627,230		$	12,519,533		$	13,347,862		$	14,086,134

Core loan yield		4.54	%		4.53	%		4.47	%		4.29	%		4.52	%
Core loan yield without PPP loans		4.51	%		4.48	%		4.60	%		4.43	%		4.62	%

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

Net income available to common stockholders	$	74,911		$	67,407		$	52,955		$	65,885		$	58,789
Provision for income taxes		17,018			14,363			10,970			17,633			15,593
Provision for credit losses (including provision for unfunded commitments)		(12,951	)		1,445			6,943			22,981			21,915
(Gain) loss on sale of securities		(5,127	)		(5,471	)		(16	)		(22,305	)		(390	)
Net pre-tax non-core items		709			(4,619	)		12,214			3,320			1,840
Adjusted Pre-tax, pre-provision (PTPP) earnings	$	74,560		$	73,125		$	83,066		$	87,514		$	97,747

Page 13

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - Year-to-Date
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2021			2021			2020			2020			2020
($ in thousands)
Calculation of Core Return on Average Assets

Net income	$	142,318		$	67,407		$	254,852		$	201,897		$	136,012
Net non-core items, net of taxes, adjustment		(2,888	)		(3,412	)		9,448			426			(2,027	)
Core earnings	$	139,430		$	63,995		$	264,300		$	202,323		$	133,985

Average total assets	$	22,999,805		$	22,738,821		$	21,590,745		$	21,503,564		$	21,371,248

Return on average assets		1.25	%		1.20	%		1.18	%		1.25	%		1.28	%
Core return on average assets		1.22	%		1.14	%		1.22	%		1.26	%		1.26	%

Calculation of Return on Tangible Common Equity

Net income	$	142,318		$	67,407		$	254,852		$	201,897		$	136,012
Amortization of intangibles, net of taxes		4,932			2,470			9,968			7,493			5,010
Total income available to common stockholders	$	147,250		$	69,877		$	264,820		$	209,390		$	141,022

Net non-core items, net of taxes		(2,888	)		(3,412	)		9,448			426			(2,027	)
Core earnings		139,430			63,995			264,300			202,323			133,985
Amortization of intangibles, net of taxes		4,932			2,470			9,968			7,493			5,010
Total core income available to common stockholders	$	144,362		$	66,465		$	274,268		$	209,816		$	138,995

Average common stockholders' equity	$	2,976,671		$	2,972,689		$	2,921,039		$	2,910,366		$	2,894,351
Average intangible assets:
Goodwill		(1,075,305	)		(1,075,305	)		(1,065,190	)		(1,061,793	)		(1,060,226	)
Other intangibles		(107,806	)		(109,850	)		(118,812	)		(120,731	)		(122,928	)
Total average intangibles		(1,183,111	)		(1,185,155	)		(1,184,002	)		(1,182,524	)		(1,183,154	)
Average tangible common stockholders' equity	$	1,793,560		$	1,787,534		$	1,737,037		$	1,727,842		$	1,711,197

Return on average common equity		9.64	%		9.20	%		8.72	%		9.27	%		9.45	%
Return on tangible common equity		16.56	%		15.85	%		15.25	%		16.19	%		16.57	%
Core return on average common equity		9.45	%		8.73	%		9.05	%		9.29	%		9.31	%
Core return on tangible common equity		16.23	%		15.08	%		15.79	%		16.22	%		16.33	%

Calculation of Efficiency Ratio ⁽¹⁾

Non-interest expense	$	229,259		$	113,793		$	487,585		$	360,957		$	243,641
Non-core non-interest expense adjustment		(2,012	)		(858	)		(21,529	)		(9,040	)		(5,350	)
Other real estate and foreclosure expense adjustment		(1,206	)		(343	)		(1,706	)		(1,161	)		(561	)
Amortization of intangibles adjustment		(6,677	)		(3,344	)		(13,495	)		(10,144	)		(6,782	)
Efficiency ratio numerator	$	219,364		$	109,248		$	450,855		$	340,612		$	230,948

Net-interest income	$	293,214		$	146,681		$	639,734		$	484,774		$	331,164
Non-interest income		98,264			50,340			242,618			200,069			129,851
Non-core non-interest income adjustment		(5,922	)		(5,477	)		(8,738	)		(8,463	)		(8,093	)
Fully tax-equivalent adjustment (effective tax rate of 26.135%)		8,711			4,163			11,001			7,519			4,655
Gain on sale of securities		(10,598	)		(5,471	)		(54,806	)		(54,790	)		(32,485	)
Efficiency ratio denominator	$	383,669		$	190,236		$	829,809		$	629,109		$	425,092

Efficiency ratio ⁽¹⁾		57.18	%		57.43	%		54.33	%		54.14	%		54.33	%

Page 14

Simmons First National Corporation													SFNC
Reconciliation Of Non-GAAP Financial Measures - Year-to-Date (continued)
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2021			2021			2020			2020			2020
($ in thousands)
Calculation of Core Net Interest Margin

Net interest income	$	293,214		$	146,681		$	639,734		$	484,774		$	331,164
Fully tax-equivalent adjustment (effective tax rate of 26.135%)		8,711			4,163			11,001			7,519			4,655
Fully tax-equivalent net interest income		301,925			150,844			650,735			492,293			335,819

Total accretable yield		(12,249	)		(6,630	)		(41,507	)		(32,508	)		(23,560	)
Core net interest income	$	289,676		$	144,214		$	609,228		$	459,785		$	312,259
Average earning assets	$	20,723,587		$	20,484,908		$	19,272,886		$	19,172,318		$	19,049,487

Net interest margin		2.94	%		2.99	%		3.38	%		3.43	%		3.55	%
Core net interest margin		2.82	%		2.86	%		3.16	%		3.20	%		3.30	%

Calculation of Core Loan Yield

Loan interest income (FTE)	$	285,588		$	146,601		$	688,600		$	528,294		$	364,915
Total accretable yield		(12,249	)		(6,630	)		(41,507	)		(32,508	)		(23,560	)
Core loan interest income	$	273,339		$	139,971		$	647,093		$	495,786		$	341,355
Average loan balance	$	12,149,041		$	12,518,300		$	14,260,689		$	14,530,938		$	14,640,082

Core loan yield		4.54	%		4.53	%		4.54	%		4.56	%		4.69	%

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

Net income available to common stockholders	$	142,318		$	67,407		$	254,852		$	201,897		$	136,012
Provision for income taxes		31,381			14,363			64,890			53,920			36,287
Provision for credit losses (including provision for unfunded commitments)		(11,506	)		1,445			74,973			68,030			45,049
(Gain) loss on sale of securities		(10,598	)		(5,471	)		(54,806	)		(54,790	)		(32,485	)
Net pre-tax non-core items		(3,910	)		(4,619	)		12,791			577			(2,743	)
Adjusted Pre-tax, pre-provision (PTPP) earnings	$	147,685		$	73,125		$	352,700		$	269,634		$	182,120

Page 15

Exhibit 99.2

Contents 4 Q2 Key Highlights 5 Q2 Results Overview 14 Loans 21 Deposits, Liquidity, Investments & Capital 27 Credit Quality 32 Performance Trends 38 Corporate Profile 46 Appendix 2 nd Quarter 2021 Investor Presentation | NASDAQ: SFNC

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," "estimate," "expect," "foresee,“ “project,” "may," "might," "will," "would," "could,“ “likely” or "intend," future or conditional verb tenses, and variations or negatives of such terms . These forward - looking statements include, without limitation, those relating to the Company’s future growth ; revenue ; expenses (including interest expense and non - interest expenses) ; assets ; asset quality ; profitability ; earnings ; critical accounting policies ; accretion ; net interest margin ; non - interest revenue ; market conditions related to and impact of the Company's common stock repurchase program ; adequacy of the allowance for loan losses ; income tax deductions ; credit quality ; level of credit losses from lending commitments ; net interest revenue ; interest rate sensitivity ; loan loss experience ; liquidity ; capital resources ; market risk ; the expected benefits, milestones, or costs associated with the Company’s merger and acquisition strategy and activity ; the Company’s ability to recruit and retain key employees ; the ability of the Company to manage the impact of the COVID - 19 pandemic ; the impacts of the Company’s and its customers participation in the Paycheck Protection Program (“PPP”) ; increases in the Company’s security portfolio ; legal and regulatory limitations and compliance and competition ; anticipated loan principal reductions ; fees associated with the PPP ; plans for investments in securities ; statements under the caption “Management’s Outlook” on slides 8 , 9 and 30 ; the charges, gains, and savings associated with completed and future branch closures and branch sales ; expectations and projections regarding the Company’s COVID - 19 loan modification program ; and projected dividends . Readers are cautioned not to place undue reliance on the forward - looking statements contained in this presentation in that actual results could differ materially from those indicated in 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 ; the effect of steps the Company takes in response to the COVID - 19 pandemic ; the severity and duration of the pandemic, including the effectiveness of vaccination efforts and developments with respect to COVID - 19 variants ; the pace of recovery when the pandemic subsides and the heightened impact it has on many of the risks described herein ; the effects of the pandemic on, among other things, the Company’s operations, liquidity, and credit quality ; general market and economic conditions ; unemployment ; possible adverse rulings, judgments, settlements and other outcomes of pending or future litigation (including litigation arising from the Company’s participation in and administration of programs related to the COVID - 19 pandemic (including the PPP)) ; the ability of the Company to collect amounts due under loan agreements ; changes in consumer preferences and loan demand ; effectiveness of the Company's interest rate risk management strategies ; laws and regulations affecting financial institutions in general or relating to taxes ; the effect of pending or future legislation ; the ability of the Company to repurchase its common stock on favorable terms ; the ability of the Company to successfully implement its acquisition and branch strategy ; the ability to satisfy closing conditions and receive regulatory approvals associated with the Company’s pending mergers and acquisitions ; delays in closing the Company’s pending mergers and acquisitions ; changes in interest rates, deposit flows, real estate values, and capital markets ; inflation ; customer acceptance of the Company's products and services ; changes or disruptions in technology and IT systems (including cyber threats, attacks and events) ; changes in accounting principles relating to loan loss recognition (current expected credit losses, or CECL) ; the benefits associated with the Company’s early retirement program and completed and future branch closures and sales ; 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 , 2020 . 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 . These measures adjust GAAP performance measures to, among other things, include the tax benefit associated with revenue items that are tax - exempt, as well as exclude from income available to common shareholders, non - interest income, and non - interest expense certain income and expenses related to significant non - core activities, such as merger - related expenses, expenses related to the Company’s early retirement program, gain on sale of branches, and net branch right - sizing expenses . In addition, the Company also presents certain figures based on tangible common stockholders’ equity, tangible assets, and tangible book value, which exclude goodwill and other intangible assets . The Company further presents certain figures that are exclusive of the impact of PPP loans . The Company’s management believes that these non - GAAP financial measure are useful to investors because they, among other things, present the results of the Company’s ongoing operations without the effect of mergers or other items not central to the Company’s ongoing business, as well as normalize for tax effects . Management, therefore, believes presentations of these non - GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company's core businesses, and management uses these non - GAAP measures to assess the performance of the Company’s core 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 .

3 Important Additional Information and Where to Find It This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval with respect to the proposed transactions (“Proposed Transactions”) with Landmark Community Bank (“Landmark”) and Triumph Bancshares, Inc . (“Triumph”) . No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933 , as amended, and no offer to sell or solicitation of an offer to buy shall be made in any jurisdiction in which such offer, solicitation or sale would be unlawful . In connection with the Proposed Transactions, the Company has filed with the SEC a registration statement on Form S - 4 (the “Registration Statement”) that includes proxy statements of each of Landmark and Triumph and a prospectus of the Company (the “Joint Proxy Statement/Prospectus”), and the Company may file with the SEC other relevant documents concerning the Proposed Transactions . The definitive Joint Proxy Statement/Prospectus will be mailed to shareholders of Landmark and Triumph . SHAREHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTIONS CAREFULLY AND IN ITS ENTIRETY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BY THE COMPANY, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTIONS . Free copies of the Joint Proxy Statement/Prospectus, as well as other filings containing information about the Company, may be obtained at the SEC’s Internet site (http : //www . sec . gov), when they are filed by the Company . You will also be able to obtain these documents, when they are filed, free of charge, from the Company at simmonsbank . com under the heading “Investor Relations . ” Copies of the Joint Proxy Statement/Prospectus can also be obtained, free of charge, by directing a request to Simmons First National Corporation, 501 Main Street, Pine Bluff, Arkansas 71601 , Attention : Ed Bilek, Director of Investor Relations, Email : ed . bilek@simmonsbank . com or ir@simmonsbank . com, Telephone : ( 870 ) 541 - 1000 , to Triumph Bancshares, Inc . , 5699 Poplar Avenue, Memphis, TN 38119 , Attention : Will Chase, President, Telephone : ( 901 ) 333 - 8800 , or to Landmark Community Bank, 1015 West Poplar Avenue, Collierville, TN 38017 , Attention : Jake Farrell, Chairman, Telephone : ( 901 ) 850 - 0555 . Participants in the Solicitation The Company, Landmark, Triumph and certain of their directors, executive officers and employees may be deemed to be participants in the solicitation of proxies from the shareholders of Landmark or Triumph in connection with the Proposed Transactions . Information about the Company’s directors and executive officers is available in its proxy statement for its 2021 annual meeting of shareholders, which was filed with the SEC on April 15 , 2021 . Information regarding all of the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, are contained in the Joint Proxy Statement/Prospectus regarding the Proposed Transactions and other relevant materials to be filed with the SEC when they become available . Free copies of these documents may be obtained as described in the preceding paragraph .

(1) Non - GAAP measures that management believes aids in the discussion of results. See Appendix for Non - GAAP reconciliation. (2) Represents the estimated combined impact to EPS for the pending acquisitions of Landmark Community Bank and Triumph Banc sha res, Inc. in the first full - year of operations. Q221 Key Highlights 4 1 2 3 4 5 Strong organic capital generation and significant capital buffer even after announced M&A transactions TBVPS ( 1 ) up $ 1 . 03 or 6 % vs Mar - 21 Amended and extended share buyback program ~$150 M remaining capacity Resumption of active M&A program with pending acquisitions of Landmark and Triumph Disciplined pricing ~7.5% EPS accretive in first full - year (2) Enhances scale in key growth markets Tennessee 13 th → 9 th Memphis 35 th → 6 th Nashville 20 th → 15 th Recapture of credit losses driven by improved credit quality metrics , improved macroeconomic factors NPL ratio declines 24 bps vs Mar - 21 ACL/Loan Ratio at 2 . 00 % + 7 bps vs Mar - 21 Loan paydowns continue to outpace originations ; loan yields held steady and deposit costs decline further Positive performance in a challenging environment ; focused on fundamental blocking and tackling EPS of $ 0 . 69 up 28% vs Q121 Core EPS up 17% Adjusted PTPP earnings ( 1 ) + 2 % vs Q 121 Loan production in 1 H 21 $1.8B on pace to significantly exceed 2020 volume Total deposits up $ 1 . 3 B vs Dec - 20

Q221 Results Overview 5

Source: S&P Global Market Intelligence; SFNC financial data as of June 30, 2021, Landmark and Triumph data as of March 31, 20 21. (1) Based on deposit market share data as of June 30, 2020. (2) Estimated EPS accretion in first full year excluding one - time merger related costs; estimated impact on TBVPS. 6 M&A: Adding scale in key growth markets Pending acquisitions of Landmark Community Bank and Triumph Bancshares, Inc. will create the 9 th largest bank in Tennessee (1) Pro Forma $ in billions In addition to the strategic value, low - risk transactions that are financially compelling (~7.5% accretive to EPS (2) and slightly accretive to TBVPS (2) ) Assets $23.4 $1.0 $0.9 $25.3 Loans 11.4 0.8 0.7 12.9 Deposits 18.3 0.8 0.8 19.9 Branches 198 8 6 212 Deposit market share (1) (rank): Tennessee 13 th 34 th 35 th 9 th Memphis MSA 35 th 12 th 10 th 6 th Nashville MSA 20 th 39 th 50 th 15 th

Summary Income Statement CORE (2) $ in millions Q221 Q121 Q220 Q121 Q220 Q221 Interest income $167.0 $169.4 $191.7 (1) % (13) % $ 167.0 (1) % Interest expense 20.4 22.8 28.0 (10) (27) 20.4 (10) Net interest income 146.5 146.7 163.7 - (10) 146.5 - Noninterest income (1) (2) 47.9 50.3 48.8 (5) (2) 47.5 6 Noninterest expense (1) (2) 115.5 113.8 116.2 1 (1) 114.3 1 Operating income 79.0 83.2 96.3 (5) (18) 79.7 1 Provision for (recapture of) credit losses (13.0) 1.4 21.9 NM NM (13.0) NM Provision for income taxes (2) 17.0 14.4 15.6 18 9 17.2 31 Net income (2) $74.9 $67.4 $58.8 11 % 27 % $75.4 18 % Diluted earnings per share (2) $0.69 $0.62 $0.54 11 28 $0.69 17 Key Performance Ratios CORE (2) Q221 Q121 Q220 Q121 Q220 Q221 Return on average assets (ROA) 1.29 % 1.20 % 1.08 % 1.30 % Return on average common equity (ROCE) 10.08 9.20 8.21 10.15 Return on average tangible common equity (ROTCE) (2) 17.25 15.85 14.55 17.36 Efficiency ratio (2) 56.93 57.43 51.13 56.93 Net interest margin (FTE) 2.89 2.99 3.42 2.78 Book value per share $28.03 $27.04 $26.64 4 % 5 % Tangible book value per share (2) 17.16 16.13 15.79 6 9 % Change vs % Change vs % Change Q121 NM – not meaningful FTE = Fully Taxable Equivalent (1) During Q221, certain debit and credit card transaction fees were reclassified from noninterest expense to noninterest in com e under the caption debit and credit card fees. Prior periods have been adjusted to reflect this reclassification. (2) Non - GAAP measures that management believes aids in the discussion of results. See Appendix for Non - GAAP reconciliation. 7 Q221 Financial Highlights

$154.3 $147.5 $149.4 $144.2 $145.5 $166.0 $156.5 $158.4 $150.8 $151.1 Q220 Q320 Q420 Q121 Q221 CORE NII (1) Net Interest Income (1) Non - GAAP measure that management believes aids in the discussion of results. See Appendix for Non - GAAP reconciliation. Net Interest Income and Margin 8 Net Interest Income $ in millions; Fully Taxable Equivalent Net Interest Income Evolution $ in millions 0% Q121 Δ in PPP Contribution Δ in Accretion Contribution Δ in Interest Income ex PPP & Accretion Δ in Interest Expense Q221 Continued focus on actively managing deposit costs +1% Net Interest Margin Fully taxable equivalent Loan & Deposits Yield/Rates Fully taxable equivalent (%) 3.42 3.21 3.22 2.99 2.89 3.18 3.02 3.04 2.86 2.78 Q220 Q320 Q420 Q121 Q221 Net Interest Margin (%) Core Net Interest Margin (1) (%) 4.84 4.54 4.74 4.75 4.73 4.52 4.29 4.47 4.53 4.54 0.44 0.39 0.34 0.30 0.24 Q220 Q320 Q420 Q121 Q221 Loan Yield Core Loan Yield (1) Cost of Deposits Core NII (FTE) up +1% despite challenging environment Holding loan yields stable while driving down deposit costs Lower NIM due to high levels of excess liquidity + 3 bps Core Loan Yield (1) (ex PPP) Q221 vs Q121

(1) During Q221, certain debit and credit card transaction fees were reclassified from noninterest expense to noninterest in com e under the caption debit and credit card fees. Prior periods have been adjusted to reflect this reclassification. (2) Non - GAAP measure that management believes aids in the discussion of results. See Appendix for Non - GAAP reconciliation. 9 Noninterest Income 24.6% 25.6% 22.2% 24.5% 23.4% 21.3% Q221 Q2121 Q220 Reported Core (2) Noninterest Income to Total Revenue Management’s Revenue Outlook Net Interest Income: NIM will continue to be impacted by PPP forgiveness and excess liquidity. Loan origination volume expected to continue growing, but masked by paydowns given stimulus programs which are expected to begin subsiding in second half of the year Trust Revenue: Anticipate flat revenue for Q3; new associates have been added and continuing to actively recruit new producers Services Charge: Continue to be impacted by stimulus Mortgage Revenue: While we expect mortgage volume to continue to decline throughout 2021 given macroeconomic environment, offset by recruitment of new producers Debit and Credit Card Fees: Anticipate modest increase for the remainder of 2021 as consumer spending increases Gain on Sale of Securities: Will continue to be opportunistic when market conditions arise Other Income: Expect other income to more closely track historical trends for the remainder of 2021 $ in millions Q221 Q121 Q220 Q121 Q220 Service charges on deposit accounts $10.1 $ 9.7 $ 8.6 3 % 17 % Debit and credit card fees (1) 7.9 7.4 6.6 6 20 Trust income 7.2 6.7 7.3 9 - Mortgage lending income 4.5 6.4 12.5 (30) (64) Other service charges and fees 2.0 1.9 1.5 7 38 Bank owned life insurance 2.0 1.5 1.4 34 41 Investment banking income 0.7 0.7 0.6 (6) 15 SBA lending income 0.3 0.2 0.2 20 17 Gain (loss) on sale of securities 5.1 5.5 0.4 (6) NM Other 8.1 10.3 9.8 (21) (17) Total noninterest income $47.9 $50.3 $48.8 (5) % (2)% Core noninterest income (2) $47.5 $44.9 $46.6 6 % 2 % % Change vs

(1) During Q221, certain debit and credit card transaction fees were reclassified from noninterest expense to noninterest in com e under the caption debit and credit card fees. Prior periods have been restated to reflect this change. (2) Non - GAAP measure that management believes aids in the discussion of results. See Appendix for Non - GAAP reconciliation. 10 Noninterest Expense 51.13% 57.43% 56.93% Q220 Q121 Q221 Efficiency ratio (2) 2,989 2,842 2,797 Q220 Q121 Q221 Employees (headcount) 226 198 198 Q220 Q121 Q221 Number of Branches Focused on maintaining strong expense discipline while enhancing revenue capabilities and balancing digital and non - digital delivery channels Management’s Expense Outlook Salaries and Employee Benefits Anticipate some increases throughout the remainder of the year as associates are hired in lending, wealth and mortgage Occupancy Expense Expect to be flat to slightly down for the remainder of 2021 Other Emphasis on enhancing efficiencies throughout the organization. Will continue to invest in further developing digital capabilities Noninterest Expense Anticipate quarterly run - rate of approximately $112 - $115 million for the remainder of 2021 Note: Excludes impact of pending acquisitions $ in millions Q221 Q121 Q220 Q121 Q220 Salaries and employee benefits $60.3 $60.3 $57.6 - % 5 % Occupancy expense, net 9.1 9.3 9.2 (2) (1) Furniture and equipment 4.9 5.4 6.1 (10) (21) Deposit insurance 1.7 1.3 2.8 29 (41) OREO and foreclosure expense 0.9 0.3 0.3 152 215 Merger related costs 0.7 0.2 1.8 194 (63) Other (1) 38.0 36.9 38.2 3 (1) Total noninterest expense $115.5 $113.8 $116.2 1 % (1)% Core noninterest expense (2) $114.3 $112.9 $112.1 1 % 2 % % Change vs

Branch Rightsizing Initiative 11 Location Date Sold Number of Branches Deposits in millions Loans in millions Gain on Sale in millions South TX Feb. 2020 5 $140 $261 $5.9 Colorado May 2020 4 $63 $121 $2.2 Illinois Mar. 2021 4 $138 $0.4 $5.3 Location Date Closed Number of Branches One - time Charge in millions Landrum Branches Feb. 2020 6 $0.4 Various June 2020 11 $1.9 Various Oct. 2020 23 $9.6 Completed the closing or sale of 51 branches (20%) since 12/31/19 249 242 242 227 204 198 198 Q419 Q120 Q220 Q320 Q420 Q121 Q221 Number of Active Branches Branch Closings Branch Sales Continuous evaluation of branch network to ensure it reflects core footprint and changes in customer behavior while allowing us to efficiently serve their evolving needs During Q221 announced planned closure of 12 additional branches including: 4 in Arkansas, 3 in Missouri, 2 in Texas and 1 each in Kansas, Oklahoma and Tennessee

Digital Banking: Deposit origination with automated ID scan Note: No minimum balance required at account opening. A minimum of $0.01 required within 45 days of account opening. Accounts no t funded within 45 days of opening will be closed. All accounts subject to approval. Restrictions apply. Benefits and features are subject to customer qualification and approval by Simmons Bank. (1) Data connection required. Wireless carrier fees may apply. (2) Simmons Bank Debit Card issuance is subject to customer qualification and approval by Simmons Bank. 12 • Streamlined and engaging account opening process o Utilizes information from customer drivers’ license/state ID to populate application o Integrated with state DMVs to confirm authenticity • Does not require a current banking account to fund from • Customers can begin using right away • No monthly service charge (1) • Includes a Visa debit card (2) COIN CHECKING Bank when you want, where you want High - impact Welcome Kit Launched in Q221 and available in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas

Digital Banking Growth 13 Digital Banking Users Q220 Q420 Q221 +24% Digital Banking Logins Q220 Q420 Q221 Customer Transactions by Channel Q220 Q420 Q221 Branch Transactions Digital Transactions Mobile Deposit Dollars Q220 Q420 Q221 +17% Digital up +31% +64%

LOANS 14

Loans – Including PPP Loans as of December 31, 2020 as of June 30, 2021 $ in millions Balance $ % of Total Loans Balance $ % of Total Loans Classified $ Nonperforming $ ACL % Unfunded Commitment $ Unfunded Commitment Reserve Total Loan Portfolio Consumer - Credit Card 189 2% 178 2% - - 3.1% - Consumer - Other 202 2% 182 2% 1 1 0.6% 20 Real Estate - Construction 1,596 12% 1,428 13% 16 2 1.8% 615 Real Estate - Commercial 5,747 45% 5,333 47% 202 30 2.9% 173 Real Estate - Single - family 1,881 15% 1,608 14% 26 19 0.4% 216 Commercial 2,574 20% 2,074 18% 64 29 1.4% 1,012 Agriculture 176 1% 193 2% 1 - 0.2% 94 Other 536 4% 390 3% - - 0.6% 1 Total Loan Portfolio 12,901 100% 11,386 100% 311 81 2.00% 2,130 1.1% Loan Concentration : C&D 68% 58% CRE 241% 211% Select Loan Categories Retail 1,243 10% 1,149 10% 21 5 4.4% 81 Nursing / Extended Care 445 3% 414 4% 3 - 1.2% 34 Healthcare 588 5% 443 4% 10 1 0.6% 61 Multifamily 764 6% 647 6% 19 - 1.3% 73 Hotel 969 8% 888 8% 125 15 6.9% 15 Restaurant 496 4% 460 4% 2 1 2.5% 16 NOO Office 781 6% 709 6% 2 - 3.7% 41 Energy 247 2% 174 2% 39 16 12.5% 49 15

Loans – Excluding PPP Loans as of December 31, 2020 as of June 30, 2021 $ in millions Balance $ % of Total Loans Balance $ % of Total Loans Classified $ Nonperforming $ ACL % Unfunded Commitment $ Unfunded Commitment Reserve Total Loan Portfolio (1) Consumer - Credit Card 189 2% 178 2% - - 3.1% - Consumer - Other 202 2% 182 2% 1 1 0.6% 20 Real Estate - Construction 1,596 13% 1,428 13% 16 2 1.8% 615 Real Estate - Commercial 5,747 48% 5,333 49% 202 30 2.9% 173 Real Estate - Single - family 1,881 16% 1,608 15% 26 19 0.4% 216 Commercial 1,669 14% 1,633 15% 64 29 1.8% 1,012 Agriculture 176 1% 193 2% 1 - 0.2% 94 Other 536 4% 390 4% - - 0.6% 1 Total Loan Portfolio 11,996 100% 10,945 100% 311 81 2.08% 2,130 1.1% Loan Concentration : C&D 68% 58% CRE 241% 211% Select Loan Categories Retail 1,211 10% 1,133 10% 21 5 4.4% 81 Nursing / Extended Care 427 4% 409 4% 3 - 1.2% 34 Healthcare 470 4% 386 4% 10 1 0.7% 61 Multifamily 762 6% 647 6% 19 - 1.3% 73 Hotel 948 8% 870 8% 125 15 6.9% 15 Restaurant 385 3% 389 4% 2 1 2.6% 16 NOO Office 781 6% 709 6% 2 - 3.7% 41 Energy 230 2% 160 1% 39 16 13.6% 49 (1) All PPP loans were categorized as commercial. 16

Evolution of Loan Portfolio 17 Total loans at 12/31/19 Originations /Advances PPP, net Branch/ Loan Sales Paydowns/ payoffs & other Total loans at 12/31/20 Originations /Advances PPP, net Paydowns/ payoffs & other Total loans at 6/30/21 Includes strategic decision to exit or reduce exposure in certain portfolios: non - core CRE, energy & indirect lending Loan production totals $1.8 billion during 1H21, ahead of full - year 2020 pace but growth masked by continued high levels of paydowns/payoffs and PPP Includes loans sold in connection with the sale of branches in South Texas and Colorado Loan Portfolio Waterfall $ in billions 12/31/19 6/30/21 CRE Concentration 293% 211% Energy Portfolio $467M $174M Full - Year 2020 First Half 2021

Commercial Loan Pipeline Trend by Category (1) 18 $ in millions (1) Quarterly amounts adjusted for branches sold in South Texas and Colorado during 2020. $641 $219 $192 $247 $487 $340 $220 $90 $112 $250 $408 $484 $291 $72 $70 $177 $285 $467 4.70% 4.10% 4.37% 4.12% 3.81% 3.77% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 Q120 Q220 Q320 Q420 Q121 Q221 Opportunity Proposal Ready to Close Rate - Ready to Close $1,152 $381 $374 $674 $1,180 $1,291 Commercial loan pipeline strengthens for 3rd consecutive quarter

Mortgage Loan Volume – Closed and Pipeline 19 $ in millions $126 $224 $243 $181 $183 $319 $408 $399 $326 $274 $77 $92 $86 $51 $145 $239 $307 $214 $166 $120 $0 $100 $200 $300 $400 $500 $600 $700 $800 Q119 Q219 Q319 Q419 Q120 Q220 Q320 Q420 Q121 Q221 Mortgage Closed Loan Volume Mortgage Pipeline Volume Mortgage Loan Volume – Closed by year: 2019 = $0.8B 2020 = $1.3B Mortgage originations during Q221 reflect shift in market 58% purchase vs 42% refinance

$ in millions Original Balance 6/30/21 Balance 3/31/21 Balance $ Change # of Loans Originated Net Fees Remaining PPP Phase I $ 976 $ 141 $ 570 $ (429) 8,208 $ 1.6 PPP Phase II 319 300 228 72 5,219 15.6 Total $ 1,295 $ 441 $ 798 $ (357) 13,427 $ 17.2 PPP Loans 20 PPP Summary ▪ PPP Loans are assigned a risk weighting of zero percent. ▪ Average loan amount $110,000. ▪ Smallest loan amount $140. ▪ Loan yield of 5.08% for the second quarter of 2021 (includes amortization of SBA fee income net of expenses). ▪ Forgiveness process in place. PPP Round 2 ▪ System and process in place for Round 2 of PPP. ▪ Funding started in January 2021. ▪ PPP ended on May 31, 2021. PPP Phase II loan originations are running at approximately 33% of PPP Phase I loan originations (based on original loan balance)

DEPOSITS, LIQUIDITY, INVESTMENTS AND CAPITAL 21

▪ Interest Rates – In March 2020, the Fed reduced the Fed Funds target rate by 150 basis points ▪ Interest Bearing Transaction Deposits – Rates were lowered during the latter part of the first quarter of 2020 ▪ Time Deposits – Rates were lowered during the latter part of the first quarter of 2020. Based on maturities, we expect there will be a continued lag in the impact to interest expense $ in billions Interest Bearing Deposit Repricing Deposits Composition 22 1.07% 1.09% 0.94% 0.80% 0.44% 0.39% 0.34% 0.30% 0.24% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% 0.90% 1.00% 1.10% $0.0 $2.5 $5.0 $7.5 $10.0 $12.5 $15.0 $17.5 $20.0 Q219 Q319 Q419 Q120 Q220 Q320 Q420 Q121 Q221 Noninterest Bearing Interest Bearing Transactions Time Deposits Cost of Deposits $12.0 $13.5 $16.1 $15.6 $16.6 $16.2 $17.0 $18.2 $18.3 Effectively managing deposit costs, down 20 bps since Q220

$655 $530 $997 $1,737 $2,545 $2,522 $3,472 $3,905 $2,339 Q219 Q319 Q419 Q120 Q220 Q320 Q420 Q121 Q221 Strategically deployed excess cash primarily into short - term securities and BOLI Down $1.6B ▪ Purchased $2.5 billion of investment securities in the quarter, including strategically redeploying a portion of excess cash into variable rate securities ($1.1 billion) ▪ Securities portfolio duration shortened to 4.9 years at 6/30/21 compared to 6.5 years at 3/31/21 ▪ Redeployed a portion of excess cash into an additional investment in BOLI ($160 million) during the quarter ▪ Still maintain approximately $2.3 billion in Cash and Cash Equivalents as of 6/30/21. 23 Cash and Cash Equivalents $ in millions Securities Portfolio Summary $ in millions Liquidity and Securities Portfolio As of 6/30/21 Par Value Projected Yield Duration in Years AFS HTM Fixed Rate MBS $2,600 1.29% 4.0 98% 2% Municipal 2,284 2.92% 7.7 66% 34% Treasury/Agency 540 1.82% 6.3 86% 14% Other 612 2.49% 5.1 99% 1% Variable Rate 1,267 0.33% 1.0 100% - Total $7,303 1.78% 4.9 87% 13%

9.8% 10.2% 10.9% 13.4% 14.2% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 2017 2018 2019 2020 Q221 W ELL C APITALIZED 8.0% 11.4% 13.4% 13.7% 16.8% 17.5% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 2017 2018 2019 2020 Q221 9.8% 10.2% 10.9% 13.4% 14.2% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 2017 2018 2019 2020 Q221 9.2% 8.8% 9.6% 9.1% 9.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 2017 2018 2019 2020 Q221 (1) As of December 31, except where otherwise stated. (2) Non - GAAP measure that management believes aids in the discussion of results. See Appendix for Non - GAAP reconciliation. 24 Regulatory Capital Ratios TIER 1 LEVERAGE RATIO (1) TOTAL RISK - BASED CAPITAL RATIO (1) TIER 1 RISK - BASED CAPITAL RATIO (1) CET1 CAPITAL RATIO (1) W ELL C APITALIZED 5.0% W ELL C APITALIZED 10.0% W ELL C APITALIZED 6.5% 9.3% Excluding PPP Loans (2)

Stock Repurchase Program 25 $10.1 $93.3 $0.0 $0.0 $20.0 $3.1 $0.0 $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 $90.0 Q419 Q120 Q220 Q320 Q420 Q121 Q221 SHARE REPURCHASES BY QUARTER ▪ Summary of stock repurchases since reinitiating program in Q4 2019: – $127 million – 6.5 million shares or about 5.7% of outstanding (based on shares outstanding at 12/31/19) – Average price $19.53 – Did not repurchase shares in Q221 primarily due to M&A transactions ▪ Authorization increased to $276.5 million; timeline extended to 10/31/22 ▪ ~$150.0 million remaining capacity under amended plan $0.0 $0.0 Suspended Plan $ in millions $0.0 Board increased authorization and extended timeline for stock repurchase program in July 2021

(1) As of December 31, except where otherwise stated. (2) Non - GAAP measure that management believes aids in the discussion of results. See Appendix for Non - GAAP reconciliation. 26 Book Value & Tangible Book Value BOOK VALUE ($ IN MILLIONS) (1) TANGIBLE BOOK VALUE PER COMMON SHARE (1)(2) BOOK VALUE PER COMMON SHARE (1) TANGIBLE BOOK VALUE ($ IN MILLIONS) (1)(2) $2,085 $2,246 $2,988 $2,976 $3,039 $500 $750 $1,000 $1,250 $1,500 $1,750 $2,000 $2,250 $2,500 $2,750 $3,000 $3,250 2017 2018 2019 2020 Q221 $22.65 $24.33 $26.30 $27.53 $28.03 $10.00 $12.00 $14.00 $16.00 $18.00 $20.00 $22.00 $24.00 $26.00 $28.00 $30.00 2017 2018 2019 2020 Q221 $12.34 $14.18 $15.89 $16.56 $17.16 $10.00 $12.00 $14.00 $16.00 $18.00 $20.00 2017 2018 2019 2020 Q221 $1,136 $1,309 $1,805 $1,789 $1,860 $500 $750 $1,000 $1,250 $1,500 $1,750 $2,000 2017 2018 2019 2020 Q221

Q221 Credit Quality 27

Completed a deep dive of certain pandemic impacted sectors… 28 (1) MSA concentration of entire portfolio. (2) Information based on sample size used in deep dive review of portfolio. MSA Concentration (1) Retail Tenancy Mix (2) by square feet Retail MSA Concentration (1) Office Tenancy Mix (2) by square feet Office Hotel MSA Concentration (1) 0% 10% 20% 30% 40% 50% 60% 70% 80% Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Occupancy (2) • Reviewed all loans over $2 million • Sample size represents 70% of the Permanent NOO Retail Portfolio • Reviewed all loans over $3 million • Sample size represents 75% of the Permanent NOO Office Portfolio • Individually reviewed hotels that were stabilized prior to COVID and > $5 million • Sample size represents 59% of Hotel Portfolio 36% 16% 4% 4% 4% 2% 2% 32% Dallas-Ft Worth St Louis Oklahoma City NW Arkansas Little Rock Memphis Nashville Other 37% 19% 8% 10% 4% 3% 3% 16% Dallas-Ft Worth St Louis Oklahoma City NW Arkansas Little Rock Memphis Nashville Other 27% 19% 10% 4% 3% 2% 35% Dallas-Ft Worth St Louis Nashville Chatanooga Little Rock Memphis Other 33% 14% 14% 6% 6% 5% 5% 4% 13% Chain Retail Vacant Privately Owned Retail Gym Independent Restaurant Professional Services Healthcare Chain Restaurant Other 28% 27% 21% 4% 3% 2% 2% 2% 11% Vacant Professional Services Manufacturing / Warehouse Healthcare Construction/ Engineering Government Privately Owned Retail Chain Retail Other

… that confirmed the improving health of each of our portfolios 29 Retail Office Hotel Evolution of COVID - 19 Loan Modifications $ in millions 6/30/20 3/31/21 6/30/21 Balance of loans modified $3,495 $208 $134 # of loans classified as modified 4,755 79 36 $0 $200,000 $400,000 $600,000 $800,000 No COVID Modification In COVID Modification Returned to Normal Payment Hotel Portfolio COVID - 19 Loan Modification Status ($ in thousands) June 2020 December 2020 June 2021 Risk Rating Composition Risk Rating Composition Risk Rating Composition 93% 5% 2% Pass Pass Watch Special Mention 83% 14% 3% Pass Pass Watch Special Mention 27% 34% 24% 15% Pass Pass Watch Special Mention Substandard

ASSET QUALTY TRENDS Credit Quality $ in millions Source: S&P Global Market Intelligence 2013 - 2020 (which metrics are as of December 31 of the relevant year) (1) ALLL for 2013 – 2019 and ACL 2020 – 2021 Q2. (2) YTD annualized net charge - offs. Nonperforming Loans / Loans 3.33% 2.50% 1.44% 1.68% 0.81% 0.67% 0.65% 0.96% 0.71% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 2013 2014 2015 2016 2017 2018 2019 2020 2021 Q2 ACL/ALLL (1) / Loans (%) and ACL/ALLL ($) $27 $29 $31 $36 $42 $57 $68 $238 $227 1.14% 1.05% 0.63% 0.66% 0.39% 0.48% 0.46% 1.85% 2.00% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% $0 $25 $50 $75 $100 $125 $150 $175 $200 $225 $250 2013 2014 2015 2016 2017 2018 2019 2020 Q221 Quarterly Trend 3/31/21 06/30/21 Change NPL / Loans 0.95% 0.71% (24) bps Nonperforming Loans $115.5 $80.9 ($34.6) NPA / Assets 0.55% 0.42% (13) bps Nonperforming Assets $127.9 $97.2 ($30.7) Past Due 30+ Days / Loans 0.19% 0.16% (3) bps Net Charge - offs (2) / Loans (YTD) 0.10% 0.01% (9) bps Credit Card Portfolio Net Charge - off Ratio (2) (YTD) 1.39% 1.58% +19 bps ACL / Loans 1.93% 2.00% +7 bps Nonperforming Assets / Assets 3.78% 2.71% 1.54% 1.45% 0.83% 0.64% 0.55% 0.64% 0.42% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 2013 2014 2015 2016 2017 2018 2019 2020 Q221 30

$ ALLL or ACL Loan Discount Total Loan Coverage ACL (ALLL)/ Loans ACL (ALLL)/ Loans excluding PPP (1) ALLL as of 12/31/19 $ 68.2 $ 87.3 $ 155.5 0.47% 0.47% CECL Day 1 Adoption Impact 151.4 (87.3) 64.1 2020 Provision Expense 82.5 82.5 2020 Net charge - offs (64.1) (64.1) ACL as of 12/31/20 $ 238.0 $ 0 $ 238.0 1.85% 1.98% Q1 - 21 Provision 0.0 0.0 Q1 - 21 Net charge - offs (2.9) (2.9) ACL as of 3/31/21 $ 235.1 $ 0 $ 235.1 1.93% 2.06% Q2 - 21 Recapture of Provision (10.0) (10.0) Q2 - 21 Net recoveries 2.1 2.1 ACL as of 6/30/21 $227.2 $ 0 $227.2 2.00% 2.08% Allowance for Credit Losses on Loans and Loan Coverage 31 Allowance for Credit Losses (ACL) CECL = Current Expected Credit Losses methodology for estimating ACL ACL = Allowance for Credit Losses on Loans (1) Non - GAAP measure that management believes aids in the discussion of results. See Appendix for Non - GAAP reconciliation. $ in millions as of 6/30/20 as of 9/30/20 as of 12/31/20 As of 3/31/21 As of 6/30/21 Unfunded Commitments $2,616 $2,344 $2,051 $2,039 $2,130 Reserve $24.4 $24.4 $22.4 $22.4 $22.4 Reserve / Unfunded Balance 0.9% 1.0% 1.1% 1.1% 1.1% Reserve for Unfunded Commitments ACL Methodology as of 6/30/21: ▪ Quantitative allocation: 0.98% Moody’s June 2021 scenarios with management’s weighting: S1 (24%) / Baseline (66%) / S2 (10%) ▪ Qualitative allocation: 1.02% ▪ $139MM in individually assessed loans with related reserves of $22MM ▪ Total ACL / Loans: 2.00% Management’s Provision Expense Outlook Provision levels will reflect subsequent changes in Moody’s Economic Scenario Forecast (noted above), and organic and acquired loan growth.

PERFORMANCE TRENDS 32

HISTORICAL LOAN DISCOUNT BALANCE & ACCRETION INCOME (1) Fully tax equivalent using an effective tax rate of 26.135%. (2) Non - GAAP measure that management believes aids in the discussion of results. See Appendix for Non - GAAP reconciliation. 33 Net Interest Income 2021 SCHEDULED ACCRETION Q1 (Actual) Q2 (Actual) Q4 (Estimated) Q3 (Estimated) FY21 (Estimated) $2.2 $6.6 $2.0 $ 5.6 $16.4 $ in millions 2020 2021 Q2 Q3 Q4 Q1 Q2 Loan Yield (1) 4.84% 4.54% 4.74% 4.75% 4.73% Core Loan Yield (1)(2) 4.52% 4.29% 4.47% 4.53% 4.54% Security Yield (1) 2.50% 2.60% 2.48% 2.36% 1.97% Cost of Interest Bearing Deposits 0.59% 0.54% 0.47% 0.41% 0.32% Cost of Deposits 0.44% 0.39% 0.34% 0.30% 0.24% Cost of Borrowed Funds 1.84% 1.85% 1.88% 1.91% 1.97% Net Interest Margin (1) 3.42% 3.21% 3.22% 2.99% 2.89% Core Net Interest Margin (1)(2) 3.18% 3.02% 3.04% 2.86% 2.78% Fed Funds Target Rate 0.25% 0.25% 0.25% 0.25% 0.25% $114 $77 $56 $36 $89 $49 $87 $40 $28 $40 $38 $46 $24 $28 $35 $41 $42 $12 $- $20 $40 $60 $80 $100 $120 2013 2014 2015 2016 2017 2018 2019 2020 1H21 Loan Discount Balance Accretion Income

(1) As of December 31, except where otherwise noted. (2) Efficiency ratio is core noninterest expense before foreclosed property expense and amortization of intangibles as a percent of net interest income (fully taxable equivalent) and non - interest revenues, excluding gains and losses from securities transactions and non - core items, and is a non - GAAP measurement. See Appendix for non - GAAP reconciliations. Note: Core figures exclude non - core income and expense items (e.g., early retirement program costs, gain on early retirement of trus t preferred securities, gain on sale of branches, gain on sale of insurance lines of business, donation to the Simmons Foundation, one - time tax adjustment, merger related costs and branch right - sizing costs). Core figures are non - GAAP meas urements. See Appendix for non - GAAP reconciliations. 34 Performance Trends TOTAL ASSETS (1) ($ IN BILLIONS) EFFICIENCY RATIO (2) NONINTEREST INCOME / REVENUE TOTAL LOANS & DEPOSITS (1) ($ IN BILLIONS) $15.1 $16.5 $21.3 $22.4 $23.4 $5.0 $7.0 $9.0 $11.0 $13.0 $15.0 $17.0 $19.0 $21.0 $23.0 $25.0 2017 2018 2019 2020 Q221 55.1% 52.6% 50.0% 54.3% 57.2% 30.0% 35.0% 40.0% 45.0% 50.0% 55.0% 60.0% 2017 2018 2019 2020 1H21 $10.8 $11.7 $14.4 $12.9 $11.4 $11.1 $12.4 $16.1 $17.0 $18.3 $3.0 $4.5 $6.0 $7.5 $9.0 $10.5 $12.0 $13.5 $15.0 $16.5 $18.0 $19.5 2017 2018 2019 2020 Q221 Loans Deposits 27.8% 20.2% 25.0% 27.5% 25.1% 27.2% 20.2% 25.0% 26.8% 24.0% 15.0% 17.0% 19.0% 21.0% 23.0% 25.0% 27.0% 29.0% 31.0% 33.0% 35.0% 2017 2018 2019 2020 1H21 GAAP Core

Note: Core figures exclude non - core income and expense items (e.g., early retirement program costs, gain on early retirement of trust preferred securities, gain on sale of branches, gain on sale of insurance lines of business, donation to the Simmons Foundation, one - time tax adjustment, merger related costs and branch rig ht - sizing costs). Core figures, as well as figures based on tangible common equity (which excludes goodwill and other intangible assets), are non - GAAP measurements. See Appendix for non - GA AP reconciliations. 35 Performance Trends ROA ROTCE ROACE 6.68% 10.00% 9.93% 8.72% 9.64% 8.56% 10.21% 11.25% 9.05% 9.45% 5.00% 7.00% 9.00% 11.00% 2017 2018 2019 2020 1H21 GAAP Core 11.26% 18.44% 17.99% 15.25% 16.56% 14.28% 18.81% 20.31% 15.79% 16.23% 5.00% 7.00% 9.00% 11.00% 13.00% 15.00% 17.00% 19.00% 21.00% 23.00% 2017 2018 2019 2020 1H21 GAAP Core 0.92% 1.37% 1.33% 1.18% 1.25% 1.18% 1.40% 1.51% 1.22% 1.22% 0.50% 0.70% 0.90% 1.10% 1.30% 1.50% 2017 2018 2019 2020 1H21 GAAP Core

LTM = Last twelve months (1) Per share information has been adjusted to reflect the effects of the Company’s two - for - one stock split, which occurred on Febr uary 8, 2018. Note: Core figures exclude non - core income and expense items (e.g., early retirement program costs, gain on early retirement of trust preferred securities, gain on sale of branches, gain on sale of insurance lines of business, donation to the Simmons Foundation, one - time tax adjustment, merger related costs and branch right - sizing costs). Core figures, as well as figur es based on tangible common equity (which excludes goodwill and other intangible assets), are non - GAAP measurements. See Appendix for non - GAAP reconciliations. 36 Performance Trends DILUTED EPS (1) NET INCOME ($ IN MILLIONS) $93 $216 $238 $255 $261 $119 $220 $270 $264 $270 $50 $75 $100 $125 $150 $175 $200 $225 $250 $275 2017 2018 2019 2020 LTM GAAP CORE $1.33 $2.32 $2.41 $2.31 $2.40 $1.70 $2.37 $2.73 $2.40 $2.48 $0.50 $0.75 $1.00 $1.25 $1.50 $1.75 $2.00 $2.25 $2.50 $2.75 2017 2018 2019 2020 LTM GAAP CORE

As of and for the quarter ended June 30, 2021 Including PPP Loans Excluding PPP Loans (1) Loan Yield 4.73% 4.71% Core Loan Yield (1) 4.54% 4.51% Allowance for Credit Losses to Total Loans 2.00% 2.08% Common Stockholders’ Equity to Total Assets 12.98% 13.23% Tangible Common Equity to Tangible Assets (1) 8.36% 8.53% Regulatory Tier 1 Leverage Ratio 8.99% 9.29% Loans / Deposits 62% 60% 37 Key Ratios Adjusted for PPP Loans (1) Non - GAAP measure that management believes aids in the discussion of results. See Appendix for Non - GAAP reconciliation.

CORPORATE PROFILE AND COMPANY HIGHLIGHTS 38

(1) As of June 30, 2021, unless otherwise noted. (2) Based on July 13, 2021 closing stock price of $28.05 and number of shares outstanding as of that date. (3) Loan and deposit figures in billions. The balances include only those assigned to the division (the balances do not include o the r business units such as credit cards, equipment finance, energy, brokered and other). Company Profile (1) FINANCIAL HIGHLIGHTS BY DIVISION (3) 39 Division Geographic Footprint Branches Loans Deposits Arkansas Community Smaller Arkansas markets 45 $1.3 $3.9 Tennessee Community Smaller Tennessee markets 24 $0.7 $1.9 MO / OK / TX Community Smaller Missouri / Oklahoma / North Texas markets 48 $1.6 $4.4 Central AR & TN Metro Central Arkansas / Nashville / Memphis 22 $1.3 $2.3 Saint Louis Metro Saint Louis 19 $1.0 $1.6 Texas Metro Dallas / Fort Worth 16 $2.8 $1.6 Western Metro Northwest Arkansas / Kansas / Oklahoma 24 $1.3 $1.7 1903 Simmons Bank Founded in Pine Bluff, Arkansas 14.20% CET1 Ratio SFNC Ticker Symbol 17.49% Total Risk - based Capital Ratio $3.0 Billion Market Cap (2) 2.00% ACL / Loans $23.4 Billion Total Assets 2.89% Net Interest Margin 198 Locations 6 States 2.6% Dividend Yield (2) AR Community TN Community MO / OK / TX Community Central AR & TN Metro Saint Louis Metro Texas Metro Western Metro

As of and for the quarter ended June 30, 2021 40 Selected Business Units ▪ $178 million nationwide credit card portfolio ▪ Loan yield (including fees): 13.5% (YTD) ▪ History of excellent credit quality (1.58% YTD net charge - off ratio) INVESTMENTS ▪ Retail investments services provided through networking arrangement with LPL Financial – LPL platform, among other things, provides customers with online self - service trade option – Retail Group: $1.81 billion AUM ($ 413 million in fee - based / advisory assets) ▪ Profit Margin 21% INSURANCE (EMPLOYEE BENEFITS & LIFE) ▪ Revenue: $1.3 million ▪ Profit Margin: 32% ▪ Q2 2021 Mortgage Originations : $2 74 million 1H 2021 Mortgage Originations: $600 Million ▪ 58 % Purchase vs. 42 % Refinance (Q2 2021) 55% Purchase vs 45% Refinance (1H 2021) ▪ Revenue $12.7 million (Q2 2021) Revenue $28.3 million (1H 2021) TRUST ▪ Total Assets: $ 6.1 billion – Managed Assets: $3.8 billion – Non - managed / Custodial Assets: $2.3 billion ▪ Revenue $6.7 million ▪ Profit Margin: 36 % ▪ Growing investment management business ROYALTY TRUST ▪ Revenue: $574 thousand ▪ Profit Margin : 23 %

(1) Purchase price and ratios as of closed date. Source: S&P Global Market Intelligence. (2) Metropolitan was acquired from Section 363 Bankruptcy. 41 Disciplined and seasoned acquiror (11 bank acquisitions completed since 2013) 2013 – 2014 Consolidated eight charters to one National to State Charter Conversion (Fed Member Bank) 2015 2016 2017 2019 $ IN MILLIONS PRICE / BANK ANNOUNCED CLOSED SYSTEM CONVERSION TOTAL ASSETS TRUST AUM PURCHASE PRICE⁽¹⁾ EARNINGS⁽¹⁾ BOOK VALUE⁽¹⁾ TBV⁽¹⁾ Metropolitan National Bank⁽²⁾ Sep - 13 Nov - 13 Mar - 14 $ 920 $ 370 $ 54 12.5 x 88% 89% Delta Trust & Bank Mar - 14 Aug - 14 Oct - 14 420 815 67 14.9 x 153% 157% First State Bank May - 14 Feb - 15 Sep - 15 1,915 - 272 12.2 x 167% 170% Liberty Bank May - 14 Feb - 15 Apr - 15 1,065 - 213 12.1 x 191% 198% Trust Company of the Ozarks Apr - 15 Oct - 15 Jan - 16 15 1,000 24 NA NA NA Citizens National Bank May - 16 Sep - 16 Oct - 16 585 200 82 18.0 x 130% 130% Hardeman County Investments Nov - 16 May - 17 Sep - 17 462 - 71 17.4 x 138% 179% Southwest Bancorp, Inc (OKSB) Dec - 16 Oct - 17 May - 18 2,468 - 532 24.7 x 180% 190% First Texas BHC, Inc. Jan - 17 Oct - 17 Feb - 18 2,019 430 461 23.2 x 192% 228% Reliance Bancshares, Inc. Nov - 18 Apr - 19 Apr - 19 1,534 - 166 NA 169% 169% The Landrum Company Jul - 19 Oct - 19 Feb - 20 3,407 - 416 12.9 x 165% 165% 2021

(1) Based on July 13, 2021 closing stock price of $28.05. (2) Q2 2021 Year - to - Date EPS of $1.31. (3) Q2 2021 Year - to - Date Core EPS of $1.28, excludes non - core income and expense items and is a non - GAAP measurement. See Appendix f or non - GAAP reconciliations. Note: The future payment of dividends is not guaranteed and is subject to various factors, including approval by the Company’s boar d of directors. 42 112 Years of Consistent Dividend History $0.14 $0.16 $0.18 $0.20 $0.22 $0.24 $0.27 $0.29 $0.31 $0.34 $0.37 $0.38 $0.38 $0.38 $0.38 $0.40 $0.42 $0.44 $0.46 $0.48 $0.50 $0.60 $0.64 $0.68 $0.72 $- $0.05 $0.10 $0.15 $0.20 $0.25 $0.30 $0.35 $0.40 $0.45 $0.50 $0.55 $0.60 $0.65 $0.70 $0.75 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2021 CURRENT DIVIDEND YIELD⁽¹⁾ 2.6% 2021 DIVIDEND PAYOUT RATIO GAAP Earnings⁽²⁾ 27.5% Core Earnings⁽³⁾ 28.1% EXPECTED

(10.0)% (5.0)% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0% 55.0% 60.0% Dividend + Stock Appreciation (12/31/20 – 7/13/21) Note: Based on July 13, 2021 closing stock price of $28.05. Source: S&P Global Market Intelligence 43 YTD Total Shareholder Return SFNC 31.4% SNL Mid Cap Bank 20.3%

(75.0)% (55.0)% (35.0)% (15.0)% 5.0% 25.0% 45.0% 65.0% 85.0% 105.0% 125.0% 145.0% 165.0% 185.0% 205.0% 225.0% 245.0% Dividend + Stock Appreciation (12/31/07 – 7/13/21) Note: Based on July 13 , 2021 closing stock price of $28.05. Source: S&P Global Market Intelligence 44 Long - term Shareholder Return SFNC 200.6% SNL Mid Cap Bank 26.9%

Source: S&P Global Market Intelligence (1) Core EPS excludes non - core income and expense items and is a non - GAAP measurement. See Appendix for non - GAAP reconciliations. (2) Based upon the Company’s average six analyst consensus EPS of $2.02 for 2021 and $2.12 for 2022 (analyst’s published estimate s a s of 7/13/21). (3) Tangible book value (which excludes goodwill and other intangible assets) is a non - GAAP measurement. See Appendix for non - GAAP reconciliations. (4) The ratings provided by KBRA are subject to revision or withdrawal by KBRA at any time and are not recommendations to buy, se ll or hold these securities. Each rating should be evaluated independently of any other rating. 45 Investment Profile SENIOR UNSECURED DEBT SHORT - TERM DEBT SUBORDINATED DEBT SENIOR UNSECURED DEBT SHORT - TERM DEBT SUBORDINATED DEBT SHORT - TERM DEPOSIT DEPOSIT BBB+ BBB K2 SIMMONS FIRST NATIONAL CORPORATION SIMMONS BANK A - A - BBB+ K2 K2 2021 -- KROLL BOND RATING AGENCY (4) SFNC MARKET DATA AS OF JULY 13, 2021 VALUATION & PER SHARE DATA Stock Price $28.05 52 - Week High $33.43 52 - Week Low $14.84 Common Shares Outstanding 108.4 (in millions) Market Cap. $3.0 (in billions) Institutional Ownership 71% Price / LTM EPS 11.7 X Price / LTM Core EPS (1) 11.3 X Price / 2021 Consensus EPS (2) 13.9 X Price / 2022 Consensus EPS (2) 13.2 X Price / Book Value 1.0 X Price / Tangible Book Value (3) 1.6 X

APPENDIX 46

(1) Effective tax rate of 26.135% for 2018 - 2021 and 39.225% for 2017, adjusted for non - deductible merger - related costs and deferr ed tax items on P&C insurance sale. (2) Tax adjustment to revalue deferred tax assets and liabilities to account for the future impact of lower corporate tax. 47 Non - GAAP Reconciliations Q1 Q2 $ in thousands 2017 2018 2019 2020 2021 2021 LTM Calculation of Core Earnings Net Income $ 92,940 $ 215,713 $ 237,828 $ 254,852 $ 67,407 $ 74,911 $ 261,158 Non - core items Gain on sale of banking operations - - - (8,368) (5,477) (445) (6,197) Gain on sale of P&C insurance business (3,708) - - - - - - Donation to Simmons Foundation 5,000 - - - - - - Merger related costs 21,923 4,777 36,379 4,531 233 686 2,552 Early Retirement Program - - 3,464 2,901 - - 2,408 Branch right sizing 169 1,341 3,129 13,727 625 468 12,861 Tax Effect⁽¹⁾ (8,746) (1,598) (11,234) (3,343) 1 207 (185) (3,037) Net non - core items (before SAB 118 adjustment) 14,638 4,520 31,738 9,448 (3,412) 524 8,587 SAB 118 adjustment⁽²⁾ 11,471 - - - - - - Core earnings (non - GAAP) $ 119,049 $ 220,233 $ 269,566 $ 264,300 $ 63,995 $ 75,435 $ 269,745

(1) Effective tax rate of 26.135% for 2018 - 2021 and 39.225% for prior periods, adjusted for non - deductible merger - related costs a nd deferred tax items on P&C insurance sale. (2) Tax adjustment to revalue deferred tax assets and liabilities to account for the future impact of lower corporate tax. 48 Non - GAAP Reconciliations Q1 Q2 $ per Share 2017 2018 2019 2020 2021 2021 LTM Calculation of Diluted Earnings per Share (EPS) Diluted earnings per share $ 1.33 $ 2.32 $ 2.41 $ 2.31 $ 0.62 $ 0.69 $ 2.40 Non - core items Gain on sale of banking operations - - - (0.07) (0.05) (0.01) (0.06) Gain on sale of P&C insurance business (0.04) - - - - - - Donation to Simmons Foundation 0.07 - - - - - - Merger related costs 0.31 0.05 0.37 0.04 - 0.01 0.02 Early Retirement Program - - 0.03 0.03 - - 0.02 Branch right sizing - 0.02 0.03 0.12 0.01 - 0.12 Tax effect⁽¹⁾ (0.13) (0.02) (0.11) (0.03) __ 0.01 ____ - (0.02) Net non - core items (before SAB 118 adjustment) 0.21 0.05 0.32 0.09 (0.03) - 0.08 SAB 118 adjustment⁽²⁾ 0.16 - - - _ - - - Diluted core earnings per share (non - GAAP) $ 1.70 $ 2.37 $ 2.73 $ 2.40 $ 0.59 $ 0.69 $ 2.48

49 Non - GAAP Reconciliations Q2 Q2 YTD $ in thousands 2017 2018 2019 2020 2020 2021 2021 Calculation of Core Return on Average Assets Net income available to common stockholders $ 92,940 $ 215,713 $ 237,828 $ 254,852 $ 58,789 $ 74,911 $ 142,318 Net non - core items, net of taxes, adjustment (non - GAAP) 26,109 4,520 31,738 9,448 1,358 __ 524 __ ____(2,888) Core earnings (non - GAAP) $ 119,049 $ 220,233 $ 269,566 $ 264,300 $ 60,147 $ 75,435 $ 139,430 Average total assets $ 10,074,951 $ 15,771,362 $ 17,871,748 $ 21,590,745 $ 21,822,273 $ 23,257,921 $ 22,999,805 Return on average assets 0.92% 1.37% 1.33% 1.18% 1.08% 1.29% 1.25% Core return on average assets (non - GAAP) 1.18% 1.40% 1.51% 1.22% 1.11% 1.30% 1.22% Calculation of Return on Tangible Common Equity Net income available to common stockholders $ 92,940 $ 215,713 $ 237,828 $ 254,852 $ 58,789 $ 74,911 $ 142,318 Amortization of intangibles, net of taxes 4,659 8,132 8,720 9,968 2,489 2,462 4,932 Total income available to common stockholders (non - GAAP) $ 97,599 $ 223,845 $ 246,548 $ 264,820 $ 61,278 $ 77,373 $ 147,250 Net non - core items, net of taxes (non - GAAP) 26,109 4,520 31,738 9,448 1,358 524 (2,888) Core earnings (non - GAAP) 119,049 220,233 269,566 264,300 60,147 75,435 139,430 Amortization of intangibles, net of taxes 4,659 8,132 8,720 9,968 2,489 2,462 4,932 Total core income available to common stockholders (non - GAAP) $ 123,708 $ 228,365 $ 278,286 $ 274,268 $ 62,636 $ 77,897 $ 144,362 Average common stockholders' equity $ 1,390,815 $ 2,157,097 $ 2,396,024 $ 2,921,039 $ 2,879,337 $ 2,980,609 $ 2,976,671 Average intangible assets: Goodwill (455,453) (845,308) (921,635) (1,065,190) (1,064,955) (1,075,305) (1,075,305) Other intangibles (68,896) (97,820) (104,000) (118,812) (120,111) (105,785) (107,806) Total average intangibles (524,349) (943,128) (1,025,635) (1,184,002) (1,185,066) (1,181,090) ___(1,183,111) Average tangible common stockholders' equity (non - GAAP) $ 866,466 $ 1,213,969 $ 1,370,389 $ 1,737,037 $ 1,694,271 $ 1,799,519 $ 1,793,560 Return on average common equity 6.68% 10.00% 9.93% 8.72% 8.21% 10.08% 9.64% Return on tangible common equity (non - GAAP) 11.26% 18.44% 17.99% 15.25% 14.55% 17.25% 16.56% Core return on average common equity (non - GAAP) 8.56% 10.21% 11.25% 9.05% 8.40% 10.15% 9.45% Core return on tangible common equity (non - GAAP) 14.28% 18.81% 20.31% 15.79% 14.87% 17.36% 16.23%

50 Non - GAAP Reconciliations Q2 Q1 Q2 YTD $ in thousands 2017 2018 2019 2020 2020 2021 2021 2021 Calculation of Noninterest Income to Revenue Net Interest Income $ 354,930 $ 552,552 $ 601,753 $ 639,734 $ 163,681 $ 146,681 $ 146,533 $ 293,214 Noninterest income 136,374 139,660 200,202 ____242,618 _____46,602 ___50,340 ____47,924 _____98,264 Total Revenue (GAAP) $ 491,304 $ 692,212 $ 801,955 $ 882,352 $ 210,283 $ 197,021 $ 194,457 $ 391,478 Noninterest Income (GAAP) $ 136,374 $ 139,660 $ 200,202 $ 242,618 $ 46,602 $ 50,340 $ 47,924 $ 98,264 Non - core Items (non - GAAP) (3,972) - - ____(8,738) _____(2,204) ___(5,477) _____(445) _____(5,922) Core Noninterest Income (non - GAAP) $ 132,402 $ 139,660 $ 200,202 $ 233,880 $ 44,398 $ 44,863 $ 47,479 $____92,342 Net Interest Income $ 354,930 $ 552,552 $ 601,753 $ 639,734 $ 163,681 $ 146,681 $ 146,533 $ 293,214 Core Noninterest Income (non - GAAP) 132,402 139,660 200,202 233,880 44,398 ___44,863 _____47,479 _____92,342 Core Total Revenue (non - GAAP) $ 487,332 $ 692,212 $ 801,955 $ 873,614 $ 208,079 $ 191,544 $ 194,012 $ 385,556 Noninterest Income / Revenue (GAAP) 27.8% 20.2% 25.0% 27.5% 22.2% 25.6% 24.6% 25.1% Core Noninterest Income / Revenue (non - GAAP) 27.2% 20.2% 25.0% 26.8% 21.3% 23.4% 24.5% 24.0%

(1) Effective tax rate of 26.135% (2) Efficiency ratio is core 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. 51 Non - GAAP Reconciliations Q2 Q1 Q2 YTD $ in thousands 2017 2018 2019 2020 2020 2021 2021 2021 Calculation of Efficiency Ratio Noninterest expense $ 309,988 $ 387,993 $ 456,283 $ 487,585 $ 116,177 $ 113,793 $ 115,466 $ 229,259 Non - core non - interest expense adjustment (27,357) (6,118) (42,972) (21,529) (4,044) (858) (1,154) (2,012) Other real estate and foreclosure expense adjustment (3,042) (4,240) (3,282) (1,706) (242) (343) (863) (1,206) Amortization of intangibles adjustment (7,666) (11,009) (11,805) (13,495) (3,369) _______(3,344) (3,333) (6,677) Efficiency ratio numerator $ 271,923 $ 366,626 $ 398,224 $ 450,855 $ 108,522 $ 109,248 $ 110,116 $ 219,364 Net interest income $ 354,930 $ 552,552 $ 601,753 $ 639,734 $ 163,681 $ 146,681 $ 146,533 $ 293,214 Noninterest income 136,374 139,660 200,202 242,618 48,806 50,340 47,924 98,264 Non - core noninterest income adjustment (3,972) - - (8,738) (2,204) (5,477) (445) (5,922) Fully tax - equivalent adjustment⁽¹⁾ 7,723 5,297 7,322 11,001 2,350 4,163 4,548 8,711 (Gain) loss on sale of securities (1,059) (61) (13,314) (54,806) (390) _______(5,471) (5,127) (10,598) Efficiency ratio denominator $ 493,996 $ 697,448 $ 795,463 $ 829,809 $ 212,243 $ 190,236 $ 193,433 $ 383,669 Efficiency ratio⁽²⁾ 55.05% 52.57% 50.03% 54.33% 51.13% 57.43% 56.93% 57.18% Calculation of Core Noninterest Expense Noninterest expense (GAAP) $ 116,177 $ 113,793 $ 115,466 Merger related costs (1,830) (233) (686) Branch Right sizing (1,721) (625) (468) Early retirement program _________(493) ___________ - _ ___________ - _ Core noninterest expense (Non - GAAP) $ _112,133 $ _112,935 $ _114,312 Calculation of Core Provision for Income Taxes Provision for income taxes (GAAP) $ 17,018 Tax effect of non - core items _________185 Core provision for income taxes (Non - GAAP) $ _ _17,203

52 Non - GAAP Reconciliations Q2 Q3 Q4 Q1 Q2 $ in thousands, except per share and share count 2020 2020 2020 2021 2021 Calculation of Core Net Interest Margin Net interest income $ 163,681 $ 153,610 $ 154,960 $ 146,681 $ 146,533 Fully tax - equivalent adjustment 2,350 2,864 3,482 4,163 _______4,548 Fully tax - equivalent net interest income 166,031 156,474 158,442 150,844 151,081 Total accretable yield (11,723) (8,948) (8,999) (6,630) ______(5,619) Core net interest income (non - GAAP) $ 154,308 $ 147,526 $ 149,443 $ 144,214 $ 145,462 PPP loan and excess liquidity interest income (non - GAAP) (5,623) (6,131) (6,983) (12,257) (9,445) Core net interest income adjusted for PPP loans and liquidity (non - GAAP) $ 160,408 $ 150,343 $ 151,459 $ 138,587 $ 141,636 Average earning assets $ 19,517,475 $ 19,415,314 $ 19,573,651 $ 20,484,908 $ 20,959,642 Average PPP loan balance and excess liquidty (2,071,411) (2,359,928) (2,837,125) (3,617,567) (2,659,831) Average earning assets adjusted for PPP loans and liquidity (non - GAAP) $ 17,446,064 $ 17,055,386 $ 16,736,526 $ 16,867,341 $ 18,299,811 Net interest margin 3.42% 3.21% 3.22% 2.99% 2.89% Core net interest margin (non - GAAP) 3.18% 3.02% 3.04% 2.86% 2.78% Core net interest margin adjusted for PPP loans and liquidity (non - GAAP) 3.70% 3.51% 3.60% 3.33% 3.10% Calculation of Adjusted Pre - Tax, Pre - Provision (PTPP) Earnings Net income available to common shareholders $ 58,789 $ 65,885 $ 52,955 $ 67,407 $ 74,911 Provision for income taxes 15,593 17,633 10,970 14,363 17,018 Provision for credit losses 21,915 22,981 6,943 1,445 (12,951) (Gain) loss on sale of securities (390) (22,305) (16) (5,471) (5,127) Net pre - tax non - core items ________1,840 ________3,320 _______12,214 _______(4,619) _________709 Pre - tax, pre - provision (PTTP) earnings $ 97,747 $ 87,514 $ 83,066 $ 73,125 $ 74,560

53 Non - GAAP Reconciliations Q2 $ in thousands, except per share and share count 2017 2018 2019 2020 2021 Calculation of Book Value and Tangible Book Value per Share Total common stockholders' equity $ 2,084,564 $ 2,246,434 $ 2,988,157 $ 2,975,889 $ 3,038,599 Intangible assets: Goodwill (842,651) (845,687) (1,055,520) (1,075,305) (1,075,305) Other intangible assets (106,071) (91,334) (127,340) (111,110) (103,759) Total intangibles (948,722) (937,021) (1,182,860) (1,186,415) (1,179,064) Tangible common stockholders' equity (non - GAAP) $ 1,135,842 $ 1,309,413 $ 1,805,297 $ 1,789,474 $ 1,859,535 Shares of common stock outstanding 92,029,118 92,347,643 113,628,601 108,077,662 108,386,669 Book value per common share $ 22.65 $ 24.33 $ 26.30 $ 27.53 $ 28.03 Tangible book value per common share (non - GAAP) $ 12.34 $ 14.18 $ 15.89 $ 16.56 $ 17.16 Stock Price as of July 13, 2021 $ 28.05 Price / Book Value per Share 1.00 x Price / Tangible Book Value per Share (non - GAAP) 1.63 x

54 Non - GAAP Reconciliations Q2 Q3 Q4 Q1 Q2 $ in thousands 2020 2020 2020 2021 2021 Calculation of Core Loan Yield Loan interest income (FTE) $ 177,168 $ 163,379 $ 160,306 $ 146,601 $ 138,987 Total accretable yield (11,723) (8,948) (8,999) (6,630) ______(5,619) Core loan interest income (non - GAAP) 165,445 154,431 151,307 $ 139,971 $ 133,368 PPP loan interest income (3,733) (5,782) (6,457) (11,652) ______(8,958) Core loan interest income excluding PPP loans (non - GAAP) $ 161,712 $ 148,649 $ 144,850 $ 128,319 $ 124,410 Average loan balance $ 14,731,306 $ 14,315,014 $ 13,457,077 $ 12,518,300 $ 11,783,839 Average PPP loan balance (non - GAAP) (645,172) (967,152) (937,544) (891,070) ____(707,296) Core loan interest income excluding PPP loans (non - GAAP) $ 14,086,134 $ 13,347,862 $ 12,519,533 $ 11,627,230 $ 11,076,543 Core loan yield (non - GAAP) 4.52% 4.29% 4.47% 4.53% 4.54% Core loan yield excluding PPP loans (non - GAAP) 4.62% 4.43% 4.60% 4.48% 4.51% Calculation of Loan Yield Adjusted for PPP Loans Loan interest income (FTE) $ 160,306 $ 146,601 $ 138,987 PPP loan interest income (6,457) (11,652)) _______(8,958) Loan interest income excluding PPP loans $ 153,849 $ 134,949 $ 130,029 Average loan balance $ 13,457,077 $ 12,518,300 $ 11,783,839 Average PPP loan balance (937,544) (891,070) _____(707,296) Average loan balance excluding PPP loans $ 12,519,533 $ 11,627,230 $ 11,076,543 Loan yield 4.74% 4.75% 4.73% Loan yield excluding PPP loans 4.89% 4.71% 4.71% Calculation of Loans to Deposits excluding PPP Loans Loans $ 12,900,897 $ 12,195,873 $ 11,386,352 PPP loans (904,673) (797,629) _____(441,353) Loans excluding PPP Loans $ 11,996,224 $ 11,398,244 $ 10,944,999 Deposits $ 16,987,026 $ 18,189,388 $ 18,304,613 Loans to deposits 75.95% 67.05% 62.20% Loans excluding PPP loans to deposits 70.62% 62.66% 59.79&

Non - GAAP Reconciliations 55 Q1 Q2 $ in thousands 2021 2021 Calculation of Tangible Common Equity to Tangible Assets Total stockholders' equity $ 2,930,775 $ 3,039,366 Preferred stock (767) (767) Total common stockholders' equity 2,930,008 3,038,599 Intangible assets: Goodwill (1,075,305) (1,075,305) Other intangible assets (107,091) (103,759) Total intangibles (1,182,396) (1,179,064) Tangible common stockholders' equity (non - GAAP) $ 1,747,612 $ 1,859,535 Total assets $ 23,348,117 $ 23,423,159 Intangible assets: Goodwill (1,075,305) (1,075,305) Other intangible assets (107,091) (103,759) Total intangibles (1,182,396) (1,179,064) Tangible assets (non - GAAP) $ 22,165,721 $ 22,244,095 PPP loans (797,629) (441,353) Total assets excluding PPP loans (non - GAAP) $ 22,550,488 $ 22,981,806 Tangible assets excluding PPP loans (non - GAAP) $ 21,368,092 $ 21,802,742 Ratio of equity to assets 12.55% 12.98% Ratio of equity to assets excluding PPP loans (non - GAAP) 13.00% 13.23% Ratio of tangible common equity to tangible assets (non - GAAP) 7.88% 8.36% Ratio of tangible common equity to tangible assets excluding PPP loans (non - GAAP) 8.18% 8.53%

Non - GAAP Reconciliations 56 Q2 Q3 Q4 Q1 Q2 $ in thousands 2020 2020 2020 2021 2021 Calculation of ACL / Loans (exluding PPP Loans) Total loans $ 14,606,900 $ 14,017,442 $ 12,900,897 $ 12,195,873 $ 11,386,352 Allowance for credit losses on loans $ 231,643 $ 248,251 $ 238,050 $ 235,116 $ 227,239 ACL / Loans 1.59% 1.77% 1.85% 1.93% 2.00% Total loans $ 14,606,900 $ 14,017,442 $ 12,900,897 $ 12,195,873 $ 11,386,352 PPP loans (963,712) (970,488) (904,673) (797,629) ___(441,353) Total loans, excluding PPP Loans (non - GAAP) $ 13,643,188 $ 13,046,954 $ 11,996,224 $ 11,398,244 $_10,944,999 Allowance for credit losses on loans 231,643 248,251 238,050 235,116 227,239 ACL / Loans (excluding PPP loans) (non - GAAP) 1.70% 1.90% 1.98% 2.06% 2.08%

Non - GAAP Reconciliations 57 Q2 Q3 Q4 Q1 Q2 $ in thousands 2020 2020 2020 2021 2021 Calculation of Regulatory Tier 1 Leverage Ratio Excluding Average PPP Loans Total Tier 1 capital $ 1,820,488 $ 1,868,173 $ 1,884,563 $ 1,939,868 $ 2,000,023 Adjusted average assets for leverage ratio $ 20,742,824 $ 20,652,454 $ 20,765,127 $ 21,668,406 $ 22,244,118 Average PPP loans (645,172) (967,152) (937,544) (891,070) (707,296) Adjusted average assets excluding average PPP loans (non - GAAP) $ 20,097,652 $ 19,685,302 $ 19,827,583 $ 20,777,336 $ 21,536,822 Tier 1 leverage ratio 8.78% 9.05% 9.08% 8.95% 8.99% Tier 1 leverage ratio excluding average PPP loans (non - GAAP) 9.06% 9.49% 9.50% 9.34% 9.29%

Contents 4 Q2 Key Highlights 5 Q2 Results Overview 14 Loans 21 Deposits, Liquidity, Investments

& Capital 27 Credit Quality 32 Performance Trends 38 Corporate Profile 46 Appendix 2 nd Quarter 2021 Investor Presentation | NASDAQ: SFNC