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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

Form 10-Q

QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For Quarter Ended September 30, 2003                                                                             Commission File Number 06253


                                                     SIMMONS FIRST NATIONAL CORPORATION                                                                                                               (Exact name of registrant as specified in its charter)


                                        Arkansas                                                                                      71-0407808                                                             (State or other jurisdiction of                                                                (I.R.S. Employer
                       incorporation or organization)                                                             Identification No.)


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


Registrant's telephone number, including area code                                                   870-541-1000   


                                                                                      Not Applicable                                                                                                                    Former name, former address and former fiscal year, if changed since last report


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period) and (2) has been subject to such filing requirements for the past 90 days.

                                                                                       YES  X      NO      

Indicate the number of shares outstanding of each of issuer’s classes of common stock.


                                             Class A, Common                              14,083,109                                                                                                                         Class B, Common                               None


SIMMONS FIRST NATIONAL CORPORATION

INDEX

Page No.

Part I:       Summarized Financial Information

                        Consolidated Balance Sheets —
                                  September 30, 2003 and December 31, 2002                                                                                    3-4

                        Consolidated Statements of Income —
                                  Three months and nine months ended
                                  September 30, 2003 and 2002                                                                                                               5

                        Consolidated Statements of Cash Flows—
                                  Nine months ended September 30, 2003 and 2002                                                                            6

                        Consolidated Statements of Stockholders' Equity
                                  Nine months ended September 30, 2003 and 2002                                                                            7

                        Condensed Notes to Consolidated Financial Statements                                                                    8-19

                        Management's Discussion and Analysis of Financial
                                   Condition and Results of Operations                                                                                          20-46

                        Review by Independent Certified Public Accountants                                                                            47

Part II:      Other Information                                                                                                                                           48-52

Part I: Summarized Financial Information

Simmons First National Corporation
Consolidated Balance Sheets
September 30, 2003 and December 31, 2002

ASSETS


  September 30, December 31,
(In thousands, except share data) 2003 2002
(Unaudited)  
Cash and non-interest bearing balances due from banks     $ 68,068   $ 76,452  
Interest bearing balances due from banks    32,880    28,473  
Federal funds sold and securities purchased  
   under agreements to resell    34,975    86,620  
     Cash and cash equivalents    135,923    191,545  

Investment securities		    444,845    404,048  
Mortgage loans held for sale    19,349    33,332  
Assets held in trading accounts    370    192  
Loans    1,325,428    1,257,305  
   Allowance for loan losses    (22,795 )  (21,948 )
     Net loans    1,302,633    1,235,357  

Premises and equipment		    45,366    47,047  
Foreclosed assets held for sale, net    2,774    2,705  
Interest receivable    13,757    13,133  
Goodwill    32,877    32,877  
Core deposits    539    613  
Other assets    17,198    16,730  
         TOTAL ASSETS   $ 2,015,631   $ 1,977,579  

See Condensed Notes to Consolidated Financial Statements.


3


Simmons First National Corporation
Consolidated Balance Sheets
September 30, 2003 and December 31, 2002


LIABILITIES AND STOCKHOLDERS’ EQUITY


  September 30, December 31,
(In thousands, except share data) 2003 2002
  (Unaudited)
LIABILITIES            
Non-interest bearing transaction accounts   $ 245,176   $ 239,545  
Interest bearing transaction accounts and savings deposits    563,344    565,041  
Time deposits    816,129    814,610  
     Total deposits    1,624,649    1,619,196  
Federal funds purchased and securities sold  
   under agreements to repurchase    84,781    86,705  
Short-term debt    13,559    3,619  
Long-term debt    73,151    54,282  
Accrued interest and other liabilities    12,293    16,172  
     Total liabilities    1,808,433    1,779,974  
STOCKHOLDERS' EQUITY  
Capital stock  
   Class A, common, par value $1 a share, authorized  
      30,000,000 shares, 14,083,109 issued and outstanding  
      at 2003 and 14,142,910 (split adjusted) at 2002    14,083    7,071  
Surplus    35,846    44,495  
Undivided profits    156,847    143,808  
Accumulated other comprehensive income  
   Unrealized appreciation on available-for-sale securities,  
       net of income taxes of $255 in 2003 and $1,446 in 2002    422    2,231  
   Total stockholders' equity    207,198    197,605  
         TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 2,015,631   $ 1,977,579  

See Condensed Notes to Consolidated Financial Statements.


4


Simmons First National Corporation
Consolidated Statements of Income
Three Months and Nine Months Ended September 30, 2003 and 2002

Three Months Ended
September 30,		 Nine Months Ended
September 30,
(In thousands, except per share data) 2003 2002 2003 2002
(Unaudited) (Unaudited)
INTEREST INCOME                    
   Loans   $ 22,216   $ 23,853   $ 66,981   $ 71,627  
   Federal funds sold and securities purchased  
     under agreements to resell    72    207    446    799  
   Investment securities    4,026    4,636    12,015    14,417  
   Mortgage loans held for sale, net of unrealized gains (losses)    358    206    1,010    624  
   Assets held in trading accounts    24    30    33    50  
   Interest bearing balances due from banks    74    104    365    535  
         TOTAL INTEREST INCOME    26,770    29,036    80,850    88,052  
INTEREST EXPENSE  
   Deposits    5,728    8,512    18,956    28,026  
   Federal funds purchased and securities sold  
     under agreements to repurchase    244    236    661    949  
   Short-term debt    26    30    38    83  
   Long-term debt    908    841    3,193    2,465  
         TOTAL INTEREST EXPENSE    6,906    9,619    22,848    31,523  
NET INTEREST INCOME    19,864    19,417    58,002    56,529  
   Provision for loan losses    2,196    2,864    6,589    7,661  
NET INTEREST INCOME AFTER PROVISION  
   FOR LOAN LOSSES    17,668    16,553    51,413    48,868  
NON-INTEREST INCOME  
   Trust income    1,317    1,406    4,059    4,001  
   Service charges on deposit accounts    2,786    2,648    7,879    7,429  
   Other service charges and fees    299    321    1,095    1,097  
   Income on sale of mortgage loans, net of commissions    1,512    962    4,139    2,511  
   Income on investment banking, net of commissions    388    250    1,516    764  
   Credit card fees    2,495    2,598    7,326    7,486  
   Other income    1,151    960    2,883    2,764  
   Gain on sale of mortgage servicing    --    --    771    --  
   Gain on sale of securities, net    --    --    --    --  
         TOTAL NON-INTEREST INCOME    9,948    9,145    29,668    26,052  
NON-INTEREST EXPENSE  
   Salaries and employee benefits    10,789    10,029    32,134    29,819  
   Occupancy expense, net    1,259    1,201    3,862    3,482  
   Furniture and equipment expense    1,329    1,439    3,930    4,041  
   Loss on foreclosed assets    36    69    198    152  
   Other operating expenses    4,535    4,782    13,955    13,904  
         TOTAL NON-INTEREST EXPENSE    17,948    17,520    54,079    51,398  
INCOME BEFORE INCOME TAXES    9,668    8,178    27,002    23,522  
   Provision for income taxes    3,057    2,409    8,530    7,107  
NET INCOME   $ 6,611   $ 5,769   $ 18,472   $ 16,415  
BASIC EARNINGS PER SHARE   $ 0.47   $ 0.41   $ 1.31   $ 1.16  
DILUTED EARNINGS PER SHARE   $ 0.46   $ 0.40   $ 1.28   $ 1.14  

See Condensed Notes to Consolidated Financial Statements.


5


Simmons First National Corporation
Consolidated Statements of Cash Flows
Nine Months Ended September 30, 2003 and 2002


  September 30, September 30,
(In thousands) 2003 2002
OPERATING ACTIVITIES (Unaudited)
   Net income     $ 18,472   $ 16,415  
   Items not requiring (providing) cash  
     Depreciation and amortization    3,901    3,776  
     Provision for loan losses    6,589    7,661  
     Net amortization (accretion) of investment securities    21    (452 )
     Deferred income taxes    1,069    (1,097 )
     Provision for losses on foreclosed assets    113    33  
   Changes in  
     Interest receivable    (624 )  737  
     Mortgage loans held for sale    13,983    (125 )
     Assets held in trading accounts    (178 )  (117 )
     Other assets    (469