SIMMONS FIRST NATIONAL CORP - FORM 8-K - EX-99.1 - EXHIBIT 99.1

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8-K - FORM 8-K - SIMMONS FIRST NATIONAL CORP	f8k_102011.htm

Exhibit 99.1

FOR IMMEDIATE RELEASE:

October 20, 2011

SIMMONS FIRST ANNOUNCES THIRD QUARTER EARNINGS

Pine Bluff, AR – Simmons First National Corporation (NASDAQ-GS: SFNC) today announced net income of $7.3 million and diluted earnings per share of $0.42 for the quarter ended September 30, 2011, compared to $7.6 million, or $0.44 diluted EPS for the same quarter last year. Regarding the quarterly earnings, J. Thomas May, Chairman and CEO, commented, “The primary driver for this slight decrease is a $2.0 million reduction of premiums on the sale of student loans, which we anticipated. This reduction of income equates to a decrease of $0.07 diluted EPS. Beginning with the 2010-2011 school year, the private sector was excluded from originating Government guaranteed student loans as a result of the irrational decision by the administration and congress.”

“While we remain disappointed with the lack of loan demand throughout our markets, it was expected based on the economy and it is likely to continue throughout 2011. Considering the negative impact on non-interest income created by regulatory and legislative actions, coupled with the negative impact of historically low interest rates on margins, we are pleased with our third quarter earnings performance,” added May.

Total assets were $3.3 billion at September 30, 2011, an increase of 9.1% from $3.0 billion at September 30, 2010.

Loans

Total loans, including those covered by FDIC loss share agreements, were $1.8 billion at September 30, 2011, an increase of $26 million, or 1.5%, from the same period in 2010. “In our legacy portfolio, we experienced a decrease of $108 million, or 6.2%, compared to September 30, 2010. Additionally, like the rest of the industry, we continue to experience weak loan demand as a result of a slow economy. We believe loan demand is likely to remain soft throughout the remainder of 2011, but we remain committed and positioned to meet the borrowing needs of our consumer and business customers,” commented May. Loans covered by FDIC loss share agreements, which provide 80% Government guaranteed protection against credit risk on those covered assets, were $172 million at September 30, 2011.

Deposits

At September 30, 2011, total deposits were $2.6 billion, an increase of $253 million, or 10.6%, compared to the same period in 2010. The September 30, 2011, deposits include $192 million of deposits in Missouri and Kansas. “While we continue our efforts to manage our high levels of liquidity, we remain focused on creating core deposit growth. We are very pleased with our ratio of non-time deposits as a percent of total deposits, which is a very favorable 66%,” added May.

Net Interest Income

The Company’s net interest income for the third quarter of 2011 increased 4.7% to $27.3 million compared to the same period of 2010. The increase in net interest income was primarily due to a higher yield on covered loans acquired through acquisitions compared to the yield on loans in the legacy portfolio, along with an increase in earning assets and a continued decrease in cost of funds. Net interest margin was 3.86%, a decrease of 16 basis points from the third quarter of 2010.

Non-Interest Income

Non-interest income for the third quarter of 2011 was $13.7 million, a decrease of $1.1 million, or 7.4%, compared to the same period last year. “As I mentioned earlier, the cause for the decrease in non-interest income is the $2.0 million reduction of premiums on the sale of student loans,” reiterated May.

Non-Interest Expense

Non-interest expense for the third quarter of 2011 was $27.6 million, an increase of $875,000, compared to the same period in 2010. Non-interest expense includes $1.7 million in incremental normal operating expense associated with the Company’s Kansas FDIC-assisted transaction. “Normalizing for the Kansas acquisitions, non-interest expense decreased by $788,000, or 2.9%, compared to the same quarter last year. This decrease in normalized non-interest expense is the result of the implementation of our efficiency initiatives and a decrease in deposit insurance premiums as a result of changes in the FDIC’s assessment base and rates,” according to May.

Asset Quality

During 2010, the Company acquired loans and foreclosed real estate (“OREO”) through FDIC-assisted acquisitions. Through the loss share provisions of the purchase and assumption agreements, the FDIC agreed to reimburse the Company for 80% of the losses incurred on the disposition of such loans and OREO. The loans and OREO covered by the FDIC loss share agreements and the related FDIC loss share indemnification asset were presented in the Company's financial reports as "covered" assets (i.e., covered by the FDIC loss share agreements) with a carrying value equal to the discounted net present value of expected future proceeds. At September 30, 2011, loans covered by loss share were carried at $172 million (net of discount), OREO covered by loss share was carried at $14 million (net of discount) and the FDIC loss share indemnification asset was carried at $52 million. As a result of the FDIC loss share indemnification related to these assets and the discounted net present value method of valuing these assets, such assets are excluded from the computations of the following asset quality ratios, except for their inclusion in total assets.

The Company's allowance for loan losses was $29.2 million at September 30, 2011, or 1.79% of total loans and 157% of non-performing loans. Non-performing assets as a percent of total assets were 1.24% as of September 30, 2011, a decrease from 1.27% as of June 30, 2011. Non-performing loans as a percent of total loans were 1.14% as of September 30, 2011, unchanged from June 30, 2011. These ratios include $2.5 million of Government guaranteed student loans that were over 90 days past due at the end of the quarter. Excluding the guaranteed past due student loans, non-performing assets as a percent of total assets were 1.17% and non-performing loans as a percent of total loans were 0.99%.

Excluding credit cards, the Company's annualized net charge-off ratio was 0.17% for the third quarter of 2011 and 0.31% for the first nine months of 2011. The credit card annualized net charge-off ratio decreased to 1.94%, compared to 2.24% for the third quarter of 2010. The Company’s credit card loss ratio is more than 400 basis points below the most recently published credit card charge-off industry average of over 6%.

Capital

At September 30, 2011, stockholders' equity was $408 million, book value per share was $23.52 and tangible book value per share was $19.92. The Company's ratio of stockholders' equity to total assets was 12.4% and its ratio of tangible stockholders’ equity to tangible assets was 10.7%, as of September 30, 2011.

“Our exceptional level of capital puts us in the 90th percentile of our peer group and allows us to actively pursue the right opportunities that meet our strategic plan regarding mergers and acquisitions,” continued May. As of September 30, 2011, the Company’s regulatory capital ratios remain significantly higher than regulatory “well capitalized” guidelines:

	“Well Capitalized”		SFNC
Tier 1 Leverage Ratio		5.00%		12.11%
Tier 1 Risk-Based Capital Ratio		6.00%		20.90%
Total Risk-Based Capital Ratio		10.00%		22.15%

Simmons First National Corporation

Simmons First National Corporation is an eight bank financial holding company with community banks in Pine Bluff, Lake Village, Jonesboro, Rogers, Searcy, Russellville, El Dorado and Hot Springs, Arkansas. The Company’s eight banks conduct financial operations from 88 offices, of which 84 are financial centers, in 47 communities in Arkansas, Missouri and Kansas. The Company’s common stock trades on the NASDAQ Global Select Market under the symbol “SFNC”.

Conference Call

Management will conduct a conference call to review this information beginning at 3:00 p.m. Central Time on Thursday, October 20, 2011. Interested persons can listen to this call by dialing 1-800-854-4175 (United States and Canada only) and asking for the Simmons First National Corporation conference call. A replay of the call will be available through 5:00 p.m. Central Time on October 27, 2011, by dialing 1-855-859-2056 or 800-585-8367. The passcode for the replay is 16445276. In addition, the call will be available live or in recorded version on the Company’s website at www.simmonsfirst.com.

Non-GAAP Financial Measures

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

Forward Looking Statements

Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risk and uncertainties. Various factors, including, but not limited to, economic conditions, credit quality, interest rates, loan demand and changes in the assumptions used in making the forward-looking statements, could cause actual results to differ materially from those contemplated by the forward-looking statements. Additional information on factors that might affect Simmons First National Corporation’s financial results is included in its Form 10-K filing with the Securities and Exchange Commission.

####

FOR MORE INFORMATION CONTACT:

DAVID W. GARNER

Senior Vice President and Investor Relations Officer

Simmons First National Corporation

(870) 541-1000

Simmons First National Corporation													SFNC
Consolidated End of Period Balance Sheets
For the Quarters Ended	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
(Unaudited)	2011			2011			2011			2010			2010
(in thousands)
ASSETS
Cash and non-interest bearing balances due from banks	$	33,408		$	43,604		$	35,923		$	33,717		$	77,874
Interest bearing balances due from banks		490,283			498,323			473,247			418,343			247,300
Federal funds sold		-			-			-			-			750
Cash and cash equivalents		523,691			541,927			509,170			452,060			325,924
Investment securities - held-to-maturity		504,302			406,365			501,745			465,183			461,548
Investment securities - available-for-sale		140,579			178,853			119,847			148,479			183,942
Mortgage loans held for sale		21,037			9,983			6,618			17,237			25,383
Assets held in trading accounts		5,252			7,356			7,468			7,577			7,412
Loans		1,631,541			1,633,660			1,619,374			1,683,464			1,739,554
Allowance for loan losses		(29,151	)		(27,796	)		(27,905	)		(26,416	)		(25,682	)
Net loans		1,602,390			1,605,864			1,591,469			1,657,048			1,713,872
Covered assets:
Loans, net of discount		172,394			192,899			208,774			231,600			38,160
Other real estate owned, net of discount		13,845			13,033			12,933			8,717			2,650
FDIC indemnification asset		52,223			54,437			58,520			60,235			9,600
Premises and equipment		86,972			82,145			82,948			77,199			77,967
Foreclosed assets held for sale, net		22,159			22,441			23,686			23,204			23,903
Interest receivable		16,195			15,203			15,382			17,363			16,884
Bank owned life insurance		50,175			49,914			49,475			49,072			48,662
Goodwill		60,605			60,605			60,605			60,605			60,605
Core deposit premiums		1,793			2,015			2,239			2,463			1,194
Other assets		19,736			20,169			18,511			38,390			20,451
Total assets	$	3,293,348		$	3,263,209		$	3,269,390		$	3,316,432		$	3,018,157

LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing transaction accounts	$	531,025		$	476,274		$	459,628		$	428,750		$	374,494
Interest bearing transaction accounts and savings deposits		1,194,907			1,228,910			1,217,718			1,220,133			1,146,433
Time deposits less than $100,000		513,658			524,567			537,070			599,537			483,285
Time deposits greater than $100,000		395,224			377,429			387,000			360,349			377,957
Total deposits		2,634,814			2,607,180			2,601,416			2,608,769			2,382,169
Federal funds purchased and securities sold under agreements to repurchase		98,286			93,560			107,099			109,139			85,561
Short-term debt		481			628			718			1,033			1,728
Long-term debt		122,501			123,673			127,344			164,324			136,829
Accrued interest and other liabilities		29,607			34,308			33,266			35,796			27,901
Total liabilities		2,885,689			2,859,349			2,869,843			2,919,061			2,634,188

Stockholders' equity:
Common stock		173			173			173			173			172
Surplus		115,026			115,126			114,537			114,040			113,376
Undivided profits		291,830			287,870			284,420			282,646			269,369
Accumulated other comprehensive income
Unrealized appreciation on AFS securities		630			691			417			512			1,052
Total stockholders' equity		407,659			403,860			399,547			397,371			383,969
Total liabilities and stockholders' equity	$	3,293,348		$	3,263,209		$	3,269,390		$	3,316,432		$	3,018,157

Page 1

Simmons First National Corporation													SFNC
Consolidated Average Quarter-to-Date Balance Sheets
For the Quarters Ended	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
(Unaudited)	2011			2011			2011			2010			2010
(in thousands)
ASSETS
Cash and non-interest bearing balances due from banks	$	35,202		$	34,128		$	34,869		$	71,780		$	75,606
Interest bearing balances due from banks		462,333			472,425			463,858			400,174			159,996
Federal funds sold		2,309			554			583			1,208			3,477
Cash and cash equivalents		499,844			507,107			499,310			473,162			239,079
Investment securities - held-to-maturity		460,951			479,371			493,128			462,328			457,368
Investment securities - available-for-sale		164,468			143,447			120,085			180,634			197,419
Mortgage loans held for sale		12,527			7,806			7,445			27,832			19,842
Assets held in trading accounts		7,428			7,462			7,598			7,615			7,438
Loans		1,640,439			1,618,749			1,633,298			1,697,937			1,809,902
Allowance for loan losses		(28,299	)		(27,498	)		(27,073	)		(23,316	)		(26,396	)
Net loans		1,612,140			1,591,251			1,606,225			1,674,621			1,783,506
Covered assets:
Loans, net of discount		180,884			201,788			219,956			256,619			38,956
Other real estate owned, net of discount		13,467			12,722			9,171			12,978			3,056
FDIC indemnification asset		53,547			57,738			59,777			32,008			12,601
Premises and equipment		83,917			82,729			80,516			77,876			76,673
Foreclosed assets held for sale, net		22,292			23,299			23,382			23,658			22,540
Interest receivable		15,376			15,712			15,831			18,325			15,451
Bank owned life insurance		50,116			49,695			49,275			48,868			48,463
Goodwill		60,605			60,605			60,605			60,605			60,605
Core deposit premiums		1,917			2,140			2,363			1,612			1,300
Other assets		20,307			18,296			29,784			20,515			18,800
Total assets	$	3,259,786		$	3,261,168		$	3,284,451		$	3,379,256		$	3,003,097

LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing transaction accounts	$	494,982		$	463,689		$	436,272		$	416,343		$	363,599
Interest bearing transaction accounts and savings deposits		1,201,174			1,222,299			1,216,903			1,239,736			1,143,827
Time deposits less than $100,000		518,855			532,462			570,426			617,288			493,890
Time deposits greater than $100,000		383,688			379,289			370,004			364,481			366,375
Total deposits		2,598,699			2,597,739			2,593,605			2,637,848			2,367,691
Federal funds purchased and securities sold under agreements to repurchase		93,067			98,919			114,491			111,594			82,708
Short-term debt		579			828			865			2,094			3,241
Long-term debt		123,136			125,357			139,728			166,774			137,631
Accrued interest and other liabilities		35,683			33,954			34,480			67,113			27,600
Total liabilities		2,851,164			2,856,797			2,883,169			2,985,423			2,618,871
Total stockholders' equity		408,622			404,371			401,282			393,833			384,226
Total liabilities and stockholders' equity	$	3,259,786		$	3,261,168		$	3,284,451		$	3,379,256		$	3,003,097

Page 2

Simmons First National Corporation									SFNC
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended	Sep 30		Jun 30		Mar 31		Dec 31		Sep 30
(Unaudited)	2011		2011		2011		2010		2010
(in thousands, except per share data)
INTEREST INCOME
Loans	$	24,366	$	23,883	$	24,094	$	25,649	$	26,934
Covered loans		3,917		4,347		4,341		3,127		864
Federal funds sold		3		1		1		3		6
Investment securities		3,539		3,771		3,705		4,030		4,182
Mortgage loans held for sale		130		87		88		286		210
Assets held in trading accounts		8		9		9		10		7
Interest bearing balances due from banks		243		298		235		234		123
TOTAL INTEREST INCOME		32,206		32,396		32,473		33,339		32,326
INTEREST EXPENSE
Time deposits		2,738		2,865		3,134		3,500		3,369
Other deposits		856		934		1,042		1,156		1,236
Federal funds purchased and securities sold under agreements to repurchase		113		103		116		134		126
Short-term debt		13		12		12		13		15
Long-term debt		1,207		1,232		1,335		2,260		1,524
TOTAL INTEREST EXPENSE		4,927		5,146		5,639		7,063		6,270
NET INTEREST INCOME		27,279		27,250		26,834		26,276		26,056
Provision for loan losses		2,842		3,328		2,675		3,733		3,407
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES		24,437		23,922		24,159		22,543		22,649
NON-INTEREST INCOME
Trust income		1,370		1,243		1,346		1,416		1,343
Service charges on deposit accounts		4,450		4,212		3,857		4,272		4,388
Other service charges and fees		695		780		806		716		646
Income on sale of mortgage loans, net of commissions		1,249		849		626		2,033		1,242
Income on investment banking, net of commissions		203		381		600		486		369
Credit card fees		4,303		4,264		3,943		4,448		3,972
Premiums on sale of student loans		-		-		-		-		1,979
Bank owned life insurance income		261		414		403		410		404
Gain on sale of securities		-		-		-		317		-
Gain on FDIC-assisted transactions		-		-		-		18,277		-
Other income		1,191		2,221		1,051		1,286		479
TOTAL NON-INTEREST INCOME		13,722		14,364		12,632		33,661		14,822
NON-INTEREST EXPENSE
Salaries and employee benefits		15,533		16,436		17,116		15,692		14,809
Occupancy expense, net		2,224		2,100		2,189		2,176		1,906
Furniture and equipment expense		1,763		1,560		1,589		1,530		1,542
Other real estate and foreclosure expense		215		223		94		298		304
Deposit insurance		211		842		1,039		914		885
Merger related costs		-		167		190		2,034		134
Other operating expenses		7,687		7,364		7,758		7,846		7,178
TOTAL NON-INTEREST EXPENSE		27,633		28,692		29,975		30,490		26,758
NET INCOME BEFORE INCOME TAXES		10,526		9,594		6,816		25,714		10,713
Provision for income taxes		3,269		2,848		1,750		9,154		3,093
NET INCOME	$	7,257	$	6,746	$	5,066	$	16,560	$	7,620
BASIC EARNINGS PER SHARE	$	0.42	$	0.39	$	0.29	$	0.96	$	0.45
DILUTED EARNINGS PER SHARE	$	0.42	$	0.39	$	0.29	$	0.96	$	0.44

Page 3

Simmons First National Corporation									SFNC
Consolidated Statements of Income - Year-to-Date
For the Quarters Ended	Sep 30		Jun 30		Mar 31		Dec 31		Sep 30
(Unaudited)	2011		2011		2011		2010		2010
(in thousands, except per share data)
INTEREST INCOME
Loans	$	72,343	$	47,977	$	24,094	$	106,062	$	80,413
Covered loans		12,605		8,688		4,341		4,204		1,077
Federal funds sold		5		2		1		15		12
Investment securities		11,015		7,476		3,705		17,208		13,178
Mortgage loans held for sale		305		175		88		715		429
Assets held in trading accounts		26		18		9		30		20
Interest bearing balances due from banks		776		533		235		721		487
TOTAL INTEREST INCOME		97,075		64,869		32,473		128,955		95,616
INTEREST EXPENSE
Time deposits		8,737		5,999		3,134		14,310		10,810
Other deposits		2,832		1,976		1,042		5,227		4,071
Federal funds purchased and securities sold under agreements to repurchase		332		219		116		532		398
Short-term debt		37		24		12		58		45
Long-term debt		3,774		2,567		1,335		6,879		4,619
TOTAL INTEREST EXPENSE		15,712		10,785		5,639		27,006		19,943
NET INTEREST INCOME		81,363		54,084		26,834		101,949		75,673
Provision for loan losses		8,845		6,003		2,675		14,129		10,396
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES		72,518		48,081		24,159		87,820		65,277
NON-INTEREST INCOME
Trust income		3,959		2,589		1,346		5,179		3,763
Service charges on deposit accounts		12,519		8,069		3,857		17,700		13,428
Other service charges and fees		2,281		1,586		806		2,812		2,096
Income on sale of mortgage loans, net of commissions		2,724		1,475		626		4,810		2,777
Income on investment banking, net of commissions		1,184		981		600		2,236		1,750
Credit card fees		12,510		8,207		3,943		16,140		11,692
Premiums on sale of student loans		-		-		-		2,524		2,524
Bank owned life insurance income		1,078		817		403		1,670		1,260
Gain on sale of securities		-		-		-		317		-
Gain on FDIC-assisted transactions		-		-		-		21,314		3,037
Other income		4,463		3,272		1,051		3,229		1,943
TOTAL NON-INTEREST INCOME		40,718		26,996		12,632		77,931		44,270
NON-INTEREST EXPENSE
Salaries and employee benefits		49,085		33,552		17,116		60,731		45,039
Occupancy expense, net		6,513		4,289		2,189		7,808		5,632
Furniture and equipment expense		4,912		3,149		1,589		6,093		4,563
Other real estate and foreclosure expense		532		317		94		974		676
Deposit insurance		2,092		1,881		1,039		3,813		2,899
Merger related costs		357		357		190		2,611		577
Other operating expenses		22,809		15,122		7,758		29,290		21,444
TOTAL NON-INTEREST EXPENSE		86,300		58,667		29,975		111,320		80,830
NET INCOME BEFORE INCOME TAXES		26,936		16,410		6,816		54,431		28,717
Provision for income taxes		7,867		4,598		1,750		17,314		8,160
NET INCOME	$	19,069	$	11,812	$	5,066	$	37,117	$	20,557
BASIC EARNINGS PER SHARE	$	1.10	$	0.68	$	0.29	$	2.16	$	1.20
DILUTED EARNINGS PER SHARE	$	1.10	$	0.68	$	0.29	$	2.15	$	1.19

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Simmons First National Corporation													SFNC
Consolidated Risk-Based Capital
For the Quarters Ended	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
(Unaudited)	2011			2011			2011			2010			2010
(in thousands)
Tier 1 capital
Stockholders' equity	$	407,659		$	403,860		$	399,547		$	397,371		$	383,969
Trust preferred securities, net allowable		30,000			30,000			30,000			30,000			30,000
Disallowed intangible assets, net of deferred tax		(48,403	)		(48,923	)		(49,447	)		(49,953	)		(48,986	)
Unrealized gain on AFS securities		(630	)		(691	)		(417	)		(512	)		(1,052	)

Total Tier 1 capital		388,626			384,246			379,683			376,906			363,931

Tier 2 capital
Qualifying unrealized gain on AFS equity securities		6			17			14			7			4
Qualifying allowance for loan losses		23,337			22,825			22,700			23,553			23,729

Total Tier 2 capital		23,343			22,842			22,714			23,560			23,733

Total risk-based capital	$	411,969		$	407,088		$	402,397		$	400,466		$	387,664

Risk weighted assets	$	1,859,657		$	1,819,494		$	1,809,241		$	1,879,832		$	1,894,845

Adjusted average assets for leverage ratio	$	3,210,283		$	3,211,310		$	3,234,262		$	3,327,825		$	2,952,227

Ratios at end of quarter
Equity to assets		12.38	%		12.38	%		12.22	%		11.98	%		12.72	%
Tangible common equity to tangible assets		10.69	%		10.66	%		10.50	%		10.28	%		10.90	%
Tier 1 leverage ratio		12.11	%		11.97	%		11.74	%		11.33	%		12.33	%
Tier 1 risk-based capital ratio		20.90	%		21.12	%		20.99	%		20.05	%		19.21	%
Total risk-based capital ratio		22.15	%		22.37	%		22.24	%		21.30	%		20.46	%

Page 5

Simmons First National Corporation									SFNC
Consolidated Loans and Investments
For the Quarters Ended	Sep 30		Jun 30		Mar 31		Dec 31		Sep 30
(Unaudited)	2011		2011		2011		2010		2010
(in thousands)
Loan Portfolio - End of Period (1)
Consumer
Credit cards	$	182,886	$	181,216	$	176,544	$	190,329	$	181,774
Student loans		50,620		53,574		57,181		61,305		64,989
Other consumer		112,947		107,411		110,954		118,581		123,062
Total consumer		346,453		342,201		344,679		370,215		369,825
Real Estate
Construction		113,317		139,217		142,261		153,772		150,137
Single-family residential		353,917		355,566		358,152		364,442		375,150
Other commercial		550,410		540,011		546,659		548,360		566,370
Total real estate		1,017,644		1,034,794		1,047,072		1,066,574		1,091,657
Commercial
Commercial		138,724		142,897		144,298		150,501		146,258
Agricultural		123,873		104,526		72,205		86,171		121,716
Total commercial		262,597		247,423		216,503		236,672		267,974
Other		4,847		9,242		11,120		10,004		10,098
Total Loans	$	1,631,541	$	1,633,660	$	1,619,374	$	1,683,465	$	1,739,554

(1) Excludes loans covered by FDIC loss share agreements.

Investment Securities - End of Period
Held-to-Maturity
U.S. Treasury	$	4,000	$	4,000	$	4,000	$	4,000	$	4,000
U.S. Government agencies		291,795		190,294		289,844		249,844		250,927
Mortgage-backed securities		67		70		75		78		81
State and political subdivisions		207,510		211,071		206,896		210,331		205,610
Other securities		930		930		930		930		930
Total held-to-maturity		504,302		406,365		501,745		465,183		461,548
Available-for-Sale
U.S. Government agencies		121,939		157,836		97,830		125,469		166,624
Mortgage-backed securities		2,624		2,664		2,657		2,789		2,993
FHLB stock		6,231		8,604		9,604		11,508		7,549
Other securities		9,785		9,749		9,756		8,713		6,776
Total available-for-sale		140,579		178,853		119,847		148,479		183,942
Total investment securities	$	644,881	$	585,218	$	621,592	$	613,662	$	645,490
Fair value - HTM investment securities	$	511,617	$	411,531	$	505,150	$	466,907	$	469,101

Investment Securities - QTD Average
Taxable securities	$	418,179	$	415,101	$	405,257	$	435,839	$	448,978
Tax exempt securities		207,240		207,717		207,956		207,123		205,809
Total investment securities - QTD average	$	625,419	$	622,818	$	613,213	$	642,962	$	654,787

Page 6

Simmons First National Corporation													SFNC
Consolidated Allowance and Asset Quality
For the Quarters Ended	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
(Unaudited)	2011			2011			2011			2010			2010
(in thousands)
Allowance for Loan Losses
Balance, beginning of quarter	$	27,796		$	27,905		$	26,416		$	25,682		$	25,881
Loans charged off
Credit cards		1,140			1,145			1,156			1,218			1,329
Other consumer		450			621			289			560			559
Real estate		255			1,682			343			1,361			3,548
Commercial		345			745			95			567			164
Total loans charged off		2,190			4,193			1,883			3,706			5,600

Recoveries of loans previously charged off
Credit cards		261			237			237			225			308
Other consumer		219			131			154			128			150
Real estate		151			147			247			275			1,512
Commercial		72			241			59			79			24
Total recoveries		703			756			697			707			1,994
Net loans charged off		1,487			3,437			1,186			2,999			3,606
Provision for loan losses		2,842			3,328			2,675			3,733			3,407
Balance, end of quarter	$	29,151		$	27,796		$	27,905		$	26,416		$	25,682

Non-performing assets (1)
Non-performing loans
Nonaccrual loans
Real estate	$	12,810		$	11,823		$	12,872		$	8,345		$	7,588
Commercial		1,177			1,583			1,173			1,314			1,160
Consumer		1,356			1,400			1,546			1,527			1,251
Total nonaccrual loans		15,343			14,806			15,591			11,186			9,999
Loans past due 90 days or more
Government guaranteed student loans		2,496			3,113			2,627			1,736			2,154
Other loans		777			721			1,117			969			891
Total loans past due 90 days or more		3,273			3,834			3,744			2,705			3,045
Total non-performing loans		18,616			18,640			19,335			13,891			13,044
Other non-performing assets
Foreclosed assets held for sale		22,159			22,441			23,686			23,204			23,903
Other non-performing assets		191			235			246			109			104
Total other non-performing assets		22,350			22,676			23,932			23,313			24,007
Total non-performing assets	$	40,966		$	41,316		$	43,267		$	37,204		$	37,051
Performing TDRs (troubled debt restructurings)	$	10,393		$	10,298		$	10,653		$	19,426		$	16,149

Ratios (1)
Allowance for loan losses to total loans		1.79	%		1.70	%		1.72	%		1.57	%		1.48	%
Allowance for loan losses to non-performing loans		156.59	%		149.12	%		144.32	%		190.17	%		196.89	%
Non-performing loans to total loans		1.14	%		1.14	%		1.19	%		0.83	%		0.75	%
Non-performing assets (including performing TDRs) to total assets		1.56	%		1.58	%		1.65	%		1.71	%		1.76	%
Non-performing assets to total assets		1.24	%		1.27	%		1.32	%		1.12	%		1.23	%
Non-performing assets to total assets (excluding Gov't guaranteed student loans)		1.17	%		1.17	%		1.24	%		1.07	%		1.16	%
Annualized net charge offs to total loans		0.36	%		0.85	%		0.29	%		0.70	%		0.79	%
Annualized net credit card charge offs to total credit card loans		1.94	%		2.08	%		2.06	%		2.14	%		2.24	%
Annualized net charge offs to total loans (excluding credit cards)		0.17	%		0.70	%		0.07	%		0.52	%		0.63	%
Past due loans >30 days (excluding nonaccrual)		0.71	%		0.87	%		1.41	%		0.95	%		0.74	%
Past due loans >30 days (excluding nonaccrual) (excluding Gov't guaranteed student loans)		0.46	%		0.60	%		1.13	%		0.79	%		0.48	%

(1) Excludes assets covered by FDIC loss share agreements, except for their inclusion in total assets.

Page 7

Simmons First National Corporation													SFNC
Consolidated - Net Interest Income Analysis
For the Quarters Ended	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
(Unaudited)	2011			2011			2011			2010			2010

ASSETS

Earning Assets
Interest bearing balances due from banks		0.21	%		0.25	%		0.21	%		0.23	%		0.31	%
Federal funds sold		0.52	%		0.72	%		0.70	%		0.99	%		0.68	%
Investment securities		3.02	%		3.23	%		3.27	%		3.24	%		3.29	%
Mortgage loans held for sale		4.12	%		4.47	%		4.79	%		4.08	%		4.20	%
Assets held in trading accounts		0.43	%		0.48	%		0.48	%		0.52	%		0.37	%
Loans, including covered loans (1)		6.16	%		6.22	%		6.23	%		5.84	%		5.97	%
Total interest earning assets		4.53	%		4.60	%		4.64	%		4.52	%		4.94	%


LIABILITIES

Interest bearing liabilities
Interest bearing transaction and savings accounts		0.28	%		0.31	%		0.35	%		0.37	%		0.43	%
Time deposits		1.20	%		1.26	%		1.35	%		1.41	%		1.55	%
Total interest bearing deposits		0.68	%		0.71	%		0.79	%		0.83	%		0.91	%
Federal funds purchased and securities sold under agreement to repurchase		0.48	%		0.42	%		0.41	%		0.48	%		0.60	%
Other borrowings		3.91	%		3.95	%		3.89	%		5.34	%		4.33	%
Total interest bearing liabilities		0.84	%		0.87	%		0.95	%		1.12	%		1.12	%

NET INTEREST MARGIN/SPREAD

Net interest spread		3.69	%		3.73	%		3.69	%		3.40	%		3.82	%
Net interest margin - quarter-to-date		3.86	%		3.90	%		3.87	%		3.60	%		4.02	%
Net interest margin - year-to-date		3.87	%		3.88	%		3.87	%		3.78	%		3.85	%

(1) Covered loans are loans covered by FDIC loss share agreements.

Page 8

Simmons First National Corporation													SFNC
Consolidated - Selected Financial Data
For the Quarters Ended	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
(Unaudited)	2011			2011			2011			2010			2010
(in thousands, except share data)
QUARTER-TO-DATE
Diluted earnings per share	$	0.42		$	0.39		$	0.29		$	0.96		$	0.44
Core earnings (excludes nonrecurring items) (non-GAAP)		7,257			6,245			5,181			6,856			7,701
Diluted core earnings per share (non-GAAP)		0.42			0.36			0.30			0.40			0.44
Cash dividends declared per common share		0.19			0.19			0.19			0.19			0.19
Cash dividends declared - amount		3,296			3,297			3,292			3,282			3,273
Return on average stockholders' equity		7.05	%		6.69	%		5.12	%		16.68	%		7.87	%
Return on tangible equity		8.47	%		8.08	%		6.24	%		19.97	%		9.52	%
Return on average assets		0.88	%		0.83	%		0.63	%		1.94	%		1.01	%
Net interest margin (FTE)		3.86	%		3.90	%		3.87	%		3.60	%		4.02	%
FTE adjustment - investments		1,221			1,241			1,239			1,216			1,243
FTE adjustment - loans		12			13			13			14			14
Amortization of intangibles		222			224			224			211			187
Amortization of intangibles, net of taxes		135			136			136			128			114
Average shares outstanding		17,348,460			17,342,165			17,296,684			17,255,366			17,220,572
Average earning assets		2,931,339			2,931,602			2,945,951			3,034,347			2,694,398
Average interest bearing liabilities		2,320,499			2,359,154			2,412,417			2,501,967			2,227,672

YEAR-TO-DATE
Diluted earnings per share	$	0.04		$	0.04		$	0.04		$	0.05		$	0.04
Core earnings (excludes nonrecurring items) (non-GAAP)		18,683			11,426			5,181			26,041			19,185
Diluted core earnings per share (non-GAAP)		1.08			0.66			0.30			1.51			1.11
Cash dividends declared per common share		0.57			0.38			0.19			0.76			0.57
Cash dividends declared - amount		9,885			6,589			3,292			13,091			9,809
Return on average stockholders' equity		6.30	%		5.91	%		5.12	%		9.69	%		7.24	%
Return on tangible equity		7.61	%		7.17	%		6.24	%		11.71	%		8.80	%
Return on average assets		0.78	%		0.73	%		0.63	%		1.18	%		0.90	%
Net interest margin (FTE)		3.87	%		3.88	%		3.87	%		3.78	%		3.85	%
FTE adjustment - investments		3,701			2,480			1,239			4,954			3,738
FTE adjustment - loans		38			26			13			58			44
Amortization of intangibles		670			448			224			786			575
Amortization of intangibles, net of taxes		407			272			136			483			355
Average shares outstanding		17,329,293			17,319,550			17,296,684			17,204,200			17,186,957
Average diluted shares outstanding		17,338,676			17,352,606			17,329,740			17,264,900			17,248,878
Average earning assets		2,936,297			2,938,777			2,945,951			2,826,718			2,757,509
Average interest bearing liabilities		2,364,023			2,385,787			2,412,417			2,340,838			2,287,127

END OF PERIOD
Book value per share	$	23.52		$	23.28		$	23.06		$	23.01		$	22.28
Tangible book value per share		19.92			19.67			19.43			19.36			18.70
Shares outstanding		17,329,775			17,348,775			17,327,601			17,271,594			17,230,920
Full-time equivalent employees		1,070			1,095			1,082			1,075			1,029
Total number of ATM's		102			102			103			103			93
Total number of financial centers		84			84			85			85			85
Parent company only - investment in subsidiaries		379,331			375,686			372,773			370,402			322,730
Parent company only - intangible assets		133			133			133			133			133

Page 9

Simmons First National Corporation													SFNC
Consolidated - Reconciliation of Core Earnings (non-GAAP)
For the Quarters Ended	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
(Unaudited)	2011			2011			2011			2010			2010
(in thousands, except per share data)
QUARTER-TO-DATE
Net Income	$	7,257		$	6,746		$	5,066		$	16,560		$	7,620
Nonrecurring items
Gain on sale of MasterCard stock (1)		-			(1,132	)		-			-			-
Gain on FDIC-assisted transactions		-			-			-			(18,277	)		-
Merger related costs		-			167			190			2,034			134
Gains from sale of securities (2)		-			-			-			(318	)		-
FHLB prepayment penalties (3)		-			-			-			594			-
Branch right sizing		-			141			-			-			-
Tax effect (4)		-			323			(75	)		6,263			(53	)
Net nonrecurring items		-			(501	)		115			(9,704	)		81
Core earnings (non-GAAP)	$	7,257		$	6,245		$	5,181		$	6,856		$	7,701

Diluted earnings per share	$	0.42		$	0.39		$	0.29		$	0.96		$	0.44
Nonrecurring items
Gain on sale of MasterCard stock (1)		-			(0.07	)		-			-			-
Gain on FDIC-assisted transactions		-			-			-			(1.05	)		-
Merger related costs		-			0.01			0.01			0.12			-
Gains from sale of securities (2)		-			-			-			(0.02	)		-
FHLB prepayment penalties (3)		-			-			-			0.03			-
Branch right sizing		-			0.01			-			-			-
Tax effect (4)		-			0.02			-			0.36			-
Net nonrecurring items		-			(0.03	)		0.01			(0.56	)		-
Diluted core earnings per share (non-GAAP)	$	0.42		$	0.36		$	0.30		$	0.40		$	0.44

YEAR-TO-DATE
Net Income	$	19,069		$	11,812		$	5,066		$	37,117		$	20,557
Nonrecurring items
Gain on sale of MasterCard stock (1)		(1,132	)		(1,132	)		-			-			-
Gain on FDIC-assisted transactions		-			-			-			(21,314	)		(3,037	)
Merger related costs		357			357			190			2,611			577
Gains from sale of securities (2)		-			-			-			(318	)		-
FHLB prepayment penalties (3)		-			-			-			594			-
Branch right sizing		141			141			-			372			372
Tax effect (4)		248			248			(75	)		6,979			716
Net nonrecurring items		(386	)		(386	)		115			(11,076	)		(1,372	)
Core earnings (non-GAAP)	$	18,683		$	11,426		$	5,181		$	26,041		$	19,185

Diluted earnings per share	$	1.10		$	0.68		$	0.29		$	2.15		$	1.19
Nonrecurring items
Gain on sale of MasterCard stock (1)		(0.07	)		(0.07	)		-			-			-
Gain on FDIC-assisted transactions		-			-			-			(1.23	)		(0.18	)
Merger related costs		0.02			0.02			0.01			0.15			0.03
Gains from sale of securities (2)		-			-			-			(0.02	)		-
FHLB prepayment penalties (3)		-			-			-			0.03			-
Branch right sizing		0.01			0.01			-			0.02			0.02
Tax effect (4)		0.02			0.02			-			0.41			0.05
Net nonrecurring items		(0.02	)		(0.02	)		0.01			(0.64	)		(0.08	)
Diluted core earnings per share (non-GAAP)	$	1.08		$	0.66		$	0.30		$	1.51		$	1.11


(1) Gain from liquidation of Class B shares received as part of MasterCard's 2006 IPO.
(2) Gains from sale of securities marked for sale at time of FDIC-assisted transaction.
(3) Penalties for prepayment of FHLB advances marked for sale at time of FDIC-assisted transaction.
(4) Effective tax rate of 39.225%; 2010 adjusted for additional fair value deduction related to donation of closed branch.

Page 10

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