Simmons First National Corporation Reports Fourth Quarter 2024 Results

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GeorgeMakris, Jr., Simmons' Chairman and Chief Executive Officer, commented on the quarterly results:

Simmons' fourth quarter results were encouraging as we head into 2025. Profitability trends improved and should be a good foundation from which to build. While we are cautiously optimistic as we enter the new year, we are also watching several factors that could impact us in 2025: a new administration and how its policies affect domestic growth; inflation and employment levels; the trajectory of short-term interest rates; regulatory changes and their effect on our operating costs and growth; insurance availability and costs for both commercial enterprises and consumers; and population migration's effects on housing trends geographically.

I also want to recognize and thank the following leaders who retired from Simmons at the end of 2024: Bob Fehlman, Steve Massanelli, Steve Wade, Johnny McCaleb, and Pat Neely. These leaders have played a significant role in the growth of Simmons, and they will be missed. At the same time, I am excited about the next generation of leadership and the opportunities we see ahead.

Financial Highlights 4Q24 3Q24 4Q23 4Q24 HighlightsBalance Sheet (in millions) Comparisons reflect 4Q24 vs 3Q24, except as otherwise noted • Net income of $48.3 million and diluted EPS of $0.38 • Adjusted earnings1 of $49.6 million and adjusted diluted EPS1 of $0.39 • Total revenue of $208.5 million and PPNR1 of $67.4 million • Adjusted total revenue1 of $208.5 million and adjusted PPNR1 of $69.2 million • Net interest margin of 2.87%, up 13 bps • Cost of deposits of 2.60%, down 19 bps • Provision for credit losses on loans exceeded net charge-offs in the quarter by $1.8 million • NCO ratio of 27 bps in 4Q24; 6 bps of NCO ratio associated with run-off portfolio • ACL ratio ended the quarter at 1.38%, up 3 bps • EA ratio of 13.13%; TCE ratio1 up 14 bps to 8.29% • Book value per share up 3% and tangible book value per share1 up 6% year-over-yearTotal loans $17,006 $17,336 $16,846Total investment securities 6,166 6,350 6,878Total deposits 21,886 21,935 22,245Total assets 26,876 27,269 27,346Total shareholders' equity 3,529 3,529 3,426Performance Measures (in millions)Total revenue $208.5 $174.8 $177.6Adjusted total revenue1 208.5 203.2 197.8Pre-provision net revenue1 (PPNR) 67.4 37.6 29.5Adjusted pre-provision net revenue1 69.2 66.4 65.1Provision for credit losses 13.3 12.1 10.0Per share DataDiluted earnings $ 0.38 $ 0.20 $ 0.19Adjusted diluted earnings1 0.39 0.37 0.40Book value 28.08 28.11 27.37Tangible book value1 16.80 16.78 15.92Asset QualityNet charge-off ratio (NCO ratio) 0.27% 0.22% 0.11%Nonperforming loan ratio 0.65 0.59 0.50Nonperforming assets to total assets 0.45 0.38 0.33Allowance for credit losses to loans (ACL) 1.38 1.35 1.34Nonperforming loan coverage ratio 212 229 267Capital RatiosEquity to assets (EA ratio) 13.13% 12.94% 12.53%Tangible common equity (TCE) ratio1 8.29 8.15 7.69Common equity tier 1 (CET1) ratio 12.38 12.06 12.11Total risk-based capital ratio 14.61 14.25 14.39other dataNet interest margin (FTE) 2.87% 2.74% 2.68%Loan yield (FTE) 6.32 6.44 6.20Cost of deposits 2.60 2.79 2.58Loan to deposit ratio 77.70 79.03 75.73Borrowed funds to total liabilities 4.92 6.16 5.88

Simmons First National Corporation (NASDAQ: SFNC)(Simmons or Company) today reported net income of $48.3 million for the fourth quarter of 2024, compared to $24.7 million in the third quarter of 2024 and $23.9 million in the fourth quarter of 2023. Diluted earnings per share were $0.38 for the fourth quarter of 2024, compared to $0.20 in the third quarter of 2024 and $0.19 in the fourth quarter of 2023. Adjusted earnings1 for the fourth quarter of 2024 were $49.6 million, compared to $46.0 million in the third quarter of 2024 and $50.2 million in the fourth quarter of 2023. Adjusted diluted earnings per share1 for the fourth quarter of 2024 were $0.39, compared to $0.37 in the third quarter of 2024 and $0.40 in the fourth quarter of 2023.

The table below summarizes the impact of certain items, consisting primarily of branch right sizing, early retirement, loss on sale of available-for-sale (AFS) investment securities and FDIC special assessments. They are also described in further detail in the “Reconciliation of Non-GAAP Financial Measures” tables contained in this press release.

Impact of Certain Items on Earnings and Diluted EPS

$ in millions, except per share data 4Q24 3Q24 4Q23Net income $ 48.3 $ 24.7 $ 23.9Branch right sizing, net 1.6 0.4 3.9Early retirement program 0.2 – 1.0Loss on sale of AFS investment securities – 28.4 20.2FDIC special assessment – – 10.5Total pre-tax impact 1.8 28.8 35.6Tax effect2 (0.5) (7.5) (9.3)Total impact on earnings 1.3 21.3 26.3Adjusted earnings1 $ 49.6 $ 46.0 $ 50.2Diluted EPS $ 0.38 $ 0.20 $ 0.19Branch right sizing, net 0.01 – 0.03Early retirement program – – 0.01Loss on sale of AFS investment securities – 0.23 0.16FDIC special assessment – – 0.08Total pre-tax impact 0.01 0.23 0.28Tax effect2 – (0.6) (0.07)Total impact on earnings 0.01 0.17 0.21Adjusted Diluted EPS1 $ 0.39 $ 0.37 $ 0.40

Net Interest Income Net interest income for the fourth quarter of 2024 totaled $164.9 million, compared to $157.7 million in the third quarter of 2024 and $155.6 million in the fourth quarter of 2023. Interest income totaled $326.0 million for the fourth quarter of 2024, compared to $334.3 million in the third quarter of 2024 and $323.5 million in the fourth quarter of 2023. The decrease in interest income on a linked quarter basis was primarily driven by a decline in the level of interest rates resulting from interest rate cuts at the end of the third quarter and during the fourth quarter of 2024. Interest expense totaled $161.0 million for the fourth quarter of 2024, compared to $176.6 million in the third quarter of 2024 and $167.9 million in the fourth quarter of 2023. The decrease in interest expense was driven by lower interest rates, coupled with management's ability to proactively manage deposit costs and reduced use of wholesale funding sources. Included in net interest income is accretion recognized on loans, which totaled $1.9 million in the fourth quarter of 2024, $1.5 million in the third quarter of 2024 and $1.8 million in the fourth quarter of 2023.

The yield on loans on a fully taxable equivalent (FTE) basis for the fourth quarter of 2024 was 6.32 percent, down 12 basis points from 6.44 percent for the third quarter of 2024 and up 12 basis points from 6.20 percent in the fourth quarter of 2023. Cost of deposits for the fourth quarter of 2024 was 2.60 percent, down 19 basis points from 2.79 percent for the third quarter of 2024 and up 2 basis points from 2.58 percent in the fourth quarter of 2023. The net interest margin on an FTE basis for the fourth quarter of 2024 was 2.87 percent, up 13 basis points from 2.74 percent for the third quarter of 2024 and up 19 basis points from 2.68 percent in the fourth quarter of 2023. The increase in net interest margin on a linked quarter basis was primarily due to lower deposits costs, as well as the reduced use of and rate paid on other borrowings.

Select Yield/Rates 4Q24 3Q24 2Q24 1Q24 4Q23Loan yield (FTE)2 6.32% 6.44% 6.39% 6.24% 6.20%Investment securities yield (FTE)2 3.54 3.63 3.68 3.76 3.67Cost of interest bearing deposits 3.28 3.52 3.53 3.48 3.31Cost of deposits 2.60 2.79 2.79 2.75 2.58Cost of borrowed funds 5.32 5.79 5.84 5.85 5.79Net interest spread (FTE)2 2.15 1.95 1.92 1.89 1.93Net interest margin (FTE)2 2.87 2.74 2.69 2.66 2.68

Noninterest Income Noninterest income for the fourth quarter of 2024 was $43.6 million, compared to $17.1 million in the third quarter of 2024 and $22.0 million in the fourth quarter of 2023. Included in the third quarter of 2024 and fourth quarter of 2023 was a $28.4 million and $20.2 million pre-tax loss on the sale of AFS investment securities, respectively. Excluding these items (which are described in the “Reconciliation of Non-GAAP Financial Measures” tables below), adjusted noninterest income1 was $45.5 million for the third quarter of 2024 and $42.2 million in the fourth quarter of 2023. The decrease in adjusted noninterest income on a linked quarter basis was primarily due to a higher level of other noninterest income resulting from the gain on sale of other real estate recorded in the third quarter of 2024, offset in part by increases in most of our major fee-based businesses.

Noninterest Income 4Q24 3Q24 2Q24 1Q24 4Q23$ in millionsService charges on deposit accounts $ 13.0 $ 12.7 $ 12.3 $ 12.0 $ 12.8Wealth management fees 8.8 8.2 8.3 7.5 7.7Debit and credit card fees 8.3 8.1 8.2 8.2 7.8Mortgage lending income 1.8 2.0 2.0 2.3 1.6Other service charges and fees 2.3 2.4 2.4 2.2 2.3Bank owned life insurance 3.8 3.8 3.9 3.8 3.1Gain (loss) on sale of securities – (28.4) – – (20.2)Other income 5.6 8.3 6.4 7.2 6.9Total noninterest income $ 43.6 $ 17.1 $ 43.3 $ 43.2 $ 22.0Adjusted noninterest income1 $ 43.6 $ 45.5 $43.3 $43.2 $ 42.2

Noninterest Expense Noninterest expense for the fourth quarter of 2024 was $141.1 million, compared to $137.2 million in the third quarter of 2024 and $148.1 million in the fourth quarter of 2023. Included in noninterest expense are certain items consisting of branch right sizing, early retirement and an FDIC special assessment. Collectively, these items totaled $1.8 million in the fourth quarter of 2024, $0.4 million in the third quarter of 2024 and $15.4 million in the fourth quarter of 2023. Excluding these items (which are described in the “Reconciliation of Non-GAAP Financial Measures” tables below), adjusted noninterest expense1 was $139.3 million for the fourth quarter of 2024, $136.8 million in the third quarter of 2024 and $132.7 million in the fourth quarter of 2023. The increase in adjusted noninterest expense on a linked quarter basis was primarily due to seasonality in salaries and employee benefits.

Noninterest Expense 4Q24 3Q24 2Q24 1Q24 4Q23$ in millionsSalaries and employee benefits $ 71.6 $ 69.2 $ 70.7 $ 72.7 $ 67.0Occupancy expense, net 11.9 12.2 11.9 12.3 11.7Furniture and equipment 5.7 5.6 5.6 5.1 5.4Deposit insurance 5.6 5.6 5.4 5.5 4.7Other real estate and foreclosure expense 0.3 0.1 0.1 0.2 0.2FDIC special assessment – – 0.3 1.6 10.5Other operating expenses 46.1 44.5 45.4 42.5 48.6Total noninterest expense $141.1 $137.2 $139.4 $139.9 $148.1Adjusted salaries and employee benefits1 $ 71.4 $ 69.2 $ 70.6 $ 72.4 $ 66.0Adjusted other operating expenses1 44.7 44.4 44.3 42.4 44.9Adjusted noninterest expense1 139.3 136.8 137.8 137.9 132.7Efficiency ratio 65.66% 75.70% 68.38% 69.41% 80.46%Adjusted efficiency ratio1 62.89 63.38 65.68 66.42 62.91Full-time equivalent employees 2,946 2,972 2,961 2,989 3,007Number of financial centers 222 234 234 233 234

Loans and Unfunded Loan Commitments Total loans at the end of the fourth quarter of 2024 were $17.0 billion, compared to $17.3 billion at the end of the third quarter of 2024 and $16.8 billion at the end of the fourth quarter of 2023. The decrease in total loans on a linked quarter basis was primarily due to normal seasonality in the company's agricultural and mortgage warehouse loan portfolios, as well as further declines in a run-off portfolio consisting of small ticket equipment finance and acquired asset based lending portfolios (run-off portfolio). Unfunded loan commitments at the end of the fourth quarter of 2024 were $3.7 billion, up slightly from third quarter 2024 levels. The commercial loan pipeline ended the fourth quarter of 2024 at $1.3 billion and ready to close loans totaled $552 million, marking the second consecutive quarterly increase in both metrics.

Loans and Unfunded Loan Commitments 4Q24 3Q24 2Q24 1Q24 4Q23$ in millionsTotal loans $17,006 $17,336 $17,192 $17,002 $16,846Unfunded loan commitments 3,739 3,681 3,746 3,875 3,880

Deposits and Other Borrowings Total deposits at the end of the fourth quarter of 2024 were $21.9 billion, down slightly from third quarter 2024 levels. The decrease in deposits on a linked quarter basis was primarily due to a decline in time deposits and brokered deposits, offset in part by increases in interest bearing transaction accounts (checking, money market and savings accounts) and public fund deposits. Other borrowings totaled $1.1 billion at the end of the fourth quarter of 2024, compared to $1.5 billion at the end of the third quarter of 2024 and $1.4 billion at the end of the fourth quarter of 2023. The decrease in other borrowing both on a linked quarter and year-over-year basis was primarily due to lower levels of FHLB advances.

Deposits 4Q24 3Q24 2Q24 1Q24 4Q23$ in millionsNoninterest bearing deposits $ 4,461 $ 4,522 $ 4,624 $ 4,698 $ 4,801Interest bearing transaction accounts 10,331 10,038 10,092 10,316 10,277Time deposits 3,796 4,014 4,185 4,314 4,266Brokered deposits 3,298 3,361 2,940 3,025 2,901Total deposits $21,886 $21,935 $21,841 $22,353 $22,245Noninterest bearing deposits to total deposits 20% 21% 21% 21% 22%Total loans to total deposits 78 79 79 76 76

Asset Quality Provision for credit losses totaled $13.3 million for the fourth quarter of 2024, compared to $12.1 million in the third quarter of 2024 and $10.0 million in the fourth quarter of 2023. Provision for credit losses on loans exceeded net charge-offs by $1.8 million during the fourth quarter of 2024. The allowance for credit losses on loans at the end of the fourth quarter of 2024 was $235.0 million, compared to $233.2 million at the end of the third quarter of 2024 and $225.2 million at the end of the fourth quarter of 2023. The increase in the allowance for credit losses on loans on a linked quarter basis and year-over-year basis reflected continued normalization of the credit environment, macroeconomic conditions and activity in the loan portfolio. The allowance for credit losses on loans was 1.38 percent at the end of the fourth quarter of 2024, compared to 1.35 percent at the end of the third quarter of 2024 and 1.34 percent at the end of the fourth quarter of 2023.

Net charge-offs as a percentage of average loans for the fourth quarter of 2024 were 27 basis points, compared to 22 basis points in the third quarter of 2024 and 11 basis points in the fourth quarter of 2023. Net charge-offs in the fourth quarter of 2024 included $2.5 million of charge-offs associated with the run-off portfolio. Net charge-offs from the run-off portfolio accounted for 6 basis points of total net charge-offs during the fourth quarter and 9 basis points of total net charge-offs during the third quarter of 2024.

Total nonperforming loans at the end of the fourth quarter of 2024 were $110.7 million, compared to $101.7 million at the end of the third quarter of 2024 and $84.5 million at the end of the fourth quarter of 2023. The increase in nonperforming loans on a linked quarter basis was primarily due to increases from the real estate construction and real estate 1-4 family loan portfolios. The nonperforming loan coverage ratio ended the fourth quarter of 2024 at 212 percent, compared to 229 percent at the end of the third quarter of 2024 and 267 percent at the end of the fourth quarter of 2023. Total nonperforming assets as a percentage of total assets were 45 basis points at the end of the fourth quarter of 2024, compared to 38 basis points at the end of the third quarter of 2024 and 33 basis points at the end of the fourth quarter of 2023. The increase in nonperforming assets as a percentage of total assets on a linked quarter basis was primarily due to an increase in nonperforming loans and an increase in other nonperforming assets resulting from the addition of two foreclosed properties.

Asset Quality 4Q24 3Q24 2Q24 1Q24 4Q23$ in millionsAllowance for credit losses on loans to total loans 1.38% 1.35% 1.34% 1.34% 1.34%Allowance for credit losses on loans to nonperforming loans 212 229 223 212 267Nonperforming loans to total loans 0.65 0.59 0.60 0.63 0.50Net charge-off ratio (annualized) 0.27 0.22 0.19 0.19 0.11Net charge-off ratio YTD (annualized) 0.22 0.20 0.19 0.19 0.12Total nonperforming loans $110.7 $101.7 $103.4 $107.3 $84.5Total other nonperforming assets 10.5 2.6 3.4 5.0 5.8Total nonperforming assets $121.2 $104.3 $106.8 $112.3 $90.3Reserve for unfunded commitments $25.6 $25.6 $25.6 $25.6 $25.6

Capital Total stockholders' equity at the end of the fourth quarter of 2024 was $3.5 billion, up slightly from the end of the third quarter 2024 and up $102.4 million from $3.4 billion at the end of the fourth quarter of 2023. The increase on a year-over-year basis was primarily due to an increase of $47.3 million in retained earnings, coupled with a $43.5 million recapture of accumulated other comprehensive income principally associated with the mark-to-market adjustment on AFS investment securities. Book value per share at the end of the fourth quarter of 2024 was $28.08, compared to $28.11 at the end of the third quarter of 2024 and $27.37 at the end of the fourth quarter of 2023. Tangible book value per share1 at the end of the fourth quarter of 2024 was $16.80, compared to $16.78 at the end of the third quarter of 2024 and $15.92 at the end of the fourth quarter of 2023.

Total stockholders' equity as a percentage of total assets at the end of the fourth quarter of 2024 was 13.1 percent, up from 12.9 percent at the end of the third quarter of 2024 and up from 12.5 percent at the end the fourth quarter of 2023. Tangible common equity as a percentage of tangible assets1 at the end of the fourth quarter of 2024 was 8.3 percent, compared to 8.2 percent at the end of the third quarter of 2024 and 7.7 percent at the end of the fourth quarter of 2023. Each of the regulatory capital ratios for Simmons and its lead subsidiary, Simmons Bank, continue to significantly exceed “well-capitalized” regulatory guidelines.

Select Capital Ratios 4Q24 3Q24 2Q24 1Q24 4Q23Stockholders' equity to total assets 13.1% 12.9% 12.6% 12.6% 12.5%Tangible common equity to tangible assets1 8.3 8.2 7.8 7.8 7.7Common equity tier 1 (CET1) ratio 12.4 12.1 12.0 12.0 12.1Tier 1 leverage ratio 9.7 9.6 9.5 9.4 9.4Tier 1 risk-based capital ratio 12.4 12.1 12.0 12.0 12.1Total risk-based capital ratio 14.6 14.3 14.2 14.4 14.4

Share Repurchase Program During the fourth quarter of 2024, Simmons did not repurchase shares under its stock repurchase program that was authorized in January 2024 (2024 Program), which replaced its former repurchase program that was authorized in January 2022. Remaining authorization under the 2024 Program as of December 31, 2024, was approximately $175 million. The timing, pricing and amount of any repurchases under the 2024 Program will be determined by Simmons' management at its discretion based on a variety of factors including, but not limited to, market conditions, trading volume and market price of Simmons' common stock, Simmons' capital needs, Simmons' working capital and investment requirements, other corporate considerations, economic conditions, and legal requirements. The 2024 Program does not obligate Simmons to repurchase any common stock and may be modified, discontinued or suspended at any time without prior notice.

(1) Non-GAAP measurement. See “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below(2) FTE – fully taxable equivalent basis using an effective tax rate of 26.135%

Conference Call Management will conduct a live conference call to review this information beginning at 7:30 a.m. Central Time on Wednesday, January 22, 2025. Interested persons can listen to this call by dialingtoll-free 1-844-481-2779 (North America only) and asking for the Simmons First National Corporation conference call, conference ID10195421. In addition, the call will be available live or in recorded version on Simmons' website at simmonsbank.comfor at least 60 days following the date of the call.

Simmons First National Corporation Simmons First National Corporation (NASDAQ: SFNC) is a Mid-South based financial holding company that has paid cash dividends to its shareholders for 115 consecutive years. Its principal subsidiary, Simmons Bank, operates 222 branches in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas. Founded in 1903, Simmons Bank offers comprehensive financial solutions delivered with a client-centric approach. In 2024, Simmons Bank was recognized by Newsweekas one of America's Best Regional Banks 2025, by U.S. News & World Report as one of the 2024-2025 Best Companies to Work For in the South and by Forbes as one of America's Best-In-State Banks 2024 in Tennessee and America's Best-In-State Banks 2024 in Missouri. Additional information about Simmons Bank can be found on our website at simmonsbank.com, by following @Simmons_Bank on X (formerly Twitter) or by visiting our newsroom.

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

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

Forward-Looking Statements Certain statements in this press release may not be based on historical facts and should be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including, without limitation, statements made in Mr. Makris's quote, may be identified by reference to future periods or by the use of forward-looking terminology, such as “believe,” “budget,” “expect,” “foresee,” “anticipate,” “intend,” “indicate,” “target,” “estimate,” “plan,” “project,” “continue,” “contemplate,” “positions,” “prospects,” “predict,” or “potential,” by future conditional verbs such as “will,” “would,” “should,” “could,” “might” or “may,” or by variations of such words or by similar expressions. These forward-looking statements include, without limitation, statements relating to Simmons' future growth, business strategies, lending capacity and lending activity, loan demand, revenue, assets, asset quality, profitability, dividends, net interest margin, non-interest revenue, share repurchase program, acquisition strategy, digital banking initiatives, the Company's ability to recruit and retain key employees, the adequacy of the allowance for credit losses, and future economic conditions and interest rates. Any forward-looking statement speaks only as of the date of this press release, and Simmons undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this press release. By nature, forward-looking statements are based on various assumptions and involve inherent risk and uncertainties. Various factors, including, but not limited to, changes in economic conditions, changes in credit quality, changes in interest rates and related governmental policies, changes in loan demand, changes in deposit flows, changes in real estate values, changes in the assumptions used in making the forward-looking statements, changes in the securities markets generally or the price of Simmons' common stock specifically, changes in information technology affecting the financial industry, and changes in customer behaviors, including consumer spending, borrowing, and saving habits; general economic and market conditions; changes in governmental administrations; market disruptions including pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, war and other military conflicts (including the ongoing military conflicts between Russia and Ukraine and between Israel and Hamas) or other major events, or the prospect of these events; the soundness of other financial institutions and any indirect exposure related to the closings of other financial institutions and their impact on the broader market through other customers, suppliers and partners, or that the conditions which resulted in the liquidity concerns experienced by closed financial institutions may also adversely impact, directly or indirectly, other financial institutions and market participants with which the Company has commercial or deposit relationships; increased inflation; the loss of key employees; increased competition in the markets in which the Company operates and from non-bank financial institutions; increased unemployment; labor shortages; claims, damages, and fines related to litigation or government actions; changes in accounting principles relating to loan loss recognition (current expected credit losses); the Company's ability to manage and successfully integrate its mergers and acquisitions and to fully realize cost savings and other benefits associated with acquisitions; increased delinquency and foreclosure rates on commercial real estate loans; cyber or other information technology threats, attacks or events; reliance on third parties for key services; government legislation; and other factors, many of which are beyond the control of the Company, could cause actual results to differ materially from those projected in or contemplated by the forward-looking statements. In addition, there can be no guarantee that the board of directors (Board) of Simmons will approve a quarterly dividend in future quarters, and the timing, payment, and amount of future dividends (if any) is subject to, among other things, the discretion of the Board and may differ significantly from past dividends. 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, 2023, and other reports that the Company has filed with or furnished to the U.S. Securities and Exchange Commission (the SEC), all of which are available from the SEC on its website, www.sec.gov.

Simmons First National Corporation SFNCConsolidated End of Period Balance SheetsFor the Quarters Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31(Unaudited) 2024 2024 2024 2024 2023($ in thousands)ASSETSCash and noninterest bearing balances due from banks $ 429,705 $ 398,321 $ 320,021 $ 380,324 $ 345,258Interest bearing balances due from banks and federal funds sold 257,672 205,081 254,312 222,979 268,834Cash and cash equivalents 687,377 603,402 574,333 603,303 614,092Interest bearing balances due from banks – time 100 100 100 100 100Investment securities – held-to-maturity 3,636,636 3,658,700 3,685,450 3,707,258 3,726,288Investment securities – available-for-sale 2,529,426 2,691,094 2,885,904 3,027,558 3,152,153Mortgage loans held for sale 11,417 8,270 13,053 11,899 9,373Loans:Loans 17,005,937 17,336,040 17,192,437 17,001,760 16,845,670Allowance for credit losses on loans (235,019) (233,223) (230,389) (227,367) (225,231)Net loans 16,770,918 17,102,817 16,962,048 16,774,393 16,620,439Premises and equipment 585,431 584,366 581,893 576,466 570,678Foreclosed assets and other real estate owned 9,270 1,299 2,209 3,511 4,073Interest receivable 123,243 125,700 126,625 122,781 122,430Bank owned life insurance 531,805 508,781 505,023 503,348 500,559Goodwill 1,320,799 1,320,799 1,320,799 1,320,799 1,320,799Other intangible assets 97,242 101,093 104,943 108,795 112,645Other assets 572,385 562,983 606,692 611,964 592,045Total assets $ 26,876,049 $ 27,269,404 $ 27,369,072 $ 27,372,175 $ 27,345,674LIABILITIES AND STOCKHOLDERS' EQUITYDeposits:Noninterest bearing transaction accounts $ 4,460,517 $ 4,521,715 $ 4,624,186 $ 4,697,539 $ 4,800,880Interest bearing transaction accounts and savings deposits 10,982,022 10,863,945 10,925,179 11,071,762 10,997,425Time deposits 6,443,211 6,549,774 6,291,518 6,583,703 6,446,673Total deposits 21,885,750 21,935,434 21,840,883 22,353,004 22,244,978Federal funds purchased and securities soldunder agreements to repurchase 37,109 51,071 52,705 58,760 67,969Other borrowings 745,372 1,045,878 1,346,378 871,874 972,366Subordinated notes and debentures 366,293 366,255 366,217 366,179 366,141Accrued interest and other liabilities 312,653 341,933 304,020 283,232 267,732Total liabilities 23,347,177 23,740,571 23,910,203 23,933,049 23,919,186Stockholders' equity:Common stock 1,257 1,256 1,255 1,254 1,252Surplus 2,511,590 2,508,438 2,506,469 2,503,673 2,499,930Undivided profits 1,376,935 1,355,000 1,356,626 1,342,215 1,329,681Accumulated other comprehensive (loss) income (360,910) (335,861) (405,481) (408,016) (404,375)Total stockholders' equity 3,528,872 3,528,833 3,458,869 3,439,126 3,426,488Total liabilities and stockholders' equity $ 26,876,049 $ 27,269,404 $ 27,369,072 $ 27,372,175 $ 27,345,674Simmons First National Corporation SFNCConsolidated Statements of Income – Quarter-to-DateFor the Quarters Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31(Unaudited) 2024 2024 2024 2024 2023($ in thousands, except per share data)INTEREST INCOMELoans (including fees) $ 272,727 $ 277,939 $ 270,937 $ 261,490 $ 261,505Interest bearing balances due from banks and federal funds sold 2,913 2,921 2,964 3,010 3,115Investment securities 50,162 53,220 55,050 58,001 58,755Mortgage loans held for sale 180 209 194 148 143TOTAL INTEREST INCOME 325,982 334,289 329,145 322,649 323,518INTEREST EXPENSETime deposits 70,661 73,937 73,946 73,241 72,458Other deposits 72,369 78,307 79,087 78,692 71,412Federal funds purchased and securitiessold under agreements to repurchase 119 138 156 189 232Other borrowings 11,386 17,067 15,025 11,649 16,607Subordinated notes and debentures 6,505 7,128 7,026 6,972 7,181TOTAL INTEREST EXPENSE 161,040 176,577 175,240 170,743 167,890NET INTEREST INCOME 164,942 157,712 153,905 151,906 155,628PROVISION FOR CREDIT LOSSESProvision for credit losses on loans 13,332 12,148 11,099 10,206 11,225Provision for credit losses on unfunded commitments – – – – -Provision for credit losses on investment securities – AFS – – – – (1,196)Provision for credit losses on investment securities – HTM – – – – -TOTAL PROVISION FOR CREDIT LOSSES 13,332 12,148 11,099 10,206 10,029NET INTEREST INCOME AFTER PROVISIONFOR CREDIT LOSSES 151,610 145,564 142,806 141,700 145,599NONINTEREST INCOMEService charges on deposit accounts 12,978 12,713 12,252 11,955 12,782Debit and credit card fees 8,323 8,144 8,162 8,246 7,822Wealth management fees 8,828 8,226 8,274 7,478 7,679Mortgage lending income 1,828 1,956 1,973 2,320 1,603Bank owned life insurance income 3,780 3,757 3,876 3,814 3,094Other service charges and fees (includes insurance income) 2,256 2,381 2,352 2,199 2,346Gain (loss) on sale of securities – (28,393) – – (20,218)Other income 5,565 8,346 6,410 7,172 6,866TOTAL NONINTEREST INCOME 43,558 17,130 43,299 43,184 21,974NONINTEREST EXPENSESalaries and employee benefits 71,588 69,167 70,716 72,653 66,982Occupancy expense, net 11,876 12,216 11,864 12,258 11,733Furniture and equipment expense 5,671 5,612 5,623 5,141 5,445Other real estate and foreclosure expense 317 87 117 179 189Deposit insurance 5,550 5,571 5,682 7,135 15,220Merger-related costs – – – – -Other operating expenses 46,115 44,540 45,352 42,513 48,570TOTAL NONINTEREST EXPENSE 141,117 137,193 139,354 139,879 148,139NET INCOME BEFORE INCOME TAXES 54,051 25,501 46,751 45,005 19,434Provision for income taxes 5,732 761 5,988 6,134 (4,473)NET INCOME $ 48,319 $ 24,740 $ 40,763 $ 38,871 $ 23,907BASIC EARNINGS PER SHARE $ 0.38 $ 0.20 $ 0.32 $ 0.31 $ 0.19DILUTED EARNINGS PER SHARE $ 0.38 $ 0.20 $ 0.32 $ 0.31 $ 0.19Simmons First National Corporation SFNCConsolidated Risk-Based CapitalFor the Quarters Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31(Unaudited) 2024 2024 2024 2024 2023($ in thousands)Tier 1 capitalStockholders' equity $ 3,528,872 $ 3,528,833 $ 3,458,869 $ 3,439,126 $ 3,426,488CECL transition provision (1) 30,873 30,873 30,873 30,873 61,746Disallowed intangible assets, net of deferred tax (1,385,128) (1,388,549) (1,391,969) (1,394,672) (1,398,810)Unrealized loss (gain) on AFS securities 360,910 335,861 405,481 408,016 404,375Total Tier 1 capital 2,535,527 2,507,018 2,503,254 2,483,343 2,493,799Tier 2 capitalSubordinated notes and debentures 366,293 366,255 366,217 366,179 366,141Subordinated debt phase out (132,000) (132,000) (132,000) (66,000) (66,000)Qualifying allowance for loan losses andreserve for unfunded commitments 222,313 220,517 217,684 214,660 170,977Total Tier 2 capital 456,606 454,772 451,901 514,839 471,118Total risk-based capital $ 2,992,133 $ 2,961,790 $ 2,955,155 $ 2,998,182 $ 2,964,917Risk weighted assets $ 20,473,960 $ 20,790,941 $ 20,856,194 $ 20,782,094 $ 20,599,238Adjusted average assets for leverage ratio $ 26,037,459 $ 26,198,178 $ 26,371,545 $ 26,312,873 $ 26,552,988Ratios at end of quarterEquity to assets 13.13% 12.94% 12.64% 12.56% 12.53%Tangible common equity to tangible assets (2) 8.29% 8.15% 7.84% 7.75% 7.69%Common equity Tier 1 ratio (CET1) 12.38% 12.06% 12.00% 11.95% 12.11%Tier 1 leverage ratio 9.74% 9.57% 9.49% 9.44% 9.39%Tier 1 risk-based capital ratio 12.38% 12.06% 12.00% 11.95% 12.11%Total risk-based capital ratio 14.61% 14.25% 14.17% 14.43% 14.39%(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.Simmons First National Corporation SFNCConsolidated Investment SecuritiesFor the Quarters Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31(Unaudited) 2024 2024 2024 2024 2023($ in thousands)Investment Securities – End of PeriodHeld-to-MaturityU.S. Government agencies $ 455,869 $ 455,179 $ 454,488 $ 453,805 $ 453,121Mortgage-backed securities 1,070,032 1,093,070 1,119,741 1,142,352 1,161,694State and political subdivisions 1,857,177 1,857,283 1,857,409 1,855,642 1,856,674Other securities 253,558 253,168 253,812 255,459 254,799Total held-to-maturity (net of credit losses) 3,636,636 3,658,700 3,685,450 3,707,258 3,726,288Available-for-SaleU.S. Treasury $ 996 $ 1,290 $ 1,275 $ 1,964 $ 2,254U.S. Government agencies 54,547 58,397 66,563 69,801 72,502Mortgage-backed securities 1,392,759 1,510,402 1,730,842 1,845,364 1,940,307State and political subdivisions 858,182 898,178 864,190 874,849 902,793Other securities 222,942 222,827 223,034 235,580 234,297Total available-for-sale (net of credit losses) 2,529,426 2,691,094 2,885,904 3,027,558 3,152,153Total investment securities (net of credit losses) $ 6,166,062 $ 6,349,794 $ 6,571,354 $ 6,734,816 $ 6,878,441Fair value – HTM investment securities $ 2,949,951 $ 3,109,610 $ 3,005,524 $ 3,049,281 $ 3,135,370Simmons First National Corporation SFNCConsolidated LoansFor the Quarters Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31(Unaudited) 2024 2024 2024 2024 2023($ in thousands)Loan Portfolio – End of PeriodConsumer:Credit cards $ 181,675 $ 177,696 $ 178,354 $ 182,742 $ 191,204Other consumer 127,319 113,896 130,278 124,531 127,462Total consumer 308,994 291,592 308,632 307,273 318,666Real Estate:Construction 2,789,249 2,796,378 3,056,703 3,331,739 3,144,220Single-family residential 2,689,946 2,724,648 2,666,201 2,624,738 2,641,556Other commercial real estate 7,912,336 7,992,437 7,760,266 7,508,049 7,552,410Total real estate 13,391,531 13,513,463 13,483,170 13,464,526 13,338,186Commercial:Commercial 2,434,175 2,467,384 2,484,474 2,499,311 2,490,176Agricultural 261,154 314,340 285,181 226,642 232,710Total commercial 2,695,329 2,781,724 2,769,655 2,725,953 2,722,886Other 610,083 749,261 630,980 504,008 465,932Total loans $ 17,005,937 $ 17,336,040 $ 17,192,437 $ 17,001,760 $ 16,845,670Simmons First National Corporation SFNCConsolidated Allowance and Asset QualityFor the Quarters Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31(Unaudited) 2024 2024 2024 2024 2023($ in thousands)Allowance for Credit Losses on LoansBeginning balance $ 233,223 $ 230,389 $ 227,367 $ 225,231 $ 218,547Loans charged off:Credit cards 1,629 1,744 1,418 1,646 1,500Other consumer 505 524 550 732 767Real estate 3,810 159 123 2,857 1,023Commercial 6,796 8,235 7,243 4,593 3,105Total loans charged off 12,740 10,662 9,334 9,828 6,395Recoveries of loans previously charged off:Credit cards 391 231 221 248 242Other consumer 279 275 509 333 518Real estate 275 403 72 735 785Commercial 259 439 455 442 309Total recoveries 1,204 1,348 1,257 1,758 1,854Net loans charged off 11,536 9,314 8,077 8,070 4,541Provision for credit losses on loans 13,332 12,148 11,099 10,206 11,225Balance, end of quarter $ 235,019 $ 233,223 $ 230,389 $ 227,367 $ 225,231Nonperforming assetsNonperforming loans:Nonaccrual loans $ 110,154 $ 100,865 $ 102,891 $ 105,788 $ 83,325Loans past due 90 days or more 603 830 558 1,527 1,147Total nonperforming loans 110,757 101,695 103,449 107,315 84,472Other nonperforming assets:Foreclosed assets and other real estate owned 9,270 1,299 2,209 3,511 4,073Other nonperforming assets 1,202 1,311 1,167 1,491 1,726Total other nonperforming assets 10,472 2,610 3,376 5,002 5,799Total nonperforming assets $ 121,229 $ 104,305 $ 106,825 $ 112,317 $ 90,271RatiosAllowance for credit losses on loans to total loans 1.38% 1.35% 1.34% 1.34% 1.34%Allowance for credit losses to nonperforming loans 212% 229% 223% 212% 267%Nonperforming loans to total loans 0.65% 0.59% 0.60% 0.63% 0.50%Nonperforming assets to total assets 0.45% 0.38% 0.39% 0.41% 0.33%Annualized net charge offs to average loans (QTD) 0.27% 0.22% 0.19% 0.19% 0.11%Annualized net charge offs to average loans (YTD) 0.22% 0.20% 0.19% 0.19% 0.12%Annualized net credit card charge offs toaverage credit card loans (QTD) 2.63% 3.23% 2.50% 2.88% 2.49%Simmons First National Corporation SFNCConsolidated – Average Balance Sheet and Net Interest Income AnalysisFor the Quarters Ended(Unaudited) Three Months Ended Three Months Ended Three Months Ended Dec 2024 Sep 2024 Dec 2023($ in thousands) Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/ Balance Expense Rate Balance Expense Rate Balance Expense RateASSETSEarning assets:Interest bearing balances due from banksand federal funds sold $ 238,731 $ 2,913 4.85% $ 204,505 $ 2,921 5.68% $ 230,464 $ 3,115 5.36%Investment securities – taxable 3,633,138 34,459 3.77% 3,826,934 37,473 3.90% 4,410,681 42,895 3.86%Investment securities – non-taxable (FTE) 2,633,148 21,260 3.21% 2,617,532 21,318 3.24% 2,555,125 21,523 3.34%Mortgage loans held for sale 10,713 180 6.68% 12,425 209 6.69% 7,644 143 7.42%Loans – including fees (FTE) 17,212,034 273,594 6.32% 17,208,162 278,766 6.44% 16,793,211 262,353 6.20%Total interest earning assets (FTE) 23,727,764 332,406 5.57% 23,869,558 340,687 5.68% 23,997,125 330,029 5.46%Non-earning assets 3,351,179 3,346,882 3,373,686Total assets $ 27,078,943 $ 27,216,440 $ 27,370,811LIABILITIES AND STOCKHOLDERS' EQUITYInterest bearing liabilities:Interest bearing transaction andsavings accounts $ 10,967,450 $ 72,369 2.63% $ 10,826,514 $ 78,307 2.88% $ 10,730,701 $ 71,412 2.64%Time deposits 6,397,251 70,661 4.39% 6,355,801 73,937 4.63% 6,509,663 72,458 4.42%Total interest bearing deposits 17,364,701 143,030 3.28% 17,182,315 152,244 3.52% 17,240,364 143,870 3.31%Federal funds purchased and securitiessold under agreement to repurchase 47,314 119 1.00% 51,830 138 1.06% 65,871 232 1.40%Other borrowings 932,366 11,386 4.86% 1,252,435 17,067 5.42% 1,212,501 16,607 5.43%Subordinated notes and debentures 366,274 6,505 7.07% 366,236 7,128 7.74% 366,123 7,181 7.78%Total interest bearing liabilities 18,710,655 161,040 3.42% 18,852,816 176,577 3.73% 18,884,859 167,890 3.53%Noninterest bearing liabilities:Noninterest bearing deposits 4,491,361 4,535,105 4,864,274Other liabilities 333,781 323,378 285,431Total liabilities 23,535,797 23,711,299 24,034,564Stockholders' equity 3,543,146 3,505,141 3,336,247Total liabilities and stockholders' equity $ 27,078,943 $ 27,216,440 $ 27,370,811Net interest income (FTE) $ 171,366 $ 164,110 $ 162,139Net interest spread (FTE) 2.15% 1.95% 1.93%Net interest margin (FTE) 2.87% 2.74% 2.68%Simmons First National Corporation SFNCConsolidated – Selected Financial DataFor the Quarters Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31(Unaudited) 2024 2024 2024 2024 2023($ in thousands, except share data)QUARTER-TO-DATEFinancial Highlights – As ReportedNet Income $ 48,319 $ 24,740 $ 40,763 $ 38,871 $ 23,907Diluted earnings per share 0.38 0.20 0.32 0.31 0.19Return on average assets 0.71% 0.36% 0.60% 0.57% 0.35%Return on average common equity 5.43% 2.81% 4.75% 4.54% 2.84%Return on tangible common equity (non-GAAP) (1) 9.59% 5.27% 8.67% 8.33% 5.61%Net interest margin (FTE) 2.87% 2.74% 2.69% 2.66% 2.68%Efficiency ratio (2) 65.66% 75.70% 68.38% 69.41% 80.46%FTE adjustment 6,424 6,398 6,576 6,422 6,511Average diluted shares outstanding 126,232,084 125,999,269 125,758,166 125,661,950 125,609,265Shares repurchased under plan – – – – -Average price of shares repurchased – – – – -Cash dividends declared per common share 0.210 0.210 0.210 0.210 0.200Accretable yield on acquired loans 1,863 1,496 1,569 1,123 1,762Financial Highlights – Adjusted (non-GAAP) (1)Adjusted earnings $ 49,634 $ 46,005 $ 41,897 $ 40,351 $ 50,215Adjusted diluted earnings per share 0.39 0.37 0.33 0.32 0.40Adjusted return on average assets 0.73% 0.67% 0.62% 0.60% 0.73%Adjusted return on average common equity 5.57% 5.22% 4.88% 4.71% 5.97%Adjusted return on tangible common equity 9.83% 9.34% 8.89% 8.62% 11.10%Adjusted efficiency ratio (2) 62.89% 63.38% 65.68% 66.42% 62.91%YEAR-TO-DATEFinancial Highlights – GAAPNet Income $ 152,693 $ 104,374 $ 79,634 $ 38,871 $ 175,057Diluted earnings per share 1.21 0.83 0.63 0.31 1.38Return on average assets 0.56% 0.51% 0.59% 0.57% 0.64%Return on average common equity 4.38% 4.02% 4.64% 4.54% 5.21%Return on tangible common equity (non-GAAP) (1) 7.96% 7.39% 8.50% 8.33% 9.76%Net interest margin (FTE) 2.74% 2.70% 2.68% 2.66% 2.78%Efficiency ratio (2) 69.57% 71.00% 68.90% 69.41% 67.75%FTE adjustment 25,820 19,396 12,998 6,422 25,443Average diluted shares outstanding 126,115,606 125,910,260 125,693,536 125,661,950 126,775,704Cash dividends declared per common share 0.840 0.630 0.420 0.210 0.800Financial Highlights – Adjusted (non-GAAP) (1)Adjusted earnings $ 177,887 $ 128,253 $ 82,248 $ 40,351 $ 207,716Adjusted diluted earnings per share 1.41 1.02 0.65 0.32 1.64Adjusted return on average assets 0.65% 0.63% 0.61% 0.60% 0.75%Adjusted return on average common equity 5.10% 4.94% 4.80% 4.71% 6.18%Adjusted return on tangible common equity 9.18% 8.96% 8.76% 8.62% 11.46%Adjusted efficiency ratio (2) 64.56% 65.14% 66.05% 66.42% 61.32%END OF PERIODBook value per share $ 28.08 $ 28.11 $ 27.56 $ 27.42 $ 27.37Tangible book value per share 16.80 16.78 16.20 16.02 15.92Shares outstanding 125,651,540 125,554,598 125,487,520 125,419,618 125,184,119Full-time equivalent employees 2,946 2,972 2,961 2,989 3,007Total number of financial centers 222 234 234 233 234(1) Non-GAAP measurement that management believes aids in the understanding and discussion of results. Reconciliations to GAAP are included in the schedules accompanying this release.(2) Efficiency ratio is noninterest expense as a percent of net interest income (fully taxable equivalent) and noninterest revenues. Adjusted efficiency ratio is noninterest expense before foreclosed property expense, amortization of intangibles and certain adjusting items as a percent of net interest income (fully taxable equivalent) and noninterest revenues, excluding gains and losses from securities transactions and certain adjusting items, and is a non-GAAP measurement.Simmons First National Corporation SFNCReconciliation Of Non-GAAP Financial Measures – Adjusted Earnings – Quarter-to-DateFor the Quarters Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31(Unaudited) 2024 2024 2024 2024 2023(in thousands, except per share data)QUARTER-TO-DATENet income $ 48,319 $ 24,740 $ 40,763 $ 38,871 $ 23,907Certain items (non-GAAP)FDIC Deposit Insurance special assessment – – 283 1,549 10,521Early retirement program 200 (1) 118 219 1,032Termination of vendor and software services – (13) 615 – -Loss (gain) on sale of securities – 28,393 – – 20,218Branch right sizing (net) 1,581 410 519 236 3,846Tax effect of certain items (1) (466) (7,524) (401) (524) (9,309)Certain items, net of tax 1,315 21,265 1,134 1,480 26,308Adjusted earnings (non-GAAP) $ 49,634 $ 46,005 $ 41,897 $ 40,351 $ 50,215Diluted earnings per share $ 0.38 $ 0.20 $ 0.32 $ 0.31 $ 0.19Certain items (non-GAAP)FDIC Deposit Insurance special assessment – – – 0.01 0.08Early retirement program – – – – 0.01Termination of vendor and software services – – 0.01 – -Loss (gain) on sale of securities – 0.23 – – 0.16Branch right sizing (net) 0.01 – – – 0.03Tax effect of certain items (1) – (0.06) – – (0.07)Certain items, net of tax 0.01 0.17 0.01 0.01 0.21Adjusted diluted earnings per share (non-GAAP) $ 0.39 $ 0.37 $ 0.33 $ 0.32 $ 0.40(1) Effective tax rate of 26.135%.Reconciliation of Certain Noninterest Income and Expense Items (non-GAAP)QUARTER-TO-DATENoninterest income $ 43,558 $ 17,130 $ 43,299 $ 43,184 $ 21,974Certain noninterest income itemsLoss (gain) on sale of securities – 28,393 – – 20,218Adjusted noninterest income (non-GAAP) $ 43,558 $ 45,523 $ 43,299 $ 43,184 $ 42,192Noninterest expense $ 141,117 $ 137,193 $ 139,354 $ 139,879 $ 148,139Certain noninterest expense itemsEarly retirement program (200) 1 (118) (219) (1,032)FDIC Deposit Insurance special assessment – – (283) (1,549) (10,521)Termination of vendor and software services – 13 (615) – -Branch right sizing expense (1,581) (410) (519) (236) (3,846)Adjusted noninterest expense (non-GAAP) $ 139,336 $ 136,797 $ 137,819 $ 137,875 $ 132,740Salaries and employee benefits $ 71,588 $ 69,167 $ 70,716 $ 72,653 $ 66,982Certain salaries and employee benefits itemsEarly retirement program (200) 1 (118) (219) (1,032)Other – (1) 1 – 2Adjusted salaries and employee benefits (non-GAAP) $ 71,388 $ 69,167 $ 70,599 $ 72,434 $ 65,952Other operating expenses $ 46,115 $ 44,540 $ 45,352 $ 42,513 $ 48,570Certain other operating expenses itemsTermination of vendor and software services – 13 (615) – -Branch right sizing expense (1,457) (184) (392) (83) (3,708)Adjusted other operating expenses (non-GAAP) $ 44,658 $ 44,369 $ 44,345 $ 42,430 $ 44,862Simmons First National Corporation SFNCReconciliation Of Non-GAAP Financial Measures – Adjusted Earnings – Year-to-DateFor the Quarters Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31(Unaudited) 2024 2024 2024 2024 2023(in thousands, except per share data)YEAR-TO-DATENet income $ 152,693 $ 104,374 $ 79,634 $ 38,871 $ 175,057Certain items (non-GAAP)FDIC Deposit Insurance special assessment 1,832 1,832 1,832 1,549 10,521Merger related costs – – – – 1,420Early retirement program 536 336 337 219 6,198Termination of vendor and software services 602 602 615 – -Loss (gain) on sale of securities 28,393 28,393 – – 20,609Branch right sizing (net) 2,746 1,165 755 236 5,467Tax effect of certain items (1) (8,915) (8,449) (925) (524) (11,556)Certain items, net of tax 25,194 23,879 2,614 1,480 32,659Adjusted earnings (non-GAAP) $ 177,887 $ 128,253 $ 82,248 $ 40,351 $ 207,716Diluted earnings per share $ 1.21 $ 0.83 $ 0.63 $ 0.31 $ 1.38Certain items (non-GAAP)FDIC Deposit Insurance special assessment 0.02 0.02 0.02 0.01 0.08Merger related costs – – – – 0.01Early retirement program – – – – 0.05Loss (gain) on sale of securities 0.23 0.23 – – 0.17Branch right sizing (net) 0.02 0.01 0.01 – 0.04Tax effect of certain items (1) (0.07) (0.07) (0.01) – (0.09)Certain items, net of tax 0.20 0.19 0.02 0.01 0.26Adjusted diluted earnings per share (non-GAAP) $ 1.41 $ 1.02 $ 0.65 $ 0.32 $ 1.64(1) Effective tax rate of 26.135%.Reconciliation of Certain Noninterest Income and Expense Items (non-GAAP)YEAR-TO-DATENoninterest income $ 147,171 $ 103,613 $ 86,483 $ 43,184 $ 155,566Certain noninterest income itemsLoss (gain) on sale of securities 28,393 28,393 – – 20,609Adjusted noninterest income (non-GAAP) $ 175,564 $ 132,006 $ 86,483 $ 43,184 $ 176,175Noninterest expense $ 557,543 $ 416,426 $ 279,233 $ 139,879 $ 563,061Certain noninterest expense itemsMerger related costs – – – – (1,420)Early retirement program (536) (336) (337) (219) (6,198)FDIC Deposit Insurance special assessment (1,832) (1,832) (1,832) (1,549) (10,521)Termination of vendor and software services (602) (602) (615) – -Branch right sizing expense (2,746) (1,165) (755) (236) (5,467)Adjusted noninterest expense (non-GAAP) $ 551,827 $ 412,491 $ 275,694 $ 137,875 $ 539,455Salaries and employee benefits $ 284,124 $ 212,536 $ 143,369 $ 72,653 $ 286,117Certain salaries and employee benefits itemsEarly retirement program (536) (336) (337) (219) (6,198)Other – – 1 – 2Adjusted salaries and employee benefits (non-GAAP) $ 283,588 $ 212,200 $ 143,033 $ 72,434 $ 279,921Other operating expenses $ 178,520 $ 132,405 $ 87,865 $ 42,513 $ 177,164Certain other operating expenses itemsTermination of vendor and software services (602) (602) (615) – -Branch right sizing expense (2,116) (659) (475) (83) (4,937)Adjusted other operating expenses (non-GAAP) $ 175,802 $ 131,144 $ 86,775 $ 42,430 $ 172,227Simmons First National Corporation SFNCReconciliation Of Non-GAAP Financial Measures – End of PeriodFor the Quarters Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31(Unaudited) 2024 2024 2024 2024 2023($ in thousands, except per share data)Calculation of Tangible Common Equity and the Ratio of Tangible Common Equity to Tangible AssetsTotal common stockholders' equity $ 3,528,872 $ 3,528,833 $ 3,458,869 $ 3,439,126 $ 3,426,488Intangible assets:Goodwill (1,320,799) (1,320,799) (1,320,799) (1,320,799) (1,320,799)Other intangible assets (97,242) (101,093) (104,943) (108,795) (112,645)Total intangibles (1,418,041) (1,421,892) (1,425,742) (1,429,594) (1,433,444)Tangible common stockholders' equity $ 2,110,831 $ 2,106,941 $ 2,033,127 $ 2,009,532 $ 1,993,044Total assets $ 26,876,049 $ 27,269,404 $ 27,369,072 $ 27,372,175 $ 27,345,674Intangible assets:Goodwill (1,320,799) (1,320,799) (1,320,799) (1,320,799) (1,320,799)Other intangible assets (97,242) (101,093) (104,943) (108,795) (112,645)Total intangibles (1,418,041) (1,421,892) (1,425,742) (1,429,594) (1,433,444)Tangible assets $ 25,458,008 $ 25,847,512 $ 25,943,330 $ 25,942,581 $ 25,912,230Ratio of common equity to assets 13.13% 12.94% 12.64% 12.56% 12.53%Ratio of tangible common equity to tangible assets 8.29% 8.15% 7.84% 7.75% 7.69%Calculation of Tangible Book Value per ShareTotal common stockholders' equity $ 3,528,872 $ 3,528,833 $ 3,458,869 $ 3,439,126 $ 3,426,488Intangible assets:Goodwill (1,320,799) (1,320,799) (1,320,799) (1,320,799) (1,320,799)Other intangible assets (97,242) (101,093) (104,943) (108,795) (112,645)Total intangibles (1,418,041) (1,421,892) (1,425,742) (1,429,594) (1,433,444)Tangible common stockholders' equity $ 2,110,831 $ 2,106,941 $ 2,033,127 $ 2,009,532 $ 1,993,044Shares of common stock outstanding 125,651,540 125,554,598 125,487,520 125,419,618 125,184,119Book value per common share $ 28.08 $ 28.11 $ 27.56 $ 27.42 $ 27.37Tangible book value per common share $ 16.80 $ 16.78 $ 16.20 $ 16.02 $ 15.92Calculation of Coverage Ratio of Uninsured, Non-Collateralized DepositsUninsured deposits at Simmons Bank $ 8,467,291 $ 8,355,496 $ 8,186,903 $ 8,413,514 $ 8,328,444Less: Collateralized deposits (excluding portion that is FDIC insured) 2,790,339 2,710,167 2,835,424 2,995,241 2,846,716Less: Intercompany eliminations 1,045,734 986,626 943,979 775,461 728,480Total uninsured, non-collateralized deposits $ 4,631,218 $ 4,658,703 $ 4,407,500 $ 4,642,812 $ 4,753,248FHLB borrowing availability $ 4,716,000 $ 4,955,000 $ 4,910,000 $ 5,326,000 $ 5,401,000Unpledged securities 4,103,000 4,110,000 4,145,000 4,122,000 3,817,000Fed funds lines, Fed discount window andBank Term Funding Program (1) 2,081,000 2,109,000 2,065,000 2,009,000 1,998,000Additional liquidity sources $ 10,900,000 $ 11,174,000 $ 11,120,000 $ 11,457,000 $ 11,216,000Uninsured, non-collateralized deposit coverage ratio 2.4 2.4 2.5 2.5 2.4(1) The Bank Term Funding Program closed for new loans on March 11, 2024. At no time did Simmons borrow funds under this program.Calculation of Net Charge Off RatioNet charge offs $ 11,536 $ 9,314 $ 8,077 $ 8,070Less: Net charge offs from run-off portfolio (1) 2,500 3,500 6,700 4,500Net charge offs excluding run-off portfolio $ 9,036 $ 5,814 $ 1,377 $ 3,570Average total loans $ 17,212,034 $ 17,208,162 $ 17,101,799 $ 16,900,496Annualized net charge offs to average loans (NCO ratio) 0.27% 0.22% 0.19% 0.19%NCO ratio, excluding net charge offs associated with run-offportfolio (annualized) 0.21% 0.13% 0.03% 0.08%(1) Run-off portfolio consists of asset based lending and small equipment finance portfolios obtained in acquisitions.Simmons First National Corporation SFNCReconciliation Of Non-GAAP Financial Measures – Quarter-to-DateFor the Quarters Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31(Unaudited) 2024 2024 2024 2024 2023($ in thousands)Calculation of Adjusted Return on Average AssetsNet income $ 48,319 $ 24,740 $ 40,763 $ 38,871 $ 23,907Certain items (non-GAAP)FDIC Deposit Insurance special assessment – – 283 1,549 10,521Early retirement program 200 (1) 118 219 1,032Termination of vendor and software services – (13) 615 – -Loss (gain) on sale of securities – 28,393 – – 20,218Branch right sizing (net) 1,581 410 519 236 3,846Tax effect of certain items (2) (466) (7,524) (401) (524) (9,309)Adjusted earnings (non-GAAP) $ 49,634 $ 46,005 $ 41,897 $ 40,351 $ 50,215Average total assets $ 27,078,943 $ 27,216,440 $ 27,305,277 $ 27,259,399 $ 27,370,811Return on average assets 0.71% 0.36% 0.60% 0.57% 0.35%Adjusted return on average assets (non-GAAP) 0.73% 0.67% 0.62% 0.60% 0.73%Calculation of Return on Tangible Common EquityNet income available to common stockholders $ 48,319 $ 24,740 $ 40,763 $ 38,871 $ 23,907Amortization of intangibles, net of taxes 2,843 2,845 2,845 2,844 2,965Total income available to common stockholders $ 51,162 $ 27,585 $ 43,608 $ 41,715 $ 26,872Certain items (non-GAAP)FDIC Deposit Insurance special assessment $ – $ – $ 283 $ 1,549 $ 10,521Early retirement program 200 (1) 118 219 1,032Termination of vendor and software services – (13) 615 – -Loss (gain) on sale of securities – 28,393 – – 20,218Branch right sizing (net) 1,581 410 519 236 3,846Tax effect of certain items (2) (466) (7,524) (401) (524) (9,309)Adjusted earnings (non-GAAP) 49,634 46,005 41,897 40,351 50,215Amortization of intangibles, net of taxes 2,843 2,845 2,845 2,844 2,965Total adjusted earnings available to common stockholders (non-GAAP) $ 52,477 $ 48,850 $ 44,742 $ 43,195 $ 53,180Average common stockholders' equity $ 3,543,146 $ 3,505,141 $ 3,451,155 $ 3,447,021 $ 3,336,247Average intangible assets:Goodwill (1,320,799) (1,320,799) (1,320,799) (1,320,799) (1,320,799)Other intangibles (99,405) (103,438) (107,173) (111,023) (114,861)Total average intangibles (1,420,204) (1,424,237) (1,427,972) (1,431,822) (1,435,660)Average tangible common stockholders' equity (non-GAAP) $ 2,122,942 $ 2,080,904 $ 2,023,183 $ 2,015,199 $ 1,900,587Return on average common equity 5.43% 2.81% 4.75% 4.54% 2.84%Return on tangible common equity 9.59% 5.27% 8.67% 8.33% 5.61%Adjusted return on average common equity (non-GAAP) 5.57% 5.22% 4.88% 4.71% 5.97%Adjusted return on tangible common equity (non-GAAP) 9.83% 9.34% 8.89% 8.62% 11.10%Calculation of Efficiency Ratio and Adjusted Efficiency Ratio (1)Noninterest expense (efficiency ratio numerator) $ 141,117 $ 137,193 $ 139,354 $ 139,879 $ 148,139Certain noninterest expense items (non-GAAP)Early retirement program (200) 1 (118) (219) (1,032)FDIC Deposit Insurance special assessment – – (283) (1,549) (10,521)Termination of vendor and software services – 13 (615) – -Branch right sizing expense (1,581) (410) (519) (236) (3,846)Other real estate and foreclosure expense adjustment (317) (87) (117) (179) (189)Amortization of intangibles adjustment (3,850) (3,851) (3,852) (3,850) (4,015)Adjusted efficiency ratio numerator $ 135,169 $ 132,859 $ 133,850 $ 133,846 $ 128,536Net interest income $ 164,942 $ 157,712 $ 153,905 $ 151,906 $ 155,628Noninterest income 43,558 17,130 43,299 43,184 21,974Fully tax-equivalent adjustment (effective tax rate of 26.135%) 6,424 6,398 6,576 6,422 6,511Efficiency ratio denominator 214,924 181,240 203,780 201,512 184,113Certain noninterest income items (non-GAAP)(Gain) loss on sale of securities – 28,393 – – 20,218Adjusted efficiency ratio denominator $ 214,924 $ 209,633 $ 203,780 $ 201,512 $ 204,331Efficiency ratio (1) 65.66% 75.70% 68.38% 69.41% 80.46%Adjusted efficiency ratio (non-GAAP) (1) 62.89% 63.38% 65.68% 66.42% 62.91%(1) Efficiency ratio is noninterest expense as a percent of net interest income (fully taxable equivalent) and noninterest revenues. Adjusted efficiency ratio is noninterest expense before foreclosed property expense, amortization of intangibles and certain adjusting items as a percent of net interest income (fully taxable equivalent) and noninterest revenues, excluding gains and losses from securities transactions and certain adjusting items, and is a non-GAAP measurement.(2) Effective tax rate of 26.135%.Simmons First National Corporation SFNCReconciliation Of Non-GAAP Financial Measures – Quarter-to-Date (continued)For the Quarters Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31(Unaudited) 2024 2024 2024 2024 2023($ in thousands)Calculation of Total Revenue and Adjusted Total RevenueNet interest income $ 164,942 $ 157,712 $ 153,905 $ 151,906 $ 155,628Noninterest income 43,558 17,130 43,299 43,184 21,974Total revenue 208,500 174,842 197,204 195,090 177,602Certain items, pre-tax (non-GAAP)Less: Gain (loss) on sale of securities – (28,393) – – (20,218)Adjusted total revenue $ 208,500 $ 203,235 $ 197,204 $ 195,090 $ 197,820Calculation of Pre-Provision Net Revenue (PPNR)Net interest income $ 164,942 $ 157,712 $ 153,905 $ 151,906 $ 155,628Noninterest income 43,558 17,130 43,299 43,184 21,974Total revenue 208,500 174,842 197,204 195,090 177,602Less: Noninterest expense 141,117 137,193 139,354 139,879 148,139Pre-Provision Net Revenue (PPNR) $ 67,383 $ 37,649 $ 57,850 $ 55,211 $ 29,463Calculation of Adjusted Pre-Provision Net RevenuePre-Provision Net Revenue (PPNR) $ 67,383 $ 37,649 $ 57,850 $ 55,211 $ 29,463Certain items, pre-tax (non-GAAP)Plus: Loss (gain) on sale of securities – 28,393 – – 20,218Plus: FDIC Deposit Insurance special assessment – – 283 1,549 10,521Plus: Early retirement program costs 200 (1) 118 219 1,032Plus: Termination of vendor and software services – (13) 615 – -Plus: Branch right sizing costs (net) 1,581 410 519 236 3,846Adjusted Pre-Provision Net Revenue $ 69,164 $ 66,438 $ 59,385 $ 57,215 $ 65,080Simmons First National Corporation SFNCReconciliation Of Non-GAAP Financial Measures – Year-to-DateFor the Quarters Ended Dec 31 Sep 30 Jun 30 Mar 31 Dec 31(Unaudited) 2024 2024 2024 2024 2023($ in thousands)Calculation of Adjusted Return on Average AssetsNet income $ 152,693 $ 104,374 $ 79,634 $ 38,871 $ 175,057Certain items (non-GAAP)FDIC Deposit Insurance special assessment 1,832 1,832 1,832 1,549 10,521Merger related costs – – – – 1,420Early retirement program 536 336 337 219 6,198Termination of vendor and software services 602 602 615 – -Loss (gain) on sale of securities 28,393 28,393 – – 20,609Branch right sizing (net) 2,746 1,165 755 236 5,467Tax effect of certain items (2) (8,915) (8,449) (925) (524) (11,556)Adjusted earnings (non-GAAP) $ 177,887 $ 128,253 $ 82,248 $ 40,351 $ 207,716Average total assets $ 27,214,647 $ 27,260,212 $ 27,282,338 $ 27,259,399 $ 27,554,859Return on average assets 0.56% 0.51% 0.59% 0.57% 0.64%Adjusted return on average assets (non-GAAP) 0.65% 0.63% 0.61% 0.60% 0.75%Calculation of Return on Tangible Common EquityNet income available to common stockholders $ 152,693 $ 104,374 $ 79,634 $ 38,871 $ 175,057Amortization of intangibles, net of taxes 11,377 8,534 5,689 2,844 12,044Total income available to common stockholders $ 164,070 $ 112,908 $ 85,323 $ 41,715 $ 187,101Certain items (non-GAAP)FDIC Deposit Insurance special assessment $ 1,832 $ 1,832 $ 1,832 $ 1,549 $ 10,521Merger related costs – – – – 1,420Early retirement program 536 336 337 219 6,198Termination of vendor and software services 602 602 615 – -Loss (gain) on sale of securities 28,393 28,393 – – 20,609Branch right sizing (net) 2,746 1,165 755 236 5,467Tax effect of certain items (2) (8,915) (8,449) (925) (524) (11,556)Adjusted earnings (non-GAAP) 177,887 128,253 82,248 40,351 207,716Amortization of intangibles, net of taxes 11,377 8,534 5,689 2,844 12,044Total adjusted earnings available to common stockholders (non-GAAP) $ 189,264 $ 136,787 $ 87,937 $ 43,195 $ 219,760Average common stockholders' equity $ 3,486,822 $ 3,467,908 $ 3,449,089 $ 3,447,021 $ 3,359,312Average intangible assets:Goodwill (1,320,799) (1,320,799) (1,320,799) (1,320,799) (1,320,510)Other intangibles (105,239) (107,197) (109,098) (111,023) (121,098)Total average intangibles (1,426,038) (1,427,996) (1,429,897) (1,431,822) (1,441,608)Average tangible common stockholders' equity (non-GAAP) $ 2,060,784 $ 2,039,912 $ 2,019,192 $ 2,015,199 $ 1,917,704Return on average common equity 4.38% 4.02% 4.64% 4.54% 5.21%Return on tangible common equity 7.96% 7.39% 8.50% 8.33% 9.76%Adjusted return on average common equity (non-GAAP) 5.10% 4.94% 4.80% 4.71% 6.18%Adjusted return on tangible common equity (non-GAAP) 9.18% 8.96% 8.76% 8.62% 11.46%Calculation of Efficiency Ratio and Adjusted Efficiency Ratio (1)Noninterest expense (efficiency ratio numerator) $ 557,543 $ 416,426 $ 279,233 $ 139,879 $ 563,061Certain noninterest expense items (non-GAAP)Merger related costs – – – – (1,420)Early retirement program (536) (336) (337) (219) (6,198)FDIC Deposit Insurance special assessment (1,832) (1,832) (1,832) (1,549) (10,521)Termination of vendor and software services (602) (602) (615) – -Branch right sizing expense (2,746) (1,165) (755) (236) (5,467)Other real estate and foreclosure expense adjustment (700) (383) (296) (179) (892)Amortization of intangibles adjustment (15,403) (11,553) (7,702) (3,850) (16,306)Adjusted efficiency ratio numerator $ 535,724 $ 400,555 $ 267,696 $ 133,846 $ 522,257Net interest income $ 628,465 $ 463,523 $ 305,811 $ 151,906 $ 650,126Noninterest income 147,171 103,613 86,483 43,184 155,566Fully tax-equivalent adjustment (effective tax rate of 26.135%) 25,820 19,396 12,998 6,422 25,443Efficiency ratio denominator 801,456 586,532 405,292 201,512 831,135Certain noninterest income items (non-GAAP)(Gain) loss on sale of securities 28,393 28,393 – – 20,609Adjusted efficiency ratio denominator $ 829,849 $ 614,925 $ 405,292 $ 201,512 $ 851,744Efficiency ratio (1) 69.57% 71.00% 68.90% 69.41% 67.75%Adjusted efficiency ratio (non-GAAP) (1) 64.56% 65.14% 66.05% 66.42% 61.32%(1) Efficiency ratio is noninterest expense as a percent of net interest income (fully taxable equivalent) and noninterest revenues. Adjusted efficiency ratio is noninterest expense before foreclosed property expense, amortization of intangibles and certain adjusting items as a percent of net interest income (fully taxable equivalent) and noninterest revenues, excluding gains and losses from securities transactions and certain adjusting items, and is a non-GAAP measurement.(2) Effective tax rate of 26.135%.

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