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_072612.htm

EXHIBIT 99.1

FOR IMMEDIATE RELEASE:

July 26, 2012

SIMMONS FIRST ANNOUNCES SECOND QUARTER EARNINGS

Pine Bluff, AR – Simmons First National Corporation (NASDAQ-GS: SFNC) today announced net income of $6.5 million and diluted earnings per share of $0.38 for the quarter ended June 30, 2012. Net income for the six months ended June 30, 2012, was $12.9 million, or $0.75 diluted earnings per share.

“Excluding non-core items from the second quarter of 2011, quarterly EPS increased $0.02, or 5.6%, and year-to-date EPS increased $0.09, or 13.6%. We are pleased with our second quarter earnings performance. We continue to benefit significantly from strong asset quality, which has resulted in a reduction in our provision for loan losses, and from our on-going efficiency initiatives that resulted in a decrease in our non-interest expense,” commented J. Thomas May, Chairman and CEO.

Loans

Total loans, including those covered by FDIC loss share agreements, were $1.7 billion at June 30, 2012, a decrease of $98 million compared to the same period in 2011. “The majority of this decrease is related to a $79 million decrease in FDIC covered loans and a $14 million decrease in our student loan portfolio, both of which were expected,” commented May.

Legacy loans (excluding FDIC covered loans) increased $71 million from the previous quarter end. “Of this increase, $54 million relates to the seasonality in our agricultural and credit card portfolios. Our student loan and consumer portfolios decreased a combined $7 million and our real estate portfolio increased $27 million. We saw growth in our construction, commercial real estate and single family loans,” added May.

Deposits

At June 30, 2012, total deposits were $2.6 billion, an increase of $22 million, or 0.9%, compared to the same period in 2011. Non-time deposits totaled $1.8 billion, or 69% of total deposits.

Net Interest Income

The Company’s net interest income for the second quarter of 2012 was $27.3 million, unchanged from the same period of 2011. Included in interest income for the period is the additional yield accretion recognized as a result of updated estimates of the cash flows of the loan pools acquired in the Company’s 2010 FDIC-assisted transactions. Each quarter, the Company estimates the cash flows expected to be collected from the acquired loan pools, and adjustments may or may not be required. The cash flows estimate has increased based on payment histories and reduced loss expectations of the loan pools. This resulted in increased interest income that is spread on a level-yield basis over the remaining expected lives of the loan pools. The increases in expected cash flows also reduce the amount of expected reimbursements under the loss sharing agreements with the FDIC, which are recorded as indemnification assets. The impact of the adjustments on the Company’s financial results for the current reporting period is shown below:

	Three Months Ended			Six Months Ended
(In thousands)	June 30, 2012			June 30, 2012
Impact on net interest income	$	3,004		$	6,189
Non-interest income		(2,737	)		(5,516	)

Net impact to pre-tax income	$	267		$	673

Because these adjustments will be recognized over the remaining lives of the loan pools and the remainder of the loss sharing agreements, respectively, they will impact future periods as well. The current estimate of the remaining accretable yield adjustment that will positively impact interest income is $21.7 million and the remaining adjustment to the indemnification assets that will reduce non-interest income is $19.0 million. Of the remaining adjustments, we expect to recognize $5.7 million of interest income and a $5.4 million reduction of non-interest income, for a net addition to pre-tax income of approximately $354,000 during the remainder of 2012. “While these items create some noise in the quarter, the bottom line is a positive impact of $267,000 for the second quarter and estimated $354,000 for rest of the year,” said May. The accretable yield adjustments recorded in future periods will change as we continue to evaluate expected cash flows from the acquired loan pools. Net interest margin was 3.87% for the quarter ended June 30, 2012.

Non-Interest Income

Non-interest income for the second quarter was $11.1 million, compared to $14.3 million for the second quarter of 2011. “As previously discussed, there was a $2.7 million decrease due to reductions of the indemnification assets resulting from increased cash flows expected to be collected from the FDIC covered loan portfolios,” reiterated May. “Excluding the indemnification asset adjustment and a non-recurring $1.1 million gain from the sale of MasterCard stock in the second quarter of 2011, non-interest income increased $631,000, or 4.8%, driven by a $596,000 increase in mortgage lending income.”

Non-Interest Expense

Non-interest expense for the second quarter of 2012 was $28.2 million, a decrease of $415,000, or 1.5%, compared to the same period in 2011. “This decrease in non-interest expense is primarily the result of the implementation of our efficiency initiatives,” according to May. “Since 2008, we have focused our efforts in standardizing certain back office functions and eliminating other duplications, and we have done so with it being transparent to our customers. This is especially important during the lull of the economy and as we prepare for future acquisitions, both FDIC and traditional.”

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 with a carrying value equal to the discounted net present value of expected future proceeds. At June 30, 2012, loans covered by loss share were carried at $114 million, OREO covered by loss share was carried at $11 million and the FDIC loss share indemnification asset was carried at $35 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 $28.4 million at June 30, 2012, or 1.76% of total loans and 222% of non-performing loans. Non-performing assets as a percent of total assets were 1.13% as of June 30, 2012, a decrease from 1.14% as of March 31, 2012. Non-performing loans as a percent of total loans were 0.79% as of June 30, 2012, a decrease of 6 basis points from 0.85% as of March 31, 2012. These ratios include $3.3 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 1.03% and non-performing loans as a percent of total loans were 0.59%. For the second quarter, the annualized net charge-off ratio, excluding credit cards, was 0.02%, and the annualized credit card charge-off ratio was 1.42%.

Capital

At June 30, 2012, stockholders' equity was $407 million, book value per share was $24.03 and tangible book value per share was $20.37. The Company's ratio of stockholders' equity to total assets was 12.5% and its ratio of tangible stockholders’ equity to tangible assets was 10.8%, as of June 30, 2012.

“Our exceptional level of capital puts us in the 92nd 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 June 30, 2012, 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%	21.34%
Total Risk-Based Capital Ratio	10.00%	22.60%

Stock Repurchase Program

During 2012, the Company has repurchased approximately 436,000 shares at an average price of $24.40, substantially completing the existing repurchase plan. On July 23, the Board of Directors approved a new stock repurchase program, authorizing the repurchase of up to 850,000 additional shares of stock, which is approximately 5% of the shares outstanding. The Company plans to continue to allocate its earnings, less dividends, to its stock repurchase program.

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, July 26, 2012. Interested persons can listen to this call by dialing 1-888-551-9020 (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 August 1, 2012, by dialing 1-888-203-1112. The passcode for the replay is 9343144. 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 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	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2012			2012			2011			2011			2011
(in thousands)
ASSETS
Cash and non-interest bearing balances due from banks	$	29,708		$	34,314		$	35,087		$	33,408		$	43,604
Interest bearing balances due from banks		515,874			642,929			535,119			490,283			498,323
Federal funds sold		-			750			-			-			-
Cash and cash equivalents		545,582			677,993			570,206			523,691			541,927
Investment securities - held-to-maturity		525,522			481,314			525,444			504,302			406,365
Investment securities - available-for-sale		166,966			176,466			172,212			140,579			178,853
Mortgage loans held for sale		15,495			24,351			22,976			21,037			9,983
Assets held in trading accounts		7,812			7,708			7,541			5,252			7,356
Loans not covered by FDIC loss share agreements		1,614,736			1,543,653			1,579,769			1,631,541			1,633,660
Loans covered by FDIC loss share agreements		114,189			129,735			158,075			172,394			192,899
Allowance for loan losses		(28,397	)		(28,325	)		(30,108	)		(29,151	)		(27,796	)
Net loans		1,700,528			1,645,063			1,707,736			1,774,784			1,798,763
FDIC indemnification asset		35,038			39,978			47,683			51,223			54,437
Premises and equipment		85,171			85,784			86,486			86,972			82,145
Foreclosed assets not covered by FDIC loss share agreements		23,947			24,542			22,887			22,159			22,441
Foreclosed assets covered by FDIC loss share agreements		11,252			11,705			11,685			13,845			13,033
Interest receivable		12,975			13,319			15,126			16,195			15,203
Bank owned life insurance		51,326			50,934			50,579			50,175			49,914
Goodwill		60,605			60,605			60,605			60,605			60,605
Core deposit premiums		1,431			1,505			1,579			1,793			2,015
Other assets		13,494			18,786			17,384			20,736			20,169
Total assets	$	3,257,144		$	3,320,053		$	3,320,129		$	3,293,348		$	3,263,209

LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing transaction accounts	$	517,854		$	521,202		$	532,259		$	531,025		$	476,274
Interest bearing transaction accounts and savings deposits		1,290,954			1,282,763			1,239,504			1,194,907			1,228,910
Time deposits less than $100,000		467,503			485,134			499,809			513,658			524,567
Time deposits greater than $100,000		352,973			365,478			378,825			395,224			377,429
Total deposits		2,629,284			2,654,577			2,650,397			2,634,814			2,607,180
Federal funds purchased and securities
sold under agreements to repurchase		70,220			106,224			114,766			98,286			93,560
Other borrowings		90,866			90,312			90,170			92,052			93,371
Subordinated debentures		30,930			30,930			30,930			30,930			30,930
Accrued interest and other liabilities		28,431			28,698			25,955			29,607			34,308
Total liabilities		2,849,731			2,910,741			2,912,218			2,885,689			2,859,349

Stockholders' equity:
Common stock		170			172			172			173			173
Surplus		105,825			110,976			112,436			115,026			115,126
Undivided profits		300,917			297,776			294,864			291,830			287,870
Accumulated other comprehensive income
Unrealized appreciation on AFS securities		501			388			439			630			691
Total stockholders' equity		407,413			409,312			407,911			407,659			403,860
Total liabilities and stockholders' equity	$	3,257,144		$	3,320,053		$	3,320,129		$	3,293,348		$	3,263,209

Page 1

Simmons First National Corporation													SFNC
Consolidated Average Quarter-to-Date Balance Sheets
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2012			2012			2011			2011			2011
(in thousands)
ASSETS
Cash and non-interest bearing balances due from banks	$	35,899		$	37,469		$	35,132		$	35,202		$	34,128
Interest bearing balances due from banks		550,512			576,416			546,478			462,333			472,425
Federal funds sold		363			281			99			2,309			554
Cash and cash equivalents		586,774			614,166			581,709			499,844			507,107
Investment securities - held-to-maturity		508,293			496,002			501,812			460,951			479,371
Investment securities - available-for-sale		172,539			172,523			173,360			164,468			143,447
Mortgage loans held for sale		17,623			17,076			20,035			12,527			7,806
Assets held in trading accounts		7,831			6,845			7,375			7,428			7,462
Loans not covered by FDIC loss share agreements		1,579,166			1,550,341			1,590,584			1,640,439			1,618,749
Loans covered by FDIC loss share agreements		120,695			141,563			168,506			180,884			201,788
Allowance for loan losses		(29,339	)		(30,896	)		(29,730	)		(28,299	)		(27,498	)
Net loans		1,670,522			1,661,008			1,729,360			1,793,024			1,793,039
FDIC indemnification asset		38,563			44,845			50,180			53,547			57,738
Premises and equipment		85,629			86,187			86,881			83,917			82,729
Foreclosed assets not covered by FDIC loss share agreements		24,322			23,279			22,702			22,292			23,299
Foreclosed assets covered by FDIC loss share agreements		12,079			13,048			12,409			13,467			12,722
Interest receivable		12,877			13,847			16,071			15,376			15,712
Bank owned life insurance		51,133			50,761			50,362			50,116			49,695
Goodwill		60,605			60,605			60,605			60,605			60,605
Core deposit premiums		1,467			1,541			1,685			1,917			2,140
Other assets		15,114			17,952			18,562			20,307			18,296
Total assets	$	3,265,371		$	3,279,685		$	3,333,108		$	3,259,786		$	3,261,168

LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing transaction accounts	$	502,884		$	494,366		$	535,663		$	494,982		$	463,689
Interest bearing transaction accounts and savings deposits		1,282,616			1,252,972			1,228,495			1,201,174			1,222,299
Time deposits less than $100,000		477,588			492,354			508,847			518,855			532,462
Time deposits greater than $100,000		360,233			371,168			388,470			383,688			379,289
Total deposits		2,623,321			2,610,860			2,661,475			2,598,699			2,597,739
Federal funds purchased and securities
sold under agreements to repurchase		82,738			108,841			107,750			93,067			98,919
Other borrowings		89,606			89,920			91,552			92,785			95,255
Subordinated debentures		30,930			30,930			30,930			30,930			30,930
Accrued interest and other liabilities		29,077			27,417			31,303			35,683			33,954
Total liabilities		2,855,672			2,867,968			2,923,010			2,851,164			2,856,797
Total stockholders' equity		409,699			411,717			410,098			408,622			404,371
Total liabilities and stockholders' equity	$	3,265,371		$	3,279,685		$	3,333,108		$	3,259,786		$	3,261,168

Page 2

Simmons First National Corporation												SFNC
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sep 30		Jun 30
(Unaudited)	2012			2012			2011			2011		2011
(in thousands, except per share data)
INTEREST INCOME
Loans not covered by loss share agreements	$	22,358		$	22,272		$	23,370		$	24,366	$	23,883
Loans covered by FDIC loss share agreements		4,994			5,973			4,513			3,917		4,347
Federal funds sold		1			-			1			3		1
Investment securities		3,313			3,275			3,568			3,539		3,771
Mortgage loans held for sale		164			153			198			130		87
Assets held in trading accounts		13			12			7			8		9
Interest bearing balances due from banks		349			303			324			243		298
TOTAL INTEREST INCOME		31,192			31,988			31,981			32,206		32,396
INTEREST EXPENSE
Time deposits		2,004			2,269			2,577			2,738		2,865
Other deposits		676			696			779			856		934
Federal funds purchased and securities
sold under agreements to repurchase		77			99			118			113		103
Other borrowings		799			815			826			842		867
Subordinated debentures		385			391			384			378		377
TOTAL INTEREST EXPENSE		3,941			4,270			4,684			4,927		5,146
NET INTEREST INCOME		27,251			27,718			27,297			27,279		27,250
Provision for loan losses		775			771			2,831			2,842		3,328
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES		26,476			26,947			24,466			24,437		23,922
NON-INTEREST INCOME
Trust income		1,240			1,309			1,416			1,370		1,243
Service charges on deposit accounts		3,930			3,865			4,289			4,450		4,212
Other service charges and fees		738			792			699			695		780
Mortgage lending income		1,445			1,294			1,464			1,249		849
Investment banking income		442			699			294			203		381
Credit card fees		4,207			4,079			4,318			4,303		4,264
Premiums on sale of student loans		-			-			-			-		-
Bank owned life insurance income		368			355			403			261		414
Net gain (loss) on assets covered by FDIC loss share agreements		(2,153	)		(2,665	)		(826	)		287		323
Other income		876			995			786			871		1,865
TOTAL NON-INTEREST INCOME		11,093			10,723			12,843			13,689		14,331
NON-INTEREST EXPENSE
Salaries and employee benefits		16,590			16,824			15,973			15,533		16,436
Occupancy expense, net		2,029			2,081			1,930			2,224		2,100
Furniture and equipment expense		1,608			1,604			1,721			1,763		1,560
Other real estate and foreclosure expense		194			207			146			215		223
Deposit insurance		457			571			295			211		842
Merger related costs		-			-			-			-		167
Other operating expenses		7,366			7,350			8,381			7,654		7,331
TOTAL NON-INTEREST EXPENSE		28,244			28,637			28,446			27,600		28,659
NET INCOME BEFORE INCOME TAXES		9,325			9,033			8,863			10,526		9,594
Provision for income taxes		2,789			2,678			2,558			3,269		2,848
NET INCOME	$	6,536		$	6,355		$	6,305		$	7,257	$	6,746
BASIC EARNINGS PER SHARE	$	0.38		$	0.37		$	0.37		$	0.42	$	0.39
DILUTED EARNINGS PER SHARE	$	0.38		$	0.37		$	0.37		$	0.42	$	0.39

Page 3

Simmons First National Corporation											SFNC
Consolidated Statements of Income - Year-to-Date
For the Quarters Ended	Jun 30			Mar 31			Dec 31		Sep 30		Jun 30
(Unaudited)	2012			2012			2011		2011		2011
(in thousands, except per share data)
INTEREST INCOME
Loans not covered by loss share agreements	$	44,630		$	22,272		$	95,713	$	72,343	$	47,977
Loans covered by FDIC loss share agreements		10,967			5,973			17,118		12,605		8,688
Federal funds sold		1			-			6		5		2
Investment securities		6,588			3,275			14,583		11,015		7,476
Mortgage loans held for sale		317			153			503		305		175
Assets held in trading accounts		25			12			33		26		18
Interest bearing balances due from banks		652			303			1,100		776		533
TOTAL INTEREST INCOME		63,180			31,988			129,056		97,075		64,869
INTEREST EXPENSE
Time deposits		4,273			2,269			11,314		8,737		5,999
Other deposits		1,372			696			3,611		2,832		1,976
Federal funds purchased and securities
sold under agreements to repurchase		176			99			450		332		219
Other borrowings		1,613			815			3,512		2,686		1,844
Subordinated debentures		777			391			1,509		1,125		747
TOTAL INTEREST EXPENSE		8,211			4,270			20,396		15,712		10,785
NET INTEREST INCOME		54,969			27,718			108,660		81,363		54,084
Provision for loan losses		1,546			771			11,676		8,845		6,003
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES		53,423			26,947			96,984		72,518		48,081
NON-INTEREST INCOME
Trust income		2,549			1,309			5,375		3,959		2,589
Service charges on deposit accounts		7,795			3,865			16,808		12,519		8,069
Other service charges and fees		1,530			792			2,980		2,281		1,586
Mortgage lending income		2,739			1,294			4,188		2,724		1,475
Investment banking income		1,141			699			1,478		1,184		981
Credit card fees		8,286			4,079			16,828		12,510		8,207
Premiums on sale of student loans		-			-			-		-		-
Bank owned life insurance income		723			355			1,481		1,078		817
Net gain (loss) on assets covered by FDIC loss share agreements		(4,818	)		(2,665	)		154		980		693
Other income		1,871			995			4,173		3,387		2,516
TOTAL NON-INTEREST INCOME		21,816			10,723			53,465		40,622		26,933
NON-INTEREST EXPENSE
Salaries and employee benefits		33,414			16,824			65,058		49,085		33,552
Occupancy expense, net		4,110			2,081			8,443		6,513		4,289
Furniture and equipment expense		3,212			1,604			6,633		4,912		3,149
Other real estate and foreclosure expense		401			207			678		532		317
Deposit insurance		1,028			571			2,387		2,092		1,881
Merger related costs		-			-			357		357		357
Other operating expenses		14,716			7,350			31,094		22,713		15,059
TOTAL NON-INTEREST EXPENSE		56,881			28,637			114,650		86,204		58,604
NET INCOME BEFORE INCOME TAXES		18,358			9,033			35,799		26,936		16,410
Provision for income taxes		5,467			2,678			10,425		7,867		4,598
NET INCOME	$	12,891		$	6,355		$	25,374	$	19,069	$	11,812
BASIC EARNINGS PER SHARE	$	0.75		$	0.37		$	1.47	$	1.10	$	0.68
DILUTED EARNINGS PER SHARE	$	0.75		$	0.37		$	1.47	$	1.10	$	0.68

Page 4

Simmons First National Corporation													SFNC
Consolidated Risk-Based Capital
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2012			2012			2011			2011			2011
(in thousands)
Tier 1 capital
Stockholders' equity	$	407,413		$	409,312		$	407,911		$	407,659		$	403,860
Trust preferred securities, net allowable		30,000			30,000			30,000			30,000			30,000
Disallowed intangible assets, net of deferred tax		(47,235	)		(47,607	)		(47,889	)		(48,403	)		(48,923	)
Unrealized gain on AFS securities		(501	)		(388	)		(439	)		(630	)		(691	)

Total Tier 1 capital		389,677			391,317			389,583			388,626			384,246

Tier 2 capital
Qualifying unrealized gain on AFS equity securities		15			14			9			6			17
Qualifying allowance for loan losses		22,910			22,096			22,682			23,337			22,825

Total Tier 2 capital		22,925			22,110			22,691			23,343			22,842

Total risk-based capital	$	412,602		$	413,427		$	412,274		$	411,969		$	407,088

Risk weighted assets	$	1,825,808		$	1,759,932		$	1,805,585		$	1,859,657		$	1,819,494

Adjusted average assets for leverage ratio	$	3,217,291		$	3,231,257		$	3,284,379		$	3,210,283		$	3,211,310

Ratios at end of quarter
Equity to assets		12.51	%		12.33	%		12.29	%		12.38	%		12.38	%
Tangible common equity to tangible assets		10.81	%		10.66	%		10.61	%		10.69	%		10.66	%
Tier 1 leverage ratio		12.11	%		12.11	%		11.86	%		12.11	%		11.97	%
Tier 1 risk-based capital ratio		21.34	%		22.23	%		21.58	%		20.90	%		21.12	%
Total risk-based capital ratio		22.60	%		23.49	%		22.83	%		22.15	%		22.37	%

Page 5

Simmons First National Corporation									SFNC
Consolidated Loans and Investments
For the Quarters Ended	Jun 30		Mar 31		Dec 31		Sep 30		Jun 30
(Unaudited)	2012		2012		2011		2011		2011
(in thousands)
Loan Portfolio - End of Period (1)
Consumer
Credit cards	$	176,325	$	175,013	$	189,970	$	182,886	$	181,216
Student loans		39,823		44,059		47,419		50,620		53,574
Other consumer		107,284		110,001		109,211		112,947		107,411
Total consumer		323,432		329,073		346,600		346,453		342,201
Real Estate
Construction		117,235		109,979		109,825		113,317		139,217
Single-family residential		355,978		349,009		355,094		353,917		355,566
Other commercial		550,418		537,807		536,372		550,410		540,011
Total real estate		1,023,631		996,795		1,001,291		1,017,644		1,034,794
Commercial
Commercial		140,868		144,772		141,422		138,724		142,897
Agricultural		122,245		69,598		85,728		123,873		104,526
Total commercial		263,113		214,370		227,150		262,597		247,423
Other		4,560		3,415		4,728		4,847		9,242
Total Loans	$	1,614,736	$	1,543,653	$	1,579,769	$	1,631,541	$	1,633,660

(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
U.S. Government agencies		315,493		267,991		308,779		291,795		190,294
Mortgage-backed securities		56		59		62		67		70
State and political subdivisions		209,043		208,334		211,673		207,510		211,071
Other securities		930		930		930		930		930
Total held-to-maturity		525,522		481,314		525,444		504,302		406,365
Available-for-Sale
U.S. Government agencies		148,837		157,631		153,627		121,939		157,836
Mortgage-backed securities		2,493		2,528		2,557		2,624		2,664
FHLB stock		5,578		6,241		6,237		6,231		8,604
Other securities		10,058		10,066		9,791		9,785		9,749
Total available-for-sale		166,966		176,466		172,212		140,579		178,853
Total investment securities	$	692,488	$	657,780	$	697,656	$	644,881	$	585,218
Fair value - HTM investment securities	$	531,499	$	486,743	$	532,206	$	511,617	$	411,531

Investment Securities - QTD Average
Taxable securities	$	471,826	$	459,164	$	466,369	$	418,179	$	415,101
Tax exempt securities		209,006		209,361		208,803		207,240		207,717
Total investment securities - QTD average	$	680,832	$	668,525	$	675,172	$	625,419	$	622,818

Page 6

Simmons First National Corporation													SFNC
Consolidated Allowance and Asset Quality
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2012			2012			2011			2011			2011
(in thousands)
Allowance for Loan Losses
Balance, beginning of quarter	$	28,325		$	30,108		$	29,151		$	27,796		$	27,905
Loans charged off
Credit cards		829			997			1,262			1,140			1,145
Other consumer		252			226			530			450			621
Real estate		78			2,539			885			255			1,682
Commercial		165			129			226			345			745
Total loans charged off		1,324			3,891			2,903			2,190			4,193

Recoveries of loans previously charged off
Credit cards		212			210			244			261			237
Other consumer		135			156			100			219			131
Real estate		248			930			436			151			147
Commercial		26			41			249			72			241
Total recoveries		621			1,337			1,029			703			756
Net loans charged off		703			2,554			1,874			1,487			3,437
Provision for loan losses		775			771			2,831			2,842			3,328
Balance, end of quarter	$	28,397		$	28,325		$	30,108		$	29,151		$	27,796

Non-performing assets (1)
Non-performing loans
Nonaccrual loans
Real estate	$	6,851		$	6,898		$	10,315		$	12,810		$	11,823
Commercial		676			942			1,253			1,177			1,583
Consumer		1,462			1,299			1,339			1,356			1,400
Total nonaccrual loans		8,989			9,139			12,907			15,343			14,806
Loans past due 90 days or more
Government guaranteed student loans		3,275			3,434			2,483			2,496			3,113
Other loans		509			606			785			777			721
Total loans past due 90 days or more		3,784			4,040			3,268			3,273			3,834
Total non-performing loans		12,773			13,179			16,175			18,616			18,640
Other non-performing assets
Foreclosed assets held for sale		23,947			24,542			22,887			22,159			22,441
Other non-performing assets		-			1			-			191			235
Total other non-performing assets		23,947			24,543			22,887			22,350			22,676
Total non-performing assets	$	36,720		$	37,722		$	39,062		$	40,966		$	41,316
Performing TDRs (troubled debt restructurings)	$	11,492		$	11,531		$	11,391		$	10,393		$	10,298

Ratios (1)
Allowance for loan losses to total loans		1.76	%		1.83	%		1.91	%		1.79	%		1.70	%
Allowance for loan losses to non-performing loans		222	%		215	%		186	%		157	%		149	%
Non-performing loans to total loans		0.79	%		0.85	%		1.02	%		1.14	%		1.14	%
Non-performing assets (including performing TDRs) to total assets		1.48	%		1.48	%		1.52	%		1.56	%		1.58	%
Non-performing assets to total assets		1.13	%		1.14	%		1.18	%		1.24	%		1.27	%
Non-performing assets to total assets (excluding Gov't guaranteed student loans)		1.03	%		1.03	%		1.10	%		1.17	%		1.17	%
Annualized net charge offs to total loans		0.18	%		0.66	%		0.47	%		0.36	%		0.85	%
Annualized net credit card charge offs to total credit card loans		1.42	%		1.75	%		2.20	%		1.94	%		2.08	%
Annualized net charge offs to total loans (excluding credit cards)		0.02	%		0.52	%		0.24	%		0.17	%		0.70	%
Past due loans >30 days (excluding nonaccrual)		0.68	%		0.83	%		0.82	%		0.71	%		0.87	%
Past due loans >30 days (excluding nonaccrual) (excluding Gov't guaranteed student loans)		0.42	%		0.47	%		0.56	%		0.46	%		0.60	%

(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	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2012			2012			2011			2011			2011

ASSETS

Earning Assets
Interest bearing balances due from banks		0.25	%		0.21	%		0.24	%		0.21	%		0.25	%
Investment securities		2.66	%		2.69	%		2.81	%		3.02	%		3.23	%
Mortgage loans held for sale		3.74	%		3.60	%		3.92	%		4.12	%		4.47	%
Assets held in trading accounts		0.67	%		0.71	%		0.38	%		0.43	%		0.48	%
Loans, including covered loans*		6.47	%		6.72	%		6.29	%		6.16	%		6.22	%
Total interest earning assets		4.41	%		4.51	%		4.38	%		4.53	%		4.60	%


LIABILITIES

Interest bearing liabilities
Interest bearing transaction and
savings accounts		0.21	%		0.22	%		0.25	%		0.28	%		0.31	%
Time deposits		0.96	%		1.06	%		1.14	%		1.20	%		1.26	%
Total interest bearing deposits		0.51	%		0.56	%		0.63	%		0.68	%		0.71	%
Federal funds purchased and securities
sold under agreement to repurchase		0.37	%		0.37	%		0.43	%		0.48	%		0.42	%
Other borrowings		3.59	%		3.65	%		3.58	%		3.60	%		3.65	%
Subordinated debentures		5.01	%		5.08	%		4.93	%		4.85	%		4.89	%
Total interest bearing liabilities		0.68	%		0.73	%		0.79	%		0.84	%		0.87	%

NET INTEREST MARGIN/SPREAD

Net interest spread		3.73	%		3.78	%		3.59	%		3.69	%		3.73	%
Net interest margin - quarter-to-date		3.87	%		3.93	%		3.76	%		3.86	%		3.90	%
Net interest margin - year-to-date		3.90	%		3.93	%		3.85	%		3.87	%		3.88	%

* 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	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2012			2012			2011			2011			2011
(in thousands, except share data)
QUARTER-TO-DATE
Diluted earnings per share	$	0.38		$	0.37		$	0.37		$	0.42		$	0.39
Core earnings (excludes nonrecurring items) (non-GAAP)		6,536			6,355			6,305			7,257			6,245
Diluted core earnings per share (non-GAAP)		0.38			0.37			0.37			0.42			0.36
Cash dividends declared per common share		0.20			0.20			0.19			0.19			0.19
Cash dividends declared - amount		3,395			3,444			3,271			3,296			3,297
Return on average stockholders' equity		6.42	%		6.21	%		6.10	%		7.05	%		6.69	%
Return on tangible equity		7.61	%		7.36	%		7.34	%		8.47	%		8.08	%
Return on average assets		0.81	%		0.78	%		0.75	%		0.88	%		0.83	%
Net interest margin (FTE)		3.87	%		3.93	%		3.76	%		3.86	%		3.90	%
FTE adjustment - investments		1,196			1,192			1,219			1,221			1,241
FTE adjustment - loans		12			11			12			12			13
Amortization of intangibles		74			74			214			222			224
Amortization of intangibles, net of taxes		45			45			130			135			136
Average shares outstanding		17,044,160			17,215,027			17,250,718			17,348,460			17,342,165
Average earning assets		2,957,022			2,961,047			3,008,249			2,931,339			2,931,602
Average interest bearing liabilities		2,323,711			2,346,185			2,356,044			2,320,499			2,359,154

YEAR-TO-DATE
Diluted earnings per share	$	0.75		$	0.37		$	1.47		$	1.10		$	0.68
Core earnings (excludes nonrecurring items) (non-GAAP)		12,891			6,355			24,988			18,683			11,426
Diluted core earnings per share (non-GAAP)		0.75			0.37			1.45			1.08			0.66
Cash dividends declared per common share		0.40			0.20			0.76			0.57			0.38
Cash dividends declared - amount		6,839			3,444			13,156			9,885			6,589
Return on average stockholders' equity		6.31	%		6.21	%		6.25	%		6.30	%		5.91	%
Return on tangible equity		7.49	%		7.36	%		7.54	%		7.61	%		7.17	%
Return on average assets		0.79	%		0.78	%		0.77	%		0.78	%		0.73	%
Net interest margin (FTE)		3.90	%		3.93	%		3.85	%		3.87	%		3.88	%
FTE adjustment - investments		2,388			1,192			4,920			3,701			2,480
FTE adjustment - loans		23			11			50			38			26
Amortization of intangibles		148			74			884			670			448
Amortization of intangibles, net of taxes		90			45			537			407			272
Average shares outstanding		17,129,593			17,215,027			17,309,488			17,329,293			17,319,550
Average diluted shares outstanding		17,134,232			17,223,085			17,317,850			17,338,676			17,352,606
Average earning assets		2,959,034			2,961,047			2,954,285			2,936,297			2,938,777
Average interest bearing liabilities		2,334,948			2,346,185			2,362,028			2,364,023			2,385,787

END OF PERIOD
Book value per share	$	24.03		$	23.82		$	23.70		$	23.52		$	23.28
Tangible book value per share		20.37			20.21			20.09			19.92			19.67
Shares outstanding		16,956,991			17,182,526			17,212,317			17,329,775			17,348,775
Full-time equivalent employees		1,074			1,077			1,083			1,070			1,095
Total number of ATM's		102			102			102			102			102
Total number of financial centers		84			84			84			84			84
Parent company only - investment in subsidiaries		386,441			384,713			381,236			379,331			375,686
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	Jun 30		Mar 31		Dec 31			Sep 30			Jun 30
(Unaudited)	2012		2012		2011			2011			2011
(in thousands, except per share data)
QUARTER-TO-DATE
Net Income	$	6,536	$	6,355	$	6,305		$	7,257		$	6,746
Nonrecurring items
Gain on sale of MasterCard stock (1)		-		-		-			-			(1,132	)
Merger related costs		-		-		-			-			167
Branch right sizing		-		-		-			-			141
Tax effect		-		-		-			-			323
Net nonrecurring items		-		-		-			-			(501	)
Core earnings (non-GAAP)	$	6,536	$	6,355	$	6,305		$	7,257		$	6,245

Diluted earnings per share	$	0.38	$	0.37	$	0.37		$	0.42		$	0.39
Nonrecurring items
Gain on sale of MasterCard stock (1)		-		-		-			-			(0.07	)
Merger related costs		-		-		-			-			0.01
Branch right sizing		-		-		-			-			0.01
Tax effect		-		-		-			-			0.02
Net nonrecurring items		-		-		-			-			(0.03	)
Diluted core earnings per share (non-GAAP)	$	0.38	$	0.37	$	0.37		$	0.42		$	0.36

YEAR-TO-DATE
Net Income	$	12,891	$	6,355	$	25,374		$	19,069		$	11,812
Nonrecurring items
Gain on sale of MasterCard stock (1)		-		-		(1,132	)		(1,132	)		(1,132	)
Merger related costs		-		-		357			357			357
Branch right sizing		-		-		141			141			141
Tax effect		-		-		248			248			248
Net nonrecurring items		-		-		(386	)		(386	)		(386	)
Core earnings (non-GAAP)	$	12,891	$	6,355	$	24,988		$	18,683		$	11,426

Diluted earnings per share	$	0.75	$	0.37	$	1.47		$	1.10		$	0.68
Nonrecurring items
Gain on sale of MasterCard stock (1)		-		-		(0.07	)		(0.07	)		(0.07	)
Merger related costs		-		-		0.02			0.02			0.02
Branch right sizing		-		-		0.01			0.01			0.01
Tax effect		-		-		0.02			0.02			0.02
Net nonrecurring items		-		-		(0.02	)		(0.02	)		(0.02	)
Diluted core earnings per share (non-GAAP)	$	0.75	$	0.37	$	1.45		$	1.08		$	0.66

(1) Gain from liquidation of Class B shares received as part of MasterCard's 2006 IPO.

Page 10

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