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_042315.htm

Exhibit 99.1

FOR IMMEDIATE RELEASE:

April 23, 2015

SIMMONS FIRST ANNOUNCES 110% INCREASE IN CORE EARNINGS

Pine Bluff, AR – Simmons First National Corporation (NASDAQ-GS: SFNC) today announced record core earnings of $15.7 million for the first quarter of 2015, an increase of $8.2 million, or 110%, compared to the same quarter last year. Diluted core earnings per share were $0.70, an increase of $0.24, or 52%. Core earnings exclude $7.0 million in net after-tax expenses.

Net income was $8.7 million for the first quarter of 2015, an increase of $4.4 million, or 100%, compared to the same quarter last year. Diluted earnings per share were $0.39, an increase of $0.12, or 44%.

“We are pleased with our integration planning and execution and continue to make good progress with our efficiency initiatives, both in revenue enhancement and in expense control,” commented George A. Makris, Jr., Chairman and CEO. “We welcome our newest associates from Community First and Liberty and look forward to continued growth and profitability in their legacy markets.”

Loans

Total loans, including those acquired, were $4.6 billion at March 31, 2015, an increase of $2.3 billion, or 95.9%, compared to the same period in 2014. Legacy loans (all loans excluding acquired loans) grew $336 million, or 18.9%. Acquired loans increased by $1.9 billion, net of discounts.

Deposits

At March 31, 2015, total deposits were $6.3 billion, an increase of $2.6 billion, or 69.3%, compared to the same period in 2014. Total non-time deposits were $4.8 billion, or 76% of total deposits.

Net Interest Income

The Company’s net interest income for the first quarter of 2015 was $53.0 million, an increase of $11.4 million, or 27.5%, from the same period of 2014. This increase was driven by growth in the legacy loan portfolio and earning assets acquired through the Delta Trust, Community First and Liberty transactions. Net interest margin was 4.34% for the quarter ended March 31, 2015, a 20 basis point decline from the same quarter of 2014.

Included in interest income for both periods was the additional yield accretion recognized as a result of updated estimates of the cash flows of the acquired loans. Each quarter, the Company estimates the cash flows expected to be collected from the acquired loans, and adjustments may or may not be required. The cash flows estimate has increased based on payment histories and reduced loss expectations of the loans. This resulted in increased interest income recognized during the quarter on certain loans and interest income that is spread on a level-yield basis over the remaining expected lives of the loans or loan pools. For loans covered under loss sharing agreements with the FDIC, the increases in expected cash flows also reduce the amount of expected reimbursements, which are recorded as indemnification assets.

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

The impact of the adjustments on the Company’s financial results for the current reporting period is shown below:

(In thousands)	Three Months Ended March 31
	2015			2014
Impact on net interest income	$	6,102		$	7,391
Non-interest income		(2,745	)		(7,441	)
Net impact to pre-tax income	$	3,357		$	(50	)

Because these adjustments will be recognized over the remaining lives of the loans 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 $14.3 million and the remaining adjustment to the indemnification assets that will reduce non-interest income is $6.6 million. Of the remaining adjustments, we expect to recognize $6.2 million of interest income and a $5.6 million reduction of non-interest income, for a net increase to pre-tax income of approximately $0.6 million during the remainder of 2015. The accretable yield adjustments recorded in future periods will change as the Company continues to evaluate expected cash flows from the acquired loans.

Non-Interest Income

Non-interest income for the first quarter was $18.5 million, an increase of $9.3 million compared to the first quarter of 2014. Losses on FDIC covered assets decreased $4.7 million primarily due to lower indemnification asset amortization. The remaining increase in non-interest income was primarily due to additional trust income, service charge and fee income, mortgage lending and investment banking income resulting from the acquisitions.

Non-Interest Expense

Non-interest expense for the first quarter of 2015 was $57.4 million, an increase of $12.8 million compared to the same period in 2014. Included in the quarter were $10.4 million of various merger related costs for the Company’s acquisition of Liberty and Community First. During the first quarter of 2014, the Company recorded $5.2 million in merger related and branch right sizing costs, resulting in an increase in merger related expenses of $5.2 million. The remaining increase in non-interest expense was primarily due to incremental operating expenses of the acquired Delta Trust, Community First and Liberty franchises.

Asset Quality

Beginning in 2010, the Company has 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 covered loans and OREO. The acquired loans and OREO and any related FDIC loss share indemnification asset were presented in the Company's financial reports with a carrying value equal to the discounted net present value of expected future proceeds. At March 31, 2015, acquired loans covered by loss share were carried at $102 million, OREO covered by loss share was carried at $12 million and the FDIC loss share indemnification asset was carried at $16 million. Acquired loans and OREO not covered by loss share were carried at $2.4 billion and $31 million, respectively. As a result of using the discounted net present value method of valuing these assets, and due to the significant protection against possible losses provided by the FDIC loss share indemnification, all acquired assets, with the exception of OREO not covered by loss share, are excluded from the computations of the asset quality ratios for the legacy loan portfolio, except for their inclusion in total assets.

“At March 31, 2015, the allowance for loan losses was $29.2 million on legacy loans and $1.0 million on covered loans, and the loan credit mark was $96.0 million, for a total of $126.2 million of coverage. This equates to a total coverage ratio of 2.7% of gross loans. The ratio of credit mark and related allowance to acquired loans was 3.7%,” explained Makris. The Company's allowance for loan losses at March 31, 2015, was 1.38% of total loans and 194% of non-performing loans. Non-performing loans as a percent of total loans were 0.71%. For the first quarter, the annualized net charge-off ratio, excluding credit cards, was 0.09%, and the annualized credit card charge-off ratio was 1.32%.

Capital

At March 31, 2015, stockholders' equity was $1.0 billion, book value per share was $33.96 and tangible book value per share was $21.82. The Company's ratio of stockholders' equity to total assets was 13.0% and its ratio of tangible common equity to tangible assets was 8.3%.

Simmons First National Corporation

Simmons First National Corporation is an Arkansas based financial holding company with total assets of $7.8 billion and conducting financial operations throughout Arkansas, Kansas, Missouri and Tennessee. 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, April 23, 2015. Interested persons can listen to this call by dialing toll-free 1-866-298-7926 (United States and Canada only) and asking for the Simmons First National Corporation conference call, conference ID 15375652. 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 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

Executive 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	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)	2015			2014			2014			2014			2014
(in thousands)
ASSETS
Cash and non-interest bearing balances due from banks	$	108,424		$	54,347		$	73,554		$	44,805		$	48,018
Interest bearing balances due from banks		423,986			281,562			210,742			377,855			474,118
Federal funds sold		178,418			-			10,000			-			-
Cash and cash equivalents		710,828			335,909			294,296			422,660			522,136
Investment securities - held-to-maturity		758,682			777,587			822,730			799,963			776,615
Investment securities - available-for-sale		851,124			305,283			317,473			270,336			264,974
Mortgage loans held for sale		25,513			21,265			22,003			20,409			16,717
Assets held in trading accounts		6,528			6,987			6,819			6,881			6,865
Loans:
Legacy loans		2,115,380			2,053,721			1,963,378			1,868,842			1,779,609
Allowance for loan losses		(29,183	)		(29,028	)		(27,076	)		(27,530	)		(26,983	)
Loans acquired, not covered by FDIC loss share
(net of discount)		2,418,440			575,980			676,056			398,967			450,289
Loans acquired, covered by FDIC loss share
(net of discount and allowance)		102,468			106,933			118,158			121,524			137,879
Net loans		4,607,105			2,707,606			2,730,516			2,361,803			2,340,794
FDIC indemnification asset		15,965			22,663			25,694			30,508			39,239
Premises and equipment		200,091			122,966			115,639			113,541			111,888
Premises held for sale		-			6,126			15,856			14,145			23,779
Foreclosed assets not covered by FDIC loss share		50,723			44,856			50,770			53,342			57,476
Foreclosed assets covered by FDIC loss share		12,010			11,793			15,212			16,951			18,171
Interest receivable		24,719			16,774			18,006			14,254			15,102
Bank owned life insurance		117,296			77,592			75,357			61,115			60,714
Goodwill		314,643			108,095			108,095			78,529			78,529
Other intangible assets		47,887			22,526			22,988			14,094			14,519
Other assets		74,710			55,326			49,768			47,310			49,129
Total assets	$	7,817,824		$	4,643,354		$	4,691,222		$	4,325,841		$	4,396,647

LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing transaction accounts	$	1,123,966		$	889,260		$	884,064		$	838,543		$	838,050
Interest bearing transaction accounts and savings deposits		3,627,870			2,006,271			1,984,422			1,784,040			1,793,330
Time deposits less than $100,000		1,058,602			530,890			565,957			559,597			589,798
Time deposits greater than $100,000		464,270			434,297			474,472			459,545			485,870
Total deposits		6,274,708			3,860,718			3,908,915			3,641,725			3,707,048
Federal funds purchased and securities sold
under agreements to repurchase		111,484			110,586			112,977			98,226			104,643
Other borrowings		285,060			114,682			123,396			115,602			116,970
Subordinated debentures		62,994			20,620			20,620			20,620			20,620
Accrued interest and other liabilities		69,841			42,429			41,309			35,533			40,694
Total liabilities		6,804,087			4,149,035			4,207,217			3,911,706			3,989,975

Stockholders' equity:
Preferred stock		30,852			-			-			-			-
Common stock		299			181			180			163			163
Surplus		444,366			156,568			155,592			90,010			89,274
Undivided profits		536,365			338,906			330,185			325,371			319,354
Accumulated other comprehensive income (loss)
Unrealized appreciation (depreciation) on AFS securities		1,855			(1,336	)		(1,952	)		(1,409	)		(2,119	)
Total stockholders' equity		1,013,737			494,319			484,005			414,135			406,672
Total liabilities and stockholders' equity	$	7,817,824		$	4,643,354		$	4,691,222		$	4,325,841		$	4,396,647

Page 1

Simmons First National Corporation													SFNC
Consolidated Average Quarter-to-Date Balance Sheets
For the Quarters Ended	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)	2015			2014			2014			2014			2014
(in thousands)
ASSETS
Cash and non-interest bearing balances due from banks	$	68,322		$	54,485		$	50,980		$	44,671		$	68,770
Interest bearing balances due from banks		371,195			299,054			288,258			456,931			507,936
Federal funds sold		56,846			6,486			6,794			985			385
Cash and cash equivalents		496,363			360,025			346,032			502,587			577,091
Investment securities - held-to-maturity		771,664			806,069			810,085			782,900			749,126
Investment securities - available-for-sale		513,843			318,879			300,927			265,194			223,203
Mortgage loans held for sale		14,655			17,241			24,942			15,299			6,668
Assets held in trading accounts		6,782			6,848			6,841			6,850			7,212
Loans:
Legacy loans		2,084,551			2,008,550			1,917,155			1,817,429			1,719,294
Allowance for loan losses		(30,072	)		(28,474	)		(27,470	)		(27,287	)		(27,771	)
Loans acquired, not covered by FDIC loss share
(net of discount)		1,197,601			620,505			481,658			418,515			505,031
Loans acquired, covered by FDIC loss share
(net of discount and allowance)		104,701			111,618			119,372			128,099			142,777
Net loans		3,356,781			2,712,199			2,490,715			2,336,756			2,339,331
FDIC indemnification asset		21,515			24,457			28,311			35,940			46,154
Premises and equipment		150,564			117,018			115,577			112,994			119,626
Premises held for sale		6,126			6,794			12,521			21,142			19,514
Foreclosed assets not covered by FDIC loss share		44,059			48,745			51,097			55,304			63,453
Foreclosed assets covered by FDIC loss share		11,902			13,964			16,073			18,330			19,901
Interest receivable		19,181			17,738			15,743			15,076			14,882
Bank owned life insurance		91,760			76,578			63,798			60,895			60,552
Goodwill		175,901			109,837			88,590			78,529			78,901
Other intangible assets		31,102			17,748			15,321			14,299			14,765
Other assets		58,536			50,566			52,234			48,583			45,458
Total assets	$	5,770,734		$	4,704,706		$	4,438,807		$	4,370,678		$	4,385,837

LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing transaction accounts	$	946,979		$	895,470		$	828,340		$	823,552		$	735,101
Interest bearing transaction accounts and savings deposits		2,601,046			2,010,827			1,869,095			1,810,436			1,854,510
Time deposits less than $100,000		715,710			545,986			555,837			577,856			601,046
Time deposits greater than $100,000		438,782			458,117			457,489			472,009			495,574
Total deposits		4,702,517			3,910,400			3,710,761			3,683,853			3,686,231
Federal funds purchased and securities sold
under agreements to repurchase		121,568			117,661			108,357			101,537			115,018
Other borrowings		183,953			121,691			117,664			116,082			117,588
Subordinated debentures		35,686			20,620			20,620			20,620			20,620
Accrued interest and other liabilities		43,825			38,869			38,950			34,637			36,967
Total liabilities		5,087,549			4,209,241			3,996,352			3,956,729			3,976,424
Total stockholders' equity		683,185			495,465			442,455			413,949			409,413
Total liabilities and stockholders' equity	$	5,770,734		$	4,704,706		$	4,438,807		$	4,370,678		$	4,385,837

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Simmons First National Corporation													SFNC
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)	2015			2014			2014			2014			2014
(in thousands, except per share data)
INTEREST INCOME
Loans	$	50,986		$	45,248		$	40,082		$	38,622		$	40,131
Federal funds sold		29			13			12			2			1
Investment securities		5,879			5,325			4,717			4,766			4,549
Mortgage loans held for sale		148			188			269			168			69
Assets held in trading accounts		3			4			3			5			5
Interest bearing balances due from banks		210			167			132			279			279
TOTAL INTEREST INCOME		57,255			50,945			45,215			43,842			45,034
INTEREST EXPENSE
Time deposits		1,596			1,470			1,461			1,515			1,577
Other deposits		1,348			872			771			720			692
Federal funds purchased and securities
sold under agreements to repurchase		64			61			55			31			53
Other borrowings		1,051			992			996			988			1,010
Subordinated debentures		234			160			160			160			157
TOTAL INTEREST EXPENSE		4,293			3,555			3,443			3,414			3,489
NET INTEREST INCOME		52,962			47,390			41,772			40,428			41,545
Provision for loan losses		1,171			3,607			1,128			1,602			908
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES		51,791			43,783			40,644			38,826			40,637
NON-INTEREST INCOME
Trust income		2,251			2,182			1,838			1,553			1,537
Service charges on deposit accounts		6,363			6,552			6,238			6,792			6,068
Other service charges and fees		1,827			1,083			808			859			823
Mortgage lending income		2,262			1,457			1,812			1,262			810
Investment banking income		894			451			284			154			181
Credit card fees		5,648			5,653			5,769			5,801			5,643
Bank owned life insurance income		572			727			411			377			330
Gain on sale of securities, net		(38	)		(12	)		(18	)		38			-
Net (loss) gain on assets covered by FDIC loss share agreements		(2,671	)		(3,013	)		(3,744	)		(6,268	)		(7,370	)
Other income		1,390			6,424			2,637			4,820			1,176
TOTAL NON-INTEREST INCOME		18,498			21,504			16,035			15,388			9,198
NON-INTEREST EXPENSE
Salaries and employee benefits		26,771			25,126			20,892			20,982			22,464
Occupancy expense, net		3,557			2,494			3,204			3,285			3,890
Furniture and equipment expense		3,268			2,732			2,363			2,215			2,014
Other real estate and foreclosure expense		381			1,395			1,864			375			873
Deposit insurance		870			724			877			1,085			668
Merger related costs		10,419			1,214			3,628			1,354			1,272
Other operating expenses		12,106			13,294			11,526			10,546			13,370
TOTAL NON-INTEREST EXPENSE		57,372			46,979			44,354			39,842			44,551
NET INCOME BEFORE INCOME TAXES		12,917			18,308			12,325			14,372			5,284
Provision for income taxes		4,182			5,669			3,537			4,464			932
NET INCOME		8,735			12,639			8,788			9,908			4,352
Preferred stock dividends		26			-			-			-			-
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	8,709		$	12,639		$	8,788		$	9,908		$	4,352
BASIC EARNINGS PER SHARE	$	0.39		$	0.72		$	0.52		$	0.61		$	0.27
DILUTED EARNINGS PER SHARE	$	0.39		$	0.72		$	0.52		$	0.60		$	0.27

Page 3

Simmons First National Corporation													SFNC
Consolidated Risk-Based Capital
For the Quarters Ended	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)	2015			2014			2014			2014			2014
($ in thousands)
Tier 1 capital
Stockholders' equity	$	1,013,737		$	494,319		$	482,642		$	414,135		$	406,672
Trust preferred securities, net allowable		61,410			20,000			20,000			20,000			20,000
Disallowed intangible assets, net of deferred tax		(344,140	)		(112,545	)		(109,698	)		(74,003	)		(74,477	)
Unrealized (gain) loss on AFS securities		(1,855	)		1,336			1,952			1,409			2,119
Other		(4,789	)		-			-			-			-
Total Tier 1 capital		724,363			403,110			394,896			361,541			354,314

Tier 2 capital
Qualifying unrealized gain on AFS equity securities		-			2			-			47			42
Qualifying allowance for loan losses and
reserve for unfunded commitments		32,600			32,073			29,167			29,621			28,846
Total Tier 2 capital		32,600			32,075			29,167			29,668			28,888
Total risk-based capital	$	756,963		$	435,185		$	424,063		$	391,209		$	383,202

Common equity
Tier 1 capital	$	724,363
Less: Non-cumulative prefered stock		(30,852	)
Less: Trust preferred securities		(61,410	)
Total common equity	$	632,101

Risk weighted assets	$	4,659,065		$	3,002,270		$	3,063,801		$	2,652,474		$	2,651,970

Adjusted average assets for leverage ratio	$	5,428,706		$	4,593,924		$	4,331,488		$	4,299,379		$	4,315,279

Ratios at end of quarter
Equity to assets		12.97	%		10.65	%		10.29	%		9.57	%		9.25	%
Tangible common equity to tangible assets		8.32	%		8.06	%		7.78	%		7.59	%		7.29	%
Common equity Tier 1 ratio (CET1)		13.57	%
Tier 1 leverage ratio		13.34	%		8.77	%		9.12	%		8.41	%		8.21	%
Tier 1 risk-based capital ratio		15.55	%		13.43	%		12.89	%		13.63	%		13.36	%
Total risk-based capital ratio		16.25	%		14.50	%		13.84	%		14.75	%		14.45	%

Page 4

Simmons First National Corporation									SFNC
Consolidated Loans and Investments
For the Quarters Ended	Mar 31		Dec 31		Sep 30		Jun 30		Mar 31
(Unaudited)	2015		2014		2014		2014		2014
(in thousands)
Legacy Loan Portfolio - End of Period (1)
Consumer
Credit cards	$	171,413	$	185,380	$	175,822	$	176,239	$	172,609
Student loans		-		-		-		398		24,415
Other consumer		107,486		103,402		105,508		105,998		104,185
Total consumer		278,899		288,782		281,330		282,635		301,209
Real Estate
Construction		178,929		181,968		163,364		163,412		168,147
Single-family residential		467,671		455,563		436,925		417,187		402,588
Other commercial		755,701		714,797		681,848		653,734		644,772
Total real estate		1,402,301		1,352,328		1,282,137		1,234,333		1,215,507
Commercial
Commercial		324,815		291,820		249,186		233,510		186,303
Agricultural		105,228		115,658		145,157		111,567		72,239
Total commercial		430,043		407,478		394,343		345,077		258,542
Other		4,137		5,133		5,568		6,796		4,351
Total Loans	$	2,115,380	$	2,053,721	$	1,963,378	$	1,868,841	$	1,779,609

(1) Excludes all acquired loans, including those covered by FDIC loss share agreements.

Investment Securities - End of Period
Held-to-Maturity
U.S. Government agencies	$	390,625	$	418,914	$	455,827	$	449,201	$	425,616
Mortgage-backed securities		28,535		29,743		30,954		32,204		33,323
State and political subdivisions		338,575		328,310		335,329		317,938		317,056
Other securities		947		620		620		620		620
Total held-to-maturity		758,682		777,587		822,730		799,963		776,615
Available-for-Sale
U.S. Treasury	$	4,008	$	3,992	$	3,991	$	3,994	$	3,981
U.S. Government agencies		346,315		272,816		280,321		238,411		231,949
Mortgage-backed securities		312,011		1,572		32		1,958		1,833
State and political subdivisions		157,193		6,540		8,903		6,920		7,367
FHLB stock		15,256		5,126		5,623		4,966		5,168
Other securities		16,341		15,237		18,603		14,087		14,676
Total available-for-sale		851,124		305,283		317,473		270,336		264,974
Total investment securities	$	1,609,806	$	1,082,870	$	1,140,203	$	1,070,299	$	1,041,589

Investment Securities - QTD Average
Taxable securities	$	893,946	$	782,062	$	781,685	$	722,084	$	649,329
Tax exempt securities		391,561		342,886		329,327		326,010		323,000
Total investment securities - QTD average	$	1,285,507	$	1,124,948	$	1,111,012	$	1,048,094	$	972,329

Page 5

Simmons First National Corporation													SFNC
Consolidated Loans and Credit Coverage
For the Quarters Ended	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)	2015			2014			2014			2014			2014
($ in thousands)
LOANS
Legacy loans	$	2,115,380		$	2,053,721		$	1,963,378		$	1,868,841		$	1,779,609
Allowance for loan losses (legacy loans)		(29,183	)		(29,028	)		(27,076	)		(27,530	)		(26,983	)
Legacy loans (net of allowance)		2,086,197			2,024,693			1,936,302			1,841,311			1,752,626
Loans acquired, not covered by FDIC loss share		2,491,316			621,020			733,914			445,515			495,915
Credit discount		(72,876	)		(45,040	)		(57,858	)		(46,548	)		(45,626	)
Loans acquired, not covered (net of discount)		2,418,440			575,980			676,056			398,967			450,289
Loans acquired, covered by FDIC loss share		126,629			140,038			154,183			163,775			188,755
Credit discount		(23,207	)		(32,151	)		(36,025	)		(42,251	)		(50,876	)
Allowance for loan losses (acquired covered loans)		(954	)		(954	)		-			-			-
Loans acquired, covered (net of discount and allowance)		102,468			106,933			118,158			121,524			137,879
Net loans	$	4,607,105		$	2,707,606		$	2,730,516		$	2,361,802		$	2,340,794


Loan Coverage Ratios
Allowance for loan losses to legacy loans		1.38	%		1.41	%		1.38	%		1.47	%		1.52	%

Discount for credit losses on loans acquired, not covered,
to total loans acquired, not covered, plus discount for
credit losses on loans acquired, not covered		2.93	%		7.25	%		7.88	%		10.45	%		9.20	%

Discount for credit losses on loans acquired, covered,
to total loans acquired, covered, plus discount for
credit losses on loans acquired, covered		19.08	%		23.64	%		23.37	%		25.80	%		26.95	%

Total allowance and credit coverage		2.67	%		3.81	%		4.24	%		4.69	%		5.01	%

Page 6

Simmons First National Corporation													SFNC
Consolidated Allowance and Asset Quality
For the Quarters Ended	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)	2015			2014			2014			2014			2014
($ in thousands)
Allowance for Loan Losses (Legacy Loans)
Balance, beginning of quarter	$	29,028		$	27,076		$	27,530		$	26,983		$	27,442
Loans charged off
Credit cards		785			859			788			725			816
Other consumer		220			781			648			426			148
Real estate		293			200			534			1,144			1,035
Commercial		245			310			474			186			82
Total loans charged off		1,543			2,150			2,444			2,481			2,081

Recoveries of loans previously charged off
Credit cards		213			220			190			215			271
Other consumer		133			94			122			133			121
Real estate		12			56			379			1,062			308
Commercial		169			125			171			16			14
Total recoveries		527			495			862			1,426			714
Net loans charged off		1,016			1,655			1,582			1,055			1,367
Provision for loan losses		1,171			3,607			1,128			1,602			908
Balance, end of quarter	$	29,183		$	29,028		$	27,076		$	27,530		$	26,983

Non-performing assets (1) (2)
Non-performing loans
Nonaccrual loans
Real estate	$	12,460		$	10,152		$	9,374		$	8,166		$	8,075
Commercial		1,650			1,481			1,174			1,110			1,054
Consumer		401			405			664			877			883
Total nonaccrual loans		14,511			12,038			11,212			10,153			10,012
Loans past due 90 days or more
Government guaranteed student loans		-			-			-			323			1,965
Other loans		498			961			713			757			517
Total loans past due 90 days or more		498			961			713			1,080			2,482
Total non-performing loans		15,009			12,999			11,925			11,233			12,494
Other non-performing assets
Foreclosed assets held for sale		19,644			11,803			13,167			16,745			17,357
Acquired foreclosed assets held for sale, not covered
by FDIC loss share agreements		31,079			33,053			37,603			36,597			40,119
Other non-performing assets		215			97			72			80			60
Total other non-performing assets		50,938			44,953			50,842			53,422			57,536
Total non-performing assets	$	65,947		$	57,952		$	62,767		$	64,655		$	70,030
Performing TDRs (troubled debt restructurings)	$	2,227		$	2,233		$	2,234		$	2,776		$	8,655

Ratios (1) (2)
Allowance for loan losses to total loans		1.38	%		1.41	%		1.38	%		1.47	%		1.52	%
Allowance for loan losses to non-performing loans		194	%		223	%		227	%		245	%		216	%
Non-performing loans to total loans		0.71	%		0.63	%		0.61	%		0.60	%		0.70	%
Non-performing assets (including performing TDRs)
to total assets		0.87	%		1.30	%		1.39	%		1.56	%		1.79	%
Non-performing assets to total assets		0.84	%		1.25	%		1.34	%		1.49	%		1.59	%
Non-performing assets to total assets
(excluding Gov't guaranteed student loans)		0.84	%		1.25	%		1.34	%		1.49	%		1.55	%
Annualized net charge offs to total loans		0.20	%		0.33	%		0.33	%		0.23	%		0.32	%
Annualized net credit card charge offs to
total credit card loans		1.32	%		1.41	%		1.31	%		1.14	%		1.20	%
Annualized net charge offs to total loans
(excluding credit cards)		0.09	%		0.22	%		0.22	%		0.13	%		0.22	%
Past due loans >30 days (excluding nonaccrual)		0.37	%		0.48	%		0.33	%		0.34	%		0.61	%
Past due loans >30 days (excluding nonaccrual)
(excluding Gov't guaranteed student loans)		0.37	%		0.48	%		0.33	%		0.32	%		0.45	%

(1) Excludes all acquired loans, including those covered by FDIC loss share agreements, except for their inclusion in total assets.
(2) Excludes acquired foreclosed 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	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)	2015			2014			2014			2014			2014

ASSETS

Earning Assets
Interest bearing balances due from banks		0.23	%		0.22	%		0.18	%		0.24	%		0.22	%
Investment securities		2.44	%		2.49	%		2.29	%		2.47	%		2.60	%
Mortgage loans held for sale		4.10	%		4.33	%		4.28	%		4.40	%		4.20	%
Assets held in trading accounts		0.18	%		0.23	%		0.17	%		0.29	%		0.28	%
Loans, including acquired loans		6.11	%		6.55	%		6.32	%		6.55	%		6.88	%
Total interest earning assets		4.68	%		4.98	%		4.71	%		4.69	%		4.91	%

LIABILITIES

Interest bearing liabilities
Interest bearing transaction and
savings accounts		0.21	%		0.17	%		0.16	%		0.16	%		0.15	%
Time deposits		0.56	%		0.58	%		0.57	%		0.58	%		0.58	%
Total interest bearing deposits		0.32	%		0.31	%		0.31	%		0.31	%		0.31	%
Federal funds purchased and securities
sold under agreement to repurchase		0.21	%		0.21	%		0.20	%		0.12	%		0.19	%
Other borrowings		2.32	%		3.23	%		3.36	%		3.41	%		3.48	%
Subordinated debentures		2.66	%		3.08	%		3.08	%		3.11	%		3.09	%
Total interest bearing liabilities		0.42	%		0.43	%		0.44	%		0.44	%		0.44	%

NET INTEREST MARGIN/SPREAD

Net interest spread		4.26	%		4.55	%		4.27	%		4.25	%		4.47	%
Net interest margin - quarter-to-date		4.34	%		4.65	%		4.36	%		4.34	%		4.54	%
Net interest margin - year-to-date		4.34	%		4.47	%		4.41	%		4.44	%		4.54	%

Page 8

Simmons First National Corporation													SFNC
Consolidated - Selected Financial Data
For the Quarters Ended	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)	2015			2014			2014			2014			2014
($ in thousands, except share data)
QUARTER-TO-DATE
Diluted earnings per share	$	0.39		$	0.72		$	0.52		$	0.60		$	0.27
Core earnings (excludes nonrecurring items) (non-GAAP)		15,700			11,387			10,684			9,153			7,482
Diluted core earnings per share (non-GAAP)		0.70			0.64			0.63			0.56			0.46
Cash dividends declared per common share		0.23			0.22			0.22			0.22			0.22
Cash dividends declared - amount		6,864			3,965			3,954			3,589			3,575
Return on average stockholders' equity		5.17	%		10.12	%		7.88	%		9.60	%		4.31	%
Return on tangible equity		7.88	%		14.00	%		10.62	%		12.72	%		5.94	%
Return on average assets		0.61	%		1.07	%		0.79	%		0.91	%		0.40	%
Net interest margin (FTE)		4.34	%		4.65	%		4.36	%		4.34	%		4.54	%
Core efficiency ratio (non-GAAP)		62.24	%		64.32	%		64.89	%		68.15	%		72.61	%
FTE adjustment - investments		1,846			1,744			1,695			1,687			1,682
FTE adjustment - loans		11			7			7			8			10
Amortization of intangibles		899			565			454			452			453
Amortization of intangibles, net of taxes		546			343			276			275			275
Average shares outstanding		22,258,221			18,031,669			16,873,504			16,318,003			16,270,149
Average earning assets		5,121,838			4,195,250			3,956,032			3,892,202			3,861,632
Average interest bearing liabilities		4,096,745			3,274,902			3,129,062			3,098,540			3,204,356

YEAR-TO-DATE
Diluted earnings per share	$	0.39		$	2.11		$	1.39		$	0.87		$	0.27
Core earnings (excludes nonrecurring items) (non-GAAP)		15,700			38,706			27,319			16,635			7,482
Diluted core earnings per share (non-GAAP)		0.70			2.29			1.65			1.02			0.46
Cash dividends declared per common share		0.23			0.88			0.66			0.44			0.22
Cash dividends declared - amount		6,864			15,083			11,118			7,164			3,575
Return on average stockholders' equity		5.17	%		8.11	%		7.30	%		6.95	%		4.31	%
Return on tangible equity		7.88	%		10.99	%		9.82	%		9.33	%		5.94	%
Return on average assets		0.61	%		0.80	%		0.70	%		0.65	%		0.40	%
Net interest margin (FTE)		4.34	%		4.47	%		4.41	%		4.44	%		4.54	%
Core efficiency ratio (non-GAAP)		62.24	%		67.22	%		68.41	%		70.35	%		72.61	%
FTE adjustment - investments		1,846			6,808			5,064			3,369			1,682
FTE adjustment - loans		11			32			25			18			10
Amortization of intangibles		899			1,979			1,359			905			453
Amortization of intangibles, net of taxes		546			1,203			826			550			275
Average shares outstanding		22,258,221			16,878,766			16,489,429			16,294,208			16,270,149
Average diluted shares outstanding		22,350,272			16,922,026			16,532,689			16,336,901			16,309,868
Average earning assets		5,121,838			3,975,903			3,903,290			3,876,918			3,861,632
Average interest bearing liabilities		4,096,745			3,176,716			3,143,984			3,151,446			3,204,356

END OF PERIOD
Book value per share	$	33.96		$	27.38		$	26.82		$	25.36		$	24.93
Tangible book value per share		21.82			20.15			19.72			19.69			19.23
Shares outstanding		29,850,034			18,052,488			17,992,261			16,331,341			16,311,263
Full-time equivalent employees		2,076			1,338			1,397			1,281			1,321
Total number of financial centers		164			109			113			104			104
Parent company only - investment in subsidiaries		1,032,444			522,841			516,801			449,591			453,067
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	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
(Unaudited)	2015			2014			2014			2014			2014
(in thousands, except per share data)
QUARTER-TO-DATE
Net Income	$	8,709		$	12,639		$	8,788		$	9,908		$	4,352
Nonrecurring items
Gain on sale of merchant services		-			-			-			(1,000	)		-
Merger related costs		10,419			1,218			3,628			1,354			1,272
Change-in-control payments		-			885
Branch right sizing		35			(4,221	)		(705	)		(2,011	)		3,878
Charter consolidation costs		-			42			196			414			-
Tax effect (1)		(3,463	)		824			(1,223	)		488			(2,020	)
Net nonrecurring items		6,991			(1,252	)		1,896			(755	)		3,130
Core earnings (non-GAAP)	$	15,700		$	11,387		$	10,684		$	9,153		$	7,482

Diluted earnings per share	$	0.39		$	0.72		$	0.52		$	0.60		$	0.27
Nonrecurring items
Gain on sale of merchant services		-			-			-			(0.06	)		-
Merger related costs		0.47			0.07			0.21			0.08			0.08
Change-in-control payments		-			0.05
Branch right sizing		-			(0.24	)		(0.04	)		(0.12	)		0.24
Charter consolidation costs		-			-			0.01			0.03			-
Tax effect (1)		(0.16	)		0.04			(0.07	)		0.03			(0.13	)
Net nonrecurring items		0.31			(0.08	)		0.11			(0.04	)		0.19
Diluted core earnings per share (non-GAAP)	$	0.70		$	0.64		$	0.63		$	0.56		$	0.46

YEAR-TO-DATE
Net Income	$	8,709		$	35,687		$	23,049		$	14,261		$	4,352
Nonrecurring items
Gain on sale of merchant services		-			(1,000	)		(1,000	)		(1,000	)		-
Merger related costs		10,419			7,472			6,254			2,626			1,272
Change-in-control payments		-			885
Branch right sizing		35			(3,059	)		1,162			1,867			3,878
Charter consolidation costs		-			652			610			414			-
Tax effect (1)		(3,463	)		(1,931	)		(2,745	)		(1,533	)		(2,020	)
Net nonrecurring items		6,991			3,019			4,281			2,374			3,130
Core earnings (non-GAAP)	$	15,700		$	38,706		$	27,330		$	16,635		$	7,482

Diluted earnings per share	$	0.39		$	2.11		$	1.39		$	0.87		$	0.27
Nonrecurring items
Gain on sale of merchant services		-			(0.06	)		(0.06	)		(0.06	)		-
Merger related costs		0.47			0.44			0.37			0.16			0.08
Change-in-control payments		-			0.05
Branch right sizing		-			(0.16	)		0.08			0.12			0.24
Charter consolidation costs		-			0.04			0.04			0.03			-
Tax effect (1)		(0.16	)		(0.13	)		(0.17	)		(0.10	)		(0.13	)
Net nonrecurring items		0.31			0.18			0.26			0.15			0.19
Diluted core earnings per share (non-GAAP)	$	0.70		$	2.29		$	1.65		$	1.02		$	0.46

(1) Effective tax rate of 39.225%, adjusted for non-deductible merger related costs.

Page 10

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