Net income of $74.9 million, up 27 percent from the year ago quarter and up 11 percent compared to the first quarter of 2021
Diluted EPS of $0.69, up 28 percent from the year ago quarter and up 11 percent compared to the first quarter of 2021
Adjusted pre-tax, pre-provision income of $74.6 million, up 2 percent from first quarter 2021 levels
Loan production totaled $1.8 billion during the first half of 2021, on pace to significantly exceed production volume for full-year of 2020
Total deposits of $18.3 billion, up $1.3 billion since year-end 2020 while deposits costs dropped 10 bps over the same period
Improved macroeconomic scenario models and sharp decline in nonperforming loans (down $34.6 million linked quarter) drive $13.0 million provision expense recapture in the quarter
Merger and acquisition activity resumes during the quarter with announced pending acquisitions of Tennessee-based Landmark Community Bank and Triumph Bancshares, Inc.

PINE BLUFF, Ark., July 27, 2021 (GLOBE NEWSWIRE) -- Simmons First National Corporation (NASDAQ:SFNC) (the "Company" or "Simmons") today reported net income of $74.9 million for the second quarter of 2021 compared to net income of $58.8 million for the second quarter of 2020, an increase of $16.1 million, or 27 percent. Diluted earnings per share for the second quarter of 2021 were $0.69, an increase of $0.15, or 28 percent, compared to the same period in the prior year. Included in second quarter 2021 results were $524,000 in net after-tax merger-related and net branch right-sizing costs. Excluding the impact of these items, core earnings were $75.4 million for the second quarter of 2021, compared to $60.1 million for the second quarter of 2020, an increase of $15.3 million, or 25 percent. Core diluted earnings per share were $0.69, an increase of $0.14, or 25 percent, from the comparable period in 2020.

On a year-to-date basis, net income for the first half of 2021 was $142.3 million, or $1.31 diluted earnings per share, compared to $136.0 million, or $1.22 diluted earnings per share, for the first half of 2020. Excluding $2.9 million in net after-tax merger-related and net branch right-sizing costs and the after-tax gain primarily associated with the sale of branches in Illinois, core earnings for the first half of 2021 were $139.4 million, an increase of $5.4 million compared to the first half of last year. Core diluted earnings per share for the first half of 2021 were $1.28, an increase of $0.07, or 6 percent, from the comparable period of 2020.

"Overall we were very pleased with our results for the quarter as we delivered solid performance in multiple areas while continuing to navigate the challenging environment," said George A, Makris, Jr., Simmons' chairman and CEO. "While loan growth throughout the financial services industry continues to be hampered by the significant amounts of government stimulus in the economy that has resulted in sluggish loan demand and historically high levels of paydowns, Simmons generated $1.8 billion in loan originations and advances during the first half of 2021, putting us on pace to significantly exceed loan production volume reported for the full-year of 2020. Our commercial loan pipeline has increased for three consecutive quarters and we are cautiously optimistic that this trend is a positive sign going forward."

"At the same time, asset quality metrics continued to improve as certain initially anticipated impacts of the COVID-19 pandemic on asset quality have thus far failed to materialize. As such, we recorded the recapture of $13.0 million of provision expense during the quarter while maintaining our nonperforming loan coverage ratio and an appropriate allowance to loan ratio that is reflective of the uncertainty in the economy and associated risk in our loan portfolio. As a result of our solid results in the quarter and our strong asset quality and capital positions, Simmons' board of directors extended and increased the authorization under our share repurchase program, thus increasing our remaining capacity under the program to approximately $150 million and extending the program's scheduled expiration to October 2022."

Selected Highlights:	2^nd Qtr 2021	1^st Qtr 2021	2^nd Qtr 2020
Net income	$74.9 million	$67.4 million	$58.8 million
Diluted earnings per share	$0.69	$0.62	$0.54
Return on avg assets	1.29%	1.20%	1.08%
Return on avg common equity	10.08%	9.20%	8.21%
Return on tangible common equity ⁽¹⁾	17.25%	15.85%	14.55%

Core earnings ⁽²⁾	$75.4 million	$64.0 million	$60.1 million
Core diluted earnings per share ⁽²⁾	$0.69	$0.59	$0.55
Core return on avg assets ⁽²⁾	1.30%	1.14%	1.11%
Core return on avg common equity ⁽²⁾	10.15%	8.73%	8.40%
Core return on tangible common equity ⁽¹⁾⁽²⁾	17.36%	15.08%	14.87%
Efficiency ratio ⁽³⁾	56.93%	57.43%	51.13%
Adjusted pre-tax, pre-provision earnings ⁽²⁾	$74.6 million	$73.1 million	$97.7 million

(1)		Return on tangible common equity excludes goodwill and other intangible assets and is a non-GAAP measurement. Please see "Non-GAAP Financial Measures" and "Reconciliation of Non-GAAP Financial Measures" below.
(2)		Core figures exclude non-core items and are non-GAAP measurements. Adjusted pre-tax, pre-provision earnings exclude provision for income taxes, provisions for credit losses and unfunded commitments, gains on sales of securities, and other pre-tax, non-core items, and is also a non-GAAP measurement. Please see "Non-GAAP Financial Measures" and "Reconciliation of Non-GAAP Financial Measures" below.
(3)		Efficiency ratio is core non-interest expense before foreclosed property expense and amortization of intangibles, as a percent of net interest income (fully taxable equivalent) and non-interest revenues, excluding gains and losses from securities transactions and non-core items, and is a non-GAAP measurement. Please see "Non-GAAP Financial Measures" and "Reconciliation of Non-GAAP Financial Measures" below.

Loans

($ in billions)	2^nd Qtr 2021		1^st Qtr 2021		2^nd Qtr 2020
Total loans	$11.4		$12.2		$14.6

Total loans at the end of the second quarter of 2021 were $11.4 billion compared to $12.2 billion at the end of the first quarter of 2021 and $14.6 billion at the end of the second quarter of 2020. Total loan production (loan originations and advances) for the first half of 2021 totaled $1.8 billion. While loan originations and advances are outpacing prior year production, the decline in loan balances reflects the substantial government stimulus to support the economy during the COVID-19 pandemic which contributed to an increase in the level of loan paydowns, payoffs and corresponding sluggish loan demand throughout the financial services industry. The Company's balance of Paycheck Protection Program ("PPP") loans totaled $441.4 million at the end of the second quarter of 2021, down $463.3 million during the first half of 2021 as originations under PPP Round 2 have been offset by loan forgiveness.

Despite these headwinds, loan demand appears to be returning to more normalized levels. For the third consecutive quarter, the Company experienced an increase in its commercial loan demand. The Company's total commercial loan pipeline consisting of all loan opportunities was $1.3 billion compared to $674 million at December 31, 2020. Loans approved and ready to close at the end of the quarter totaled $467 million.

PPP Loans

($ in millions)	PPP Round 1	PPP Round 2	Total PPP Loans
Beginning balance, January 1, 2021	$904.7	$ -	$904.7
PPP loan originations	-	318.9	318.9
PPP loan forgiveness and repayments	(763.9)	(18.3)	(782.2)
Ending balance, June 30, 2021	$140.8	$300.6	$441.4

Deposits

($ in billions)	2^nd Qtr 2021	1^st Qtr 2021	2^nd Qtr 2020
Total deposits	$18.3	$18.2	$16.6
Noninterest bearing deposits	$4.9	$4.9	$4.6
Interest bearing deposits	$10.6	$10.3	$9.0
Time deposits	$2.8	$3.0	$3.0

Total deposits at the end of the second quarter of 2021 were $18.3 billion, an increase of $1.7 billion or 10 percent from $16.6 billion at the end of the second quarter of 2020. The increase in total deposits from a year ago was driven by a $1.6 billion increase in interest bearing deposits (checking, savings and money market accounts) which totaled $10.6 billion at the end of the second quarter of 2021. Noninterest bearing deposits also contributed to the year-over-year growth in total deposits, increasing $285.9 million or 6 percent while time deposits declined $188.9 million or 6 percent during the same period.

Net Interest Income

	2^nd Qtr 2021	1^st Qtr 2021	4^th Qtr 2020	3^rd Qtr 2020	2^nd Qtr 2020
Loan yield ⁽¹⁾	4.73%	4.75%	4.74%	4.54%	4.84%
Core loan yield ^{(1) (2)}	4.54%	4.53%	4.47%	4.29%	4.52%
Security yield ⁽¹⁾	1.97%	2.36%	2.48%	2.60%	2.50%
Cost of interest bearing deposits	0.32%	0.41%	0.47%	0.54%	0.59%
Cost of deposits ⁽³⁾	0.24%	0.30%	0.34%	0.39%	0.44%
Cost of borrowed funds	1.97%	1.91%	1.88%	1.85%	1.84%
Net interest margin ⁽¹⁾	2.89%	2.99%	3.22%	3.21%	3.42%
Core net interest margin ^{(1) (2)}	2.78%	2.86%	3.04%	3.02%	3.18%

(1)		Fully tax equivalent using an effective tax rate of 26.135%.
(2)		Core loan yield and core net interest margin exclude accretion and are non-GAAP measurements. Please see "Non-GAAP Financial Measures" and "Reconciliation of Non-GAAP Financial Measures" below.
(3)		Includes non-interest bearing deposits.

Net interest income for the second quarter of 2021 totaled $146.5 million, compared to $146.7 million in the first quarter of 2021 and $163.7 million in the second quarter of 2020. Included in net interest income is accretion recognized on loans acquired totaling $5.6 million in the second quarter of 2021, $6.6 million in the first quarter of 2021 and $11.7 million in the second quarter of 2020. Excluding the impact of accretion, core net interest income for the second quarter of 2021 increased 1 percent on a linked quarter basis.

The decrease in net interest income from the year ago quarter reflects a lower average loan balance combined with an 11 basis point decrease in loan yields. To offset the expected pressure on net interest income given the current low interest rate environment, the Company has been diligent in its efforts to reduce deposits costs. As a result, cost of deposits for the second quarter of 2021 was 24 basis points, down 6 basis points on a linked quarter basis and 20 basis points compared to the second quarter of 2020.

While loan yields declined from the year ago quarter, on a linked quarter basis loan yields declined only 2 basis points. The core loan yield, which excludes accretion, for the second quarter of 2021 was 4.54 percent, up 1 basis point compared to the first quarter of 2021 and up 2 basis points compared to the second quarter a year ago. The yield on PPP loans was approximately 5.08 percent during the second quarter of 2021 (including accretion of net fees), which increased the overall loan yield by approximately 2 basis points.

The net interest margin on a fully taxable equivalent basis was 2.89 percent for the second quarter of 2021 compared to 2.99 percent for the first quarter of 2021 and 3.42 percent for the second quarter of 2020. Core net interest margin (excluding accretion on acquired loans) was 2.78 percent compared to 2.86 percent for the first quarter of 2021 and 3.18 percent for the second quarter of 2020. During the second quarter of 2021, the Company purchased $2.5 billion of investment securities. This included the strategic redeployment of excess liquidity through the purchase of variable rate investment securities totaling approximately $1.1 billion. Consequently, the duration of the investment securities portfolio shortened from 6.5 years at March 31, 2021 to 4.9 years at June 30, 2021.

Noninterest Income

Noninterest income for the second quarter of 2021 was $47.9 million compared to $50.3 million in the first quarter of 2021 and $48.8 million in the second quarter of 2020. Gains on the sale of investment securities totaled $5.1 million in the second quarter of 2021, $5.5 million in the first quarter of 2021 and $390,000 in the second quarter of 2020. Core noninterest income totaled $47.5 million in the second quarter of 2021 compared to $44.9 million in the first quarter of 2021 and $46.6 million in the second quarter of 2020. Core noninterest income excludes gains on the sale of branches which totaled $445,000 in the second quarter of 2021, $5.5 million in the first quarter of 2021 and $2.2 million in the second quarter of 2020.

Select Noninterest Income Items ($ in millions)	2^nd Qtr 2021	1^st Qtr 2021	4^th Qtr 2020	3^rd Qtr 2020	2^nd Qtr 2020
Service charges on deposit accounts	$10.1	$9.7	$10.8	$10.4	$8.6
Trust income	$7.2	$6.7	$6.6	$6.7	$7.3
Mortgage lending income	$4.5	$6.4	$3.0	$14.0	$12.5
SBA lending income	$0.3	$0.2	$0.5	$0.3	$0.2
Debit and credit card fees⁽¹⁾	$7.9	$7.4	$7.2	$7.2	$6.6
Gain on sale of securities	$5.1	$5.5	-	$22.3	$0.4
Other income	$8.1	$10.3	$10.6	$5.4	$9.8

Core other income ⁽²⁾	$7.7	$4.8	$10.3	$5.0	$7.6

(1)		During the second quarter of 2021, certain debit and credit card transaction fees were reclassified from noninterest expense to noninterest income. Prior periods have been adjusted to reflect this reclassification.
(2)		Core figures exclude non-core items and are non-GAAP measurements. Please see "Non-GAAP Financial Measures" and "Reconciliation of Non-GAAP Financial Measures" below.

Noninterest Expense

Noninterest expense for the second quarter of 2021 totaled $115.5 million compared to $113.8 million for the first quarter of 2021 and $116.2 million for the second quarter of 2020. Included in noninterest expense are pre-tax, non- core items for merger-related expenses and branch right sizing costs. Excluding these items, core noninterest expense was $114.3 million for the second quarter of 2021, $112.9 million for the first quarter of 2021 and $112.1 million for the second quarter of 2020. Overall expenses were well contained, increasing 1 percent from first quarter 2021 levels both on a reported basis and on a core basis. The efficiency ratio for the second quarter of 2021 was 56.93 percent compared to 57.43 percent for the first quarter of 2021 and 51.13 percent for the second quarter of 2020. As part of its ongoing branch right sizing initiative, the Company announced plans to close 12 branches during the third quarter of 2021.

Select Noninterest Expense Items ($ in millions)	2^nd Qtr 2021	1^st Qtr 2021	4^th Qtr 2020	3^rd Qtr 2020	2^nd Qtr 2020
Salaries and employee benefits	$60.3	$60.3	$55.8	$61.1	$57.6
Merger related costs	$0.7	$0.2	$0.7	$0.9	$1.8
Other operating expenses⁽¹⁾	$38.0	$36.9	$52.8	$36.5	$38.2

Core salaries and employee benefits ⁽²⁾	$60.3	$60.3	$55.6	$58.7	$57.2
Core merger related costs ⁽²⁾	-	-	-	-	-
Core other operating expenses ⁽²⁾	$37.9	$36.6	$42.6	$36.5	$36.6

(1)		During the second quarter of 2021, certain debit and credit card transaction fees were reclassified from noninterest expense to noninterest income. Prior periods have been adjusted to reflect this reclassification.
(2)		Core figures exclude non-core items and are non-GAAP measurements. Please see "Non-GAAP Financial Measures" and "Reconciliation of Non-GAAP Financial Measures" below.

Asset Quality

($ in millions)	2^nd Qtr 2021	1^st Qtr 2021	4^th Qtr 2020	3^rd Qtr 2020	2^nd Qtr 2020
Allowance for credit losses on loans to total loans	2.00%	1.93%	1.85%	1.77%	1.59%
Allowance for credit losses on loans to nonperforming loans	281%	204%	193%	148%	176%
Nonperforming loans to total loans	0.71%	0.95%	0.96%	1.20%	0.90%
Net charge-off ratio (annualized)	(0.07%)	0.10%	0.52%	0.16%	1.04%
Net charge-off ratio YTD (annualized)	0.01%	0.10%	0.45%	0.43%	0.56%

Total nonperforming loans	$80.9	$115.5	$123.5	$167.9	$131.9
Total other nonperforming assets	$16.3	$12.4	$20.4	$14.6	$16.1

Asset quality metrics continued to show marked improvement during the quarter. Total nonperforming loans at the end of the quarter totaled $80.9 million, down $34.6 million compared to $115.5 million at the end of the first quarter of 2021 and down $50.9 million from the second quarter of 2020. Net charge-offs as a percentage of average total loans for the quarter were negative 7 basis points, reflecting $2.2 million of loan charge-offs completely offset by $4.3 million of recoveries. Provision for credit losses in the quarter was a credit of $13 million, including $10 million associated with the loan portfolio. The recapture of provision for credit losses reflected continued positive trends in asset quality metrics, combined with improved economic modeling scenarios. As a result, the allowance for credit losses at the end of the second quarter of 2021 totaled $227.2 million compared to $235.1 million at the end of the first quarter of 2021 and $231.6 million at the end of the second quarter of 2020. At the same time, the allowance to loan ratio rose 7 basis points to 2.00 percent compared to 1.93 percent at the end of the first quarter of 2021 and 1.59 percent at the end of the second quarter of 2020. The nonperforming loan coverage ratio remains strong at 281 percent compared to 204 percent at the end of the first quarter of 2021 and 176 percent at the end of the second quarter of 2020.

Foreclosed Assets and Other Real Estate Owned

At June 30, 2021, foreclosed assets and other real estate owned ("OREO") totaled $15.2 million compared to $11.2 million at the March 31, 2021 and $14.1 million at June 30, 2020. The increase on a linked quarter basis is primarily due to $4.4 million in closed bank branch facilities. A breakdown of the composition of foreclosed assets and OREO is provided in the table below:

($ in millions)	2^nd Qtr 2021	1^st Qtr 2021	4^th Qtr 2020	3^rd Qtr 2020	2^nd Qtr 2020
Closed bank branches and branch sites	$4.4	$0.5	$0.6	$0.6	$2.7
Foreclosed assets – acquired	$6.7	$7.7	$15.3	$9.3	$9.2
Foreclosed assets – legacy	$4.1	$3.0	$2.5	$2.7	$2.2

Capital

	2^nd Qtr 2021	1^st Qtr 2021	4^th Qtr 2020	3^rd Qtr 2020	2^nd Qtr 2020
Stockholders' equity to total assets	13.0%	12.6%	13.3%	13.7%	13.3%
Tangible common equity to tangible assets ⁽¹⁾	8.4%	7.9%	8.5%	8.7%	8.3%
Regulatory common equity tier 1 ratio	14.2%	14.1%	13.4%	12.6%	11.9%
Regulatory tier 1 leverage ratio	9.0%	9.0%	9.1%	9.1%	8.8%
Regulatory tier 1 risk-based capital ratio	14.2%	14.1%	13.4%	12.6%	11.9%
Regulatory total risk-based capital ratio	17.5%	17.5%	16.8%	15.8%	14.9%

(1)

Tangible common equity to tangible assets is a non-GAAP measurement. Please see "Non-GAAP Financial Measures" and "Reconciliation of Non-GAAP Financial Measures" below.

Total common stockholders' equity at the end of the quarter totaled $3.0 billion compared to $2.9 billion at the end of the first quarter of 2021 and the second quarter of 2020. Book value per share at the end of the quarter was $28.03 compared to $27.04 at the end of the first quarter of 2021 and $26.64 at the end of the second quarter of 2020. Tangible book value per share was $17.16, up $1.03 from $16.13 reported at the end of the first quarter of 2021 and up $1.37 from $15.79 reported at the end of the second quarter of 2020. The ratio of stockholders' equity to total assets at June 30, 2021 was 13.0 percent while tangible common equity to tangible total assets was 8.4 percent. All of the Company's regulatory capital ratios continue to exceed the requirements under "well-capitalized" guidelines. The Company did not repurchase shares during the second quarter of 2021 primarily as a result of its merger and acquisition activity.

Share Repurchase Program

The Company's board of directors approved an amendment to the Company's stock repurchase program ("Program") that increases the amount of the Company's common stock that may be repurchased under the Program from a maximum of $180 million to a maximum of $276.5 million and extends the term of the Program from October 31, 2021, to October 31, 2022 (unless terminated sooner). The Program was originally approved on October 17, 2019 and amended in March 2020, and to date, the Company has repurchased approximately $126.5 million of its common stock under the Program.

The Program permits the Company to repurchase shares of its common stock through open market and privately negotiated transactions or otherwise. The timing, pricing, and amount of any repurchases under the Program will be determined by the Company's management at its discretion based on a variety of factors, including, but not limited to, trading volume and market price of the common stock, corporate considerations, the Company's working capital and investment requirements, general market and economic conditions, and legal requirements. The Program does not obligate the Company to repurchase any common stock and may be modified, discontinued, or suspended at any time without prior notice.

Simmons First National Corporation

Simmons First National Corporation (NASDAQ:SFNC) is an approximately $23.4 billion asset Mid-South based financial holding company whose principal subsidiary, Simmons Bank, operates 198 financial centers, including 68 in Arkansas, 48 in Missouri, 33 in Tennessee, 23 in Texas, 20 in Oklahoma and 6 in Kansas. Founded in 1903, Simmons Bank offers comprehensive financial solutions delivered with a client-centric approach. Simmons Bank was recently named to Forbes' list of "World's Best Banks" for the second consecutive year and ranked among the top 30 banks in Forbes' list of "America's Best Banks" for 2021. Additional information about Simmons and Simmons Bank can be found on our website at simmonsbank.com, by following @Simmons_Bank on Twitter or by visiting our newsroom.

Conference Call

Management will conduct a live conference call to review this information beginning at 9:00 a.m. CDT today, Tuesday, July 27, 2021. 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 8482416. In addition, the call will be available live or in recorded version on the Company's website at simmonsbank.com for at least 60 days.

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 income available to common shareholders, non-interest income, and non-interest expense certain income and expenses related to significant non-core activities, including merger-related expenses, gain on sale of branches, early retirement program expenses and net branch right-sizing expenses. 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 PPP loans. 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. 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 core businesses, and management uses these non-GAAP financial measures to assess the performance of the Company's core 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

Some of the statements in this news 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 quotes, 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, lending capacity and lending activity, loan demand, revenue, assets, asset quality, profitability, 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 benefits associated with the Company's early retirement program, branch closures and branch sales, the adequacy of the allowance for credit losses, the ability of the Company to manage the impact of the COVID-19 pandemic, and the impacts of the Company's and its customers participation in the PPP. Any forward-looking statement speaks only as of the date of this news release, and Simmons undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news 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, credit quality, interest rates, loan demand, deposit flows, real estate values, the assumptions used in making the forward-looking statements, the securities markets generally or the price of Simmons common stock specifically, and information technology affecting the financial industry; the effect of steps the Company takes and has taken in response to the COVID-19 pandemic; the severity and duration of the pandemic, including the effectiveness of vaccination efforts and developments with respect to COVID-19 variants; the pace of recovery when the pandemic subsides and the heightened impact it has on many of the risks described herein; the effects of the COVID-19 pandemic on, among other things, the Company's operations, liquidity, and credit quality; general economic and market conditions; unemployment; claims, damages, and fines related to litigation or government actions, including litigation or actions arising from the Company's participation in and administration of programs related to the COVID-19 pandemic (including, among other things, the PPP loan program authorized by the Coronavirus Aid, Relief and Economic Security Act); changes in accounting principles relating to loan loss recognition (current expected credit losses, or CECL); the Company's ability to manage and successfully integrate its mergers and acquisitions; cyber 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 contemplated by the forward-looking statements. 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, 2020, which has been filed with, and is available from, the U.S. Securities and Exchange Commission.

Important Additional Information and Where to Find It

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval with respect to the proposed transactions ("Proposed Transactions") with Landmark Community Bank ("Landmark") and Triumph Bancshares, Inc. ("Triumph"). No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, and no offer to sell or solicitation of an offer to buy shall be made in any jurisdiction in which such offer, solicitation or sale would be unlawful.

In connection with the Proposed Transactions, the Company has filed with the SEC a registration statement on Form S-4 (the "Registration Statement") that includes proxy statements of each of Landmark and Triumph and a prospectus of the Company (the "Joint Proxy Statement/Prospectus"), and the Company may file with the SEC other relevant documents concerning the Proposed Transactions. The definitive Joint Proxy Statement/Prospectus will be mailed to shareholders of Landmark and Triumph. SHAREHOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTIONS CAREFULLY AND IN ITS ENTIRETY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BY THE COMPANY, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTIONS.

Free copies of the Joint Proxy Statement/Prospectus, as well as other filings containing information about the Company, may be obtained at the SEC's Internet site (http://www.sec.gov), when they are filed by the Company. You will also be able to obtain these documents, when they are filed, free of charge, from the Company at simmonsbank.com under the heading "Investor Relations." Copies of the Joint Proxy Statement/Prospectus can also be obtained, free of charge, by directing a request to Simmons First National Corporation, 501 Main Street, Pine Bluff, Arkansas 71601, Attention: Ed Bilek, Director of Investor Relations, Email: ed.bilek@simmonsbank.com or ir@simmonsbank.com, Telephone: (870) 541-1000, to Triumph Bancshares, Inc., 5699 Poplar Avenue, Memphis, TN 38119, Attention: Will Chase, President, Telephone: (901) 333-8800, or to Landmark Community Bank, 1015 West Poplar Avenue, Collierville, TN 38017, Attention: Jake Farrell, Chairman, Telephone: (901) 850-0555.

Participants in the Solicitation

The Company, Landmark, Triumph and certain of their directors, executive officers and employees may be deemed to be participants in the solicitation of proxies from the shareholders of Landmark or Triumph in connection with the Proposed Transactions. Information about the Company's directors and executive officers is available in its proxy statement for its 2021 annual meeting of shareholders, which was filed with the SEC on April 15, 2021. Information regarding all of the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, are contained in the Joint Proxy Statement/Prospectus regarding the Proposed Transactions and other relevant materials to be filed with the SEC when they become available. Free copies of these documents may be obtained as described in the preceding paragraph.

FOR MORE INFORMATION CONTACT:

Ed Bilek

EVP, Director of Investor Relations

Simmons First National Corporation

ed.bilek@simmonsbank.com

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)	2021			2021			2020			2020			2020
($ in thousands)
ASSETS
Cash and non-interest bearing balances due from banks	$	215,381		$	227,713		$	217,499		$	382,691		$	234,998
Interest bearing balances due from banks and federal funds sold		2,123,743			3,677,750			3,254,653			2,139,440			2,310,162
Cash and cash equivalents		2,339,124			3,905,463			3,472,152			2,522,131			2,545,160
Interest bearing balances due from banks - time		1,335			1,334			1,579			4,061			4,561
Investment securities - held-to-maturity		931,352			609,500			333,031			47,102			51,720
Investment securities - available-for-sale		6,556,581			4,528,348			3,473,598			2,607,288			2,496,896
Mortgage loans held for sale		36,011			63,655			137,378			192,729			120,034
Other assets held for sale		100			100			100			389			399
Loans:
Loans		11,386,352			12,195,873			12,900,897			14,017,442			14,606,900
Allowance for credit losses on loans		(227,239	)		(235,116	)		(238,050	)		(248,251	)		(231,643	)
Net loans		11,159,113			11,960,757			12,662,847			13,769,191			14,375,257
Premises and equipment		429,587			427,540			441,692			470,491			478,896
Premises held for sale		6,090			13,613			15,008			4,486			4,576
Foreclosed assets and other real estate owned		15,239			11,168			18,393			12,590			14,111
Interest receivable		67,916			71,359			72,597			77,352			79,772
Bank owned life insurance		419,198			257,152			255,630			257,718			256,643
Goodwill		1,075,305			1,075,305			1,075,305			1,075,305			1,064,765
Other intangible assets		103,759			107,091			111,110			114,460			117,823
Other assets		282,449			315,732			289,332			282,102			293,071
Total assets	$	23,423,159		$	23,348,117		$	22,359,752		$	21,437,395		$	21,903,684

LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing transaction accounts	$	4,893,959		$	4,884,667		$	4,482,091		$	4,451,385		$	4,608,098
Interest bearing transaction accounts and savings deposits		10,569,602			10,279,997			9,672,608			8,993,255			8,978,045
Time deposits		2,841,052			3,024,724			2,832,327			2,802,007			3,029,975
Total deposits		18,304,613			18,189,388			16,987,026			16,246,647			16,616,118
Federal funds purchased and securities sold
under agreements to repurchase		187,215			323,053			299,111			313,694			387,025
Other borrowings		1,339,193			1,340,467			1,342,067			1,342,769			1,393,689
Subordinated notes and debentures		383,143			383,008			382,874			382,739			382,604
Other liabilities held for sale		-			-			154,620			-			-
Accrued interest and other liabilities		169,629			181,426			217,398			209,305			219,545
Total liabilities		20,383,793			20,417,342			19,383,096			18,495,154			18,998,981

Stockholders' equity:
Preferred stock		767			767			767			767			767
Common stock		1,084			1,083			1,081			1,090			1,090
Surplus		2,021,128			2,017,188			2,014,076			2,032,372			2,029,383
Undivided profits		1,004,314			948,913			901,006			866,503			819,153
Accumulated other comprehensive income (loss):
Unrealized (depreciation) accretion on AFS securities		12,073			(37,176	)		59,726			41,509			54,310
Total stockholders' equity		3,039,366			2,930,775			2,976,656			2,942,241			2,904,703
Total liabilities and stockholders' equity	$	23,423,159		$	23,348,117		$	22,359,752		$	21,437,395		$	21,903,684

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)	2021			2021		2020		2020		2020
($ in thousands, except per share data)
INTEREST INCOME
Loans (including fees)	$	138,804		$	146,424	$	160,115	$	163,180	$	176,910
Interest bearing balances due from banks and federal funds sold		651			798		716		623		603
Investment securities		27,128			21,573		17,207		14,910		13,473
Mortgage loans held for sale		386			639		1,070		1,012		668
TOTAL INTEREST INCOME		166,969			169,434		179,108		179,725		191,654
INTEREST EXPENSE
Time deposits		6,061			7,091		7,835		9,437		10,803
Other deposits		4,721			6,088		6,536		6,769		7,203
Federal funds purchased and securities
sold under agreements to repurchase		192			245		284		335		337
Other borrowings		4,897			4,802		4,869		4,943		4,963
Subordinated notes and debentures		4,565			4,527		4,624		4,631		4,667
TOTAL INTEREST EXPENSE		20,436			22,753		24,148		26,115		27,973
NET INTEREST INCOME		146,533			146,681		154,960		153,610		163,681
Provision for credit losses		(12,951	)		1,445		6,943		22,981		21,915
NET INTEREST INCOME AFTER PROVISION
FOR CREDIT LOSSES		159,484			145,236		148,017		130,629		141,766
NON-INTEREST INCOME
Trust income		7,238			6,666		6,557		6,744		7,253
Service charges on deposit accounts		10,050			9,715		10,799		10,385		8,570
Other service charges and fees		2,048			1,922		1,783		1,764		1,489
Mortgage lending income		4,490			6,447		2,993		13,971		12,459
SBA lending income		287			240		484		304		245
Investment banking income		654			695		676		557		571
Debit and credit card fees		7,882			7,401		7,203		7,217		6,575
Bank owned life insurance income		2,038			1,523		1,481		1,591		1,445
Gain on sale of securities, net		5,127			5,471		16		22,305		390
Other income		8,110			10,260		10,557		5,380		9,809
TOTAL NON-INTEREST INCOME		47,924			50,340		42,549		70,218		48,806
NON-INTEREST EXPENSE
Salaries and employee benefits		60,261			60,340		55,762		61,144		57,644
Occupancy expense, net		9,103			9,300		9,182		9,647		9,217
Furniture and equipment expense		4,859			5,415		5,940		6,231		6,144
Other real estate and foreclosure expense		863			343		551		602		274
Deposit insurance		1,687			1,308		1,627		2,244		2,838
Merger-related costs		686			233		731		902		1,830
Other operating expenses		38,007			36,854		52,835		36,546		38,230
TOTAL NON-INTEREST EXPENSE		115,466			113,793		126,628		117,316		116,177
NET INCOME BEFORE INCOME TAXES		91,942			81,783		63,938		83,531		74,395
Provision for income taxes		17,018			14,363		10,970		17,633		15,593
NET INCOME		74,924			67,420		52,968		65,898		58,802
Preferred stock dividends		13			13		13		13		13
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	74,911		$	67,407	$	52,955	$	65,885	$	58,789
BASIC EARNINGS PER SHARE	$	0.69		$	0.62	$	0.49	$	0.60	$	0.54
DILUTED EARNINGS PER SHARE	$	0.69		$	0.62	$	0.49	$	0.60	$	0.54

Simmons First National Corporation													SFNC
Consolidated Risk-Based Capital
For the Quarters Ended	Jun 30			Mar 31			Dec 31			Sep 30			Jun 30
(Unaudited)	2021			2021			2020			2020			2020
($ in thousands)
Tier 1 capital
Stockholders' equity	$	3,039,366		$	2,930,775		$	2,976,656		$	2,942,241		$	2,904,703
CECL transition provision ⁽¹⁾		128,933			131,637			131,430			134,798			130,480
Disallowed intangible assets, net of deferred tax		(1,156,203	)		(1,159,720	)		(1,163,797	)		(1,167,357	)		(1,160,385	)
Unrealized loss (gain) on AFS securities		(12,073	)		37,176			(59,726	)		(41,509	)		(54,310	)
Total Tier 1 capital		2,000,023			1,939,868			1,884,563			1,868,173			1,820,488

Tier 2 capital
Trust preferred securities and subordinated debt		383,143			383,008			382,874			382,739			382,604
Qualifying allowance for loan losses and
reserve for unfunded commitments		79,138			87,251			89,546			96,734			83,780
Total Tier 2 capital		462,281			470,259			472,420			479,473			466,384
Total risk-based capital	$	2,462,304		$	2,410,127		$	2,356,983		$	2,347,646		$	2,286,872

Risk weighted assets	$	14,076,975		$	13,771,244		$	14,048,608		$	14,878,932		$	15,362,175

Adjusted average assets for leverage ratio	$	22,244,118		$	21,668,406		$	20,765,127		$	20,652,454		$	20,742,824

Ratios at end of quarter
Equity to assets		12.98	%		12.55	%		13.31	%		13.72	%		13.26	%
Tangible common equity to tangible assets ⁽²⁾		8.36	%		7.88	%		8.45	%		8.65	%		8.31	%
Common equity Tier 1 ratio (CET1)		14.20	%		14.08	%		13.41	%		12.55	%		11.85	%
Tier 1 leverage ratio		8.99	%		8.95	%		9.08	%		9.05	%		8.78	%
Tier 1 risk-based capital ratio		14.21	%		14.09	%		13.41	%		12.56	%		11.85	%
Total risk-based capital ratio		17.49	%		17.50	%		16.78	%		15.78	%		14.89	%

(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									SFNC
Consolidated Investment Securities
For the Quarters Ended	Jun 30		Mar 31		Dec 31		Sep 30		Jun 30
(Unaudited)	2021		2021		2020		2020		2020
($ in thousands)
Investment Securities - End of Period
Held-to-Maturity
U.S. Government agencies	$	77,396	$	77,396	$	-	$	-	$	-
Mortgage-backed securities		60,649		47,988		22,354		24,297		25,980
State and political subdivisions		793,307		484,116		310,109		21,930		24,777
Other securities		-		-		568		875		963
Total held-to-maturity (net of credit losses)		931,352		609,500		333,031		47,102		51,720
Available-for-Sale
U.S. Treasury	$	600	$	600	$	-	$	-	$	-
U.S. Government agencies		554,937		487,679		477,237		471,973		210,921
Mortgage-backed securities		3,987,209		2,133,086		1,394,936		903,687		1,154,086
State and political subdivisions		1,557,497		1,571,910		1,470,723		1,133,006		1,054,068
Other securities		456,338		335,073		130,702		98,622		77,821
Total available-for-sale (net of credit losses)		6,556,581		4,528,348		3,473,598		2,607,288		2,496,896
Total investment securities (net of credit losses)	$	7,487,933	$	5,137,848	$	3,806,629	$	2,654,390	$	2,548,616
Fair value - HTM investment securities	$	935,596	$	597,694	$	341,925	$	49,064	$	53,751

Investment Securities - QTD Average
Taxable securities	$	4,265,545	$	2,471,291	$	1,757,234	$	1,534,742	$	1,642,083
Tax exempt securities		2,157,076		1,919,919		1,528,127		1,155,099		866,944
Total investment securities - QTD average	$	6,422,621	$	4,391,210	$	3,285,361	$	2,689,841	$	2,509,027

Simmons First National Corporation									SFNC
Consolidated Loans
For the Quarters Ended	Jun 30		Mar 31		Dec 31		Sep 30		Jun 30
(Unaudited)	2021		2021		2020		2020		2020
($ in thousands)
Loan Portfolio - End of Period
Consumer
Credit cards	$	177,634	$	175,458	$	188,845	$	180,848	$	184,348
Other consumer		181,712		172,965		202,379		182,768		214,024
Total consumer		359,346		348,423		391,224		363,616		398,372
Real Estate
Construction		1,428,165		1,451,841		1,596,255		1,853,360		2,010,256
Single-family residential		1,608,028		1,730,056		1,880,673		1,997,070		2,207,087
Other commercial real estate		5,332,655		5,638,010		5,746,863		6,132,823		6,316,444
Total real estate		8,368,848		8,819,907		9,223,791		9,983,253		10,533,787
Commercial
Commercial		2,074,729		2,444,700		2,574,386		2,907,798		3,038,216
Agricultural		193,462		155,921		175,905		241,687		217,715
Total commercial		2,268,191		2,600,621		2,750,291		3,149,485		3,255,931
Other		389,967		426,922		535,591		521,088		418,810
Total Loans	$	11,386,352	$	12,195,873	$	12,900,897	$	14,017,442	$	14,606,900

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)	2021		2021		2020		2020		2020
($ in thousands)
Allowance for Credit Losses on Loans
Beginning balance, after adoption of ASC 326	$	235,116	$	238,050	$	248,251	$	231,641	$	243,195

Loans charged off
Credit cards		1,046		1,003		787		832		1,053
Other consumer		411		702		960		1,091		592
Real estate		439		1,687		10,415		1,153		1,824
Commercial		309		859		8,199		4,327		35,687
Total loans charged off		2,205		4,251		20,361		7,403		39,156

Recoveries of loans previously charged off