Simmons First National : 4th Quarter 2020 Investor Presentation

| NASDAQ: SFNC

Contents

3 Loan Portfolio & Asset

Quality

11 Capital, Deposits, Liquidity &

Investments

18 4th Quarter Earnings

Highlights

29 Corporate Profile and

Company Highlights

42 Appendix

4th Quarter 2020 Investor Presentation

Forward-Looking Statements and Non-GAAP Financial Measures

Forward-LookingStatements.Certain statements by Simmons First National Corporation (the "Company", which where appropriate includes the Company's wholly-owned banking subsidiary, Simmons Bank) contained in this presentation 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 may be identified by reference to a future period(s) or by the use of forward-looking terminology, such as "anticipate," "estimate," "expect," "foresee," "project," "may," "might," "will," "would," "could," "likely" or "intend," future or conditional verb tenses, and variations or negatives of such terms. These forward-looking statements include, without limitation, those relating to the Company's future growth; revenue; expenses (including interest expense and non-interest expenses); assets; asset quality; profitability; earnings; critical accounting policies; accretion; net interest margin; non-interest revenue; market conditions related to and impact of the Company's common stock repurchase program; adequacy of the allowance for loan losses; income tax deductions; credit quality; level of credit losses from lending commitments; net interest revenue; interest rate sensitivity; loan loss experience; liquidity; capital resources; market risk; the expected benefits, milestones, or costs associated with the Company's acquisition strategy; the Company's ability to recruit and retain key employees; the ability of the Company to manage the impact of the COVID-19 pandemic; the impacts of the Company's and its customers participation in the Paycheck Protection Program ("PPP"); increases in the Company's security portfolio; legal and regulatory limitations and compliance and competition; anticipated loan principal reductions; fees associated with the PPP; plans for investments in securities; statements under the caption "Management's Outlook" on slides 22 and 23; the charges, gains, and savings associated with completed and future branch closures and branch sales; expectations and projections regarding the Company's COVID-19 loan modification program; and projected dividends.

Readers are cautioned not to place undue reliance on the forward-looking statements contained in this presentation in that actual results could differ materially from those indicated in such forward-looking statements, due to a variety of factors. These factors include, but are not limited to, changes in the Company's operating or expansion strategy; the availability of and costs associated with obtaining adequate and timely sources of liquidity; the ability to maintain credit quality; the effect of steps the Company takes in response to the COVID-19 pandemic; the severity and duration of the pandemic, including the effectiveness of vaccination efforts; 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 pandemic on, among other things, the Company's operations, liquidity, and credit quality; general market and economic conditions; unemployment; possible adverse rulings, judgments, settlements and other outcomes of pending or future litigation (including litigation arising from the Company's participation in and administration of programs related to the COVID-19 pandemic (including the PPP)); the ability of the Company to collect amounts due under loan agreements; changes in consumer preferences and loan demand; effectiveness of the Company's interest rate risk management strategies; laws and regulations affecting financial institutions in general or relating to taxes; the effect of pending or future legislation; the ability of the Company to repurchase its common stock on favorable terms; the ability of the Company to successfully implement its acquisition and branch strategy; changes in interest rates, deposit flows, real estate values, and capital markets; inflation; customer acceptance of the Company's products and services; changes or disruptions in technology and IT systems (including cyber threats, attacks and events); changes in accounting principles relating to loan loss recognition (current expected credit losses, or CECL); the benefits associated with the Company's early retirement program and completed and future branch closures and sales; and other risk factors. Other relevant risk factors may be detailed from time to time in the Company's press releases and filings with the U.S. Securities and Exchange Commission, including, without limitation, the Company's Form 10-K for the year ended December 31, 2019, and its Form 10-Q for the quarter ended June 30, 2020. Any forward-looking statement speaks only as of the date of this Report, and the Company undertakes no obligation to update these forward- looking statements to reflect events or circumstances that occur after the date of this Report. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

Non-GAAPFinancial Measures.This document 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 expenses related to significant non-core activities, such as merger-related expenses, expenses related to the Company's early retirement program, gain on sale of branches, 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 measure 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. 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 appendix to this presentation.

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LOAN PORTFOLIO AND ASSET QUALITY

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Loans - Including PPP Loans

		as of December 31, 2019			as of December 31, 2020
			% of		% of		Non-		Unfunded	Unfunded
		Balance	Total	Balance	Total	Classified	performing	ACL	Commitment	Commitment
	$ in millions	$	Loans	$	Loans	$	$	%	$	Reserve
	Total Loan Portfolio
	Consumer - Credit Card	205	1%	180	1%	-	-	4.1%	-
	Consumer - Other	250	2%	211	2%	1	1	1.9%	17
	Real Estate - Construction	2,237	16%	1,596	12%	22	4	2.8%	669
	Real Estate - Commercial	6,206	43%	5,747	45%	222	24	2.3%	185
	Real Estate - Single-family	2,442	17%	1,881	15%	36	31	0.5%	220
	Commercial	2,495	17%	2,574	20%	92	66	1.6%	875
	Agriculture	315	2%	176	1%	1	1	0.6%	84
	Other	276	2%	536	4%	17	-	0.4%	1
	Total Loan Portfolio	14,426	100%	12,901	100%	391	127	1.85%	2,051	1.1%
	Loan Concentration:
	C&D	98%		68%
	CRE	293%		241%
	Select Loan Categories
	Retail	1,458	10%	1,243	10%	24	3	3.8%	91
	Nursing / Extended Care	444	3%	445	3%	2	-	0.9%	55
	Healthcare	561	4%	588	5%	12	2	0.7%	69
	Multifamily	975	7%	764	6%	22	1	1.1%	73
	Hotel	981	7%	969	8%	147	4	6.2%	30
	Restaurant	445	3%	496	4%	2	1	3.5%	10
	Energy Loans
	Upstream	322	2%	198	2%	49	31	10.2%	53
	Midstream	127	1%	35	0%	17	17	14.6%	5
	Services	18	0%	14	0%	1	1	0.5%	3
	Total Energy	467	3%	247	2%	67	49	10.0%	61

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