#1Simmons First National Corporation Nasdaq: SFNC 2nd Quarter 2023 Earnings Presentation Simmons Banks Contents 3 Company Profile 4 Q2 Financial Highlights 12 Deposits, Securities, Liquidity, Interest Rate Sensitivity and Capital 18 Loan Portfolio 22 Credit Quality 26 Q2 23 Key Takeaways 28 Appendix#2Forward-Looking Statements and Non-GAAP Financial Measures Forward-Looking Statements. 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," "believe," "continue," "estimate," "expect," "foresee," "indicate," "plan," "potential," "project," "target," "may," "might," "will," "would," "could," "should," "likely" or "intend," future or conditional verb tenses, and variations or negatives of such terms or by similar expressions. These forward-looking statements include, without limitation, statements relating to the Company's future growth; business strategies; product development; revenue; expenses (including interest expense and non-interest expenses); assets; loan demand (including loan growth, loan capacity, and other lending activity); deposit levels; asset quality; profitability; earnings; critical accounting policies; accretion; net interest margin; noninterest income; the Company's common stock repurchase program; adequacy of the allowance for credit losses; income tax deductions; credit quality; level of credit losses from lending commitments; net interest revenue; interest rate sensitivity (including, among other things, the potential impact of rising rates); loan loss experience; liquidity; capital resources; future economic conditions and market risk; interest rates; the expected benefits, milestones, timelines, and costs associated with the Company's merger and acquisition strategy and activity; the Company's ability to recruit and retain key employees; increases in, and cash flows associated with, the Company's securities portfolio; legal and regulatory limitations and compliance and competition; anticipated loan principal reductions; plans for investments in and cash flows from securities; projections regarding securities investments and maturities thereof; statements contained in the "2023 Efficiency Targets Update" and "Long-Term Objectives" set forth on slide 11; the interest rate sensitivity estimates, as well as the estimated interest income effect of the fair value hedges, noted on slide 16; digital bank initiatives; and 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 or implied by 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 effects of the pandemic on, among other things, the Company's operations, liquidity, and credit quality; changes in general market and economic conditions; increased unemployment; labor shortages; possible adverse rulings, judgments, settlements and other outcomes of pending or future litigation; the ability of the Company to collect amounts due under loan agreements; changes in consumer preferences and loan demand; the 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 manage and implement its acquisition strategy and integrate acquired institutions; difficulties and delays in integrating an acquired business or fully realizing cost savings and other benefits of mergers and acquisitions; changes in interest rates, deposit flows, real estate values, and capital markets; increased 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; political crises, war, and other military conflicts (including the ongoing military conflict between Russia and Ukraine) or other major events, or the prospect of these events; increased competition; changes in governmental policies; loss of key employees; the soundness of other financial institutions and indirect exposure related to the closings of Silicon Valley Bank ("SVB"), Signature Bank and Silvergate Bank and their impact on the broader market through other customers, suppliers and partners (or that the conditions which resulted in the liquidity concerns with SVB, Signature Bank and Silvergate Bank may also adversely impact, directly or indirectly, other financial institutions and market participants with which the Company has commercial or deposit relationships); 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, 2022, and the Company's Form 10-Q for the quarterly period ended March 31, 2023. In addition, there can be no guarantee that the board of directors ("Board") of the Company will approve a quarterly dividend in future quarters, and the timing, payment, and amount of future dividends (if any) is subject to, among other things, the discretion of the Board and may differ significantly from past dividends. Any forward-looking statement speaks only as of the date of this presentation, and the Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this presentation. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results. Non-GAAP Financial Measures. This presentation 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 and capital adequacy. These measures adjust GAAP performance measures to, among other things, include the tax benefit associated with revenue items that are tax-exempt, as well as exclude from net income (including on a per share diluted basis), pre-tax, pre-provision earnings, net charge-offs, income available to common shareholders, non-interest income, and non-interest expense certain income and expense items attributable to, for example, merger activity (primarily including merger-related expenses and Day 2 CECL provisions), gains and/or losses on sale of branches, net branch right-sizing initiatives, loss on redemption of trust preferred securities and gain on sale of intellectual property. 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, and presents certain other figures to include the effect that accumulated other comprehensive income could have on the Company's capital levels. The Company further presents certain figures that are exclusive of the impact of Paycheck Protection Program ("PPP") loans, deposits and/or loans acquired through acquisitions, mortgage warehouse loans, and/or energy loans, or gains and/or losses on the sale of securities. The Company's management believes that these non-GAAP financial measures are useful to investors because they, among other things, present the results of the Company's ongoing operations without the effect of mergers or other items not central to the Company's ongoing business, present the Company's capital inclusive of the potential impact of AOCI (primarily comprised of unrealized losses on securities), as well as normalize for tax effects, the effects of the PPP, and certain other effects. Management, therefore, believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company's ongoing businesses, and management uses these non-GAAP financial measures to assess the performance of the Company's ongoing businesses as related to prior financial periods. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the appendix to this presentation. $ 2#3$ Simmons First National Corporation A Mid-South based financial holding company serving our customers and the communities where we work and live since 1903 Columbia St. Louis Wichita Springfield Tulsa Oklahoma City Little Rock Memphis Pine Bluff Fort Worth Dallas Tyler College Station Austin Houston San Antonio Corpus Christi Nashville 114 CONSECUTIVE YEARS PAYING DIVIDENDS3 120 YEARS OF SERVICE 231 FINANCIAL CENTERS ACROSS SIX STATES Forbes 2023 AMERICA'S BEST MIDSIZE EMPLOYERS POWERED BY STATISTA Forbes 2023 WORLD'S BEST BANKS POWERED BY STATISTA ABA Foundation COMMUNITY COMMITMENT 10 YEARS Hwards WINNER Figures presented on this slide are as of June 30, 2023, unless otherwise noted (1) Non-GAAP measures that management believes aids in the discussion of results. See appendix for Non-GAAP reconciliation (2) Based on July 14, 2023, closing stock price of $17.52 and projected annualized dividend rate of $0.80 per share (3) The future payment of dividends is not guaranteed and is subject to various factors, including approval by the Company's board of directors Company Overview $28.0 BILLION TOTAL ASSETS $22.5 BILLION TOTAL DEPOSITS $7.8 BILLION ASSETS UNDER MANAGEMENT/ ADMINISTRATION $16.8 BILLION TOTAL LOANS 14.2% TOTAL RBC RATIO 7.2% TCE RATIO 1 4.6% DIVIDEND YIELD2 75% LOAN TO DEPOSIT RATIO FOUNDATION 0.28% NPA TO TOTAL ASSETS 292% NPL COVERAGE RATIO#4Simmons First National Corporation Q2 23 Financial Highlights Simmons Banks#5Q2 23 Highlights 1 2 3 4 Bottom line results reflect continued focus on basic "blocking and tackling" fundamentals while navigating the challenging interest rate environment Decline in noninterest expense reflects cost savings identified as part of Better Bank Initiative and attention on actively managing expenses. On track to meet or exceed full-year guidance of $15 million in estimated cost savings Balance sheet reflects continued efforts to optimize our earning asset mix through targeted loan growth, while maintaining strong funding and liquidity positions, prudent underwriting standards and pricing discipline Focused on growing tangible book value per share while continuing to maintain a strong capital position and regulatory capital ratios above "well capitalized" guidelines Q2 net income $58.3M Adjusted earnings of $61.1M Q2 noninterest expense -2% vs Q1 23 Adjusted NIE¹ down 3% QoQ loan growth +2% $16.8B PE loans Loan to deposit ratio at 75% Book value per share +5% vs Q2 22 Tangible BVPS¹ +8% Q2 earnings per share $0.46 Adjusted EPS1 of $0.48 NIE as a % of avg assets 2.02% in Q2 Adjusted NIE (1) at 1.96% Q2 NCO ratio at 4 bps ACL to loans at 1.25% Share repurchase activity: 1.1M shares in Q2 $60M remaining capacity2 $ QoQ 2Q23 vs 1Q23 PE Period End NCO Ratio -Net Charge-Offs as a Percentage of Average Loans (annualized) ACL Allowance for Credit Losses (1) Non-GAAP measures that management believes aids in the discussion of results. See Appendix for Non-GAAP reconciliation (2) Market conditions and our capital needs will drive the decisions regarding additional, future stock repurchases 5#6Balance Sheet Highlights $ in millions, except per share data Period End Balances Total loans Q2 23 vs Q1 23 Q2 23 Q1 23 Q2 22 $ Change Q2 23 vs Q2 22 % Change $ Change % Change $16,833.7 $16,555.1 $15,110.3 $278.6 2 % Investment securities 7,336.5 7,521.4 8,161.3 (184.9) (2) Total assets 27,959.1 27,583.4 27,218.6 375.7 $1,723.3 (824.8) 740.5 11 % (10) 3 Total deposits 22,488.7 22,451.8 22,035.9 36.9 452.9 2 Borrowed funds 1,842.0 1,532.7 1,637.0 309.3 20 20 205.0 13 Total stockholders' equity 3,356.3 3,339.9 3,259.9 16.4 96.4 3 3 Average Balances Total loans Investment securities Total assets Total deposits Borrowed funds Total stockholders' equity Select Other Data $16,702.4 $16,329.8 $14,478.2 $372.6 2 % 7,448.4 7,555.6 8,400.1 (107.2) (1) 27,766.1 27,488.7 26,769.0 277.4 1 $2,224.2 (951.7) 997.1 15 % (11) 4 22,199.2 22,520.4 21,320.4 (321.3) (1) 878.8 1,935.4 1,302.5 1,870.1 3,358.9 3,370.7 3,361.7 633.0 (11.7) 49 65.3 (2.8) +31 4 Equity to assets 12.00 % 12.11% 11.98 % Tangible common equity to tangible assets¹ Book value per share Tangible book value per share¹ 1 7.22 7.25 7.03 $26.59 15.17 $26.24 14.88 $25.31 14.07 $0.35 0.29 1 % $1.28 2 1.10 58 5 % Allowance for credit losses to total loans 1.25 % 1.25 % 1.41 % Nonperforming loan coverage ratio 292 324 334 (1) Non-GAAP measures that management believes aids in the discussion of results. See appendix for Non-GAAP reconciliation $ 6#7Income Summary Income Summary $ in millions, except per share data Q2 23 Q1 23 Q2 22 Q1 23 % Change vs Q2 22 Net interest income $163.2 $177.8 $185.1 (8) % (12) % Noninterest income, excluding securities gain (loss) 1 45.4 45.8 40.3 (1) 13 Total revenue, excluding securities gain (loss) ¹ 1 208.6 223.7 225.4 (7) (7) Noninterest expense 139.7 143.2 156.8 (2) (11) Pre-provision net revenue¹ 68.9 80.4 68.6 (14) Gain (loss) on sale of securities (0.4) (0.2) NM NM Provision for credit losses on loans 0.1 10.9 33.9 NM NM Provision for credit losses on investment securities 13.3 NM Provision for income taxes 10.1 10.6 7.2 (5) 42 Net income $ 58.3 $ 45.6 $ 27.5 28 % 112 % Diluted EPS $ 0.46 $ 0.36 $ 0.21 28 % 119 % Impact of certain items, net of tax ¹, 2 $ 2.8 $ 1.8 $ 40.6 Adjusted pre-provision net revenue¹ $ 72.6 $ 82.8 $ 89.9 (12) % (19) % Adjusted earnings¹ $ 61.1 $ 47.3 $ 68.1 29% (10) % Adjusted diluted EPS¹ $ 0.48 $ 0.37 $ 0.53 30% (9) % $5 Note: Numbers may not add due to rounding NM - not meaningful (1) Non-GAAP measures that management believes aids in the discussion of results. See appendix for Non-GAAP reconciliation (2) Effective tax rate of 26.135% Q2 23 Highlights Linked Quarter Comparison (Q2 23 vs Q1 23) Total revenue of $208.6 million reflects decline in net interest income due to increase in cost of funds, partially offset by fees and other income Better Bank Initiative and focus on actively managing controllable expenses leads to decline in noninterest expense $3.5 million, or 2%, decline in noninterest expense $4.9 million, or 3%, decline in adjusted noninterest expense Pre-provision net revenue of $68.9 million; adjusted pre-provision net revenue of $72.6 million 7#8Net Interest Income and Margin (FTE) Net Interest Income $ in millions; FTE Net Interest Income Evolution $ in millions; FTE $199.8 $199.8 $191.2 $184.1 $169.3 $184.1 Illi $ $18.2 $(20.8) ☐ $169.3 $(11.9) ($0.3) ☐ Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q1 23 A in Interest Income A in Interest Expense - Deposits A in Interest Expense - Borrowings A in Accretion Q2 23 (FTE) excluding accretion Loan, Securities & Deposits Yield/Rate 5.67 5.89 5.40 4.86 4.54 Net Interest Margin/Earning Assets Yield FTE (%) FTE (%) 4.95 4.78 4.49 3.96 3.57 2.68 2.92 2.91 2.08 2.29 0.47 3.34 3.24 3.31 0.18 1.96 1.58 3.09 1.02 Q2 22 Q3 22 Q4 22 Q1 23 2.76 Q2 23 Q2 22 Q3 22 Q4 22 Loan Yield (FTE) Q1 23 Securities (FTE) Q2 23 -NIM EA Yield Cost of Deposits FTE - Fully taxable equivalent using an effective tax rate of 26.135% Totals may not foot due to rounding Q2 23 Highlights Linked Quarter Comparison (Q2 23 vs Q1 23) ☐ Asset portion of balance sheet ☐ ◉ +22 bps increase in yield on loans -1 bp decrease in yield on securities +17 bps increase in yield on earnings assets Average loans up 2% Average securities down 1% Liability portion of balance sheet ☐ +38 bps increase in cost of deposits reflects change in mix of deposits and competitive environment to defend core deposit base Strategically utilized short-term borrowings to elevate liquidity position given macro economic environment, debt ceiling and near-term earning asset growth given timing of cash flows Approximately $330 million of SFNC subordinated debt converted from fixed rate to floating rate on 4/1/23 resulting in a $2.1 million increase in interest expense in the quarter Remaining balance of purchase accretion at 6/30/23 was $17.1 million accounting 8#9Noninterest Income % Change vs $ in millions Q2 23 Q1 23 Q2 22 Q1 23 Q2 22 Service charges on deposit accounts $12.9 $12.4 $ 11.4 4 % 13 % Wealth management fees 7.4 7.4 7.2 1 3 Debit and credit card fees 8.0 8.0 8.2 (3) Mortgage lending income 2.4 1.6 2.2 53 7 Bank owned life insurance 2.6 3.0 2.6 (14) Other service charges and fees 2.3 2.3 1.9 (1) 21 Other 9.8 7.3 6.8 35 44 45.4 41.9 40.3 8 13 Gain (loss) on sale of securities (0.4) (0.2) NM NM Legal reserve recapture 4.0 NM Total noninterest income $45.0 $45.8 $40.2 (2) % 12 % Adjusted noninterest income¹ $45.0 $45.8 $40.3 (2) % 12 % $5 Q2 23 Highlights Linked Quarter Comparison (Q2 23 vs Q1 23) Recurring fee income (service charges on deposit accounts, wealth management fees and debit and credit card fees) up 2% on a linked quarter basis Expect noninterest income growth to moderate in second half of the year given industry-wide changes related to service charges on deposit accounts Increase in other income primarily reflects fair value adjustments related to SBIC investments and death benefit from bank owned life insurance totaling $3.5 million Revenue Per Employee (FTE) ($ in thousands) Noninterest Income to Total Revenue $73.8$73.7 $73.5 $72.2 $69.7 $69.8 $70.1 $70.1. 21.6% 21.8% $67.9 $68.0 20.5% 20.5% 18.8% 17.8% 17.9% 18.2% 18.1% 17.4% Noninterest Income Per Employee (FTE) ($ in thousands) $13.8 $14.4 $14.4 $14.7 $14.8 $12.4 $12.5 $13.4 $13.3 $12.6 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 ■Total revenue per employee ■Adjusted total revenue per employee (1) FTE Full-time equivalent Noninterest income/total revenue ■Adjusted Noninterest Income, excluding securities gain (loss)/adjusted total revenue(1) (1) Non-GAAP measures that management believes aids in the discussion of results. See appendix for Non-GAAP reconciliation Totals may not foot due to rounding NM not meaningful Q2 22 Q3 22 Noninterest income per employee Q4 22 Q1 23 Q2 23 ■Adjusted noninterest income, excluding securities gain (loss) per employee(1) 6#10Noninterest Expense % Change vs $ in millions Q2 23 Q123 Q2 22 Q1 23 Q222 Salaries and employee benefits $74.7 $77.0 $74.1 (3) % 1 % Occupancy expense, net 11.4 11.6 11.0 (1) 4 Furniture and equipment 5.1 5.1 5.1 2 Deposit insurance 5.2 4.9 2.8 6 85 OREO and foreclosure expense 0.3 0.2 0.1 55 104 Other 42.9 43.1 44.5 (4) Merger related costs 0.0 1.4 19.1 (99) (100) Total noninterest expense $139.7 $143.2 $156.8 (2) % (11) % Adjusted noninterest expense¹ $136.0 $140.9 $135.7 (3) % - % Noninterest Expense as a Percentage of Total Average Assets 2.34% Efficiency Ratio 67.8% Employees (FTE) Q2 23 Highlights Linked Quarter Comparison (Q2 23 vs Q1 23) Better Bank Initiative and focus on actively managing controllable expenses leads to decline in noninterest expense $3.5 million, or 2%, decline in noninterest expense $4.9 million, or 3%, decline in adjusted noninterest expense Decline in salaries and employee benefits reflects $3.0 million incentive accrual adjustment and seasonally higher Q1 expenses offset, in part, by early retirement program expense of $3.6 million Noninterest expense as a percentage of average assets at 2.02% and adjusted noninterest expense at 1.96% 3,233 3,236 3,206 3,189 65.2% 62.3% 61.3% 2.10% 2.11% 2.07% °2.08% 2.08% 2.03% 2.03% 2.02% 1.96% 56.7% 57.2% 58.3% 7.0% 59.4% 54.4% Q2 22 Q3 22 Noninterest expense Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q4 22 Q1 23 Q2 23 ■Efficiency ratio Adjusted efficiency ratio (1) Q2 22 Q3 22 ■Adjusted noninterest expense (1) 3.066 IIIII Q4 22 Q1 23 Q2 23 Note: Numbers may not add due to rounding NM - not meaningful FTE -full-time equivalent $5 (1) Non-GAAP measures that management believes aids in the discussion of results. See appendix for Non-GAAP reconciliation 10 10#11Better Bank Initiative: On track to meet or exceed 2023 efficiency targets Operational Excellence 2023 Efficiency Targets Update □ Early Retirement Program Program substantially completed during Q2 Foundation People Process Systems Sustainable Growth Great Place to Work -0-0- ☐ ~$5.1 million of annual cost savings ☐ Other Identified Opportunities Extensive progress completed on other identified opportunities during Q2 Expect to achieve more than 50% of annual costs savings by the end of Q3 ☐ On track to meet or exceed $15 million in annual noninterest expense cost savings by the end of 2023 Ongoing Initiatives Balance sheet, liquidity & revenue optimization ☐ Enhance deposit and lending operations processes □ Expand data analytics capabilities and decision process □ Optimize product delivery channels. ☐ Continued optimization of branch and digital delivery channels $ Note: The "2023 Efficiency Targets Update" and "Long-Term Objectives" sections of this slide contain Company expectations and projections Long-Term Objectives (3-5 years) ROA≥ 1.50% ratio low 50% Efficiency ratio 11#12Simmons First National Corporation Deposits, Securities, Liquidity, Interest Rate Sensitivity and Capital Simmons Bank#13Deposits: Reflects industry-wide migration to interest bearing deposits Deposit Mix $ in billions $22.0 $22.1 $22.5 $22.5 $22.5 Linked Quarter Deposit Change $ in millions Total Deposits $37 Noninterest Bearing Transaction Accounts $(225) Interest Bearing Transaction Accounts $(421) Time Deposits Brokered Deposits (money market & CDs) Q2 22 Q3 22 ■Noninterest Bearing Q4 22 Q1 23 Q2 23 ■Interest Bearing Transactions ■Time Deposits Evolution of Funding Rates 37% deposit beta during this cycle¹ 5.25% Interest Bearing Deposits 4.99% Additional Liquidity Sources $ in millions FHLB borrowing availability $ 5,345 Unpledged securities 3,877 4.52% 4.50% Cost of Deposits 3.75% Avg Fed Funds Rate 3.00% 2.25% 1.50% 0.75% 0.00% Q4 21 Q1 22 Q2 22 3.65% Fed Funds lines and Fed Discount Window and Bank Term Funding Program 2.20% 2.57% 2.10% Total at 6.30.23 1.41% 1.96% 0.65% 1.58% 1.02% Uninsured deposits² at 6.30.23 0.47% Q3 22 Q4 22 Q1 23 Q2 23 1,874 $11,096 $4,817 Coverage ratio of uninsured deposits 2.3x $5 $399 $284 Source: Average Fed Funds rate based on data from www.macrotrends.net (1) Deposit beta calculated as change in cost of deposits from Q4 21 to Q2 23 divided by the change in quarterly average Federal Funds Effective rate for Q4 21 vs Q2 23. (2) Uninsured deposits represent deposit accounts that exceed FDIC insurance limit, excluding public fund accounts and other deposit accounts that are collateralized, accounts that utilize CDARS or repo sweep programs and deposit balances of SFNC subsidiaries 13#14Securities Portfolio: Highly rated portfolio and balance sheet optimization funding source Securities Portfolio by Type Securities Portfolio Summary 47% ■Treasury/Agency ■ MBS/CMO 7% 9% Corporate Bond Portfolio 37% ■States and Political Subdivisions Corporate & Other At June 30, 2023 Yield (FTE)(1) Effective Duration Fixed Rate Municipal 3.23% 13.12 MBS/CMO 2.06 5.24 Treasury/Agency 2.30 8.04 Corporate 4.41 4.14 Other 2.37 7.53 Variable Rate 5.31 0.02 Total 3.06% 7.42 Including the impact of $1B matched swap on certain fixed rate securities, the effective duration of the securities portfolio is reduced to 6.64 Securities Portfolio Bond Ratings $ in millions At June 30, 2023 HTM AFS 26% ■ Fortune 500 - Banks 39% Aaa/AAA $2,123 $2,773 43% 61% 21% Fortune 500 - Other ■Banks >$20B in assets ■Banks <$20B in assets Aa/AA 1,161 526 A 311 106 10% Baa/BBB 158 160 ■Senior Debt Subordinated Debt Not Rated 8 14 Total $3,760 $3,580 Fair value $3,095 $3,580 Securities Portfolio Highlights Continued focus on balance sheet optimization leads to further decline in securities portfolio. Average securities to total earning assets of 30% at 6/30/23 compared to 39% at 12/31/21 Cash flows from principal maturities of securities provides flexibility to fund future loan growth or reduce wholesale funding. Approximately $140 $180 million per quarter of projected principal maturities 95.4% of total portfolio A-rated or higher at 6/30/23 53% of corporate bond portfolio invested in Fortune 500 companies Liquidated certain nonperforming securities at a loss of $391,000 during Q2 23 FTE - fully taxable equivalent using an effective tax rate of 26.135% $ Data presented on this slide is as of June 30, 2023, unless otherwise noted (1) Effective yield of securities portfolio at 6/30/23, excluding AOCI impact of HTM transfers made during Q2 22 14#15Liquidity: Significant sources of liquidity and low reliance on borrowed funds Cash and Cash Equivalents + Variable Rate Securities $ in millions Borrowed Funds as a Percent of Total Liabilities Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 3/31/2023 6/30/23 ווווו-ויי ווייייווווויי $3,606 13% 13% 7% Q2 21 Q3 21 Q4 21 ■Cash & Cash Equivalents Loan to Deposit Ratio Peer Median¹ 80% 75% 72% 71% ■Variable Rate Securities 69% 69% 74% 79% 83% 84% NA Schedule of Certain Maturities (over the next 12 months) ~$140 $180 million per quarter of projected securities principal maturities ~$1.1 billion of fixed rate loans principal maturities at a weighted average rate of 5.42% ☐ ~$1.3 billion of FHLB advances maturities at a weighted average rate of 5.21% 76% 74% 75% 67% 69% 70% 72% 62% 60% 62% 62% III Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 NA not available $5 (1) Source: S&P Global Market Intelligence. Represents peer median loan to deposit ratio. Peer group includes ABCB, AUB, OZK, BOKF, CADE, CBSH, FBK, HWC, HTLF, HOMB, IBTX, ONB, PNFP, PB, RNST, SSB, SNV, TRMK, UMBF, UCBI 15#16Interest Rate Sensitivity: Swap resets rate on hedged securities at the end of Q3 Balance Sheet Interest Rate Sensitivity Over the next 12 months (estimated) Immediate change in interest rates Estimated net interest income sensitivity given immediate, parallel shift in interest rates across the yield curve with a static balance sheet 0.53% Fair Value Hedges At June 30, 2023 Entered into a 2-year forward starting swap in September 2021 to convert designated AFS securities from fixed interest rates to variable interest rates based on federal funds effective rate. Total duration of the swap is 7 years, but can be unwound in whole, or in part, prior to maturity at the Company's discretion. Instrument Hedged Asset Notional Fair Value Weighted Avg Pay Rate Receive Rate 2-yr Forward Starting Swap Fixed Rate Callable AFS Securities $1.0 Billion $119 Million 1.21% Federal Funds Effective (currently 5.08%) 0.33% 0.09% U25 bps D50 bps D25 bps 3.87% Spread based on current rates (as of 7.24.23) Equates to estimated ~$39M of interest income (annual basis) Loan Portfolio At June 30, 2023 Gradual change in interest rates* Fixed vs Variable Rate Floor Status - Variable Rate Loans Estimated net interest income sensitivity given gradual, parallel shift in interest rates across the yield curve with a static balance sheet Variable Rate Loans 23% - Rate Reset Date 27% (0.06)% D50 bps 0.03% 0.04% D25 bps U25 bps 43% 57% 73% O ■ Variable Rate Loans ■Fixed Rate Loans ■ No Floor ■Not At Floor * Assumptions used in balance sheet interest rate sensitivity estimates under a gradual increase/decrease in interest rates include the following: Down 50 bps scenario -25 bp decrease in December 2023 and 25 bp decrease in January 2024 $5 Down 25 bps scenario - 25 bp decrease in December 2023 Up 25 bps scenario - 25 bp increase July 2023 5% 48% 24% ■Daily Within 3Mo 4 to 12 Mo - Over 12 Mo 16#17Capital: Focused on growing tangible book value while maintaining a strong capital position Tier 1 Leverage Ratio¹ CET 1 Capital Ratio¹ Tier 1 Risk-Based Capital Ratio 1 Total Risk-Based Capital Ratio¹ 9.2% 9.2% 9.2% 12.1% 11.9% 11.9% 12.1% 11.9% 11.9% 14.8% 14.5% 14.2% HI HI H HI Q2 22 Q1 23 Q2 23 Q2 22 WELL CAPITALIZED 5.0% Q1 23 Q2 23 Q2 22 WELL CAPITALIZED 6.5% Q1 23 Q2 23 Q2 22 Q1 23 Q2 23 WELL CAPITALIZED WELL CAPITALIZED 8.0% 10.0% Book Value Per Common Share1 Tangible Book Value Per Common Share 1,2 Capital Ratios (at 6/30/23) $25.31 +5% $26.24 +8% $26.59 +1% $14.07 $14.88 $15.17 +2% Q2 22 Q1 23 Q2 23 Q2 22 Q1 23 Q2 23 $5 (1) Q2 23 data as of June 30, 2023, Q1 23 data as of March 31, 2023, and Q2 22 data as of June 30, 2022 (2) Non-GAAP measure that management believes aids in the discussion of results. See Appendix for Non-GAAP reconciliation (3) Market conditions and our capital needs will drive the decisions regarding additional, future stock repurchases CET 1 Capital Ratio 11.9% Equity to Assets 12.0% 3 CET 1 Capital Ratio, Including AOCI² 9.7% Tangible Common Equity Ratio² 7.2% Share Repurchase Program ³ (activity in Q2 23) 1.1 million shares repurchased • $20M total cost of shares repurchased • $17.75 weighted average price $60M remaining share authorization 17#18Simmons First National Corporation Simmons Bank Loan Portfolio#19Loan Portfolio: Solid growth that was geographically widespread Loan Portfolio Waterfall $ in millions +2% $4,719 $16,555 $16,834 $(4,440) Funded loan /advances Paydowns/ payoffs Linked Quarter Loan Growth $ in millions Total Loans RE Commercial RE Construction Commercial Total loans at 3/31/23 Unfunded Commitments $ in millions RE Single Family Consumer & Other Agricultural Total loans at 6/30/23 Mortgage Warehouse / PPP $5,138 $5,000 $4,473 $4,725 $4,443 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 $ PPP Paycheck Protection Program 82% variable rate .73% tied to Prime . 27% tied to SOFR $25 $154 $(99) $43 $34 $60 $62 $279 Loan Portfolio Highlights Well diversified growth by type and geographic market Expect loan growth to moderate throughout the year given current economic forecasts and as unfunded commitments draw down Highly focused on maintaining conservative underwriting standards and structure guidelines while emphasizing prudent pricing discipline Office portfolio (non-owner occupied) represents 5% of total loan portfolio (6% at end of Q1); granular portfolio with average loan size of $2.1 million and average LTV less than 49% 19#20Loan Portfolio: Well-diversified, granular portfolio with no significant concentrations Office Portfolio (non-owner occupied) - Loan Portfolio – Geographic diversification By State By State Key Statistics NPL Ratio 2% 5% 17% 32% 10% $16.4B1 At 6/30/23 0.00% 16% 2% 3% Past Due 30+ Days 0.01% 44% Average Loan Size $2.3M 10% $0.9B Median Loan Size $0.5M Number of Loans <$1M 65% 12% Average LTV 48.9% 13% Weighted Average LTV 56.2% ■ Texas Arkansas Tennessee Missouri Oklahoma Kansas ▪ Other 18% 16% Retail (non-owner occupied) By State Key Statistics At 6/30/23 NPL Ratio 0.00% ■ Texas ■ Arkansas ■ Tennessee ■ Missouri ■ Oklahoma ■ Kansas ■ Other 16% 6% 46% 9% $1.1B Past Due 30+ Days 0.00% Average Loan Size $1.9M Median Loan Size $0.9M Top 10 MSAs Dallas-Plano-Irving Houston-Sugarland-Baytown % of Total Loans1 Number of Loans <$1M 52% 11% Average LTV 51.0% 9.9% 12% Weighted Average LTV 59.0% 8.2% ■ Texas ■ Arkansas ■ Tennessee ■ Missouri ■ Oklahoma ■ Other Memphis 6.0% Construction-Land Development Key Statistics At 6/30/23 Nashville-Davidson-Murfreesboro 5.8% By State NPL Ratio 0.11% Little Rock-North Little Rock-Conway 5.5% 23% Past Due 30+ Days 0.04% Fort Worth-Arlington 5.2% 43% Average Loan Size $1.1M St. Louis 3.7% 3% 3% $2.9B Median Loan Size $0.3M Fayetteville-Springdale-Rogers 3.3% 4% Number of Loans <$1M 78% Oklahoma City 2.3% 15% Average LTV 57.7% Jonesboro, AR 2.1% 9% Weighted Average LTV 59.7% ■Texas Arkansas Tennessee Missouri Oklahoma Kansas Other $ (1) Total loans excluding credit card portfolio and mortgage warehouse Data shown above as of June 30, 2023. 20 20#21Loan Pipelines: Reflects economic conditions and prudent credit underwriting standards Commercial Loan Pipeline by Category $ in millions ■Opportunity ■Proposal Ready to Close $3,015 Q2 23 Highlights Focused on maintaining prudent underwriting standards and pricing discipline given projections surrounding near- term future economic growth Proposal and opportunity pipelines reflects current economic environment and disciplined credit appetite Rate ready to close +62 bps on a linked quarter basis Mortgage loan originations in Q2 23: $2,314 $2,364 $1,114 $619 $776 $1,549 $1,077 $1,122 $929 $838 $552 $1,048 $270 $689 $542 $504 ■ $460 $274 84% purchase $252 16% refinance $167 $766 $750 $824 $455 $392 $292 $248 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Rate +62 Ready to 3.28% 3.43% 4.45% 5.84% 6.85% 7.32% 7.94% bps Close (1) Mortgage Loan Volume $ in millions $ ■Mortgage Closed Loan Volume ■Mortgage Pipeline Volume $108 $99 $58 $36 $32 $291 $21 $219 $223 $36 $183 $127 $152 $106 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 1 Rate ready to close represents the weighted average rate on commercial loans and does not include fees, including FAS 91 fees, associated with the commercial loan 21#22Simmons First National Corporation Simmons Bank Credit Quality#23Credit Quality: Remains at historically low-levels in the current environment Nonperforming loans / loans1 Strategic decision to de-risk certain elements of the loan portfolio through planned run-off of particular acquired non-relationship credits Nonperforming assets/total assets¹ Net charge-offs to average loans² Annual Quarterly Annual Quarterly 0.96% 0.81% 0.67% 0.65% 0.57% 0.43% 0.37% 0.37% 0.37% 0.38% Annual Quarterly 0.83% 0.64% 0.64% 0.55% 0.45% 0.31% 0.24% 0.21% 0.31% 0.23% 0.23% 0.23% 0.26% 0.28% 0.13% 0.09% 0.03% 0.04% 0.13% 0.00% 2017 2018 2019 2020 2021 2022 Q3 22 Q4 22 Q1 23 Q2 23 2017 2018 2019 2020 2021 2022 Q3 22 Q4 22 Q1 23 Q2 23 2017 2018 2019 2020 2021 2022 Q3 22 Q4 22 Q1 23 Q2 23 Annual Trend 6/30/23 3/31/23 Change NPL / Loans 0.43% 0.38% 5 bps Nonperforming Loans (in millions) $72.0 $63.7 $8.3 NPA / Assets 0.28% 0.26% 2 bps Nonperforming Assets (in millions) $76.9 $71.4 $5.5 Past Due 30+ Days / Loans 0.10% 0.15% (5) bps ☐ Net Charge-offs / Average Loans 0.04% 0.03% 1 bp NPL Coverage Ratio 292% 324% (32) bps ACL / Loans Total Loans (in millions) 1.25% $16,834 1.25% $16,555 $279 Key Highlights Increase in nonperforming loans was principally driven by a single, C&I relationship totaling $9.6 million Shortly after the end of the quarter, received $2.9 million initial payment on nonperforming relationship noted above 1 basis point of net charge offs, excluding credit card portfolio Credit card charge-offs reflects industry- wide trend albeit at lower levels Loans past due 30+ days down 5 bps on a linked quarter basis Credit card portfolio net charge-off ratio² 2.25% 1.86% 1.61% 1.64% 1.60% 1.69% 1.40% 1.44% 1.52% 1.30% Annual Quarterly 2017 2018 2019 2020 2021 2022 Q3 22 Q4 22 Q1 23 Q2 23 Key Credit Metrics: Average FICO Scores ■ Balance Weighted Average FICO Score ■ Line Utilization Credit metrics reflect strategic decision in 2019 to de-risk certain elements of acquired loan portfolios Source: S&P Global Market Intelligence 2017-2022 (1) As of December 31, for each respective year shown above; quarterly data as of the end of the quarter for each respective period $5 (2) Net charge-offs to average loans for the full-year for each respective year shown above; quarterly annualized data for each respective quarter 755 746 20% 23#24ACL: Reflects Moody's revised economic forecast ACL/ALLL1/Loans (%) and ACL/ALLL ($)² $ in millions Allowance for Credit Losses on Loans and Loan Coverage ACL ACL / Loans $ in millions $250 $225 1.71% 2.00% 1.52% 1.80% ACL as of 3/31/22 $ 178.9 1.49% 1.49% $200 1.85% 1.41% 1.60% 1.27% $175 1.40% Q2 22 Provision $150 1.20% 1.22% 1.25% 1.25% Day 2 CECL Provision (Spirit) 30.3 $125 1.00% $100 0.80% 0.46% Q2 22 Net Charge-Offs (0.7) $75 0.60% $50 0.40% Day 1 PCD Allowance (Spirit) 4.1 $25 $68 $220 $238 $205 $179 $213 $198 $197 $207 $210 0.20% $0 0.00% ACL as of 6/30/22 $ 212.6 1.41% 2019 1/1/20 2020 2021 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 CECL Adoption Q3 22 Recapture of Provision (15.9) Q3 22 Net Charge-Offs (0.2) ☐ ACL METHODOLOGY AS OF 6/30/23: Moody's June 2023 scenarios with management's weighting: Baseline (70%)/S1 (10%) / S3 (20%) ■ Total credit coverage / total commitments: 1.16% Day 1 PCD Allowance Adjustment (Spirit) 1.1 ACL as of 9/30/22 $ 197.6 1.27% Q4 22 Provision Reserve for Unfunded Commitments $ in millions Q4 22 Net Charge-Offs Day 1 PCD Allowance Adjustment (Spirit) (5.1) 4.5 ACL as of 12/31/22 $ 197.0 1.22% As of 6/30/22 As of 9/30/22 As of 12/31/22 As of 3/31/23 As of 6/30/23 Q1 23 Provision 10.9 Unfunded Commitments $4,473 $5,138 $5,000 $4,725 $4,443 Q1 23 Net Charge-Offs (1.3) Reserve for Unfunded Commitments $25.9 $41.9 $41.9 $41.9 $36.9 Provision for Unfunded Commitments $3.5 $16.0 $(5.0) Reserve Unfunded Balance 0.6% 0.8% 0.8% 0.9% 0.8% $5.0 million recapture of reserve for unfunded commitments in the quarter reflects decline in unfunded commitments ACL as of 3/31/23 $ 206.6 1.25% Q2 Provision 5.1 Q2 23 Net Charge-Offs (1.6) ACL as of 6/30/23 $ 210.0 1.25% Note: Numbers may not add due to rounding ACL Allowance for Credit Losses on Loans $5 (1) ALLL for 2017-2019 and ACL 2020-2023 (2) As of December 31, for each respective year shown above; quarterly data as of the end of the quarter for each respective period 24 24#25Breakout: Loan portfolio by category as of March 31, 2023 % of % of Balance Total Balance Total Classified $ Loans Loans as of June 30, 2023 Nonperforming Unfunded Commitment ACL % Unfunded Commitment Reserve $ in millions Total Loan Portfolio Consumer Credit Card 189 1% 210 1% 1 Consumer Other 143 1% 148 1% Real Estate Construction 2,777 17% 2,931 17% 9 Real Estate Commercial 7,521 45% 7,546 45% 105 Real Estate - Single-family 2,590 16% 2,633 16% 28 Commercial 2,661 16% 2,562 15% 35 29 PPP 8 7 Mortgage Warehouse 152 1% 215 1% Agriculture 221 1% 281 2% 3 Other 293 2% 301 2% Total Loan Portfolio 16,555 100% 16,834 100% 181 113222,22 3.1% 24 2.2% 0.5% 2,415 1.3% 1.3% 14 249 1.0% 0.5% 326 1.9% 0.4% 1,307 1.1% 0.1% 0.2% 121 0.9% 0.2% - 1 1.0% 0.2% 72 4,443 1.25% 0.8% Loan Concentration (Holding Company Level): C&D 92% CRE 263% 99% 273% Select Loan Categories (excluding PPP) Retail 1,465 9% 1,332 8% Nursing/Extended Care 338 2% 329 2% Healthcare 528 3% 553 3% Multifamily 1,130 7% 1,228 7% Hotel 793 5% 745 4% Restaurant 519 3% 520 3% NOO Office 962 6% 924 5% 622224 3 115 1.4% 1.5% - 4 0.7% 0.3% 9 1 162 0.6% 0.6% 16 1 902 0.9% 1.1% 52 5 67 2.1% 2.4% 1 41 1.0% 0.6% 92 2.2% 3.5% NOO Industrial Warehouse 1,211 7% 1,423 8% 527 0.2% 0.5% $ 25#26Simmons First National Corporation Q2 23 Key Takeaways Simmons Banks#27Q2 23 Key Takeaways $ 1 2 Extensive progress completed on Better Bank Initiative during the quarter. On track to meet or exceed estimated annual cost savings that have been identified to date by the end of 2023 Balance sheet optimization driven by disciplined loan growth and utilization of maturities from securities portfolio as a funding source. Deposit growth further reflects measures instituted to defend our core deposit franchise 3 Credit quality metrics continue to reflect our conservative risk profile and prudent underwriting standards. Allowance to loan ratio of 1.25%, net charge-off ratio of 4 basis points and nonperforming assets to total assets of 0.28% 4 Maintained strong capital and liquidity positions. Regulatory capital ratios significantly above "well-capitalized" guidelines and additional liquidity sources represent 2.3x uninsured deposits. Loan to deposit ratio ends the quarter at 75% 27#28Simmons First National Corporation Simmons Bank Appendix#29Digital: Digital solutions focused on expanding deposit gathering capabilities Customer Transactions by Channel ZelleⓇ Volume (transactions) +13% Digital +106% 69% Q2 22 +16% +13% +21% 72% +30% Q2 23 ■Branch Transactions Digital Transactions $5 Mobile Deposit Dollars +5% Q2 22 Q2 23 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 ✓ Remote deposits Avg Balance per Mobile Account Q2 22 +5% Simmons Bank HEMBER POIC Dashboard Expanding Suite of Digital Solutions Messages ze your elect the Accounts card's Transfers Open a new account Support NS $0.00 Balance Info Q2 2021 Q3 2021 Q3 2022 Q4 2022 Q1 2023 CDs & Money Market Further expanded digital deposit account offerings to include CDs and Money Market accounts. Current customers can open an account simply by clicking "Open an account" Credit Score Manager Complimentary feature that allows customers to view their credit score, gain insight into the different factors that contribute to their score and run simulations Coin Savings By bundling a Coin Checking account with a Coin Savings account, customer can earn a higher interest rate 1 Zelle Allows customers to quickly and easily send, receive and request money with friends and family right from Simmons Bank Mobile and Online Banking Simmons Coin Checking Bank's first digital account origination solution Q2 23 NS Nate Zelle and Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license (1) Certain terms and conditions apply and can be found on our website at https://www.simmonsbank.com/personal/checking/coin-checking 29#30Non-GAAP Reconciliations $ in thousands, except per share data Calculation of Adjusted Earnings Net Income Certain items Merger related costs Branch right sizing, net Day 2 CECL provision Donation to Simmons First Foundation Loss from early retirement of TruPS Gain on sale of intellectual property Gain on insurance settlement Early retirement program Tax effect(¹) Certain items, net of tax Q2 Q3 Q4 Q1 Q2 2022 2022 2022 2023 2023 $ 27,454 $ 80,603 $ 83,260 $ 45,589 $ 58,314 19,133 1,422 35 380 1,235 1,104 1,396 979 19 95 33,779 1,738 365 (750) (4,074) 3,609 (14,382) (594) 768 (621) (972) 40,648 1,678 (2,167) 1,754 2,751 68,102 82,281 81,093 47,343 $ 61,065 Adjusted earnings (non-GAAP) Calculation of Earnings and Adjusted Earnings per Diluted Share Net Income $ 27,454 $ 80,603 $ 83,260 $ 45,589 $ 58,314 Less: Preferred stock dividend Earnings available to common shareholders Diluted earnings per share $ 27,454 0.21 $ 80,603 83,260 45,589 $ 0.63 0.65 $ 0.36 58,314 0.46 Adjusted earnings (non-GAAP) $ 68,102 $ 82,281 $ 81,093 $ 47,343 $ 61,065 Less: Preferred stock dividend Adjusted earnings available to common shareholders (non-GAAP) 68,102 $ 82,281 $ 81,093 $ 47,343 61,065 Adjusted diluted earnings per share (non-GAAP) $ 0.53 $ 0.64 $ 0.64 $ 0.37 $ 0.48 (1) Effective tax rate of 26.135% $ 30#31Non-GAAP Reconciliations $ in thousands Calculation of Pre-Provision Net Revenue (PPNR) Net interest income Noninterest income Less: Gain (loss) on sale of securities Less: Noninterest expense Pre-Provision Net Revenue (PPNR) (non-GAAP) Calculation of Adjusted Pre-Provision Net Revenue Pre-Provision Net Revenue (PPNR) (non-GAAP) Plus: Merger related costs Plus: Branch right sizing costs, net Plus: Loss from early retirement of TruPS Plus: Donation to Simmons First Foundation Plus: Early Retirement Program Less: Gain on sale of intellectual property Less: Gain on insurance settlement Adjusted Pre-Provision Net Revenue (non-GAAP) Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 $ 185,099 $ 193,585 $ 193,026 $ 40,178 43,023 44,647 177,835 45,835 $ 163,230 44,980 (150) (22) (52) (391) 156,813 138,943 142,575 143,228 139,696 $ 68,614 $ 97,687 $ 95,150 $ 80,442 $ 68,905 $ 68,614 $ 97,687 $ 95,150 $ 19,133 1,422 35 380 1,235 1,104 80,442 1,396 979 $ 68,905 19 95 365 1,738 (750) 3,609 (4,074) $ 89,865 $ 99,959 $ 92,215 $ 82,817 $ 72,628 Calculation of Book Value and Tangible Book Value per Share Total common stockholders' equity $ 3,259,895 $ 3,157,151 $ 3,269,362 $ 3,339,901 $ 3,356,326 Intangible assets: (1,310,528) (137,285) (1,447,813) (1,309,000) (1,319,598) (133,059) (1,442,059) (128,951) (1,448,549) (1,320,799) (124,854) (1,445,653) (1,320,799) (120,758) (1,441,557) $ 1,715,092 $ 1,820,813 $ 1,894,248 128,787,764 126,943,467 127,046,654 127,282,192 $ 1,914,769 126,224,707 $ 25.31 $ 24.87 $ 25.73 $ 26.24 $ 26.59 $ 14.07 $ 13.51 $ 14.33 $ 14.88 $ 15.17 Goodwill Other intangible assets Total intangible assets Tangible common stockholders' equity (non-GAAP) Shares of common stock outstanding Book value per common share Tangible book value per common share (non-GAAP) $ 1,812,082 $5 31#32Non-GAAP Reconciliations $ in thousands, except number of employees (FTE) Calculation of Total Revenue Excluding Securities Gain (Loss) and Adjusted Total Revenue Q2 Q3 2022 2022 Q4 2022 Q1 2023 Q2 2023 Net Interest Income (GAAP) $ Noninterest Income (GAAP) Total Revenue Less: Gain (loss) on sales of securities 185,099 40,178 225,277 $ Total Revenue, excluding securities gain (loss) (non-GAAP) $ (150) 225,427 193,585 43,023 236,608 (22) $ $ 236,630 $ 193,026 44,647 237,673 (52) 237,725 $ 177,835 45,835 223,670 $ 163,230 44,980 208,210 (391) $ 223,670 $ 208,601 Total Revenue, excluding securities gain (loss) (non-GAAP) $ Less: Branch right sizing income 225,427 (88) $ 236,630 $ 237,725 $ 223,670 $ 208,601 (65) Less: Gain on sale of intellectual property 750 Less: Loss from early retirement of TruPS Less: Gain on insurance settlement Adjusted Total Revenue (non-GAAP) Employees (FTE) Total Revenue per Employee (FTE) (365) $ 225,515 $ 236,310 $ 4,074 233,651 $ 223,670 $ 208,601 3,233 3,206 3,236 3,189 3,066 $ 69.68 $ 73.80 $ 73.45 $ 70.14 $ 67.91 Adjusted Total Revenue per Employee (FTE) $ 69.75 $ 73.71 $ 72.20 $ 70.14 $ 68.04 Calculation of Adjusted Noninterest Income and Adjusted Noninterest Income Excluding Securities Gain (Loss) Noninterest Income (GAAP) $ Less: Branch right sizing income Less: Gain on sale of intellectual property Less: Loss from early retirement of TruPS Less: Gain on insurances settlement Adjusted Noninterest Income (non-GAAP) 40,178 (88) $ 43,023 $ 44,647 $ 45,835 $ 44,980 (65) 750 (365) 4,074 $ 40,266 $ 42,703 $ 40,573 $ 45,835 $ 44,980 Adjusted Noninterest Income (non-GAAP) $ 40,266 $ 42,703 $ 40,573 $ 40,835 $ 44,980 Less: Gain (loss) on sale of securities (150) (22) (52) (391) Adjusted Noninterest Income, excluding securities gains (losses) (non-GAAP) $ 40,416 $ 42,725 $ 40,625 $ 40,835 $ 45,371 FTE Full time equivalent $ 32#33Non-GAAP Reconciliations $ in thousands Calculation of Noninterest Income to Total Revenue Noninterest Income to Total Revenue Adjusted Noninterest Income, excluding securities gain (loss) to Adjusted Total Revenue (non-GAAP) (reconciliation shown on page 33) Noninterest Income per Employee Adjusted Noninterest Income per Employee (FTE) Calculation of Adjusted Noninterest Expense Noninterest Expense (GAAP) Less: Merger related costs Less: Branch right sizing expense Less: Donation to Simmons First Foundation Less: Early Retirement Program Adjusted Noninterest Expense (non-GAAP) Calculation of Noninterest Expense to Average Assets Average total assets Noninterest expense to average total assets Adjusted noninterest expense to average assets (non-GAAP) FTE Full time equivalent $ Q2 Q3 Q4 2022 2022 2022 Q1 2023 Q2 2023 17.83% 18.18% 18.79% 20.49% 21.60% 17.92% 18.08% 17.39% 20.49% 21.75% $ 12.43 $ 13.42 $ 13.80 $ 14.37 $ 14.67 $ 12.50 $ 13.33 $ 12.55 $ 14.37 $ 14.80 $ 156,813 $ 19,133 292 138,943 1,422 1,170 $ 142,575 $ 35 1,104 143,228 1,396 979 $ 139,696 19 95 1,738 3,609 $ 135,650 $ 136,351 $ 141,436 $ 140,853 $ 135,973 $ 26,769,032 $ 26,868,731 $ 27,180,575 $ 27,488,732 2.34% 2.07% 2.10% 2.11% 2.03% 2.03% 2.08% 2.08% $ 27,766,139 2.02% 1.96% 33