#1First Simmons Corporation | NASDAQ: SFNC Contents Simmons Bank 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 167 Residence lun#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," "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-GAAP Financial 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. $ 2#3LOAN PORTFOLIO AND ASSET QUALITY $ 3#4Loans - Including PPP Loans as of December 31, 2019 as of December 31, 2020 % of % of Balance Total Balance Total Classified Non- performing $ in millions Loans Loans $ ACL % Unfunded Unfunded Commitment Commitment 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 CRE 98% 293% 68% 241% Select Loan Categories Retail 1,458 10% 1,243 10% 24 Nursing/Extended Care 444 3% 445 3% 2 Healthcare 561 4% 588 5% 12 Multifamily 975 7% 764 6% 22 Hotel 981 7% 969 8% 147 Restaurant 445 3% 496 4% 2 31214- 3.8% 91 0.9% 55 0.7% 69 1.1% 73 6.2% 30 3.5% 10 Energy Loans Upstream 322 2% 198 2% 49 31 10.2% Midstream 127 1% 35 0% 17 17 14.6% Services 18 0% 14 0% 1 1 0.5% Total Energy 467 3% 247 2% 67 49 10.0% 3535 61 $ 4#5Loans - Excluding PPP Loans as of December 31, 2019 as of December 31, 2020 % of % of Balance Total Balance Total Classified Non- performing $ in millions Loans Loans $ ACL % Unfunded Unfunded Commitment Commitment Reserve Total Loan Portfolio Consumer Credit Card 205 1% 180 2% 4.1% Consumer Other 250 2% 211 2% 1 1 1.9% 17 Real Estate Construction 2,237 16% 1,596 13% 22 4 2.8% 669 Real Estate Commercial 6,206 43% 5,747 48% 222 24 2.3% 185 Real Estate - Single-family 2,442 17% 1,881 16% 36 31 0.5% 220 Commercial 2,495 17% 1,669 14% 92 66 2.4% 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% 11,996 100% 391 127 1.98% 2,051 1.1% Loan Concentration: C&D CRE 98% 293% 68% 241% Select Loan Categories Retail 1,458 10% 1,211 10% 24 3 3.8% 91 Nursing/Extended Care 444 3% 427 4% 2 1.0% 55 Healthcare 561 4% 470 4% 12 2 0.8% 69 Multifamily 975 7% 762 6% 22 1 1.1% 73 Hotel 981 7% 948 8% 147 4 6.2% 30 Restaurant 445 3% 385 3% 2 1 3.7% 10 Energy Loans Upstream 322 2% 184 2% 49 31 10.5% Midstream 127 1% 35 0% 17 17 14.8% Services 18 0% 11 0% 1 1 0.7% Total Energy 467 3% 230 2% 67 49 10.7% 3531 61 $ 5#6Loan Pipeline Trend by Category (1) $ in millions $1,800 $1,697 $1,600 5.10% $1,400 $1,200 4.70% $347 6.00% 5.00% $1,152 4.37% 4.00% 4.12% 4.10% $341 $1,000 $291 $800 $600 $400 $200 $220 $674 3.00% 2.00% $177 $381 $374 $72 $70 $250 1.00% $90 $112 $1,009 $641 $219 $192 $247 $0 0.00% Q419 Q120 Q220 Q320 Q420 Opportunity Proposal Ready to Close Rate Ready to Close (1) Quarterly amounts adjusted for branches sold in South Texas and Colorado during 2020. $ 6#7COVID-19 Loan Modifications as of January 14, 2021 COVID-19 Loan Modification Update The majority of COVID-19 loan modifications are projected to return to regular payments prior to end of Q3 2021. All risk ratings reviewed and adjusted as needed on all COVID-19 modified loans, and any impact is reflected within the Asset Quality performance. Management focus is on loans that received multiple rounds of COVID-19 loan modifications AND are categorized internally as likely to need further payment assistance. 32 loans totaling $89,000,000 . 5 hotel projects totaling $64,000,000 1 senior/independent living complex totaling $17,000,000 Continuous monitoring of COVID-19 modified loans as well as timely communications with clients are key objectives. $ 7#8PPP Loans PPP Round 1 Summary PPP Loans are assigned a risk weighting of zero percent Average loan amount $119,000 Smallest loan amount $195 Loan yield 2.74% for fourth quarter 2020 (includes amortization of SBA fee income net of expenses) Forgiveness process in place Original Balance # of 12/31/20 Balance Loans Loan Balance ($ in millions) ($ in millions) $50,000 or less $ 95 5,220 64% $ 91 Over $50,000 to $350,000 305 2,445 30% 285 $350,000 to Less than $2 million 358 481 6% 315 $2 to $10 Million 218 62 1% 213 Total $ 976 8,208 100% $ 905 $ PPP Round 2 System and process in place for Round 2 of PPP Funding started in January 2021 U.S. Small Business SBA Administration Paycheck Protection Program An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID- 19) crisis. 8#9Credit Quality $ in millions Non-performing Loans / Loans ASSET QUALTY TRENDS ACL/ALLL (1) / Loans (%) and ACL/ALLL ($) 3.33% 1.85% 3.50% $250 2.00% $225 1.80% 3.00% $200 1.60% 2.50% 2.50% $175 1.14% 1.40% 2.00% 1.68% 1.44% $150 1.05% 1.20% $125 1.00% 1.50% 0.96% $100 0.81% 1.00% 0.67% 0.65% $75 0.63% 0.66% 0.48% 0.46% 0.39% 0.80% 0.60% $50 0.40% 0.50% $25 $27 $29 $31 $36 $42 $57 $68 $238 0.20% 0.00% $0 0.00% 2013 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020 Non-performing Assets / Assets Quarterly Trend 9/30/20 12/31/20 Change NPL / Loans 1.20% 0.96% 3.78% (0.24%) 4.00% 3.50% Non-performing Loans $168.5 $123.3 ($45.2) 3.00% NPA/Assets 0.85% 0.64% 2.50% 2.00% 2.71% 1.54% 1.45% (0.21%) Non-performing Assets $183.1 $143.7 ($39.4) Past Due 30+ Days / Loans 0.13% 0.21% 0.08% 1.50% 0.83% 1.00% 0.64% 0.55% 0.64% Net Charge-offs (2) / Loans (YTD) 0.43% 0.45% 0.02% 0.50% 0.00% Credit Card Portfolio Net Charge-off Ratio (QTD) 1.26% 1.20% (0.06%) 2013 2014 2015 2016 2017 2018 2019 2020 ACL / Loans 1.77% 1.85% 0.08% Source: S&P Global Market Intelligence 2013-2020 (which metrics are as of December 31 of the relevant year) ALLL for 2013 - 2019 and ACL 12/31/20. $ (1) (2) YTD annualized net charge-offs. 9#10Allowance for Credit Losses (ACL) $ in millions Allowance for Loan Losses and Loan Coverage Total ALLL or ACL Loan Discount Loan Coverage ACL (ALLL)/ Loans ACL (ALLL)/ Loans excluding PPP (1) ALLL as of 12/31/19 $ 68.2 $ 87.3 $ 155.5 0.47% 0.47% CECL Day 1 Adoption Impact 151.4 (87.3) 64.1 ACL as of 01/01/20 Q1-20 Provision, net of charge-offs ACL as of 03/31/20 $ 219.6 $ 0 $ 219.6 1.52% 1.52% 23.6 23.6 $ 243.2 $ 0 $ 243.2 1.69% 1.69% Q2-20 Provision 26.7 26.7 Q2-20 Net charge-offs ACL as of 06/30/20 Q3-20 Provision Q3-20 Net charge-offs ACL as of 09/30/20 (38.2) (38.2) $ 231.6 $ 0 $ 231.6 1.59% 1.70% 22.3 22.3 (5.7) (5.7) $ 248.3 $ 0 $ 248.3 1.77% 1.90% Q4-20 Provision 7.3 7.3 Q4-20 Net charge-offs ACL as of 12/31/20 (17.5) (17.5) $ 238.0 $ 0 $ 238.0 1.85% 1.98% Reserve for Unfunded Commitments as of 12/31/20 ACL Methodology as of 12/31/20: Quantitative allocation: 0.81% Moody's December 2020 scenarios with management's weighting: S1 (17%) / Baseline (68%) / S2 (15%) ☐ Qualitative allocation: 1.04% ☐ $136MM in individually assessed loans with related reserves of $15MM Total ACL / Loans: 1.85% as of 03/31/20 as of 06/30/20 as of 09/30/20 Unfunded Commitments $2,765 $2,616 $2.344 $2,051 Reserve $29.4 $24.4 $24.4 $22.4 Reserve/Unfunded Balance 1.1% 0.9% 1.0% 1.1% CECL = Current Expected Credit Losses methodology for estimating ACL ACL = Allowance for Credit Losses on Loans $ PCD Purchased Credit-Deteriorated Financial Assets (1) Figures excluding PPP loans are non-GAAP measurements. See Appendix for non-GAAP reconciliations. 10#11CAPITAL, DEPOSITS, LIQUDITY AND INVESTMENTS $ 11#12Regulatory Capital Ratios TIER 1 LEVERAGE RATIO (1) 12.0% 11.0% 11.0% 10.0% 9.0% 9.6% 9.2% 9.1% 8.8% 8.0% 7.0% 6.0% 5.0% 4.0% 2016 2017 2018 2019 2020 16.0% TIER 1 RISK-BASED CAPITAL RATIO(1) CET1 CAPITAL RATIO(1) 14.0% 9.5% Excluding PPP Loans (2) 13.0% 13.5% 13.4% 12.0% 11.0% 10.9% 10.0% 10.2% 9.0% 9.8% 8.0% 7.0% WELL 6.0% CAPITALIZED 5.0% 5.0% 4.0% 2016 2017 2018 2019 2020 6.0% 10.2% 9.8% 8.0% 10.0% 12.0% 14.0% 14.5% יוון 10.9% 13.4% 4.0% 2016 2017 2018 2019 2020 (1) As of December 31. 18.0% 16.0% 15.1% 14.0% 12.0% WELL 10.0% CAPITALIZED 8.0% 8.0% 6.0% TOTAL RISK-BASED CAPITAL RATIO(1) 11.4% 13.7% 13.4% 16.8% 4.0% 2016 2017 2018 2019 2020 $ (2) Figures excluding PPP loans are non-GAAP measurements. See Appendix for non-GAAP reconciliations. WELL CAPITALIZED 6.5% WELL CAPITALIZED 10.0% 12#13Stock Repurchase Program 5 ☐ ☐ 1) $ in millions Summary of stock repurchases since reinitiating program in Q4 2019: - $123 million - - 6.3 million shares or about 5.5% of outstanding Average price $19.45 $56.5 million remaining under current plan REPUCHASE BY QUARTER (1) $100.0 $90.0 $93.3 $80.0 $70.0 $60.0 $50.0 $40.0 Suspended Plan $30.0 $20.0 $20.0 $10.0 $10.1 $0.0 $0.0 $0.0 Q419 Q120 Q220 Q320 Q420 13#14Book Value & Tangible Book Value $3,000 $2,750 BOOK VALUE ($ IN MILLIONS) (1) $2,500 $2,250 $2,246 $2,000 $2,085 $1,750 $1,500 $1,250 $1,000 $1,151 $750 $500 2016 2017 2018 BOOK VALUE PER SHARE (1) $2,000 $2,988 $2,976 $1,750 $1,500 $1,250 $1,000 TANGIBLE BOOK VALUE ($ IN MILLIONS)(1)(2) $750 $750 $500 2019 2020 2016 $1,309 $1,136 2017 2018 $1,805 $1,789 2019 2020 TANGIBLE BOOK VALUE PER SHARE(1)(2) $28.00 $26.00 $24.00 $22.00 $20.00 $27.53 $26.30 $18.00 $24.33 $22.65 $16.00 $20.00 $16.56 $15.89 $18.00 $18.40 $14.00 $14.18 $16.00 $14.00 $12.00 $12.34 $11.98 $12.00 $10.00 $10.00 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 (1) As of December 31. $5 (2) Figures based on tangible book value (which excludes goodwill and other intangible assets) are non-GAAP measurements. See Appendix for non-GAAP reconciliations. 14#15Deposits $ in billions Deposit Composition $17.5 1.09% 1.07% 1.02% $16.1 $15.6 $15.0 0.94% $13.5 $13.5 $12.0 $12.5 $10.0 $7.5 $5.0 0.80% $16.6 $740 million increase $16.2 1.15% $17.0 1.05% 0.95% 0.85% 0.75% 0.65% 0.55% 0.45% $2.5 0.44% 0.35% 0.39% 0.34% $0.0 0.25% Q119 Q219 Q319 Q419 Q120 Q220 Q320 Q420 Non-interest Bearing Interest Bearing Transactions Time Deposits Cost of Deposits Interest Bearing Deposit Repricing $ Interest Rates - In March 2020, the Fed reduced the Fed Funds target rate by 150 basis points. Interest Bearing Transaction Deposits – Rates were lowered during the latter part of the first quarter. Time Deposits - Rates were lowered during the latter part of the first quarter. Based on maturities, we expect there will be a continued lag in the impact to interest expense. 15#16Liquidity " Approximately $3.5 billion in Cash and Cash Equivalents as of 12/31/20 Intentionally increased cash position in Q1 In Q1, sold investment securities when the 10YR TSY was near historic lows Approximately $900 million increase in deposits since 12/31/19 Over $5 billion available in secondary borrowing sources of liquidity as of quarter end Substantial access to brokered deposits Loan/Deposit Ratio of 76% as of 12/31/20 (71% excluding PPP loans (1)) Cash and Cash Equivalents (In millions) Loans/Deposits $4,000 $3,500 $3,000 $2,545 $2,522 $2,500 $2,000 $1,737 100% 98% 97% 97% $3,472 95% 90% 85% 92% 90% 88% 86% $1,500 $997 80% $1,000 76% $655 $491 $530 75% $500 $0 70% Q119 Q219 Q319 Q419 Q120 Q220 Q320 Q420 Q119 Q219 Q319 Q419 Q120 Q220 Q320 Q420 F (1) Figures excluding PPP loans are non-GAAP measurements. See Appendix for non-GAAP reconciliations. 16#17Investment Security Portfolio $ in millions Strategy In Q120, sold $1 billion of investment securities to: - De-risk the balance sheet Create liquidity Recognize gains of over $30 million Increase capital In Q320, sold $500 million of investment securities Projected calls for the next 12-18 months and realized gains Recognized gains of over $22 million Expect to increase the security portfolio to over $5 billion in 2021 $ Purchased $1.2 billion during Q420 using a “Barbell Strategy" Balance Yield Duration in Years Treasury/Agency $ 10 0.95% 0.1 MBS 570 1.43% 7.9 Municipal 608 2.76% 8.5 Corporate 31 3.92% 4.4 Total $1,219 2.15% 8.0 Investment Portfolio Summary as of December 31, 2020 Duration Gain Balance Yield AFS HTM in Years (Loss) Treasury/Agency $ 407 1.70% 4.6 $0 100% 0% MBS 1,353 1.29% 2.3 18 98% 2% Municipal 1,785 3.19% 7.0 63 82% 18% Corporate 126 4.69% 3.8 2 99% 1% Other 136 1.66% 1.9 2 100% 0% Total $3,807 2.34% 4.8 $ 85 91% 9% 17#184th Quarter 2020 Earnings Highlights $ 18#19Financial Highlights QUARTERLY RESULTS $ IN MILLIONS, EXCEPT PER SHARE DATA GAAP Results Non-Core Items Non-GAAP Core Results Q3 2020 EARNINGS Q4 2020 EARNINGS CHANGE % Q3 2020 DILUTED EPS Q4 2020 DILUTED EPS CHANGE % $ 65.89 $ 52.96 $ (12.93) 2.45' 9.02 1 6.57 (19.6%) 268.2% $ 0.60 $ 0.49 $ (0.11) (18.3%) 0.03 0.08 0.05 166.7% $ 68.34 1 $ 61.98 $ (6.36) (9.3%) $ 0.63 $ 0.57 $ (0.06) (9.5%) I I GAAP Results ROA Core ROA ROACE Core ROACE ROTCE Core ROTCE Efficiency Ratio (1) NIM Core NIM YTD RESULTS (as of December 31) $ IN MILLIONS, EXCEPT PER SHARE DATA Non-Core Items Non-GAAP Core Results ROA Core ROA ROACE 1.20% ' 0.96% I 1.25% I 1.13% 1 8.91% I 7.13% 9.24% I 8.34% I 15.45% 16.00% 12.48% I 14.51% I 54.12% 55.27% I 3.21% 1 3.22% 1 | | 3.02% i 3.04% i 2019 2020 CHANGE EARNINGS EARNINGS % $ 237.83 $ 254.85 $ 17.02 7.2% $ 2019 DILUTED EPS 2.41 2020 DILUTED EPS CHANGE % 2.31 $ (0.10) (4.1%) 31.74' 9.45' (22.29) (70.2%) 0.32 0.09 (0.23) (71.9%) + 269.57 I $ 264.30 $ (5.27) (2.0%) $ 2.73 $ 2.40 $ (0.33) (12.1%) I I 1.33% ' 1.18% ' I Core ROACE ROTCE Core ROTCE Efficiency Ratio (1) 1.51% I 9.93% 11.25% ' 17.99% I 20.31% 50.33% ' I I | 1.22% I 8.72% 9.05% ' 15.25% I I I 15.79% I NIM Core NIM 3.85% 1 3.59% 54.66% ' 3.38% 1 3.16% I I $ (1) Note: Core figures (excluding Core NIM) exclude non-core income and expense items (e.g., early retirement program costs, gain on sale of banking operations, merger related costs and branch right-sizing costs). Core NIM excludes purchase accounting interest accretion. Core figures, as well as figures based on tangible common equity (which excludes goodwill and other intangible assets), are non-GAAP measurements. See Appendix for non-GAAP reconciliations. 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. See Appendix for non-GAAP reconciliations. 19#202020 Financial Highlights As of and for the year ended December 31, 2020 SELECTED HIGHLIGHTS(1)(2) NON-CORE ITEMS ■ Total Assets of $22.4 billion, Loans were $12.9 billion and Deposits were $17.0 billion ■ ROAA of 1.18% and Core ROAA of 1.22% Efficiency Ratio of 54.66% ■ ROACE of 8.72% and Core ROACE of 9.05% ☐ ROTCE of 15.25% and Core ROTCE of 15.79% ■ NIM of 3.38% and Core NIM of 3.16% ■ Diluted EPS of $2.31 and Core Diluted EPS of $2.40 ◉ ■ Construction & Development concentration was 68% CRE concentration was 241%, down from a high of 333% at the end of the second quarter of 2019 ◉ Equity to asset ratio of 13.3% and tangible common equity to tangible asset ratio of 8.5% ■ Book value per share of $27.53, an increase of 4.7% compared to the same date in 2019 ◉ ■ Tangible book value per share of $16.56, an increase of 4.2% compared to the same date in 2019 Since October 17, 2019, the Company has repurchased approximately 6.3 million shares at a weighted average price of $19.45 ■ Gain on sale of branches, merger-related, early retirement program and branch right-sizing costs of $12.8 million pre-tax and $9.4 million after-tax $ (1) (2) Core figures (excluding Core NIM) exclude non-core income and expense items (e.g., early retirement program costs, gain on sale of branches, merger related costs and branch right-sizing costs). Core NIM excludes purchase accounting interest accretion. Core figures, as well as figures based on tangible common equity (which excludes goodwill and other intangible assets), are non-GAAP measurements. See Appendix for non-GAAP reconciliations. 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. See Appendix for non-GAAP reconciliations. 20#21Net Interest Income $ in millions 2019 2020 2021 SCHEDULED ACCRETION Q4 Q1 Q2 Q3 Q4 Loan Yield(1) 5.43% 5.19% 4.84% 4.54% 4.74% Q1 (Estimated) $3.4 Core Loan Yield (1)(2) 5.00% 4.86% 4.52% 4.29% 4.47% Security Yield(1) 2.73% 2.63% 2.50% 2.60% 2.48% Q2 (Estimated) $3.2 Cost of Interest Bearing Deposits 1.22% 1.03% 0.59% 0.54% 0.47% Cost of Deposits 0.94% 0.80% 0.44% 0.39% 0.34% Q3 (Estimated) $3.0 Cost of Borrowed Funds 2.30% 2.06% 1.84% 1.85% 1.88% Net Interest Margin (1) 3.78% 3.68% 3.42% 3.21% Q4 (Estimated) $2.8 3.22% Core Net Interest Margin (1)(2) 3.44% 3.42% 3.18% 3.02% 3.04% FY21 (Estimated) $12.4 Fed Funds Target Rate 1.75% 0.25% 0.25% 0.25% 0.25% $120 $112 $114 HISTORICAL LOAN DISCOUNT BALANCE & ACCRETION INCOME $100 $80 $60 $40 $20 $77 LLL $17 $89 $56 $46 $40 $38 $36 $28 $24 $87 $49 $41 $40 $42 $35 2012 2013 2014 2015 2016 2017 2018 2019 2020 Loan Discount Balance Accretion Income (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. See Appendix for non-GAAP reconciliations. 21#22Revenue $ Category Interest Income Interest Expense Net Interest Income Trust Revenue Service Charges Mortgage Revenue Debit and Credit Card fees Gain on Sale of Securities Other income Q4-20 Linked Quarter Change Down $0.6 million Primarily driven by lower loan volume, which was mostly offset by a $900 million increase in the security portfolio. Down $2.0 million Cost of deposits declined by 5 basis points, primarily driven by time deposit repricing. Up $1.4 million Driven by lower cost of deposits. Down $0.2 million Up $0.4 million Increase was primarily due to fourth quarter seasonal increase. Down $11.0 million Mortgage loan volume declined in Q4, which resulted in lower revenue and a decrease in the fair value mandatory delivery adjustment. Down $0.1 million Merchant revenue down slightly from Q320. Down $22.3 million No securities sold in Q420. Up $5.2 million Increase was primarily attributable to year-end adjustments in CRA related SBIC investment funds. Management's Outlook Management anticipates the following for 2021: 1) Organic loan growth in the mid single digits 2) PPP balances to be forgiven or paid-off by year-end 2021 3) Security portfolio balance to be $5 billion by year-end 2021 4) Stable loan rates 5) New security yields at lower rates Cost of deposits decreased 60 basis points from 12/31/19 to 12/31/20. Anticipate slight additional decline in Q121. Expect a slightly improving net interest income and NIM for Q121, as PPP loans are forgiven and the expected increase in the security portfolio. Anticipate flat Trust revenue for the first three quarters, until our new staff is onboard and productive. We expect the stimulus to lead to a reduction in services charges and we are providing relief to some overdraft fees. We would expect mortgage volume to decline throughout 2021. Anticipate modest increase for 2021. Management will continue to look for opportunities to maximize the value of the investment portfolio. Management expects other income to more closely track historical trends in 2021. 22#23Provision and Non-interest Expense Category Q4-20 Linked Quarter Change $ Provision Expense Management's Outlook We expect lower provisioning in 2021, subject to the following: 1. Loan Growth-expect mid single digit growth Down $16.0 million 2. Charge-off's - if not specifically reserved Provision expense was lower in Q420 due to an improvement in Moody's Economic Scenario Forecast, decline in loan portfolio and a decline in non-performing loans. 3. Moody's Economic Scenario Forecast: Management's weighting for Q4: • Moody's S1: 17% ⚫ Moody's Baseline: 68% . Moody's S2: 15% Salaries and Employee Benefits Occupancy Expense Other operating Expense Non-interest Expense Down $5.4 million Non-core-down $3.2 million from Q320 related to branch rightsizing and other non-core items. Core down $2.3 million, impact from efficiency initiatives and year-end accrual adjustments. Down $0.5 million Non-core-up $0.7 million related to branch rightsizing and other non-core items. Core - down $1.2 million, impact from efficiency initiatives. Up $15.0 million Non-core-up $10.3 million related to branch rightsizing. Core up $4.7 million, due to the special $3 million contribution to the Simmons First Foundation and timing differences in legal, audit and marketing expenses. $128.1 Million, up $9.2 million Non-core $12.5 million, up $8.8 million related to branch rightsizing and other non-core items. Core - $115.6 million, up $0.4 million. Expect increase in Q121 due to first quarter timing of payroll taxes and 401k expense. Expect occupancy expense for 2021 to be down as a result of the branch rightsizing initiative in 2020. Enhanced emphasis on efficiencies throughout the Company. We will continue to invest in our digital capacity. Anticipate quarterly run-rate of approximately $114-$116 million in Q1 and $112-$115 million for each other quarter in 2021. 23#24Branch Rightsizing Initiative Branch Closings Location Date Closed Number of One-time Charge Branches in millions Expected Annual Savings Landrum Feb. 6 $0.4 $0.6 < 1YR Branches 2020 June Various 11 $1.9 $2.4 < 1YR 2020 in millions Expected Earn Back Announced the closing or sale of 49 branches (20%) since 12/31/19 Number of Active Branches Oct. Various 23 $9.6 $6.7 < 1.4YR 2020 255 249 242 242 245 Branch Sales 235 227 225 Number of Gain on Location Date Sold Deposits Loans Sale 215 Branches in millions in millions in millions 204 200 205 South TX Feb. 2020 5 $140 $261 $5.9 195 Colorado May 2020 4 $63 $121 $2.2 185 175 Mar. 2021 Illinois 4 ~$140 ~$1 TBD Expected $ Q419 Q120 Q220 Q330 Q420 Q121 Expected Will continue to review other branch rightsizing opportunities 24#25Key Ratios Adjusted for PPP Loans As of and for the quarter ended December 31, 2020 Including PPP Loans Excluding PPP Loans (1) Loan yield 4.74% 4.89% Core Loan Yield 4.47% 4.60% Allowance for credit losses to total loans 1.85% 1.98% Stockholders' equity to total assets 13.31% 13.87% Tangible common equity to tangible assets 8.45% 8.83% Regulatory tier 1 leverage ratio 9.08% 9.50% Loans/Deposits 76% 71% (1) Figures excluding PPP loans are non-GAAP measurements. See Appendix for non-GAAP reconciliations. $ 25#26Performance Trends TOTAL ASSETS (1) ($ IN BILLIONS) $25.0 $23.0 $21.0 $19.0 $17.0 $15.0 $16.5 $15.1 $13.0 $11.0 $9.0 $7.0 $8.4 $5.0 2016 2017 2018 TOTAL LOANS & DEPOSITS(1) ($ IN BILLIONS) Loans Deposits $17.0 $16.1 $14.4 $12.9 $12.4 $11.7 $10.8 $11.1 $18.0 $22.4 $21.3 $16.5 $15.0 $13.5 $12.0 $10.5 $9.0 $7.5 $6.7 $5.6 $6.0 $4.5 $3.0 2019 2020 2016 2017 NON-INTEREST INCOME / REVENUE 35.0% 33.3% 33.2% 33.0% 31.0% 29.0% 27.0% 25.0% 23.0% 21.0% 19.0% 17.0% 15.0% 2016 28.1% 27.5% GAAP Core 20.7% 20.7% 60.0% 2018 EFFICIENCY RATIO(2) 2019 2020 55.0% 56.3% 55.3% 52.9% 50.3% 50.0% 28.0% 27.3% 25.4% 25.4% 45.0% 40.0% 35.0% 54.7% 30.0% 2017 2018 2019 2020 2016 2017 2018 2019 2020 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. See Appendix for non-GAAP reconciliations. (1) As of December 31. F (2) Note: Core figures exclude non-core income and expense items (e.g., early retirement program costs, gain on early retirement of trust preferred securities, gain on sale of branches, gain on sale of insurance lines of business, donation to the Simmons Foundation, one-time tax adjustment, merger related costs and branch right-sizing costs). Core figures are non-GAAP measurements. See Appendix for non-GAAP reconciliations. 26#27Performance Trends 1.50% 1.31% 1.30% 1.25% 1.10% 0.90% 0.70% 0.50% 2016 ROACE GAAP Core 0.92% 1.18% ROA ■GAAP Core 1.40% 1.37% 1.33% 2017 2018 2019 1.51% ROTCE GAAP Core 1.22% 1.18% 2020 23.00% 11.25% 21.00% 11.00% 10.21% 10.00% 9.93% 19.00% 20.31% 18.44% 18.81% 17.99% 9.17% 8.75% 9.00% 8.56% 9.05% 17.00% 15.25% 15.79% 8.72% 14.56% 14.28% 15.00% 13.92% 13.00% 11.26% 11.00% 7.00% 6.68% 9.00% 7.00% 5.00% 5.00% 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 $5 Note: Core figures exclude non-core income and expense items (e.g., early retirement program costs, gain on early retirement of trust preferred securities, gain on sale of branches, gain on sale of insurance lines of business, donation to the Simmons Foundation, one-time tax adjustment, merger related costs and branch right-sizing costs). Core figures, as well as figures based on tangible common equity (which excludes goodwill and other intangible assets), are non-GAAP measurements. See Appendix for non-GAAP reconciliations. 27#28Performance Trends $300 $250 $200 $150 $119 $97 $101 $93 $100 $50 2016 $3.00 $2.75 $2.50 $2.25 $2.00 $1.75 $1.64 $1.56 $1.50 $1.25 $1.00 $ 2016 2017 $1.33 $1.70 2017 NET INCOME ($ IN MILLIONS) GAAP CORE $270 $264 $255 $238 $216 $220 2018 DILUTED EPS (1) GAAP CORE $2.32 $2.37 $2.41 2018 2019 2020 2019 $2.73 $2.40 $2.31 2020 (1) Per share information has been adjusted to reflect the effects of the Company's two-for-one stock split, which occurred on February 8, 2018. Note: Core figures exclude non-core income and expense items (e.g., early retirement program costs, gain on early retirement of trust preferred securities, gain on sale of branches, gain on sale of insurance lines of business, donation to the Simmons Foundation, one-time tax adjustment, merger related costs and branch right-sizing costs). Core figures, as well as figures based on tangible common equity (which excludes goodwill and other intangible assets), are non-GAAP measurements. See Appendix for non-GAAP reconciliations. 28#29CORPORATE PROFILE AND COMPANY HIGHLIGHTS $ 29 29#30Company Profile (1) 1903 Simmons Bank Founded in Pine Bluff, Arkansas SFNC Ticker Symbol $2.8 Billion Market Cap (2) 13.42% CET1 Ratio 16.79% Total Risk-based Capital Ratio 1.85% Cheyenne NEBRASKA Fort Colins Denver Colorado Springs COLORADO Lincoln Omaha TOWA Lansing Rockford Detroit Cedar Rapids A E Sea Lake Chicago South Bend Des Moines Toledo Cleveland Fort Wayne OHIO ansas City Topeka KANSAS Jefferson City MISSOURI ILLINOIS Springfield Indianapolis INDIANA Columbus Louisville-Jefferson County Frankfort Charlesto Lexington Santa Fe OKLAHOMA Oklahoma City Memphimph Amarillo ACL / Loans NEW MEXICO Lubbock TEN ESSEE KENTUCKY Chattanooga Huntsville M Athens Augusta $22 Billion Total Assets 3.38% Net Interest Margin 204 Locations 7 States 3.1% Dividend Yield Fort Wort Abilene Maland Gudad Juárez TEXAS Waco Chihuahua Hidalgo d » dal Paral COAHUILA Piedras Neg FINANCIAL HIGHLIGHTS BY DIVISION(3) Division Arkansas Communities Central Arkansas Western Missouri Geographic Footprint Arkansas smaller population markets Little Rock/North Little Rock/Benton/Bryant Northwest Arkansas/Oklahoma/Kansas Missouri/Illinois Tennessee Tennessee Texas $ Dallas/Fort Worth/North Texas (1) As of December 31, 2020, unless otherwise noted. Seveport MISSISSIPPI LOUISIANA Beaumo Austin Houston Sea Rim. State Park Lakes New Orleans San Antonio ALABAMA Columbus GEORGIA Talahassee Jacksonvi Gainesville AR Community Central AR Western Tennessee Missouri Texas Branches Loans Deposits 50 $1.3 $3.2 14 $0.9 $1.5 30 $1.8 $2.5 53 $2.7 $4.1 33 $1.4 $2.7 24 $3.3 $2.1 (2) Based on January 15, 2021 closing stock price of $26.18 and number of shares outstanding as of that date. (3) Loan and deposit figures in billions. The balances include only those assigned to the division (the balances do not include other business units such as credit cards, equipment finance, energy, brokered and other). 30#31Selected Business Units As of and for the year ended December 31, 2020 $188 million nationwide credit card portfolio History of excellent credit quality (1.62% YTD net charge-off ratio) I Simmons Credit Cards ◉ Loan yield (including fees): 13.1% Mortgage Originations: $1.3 billion 1 Simmons Mortgage ◉ ◉ 37% Purchase vs. 63% Refinance Revenue $34.5 million $ ☐ Simmons WEALTH MANAGEMENT TRUST ■ Total Assets: $5.8 billion Managed Assets: $3.6 billion Non-managed / Custodial Assets: $2.2 billion Revenue $25.5 million ■ Profit Margin: 36% ■ Growing investment management business ROYALTY TRUST ■ Revenue: $2.2 million ■ Profit Margin : 34% INVESTMENTS Retail investments services provided through networking arrangement with LPL Financial - LPL platform, among other things, provides customers with online self-service trade option Retail Group: $1.67 billion AUM ($367 million in fee-based / advisory assets) Profit Margin 23% INSURANCE (EMPLOYEE BENEFITS & LIFE) Revenue: $1.4 million Profit Margin: 35% 31#32Primary Regulators $ Arkansas State Bank Department 2020 Annual Examination Safety and Soundness Trust • • IT FEDERAL RESERVE BANK of ST. LOUIS 2020 Consumer Compliance Examination cfpb Consumer Financial Protection Bureau THI } First exam by CFPB during 2020 32#33$ 2020 Digital Banking Accomplishments go Single Digital Platform Consolidated three legacy platforms into a single consistent digital experience for all Simmons Bank consumer customers Credit Cards in Digital Banking Added credit card accounts to mobile and online banking for a single view for consumer accounts Mobile Deposit Developed and deployed an enhanced mobile deposit solution allowing automated enrollment, larger deposit limits 03031 CONFERENCE HOOM B Digital Account Origination Developing customer focused platform that originates deposit accounts in approximately five minutes with automated ID Scan Customer Experience Center Grand Opening December 9, 2020 Customer Experience Center New innovation space for testing our ideas with real users to deliver superior digital experiences for our customers Forbes 2020 WORLD'S BEST BANKS Powered by STATISTA 33