Achieving New Heights
2 | Key Numbers
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
Certain statements contained in this Company Report 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 “believe,” “budget,” “expect,”
“foresee,” “anticipate,” “intend,” “indicate,” “target,”
“estimate,” “plan,” “project,” “continue,” “contemplate,”
“positions,” “prospects,” “predict,” or “potential,” by future
conditional verbs such as “will,” “would,” “should,” “could,”
“might” or “may,” or by variations of such words or by
similar expressions. These forward-looking statements
include, without limitation, those relating to the
Company’s future growth, revenue, assets, asset quality,
profitability and customer service, critical accounting
policies, net interest margin, non-interest revenue, market
conditions related to the Company’s stock repurchase
program, the Company’s ability to recruit and retain
key employees, the adequacy of the allowance for loan
losses, the effect of certain new accounting standards on
the Company’s financial statements (including, without
limitation, the Current Expected Credit Losses (“CECL”)
methodology and its anticipated effect on the provision
for credit losses), technology initiatives, income tax
deductions, credit quality, the level of credit losses from
lending commitments, net interest revenue, interest rate
sensitivity, loan loss experience, liquidity, capital resources,
market risk, earnings, effect of future litigation, acquisition
strategy, legal and regulatory limitations and compliance
and competition.
These forward-looking statements involve risks and
uncertainties, and may not be realized due to a variety
of factors, including, without limitation: changes in the
Company’s operating, acquisition, or expansion strategy;
the effects of future economic conditions (including
unemployment levels and slowdowns in economic
growth), governmental monetary and fiscal policies, as
well as legislative and regulatory changes; changes in
real estate values; changes in interest rates and their
effects on the level and composition of deposits, loan
demand and the values of loan collateral, securities and
interest sensitive assets and liabilities; changes in the
securities markets generally or the price of the Company’s
common stock specifically; developments in information
technology affecting the financial industry; cyber threats,
attacks or events; reliance on third parties for key services;
changes in the assumptions, forecasts, models, and
methodology used to calculate the expected impact of
CECL on the Company’s financial statements; the costs
of evaluating possible acquisitions and the risks inherent
in integrating acquisitions; the effects of competition
from other commercial banks, thrifts, mortgage banking
firms, consumer finance companies, credit unions,
securities brokerage firms, insurance companies, money
market and other mutual funds and other financial
institutions operating in our market area and elsewhere,
including institutions operating regionally, nationally and
internationally, together with such competitors offering
banking products and services by mail, telephone,
computer and the internet; the failure of assumptions
underlying the establishment of reserves for possible loan
losses, fair value for loans, other real estate owned, and
AND NON-GAAP FINANCIAL MEASURES
those factors set forth 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 Dec. 31, 2019.
Many of these factors are beyond our ability to predict
or control, and actual results could differ materially from
those in the forward-looking statements due to these
factors and others. In addition, as a result of these and
other factors, our past financial performance should not
be relied upon as an indication of future performance.
We believe the expectations reflected in our forward-
looking statements are reasonable, based on information
available to us on the date hereof. However, given the
described uncertainties and risks, we cannot guarantee
our future performance or results of operations and you
should not place undue reliance on these forward-looking
statements. Any forward-looking statement speaks only
as of the date hereof, and we undertake no obligation to
update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise,
and all written or oral forward-looking statements
attributable to us are expressly qualified in their entirety
by this section.
NON-GAAP FINANCIAL MEASURES
This Company Report contains financial information
determined by methods other than in accordance with
generally accepted accounting principles (GAAP). The
Company’s management uses these non-GAAP financial
measures in their analysis of the Company’s performance.
These measures 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
certain expenses related to significant non-core activities,
including, among others, merger-related expenses,
expenses related to the Company’s early retirement
program, and branch right-sizing expenses. In addition,
the Company also presents certain figures based on
tangible common stockholders’ equity and tangible book
value, which exclude goodwill and other intangible assets.
The Company’s management believes that these non-
GAAP financial measures are useful to investors because
they 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 normalizing 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 on the pages of this Company Report titled
“Supplemental Information: Reconciliation of Non-GAAP
Financial Measures.”
TO
Fellow Shareholders,
I would like to begin the review of 2019 by recognizing the pending retirement of two of our most trusted
executives effective March 31, 2020. Marty Casteel, chairman, president and CEO of Simmons Bank, and
Pat Burrow, executive vice president and general counsel, have been extremely important to the success
of Simmons First National Corporation and Simmons Bank for many years, and especially during the
last seven years, a tremendous growth period for the company. I would like to personally thank both
gentlemen for their unwavering commitment to Simmons and their wise counsel.
Last year Simmons achieved another milestone in its history with assets growing to over $20 billion. A
lot of hard work and dedication by over 3,000 associates contributed to the company’s success. I truly
believe we have one of the strongest teams of bankers and support personnel in the industry. In addition,
Simmons Bank was recognized again as a Great Place to Work by Arkansas Business and the Wichita
Business Journal. One of our strategic pillars is to create a great associate experience, so we are very
proud to be recognized for living our values.
During the year we welcomed new associates from our mergers with Reliance Bank in St. Louis, Missouri
and Landmark Bank with offices in Missouri, Texas and Oklahoma. We feel very fortunate that our
respective leadership recognized the benefit of combining our organizations. I believe we are absolutely
“Better Together.” The combinations gave us more scale in some key markets and will allow us to diversify
the prior offerings of our newest partners.
We have focused over the past 18 months on building the Simmons Bank brand throughout our footprint.
Key opportunities like Simmons Bank Field at UAPB in Pine Bluff, Arkansas; Simmons Bank Arena in North
Little Rock, Arkansas; Simmons Bank Plaza and Pavilion in Fort Worth, Texas; the sponsorship of the Korn
Ferry Tour’s Simmons Bank Open in Nashville, Tennessee; and others will keep Simmons Bank’s identity
in the forefront of many important markets. Our marketing group, led by Senior Vice President and
Marketing Director Elizabeth Machen, has led the way as we continue to grow and expand our efforts to
touch our customers.
Our investment in our Next Generation Bank initiative has started to mature. We welcomed our chief
digital officer, Alex Carriles, to Simmons in 2019, and he hit the ground running. The launch of
our new mobile app was a great success, and we look forward to expanding our digital offerings
during 2020.
In 2019, Simmons Bank contributed $4 million to the Simmons First Foundation, bringing the
total contribution in the past five years to over $10 million. Led by Tommy May, former chairman
and CEO of Simmons First National Corporation, the Foundation continues its excellent work of
supporting worthwhile causes throughout the Simmons footprint.
During 2019 we lost one of our longest serving Simmons Bank directors, Adam Robinson. Adam
was a close friend and his contribution to the bank during his tenure was exceptional. I will miss
him in the boardroom and around town, and he will be missed by many organizations for which he
served with distinction.
I remain optimistic about the future of Simmons First National Corporation. We are blessed with
top talent and a commitment to excellence. That combination is tough to beat. We thank you, our
shareholders and customers, for your continued support of and confidence in Simmons.
Sincerely,
George A. Makris, Jr.
Chairman and Chief Executive Officer
Simmons First National Corporation
Next Generation Banking: Tools and Technology for the Future
In the last seven years, Simmons First National
Corporation has grown from approximately
$3.5 billion in assets to more than $21 billion
across eight states at the end of 2019. How
do we complement that amazing growth? By
focusing on the latest technology to deliver
products and services to customers and to
help associates do their jobs better.
speed and simplicity,” said Leslie Parnell,
senior vice president of Treasury Management
for Simmons Bank. “Customers benefit
from faster, more intuitive technology and
tools, while our associates’ experiences have
improved through enhanced efficiencies and
workflow processes.”
To achieve this goal, Simmons launched a
multi-year Next Generation Bank (NGB)
initiative, investing heavily in tools and
technology to position Simmons for the
future. “By using the latest in banking
technologies, we’ll be more than a top-notch
bank — we’ll be a place that offers both our
customers and associates a differentiated
experience,” said Simmons Bank Chief Digital
Officer Alex Carriles.
In October 2019, Simmons launched a
completely new mobile app, featuring
increased speed, enhanced security and
heightened customization. As Carriles
noted, “Our new app has been extremely
well received. By the end of 2019, mobile
logins had increased 62 percent in less than
three months since releasing the new app.”
The app lays the groundwork for future
customer offerings such as personal finance
management and credit/debit card controls.
Also in 2019, a new Treasury Management
platform was rolled out to deliver a more
efficient and intuitive way for clients to
oversee their Treasury Management needs.
This also helps associates and customers
better manage day-to-day cash flow and
long-term financial positions. “The new
platform offers a highly configurable cash
management solution that empowers
our team to provide a more user-friendly
experience through feature-rich capabilities,
6 | Next Generation Bank
Alex Carriles
CHIEF DIGITAL OFFICER
“With a 100-plus-year legacy in banking
excellence, Simmons is rooted in our
relationship-focused community bank
heritage,” explained Carriles. “Our expanding
technology will help us bring that personal
touch to all our platforms — whether
customers are visiting a branch or doing
business with us on one of our
digital channels.”
Alex Carriles
CHIEF DIGITAL OFFICER
PERSONAL CHECKING
Interest Checking
Classic Checking
Simply Checking
Prosper Checking
Affordable Advantage Checking
Highlights: This day-to-day checking account
offers all the basic services customers need, plus
perks like our “Round-Up” feature, which rounds a
customer’s debit card purchases to the next whole
dollar and deposits the difference into a Simmons
Bank savings account.
SAVINGS PRODUCTS
Money Market Savings
Certificate of Deposit
Simply Savings
Simply Youth Savings
Health Savings
PRODUCT SPOTLIGHT
Money Market Savings
Highlights: This account is great for those looking to
earn higher interest on their funds while maintaining
easy access and flexibility.
PRODUCT SPOTLIGHT
Highlights: Customers can invest confidently knowing
that this product guarantees a rate of return with
flexible terms and a low investment minimum.
CREDIT CARDS
Simmons Visa
Simmons Rewards Visa Signature
PRODUCT SPOTLIGHT
Simmons Visa
Highlights: Ranked the best low-interest card of
2019 by cardratings.com, the Simmons Bank Visa
Card offers one of the lowest variable APRs in the
country, with no annual or balance transfer fee and
minimal cash advance fees.
Coming in 2020, Simmons expects to launch enhanced personal banking products that retain the perks listed above, plus
additional benefits and discounts that reward customers for expanding their relationship with Simmons.
8 | Products & Services
HOME EQUITY LINES OF CREDIT
Highlights: Customers looking to make home
improvements, buy a car or take a vacation can put
their home equity to work while enjoying possible
tax savings.
MORTGAGE SERVICES
Conventional Loans
FHA Loans
USDA RD Loans
Jumbo Loans
VA Loans
Professional Provider Mortgage
Affordable Advantage Mortgage
State-Approved Down Payment Assistance
BUSINESS LENDING
Highlights: We offer a variety of mortgage loan
options for our customers. We’re here every step of
the way and with our personalized service, we keep
our customers top of mind.
Highlights: We offer a low fixed rate, flexible credit
terms and a low down payment, making home
ownership simple, straightforward and — most
importantly — affordable.
SBA Lending
Agriculture Lending
Construction Lending
Equipment Finance Lending
Highlights: As a preferred SBA lender in all 50
states, Simmons can expedite the loan process by
acting as a direct agent on behalf of the SBA to
approve loans in-house.
Highlights: With a 100-plus-year history of serving
farmers, Simmons today is a top-40 farm lender in
the United States, according to the FDIC (as of Sept.
30, 2019).
BUSINESS CHECKING
Simply Business Checking
Simply Business Plus Checking
Simply Business Interest Checking
Commercial Checking
PRODUCT SPOTLIGHT
Simply Business Interest Checking
Highlights: Great for nonprofits, trusts, estates,
public funds and IOLTAs, this product pays interest
on balances.
BUSINESS SAVINGS PRODUCTS
Business Certificate of Deposit
Business IRA
Business Money Market Savings
Simply Business Savings
CREDIT CARDS
Highlights: For customers looking for a basic
savings account, this offers a great way to save for
future expenses.
PRODUCT SPOTLIGHT
Visa Corporate Card
Visa Business Advantage Rewards Card
Visa Corporate Card
Highlights: Featuring optimized purchasing power, a
competitive APR and valuable security feature, this
card is for business owners who prize flexibility.
TREASURY MANAGEMENT
PRODUCT SPOTLIGHT
DirectRemitMD
DirectRemitMD
Remote Deposit
ACH Debits
Smart Safe
Lockbox Services
Merchant Services
Highlights: Ideal for physician groups, hospitals,
medical billing companies, health care clearinghouses
and other health care organizations, this product
helps optimize revenue cycle performance through
integrated payment posting automation, in addition to
expediting cash availability.
10 | Products & Services
WEALTH MANAGEMENT | TRUST
Personal Trust and Estate Admin.
Retirement Plan Trustee & Plan Admin.
Farm Management
Corporate Trust
Highlights: We’re a premier provider of corporate
trust services with more than 65 years of experience.
This gives us the ability to offer customers complete
solutions to strengthen their organizations.
Investments and Insurance Products Are: Not a Deposit | Not FDIC Insured | Not Insured by Any Federal Government Agency
Not Bank Guaranteed | May Lose Value
INVESTMENTS
Investment Services
Guided Wealth Portfolios
Retirement Planning
Insurance Planning
Estate Planning
College Savings
Highlights: Simmons Investment Services advisors are
specially positioned to offer customers practical and
personalized guidance, and access to a full range of
financial options through a networking arrangement
with a third-party broker dealer.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member
FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Simmons Bank is not registered as a broker-dealer or
investment advisor. Registered representatives of LPL offer products and services using the marketing name Simmons Investment Ser-
vices, and may also be employees of Simmons Bank. These products and services are being offered through LPL or its affiliates, which
are separate entities from, and not affiliates of, Simmons Bank.
Securities and Insurance offered through LPL and its affiliates are: Not Insured by FDIC or Any Other Government Agency | Not Bank
Guaranteed | Not Bank Deposits or Obligations | May Lose Value
While the Simmons Bank success story
began more than 100 years ago, the last
seven years have ushered in unprecedented
growth. Much of this growth is attributable
to Simmons’ proactive mergers and
acquisitions (M&A) strategy and can be
traced back to a milestone moment in 2013.
expanding team. We’ve walked away from
deals when we sensed a lack of cultural
similarity.” Simmons’ workplace culture has
been recognized by publications across the
bank’s footprint — for example, in 2018 and
2019, Simmons was named a “Best Place to
Work” by both Arkansas Business and the
Wichita Business Journal.
•
That year, Simmons acquired Metropolitan
National Bank, increasing branch presence
throughout its home state of Arkansas and
bolstering market value. “That’s when we
began to hone what we call our ‘Inside-Out’
growth strategy,”
said Matt Reddin,
Simmons Bank
executive vice
president and
chief banking
officer. “First, we
focused on growth
opportunities to
infill and strengthen
our existing
markets. Then,
we expanded into
contiguous markets
that fit well with our
current footprint.”
He cites the recent
acquisition of
Reliance Bank in the St. Louis market as a
prime example of the strategy — adding
more than 20 branches to the Simmons
footprint there.
Three important factors Simmons considers
before moving forward with an acquisition
are culture, performance and asset size.
“First and foremost,” said Reddin, “Any
M&A decision factors in culture. Our aim
is to be a big bank with a personal touch.
Shared values like integrity, excellence
and relational focus bind together our
12 | Mergers & Acquistions
Reddin also cited high performance as
another critical factor. “We look for banks
that are high-performing, with favorable
indicators like healthy earnings trends,
diverse revenue,
strong asset quality
and high market
share.”
RELIANCE BANK ACQUISITION:
In April 2019, Simmons Bank welcomed
associates and customers during our
conversion of St. Louis-based Reliance
Bank — widening our footprint to eight
states, including Illinois.
• With more than 20 branches and
approximately $1.5 billion in assets,
Reliance substantially enhanced
Simmons’ legacy presence in St. Louis,
building on our foundation of success in
this market.
Asset size completes
the picture for
potential partners.
“Our most recent
deals have been $1
billion or bigger,”
said Reddin. “But we
will consider smaller
institutions if we see
an opportunity to
acquire a bank that
complements our
strengths — such
as agri lending, which is a specialty of
Simmons — or is otherwise attractive.”
Reaching an agreement with another bank
is just the first step of a good partnership.
Next, Simmons turns its attention to
facilitating a smooth transition for incoming
associates and customers with a developed
strategy for effective conversions.
The first step Simmons takes when growing
its community is to honor local expertise
as much as possible. This helps create a
seamless transition and organic growth
by maintaining, where appropriate, local
leadership and institutional knowledge.
Incoming customers also often like to retain
their banker relationships and hear from
trusted sources about expanding choices
for products and services.
Second, Simmons is very proactive in
training associates from acquired banks
about its products, services, systems and
culture. Customer talking points and strong
training resources help turn associates into
exceptional advocates for the combined
franchise.
Third, to make sure that incoming and
existing customers benefit from the best
products and services possible, Simmons
proactively evaluates the offerings of
acquired banks to enhance its own product
mix. “We constantly look for value,”
explained Reddin. “When we find a great
product or service that can be leveraged
effectively throughout our footprint, we’re
always open to retaining it.”
Finally, associate
support
completes the
transition by
equipping team
members with
the knowledge
and resources
they need to
serve customers
successfully.
A “Resolution
Room” supports
customer-facing
associates who
answer questions
pertaining to Simmons’ activities, providing
them with the knowledge and resources
they need to guide customers during
transitions.
“The overarching theme behind our ‘Inside-
Out’ M&A approach is that our customers
remain at the center of every decision
Simmons makes,” summarized Reddin. “We
believe this allows us to grow while staying
true to our community bank roots.”
LANDMARK BANK ACQUISITION:
• Simmons First National Corporation,
the parent company of Simmons Bank,
surpassed the $20 billion mark in October
2019 when it acquired The Landrum
Company, including its subsidiary,
Landmark Bank.
• Landmark is a strategic acquisition that
bears all the hallmarks of Simmons’ M&A
approach, infilling Simmons’ footprint
without overlapping its existing branch
network and bolstering its market share
throughout Missouri, Oklahoma and North
Texas. Additionally, Landmark shares a
complementary culture and 100-plus years
of community bank heritage with Simmons.
By empowering local leaders to make decisions at the local level, Simmons Bank is
committed to helping our customers make their financial dreams come true. To us,
that’s what community banking is all about.
Arkansas and Central Arkansas Divisions
As Simmons Bank’s home state, our Arkansas markets achieved some major
milestones in 2019. From driving significant deposit and job growth to bolstering
brand recognition through our naming rights sponsorship with the 18,000-seat
Simmons Bank Arena, our Arkansas team continues to embody Simmons’ values of
“Excellence” and “Pursue Growth.” These successes have all taken place against a
backdrop of community commitment, exemplified by our support for our Pine Bluff
headquarters, where Simmons invests in educational, athletic, cultural and economic
initiatives to help our hometown prosper.
14 | Division Profiles
Missouri Division
Key 2019 accomplishments for our Missouri Division kicked off with the successful
acquisition, conversion and integration of Reliance Bank. Through this strategic
acquisition, Simmons expanded its presence in the St. Louis region from three branch
locations to 25. Total pre- and post-merger deposits were $174 million and $1.4
billion, respectively, and SBA loan volume saw substantial year-over-year increases.
Running parallel to this M&A success is the strong organic loan and deposit growth
demonstrated by our Springfield team that was named a top-three producer of 7(a)
loans by the Springfield Small Business Administration District Office.
Tennessee Division
Recognized as a “Best-in-State Bank” (third place) by Forbes in 2019, our Tennessee
Division’s accomplishments were exemplified in strong core deposit growth, in
addition to leading the company in Retail Sales Incentive Plan goal performance. Our
Nashville associates also drove significant SBA loan production, while division-wide
Community Reinvestment Act (CRA) efforts supported low-to-moderate-income
families and individuals who face especially difficult economic barriers.
This high performance is rooted in strong community relationships and trust, as
shown in the numerous recognitions our Tennessee associates received from local
publications like The Daily Post-Athenian, The Humboldt Chronicle and The Advocate
& Democrat.
North Texas Division
Simmons entered the North Texas market in 2017. Since that time, the focus
has been on building brand recognition and a strong team to serve the
Dallas-Fort Worth market, which is among America’s fastest-growing metro
regions according to U.S. Census Bureau data. The success of these goals is
demonstrated by Simmons’ October 2019 announcement of our naming rights for
the Simmons Bank Plaza and Simmons Bank Pavilion at the newly constructed
Dickies Arena, a 14,000-seat, multi-purpose venue in Fort Worth, Texas. The
deal, which led to Simmons becoming the Arena’s official bank partner, marked
a tremendous milestone for our North Texas associates as they work to increase
regional market share.
Western Division
Simmons’ Western Division includes Northwest Arkansas, Colorado, Kansas and
Oklahoma. 2019 ushered in a wave of successes for this region, with associates
driving excellent growth for our Treasury Management and SBA banking efforts.
These successes were underscored by CitiScapes Magazine’s “Best of Northwest
Arkansas” recognition, which named Simmons a top bank in the Northwest Arkansas
area. Further, Simmons’ culture was lauded by the Wichita Business Journal, which
named Simmons to its list of Best Places to Work for a second year in a row.
Note: Simmons has entered into an agreement to sell its offices located in Colorado.
Our commitment to relationship banking is evident throughout our footprint, including in our home state of
Arkansas. Simmons continues to invest in our hometown and headquarters of Pine Bluff by supporting local
educational institutions, sports, arts and culture, and economic initiatives. On a broader scale, Simmons has
continued to provide jobs for more than 1,300 Arkansans while also recruiting top talent from across the
country.
Our relational emphasis also comes through in the way we treat our associates and customers, as
demonstrated by 2019 awards from local and national publications. For example, Arkansas Business honored
Simmons with its “Best Places to Work” award for a second year in a row while Forbes listed us as a “Best-In-
State Bank” (second place). This all comes back to our community bank heritage, which is rooted in service,
giving and listening to our associates, customers and communities.
Simmons Bank Arena
In October 2019, Simmons acquired the 15-year naming rights to an 18,000-seat multi-
purpose arena in North Little Rock, Arkansas. A beacon for economic vitality and
culture, the venue has been named among the top arenas in the country with many
top musical acts, family shows, corporate events, industry trade shows and Razorback
basketball games. Simmons will benefit from the Arena’s investment in media support
for programming, as well as connecting with the more than 437,000 attendees that walk
through the doors each year. We’re proud to be associated with an organization that does
so much for our home state’s economy.
16 | Division Profile: Arkansas and Central Arkansas
A LOCAL PERSPECTIVE
There are countless success stories where our front-line
associates take the time to engage and listen. One teller
in Searcy simply asked a customer if they had any other
financial needs or products we could help with. Next thing
you know, the customer scheduled an appointment for his
wife, and they were moving all of their accounts over to
Simmons.
Jodie Holstead,
Arkansas Regional Retail Manager
Courtesy of Harding University
Searcy, Arkansas won the Small
Business Revolution in early 2019,
and Simmons Bank sponsored the
headquarters where all the filming took
place. Two of the businesses featured
were Simmons customers.
Simmons Bank Field at UAPB
The University of Arkansas at Pine Bluff
(UAPB) continues to enjoy Simmons
Bank Field, a 90,000-square-foot
IRONTURF field made possible by a
Simmons gift — adding to our cherished
legacy of investing in our hometown and
headquarters of Pine Bluff.
Marked by rapid growth in 2019, our Missouri Division has significantly expanded branch presence in the
St. Louis area through the successful acquisition of Reliance Bank, strategically building on Simmons’
prior foundation in this market. Not only has this growth enabled Simmons to serve more customers, it’s
also positioned us to make a greater impact within our wider St. Louis community. In April, our St. Louis
associates joined with the St. Louis Equal Housing and Community Reinvestment Alliance (SLECHRA) to
introduce a Community Benefits Partnership to serve low-to-moderate-income and minority communities
throughout the region.
Meanwhile, our associates throughout Missouri oversaw organic loan and deposit growth, with their cross-
selling successes and “Better Together” teamwork inspiring associates across our footprint. Missouri
associates’ outstanding 2019 performance is further demonstrated by recognitions such as the Sedalia
Democrat’s Readers’ Choice awards, where local citizens voted Simmons a “Best Bank.”
A LOCAL PERSPECTIVE
I’m now often asked, ‘Are you with Simmons Bank?’
Simmons’ name is beginning to grow in the St. Louis
market. We have embraced the community, and the
community is in the process of embracing us.
Alonzo Shaw,
St. Louis Corporate Banking Officer
18 | Division Profile: Missouri
Members of Simmons’ Springfield team leveraged
quality relationships with coworkers and
community members to score a major deal with
their local YMCA in 2019 that included almost all
the services Simmons offers. They attributed their
cross-selling success to maintaining a community
bank perspective and focusing on listening well
to clients, coworkers and community members to
offer the most customized service possible.
In partnership with the Northeast Fire District,
St. Louis associates helped the community
prepare for the winter by providing free smoke
detectors and winterization kits for community
members’ homes.
With professional performance recognitions that span from national to local publications, our
Tennessee Division’s passion for their communities is just as impressive. Across the state, CRA
and Fair Lending Action Plans were leveraged to uplift low-to-moderate-income individuals, while
associates also worked tirelessly with nonprofits to teach local children financial literacy and
entrepreneurship skills.
Additionally, Simmons’ 100-plus-year heritage of serving farmers was furthered by our partnership
with the Union City-based Discovery Park of America, a world-class museum and 50-acre heritage
park that was founded to inspire the imaginations of children and adults. Simmons’ sponsorship
will fund the museum’s permanent “AgriCulture: Innovating for Our Survival” exhibit, slated for a
fall 2020 opening in an 8,900-square-foot building to be named the Simmons Bank Ag Center.
A LOCAL PERSPECTIVE
We take special pride in providing extra customer service.
Whether we’re helping our customers buy a home or start
a small business — any time we can help our customers
achieve their goals, we consider that a success.
Andrea Hughes,
Community President for Weakley County, Tennessee
20 | Division Profile: Tennessee
Simmons has partnered with Discovery Park of America
(pictured) to fund a permanent exhibit focused on
agriculture and innovation, slated to open in fall of 2020.
Simmons associates committed $10,000 to support
Junior Achievement of Memphis, funding in-
classroom education and after-school initiatives.
2019 was a year marked by brand-building and local team growth for our North Texas Division.
The bank inked a deal in October to become the naming rights holder for the Simmons Bank Plaza
and Simmons Bank Pavilion at the Dickies Arena in Fort Worth, exponentially raising visibility and
awareness for our company. Meanwhile, Simmons promoted key local leaders Terry Smith and Lori
Baldock to North Texas Division president and Fort Worth market president, respectively. These
associates were both named to Fort Worth INC. Magazine’s list of “Most Influential People in Fort
Worth” in August, a recognition that highlights the ways in which our North Texas associates serve
as trusted advisors for their community.
A LOCAL PERSPECTIVE
We provided financing for a church in southeast Fort
Worth to convert their former sanctuary into a daycare.
The facility is in a lower-income area of town where
working families need access to quality daycare. The center
will provide an educational foundation to help prepare
these kids for school. To me, that’s community banking. It’s
not just an opportunity to make a loan, it’s an opportunity
to make an investment.
Lori Baldock,
Fort Worth Market President
22 | Division Profile: North Texas
DICKIES ARENA: SIMMONS BANK PLAZA AND PAVILION
In October 2019, Simmons Bank became the naming rights holder to the Simmons Bank Plaza (an
over 200,000-square-foot outdoor entertainment hub where fan festivals, outdoor concerts, pre- and
post-show events, and more will be held) and Simmons Bank Pavilion (an indoor facility adjacent to
the Plaza that will host corporate and civic events) at the newly constructed Dickies Arena, a 14,000-
seat, multi-purpose venue in Fort Worth. We’re also a major sponsor of the Fort Worth Stock Show &
Rodeo, the oldest continuously running livestock show and rodeo, held annually since 1896.
Simmons Bank associates hosted a community round-table (left) for nonprofits
throughout Dallas and Fort Worth and a “Reinvest Dallas” summit (right) during
April’s Fair Housing Month in partnership with the City of Dallas and the Federal
Reserve Bank of Dallas.
True to Simmons’ commitment to be a community bank with scale,
leaders and associates throughout our Western Division continue to
emphasize local relationships through strong community partnerships
with organizations like United Way of Payne County — which honored
our Stillwater, Oklahoma associates in February 2019 for running its
third largest fundraising campaign. This sincere community dedication
has empowered our Western Division in its pursuit of full banking
relationships with local customers, while also generating a workplace
environment defined by passion and connectivity. This superior internal
culture was recognized for the second year running by The Wichita
Business Journal, which honored local Simmons associates with an
awards banquet in December.
Simmons Bank associates received the “Corporate Citizen of the
Year” award from Stillwater Public Schools.
24 | Division Profile: Western
A LOCAL PERSPECTIVE
We have a financial literacy program at Stillwater Public
Schools through their Native American Program, teaching
the financial literacy program that Simmons Bank brought
to the table. Thanks to programs like this, Simmons
Bank was named the “Corporate Citizen of the Year” by
Stillwater Public Schools. It’s deep-rooted in our heritage at
Stillwater, and we feel it from the Simmons side.
Kevin Fowler,
Stillwater Market President
Simmons’ Wichita, Kansas team was honored for
the second year in a row by the Wichita Business
Journal for outstanding workplace culture.
Our Culture Creates the Community
Simmons Bank was founded as a small-town
bank in 1903. Even as we’ve grown, we’ve
never lost hold of our original community
banking philosophy. This comes through in
our emphasis on personal relationships and in
our desire to give back to our communities.
But it all starts with how we treat our people.
development programs like NEXTGen, which
pairs aspiring professionals with executive
mentors. To help associates live their best
lives, Simmons also provides a free well-
being program called Ultimate You, featuring
perks like financial literacy training, fitness
challenges and more. Top-performers are
Being a “Great Place
to Work” is one
of our company’s
strategic pillars — a
goal that we strive
to achieve by our
strong emphasis
on culture, which
is validated by
accolades from
across our footprint.
In both 2018 and
2019, Simmons
was named a “Best
place to Work” by
Arkansas Business and the Wichita Business
Journal. Simmons’ five Culture Cornerstones
are what unite our constantly expanding
team. These cornerstones were developed in
2016 through collaboration with associates
across our footprint: Passion, Pursue
Growth, Integrity, Better Together and High
Performance.
To achieve our goal of being a big bank
with a personal touch, Simmons places a
high priority on taking care of associates in
a variety of ways. First, we make sure they
are empowered through our leadership
honored with awards
like the Simmons
Outstanding
Achievement
Recognition (SOAR)
Awards, Retail Stars
and Bankers of the
Year. Associates
also receive on-the-
spot recognition
through Culture
Cards, a form of
peer encouragement
that’s shared with a
manager.
Diversity and inclusion are another valued
part of the program, with dedicated
resources for associate education. Personality
assessments are offered to enhance inclusion,
teamwork and coaching for associates.
Simmons also places great importance in
recruiting veterans with significant military
benefits. Associates receive many other
resources for their well-being, such as pet
insurance, adoption assistance, tuition
reimbursement and meditation/mindfulness
support.
26 | A Great Place to Work
Simmons Bank Cultural Cornerstones
Commitment to Communities
One of the primary ways Simmons
cultivates a sense of pride and connection
for our associates is by strong community
involvement across our eight-state footprint.
True to our community bank heritage,
Simmons views corporate social
responsibilities as central to our purpose
of enriching the lives of the people and
communities we serve.
It guides not only
our business policies
and practices, but
also our company
culture and community
outreach. Across
our philanthropic
footprint, our focus
is on economic
development, financial
literacy, youth
development, health
and human services,
arts and culture, and a
better quality of life for everyone in
our communities.
Each September, associates come together
for Simmons Service Month, a season of
focused volunteerism when Simmons Bank
commits to make a charitable donation of
$10 per hour volunteered.
Simmons’ community involvement is
further supported by our regulatory
Community Reinvestment Act (CRA)
efforts. Our CRA-focused volunteerism
and giving are especially targeted
to financial literacy and community
economic development to benefit
low-to-moderate-income individuals,
families and communities.
In September 2019, more than 4,150
volunteer hours were donated by associates.
This resulted in a $42,000 corporate
donation to Junior Achievement, a nonprofit
selected for its service to children. The gift
provided financial programming and work-
readiness training for low-to-moderate-
income schoolchildren across our footprint,
benefiting kids who tend to face significant
economic barriers.
The Simmons First
Foundation
The Simmons First
Foundation supports youth
access to health care and
education in our home state
of Arkansas, while also
aiding low-to-moderate-
income families across our
footprint. The Foundation’s
“Make a Difference” grants,
which fund education and
health care for Arkansas
youth, were expanded in
2018 with a $5 million endowment from
Simmons Bank. The 2018 gift also led to the
creation of a new “Community Enhancement
Grant” initiative to invest in programs across
our footprint that enrich the lives of low-to-
moderate-income families. In 2019, Simmons
Bank provided an additional contribution
of $4 million to the Foundation that will be
used to expand “Make a Difference” grants
to our entire footprint.
Since 2014, the Foundation has funded 75
“Make a Difference” grants for a total of
more than $800,000 — with more than
$85,500 being funded in 2019 alone. An
additional $165,271 has been funded for the
“Community Enhancement Grants” since
these were created in 2018, with $52,500
being funded in 2019.
greater responsibilities. In 1988, after serving four
years as vice president of First Federal Savings and
Loan of Hope, Arkansas and three years as senior
vice president of First South Savings and Loan of
Pine Bluff, Casteel was tapped to join Simmons, then
headed by Arkansas businessman Tommy May.
Leadership Influences
When asked how he inspires those on his team to
do their best, Casteel’s response was instantaneous.
“I go back to what I learned working under Tommy
May. We at Simmons used to joke that Tommy was a
‘carrier of stress’ because he always kept challenging
us. There was never a finish line. Even on the best days
when everything was going well, he’d find something
we could do better. But on the bad days, you knew
without a doubt that he had your back.”
MARTY CASTEEL
A Legacy of Leadership
Since he was named chairman, president and CEO
of Simmons Bank in January 2013, Marty Casteel has
helped guide Simmons through a remarkable season
of organic growth and multiple successful bank
acquisitions. Casteel’s exceptional business acumen is
perhaps illustrated best by the numbers that bookend
his tenure as CEO. In just seven years, he has helped
transform an under $5 billion-asset bank into a more
than $21 billion-asset organization that spans eight
states and employs more than 3,000 people.
But if you ask any bank associate what they most
admire about their CEO, character is the first thing
they mention. “Marty’s unparalleled example of
integrity and excellence has had a top-down effect
on our company’s performance and culture,” said
George Makris, chairman and CEO of Simmons
First National Corporation
(SFNC). “It’s this example
that’s helped Simmons stay
true to our community bank
roots during tremendous
growth. Today more than
ever, Simmons is known
for our warmth, reliability
and genuine desire to help
those around us prosper —
qualities that reflect Marty’s
leadership.”
“Long-term success is only
possible for leaders who
genuinely care about their
team's wellbeing.”
May’s influence led Casteel
to pursue relationships
with team members that
were marked by both high
standards and trust — a
balance that soon became
a signature strength in
Casteel’s own management
style. “Ultimately, Tommy
never allowed you to get
comfortable in your job, but
Business Philosophy
When asked to describe what set apart his career,
Casteel’s response centered on doing small tasks
with great excellence. Even as a young man, Casteel’s
greatest ambitions had more to do with the quality of
tasks than their grandeur.
“I mainly focused on keeping my options open,”
Casteel said. “You do that by completing every project
set in front of you with excellence, and by not burning
bridges.”
Casteel’s commitment both to his work and to
seeing those on his team succeed became the
foundation of his leadership style. “A leader can only
be as successful as the people for whom they’re
responsible. In the short term, it’s possible to succeed
at the expense of your team, but I’ve seen time and
time again that long-term success is only possible
for leaders who genuinely care about their team’s
wellbeing.”
Sure enough, it was this genuineness and integrity
that earned Casteel the respect of coworkers and
later caught the eye of business leaders, prompting
you were never in fear of losing your job,” explained
Casteel. “The expectations were high, but the trust
factor was always there. To this day, I firmly believe
that there’s no element of fear in good leadership.”
Makris, who was tapped to lead SFNC the same
year that Marty assumed his CEO role at the bank, is
also cited by Casteel as a positive influence, trusted
colleague and catalyzing force for Simmons. Together,
the two executives charted a remarkable growth
course that was unprecedented in Simmons’ 100-plus-
year history.
Casteel draws many parallels between Makris’s
leadership and May’s. While they brought distinct
management styles to Simmons, both have been
key to guiding the organization to new heights
while continuing to emphasize its community bank
foundation. “Both Tommy and George exhibit a strong
work ethic, self-discipline, excellent organizational
skills and a commitment to always be the best
prepared person in any discussion,” explained Casteel.
“They are visionaries who share an extraordinary
ability to unite a diverse team around a common
mission. It’s been my privilege to work with both
of them.
28 | Marty Casteel: A Legacy of Leadership
“I want to add that I’ve never done anything on my
own,” Casteel said of his success. “I’ve always been
fortunate to be surrounded by a team of amazing,
talented people who trust one another. And I’ve had
opportunities I never expected to have at Simmons
under the leadership of Tommy May and George
Makris.”
Early Formation
Prior to his banking career and immediately following
his graduation from the University of Arkansas in 1974,
Casteel spent four years as an officer in the U.S. Army.
He credits his military experience
for instilling values that later served
him in banking. “In the military,
you really learn a lot about self-
discipline and personal sacrifice,”
Marty recalled. “I also had to work
with people whose goals didn’t
always align with mine, and that
was an important lesson. I learned
how to look for common ground.”
The leadership qualities that the
military developed in Casteel were
backed by his upbringing in the
southwestern Arkansas community
of Horatio — one that emphasized hard work and doing
what was expected with excellence. “It’s the way I was
raised,” Casteel said of his work ethic. Adding: “I didn’t
go to kindergarten, but from first grade to my high
school graduation, I never missed a day of school. I
could probably count on one hand the days I’ve had to
miss work. There have been very few.”
His family’s influence continues to guide him today. “I
remember that my grandad always told me, ‘You work
as hard for a man on the last day you work for him as
you do on the first day.’ That’s been the advice that
I’ve tried to follow all my life. Now, as I look toward
retirement, it’s something for me to keep in mind all
the more.”
Wider Impact
The ripple effect of Casteel’s leadership is felt
throughout his home state of Arkansas. Casteel
currently serves as a board member for both the
Jefferson Regional Medical Center and the Economic
Development Alliance of Jefferson County —
organizations for which he was previously board chair.
Casteel also formerly served as president and campaign
chair for the United Way of Southeast Arkansas.
“I work in a field where you are not only given the
opportunity, but there’s an expectation to help support
your community,” Casteel
told Arkansas Business in a
2019 interview as a finalist for
the publication’s prestigious
Business Executive of the Year
Award. Pointing to Simmons’
support for local United Way
organizations as an example
in the same interview, Casteel
continued: “When it comes to
fundraising… we don’t take a
backseat to anyone.”
Casteel’s dedication, strength
of purpose and tenacity shine
in his advice about pursuing success — in and outside of
the office: “Success may not always come in a straight
line. There will be detours and roadblocks along the
way, so keep your eye on the ultimate goal and keep
moving forward.”
We at Simmons thank Marty for his countless
contributions to our company, especially for the
example he has provided of service, excellence and
doing right by others. We are pleased that he will
continue to serve as a director of both SFNC and
Simmons Bank after his retirement on March 31, 2020.
FINANCIAL HIGHLIGHTS
Capital, Asset Quality and Asset Growth
Strong Regulatory Capital
As of Dec. 31, 2019
REGULATORY “ADEQUATELY CAPITALIZED”
REGULATORY “WELL-CAPITALIZED”
SIMMONS FIRST NATIONAL CORPORATION
9.59%
4.00%
5.00%
6.50%
4.50%
Leverage Ratio
Common Equity Tier 1 Capital Ratio
10.92%
10.00%
8.00%
8.00%
6.00%
Tier 1 Capital Ratio
Total Risk-Based Capital Ratio
10.92%
13.73%
Strong Asset Quality
Year ended Dec. 31, 2019
SFNC
ALL U.S. BANKS3
Nonperforming Loans
as a % of Loans
Net Charge-Offs as a %
of Average Loans
Net Credit Card
Charge-Offs as a % of
Credit Card Portfolio
0.78
%1
0.28
%2
1.86
%
1.21
%
0.48
%
3.65
%
1
2
3
Legacy loans, including troubled-debt restructures; excluding all acquired loans
Legacy loans; excluding all acquired loans and credit cards
Published industry average as of Dec. 31, 2019
30 | Financial Highlights
Total Asset Growth
Previous Five Years | In Thousands
$21,259,143
$16,543,337
$15,055,806
$8,400,056
$7,559,658
2015
2016
2017
2018
2019
22
21
20
19
18
17
16
15
14
13
12
11
10
9
8
7
6
5
4
3
2
1
FINANCIAL HIGHLIGHTS
Earnings, Market Capitalization and Dividends
3.5
3.0
2.5
2.0
1.5
1.0
.5
280
260
240
220
200
180
160
140
120
100
80
60
40
20
$3,044,110
$2,627,431
$2,228,349
$1,555,100
$1,943,910
2015
Market Capitalization
Previous Five Years | In Thousands
2016
2017
2018
2019
$269,566
Diluted EPS
(Core): $2.73
$237,828
Diluted EPS
(GAAP): $2.41
$220,233
Diluted EPS
(Core): $2.37
$215,713
Diluted EPS
(GAAP): $2.32
$89,622
Diluted EPS
(Core): $1.59
$96,790
Diluted EPS
(GAAP): $1.56
$101,409
Diluted EPS
(Core): $1.64
$92,940
Diluted EPS
(GAAP): $1.33
$74,107
Diluted EPS
(GAAP): $1.31
$119,049
Diluted EPS
(Core): $1.70
2015
Earnings Growth
Previous Five Years | In Thousands, Except Per Share Data
2016
2017
2018
2019
Per share information has been retrospectively adjusted to reflect the effects of the two-for-one stock split, which became effective
Feb. 8, 2018.
“Core earnings” and “diluted core earnings per share” are financial measures that exclude non-core items, including items related to
branch right sizing, early retirement program and merger-related costs. See “Reconciliation of Non-GAAP Financial Measures” for a
reconciliation of these non-GAAP financial measures.
32
| Financial Highlights
2019 Annual Dividend Yield: 2.4%
Based on Dec. 31, 2019 Stock Price
$0.64
$0.60
$0.50
$0.48
$0.46
$0.44
$0.42
$0.40
$0.38
$0.36
$0.34
$0.30
$0.28
$0.26
$0.24
$0.22
$0.20
$0.18
'99
'00 '01
'02
'03
'04
'05
'06 '07
'08
'09
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
111 Consecutive Years Of Paying Dividends To Our Shareholders
Note: The future payment of dividends is not guaranteed and is subject to various factors, including approval by the Company’s board of directors.
FINANCIAL HIGHLIGHTS
Shareholder Return
1 Year Total Shareholder Return
Dividends + Stock Appreciation | DEC. 31, 2018—DEC. 31, 2019
SNL
Mid Cap Bank
23.6%
SFNC
13.9%
J a n. 31, ‘19
Fe b. 2 8, ‘19
M arc h 31, ‘19
A pril 3 0, ‘19
M a y 31, ‘19
J u n e 3 0, ‘19
J uly 31, ‘19
A u g. 31, ‘19
S e pt. 3 0, ‘19
O ct. 31, ‘19
N o v. 3 0, ‘19
D ec. 31, ‘19
5 Year Total Shareholder Return
Dividends + Stock Appreciation | DEC. 31, 2014—DEC. 31, 2019
SNL
Mid Cap Bank
51.7%
SFNC
46.1%
28.0%
26.0%
24.0%
22.0%
20.0%
18.0%
16.0%
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
(0.0%)
(2.0%)
(4.0%)
(6.0%)
(8.0%)
D ec. 31, ‘18
80.0%
75.0%
70.0%
65.0%
60.0%
55.0%
50.0%
45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
(5.0%)
(10.0%)
(15.0%)
(20.0%)
D ec. 31, ‘14
M ar. 31, ‘15
J u n e 3 0, ‘15
S e pt. 3 0, ‘15
D ec. 31, ‘15
M arc h 31, ‘16
J u n e 3 0, ‘16
S e pt. 3 0, ‘16
D ec. 31, ‘16
M arc h 31, ‘17
J u n e 3 0, ‘17
S e pt. 3 0, ‘17
D ec. 31, ‘17
M arc h 31, ‘18
J u n e 3 0, ‘18
S e pt. 3 0, ‘18
D ec. 31, ‘18
M arc h 31, ‘19
J u n e 3 0, ‘19
S e pt. 3 0, ‘19
D ec. 31, ‘19
34 | Financial Highlights
Long-term Total Shareholder Return
Dividends + Stock Appreciation | DEC. 31, 2007—DEC. 31, 2019
SFNC 173.0%
SNL
Mid Cap Bank
16.5%
245.0%
225.0%
205.0%
185.0%
165.0%
145.0%
125.0%
105.0%
85.0%
65.0%
45.0%
25.0%
5.0%
(15.0%)
(35.0%)
(55.0%)
(75.0%)
D ec. 31, ‘0 7
J u n e 3 0, ‘0 8
D ec. 31, ‘0 8
J u n e 3 0, ‘0 9
D ec. 31, ‘0 9
J u n e 3 0, ‘10
D ec. 31, ‘10
J u n e 3 0, ‘11
D ec. 31, ‘11
J u n e 3 0, ‘12
D ec. 31, ‘12
J u n e 3 0, ‘13
D ec. 31, ‘13
J u n e 3 0, ‘14
D ec. 31, ‘14
J u n e 3 0, ‘15
D ec. 31, ‘15
J u n e 3 0, ‘16
D ec. 31, ‘16
J u n e 3 0, ‘17
D ec. 31, ‘17
J u n e 3 0, ‘18
D ec. 31, ‘18
J u n e 3 0, ‘19
D ec. 31, ‘19
FINANCIAL HIGHLIGHTS
Condensed Consolidated Balance Sheets
DEC. 31, 2019 AND 2018 | IN THOUSANDS
ASSETS
Cash and cash equivalents
Investment securities
Mortgage loans held for sale
Other assets held for sale
Legacy loans
Allowance for loan losses
Loans acquired
2019
$996,623
3,498,819
58,102
260,332
9,630,076
)
(67,800
4,795,184
2018
$833,458
2,445,880
26,799
1,790
8,430,388
)
(56,599
3,292,783
NET LOANS
14,357,460
11,666,572
Premises and equipment
Foreclosed assets
Goodwill and other intangible assets
Other assets
492,384
19,121
1,182,860
393,442
295,060
25,565
937,021
311,192
TOTAL ASSETS
$21,259,143
$16,543,337
LIABILITIES AND STOCKHOLDERS’ EQUITY
Non-interest bearing transaction accounts
$3,741,093
$2,672,405
Interest bearing transaction accounts & saving deposits
Time deposits
9,090,878
3,276,969
6,830,191
2,896,156
TOTAL DEPOSITS
16,108,940
12,398,752
Other borrowings
1,297,599
1,345,450
Subordinated debentures
Other liabilities held for sale
Accrued interest and other liabilities
388,260
159,853
315,567
353,950
162
198,589
TOTAL LIABILITIES
18,270,219
14,296,903
Total stockholders’ equity
2,988,924
2,246,434
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$21,259,143
$16,543,337
36 | Financial Highlights
Condensed Consolidated Statements Of Income
IN THOUSANDS, EXCEPT PER SHARE DATA
Interest income
Interest expense
NET INTEREST INCOME
Provision for loan losses
NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES
NON-INTEREST INCOME
Trust income
Service charges on deposit accounts
Other service charges and fees
Mortgage lending income
SBA lending income
Investment banking income
Debit and credit card fees
Bank owned life insurance income
Gain on sale of securities, net
Other income
TOTAL NON-INTEREST INCOME
NON-INTEREST EXPENSE
Salaries and employee benefits
Occupancy expense, net
Furniture and equipment expense
Other real estate and foreclosure expense
Deposit insurance
Merger-related costs
Other operating expenses
TOTAL NON-INTEREST EXPENSE
NET INCOME BEFORE INCOME TAXES
Provision for income taxes
NET INCOME
Preferred stock dividends
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS
DILUTED EARNINGS PER SHARE
Net non-core items
CORE EARNINGS AVAILABLE TO COMMON STOCKHOLDERS1
DILUTED CORE EARNINGS PER SHARE1
2019
$786,645
181,370
605,275
43,240
2018
680,687
128,135
552,552
38,148
562,035
514,404
25,040
44,782
5,824
15,017
2,669
2,313
29,289
4,768
13,314
58,493
201,509
227,795
32,008
18,220
3,442
4,416
36,379
138,852
461,112
$302,432
64,265
$238,167
339
$237,828
2.41
31,738
$269,566
$2.73
23,128
42,508
7,469
9,230
1,813
3,141
32,268
4,415
61
19,863
143,896
216,743
29,610
16,323
4,480
8,721
4,777
111,575
392,229
$266,071
50,358
$215,713
-
$215,713
$2.32
4,520
$220,233
$2.37
1
“Core earnings available to common shareholders” and “diluted core earnings per share” are financial measures that exclude non-core items such
as items related to branch right sizing, early retirement program and merger-related costs. See “Reconciliation of Non-GAAP Financial Measures”
for a reconciliation of these non-GAAP financial measures.
FINANCIAL HIGHLIGHTS
Selected Consolidated Financial Data
YEARS ENDED DEC. 31 | IN THOUSANDS, EXCEPT PER SHARE AMOUNTS
FINANCIAL STATEMENT DATA:
2019
2018
2017
2016
2015
Total assets
$21,259,143
$16,543,337
$15,055,806
$8,400,056
$7,559,658
Total loans
$14,425,260
$11,723,171
$10,779,685
$5,632,890
$4,919,355
Total deposits
$16,108,940
$12,398,752
$11,092,875
$6,735,219
$6,086,096
Total equity
$2,988,924
$2,246,434
$2,084,564
$1,151,111
$1,076,855
Net income available to
common shareholders
Core earnings available to
common shareholders 1
PER SHARE DATA: 3
Diluted earnings
Diluted core earnings (non-GAAP) 1
Book value
Tangible book value (non-GAAP) 2
Dividends
CAPITAL RATIOS AT PERIOD END:
Common shareholders’ equity
to total assets
Tangible common equity to
tangible assets (non-GAAP) 2
Tier 1 leverage ratio
Common equity Tier 1 risk-based ratio
Tier 1 risk-based ratio
Total risk-based capital ratio
Dividend payout to
common shareholders
$237,828
$215,713
$92,940
$96,790
$74,107
$269,566
$220,233
$119,049
$101,409
$89,622
$2.41
$2.73
$26.30
$15.89
$0.64
$2.32
$2.37
$24.33
$14.18
$0.60
$1.33
$1.70
$22.65
$12.34
$0.50
$1.56
$1.64
$18.40
$11.98
$0.48
$1.31
$1.59
$17.27
$10.98
$0.46
14.06%
13.58%
13.85%
13.70%
13.84%
8.99%
9.59%
10.92%
10.92%
13.73%
8.39%
8.78%
10.22%
10.22%
13.35%
8.05%
9.21%
9.80%
9.80%
11.35%
9.37%
10.95%
13.45%
14.45%
15.12%
9.26%
11.20%
14.21%
16.02%
16.72%
26.56%
25.86%
37.59%
30.67%
34.98%
1
2
“Core earnings” and “diluted core earnings per share” are non-GAAP financial measures that exclude non-core items such as items related to
branch right sizing, early retirement program and merger-related costs. See “Reconciliation of Non-GAAP Financial Measures” for a reconcili-
ation of these non-GAAP financial measures.
Because of our significant level of intangible assets, total goodwill and core deposit premiums, we believe a useful calculation for investors
in their analysis of Simmons is tangible book value per share and tangible common equity to tangible assets, which are non-GAAP financial
measures. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of these non-GAAP financial measures.
3
Per share information has been retrospectively adjusted to reflect the effects of the two-for-one stock split that was effected
Feb. 8, 2018.
38 | Financial Highlights
ANNUALIZED PERFORMANCE RATIOS:
2019
2018
2017
2016
2015
Return on average assets
1.33%
1.37%
0.92%
1.25%
1.03%
Core return on average
assets (non-GAAP) 1
Return on average common equity
Core return on average
common equity (non-GAAP) 1
Return on average tangible
common equity (non-GAAP) 2
1.51%
9.93%
1.40%
10.00%
1.18%
6.68%
1.31%
8.75%
1.25%
7.90%
11.25%
10.21%
8.56%
9.17%
9.55%
17.99%
18.44%
11.26%
13.92%
12.53%
Core return on average tangible
common equity (non-GAAP) 2
20.31%
18.81%
14.28%
Net interest margin
3.83%
3.97%
4.07%
Efficiency ratio (non-GAAP) 4
50.33%
52.85%
55.27%
14.56%
4.19%
56.32%
15.05%
4.55%
59.01%
ASSET QUALITY RATIOS: 5
Nonperforming assets/total assets
Nonperforming loans/total loans
0.43%
0.74%
0.37%
0.41%
0.52%
0.81%
0.79%
0.91%
0.85%
0.58%
Allowance/nonperforming loans
95.37%
164.41%
90.26%
92.09%
165.83%
Allowance/total loans
Net charge-offs/average loans 6
0.70%
0.28%
0.67%
0.25%
0.73%
0.31%
0.84%
0.35%
0.97%
0.16%
Net credit card
charge-offs/credit card loans
1.86%
1.64%
1.61%
1.28%
1.28%
OTHER DATA:
Number of financial centers
251
191
200
150
149
Number of full time
equivalent employees
3,270
2,654
2,640
1,875
1,946
4
The efficiency ratio is a non-GAAP financial measure that is a noninterest expense before foreclosed property expense and amortization
of intangibles as a percent of net interest income (fully taxable equivalent) and noninterest revenues, excluding gains and losses from
securities transactons and non-core items. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of these non-GAAP
financial measures.
Excludes all acquired loans except for their inclusion in total assets.
Excludes credit cards.
5
6
Reconciliation Of Non-GAAP Financial Measures
FOR THE 12 MONTHS ENDED | $ IN THOUSANDS, EXCEPT PER SHARE DATA
NET INCOME
Non-core items:
Accelerated investment on retirement agreements
Gain on sale of banking operations
Gain from early retirement of TRUPS
Gain on sale of insurance lines of business
Loss on FDIC loss-share termination/Gain on FDIC-assisted transactions
Donation to Simmons First Foundation
Merger-related costs
Early retirement program
Branch right sizing
Tax effect 1
Net non-core items (before SAB 118 adjustment)
SAB 118 adjustment 2
CORE EARNINGS AVAILABLE TO COMMON SHAREHOLDERS (NON-GAAP)
DILUTED EARNINGS PER SHARE
Non-core items:
Accelerated investment on retirement agreements
Gain on sale of banking operations
Gain from early retirement of TRUPS
Gain on sale of insurance lines of business
Loss on FDIC loss-share termination/Gain on FDIC-assisted transactions
Donation to Simmons First Foundation
Merger-related costs
Early retirement program
Branch right sizing
Tax effect 1
Net non-core items (before SAB 118 adjustment)
SAB 118 adjustment 2
DILUTED CORE EARNINGS PER SHARE (NON-GAAP)
CALCULATION OF TANGIBLE BOOK VALUE PER SHARE
2019
2018
2017
2016
2015
$237,828
$215,713
$92,940
$96,790
$74,107
-
-
-
-
-
-
36,379
3,464
3,129
)
(11,234
31,738
-
-
-
-
-
-
-
4,777
-
1,341
)
(1,598
4,520
-
$269,566
$220,233
-
-
-
)
-
(3,708
5,000
21,923
-
169
)
(8,746
14,638
11,471
$119,049
(594
-
-
)
-
-
-
4,835
-
3,359
)
(2,981
4,619
-
2,209
)
(2,110
-
-
7,476
-
13,760
-
3,144
)
(8,964
15,515
-
$101,409
$89,622
$2.41
$2.32
$1.33
$1.56
$1.31
-
-
-
-
-
-
0.37
0.03
0.03
)
(0.11
0.32
-
$2.73
-
-
-
-
-
-
0.05
-
0.02
)
(0.02
0.05
-
$2.37
-
-
-
)
-
(0.04
0.07
0.31
-
-
)
(0.13
0.21
0.16
$1.70
(0.01
-
-
)
-
-
-
0.08
-
0.06
)
(0.05
0.08
-
$1.64
0.04
(0.04
)
-
-
0.14
-
0.25
-
0.06
)
(0.17
0.28
-
$1.59
Total common stockholders’ equity
Intangible assets:
Goodwill _
Other intangible assets_
Total intangibles
Tangible common stockholders’ equity
Shares of common stock outstanding
Book value per common share
Tangible book value per common share (non-GAAP)
$2,988,157
$2,246,434
$2,084,564
$1,151,111
$1,046,003
)
(1,055,520
)
(127,340
(1,182,860
)
$1,805,297
113,628,601
$26.30
$15.89
)
(845,687
)
(91,334
(937,021
)
$1,309,413
92,347,643
$24.33
$14.18
)
(842,651
)
(106,071
(948,722
)
$1,135,842
92,029,118
$22.65
$12.34
)
(348,505
)
(52,959
(401,464
)
$749,647
62,555,446
$18.40
$11.98
)
(327,686
)
(53,237
(380,923
)
$665,080
60,556,864
$17.27
$10.98
CALCULATION OF TANGIBLE COMMON EQUITY AND THE RATIO
OF TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS
Total stockholders’ equity
Preferred stock
Total common stockholders’ equity
Intangible assets:
Goodwill_
Other intangible assets_
Total intangibles
Tangible common stockholders’ equity
$2,988,924
)
(767
2,988,157
$2,246,434
$2,084,564
$1,151,111
-
-
-
2,246,434
2,084,564
1,151,111
$1,076,855
)
(30,852
1,046,003
(1,055,520
)
)
(127,340
(1,182,860
)
$1,805,297
(845,687
)
)
(91,334
(937,021
)
$1,309,413
(842,651
)
)
(106,071
(948,722
)
$1,135,842
(348,505
)
)
(52,959
(401,464
)
$749,647
(327,686
)
)
(53,237
(380,923
)
$665,080
Total assets
Intangible assets:
Goodwill
Other intangible assets
Total intangibles
Tangible assets
$21,259,143
$16,543,337
$15,055,806
$8,400,056
$7,559,658
)
(1,055,520
(127,340
)
)
(1,182,860
$20,076,283
)
(845,687
(91,334
)
)
(937,021
$15,606,316
)
(842,651
(106,071
)
)
(948,722
$14,107,084
)
(348,505
(52,959
)
)
(401,464
$7,998,592
)
(327,686
(53,237
)
)
(380,923
$7,178,735
Ratio of equity to assets
Ratio of tangible common equity to tangible assets (non-GAAP)
14.06%
8.99%
13.58%
8.39%
13.85%
8.05%
13.70%
9.37%
13.84%
9.26%
40 | Supplemental Information
CALCULATION OF CORE RETURN ON AVERAGE ASSETS
2019
2018
2017
2016
2015
Net income available to common stockholders
Net non-core items, net of taxes, adjustment
Core earnings
$237,828
31,738
$269,566
$215,713
4,520
$220,233
$92,940
26,109
$119,049
$96,790
4,619
$101,409
$74,107
15,515
$89,622
Average total assets
$17,871,748
$15,771,362
$10,074,951
$7,760,233
$7,164,788
Return on average assets
Core return on average assets (non-GAAP)
1.33%
1.51%
1.37%
1.40%
0.92%
1.18%
1.25%
1.31%
1.03%
1.25%
CALCULATION OF RETURN ON TANGIBLE COMMON EQUITY
Net income available to common stockholders
Amortization of intangibles, net of taxes
Total income available to common stockholders
Net non-core items, net of taxes
Core earnings
Amortization of intangibles, net of taxes
Total core income available to common stockholders
$237,828
8,720
$246,548
31,738
269,566
8,720
$278,286
$215,713
8,132
$223,845
4,520
220,233
8,132
$228,365
$92,940
4,659
$97,599
26,109
119,049
4,659
$123,708
$96,790
3,611
$100,401
4,619
101,409
3,611
$105,020
$74,107
2,972
$77,079
15,515
89,622
2,972
$92,594
Average common stockholders’ equity
Average intangible assets:
Goodwill
Other intangibles
Total average intangibles
Average tangible common stockholders’ equity
$2,396,024
$2,157,097
$1,390,815
$1,105,775
$938,521
)
(921,635
)
(104,000
)
(1,025,635
$1,370,389
)
(845,308
)
(97,820
)
(943,128
$1,213,969
)
(455,453
)
(68,896
)
(524,349
$866,466
)
(332,974
)
(51,710
)
(384,684
$721,091
)
(281,133
)
(42,104
)
(323,237
$615,284
Return on average common equity
Return on tangible common equity (non-GAAP)
Core return on average common equity (non-GAAP)
Core return on tangible common equity (non-GAAP)
9.93%
17.99%
11.25%
20.31%
10.00%
18.44%
10.21%
18.81%
6.68%
11.26%
8.56%
14.28%
8.75%
13.92%
9.17%
14.56%
7.90%
12.53%
9.55%
15.05%
CALCULATION OF EFFICIENCY RATIO 3
Non-interest expense
Non-core non-interest expense adjustment
Other real estate and foreclosure expense adjustment
Amortization of intangibles adjustment
Efficiency ratio numerator
Net-interest income
Non-interest income
Non-core non-interest income adjustment
Fully tax-equivalent adjustment
(Gain) loss on sale of securities
Efficiency ratio denominator
$461,112
)
(42,972
)
(3,282
)
(11,805
$403,053
$392,229
)
(6,118
)
(4,240
)
(11,009
$370,862
$605,275
201,509
$552,552
143,896
-
-
7,322
)
(13,314
$800,792
5,297
)
(61
$701,684
$312,379
)
(27,357
)
(3,042
)
(7,666
$274,314
$354,930
138,765
)
(3,972
7,723
)
(1,059
$496,387
$255,085
)
(8,435
)
(4,389
)
(5,942
$236,319
$279,206
139,382
)
(835
7,722
)
(5,848
$419,627
$256,970
)
(18,747
)
(4,861
)
(4,889
$228,473
$278,595
94,661
5,731
8,517
)
(307
$387,197
EFFICIENCY RATIO (NON-GAAP) 3
50.33%
52.85%
55.27%
56.32%
59.01%
1
2
3
Effective tax rate of 26.135 percent for 2019 and 2018 and 39.225 percent for prior years.
Tax adjustment to revalue deferred tax assets and liabilities to account for the future impact of lower corporate tax rates resulting from
the “Tax Cuts and Jobs Act,” signed into law on Dec. 22, 2017.
Efficiency ratio is 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.
1
2
3
4
5
6
7
8
1
2
3
4
William E. Clark, II
CHAIRMAN & CHIEF EXECUTIVE OFFICER,
CLARK CONTRACTORS, LLC
Tom E. Purvis
PARTNER,
L2L DEVELOPMENT ADVISORS, LLC
Susan S. Lanigan
RETIRED EXECUTIVE VICE PRESIDENT
& GENERAL COUNSEL,
CHICO’S FAS, INC.
Jerry M. Hunter
PARTNER,
BRYAN CAVE LEIGHTON PAISNER LLP
5
6
7
8
W. Scott McGeorge
CHAIRMAN,
PINE BLUFF SAND & GRAVEL COMPANY
Russell Teubner
FOUNDER & CHIEF EXECUTIVE OFFICER,
HOSTBRIDGE TECHNOLOGY, LLC
Mark C. Doramus
CHIEF FINANCIAL OFFICER,
STEPHENS INC.
Christopher R. Kirkland
PRINCIPAL,
THE KIRKLAND GROUP
Chris Kirkland resigned from the board of directors
effective Dec. 31, 2019. All of us at Simmons First Nation-
al Corporation would like to thank him for his valuable
insight and service.
42 | Simmons First National Corporation Board of Directors
9
10
11
12
13
14
15
16
9
Edward Drilling
SENIOR VICE PRESIDENT OF EXTERNAL
AND REGULATORY AFFAIRS,
AT&T
10
Eugene Hunt
ATTORNEY,
HUNT LAW FIRM
11
12
Steven A. Cossé
RETIRED PRESIDENT & CHIEF EXECUTIVE OFFICER,
MURPHY OIL CORPORATION
George A. Makris, Jr.
CHAIRMAN & CHIEF EXECUTIVE OFFICER,
SIMMONS FIRST NATIONAL CORPORATION
13
14
15
16
Jay D. Burchfield
RETIRED CHAIRMAN,
OZARK TRUST AND INVESTMENT
CORPORATION
Malynda K. West
EXECUTIVE VICE PRESIDENT, CHIEF
FINANCIAL OFFICER & TREASURER,
MURPHY USA, INC.
Robert L. Shoptaw
RETIRED PRESIDENT AND CEO,
ARKANSAS BLUE CROSS & BLUE SHIELD
Marty D. Casteel
SENIOR EXECUTIVE VICE PRESIDENT,
SIMMONS FIRST NATIONAL CORPORATION;
CHAIRMAN & CHIEF EXECUTIVE OFFICER,
SIMMONS BANK
Marty Casteel was elected to the board of directors
effective Jan. 1, 2020.
Simmons Bank
Jay D. Burchfield
RETIRED CHAIRMAN,
OZARK TRUST AND INVESTMENT
CORPORATION
William E. Clark, II
CHAIRMAN & CHIEF EXECUTIVE OFFICER,
CLARK CONTRACTORS, LLC
Edward Drilling
SENIOR VICE PRESIDENT OF EXTERNAL
AND REGULATORY AFFAIRS,
AT&T
Marty D. Casteel
SENIOR EXECUTIVE VICE PRESIDENT,
SIMMONS FIRST NATIONAL CORPORATION;
CHAIRMAN & CHIEF EXECUTIVE OFFICER,
SIMMONS BANK
Steven A. Cossé
RETIRED PRESIDENT &
CHIEF EXECUTIVE OFFICER,
MURPHY OIL CORPORATION
Eugene Hunt
ATTORNEY,
HUNT LAW FIRM
Dean Chambliss
OWNER,
H&D FARMS
Mark C. Doramus
CHIEF FINANCIAL OFFICER,
STEPHENS INC.
Jerry M. Hunter
PARTNER,
BRYAN CAVE LEIGHTON PAISNER LLP
44 | Simmons Bank Board of Directors
Met L. Jones, II
GENERAL MANAGER,
DICKEY MACHINE WORKS
John Lytle, M.D.
ORTHOPEDIC SURGEON
Beverly Morrow
VICE PRESIDENT,
TLM MANAGEMENT
Christopher R. Kirkland
PRINCIPAL,
THE KIRKLAND GROUP
W. Scott McGeorge
CHAIRMAN,
PINE BLUFF SAND & GRAVEL COMPANY
H. Ford Trotter, III
GENERAL MANAGER,
TROTTER AUTO GROUP
Susan S. Lanigan
RETIRED EXECUTIVE VICE PRESIDENT
& GENERAL COUNSEL,
CHICO’S FAS, INC.
Johnny McGraw
OWNER,
MCGRAW FARMS
Tom E. Purvis
PARTNER,
L2L DEVELOPMENT ADVISORS, LLC
Simmons Bank
H. Glenn Rambin
PRESIDENT,
R&R FARMS
Russell Teubner
FOUNDER & CHIEF EXECUTIVE OFFICER,
HOSTBRIDGE TECHNOLOGY, LLC
C. Edward Woodside
RETIRED FINANCIAL SERVICES EXECUTIVE
Robert L. Shoptaw
RETIRED PRESIDENT AND CEO,
ARKANSAS BLUE CROSS & BLUE SHIELD
Malynda K. West
EXECUTIVE VICE PRESIDENT, CHIEF
FINANCIAL OFFICER AND TREASURER,
MURPHY USA, INC.
— IN MEMORY —
Adam B. Robinson, Jr.
PRESIDENT,
RALPH ROBINSON & SON, INC.
We are saddened by the
loss of our longtime friend
Adam Robinson. His genuine
interest and wise counsel
will be missed.
46 | Simmons Bank Board of Directors
Wichita Business Journal, Best Places to Work
Arkansas Business, “Best of Biz finalist” recognition, named a
best bank for business
Springfield Small Business Administration (SBA) District Office,
Simmons named a top-three producer of 7(a) loans
Small Business Administration (SBA) Arkansas District Office,
Category One SBA Lender of the Year
St. Louis Small Business Monthly, Simmons voted “Best in
Value” by readers
RMI Business Finance, Simmons recognized as Platinum Elite
Lender for SBA Business Lending
S&P Global Market Intelligence, Simmons recognized for 500
percent increase in asset size in the last six years
United Way of West Tennessee, Simmons recognized as a
top-30 United Way giver in West Tennessee
Arkansas Business, Best Places to Work
Santa Fe South Public Charter Schools in Oklahoma City,
Corporate Partner of the Year Award
The Daily Post Athenian, Top-three financial institution, top-
three bank teller
Forbes, Best-In-State Banks, Arkansas and Tennessee
St. Louis Small Business Monthly, Best Business Awards, list of
Best Banks
CardRatings.com, Best Low-Rate Credit Card of 2019
Little Rock Soirée Magazine, Soiree Recommends — Wealth
Management, Simmons Investment Services
CORPORATE HEADQUARTERS
501 Main Street
Pine Bluff, AR 71601
870.541.1000
LITTLE ROCK CORPORATE OFFICE
601 E. 3rd Street
Little Rock, AR 72201
501.558.3100
simmonsbank.com