KEY NUMBERS
FOUNDED IN
1903
2,900
BY CONSOLIDATED ASSETS, ACCORDING
TO THE FEDERAL RESERVE.
80TH LARGEST BANK
$22.4
112
579%
CONSECUTIVE YEARS
PAID SHAREHOLDER
DIVIDENDS
ASSET GROWTH
OVER THE LAST
YEARS
TEN
As of Sept. 30, 2020, according to the FDIC
Note: This report is printed on recycled paper.
3 | Key Numbers
TO
Fellow Shareholders,
Undoubtedly, each of us will look back on 2020 as a time of extraordinary challenge. Challenge
for ourselves, our communities, our nation and, indeed, our world. Whether through social
distancing, working remotely, wearing masks, canceling large gatherings or adjusting to “taking
out” rather than “dining in,” we were forced to not only think differently but also act differently
(and, in many aspects, in ways we had not previously imagined). It was, therefore, especially
important during 2020 to be able to rely on one’s partners, and that is exactly what Simmons
tried to be for each of our customers. We adjusted the operating model for our network of
over 200 branches to maintain a presence in as many locations as possible and service those
customers who needed one-on-one interaction. We enhanced our digital channels to give those
who bank with us even easier electronic access to their account information. We extended
approximately $1 billion in Paycheck Protection Program loans to small businesses who needed
extra support. We modified over $3 billion in existing loans to borrowers who benefited from
additional flexibility as they, too, adjusted to the pandemic. And we supported the communities
in which we operate through donations of goods, cash contributions and volunteer service.
I’ve said previously that our business’s success will depend in significant part on the loyalty we
achieve from building strong business relationships with our customers, and the steps we took
last year showed our commitment to maintaining that goodwill.
We also took prudent measures to ensure that Simmons, as an organization, remained stable
throughout the pandemic. We substantially increased our liquidity position; we continued to exit,
where possible, problematic loans; we expanded our disaster recovery processes; and we further
enhanced our IT security infrastructure. Good risk management is paramount in these times, and
we strive to adhere to it each and every day.
I am incredibly grateful to our associates for their dedication and hard work during the past
year to accomplish these tasks and others. Their planning, execution and perseverance were
remarkable, and our organization is better for it.
As we look to 2021, I am hopeful. Our organization is in a solid position
and ready to benefit from a post-pandemic environment, and with
vaccination efforts and government initiatives gaining ground, I
am optimistic that we will enter that stage soon. Until then, we will
continue to endeavor to manage our organization with the same care
and dedication that we employed during 2020.
As always, I appreciate your support of Simmons, and I am extremely
proud to be a part of such a great team.
Sincerely,
George A. Makris, Jr.
Chairman and Chief Executive Officer
Simmons First National Corporation
4 | Letter to Shareholders
MEMBERS OF OUR BOARDS OF DIRECTORS
The individuals below were members of our boards of directors in 2020. We were pleased to welcome Julie
Stackhouse to our boards effective March 2021.
Jay D. Burchfield
RETIRED FINANCIAL SERVICES
EXECUTIVE
Marty D. Casteel
RETIRED CHAIRMAN, PRESIDENT &
CHIEF EXECUTIVE OFFICER,
SIMMONS BANK
William E. Clark, II
CHAIRMAN & CHIEF
EXECUTIVE OFFICER,
CLARK CONTRACTORS, LLC
Steven A. Cossé
RETIRED PRESIDENT & CHIEF
EXECUTIVE OFFICER,
MURPHY OIL CORPORATION
Mark C. Doramus
CHIEF FINANCIAL OFFICER,
STEPHENS INC.
Edward Drilling
RETIRED SENIOR VICE PRESIDENT OF
EXTERNAL AND REGULATORY AFFAIRS,
AT&T, INC.
Eugene Hunt
ATTORNEY,
HUNT LAW FIRM
Jerry M. Hunter
SENIOR COUNSEL,
BRYAN CAVE LEIGHTON PAISNER, LLP
Susan S. Lanigan
RETIRED EXECUTIVE VICE PRESIDENT
AND GENERAL COUNSEL,
CHICO’S FAS, INC.
George A. Makris, Jr.
CHAIRMAN & CHIEF EXECUTIVE OFFICER,
SIMMONS FIRST NATIONAL CORPORATION
W. Scott McGeorge
CHAIRMAN,
PINE BLUFF SAND & GRAVEL COMPANY
Tom E. Purvis
PARTNER,
L2L DEVELOPMENT ADVISORS, LLC
Robert L. Shoptaw
RETIRED EXECUTIVE,
ARKANSAS BLUE CROSS & BLUE SHIELD
Russell Teubner
FOUNDER & CHIEF EXECUTIVE OFFICER,
HOSTBRIDGE TECHNOLOGY, LLC
Malynda K. West
EXECUTIVE VICE PRESIDENT, CHIEF
FINANCIAL OFFICER & TREASURER,
MURPHY USA, INC.
2020 Simmons First National Corporation and Simmons Bank Boards of Directors
OUR STORY: WHO WE ARE, WHERE WE’RE GOING
Since 1903, Simmons Bank has been dedicated to helping people and businesses realize their financial
dreams. Founded as a community bank in Pine Bluff, Arkansas, we have steadily grown to our current size of
more than $22 billion (as of Dec. 31, 2020), with approximately 2,900 associates located in Arkansas, Kansas,
Missouri, Oklahoma, Tennessee and Texas. Despite our growth, our community bank roots run deep – these
are felt in the ways we seek to go the extra mile for our customers and communities through exceptional
service and volunteerism, and in the strong career growth opportunities and wellness programs we offer
our associates.
A Culture in Focus
Being a “Great Place to Work” is one of our company’s strategic pillars, and it’s validated by accolades from
publications across our footprint such as the Wichita Business Journal and Arkansas Business.
WICHITA BUSINESS JOURNAL
“
I believe that “Banking on Our
People” really captures the value
we place on our associates. Our
cohesive approach to all the
services and support we offer
associates really showcases
that belief and spirit. It includes
recognition, programs for
financial literacy, wellness
initiatives, career management
and inclusion to name just a
few, all of which are aimed at
creating a Great Place to Work at
Simmons Bank.
“
In early 2020, Simmons Bank
launched “Banking on Our People,”
an initiative aimed at enhancing
experiences for our current
associates, as well as attracting
potential talent to our organization.
In line with our goal to be a Great
Place to Work, “Banking on Our
People” offers a new framework
to help associates easily take
advantage of the numerous benefits
and programs Simmons Bank offers.
Jena Compton
CHIEF PEOPLE AND CORPORATE
STRATEGY OFFICER
6 | Our Story: Who We Are, Where We’re Going
COMMUNITY IMPACT
Our Response To A Challenging Year:
Who would have anticipated at the onset of 2020 that the coronavirus pandemic would soon bring such
sweeping challenges for those across our communities and beyond? And yet as we look back today, we
can proudly share example after example of the ways our associates rose to the occasion on behalf of our
customers, communities and shareholders.
Paycheck Protection Program 2020
Helping small businesses receive critical funding during 2020:
MORE THAN
8,200 $1 BILLION
in small business funding
PPP Loans
APPROXIMATELY
MORE THAN
100,000
jobs supported
Simmons Bank sponsored a livestream charity concert that
raised $30,000 for hunger relief throughout Arkansas.
Team members in Oklahoma joined their community in
celebrating Edmond Mobile Meals’ delivery of their one
millionth meal, a birthday lunch for a 105-year-old client!
Simmons Bank’s River Market building in Little Rock, Arkansas shone
blue to honor health care workers during the COVID-19 pandemic.
COVID-19 Response: #SimmonsProud
Due to the preparation and leadership of our Crisis Committee, which formed in January 2020, Simmons
Bank was equipped to proactively adjust our operating model in March to ensure safe and continuous
service for our customers. In addition to working diligently alongside business and consumer clients to offset
the economic challenges of the pandemic, our team also stepped up to support frontline workers in health
care and public service with meal deliveries and gift bags. These efforts inspired a #SimmonsProud series on
our internal blog, helping us remain focused on our Better Together culture during challenging times.
OUR STORY: WHO WE ARE, WHERE WE’RE GOING
Simmons Service Month
During our third annual Simmons Service Month in September 2020:
More than 170 communities benefited from our associates’
volunteerism and donations. Community organizations included
schools, homeless shelters, food pantries and church ministries.
NEARLY
4,600
items donated
373
volunteering associates
Associates donated more than
$818,000 to United Way via
Simmons Bank’s Payroll Deduction
Donation in 2020.
Pine Bluff and Simmons First Foundation associates
assembled a new community playground.
Simmons Bank donated $30,000 to Junior
Achievement, honoring associate volunteerism
during Simmons Service Month.
More than 1,260 associates
performed community
service acts in 2020.
In addition to a $5,000 donation to their local tornado
relief fund, Simmons Bank associates provided 150 tornado
victims, volunteers and first responders with free lunch.
Dallas team members donated canned goods to
Metrocrest Services in the Farmers Branch Food
Pantry.
8 | Our Story: Who We Are, Where We’re Going
CULTURE
Simmons First Foundation
The Simmons First Foundation is committed to serving youth in the fields of
education and health care across our bank’s footprint. The Foundation also
supports underserved, low-to-moderate-income families by funding housing
and environmental initiatives:
Since 2014, the bank’s contributions
now total $13 million.
Funding requests come from bank associates across our
markets.
In 2020, the Foundation funded 55 grants — more than
$354,000 in support.
Beginning in 2021, Simmons First Foundation will
use a new $3 million endowment for environmentally
focused grants with interests in conservation and other
agriculture projects.
In February 2020, Simmons First Foundation
partnered with the bank’s Pine Bluff team to
fund a new playground for underprivileged
children.
“
Since our work began in 2013, the Simmons First
Foundation has continually made good on our mission
to invest in the lives of children and low-income families
across our communities.
“
Tommy May
CHAIRMAN AND CEO OF
SIMMONS FIRST FOUNDATION
OUR STORY: WHO WE ARE, WHERE WE’RE GOING
Growth: Expanding the Reach of a Personal Touch
While the Simmons Bank success story began more than 100 years ago, much of the unprecedented growth
Simmons Bank experienced in recent years is due to our mergers and acquisitions (M&A) strategy. We
combine robust M&A activity with a focus on keeping customers at the center of all we do, allowing us to
grow from a place of authenticity and strength.
LANDMARK BANK CONVERSION:
In February 2020, we welcomed associates and customers during our conversion of Columbia,
Missouri-based Landmark Bank. A few months earlier, the acquisition of Landmark Bank’s parent
company The Landrum Company had represented our largest to date at $3.4 billion in assets as of
Oct. 31, 2019. Simmons Bank added an estimated 150,000 customers through this acquisition.
In addition to sharing a complementary culture and more than 100 years of community banking
heritage, Landmark strategically infilled our footprint without overlapping our existing branch network.
We are tremendously thankful for these new team members and are proud of their contributions in
strengthening Simmons Bank’s market share throughout Missouri, Oklahoma and Texas.
Metropolitan National Bank (Little
Rock, Arkansas)
Delta Trust & Banking Corp. (Little
Rock, Arkansas)
Community First Bancshares, Inc.
(Union City, Tennessee)
$919 million in assets
$838 million in deposits
$457 million in loans
$417 million in assets
$355 million in deposits
$312 million in loans
$1.92 billion in assets
$1.54 billion in deposits
$1.14 billion in loans
Liberty Bancshares, Inc.
(Springfield, Missouri)
$1.07 billion in assets
$875 million in deposits
$781 million in loans
Trust Company of the Ozarks
(Springfield, Missouri)
$1 billion in assets
under management
2013
2014
2015
RECENT ACQUISITIONS
Amounts are as of the respective closing date.
10 | Our Story: Who We Are, Where We’re Going
GROWTH
Landmark Bank and Simmons Bank trust associates participated in team-
building activities prior to conversion weekend.
Citizens National Bank (Athens,
Tennessee)
Hardeman County Investments (Jackson,
Tennessee)
Reliance Banchares, Inc. (Des
Peres, Missouri)
$585 million in assets
$510 million in deposits
$341 million in loans
$463 million in assets
$389 million in deposits
$252 million in loans
$1.53 billion in assets
$1.23 billion in deposits
$1.10 billion in loans
Southwest Bancorp, Inc. (Stillwater,
Oklahoma)
The Landrum Company
(Columbia, Missouri)
$2.69 billion in assets
$1.97 billion in deposits
$2.00 billion in loans
First Texas BHC, Inc. (Fort Worth, Texas)
$2.43 billion in assets
$1.88 billion in deposits
$2.21 billion in loans
$3.40 billion in assets
$3.05 billion in deposits
$2.01 billion in loans
2016
2017
2019
OUR STORY: WHO WE ARE, WHERE WE’RE GOING
Growing Self-Service Options through Digital Focus
A significant result of our growth is our ability to deliver highly personalized experiences to each customer
across all our platforms. Alongside an upgraded Mobile and Online Banking experience, self-service options
for Digital Banking, Treasury Management, Credit Card and many other lines of business increased markedly
in 2020, positioning us to serve customers with greater speed, agility and precision.
30%
increase in digital users
over 2019
4.8
star rating on IOS app store
2.72x
increase in mobile deposit dollars
in 2020 compared to 2019
2.02x
increase in mobile deposit
transactions in 2020
compared to 2019
Digital Team Opens Customer
Experience Center
With a goal to build the most intuitive digital
experience possible for customers, the User Experience
Center opened in Simmons Bank’s River Market
building in Little Rock in December 2020. The center is
designed to drive innovation and anticipate customer
needs. The opening represented a major milestone,
one that will increase collaboration and encourage
engagement for customers, associates, developers and
the local FinTech community.
Digital team members Lauren Lovelady (left), Alex
Carriles (second from right) and Byron Ford (right)
joined Simmons Bank Chairman and CEO George Makris
for the grand opening of the User Experience Center.
Billboard supporting Simmons Bank’s highly rated mobile app.
Open the camera on your phone and hold
it over the QR code for a link to download
our mobile app.
12 | Our Story: Who We Are, Where We’re Going
GROWTH
Summing It Up: Digital Team Produces Record Numbers
Digital Banking Growth
As 2020 accelerated digital adoption across the banking industry, Simmons Bank’s
digital team stood prepared. Simmons Bank’s intuitive digital solution easily
accommodated a tremendous influx of new users and simultaneous usage: 84 percent
of customers that transacted with Simmons Bank in the last 90 days of 2020 were
enrolled in digital banking.
Mobile Deposits
Designed and built in-house, our Mobile Deposit enhancements allowed larger
deposit limits while simultaneously reducing risk for the bank.
Digital Account Origination
Our new online account origination solution will allow new
customers to open an account in less than five minutes.
An automated ID scan increases security and reduces the
amount of information a user is required to type.
Other Notable 2020 Wins:
Successfully migrated all Treasury
Management customers to
our new, feature-rich Treasury
Management platform and mobile
app
Added credit card accounts to
both mobile and online platforms,
allowing users to view their
accounts within a single platform
Consolidated three legacy
platforms
“
Simmons Bank is
the best option
for someone who
wants to bank
using some of the
most advanced
digital tools
available, without
losing that sense of
personal touch.
“
Alex Carriles
CHIEF DIGITAL OFFICER
OUR STORY: WHO WE ARE, WHERE WE’RE GOING
Growing Value: Leveraging Business Lines to Drive Non-Interest Income
Another focus of Simmons Bank’s recent growth has been the leveraging of lines of business to drive non-
interest income. Standout examples include Simmons Bank’s Mortgage and wealth teams, which oversaw
significant milestones in 2020.
LOCATIONS WITH MORTGAGE
LOAN ORIGINATORS
PRE-2020
ADDED IN
2020
Mortgage Team Closes Record Year
Historically low interest rates and a coronavirus-fueled housing
market triggered record volume for our Mortgage group in 2020.
Aided by an initiative that kicked off in June 2019 to centralize
operations, expand recruitment efforts and bolster sales, this team
entered 2020 positioned for its best production year yet.
APPROXIMATELY
5,900
borrowers
An additional success was the development of a distinct commission
plan to increase home loans for low-to-moderate-income individuals.
This focus was paired with updates to our affordable home mortgage
product to differentiate Simmons Bank in the market and make home
ownership attainable for more people in our communities.
MORE THAN
$1.3 BILLION
in home loans in 2020
“
In 2020, the Mortgage team assisted nearly 5,900 borrowers by
funding more than $1.3 billion in home loans. This total includes
approximately 2,700 borrowers who purchased new homes,
along with more than 3,200 homeowners who refinanced –
through our team’s outstanding efforts, this latter group saved
more than $11.2 million in annual interest. Alongside these
customer impacts, Simmons Bank saw immense growth in our
Mortgage division as we hired more than 26 new associates. The
successful merger with Landmark Bank in February 2020 also
added wonderful talent to our team.
“
Michael Powell
MORTGAGE DIVISION PRESIDENT
14 | Our Story: Who We Are, Where We’re Going
GROWTH
A Wealth of Experience
Simmons Bank’s wealth management team has a long history of helping our clients
pursue a brighter financial future. Our passion has always been offering expertise
ranging from financial planning and investment services to trust and estate
administration. Today our wealth management team consists of more than 100
associates who oversee approximately $7.7 billion in assets.
Wealth and Investment Services: 2020 Highlights
Due to robust M&A activity, our wealth team has long had the benefit of incredibly wide-ranging talent
and diverse experience. In 2020, we initiated an effort to leverage the best ideas of the legacy firms into a
cohesive and disciplined investment strategy. Key accomplishments supported that effort:
• Trust non-interest income and pre-tax
• Landmark Investments and Landmark
earnings rose 14 percent and 34 percent,
respectively, in 2020.
• Brokerage and Advisory assets grew by
Trust assets were successfully converted
and integrated in April and October 2020,
respectively.
34.2 percent.
• New wealth advisors were added in key
• Wealth platform upgrades enhanced
markets.
our investment process and custodian
requirements.
• Enhancements to digital offerings impacted
Trade Direct and Guided Wealth Portfolios,
improving access and usability for mobile users.
“
In 2020, we focused on driving efficiencies across all
our offerings, honing delivery and customer experiences
in ways that were felt throughout our footprint. The
Simmons wealth group truly has the passion and
expertise to service any client at any stage of life.
“
Jimmy Crocker
EVP, WEALTH MANAGEMENT
Simmons Bank’s 2020 divisional structure centered on our community banking philosophy,
which was all about empowering local leaders to make decisions at the local level. On
pages 18-29, our division sections highlight community partnerships, team successes and
customer wins that reflect the unique character and qualities of each region we serve.
16 | Simmons Bank by Division
ARKANSAS COMMUNITIES DIVISION
Branches: 50
Loan Volume: $1.3 billion
Deposits: $3.2 billion
CENTRAL ARKANSAS DIVISION
Branches: 14
Loan Volume: $900 million
Deposits: $1.5 billion
MISSOURI DIVISION
Branches: 53
Loan Volume: $2.7 billion
Deposits: $4.1 billion
Note: Simmons Bank completed the sale of its Illinois branches on March 12, 2021.
TENNESSEE DIVISION
Branches: 33
Loan Volume: $1.4 billion
Deposits: $2.7 billion
TEXAS DIVISION
Branches: 24
Loan Volume: $3.3 billion
Deposits: $2.1 billion
WESTERN DIVISION
Branches: 30
Loan Volume: $1.8 billion
Deposits: $2.5 billion
Figures shown as of Dec. 31, 2020. 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).
ARKANSAS COMMUNITIES
Simmons Bank’s Arkansas markets rose to the challenges of Covid-19 in 2020 by demonstrating our
Better Together value in exceptional ways. In addition to contributing millions of dollars to benefit health
services for children and families throughout southeastern Arkansas, they also helped local nonprofits
exceed fundraising campaign goals despite economic uncertainties. Beyond outstanding support for their
communities, our Arkansas associates were also recognized with some of the highest customer satisfaction
scores across our footprint.
2020 Giving Impacts Pine Bluff
Children, Families and Veterans
In a year when our communities’ health needs were
more pressing than ever, Simmons Bank committed
$1 million towards the construction of Arkansas
Children’s Hospital Pine Bluff Clinic in association with
Jefferson Regional Medical Center. Just months later,
we donated $1 million to support the construction of the
new Dr. Josetta Wilkins Jefferson County Health Unit
and the Sergeant Elga Lee Roberts Jefferson County
Veterans Services Office in Pine Bluff. The lobbies of
both buildings will be named in honor of Simmons Bank.
Arkansas Children’s Hospital Pine Bluff Clinic
Simmons Supports Coming
El Dorado Medical Campus
In October we presented $25,000 to University
of Arkansas for Medical Sciences (UAMS)
representatives to help fund the coming UAMS
regional campus in El Dorado. The campus
will increase medical access throughout south
Arkansas by training primary care physicians to
serve Union County.
Simmons Bank’s Leader Helps
Hometown United Way Surpass
$1 Million Goal
In spring 2020, Simmons Bank’s Regional
Community President Daniel Robinson chaired
an enormously successful fundraising campaign
for the United Way of Southeast Arkansas, which
serves our hometown community of Pine Bluff. In
addition to helping the nonprofit exceed their
$1 million goal, Daniel was recognized the
following month through Arkansas Business’
“40 under 40” award.
Signature Sponsorship
Dr. Josetta Wilkins Jefferson County Health Unit
In our company’s hometown, the University of Arkansas at
Pine Bluff continues to enjoy the Simmons Bank Field, a
90,000-square-foot IRONTURF field, made possible by a
Simmons Bank gift.
18 | DIVISION PROFILE: ARKANSAS COMMUNITIES
Regional Community President Rodney West (right) teams
up with Jerry Glidewell for the Fort Smith Boys & Girls Club.
AWARDS AND ACCOLADES
Forbes, Best-in-State
Employer for Arkansas
Arkansas Business,
40 under 40:
Daniel Robinson
Arkansas Money & Politics,
Most Admired Bank
Simmons Bank’s Monticello team supported essential
workers during the pandemic by delivering pizzas to health
care staff, emergency responders and police officers.
In the Spotlight: Financial Center Manager Jennifer Stark of Lake Village
As a 2020 winner of Simmons Bank’s most prestigious internal award for high performance, the SOAR
award, Lake Village’s Jennifer Stark also led the bank’s highest year-over-year market share growth. Under
Jennifer’s leadership, market assets increased 10 percent over 2019.
“
When I joined Simmons Bank 20 years ago,
I was given a chance in an industry that was
new to me. I’ve always wanted to make sure
that if the person who hired me looked back
they’d think it was a good decision. Similarly,
I’m driven every day to make good on the
trust our customers place in us. They’re
why we’re here and there’s nothing more
rewarding than earning their loyalty!
“
Jennifer Stark
FINANCIAL CENTER MANAGER
Our Central Arkansas market achieved significant milestones in 2020. From raising $30,000 in hunger relief
funds via a virtual concert at Simmons Bank Arena to making musical expression accessible for thousands
of children by sponsoring the Arkansas Symphony’s Youth Orchestra Education Challenge, our associates’
community commitment was on full display. Additionally, this team’s professional performance was lauded
by publications such as AY Magazine, which awarded Simmons “Best Bank” and “Best Mortgage Lender.”
AWARDS AND ACCOLADES
Little Rock Soirée,
Best Bank
AY Magazine, Best Mortgage
Lender, Best Bank
ASSOCIATE AWARDS EXEMPLIFY SIMMONS BANK’S “PURSUE GROWTH” VALUE
Arkansas Money & Politics, Most
Powerful Women in Banking:
Carole Smith
Arkansas Business, Most Influential
Leaders: George A. Makris Jr.,
Matt Reddin and Martie North
Little Rock Soirée, Women to Watch:
Amber McKnight
Arkansas Business, 20 in Their 20s:
Caleb Petersen
Signature Sponsorship
We look forward to seeing concerts again at the 18,000-seat, multi-purpose
venue Simmons Bank Arena in North Little Rock, Arkansas.
Simmons Bank’s lighted River Market
building in Little Rock
20 | DIVISION PROFILE: CENTRAL ARKANSAS
Central Arkansas Rocks Fight
Against Hunger
In September 2020, our Little Rock River Market
building was lit up in orange to support
#HungerActionDay. Just days later, the Arkansas
Foodbank announced Simmons Bank as its
Corporate Volunteer Group of the Year, honoring
local associates for more than 300 service hours
donated in 2019.
Arkansas Venture Center Sponsorship
Powers Innovation
The Central Arkansas team is proud to support The
Venture Center. The Little Rock-based organization is
especially known for its Fintech Accelerator program
and its Independent Community Bankers Association
Accelerator program – these
benefit financial organizations
and startups alike through
collaboration on new products
and services for financial
institutions.
“
Simmons Bank is extremely
proud to be the exclusive
financial sponsor for the
Arkansas Venture Center.
Our sponsorship allows our
bank associates to interface
with The Venture Center
clients on any banking and
financial topics that are
current and meaningful.
The Venture Center
programming is extremely
helpful and professional
– we are honored to be
associated with them!
“
Carole Smith
SENIOR VICE PRESIDENT AND
BUSINESS DEVELOPMENT OFFICER
Community Partnership Lights
up Little Rock
Central Arkansas associates joined with the
Downtown Little Rock Partnership to bring
a little extra light to the close of 2020. The
Holidays on Main event delivered festive and
safe family fun to our Little Rock community
as we ended a challenging year together.
Simmons Bank’s lighted River Market
building in Little Rock
Simmons Bank Supports Arkansas Symphony Orchestra, Youth
As the Arkansas Symphony Orchestra’s (ASO’s) Education Challenge sponsor, Simmons
Bank provided a $25,000 match to the ASO’s education program. This effort puts
instruments in the hands of children, making live symphonic music more accessible than
ever to Arkansans.
Simmons Bank was proud to continue our
sponsorship for the St. Louis Blues in 2020.
Simmons Becomes Official Bank
Partner for Columbia Film Festival
In spring 2020, Simmons Bank
became the official bank partner
for the True/False Film Fest, an
annual documentary festival in
the heart of Columbia, Missouri
that draws artists, filmmakers,
musicians and attendees from
around the world. The move
continues a tradition of support
for the event by Landmark Bank – a foundation
of community commitment that Simmons Bank is
honored to build upon.
Key 2020 accomplishments for our Missouri Division
– which represents Simmons Bank’s largest asset
base – opened with the successful conversion
and integration of Landmark Bank in February.
Additionally, strong performance from our Missouri
team was recognized by St. Louis Small Business
Monthly, which named
Simmons Bank a “Best
Bank” in the region, and
RMI Business Finance,
which named Simmons
Bank a Platinum Elite
Lender for exemplary
Small Business
Administration lending.
St. Louis Team Goes Extra Mile
for Minority, Underprivileged
Communities
In spring 2019, Simmons
Bank partnered with the St.
Louis Equal Housing and
Community Reinvestment
Alliance to introduce a
Community Benefits
Partnership to serve low-
to-moderate-income and
minority communities
throughout the region.
Building on this foundation
in 2020, St. Louis associates
served numerous families
from traditionally
underbanked populations.
Many of these efforts
were led by President of
Corporate Banking and
Community Affairs Allan Ivie.
(Ivie has since been promoted
to regional president, wealth
management, for Simmons
Bank’s Missouri and Kansas
markets.)
Allan Ivie
REGIONAL PRESIDENT,
WEALTH MANAGEMENT
22 | DIVISION PROFILE: MISSOURI
Meeting the Moment: Giving Pushes Back
on Virus Impacts
In May, St. Louis associates’ gift of $10,000 to the Urban
League of Metropolitan St. Louis helped this organization
provide weekly distributions to locals in need. Members of
the community were given food, toiletries, gloves and masks
in addition to assistance with rent, mortgage and utility
expenses thanks to our team’s donation. Just two months
later, Springfield associates donated $17,500 to the CoxHealth
Foundation’s Covid-19 Relief Fund in support of local health
care workers and patients.
Local Perspective: Springfield Leader
Sums up 2020 Takeaways
“
When I think about this year,
what comes to mind most
strongly is the indispensable
role Simmons Bank
played for our Springfield
community by providing
funds, relief and counsel to
affected businesses during
a widespread economic
downturn. It took sacrifice,
endurance and countless
hours of hard work, but
our associates rose to the
challenge and kept many
small business dreams alive.
“
Christian Lewis
SPRINGFIELD REGIONAL
COMMUNITY PRESIDENT
St. Louis associates participated in a Walk to End
Alzheimer’s fundraiser to support research.
AWARDS AND ACCOLADES
RMI Business Finance, Platinum Elite Lender
St. Louis Small Business Monthly,
Best in Business Awards: Patrick Bowen
Allan Ivie “Top 100 People to Know in St. Louis”
Best Bank
From opening the Simmons Bank Agriculture Exhibit at Discovery Park of America in Union City to driving
significant donations for the Nashville-based Snedeker Foundation, our Tennessee team consistently
demonstrated Simmons Bank’s philosophy that excellent banking is rooted in strong community
relationships and trust.
Team Simmons Bank Scores Big
for Charity in 2020
In February 2020, Simmons Bank became title sponsor of
the Korn Ferry Tour Nashville event – renamed the Simmons
Bank Open for the Snedeker Foundation. Shortly afterward,
we signed multiyear agreements with professional golfers Will
Zalatoris, Braden Thornberry, Kevin Dougherty and Dawson
Armstrong. These brand ambassadors, collectively known as
Team Simmons Bank, achieved some exciting accomplishments
in 2020, most notably raising more than $75,000 through
Simmons Bank’s “Drive. Putt. Do Good.” initiative, which offset
the loss of funds to the Snedeker Foundation following the
virus-related cancellation of the Simmons Bank Open in May.
This charitable gift benefitted underprivileged children across
Tennessee – Team Simmons Bank’s biggest win of all.
Signature Sponsorship
BIRDIE SCORECARD
1.
W. Zalatoris
2.
B. Thornberry
3.
D. Armstrong
4.
K. Dougherty
5.
B. Snedeker
3 5 6
3 1 2
2 6 3
2 1 7
2 3 0
TOTAL
31
7 8
The Simmons Bank Open in Nashville, Tennessee
is a signature event of the Korn Ferry Tour.
24 | DIVISION PROFILE: TENNESSEE
“
It says a lot about Simmons Bank that they were
willing to step up and provide a fundraising platform
to generate donations, despite our tournament being
canceled. They didn’t have to, but we’re very glad
they did, and I join Will, Kevin, Braden and Dawson in
saying we’re glad to be part of ‘Drive. Putt. Do Good.’
-Brandt Snedeker, PGA TOUR player and
cofounder of The Snedeker Foundation
“
Simmons Bank Agriculture Exhibit Opens at
Discovery Park
As a top-30 farm lender in the nation, Simmons Bank’s ties to
agriculture and our farming community run deep. That’s why we were
especially grateful to partner with the Discovery Park of America
in Union City, Tennessee to present a permanent exhibit called
“AgriCulture: Innovating for Our Survival” at the Simmons Bank Ag
Center on park grounds. This interactive exhibit tells the story of
farming innovation and heritage with an emphasis on the essential
role agriculture continues to play today.
Q&A with Angie DeGuira, Market Retail Manager
Goodlettsville-based Angie DeGuira is a 2020 winner of Simmons Bank’s
SOAR award – the highest internal recognition for an associate – and is market
retail manager for one of our top-scoring customer service locations.
The Simmons SOAR Award is one of the most prestigious recognitions
bestowed on an associate. How do you bring your best to work each day?
Know and remember your “why” and let that be your driving motivation.
My “why” is staying focused on my purpose: to serve others with every
opportunity.
What’s helped you and your team build strong relationships with customers?
It is the investment and genuine care for our customers and recognizing how
the service we provide impacts their lives. Our Middle Tennessee retail leaders
and team truly invest in the financial success of our customers in every stage
of their lives. Our associates not only work to meet their financial needs of
today, but our bankers understand and value the partnership we have with
customers over the course of their lives.
Goodlettsville
AWARDS AND ACCOLADES
Angie DeGuira
MARKET RETAIL MANAGER
Goodlettsville Team
Demonstrates Outstanding
Customer Satisfaction
Congratulations to our Goodlettsville
branch team for exceptional customer
feedback scores in 2020. These
associates received outstanding “Net
Promoter Score” ratings through our
Voice of the Customer survey partner,
demonstrating strong customer service
and business growth potential. One
of our local customers summed up
the experience with these words:
“Like banking used to be. May be
headquartered elsewhere but still feels
like Goodlettsville. Great people at
every station.”
The Daily Post-Athenian, Best of the Best, Top-Three Bank
Teller (associates Pam Mobley and Kim Shiestel), Top-Three
Home Mortgage Loans, Top-Three Financial Investments,
Top-Three Financial Institution
Nashville Business Journal, Top-Five SBA Lenders
Humboldt Chronicle, Best Bank
Business Network International All-Star Award,
Simmons Bank associate Cherie Cline
Since entering the Texas market in 2017, Simmons Bank focused on driving brand recognition and forging
strong community partnerships to better serve this growing region. From bolstering divisional leadership
with the hire of longtime Dallas banking executive Kent Eastman to broadening relationships with local
nonprofits through Community Reinvestment Act initiatives, our Texas team continues to embody Simmons
Bank’s values of “High Performance” and “Better Together.”
Our First Rodeo: Simmons Bank Sponsors
Legendary Livestock Event
Simmons Bank is proud to sponsor the Fort Worth Stock Show and
Rodeo, the oldest continuously running livestock show and rodeo,
held annually since 1896. The Stock Show has provided millions
of dollars in grants and scholarships to assist the future leaders of
agriculture and livestock management – we are grateful to partner
with an event that provides significant economic impact to the area
and advances youth education.
Sherman Team Impacts Thousands with Medical
Technology
In September 2020, Simmons Bank associates donated $50,000
to the Sherman Independent School District for the purchase of
contactless temperature scanners. The gift allows for safer and faster
health monitoring across 14 campuses.
Fort Worth Inc.,
400 Most Influential People: Lori Baldock
Hulen Associates Feed Struggling
Families, Shut-ins
Simmons Bank’s commercial team at our Hulen
branch in Fort Worth kicked off the holiday season
by assembling more than 100 food baskets for
people in need. Dozens of families along with many
shut-in individuals were touched by their efforts.
Associates Leverage Skills, Grant
Funds to Support Chambers of
Commerce
In spring 2020, Dallas Commercial Banker Tim
Maiden teamed up with the Dallas Black Chamber
of Commerce to participate in a virtual symposium
titled “The State of Small Business.” The event
was hosted by Harmony Community Development
Corporation to benefit small businesses that
were struggling from the economic impacts of
Covid-19. Just months later, our Fort Worth team
awarded $2,000 in grant funds to the Fort Worth
Hispanic Chamber of Commerce – the donation
helped provide numerous resources to individuals,
businesses and partners across Tarrant County.
Associates are pictured at our Hulen branch in Fort Worth.
26 | DIVISION PROFILE: TEXAS
Signature Sponsorship
We celebrated Earth Day by planting more than 600 trees and plants around Dickies Arena and the Simmons Bank
Plaza and Pavilion.
AWARDS AND ACCOLADES
Fort Worth Inc.,
400 Most Influential People: Lori Baldock
Dallas Business Journal,
Women in Business: Stacy Bowers
In the Spotlight: Stacy Bowers, Community
Affairs Officer
Recognized by the Dallas Business Journal’s prestigious
“Women in Business” award in 2020, Stacy Bowers spearheads
Simmons Bank’s efforts to support underserved communities
across North Texas. With vast experience in Community
Reinvestment Act initiatives, fair housing and nonprofit
partnerships, Bowers has previously been recognized with “40
under 40” leadership awards from both the Dallas Business
Journal and Fort Worth Business Press.
“
There’s an old saying
that goes, ‘Behind every
successful organization
are exceptional people.’
I’m so thankful to be
part of a company and
team that are dedicated
to going above and
beyond the call for our
underserved communities.
“
Stacy Bowers
COMMUNITY AFFAIRS
OFFICER
Kent Eastman
TEXAS DIVISION
PRESIDENT
Longtime Dallas
banking leader Kent
Eastman joined
Simmons Bank in July
2020 to oversee our
Texas Division.
Simmons Bank’s Western Division includes teams in Northwest Arkansas, Kansas and Oklahoma. True to
our Better Together culture, this division’s commitment to providing excellent banking services marked by
a personal touch has forged many strong community partnerships. Additionally, our Wichita, Kansas and
Chickasha, Oklahoma teams were recognized by local publications such as the Wichita Business Journal
and The Express-Star – with awards such as “Best Places to Work,” “Best Customer Service,” “Best Loan
Company” and “Best Teller.”
Stillwater Medical Foundation Donation
In February 2020 – just before COVID-19 impacted our
communities – Stillwater associates donated $15,000 to the
Stillwater Medical Foundation to kick off Simmons Bank’s title
sponsorship for the organization’s three major fundraising
events of 2020. Simmons Bank’s gift benefited the foundation’s
new Women’s Health Center and Surgery Center expansion,
helping patients receive care closer to their homes.
OKC Associates Light Up
Christmas for Kids in Foster Care
Our Oklahoma City team rang in the holidays by
decorating a Simmons Bank-branded Christmas
tree for the Festival of Trees at Chisholm Creek.
Event proceeds help purchase Christmas gifts for
local children in foster care.
Accelerating Momentum: Northwest
Arkansas Team Presents Bike
Track Funds
In 2020, our Northwest Arkansas associates
presented $16,850 in grant funds from the Simmons
First Foundation to Lincoln Consolidated School
District. The donation will support the creation of
the Alpha Wolf Mountain Bike Track on the Lincoln
Middle School campus.
28 | DIVISION PROFILE: WESTERN
Oklahoma Team Grows in
Size, Performance
The February 2020 conversion of
Landmark Bank bolstered our Oklahoma
presence, with nine branches added.
Simmons Bank’s Oklahoma team then
went on to notch an additional success
when The Express-Star recognized
our Chickasha associates with multiple
awards, from Best Customer Service,
Best Finance/Investment and Best Loan
Company to Best Boss and Best Teller.
Wichita Earns Third Consecutive “Best
Places to Work” Distinction
Congratulations to our Wichita associates whose
outstanding workplace culture has earned multi-year
recognitions from the Wichita Business Journal. For the third
year running, Simmons Bank was named to the publication’s
list of Best Places to Work in 2020, an award that recognizes
companies for excellent culture and performance. We
appreciate these outstanding associates for helping to make
our company a place marked by passion and connectivity.
Stillwater Team Continues Longtime
United Way Support
For more than 20 years, our Stillwater associates have been
known for outstanding commitment to their local United
Way. Associates continued their support in 2020 with a
$10,000 donation and participation in the nonprofit’s Day
of Caring.
AWARDS AND ACCOLADES
Wichita Business Journal, Best Places to Work, Women Who Lead
in Financial Services: Chris Hemphill
The Journal Record, Achievers Under 40: Alex Kaiser
The Express-Star, Best Loan Company, Best Finance/Investment
Company, Best Customer Service, Best Boss and Best Teller
STEWARDING TRUST
Our value of stewardship is backed by a focus on environmental responsibility, a vibrant and diverse culture
and strong community involvement aimed at helping break down economic barriers.
Environmental Stewardship
Simmons Bank’s environmentally-conscious decisions helped us reduce greenhouse
gases across our footprint.
LED lighting retrofits eliminated more than 1,200 metric tons of carbon
dioxide since 2016.
In 2019, a summer intern program identified opportunities for reducing carbon
emissions. Findings resulted in more paperless meetings, and a $500,000-plus
investment in network and teleconferencing equipment to reduce travel and
reliance on paper.
In the first quarter of 2020, nearly 177,000 pounds of paper were recycled
through our partnership with vendor Shred It:
Equivalent of 1,510 trees saved
Equivalent of 265 cubic yards of landfill space saved
618,346 gallons of water saved
Simmons Bank holds preferred stock investments in The Sentinel Record and
Pine Bluff Commercial, Arkansas publications that support the newspaper
industry’s move from paper to electronic delivery, ultimately resulting in saved
trees and less impact on the environment.
Beginning in 2021, Simmons First Foundation will use a new $3 million
endowment for environmentally focused grants with interests in conservation
and other agriculture projects.
Reinvesting in Our Communities
Our Community Reinvestment Act efforts focus on affordable housing, economic development and community
service – all with the aim of equipping our low-to-moderate-income community members with the financial
products and services they need to succeed.
$1.4 MILLION
contributed toward CRA charitable
giving between 2018-2020
NEARLY
13,600
small loans funded for businesses in 2020, with nearly 5,300
loans benefitting businesses with less than $1 million in revenue
During 2020, Simmons Bank originated,
renewed or refinanced approximately
$242 MILLION
in community development loans, with
approximately $15 million of that amount
supporting affordable housing
MORE THAN
3,000
community engagement activities performed from
2018-2020, with nearly 1,500 directed to support
financial literacy
30 | STEWARDSHIP
Product Spotlights
Simmons Bank offers a variety of products to help ensure that our customers
are well served.
Our BankOn-certified Affordable Advantage Checking product:
More than 230 account holders as of Dec. 31, 2020
Includes safeguards against overdrafts
Our 100% Advantage mortgage product:
Requires zero down payment
Available in select markets
Customer and Stakeholder Benefits
Secure, accessible, ethical. These attributes define Simmons Bank’s philosophy and customer experience.
SECURE
Our commitment to safeguarding data is backed by tremendous investments in:
• Cutting-edge cyber monitoring software, robust reporting and empowered information security
leadership.
• Enhanced practices during Covid: heightened security protocols safely accommodated increased work-
from-home scenarios.
ACCESSIBLE
Ongoing digital enhancements deliver effortless access to products and services, as well as personalized
support from our financial experts.
• In 2020, Simmons Bank partnered with the Medallia survey platform to launch our Voice of the Customer
Program.
• “Net Promoter Score” ratings give us valuable insights into ways we can meet or exceed customer
expectations.
ETHICAL
Ethics and anticorruption training are strong focuses at Simmons Bank.
• Trainings include a robust emphasis on anti-bribery provisions that fall under the Foreign Corrupt
Practices Act, as well as education against money laundering and corruption.
• In 2020, seven ethics courses were distributed across the organization with several topics targeting
specific roles for the most pertinent education possible.
• Multiple avenues are available to report concerns: Internal resources include our Whistleblower policy,
designed to guard an associate’s confidentiality and protect against retaliation, along with our AskHR
and Fair Banking groups.
• Our External Employment Assistance Program line is a confidential resource to address a host of
associate needs, including ethical situations.
Note: This report is printed on recycled paper.
FINANCIAL HIGHLIGHTS 2020
Capital, Asset Quality and Asset Growth
STRONG REGULATORY CAPITAL
AS OF DEC. 31, 2020
Tier 1
Leverage Ratio
Common Equity
Tier 1 Capital Ratio
Total Risk-Based
Capital Ratio
%
0
4
.
%
0
5
.
%
1
.
9
%
5
4
.
%
5
6
.
%
4
3
1
.
%
0
8
.
%
0
0
1
.
%
8
6
1
.
REGULATORY “ADEQUATELY CAPITALIZED”
REGULATORY “WELL-CAPITALIZED”
SIMMONS FIRST NATIONAL CORPORATION
STRONG ASSET QUALITY
YEAR ENDED DEC. 31, 2020
Allowance for Credit Loss as a
% of Total Loans
1.85%
1.49%
SFNC
ALL U.S. BANKS1
Nonperforming Assets as a
% of Total Assets
0.64%
0.76%
Net Credit Card Charge-off as a %
of Credit Card Portfolio
1.62%
2.53%
Published industry average as of Dec. 31, 2020.
1
32 | Financial Highlights
TOTAL ASSET GROWTH
2011 THROUGH 2020 | $ IN BILLIONS
$22.4
$21.3
579 % Increase
$16.5
$15.1
$8.4
$7.6
$4.4
$4.6
$3.3
$3.5
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
9101112131415161718192021222387654321 FINANCIAL HIGHLIGHTS 2020
Earnings, Earnings Per Share, Dividends and Market Capitalization
EARNINGS GROWTH (NET INCOME)
2011 THROUGH 2020 | IN MILLIONS
$255
$238
$216
r e a s e
I n c
9 2 0 %
$97
$93
$74
$25
$28
$36
$23
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
PER SHARE HIGHLIGHTS
YEAR ENDED DEC. 31, 2020
Diluted Earning Per Share
Diluted Core Earnings Per Share
(non-GAAP)1
Book Value Per Share
Tangible Book Value Per Share
(non-GAAP)2
$2.31
$2.40
$27.53
$16.56
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 net 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.
Tangible book value per share is a non-GAAP financial measure that is calculated by subtracting goodwill and other intangible assets from
total common stockholders’ equity, and dividing the resulting number by the shares of common stock outstanding at period end. See “Rec-
onciliation of Non-GAAP Financial Measures” for a reconciliation of this non-GAAP financial measure.
34
| Financial Highlights
$0$50$100$150$300$200$250 112 Consecutive Years Of Paying Dividends To Our Shareholders
DIVIDENDS PER SHARE
2011 THROUGH 2020
$0.64
$0.60
$0.68
$22.4
$0.42
$0.44 $0.46
$0.48
$0.50
$0.38
$0.40
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
MARKET CAPITALIZATION
2011 THROUGH 2020 | $ IN BILLIONS
I n c r e a s e
$2.6
3 6 0 %
$1.9
$1.6
$3.0
$2.2
$2.3
$0.5
2011
$0.4
2012
As of Dec. 31 of each year.
$0.6
$0.7
2013
2014
2015
2016
2017
2018
2019
2020
$0.80$0.60$3.0$0.30$1.5$0.70$3.5$0.40$2.0$0.50$2.5$0.20$1.0$0.10$0.5$0.00$0.0 FINANCIAL HIGHLIGHTS 2020
Shareholder Return
1 YEAR TOTAL SHAREHOLDER RETURN
DIVIDENDS + STOCK APPRECIATION | DEC. 31, 2019 — DEC. 31, 2020
LONG-TERM TOTAL SHAREHOLDER RETURN
DIVIDENDS + STOCK APPRECIATION | DEC. 31, 2007 — DEC. 31, 2020
36 | Financial Highlights
SNL Mid-Cap Bank
-9%
SFNC
-16%
SFNC
129%
SNL Mid-Cap Bank
6%
-50%-60%-40%-30%-20%10%20%-10%0%DECJANFEBMARAPRJULOCTMAYAUGNOVJUNSEPDEC-40%-80%0%40%80%200%240%120%160%‘07‘11‘17‘09‘15‘13‘19‘08‘12‘18‘10‘16‘14‘20 CAPITAL RETURNED TO OUR SHAREHOLDERS DURING 2020
$113
MILLION
+
$75
MILLION
=
$188
MILLION
Repurchase of 6 Million
Common Shares
Common Stock Dividends
INVESTOR PROFILE
YEAR ENDED DEC. 31, 2020
Stock Price
52-Week High
52-Week Low
Common Shares Outstanding
Dividends Paid per Share for 2020
Dividend Yield1
$21.59
$26.88
$13.75
APPROXIMATELY
108 MILLION
as of Dec. 31, 2020
$0.68
%
3.1
Dividend yield is calculated by dividing the annual dividends paid per share by the closing price per share.
1
FINANCIAL HIGHLIGHTS
CONDENSED CONSOLIDATED BALANCE SHEETS
DEC. 31, 2020 AND 2019 | IN MILLIONS
2020
ASSETS
Cash and cash equivalents
Investment securities
Mortgage loans held for sale
Other assets held for sale
Loans
Allowance for loan losses
NET LOANS
Premises and equipment
Premises held for sale
Foreclosed assets
Goodwill and other intangible assets
Other assets
TOTAL ASSETS
LIABILITIES AND STOCKHOLDERS’ EQUITY
Non-interest bearing transaction accounts
Interest bearing transaction accounts & saving deposits
Time deposits
TOTAL DEPOSITS
Other borrowings
Subordinated debentures
Other liabilities held for sale
Accrued interest and other liabilities
TOTAL LIABILITIES
Total stockholders’ equity
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
38 | Financial Highlights
2020
2019
$3,472.2
3,808.2
137.4
0.1
$996.6
3,333.8
58.1
260.3
12,900.9
14,425.7
)
(238.1
12,662.8
441.7
15.0
18.4
1,186.4
617.6
(68.2
)
14,357.5
492.4
-
19.1
1,182.9
558.4
$22,359.8
$21,259.1
$4,482.1
9,672.6
2,832.3
16,987.0
1,342.1
382.9
154.6
516.5
19,383.1
2,976.7
$22,359.8
$3,741.0
9,090.9
3,277.0
16,108.9
1,297.6
388.3
159.9
315.5
18,270.2
2,988.9
$21,259.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
IN MILLIONS, EXCEPT PER SHARE DATA
2020
2019
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
$759.8
120.0
639.8
75.0
564.8
27.7
43.1
6.6
34.5
1.3
2.7
33.5
5.8
54.8
38.5
248.5
242.5
37.6
24.0
1.8
9.2
4.5
173.9
493.5
319.8
64.8
$255.0
0.1
$254.9
$2.31
9.4
$264.3
$2.40
$783.1
181.4
601.7
43.2
558.5
25.0
44.8
5.8
15.0
2.7
2.3
29.3
4.8
13.3
62.0
205.0
227.8
32.0
18.2
3.4
4.4
36.4
138.9
461.1
302.4
64.2
$238.2
0.4
$237.8
$2.41
31.8
$269.6
$2.73
1
“Core earnings” and “diluted core earnings per share” are financial measures that exclude non-core items such as items related to net 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 MILLIONS, EXCEPT PER SHARE AMOUNTS
2020
FINANCIAL STATEMENT DATA:
2020
2019
2018
2017
2016
Total assets
Total loans
Total deposits
Total equity
Net income available to
common stockholders
Core earnings available to
common stockholders 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 stockholders’ 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 stockholders
$22,360
$21,259
$12,901
$16,987
$2,977
$14,426
$16,109
$2,989
$16,543
$11,723
$12,399
$2,246
$15,056
$10,780
$11,093
$2,085
$8,400
$5,634
$6,735
$1,151
$255
$238
$216
$93
$97
$264
$270
$220
$119
$101
$2.31
$2.40
$27.53
$16.56
$0.68
$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
13.31%
14.06%
13.58%
13.85%
13.70%
8.45%
9.08%
13.41%
13.41%
16.78%
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%
29.44%
26.56%
25.86%
37.59%
30.67%
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 net 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.
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.
40
| Financial Highlights
ANNUALIZED PERFORMANCE RATIOS:
Return on average assets
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
Core return on average tangible
common equity (non-GAAP) 2
Net interest margin
Efficiency ratio (non-GAAP) 4
ASSET QUALITY RATIOS:
Nonperforming assets/total assets
Nonperforming loans/total loans
2020
1.18%
1.22%
8.72%
2019
2018
2017
2016
1.33%
1.37%
0.92%
1.25%
1.51%
9.93%
1.40%
10.00%
1.18%
6.68%
1.31%
8.75%
9.05%
11.25%
10.21%
8.56%
9.17%
15.25%
17.99%
18.44%
11.26%
13.92%
15.79%
3.38%
54.66%
20.31%
3.85%
50.33%
18.81%
14.28%
3.99%
4.08%
52.85%
55.26%
0.64%
0.96%
0.54%
0.65%
0.50%
0.48%
0.70%
0.67%
Allowance/nonperforming loans
192.82%
72.46%
101.12%
57.96%
Allowance/total loans
Net charge-offs/average loans 5
1.85%
0.43%
0.47%
0.22%
0.48%
0.18%
0.39%
0.28%
Net credit card
charge-offs/credit card loans
OTHER DATA:
1.62%
1.86%
1.64%
1.61%
1.28%
Number of financial centers
204
251
191
200
150
Number of full time
equivalent associates
2,923
3,270
2,654
2,640
1,875
4
The efficiency ratio is a non-GAAP financial measure that is noninterest 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 transactons and non-core items. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of these non-GAAP
financial measures.
Excludes credit cards.
5
14.56%
4.19%
56.24%
1.35%
1.53%
43.18%
0.66%
0.26%
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
FOR THE 12 MONTHS ENDED | IN MILLIONS, EXCEPT PER SHARE DATA
NET INCOME
Non-core items:
Gain on sale of branches
Gain from early retirement of TRUPS
Gain on sale of insurance lines of business
Simmons First Foundation
Merger-related costs
Early retirement program
Branch right sizing
Tax Effect 1
Net non-core items (before SAB 118 adjustment)
SAB118 adjustment 2
CORE EARNINGS (NON-GAAP)
DILUTED EARNINGS PER SHARE
Non-core items:
Gain on sale of branches
Gain from early retirement of TRUPS
Gain on sale of insurance lines of business
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
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)
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
Total assets
Intangible assets:
Goodwill
Other intangible assets
Total intangibles
Tangible assets
2020
2019
2018
2017
2016
$254.9
$237.8
$215.7
$92.9
$96.8
(8.4
)
-
-
-
4.5
2.9
13.7
)
(3.3
9.4
-
$264.3
-
-
-
-
36.4
3.5
3.1
(11.2
)
31.8
-
$269.6
-
-
-
-
4.8
-
1.3
(1.6
)
4.5
-
$220.2
-
-
)
(3.7
5.0
21.9
-
0.2
(8.8
)
14.6
11.5
$119.0
-
(0.6
)
-
-
4.8
-
3.4
(3.0
)
4.6
-
$101.4
$2.31
$2.41
$2.32
$1.33
$1.56
)
(0.07
-
-
-
0.04
0.03
0.12
)
(0.03
0.09
-
$2.40
-
-
-
-
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
$2,975.9
$2,988.2
$2,246.4
$2,084.6
$1,151.1
)
(1,075.3
)
(111.1
)
(1,186.4
$1,789.5
108,078
$27.53
$16.56
$2,976.7
(0.8
)
2,975.9
)
(1,075.3
)
(111.1
)
(1,186.4
$1,789.5
)
(1,055.5
)
(127.4
)
(1,182.9
$1,805.3
113,629
$26.30
$15.89
)
(845.7
)
(91.3
)
(937.0
$1,309.4
92,348
$24.33
$14.18
)
(842.7
)
(106.1
)
(948.8
$1,135.8
92,029
$22.65
$12.34
)
(348.5
)
(53.0
)
(401.5
$749.6
62,555
$18.40
$11.98
$2,988.9
(0.8
)
2,988.2
)
(1,055.5
)
(127.4
)
(1,182.9
$1,805.3
$2,246.4
-
2,246.4
)
(845.7
)
(91.3
)
(937.0
$1,309.4
$2,084.6
-
2,084.6
$1,151.1
-
1,151.1
)
(842.7
)
(106.1
(948.8
)
$1,135.8
)
(348.5
)
(53.0
)
(401.5
$749.6
$22,359.8
$21,259.1
$16,543.3
$15,055.8
$8,400.1
)
(1,075.3
)
(111.1
)
(1,186.4
$21,173.4
)
(1,055.5
)
(127.4
(1,182.9
)
$20,076.2
)
(845.7
)
(91.3
(937.0
)
$15,606.3
)
(842.7
)
(106.1
(948.8
)
$14,107.0
(348.5
)
)
(53.0
(401.5
)
$7,998.6
Ratio of equity to assets
Ratio of tangible common equity to tangible assets (non-GAAP)
13.31%
8.45%
14.06%
8.99%
13.58%
8.39%
13.85%
8.05%
13.70%
9.37%
42
| Supplemental Information
2020
2019
2018
2017
2016
CALCULATION OF CORE RETURN ON AVERAGE ASSETS
Net income available to common stockholders
Net non-core items, net of taxes, adjustment
Core earnings
$254.9
9.4
$264.3
$237.8
31.8
$269.6
$215.7
4.5
$220.2
$92.9
26.1
$119.0
$96.8
4.6
$101.4
Average total assets
$21,590.7
$17,871.7
$15,771.4
$10,075.0
$7,760.2
Return on average assets
Core return on average assets (non-GAAP)
1.18%
1.22%
1.33%
1.51%
1.37%
1.40%
0.92%
1.18%
1.25%
1.31%
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
Average common stockholders’ equity
Average intangible assets:
Goodwill
Other intangibles
Total average intangibles
Average tangible common stockholders’ equity
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)
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
EFFICIENCY RATIO (NON-GAAP) 3
$254.9
10.0
$264.9
9.4
264.3
10.0
$274.3
$237.8
8.7
$246.5
31.8
269.6
8.7
$278.3
$215.7
8.1
$223.8
4.5
220.2
8.1
$228.3
$92.9
4.7
$97.6
26.1
119.0
4.7
$123.7
$96.8
3.6
$100.4
4.6
101.4
3.6
$105.0
$2,921.0
$2,396.0
$2,157.1
$1,390.8
$1,105.8
)
(1,065.2
)
(118.8
)
(1,184.0
$1,737.0
)
(921.6
)
(104.0
)
(1,025.6
$1,370.4
)
(845.3
)
(97.8
)
(943.1
$1,214.0
10.00%
18.44%
10.21%
18.81%
$392.2
)
(6.1
)
(4.2
)
(11.0
$370.9
$548.7
147.8
-
5.3
)
(0.1
$701.7
)
(455.5
)
(68.8
)
(524.3
$866.5
6.68%
11.26%
8.56%
14.28%
$312.4
)
(27.4
)
(3.0
)
(7.7
$274.3
$352.5
141.2
)
(4.0
7.8
)
(1.1
$496.4
)
(333.0
)
(51.7
)
(384.7
$721.1
8.75%
13.92%
9.17%
14.56%
$255.1
)
(8.4
)
(4.5
)
(5.9
$236.3
$277.5
141.1
)
(0.3
7.7
)
(5.8
$420.2
9.93%
17.99%
11.25%
20.31%
$461.1
)
(43.0
)
(3.3
)
(11.7
$403.1
$601.8
205.0
-
7.3
)
(13.3
$800.8
50.33%
52.85%
55.26%
56.24%
8.72%
15.25%
9.05%
15.79%
$493.5
)
(21.5
)
(1.7
)
(13.5
$456.8
$639.7
248.5
)
(8.7
11.0
)
(54.8
$835.7
54.66%
1
2
3
Effective tax rate of 26.135 percent for 2018-2020 and 39.225 percent for prior years, adjusted for non-deductible merger-related costs
and deferred tax items on P&C insurance sale.
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 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 NON-GAAP FINANCIAL MEASURES
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 “anticipate,” “believe,” “budget,”
“contemplate,” “continue,” estimate,” “expect,” “foresee,”
“intend,” “indicate,” “likely,” “target,” “plan,” “positions,”
“prospects,” “project,” “predict,” or “potential,” by future
conditional verbs such as “could,” “may,” “might,” “should,”
“will,” or “would,” by variations of such words or by similar
expressions. These forward-looking statements include,
without limitation, those relating to the Simmons First National
Corporation’s (“Company,” “we,” “us,” or “our”) future growth,
revenue, expenses, assets, asset quality, profitability, earnings,
accretion, customer service, investment in and success of
digital channels, critical accounting policies, net interest
margin, non-interest revenue, market conditions related to
and the impact of the Company’s stock repurchase program,
consumer habits, the Company’s ability to recruit and retain
key employees, the adequacy of the allowance for credit
losses, the impacts of the COVID-19 pandemic and the ability
of the Company to manage the impacts of the COVID-19
pandemic, the impacts of the Company’s and its customers’
participation in the Paycheck Protection Program, 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, plans for investments in securities, 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; the impacts of the
COVID-19 pandemic on the Company’s operations and
performance; the ultimate effect of measures the Company
takes or has taken in response to the COVID-19 pandemic; the
severity and duration of the COVID-19 pandemic, including
the effectiveness of vaccination efforts; the pace of recovery
when the COVID-19 pandemic subsides and the heightened
impact it has on many of the risks described herein; changes
in real estate values; changes in interest rates; changes in
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 the provision of key services; further changes
in accounting principles relating to loan loss recognition;
uncertainty and disruption associated with the discontinued
use of the London Inter-Bank Offered Rate; the costs of
evaluating possible acquisitions and the risks inherent in
integrating acquisitions; possible adverse rulings; judgements,
settlements, and other outcomes of pending or future
litigation; 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
44 | Forward-Looking Statements
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 credit losses, fair value
for loans, other real estate owned, and those factors set forth
from time to time in the Company’s press releases and filings
with the U.S. Securities and Exchange Commission (“SEC”),
including, without limitation, the Company’s Form 10-K for
the year ended December 31, 2020 (which has been filed
with, and is available from, the SEC). Many of these factors
are beyond our ability to predict or control, and actual results
could differ materially from those indicated in or implied by
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 assumptions and expectations that underlie
or are 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 or whether our future performance will differ
materially from the performance reflected in or implied by our
forward-looking statements, 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 U.S.
generally accepted accounting principles (“GAAP”). The
Company’s management uses these non-GAAP financial
measures in their analysis of the Company’s performance.
These measures adjust GAAP performance measures to,
among other things, include the tax benefit associated with
revenue items that are tax-exempt, as well as exclude from
income available to common shareholders, non-interest
income, and non-interest expense certain income and expenses
related to significant non-core activities, including merger-
related expenses, gain on sale of branches, early retirement
program expenses and net branch right-sizing expenses. In
addition, the Company also presents certain figures based
on tangible common stockholders’ equity, tangible assets
and tangible book value, which exclude goodwill and other
intangible assets. The Company’s management believes that
these non-GAAP financial measures are useful to investors
because they, among other things, present the results of the
Company’s ongoing operations without the effect of mergers
or other items not central to the Company’s ongoing business,
as well as normalize for tax effects. Management, therefore,
believes presentations of these non-GAAP financial measures
provide useful supplemental information that is essential
to a proper understanding of the operating results of the
Company’s core businesses. 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 Meaures.”
NOTES
Notes
NOTES
46 | Notes
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