Simmons First National
Annual Report 2023

Plain-text annual report

Celebrating 120 Years As Simmons celebrated its 120th year, we reflected on our incredible journey and the people who made it possible. From our humble beginnings as a small, hometown bank to our present-day six-state footprint, Simmons has grown into an entity the founders might scarcely have imagined. However, throughout our growth and the exponential advances in technology that changed how we and our customers conduct our finances, the one constant since our founding in 1903 has been our purpose to be a trusted financial advisor who is there to enable individuals, companies and our communities to attain their financial goals. The last century-plus has been a testament to the hard work, perseverance and vision of each of our associates who have propelled us during good times and helped us endure during challenging times. For 120 years we have been a source of strength and stability for our customers and our communities. As we look to the future, Simmons is well-positioned to continue helping our customers meet their ever-changing financial needs while being a strong and active community partner. 1903 Simmons National Bank of Pine Bluff is founded. 1922 Simmons Trust Department officially opens. 1967 Simmons becomes the first bank in Arkansas to offer Visa® cards. 1982 The first personal computer was purchased by the bank, a Radio Shack TRS 80. 1992 Simmons First National Corporation stock begins trading on the NASDAQ stock exchange. 2010 Simmons acquires Southwest Community Bank (Springfield, MO) and Security Savings Bank FSB (Olathe, KS). 1907 Simmons pays its first cash dividend to shareholders. 2014 Simmons acquires Delta Trust & Banking Corp. (Little Rock, AR). — Simmons First Foundation is created. 1953 Simmons opens its first drive-thru at the main branch in Pine Bluff. 1974 Simmons opens its first ATM in Pine Bluff. 1984 The first intercontinental ATM transaction was made by Simmons customer Mary Stone. She made a transaction in Australia that traveled 31,000 miles in six seconds. 1997 Total assets reach $1B. 2012 Simmons acquires Truman Bank (St. Louis, MO) and Excel Bank (Sedalia, MO). 2016 Simmons acquires Citizens National Bank (Athens, TN). 2019 Simmons acquires Reliance Bank (Des Peres, MO). 2020 Simmons Bank listed as Fortune’s 100 Fastest Growing Companies. — Simmons named to Forbes magazine’s list of The World’s Best Banks, ranking in the top 20 banks in the U.S. 2022 Simmons acquires Spirit of Texas Bank (Conroe, TX). — Simmons Bank ranked as one of the Top 25 Farm Lenders by the American Bankers Association. 2013 Simmons acquires Metropolitan National Bank (Little Rock, AR). 2015 Simmons acquires Community First Bancshares, Inc. (Union City, TN), Liberty Bancshares, Inc. (Springfield, MO), and Trust Company of the Ozarks (Springfield, MO). 2017 Simmons acquires First South Bank (Jackson, TN), Southwest Bank (Fort Worth, TX) and Bank SNB (Stillwater, OK). — Total assets reach $10B. 2020 Total assets reach more than $20B. — Simmons acquires Landmark Bank (Columbia, MO). 2021 Simmons acquires Landmark Community Bank (Collierville, TN) and Triumph Bank (Memphis, TN). 2023 Simmons Bank Open named The Korn Ferry Tour's 2022 Tournament of the Year. — 114th consecutive year of cash dividends paid to shareholders. LETTER TO SHAREHOLDERS Fellow Shareholders, This past year Simmons Bank celebrated its 120th anniversary of supporting the financial needs of the customers and communities we serve. It is a great honor to have achieved such a milestone through some remarkably difficult periods. One of those difficult periods included 2023 – with rising inflation, increased interest rates, bank failures and liquidity crunched by numerous factors, the banking industry was met with challenges we have not seen in many years. I am proud that Simmons weathered the storm very well by sticking to our conservative management style and sound principles of banking. In times like these, focusing on the future, and not focusing on short-term success, has proven over and over to be the recipe for sustainability. As we look to 2024 it appears that monetary policy has provided for some tempering of inflationary pressure while not creating an unemployment crisis – or a “soft landing” for the U.S. economy. We are hopeful that true economic factors will dictate growth, and government stimulants, which were necessary but overdone during Covid, will not be the primary factor in that growth. Regardless, your bank will prepare to continue our legacy of providing capital to our customers for their worthwhile needs and serving our communities which have supported us throughout our history. We want to acknowledge our directors who will retire at our shareholder meeting. Dean Bass, Jay Burchfield and Scott McGeorge have been outstanding contributors to Simmons Bank’s success. Their leadership throughout their tenures is greatly appreciated. They will be missed and we wish them the very best. We appreciate the support of our shareholders and encourage each one to examine the products and services Simmons has to offer, including our digital capabilities. As we continue to build loyalty throughout our markets, the attribute most coveted is the combination of customer and shareholder. Sincerely, George A. Makris, Jr. Executive Chairman Simmons First National Corporation 4 | Letter to Shareholders LETTER FROM THE CEO As Simmons Bank celebrated its 120th anniversary in 2023, we were once again reminded that during turbulent and challenging times, the customers and communities we serve look to their bank as a source of strength and stability. The foundation upon which our company was built centered on maintaining strong capital and liquidity positions while also exercising strict credit discipline. Adhering to these principles continues to be a mainstay of our company and a centerpiece of our ongoing strategy. As shown later in this report, all of our regulatory capital ratios continued to significantly exceed “well-capitalized” guidelines. Liquidity took centerstage this year, with particular attention placed on uninsured deposits. To combat the anxiety that ensued throughout the banking industry, we proactively worked closely with our customers to place them in programs that helped address any perceived concerns. In total, approximately 79 percent of our deposits at the end of the year were FDIC insured or subject to collateral agreements, well above the industry average. We also maintain access to additional liquidity sources as part of our overall liquidity management strategy, which in total represent more than two times the amount of uninsured, uncollateralized deposits as of the year end. Maintaining strong capital and liquidity positions also afforded us the opportunity to extend credit (new loan originations or funding commitments) totaling more than $10.4 billion during the year. At the same time, loan growth did not come at the expense of maintaining prudent underwriting standards as evidenced by the 12 basis points of net charge-offs recorded during the year. We believe adhering to these principles, rather than seeking opportunities that provide instant gratification while also potentially adding undue risk, ultimately drive the creation of long-term shareholder value. They also are the pillars that have allowed us to pay cash dividends to our shareholders almost since our founding in 1903. In January 2024, our Board of Directors announced a 5 percent increase in the quarterly cash dividend, marking the 115th consecutive year that Simmons has paid a cash dividend. According to recent research by Dividend Power, there are only 25 U.S. publicly traded companies that have paid dividends for 100+ consecutive years – placing Simmons amongst an exclusive group of companies that include Coca-Cola, Exon Mobil, General Mills, IBM, Proctor & Gamble and Union Pacific. This past year also brought success with our Better Bank Initiative that concentrated on people, processes and systems. As part of this initiative, we initially identified potential annual cost savings of $15 million. In the end, we surpassed our expectations by achieving $18 million in annual costs savings. More importantly, we believe this initiative provided increased capacity for future growth and will also allow us to better serve our customers. Finally, I remain proud of our company’s resiliency and the work of our more than 3,000 associates, collectively and individually. Meeting challenges head on and ensuring that we are doing the things we need to do, and should be doing, to help our customers and communities achieve their financial goals is embedded in our DNA. Moreover, it provides a strong foundation for our future growth and success. Respectfully, Bob Fehlman Chief Executive Officer Simmons First National Corporation BETTER BANK INITIATIVE Q&A with Jena Compton When Chief People Officer Jena Compton joined Simmons in 2015, the bank’s robust mergers and acquisitions (M&A) activity was delivering rapid growth – and cultural challenges. Eight years and multiple culture awards later, Jena reflects on lessons learned, victories won and what’s next. Q: Q: Q: Q: Since your arrival eight years ago, associate feedback has been key to developing and improving the Simmons Bank culture. How have you utilized employee feedback to ensure Simmons Bank is a best place to work? We’ve gone through Quality Improvement Program input and Engagement Surveys to ask ourselves how we make Simmons an even better place to work. Associates’ feedback helped our HR team get very creative in finding ways to turn input into action. Payroll improvements coming in 2024 are an example, as are enhanced bereavement leave and jeans Fridays. We also just announced four additional weeks of paid parental leave and have several other exciting updates in the pipeline. High Performance Culture is a newer initiative that encourages associates to find their “why.” What benefits are we seeing since it launched? A lot of companies talk about being high performing, but our High Performance Culture Initiative effectively turned an aspirational emphasis at Simmons into part of our day-to-day language and activity. Culturally, High Performance has always been part of who we are, but it’s come alive since launching the High Performance Culture Initiative. Now we have tools to interview for High Performance, measure it and use it as a filter for our experiences and results. There’s a level of clarity and a toolbox to make sure we’re living our culture. How do you evaluate HR initiatives to ensure they’re strategic? The HR role is to support the business and its success. That means the first responsibility we have is to fully understand the business strategy and how we enable it. We must look at Simmons’ strategy to understand the "people" components, from talent to process needs. From there we build an HR strategy that supports the business strategy. We’re constantly building tools, resources and programs to support associate experience. Sometimes the support HR provides is helping Simmons "run a better shop" through efficient processes. When we streamline tasks for associates, that’s also part of improving their experience. Our 2023 strategy was Better Bank Initiative. What resonates with you about this focus and how does it impact HR? Better Bank Initiative is focused on people, processes and systems – all of which result in a better associate experience. When your aim is helping people enjoy and succeed at their work, you can’t have that conversation without touching on areas covered by Simmons’ Better Bank Initiative, from honing processes and tools to providing associates with higher-performing peers. I say all the time that you can’t talk about the people enough. People make everything happen at this bank, and that holds true for bringing strategy to life. 6 | Better Bank Initiative Q&A with Sharmane Andrews As chief compliance officer, Sharmane manages the bank's risk related to fair and responsible banking and managing compliance with applicable laws and regulations. Q: Q: Q: Q: Your team is instrumental in Simmons Bank achieving its CRA goals. How did your team find success in 2023? Simmons’ CRA unit sought to strengthen relationships internally with our business lines and lenders and externally with nonprofit organizations. Staying connected with nonprofits within our communities allows us to development performance context aligning our lending, giving and services offered with community needs. How did our associates’ participation in service opportunities impact our 2023 CRA goals? Simmons' associates engaged in a variety of services from helping communities build more sustainable food systems through charitable events, to partnering with national nonprofits dedicated to creating positive change in the lives of young people and adults. In keeping with our 2023 CRA goal of building a network of community partners and promoting financial wellness, associates shared their expertise, which helped our communities foster a strong financial foundation, build savings and reach their financial goals. We partnered with organizations across the footprint to provide personal finance classes, homebuyer workshops and mentored small business owners (i.e., financing, human resources, business planning). Community affairs officers across the footprint hosted several workshops to empower our customers and communities with financial education. As you look back on 2023, what are you most proud of? Our team really exceeded expectations in 2023. Their hard work will equip communities with the knowledge and resources needed to empower better financial solutions. I am most proud of the overall outreach within our Texas markets to various nonprofits. This team completed more than 665 community activities from financial literacy to serving on boards or being community advocates. Houston – Eddie Lasker, Karla Hollins and Graylin Beals established a partnership with Texas Southern University, a Historically Black College and University (HBCU). They successfully delivered their first of many credit management workshops and are aiming to create valuable working experiences for students. Sherman – In a remarkable show of unity and community spirit, the Sherman market joined forces to host a financial literacy workshop for Sherman Independent School District. This collaborative effort highlights the power of teamwork and the shared commitment to empowering the youth with essential financial knowledge. What impact did your team have on emerging markets and how did this tie into our Better Bank Initiative? Our Simmons’ CRA team worked collectively with our real estate group securing cornerstone branches within our community, such as our new St. Louis Kingshighway branch – located in a banking desert and replacing a check cashing facility. Additionally, we opened two new branches in South Dallas within the Red Bird community where many individuals are underbanked. 7 BETTER BANK INITIATIVE Q&A with Brad Yaney This year, Executive Vice President Brad Yaney oversaw the execution of Simmons’ Credit Optimization Initiative – a sweeping effort that delivered new efficiencies for Simmons Bank. Q: Q: Q: How long did the Credit Optimization Initiative run? It began in October 2021 with an assessment of our commercial credit approval process and Credit Policy – basically everything from the front-end of a commercial loan leading up to approval. We then transitioned the assessment to the post-approval aspect, including loan operations and our attorney prepared loan closing process. While this specific initiative ended in July, keep in mind that optimizing our credit process is a continuing focus. For example, we’re actively working to revamp our loan covenant process, reviewing opportunities to shorten credit packages and partnering with our IT provider on LoanVantage enhancements. There’s also significant work taking place to energize efforts around a Business Banking platform, which will bring automation and efficiency to the large volume of small- dollar commercial loans that we originate and service. Small business loans are core to our customer base, and we need a balanced "low touch" yet risk-based tool to help us achieve scalable growth in this area. What’s the connection between Simmons’ Better Bank Initiative and what we accomplished through the Credit Optimization project? Building a Better Bank is all about supporting our people through improved processes and systems. That’s exactly what Credit Optimization focused on: making our processes and systems efficient, scalable and effective so our people can be successful. Collaboration across business units was critical to the success of Credit Optimization and it will continue as a key focus via the Better Bank Initiative. For example, our Real Estate Valuation team worked closely with Accounting and Finance to establish processes for the capture and recognition of fees. Our Lending Operations Analysis group also helped the Credit Analysis team build out Service Level Agreement (SLA) tracking tools to ensure delivery times were met. Those are just a couple of examples for how aligning teams and creating a collaborative atmosphere helped us complete our goals. Finally, much like the SLA tracking, we’ve equipped our business units with new tools to help them be successful. It will be exciting to see more tools delivered over the coming months and years. IT is partnering with business units to help deliver items like our Enterprise Data Warehouse, customer profitability and the Small Business Loan Center. That’s a great example of a "support function" assisting in revenue enablement! What are your key takeaways from this initiative? So many areas were touched through this project that I’d hesitate to say which was the biggest. Appraisals, Credit Analysis, Credit Policy, Systems, Loan Operations and Attorney Prepared Closings are just a few! Each of these areas implemented enhancements to improve the entire loan process. All actions and accomplishments were driven by the desire to make our bank better. Associates who took part in this initiative should take pride that our leadership discussed this work publicly in earnings calls and investor meetings. Investors and analysts had interest in this initiative, wanting to understand processes that were changing, new efficiencies we were creating and how those efforts drove value in our organization. Last, Credit Optimization wasn’t about cost-cutting, but we did recognize saving opportunities through the project. For example, we achieved more than $180,000 in annual savings through changing a vendor that provided commercial real estate data. 8 | Better Bank Initiative Q&A with Elizabeth Machen In her role as chief marketing officer, Elizabeth Machen oversees marketing strategy and implementation for the bank. Q: Q: Q: Q: In 2023 we focused on building a better bank. How would you summarize Marketing’s overall strategy and its tie into this initiative? As a part of the 2023 Better Bank Initiative and its emphasis on people, processes and systems, Marketing focused on delivering our best to Simmons Bank customers. Leveraging more than 70,000 customer comments that we receive annually, the Marketing Brand Insights team visited four markets for intensive discussions on customer experience. We focused on identifying service gaps that can be improved and promoting successful tactics that can be replicated. The year ended with a 12 percent increase in overall bank Net Promoter Score over the previous year. The bank’s footprint has grown significantly in the last several years. How do you ensure consistent brand messaging across the six states? The creative team has established a clear brand identity and closely collaborates with regional and product marketing managers to maintain that identity across all channels and geographies. To ensure a uniform voice across our many product campaigns and regional marketing efforts, we consistently monitor brand touchpoints and perform channel reviews. We also use our internal e-store, The Vault, to deliver uniform collateral throughout our footprint. What are some highlights from your group this year? What impact did these have on the bank? This year was focused on deposit-gathering and Marketing supported many initiatives that aided in new deposits to the bank. During America Saves Week, Marketing executed a multi-channel campaign to drive savings education and account growth. The campaign resulted in a successful year-over-year increase in consumer deposit product originations and total deposit balance of new consumer deposit accounts. Marketing also supported the Digital Banking team as they expanded Simmons’ ability to grow deposits through digital account openings. Digital Certificates of Deposit (CD) origination launched in March 2023, along with a digital marketing campaign that promotes Simmons’ Coin Checking and Savings products. These campaigns drove more than 4,280 new accounts from digital origination. In September of 2023 we announced the Simmons Bank Championship, a new PGA TOUR Champions tournament. How do you evaluate sponsorship opportunities to ensure they’re strategic and align with the bank’s initiatives? The Simmons Bank Championship offers an opportunity to bring a one-of-a-kind event to our corporate home. The sponsorship positions Simmons Bank for mass consumer branding in a growing market, while providing significant business development opportunities under the Simmons Bank name. With all brand partnerships, we evaluate asset provision by considering benefits to the community, as well as the business opportunities a sponsorship presents to the bank. We focus on aligning with like-minded brands and organizations, securing banking relationships with partners, evaluating the potential for a long- term partnership and promoting visibility for our brand. Our objective is always to ensure that a partnership is mutually beneficial, and that the partner and the bank are both invested. 9 BETTER BANK INITIATIVE Q&A with Tina Groves In her role as chief risk officer, Tina Groves looks beneath the surface to identify risks and opportunities. Q: Q: Q: Q: From Financial Crimes to Compliance and Regulatory areas, your team covers multiple facets of risk. How do they fit together? The common thread is Risk Management. We’re focused on operational, compliance and enterprise level risk. The components of operational risk are Financial Crimes, Model Risk Management, Organizational Risk Management and Third-Party Risk Management. Then you have our Compliance and Regulatory areas, with Enterprise Risk Management (ERM) tying everything together. ERM connects all the dots as it looks at risk across the enterprise and aggregates it. Individual risks don’t always seem like a big deal when they’re isolated, but when you aggregate them, you find enterprise-wide issues. That insight helps us channel resources to prevent problems. How do you summarize Risk's overall 2023 strategy to align with our Better Bank initiative? It’s a pretty easy answer! We’re upgrading tools and technology. We’re also looking at associate education and the transfer of tools, training and responsibilities into the field. What are some wins from your group this year and what impact did they have on the bank? One win involves check fraud, an old-school fraud tactic that’s made a comeback the last few years. Through our vendor relationships, our team searched the dark web to find stolen checks for sale. The face value of customer checks we recovered in 2023 is $1.9 million, but account balances that were at risk totaled $76 million. Fraud prevention isn’t exactly a "savings" to the bank, but with a single vendor we offset a huge risk. Another significant contribution made by the Fraud Group included an aggressive effort to “chase the money” seeking recoveries from external financial institutions resulting in the recovery of $2.1 million. What future initiatives are you focused on? We’ll implement a new global risk compliance solution in early 2024. We’re also working on different automations to help our Fraud and Third-Party Risk Management teams. Next, we have been shadowing various groups to identify new efficiencies that we can build in for our partners. For example, when we find counterfeit or stolen checks, our Fraud team goes in and restricts items for those accounts to protect customers. The downside is that Simmons has to look at every item for affected accounts, so our team has a lot of work when items are restricted. Thanks to the shadowing process, we’ve built in an automated escalation procedures that help Simmons resolve restrictions in a more timely manner, relieving pressure for several teams. 10 | Better Bank Initiative Q&A with Ann Madea As an IT leader with global, regional and community banking experience, Chief Information Officer Ann Madea is fueled by driving growth. Her IT strategy has set Simmons on a path of transformation. Q: What are IT’s biggest wins from 2023 and how did they help the bank? We made some major changes in 2023. This includes a new IT Service Management System, implementing a new Workforce Strategy to source and upskill great talent, as well as continuing our tech modernization program like our branch network upgrades. We also focused on budget and saved significantly on contract negotiations. This contributed to the $15 million savings goal Simmons announced with our Build a Better Bank Initiative this year. We continue to prioritize data-driven initiatives that can have a measurable impact on customer experience as well as identifying those AI use cases that will deliver business innovation, productivity and boost profitability. Data is an asset and leveraging it helps us grow revenue, identify opportunities, generate operational efficiencies and mitigate risk – it’s one of the biggest areas where we can make a difference at Simmons Bank. We’re also partnering with the business units on numerous key initiatives such as the Business Lending Center and customer profitability, as well as many other initiatives in support of Simmons’ growth. We will continue to deliver business outcomes through digital capabilities, products and services. Q: What future IT initiatives are you focused on? We’re focused on many initiatives, including APIs that would enable streamlined integration and the ability to bring in Fintechs – when beneficial. There will be significant progress in the data and analytics space. We will continue to look at emerging technologies such as AI, blockchain and microservices to understand where they fit and how they could benefit the bank while minimizing operational risk. We will continue to align our IT strategy with our business partners and deliver those outcomes that generate revenue and maximize efficiencies. From the start I’ve had a solid team who understands that we’re here to enable the business – that’s our number one goal. – Ann Madea, Chief Information Officer 11 BETTER BANK INITIATIVE Q&A with Jimmy Crocker As head of Wealth Management, Jimmy Crocker oversees more than 104 trust associates serving Simmons’ entire six-state footprint with nearly $6.0 billion in assets under management and custody.1 Q: Q: Q: Q: In 2022 your team celebrated a century of serving our clients. How did you carry that momentum into this year? As Simmons Bank has changed over the years, so has Wealth Management. For years, individuals and corporations perceived that banks could not manage money very well. That has all changed. Private Wealth is a boutique investment group within the bank that has trust powers. Our Simmons Private Wealth Core Equity Strategy performed very well in 2023. The management of trust assets is a small portion of the accounts we manage. We continue to grow our assets under management for individuals, corporations and foundations. Standing on the shoulders of those who came before us, the Wealth group continues to not only grow assets, revenue and net income, but build deep and lasting relationships with our clients. Our 2023 strategy was themed around “Building a Better Bank.” What resonates with you about Better Bank Initiative and how does it impact Wealth? Our Better Bank Initiative is not just a slogan but a mindset. Wealth is always looking for ways to improve the client experience from the advice and services we provide, to the decisions we make in the process of managing client investments and the changes we have made, and continue to make, to create additional efficiencies and scalability. What is the key differentiator for our Private Wealth group and how do we leverage it? It’s truly our people. We have a group of talented professionals within the Private and Institutional Wealth group. Not only are our associates experts in their chosen fields, but they approach every client encounter with a servant’s heart. Our private wealth advisors have experience in trust and estate administration as well as financial planning. Many of our private wealth advisors and portfolio managers hold the following designations or degrees: Certified Trust Fiduciary Advisor, Accredited Trust Fiduciary Advisor, Certified Financial Planner, Certified Financial Analyst Charter holder, Juris Doctor and Master of Business Administration. What are your key takeaways for 2023? Our associates have done a wonderful job of taking a proactive approach to enhance client relationships. This ensures loyalty and satisfaction, both of which are crucial to building elegant, upmarket wealth management practices. Our group is not only active in our clients’ futures but in our communities as well. They have taken an active role in giving back to the communities they serve, taking an active role in building long-term community relationships. Highlights Products and services offered by Simmons Bank Private and Institutional Wealth include investment management, trust and estate planning, financial planning, business succession planning, employee benefits, 401K plan consulting, institutional investment management, corporate trust services, and farm and land management. Total assets under management or administration for Private and Institutional Wealth as of December 31, 2023, were $6.0 billion. 104 private strategists, portfolio managers and institutional wealth associates are dedicated to serving our Private and Institutional Wealth clients across our six-state footprint. 1 Royalty Trust division was sold on December 30, 2022. 12 | Better Bank Initiative Q&A with Cole Plafcan Two years into his role, Senior Vice President and Agriculture Lending Director Cole Plafcan has built on Simmons’ agricultural legacy and developed a loyal customer base. Q: Q: Q: Q: What are we doing well when it comes to Ag lending, and how do you want us to grow? Ag lending is all about relationships. Building a strong, loyal customer base is key to our success. We will grow one relationship at a time – ensuring we are our customers’ trusted partner – which will deepen our relationships over time. As a top-25 farm lender in the U.S., Simmons has a storied history of supporting farmers in the communities we call home. How do you believe your department carried on this legacy in 2023? As the bank has grown, we remain committed to our customers, especially our agricultural communities. This customer-loyalty mindset is apparent from the top-down. Our department has key support and backing by our top executives, which our customers can feel. It differentiates us among other banks our size. How did the Better Bank Initiative tie into your strategy for 2023? With last year’s acquisition of Spirit of Texas, we expanded into a market that was primed with opportunity. Our team has done an outstanding job of establishing our agricultural lending presence in south Texas. Our team in Corpus Christi, specifically, has built strong customer and community relationships that will help us grow into 2024 and beyond. What unique challenges did your team face this year? How did you overcome those to become a strong revenue producer? This year marked a unique time in terms of prolonged high inflation and high interest rates. Like other areas in the bank, our borrowers faced these rising interest rates, which impacted their margins. Because of our strong client relationships, our team was able to successfully manage customer expectations as well as bank profitability to attract, retain and expand our customer base. Highlights Ranked #24 among the Top 100 Farm Lenders by American Bankers Association 9 percent increase in agricultural portfolio from 2022 13 COMMUNITY Simmons Bank Championship to debut on PGA TOUR Champions in 2024 The Simmons Bank Championship, a new PGA TOUR Champions tournament, will debut in Little Rock, Arkansas on October 21-27, 2024. A five-year agreement establishing the event was announced in September at the Arkansas Sports Hall of Fame, with Simmons First National Corporation Executive Chairman George Makris, PGA TOUR Champions President Miller Brady and Arkansas Governor Sarah Huckabee Sanders in attendance. George Makris with Arkansas Governor Sarah Huckabee Sanders and PGA TOUR Champions President Miller Brady. The best job I have as Governor is to be the chief salesperson for Arkansas. This Tour is just one more thing to give our state an advantage. We want to grow our outdoor economy and events like this that have a $15 million impact are exactly the type of thing that we're looking to bring and highlight here. – Sarah Huckabee Sanders Arkansas Governor 14 | Growth Glen Day, Will Zalatoris and Ken Duke of Team Simmons Bank during the Simmons Bank Championship news conference. The Simmons Bank Championship will serve as the second round of PGA TOUR Champions' annual Charles Schwab Cup Playoffs. The top 54 players in the Charles Schwab Cup standings compete to earn their spot among the top 36 and enter the final event of the season. The Simmons Bank Championship will be the first-ever PGA TOUR Champions event held in Arkansas, and the first PGA TOUR-sanctioned tournament held in the state since the Korn Ferry Tour's Fort Smith Classic, which was last contested in 2010. In markets where PGA TOUR Champions events are held, tournaments generate upwards of $15 million in local economic impact. Net proceeds from the Simmons Bank Championship will benefit several qualified nonprofit organizations in the state of Arkansas. Simmons Bank has been a tremendous title sponsor on the Korn Ferry Tour and we are thrilled to have them join PGA TOUR Champions to sponsor one of our playoff events. Bringing a tournament to their home in Little Rock shows Simmons Bank's commitment to supporting their local community using the platform of professional golf to highlight the state of Arkansas and all that it has to offer. – Miller Brady PGA TOUR Champions President 15 MARKET HIGHLIGHTS Six States, One Team Over 120 years, Simmons Bank has grown from a small, community bank to a premier Mid-South bank spanning six states. With attention to service and detail, paired with a caring team, Simmons Bank is proud to provide a customer experience that exceeds expectations. Highlights from across the footprint illustrate the results. 16 | Market Highlights Arkansas Financial Centers: 65 Loans: $3.1 billion Deposits: $5.6 billion Kansas Financial Centers: 5 Loans: $202 million Deposits: $190 million Missouri Financial Centers: 46 Loans: $1.6 billion Deposits: $3.6 billion Oklahoma Financial Centers: 19 Loans: $656 million Deposits: $1.5 billion Tennessee Financial Centers: 44 Loans: $2.5 billion Deposits: $3.2 billion Texas Financial Centers: 55 Loans: $4.9 billion Deposits: $4.1 billion Figures are as of December 31, 2023. These balances include only those assigned to the division. As a result, totals will not foot to the consolidated loan and deposits figures for Simmons First National Corporation. 17 MARKET HIGHLIGHTS Arkansas Giving Back Our team in Conway supported the next generation preparing for college through the Mamas Unidas Scholarship Gala. The team presented the “Friend and Supporter of the Hispanic Community” award to students who will be attending college in the Simmons Bank footprint and some scholarships are even given to students who have a special interest in banking. Expanding our Reach As Simmons Bank marked 120 years of service to our communities, growth continued in White Hall, located less than 15 miles from our founding city of Pine Bluff. A new full-service branch opened in White Hall providing customers with a full range of financial services. In Northeast Arkansas, our Jonesboro team celebrated the groundbreaking of a nearly 20,000 square-foot financial center, which is scheduled to be completed in late 2024. Deep-seated The Simmons Bank Agri Summit returned to North Little Rock, drawing farmers, producers and farm-related business owners for a day of educational sessions covering the farming industry. Simmons Bank representatives shared best financial practices to set current and future farming generations up for success. Strong Partners Our associates in Russellville and Clarksville helped unveil the brand-new Simmons Bank Field at Thone Stadium at Arkansas Tech University. 18 | Arkansas Better Together After a devastating tornado ripped through the heart of Little Rock on March 31, our Simmons Bank team stepped up to help those impacted. Volunteers visited the Arkansas Tornado Donation Center at the Little Rock City Center to sort clothes and food donations, pack food and assist victims load their vehicles. Awards & Recognitions America Saves, "Designation of Savings Excellence Award" 2023 Arkansas Business, “20 in their Twenties,” Lauren Lovelady Arkansas Food Bank, "Cheerio! Outstanding New Team" Award Arkansas Money & Politics, "C-Suite Profile," Bob Fehlman, Jay Brogdon and Ann Madea Arkansas Money and Politics, "Most Admired Companies" Arkansas Money and Politics, "Future 50," Duncan Bellingrath Arkansas Money and Politics, “Most Admired Trust Department,” Simmons Bank Wealth Management Services Little Rock Soiree, "Platinum Service Award," Simmons Bank Wealth Management Services Little Rock Soiree, “Women to Watch,” Stacey Martin Pine Bluff Regional Chamber of Commerce, "Business Person of the Year,” Shannon Morgan Searcy Regional Chamber of Commerce, “Leadership Searcy,” Lendi Wells United Way of Northeast Arkansas, “Michael Nunnally Loaned Executive Award,” Andrew Weeks 19 MARKET HIGHLIGHTS Kansas Preserving the Community Pat Gearhart (left) and Shawn Jiwanlal (center) presented The Nature Conservancy – Kansas Chapter, a grant from the Simmons First Foundation for $4,500. The Nature Conservancy is the world’s largest and most admired conservation organization. The Nature Conservancy currently has five preserves that are open to the public for visitation, hiking and educational purposes in Kansas, and this grant will fund a sixth preserve that will be open to the public near Cassoday (less than 35 miles northeast of Wichita). The preserve will consist of approximately 320 acres of prairie landscape, which has one of the most diverse stands of plant life in all of Kansas, and which serves as home to numerous animal life including white-tailed deer, raccoons, foxes, rabbits, coyotes, meadowlarks, sparrows, woodpeckers, greater prairie chickens, monarch butterflies and ornate box turtles to name a few. Reaching the Pinnacle The United Way of the Plains awarded our Wichita team the Pinnacle Award for their outstanding support of the nonprofit. This recognition was granted for our team’s outstanding associate pledge campaigns in 2020, 2021 and 2022. Our associates had at least 90 percent participation in the campaign with an associate-per-capita gift of $100 or more. Women Who Lead Debbie Whiley, mortgage loan officer, was recognized by the Wichita Business Journal as a top woman in the financial services industry in their Women Who Lead series. Awards and Recognitions United Way of the Plains, "Pinnacle Award," Simmons Bank Wichita 20 | Kansas MARKET HIGHLIGHTS Oklahoma Community Connection The Oklahoma City team marked their fifth year as the premier sponsor of the Asian District Cultural Association's Asian Night Market Festival. Simmons Bank is currently the only bank with a branch located in the Asian District of Oklahoma City. A Day of Celebration Our Oklahoma City associates hosted the inaugural Festival Día Del Niño to mark Día Del Niño or Children’s Day. This day is a national celebration of children that originated in Mexico in 1925 and is historically celebrated on the last day of April. The Simmons Bank team hosted local vendors and businesses in the parking lot of their branch to pass out candy and prizes. Children and their families were able to participate in games and other activities and food vendors were on site as well. Tackling Financial Literacy The Stillwater team shared key financial literacy programming with Oklahoma State University athletes. Following the training, a player opened a checking and savings account with depositing his first NIL check. Heart of the Community Our Davis team took on the task of clerking the Premium Sale for the Murray County Junior Livestock Show last month, helping local 4-H and FFA students receive key financial support. Our team created the sale order, worked the sale, collected funds and disbursed them to students in need. 21 MARKET HIGHLIGHTS Missouri Giving Back Associates in South Central Missouri donated $24,000 to the Richards R-V School District “Every Rocket Plays” program to provide a new basketball court for the school. Better Together Senior Portfolio Manager Andy Drennen of Springfield was recognized as Simmons Bank’s 2022 Volunteer of the Year. Andy and his team donated $25,000 through the Simmons First Foundation to six area nonprofits. Supporting Small Businesses Our St. Louis team hosted a Small Business Forum to share important resources and business partnerships available for new and growing businesses in the community. Pursuing Growth Community Mortgage Loan Originator Nakischa Joseph was named Urban League Guild president for the Urban League of Metropolitan St. Louis. The guild is comprised of community volunteers, civic leaders and professional men and women who are committed to improving quality of life for African Americans and others. The Guild is an auxiliary that serves as ambassadors for the St. Louis affiliate and the National Council of Urban League Guilds. 22 | Missouri Community Connection In October, Simmons Bank hosted a ribbon-cutting ceremony to celebrate the new branch at the Urban League of Metropolitan Saint Louis, Inc. headquarters. The full- service branch is well-positioned to serve the community and contribute to area economic development. At the ceremony, Simmons Bank presented $50,000 to further support the nonprofit’s “Restoring Hope” capital campaign. This new branch and contribution is the latest development in a longstanding partnership between Simmons Bank and the ULSTL that stretches back to 2019. Mentorship Matters Jeff Hays, commercial banker in Springfield, was named 2023 Lunch Buddy of the Year from Big Brothers Big Sisters of the Ozarks. Each week, the Simmons Bank commercial banker brings games and mentorship to the third grader, spending 30 minutes with him at lunch on Wednesdays. His consistent commitment to showing up for Kamarion, as well as the positive relationship he’s built with his Lunch Buddy, earned him the honor. Awards & Recognitions Forbes, "America's Best-in-State Employers" Community News, “Best Bank,” Florissant, Missouri branch Iota Phi Lambda Sorority, Inc., "Business Month Emerald Award," Nakischa Joseph Springfield Business Journal, "Top 20 Most Influential Women," Stephanie Matthews St. Louis Magazine, "Best Bank," Readers' Choice Awards St. Louis Small Business Monthly, "Best Business Banker," Chris Calcaterra 23 MARKET HIGHLIGHTS Tennessee Sharing Knowledge Our Memphis team hosted an informative Lunch and Learn for Hispanic Realtors in their community. Associates shared their expertise on products and services offered by Simmons Bank. Building Relationships Nashville associates provided financial insights and guidance to participants of the Tennessee Dental Association's three-day Music City Dental Conference. 1 Creating Opportunities The Friends of Gallatin Miracle Park received a $15,000 donation in Simmons First Foundation funds for its new Miracle Park. Approximately six acres in size, the park is designed for children who are physically unable to play at typical parks. Honoring Veterans Many gathered in Memphis for the unveiling of the new Gold Star Memorial in Liberty Park adjacent to Simmons Bank Liberty Stadium. A Gold Star Family is a family that lost a loved one while they were serving in the military. The monument was unveiled in April and is dedicated to military service members and their families who made the ultimate sacrifice. 24 Tennessee Simmons Bank Open After being named the Korn Ferry Tour’s 2022 Tournament of the Year, the Simmons Bank Open returned to The Grove in Nashville during September. During Foundation Friday, The Simmons First Foundation awarded checks of $10,000 each to two well- deserving Nashville foundations, The Store and Soles4Souls. The Store operates a free year-round grocery store allowing people to shop for their basic needs in a way that protects dignity and fosters hope. Soles4Souls provides basic resources like new clothing and shoes to people in crisis, freeing up financial resources they can use toward other needs. A Lasting Legacy Associates in Athens presented $20,000 to the McMinn County Living Heritage Museum. This gift will support renovations to the museum that houses more than 10,000 artifacts and 30 permanent exhibits ranging from the 1700s to the present. The renovations will also include an expanding exhibit, as well as incorporating interactive exhibits for children. Awards & Recognitions Daily Post-Athenian, "Best of the Best" Awards, Jason Housley (Best Loan Officer), Stephanie Ghorley (Best Teller) and Pam Mobley (Top-Three Tellers) Monroe County Chamber of Commerce, "Executive Partner" The Korn Ferry Tour, "2022 Tournament of the Year," Simmons Bank Open United Way of Blount County, "Volunteer of the Year," Donnelle Curran 25 MARKET HIGHLIGHTS Texas Helping Hands Our Simmons Bank team was proud to serve as a key sponsor for the Habitat for Humanity’s Annual Capital Build at the Texas State Capital in Austin. This event brings awareness to those in need of housing across Texas. Generous Hearts In partnership with the local American Heart Association in Frisco, our associates donated CPR kits to the Collin County Boys and Girls Club. These CPR kits are crucial to teach lifesaving CPR skills, how to use an AED machine and how to help someone when they are choking. Community Ties Our Simmons Bank team co-sponsored the Dallas Business Journal’s “40 Under 40” awards dinner alongside Southern Methodist University’s Cox School of Business. Superhero Teamwork Simmons Bank associates participated in the inaugural Dallas Curing Kids Cancer Fire Truck Pull at Southern Methodist University (SMU). The team won the award for Best Dressed as they pulled a fire truck in 21 seconds, beating a SMU athletics team. 26 Texas Better Together Our associates in the Greater San Antonio area supported the annual National Alliance on Mental Illness walk. Our volunteers greeted more than 1,600 participants and raised funds for this nonprofit's efforts. Building Loyalty During the recent Fort Worth Stock Show and Rodeo held at Dickies Arena, Lori Baldock and Scott Engle entertained Mildred and Mark Creighton (center), as guests in the Simmons Bank suite. Mildred is the great-granddaughter of Dr. John Franklin Simmons, a physician practicing medicine in Pine Bluff in the late 1800s and founder of Simmons Bank serving as its first president in 1903. Community Pride Our Fort Worth metro associates showed their support for Texas Christian University (TCU) Horned Frogs team by donning purple while TCU participated in the College Football National Championship game against Georgia. Awards & Recognitions Fort Worth Inc. Magazine, “The 400 Most Influential People,” Lori Baldock Junior Achievement, “Outstanding Volunteer,” Monica Flores Simmons Bank, “Metro Banker of the Year,” Richard Cervenka 27 CULTURE Defining Our Culture Building a vibrant culture and living in accordance with our values directly translates to customer service excellence and loyalty and will fulfill our vision of making Simmons a great place to work. At Simmons, we are committed to our Culture Cornerstones. All six core Culture Cornerstones are reflected in what we do – including how we interact with each other, how we interact with our customers and how we interact with our vendors and business partners. Build Loyalty: We build loyalty by exceeding expectations as we serve. Protect. Connect. Commit. Succeed. Better Together: Embrace collaboration. Make time to help your colleagues and lift up those around you. Win together — celebrate together. Integrity: Do what’s right and be true to yourself. Value honor, act with responsibility and respect those around you. Your word is your bond. Passion: Care intensely about your work, customers and community. Always look to innovate, improve and dream big. High Performance: Strive to exceed expectations. Go beyond what you think is possible. Reach for excellence. Pursue Growth: Explore your path and seek opportunities. Aim to learn and expand your skills every single day. Explore growth — personally and professionally. Volunteering and Community Support Simmons regards social and civic responsibility as an important part of what we do. 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 across the bank's footprint participate in Simmons Service Month, a company- wide initiative to encourage volunteerism. Simmons provides associates paid time off in September to volunteer, which in 2023 resulted in more than 5,500 volunteer hours. Simmons associates who donated 15 or more volunteer hours during Simmons Service Month also received $150 for charities of their choice. In 2023, these top volunteers raised a combined $8,700 for charities across Simmons' footprint. 28 | Culture Simmons Associates: By the Numbers At Simmons, we are focused on delivering on the promise of being a great place to work. We actively promote an inclusive environment where all associates have the opportunity to achieve personal and professional success. 34% Men 66% Women 11% 60+ 18% 50-59 23% 40-49 22% 20-29 26% 30-39 1% Did not wish to disclose 27% Minority 72% Non-minority Gender Age Race Training and Development Associates at Simmons Bank completed approximately 69,000 hours of training and development in 2023. On average, each associate completes more than 21 hours of training. Simmons offers its associates a variety of education classes, including the following training classes: Financial Abuse of Elders: Common Schemes General Cybersecurity Training HIPAA-HITECH Requirements Identity Theft: Red Flags Identity Theft: Minimize the Risk Internal Controls Internet Security Essentials for Financial Institutions OFAC: Addressing Risks and Red Flags Outgoing Domestic Wire Module Procedures Password Security Awareness Personally Identifiable Information (PII) & Sensitive Information Phishing Awareness Recognizing UDAAP Risks Segregation of Duties September 2023 Associate Handbook Understanding Privacy: The Gramm-Leach-Bliley Act Working Ethically Simmons Bank requires Retail Banking associates to complete more than 24 hours of additional training and all Lending associates to complete more than 15 hours of additional training specific to their job requirements. Associates across the bank are required to complete risk and compliance courses to be aware and accountable for risk management. 29 CULTURE Simmons First Foundation Providing support to the communities we serve is foundational to who we are at Simmons Bank. Since 2014, Simmons First Foundation provided support for youth access to health care and education and aiding low- to-moderate income families. Funding requests come to the foundation from leaders across the footprint initiating grant requests based on the needs in their communities. Since 2014, Simmons Bank contributed approximately $17.9 million to the foundation. In 2023, Simmons First Foundation provided grants totaling more than $841,000 across our footprint. Map Key Make a Difference grants Mini grants Environmental grants Community Enhancement grants The foundation created a new $3 million endowment in 2021 to support environmentally focused grants to aid conservation and sustainable projects. This year, $150,000 in environmental grants were provided. In 2023, Simmons First Foundation presented the Arkansas Game and Fish Commission more than $60,000 to support its Mobility Impaired Awareness and Adaptive Recreation programs for youth. 30 | Culture Sustainability: By the Numbers Simmons Bank’s environmentally conscious renovations have helped us reduce greenhouse gases across our footprint. Since 2016 LED lighting installations and retrofits have eliminated more than 1,950 metric tons of carbon dioxide. Equivalent of 153,224 kWh saved Equivalent to eliminating 23 cars from the roadways Equivalent to eliminating 10,642 gallons of gas Equivalent to eliminating environmental impact of 16.24 homes Equivalent to eliminating more than 119,371 in pounds of coal burned Equivalent of 20,472 trees saved In 2023, approximately 2.4 million pounds of paper were recycled through our partnership with Shred-it vendor. Equivalent of 3,594 cubic yards of landfill space saved More than 8.38 million gallons of water saved Simmons Bank implemented the recycling program, K-Cycle, for coffee grounds and K-cups in 2019. In 2023, more than 616 pounds of used K-cups and coffee grounds were recycled. Make a Difference grants Mini grants Environmental grants Community Enhancement grants Branch Optimization Throughout the last three years, Simmons Bank implemented a branch rationalization strategy that leverages data to assist us in creating more efficiency in our branch distribution network, while also allowing us to better serve our customers. The implementation of our branch optimization strategy allowed us to eliminate approximately: 658 metric tons of carbon dioxide in 20231 3,306 metric tons of carbon dioxide since 20201 1 Figures calculated by totaling the square footage of branches closed/sold for the respective period and converted into square meters. The resulting figure was multiplied by a factor of 102 kg CO2 per square meter, and then converted to arrive at metric tons of CO2 for each respective period. The 102 kg CO2 per square meter factor was based on data published by the Center for Sustainable Systems, School for Environment & Sustainability, University of Michigan, related to carbon emissions data for commercial buildings and cited by Diebold Nixdorf in a publication dated April 19, 2021. 31 CORPORATE RESPONSIBILITY Simmons Bank Helps Customers Save Nearly $5.5 Million in "Change" Through the Simmons Bank automatic savings program, Round-Up, customers saved nearly $5.5 million during 2023. More than 26,400 customers utilized the program during this period. Compared to the same timeframe in 2022, dollars saved increased by nearly 6 percent. Community Reinvestment Simmons Bank’s Community Reinvestment Act efforts focus on affordable housing, economic development, revitalization and community service – each with a goal of providing greater access to financial products and services in low-to-moderate-income communities and families. In 2023, Simmons Bank originated approximately 3,525 in single-family Home Mortgage Disclosure Act (HMDA) loans totaling approximately $742,865,000. Simmons Bank provided more than 26 multi-family HMDA loans which totaled approximately $36,547,000 in 2023. Combined, Simmons Bank provided approximately $779,412,000 in HMDA reportable loans in 2023. Simmons Bank originated more than 728 loans within low-to-moderate-income areas, or 20.65 percent of total originations. Simmons Bank originated nearly 668 loans within majority-minority geographies or 18.81 percent of total originations. Simmons and Simmons First Foundation provided approximately $2,181,807 in eligible charitable and in- kind donations, and foundation grants in 2023, including 18 community enhancement grants ($125,000) and 38 make a difference grants ($524,857) from the foundation to organizations that offer work readiness programs, affordable housing and community services. Additionally, Simmons donated three branches for community needs. Through the Federal Home Loan Bank of Dallas, the bank secured for our non-profit community partners $1,466,400 in Federal Home Loan Bank contributions in 2023 for: downpayment assistance, home rehabilitation, construction of affordable housing, operating grants and FortifiedTM roof repairs. Simmons Bank provided approximately $63,735,550 in Community Development Investments under the Community Reinvestment Act in 2023. Approximately $357,036,730 in qualified community development loans furthered economic development, affordable housing and stabilization of communities in 2023. Approximately 2,927 loans benefited businesses with less than $1 million in revenue totaling approximately $354,614,000 in 2023. Approximately 1,269 loans benefiting small farms with less than $1 million in revenue totaling approximately $114,442,000 in 2023. 32 | Corporate Responsibility Commitment to the Community Simmons’ associates performed approximately 2,696 community development service activities, including offering financial education to adults and children and extending technical services in 2023. Simmons’ reach spanned across 513 nonprofit organizations. Product Spotlights Simmons Bank offers a variety of products to help ensure that our customers are served well. Our Bank On-certified Affordable Advantage Checking Product: Serving 552 account holders in 2023 Includes safeguards against overdrafts The Individual Taxpayer Identification Number (ITIN) Mortgage Product was introduced: An ITIN Advantage Mortgage is a loan designed for homebuyers who do not have a Social Security number In 2023, Simmons Bank funded approximately $19,851,384 (101 loans) of ITIN Advantage Mortgages Strong production continued with the 100% Advantage Mortgage Product: In 2023, Simmons Bank funded approximately $29,727,874 (167 loans) of 100% Advantage Mortgages Simmons Bank worked with more than 11 down-payment-assistance programs across our footprint to lessen the burden of cost of homeownership. The launch of the Foundation Secured Credit Card in 2021 provided customers the opportunity to open a secured credit card that is designed to help them establish, strengthen or rebuild their credit: More than 1,605 accounts were opened in 2023. 33 CORPORATE RESPONSIBILITY Governance – Board of Directors1 Dean Bass RETIRED CHAIRMAN AND CHIEF EXECUTIVE OFFICER, SPIRIT OF TEXAS BANCSHARES, INC. Jay D. Burchfield RETIRED CHAIRMAN, OZARK TRUST AND INVESTMENT CORP. Marty D. Casteel RETIRED CHAIRMAN, PRESIDENT & CHIEF EXECUTIVE OFFICER, SIMMONS BANK William E. Clark, II CHAIRMAN & CHIEF EXECUTIVE OFFICER, CLARK CONTRACTORS, LLC Jerry Hunter SENIOR COUNSEL, BRYAN CAVE LEIGHTON PAISNER, LLP Susan Lanigan RETIRED EXECUTIVE VICE PRESIDENT AND GENERAL COUNSEL, CHICO’S FAS, INC. George A. Makris, Jr. EXECUTIVE CHAIRMAN & CHAIRMAN OF THE BOARD, SIMMONS FIRST NATIONAL CORPORATION W. Scott McGeorge CHAIRMAN, PINE BLUFF SAND & GRAVEL COMPANY Independence Diversity Mindy West EXECUTIVE VICE PRESIDENT & CHIEF OPERATING OFFICER, MURPHY USA, INC. 94% 93% of directors are independent1 proforma* 19% 23% of independent directors are women1 proforma* 34 | Corporate Responsibility 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, EXTERNAL AND REGULATORY AFFAIRS, AT&T, INC. Eugene Hunt ATTORNEY, HUNT LAW FIRM Tom Purvis PARTNER, L2L DEVELOPMENT ADVISORS, LLC Robert L. Shoptaw RETIRED EXECUTIVE, ARKANSAS BLUE CROSS & BLUE SHIELD Julie Stackhouse RETIRED EXECUTIVE VICE PRESIDENT, FEDERAL RESERVE BANK OF ST. LOUIS Russell W. Teubner DISTINGUISHED ENGINEER, BROADCOM, INC. Tenure 10.4 years (average tenure) 2 10.6 years 2 (average tenure proforma*) 31% of independent directors are women and minorities1 38% proforma* 0-5 Years 6-10 Years 11-15 Years 15+ Years *Messrs. Bass, Burchfield and McGeorge have notified the Company that they have decided not to stand for re-election at the Company’s 2024 annual shareholders’ meeting. Proforma results reflect the Board composition following these decisions and assuming the remaining 14 persons are re-elected as directors at the 2024 annual shareholders' meeting. 35 FINANCIAL HIGHLIGHTS 2023 Capital, Asset Quality and Total Assets REGULATORY CAPITAL AT DECEMBER 31, 2023 Leverage Ratio Common Equity Tier 1 Capital Ratio Tier 1 Capital Ratio Total Risk-Based Capital Ratio % 0 0 4 . % 0 0 . 5 % 9 3 . 9 % 0 5 . 4 % 0 5 . 6 % 1 1 . 2 1 % 0 0 6 . % 0 0 8 . % 1 1 . 2 1 % 0 0 8 . % 0 0 0 1 . % 9 3 . 4 1 REGULATORY “MINIMUM” REGULATORY “WELL-CAPITALIZED” SIMMONS FIRST NATIONAL CORPORATION ASSET QUALITY AT DECEMBER 31, 2023 SFNC ALL U.S. BANKS3 Net Charge-Offs as a % of Average Total Loans 0.12 % 0.17 % Nonperforming Assets as a % of Total Assets 0.33 % 0.44 % Allowance for Credit Losses as a % of Nonperforming Loans 267 % 284 % 36 | Financial Highlights TOTAL ASSETS AT DECEMBER 31 | $ IN BILLIONS $27.5 $27.3 $24.7 $22.4 $21.3 $16.5 $15.1 $8.4 $7.6 $4.6 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 37 9101112131415161718192021262227232824292530876543210FINANCIAL HIGHLIGHTS 2023 114 Consecutive Years Of Paying Dividends To Our Shareholders DIVIDENDS PER SHARE4,5 YEARS ENDED DECEMBER 31 $0.44 $0.46 $0.48 $0.50 $0.72 $0.76 $0.80 $0.68 $0.64 $0.60 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 LONG-TERM TOTAL SHAREHOLDER RETURN DIVIDENDS + STOCK APPRECIATION | DECEMBER 31, 2007 — DECEMBER 31, 2023 SFNC 132% KBW NASDAQ REGIONAL BANK INDEX 120% 38 | Financial Highlights $0.80$0.60$0.30$0.70$0.40$0.50$0.20$0.10$0.00‘08‘12‘18‘10‘16‘14‘20‘09‘13‘19‘11‘17‘15‘21-50%-100%0%50%100%250%300%150%200%‘22‘23BOOK VALUE PER SHARE5 AT DECEMBER 31 $18.40 $17.27 $13.69 $26.30 $27.53 $28.82 $27.37 $25.73 $24.33 $22.65 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TANGIBLE BOOK VALUE PER SHARE5,6 AT DECEMBER 31 $16.56 $17.71 $15.89 $14.18 $15.92 $14.33 $12.34 $11.98 $10.98 $10.07 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 39 $2.00$0.00$4.00$6.00$8.00$18.00$20.00$10.00$12.00$14.00$16.00$5.00$0.00$10.00$15.00$20.00$25.00$30.00$35.00FINANCIAL HIGHLIGHTS 2023 CAPITAL RETURNED TO OUR SHAREHOLDERS DURING 2023 $40.0 Million + $101.0 Million = $140.9 Million Repurchase of 2.3 Million Common Shares Common Stock Dividends PER SHARE HIGHLIGHTS YEAR ENDED DECEMBER 31, 2023 Diluted Earnings Per Share Adjusted Diluted Earnings Per Share (non-GAAP)6 Book Value Per Share Tangible Book Value Per Share (non-GAAP)6 INVESTMENT PROFILE YEAR ENDED DECEMBER 31, 2023 Closing Stock Price at December 31, 2023 52-Week High 52-Week Low $1.38 $1.64 $27.37 $15.92 $19.84 $23.68 $13.36 Common Shares Outstanding at December 31, 2023 125.2 Million Dividends Paid per Share Dividend Yield7 $0.80 4.00 % 40 | Financial Highlights CONDENSED CONSOLIDATED BALANCE SHEETS AT DECEMBER 31 | $ IN THOUSANDS ASSETS Cash and cash equivalents Investment securities Mortgage loans held for sale Loans Allowance for loan losses NET LOANS Premises and equipment Foreclosed assets Goodwill and other intangible assets Bank owned life insurance Other assets TOTAL ASSETS LIABILITIES AND STOCKHOLDERS’ EQUITY Noninterest bearing deposits Interest bearing transaction accounts Time deposits TOTAL DEPOSITS Federal funds purchased and securities sold under agreements to repurchase Other borrowings Subordinated debentures Accrued interest and other liabilities TOTAL LIABILITIES Total stockholders’ equity 2023 2022 $ 614,092 $ 682,122 6,878,441 9,373 7,612,560 3,486 16,845,670 16,142,124 ) (225,231 ) (196,955 16,620,439 15,945,169 570,678 4,073 548,741 2,887 1,433,444 1,448,549 500,559 714,575 491,340 726,207 $ 27,345,674 $ 27,461,061 $ 4,800,880 $ 6,016,651 10,997,425 6,446,673 11,762,885 4,768,558 22,244,978 22,548,094 67,969 972,366 366,141 267,732 160,403 859,296 365,989 257,917 23,919,186 24,191,699 3,426,488 3,269,362 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 27,345,674 $ 27,461,061 41 FINANCIAL HIGHLIGHTS 2023 CONDENSED CONSOLIDATED STATEMENTS OF INCOME YEARS ENDED DECEMBER 31| $ IN THOUSANDS, EXCEPT PER SHARE DATA Interest income Interest expense NET INTEREST INCOME Provision for credit losses NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES NONINTEREST INCOME Service charges on deposit accounts Debit and credit card fees Wealth management fees Mortgage lending income Bank owned life insurance income Other service charges and fees Gain (loss) on sale of securities, net Other income TOTAL NONINTEREST INCOME NONINTEREST EXPENSE Salaries and employee benefits Occupancy expense, net Furniture and equipment expense Deposit insurance Merger-related costs Other real estate and foreclosure expense Other operating expenses TOTAL NONINTEREST EXPENSE NET INCOME BEFORE INCOME TAXES Provision for income taxes NET INCOME DILUTED EARNINGS PER SHARE Certain items, net of tax ADJUSTED EARNINGS6 ADJUSTED DILUTED EARNINGS PER SHARE6 2023 2022 $ 1,210,161 560,035 650,126 42,028 861,735 144,419 717,316 14,074 608,098 703,242 50,530 31,472 30,203 7,733 11,717 9,122 ) (20,609 35,398 155,566 286,117 46,741 20,741 29,986 1,420 892 177,164 563,061 200,603 25,546 175,057 1.38 32,659 207,716 1.64 $ $ $ 46,527 31,203 31,895 10,522 11,146 7,616 ) (278 31,435 170,066 286,982 44,321 20,665 11,608 22,476 1,003 179,693 566,748 306,560 50,148 256,412 2.06 42,428 298,840 2.40 $ $ $ $ 42 | Financial Highlights 42 SELECTED CONSOLIDATED FINANCIAL DATA YEARS ENDED DECEMBER 31 | $ IN MILLIONS, EXCEPT PER SHARE DATA FINANCIAL STATEMENT DATA 2023 2022 2021 2020 2019 Total assets Total loans Total deposits Total equity Net income Adjusted earnings6 PER SHARE DATA Diluted earnings Adjusted diluted earnings (non-GAAP)6 Book value Tangible book value (non-GAAP)6 Dividends CAPITAL RATIOS AT PERIOD END Common stockholders’ equity to total assets Tangible common equity to tangible assets (non-GAAP)6 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 $ 27,346 $ 27,461 $ 24,725 $ 22,360 $ 21,259 16,846 22,245 3,426 175 208 16,142 22,548 3,269 256 299 12,013 19,367 3,249 271 284 12,901 16,987 2,977 255 224 $ 1.38 1.64 27.37 15.92 0.80 $ $ 2.06 2.40 25.73 14.33 0.76 2.46 2.57 28.82 17.71 0.72 $ 2.31 $ 2.03 27.53 16.56 0.68 14,426 16,109 2,989 238 260 2.41 2.63 26.30 15.89 0.64 12.53 % 11.91 % 13.14 % 13.31 % 14.06 % 7.69 9.39 12.11 12.11 14.39 7.00 9.34 11.90 11.90 14.22 8.51 9.08 13.82 13.82 16.75 8.45 9.08 13.41 13.41 16.78 8.99 9.59 10.92 10.92 13.73 57.97 36.89 29.27 29.44 26.56 43 FINANCIAL HIGHLIGHTS 2023 ANNUALIZED PERFORMANCE RATIOS 2023 2022 2021 2020 2019 0.64 % 0.97 % 1.15 % 1.18 % 1.33 % 0.75 5.21 1.13 7.87 1.21 8.83 1.04 8.72 1.45 9.93 6.18 9.17 9.23 7.66 10.84 9.76 14.33 14.99 15.25 17.99 11.46 2.78 67.75 61.32 16.60 3.17 62.14 57.50 15.66 2.89 60.25 57.92 13.46 3.38 54.43 54.18 0.33 % 0.50 0.23 % 0.37 0.31 % 0.57 0.64 % 0.96 266.63 334.16 299.52 192.82 1.34 0.12 1.22 0.09 1.71 0.13 1.85 0.45 19.59 3.85 56.26 49.88 0.54 % 0.65 72.46 0.47 0.24 2.15 1.44 1.40 1.60 1.86 234 230 199 204 251 3,007 3,236 2,877 2,827 3,270 Return on average assets Adjusted return on average assets (non-GAAP)6 Return on average common equity Adjusted return on average common equity (non-GAAP)6 Return on average tangible common equity (non-GAAP)6 Adjusted return on average tangible common equity (non-GAAP)6 Net interest margin (FTE) Efficiency ratio6 Adjusted Efficiency ratio6 ASSET QUALITY RATIOS Nonperforming assets/total assets Nonperforming loans/total loans Allowance/nonperforming loans8 Allowance/total loans8 Net charge-offs/average loans Net credit card charge-offs/credit card loans OTHER DATA Number of financial centers Number of full time equivalent associates 44 | Financial Highlights SUPPLEMENTAL INFORMATION 2023 CALCULATION OF ADJUSTED EARNINGS 2023 2022 2021 2020 2019 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES YEARS ENDED DECEMBER 31 | $ IN THOUSANDS, EXCEPT PER SHARE DATA Net income Certain items: Merger-related costs Branch right-sizing, net Day 2 CECL provision Donation to Simmons First Foundation Loss from early retirement of TruPS Gain on sale of intellectual property Gain on insurance settlement Gain on sale of branches Early retirement program Loss (gain) on sale of securities FDIC special assessment Tax effect9 Certain items, net of tax A $ 175,057 $ 256,412 $ 271,156 $ 254,904 $ 238,167 1,420 5,467 - - - - - - 6,198 20,609 10,521 ) (11,556 32,659 22,476 3,628 33,779 1,738 365 ) (750 ) (4,074 - - 278 - ) (15,012 42,428 15,911 ) (906 22,688 - - - - ) (5,316 - ) (15,498 - ) (4,413 12,466 4,531 13,727 - - - - - ) (8,368 2,901 ) (54,806 - ) (10,975 ) (31,040 36,379 3,129 - - - - - - 3,464 ) (13,314 - ) (7,756 21,902 Adjusted earnings (Non-GAAP) B $ 207,716 $ 298,840 $ 283,622 $ 223,864 $ 260,069 CALCULATION OF ADJUSTED NONINTEREST INCOME Noninterest income Branch right-sizing Gain on sale of branches Gain on sale of intellectual property Loss from early retirement of TruPS Gain on insurance settlement Loss (gain) on sale of securities C $ Adjusted noninterest income (Non-GAAP) D $ CALCULATION OF ADJUSTED NONINTEREST EXPENSE Noninterest expense Merger-related costs Branch right-sizing expense Donation to Simmons First Foundation Early retirement program FDIC special assessment E $ Adjusted noninterest expense (Non-GAAP) F $ 155,566 - - - - - 20,609 176,175 - 563,061 (1,420 (5,467 - (6,198 (10,521 539,455 ) ) ) ) $ $ $ $ 170,066 153 - ) (750 365 ) (4,074 278 166,038 566,748 ) (22,476 ) (3,475 ) (1,738 - - 539,059 $ $ $ $ 191,815 ) (369 ) (5,316 - - - ) (15,498 170,632 483,589 ) (15,911 537 - - - 468,215 $ $ $ $ 239,769 ) (370 ) (8,368 - - - ) (54,806 176,225 484,736 ) (4,531 ) (14,097 - ) (2,901 - 463,207 $ $ $ $ 197,879 - - - - - ) (13,314 184,565 453,960 ) (36,379 ) (3,129 - ) (3,464 - 410,988 45 SUPPLEMENTAL INFORMATION 2023 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES YEARS ENDED DECEMBER 31| $ IN THOUSANDS, EXCEPT PER SHARE DATA 2023 2022 2021 2020 2019 SELECTED DATA Average diluted shares outstanding Common shares outstanding Average assets Average common stockholders’ equity Average intangible assets Total assets Common stockholders’ equity Intangible assets Net interest income Other real estate and foreclosure expense Amortization of intangible assets Amortization of intangible assets, net of taxes Fully taxable equivalent (FTE) adjustments Preferred stock dividend G H I J K L M N O P Q R S T 126,775,704 125,184,119 124,470,184 127,046,654 110,198,094 112,715,444 110,173,661 108,077,662 98,796,628 113,628,601 $ 27,554,859 3,359,312 1,441,608 27,345,674 3,426,488 1,433,444 $ 26,418,838 3,259,664 1,388,384 27,461,061 3,269,362 1,448,549 $ 23,492,308 3,071,313 1,196,787 24,724,759 3,248,841 1,252,242 $ 21,590,745 2,921,039 1,184,002 22,359,752 2,975,889 1,186,415 $ 17,871,748 2,396,024 1,025,635 21,259,143 2,988,157 1,182,860 650,126 892 16,306 12,044 25,443 - 717,316 1,003 15,915 11,756 24,671 - 591,532 2,121 13,494 9,967 19,231 47 639,734 1,752 13,495 9,968 11,001 52 601,753 3,442 11,805 8,720 7,322 339 METRICS Net income available to common shareholders (A-T) Adjusted earnings available to common shareholders (B-T)(Non-GAAP) U $ V 175,057 $ 256,412 $ 271,109 $ 254,852 $ 237,828 207,716 298,840 283,575 223,812 259,730 Earnings per share-diluted (U/G) Adjusted earnings per share-diluted (V/G) (Non-GAAP) Book value per share (M/H) Tangible book value per share ((M-N)/H) (Non-GAAP) Return on average assets (U/I) Adjusted return on average assets (V/I) (Non-GAAP) Return on average common equity (U/J) Adjusted return on average common equity (V/J)(Non-GAAP) Return on average tangible common equity (U+R)/(J-K)(Non-GAAP) Adjusted return on average tangible common equity (V+R)/(J-K)(Non-GAAP) Common stockholders’ equity to total assets (M/L) Tangible common equity to tangible assets (M-N)/(L-N)(Non-GAAP) Efficiency ratio (E/(O+C+S)) Adjusted efficiency ratio (F-P-Q)/(O+D+S) (Non-GAAP) $ 1.38 $ 2.06 $ 2.46 $ 2.31 $ 2.41 1.64 27.37 15.92 2.40 25.73 14.33 2.57 28.82 2.03 27.53 2.63 26.30 17.71 16.56 15.89 0.64 % 0.97 % 1.15 % 1.18 % 0.75 5.21 6.18 9.76 11.46 12.53 7.69 67.75 61.32 1.13 7.87 9.17 14.33 16.60 11.91 7.00 62.14 57.50 1.21 8.83 9.23 14.99 15.66 13.14 8.51 60.25 57.92 1.04 8.72 7.66 15.25 13.46 13.31 8.45 54.43 54.18 1.33 % 1.45 9.93 10.84 17.99 19.59 14.06 8.99 56.26 49.88 46 | Supplemental Information CALCULATION OF TANGIBLE BOOK VALUE PER SHARE5 Common stockholders' equity Intangible assets Tangible common stockholders' equity (A-B) (Non-GAAP) Common shares outstanding Book value per share (A/D) Tangible book value per share (C/D) (Non- GAAP) Common stockholders' equity Intangible assets Tangible common stockholders' equity (A-B) (Non-GAAP) Common shares outstanding Book value per share (A/D) Tangible book value per share (C/D) (Non- GAAP) RECONCILIATION OF NON-GAAP FINANCIAL MEASURES YEARS ENDED DECEMBER 31 | IN THOUSANDS, EXCEPT PER SHARE DATA 2023 2022 2021 2020 2019 A B C D A B C D $ 3,426,488 1,433,444 $ 3,269,362 1,448,549 $ 3,248,841 1,252,242 $ 2,975,889 1,186,415 $ 2,988,157 1,182,860 1,993,044 1,820,813 1,996,599 1,789,474 1,805,297 125,184,119 127,046,654 112,715,444 108,077,662 113,628,601 $ $ 27.37 15.92 $ 25.73 14.33 $ 28.82 17.71 $ 27.53 16.56 26.30 15.89 2018 2017 2016 2015 2014 $ 2,246,434 937,021 $ 2,084,564 948,722 $ 1,151,111 401,464 $ 1,046,003 380,923 $ 494,319 130,621 1,309,413 1,135,842 749,647 665,080 363,698 92,347,643 92,029,118 62,555,446 60,556,864 36,104,976 $ 24.33 14.18 $ 22.65 12.34 $ $ 18.40 11.98 $ 17.27 10.98 13.69 10.07 47 FORWARD-LOOKING STATEMENTS 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 Simmons First National Corporation’s (“Company,” “we,” “us,” or “our”) future growth, business strategies, acquisitions and their expected benefits, revenue, expenses, assets, asset quality, profitability, earnings, accretion, dividends, customer service, lending capacity and lending activity, loan demand, investment in digital channels, critical accounting policies and estimates, net interest margin, non-interest revenue, non-interest expense, market conditions related to and the impact of the Company’s stock repurchase program, consumer behavior and liquidity, the Company’s ability to recruit and retain key employees, the adequacy of the allowance for credit losses, the estimated cost savings associated with the Company’s Better Bank Initiative, income tax deductions, credit quality, the level of credit losses from lending commitments, net interest revenue, interest rates and interest rate sensitivity, economic conditions, repricing of loans and time deposits, loan loss experience, liquidity, the Company’s expectations regarding actions by the Federal Home Loan Banks (“FHLB”) and other agencies, capital resources, market risk, plans for investments in (and cash flows from) securities, effect of pending and future litigation, staffing initiatives, estimated cost savings associated with the Company’s early retirement program and Better Bank Initiative, legal and regulatory limitations and compliance, and competition. These forward-looking statements are based on various assumptions and involve inherent 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 (including the policies of the Federal Reserve), as well as legislative and regulatory changes; general business conditions, as well as conditions within the financial markets, developments impacting the financial services industry, such as bank failure or concerns involving liquidity; changes in real estate values; changes in interest rates and related governmental policies; changes in liquidity; increased inflation; 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 credit quality; actions taken by the Company to manage its investment securities portfolio; changes in the securities markets generally or the price of the Company’s common stock specifically; changes in the assumptions used in making the forward-looking statements; 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; the costs of evaluating possible acquisitions and the risks inherent in integrating acquisitions; possible adverse rulings, judgements, settlements, fines and other outcomes of pending or future litigation or government actions; loss of key employees; increased unemployment; labor shortages; market disruptions, including pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, war and other military conflicts (including the ongoing military conflicts between Russia and Ukraine and between Israel and Hamas) or other major events, or the prospect of these events; changes in customer behaviors, including consumer spending, borrowing, and saving habits; the soundness of other financial institutions and indirect exposure related to the closings of Silicon Valley Bank (SVB), Signature Bank and Silvergate Bank and their impact on the broader market through other customers, suppliers and partners (or that the conditions which resulted in the liquidity concerns with SVB, Signature Bank and Silvergate Bank may also adversely impact, directly or indirectly, other financial institutions and 48 | Forward-Looking Statements market participants with which the Company has commercial or deposit relationships); increased delinquency and foreclosure rates on commercial real estate loans; 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 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, 2023 (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 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 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 net income (including on a per share diluted basis), pre- tax, pre-provision earnings, net charge-offs, income available to common shareholders, non-interest income, and non-interest expense certain income and expense items attributable to, for example, merger activity (primarily including merger-related expenses and Day 2 CECL provisions), gains and/or losses on sale of branches, net branch right-sizing initiatives, loss on redemption of trust preferred securities, gain on sale of intellectual property, FDIC special assessment charges and gain/loss on the sale of AFS investment securities. In addition, the Company also presents certain figures based on tangible common stockholders’ equity, tangible assets and tangible book value, which exclude goodwill and other intangible assets. The Company further presents certain figures that are exclusive of the impact of deposits and/or loans acquired through acquisitions, mortgage warehouse loans, and/or energy loans, or gains and/or losses on the sale of securities. The Company’s management believes that these non-GAAP financial measures are useful to investors because they, among other things, present the results of the Company’s ongoing operations without the effect of mergers or other items not central to the Company’s ongoing business, as well as normalize for tax effects. Management, therefore, believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s core businesses. These non- GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the sections of this Company Report titled “Reconciliation of Non-GAAP Financial Measures.” FINANCIAL NOTES 1 At December 31, 2023. 2 Based on year first elected to the board, and as of December 31, 2023. 3 Published industry average as of December 31, 2023; S&P Global Market Intelligence. 4 5 6 7 8 The future payment of dividends is not guaranteed and is subject to various factors, including approval by the Company’s board of directors. Per share information has been retrospectively adjusted to reflect the effects of the two-for- one stock split that was affected February 8, 2018. Represents a non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of non-GAAP financial measures. Dividend yield is calculated by dividing Dividends Paid per Share by Closing Stock Price at December 31, 2023. Reflects the adoption of Current Expected Credit Losses (CECL) methodology on January 1, 2020. 9 Effective tax rate of 26.135 percent. FTE - fully taxable equivalent using an effective tax rate of 26.135%. 49 REMEMBERING BILL COPE September 14, 1961 - January 21, 2024 Generous. Loyal. Adventurous. Humorous. Driven. Simple words chosen to describe a lifetime of a man who was loved deeply and whose presence will be immensely missed. Bill Cope, who served as Simmons Bank’s chief pilot since 2019, was involved in a tragic plane crash at the Bill and Hillary Clinton National Airport in Little Rock, Arkansas on January 21, 2024. Bill was a veteran and committed family man, whose dedicated work ethic and personal warmth impacted all who met him. We’re deeply saddened by this great loss to our team, and our hearts go out to Bill’s wife, children, extended family and friends. Bill was blessed with a passion for flying which started at age 16 when he took his first solo flight. He joined the Navy at the age of 18 and his intense love of aviation increased while working on the flight deck of the U.S. Ranger. Leaving the military, he entered the aviation program at Henderson State University where he met his wife of 34 years, Tina. Bill’s first aviation job, flying for the Arkansas Forestry Service, relocated him and Tina to the Conway area. Together, they built Favoring Tailwinds, a company specializing in corporate aviation. Bill used his skills, talents, and wisdom to invest in young pilots who had chosen aviation as their profession. The Cope family has established The Bill Cope Aviation Scholarship Fund so that Bill’s legacy of investing in young aviators may continue for many years to come. 50 | Remembering Bill Cope SHAREHOLDER INFORMATION Corporate Headquarters 501 Main Street Pine Bluff, AR 71601 870.541.1000 Corporate Office 601 E. 3rd Street Little Rock, AR 72201 866.246.2400 Investor Relations Online Investors Relations is part of Simmons’ homepage at www.simmonsbank.com. In addition to information on products and services, users can obtain a copy of this company report, our latest press releases and other financial information, and send email messages directly to Investor Relations. Financial Information Shareholders, analysts and other investors seeking financial information about Simmons should contact Investor and Media Relations, at 501.263.7483 or via email at Ed Bilek, EVP, Director of ed.bilek@simmonsbank.com. Copies of printed financial including our 2023 Annual information, Report on Form 10-K, may be obtained on our Investor Relations website or by emailing us at investorrelations@simmonsbank.com. Media Inquiries News media representatives seeking general information about Simmons should contact Kristie Flynn, Public Relations Manager, at 501.377.7423 or via email at PR@simmonsbank.com. Internet Information on company products and services is available on our website at www.simmonsbank.com. Our web site also has a feature designed to locate our nearest financial service center. You can also contact us at 866.246.2400. Shareholder Assistance Questions concerning a shareholder account, including change of address forms, records or information about lost certificates or dividend checks, should be directed to our transfer agent: By Mail: Computershare Investor Services P.O. Box 505005 Louisville, KY 40233-5005 By Overnight Delivery: Computershare Investor Services 462 South 4th Street, Suite 1600 Louisville, KY 40202 Toll Free: 800.368.5948 This Company Report was originally published on April 2, 2024. 51 OCTOBER 21-27, 2024 | PLEASANT VALLEY COUNTRY CLUB | LITTLE ROCK, AR SIMMONSBANKCHAMPIONSHIP.COM ®© 2023 PGA TOUR, INC. ALL RIGHTS RESERVED.

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