Simmons First Announces Record Earnings

PINE BLUFF, Ark.--(Business Wire)--
Simmons First National Corporation (NASDAQ-GS: SFNC) today
announced record first quarter 2008 earnings of $8.8 million, or $0.63
diluted earnings per share, an increase of $2.2 million, or $0.17
diluted earnings per share from the same period in 2007. This
represents a 37% increase in diluted earnings per share over the
comparable period in 2007.

"Needless to say, our first quarter earnings represent record
levels, which require further explanation," commented J. Thomas May,
Chairman and Chief Executive Officer. "There were three significant
events that positively impacted our Company, each related to our
membership in Visa, Inc."

First, as expected, during the first quarter the Company recorded
a nonrecurring $0.05 increase in earnings per share related to the
reversal of a $1.2 million contingent liability established during the
fourth quarter of 2007. That contingent liability represented the
Company's pro-rata portion of Visa, Inc.'s ("Visa") litigation
liabilities, which was satisfied in conjunction with Visa's initial
public offering ("IPO"). Second, also as a result of Visa's IPO,
Simmons First received cash proceeds of $3.0 million on the mandatory
partial redemption of its equity interest in Visa, benefiting the
Company's first quarter 2008 results by $1.8 million after-tax, or
$0.13 per diluted common share. Lastly, associated with its membership
in Visa, the Company received 110,308 class B shares of Visa. The
class B shares have a restricted holding period and the Company will
not recognize any gain until such time the shares are redeemed for
cash.

Excluding both the Visa litigation reversal and the mandatory
partial Visa stock redemption gain, the Company's first quarter 2008
operating earnings were $6.3 million, or $0.45 diluted operating
earnings per share, a $0.01 decrease from the same period in 2007.

"Considering the challenges in the national economy, we are very
pleased with our first quarter results," commented May. "The Visa IPO
was very positive for Simmons First and its shareholders. The Company
realized a first quarter gain of $3 million and the shares received
from Visa will be of significant value in the future."

The Company's net interest income for the first quarter of 2008
increased 2.5% to $22.8 million compared to $22.2 million for 2007.
Net interest margin decreased eight basis points to 3.80% from the
first quarter of 2007 and 20 basis points from the fourth quarter of
2007. "The decrease in margin was primarily the result of a
significant repricing of earning assets due to declining interest
rates during the past 90 days, and our concentrated effort to grow
core deposits," added May.

The Company's loan portfolio increased 2.4% to $1.84 billion at
March 31, 2008. The growth was primarily attributable to increases in
commercial loans, real estate loans and the credit card portfolio.
More specifically, the credit card portfolio increased $25.2 million,
or 18.9% compared to the prior year.

The allowance for loan losses as a percent of total loans was
1.38% as of March 31, 2008. Non-performing loans equaled 0.60% of
total loans, unchanged from year end. The non-performing asset ratio
was 79 basis points, up four basis points from year end. The allowance
for loan losses was 229% of non-performing loans. The Company's
annualized net charge-offs to total loans for the first quarter of
2008 was 0.30%. Excluding credit cards, the annualized net charge-offs
to total loans for the first quarter was 0.19%. Annualized net credit
card charge-offs for the first quarter were 1.47%, more than 400 basis
points below the most recently published credit card charge-off
industry average.

Total assets for the Company were $2.9 billion and deposits were
$2.3 billion at March 31, 2008. Stockholders' equity increased 7.1% to
$281 million at March 31, 2008 compared to $262 million at March 31,
2007. Book value per share increased 8.6% to $20.14 at March 31, 2008
compared to $18.54 at March 31, 2007.

Simmons First opened two new financial centers during the first
quarter. In February the Company opened a new regional headquarters in
Rogers for the Northwest Arkansas affiliate. In March, a new financial
center in Little Rock - Midtown (near War Memorial Stadium and UAMS)
began operations.

Simmons First National Corporation is an Arkansas based financial
holding company with eight community banks in Pine Bluff, Lake
Village, Jonesboro, Rogers, Searcy, Russellville, El Dorado and Hot
Springs, Arkansas. The Company's eight banks conduct financial
operations from 89 offices, of which 85 are financial centers, in 48
communities.

CONFERENCE CALL

Management will conduct a conference call to review this
information at 3:00 p.m. Central Time on Thursday, April 17, 2008.
Interested parties can listen to this call by calling 1-800-854-4175
(United States and Canada only) and asking for the Simmons First
National Corporation conference call. A recorded playback of the call
will be available the next morning by calling 1-800-642-1687. The
passcode for this playback is 41492911 and the recording will be
available through the end of business April 24, 2008. In addition, the
call will be available live or in recorded version on the Company's
website at www.simmonsfirst.com under the "webcast" icon.

GENERAL

Statements in this press release that are not historical facts
should be considered forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements of this type speak only as of the date of this news
release. By nature, forward-looking statements involve inherent risk
and uncertainties. Various factors, including, but not limited to,
economic conditions, credit quality, interest rates, loan demand and
changes in the assumptions used in making the forward-looking
statements, could cause actual results to differ materially from those
contemplated by the forward-looking statements. Additional information
on factors that might affect Simmons First National Corporation's
financial results is included in its Form 10-K filing with the
Securities and Exchange Commission.

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Consolidated End of Period Balance
Sheets
For the Quarters Ended Mar 31 Dec 31 Sep 30
(Unaudited) 2008 2007 2007
----------- ----------- -----------
(in thousands)
ASSETS
Cash and non-interest bearing
balances due from banks $ 86,891 $ 82,630 $ 85,370
Interest bearing balances due from
banks 107,332 21,140 6,557
Federal funds sold 53,775 6,460 25,655
----------- ----------- -----------
Cash and cash equivalents 247,998 110,230 117,582

Investment securities - held-to-
maturity 182,194 190,284 180,206
Investment securities - available-
for-sale 389,214 340,646 349,282
Mortgage loans held for sale 7,735 11,097 8,244
Assets held in trading accounts 5,806 5,658 5,482

Loans 1,842,138 1,850,454 1,875,235
Allowance for loan losses (25,392) (25,303) (25,107)
----------- ----------- -----------
Net loans 1,816,746 1,825,151 1,850,128

Premises and equipment 77,281 75,473 73,088
Foreclosed assets held for sale,
net 3,556 2,629 1,629
Interest receivable 19,696 21,345 25,699
Bank owned life insurance 38,400 38,039 37,632
Goodwill 60,605 60,605 60,605
Core deposit premiums 3,180 3,382 3,583
Other assets 9,347 7,908 8,527
----------- ----------- -----------

TOTAL ASSETS $2,861,758 $2,692,447 $2,721,687
=========== =========== ===========

LIABILITIES
Non-interest bearing transaction
accounts $ 327,627 $ 310,181 $ 319,792
Interest bearing transaction
accounts and savings deposits 901,852 761,233 730,533
Time deposits less than $100,000 618,173 659,181 680,288
Time deposits greater than
$100,000 449,199 452,262 442,706
----------- ----------- -----------
Total deposits 2,296,851 2,182,857 2,173,319
----------- ----------- -----------
Federal funds purchased and
securities sold under agreements
to repurchase 113,891 128,806 106,984
Short-term debt 590 1,777 67,595
Long-term debt - parent company - - -
Long-term FHLB debt - affiliate
banks 108,809 51,355 48,725
Subordinated debt issued to
capital trusts 30,930 30,930 30,930
Accrued interest and other
liabilities 29,898 24,316 26,533
----------- ----------- -----------
TOTAL LIABILITIES 2,580,969 2,420,041 2,454,086
----------- ----------- -----------

STOCKHOLDERS' EQUITY
Capital stock 139 139 139
Surplus 40,655 41,019 41,470
Undivided profits 234,515 229,520 225,972
Accumulated other comprehensive
income (loss)
Unrealized appreciation
(depreciation) on AFS
securities 5,480 1,728 20
----------- ----------- -----------
TOTAL STOCKHOLDERS' EQUITY 280,789 272,406 267,601
----------- ----------- -----------

TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $2,861,758 $2,692,447 $2,721,687
=========== =========== ===========

Consolidated End of Period Balance
Sheets
For the Quarters Ended Jun 30 Mar 31
(Unaudited) 2007 2007
----------- -----------
(in thousands)
ASSETS
Cash and non-interest bearing
balances due from banks $ 71,915 $ 71,513
Interest bearing balances due from
banks 45,084 43,614
Federal funds sold 2,600 60,270
----------- -----------
Cash and cash equivalents 119,599 175,397

Investment securities - held-to-
maturity 178,841 181,901
Investment securities - available-
for-sale 346,740 338,222
Mortgage loans held for sale 9,928 8,718
Assets held in trading accounts 4,496 10,464

Loans 1,821,430 1,798,234
Allowance for loan losses (25,197) (25,151)
----------- -----------
Net loans 1,796,233 1,773,083

Premises and equipment 70,873 69,443
Foreclosed assets held for sale,
net 1,484 2,321
Interest receivable 21,868 21,312
Bank owned life insurance 36,881 36,498
Goodwill 60,605 60,605
Core deposit premiums 3,786 3,993
Other assets 9,084 9,739
----------- -----------

TOTAL ASSETS $2,660,418 $2,691,696
=========== ===========

LIABILITIES
Non-interest bearing transaction
accounts $ 308,047 $ 316,603
Interest bearing transaction
accounts and savings deposits 763,017 753,110
Time deposits less than $100,000 686,456 686,650
Time deposits greater than
$100,000 422,580 450,558
----------- -----------
Total deposits 2,180,100 2,206,921
----------- -----------
Federal funds purchased and
securities sold under agreements
to repurchase 97,947 108,661
Short-term debt 11,072 5,009
Long-term debt - parent company 2,000 2,000
Long-term FHLB debt - affiliate
banks 49,669 50,652
Subordinated debt issued to
capital trusts 30,930 30,930
Accrued interest and other
liabilities 25,395 25,353
----------- -----------
TOTAL LIABILITIES 2,397,113 2,429,526
----------- -----------

STOCKHOLDERS' EQUITY
Capital stock 141 141
Surplus 44,773 46,890
Undivided profits 220,981 216,483
Accumulated other comprehensive
income (loss)
Unrealized appreciation
(depreciation) on AFS
securities (2,590) (1,344)
----------- -----------
TOTAL STOCKHOLDERS' EQUITY 263,305 262,170
----------- -----------

TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $2,660,418 $2,691,696
=========== ===========
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Consolidated Average Quarter-to-
Date Balance Sheets
For the Quarters Ended Mar 31 Dec 31 Sep 30
(Unaudited) 2008 2007 2007
----------- ----------- -----------
(in thousands)
ASSETS
Cash and non-interest bearing
balances due from banks $ 70,105 $ 75,416 $ 72,325
Interest bearing balances due from
banks 56,384 21,855 9,382
Federal funds sold 35,460 9,464 21,083
----------- ----------- -----------
Cash and cash equivalents 161,949 106,735 102,790

Investment securities - held-to-
maturity 184,062 180,631 179,616
Investment securities - available-
for-sale 382,939 338,276 348,085
Mortgage loans held for sale 7,474 7,535 8,747
Assets held in trading accounts 5,731 5,588 4,930

Loans 1,841,762 1,856,973 1,849,091
Allowance for loan losses (25,622) (25,540) (25,642)
----------- ----------- -----------
Net loans 1,816,140 1,831,433 1,823,449

Premises and equipment 76,528 74,569 71,943
Foreclosed assets held for sale,
net 2,659 2,086 1,877
Interest receivable 21,069 24,636 24,156
Bank owned life insurance 38,213 37,820 37,315
Goodwill 60,605 60,605 60,605
Core deposit premiums 3,299 3,498 3,702
Other assets 7,273 7,238 9,374
----------- ----------- -----------

TOTAL ASSETS $2,767,941 $2,680,650 $2,676,589
=========== =========== ===========

LIABILITIES
Non-interest bearing transaction
accounts $ 308,715 $ 306,939 $ 305,453
Interest bearing transaction
accounts and savings deposits 803,439 748,670 724,782
Time deposits less than $100,000 647,150 668,458 686,750
Time deposits greater than
$100,000 452,872 443,790 437,217
----------- ----------- -----------
Total deposits 2,212,176 2,167,857 2,154,202
----------- ----------- -----------
Federal funds purchased and
securities
sold under agreements to
repurchase 126,459 121,792 113,060
Short-term debt 1,715 13,202 38,710
Long-term debt 123,221 81,146 80,123
Accrued interest and other
liabilities 26,484 24,211 23,943
----------- ----------- -----------
TOTAL LIABILITIES 2,490,055 2,408,208 2,410,038
----------- ----------- -----------

TOTAL STOCKHOLDERS' EQUITY 277,886 272,442 266,551
----------- ----------- -----------

TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $2,767,941 $2,680,650 $2,676,589
=========== =========== ===========

Consolidated Average Quarter-to-
Date Balance Sheets
For the Quarters Ended Jun 30 Mar 31
(Unaudited) 2007 2007
----------- -----------
(in thousands)
ASSETS
Cash and non-interest bearing
balances due from banks $ 72,066 $ 75,172
Interest bearing balances due from
banks 22,636 37,957
Federal funds sold 25,263 51,383
----------- -----------
Cash and cash equivalents 119,965 164,512

Investment securities - held-to-
maturity 180,486 179,479
Investment securities - available-
for-sale 350,567 349,887
Mortgage loans held for sale 9,241 6,362
Assets held in trading accounts 4,567 4,746

Loans 1,802,917 1,782,125
Allowance for loan losses (25,791) (25,824)
----------- -----------
Net loans 1,777,126 1,756,301

Premises and equipment 69,967 68,871
Foreclosed assets held for sale,
net 1,934 2,121
Interest receivable 22,086 21,464
Bank owned life insurance 36,691 36,300
Goodwill 60,605 60,605
Core deposit premiums 3,907 4,111
Other assets 9,063 9,292
----------- -----------

TOTAL ASSETS $2,646,205 $2,664,051
=========== ===========

LIABILITIES
Non-interest bearing transaction
accounts $ 309,753 $ 306,020
Interest bearing transaction
accounts and savings deposits 739,972 731,214
Time deposits less than $100,000 688,493 687,109
Time deposits greater than
$100,000 435,405 451,004
----------- -----------
Total deposits 2,173,623 2,175,347
----------- -----------
Federal funds purchased and
securities
sold under agreements to
repurchase 99,808 118,011
Short-term debt 3,088 4,031
Long-term debt 82,177 82,185
Accrued interest and other
liabilities 22,465 22,002
----------- -----------
TOTAL LIABILITIES 2,381,161 2,401,576
----------- -----------

TOTAL STOCKHOLDERS' EQUITY 265,044 262,475
----------- -----------

TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $2,646,205 $2,664,051
=========== ===========
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Consolidated Statements of
Income - Quarter-to-Date
For the Quarters Ended Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
(Unaudited) 2008 2007 2007 2007 2007
------- -------- ------- ------- -------
(in thousands, except per
share data)
INTEREST INCOME
Loans $33,106 $35,955 $36,604 $35,051 $34,095
Federal funds sold 256 116 302 331 670
Investment securities 6,569 5,990 6,046 5,889 5,721
Mortgage loans held for
sale, net of unrealized
gains (losses) 112 122 147 133 104
Assets held in trading
accounts 1 (23) 71 35 18
Interest bearing balances
due from banks 388 223 131 297 510
------- -------- ------- ------- -------
TOTAL INTEREST INCOME 40,432 42,383 43,301 41,736 41,118
------- -------- ------- ------- -------
INTEREST EXPENSE
Time deposits 11,922 12,918 13,307 13,144 13,015
Other deposits 3,266 3,257 3,328 3,324 3,179
Federal funds purchased and
securities
sold under agreements to
repurchase 921 1,317 1,404 1,228 1,425
Short-term debt 20 167 519 49 70
Long-term debt 1,511 1,203 1,173 1,198 1,198
------- -------- ------- ------- -------
TOTAL INTEREST EXPENSE 17,640 18,862 19,731 18,943 18,887
------- -------- ------- ------- -------
NET INTEREST INCOME 22,792 23,521 23,570 22,793 22,231
Provision for loan losses 1,467 1,749 850 831 751
------- -------- ------- ------- -------
NET INTEREST INCOME AFTER
PROVISION
FOR LOAN LOSSES 21,325 21,772 22,720 21,962 21,480
------- -------- ------- ------- -------
NON-INTEREST INCOME
Trust income 1,648 1,580 1,528 1,474 1,637
Service charges on deposit
accounts 3,434 3,882 3,759 3,656 3,497
Other service charges and
fees 753 818 698 692 808
Income on sale of mortgage
loans, net of commissions 721 644 715 727 679
Income on investment
banking, net of
commissions 449 230 90 153 150
Credit card fees 3,173 3,428 3,115 3,025 2,649
Premiums on sale of student
loans 624 299 419 741 882
Bank owned life insurance
income 361 403 367 359 364
Other income 3,829 557 682 510 788
------- -------- ------- ------- -------
TOTAL NON-INTEREST INCOME 14,992 11,841 11,373 11,337 11,454
------- -------- ------- ------- -------
NON-INTEREST EXPENSE
Salaries and employee
benefits 14,208 13,458 13,778 13,903 13,725
Occupancy expense, net 1,810 1,729 1,671 1,624 1,650
Furniture and equipment
expense 1,490 1,438 1,455 1,507 1,466
Loss on foreclosed assets 42 76 77 36 24
Deposit insurance 88 108 85 68 67
Other operating expenses 5,492 7,941 6,157 5,873 6,282
------- -------- ------- ------- -------
TOTAL NON-INTEREST
EXPENSE 23,130 24,750 23,223 23,011 23,214
------- -------- ------- ------- -------
NET INCOME BEFORE INCOME
TAXES 13,187 8,863 10,870 10,288 9,720
Provision for income taxes 4,371 2,671 3,370 3,257 3,083
------- -------- ------- ------- -------
NET INCOME $ 8,816 $ 6,192 $ 7,500 $ 7,031 $ 6,637
======= ======== ======= ======= =======
BASIC EARNINGS PER SHARE $ 0.63 $ 0.45 $ 0.53 $ 0.50 $ 0.47
======= ======== ======= ======= =======
DILUTED EARNINGS PER SHARE $ 0.63 $ 0.44 $ 0.53 $ 0.49 $ 0.46
======= ======== ======= ======= =======
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Consolidated Risk-Based Capital
For the Quarters Ended Mar 31 Dec 31 Sep 30
(Unaudited) 2008 2007 2007
----------- ----------- -----------
(in thousands)
Tier 1 capital
----------------------------------
Stockholders' equity $ 280,789 $ 272,406 $ 267,601
Trust preferred securities, net
allowable 30,000 30,000 30,000
Disallowed intangible assets,
net of def. tax (63,536) (63,706) (63,924)
Unrealized loss (gain) on AFS
securities (5,480) (1,728) (20)
----------- ----------- -----------

Total Tier 1 capital 241,773 236,972 233,657
----------- ----------- -----------

Tier 2 capital
----------------------------------
Qualifying unrealized gain on
AFS securities 17 52 158
Qualifying allowance for loan
losses 24,405 23,866 24,188
----------- ----------- -----------

Total Tier 2 capital 24,422 23,918 24,346
----------- ----------- -----------

Total risk-based capital $ 266,195 $ 260,890 $ 258,003
=========== =========== ===========

Risk weighted assets $1,949,862 $1,906,321 $1,932,608
=========== =========== ===========

Adjusted average assets for
leverage ratio $2,698,488 $2,615,915 $2,615,527
=========== =========== ===========

Ratios at end of quarter
----------------------------------
Equity to assets 9.81% 10.12% 9.83%
Tangible equity to tangible
assets 7.76% 7.93% 7.65%
Leverage ratio 8.96% 9.06% 8.93%
Tier 1 capital 12.40% 12.43% 12.09%
Total risk-based capital 13.65% 13.69% 13.35%

Consolidated Risk-Based Capital
For the Quarters Ended Jun 30 Mar 31
(Unaudited) 2007 2007
----------- -----------
(in thousands)
Tier 1 capital
----------------------------------
Stockholders' equity $ 263,305 $ 262,170
Trust preferred securities, net
allowable 30,000 30,000
Disallowed intangible assets,
net of def. tax (64,144) (64,367)
Unrealized loss (gain) on AFS
securities 2,590 1,344
----------- -----------

Total Tier 1 capital 231,751 229,147
----------- -----------

Tier 2 capital
----------------------------------
Qualifying unrealized gain on
AFS securities 187 129
Qualifying allowance for loan
losses 23,565 23,237
----------- -----------

Total Tier 2 capital 23,752 23,366
----------- -----------

Total risk-based capital $ 255,503 $ 252,513
=========== ===========

Risk weighted assets $1,882,040 $1,855,511
=========== ===========

Adjusted average assets for
leverage ratio $2,584,670 $2,603,178
=========== ===========

Ratios at end of quarter
----------------------------------
Equity to assets 9.90% 9.74%
Tangible equity to tangible
assets 7.66% 7.52%
Leverage ratio 8.97% 8.80%
Tier 1 capital 12.31% 12.35%
Total risk-based capital 13.58% 13.61%
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Consolidated Loans and Investments
For the Quarters Ended Mar 31 Dec 31 Sep 30
(Unaudited) 2008 2007 2007
----------- ----------- -----------
(in thousands)
Loan Portfolio - End of Period
----------------------------------
Consumer
Credit cards $ 158,701 $ 166,044 $ 149,185
Student loans 84,884 76,277 78,377
Other consumer 135,247 137,624 140,771
Real Estate
Construction 257,635 260,924 259,705
Single-family residential 383,168 382,678 377,155
Other commercial 547,335 542,184 538,924
Unearned income (1) (2) (2)
Commercial
Commercial 198,209 193,091 201,903
Agricultural 62,373 73,470 111,984
Financial institutions 4,503 7,440 5,905
Other 10,084 10,724 11,328
----------- ----------- -----------

Total Loans $1,842,138 $1,850,454 $1,875,235
=========== =========== ===========

Investment Securities - End of
Period
----------------------------------
Held-to-Maturity
U.S. Treasury $ 1,500 $ 1,500 $ 1,500
U.S. Government agencies 24,000 37,000 43,000
Mortgage-backed securities 121 129 136
State and political
subdivisions 154,166 149,262 133,196
Other securities 2,407 2,393 2,374
----------- ----------- -----------
Total held-to-maturity 182,194 190,284 180,206
----------- ----------- -----------
Available-for-Sale
U.S. Treasury 2,510 5,524 7,517
U.S. Government agencies 346,925 320,791 325,414
Mortgage-backed securities 2,961 2,757 2,769
State and political
subdivisions 637 858 985
FHLB stock 6,468 5,913 7,554
Other securities 29,713 4,804 5,043
----------- ----------- -----------
Total available-for-sale 389,214 340,647 349,282
----------- ----------- -----------

Total investment securities $ 571,408 $ 530,931 $ 529,488
=========== =========== ===========

Fair Value - HTM investment
securities $ 184,757 $ 191,738 $ 179,685
=========== =========== ===========

Investment Securities - QTD
Average
----------------------------------
Taxable securities $ 414,718 $ 378,811 $ 394,878
Tax exempt securities 152,283 140,096 132,823
----------- ----------- -----------

Total investment securities -
QTD average $ 567,001 $ 518,907 $ 527,701
=========== =========== ===========

Consolidated Loans and Investments
For the Quarters Ended Jun 30 Mar 31
(Unaudited) 2007 2007
----------- -----------
(in thousands)
Loan Portfolio - End of Period
----------------------------------
Consumer
Credit cards $ 140,327 $ 133,511
Student loans 68,477 84,358
Other consumer 139,908 141,212
Real Estate
Construction 265,705 276,582
Single-family residential 372,029 366,222
Other commercial 540,042 536,421
Unearned income (3) (3)
Commercial
Commercial 183,349 182,548
Agricultural 96,213 61,617
Financial institutions 5,351 5,080
Other 10,032 10,686
----------- -----------

Total Loans $1,821,430 $1,798,234
=========== ===========

Investment Securities - End of
Period
----------------------------------
Held-to-Maturity
U.S. Treasury $ 1,500 $ -
U.S. Government agencies 44,000 54,998
Mortgage-backed securities 140 151
State and political
subdivisions 130,846 124,415
Other securities 2,355 2,337
----------- -----------
Total held-to-maturity 178,841 181,901
----------- -----------
Available-for-Sale
U.S. Treasury 8,975 11,434
U.S. Government agencies 322,687 310,611
Mortgage-backed securities 2,793 2,948
State and political
subdivisions 984 1,132
FHLB stock 5,206 5,090
Other securities 6,095 7,007
----------- -----------
Total available-for-sale 346,740 338,222
----------- -----------

Total investment securities $ 525,581 $ 520,123
=========== ===========

Fair Value - HTM investment
securities $ 175,870 $ 181,792
=========== ===========

Investment Securities - QTD
Average
----------------------------------
Taxable securities $ 401,723 $ 406,342
Tax exempt securities 129,330 123,024
----------- -----------

Total investment securities -
QTD average $ 531,053 $ 529,366
=========== ===========
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Consolidated Allowance
and Asset Quality
For the Quarters Ended Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
(Unaudited) 2008 2007 2007 2007 2007
-------- -------- -------- -------- --------
(in thousands)
Allowance for Loan Losses
-------------------------
Balance, beginning of
quarter $25,303 $25,107 $25,197 $25,151 $25,385
-------- -------- -------- -------- --------

Loans charged off
Credit cards 779 670 633 625 735
Other consumer 357 412 397 304 425
Real estate 477 669 499 453 295
Commercial 202 211 174 111 219
-------- -------- -------- -------- --------
Total loans charged
off 1,815 1,962 1,703 1,493 1,674
-------- -------- -------- -------- --------

Recoveries of loans
previously charged off
Credit cards 192 231 260 272 261
Other consumer 153 104 122 152 105
Real estate 79 38 207 241 162
Commercial 13 36 174 43 161
-------- -------- -------- -------- --------
Total recoveries 437 409 763 708 689
-------- -------- -------- -------- --------
Net loans charged off 1,378 1,553 940 785 985
Provision for loan
losses 1,467 1,749 850 831 751
-------- -------- -------- -------- --------
Balance, end of quarter $25,392 $25,303 $25,107 $25,197 $25,151
======== ======== ======== ======== ========

Non-performing assets
-------------------------
Non-performing loans
Nonaccrual loans
Real estate $ 6,735 $ 7,350 $ 6,949 $ 7,237 $ 5,561
Commercial 619 883 576 632 685
Consumer 1,590 1,676 1,540 1,652 1,492
-------- -------- -------- -------- --------
Total nonaccrual
loans 8,944 9,909 9,065 9,521 7,738
Loans past due 90
days or more 2,158 1,282 946 1,133 879
-------- -------- -------- -------- --------
Total non-
performing
loans 11,102 11,191 10,011 10,654 8,617
-------- -------- -------- -------- --------

Other non-performing
assets
Foreclosed assets
held for sale 3,556 2,629 1,629 1,484 2,321
Other non-performing
assets 9 17 38 30 40
-------- -------- -------- -------- --------
Total other non-
performing assets 3,565 2,646 1,667 1,514 2,361
-------- -------- -------- -------- --------

Total non-
performing
assets $14,667 $13,837 $11,678 $12,168 $10,978
======== ======== ======== ======== ========

Ratios
-------------------------
Allowance for loan
losses to total loans 1.38% 1.37% 1.34% 1.38% 1.40%
Allowance for loan
losses to non-
performing loans 228.72% 226.10% 250.79% 236.50% 291.88%
Allowance for loan
losses to non-
performing assets 173.12% 182.86% 214.99% 207.08% 229.10%
Non-performing assets
ratio (a) 0.79% 0.75% 0.62% 0.67% 0.61%
Non-performing loans to
total loans 0.60% 0.60% 0.53% 0.58% 0.48%
Non-performing assets
to total assets 0.51% 0.51% 0.43% 0.46% 0.41%
Annualized net charge
offs to total loans 0.30% 0.33% 0.20% 0.17% 0.22%
Annualized net charge
offs to total loans
(excluding credit
cards) 0.19% 0.26% 0.13% 0.10% 0.13%

(a) Non-performing assets ratio = ( non-performing loans +
foreclosed assets) / ( total loans + foreclosed assets)
*T

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*T

Consolidated - Net Interest Income
Analysis
For the Quarters Ended Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
(Unaudited) 2008 2007 2007 2007 2007
------ ------ ------ ------ ------

ASSETS

Earning Assets
Interest bearing balances due
from banks 2.77% 4.05% 5.54% 5.26% 5.45%
Federal funds sold 2.90% 4.86% 5.68% 5.26% 5.29%
Investment securities 5.31% 5.22% 5.15% 5.04% 4.95%
Mortgage loans held for sale 6.03% 6.42% 6.67% 5.77% 6.63%
Assets held in trading accounts 0.07% -1.63% 5.71% 3.07% 1.54%
Loans 7.24% 7.70% 7.87% 7.80% 7.76%
Total interest earning assets 6.63% 7.10% 7.24% 7.13% 7.05%

LIABILITIES

Interest bearing liabilities
Interest bearing transaction and
savings accounts 1.63% 1.73% 1.82% 1.80% 1.76%
Time deposits 4.36% 4.61% 4.70% 4.69% 4.64%
Total interest bearing deposits 3.21% 3.45% 3.57% 3.54% 3.51%
Federal funds purchased and
securities
sold under agreement to
repurchase 2.93% 4.29% 4.93% 4.93% 4.90%
Short-term debt 4.69% 5.02% 5.32% 6.36% 7.04%
Long-term debt 4.93% 5.88% 5.81% 5.85% 5.91%
Total interest bearing
liabilities 3.29% 3.60% 3.76% 3.71% 3.69%

NET INTEREST MARGIN/SPREAD

Net interest spread 3.34% 3.49% 3.48% 3.42% 3.36%
Net interest margin - quarter-to-
date 3.80% 4.00% 4.01% 3.96% 3.88%
Net interest margin - year-to-
date 3.80% 3.96% 3.95% 3.92% 3.88%
*T

-0-
*T

Consolidated - Selected
Financial Data
For the Quarters Ended Mar 31 Dec 31 Sep 30
(Unaudited) 2008 2007 2007
------------ ------------ ------------
(in thousands, except per share
data)
QUARTER-TO-DATE
-------------------------------
Diluted earnings per share $ 0.63 $ 0.44 $ 0.53
Operating earnings (excludes
nonrecurring items) 6,258 6,936 7,500
Diluted operating earnings
per share 0.45 0.49 0.53
Cash dividends declared per
common share 0.19 0.19 0.18
Cash dividends declared -
amount 2,647 2,645 2,509
Return on average
stockholders' equity 12.76% 9.02% 11.16%
Return on average
stockholders' equity (a) 9.06% 10.10% 11.16%
Return on tangible equity 16.81% 12.25% 14.96%
Return on tangible equity (a) 12.00% 13.45% 14.96%
Return on average assets 1.28% 0.92% 1.11%
Return on average assets (a) 0.91% 1.03% 1.11%
Net interest margin (FTE) 3.80% 4.00% 4.01%
FTE Adjustment - investments 916 842 802
FTE Adjustment - loans 61 67 69
Amortization of intangibles 202 202 203
Amortization of intangibles,
net of taxes 127 127 128
Average shares outstanding 13,929,980 13,924,592 13,976,706
Shares repurchased 23,480 25,895 134,253
Average price of repurchased
shares 26.65 26.38 25.43
Average earning assets 2,513,812 2,420,322 2,420,934
Average interest bearing
liabilities 2,154,856 2,077,058 2,080,642

YEAR-TO-DATE
-------------------------------
Diluted earnings per share $ 0.63 $ 1.92 $ 1.48
Operating earnings (excludes
nonrecurring items) 6,258 28,104 21,168
Diluted operating earnings
per share 0.45 1.97 1.48
Cash dividends declared per
common share 0.19 0.73 0.54
Return on average
stockholders' equity 12.76% 10.26% 10.69%
Return on average
stockholders' equity (a) 9.06% 10.54% 10.69%
Return on tangible equity 16.81% 13.78% 14.40%
Return on tangible equity (a) 12.00% 14.15% 14.40%
Return on average assets 1.28% 1.03% 1.06%
Return on average assets (a) 0.91% 1.05% 1.06%
Net interest margin (FTE) 3.80% 3.96% 3.95%
FTE Adjustment - investments 916 3,170 2,328
FTE Adjustment - loans 61 293 226
Amortization of intangibles 202 819 617
Amortization of intangibles,
net of taxes 127 515 388
Average shares outstanding 13,929,980 14,043,626 14,083,739
Average diluted shares
outstanding 14,069,322 14,241,182 14,283,674
Average earning assets 2,513,812 2,412,218 2,409,516
Average interest bearing
liabilities 2,154,856 2,070,049 2,067,711

END OF PERIOD
-------------------------------
Book value per share $ 20.14 $ 19.57 $ 19.20
Tangible book value per share 15.56 14.97 14.60
Shares outstanding 13,941,849 13,918,368 13,934,509
Full-time equivalent
employees 1,121 1,128 1,131
Total number of ATM's 92 90 89
Total number of financial
centers 85 84 83
Parent company only -
investment in subsidiaries 290,465 288,744 285,340
Parent company only -
intangible assets 133 133 133

Consolidated - Selected
Financial Data
For the Quarters Ended Jun 30 Mar 31
(Unaudited) 2007 2007
------------ ------------
(in thousands, except per share
data)
QUARTER-TO-DATE
-------------------------------
Diluted earnings per share $ 0.49 $ 0.46
Operating earnings (excludes
nonrecurring items) 7,031 6,637
Diluted operating earnings
per share 0.49 0.46
Cash dividends declared per
common share 0.18 0.18
Cash dividends declared -
amount 2,533 2,548
Return on average
stockholders' equity 10.64% 10.25%
Return on average
stockholders' equity (a) 10.64% 10.25%
Return on tangible equity 14.32% 13.88%
Return on tangible equity (a) 14.17% 13.57%
Return on average assets 1.07% 1.01%
Return on average assets (a) 1.07% 1.01%
Net interest margin (FTE) 3.96% 3.88%
FTE Adjustment - investments 785 741
FTE Adjustment - loans 72 85
Amortization of intangibles 207 207
Amortization of intangibles,
net of taxes 130 130
Average shares outstanding 14,099,105 14,177,615
Shares repurchased 90,900 69,678
Average price of repurchased
shares 27.38 28.62
Average earning assets 2,395,677 2,411,939
Average interest bearing
liabilities 2,048,943 2,073,554

YEAR-TO-DATE
-------------------------------
Diluted earnings per share $ 0.95 $ 0.46
Operating earnings (excludes
nonrecurring items) 13,668 6,637
Diluted operating earnings
per share 0.95 0.46
Cash dividends declared per
common share 0.36 0.18
Return on average
stockholders' equity 10.45% 10.25%
Return on average
stockholders' equity (a) 10.45% 10.25%
Return on tangible equity 14.10% 13.88%
Return on tangible equity (a) 14.10% 13.88%
Return on average assets 1.04% 1.01%
Return on average assets (a) 1.04% 1.01%
Net interest margin (FTE) 3.92% 3.88%
FTE Adjustment - investments 1,526 741
FTE Adjustment - loans 157 85
Amortization of intangibles 414 207
Amortization of intangibles,
net of taxes 260 130
Average shares outstanding 14,138,143 14,177,615
Average diluted shares
outstanding 14,352,531 14,395,153
Average earning assets 2,403,809 2,411,939
Average interest bearing
liabilities 2,061,248 2,073,554

END OF PERIOD
-------------------------------
Book value per share $ 18.73 $ 18.54
Tangible book value per share 14.15 13.97
Shares outstanding 14,059,631 14,139,631
Full-time equivalent
employees 1,112 1,110
Total number of ATM's 87 88
Total number of financial
centers 82 82
Parent company only -
investment in subsidiaries 280,455 279,370
Parent company only -
intangible assets 133 133

(a) Based on operating earnings (excludes nonrecurring items)
*T

-0-
*T

Consolidated -
Reconciliation of Operating
Earnings
For the Quarters Ended Mar 31 Dec 31 Sep 30 Jun 30 Mar 31
(Unaudited) 2008 2007 2007 2007 2007
-------- -------- ------- ------- -------
(in thousands, except per
share data)
QUARTER-TO-DATE
----------------------------
Net Income $ 8,816 $ 6,192 $ 7,500 $ 7,031 $6,637
Nonrecurring items
Mandatory stock
redemption gain
(Visa) (2,973) - - - -
Litigation liability
(Visa) (1,220) 1,220 - - -
Tax effect (39%) 1,635 (476) - - -
-------- -------- ------- ------- -------
Net nonrecurring items (2,558) 744 - - -
-------- -------- ------- ------- -------
Operating income $ 6,258 $ 6,936 $ 7,500 $ 7,031 $6,637
======== ======== ======= ======= =======

Diluted earnings per share $ 0.63 $ 0.44 $ 0.53 $ 0.49 $ 0.46
Nonrecurring items
Mandatory stock
redemption gain
(Visa) (0.21) - - - -
Litigation liability
(Visa) (0.09) 0.09 - - -
Tax effect (39%) 0.12 (0.04) - - -
-------- -------- ------- ------- -------
Net nonrecurring items (0.18) 0.05 - - -
-------- -------- ------- ------- -------
Diluted operating earnings
per share $ 0.45 $ 0.49 $ 0.53 $ 0.49 $ 0.46
======== ======== ======= ======= =======

YEAR-TO-DATE
----------------------------
Net Income $ 8,816 $27,360 $21,168 $13,668 $6,637
Nonrecurring items
Mandatory stock
redemption gain
(Visa) (2,973) - - - -
Litigation liability
(Visa) (1,220) 1,220 - - -
Tax effect (39%) 1,635 (476) - - -
-------- -------- ------- ------- -------
Net nonrecurring items (2,558) 744 - - -
-------- -------- ------- ------- -------
Operating income $ 6,258 $28,104 $21,168 $13,668 $6,637
======== ======== ======= ======= =======

Diluted earnings per share $ 0.63 $ 1.92 $ 1.48 $ 0.95 $ 0.46
Nonrecurring items
Mandatory stock
redemption gain
(Visa) (0.21) - - - -
Litigation liability
(Visa) (0.09) 0.09 - - -
Tax effect (39%) 0.12 (0.04) - - -
-------- -------- ------- ------- -------
Net nonrecurring items (0.18) 0.05 - - -
-------- -------- ------- ------- -------
Diluted operating earnings
per share $ 0.45 $ 1.97 $ 1.48 $ 0.95 $ 0.46
======== ======== ======= ======= =======
*T

Simmons First National Corporation
DAVID W. GARNER, 870-541-1000
Senior Vice President and Investor Relations Officer

Copyright Business Wire 2008