SFNC Simmons First National Corporation

Exhibit 99.1

January 24, 2024

Simmons First National Corporation Reports Fourth Quarter 2023 Results

Board of Directors authorizes new $175 million share repurchase program and

approves a 5 percent increase in the quarterly cash dividend

Bob Fehlman, Simmons’ Chief Executive Officer, commented on fourth quarter 2023 results:

Simmons First National Corporation (NASDAQ: SFNC) (Simmons or Company) today reported net income of $23.9 million for the fourth quarter of 2023, compared to $47.2 million in the third quarter of 2023 and $83.3 million in the fourth quarter of 2022. Diluted earnings per share were $0.19 for the fourth quarter of 2023, compared to $0.37 per share in the third quarter of 2023 and $0.65 per share in the fourth quarter of 2022. Adjusted earnings¹ for the fourth quarter of 2023 were $50.2 million, compared to $48.8 million in the third quarter of 2023 and $81.1 million in the fourth quarter of 2022. Adjusted diluted earnings per share¹ for the fourth quarter of 2023 were $0.40, compared to $0.39 in the third quarter of 2023 and $0.64 in the fourth quarter of 2022.

During the fourth quarter of 2023, we executed a strategic decision to sell approximately $241 million of low yield available-for-sale (AFS) investment securities, resulting in a pre-tax loss of approximately $20.2 million. The proceeds from the sale were used to pay off higher rate wholesale fundings, including both brokered deposits and FHLB advances. The earn back period of this initiative is estimated at approximately 2.5 years. In addition, during the quarter we also recorded $10.5 million of noninterest expense for a FDIC special assessment levied to support the Deposit Insurance Fund following the failure of certain banks in 2023. The table below summarizes the impact of these items, along with the impact of other items, consisting primarily of branch right sizing and early retirement program, and they are also described in further detail in the “Reconciliation of Non-GAAP Financial Measures” tables contained in this press release.

Impact of Certain Items on Earnings and Diluted EPS

Net Interest Income

Net interest income for the fourth quarter of 2023 totaled $155.6 million, compared to $153.4 million in the third quarter of 2023 and $193.0 million in the fourth quarter of 2022. Interest income totaled $323.5 million in the fourth quarter of 2023, up $13.2 million on a linked quarter basis. Interest expense totaled $167.9 million in the fourth quarter of 2023, up $11.0 million on a linked quarter basis. The increase in net interest income was primarily due to a $5.6 million increase in interest income on loans, coupled with an $8.1 million increase in interest income on investment securities, offset in part by a $10.7 million increase in interest expense associated with interest bearing deposits. Included in net interest income is accretion recognized on assets acquired, which totaled $1.8 million in the fourth quarter of 2023, $2.1 million in the third quarter of 2023 and $4.5 million in the fourth quarter of 2022.

The yield on loans on a fully taxable equivalent (FTE) basis for the fourth quarter of 2023 was 6.20 percent, compared to 6.08 percent in the third quarter of 2023 and 5.40 percent in the fourth quarter of 2022. The yield on investment securities on an FTE basis for the fourth quarter of 2023 was 3.67 percent, compared to 3.08 percent in the third quarter of 2023 and 2.68 percent in the fourth quarter of 2022. Costs of deposits for the fourth quarter of 2023 was 2.58 percent, compared to 2.37 percent in the third quarter of 2023 and 1.02 percent in the fourth quarter of 2022. The net interest margin on an FTE basis for the fourth quarter of 2023 was 2.68 percent, compared to 2.61 percent in the third quarter of 2023 and 3.31 percent in the fourth quarter of 2022.

Noninterest Income

Noninterest income for the fourth quarter of 2023 was $22.0 million, compared to $42.8 million in the third quarter of 2023 and $44.6 million in the fourth quarter of 2022. Included in the fourth quarter of 2023 was a $20.2 million loss on the strategic sale of AFS investment securities. Excluding this item, adjusted noninterest income¹ was $42.2 million in the fourth quarter of 2023, compared to $42.8 million in the third quarter of 2023. Adjusted noninterest income¹ for the fourth quarter of 2022 was $40.6 million.

Noninterest Expense

Noninterest expense for the fourth quarter of 2023 was $148.1 million, compared to $132.0 million in the third quarter of 2023 and $142.6 million in the fourth quarter of 2022. Included in noninterest expense are certain items consisting primarily of early retirement program, branch right sizing and merger related costs, as well as a FDIC special assessment recorded in the fourth quarter of 2023. These items totaled $15.4 million in the fourth quarter of 2023, $2.1 million in the third quarter of 2023 and $1.1 million in the fourth quarter of 2022. Excluding these items (which are described in the “Reconciliation of Non-GAAP Financial Measures” tables below), adjusted noninterest expense¹ was $132.7 million in the fourth quarter of 2023, $129.9 million in the third quarter of 2023 and $141.4 million in the fourth quarter of 2022. The increase in noninterest expense on a linked quarter basis was primarily the result of the FDIC special assessment, branch right sizing and early retirement program costs. The increase in adjusted noninterest expense¹ on a linked quarter basis was primarily due to sundry items included in other operating expenses.

Provision for income taxes for the fourth quarter of 2023 was $(4.5) million, compared to $9.2 million in the third quarter of 2023 and $11.8 million in the fourth quarter of 2022. Provision for income taxes in the fourth quarter of 2023 reflected an effective tax rate adjustment based on the level of taxable income primarily due to the FDIC special assessment and loss on sale of securities.

Noninterest Expense

Loans and Unfunded Loan Commitments

Total loans at the end of the fourth quarter of 2023 were $16.8 billion, up $704 million, or 4 percent, compared to $16.1 billion at the end of the fourth quarter of 2022. Total loans on a linked quarter basis increased $74 million, reflecting moderating demand, as well as our focus on maintaining disciplined pricing strategies and our conservative underwriting standards given projections surrounding near-term future economic activity and conditions. Unfunded commitments at the end of the fourth quarter of 2023 were $3.9 billion, compared to $4.0 billion at the end of the third quarter of 2023 and $5.0 billion at the end of the fourth quarter of 2022. At the same time, our commercial loan pipeline experienced measured growth for the second consecutive quarter. Commercial loans ready to close at the end of the fourth quarter of 2023 were $416 million, and the rate on ready to close commercial loans was 8.44 percent.

Deposits

Total deposits at the end of the fourth quarter of 2023 were $22.2 billion, compared to $22.5 billion at the end of the fourth quarter of 2022. On a linked quarter basis, total deposits were up slightly, driven by increased levels of interest bearing transaction accounts (interest bearing checking, money market and savings accounts) and time deposits, offset primarily by a decrease in brokered deposits. Noninterest bearing deposits totaled $4.8 billion, compared to $5.0 billion at the end of the third quarter of 2023. Interest bearing transaction accounts totaled $10.3 billion at the end of the fourth quarter of 2023, compared to $9.9 billion at the end of the third quarter of 2023. Time deposits totaled $4.3 billion, compared to $4.1 billion at the end of the third quarter of 2023. Brokered deposits totaled $2.9 billion at the end of the fourth quarter of 2023, compared to $3.3 billion at the end of the third quarter of 2023. The loan-to-deposit ratio at the end of the fourth quarter of 2023 was 76 percent, compared to 75 percent at the end of the third quarter of 2023 and 72 percent at the end of the fourth quarter of 2022.

Asset Quality

Total nonperforming loans at the end of the fourth quarter of 2023 were $84.5 million, compared to $81.9 million at the end of the third quarter of 2023 and $58.9 million at the end of the fourth quarter of 2022. Total nonperforming assets as a percentage of total assets were 0.33 percent at the end of the fourth quarter of 2023, compared to 0.32 percent at the end of the third quarter of 2023 and 0.23 percent at the end of the fourth quarter of 2022. Activity in the quarter included the remaining $6.7 million payoff of a commercial credit originally totaling approximately $9.6 million that was placed on nonaccrual status during the second quarter of 2023, thus resulting in no loss of principal or interest to the company. Net charge-offs as a percentage of average loans for the fourth quarter of 2023 were 11 basis points, compared to 28 basis points in the third quarter of 2023 and 13 basis points in the fourth quarter of 2022. For the full-year of 2023, net charge-offs as a percentage of average loans were 12 basis points, compared to 9 basis points for the full-year of 2022.

Provision for credit losses totaled $10.0 million in the fourth quarter of 2023, compared to $7.7 million in the third quarter of 2023 and less than $1.0 million in the fourth quarter of 2022. Included in provision for credit losses was the recapture of provision expense related to investment securities totaling $1.2 million in both the third quarter and fourth quarter of 2023. The increase in provision for credit losses on a linked quarter and year-over-year basis reflected in part increased activity in the loan portfolio, as well as changes in macroeconomic conditions and variables. The allowance for credit losses at the end of the fourth quarter of 2023 was $225.2 million, compared to $218.5 million at the end of the third quarter of 2023 and $197.0 million at the end of the fourth quarter of 2022. The allowance for credit losses as a percentage of total loans at the end of the fourth quarter of 2023 was 1.34 percent, compared to 1.30 percent at the end of the third quarter of 2023 and 1.22 percent at the end of the fourth quarter of 2022. The nonperforming loan coverage ratio ended the quarter at 267 percent, and the reserve for unfunded commitments totaled $25.6 million, both unchanged from third quarter 2023 levels.

Capital

Total common stockholders’ equity at the end of the fourth quarter of 2023 was $3.4 billion, compared to $3.3 billion at the end of both the third quarter of 2023 and the fourth quarter of 2022. Book value per share at the end of the fourth quarter of 2023 was $27.37, an increase of $1.11, or 4 percent, compared to $26.26 at the end of the third quarter of 2023 and an increase of $1.64, or 6 percent, compared to $25.73 at the end of the fourth quarter of 2022. Tangible book value per share¹ at the end of the fourth quarter of 2023 was $15.92, an increase of $1.15, or 8 percent, compared to $14.77 at the end of the third quarter of 2023 and an increase of $1.59, or 11 percent, compared to $14.33 at the end of the fourth quarter of 2022.

Stockholders’ equity as a percentage of total assets at December 31, 2023, was 12.5 percent, compared to 11.9 percent at September 30, 2023 and at December 31, 2022. Tangible common equity as a percentage of tangible assets¹ was 7.7 percent at December 31, 2023, compared to 7.1 percent at September 30, 2023, and 7.0 percent at December 31, 2022. Simmons continued to maintain a strong regulatory capital position with all regulatory capital ratios significantly exceeding “well capitalized” guidelines.

Share Repurchase Program and Cash Dividend

As a result of the Company’s strong capital position and ability to organically generate capital, the Company’s board of directors declared a quarterly cash dividend on the Company’s Class A common stock of $0.21 per share, which is payable on April 1, 2024, to shareholders of record as of March 15, 2024. The cash dividend rate represents an increase of $0.01 per share, or 5 percent, from the dividend paid for the same time period last year.

During the fourth quarter of 2023, Simmons did not repurchase any shares of its Class A common stock under its 2022 stock repurchase program (2022 Program). With the 2022 Program set to terminate on January 31, 2024, the Company also announced today that its Board of Directors has authorized a new stock repurchase program (New Program) under which the Company may repurchase up to $175,000,000 of its Class A common stock currently issued and outstanding. The New Program replaces the 2022 Program.

Under the New Program, the Company may repurchase shares of its common stock through open market and privately negotiated transactions or otherwise. The timing, pricing, and amount of any repurchases under the New Program will be determined by the Company’s management at its discretion based on a variety of factors, including, but not limited to, trading volume and market price of the Company’s common stock, corporate considerations, the Company’s working capital and investment requirements, general market and economic conditions, and legal requirements. The New Program does not obligate the Company to repurchase any common stock and may be modified, discontinued, or suspended at any time without prior notice. The Company anticipates funding for the New Program to come from available sources of liquidity, including cash on hand and future cash flow. The New Program will terminate on January 31, 2026 (unless terminated sooner).

(1)    Non-GAAP measurement. See “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” below

(2)    FTE – fully taxable equivalent basis using an effective tax rate of 26.135%

Conference Call

Management will conduct a live conference call to review this information beginning at 9:00 a.m. Central Time today, Wednesday, January 24, 2024. Interested persons can listen to this call by dialing toll-free 1-844-481-2779 (North America only) and asking for the Simmons First National Corporation conference call, conference ID 10185194. In addition, the call will be available live or in recorded version on Simmons’ website at simmonsbank.com for at least 60 days following the date of the call.

Simmons First National Corporation

Simmons First National Corporation (NASDAQ: SFNC) is a Mid-South based financial holding company that has paid cash dividends to its shareholders for 115 consecutive years. Its principal subsidiary, Simmons Bank, operates 234 branches in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas. Founded in 1903, Simmons Bank offers comprehensive financial solutions delivered with a client-centric approach. In 2023, Simmons Bank was recognized by Forbes as one of America’s Best Midsize Employers and among the World’s Best Banks for the fourth consecutive year. In 2022, Simmons Bank was named to Forbes’ list of “America’s Best Banks” for the second consecutive year. Additional information about Simmons Bank can be found on our website at simmonsbank.com, by following @Simmons_Bank on X (formerly Twitter) or by visiting our newsroom.

Non-GAAP Financial Measures

This press release 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. The Company has updated its calculation of certain non-GAAP financial measures to exclude the impact of gains or losses on the sale of AFS investment securities in light of the impact of the Company’s strategic AFS investment securities transactions during the fourth quarter of 2023 and has presented past periods on a comparable basis.

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 and certain other 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 ongoing businesses, and management uses these non-GAAP financial measures to assess the performance of the Company’s ongoing businesses as related to prior financial periods. 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 tables of this release.

Forward-Looking Statements

Certain statements in this press release 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, including, without limitation, statements made in Mr. Fehlman’s quote and estimated earn back periods, may be identified by reference to future periods or by the use of forward-looking terminology, such as “believe,” “budget,” “expect,” “foresee,” “anticipate,” “intend,” “indicate,” “target,” “estimate,” “plan,” “project,” “continue,” “contemplate,” “positions,” “prospects,” “predict,” or “potential,” by future conditional verbs such as “will,” “would,” “should,” “could,” “might” or “may,” or by variations of such words or by similar expressions. These forward-looking statements include, without limitation, statements relating to Simmons’ future growth, business strategies, lending capacity and lending activity, loan demand, revenue, assets, asset quality, profitability, dividends, net interest margin, non-interest revenue, share repurchase program, acquisition strategy, digital banking initiatives, the Company’s ability to recruit and retain key employees, the estimated cost savings associated with the Company’s Better Bank Initiative, the adequacy of the allowance for credit losses, and future economic conditions and interest rates. Any forward-looking statement speaks only as of the date of this press release, and Simmons undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this press release. By nature, forward-looking statements are based on various assumptions and involve inherent risk and uncertainties. Various factors, including, but not limited to, changes in economic conditions, changes in credit quality, changes in interest rates and related governmental policies, changes in loan demand, changes in deposit flows, changes in real estate values, changes in the assumptions used in making the forward-looking statements, changes in the securities markets generally or the price of Simmons’ common stock specifically, changes in information technology affecting the financial industry, and changes in customer behaviors, including consumer spending, borrowing, and saving habits; general economic and market conditions; 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; 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 market participants with which the Company has commercial or deposit relationships); increased inflation; the loss of key employees; increased competition in the markets in which the Company operates; increased unemployment; labor shortages; claims, damages, and fines related to litigation or government actions; changes in accounting principles relating to loan loss recognition (current expected credit losses); the Company’s ability to manage and successfully integrate its mergers and acquisitions and to fully realize cost savings and other benefits associated with acquisitions; increased delinquency and foreclosure rates on commercial real estate loans; cyber threats, attacks or events; reliance on third parties for key services; government legislation; and other factors, many of which are beyond the control of the Company, could cause actual results to differ materially from those projected in or contemplated by the forward-

looking statements. Additional information on factors that might affect the Company’s financial results is included in the Company’s Form 10-K for the year ended December 31, 2022, the Company’s Form 10-Q for the quarterly period ended March 31, 2023, and other reports that the Company has filed with or furnished to the U.S. Securities and Exchange Commission (the SEC), all of which are available from the SEC on its website, www.sec.gov. In addition, there can be no guarantee that the board of directors (Board) of Simmons will approve a quarterly dividend in future quarters, and the timing, payment, and amount of future dividends (if any) is subject to, among other things, the discretion of the Board and may differ significantly from past dividends.

FOR MORE INFORMATION CONTACT:

Ed Bilek, EVP, Director of Investor and Media Relations

ed.bilek@simmonsbank.com or 205.612.3378 (cell)

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