Slides
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3rd Quarter 2026 Earnings Presentation October 15, 2026 Nasdaq SFNC
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2 New York City I December 10 Join President and CEO Jay Brogdon, CFO Daniel Hobbs, and other members of the executive leadership team for an update on Simmons' strategy, financial performance and vision for the future. Attendance in person is for institutional investors and analysts, by invitation only. A live webcast of the event and presentation materials will be available on Simmons' Investor Relations website at https://ir.simmonsbank.com. For additional information, contact Ed Bilek at investorrelations@simmonsbank.com.
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Company Overview $24.1 BILLION TOTAL ASSETS $18.6 BILLION TOTAL DEPOSITS $10.8 BILLION ASSETS UNDER MANAGEMENT/ ADMINISTRATION $17.5 BILLION TOTAL LOANS 14.80% TOTAL RBC RATIO 8.62% TCE RATIO1 3.9% DIVIDEND YIELD2 94% LOAN TO DEPOSIT RATIO 1.37% ACL TO TOTAL LOANS 0.27% NET CHARGE-OFF RATIO Figures presented on this slide are as of September 30, 2026, unless otherwise noted 1 Non-GAAP measures that management believes aid in the discussion of results. See appendix for Non -GAAP reconciliations 2 Based on October 9, 2026, closing stock price of $22.18 and annualized dividend rate of $0.86 per share 3 The future payment of dividends is not guaranteed and is subject to various factors, including approval by the Company’s board of directors 4 American Banker, top performing banks 2026 with $10 billion to $50 billion of assets Simmons First National Corporation A Mid-South based financial holding company serving our customers and the communities where we work and live since 1903 117 CONSECUTIVE YEARS PAYING DIVIDENDS3 123 YEARS OF SERVICE 220 FINANCIAL CENTERS ACROSS SIX STATES 3 Top Performing Banks 2026 4 American Banker America’s Best-In-State Companies 2026 Forbes America’s Best Regional Banks and Credit Unions 2026 Newsweek
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4 3Q26 Financial Highlights
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3Q26 Highlights Comparisons on this page are 3Q26 vs 2Q26, unless otherwise noted 1 Non-GAAP measures that management believes aid in the discussion of results. See Appendix for Non -GAAP reconciliations 2 Net interest margin (NIM) is presented on a fully taxable equivalent (FTE) basis using an effective tax rate of 26.135% Revenue $251.2M $251.2M ROAA 0.77% 1.29% EPS (diluted) $0.32 $0.54 Net income $47.1M $79.0M Reported ❑ Improved profitability metrics ─ Adjusted ROTCE1 of 15.50%; adjusted ROAA1 of 1.29% ─ On track to deliver expected double digit adjusted PPNR1 growth, up 21% year-over-year ─ Adjusted efficiency ratio1 improved to 53.31%, down 95 bps ─ Year-to-date adjusted operating leverage of 13% ─ Net interest margin2 up 8 bps to 3.92%; cost of deposits declined 8 bps ─ Adjusted noninterest expense1 down 4% linked quarter annualized ❑ Balance sheet deleveraging ─ Decrease in total loans primarily reflects the run-off of certain lower yielding, low relationship credits ─ Reduced utilization of higher cost funding ❑ Credit quality ─ NCO ratio of 27 bps; year-to-date NCO ratio of 23 bps ─ Provision expense exceeded net charge-offs; ACL ratio up to 1.37% ─ Loans past due 30-89 days stable at 30 bps ─ Linked quarter increase in NPLs reflected normal credit migration; no concentration by industry or geographic area ❑ Strong capital position ─ Utilized excess capital to fund investments in our business and execute efficiency initiatives designed to further enhance sustainable profitability and growth ─ CET1 ratio at 12.05%, up 45 bps PPNR1 $69.1M $112.3M NIM2 3.92% NCO ratio 27 bps ACL ratio 1.37% 5 Adjusted1 ROTCE1 9.42% 15.50%
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$64.9 $79.0 $68.6 $72.2 $79.0 3Q25 4Q25 1Q26 2Q26 3Q26 $92.8 $110.4 $100.7 $108.2 $112.3 3Q25 4Q25 1Q26 2Q26 3Q26 Income Statement Highlights 6 PPNR – Pre-provision net revenue NIE – Noninterest Expense EPS – Earnings per Share 1 Net interest margin (NIM) is presented on a fully taxable equivalent (FTE) basis using an effective tax rate of 26.135% 2 Non-GAAP measures that management believes aid in the discussion of results. See appendix for Non -GAAP reconciliations $186.7 $197.3 $197.2 $200.6 $204.0 3Q25 4Q25 1Q26 2Q26 3Q26 Net Interest Income $ in millions 3.50% 3.81% 3.84%NIM1 Adjusted Total Revenue2 $ in millions Adjusted PPNR2 $ in millions Adjusted NIE2 $ in millions Adjusted Net Income2 $ in millions Adjusted Diluted EPS2 $232.5 $249.0 $241.4 $248.6 $251.2 3Q25 4Q25 1Q26 2Q26 3Q26 $139.7 $138.6 $140.6 $140.3 $138.9 3Q25 4Q25 1Q26 2Q26 3Q26 $0.46 $0.54 $0.47 $0.50 $0.54 3Q25 4Q25 1Q26 2Q26 3Q26 3.84% 3.92% +9% +8% +21% (1)% +22% +17%
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Net Interest Margin (FTE) 7 1 Net interest margin (NIM) is presented on a fully taxable equivalent (FTE) basis using an effective tax rate of 26.135% Net Interest Margin1 FTE (%) 6.31 6.23 6.16 6.15 6.20 4.01 4.30 4.25 4.26 4.33 2.25 2.04 1.96 1.93 1.85 3Q25 4Q25 1Q26 2Q26 3Q26 Loan Yield (FTE) Securities (FTE) Cost of Deposits Select Yields/Rates FTE (%) Commentary ❑ Balance sheet deleveraging primarily reflects the run-off of certain lower yielding, low relationship credits in conjunction with decreased utilization of higher cost funding ❑ Loan yields up 5 bps linked quarter reflects favorable back book repricing • 136 bps favorable repricing of fixed rate loans maturing vs new production ❑ Deposit costs down 8 bps linked quarter due to reduced utilization of brokered deposits and continued optimization of customer interest bearing deposit cost 3.50% 3.81% 3.84% 3.84% 3.92% 3Q25 4Q25 1Q26 2Q26 3Q26 Net Interest Margin Evolution1 FTE 3.84% 3 bps 2 bps 3.92% 2Q26 3Q26Balance Sheet Mix Loan Yield 2 bps Funding Rate +42 bps (40) bps (8) bps 1 bp Other
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$80.7 $85.4 $82.9 $85.4 $92.6 3Q25 4Q25 1Q26 2Q26 3Q26 Adjusted Total Revenue Per Employee (FTE)1 ($ in thousands) Noninterest Income 8 Totals may not foot due to rounding FTE – Full-time equivalent 1 Non-GAAP measures that management believes aid in the discussion of results. See appendix for Non -GAAP reconciliations $0.66 $0.76 $0.69 $0.74 $0.77 3Q25 4Q25 1Q26 2Q26 3Q26 Adjusted PPNR per Avg. Diluted Share1 19.7% 20.8% 18.3% 19.3% 18.8% 3Q25 4Q25 1Q26 2Q26 3Q26 Adjusted Noninterest Income to Adjusted Total Revenue1 Commentary ❑ Linked quarter decrease primarily driven by: • $1.7M decrease in swap fee income driven by changes in interest rate environment and lower loan production • Decrease in “other” income primarily due to $1.0 million decrease in SBIC valuation adjustment ❑ Offset in part by increases in: • $1.3M increase in service charges on deposit accounts due to an increase in transaction volume • $1.2M increase in wealth management services driven by increased activity across the footprint primarily due to investments in talent acquisition +17% $ in millions Reported Adjusted1 Service charges on deposit accounts $ 13.6 $ 13.6 $ 1.3 10 % $ 0.6 4 % Wealth management services 11.4 11.4 1.2 12 1.5 15 Debit and credit card services 8.7 8.7 (0.3) (3) 0.3 3 Mortgage lending income 1.7 1.7 (0.3) (16) (0.6) (26) Bank owned life insurance 4.2 4.2 - - 0.3 7 Swap fee income 0.4 0.4 (1.7) (79) (0.5) (52) Other service charges and fees 1.5 1.5 - (3) - 2 Other 5.6 5.6 (0.9) (14) (0.2) (4) Total noninterest income $ 47.2 $ 47.2 $(0.7) (2) % $ 1.3 3 % 3Q26 2Q26 Adjusted1 3Q26 vs Adjusted1 3Q25
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Noninterest Expense 9 Note: Numbers may not add due to rounding FTE – full-time equivalent 1 Non-GAAP measures that management believes aid in the discussion of results. See appendix for Non -GAAP reconciliations 2,883 2,917 2,913 2,909 2,712 3Q25 4Q25 1Q26 2Q26 3Q26 Employees (FTE) 57.72% 53.64% 56.16% 54.26% 53.31% 3Q25 4Q25 1Q26 2Q26 3Q26 Adjusted Efficiency Ratio1 223 222 221 220 220 3Q25 4Q25 1Q26 2Q26 3Q26 Branches Set for closure in 4Q26 # of Financial Centers Commentary ❑ Adjusted efficiency ratio1 improves 95 bps to 53.31% ❑ $43.1M of non-core, one-time charges (primarily included in “other” expense) that are expected to positively impact future annual PPNR in an estimated range of $37M to $42M • A portion of these benefits are expected to fund ongoing business investments • 26 branches set to close on December 4, 2026 • 197 FTE reduction and elimination of 65 open positions as part of new operating model design 441 bp improvement (95) bps 194 $ in millions Reported Adjusted1 Salaries and employee benefits $ 78.1 $ 72.1 $(2.1) (3) % $(3.8) (5) % Occupancy expense, net 11.7 11.6 0.6 5 - - Furniture and equipment 5.4 5.4 (0.3) (6) 0.1 2 Deposit insurance 4.5 4.5 0.1 2 (0.7) (13) OREO and foreclosure expense 0.2 0.2 (0.5) (67) - 15 Other 82.1 45.0 0.8 2 3.5 8 Total noninterest expense $182.0 $138.9 $(1.4) (1) % $(0.8) (1) % 3Q26 Adjusted1 3Q26 vs Adjusted1 2Q26 3Q25
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10 Deposits, Interest Rate Sensitivity, Hedging Program and Capital
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Deposits 11 Totals may not add due to rounding Source: Average Fed Funds rate based on data from www.macrotrends.net 1 Linked quarter change is 3Q26 vs 2Q26 22.1% 21.5% 21.2% 22.1% 23.0% 41.4% 41.8% 41.8% 41.7% 45.3% 14.7% 14.0% 13.3% 13.2% 13.5% 12.5% 13.4% 14.2% 13.8% 13.2% 9.3% 9.4% 9.5% 9.2% 5.0% 3Q25 4Q25 1Q26 2Q26 3Q26 Noninterest Bearing Interest Bearing Transaction Accounts Time Deposits Public Funds (interest bearing) Brokered Deposits Deposit Mix $ in billions; Period End Balances $19.8 $20.2 $20.2 Commentary ❑ Grew core customer transaction account balances by $173M; improved customer deposit mix ❑ Brokered deposits declined due to deleveraging balance sheet and further utilization of FHLB given relative favorable pricing ❑ Public funds decline reflects normal seasonality ❑ Continued to effectively manage deposit costs, reflected by 8 bps decrease on a linked quarter basis ❑ Decrease in time deposits reflects continued, planned run-off of non- relationship CDs or subsequent reinvestment into lower cost deposits 3.53% 3.52% 3.28% 3.05% 2.97% 2.86% 2.62% 2.47% 2.46% 2.39% 2.79% 2.79% 2.60% 2.44% 2.36% 2.25% 2.04% 1.96% 1.93% 1.85% 5.33% 5.27% 4.66% 4.33% 4.33% 4.30% 3.90% 3.64% 3.63% 3.67% 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Interest Bearing Deposits Cost of Deposits Avg Fed Funds Rate Evolution of Funding Rates $19.7 $(906) $(270) $(109) $209 $(36) $(1,112) Linked Quarter Deposit Change1 $ in millions; Period End Balances Total Deposits Noninterest Bearing Transaction Accounts Interest Bearing Transaction and Savings Accounts Time Deposits Brokered (MM & CDs) and Other Non-Customer Deposits Public Funds (interest bearing) 95.0% Customer Deposits $18.6 $173M net growth customer NIB/IB deposits
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Interest Rate Sensitivity 12 Totals may not add due to rounding 1 Other includes agriculture, mortgage warehouse and other loans 2 Weighted average rates do not include mortgage warehouse and credit card portfolios 3 Projections over the next 12 months assuming a static balance sheet as of September 30, 2026 4 Customer interest bearing deposits includes savings, money market, checking and customer CDs. Does not include brokered d eposits $1,702.0 $726.7 $327.8 $218.9$128.7 $88.8 Customer CDs Brokered CDs Weighted Average Rates 3.41% 3.86% 3.12% 3.71% 2.89% 3.00% CD Maturities (over the next 12 months) $ in millions Additional Interest Rate Sensitivity Factors ❑ ~$95 million of projected securities principal maturities per quarter3 ❑ ~$2.1 billion of loans with a weighted average rate of less than 4% repricing over the next three years; ~$1.5 billion of which reprices in the next twelve months ❑ ~26% of customer interest bearing deposits4 are tied to index rates, principally Fed Funds target rate Loan Portfolio – Repricing and Maturity (contractual) At September 30, 2026 $ in millions 3 mo or less 3-12 mo 1-3 years 3-5 years Over 5 years Total Variable Fixed RE - Construction 2,212.3$ 131.4$ 66.9$ 60.3$ 4.9$ 2,475.8$ 2,115.1$ 360.7$ RE - Commercial 5,145.4 1,152.9 1,255.7 746.5 415.4 8,715.9 4,873.4 3,842.5 RE - Single-Family 727.0 355.6 452.4 351.5 618.9 2,505.4 1,402.0 1,103.4 Commercial (C&I) 1,622.8 124.4 261.1 260.9 71.8 2,341.0 1,585.5 755.4 Consumer 192.9 12.1 34.2 7.2 7.5 253.9 185.7 68.3 Other1 669.6 26.8 52.0 36.3 387.9 1,172.6 659.7 512.9 Total 10,570.1$ 1,803.2$ 2,122.3$ 1,462.7$ 1,506.4$ 17,464.7$ 10,821.4$ 6,643.3$ Weighted average rate 2 6.70% 5.33% 6.19% 6.42% 4.85% 6.30% 6.72% 5.65% Repricing Term Rate Structure Balance Sheet Interest Rate Sensitivity Over the next 12 months (estimated) Change in Interest Rates % Impact on Net Interest Income Up 50 bps 0.5% Up 75 bps 0.8% Assumes an immediate, parallel change in interest rates and static balance sheet as of September 30, 2026. Note: Weighted average rates in the table above are based on contractual repricing and maturity. Does not include the impact of Hedging Program summarized on Slide 13 4Q26 1Q27 2Q27 3Q27 Up 25 bps 0.3%
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Hedging Program 13 Totals may not add due to rounding 1 Estimated swap income based on implied forward rates as of September 30, 2026. Does not include potential impact of hedge i neffectiveness that is recorded in interest income. Hedging Program Update ❑ Added $550 million of 3-year receive fixed swaps during 3Q26 as a hedge to variable rate loans • Strategic and financially attractive opportunity to add down rate protection • $100 million of receive fixed swaps matured during 3Q26 ❑ Net interest income sensitivity remains slightly asset sensitive • Hedging strategy designed to manage interest rate risk position to slightly asset sensitive ❑ Hedging income of $5.9 million in 3Q26 Estimated Future Hedging Income1 $ in millions; Based on forward rates $4.3 $3.6 $3.0 $2.9 $3.1 4Q26 1Q27 2Q27 3Q27 4Q27 $ in Millions Hedged Item Quarter Initiated Rate Protection 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 2027 2028 2029 2030 Variable rate loans 3Q25 Down rate 1,309.0$ 1,550.0$ 1,550.0$ 1,550.0$ 1,550.0$ 1,550.0$ 1,550.0$ 1,450.1$ 522.2$ $ - Variable rate CMBS 3Q25 Down rate 260.9 200.0 200.0 200.0 123.9 - 130.4 - - - Subordinated debt 3Q25 Down rate 325.0 325.0 325.0 325.0 325.0 325.0 325.0 325.0 325.0 244.0 Fixed rate munis 3Q21 Up rate 1,001.7 1,001.7 1,001.7 1,001.7 1,001.7 1,001.7 1,001.7 937.2 54.2 - Net Asset Swap Position (down rate - up rate) 893.1$ 1,073.3$ 1,073.3$ 1,073.3$ 997.2$ 873.3$ 1,003.7$ 837.9$ 793.0$ 244.0$ Hedged Item Receive Pay 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 2027 2028 2029 2030 Variable rate loans Fixed SOFR based 3.40% 3.52% 3.52% 3.52% 3.52% 3.52% 3.52% 3.54% 3.71% - Variable rate CMBS Fixed SOFR based 3.53% 3.07% 3.07% 3.07% 3.07% - 3.07% - - - Subordinated debt Fixed SOFR based 3.56% 3.07% 3.07% 3.07% 3.07% 3.07% 3.07% 3.07% 3.07% 3.07% Fixed rate munis Fed effective Fixed 1.21% 1.21% 1.21% 1.21% 1.21% 1.21% 1.21% 1.21% 1.22% - Annual Average (Notional) Quarterly Fixed Rate Annual Fixed Rate Quarterly Average (Notional)
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Capital: Focused on maintaining a strong capital position 14 1 Non-GAAP measures that management believes aid in the discussion of results. See Appendix for Non-GAAP reconciliations 8.53% 8.71% 8.74% 8.91% 8.62% 9.30.25 12.31.25 3.31.26 6.30.26 9.30.26 Tangible Common Equity Ratio Tangible Common Equity Ratio1 9.56% 10.06% 10.14% 10.20% 10.41% 9.30.25 12.31.25 3.31.26 6.30.26 9.30.26 Leverage Ratio Regulatory Capital Ratios 11.54% 11.63% 11.58% 11.60% 12.05% 9.30.25 12.31.25 3.31.26 6.30.26 9.30.26 CET1 Ratio 15.07% 14.45% 14.36% 14.35% 14.80% 9.30.25 12.31.25 3.31.26 6.30.26 9.30.26 Total Capital Ratio 5.0% 6.5% 10.0% Commentary ▪ Clear capital priorities 1. Organic growth + self funding of attractive business investments 2. 117-year consecutive dividend history 3. Opportunistic share repurchases ▪ No shares repurchased in 3Q26 ❑ Excess capital utilized for business investments designed to further enhance sustainable performance ❑ Remaining authorization of $161 million under current share repurchase program as of September 30, 2026 Regulatory well capitalized requirement +21 bps +45 bps +45 bps ▪ Linked quarter TCE decline driven by change in AOCI given higher long-term interest rates
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15 Loan Portfolio and Credit Quality
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Loans: Well-diversified, granular portfolio and conservative credit culture 16 1 “Other” includes linked quarter change associated with loan portfolios impacted by seasonality (agricultural, mortgage warehouse and credit cards) 3Q25 4Q25 1Q26 2Q26 3Q26 RE - Construction C&I RE - Single Family RE - Commercial Agriculture Consumer/Other Unfunded Commitments $ in millions Mortgage Warehouse Agricultural $2,312 $(2,763) $(146) $18,062 $17,465 Total loans at 9/30/26 Total loans at 6/30/26 Linked Quarter Change by Loan Type $ in millions Total Loans RE – Commercial RE – Construction Commercial (C&I) RE – Single Family Loan Portfolio Waterfall $ in millions Consumer & Other Funded loans /advances Paydowns/ payoffs 94% variable rate • 55% tied to Prime • 45% tied to SOFR $3,871 Commentary ❑ Decrease in loan portfolio reflects: • Deleveraging of balance sheet through the run-off of certain lower yielding, low relationship credits • Highest level of paydowns in more than 2 years reflecting early payoffs and maturity vintages • Decrease in C&I portfolio reflects $153M expected paydown from three fully-banked relationships • Mortgage warehouse decline reflects higher rate environment ❑ Well-diversified, granular portfolio with no significant industry or geographic concentrations ❑ Minimal exposure to Shared National Credits (SNC) at ~1% of total loans $3,955 Other1 $(160) $21 $(8) $(59) $(176) $(102) $(113) $(597) $4,068 $4,384 $4,356
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Pipelines: Solid supply of opportunities that meet disciplined credit appetite and pricing 17 1 Rate ready to close represents the weighted average rate on commercial loans that are ready to close and does not include f ees, including FAS 91 fees, associated with those commercial loans $809 $775 $685 $659 $691 $858 $706 $249 $292 $436 $105 $217 $196 $95 $757 $564 $490 $774 $651 $374 $455 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Opportunity Proposal Ready to Close $1,256 Rate Ready to Close1 7.39% 7.35% 7.19% 6.53% 6.40% 6.73% 6.78% Commercial Loan Pipeline by Category $ in millions $69 $110 $96 $84 $90 $108 $91 $32 $31 $27 $21 $29 $33 $25 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Mortgage Closed Loan Volume Mortgage Pipeline Volume Mortgage Loan Volume $ in millions $1,631 Commentary ❑ Maintaining prudent underwriting standards and pricing discipline ❑ $455 million of ready to close loans in the commercial pipeline as of September 30, 2026, with a rate1 of 6.78% ❑ Mortgage loan originations in 3Q26 ❑ 83% purchase ❑ 17% refinance $1,815 $1,611 $1,538 $1,559 $1,428
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Loans: Conservative LTVs underpin prudent underwriting standards in key sectors 18 Data shown above as of September 30, 2026 1 Total loans or commitments excluding credit card portfolio and mortgage warehouse 47% 14% 13% 6% 5% 1% 14% Texas Arkansas Tennessee Missouri Oklahoma Kansas Other $1.0B Office (non-owner occupied permanent) By State Loan Portfolio – Geographic diversification 32% 21%14% 9% 4% 2% 2% 16% Texas Arkansas Tennessee Missouri Oklahoma Kansas Florida Other 50% 13% 13% 8% 1% 1% 14% Texas Arkansas Tennessee Missouri Oklahoma Kansas Other $17.0B1 Multifamily (permanent) 39% 24% 17% 4% 3% 6% 7% Texas Arkansas Tennessee Missouri Oklahoma Kansas Other Retail (non-owner occupied permanent) By State By State By State $1.1B $0.7B Top 10 MSAs % of Total Loans1 % of Total Commitments1 Houston-Pasadena-The Woodlands 8.6% 8.5% Dallas-Plano-Irving 8.1% 8.2% Little Rock-North Little Rock-Conway 6.7% 7.3% Nashville-Davidson-Murfreesboro 5.5% 5.7% Memphis 4.5% 4.3% Fort Worth-Arlington 3.9% 3.9% Fayetteville-Springdale-Rogers 3.5% 3.9% Kansas City 2.1% 2.7% St. Louis 2.5% 2.2% Austin-Round Rock-San Marcos 2.4% 2.6% Key Statistics At 9/30/26 NPL Ratio 0.33% Past Due 30+ Days 0.05% Average Loan Size $3.4M Median Loan Size $0.5M Number of Loans <$1M 61% Average LTV 45.0% Weighted Average LTV 55.0% Key Statistics At 9/30/26 NPL Ratio 0.95% Past Due 30+ Days 2.22% Average Loan Size $2.5M Median Loan Size $0.5M Number of Loans <$1M 70% Average LTV 49.9% Weighted Average LTV 60.2% Key Statistics At 9/30/26 NPL Ratio 0.62% Past Due 30+ Days 0.01% Average Loan Size $1.9M Median Loan Size $1.0M Number of Loans <$1M 50% Average LTV 46.6% Weighted Average LTV 54.3%
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CLD: Quick recycling of capital given short duration of portfolio 19 Data shown above as of September 30, 2026 By State Construction and Land Development (CLD) Top 10 MSAs % of Total Loans % of Total Commitments Houston-Pasadena-The Woodlands 11.5% 12.1% Dallas-Plano-Irving 9.3% 10.9% Nashville-Davidson-Murfreesboro 9.1% 8.0% Phoenix-Mesa-Glendale 7.1% 5.7% Austin-Round Rock-San Marcos 6.5% 5.2% Fayetteville-Springdale-Rogers 5.2% 5.4% Fort Worth-Arlington 4.9% 4.7% Little Rock-North Little Rock-Conway 4.7% 4.8% Jacksonville, FL 3.4% 3.6% Kansas City, MO-KS 2.3% 2.9% 15% 15% 6% 11% 53% Texas Tennessee Missouri Florida Other $0.4B Key Statistics At 9/30/26 NPL Ratio 0.00% Past Due 30+ Days 0.00% Average Loan Size $10.4M Median Loan Size $4.0M Number of Loans <$1M 42% Average LTV 42.5% Weighted Average LTV 45.5% Weighted Average Maturity ~16 months CLD - Industrial Warehouse (non-owner occupied) By State CLD - Multifamily 36% 10% 10% 19% 25% Texas Arkansas Tennessee Florida Other Key Statistics At 9/30/26 NPL Ratio 0.00% Past Due 30+ Days 0.00% Average Loan Size $16.5M Median Loan Size $7.5M Number of Loans <$1M 26% Average LTV 50.3% Weighted Average LTV 49.5% Weighted Average Maturity ~16 months By State $0.6B Key Statistics At 9/30/26 NPL Ratio 2.18% Past Due 30+ Days 0.07% Average Loan Size $1.4M Median Loan Size $0.3M Number of Loans <$1M 82% Average LTV 55.0% Weighted Average LTV 52.8% Weighted Average Maturity ~19 months 40% 12%13% 4% 2% 9% 20% Texas Arkansas Tennessee Missouri Oklahoma Florida Other $2.5B
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Loans: Loan portfolio by type and key credit metrics 20 1 NDFI includes mortgage warehouse disclosed in the Total Loan Portfolio table above as of June 30, 2026 as of September 30, 2026 $ in millions Balance $ % of Total Loans Balance $ % of Total Loans Past Due 30+ Days $ Classified $ Nonperforming $ Unfunded Commitment $ ACL % Unfunded Commitment Reserve Total Loan Portfolio Credit Card 174 1% 167 1% 3 1 1 - 1.47% - Consumer – Other 99 1% 87 - - - - 42 3.63% 0.46% Real Estate – Construction 2,578 14% 2,476 14% 2 58 54 1,836 2.28% 1.00% Real Estate – Commercial 8,829 49% 8,716 50% 21 248 57 321 1.13% 0.30% Real Estate – Single-family 2,564 14% 2,505 14% 19 56 47 342 1.63% 0.83% Commercial (C&I) 2,517 14% 2,341 13% 7 51 19 1,667 1.30% 0.17% Mortgage Warehouse 435 2% 275 2% - - - - 0.20% - Agriculture 426 2% 447 3% - 1 1 132 0.78% 0.21% Other 440 3% 451 3% - 1 1 16 0.61% 0.17% Total Loan Portfolio 18,062 100% 17,465 100% 52 416 180 4,356 1.37% 0.59% Loan Concentration (Holding Company Level) C&D 86% 83% CRE 280% 273% Select Loan Categories Retail 1,220 7% 1,200 7% - 12 7 172 0.75% 0.45% Nursing / Extended Care 158 1% 137 1% - 46 1 - 9.87% 0.02% Healthcare 549 3% 516 3% 1 7 3 114 1.00% 0.49% Multifamily 1,528 8% 1,349 8% 2 26 7 550 2.17% 0.39% Hotel 969 5% 1,074 6% 9 25 3 190 0.91% 0.95% Restaurant 575 3% 562 3% 1 15 15 47 1.09% 0.63% NOO Office 1,188 7% 1,211 7% 1 60 12 71 2.12% 0.81% NOO Industrial Warehouse 1,541 9% 1,476 8% - 11 - 492 0.31% 0.19% Non-Depository Financial Institutions (NDFI)1 835 5% 695 4% - 1 1 240 0.40% 0.07%
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Credit Quality YTD – year to date 21 Credit Quality Commentary ❑ Year-to-date net charge-offs of 23 bps ❑ Provision expense exceeded net charge-offs by $14.1M on a YTD basis for 2026 ❑ ACL to total loans up to 1.37% at end of 3Q26 ❑ Loans past due 30-89 stable at 30 bps ❑ Top 10 NPLs total $89.7 million with specific reserves of $14.1 million ▪ Linked quarter increase in NPLs reflects normal credit migration ▪ No specific concentration by sector or geographic market ❑ Moody’s September 30, 2026, Economic Scenario ▪ Baseline (80%); S1 (10%); S3 (10%) – weightings consistent with prior quarter ACL and ACL to Total Loans $ in millions $258.0 $224.4 $229.9 $238.2 $238.5 1.50% 1.28% 1.28% 1.32% 1.37% -0.05% 0.15% 0.35% 0.55% 0.75% 0.95% 1.15% 1.35% 1.55% 1.75% $150.0 $175.0 $200.0 $225.0 $250.0 $275.0 3Q25 4Q25 1Q26 2Q26 3Q26 ACL ACL to Total Loans Net Charge-Offs YTD Provision For Credit Losses YTD $30.1 $44.2 YTD Net Charge-Offs 23 bps Reserve for Unfunded Commitments $ in millions $25.6 $25.6 $25.6 $25.6 $25.6 0.65% 0.66% 0.63% 0.58% 0.59% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% $0.0 $25.0 $50.0 3Q25 4Q25 1Q26 2Q26 3Q26 Unfunded Commitment Reserve Reserve to Unfunded Commitments Provision and Net Charge-Offs For the nine months ended September 30, 2026 $ in millions
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50% of total NPLs Credit Quality 22 0.90% 0.64% 0.79% 0.92% 1.03% 0.66% 0.51% 0.63% 0.72% 0.78% 0.11% 0.27% 0.51% 0.29% 0.30% 3Q25 4Q25 1Q26 2Q26 3Q26 NPL to Loans NPA to Assets Past Due 30-89 to Loans Credit Quality Metrics Top 10 Nonperforming Loans Industry Outstanding Specific Reserve % 1 1-4 Family Commercial CLD $36.1M 14% 2 CLD – NOO Office $8.3M 22% 3 CRE – Owner Occupied/C&I $7.7M - 4 Multifamily $6.6M 15% 5 1-4 Family Rental Real Estate $6.1M 19% 6 1-4 Family Rental Real Estate $5.9M 9% 7 CRE – NOO Other $5.6M 11% 8 CRE – NOO Retail $4.7M 19% 9 C&I/1-4 Family CLD $4.5M 47% 10 CRE – NOO Other $4.2M 16% Classified Loans $ in millions $430.3 $392.3 $398.1 $361.1 $415.6 2.50% 2.24% 2.22% 2.00% 2.38% 0.00% 2.50% $250.0 $275.0 $300.0 $325.0 $350.0 $375.0 $400.0 $425.0 $450.0 $475.0 $500.0 3Q25 4Q25 1Q26 2Q26 3Q26 Classified Loans % of Total Loans Criticized Loans $ in millions $668.2 $612.5 $588.5 $523.2 $546.2 3.89% 3.50% 3.28% 2.90% 3.13% 0.00% 2.50% $250.0 $275.0 $300.0 $325.0 $350.0 $375.0 $400.0 $425.0 $450.0 $475.0 $500.0 $525.0 $550.0 $575.0 $600.0 $625.0 $650.0 $675.0 $700.0 $725.0 $750.0 $775.0 $800.0 3Q25 4Q25 1Q26 2Q26 3Q26 Criticized Loans % of Total Loans
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Forward-Looking Statements and Non-GAAP Financial Measures 23 Forward-Looking Statements. Certain statements by Simmons First National Corporation (the “Company”, which where appropriate includes the Company’s wholly-owned banking subsidiary, Simmons Bank) contained in this presentation 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,” “continue,” "estimate," "expect," "foresee,“ “indicate,” “plan,” “potential,” “project,” “set,” “target,” "may," "might," "will," "would," "could,“ “should,” “likely” or "intend," future or conditional verb tenses, and variations or negatives of such terms or by similar expressions. These forward-looking statements include, without limitation, statements relating to the Company’s future growth (including, among other things, expected pre-provision net revenue growth during 2026); business strategies; product development; revenue; expenses (including interest expense and non-interest expenses); assets; loan demand (including loan growth, loan capacity, and other lending activity); deposit levels; dividends; asset quality; profitability; earnings; critical accounting policies; net interest margin; noninterest income; the Company's common stock repurchase program; adequacy of the allowance for credit losses; income tax deductions; credit quality; level of credit losses from lending commitments; interest rate sensitivity (including, among other things, the potential impact of rising rates); loan loss experience; liquidity; capital resources; future economic conditions and market risk; interest rates; the Company’s securities portfolio; legal and regulatory limitations and compliance and competition; anticipated loan principal reductions; projections regarding loan repricing; the estimated PPNR benefit, the closure of 26 branches on December 4, 2026, and the intended operating-model changes set forth on slide 9; the interest rate sensitivity estimates and projections set forth on slide 12; and the estimates related to the hedging program (including estimated future swap income) set forth on slide 13. Readers are cautioned not to place undue reliance on the forward-looking statements contained in this presentation in that actual results could differ materially from those indicated in or implied by such forward-looking statements due to a variety of factors. These factors include, but are not limited to, changes in the Company's operating or expansion strategy; the availability of and costs associated with obtaining adequate and timely sources of liquidity; changes in credit quality; changes in general market and economic conditions; increased unemployment; labor shortages; possible adverse rulings, judgments, fines, settlements and other outcomes of pending or future litigation; the ability of the Company to collect amounts due under loan agreements; significant increases in nonaccrual loan balances; changes in consumer preferences and loan demand; the effectiveness of the Company's interest rate risk management strategies; laws and regulations affecting financial institutions in general or relating to taxes; the effect of pending or future legislation; changes in governmental administrations; the ability of the Company to repurchase its common stock on favorable terms; the ability of the Company to successfully manage and implement its acquisition strategy and integrate acquired institutions; changes in tariff policies; difficulties and delays in integrating an acquired business or fully realizing cost savings and other benefits of mergers and acquisitions; changes in interest rates, deposit flows, real estate values, and capital markets; increased inflation; customer acceptance of the Company's products and services and changes in customer behaviors; changes or disruptions in technology and IT systems (including cyber or other information technology threats, attacks and events); emerging issues related to the development and use of artificial intelligence that could give rise to legal or regulatory action or increase cybersecurity threats; changes in accounting principles relating to loan loss recognition (current expected credit losses, or CECL); fraud that results in material losses or that we have not discovered yet that may result in material losses; the benefits associated with the Company’s early retirement program; pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, political crises, war, and other military conflicts (including the ongoing military conflicts in Iran and the Middle East and between Russia and Ukraine) or other major events, or the prospect of these events; increased competition in the markets in which the Company operates and from non-bank financial institutions; changes in governmental policies; the effects of a government shutdown; loss of key employees; reliance on third parties for key services; the soundness of other financial institutions and any indirect exposure related to the closings of other financial institutions and their impact on the broader market through other customers, suppliers and partners, or that the conditions which resulted in the liquidity concerns experienced by closed financial institutions may also adversely impact, directly or indirectly, other financial institutions and market participants with which the Company has commercial or deposit relationships; increased delinquency and foreclosure rates on commercial real estate and other loans; and other risk factors. Other relevant risk factors are detailed in the Company’s Form 10-K for the year ended December 31, 2025, Form 10-Qs for the quarters ended March 31, 2026 and June 30, 2026, 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 the Company 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. Further, the timing, pricing and amount of any repurchases under the Company’s stock repurchase program will be determined by Simmons’ management at its discretion based on a variety of factors including, but not limited to, market conditions, trading volume and market price of Simmons’ common stock, Simmons’ capital needs, Simmons’ working capital and investment requirements, other corporate considerations, economic conditions, and legal requirements. The stock repurchase program does not obligate Simmons to repurchase any common stock and may be modified, discontinued or suspended at any time without prior notice. Any forward-looking statement speaks only as of the date of this presentation, and the Company undertakes no obligation to update these forward- looking statements to reflect events or circumstances that occur after the date of this presentation. Annualized, quarterized, pro forma, projected and estimated numbers are used for illustrative purpose only, are based on hypothetical assumptions that may not accurately reflect future incomes, are not forecasts and are not guaranteed and may differ significantly from actual results. The Company references certain market, industry, and demographic data and other statistical information in this presentation. The Company has obtained this data and information from various independent, third-party industry sources and publications. Nothing in the data or information used or derived from third-party sources should be construed as advice. We believe that these external sources and estimates are reliable but have not independently verified them. Non-GAAP Financial Measures. This presentation 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 and capital adequacy. 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, branch/real estate rightsizing costs, severance/early retirement program costs, certain professional services accelerated prepaid expenses, loss on sale of securities and loss on early extinguishment of debt. 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, and presents certain other figures to include the effect that accumulated other comprehensive income could have on the Company’s capital levels. 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, present the Company’s capital inclusive of the potential impact of AOCI (primarily comprised of unrealized losses on securities), 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 appendix to this presentation.
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24 Appendix
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Select Balance Sheet and Other Data 25 1 Non-GAAP measures that management believes aid in the discussion of results. See appendix for Non-GAAP reconciliations $ in millions, except per share data 3Q26 2Q26 3Q25 $ Change % Change $ Change % Change Period End Balances Total loans $17,464.7 $18,062.4 $17,188.8 $(597.7) (3) % $275.9 2 % Investment securities 2,743.5 3,077.2 3,319.3 (333.7) (11) (575.8) (17) Total assets 24,074.5 24,776.8 24,208.2 (702.3) (3) (133.7) (1) Total deposits 18,616.1 19,728.1 19,837.7 (1,112.0) (6) (1,221.6) (6) Borrowed funds 1,767.1 1,299.5 690.2 467.6 36 1,076.9 156 Total stockholders' equity 3,349.8 3,481.9 3,354.0 (132.1) (4) (4.2) - Average Balances Total loans $17,735.2 $17,956.6 $16,976.2 $(221.3) (1) % $759.0 4 % Investment securities 2,950.7 3,103.5 3,994.4 (152.8) (5) (1,043.7) (26) Total assets 24,332.2 24,638.0 24,914.9 (305.8) (1) (582.7) (2) Total deposits 19,131.4 19,871.1 20,529.1 (739.7) (4) (1,397.8) (7) Borrowed funds 1,415.6 1,007.6 699.5 408.1 40 716.1 102 Total stockholders' equity 3,478.2 3,478.5 3,368.3 (0.3) - 109.9 3 Select Other Data Equity to assets 13.91 % 14.05 % 13.85 % Tangible common equity to tangible assets1 8.62 8.91 8.53 Book value per share $23.18 $24.11 $23.18 Tangible book value per share1 13.52 14.42 13.45 Allowance for credit losses to total loans 1.37 % 1.32 % 1.50 % Nonperforming loan coverage ratio 133 143 168 3Q26 vs 2Q26 3Q26 vs 3Q25
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Income Summary 26 Totals may not foot due to rounding 1 Non-GAAP measures that management believes aid in the discussion of results. See appendix for Non -GAAP reconciliations 2 All pre-provision net revenue (PPNR) figures set forth in this row are Non-GAAP measures. See footnote 1 for more informatio n $ in millions, except per share data Reported Adjusted1 Net interest income $204.0 $204.0 $3.3 2 % $17.3 9 % Noninterest income 47.2 47.2 (0.7) (2) 1.3 3 Total revenue 251.2 251.2 2.6 1 18.6 8 Noninterest expense 182.0 138.9 (1.4) (1) (0.8) (1) Pre-provision net revenue2 69.1 112.3 4.0 4 19.5 21 Provision for credit losses 12.2 12.2 (5.3) (30) 0.2 2 Provision for income taxes 9.9 21.1 2.5 13 5.2 33 Earnings $ 47.1 $ 79.0 $6.8 9 % $14.1 22 % Diluted EPS $ 0.32 $ 0.54 $0.04 8 % $0.08 17 % Adjusted1 3Q26 vs Adjusted13Q26 2Q26 3Q25
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Non-GAAP Reconciliations 27 1 In this presentation, “Adjusted Earnings” may also be referred to as “Adjusted Net Income” 3Q 4Q 1Q 2Q 3Q $ in thousands, except per share data 2025 2025 2026 2026 2026 Calculation of Adjusted Earnings1 Net Income (Loss) $ (562,792) $ 78,078 $ 68,544 $ 66,691 $ 47,113 Certain items Branch/real estate rightsizing, net 2,004 85 531 6,099 14,186 Loss on sale of equipment finance business - 1,118 - - - Loss (gain) on sale of securities 801,492 - - - - Severance/early retirement program 305 - 283 1,320 5,997 Loss on early extinguishment of debt 570 - - - - Termination of vendor and software services - 12 - - - FDIC Deposit Insurance special assessment - - (1,984) - - Certain professional services - - 1,200 - 17,069 Accelerated prepaid expenses - - - - 5,889 Tax effect (176,649) (318) (8) (1,939) (11,274) Certain items, net of tax 627,722 897 22 5,480 31,867 Adjusted earnings (non-GAAP) $ 64,930 $ 78,975 $ 68,566 $ 72,171 $ 78,980 Calculation of Earnings and Adjusted Earnings per Diluted Share1 Earnings available to common shareholders $ (562,792) $ 78,078 $ 68,544 $ 66,691 $ 47,113 Diluted earnings per share $ (4.00) $ 0.54 $ 0.47 $ 0.46 $ 0.32 Adjusted earnings available to common shareholders (non-GAAP) $ 64,930 $ 78,975 $ 68,566 $ 72,171 $ 78,980 Adjusted diluted earnings per share (non-GAAP) $ 0.46 $ 0.54 $ 0.47 $ 0.50 $ 0.54 Average Diluted Shares Outstanding 140,648,704 145,210,222 145,340,410 145,323,958 145,054,299
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Non-GAAP Reconciliations 28 3Q 4Q 1Q 2Q 3Q $ in thousands 2025 2025 2026 2026 2026 Calculation of Pre-Provision Net Revenue (PPNR) Net interest income $ 186,661 $ 197,296 $ 197,168 $ 200,627 $ 203,976 Plus: Noninterest income (756,187) 51,708 44,197 47,939 47,191 Less: Noninterest expense 142,032 139,862 140,673 147,739 182,035 Pre-Provision Net Revenue (PPNR) (non-GAAP) $ (711,558) $ 109,142 $ 100,692 $ 100,827 $ 69,132 Calculation of Adjusted Pre-Provision Net Revenue Pre-Provision Net Revenue (PPNR) (non-GAAP) $ (711,558) $ 109,142 $ 100,692 $ 100,827 $ 69,132 Plus: Loss on sale of equipment finance business - 1,118 - - - Plus: (Gain) loss on sale of securities 801,492 - - - - Plus: Branch/real estate rightsizing costs, net 2,004 85 531 6,099 14,186 Plus: Severance/early retirement program 305 - 283 1,320 5,997 Plus: Loss on early extinguishment of debt 570 - - - - Plus: Termination of vendor and software services - 12 - - - Plus: Certain professional services - - 1,200 - 17,069 Plus: Accelerated prepaid expenses - - - - 5,889 Less: FDIC Deposit Insurance special assessment - - 1,984 - - Adjusted Pre-Provision Net Revenue (non-GAAP) $ 92,813 $ 110,357 $ 100,722 $ 108,246 $ 112,273 Calculation of Book Value and Tangible Book Value per Share Total common stockholders' equity $ 3,353,963 $ 3,419,240 $ 3,437,734 $ 3,481,859 $ 3,349,804 Intangible assets: Goodwill (1,320,799) (1,320,799) (1,320,799) (1,320,799) (1,320,799) Other intangible assets (87,520) (84,423) (81,325) (78,228) (75,132) Total intangible assets (1,408,319) (1,405,222) (1,402,124) (1,399,027) (1,395,931) Tangible common stockholders' equity (non-GAAP) $ 1,945,644 $ 2,014,018 $ 2,035,610 $ 2,082,832 $ 1,953,873 Shares of common stock outstanding 144,703,075 144,762,817 145,058,331 144,442,482 144,517,233 Book value per common share $ 23.18 $ 23.62 $ 23.70 $ 24.11 $ 23.18 Tangible book value per common share (non-GAAP) $ 13.45 $ 13.91 $ 14.03 $ 14.42 $ 13.52
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Non-GAAP Reconciliations 29 FTE – Full time equivalent NM – Not meaningful 3Q 4Q 1Q 2Q 3Q $ in thousands, except number of employees (FTE) 2025 2025 2026 2026 2026 Calculation of Total Revenue and Adjusted Total Revenue Net Interest Income (GAAP) $ 186,661 $ 197,296 $ 197,168 $ 200,627 $ 203,976 Noninterest Income (GAAP) (756,187) 51,708 44,197 47,939 47,191 Total Revenue (non-GAAP) $ (569,526) $ 249,004 $ 241,365 $ 248,566 $ 251,167 Total Revenue (non-GAAP) $ (569,526) $ 249,004 $ 241,365 $ 248,566 $ 251,167 Less: Gain (loss) on sales of securities (801,492) - - - - Less: Loss on early extinguishment of debt (570) - - - - Adjusted Total Revenue (non-GAAP) $ 232,536 $ 249,004 $ 241,365 $ 248,566 $ 251,167 Employees (FTE) 2,883 2,917 2,913 2,909 2,712 Total Revenue per Employee (FTE) $ (197.55) $ 85.36 $ 82.86 $ 85.45 $ 92.61 Adjusted Total Revenue per Employee (FTE) $ 80.66 $ 85.36 $ 82.86 $ 85.45 $ 92.61 Calculation of Adjusted Noninterest Income Noninterest Income (GAAP) $ (756,187) $ 51,708 $ 44,197 $ 47,939 $ 47,191 Less: Gain (loss) on sale of securities (801,492) - - - - Less: Loss on early extinguishment of debt (570) - - - - Adjusted Noninterest Income (non-GAAP) $ 45,875 $ 51,708 $ 44,197 $ 47,939 $ 47,191 Calculation of Noninterest Income to Total Revenue Noninterest Income to Total Revenue NM 20.77% 18.31% 19.29% 18.79% Adjusted Noninterest Income to Adjusted Total Revenue (non-GAAP) 19.73% 20.77% 18.31% 19.29% 18.79% Calculation of PPNR and Adjusted PPNR Per Share Average Diluted Shares Outstanding 140,648,704 145,210,222 145,340,410 145,323,958 145,054,299 PPNR per Average Diluted Shares Outstanding $ (5.06) $ 0.75 $ 0.69 $ 0.69 $ 0.48 Adjusted PPNR per Average Diluted Shares Outstanding (non-GAAP) $ 0.66 $ 0.76 $ 0.69 $ 0.74 $ 0.77
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Non-GAAP Reconciliations 30 Fully taxable equivalent adjustment using an effective tax rate of 26.135% 3Q 4Q 1Q 2Q 3Q $ in thousands 2025 2025 2026 2026 2026 Calculation of Adjusted Noninterest Expense Noninterest Expense (GAAP) $ 142,032 $ 139,862 $ 140,673 $ 147,739 $ 182,035 Less: Branch/real estate rightsizing expense 2,004 85 531 6,099 14,186 Less: Severance/early retirement program 305 - 283 1,320 5,997 Less: Loss on sale of equipment finance business - 1,118 - - - Less: Termination of vendor and software services - 12 - - - Less: Certain professional services - - 1,200 - 17,069 Less: Accelerated prepaid expenses - - - - 5,889 Plus: FDIC Deposit Insurance special assessment - - 1,984 - - Adjusted Noninterest Expense (non-GAAP) $ 139,723 $ 138,647 $ 140,643 $ 140,320 $ 138,894 Calculation of Efficiency Ratio and Adjusted Efficiency Ratio Noninterest Expense (efficiency ratio numerator) $ 142,032 $ 139,862 $ 140,673 $ 147,739 $ 182,035 Total Revenue $ (569,526) $ 249,004 $ 241,365 $ 248,566 $ 251,167 Fully taxable equivalent adjustment ___ _ _3,811 ___ _ _2,890 ___ _ _3,012 ___ _ _3,029 ___ _ _3,116 Efficiency ratio denominator $ (565,715) $ 251,894 $ 244,377 $ 251,595 $ 254,283 Efficiency ratio (based on GAAP figures) (25.11)% 55.52% 57.56% 58.72% 71.59% Adjusted Noninterest Expense (non-GAAP) $ 139,723 $ 138,647 $ 140,643 $ 140,320 $ 138,894 Less: Other real estate and foreclosure expense 200 432 315 695 230 Less: Amortization of intangible assets ___ __ 3,097 ___ __ 3,097 ___ __ 3,097 ___ __ 3,097 ___ __ 3,098 Adjusted efficiency ratio numerator (non-GAAP) $ 136,426 $ 135,118 $ 137,231 $ 136,528 $ 135,566 Adjusted Total Revenue (non-GAAP) (reconciliation shown on page 29) $ 232,536 $ 249,004 $ 241,365 $ 248,566 $ 251,167 Fully taxable equivalent adjustment ___ _ _3,811 ___ _ _2,890 ___ _ _3,012 ___ _ _3,029 ___ _ _3,116 Adjusted efficiency ratio denominator (non-GAAP) $ 236,347 $ 251,894 $ 244,377 $ 251,595 $ 254,283 Adjusted Efficiency Ratio (non-GAAP) 57.72% 53.64% 56.16% 54.26% 53.31%
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Non-GAAP Reconciliations 31 3Q 2Q 3Q $ in thousands 2025 2026 2026 Calculation of Adjusted Salaries and Employee Benefits Salaries and employee benefits (GAAP) $ 76,249 $ 75,590 $ 78,077 Less: Severance/early retirement program 305 1,320 5,997 Less: Other 1 (4) (56) Total Adjusted Salaries and Employee Benefits (non-GAAP) $ 75,943 $ 74,274 $ 72,136 Calculation of Adjusted Other Noninterest Expense Other noninterest expense (GAAP) $ 43,027 $ 46,550 $ 82,119 Less: Branch/real estate rightsizing expense 1,556 2,399 14,174 Less: Certain professional services - - 17,069 Less: Accelerated prepaid expenses - - 5,889 Total Adjusted Other Noninterest Expense (non-GAAP) $ 41,471 $ 44,151 $ 44,987 Calculation of Adjusted Provision for Income Taxes Provision for income taxes (GAAP) $ (160,732) $ 16,702 $ 9,852 Less: Tax effect of certain items (non-GAAP) (reconciliation shown on page 27) (176,649) (1,939) (11,274) Adjusted provision for income taxes (non-GAAP) $ 15,917 $ 18,641 $ 21,126 Calculation of Adjusted Occupancy Expense, Net Occupancy expense, net (GAAP) $ 12,106 $ 14,715 $ 11,708 Less: Branch/real estate rightsizing expense 432 3,670 65 Total Adjusted Occupancy Expense (non-GAAP) $ 11,674 $ 11,045 $ 11,643 Calculation of Adjusted Furniture and Equipment Expense Furniture and Equipment Expense (GAAP) $ 5,275 $ 5,739 $ 5,382 Less: Branch/real estate rightsizing expense 15 34 3 Total Adjusted Furniture and Equipment Expense (non-GAAP) $ 5,260 $ 5,705 $ 5,379
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Non-GAAP Reconciliations 32 3Q 4Q 1Q 2Q 3Q $ in thousands 2025 2025 2026 2026 2026 Calculation of Tangible Common Equity (TCE) Total common stockholders’ equity $ 3,353,963 $ 3,419,240 $ 3,437,734 $ 3,481,859 $ 3,349,804 Less: Intangible assets 1,408,319 1,405,222 1,402,124 1,399,027 1,395,931 Total tangible common stockholders’ equity (non-GAAP) $ 1,945,644 $ 2,014,018 $ 2,035,610 $ 2,082,832 $ 1,953,873 Total assets $ 24,208,162 $ 24,540,877 $ 24,692,783 $ 24,776,816 $ 24,074,481 Less: Intangible assets 1,408,319 1,405,222 1,402,124 1,399,027 1,395,931 Total tangible assets $ 22,799,843 $ 23,135,655 $ 23,290,659 $ 23,377,789 $ 22,678,550 Common equity to total assets 13.85% 13.93% 13.92% 14.05% 13.91% Tangible common equity to tangible common assets (non-GAAP) 8.53% 8.71% 8.74% 8.91% 8.62% 3Q $ in thousands 2026 Calculation of Adjusted ROAA Net income $ 47,113 Adjusted earnings (non-GAAP) (reconciliation shown on page 27) $ 78,980 Average assets $ 24,332,226 Return on average assets (ROAA) 0.77% Adjusted ROAA (non-GAAP) 1.29% 3Q $ in thousands 2026 Calculation of Adjusted ROTCE Net income $ 47,113 Plus: Amortization of intangible assets, net of taxes 2,289 Total net income net of amortization of intangibles (non-GAAP) $ 49,402 Adjusted earnings (non-GAAP) (reconciliation shown on page 27) $ 78,980 Plus: Amortization of intangible assets, net of taxes 2,289 Total adjusted earnings net of amortization of intangibles (non-GAAP) $ 81,269 Average common equity $ 3,478,190 Less: Average intangible assets 1,397,804 Total average tangible common equity (non-GAAP) $ 2,080,386 Return on average common equity 5.37% Return on average tangible common equity 9.42% Adjusted return on average tangible common equity (non-GAAP) 15.50%
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Non-GAAP Reconciliations 33 NM – not meaningful YTD YTD $ in thousands 2025 2026 Calculation of Adjusted Operating Leverage Net interest income $ 521,907 $ 601,771 Noninterest income (667,678) 139,327 Total Revenue $ (145,771) $ 741,098 Noninterest income $ (667,678) $ 139,327 Plus: Loss on sale of securities 801,492 - Plus: Loss on early extinguishment of debt 570 - Adjusted Noninterest Income (non-GAAP) $ 134,384 $ 139,327 Net interest income $ 521,907 $ 601,771 Plus: Adjusted noninterest income 134,384 139,327 Adjusted Total Revenue (non-GAAP) $ 656,291 $ 741,098 Year-over-year change in Total Revenue (a) NM Year-over-year change in Adjusted Total Revenue (non-GAAP) (b) 12.9% Noninterest expense $ 425,201 $ 470,447 Less: Severance/early retirement program costs 1,899 7,600 Less: Branch/real estate rightsizing costs 3,161 20,816 Less: Certain professional service - 18,269 Less: Accelerated prepaid expenses - 5,889 Plus: FDIC Deposit Insurance special assessment - 1,984 Adjusted Noninterest Expense (non-GAAP) $ 420,141 $ 419,857 Year-over-year change in Noninterest Expense (c) 10.6% Year-over-year change in Adjusted Noninterest Expense (d) (0.1)% Operating leverage (a-c) NM Adjusted operating leverage (b-d) 13.0%
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3rd Quarter 2026 Earnings Presentation October 15, 2026 Nasdaq SFNC