Simmons First National Corp

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Exchange Act of 1934

Date of Report (Date of earliest event reported) July 15, 2004

SIMMONS FIRST NATIONAL CORPORATION
(Exact name of registrant as specified in its charter)

Arkansas	0-6253	71-0407808
(State or other jurisdiction of	(Commission	(I.R.S. employer
incorporation or organization)	file number)	identification No.)

501 Main Street, Pine Bluff, Arkansas		71601
(Address of principal executive offices)		(Zip Code)

(870) 541-1000
(Registrant’s telephone number, including area code)

ITEM: 12 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

The following is the text of a press release issued by the registrant at 8:15 A.M. Central Standard Time on July 15, 2004.

SIMMONS FIRST ANNOUNCES SECOND QUARTER EARNINGS

Pine Bluff, AR – Simmons First National Corporation (NASDAQ NM: SFNC) today announced earnings of $6,288,000 or $0.42 diluted earnings per share for the second quarter of 2004, compared to earnings of $6,529,000, or $0.45 diluted earnings per share for same period in 2003. During the second quarter of 2003, the Company recorded a nonrecurring $771,000 pretax gain or $0.03 diluted earnings per share on the sale of mortgage servicing. Excluding this nonrecurring gain in the second quarter of 2003, the Company would have reported a $228,000 increase in earnings while maintaining the same $0.42 diluted earnings per share for the second quarter of 2004.

“We were very pleased with our operational and financial performance in the second quarter of 2004. During the second quarter we completed the systems integration for all of our recent mergers and acquisitions. From an earnings standpoint, it is important to remember, that the second quarter of 2003 included a nonrecurring gain and the unusually high demand in both mortgage production and investment banking products. While our earnings reflect a decrease from the same period last year, this decrease was anticipated and we are on target based on our expectations,” said J. Thomas May, Chairman and Chief Executive Officer.

At June 30, 2004, the Company’s loan portfolio totaled $1.5 billion, which is a $256 million, or a 19.9%, increase from the same period last year. This increase is due partially to the March 19, 2004 merger of Alliance Bancorporation, Inc. and the acquisition of nine branches in North Central and Northeast Arkansas during the fourth quarter of 2003. When combined, these transactions increased the loan portfolio by $168 million. Excluding the merger and acquisition, loans grew approximately 6.8%.

Asset quality is strong with the allowance for loan losses as a percent of total loans at 1.77% as of June 30, 2004. As of June 30, 2004, non-performing loans equaled 0.83% of total loans, while the allowance for loan losses equaled 213% of non-performing loans.

Total assets for the Corporation at June 30, 2004, were $2.4 billion, an increase of $381 million over the period ended June 30, 2003, of which $285 million was related to the acquisitions and $96 million from internal growth. At the end of the second quarter of 2004, stockholders’ equity, which includes the merger of Alliance Bancorporation, Inc., was $228 million, an $18 million, or 8.4%, increase from December 31, 2003.

Simmons First National Corporation is a 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 80 offices, of which 78 are financial centers, in 45 communities.

CONFERENCE CALL

Management will conduct a conference call to review this information at 3:00 p.m. CST (4:00 p.m. EST) on Thursday, July 15, 2004. Interested parties can listen to this call by calling 1-800-854-4175 (United States and Canada only) and ask 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 7961409 and the recording will be available through the end of business July 22, 2004. In addition, the call will also 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.

###

FOR MORE INFORMATION CONTACT:
ROBERT A. FEHLMAN
Senior Vice President and Chief Financial Officer
Simmons First National Corporation
(870) 541-1231
Ticker symbol: SFNC

Simmons First National Corporation Consolidated End of Period Balance Sheets For the Quarters Ended (In thousands)	Jun 30 2004			Mar 31 2004			Dec 31 2003			Sep 30 2003			SFNC Jun 30 2003

ASSETS
Cash and non-interest bearing balances due from banks	$	79,555		$	69,234		$	78,205		$	68,068		$	71,168
Interest bearing balances due from banks		12,660			51,747			31,850			32,880			43,623
Federal funds sold and securities purchased
under agreements to resell		41,555			83,660			91,560			34,975			35,625

Cash and cash equivalents		133,770			204,641			201,615			135,923			150,416

Investment securities		555,414			544,723			491,950			444,845			432,938
Mortgage loans held for sale		9,094			13,327			12,211			19,349			30,700
Assets held in trading accounts		389			205			90			370			212

Loans		1,543,163			1,504,173			1,418,314			1,325,428			1,286,842
Allowance for loan losses		(27,268	)		(26,764	)		(25,347	)		(22,795	)		(22,229	)

Net loans		1,515,895			1,477,409			1,392,967			1,302,633			1,264,613

Premises and equipment		51,614			51,306			49,369			45,366			45,980
Foreclosed assets held for sale, net		1,641			2,509			2,979			2,774			2,700
Interest receivable		12,797			13,683			12,678			13,757			11,985
Goodwill		60,432			59,454			45,159			32,877			32,877
Core deposits, net		6,243			6,330			5,258			539			562
Other assets		23,224			21,275			21,502			17,198			16,220


TOTAL ASSETS	$	2,370,513		$	2,394,862		$	2,235,778		$	2,015,631		$	1,989,203


LIABILITIES
Non-interest bearing transaction accounts	$	298,556		$	291,594		$	270,343		$	245,176		$	257,006
Interest bearing transaction accounts and savings deposits		746,595			727,258			670,908			563,344			568,380
Time deposits less than $100,000		545,551			552,606			525,806			495,654			476,835
Time deposits greater than $100,000		340,368			353,344			336,411			320,475			309,906

Total deposits		1,931,070			1,924,802			1,803,468			1,624,649			1,612,127

Federal funds purchased and securities
sold under agreements to repurchase		70,656			88,491			100,209			84,781			80,342
Short-term debt		11,665			6,257			6,833			13,559			1,943
Long-term debt - parent company		8,000			8,000			8,000			8,000			10,000
Long-term FHLB debt - affiliate banks		56,077			58,543			45,666			47,901			48,339
Subordinated debt issued to capital trusts		48,714			48,714			47,250			17,250			17,250
Accrued interest and other liabilities		16,721			30,440			14,357			12,293			14,144

TOTAL LIABILITIES		2,142,903			2,165,247			2,025,783			1,808,433			1,784,145

STOCKHOLDERS’ EQUITY
Capital stock		146			147			14,102			14,083			14,104
Surplus		63,044			64,399			35,988			35,846			36,545
Undivided profits		167,864			163,625			160,191			156,847			152,066
Accumulated other comprehensive income (loss)
Unrealized appreciation (depreciation) on AFS securities		(3,444	)		1,444			(286	)		422			2,343

TOTAL STOCKHOLDERS’ EQUITY		227,610			229,615			209,995			207,198			205,058


TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,370,513		$	2,394,862		$	2,235,778		$	2,015,631		$	1,989,203

Page 1

Simmons First National Corporation Consolidated Average Quarter-to-Date Balance Sheets For the Quarters Ended (In thousands)	Jun 30 2004			Mar 31 2004			Dec 31 2003			Sep 30 2003			SFNC Jun 30 2003

ASSETS
Cash and non-interest bearing balances due from banks	$	75,206		$	73,961		$	71,551		$	65,196		$	61,259
Interest bearing balances due from banks		33,677			60,587			61,436			35,458			57,314
Federal funds sold and securities purchased
under agreements to resell		46,206			83,915			88,853			27,363			54,825

Cash and cash equivalents		155,089			218,463			221,840			128,017			173,398

Investment securities - held-to-maturity		180,143			176,139			152,310			156,828			196,382
Investment securities - available-for-sale		374,576			321,009			292,662			282,722			220,698
Mortgage loans held for sale		12,512			7,946			12,355			28,901			27,908
Assets held in trading accounts		734			622			417			2,306			1,091

Loans		1,529,321			1,434,915			1,355,088			1,313,382			1,268,044
Allowance for loan losses		(27,325	)		(25,936	)		(24,375	)		(22,775	)		(22,321	)

Net loans		1,501,996			1,408,979			1,330,713			1,290,607			1,245,723

Premises and equipment		51,287			49,892			47,163			45,789			46,284
Foreclosed assets held for sale, net		1,841			2,597			2,811			2,673			2,494
Interest receivable		13,349			12,433			13,376			12,893			12,935
Goodwill and core deposits, net		65,859			52,401			40,926			33,425			33,451
Other assets		22,439			20,597			19,222			17,974			16,669


TOTAL ASSETS	$	2,379,825		$	2,271,078		$	2,133,795		$	2,002,135		$	1,977,033


LIABILITIES
Non-interest bearing transaction accounts	$	297,109		$	280,755		$	260,254		$	242,271		$	238,537
Interest bearing transaction accounts		254,144			226,342			192,358			177,330			179,420
Savings deposits		478,341			453,290			421,061			385,344			395,322
Time deposits less than $100,000		550,858			526,534			506,743			491,828			492,268
Time deposits greater than $100,000		350,832			340,030			330,891			316,501			307,924

Total deposits		1,931,284			1,826,951			1,711,307			1,613,274			1,613,471

Federal funds purchased and securities
sold under agreements to repurchase		78,372			100,947			108,181			89,986			68,102
Short-term debt		8,529			6,287			13,993			4,220			963
Long-term debt		113,913			105,443			76,909			73,834			76,162
Accrued interest and other liabilities		17,788			15,702			13,196			13,499			14,173

TOTAL LIABILITIES		2,149,886			2,055,330			1,923,586			1,794,813			1,772,871


TOTAL STOCKHOLDERS’ EQUITY		229,939			215,748			210,209			207,322			204,162


TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,379,825		$	2,271,078		$	2,133,795		$	2,002,135		$	1,977,033

Page 2

Simmons First National Corporation Consolidated Average Year-to-Date Balance Sheets For the Quarters Ended (In thousands)	Jun 30 2004			Mar 31 2004			Dec 31 2003			Sep 30 2003			SFNC Jun 30 2003

ASSETS
Cash and non-interest bearing balances due from banks	$	74,377		$	73,961		$	65,297		$	63,191		$	62,171
Interest bearing balances due from banks		47,132			60,587			51,325			47,917			54,250
Federal funds sold and securities purchased
under agreements to resell		64,726			83,915			63,642			55,147			69,269

Cash and cash equivalents		186,235			218,463			180,264			166,255			185,690

Investment securities - held-to-maturity		178,219			176,139			177,407			185,864			200,623
Investment securities - available-for-sale		347,715			321,009			249,731			235,264			211,141
Mortgage loans held for sale		10,229			7,946			22,692			26,175			24,789
Assets held in trading accounts		678			622			1,146			1,392			928

Loans		1,482,118			1,434,915			1,298,127			1,278,930			1,261,418
Allowance for loan losses		(26,631	)		(25,936	)		(22,994	)		(22,529	)		(22,404	)

Net loans		1,455,487			1,408,979			1,275,133			1,256,401			1,239,014

Premises and equipment		50,589			49,892			46,491			46,264			46,505
Foreclosed assets held for sale, net		2,219			2,597			2,655			2,603			2,567
Interest receivable		12,891			12,433			13,070			12,967			13,005
Goodwill and core deposits, net		59,128			52,401			35,335			33,451			33,464
Other assets		21,520			20,597			17,615			17,073			16,617


TOTAL ASSETS	$	2,324,910		$	2,271,078		$	2,021,539		$	1,983,709		$	1,974,343


LIABILITIES
Non-interest bearing transaction accounts	$	288,725		$	280,755		$	242,902		$	237,054		$	234,403
Interest bearing transaction accounts		240,243			226,342			179,941			175,757			174,957
Savings deposits		465,815			453,290			399,677			392,470			396,093
Time deposits less than $100,000		538,696			526,534			497,728			494,690			496,144
Time deposits greater than $100,000		345,432			340,030			316,245			311,310			308,671

Total deposits		1,878,911			1,826,951			1,636,493			1,611,281			1,610,268

Federal funds purchased and securities
sold under agreements to repurchase		89,324			100,947			87,847			80,994			76,424
Short-term debt		7,408			6,287			5,489			2,622			994
Long-term debt		109,678			105,443			72,211			70,629			69,816
Accrued interest and other liabilities		16,746			15,702			13,816			14,026			14,292

TOTAL LIABILITIES		2,102,067			2,055,330			1,815,856			1,779,552			1,771,794


TOTAL STOCKHOLDERS’ EQUITY		222,843			215,748			205,683			204,157			202,549


TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,324,910		$	2,271,078		$	2,021,539		$	1,983,709		$	1,974,343

Page 3

Simmons First National Corporation Consolidated Statements of Income - Quarter-to-Date For the Quarters Ended (In thousands, except per share data)	Jun 30 2004		Mar 31 2004		Dec 31 2003			Sep 30 2003		SFNC Jun 30 2003

INTEREST INCOME
Loans	$	23,802	$	22,732	$	22,334		$	22,216	$	22,526
Federal funds sold and securities purchased
under agreements to resell		110		195		206			72		160
Investment securities		4,343		4,114		3,874			4,026		4,005
Mortgage loans held for sale, net of unrealized gains (losses)		174		112		210			358		352
Assets held in trading accounts		1		3		4			24		7
Interest bearing balances due from banks		76		118		129			74		156

TOTAL INTEREST INCOME		28,506		27,274		26,757			26,770		27,206

INTEREST EXPENSE
Time deposits		4,475		4,416		4,545			4,738		5,121
Other deposits		1,177		1,050		1,014			990		1,263
Federal funds purchased and securities
sold under agreements to repurchase		202		252		280			244		194
Short-term debt		24		16		51			26		7
Long-term debt		1,478		1,425		999			908		1,363

TOTAL INTEREST EXPENSE		7,356		7,159		6,889			6,906		7,948

NET INTEREST INCOME		21,150		20,115		19,868			19,864		19,258
Provision for loan losses		2,019		2,144		2,197			2,196		2,196

NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES		19,131		17,971		17,671			17,668		17,062

NON-INTEREST INCOME
Trust income		1,233		1,400		1,428			1,317		1,166
Service charges on deposit accounts		3,767		3,227		2,710			2,786		2,639
Other service charges and fees		518		545		413			299		317
Income on sale of mortgage loans, net of commissions		1,045		751		792			1,512		1,463
Income on investment banking, net of commissions		198		215		371			388		597
Credit card fees		2,517		2,310		2,456			2,495		2,512
Student loan premiums		843		607		308			541		324
Other income		670		592		585			610		627
Gain on sale of mortgage servicing		—		—		—			—		771
Loss on sale of securities, net		—		—		(14	)		—		—

TOTAL NON-INTEREST INCOME		10,791		9,647		9,049			9,948		10,416

NON-INTEREST EXPENSE
Salaries and employee benefits		12,280		11,805		10,845			10,789		10,603
Occupancy expense, net		1,377		1,318		1,218			1,259		1,272
Furniture & equipment expense		1,399		1,358		1,265			1,329		1,219
Loss on foreclosed assets		137		44		71			36		127
Deposit insurance		71		69		70			67		67
Other operating expenses		5,304		5,098		5,569			4,468		4,649

TOTAL NON-INTEREST EXPENSE		20,568		19,692		19,038			17,948		17,937

NET INCOME BEFORE INCOME TAXES		9,354		7,926		7,682			9,668		9,541
Provision for income taxes		3,066		2,515		2,364			3,057		3,012

NET INCOME	$	6,288	$	5,411	$	5,318		$	6,611	$	6,529

BASIC EARNINGS PER SHARE	$	0.43	$	0.38	$	0.38		$	0.47	$	0.46

DILUTED EARNINGS PER SHARE	$	0.42	$	0.37	$	0.37		$	0.46	$	0.45

Page 4

Simmons First National Corporation Consolidated Statements of Income - Year-to-Date For the Quarters Ended (In thousands, except per share data)	Jun 30 2004		Mar 31 2004		Dec 31 2003			Sep 30 2003		SFNC Jun 30 2003

INTEREST INCOME
Loans	$	46,534	$	22,732	$	89,315		$	66,981	$	44,765
Federal funds sold and securities purchased
under agreements to resell		305		195		652			446		374
Investment securities		8,457		4,114		15,889			12,015		7,989
Mortgage loans held for sale, net of unrealized gains (losses)		286		112		1,220			1,010		652
Assets held in trading accounts		4		3		37			33		9
Interest bearing balances due from banks		194		118		494			365		291

TOTAL INTEREST INCOME		55,780		27,274		107,607			80,850		54,080

INTEREST EXPENSE
Time deposits		8,891		4,416		19,921			15,376		10,638
Other deposits		2,227		1,050		4,594			3,580		2,590
Federal funds purchased and securities
sold under agreements to repurchase		454		252		941			661		417
Short-term debt		40		16		89			38		12
Long-term debt		2,903		1,425		4,192			3,193		2,285

TOTAL INTEREST EXPENSE		14,515		7,159		29,737			22,848		15,942

NET INTEREST INCOME		41,265		20,115		77,870			58,002		38,138
Provision for loan losses		4,163		2,144		8,786			6,589		4,393

NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES		37,102		17,971		69,084			51,413		33,745

NON-INTEREST INCOME
Trust income		2,633		1,400		5,487			4,059		2,742
Service charges on deposit accounts		6,994		3,227		10,589			7,879		5,093
Other service charges and fees		1,063		545		1,508			1,095		796
Income on sale of mortgage loans, net of commissions		1,796		751		4,931			4,139		2,627
Income on investment banking, net of commissions		413		215		1,887			1,516		1,128
Credit card fees		4,827		2,310		9,782			7,326		4,831
Student loan premiums		1,450		607		1,479			1,171		630
Other income		1,262		592		2,297			1,712		1,102
Gain on sale of mortgage servicing		—		—		771			771		771
Loss on sale of securities, net		—		—		(14	)		—		—

TOTAL NON-INTEREST INCOME		20,438		9,647		38,717			29,668		19,720

NON-INTEREST EXPENSE
Salaries and employee benefits		24,085		11,805		42,979			32,134		21,345
Occupancy expense, net		2,695		1,318		5,080			3,862		2,603
Furniture & equipment expense		2,757		1,358		5,195			3,930		2,601
Loss on foreclosed assets		181		44		269			198		162
Deposit insurance		140		69		273			203		136
Other operating expenses		10,402		5,098		19,321			13,752		9,284

TOTAL NON-INTEREST EXPENSE		40,260		19,692		73,117			54,079		36,131

NET INCOME BEFORE INCOME TAXES		17,280		7,926		34,684			27,002		17,334
Provision for income taxes		5,581		2,515		10,894			8,530		5,473

NET INCOME	$	11,699	$	5,411	$	23,790		$	18,472	$	11,861

BASIC EARNINGS PER SHARE	$	0.81	$	0.38	$	1.69		$	1.31	$	0.84

DILUTED EARNINGS PER SHARE	$	0.79	$	0.37	$	1.65		$	1.28	$	0.82

Page 5

Simmons First National Corporation Consolidated Risk-Based Capital For the Quarters Ended (In thousands)	Jun 30 2004			Mar 31 2004			Dec 31 2003			Sep 30 2003			SFNC Jun 30 2003

Tier 1 capital
Stockholders’ equity	$	227,610		$	229,615		$	209,995		$	207,198		$	205,058
Trust preferred securities, net allowable		46,993			47,013			47,250			17,250			17,250
Intangible assets		(66,675	)		(65,784	)		(50,417	)		(33,416	)		(33,439	)
Unrealized loss (gain) on AFS securities		3,444			(1,444	)		286			(422	)		(2,343	)
Other		(1,110	)		(1,134	)		(1,160	)		(816	)		(825	)


Total Tier 1 capital		210,262			208,266			205,954			189,794			185,701


Tier 2 capital
Qualifying unrealized gain on AFS securities		373			353			326			370			415
Qualifying allowance for loan losses		19,924			19,325			18,320			16,833			16,372


Total Tier 2 capital		20,297			19,678			18,646			17,203			16,787


Total risk-based capital	$	230,559		$	227,944		$	224,600		$	206,997		$	202,488


Risk weighted assets	$	1,586,554		$	1,538,608		$	1,458,583		$	1,340,640		$	1,303,942


Assets for leverage ratio	$	2,314,344		$	2,203,461		$	2,082,552		$	1,967,798		$	1,939,201


Ratios at end of quarter
Leverage ratio		9.09	%		9.45	%		9.89	%		9.64	%		9.58	%
Tier 1 capital		13.25	%		13.54	%		14.12	%		14.16	%		14.24	%
Total risk-based capital		14.53	%		14.81	%		15.40	%		15.44	%		15.53	%

Page 6

Simmons First National Corporation Consolidated Loans and Investments For the Quarters Ended (In thousands)	Jun 30 2004			Mar 31 2004			Dec 31 2003			Sep 30 2003			SFNC Jun 30 2003

Loan Portfolio - End of Period
Consumer
Credit cards	$	150,265		$	153,505		$	165,919		$	161,315		$	162,554
Student loans		72,410			89,829			86,301			89,280			86,429
Other consumer		135,448			138,818			142,995			137,884			142,500
Real Estate
Construction		138,747			135,143			111,567			102,981			99,027
Single-family residential		297,388			287,154			261,947			230,163			231,514
Other commercial		468,023			466,558			408,452			359,708			334,335
Unearned income		(11	)		(11	)		(11	)		(14	)		(18	)
Commercial
Commercial		185,126			164,252			162,122			146,407			141,160
Agricultural		77,023			51,536			57,393			76,909			66,310
Financial institutions		3,322			3,622			6,370			7,369			7,369
Other		15,422			13,767			15,259			13,426			15,662


Total Loans	$	1,543,163		$	1,504,173		$	1,418,314		$	1,325,428		$	1,286,842


Investment Securities - End of Period

Held-to-Maturity
U.S. Treasury	$	8,039		$	10,559		$	12,583		$	11,080		$	12,610
U.S. Government agencies		22,494			23,506			30,017			29,500			41,756
Mortgage-backed securities		516			539			553			1,051			1,174
State and political subdivisions		126,456			126,559			113,306			112,358			111,035
Other securities		21,811			21,758			20,108			100			100

Total held-to-maturity		179,316			182,921			176,567			154,089			166,675

Available-for-Sale
U.S. Treasury		18,933			61,545			16,331			16,134			20,737
U.S. Government agencies		330,291			272,563			280,672			255,232			227,830
Mortgage-backed securities		5,027			6,038			1,382			2,208			2,320
State and political subdivisions		4,429			4,740			4,849			5,009			5,070
FHLB stock		7,777			6,933			6,849			6,821			4,765
Other securities		9,641			9,983			5,300			5,352			5,541

Total available-for-sale		376,098			361,802			315,383			290,756			266,263


Total investment securities	$	555,414		$	544,723		$	491,950		$	444,845		$	432,938


Fair Value - HTM investment securities	$	178,983		$	186,370		$	179,494		$	157,091		$	171,662


Investment Securities - QTD Average

Taxable securities	$	425,292		$	378,545		$	329,745		$	322,947		$	302,443
Tax exempt securities		129,427			118,603			115,227			116,603			114,637


Total investment securities - QTD average	$	554,719		$	497,148		$	444,972		$	439,550		$	417,080

Page 7

Simmons First National Corporation Consolidated Allowance and Asset Quality For the Quarters Ended (In thousands)	Jun 30 2004			Mar 31 2004			Dec 31 2003			Sep 30 2003			SFNC Jun 30 2003

Allowance for Loan Losses
Balance, beginning of quarter	$	26,764		$	25,347		$	22,795		$	22,229		$	21,826


Loans charged off
Credit cards		1,145			1,262			1,186			1,129			1,230
Other consumer		552			607			544			452			444
Real estate		355			231			587			152			307
Commercial		188			172			1,434			335			257

Total loans charged off		2,240			2,272			3,751			2,068			2,238


Recoveries of loans previously charged off
Credit cards		171			161			148			164			151
Other consumer		214			177			132			142			161
Real estate		143			20			104			54			36
Commercial		197			79			758			78			97

Total recoveries		725			437			1,142			438			445

Net loans charged off		1,515			1,835			2,609			1,630			1,793
Allowance for loan losses on acquisitons		—			1,108			2,964			—			—
Provision for loan losses		2,019			2,144			2,197			2,196			2,196

Balance, end of quarter	$	27,268		$	26,764		$	25,347		$	22,795		$	22,229


Non-performing assets
Non-performing loans
Nonaccrual loans
Real estate	$	6,077		$	8,424		$	6,004		$	5,833		$	5,556
Commercial		3,597			3,426			1,969			2,747			2,491
Consumer		1,723			1,874			2,076			2,010			1,603

Total nonaccrual loans		11,397			13,724			10,049			10,590			9,650
Loans past due 90 days or more		1,415			2,062			1,518			1,770			1,994

Total non-performing loans		12,812			15,786			11,567			12,360			11,644


Other non-performing assets
Foreclosed assets held for sale		1,641			2,509			2,979			2,774			2,700
Other non-performing assets		53			29			393			396			405

Total other non-performing assets		1,694			2,538			3,372			3,170			3,105

Total non-performing assets	$	14,506		$	18,324		$	14,939		$	15,530		$	14,749


Ratios
Allowance for loan losses to total loans		1.77	%		1.78	%		1.79	%		1.72	%		1.73	%
Allowance for loan losses to
non-performing loans		212.83	%		169.54	%		219.13	%		184.43	%		190.91	%
Allowance for loan losses to
non-performing assets		187.98	%		146.06	%		169.67	%		146.78	%		150.72	%
Non-performing loans to total loans		0.83	%		1.05	%		0.82	%		0.93	%		0.90	%
Non-performing assets to total assets		0.61	%		0.77	%		0.67	%		0.77	%		0.74	%

Page 8

Simmons First National Corporation Consolidated - Selected Financial Data For the Quarters Ended (In thousands, except share data)	Jun 30 2004			Mar 31 2004			Dec 31 2003			Sep 30 2003			SFNC Jun 30 2003

QUARTER-TO-DATE
Diluted earnings per share	$	0.42		$	0.37		$	0.37		$	0.46		$	0.45
Cash dividends declared per common share		0.140			0.140			0.140			0.130			0.130
Cash dividends declared - amount		2,049			1,977			1,974			1,830			1,834
Return on average stockholders’ equity		11.00	%		10.09	%		10.04	%		12.65	%		12.83	%
Return on average assets		1.06	%		0.96	%		0.99	%		1.31	%		1.32	%
Net interest margin (FTE)		4.05	%		4.03	%		4.17	%		4.43	%		4.40	%
FTE Adjustment - investments		708			686			675			676			664
FTE Adjustment - loans		92			92			94			97			113
Amortization of intangibles		203			173			98			23			26
Amortization of intangibles, net of taxes		129			110			61			16			16
Average shares outstanding		14,656,569			14,181,904			14,089,152			14,092,753			14,128,383
Shares repurchased		56,515			—			—			32,000			50,000
Average price of repurchased shares		24.17			—			—			23.07			19.66
Average earning assets		2,177,169			2,085,133			1,963,121			1,846,960			1,826,262
Average interest bearing liabilities		1,834,989			1,758,873			1,650,136			1,539,043			1,520,161

YEAR-TO-DATE
Diluted earnings per share	$	0.79		$	0.37		$	1.65		$	1.28		$	0.82
Cash dividends declared per common share		0.280			0.140			0.525			0.385			0.255
Return on average stockholders’ equity		10.56	%		10.09	%		11.57	%		12.10	%		11.81	%
Return on average assets		1.01	%		0.96	%		1.18	%		1.24	%		1.21	%
Net interest margin (FTE)		4.04	%		4.03	%		4.34	%		4.41	%		4.39	%
FTE Adjustment - investments		1,394			686			2,710			2,035			1,359
FTE Adjustment - loans		184			92			402			308			211
Amortization of intangibles		376			173			172			74			51
Amortization of intangibles, net of taxes		239			110			109			48			32
Average shares outstanding		14,420,548			14,181,904			14,114,428			14,122,946			14,138,293
Diluted shares outstanding		335,077			358,188			301,279			273,436			240,391
Average earning assets		2,130,817			2,085,133			1,864,070			1,830,689			1,822,418
Average interest bearing liabilities		1,796,596			1,758,873			1,559,138			1,528,472			1,523,099

END OF PERIOD
Book value	$	15.57		$	15.65		$	14.89		$	14.71		$	14.54
Shares outstanding		14,614,074			14,669,789			14,101,521			14,083,109			14,103,472
Full-time equivalent employees		1,085			1,086			1,042			1,000			992
Total number of ATM’s		78			75			70			62			61
Total number of branches		78			76			71			62			62
Parent company only - investment in subsidiaries		250,055			251,268			221,626			213,583			213,507
Parent company only - intangible assets		134			134			134			134			134

Page 9

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: July 15, 2004

SIMMONS FIRST NATIONAL CORPORATION

By:  /s/ Robert A. Fehlman
      ——————————————
      Robert A. Fehlman, Senior Vice President
         and Chief Financial Officer