EXHIBIT 99.1
FOR IMMEDIATE RELEASE: January 27, 2011
 
SIMMONS FIRST ANNOUNCES RECORD NET INCOME OF $37.1 MILLION FOR 2010

Pine Bluff, AR – Simmons First National Corporation (NASDAQ-GS: SFNC) today announced net income of $37.1 million for the year ended December 31, 2010, an increase of $11.9 million, or 47% compared to the same period in 2009. Diluted earnings per share for the year ended 2010 were $2.15, compared to $1.74 for 2009.

Net income for the fourth quarter 2010 was $16.6 million, or $0.96 diluted earnings per share, compared to net income of $6.8 million, or $0.44 diluted earnings per share for the same period in 2009. This represents an increase of $9.8 million in net income and $0.52 diluted earnings per share.

On October 15, 2010, the Company announced that its wholly-owned bank subsidiary, Simmons First National Bank, entered into a purchase and assumption agreement with loss share arrangements with the FDIC to purchase substantially all of the assets and to assume substantially all of the deposits and certain other liabilities of Security Savings Bank (“SSB”) in Olathe, Kansas. In the fourth quarter 2010, the Company recognized a pre-tax bargain purchase gain of $18.3 million on this transaction and incurred pre-tax merger related costs of $2.0 million. As part of the Company’s acquisition strategy, the investment portfolio was liquidated resulting in a pre-tax gain of $317,000. Additionally, in order to utilize some of the Company’s excess liquidity, $58.4 million in FHLB advances were paid off, which resulted in a one-time pre-payment expense of $594,000. After taxes, the combined fourth quarter 2010 non-recurring items contributed $9.7 million to net income, or $0.56 to diluted earnings per share.

On May 14, 2010, the Company announced that its wholly-owned bank subsidiary, Simmons First National Bank, entered into a purchase and assumption agreement with loss share arrangements with the FDIC to purchase substantially all of the assets and to assume substantially all of the deposits and certain other liabilities of Southwest Community Bank (“SWCB”) in Springfield, Missouri. In the second quarter 2010, the Company recognized a pre-tax bargain purchase gain of $3.0 million on this transaction and incurred pre-tax merger related costs of $0.4 million. After taxes, these non-recurring items contributed $1.6 million to net income, or $0.09 to diluted earnings per share, for the second quarter and the year ended 2010.

Excluding all non-recurring items, fourth quarter core earnings were $6.8 million, or $0.40 diluted core earnings per share and excluding all non-recurring items for the year ended December 31, 2010, core earnings were $26.0 million, or $1.51 diluted core earnings per share.

"We are excited about our expansion beyond the borders of Arkansas into Missouri and Kansas.  We are pleased with our 2010 results, which resulted in a significant bargain purchase gain on two acquisitions, record net interest income, good expense control through our efficiency initiatives and continued good asset quality compared to the rest of the industry," commented J. Thomas May, Chairman and CEO. "As expected, while the impact of our November 2009 stock offering was dilutive to 2010 by approximately $0.25; however, the excess capital positions us to continue to take advantage of unprecedented acquisition opportunities through FDIC assisted transactions of failed banks. We have seen the dilutive impact of the

 
 

The following information was filed by Simmons First National Corp (SFNC) on Thursday, January 27, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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