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) April 15, 2004

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


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

501 Main Street, Pine Bluff, Arkansas
(Address of principal executive offices) 		  71601
(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 April 15, 2004.

SIMMONS FIRST ANNOUNCES FIRST QUARTER EARNINGS

        Pine Bluff, AR – Simmons First National Corporation (NASDAQ NM: SFNC) today announced earnings of $5,411,000 or $0.37 diluted earnings per share for the first quarter of 2004, compared to earnings of $5,332,000, or $0.37 diluted earnings per share for same period in 2003. This represents a $79,000, increase in the first quarter 2004 earnings over 2003.

        “The extremely low interest rate environment in first quarter of 2003 produced unusually high demand in both mortgage production and investment banking products. As such, even though interest rates remain low, the demand has moderated; thus, net income, on a quarter over quarter basis, was only up slightly,” said J. Thomas May, Chairman and Chief Executive Officer. “Considering the reduced demand in the mortgage production and investment banking products, we were pleased at the level of non-interest income since the increase was driven by an improvement in service charges on deposits and an increase in income from our student loan product.”

        At March 31, 2004, the Company’s loan portfolio totaled $1.5 billion, which is a $247 million, or a 19.6%, 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 6.3%.

        As of March 31, 2004, non-performing loans to total loans were 1.05%, while the allowance for loan losses equaled 170% of non-performing loans. At the end of the first quarter of 2004, the allowance for loan losses equaled 1.78% of total loans.

        Total assets for the Corporation at March 31, 2004, were $2.4 billion, an increase of $437 million over the period ended March 31, 2003, of which $285 million was related to the acquisitions and $152 million from internal growth. At the end of the first quarter of 2004, stockholders’ equity, which includes the merger of Alliance Bancorporation, Inc., was $230 million, a $20 million, or 9.3%, 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. Upon completion of a recently announced branch acquisition scheduled for June 2004, the Company’s eight banks will conduct financial operations from 79 offices, of which 77 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, April 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 5979304 and the recording will be available through the end of business April 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 SFNC  
Consolidated End of Period Balance Sheets
For the Quarters Ended
(In thousands)
  		Mar 31
2004
  Dec 31
2003
  Sep 30
2003
  Jun 30
2003
  Mar 31
2003
 
ASSETS                        
Cash and non-interest bearing balances due from banks     $ 69,234   $ 78,205   $ 68,068   $ 71,168   $ 74,609  
Interest bearing balances due from banks       51,747     31,850     32,880     43,623     32,631  
Federal funds sold and securities purchased    
  under agreements to resell       83,660     91,560     34,975     35,625     51,400  
    Cash and cash equivalents       204,641     201,615     135,923     150,416     158,640  
     
Investment securities       544,723     491,950     444,845     432,938     413,669  
Mortgage loans held for sale       13,327     12,211     19,349     30,700     26,223  
Assets held in trading accounts       205     90     370     212     11,349  
     
Loans       1,504,173     1,418,314     1,325,428     1,286,842     1,257,455  
   Allowance for loan losses       (26,764 )   (25,347 )   (22,795 )   (22,229 )   (21,826 )
Net loans       1,477,409     1,392,967     1,302,633     1,264,613     1,235,629  
     
Premises and equipment       51,306     49,369     45,366     45,980     46,125  
Foreclosed assets held for sale, net       2,509     2,979     2,774     2,700     2,426  
Interest receivable       13,683     12,678     13,757     11,985     13,519  
Goodwill       59,454     45,159     32,877     32,877     32,877  
Core deposits, net       6,330     5,258     539     562     587  
Other assets       21,275     21,502     17,198     16,220     17,112  
     
                           TOTAL ASSETS     $ 2,394,862   $ 2,235,778   $ 2,015,631   $ 1,989,203   $ 1,958,156  
LIABILITIES                                  
Non-interest bearing transaction accounts     $ 291,594   $ 270,343   $ 245,176   $ 257,006   $ 239,996  
Interest bearing transaction accounts and savings deposits       727,258     670,908     563,344     568,380     571,614  
Time deposits less than $100,000       552,606     525,806     495,654     476,835     495,621  
Time deposits greater than $100,000       353,344     336,411     320,475     309,906     308,440  
        Total deposits       1,924,802     1,803,468     1,624,649     1,612,127     1,615,671  
Federal funds purchased and securities                                  
  sold under agreements to repurchase       88,491     100,209     84,781     80,342     53,053  
Short-term debt       6,257     6,833     13,559     1,943     1,712  
Long-term debt - parent company       8,000     8,000     8,000     10,000     10,000  
Long-term FHLB debt - affiliate banks       58,543     45,666     47,901     48,339     43,259  
Subordinated debt issued to capital trusts       48,714     47,250     17,250     17,250     17,250  
Accrued interest and other liabilities       30,440     14,357     12,293     14,144     16,210  
                         TOTAL LIABILITIES       2,165,247     2,025,783     1,808,433     1,784,145     1,757,155  
     
STOCKHOLDERS’ EQUITY    
   Capital stock       147     14,102     14,083     14,104     7,075  
   Surplus       64,399     35,988     35,846     36,545     44,536  
   Undivided profits       163,625     160,191     156,847     152,066     147,371  
   Accumulated other comprehensive income (loss)    
      Unrealized appreciation (depreciation) on AFS securities       1,444     (286 )   422     2,343     2,019  
                    TOTAL STOCKHOLDERS’ EQUITY       229,615     209,995     207,198     205,058     201,001  
     
   TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY     $ 2,394,862   $ 2,235,778   $ 2,015,631   $ 1,989,203   $ 1,958,156  

Page 1



Simmons First National Corporation SFNC  
Consolidated Average Quarter-to-Date Balance Sheets
For the Quarters Ended
(In thousands)
  		Mar 31
2004
  Dec 31
2003
  Sep 30
2003
  Jun 30
2003
  Mar 31
2003
 
ASSETS                        
Cash and non-interest bearing balances due from banks     $ 73,961   $ 71,551   $ 65,196   $ 61,259   $ 63,094  
Interest bearing balances due from banks       60,587     61,436     35,458     57,314     51,151  
Federal funds sold and securities purchased    
  under agreements to resell       83,915     88,853     27,363     54,825     83,873  
    Cash and cash equivalents       218,463     221,840     128,017     173,398     198,118  
     
Investment securities - held-to-maturity       176,139     152,310     156,828     196,382     204,910  
Investment securities - available-for-sale       321,009     292,662     282,722     220,698     201,477  
Mortgage loans held for sale       7,946     12,355     28,901     27,908     21,635  
Assets held in trading accounts       622     417     2,306     1,091     762  
     
Loans       1,434,915     1,355,088     1,313,382     1,268,044     1,254,720  
   Allowance for loan losses       (25,936 )   (24,375 )   (22,775 )   (22,321 )   (22,488 )
Net loans       1,408,979     1,330,713     1,290,607     1,245,723     1,232,232  
     
Premises and equipment       49,892     47,163     45,789     46,284     46,729  
Foreclosed assets held for sale, net       2,597     2,811     2,673     2,494     2,640  
Interest receivable       12,433     13,376     12,893     12,935     13,076  
Goodwill and core deposits, net       52,401     40,926     33,425     33,451     33,476  
Other assets       20,597     19,222     17,974     16,669     16,567  
     
                           TOTAL ASSETS     $ 2,271,078   $ 2,133,795   $ 2,002,135   $ 1,977,033   $ 1,971,622  
     
LIABILITIES                                  
Non-interest bearing transaction accounts     $ 280,755   $ 260,254   $ 242,271   $ 238,537   $ 230,222  
Interest bearing transaction accounts       226,342     192,358     177,330     179,420     170,445  
Savings deposits       453,290     421,061     385,344     395,322     396,872  
Time deposits less than $100,000       526,534     506,743     491,828     492,268     500,065  
Time deposits greater than $100,000       340,030     330,891     316,501     307,924     309,426  
        Total deposits       1,826,951     1,711,307     1,613,274     1,613,471     1,607,030  
Federal funds purchased and securities    
  sold under agreements to repurchase       100,947     108,181     89,986     68,102     84,839  
Short-term debt       6,287     13,993     4,220     963     1,679  
Long-term debt       105,443     76,909     73,834     76,162     62,744  
Accrued interest and other liabilities       15,702     13,196     13,499     14,173     14,413  
                         TOTAL LIABILITIES       2,055,330     1,923,586     1,794,813     1,772,871     1,770,705  
     
              TOTAL STOCKHOLDERS’ EQUITY       215,748     210,209     207,322     204,162     200,917  
     
   TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY     $ 2,271,078   $ 2,133,795   $ 2,002,135   $ 1,977,033   $ 1,971,622  

Page 2



Simmons First National Corporation SFNC  
Consolidated Average Year-to-Date Balance Sheets
For the Quarters Ended
(In thousands)
  		Mar 31
2004
  Dec 31
2003
  Sep 30
2003
  Jun 30
2003
  Mar 31
2003
 
ASSETS                        
Cash and non-interest bearing balances due from banks     $ 73,961   $ 65,297   $ 63,191   $ 62,171   $ 63,094  
Interest bearing balances due from banks       60,587     51,325     47,917     54,250     51,151  
Federal funds sold and securities purchased    
  under agreements to resell       83,915     63,642     55,147     69,269     83,873  
    Cash and cash equivalents       218,463     180,264     166,255     185,690     198,118  
     
Investment securities - held-to-maturity       176,139     177,407     185,864     200,623     204,910  
Investment securities - available-for-sale       321,009     249,731     235,264     211,141     201,477  
Mortgage loans held for sale       7,946     22,692     26,175     24,789     21,635  
Assets held in trading accounts       622     1,146     1,392     928     762  
     
Loans       1,434,915     1,298,127     1,278,930     1,261,418     1,254,720  
   Allowance for loan losses       (25,936 )   (22,994 )   (22,529 )   (22,404 )   (22,488 )
Net loans       1,408,979     1,275,133     1,256,401     1,239,014     1,232,232  
     
Premises and equipment       49,892     46,491     46,264     46,505     46,729  
Foreclosed assets held for sale, net       2,597     2,655     2,603     2,567     2,640  
Interest receivable       12,433     13,070     12,967     13,005     13,076  
Goodwill and core deposits, net       52,401     35,335     33,451     33,464     33,476  
Other assets       20,597     17,615     17,073     16,617     16,567  
     
                           TOTAL ASSETS     $ 2,271,078   $ 2,021,539   $ 1,983,709   $ 1,974,343   $ 1,971,622  
     
LIABILITIES                                  
Non-interest bearing transaction accounts     $ 280,755   $ 242,902   $ 237,054   $ 234,403   $ 230,222  
Interest bearing transaction accounts       226,342     179,941     175,757     174,957     170,445  
Savings deposits       453,290     399,677     392,470     396,093     396,872  
Time deposits less than $100,000       526,534     497,728     494,690     496,144     500,065  
Time deposits greater than $100,000       340,030     316,245     311,310     308,671     309,426  
        Total deposits       1,826,951     1,636,493     1,611,281     1,610,268     1,607,030  
Federal funds purchased and securities    
  sold under agreements to repurchase       100,947     87,847     80,994     76,424     84,839  
Short-term debt       6,287     5,489     2,622     994     1,679  
Long-term debt       105,443     72,211     70,629     69,816     62,744  
Accrued interest and other liabilities       15,702     13,816     14,026     14,292     14,413  
                         TOTAL LIABILITIES       2,055,330     1,815,856     1,779,552     1,771,794     1,770,705  
     
              TOTAL STOCKHOLDERS’ EQUITY       215,748     205,683     204,157     202,549     200,917  
     
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY     $ 2,271,078   $ 2,021,539   $ 1,983,709   $ 1,974,343   $ 1,971,622  

Page 3



Simmons First National Corporation SFNC  
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended
(In thousands, except per share data)
  		Mar 31
2004
  Dec 31
2003
  Sep 30
2003
  Jun 30
2003
  Mar 31
2003
 
INTEREST INCOME                        
   Loans     $ 22,732   $ 22,334   $ 22,216   $ 22,526   $ 22,239  
   Federal funds sold and securities purchased                                  
     under agreements to resell       195     206     72     160     214  
   Investment securities       4,114     3,874     4,026     4,005     3,984  
   Mortgage loans held for sale, net of unrealized gains (losses)       112     210     358     352     300  
   Assets held in trading accounts       3     4     24     7     2  
   Interest bearing balances due from banks       118     129     74     156     135  
           TOTAL INTEREST INCOME       27,274     26,757     26,770     27,206     26,874  
INTEREST EXPENSE                                  
   Time deposits       4,416     4,545     4,738     5,121     5,517  
   Other deposits       1,050     1,014     990     1,263     1,327  
   Federal funds purchased and securities    
     sold under agreements to repurchase       252     280     244     194     223  
   Short-term debt       16     51     26     7     5  
   Long-term debt       1,425     999     908     1,363     922  
           TOTAL INTEREST EXPENSE       7,159     6,889     6,906     7,948     7,994  
NET INTEREST INCOME       20,115     19,868     19,864     19,258     18,880  
   Provision for loan losses       2,144     2,197     2,196     2,196     2,197  
NET INTEREST INCOME AFTER PROVISION    
   FOR LOAN LOSSES       17,971     17,671     17,668     17,062     16,683  
NON-INTEREST INCOME                                  
   Trust income       1,400     1,428     1,317     1,166     1,576  
   Service charges on deposit accounts       3,227     2,710     2,786     2,639     2,454  
   Other service charges and fees       545     413     299     317     479  
   Income on sale of mortgage loans, net of commissions       751     792     1,512     1,463     1,164  
   Income on investment banking, net of commissions       215     371     388     597     531  
   Credit card fees       2,310     2,456     2,495     2,512     2,319  
   Student loan premiums       607     308     541     324     306  
   Other income       592     585     610     627     475  
   Gain on sale of mortgage servicing       —     —     —     771     —  
   Loss on sale of securities, net       —     (14 )   —     —     —  
           TOTAL NON-INTEREST INCOME       9,647     9,049     9,948     10,416     9,304  
NON-INTEREST EXPENSE                                  
   Salaries and employee benefits       11,805     10,845     10,789     10,603     10,742  
   Occupancy expense, net       1,318     1,218     1,259     1,272     1,331  
   Furniture & equipment expense       1,358     1,265     1,329     1,219     1,382  
   Loss on foreclosed assets       44     71     36     127     35  
   Deposit insurance       69     70     67     67     69  
   Other operating expenses       5,098     5,569     4,468     4,649     4,635  
           TOTAL NON-INTEREST EXPENSE       19,692     19,038     17,948     17,937     18,194  
NET INCOME BEFORE INCOME TAXES       7,926     7,682     9,668     9,541     7,793  
   Provision for income taxes       2,515     2,364     3,057     3,012     2,461  
NET INCOME     $ 5,411   $ 5,318   $ 6,611   $ 6,529   $ 5,332  
BASIC EARNINGS PER SHARE     $ 0.38   $ 0.38   $ 0.47   $ 0.46   $ 0.38  
DILUTED EARNINGS PER SHARE     $ 0.37   $ 0.37   $ 0.46   $ 0.45   $ 0.37  

Page 4



Simmons First National Corporation SFNC  
Consolidated Statements of Income - Year-to-Date
For the Quarters Ended
(In thousands, except per share data)
  		Mar 31
2004
  Dec 31
2003
  Sep 30
2003
  Jun 30
2003
  Mar 31
2003
 
INTEREST INCOME                        
   Loans     $ 22,732   $ 89,315   $ 66,981   $ 44,765   $ 22,239  
   Federal funds sold and securities purchased    
     under agreements to resell       195     652     446     374     214  
   Investment securities       4,114     15,889     12,015     7,989     3,984  
   Mortgage loans held for sale, net of unrealized gains (losses)       112     1,220     1,010     652     300  
   Assets held in trading accounts       3     37     33     9     2  
   Interest bearing balances due from banks       118     494     365     291     135  
           TOTAL INTEREST INCOME       27,274     107,607     80,850     54,080     26,874  
INTEREST EXPENSE    
   Time deposits       4,416     19,921     15,376     10,638     5,517  
   Other deposits       1,050     4,594     3,580     2,590     1,327  
   Federal funds purchased and securities                                  
     sold under agreements to repurchase       252     941     661     417     223  
   Short-term debt       16     89     38     12     5  
   Long-term debt       1,425     4,192     3,193     2,285     922  
           TOTAL INTEREST EXPENSE       7,159     29,737     22,848     15,942     7,994  
NET INTEREST INCOME       20,115     77,870     58,002     38,138     18,880  
   Provision for loan losses       2,144     8,786     6,589     4,393     2,197  
NET INTEREST INCOME AFTER PROVISION                                  
   FOR LOAN LOSSES       17,971     69,084     51,413     33,745     16,683  
NON-INTEREST INCOME    
   Trust income       1,400     5,487     4,059     2,742     1,576  
   Service charges on deposit accounts       3,227     10,589     7,879     5,093     2,454  
   Other service charges and fees       545     1,508     1,095     796     479  
   Income on sale of mortgage loans, net of commissions       751     4,931     4,139     2,627     1,164  
   Income on investment banking, net of commissions       215     1,887     1,516     1,128     531  
   Credit card fees       2,310     9,782     7,326     4,831     2,319  
   Student loan premiums       607     1,479     1,171     630     306  
   Other income       592     2,297     1,712     1,102     475  
   Gain on sale of mortgage servicing       —     771     771     771     —  
   Loss on sale of securities, net       —     (14 )   —     —     —  
           TOTAL NON-INTEREST INCOME       9,647     38,717     29,668     19,720     9,304  
NON-INTEREST EXPENSE    
   Salaries and employee benefits       11,805     42,979     32,134     21,345     10,742  
   Occupancy expense, net       1,318     5,080     3,862     2,603     1,331  
   Furniture & equipment expense       1,358     5,195     3,930     2,601     1,382  
   Loss on foreclosed assets       44     269     198     162     35  
   Deposit insurance       69     273     203     136     69  
   Other operating expenses       5,098     19,321     13,752     9,284     4,635  
           TOTAL NON-INTEREST EXPENSE       19,692     73,117     54,079     36,131     18,194  
NET INCOME BEFORE INCOME TAXES       7,926     34,684     27,002     17,334     7,793  
   Provision for income taxes       2,515     10,894     8,530     5,473     2,461  
NET INCOME     $ 5,411   $ 23,790   $ 18,472   $ 11,861   $ 5,332  
BASIC EARNINGS PER SHARE     $ 0.38   $ 1.69   $ 1.31   $ 0.84   $ 0.38  
DILUTED EARNINGS PER SHARE     $ 0.37   $ 1.65   $ 1.28   $ 0.82   $ 0.37  

Page 5



Simmons First National Corporation SFNC  
Consolidated Risk-Based Capital
For the Quarters Ended
(In thousands)
  		Mar 31
2004
  Dec 31
2003
  Sep 30
2003
  Jun 30
2003
  Mar 31
2003
 
Tier 1 capital                        
   Stockholders’ equity     $ 229,615   $ 209,995   $ 207,198   $ 205,058   $ 201,001  
   Trust preferred securities, net allowable       47,013     47,250     17,250     17,250     17,250  
   Intangible assets       (65,784 )   (50,417 )   (33,416 )   (33,439 )   (33,464 )
   Unrealized loss (gain) on AFS securities       (1,444 )   286     (422 )   (2,343 )   (2,019 )
   Other       (1,134 )   (1,160 )   (816 )   (825 )   (837 )
     
      Total Tier 1 capital       208,266     205,954     189,794     185,701     181,931  
     
Tier 2 capital                                  
   Qualifying unrealized gain on AFS securities       353     326     370     415     385  
   Qualifying allowance for loan losses       19,325     18,320     16,833     16,372     15,852  
     
      Total Tier 2 capital       19,678     18,646     17,203     16,787     16,237  
     
      Total risk-based capital     $ 227,944   $ 224,600   $ 206,997   $ 202,488   $ 198,168  
     
Risk weighted assets     $ 1,538,608   $ 1,458,583   $ 1,340,640   $ 1,303,942   $ 1,262,159  
     
Assets for leverage ratio     $ 2,203,461   $ 2,082,552   $ 1,967,798   $ 1,939,201   $ 1,933,475  
     
Ratios at end of quarter    
   Leverage ratio       9.45 %   9.89 %   9.64 %   9.58 %   9.41 %
   Tier 1 capital       13.54 %   14.12 %   14.16 %   14.24 %   14.41 %
   Total risk-based capital       14.81 %   15.40 %   15.44 %   15.53 %   15.70 %

Page 6



Simmons First National Corporation SFNC  
Consolidated Loans and Investments
For the Quarters Ended
(In thousands)
  		Mar 31
2004
  Dec 31
2003
  Sep 30
2003
  Jun 30
2003
  Mar 31
2003
 
Loan Portfolio - End of Period                        
 Consumer                                  
    Credit cards     $ 153,505   $ 165,919   $ 161,315   $ 162,554   $ 165,821  
    Student loans       89,829     86,301     89,280     86,429     91,288  
    Other consumer       138,818     142,995     137,884     142,500     148,113  
 Real Estate                                  
    Construction       135,143     111,567     102,981     99,027     95,317  
    Single-family residential       287,154     261,947     230,163     231,514     231,660  
    Other commercial       466,558     408,452     359,708     334,335     298,146  
    Unearned income       (11 )   (11 )   (14 )   (18 )   (22 )
 Commercial    
    Commercial       164,252     162,122     146,407     141,160     157,313  
    Agricultural       51,536     57,393     76,909     66,310     48,821  
    Financial institutions       3,622     6,370     7,369     7,369     6,544  
 Other       13,767     15,259     13,426     15,662     14,454  
     
       Total Loans     $ 1,504,173   $ 1,418,314   $ 1,325,428   $ 1,286,842   $ 1,257,455  
     
Investment Securities - End of Period    
     
 Held-to-Maturity                                  
    U.S. Treasury     $ 10,559   $ 12,583   $ 11,080   $ 12,610   $ 18,637  
    U.S. Government agencies       23,506     30,017     29,500     41,756     77,983  
    Mortgage-backed securities       539     553     1,051     1,174     1,357  
    State and political subdivisions       126,559     113,306     112,358     111,035     110,981  
    Other securities       21,758     20,108     100     100     100  
       Total held-to-maturity       182,921     176,567     154,089     166,675     209,058  
 Available-for-Sale    
    U.S. Treasury       61,545     16,331     16,134     20,737     13,795  
    U.S. Government agencies       272,563     280,672     255,232     227,830     172,916  
    Mortgage-backed securities       6,038     1,382     2,208     2,320     2,618  
    State and political subdivisions       4,740     4,849     5,009     5,070     5,229  
    FHLB stock       6,933     6,849     6,821     4,765     4,623  
    Other securities       9,983     5,300     5,352     5,541     5,430  
       Total available-for-sale       361,802     315,383     290,756     266,263     204,611  
     
       Total investment securities     $ 544,723   $ 491,950   $ 444,845   $ 432,938   $ 413,669  
     
       Fair Value - HTM investment securities     $ 186,370   $ 179,494   $ 157,091   $ 171,662   $ 213,778  
     
Investment Securities - QTD Average    
     
 Taxable securities     $ 378,545   $ 329,745   $ 322,947   $ 302,443   $ 291,368  
 Tax exempt securities       118,603     115,227     116,603     114,637     115,019  
     
    Total investment securities - QTD average     $ 497,148   $ 444,972   $ 439,550   $ 417,080   $ 406,387  

Page 7



Simmons First National Corporation SFNC  
Consolidated Allowance and Asset Quality
For the Quarters Ended
(In thousands)
  		Mar 31
2004
  Dec 31
2003
  Sep 30
2003
  Jun 30
2003
  Mar 31
2003
 
Allowance for Loan Losses                        
 Balance, beginning of quarter     $ 25,347   $ 22,795   $ 22,229   $ 21,826   $ 21,948  
     
 Loans charged off    
    Credit cards       1,262     1,186     1,129     1,230     1,160  
    Other consumer       607     544     452     444     547  
    Real estate       231     587     152     307     458  
    Commercial       172     1,434     335     257     648  
       Total loans charged off       2,272     3,751     2,068     2,238     2,813  
     
 Recoveries of loans previously charged off    
    Credit cards       161     148     164     151     207  
    Other consumer       177     132     142     161     209  
    Real estate       20     104     54     36     24  
    Commercial       79     758     78     97     54  
       Total recoveries       437     1,142     438     445     494  
    Net loans charged off       1,835     2,609     1,630     1,793     2,319  
 Allowance for loan losses on acquisitons       1,108     2,964     —     —     —  
 Provision for loan losses       2,144     2,197     2,196     2,196     2,197  
 Balance, end of quarter     $ 26,764   $ 25,347   $ 22,795   $ 22,229   $ 21,826  
     
Non-performing assets                                  
 Non-performing loans                                  
    Nonaccrual loans                                  
       Real estate     $ 8,424   $ 6,004   $ 5,833   $ 5,556   $ 6,310  
        Commercial       3,426     1,969     2,747     2,491     2,325  
       Consumer       1,874     2,076     2,010     1,603     1,766  
          Total nonaccrual loans       13,724     10,049     10,590     9,650     10,401  
    Loans past due 90 days or more       2,062     1,518     1,770     1,994     1,605  
             Total non-performing loans       15,786     11,567     12,360     11,644     12,006  
     
 Other non-performing assets                                  
    Foreclosed assets held for sale       2,509     2,979     2,774     2,700     2,426  
    Other non-performing assets       29     393     396     405     418  
       Total other non-performing assets       2,538     3,372     3,170     3,105     2,844  
     
          Total non-performing assets     $ 18,324   $ 14,939   $ 15,530   $ 14,749   $ 14,850  
     
Ratios    
 Allowance for loan losses to total loans       1.78 %   1.79 %   1.72 %   1.73 %   1.74 %
 Allowance for loan losses to    
    non-performing loans       169.54 %   219.13 %   184.43 %   190.91 %   181.79 %
 Allowance for loan losses to                                  
    non-performing assets       146.06 %   169.67 %   146.78 %   150.72 %   146.98 %
 Non-performing loans to total loans       1.05 %   0.82 %   0.93 %   0.90 %   0.95 %
 Non-performing assets to total assets       0.77 %   0.67 %   0.77 %   0.74 %   0.76 %

Page 8



Simmons First National Corporation SFNC  
Consolidated - Selected Financial Data
For the Quarters Ended
(In thousands, except share data)
  		Mar 31
2004
  Dec 31
2003
  Sep 30
2003
  Jun 30
2003
  Mar 31
2003
 
QUARTER-TO-DATE                        
  Diluted earnings per share (split adjusted)     $ 0.37   $ 0.37   $ 0.46   $ 0.45   $ 0.37  
  Cash dividends declared per common share (split adj.)       0.140     0.140     0.130     0.130     0.125  
  Cash dividends declared - amount       1,977     1,974     1,830     1,834     1,769  
  Return on average stockholders’ equity       10.09 %   10.04 %   12.65 %   12.83 %   10.76 %
  Return on average assets       0.96 %   0.99 %   1.31 %   1.32 %   1.10 %
  Net interest margin (FTE)       4.03 %   4.17 %   4.43 %   4.40 %   4.39 %
  FTE Adjustment - investments       686     675     676     664     695  
  FTE Adjustment - loans       92     94     97     113     98  
  Amortization of intangibles       171     98     23     26     25  
  Amortization of intangibles, net of taxes       109     61     16     16     16  
  Average shares outstanding (split adjusted)       14,181,904     14,089,152     14,092,753     14,128,383     14,148,314  
  Shares repurchased (split adjusted)       —     —     32,000     50,000     —  
  Average price of repurchased shares (split adjusted)       —     —     23.07     19.66     —  
  Average earning assets       2,085,133     1,963,121     1,846,960     1,826,262     1,818,528  
  Average interest bearing liabilities       1,758,873     1,650,136     1,539,043     1,520,161     1,526,070  
     
YEAR-TO-DATE    
  Diluted earnings per share (split adjusted)     $ 0.37   $ 1.65   $ 1.28   $ 0.82   $ 0.37  
  Cash dividends declared per common share (split adj.)       0.140     0.525     0.385     0.255     0.125  
  Return on average stockholders’ equity       10.09 %   11.57 %   12.10 %   11.81 %   10.76 %
  Return on average assets       0.96 %   1.18 %   1.24 %   1.21 %   1.10 %
  Net interest margin (FTE)       4.03 %   4.34 %   4.41 %   4.39 %   4.39 %
  FTE Adjustment - investments       686     2,710     2,035     1,359     695  
  FTE Adjustment - loans       92     402     308     211     98  
  Amortization of intangibles       171     172     74     51     25  
  Amortization of intangibles, net of taxes       109     109     48     32     16  
  Average shares outstanding (split adjusted)       14,181,904     14,114,428     14,122,946     14,138,293     14,148,314  
  Diluted shares outstanding (split adjusted)       358,188     301,279     273,436     240,391     214,330  
  Average earning assets       2,085,133     1,864,070     1,830,689     1,822,418     1,818,528  
  Average interest bearing liabilities       1,758,873     1,559,138     1,528,472     1,523,099     1,526,070  
     
END OF PERIOD    
  Book value (split adjusted)     $ 15.65   $ 14.89   $ 14.71   $ 14.54   $ 14.21  
  Shares outstanding (split adjusted)       14,669,789     14,101,521     14,083,109     14,103,472     14,150,560  
  Full-time equivalent employees       1,086     1,042     1,000     992     973  
  Total number of ATM’s       75     70     62     61     61  
  Total number of branches       76     71     62     62     62  
  Parent company only - investment in subsidiaries       251,268     221,626     213,583     213,507     210,370  
  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.


SIMMONS FIRST NATIONAL CORPORATION
 
 
Date: April 15, 2004
—————— 		/s/ Robert A. Fehlman
———————————————————
Robert A. Fehlman, Senior Vice President
and Chief Financial Officer