Simmons First 8-K

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 17, 2003

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 9. REGULATION FD DISCLOSURE

The following is the text of a press release issued by the registrant at 8:00 A.M. Central Standard Time on July 17, 2003.

FOR IMMEDIATE RELEASE: July 17, 2003

SIMMONS FIRST ANNOUNCES RECORD 2nd QUARTER EARNINGS

Pine Bluff, Arkansas – Simmons First National Corporation today announced record second quarter earnings of $6,529,000, or $0.45 diluted earnings per share for the quarter ended June 30, 2003, compared to earnings of $5,705,000, or $0.40 diluted earnings per share for the same period in 2002. This represents an $824,000, or 14.4% increase in the 2003 earnings over 2002. Return on average assets and return on average stockholders’ equity for the three-month period ended June 30, 2003, was 1.32% and 12.83%, compared to 1.18% and 12.17%, respectively, for the same period in 2002.

During the second quarter 2003, the Company recorded a nonrecurring $0.03 addition to earnings per share. On June 30, 1998, the Company sold its $1.2 billion residential mortgage-servicing portfolio. As a result of this sale, the Company established a reserve for potential liabilities due to certain representations and warranties made on the sale date. The time period for making claims under the terms of the mortgage servicing sale’s representations and warranties expired on June 30, 2003. Thus, the Company reversed this remaining reserve in the second quarter, which is reflected in the $771,000 pre-tax gain on sale of mortgage servicing. Excluding this nonrecurring gain, the Company would have reported $0.42 diluted earnings per share for the second quarter of 2003.

“With second quarter earnings at a record level even excluding the nonrecurring gain, we are obviously pleased with the results,” said J. Thomas May, Chairman and Chief Executive Officer. “The significant increase in earnings over the same quarter last year is primarily attributable to the increased volume of the Company’s mortgage banking operation, improved asset quality as reflected in the provision for loan losses and the nonrecurring gain on sale of mortgage servicing.”

Earnings for the six months ended June 30, 2003, were $11,861,000, or $0.82 diluted earnings per share. These earnings reflect an 11.4% increase in net income and a 10.8% increase in diluted earnings per share over the same six-month period last year.

As of June 30, 2003, asset quality remained strong with non-performing loans decreasing $2.2 million from the same period last year. Correspondently, non-performing loans to total loans improved to 0.90% from 1.11% from the same period last year, and the allowance for loan losses improved to 191% of non-performing loans, compared to 149% from the same period last year. At quarter end, the allowance for loan losses equaled 1.73% of total loans.

P.O. BOX 7009 501 MAIN STREET PINE BLUFF, ARKANSAS 71611-7009 (870) 541-1000

Total assets for the Corporation at June 30, 2003, were $1.989 billion, an increase of $44.5 million over the period ended June 30, 2002. Stockholders’ equity at the end of the second quarter of 2003 was $205.1 million, a $16.1 million, or 8.5%, increase from June 30, 2002.

J. Thomas May also noted, “The ticker symbol for Simmons First will change on August 1, 2003 from SFNCA to SFNC to more accurately align our identity on Wall Street with the Company’s name and make it more representative of our corporate name.”

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 17, 2003. 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 1186604 and the recording will be available through the end of business July 24, 2003. 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.

Simmons First National Corporation is a financial holding company, with community banks in Pine Bluff, Jonesboro, Lake Village, Rogers, Russellville, Searcy and El Dorado, Arkansas. The Company’s seven banks are conducting financial operations from 64 offices, of which 62 are financial centers, in 34 communities.

####

FOR MORE INFORMATION CONTACT:
BARRY L. CROW
Executive Vice President and Chief Financial Officer
Simmons First National Corporation
(870) 541-1350
Ticker symbol: SFNCA

Simmons First National Corporation Consolidated End of Period Balance Sheets For the Quarters Ended (In thousands)	Jun 30 2003			Mar 31 2003			Dec 31 2002			Sep 30 2002			SFNCA Jun 30 2002
ASSETS
Cash and non-interest bearing balances due from banks	$	71,168		$	74,609		$	76,452		$	71,814		$	63,416
Interest bearing balances due from banks		43,623			32,631			28,473			22,564			31,557
Federal funds sold and securities purchased
under agreements to resell		35,625			51,400			86,620			26,150			67,880

Cash and cash equivalents		150,416			158,640			191,545			120,528			162,853
Investment securities		432,938			413,669			404,048			421,384			419,700
Mortgage loans held for sale		30,700			26,223			33,332			25,096			10,440
Assets held in trading accounts		212			11,349			192			1,013			14,140
Loans		1,286,842			1,257,455			1,257,305			1,281,634			1,247,625
Allowance for loan losses		(22,229	)		(21,826	)		(21,948	)		(21,688	)		(20,608	)

Net loans		1,264,613			1,235,629			1,235,357			1,259,946			1,227,017
Premises and equipment		45,980			46,125			47,047			47,551			45,192
Foreclosed assets held for sale, net		2,700			2,426			2,705			2,263			2,394
Interest receivable		11,985			13,519			13,133			15,074			14,528
Goodwill		32,877			32,877			32,877			32,877			31,819
Core deposits, net		562			587			613			593			419
Other assets		16,220			17,112			16,730			17,030			16,159

TOTAL ASSETS	$	1,989,203		$	1,958,156		$	1,977,579		$	1,943,355		$	1,944,661

LIABILITIES
Non-interest bearing transaction accounts	$	257,006		$	239,996		$	239,545		$	232,455		$	229,091
Interest bearing transaction accounts and savings deposits		568,380			571,614			565,041			542,237			535,680
Time deposits less than $100,000		476,835			495,621			504,029			522,400			523,354
Time deposits greater than $100,000		309,906			308,440			310,581			316,946			328,698

Total deposits		1,612,127			1,615,671			1,619,196			1,614,038			1,616,823

Federal funds purchased and securities
sold under agreements to repurchase		80,342			53,053			86,705			57,759			68,947
Short-term debt		1,943			1,712			3,619			11,450			5,003
Long-term debt - parent company		10,000			10,000			10,000			10,000			12,000
Long-term FHLB debt - affiliate banks		48,339			43,259			27,032			23,206			20,320
Trust preferred securities		17,250			17,250			17,250			17,250			17,250
Accrued interest and other liabilities		14,144			16,210			16,172			16,002			15,395

TOTAL LIABILITIES		1,784,145			1,757,155			1,779,974			1,749,705			1,755,738

STOCKHOLDERS' EQUITY
Capital stock		14,104			7,075			7,071			7,063			7,062
Surplus		36,545			44,536			44,495			44,392			44,384
Undivided profits		152,066			147,371			143,808			139,912			135,838
Accumulated other comprehensive income
Unrealized appreciation on AFS securities		2,343			2,019			2,231			2,283			1,639

TOTAL STOCKHOLDERS' EQUITY		205,058			201,001			197,605			193,650			188,923

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	1,989,203		$	1,958,156		$	1,977,579		$	1,943,355		$	1,944,661

Page 1

Simmons First National Corporation Consolidated Average Quarter-to-Date Balance Sheets For the Quarters Ended (In thousands)	Jun 30 2003			Mar 31 2003			Dec 31 2002			Sep 30 2002			SFNCA Jun 30 2002
ASSETS
Cash and non-interest bearing balances due from banks	$	61,259		$	63,094		$	67,260		$	64,237		$	62,778
Interest bearing balances due from banks		57,314			51,151			33,780			26,468			35,893
Federal funds sold and securities purchased
under agreements to resell		54,825			83,873			66,615			51,672			62,789

Cash and cash equivalents		173,398			198,118			167,655			142,377			161,460
Investment securities - held-to-maturity		196,382			204,910			216,785			234,541			215,155
Investment securities - available-for-sale		220,698			201,477			188,799			186,462			233,045
Mortgage loans held for sale		27,908			21,635			26,837			14,918			10,591
Assets held in trading accounts		1,091			762			2,966			2,470			1,379
Loans		1,268,044			1,254,720			1,262,300			1,268,801			1,232,458
Allowance for loan losses		(22,321	)		(22,488	)		(22,250	)		(21,257	)		(20,860	)

Net loans		1,245,723			1,232,232			1,240,050			1,247,544			1,211,598
Premises and equipment		46,284			46,729			47,512			47,219			44,975
Foreclosed assets held for sale, net		2,494			2,640			2,283			2,211			2,174
Interest receivable		12,935			13,076			14,493			15,001			15,121
Goodwill and core deposits, net		33,451			33,476			33,493			33,190			32,251
Other assets		16,669			16,567			16,614			16,001			16,302

TOTAL ASSETS	$	1,977,033		$	1,971,622		$	1,957,487		$	1,941,934		$	1,944,051

LIABILITIES
Non-interest bearing transaction accounts	$	238,537		$	230,222		$	227,461		$	225,054		$	225,170
Interest bearing transaction accounts		179,420			170,445			161,262			159,605			157,264
Savings deposits		395,322			396,872			392,754			384,101			377,364
Time deposits less than $100,000		492,268			500,065			511,247			524,977			531,390
Time deposits greater than $100,000		307,924			309,426			314,768			324,155			326,056

Total deposits		1,613,471			1,607,030			1,607,492			1,617,892			1,617,244

Federal funds purchased and securities
sold under agreements to repurchase		68,102			84,839			78,335			59,765			77,834
Short-term debt		963			1,679			6,383			7,223			2,259
Long-term debt		76,162			62,744			52,130			49,094			44,451
Accrued interest and other liabilities		14,173			14,413			16,014			15,186			14,256

TOTAL LIABILITIES		1,772,871			1,770,705			1,760,354			1,749,160			1,756,044

TOTAL STOCKHOLDERS' EQUITY		204,162			200,917			197,133			192,774			188,007

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	1,977,033		$	1,971,622		$	1,957,487		$	1,941,934		$	1,944,051

Page 2

Simmons First National Corporation Consolidated Average Year-to-Date Balance Sheets For the Quarters Ended (In thousands)	Jun 30 2003			Mar 31 2003			Dec 31 2002			Sep 30 2002			SFNCA Jun 30 2002
ASSETS
Cash and non-interest bearing balances due from banks	$	62,171		$	63,094		$	65,594		$	65,031		$	65,435
Interest bearing balances due from banks		54,250			51,151			41,314			43,854			52,691
Federal funds sold and securities purchased
under agreements to resell		69,269			83,873			65,199			64,722			71,355

Cash and cash equivalents		185,690			198,118			172,107			173,607			189,481
Investment securities - held-to-maturity		200,623			204,910			214,846			214,193			203,850
Investment securities - available-for-sale		211,141			201,477			216,018			225,191			244,877
Mortgage loans held for sale		24,789			21,635			16,560			13,097			12,171
Assets held in trading accounts		928			762			1,784			1,386			835
Loans		1,261,418			1,254,720			1,251,072			1,247,289			1,236,354
Allowance for loan losses		(22,404	)		(22,488	)		(21,318	)		(21,003	)		(20,874	)

Net loans		1,239,014			1,232,232			1,229,754			1,226,286			1,215,480
Premises and equipment		46,505			46,729			46,085			45,604			44,782
Foreclosed assets held for sale, net		2,567			2,640			2,101			2,040			1,953
Interest receivable		13,005			13,076			15,045			15,231			15,348
Goodwill and core deposits, net		33,464			33,476			32,808			32,576			32,262
Other assets		16,617			16,567			16,236			16,107			16,164

TOTAL ASSETS	$	1,974,343		$	1,971,622		$	1,963,344		$	1,965,318		$	1,977,203

LIABILITIES
Non-interest bearing transaction accounts	$	234,403		$	230,222		$	226,128		$	225,680		$	225,997
Interest bearing transaction accounts		174,957			170,445			159,171			158,466			157,888
Savings deposits		396,093			396,872			381,283			377,418			374,021
Time deposits less than $100,000		496,144			500,065			532,807			540,072			547,743
Time deposits greater than $100,000		308,671			309,426			326,735			330,767			334,128

Total deposits		1,610,268			1,607,030			1,626,124			1,632,403			1,639,777

Federal funds purchased and securities
sold under agreements to repurchase		76,424			84,839			78,518			78,580			88,144
Short-term debt		994			1,679			5,435			5,116			4,044
Long-term debt		69,816			62,744			47,117			45,428			43,564
Accrued interest and other liabilities		14,292			14,413			15,203			14,928			14,799

TOTAL LIABILITIES		1,771,794			1,770,705			1,772,397			1,776,455			1,790,328

TOTAL STOCKHOLDERS' EQUITY		202,549			200,917			190,947			188,863			186,875

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	1,974,343		$	1,971,622		$	1,963,344		$	1,965,318		$	1,977,203

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 2003		Mar 31 2003		Dec 31 2002			Sep 30 2002		SFNCA Jun 30 2002
INTEREST INCOME
Loans	$	22,526	$	22,239	$	23,265		$	23,853	$	23,668
Federal funds sold and securities purchased
under agreements to resell		160		214		197			207		264
Investment securities		4,005		3,984		4,092			4,636		4,858
Mortgage loans held for sale, net of unrealized gains (losses)		352		300		383			206		185
Assets held in trading accounts		7		2		38			30		18
Interest bearing balances due from banks		156		135		115			104		150

TOTAL INTEREST INCOME		27,206		26,874		28,090			29,036		29,143

INTEREST EXPENSE
Time deposits		5,121		5,517		6,275			6,904		7,356
Other deposits		1,263		1,327		1,506			1,608		1,590
Federal funds purchased and securities
sold under agreements to repurchase		194		223		249			236		316
Short-term debt		7		5		27			30		12
Long-term debt		1,363		922		854			841		818

TOTAL INTEREST EXPENSE		7,948		7,994		8,911			9,619		10,092

NET INTEREST INCOME		19,258		18,880		19,179			19,417		19,051
Provision for loan losses		2,196		2,197		2,562			2,864		2,436

NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES		17,062		16,683		16,617			16,553		16,615

NON-INTEREST INCOME
Trust income		1,166		1,576		1,257			1,406		1,205
Service charges on deposit accounts		2,639		2,454		2,655			2,648		2,543
Other service charges and fees		317		479		353			321		365
Income on sale of mortgage loans, net of commissions		1,463		1,164		1,281			962		738
Income on investment banking, net of commissions		597		531		323			250		248
Credit card fees		2,512		2,319		2,675			2,598		2,550
Other income		951		781		717			960		886
Gain on sale of mortgage servicing		771		--		--			--		--
Loss on sale of securities, net		--		--		(10	)		--		--

TOTAL NON-INTEREST INCOME		10,416		9,304		9,251			9,145		8,535

NON-INTEREST EXPENSE
Salaries and employee benefits		10,603		10,742		10,220			10,029		9,840
Occupancy expense, net		1,272		1,331		1,265			1,201		1,155
Furniture & equipment expense		1,219		1,382		1,393			1,439		1,310
Loss on foreclosed assets		127		35		25			69		40
Deposit insurance		67		69		70			72		76
Other operating expenses		4,649		4,635		4,642			4,710		4,428

TOTAL NON-INTEREST EXPENSE		17,937		18,194		17,615			17,520		16,849

NET INCOME BEFORE INCOME TAXES		9,541		7,793		8,253			8,178		8,301
Provision for income taxes		3,012		2,461		2,590			2,409		2,596

NET INCOME	$	6,529	$	5,332	$	5,663		$	5,769	$	5,705

BASIC EARNINGS PER SHARE	$	0.46	$	0.38	$	0.40		$	0.41	$	0.40

DILUTED EARNINGS PER SHARE	$	0.45	$	0.37	$	0.40		$	0.40	$	0.40

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 2003		Mar 31 2003		Dec 31 2002			Sep 30 2002		SFNCA Jun 30 2002
INTEREST INCOME
Loans	$	44,765	$	22,239	$	94,892		$	71,627	$	47,774
Federal funds sold and securities purchased
under agreements to resell		374		214		996			799		592
Investment securities		7,989		3,984		18,509			14,417		9,781
Mortgage loans held for sale, net of unrealized gains (losses)		652		300		1,007			624		418
Assets held in trading accounts		9		2		88			50		20
Interest bearing balances due from banks		291		135		650			535		431

TOTAL INTEREST INCOME		54,080		26,874		116,142			88,052		59,016

INTEREST EXPENSE
Time deposits		10,638		5,517		29,503			23,228		16,324
Other deposits		2,590		1,327		6,304			4,798		3,190
Federal funds purchased and securities
sold under agreements to repurchase		417		223		1,198			949		713
Short-term debt		12		5		110			83		53
Long-term debt		2,285		922		3,319			2,465		1,624

TOTAL INTEREST EXPENSE		15,942		7,994		40,434			31,523		21,904

NET INTEREST INCOME		38,138		18,880		75,708			56,529		37,112
Provision for loan losses		4,393		2,197		10,223			7,661		4,797

NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES		33,745		16,683		65,485			48,868		32,315

NON-INTEREST INCOME
Trust income		2,742		1,576		5,258			4,001		2,595
Service charges on deposit accounts		5,093		2,454		10,084			7,429		4,781
Other service charges and fees		796		479		1,450			1,097		776
Income on sale of mortgage loans, net of commissions		2,627		1,164		3,792			2,511		1,549
Income on investment banking, net of commissions		1,128		531		1,087			764		514
Credit card fees		4,831		2,319		10,161			7,486		4,888
Other income		1,732		781		3,481			2,764		1,804
Gain on sale of mortgage servicing		771		--		--			--		--
Loss on sale of securities, net		--		--		(10	)		--		--

TOTAL NON-INTEREST INCOME		19,720		9,304		35,303			26,052		16,907

NON-INTEREST EXPENSE
Salaries and employee benefits		21,345		10,742		40,039			29,819		19,790
Occupancy expense, net		2,603		1,331		4,747			3,482		2,281
Furniture & equipment expense		2,601		1,382		5,434			4,041		2,602
Loss on foreclosed assets		162		35		177			152		83
Deposit insurance		136		69		296			226		154
Other operating expenses		9,284		4,635		18,320			13,678		8,968

TOTAL NON-INTEREST EXPENSE		36,131		18,194		69,013			51,398		33,878

NET INCOME BEFORE INCOME TAXES		17,334		7,793		31,775			23,522		15,344
Provision for income taxes		5,473		2,461		9,697			7,107		4,698

NET INCOME	$	11,861	$	5,332	$	22,078		$	16,415	$	10,646

BASIC EARNINGS PER SHARE	$	0.84	$	0.38	$	1.56		$	1.16	$	0.75

DILUTED EARNINGS PER SHARE	$	0.82	$	0.37	$	1.54		$	1.14	$	0.74

Page 5

Simmons First National Corporation Consolidated Risk-Based Capital For the Quarters Ended (In thousands)	Jun 30 2003			Mar 31 2003			Dec 31 2002			Sep 30 2002			SFNCA June 30 2002
Tier 1 capital
Stockholders' equity	$	205,058		$	201,001		$	197,605		$	193,650		$	188,923
Trust preferred securities		17,250			17,250			17,250			17,250			17,250
Intangible assets		(33,439	)		(33,464	)		(33,490	)		(33,470	)		(32,238	)
Unrealized gain on AFS securities		(2,343	)		(2,019	)		(2,231	)		(2,283	)		(1,639	)
Debt issuance costs		(825	)		(837	)		(845	)		(854	)		(863	)

Total Tier 1 capital		185,701			181,931			178,289			174,293			171,433

Tier 2 capital
Qualifying unrealized gain on AFS securities		415			385			363			342			392
Qualifying allowance for loan losses		16,372			15,852			15,976			16,115			15,806

Total Tier 2 capital		16,787			16,237			16,339			16,457			16,198

Total risk-based capital	$	202,488		$	198,168		$	194,628		$	190,750		$	187,631

Risk weighted assets	$	1,303,942		$	1,262,159		$	1,272,104		$	1,283,588		$	1,259,642

Assets for leverage ratio	$	1,939,201		$	1,933,475		$	1,919,615		$	1,904,053		$	1,908,788

Ratios at end of quarter
Leverage ratio		9.58	%		9.41	%		9.29	%		9.15	%		8.98	%
Tier 1 capital		14.24	%		14.41	%		14.02	%		13.58	%		13.61	%
Total risk-based capital		15.53	%		15.70	%		15.30	%		14.86	%		14.90	%

Page 6

Simmons First National Corporation Consolidated Loans and Investments For the Quarters Ended (In thousands)	June 30 2003			Mar 31 2003			Dec 31 2002			Sep 30 2002			SFNCA Jun 30 2002
Loan Portfolio - End of Period
Consumer
Credit cards	$	162,554		$	165,821		$	180,439		$	178,125		$	179,682
Student loans		86,429			91,288			83,890			83,028			79,883
Other consumer		142,500			148,113			153,103			159,264			162,554
Real Estate
Construction		99,027			95,317			90,736			78,376			74,968
Single-family residential		231,514			231,660			233,218			236,934			226,942
Other commercial		334,335			298,146			290,469			286,363			266,995
Unearned income		(18	)		(22	)		(25	)		(25	)		(42	)
Commercial
Commercial		141,160			157,313			144,678			149,622			158,167
Agricultural		66,310			48,821			58,585			85,974			75,441
Financial institutions		7,369			6,544			6,504			7,376			7,692
Other		15,662			14,454			15,708			16,597			15,343

Total Loans	$	1,286,842		$	1,257,455		$	1,257,305		$	1,281,634		$	1,247,625

Investment Securities - End of Period
Held-to-Maturity
U.S. Treasury	$	12,610		$	18,637		$	26,153		$	27,170		$	29,483
U.S. Government agencies		41,756			77,983			59,324			75,280			70,479
Mortgage-backed securities		1,174			1,357			1,510			4,752			5,355
State and political subdivisions		111,035			110,981			120,230			121,254			121,719
Other securities		100			100			100			100			100

Total held-to-maturity		166,675			209,058			207,317			228,556			227,136

Available-for-Sale
U.S. Treasury		20,737			13,795			14,878			14,902			13,103
U.S. Government agencies		227,830			172,916			163,484			157,906			155,134
Mortgage-backed securities		2,320			2,618			3,015			5,165			5,724
State and political subdivisions		5,070			5,229			5,303			5,376			5,270
FHLB stock		4,765			4,623			4,552			4,462			4,419
Other securities		5,541			5,430			5,499			5,017			8,914

Total available-for-sale		266,263			204,611			196,731			192,828			192,564

Total investment securities	$	432,938		$	413,669		$	404,048		$	421,384		$	419,700

Fair Value - HTM investment securities	$	171,662		$	213,778		$	212,415		$	234,253		$	231,991

Investment Securities - QTD Average
Taxable securities	$	302,443		$	291,368		$	287,418		$	303,040		$	328,509
Tax exempt securities		114,637			115,019			118,166			117,963			119,691

Total investment securities - QTD average	$	417,080		$	406,387		$	405,584		$	421,003		$	448,200

Page 7

Simmons First National Corporation Consolidated Allowance and Asset Quality For the Quarters Ended (In thousands)	Jun 30 2003			Mar 31 2003			Dec 31 2002			Sep 30 2002			SFNCA Jun 30 2002
Allowance for Loan Losses
Balance, beginning of quarter	$	21,826		$	21,948		$	21,688		$	20,608		$	20,152

Loans charged off
Credit cards		1,230			1,160			1,162			1,220			1,130
Other consumer		444			547			591			539			513
Real estate		307			458			610			364			395
Commercial		257			648			372			395			590

Total loans charged off		2,238			2,813			2,735			2,518			2,628

Recoveries of loans previously charged off
Credit cards		151			207			159			189			163
Other consumer		161			209			101			169			174
Real estate		36			24			29			52			90
Commercial		97			54			144			77			221

Total recoveries		445			494			433			487			648

Net loans charged off		1,793			2,319			2,302			2,031			1,980
Allowance for loan losses of acquired branch		--			--			--			247			--
Provision for loan losses		2,196			2,197			2,562			2,864			2,436

Balance, end of quarter	$	22,229		$	21,826		$	21,948		$	21,688		$	20,608

Non-performing assets
Non-performing loans
Nonaccrual loans
Real estate	$	5,556		$	6,310		$	6,268		$	6,029		$	6,429
Commercial		2,491			2,325			2,230			2,969			3,074
Consumer		1,603			1,766			1,945			2,101			2,355

Total nonaccrual loans		9,650			10,401			10,443			11,099			11,858
Loans past due 90 days or more		1,994			1,605			1,814			1,291			1,944

Total non-performing loans		11,644			12,006			12,257			12,390			13,802

Other non-performing assets
Foreclosed assets held for sale		2,700			2,426			2,705			2,263			2,394
Other non-performing assets		405			418			426			406			484

Total other non-performing assets		3,105			2,844			3,131			2,669			2,878

Total non-performing assets	$	14,749		$	14,850		$	15,388		$	15,059		$	16,680

Ratios
Allowance for loan losses to total loans		1.73	%		1.74	%		1.75	%		1.69	%		1.65	%
Allowance for loan losses to
non-performing loans		190.91	%		181.79	%		179.07	%		175.04	%		149.31	%
Allowance for loan losses to
non-performing assets		150.72	%		146.98	%		142.63	%		144.02	%		123.55	%
Non-performing loans to total loans		0.90	%		0.95	%		0.97	%		0.97	%		1.11	%
Non-performing assets to total assets		0.74	%		0.76	%		0.78	%		0.77	%		0.86	%

Page 8

Simmons First National Corporation Consolidated - Selected Financial Data For the Quarters Ended (In thousands, except share data)	Jun 30 2003			Mar 31 2003			Dec 31 2002			Sep 30 2002			SFNCA Jun 30 2002
QUARTER-TO-DATE
Diluted earnings per share (split adjusted)	$	0.45		$	0.37		$	0.40		$	0.40		$	0.40
Cash dividends declared per common share (split adj.)		0.130			0.125			0.125			0.120			0.120
Cash dividends declared - amount		1,834			1,769			1,767			1,695			1,695
Return on average stockholders' equity		12.83	%		10.76	%		11.40	%		11.87	%		12.17	%
Return on average assets		1.32	%		1.10	%		1.15	%		1.18	%		1.18	%
Net interest margin (FTE)		4.40	%		4.39	%		4.41	%		4.50	%		4.45	%
FTE Adjustment - investments		664			695			707			714			727
FTE Adjustment - loans		113			98			105			107			111
Amortization of intangibles		26			25			(16	)		39			27
Amortization of intangibles, net of taxes		16			16			(26	)		30			22
Average shares outstanding (split adjusted)		14,128,383			14,148,314			14,132,390			14,125,004			14,128,614
Shares repurchased (split adjusted)		50,000			--			--			--			60,000
Average price of repurchased shares (split adjusted)		19.66			--			--			--			16.33
Average earning assets		1,826,262			1,818,528			1,798,082			1,785,332			1,791,310
Average interest bearing liabilities		1,520,161			1,526,070			1,516,879			1,508,920			1,516,618
YEAR-TO-DATE
Diluted earnings per share (split adjusted)	$	0.82		$	0.37		$	1.54		$	1.14		$	0.74
Cash dividends declared per common share (split adj.)		0.255			0.125			0.480			0.355			0.235
Return on average stockholders' equity		11.81	%		10.76	%		11.56	%		11.62	%		11.49	%
Return on average assets		1.21	%		1.10	%		1.12	%		1.12	%		1.09	%
Net interest margin (FTE)		4.39	%		4.39	%		4.37	%		4.36	%		4.29	%
FTE Adjustment - investments		1,359			695			2,895			2,188			1,474
FTE Adjustment - loans		211			98			430			325			218
Amortization of intangibles		51			25			78			94			55
Amortization of intangibles, net of taxes		32			16			49			75			45
Average shares outstanding (split adjusted)		14,138,293			14,148,314			14,140,966			14,143,854			14,153,436
Diluted shares outstanding (split adjusted)		240,391			214,330			235,532			234,216			221,562
Average earning assets		1,822,418			1,818,528			1,806,793			1,809,732			1,822,133
Average interest bearing liabilities		1,523,099			1,526,070			1,531,066			1,535,847			1,549,532
END OF PERIOD
Book value (split adjusted)	$	14.54		$	14.21		$	13.97		$	13.71		$	13.38
Shares outstanding (split adjusted)		14,103,472			14,150,560			14,142,910			14,125,590			14,124,240
Full-time equivalent employees		992			973			977			988			962
Total number of ATM's		61			61			62			62			60
Total number of branches		62			62			63			63			62
Parent company only - investment in subsidiaries		213,507			210,370			208,363			206,904			204,726
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: July 17, 2003		/s/ Barry L. Crow Barry L. Crow, Executive Vice President and Chief Financial Officer