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 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 April 17, 2003.

SIMMONS FIRST ANNOUNCES RECORD 1ST QUARTER EARNINGS

        Pine Bluff, Arkansas – Simmons First National Corporation today announced record first quarter earnings of $5,332,000, or $0.74 diluted earnings per share for the first quarter of 2003, compared to earnings of $4,941,000, or $0.69 diluted earnings per share for the same period in 2002. This represents a $391,000, or 7.9% increase in the 2003 earnings over 2002.

        Return on average assets and return on average stockholders’ equity for the three-month period ended March 31, 2003, was 1.10% and 10.76%, compared to 1.00% and 10.79%, respectively, for the same period in 2002. Because of the seasonality inherent in the portion of the loan portfolio associated with credit card and agricultural lending, earnings ratios for the first quarter are historically lower than the last three quarters.

        “With first quarter earnings at a record level, we are obviously pleased with the results” said J. Thomas May, Chairman and Chief Executive Officer. “The increase in earnings over the same quarter last year is primarily attributable to an improvement in the Company’s net interest margin and improved asset quality.”

        As of March 31, 2003, asset quality remained strong with non-performing loans decreasing $2.5 million from the same period last year. Correspondently, non-performing loans to total loans improved to 0.95% from 1.18% from the same period last year, and the allowance for loan losses improved to 182% of non-performing loans, compared to 139% from the same period last year. At quarter end, the allowance for loan losses equaled 1.74% of total loans.

        Stockholders’ equity at the end of the first quarter of 2003 was $201.0 million, a $16.2 million, or 8.8%, increase from March 31, 2002. Total assets for the quarter ended March 31, 2003, were $2.0 billion.

        Recently, the Company announced a two for one stock spilt in the form of a 100% stock dividend on its Class A common stock. After the stock spilt is completed on May 1, 2003, the Company will adjust historical earning per share figures, as required by generally accepted accounting principals. When the stock split is completed, diluted earnings per share figures for the first quarter of 2003 and 2002 will be restated to $0.37 and $0.34, respectively, thereby reflecting the stock dividend.






        May also noted, “On March 25, 2003, we celebrated our 100th anniversary with over 600 shareholders in attendance at our Annual Meeting. While we are extremely proud of all that has been accomplished over this past one hundred years, we eagerly look forward to the continued expansion throughout Arkansas that we expect will be accomplished with our community banking philosophy.”

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 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 8869457 and the recording will be available through the end of business April 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.

        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 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

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
 Consolidated End of Period Balance Sheets
For the Quarters Ended
(In thousands)



Mar 31
2003
 

Dec 31
2002
 

Sep 30
2002
 

Jun 30
2002
  SFNCA

 Mar 31
2002
 
ASSETS                        
Cash and non-interest bearing balances due
    from banks		     $ 74,609   $ 76,452   $ 71,814   $ 63,416   $ 66,966  
Interest bearing balances due from banks       32,631     28,473     22,564     31,557     46,343  
Federal funds sold and securities purchased
  under agreements to resell		       51,400     86,620     26,150     67,880     80,000  
    Cash and cash equivalents

       158,640     191,545     120,528     162,853     193,309  
Investment securities       413,669     404,048     421,384     419,700     441,162  
Mortgage loans held for sale       26,223     33,332     25,096     10,440     12,277  
Assets held in trading accounts       11,349     192     1,013     14,140     131  
                                   
Loans       1,257,455     1,257,305     1,281,634     1,247,625     1,228,591  
   Allowance for loan losses       (21,826 )   (21,948 )   (21,688 )   (20,608 )   (20,152 )
Net loans

       1,235,629     1,235,357     1,259,946     1,227,017     1,208,439  
Premises and equipment       46,125     47,047     47,551     45,192     44,306  
Foreclosed assets held for sale, net       2,426     2,705     2,263     2,394     2,182  
Interest receivable       13,519     13,133     15,074     14,528     15,124  
Goodwill       32,877     32,877     32,877     31,819     31,819  
Core deposits and other intangible assets, net       587     613     593     419     446  
Other assets       17,112     16,730     17,030     16,159     16,926  
TOTAL ASSETS     $ 1,958,156   $ 1,977,579   $ 1,943,355   $ 1,944,661   $ 1,966,121  
LIABILITIES    
Non-interest bearing transaction accounts     $ 239,996   $ 239,545   $ 232,455   $ 229,091   $ 220,149  
Interest bearing transaction accounts and savings deposits       571,614     565,041     542,237     535,680     540,601  
Time deposits less than $100,000       495,621     504,029     522,400     523,354     540,650  
Time deposits greater than $100,000       308,440     310,581     316,946     328,698     331,066  
        Total deposits       1,615,671     1,619,196     1,614,038     1,616,823     1,632,466  
Federal funds purchased and securities    
  sold under agreements to repurchase       53,053     86,705     57,759     68,947     81,794  
Short-term debt       1,712     3,619     11,450     5,003     7,221  
Long-term debt - parent company       10,000     10,000     10,000     12,000     12,000  
Long-term FHLB debt - affiliate banks       43,259     27,032     23,206     20,320     13,534  
Trust preferred securities       17,250     17,250     17,250     17,250     17,250  
Accrued interest and other liabilities       16,210     16,172     16,002     15,395     17,073  
TOTAL LIABILITIES       1,757,155     1,779,974     1,749,705     1,755,738     1,781,338  

STOCKHOLDERS’ EQUITY 		   
  Capital stock       7,075     7,071     7,063     7,062     7,091  
  Surplus       44,536     44,495     44,392     44,384     45,326  
  Undivided profits       147,371     143,808     139,912     135,838     131,828  
  Accumulated other comprehensive income
       Unrealized appreciation on AFS securities		       2,019     2,231     2,283     1,639     538  
TOTAL STOCKHOLDERS’ EQUITY       201,001     197,605     193,650     188,923     184,783  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY     $ 1,958,156   $ 1,977,579   $ 1,943,355   $ 1,944,661   $ 1,966,121  
 
Page 1

 

Simmons First National Corporation
 Consolidated Average Quarter-to-Date Balance Sheets
For the Quarters Ended
(In thousands)



Mar 31
2003
 

Dec 31
2002
 

Sep 30
2002
 

Jun 30
2002
  SFNCA

 Mar 31
2002
 
ASSETS                        
Cash and non-interest bearing balances due
    from banks		   $ 63,094   $ 67,260   $ 64,237   $ 62,778   $ 68,122  
Interest bearing balances due from banks    51,151    33,780    26,468    35,893    69,675  
Federal funds sold and securities purchased
  under agreements to resell		    83,873    66,615    51,672    62,789    80,015  
    Cash and cash equivalents

    198,118    167,655    142,377    161,460    217,812  
Investment securities - held-to-maturity    204,910    216,785    234,541    215,155    192,418  
Investment securities - available-for-sale    201,477    188,799    186,462    233,045    256,840  
Mortgage loans held for sale    21,635    26,837    14,918    10,591    13,768  
Assets held in trading accounts

    762    2,966    2,470    1,379    286  
Loans    1,254,720    1,262,300    1,268,801    1,232,458    1,240,293  
   Allowance for loan losses    (22,488 )  (22,250 )  (21,257 )  (20,860 )  (20,888 )
Net loans    1,232,232    1,240,050    1,247,544    1,211,598    1,219,405  

Premises and equipment		    46,729    47,512    47,219    44,975    44,587  
Foreclosed assets held for sale, net    2,640    2,283    2,211    2,174    1,729  
Interest receivable    13,076    14,493    15,001    15,121    15,577  
Goodwill, core deposits and other intangible
   assets, net		    33,476    33,493    33,190    32,251    32,273  
Other assets    16,567    16,614    16,001    16,302    16,029  
TOTAL ASSETS    $ 1,971,622   $ 1,957,487   $ 1,941,934   $ 1,944,051   $ 2,010,724  

LIABILITIES 		  
Non-interest bearing transaction accounts   $ 230,222   $ 227,461   $ 225,054   $ 225,170   $ 226,834  
Interest bearing transaction accounts    170,445    161,262    159,605    157,264    158,518  
Savings deposits    396,872    392,754    384,101    377,364    370,640  
Time deposits less than $100,000    500,065    511,247    524,977    531,390    564,280  
Time deposits greater than $100,000    309,426    314,768    324,155    326,056    342,289  
        Total deposits    1,607,030    1,607,492    1,617,892    1,617,244    1,662,561  
Federal funds purchased and securities
  sold under agreements to repurchase		    84,839    78,335    59,765    77,834    98,567  
Short-term debt    1,679    6,383    7,223    2,259    5,849  
Long-term debt    62,744    52,130    49,094    44,451    42,668  
Accrued interest and other liabilities    14,413    16,014    15,186    14,256    15,349  
TOTAL LIABILITIES     1,770,705    1,760,354    1,749,160    1,756,044    1,824,994  

TOTAL STOCKHOLDERS’ EQUITY     200,917    197,133    192,774    188,007    185,730  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY    $ 1,971,622   $ 1,957,487   $ 1,941,934   $ 1,944,051   $ 2,010,724  
 
Page 2



Simmons First National Corporation
 Consolidated Average Year-to-Date Balance Sheets
For the Quarters Ended
(In thousands)



Mar 31
2003
 

Dec 31
2002
 

Sep 30
2002
 

Jun 30
2002
  SFNCA

 Mar 31
2002
 
ASSETS                        
Cash and non-interest bearing balances due
   from banks		   $ 63,094   $ 65,594   $ 65,031   $ 65,435   $ 68,122  
Interest bearing balances due from banks    51,151    41,314    43,854    52,691    69,675  
Federal funds sold and securities purchased
  under agreements to resell		    83,873    65,199    64,722    71,355    80,015  
    Cash and cash equivalents

    198,118    172,107    173,607    189,481    217,812  
Investment securities - held-to-maturity    204,910    214,846    214,193    203,850    192,418  
Investment securities - available-for-sale    201,477    216,018    225,191    244,877    256,840  
Mortgage loans held for sale    21,635    16,560    13,097    12,171    13,768  
Assets held in trading accounts

    762    1,784    1,386    835    286  
Loans    1,254,720    1,251,072    1,247,289    1,236,354    1,240,293  
   Allowance for loan losses    (22,488 )  (21,318 )  (21,003 )  (20,874 )  (20,888 )
Net loans    1,232,232    1,229,754    1,226,286    1,215,480    1,219,405  

Premises and equipment		    46,729    46,085    45,604    44,782    44,587  
Foreclosed assets held for sale, net    2,640    2,101    2,040    1,953    1,729  
Interest receivable    13,076    15,045    15,231    15,348    15,577  
Goodwill, core deposits and other intangible assets, net    33,476    32,808    32,576    32,262    32,273  
Other assets    16,567    16,236    16,107    16,164    16,029  
TOTAL ASSETS    $ 1,971,622   $ 1,963,344   $ 1,965,318   $ 1,977,203   $ 2,010,724  

LIABILITIES 		  
Non-interest bearing transaction accounts   $ 230,222   $ 226,128   $ 225,680   $ 225,997   $ 226,834  
Interest bearing transaction accounts    170,445    159,171    158,466    157,888    158,518  
Savings deposits    396,872    381,283    377,418    374,021    370,640  
Time deposits less than $100,000    500,065    532,807    540,072    547,743    564,280  
Time deposits greater than $100,000    309,426    326,735    330,767    334,128    342,289  
        Total deposits    1,607,030    1,626,124    1,632,403    1,639,777    1,662,561  
Federal funds purchased and securities
  sold under agreements to repurchase		    84,839    78,518    78,580    88,144    98,567  
Short-term debt    1,679    5,435    5,116    4,044    5,849  
Long-term debt    62,744    47,117    45,428    43,564    42,668  
Accrued interest and other liabilities    14,413    15,203    14,928    14,799    15,349  
TOTAL LIABILITIES     1,770,705    1,772,397    1,776,455    1,790,328    1,824,994  

TOTAL STOCKHOLDERS’ EQUITY 		    200,917    190,947    188,863    186,875    185,730  

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY    $ 1,971,622   $ 1,963,344   $ 1,965,318   $ 1,977,203   $ 2,010,724  
 
Page 3



Simmons First National Corporation
 Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended
(In thousands, except per share data)



Mar 31
2003
 

Dec 31
2002
 

Sep 30
2002
 

Jun 30
2002
  SFNCA

 Mar 31
2002
 
INTEREST INCOME                        
   Loans   $ 22,239   $ 23,265   $ 23,853   $ 23,668   $ 24,106  
   Federal funds sold and securities purchased
     under agreements to resell		    214    197    207    264    328  
   Investment securities    3,984    4,092    4,636    4,858    4,923  
   Mortgage loans held for sale, net of unrealized gains (losses)    300    383    206    185    233  
   Assets held in trading accounts    2    38    30    18    2  
   Interest bearing balances due from banks    135    115    104    150    281  
           TOTAL INTEREST INCOME    26,874    28,090    29,036    29,143    29,873  
INTEREST EXPENSE   
   Time deposits    5,517    6,275    6,904    7,356    8,968  
   Other deposits    1,327    1,506    1,608    1,590    1,600  
   Federal funds purchased and securities
     sold under agreements to repurchase		    223    249    236    316    397  
   Short-term debt    5    27    30    12    41  
   Long-term debt    922    854    841    818    806  
           TOTAL INTEREST EXPENSE    7,994    8,911    9,619    10,092    11,812  
NET INTEREST INCOME     18,880    19,179    19,417    19,051    18,061  
   Provision for loan losses    2,197    2,562    2,864    2,436    2,361  
NET INTEREST INCOME AFTER PROVISION
   FOR LOAN LOSSES 		    16,683    16,617    16,553    16,615    15,700  
NON-INTEREST INCOME   
   Trust income    1,576    1,257    1,406    1,205    1,390  
   Service charges on deposit accounts    2,454    2,655    2,648    2,543    2,238  
   Other service charges and fees    479    353    321    365    411  
   Income on sale of mortgage loans, net of commissions    1,164    1,281    962    738    811  
   Income on investment banking, net of commissions    531    323    250    248    266  
   Credit card fees    2,319    2,675    2,598    2,550    2,338  
   Other income    781    717    960    886    918  
   Loss on sale of securities, net    —    (10 )  —    —    —  
           TOTAL NON-INTEREST INCOME    9,304    9,251    9,145    8,535    8,372  
NON-INTEREST EXPENSE   
   Salaries and employee benefits    10,742    10,220    10,029    9,840    9,950  
   Occupancy expense, net    1,331    1,265    1,201    1,155    1,126  
   Furniture & equipment expense    1,382    1,393    1,439    1,310    1,292  
   Loss on foreclosed assets    35    25    69    40    43  
   Deposit insurance    69    70    72    76    78  
   Other operating expenses    4,635    4,642    4,710    4,428    4,540  
           TOTAL NON-INTEREST EXPENSE    18,194    17,615    17,520    16,849    17,029  
NET INCOME BEFORE INCOME TAXES     7,793    8,253    8,178    8,301    7,043  
   Provision for income taxes    2,461    2,590    2,409    2,596    2,102  
NET INCOME    $ 5,332   $ 5,663   $ 5,769   $ 5,705   $ 4,941  
BASIC EARNINGS PER SHARE    $ 0.75   $ 0.80   $ 0.82   $ 0.80   $ 0.70  
DILUTED EARNINGS PER SHARE    $ 0.74   $ 0.79   $ 0.80   $ 0.79   $ 0.69  
 
Page 4



Simmons First National Corporation
 Consolidated Statements of Income - Year-to-Date
For the Quarters Ended
(In thousands, except per share data)



Mar 31
2003
 

Dec 31
2002
 

Sep 30
2002
 

Jun 30
2002
  SFNCA

 Mar 31
2002
 
INTEREST INCOME                        
   Loans   $ 22,239   $ 94,892   $ 71,627   $ 47,774   $ 24,106  
   Federal funds sold and securities purchased  
     under agreements to resell    214    996    799    592    328  
   Investment securities    3,984    18,509    14,417    9,781    4,923  
   Mortgage loans held for sale, net of unrealized gains
      (losses)		    300    1,007    624    418    233  
   Assets held in trading accounts    2    88    50    20    2  
   Interest bearing balances due from banks    135    650    535    431    281  
           TOTAL INTEREST INCOME    26,874    116,142    88,052    59,016    29,873  
INTEREST EXPENSE   
   Time deposits    5,517    29,503    23,228    16,324    8,968  
   Other deposits    1,327    6,304    4,798    3,190    1,600  
   Federal funds purchased and securities
     sold under agreements to repurchase		    223    1,198    949    713    397  
   Short-term debt    5    110    83    53    41  
   Long-term debt    922    3,319    2,465    1,624    806  
           TOTAL INTEREST EXPENSE    7,994    40,434    31,523    21,904    11,812  
NET INTEREST INCOME     18,880    75,708    56,529    37,112    18,061  
   Provision for loan losses    2,197    10,223    7,661    4,797    2,361  
NET INTEREST INCOME AFTER PROVISION
   FOR LOAN LOSSES 		    16,683    65,485    48,868    32,315    15,700  
NON-INTEREST INCOME   
   Trust income    1,576    5,258    4,001    2,595    1,390  
   Service charges on deposit accounts    2,454    10,084    7,429    4,781    2,238  
   Other service charges and fees    479    1,450    1,097    776    411  
   Income on sale of mortgage loans, net of commissions    1,164    3,792    2,511    1,549    811  
   Income on investment banking, net of commissions    531    1,087    764    514    266  
   Credit card fees    2,319    10,161    7,486    4,888    2,338  
   Other income    781    3,481    2,764    1,804    918  
   Loss on sale of securities, net    —    (10 )  —    —    —  
           TOTAL NON-INTEREST INCOME    9,304    35,303    26,052    16,907    8,372  
NON-INTEREST EXPENSE   
   Salaries and employee benefits    10,742    40,039    29,819    19,790    9,950  
   Occupancy expense, net    1,331    4,747    3,482    2,281    1,126  
   Furniture & equipment expense    1,382    5,434    4,041    2,602    1,292  
   Loss on foreclosed assets    35    177    152    83    43  
   Deposit insurance    69    296    226    154    78  
   Other operating expenses    4,635    18,320    13,678    8,968    4,540  
           TOTAL NON-INTEREST EXPENSE    18,194    69,013    51,398    33,878    17,029  
NET INCOME BEFORE INCOME TAXES     7,793    31,775    23,522    15,344    7,043  
   Provision for income taxes    2,461    9,697    7,107    4,698    2,102  
NET INCOME    $ 5,332   $ 22,078   $ 16,415   $ 10,646   $ 4,941  
BASIC EARNINGS PER SHARE    $ 0.75   $ 3.12   $ 2.32   $ 1.50   $ 0.70  
DILUTED EARNINGS PER SHARE    $ 0.74   $ 3.07   $ 2.28   $ 1.48   $ 0.69  
 
Page 5



Simmons First National Corporation
 Consolidated Risk-Based Capital
For the Quarters Ended
(In thousands)



Mar 31
2003
 

Dec 31
2002
 

Sep 30
2002
 

Jun 30
2002
  SFNCA

 Mar 31
2002
 
Tier 1 capital                        
   Stockholders’ equity   $ 201,001   $ 197,605   $ 193,650   $ 188,923   $ 184,783  
   Trust preferred securities    17,250    17,250    17,250    17,250    17,250  
   Intangible assets    (33,464 )  (33,490 )  (33,470 )  (32,238 )  (32,265 )
   Unrealized gain on AFS securities    (2,019 )  (2,231 )  (2,283 )  (1,639 )  (538 )
   Debt issuance costs    (837 )  (845 )  (854 )  (863 )  (873 )

      Total Tier 1 capital		    181,931    178,289    174,293    171,433    168,357  

Tier 2 capital		  
   Qualifying unrealized gain on AFS securities    385    363    342    392    403  
   Qualifying allowance for loan losses    15,852    15,976    16,115    15,806    15,873  

      Total Tier 2 capital    16,237    16,339    16,457    16,198    16,276  

      Total risk-based capital		   $ 198,168   $ 194,628   $ 190,750   $ 187,631   $ 184,633  

Risk weighted assets   $ 1,262,159   $ 1,272,104   $ 1,283,588   $ 1,259,642   $ 1,265,544  

Assets for leverage ratio		   $ 1,933,475   $ 1,919,615   $ 1,904,053   $ 1,908,788   $ 1,977,586  

Ratios at end of quarter		  
   Leverage ratio    9.41 %  9.29 %  9.15 %  8.98 %  8.51 %
   Tier 1 capital    14.41 %  14.02 %  13.58 %  13.61 %  13.30 %
   Total risk-based capital    15.70 %  15.30 %  14.86 %  14.90 %  14.59 %
 
Page 6



Simmons First National Corporation
 Consolidated Loans and Investments
For the Quarters Ended
(In thousands)



Mar 31
2003
 

Dec 31
2002
 

Sep 30
2002
 

Jun 30
2002
  SFNCA

 Mar 31
2002
 
Loan Portfolio - End of Period                        
 Consumer  
    Credit cards   $ 165,821   $ 180,439   $ 178,125   $ 179,682   $ 181,867  
    Student loans    91,288    83,890    83,028    79,883    84,186  
    Other consumer    148,113    153,103    159,264    162,554    170,649  
 Real Estate  
    Construction    95,317    90,736    78,376    74,968    80,120  
    Single-family residential    231,660    233,218    236,934    226,942    223,198  
    Other commercial    298,146    290,469    286,363    266,995    260,346  
    Unearned income    (22 )  (25 )  (25 )  (42 )  (52 )
 Commercial  
    Commercial    157,313    144,678    149,622    158,167    151,436  
    Agricultural    48,821    58,585    85,974    75,441    54,234  
    Financial institutions    6,544    6,504    7,376    7,692    7,600  
 Other    14,454    15,708    16,597    15,343    15,007  
       Total Loans   $ 1,257,455   $ 1,257,305   $ 1,281,634   $ 1,247,625   $ 1,228,591  

Investment Securities - End of Period 		  

 Held-to-Maturity 		  
    U.S. Treasury   $ 18,637   $ 26,153   $ 27,170   $ 29,483   $ 32,240  
    U.S. Government agencies    77,983    59,324    75,280    70,479    47,484  
    Mortgage-backed securities    1,357    1,510    4,752    5,355    5,942  
    State and political subdivisions    110,981    120,230    121,254    121,719    115,009  
    Other securities    100    100    100    100    100  
       Total held-to-maturity    209,058    207,317    228,556    227,136    200,775  
 Available-for-Sale   
    U.S. Treasury    13,795    14,878    14,902    13,103    10,685  
    U.S. Government agencies    172,916    163,484    157,906    155,134    188,408  
    Mortgage-backed securities    2,618    3,015    5,165    5,724    6,217  
    State and political subdivisions    5,229    5,303    5,376    5,270    5,216  
    FHLB stock    4,623    4,552    4,462    4,419    4,382  
    Other securities    5,430    5,499    5,017    8,914    25,479  
       Total available-for-sale    204,611    196,731    192,828    192,564    240,387  
       Total investment securities   $ 413,669   $ 404,048   $ 421,384   $ 419,700   $ 441,162  

       Fair Value - HTM investment securities		   $ 213,778   $ 212,415   $ 234,253   $ 231,991   $ 203,617  

Investment Securities - QTD Average

 		  
 Taxable securities   $ 291,368   $ 287,418   $ 303,040   $ 328,509   $ 327,469  
 Tax exempt securities    115,019    118,166    117,963    119,691    121,789  
    Total investment securities - QTD
        average		   $ 406,387   $ 405,584   $ 421,003   $ 448,200   $ 449,258  
 
Page 7



Simmons First National Corporation
 Consolidated Allowance and Asset Quality
For the Quarters Ended
(In thousands)



Mar 31
2003
 

Dec 31
2002
 

Sep 30
2002
 

Jun 30
2002
  SFNCA

 Mar 31
2002
 
Allowance for Loan Losses                        
 Balance, beginning of quarter     $ 21,948   $ 21,688   $ 20,608   $ 20,152   $ 20,496  

 Loans charged off		    
    Credit cards       1,160     1,162     1,220     1,130     1,191  
    Other consumer       547     591     539     513     677  
    Real estate       458     610     364     395     444  
    Commercial       648     372     395     590     953  
       Total loans charged off       2,813     2,735     2,518     2,628     3,265  

 Recoveries of loans previously charged off		    
    Credit cards       207     159     189     163     129  
    Other consumer       209     101     169     174     233  
    Real estate       24     29     52     90     82  
    Commercial       54     144     77     221     116  
       Total recoveries       494     433     487     648     560  
    Net loans charged off       2,319     2,302     2,031     1,980     2,705  
 Allowance for loan losses of acquired branch       —     —     247     —     —  
 Provision for loan losses       2,197     2,562     2,864     2,436     2,361  
 Balance, end of quarter     $ 21,826   $ 21,948   $ 21,688   $ 20,608   $ 20,152  

Non-performing assets 		   
 Non-performing loans    
    Nonaccrual loans    
       Real estate     $ 6,310   $ 6,268   $ 6,029   $ 6,429   $ 5,813  
       Commercial       2,325     2,230     2,969     3,074     3,131  
       Consumer       1,766     1,945     2,101     2,355     2,250  
          Total nonaccrual loans       10,401     10,443     11,099     11,858     11,194  
    Loans past due 90 days or more       1,605     1,814     1,291     1,944     3,268  
             Total non-performing loans       12,006     12,257     12,390     13,802     14,462  
 Other non-performing assets    
    Foreclosed assets held for sale       2,426     2,705     2,263     2,394     2,182  
    Other non-performing assets       418     426     406     484     492  
       Total other non-performing assets       2,844     3,131     2,669     2,878     2,674  

          Total non-performing assets     $ 14,850   $ 15,388   $ 15,059   $ 16,680   $ 17,136  

Ratios 		   
 Allowance for loan losses to total loans       1.74 %   1.75 %   1.69 %   1.65 %   1.64 %
 Allowance for loan losses to
    non-performing loans		       181.79 %   179.07 %   175.04 %   149.31 %   139.34 %
 Allowance for loan losses to    
    non-performing assets       146.98 %   142.63 %   144.02 %   123.55 %   117.60 %
 Non-performing loans to total loans       0.95 %   0.97 %   0.97 %   1.11 %   1.18 %
 Non-performing assets to total assets       0.76 %   0.78 %   0.77 %   0.86 %   0.87 %
 
Page 8



Simmons First National Corporation
 Consolidated - Selected Financial Data
For the Quarters Ended
(In thousands, except share data)



Mar 31
2003
 

Dec 31
2002
 

Sep 30
2002
 

Jun 30
2002
  SFNCA

 Mar 31
2002
 
QUARTER-TO-DATE                        
 Diluted earnings per share   $ 0.74   $ 0.79   $ 0.80   $ 0.79   $ 0.69  
 Cash dividends declared - per common share    0.25    0.25    0.24    0.24    0.23  
 Cash dividends declared - amount    1,769    1,767    1,695    1,695    1,632  
 Return on average stockholders’ equity    10.76 %  11.40 %  11.87 %  12.17 %  10.79 %
 Return on average assets    1.10 %  1.15 %  1.18 %  1.18 %  1.00 %
 Net interest margin (FTE)    4.39 %  4.41 %  4.50 %  4.45 %  4.14 %
 FTE Adjustment - investments    695    707    714    727    747  
 FTE Adjustment - loans    98    105    107    111    107  
 Amortization of intangibles    25    (16 )  39    27    28  
 Amortization of intangibles, net of taxes    —    (26 )  30    22    23  
 Average shares outstanding    7,074,157    7,066,195    7,062,502    7,064,307    7,089,268  
 Shares repurchased    —    —    —    30,000    —  
 Average price of repurchased shares    —    —    —    32.65    —  
 Average earning assets    1,818,528    1,798,082    1,785,332    1,791,310    1,853,295  
 Average interest bearing liabilities    1,526,070    1,516,879    1,508,920    1,516,618    1,582,811  

YEAR-TO-DATE 		  
 Diluted earnings per share   $ 0.74   $ 3.07   $ 2.28   $ 1.48   $ 0.69  
 Cash dividends declared - per common share    0.25    0.96    0.71    0.47    0.23  
 Return on average stockholders’ equity    10.76 %  11.56 %  11.62 %  11.49 %  10.79 %
 Return on average assets    1.10 %  1.12 %  1.12 %  1.09 %  1.00 %
 Net interest margin (FTE)    4.39 %  4.37 %  4.36 %  4.29 %  4.14 %
 FTE Adjustment - investments    695    2,895    2,188    1,474    747  
 FTE Adjustment - loans    98    430    325    218    107  
 Amortization of intangibles    25    78    94    55    28  
 Amortization of intangibles, net of taxes    —    49    75    45    23  
 Average shares outstanding    7,074,157    7,070,483    7,071,927    7,076,718    7,089,268  
 Diluted shares outstanding    107,165    117,766    117,108    110,781    89,354  
 Average earning assets    1,818,528    1,806,793    1,809,732    1,822,133    1,853,295  
 Average interest bearing liabilities    1,526,070    1,531,066    1,535,847    1,549,532    1,582,811  

END OF PERIOD 		  
 Book value   $ 28.41   $ 27.95   $ 27.42   $ 26.75   $ 26.06  
 Shares outstanding    7,075,280    7,071,455    7,062,795    7,062,120    7,091,200  
 Full-time equivalent employees    973    977    988    962    959  
 Total number of ATM’s    61    62    62    60    61  
 Total number of branches    62    63    63    62    62  
 Parent company only - investment in subsidiaries    210,370    208,363    206,904    204,726    201,223  
 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: April 17, 2003
          ——————		 SIMMONS FIRST NATIONAL CORPORATION


/s/ Barry L. Crow
——————————————
Barry L. Crow,
Executive Vice President
  and Chief Financial Officer