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) January 15, 2004


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



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


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


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



ITEM: 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 January 15, 2004.


SIMMONS FIRST ANNOUNCES RECORD ANNUAL EARNINGS

        Pine Bluff, Arkansas – Simmons First National Corporation today announced record earnings of $23,790,000 or $1.65 diluted earnings per share for the year ended December 31, 2003, compared to earnings of $22,078,000, or $1.54 diluted earnings per share for the year ended 2002. This represents a $1.7 million, or 7.8% increase in the 2003 earnings over 2002. Return on average assets and return on average stockholders’ equity for the year ended December 31, 2003, was 1.18% and 11.57%, compared to 1.12% and 11.56%, respectively, for the year ended 2002.

        “With 2003 earnings at a record level, we are obviously pleased with the results,” said J. Thomas May, Chairman and Chief Executive Officer. “The significant increase in earnings over last year is primarily attributable to the increased volume of the Company’s mortgage banking operation, growth in the loan portfolio, and a lower provision for loan losses, which correlates to the improved asset quality ratios.”

        Earnings for the fourth quarter of 2003 were $5,318,000 or $0.37 diluted earnings per share. The diluted earnings per share reflect a decrease of $0.03 when compared to the fourth quarter 2002 diluted earnings of $0.40. This decrease in the fourth quarter is primarily attributable to a lower refinancing volume in the Company’s mortgage production and increased expenses associated with the use of the Company’s credit card air mile reward program.

        At December 31, 2003, the Company’s loan portfolio totaled $1.418 billion, which is a $161 million, or a 12.8%, increase from the same period last year. This increase is due partially to the recently completed acquisition of nine branches in North Central and Northeast Arkansas during the fourth quarter of 2003, which included $99 million in loans. The additional growth was attributable to increased loan demand the Company experienced in its construction and commercial real estate loan portfolios.

        As of December 2003, asset quality remained strong with non-performing loans lower by $690,000 from the same period last year. Non-performing loans to total loans improved to 0.82% from 0.97% from the same period last year, and the allowance for loan losses improved to 219% of non-performing loans, compared to 179% from the same period last year. At year-end, the allowance for loan losses equaled 1.79% of total loans, which is an improvement of 4 basis points from the 1.75% reflected at year-end 2002.



        Total assets for the Corporation at December 31, 2003, were $2.236 billion, an increase of $258 million over the year ended December 31, 2002. Stockholders’ equity at the end of 2003 was $210 million, a $12.4 million, or 6.3%, increase from December 31, 2002.

        Upon completion of the recently announced acquisitions, Simmons First National Corporation, a financial holding company, will have assets of approximately $2.4 billion, with eight community banks in Pine Bluff, Lake Village, Jonesboro, Rogers, Searcy, Russellville, El Dorado, and Hot Springs, Arkansas. 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, January 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 4289231 and the recording will be available through the end of business January 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:
BARRY L. CROW
Executive Vice President and Chief Financial Officer
Simmons First National Corporation
(870) 541-1350
Ticker symbol: SFNC


Simmons First National Corporation                                                                                                             SFNC
Consolidated End of Period Balance Sheets
For the Quarters Ended
(In thousands)		 Dec 31  
   2003     		 Sep 30  
   2003     		 Jun 30  
   2003     		 Mar 31  
   2003     		 Dec 31  
   2002     
ASSETS                        
Cash and non-interest bearing balances due from banks   $ 78,205   $ 68,068   $ 71,168   $ 74,609   $ 76,452  
Interest bearing balances due from banks    31,850    32,880    43,623    32,631    28,473  
Federal funds sold and securities purchased  
  under agreements to resell    91,560    34,975    35,625    51,400    86,620  
    Cash and cash equivalents    201,615    135,923    150,416    158,640    191,545  
 
Investment securities    491,950    444,845    432,938    413,669    404,048  
Mortgage loans held for sale    12,211    19,349    30,700    26,223    33,332  
Assets held in trading accounts    90    370    212    11,349    192  
 
Loans    1,418,314    1,325,428    1,286,842    1,257,455    1,257,305  
   Allowance for loan losses    (25,347 )  (22,795 )  (22,229 )  (21,826 )  (21,948 )
Net loans    1,392,967    1,302,633    1,264,613    1,235,629    1,235,357  
 
Premises and equipment    49,369    45,366    45,980    46,125    47,047  
Foreclosed assets held for sale, net    2,979    2,774    2,700    2,426    2,705  
Interest receivable    12,678    13,757    11,985    13,519    13,133  
Goodwill    45,159    32,877    32,877    32,877    32,877  
Core deposits, net    5,258    539    562    587    613  
Other assets    21,502    17,198    16,220    17,112    16,730  
 
                           TOTAL ASSETS   $ 2,235,778   $ 2,015,631   $ 1,989,203   $ 1,958,156   $ 1,977,579  
 
LIABILITIES  
Non-interest bearing transaction accounts   $ 270,343   $ 245,176   $ 257,006   $ 239,996   $ 239,545  
Interest bearing transaction accounts and savings deposits    670,908    563,344    568,380    571,614    565,041  
Time deposits less than $100,000    525,806    495,654    476,835    495,621    504,029  
Time deposits greater than $100,000    336,411    320,475    309,906    308,440    310,581  
        Total deposits    1,803,468    1,624,649    1,612,127    1,615,671    1,619,196  
Federal funds purchased and securities  
  sold under agreements to repurchase    100,209    84,781    80,342    53,053    86,705  
Short-term debt    6,833    13,559    1,943    1,712    3,619  
Long-term debt - parent company    8,000    8,000    10,000    10,000    10,000  
Long-term FHLB debt - affiliate banks    45,666    47,901    48,339    43,259    27,032  
Trust preferred securities    47,250    17,250    17,250    17,250    17,250  
Accrued interest and other liabilities    14,357    12,293    14,144    16,210    16,172  
                         TOTAL LIABILITIES    2,025,783    1,808,433    1,784,145    1,757,155    1,779,974  
 
STOCKHOLDERS' EQUITY  
  Capital stock    14,102    14,083    14,104    7,075    7,071  
  Surplus    35,988    35,846    36,545    44,536    44,495  
  Undivided profits    160,191    156,847    152,066    147,371    143,808  
  Accumulated other comprehensive (loss) income  
     Unrealized (depreciation) appreciation on AFS securities    (286 )  422    2,343    2,019    2,231  
 
          TOTAL STOCKHOLDERS' EQUITY    209,995    207,198    205,058    201,001    197,605  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 2,235,778   $ 2,015,631   $ 1,989,203   $ 1,958,156   $ 1,977,579  

Page 1

Simmons First National Corporation                                                                                                             SFNC
Consolidated Average Quarter-to-Date Balance Sheets
For the Quarters Ended
(In thousands)		 Dec 31  
   2003     		 Sep 30  
   2003     		 Jun 30  
   2003     		 Mar 31  
   2003     		 Dec 31  
   2002     
ASSETS                        
Cash and non-interest bearing balances due from banks   $ 71,551   $ 65,196   $ 61,259   $ 63,094   $ 67,260  
Interest bearing balances due from banks    61,436    35,458    57,314    51,151    33,780  
Federal funds sold and securities purchased  
  under agreements to resell    88,853    27,363    54,825    83,873    66,615  
    Cash and cash equivalents    221,840    128,017    173,398    198,118    167,655  
 
Investment securities - held-to-maturity    152,310    156,828    196,382    204,910    216,785  
Investment securities - available-for-sale    292,662    282,722    220,698    201,477    188,799  
Mortgage loans held for sale    12,355    28,901    27,908    21,635    26,837  
Assets held in trading accounts    417    2,306    1,091    762    2,966  
 
Loans    1,355,088    1,313,382    1,268,044    1,254,720    1,262,300  
   Allowance for loan losses    (24,375 )  (22,775 )  (22,321 )  (22,488 )  (22,250 )
Net loans    1,330,713    1,290,607    1,245,723    1,232,232    1,240,050  
 
Premises and equipment    47,163    45,789    46,284    46,729    47,512  
Foreclosed assets held for sale, net    2,811    2,673    2,494    2,640    2,283  
Interest receivable    13,376    12,893    12,935    13,076    14,493  
Goodwill and core deposits, net    40,926    33,425    33,451    33,476    33,493  
Other assets    19,222    17,974    16,669    16,567    16,614  
 
                           TOTAL ASSETS   $ 2,133,795   $ 2,002,135   $ 1,977,033   $ 1,971,622   $ 1,957,487  
 
LIABILITIES  
Non-interest bearing transaction accounts   $ 260,254   $ 242,271   $ 238,537   $ 230,222   $ 227,461  
Interest bearing transaction accounts    192,358    177,330    179,420    170,445    161,262  
Savings deposits    421,061    385,344    395,322    396,872    392,754  
Time deposits less than $100,000    506,743    491,828    492,268    500,065    511,247  
Time deposits greater than $100,000    330,891    316,501    307,924    309,426    314,768  
        Total deposits    1,711,307    1,613,274    1,613,471    1,607,030    1,607,492  
Federal funds purchased and securities  
  sold under agreements to repurchase    108,181    89,986    68,102    84,839    78,335  
Short-term debt    13,993    4,220    963    1,679    6,383  
Long-term debt    76,909    73,834    76,162    62,744    52,130  
Accrued interest and other liabilities    13,196    13,499    14,173    14,413    16,014  
                         TOTAL LIABILITIES    1,923,586    1,794,813    1,772,871    1,770,705    1,760,354  
 
        TOTAL STOCKHOLDERS' EQUITY    210,209    207,322    204,162    200,917    197,133  
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 2,133,795   $ 2,002,135   $ 1,977,033   $ 1,971,622   $ 1,957,487  

Page 2

Simmons First National Corporation                                                                                                             SFNC
Consolidated Average Year-to-Date Balance Sheets
For the Quarters Ended
(In thousands)		 Dec 31  
   2003     		 Sep 30  
   2003     		 Jun 30  
   2003     		 Mar 31  
   2003     		 Dec 31  
   2002     
 ASSETS                        
 Cash and non-interest bearing balances due from banks   $ 65,297   $ 63,191   $ 62,171   $ 63,094   $ 65,594  
 Interest bearing balances due from banks    51,325    47,917    54,250    51,151    41,314  
 Federal funds sold and securities purchased  
   under agreements to resell    63,642    55,147    69,269    83,873    65,199  
     Cash and cash equivalents    180,264    166,255    185,690    198,118    172,107  
 
 Investment securities - held-to-maturity    177,407    185,864    200,623    204,910    214,846  
 Investment securities - available-for-sale    249,731    235,264    211,141    201,477    216,018  
 Mortgage loans held for sale    22,692    26,175    24,789    21,635    16,560  
 Assets held in trading accounts    1,146    1,392    928    762    1,784  
 
 Loans    1,298,127    1,278,930    1,261,418    1,254,720    1,251,072  
    Allowance for loan losses    (22,994 )  (22,529 )  (22,404 )  (22,488 )  (21,318 )
 Net loans    1,275,133    1,256,401    1,239,014    1,232,232    1,229,754  
 
 Premises and equipment    46,491    46,264    46,505    46,729    46,085  
 Foreclosed assets held for sale, net    2,655    2,603    2,567    2,640    2,101  
 Interest receivable    13,070    12,967    13,005    13,076    15,045  
 Goodwill and core deposits, net    35,335    33,451    33,464    33,476    32,808  
 Other assets    17,615    17,073    16,617    16,567    16,236  
 
                             TOTAL ASSETS   $ 2,021,539   $ 1,983,709   $ 1,974,343   $ 1,971,622   $ 1,963,344  
 
 
 LIABILITIES  
 Non-interest bearing transaction accounts   $ 242,902   $ 237,054   $ 234,403   $ 230,222   $ 226,128  
 Interest bearing transaction accounts    179,941    175,757    174,957    170,445    159,171  
 Savings deposits    399,677    392,470    396,093    396,872    381,283  
 Time deposits less than $100,000    497,728    494,690    496,144    500,065    532,807  
 Time deposits greater than $100,000    316,245    311,310    308,671    309,426    326,735  
         Total deposits    1,636,493    1,611,281    1,610,268    1,607,030    1,626,124  
 
Federal funds purchased and securities  
   sold under agreements to repurchase    87,847    80,994    76,424    84,839    78,518  
 Short-term debt    5,489    2,622    994    1,679    5,435  
 Long-term debt    72,211    70,629    69,816    62,744    47,117  
 Accrued interest and other liabilities    13,816    14,026    14,292    14,413    15,203  
TOTAL LIABILITIES    1,815,856    1,779,552    1,771,794    1,770,705    1,772,397  
 
TOTAL STOCKHOLDERS' EQUITY    205,683    204,157    202,549    200,917    190,947  
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 2,021,539   $ 1,983,709   $ 1,974,343   $ 1,971,622   $ 1,963,344  

Page 3


Simmons First National Corporation                                                                                                             SFNC
Consolidated Statements of Income - Quarter-to-Date
For the Quarters Ended
(In thousands, except per share data)		 Dec 31  
   2003     		 Sep 30  
   2003     		 Jun 30  
   2003     		 Mar 31  
   2003     		 Dec 31  
   2002     
INTEREST INCOME                        
   Loans   $ 22,334   $ 22,216   $ 22,526   $ 22,239   $ 23,265  
   Federal funds sold and securities purchased  
     under agreements to resell    206    72    160    214    197  
   Investment securities    3,874    4,026    4,005    3,984    4,092  
   Mortgage loans held for sale, net of unrealized gains (losses)    210    358    352    300    383  
   Assets held in trading accounts    4    24    7    2    38  
   Interest bearing balances due from banks    129    74    156    135    115  
           TOTAL INTEREST INCOME    26,757    26,770    27,206    26,874    28,090  
INTEREST EXPENSE  
   Time deposits    4,545    4,738    5,121    5,517    6,275  
   Other deposits    1,014    990    1,263    1,327    1,506  
   Federal funds purchased and securities  
     sold under agreements to repurchase    280    244    194    223    249  
   Short-term debt    51    26    7    5    27  
   Long-term debt    999    908    1,363    922    854  
           TOTAL INTEREST EXPENSE    6,889    6,906    7,948    7,994    8,911  
NET INTEREST INCOME    19,868    19,864    19,258    18,880    19,179  
   Provision for loan losses    2,197    2,196    2,196    2,197    2,562  
NET INTEREST INCOME AFTER PROVISION  
   FOR LOAN LOSSES    17,671    17,668    17,062    16,683    16,617  
NON-INTEREST INCOME  
   Trust income    1,428    1,317    1,166    1,576    1,257  
   Service charges on deposit accounts    2,710    2,786    2,639    2,454    2,655  
   Other service charges and fees    413    299    317    479    353  
   Income on sale of mortgage loans, net of commissions    792    1,512    1,463    1,164    1,281  
   Income on investment banking, net of commissions    371    388    597    531    323  
   Credit card fees    2,456    2,495    2,512    2,319    2,675  
   Other income    893    1,151    951    781    717  
   Gain on sale of mortgage servicing    --    --    771    --    --  
   Loss on sale of securities, net    (14 )  --    --    --    (10 )
           TOTAL NON-INTEREST INCOME    9,049    9,948    10,416    9,304    9,251  
NON-INTEREST EXPENSE  
   Salaries and employee benefits    10,845    10,789    10,603    10,742    10,220  
   Occupancy expense, net    1,218    1,259    1,272    1,331    1,265  
   Furniture & equipment expense    1,265    1,329    1,219    1,382    1,393  
   Loss on foreclosed assets    71    36    127    35    25  
   Deposit insurance    70    67    67    69    70  
   Other operating expenses    5,569    4,468    4,649    4,635    4,642  
           TOTAL NON-INTEREST EXPENSE    19,038    17,948    17,937    18,194    17,615  
NET INCOME BEFORE INCOME TAXES    7,682    9,668    9,541    7,793    8,253  
   Provision for income taxes    2,364    3,057    3,012    2,461    2,590  
NET INCOME   $ 5,318   $ 6,611   $ 6,529   $ 5,332   $ 5,663  
BASIC EARNINGS PER SHARE   $ 0.38   $ 0.47   $ 0.46   $ 0.38   $ 0.40  
DILUTED EARNINGS PER SHARE   $ 0.37   $ 0.46   $ 0.45   $ 0.37   $ 0.40  

Page 4


Simmons First National Corporation                                                                                                             SFNC
Consolidated Statements of Income - Year-to-Date
For the Quarters Ended
(In thousands, except per share data)		 Dec 31  
   2003     		 Sep 30  
   2003     		 Jun 30  
   2003     		 Mar 31  
   2003     		 Dec 31  
   2002     
 
 INTEREST INCOME                        
    Loans   $ 89,315   $ 66,981   $ 44,765   $ 22,239   $ 94,892  
    Federal funds sold and securities purchased  
      under agreements to resell    652    446    374    214    996  
    Investment securities    15,889    12,015    7,989    3,984    18,509  
    Mortgage loans held for sale, net of unrealized gains (losses)    1,220    1,010    652    300    1,007  
    Assets held in trading accounts    37    33    9    2    88  
    Interest bearing balances due from banks    494    365    291    135    650  
            TOTAL INTEREST INCOME    107,607    80,850    54,080    26,874    116,142  
 INTEREST EXPENSE  
    Time deposits    19,921    15,376    10,638    5,517    29,503  
    Other deposits    4,594    3,580    2,590    1,327    6,304  
    Federal funds purchased and securities  
      sold under agreements to repurchase    941    661    417    223    1,198  
    Short-term debt    89    38    12    5    110  
    Long-term debt    4,192    3,193    2,285    922    3,319  
            TOTAL INTEREST EXPENSE    29,737    22,848    15,942    7,994    40,434  
 NET INTEREST INCOME    77,870    58,002    38,138    18,880    75,708  
    Provision for loan losses    8,786    6,589    4,393    2,197    10,223  
 NET INTEREST INCOME AFTER PROVISION  
    FOR LOAN LOSSES    69,084    51,413    33,745    16,683    65,485  
 NON-INTEREST INCOME  
    Trust income    5,487    4,059    2,742    1,576    5,258  
    Service charges on deposit accounts    10,589    7,879    5,093    2,454    10,084  
    Other service charges and fees    1,508    1,095    796    479    1,450  
    Income on sale of mortgage loans, net of commissions    4,931    4,139    2,627    1,164    3,792  
    Income on investment banking, net of commissions    1,887    1,516    1,128    531    1,087  
    Credit card fees    9,782    7,326    4,831    2,319    10,161  
    Other income    3,776    2,883    1,732    781    3,481  
    Gain on sale of mortgage servicing    771    771    771    --    --  
    Loss on sale of securities, net    (14 )  --    --    --    (10 )
            TOTAL NON-INTEREST INCOME    38,717    29,668    19,720    9,304    35,303  
 NON-INTEREST EXPENSE  
    Salaries and employee benefits    42,979    32,134    21,345    10,742    40,039  
    Occupancy expense, net    5,080    3,862    2,603    1,331    4,747  
    Furniture & equipment expense    5,195    3,930    2,601    1,382    5,434  
    Loss on foreclosed assets    269    198    162    35    177  
    Deposit insurance    273    203    136    69    296  
    Other operating expenses    19,321    13,752    9,284    4,635    18,320  
            TOTAL NON-INTEREST EXPENSE    73,117    54,079    36,131    18,194    69,013  
 NET INCOME BEFORE INCOME TAXES    34,684    27,002    17,334    7,793    31,775  
    Provision for income taxes    10,894    8,530    5,473    2,461    9,697  
 NET INCOME   $ 23,790   $ 18,472   $ 11,861   $ 5,332   $ 22,078  
 BASIC EARNINGS PER SHARE   $ 1.69   $ 1.31   $ 0.84   $ 0.38   $ 1.56  
DILUTED EARNINGS PER SHARE   $ 1.65   $ 1.28   $ 0.82   $ 0.37   $ 1.54  

Page 5


Simmons First National Corporation                                                                                                             SFNC
Consolidated Risk Based Capital
For the Quarters Ended
(In thousands)		 Dec 31  
   2003     		 Sep 30  
   2003     		 Jun 30  
   2003     		 Mar 31  
   2003     		 Dec 31  
   2002     
 
Tier 1 capital                        
   Stockholders' equity   $ 209,995   $ 207,198   $ 205,058   $ 201,001   $ 197,605  
   Trust preferred securities    47,250    17,250    17,250    17,250    17,250  
   Intangible assets    (50,417 )  (33,416 )  (33,439 )  (33,464 )  (33,490 )
   Unrealized loss (gain) on AFS securities    286    (422 )  (2,343 )  (2,019 )  (2,231 )
   Other    (1,160 )  (816 )  (825 )  (837 )  (845 )
 
      Total Tier 1 capital    205,954    189,794    185,701    181,931    178,289  
 
Tier 2 capital  
   Qualifying unrealized gain on AFS securities    326    370    415    385    363  
   Qualifying allowance for loan losses    18,320    16,833    16,372    15,852    15,976  
 
      Total Tier 2 capital    18,646    17,203    16,787    16,237    16,339  
 
      Total risk-based capital   $ 224,600   $ 206,997   $ 202,488   $ 198,168   $ 194,628  
 
Risk weighted assets   $ 1,458,583   $ 1,340,640   $ 1,303,942   $ 1,262,159   $ 1,272,104  
 
Assets for leverage ratio   $ 2,082,552   $ 1,967,798   $ 1,939,201   $ 1,933,475   $ 1,919,615  
 
Ratios at end of quarter  
   Leverage ratio    9.89 %  9.64 %  9.58 %  9.41 %  9.29 %
   Tier 1 capital    14.12 %  14.16 %  14.24 %  14.41 %  14.02 %
   Total risk-based capital    15.40 %  15.44 %  15.53 %  15.70 %  15.30 %

Page 6


Simmons First National Corporation                                                                                                             SFNC
Consolidated Loans and Investments
For the Quarters Ended
(In thousands)		 Dec 31  
   2003     		 Sep 30  
   2003     		 Jun 30  
   2003     		 Mar 31  
   2003     		 Dec 31  
   2002     
 
Loan Portfolio - End of Period                        
 Consumer  
    Credit cards   $ 165,919   $ 161,315   $ 162,554   $ 165,821   $ 180,439  
    Student loans    86,301    89,280    86,429    91,288    83,890  
    Other consumer    142,995    137,884    142,500    148,113    153,103  
 Real Estate  
    Construction    111,567    102,981    99,027    95,317    90,736  
    Single-family residential    261,947    230,163    231,514    231,660    233,218  
    Other commercial    408,452    359,708    334,335    298,146    290,469  
    Unearned income    (11 )  (14 )  (18 )  (22 )  (25 )
 Commercial  
    Commercial    162,122    146,407    141,160    157,313    144,678  
    Agricultural    57,393    76,909    66,310    48,821    58,585  
    Financial institutions    6,370    7,369    7,369    6,544    6,504  
 Other    15,259    13,426    15,662    14,454    15,708  
       Total Loans   $ 1,418,314   $ 1,325,428   $ 1,286,842   $ 1,257,455   $ 1,257,305  
   
Investment Securities - End of Period  
   
 Held-to-Maturity  
    U.S. Treasury   $ 12,583   $ 11,080   $ 12,610   $ 18,637   $ 26,153  
    U.S. Government agencies    30,017    29,500    41,756    77,983    59,324  
    Mortgage-backed securities    553    1,051    1,174    1,357    1,510  
    State and political subdivisions    113,306    112,358    111,035    110,981    120,230  
    Other securities    20,108    100    100    100    100  
       Total held-to-maturity    176,567    154,089    166,675    209,058    207,317  
 Available-for-Sale  
    U.S. Treasury    16,331    16,134    20,737    13,795    14,878  
    U.S. Government agencies    280,672    255,232    227,830    172,916    163,484  
    Mortgage-backed securities    1,382    2,208    2,320    2,618    3,015  
    State and political subdivisions    4,849    5,009    5,070    5,229    5,303  
    FHLB stock    6,849    6,821    4,765    4,623    4,552  
    Other securities    5,300    5,352    5,541    5,430    5,499  
       Total available-for-sale    315,383    290,756    266,263    204,611    196,731  
 
       Total investment securities   $ 491,950   $ 444,845   $ 432,938   $ 413,669   $ 404,048  
 
       Fair Value - HTM investment securities   $ 179,494   $ 157,091   $ 171,662   $ 213,778   $ 212,415  
 
Investment Securities - QTD Average  
 
 Taxable securities   $ 329,745   $ 322,947   $ 302,443   $ 291,368   $ 287,418  
 Tax exempt securities    115,227    116,603    114,637    115,019    118,166  
 
    Total investment securities - QTD average   $ 444,972   $ 439,550   $ 417,080   $ 406,387   $ 405,584  
 

Page 7


Simmons First National Corporation                                                                                                             SFNC
Consolidated Risk Based Capital
For the Quarters Ended
(In thousands)		 Dec 31  
   2003     		 Sep 30  
   2003     		 Jun 30  
   2003     		 Mar 31  
   2003     		 Dec 31  
   2002     
 
Allowance for Loan Losses                        
 Balance, beginning of quarter   $ 22,795   $ 22,229   $ 21,826   $ 21,948   $ 21,688  
 
 Loans charged off  
    Credit cards    1,186    1,129    1,230    1,160    1,162  
    Other consumer    544    452    444    547    591  
    Real estate    587    152    307    458    610  
    Commercial    1,434    335    257    648    372  
       Total loans charged off    3,751    2,068    2,238    2,813    2,735  
 
 Recoveries of loans previously charged off  
    Credit cards    148    164    151    207    159  
    Other consumer    132    142    161    209    101  
    Real estate    104    54    36    24    29  
    Commercial    758    78    97    54    144  
       Total recoveries    1,142    438    445    494    433  
    Net loans charged off    2,609    1,630    1,793    2,319    2,302  
 Allowance for loan losses of acquired branch    2,964    --    --    --    --  
 Provision for loan losses    2,197    2,196    2,196    2,197    2,562  
 Balance, end of quarter   $ 25,347   $ 22,795   $ 22,229   $ 21,826   $ 21,948  
 
Non-performing assets  
 Non-performing loans  
    Nonaccrual loans  
       Real estate   $ 6,004   $ 5,833   $ 5,556   $ 6,310   $ 6,268  
       Commercial    1,969    2,747    2,491    2,325    2,230  
       Consumer    2,076    2,010    1,603    1,766    1,945  
          Total nonaccrual loans    10,049    10,590    9,650    10,401    10,443  
    Loans past due 90 days or more    1,518    1,770    1,994    1,605    1,814  
             Total non-performing loans    11,567    12,360    11,644    12,006    12,257  
 
 Other non-performing assets  
    Foreclosed assets held for sale    2,979    2,774    2,700    2,426    2,705  
    Other non-performing assets    393    396    405    418    426  
       Total other non-performing assets    3,372    3,170    3,105    2,844    3,131  
 
          Total non-performing assets   $ 14,939   $ 15,530   $ 14,749   $ 14,850   $ 15,388  
 
Ratios  
 Allowance for loan losses to total loans    1.79 %  1.72 %  1.73 %  1.74 %  1.75 %
 Allowance for loan losses to  
    non-performing loans    219.13 %  184.43 %  190.91 %  181.79 %  179.07 %
 Allowance for loan losses to  
    non-performing assets    169.67 %  146.78 %  150.72 %  146.98 %  142.63 %
 Non-performing loans to total loans    0.82 %  0.93 %  0.90 %  0.95 %  0.97 %
 Non-performing assets to total assets    0.67 %  0.77 %  0.74 %  0.76 %  0.78 %

Page 8


Simmons First National Corporation                                                                                                             SFNC

Consolidated - Selected Financial Data
For The Quarters Ended
(In thousands, except share data)		 Dec 31       
     2003            		 Sep 30       
     2003            		 Jun 30       
     2003            		 Mar 31       
     2003            		 Dec 31       
     2002            
   
QUARTER-TO-DATE                        
 Diluted earnings per share (split adjusted)   $ 0.37   $ 0.46   $ 0.45   $ 0.37   $ 0.40  
 Cash dividends declared per common share (split adj.)    0.140    0.130    0.130    0.125    0.125  
 Cash dividends declared - amount    1,974    1,830    1,834    1,769    1,767  
 Return on average stockholders' equity    10.04 %  12.65 %  12.83 %  10.76 %  11.40 %
 Return on average assets    0.99 %  1.31 %  1.32 %  1.10 %  1.15 %
 Net interest margin (FTE)    4.17 %  4.43 %  4.40 %  4.39 %  4.41 %
 FTE Adjustment - investments    675    676    664    695    707  
 FTE Adjustment - loans    94    97    113    98    105  
 Amortization of intangibles    98    23    26    25    (16 )
 Amortization of intangibles, net of taxes    61    16    16    16    (26 )
 Average shares outstanding (split adjusted)    14,089,152    14,092,753    14,128,383    14,148,314    14,132,390  
 Shares repurchased (split adjusted)    -         32,000    50,000    -         -       
 Average price of repurchased shares (split adjusted)    -         23.07    19.66    -         -       
 Average earning assets    1,963,121    1,846,960    1,826,262    1,818,528    1,798,082  
 Average interest bearing liabilities    1,650,136    1,539,043    1,520,161    1,526,070    1,516,879  
   
YEAR-TO-DATE  
 Diluted earnings per share (split adjusted)   $ 1.65   $ 1.28   $ 0.82   $ 0.37   $ 1.54  
 Cash dividends declared per common share (split adj.)    0.525    0.385    0.255    0.125    0.480  
 Return on average stockholders' equity    11.57 %  12.10 %  11.81 %  10.76 %  11.56 %
 Return on average assets    1.18 %  1.24 %  1.21 %  1.10 %  1.12 %
 Net interest margin (FTE)    4.34 %  4.41 %  4.39 %  4.39 %  4.37 %
 FTE Adjustment - investments    2,710    2,035    1,359    695    2,895  
 FTE Adjustment - loans    402    308    211    98    430  
 Amortization of intangibles    172    74    51    25    78  
 Amortization of intangibles, net of taxes    109    48    32    16    49  
 Average shares outstanding (split adjusted)    14,114,428    14,122,946    14,138,293    14,148,314    14,140,966  
 Diluted shares outstanding (split adjusted)    301,279    273,436    240,391    214,330    235,532  
 Average earning assets    1,864,070    1,830,689    1,822,418    1,818,528    1,806,793  
 Average interest bearing liabilities    1,559,138    1,528,472    1,523,099    1,526,070    1,531,066  
   
END OF PERIOD  
 Book value (split adjusted)   $ 14.89   $ 14.71   $ 14.54   $ 14.21   $ 13.97  
 Shares outstanding (split adjusted)    14,101,521    14,083,109    14,103,472    14,150,560    14,142,910  
 Full-time equivalent employees    1,042    1,000    992    973    977  
 Total number of ATM's    70    62    61    61    62  
 Total number of branches    71    62    62    62    63  
 Parent company only - investment in subsidiaries    221,626    213,583    213,507    210,370    208,363  
 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: January 15, 2004  /s/ Barry L. Crow                                                                                                   
Barry L. Crow, Executive Vice President
 and Chief Financial Officer