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) October 16, 2003

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 October 16, 2003.

SIMMONS FIRST ANNOUNCES RECORD 3rd QUARTER EARNINGS

        Pine Bluff, Arkansas – Simmons First National Corporation today announced record third quarter earnings of $6,611,000, or $0.46 diluted earnings per share for the quarter ended September 30, 2003, compared to earnings of $5,769,000, or $0.40 diluted earnings per share for the same period in 2002. This represents an $842,000, or $0.06 per share increase, which is approximately a 15% improvement in the 2003 earnings over 2002. Return on average assets and return on average stockholders’ equity for the three-month period ended September 30, 2003, was 1.31% and 12.65%, compared to 1.18% and 11.87%, respectively, for the same period in 2002.

        “With third quarter 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 the same quarter 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 nine months ended September 30, 2003, were $18,472,000, or $1.28 diluted earnings per share. These earnings reflect a 12.5% increase in net income and a 12.3% increase in diluted earnings per share over the same nine-month period last year. Excluding the nonrecurring gain on sale of mortgage servicing from the second quarter of 2003, the Company would have reported $1.25 diluted earnings per share for the nine-months ended September 30, 2003.

        At September 30, 2003, the Company’s loan portfolio totaled $1.325 billion, which is a $44 million, or a 3.4%, increase from the same period last year. This increase is primarily due to the increased loan demand the Company has experienced in its construction and commercial real estate loan portfolios.

        As of September 2003, asset quality remained strong with non-performing loans virtually unchanged from the same period last year. However, most of the Company’s asset quality ratios reflect an improvement from September 2002. Correspondingly, non-performing loans to total loans improved to 0.93% from 0.97% from the same period last year, and the allowance for loan losses improved to 184% of non-performing loans, compared to 175% from the same period last year. At quarter end, the allowance for loan losses equaled 1.72% of total loans.

        Total assets for the Corporation at September 30, 2003, were $2.016 billion, an increase of $72.3 million over the period ended September 30, 2002. Stockholders’ equity at the end of the third quarter of 2003 was $207.2 million, a $13.5 million, or 7.0%, increase from September 30, 2002.

        Recently, the Company has made an acquisition and a merger announcement. In September, Simmons First announced an agreement to acquire nine additional financial centers in North Central and Northeast Arkansas from Union Planters Bank, N.A. with assets totaling approximately $126 million. This transaction is expected to close in the fourth quarter of 2003. Last week, the Company announced the merger of Alliance Bancorporation, Inc. of Hot Springs, Arkansas into Simmons First National Corporation with assets totaling approximately $140 million. This transaction is expected to close in the first quarter of 2004. J. Thomas May noted, “Both of these transactions, which are expected to be slightly accretive in 2004, allow us to fill a geographic void that we currently have and reflect the vision of Simmons First to provide our customers statewide access.”


        Upon completion of the recently announced acquisitions, Simmons First National Corporation will be a $2.3 billion financial holding company, with eight community banks in Pine Bluff, Jonesboro, Lake Village, Rogers, Russellville, Searcy, El Dorado and Hot Springs, Arkansas. The Company’s eight banks will be conduct financial operations from 78 offices, of which 76 are financial centers, in 44 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, October 16, 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 2527374 and the recording will be available through the end of business October 23, 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.

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 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
(In thousands)     2003         2003         2003         2002         2002    
 
ASSETS                        
Cash and non-interest bearing balances due from banks   $ 68,068   $ 71,168   $ 74,609   $ 76,452   $ 71,814  
Interest bearing balances due from banks    32,880    43,623    32,631    28,473    22,564  
Federal funds sold and securities purchased  
  under agreements to resell    34,975    35,625    51,400    86,620    26,150  
    Cash and cash equivalents    135,923    150,416    158,640    191,545    120,528  
Investment securities    444,845    432,938    413,669    404,048    421,384  
Mortgage loans held for sale    19,349    30,700    26,223    33,332    25,096  
Assets held in trading accounts    370    212    11,349    192    1,013  
Loans    1,325,428    1,286,842    1,257,455    1,257,305    1,281,634  
   Allowance for loan losses    (22,795 )  (22,229 )  (21,826 )  (21,948 )  (21,688 )
Net loans    1,302,633    1,264,613    1,235,629    1,235,357    1,259,946  
Premises and equipment    45,366    45,980    46,125    47,047    47,551  
Foreclosed assets held for sale, net    2,774    2,700    2,426    2,705    2,263  
Interest receivable    13,757    11,985    13,519    13,133    15,074  
Goodwill    32,877    32,877    32,877    32,877    32,877  
Core deposits, net    539    562    587    613    593  
Other assets    17,198    16,220    17,112    16,730    17,030  
                           TOTAL ASSETS   $ 2,015,631   $ 1,989,203   $ 1,958,156   $ 1,977,579   $ 1,943,355  
LIABILITIES  
Non-interest bearing transaction accounts   $ 245,176   $ 257,006   $ 239,996   $ 239,545   $ 232,455  
Interest bearing transaction accounts and savings deposits    563,344    568,380    571,614    565,041    542,237  
Time deposits less than $100,000    495,654    476,835    495,621    504,029    522,400  
Time deposits greater than $100,000    320,475    309,906    308,440    310,581    316,946  
        Total deposits    1,624,649    1,612,127    1,615,671    1,619,196    1,614,038  
Federal funds purchased and securities  
  sold under agreements to repurchase    84,781    80,342    53,053    86,705    57,759  
Short-term debt    13,559    1,943    1,712    3,619    11,450  
Long-term debt - parent company    8,000    10,000    10,000    10,000    10,000  
Long-term FHLB debt - affiliate banks    47,901    48,339    43,259    27,032    23,206  
Trust preferred securities    17,250    17,250    17,250    17,250    17,250  
Accrued interest and other liabilities    12,293    14,144    16,210    16,172    16,002  
                         TOTAL LIABILITIES    1,808,433    1,784,145    1,757,155    1,779,974    1,749,705  
 
STOCKHOLDERS' EQUITY  
  Capital stock    14,083    14,104    7,075    7,071    7,063  
  Surplus    35,846    36,545    44,536    44,495    44,392  
  Undivided profits    156,847    152,066    147,371    143,808    139,912  
  Accumulated other comprehensive income  
     Unrealized appreciation on AFS securities    422    2,343    2,019    2,231    2,283  
                    TOTAL STOCKHOLDERS' EQUITY    207,198    205,058    201,001    197,605    193,650  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 2,015,631   $ 1,989,203   $ 1,958,156   $ 1,977,579   $ 1,943,355  


Page 1

Simmons First National Corporation         SFNC
Consolidated Average Quarter-to-Date Balance Sheets          
For the Quarters Ended Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
(In thousands)     2003         2003         2003         2003         2003    
 
 ASSETS                        
 Cash and non-interest bearing balances due from banks   $ 65,196   $ 61,259   $ 63,094   $ 67,260   $ 64,237  
 Interest bearing balances due from banks    35,458    57,314    51,151    33,780    26,468  
 Federal funds sold and securities purchased  
   under agreements to resell    27,363    54,825    83,873    66,615    51,672  
     Cash and cash equivalents    128,017    173,398    198,118    167,655    142,377  
 Investment securities - held-to-maturity    156,828    196,382    204,910    216,785    234,541  
 Investment securities - available-for-sale    282,722    220,698    201,477    188,799    186,462  
 Mortgage loans held for sale    28,901    27,908    21,635    26,837    14,918  
 Assets held in trading accounts    2,306    1,091    762    2,966    2,470  
 Loans    1,313,382    1,268,044    1,254,720    1,262,300    1,268,801  
    Allowance for loan losses    (22,775 )  (22,321 )  (22,488 )  (22,250 )  (21,257 )
 Net loans    1,290,607    1,245,723    1,232,232    1,240,050    1,247,544  
 Premises and equipment    45,789    46,284    46,729    47,512    47,219  
 Foreclosed assets held for sale, net    2,673    2,494    2,640    2,283    2,211  
 Interest receivable    12,893    12,935    13,076    14,493    15,001  
 Goodwill and core deposits, net    33,425    33,451    33,476    33,493    33,190  
 Other assets    17,974    16,669    16,567    16,614    16,001  
                            TOTAL ASSETS   $ 2,002,135   $ 1,977,033   $ 1,971,622   $ 1,957,487   $ 1,941,934  
 LIABILITIES  
 Non-interest bearing transaction accounts   $ 242,271   $ 238,537   $ 230,222   $ 227,461   $ 225,054  
 Interest bearing transaction accounts    177,330    179,420    170,445    161,262    159,605  
 Savings deposits    385,344    395,322    396,872    392,754    384,101  
 Time deposits less than $100,000    491,828    492,268    500,065    511,247    524,977  
 Time deposits greater than $100,000    316,501    307,924    309,426    314,768    324,155  
         Total deposits    1,613,274    1,613,471    1,607,030    1,607,492    1,617,892  
 Federal funds purchased and securities  
   sold under agreements to repurchase    89,986    68,102    84,839    78,335    59,765  
 Short-term debt    4,220    963    1,679    6,383    7,223  
 Long-term debt    73,834    76,162    62,744    52,130    49,094  
 Accrued interest and other liabilities    13,499    14,173    14,413    16,014    15,186  
                          TOTAL LIABILITIES    1,794,813    1,772,871    1,770,705    1,760,354    1,749,160  
                     TOTAL STOCKHOLDERS' EQUITY    207,322    204,162    200,917    197,133    192,774  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 2,002,135   $ 1,977,033   $ 1,971,622   $ 1,957,487   $ 1,941,934  


Page 2

Simmons First National Corporation         SFNC
Consolidated Average Year-to-Date Balance Sheets          
For the Quarters Ended Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
(In thousands)     2003         2003         2003         2002         2002    
 
 ASSETS                        
 Cash and non-interest bearing balances due from banks   $ 63,191   $ 62,171   $ 63,094   $ 65,594   $ 65,031  
 Interest bearing balances due from banks    47,917    54,250    51,151    41,314    43,854  
 Federal funds sold and securities purchased  
   under agreements to resell    55,147    69,269    83,873    65,199    64,722  
     Cash and cash equivalents    166,255    185,690    198,118    172,107    173,607  
 Investment securities - held-to-maturity    185,864    200,623    204,910    214,846    214,193  
 Investment securities - available-for-sale    235,264    211,141    201,477    216,018    225,191  
 Mortgage loans held for sale    26,175    24,789    21,635    16,560    13,097  
 Assets held in trading accounts    1,392    928    762    1,784    1,386  
 Loans    1,278,930    1,261,418    1,254,720    1,251,072    1,247,289  
    Allowance for loan losses    (22,529 )  (22,404 )  (22,488 )  (21,318 )  (21,003 )
 Net loans    1,256,401    1,239,014    1,232,232    1,229,754    1,226,286  
 Premises and equipment    46,264    46,505    46,729    46,085    45,604  
 Foreclosed assets held for sale, net    2,603    2,567    2,640    2,101    2,040  
 Interest receivable    12,967    13,005    13,076    15,045    15,231  
 Goodwill and core deposits, net    33,451    33,464    33,476    32,808    32,576  
 Other assets    17,073    16,617    16,567    16,236    16,107  
                            TOTAL ASSETS   $ 1,983,709   $ 1,974,343   $ 1,971,622   $ 1,963,344   $ 1,965,318  
 LIABILITIES  
 Non-interest bearing transaction accounts   $ 237,054   $ 234,403   $ 230,222   $ 226,128   $ 225,680  
 Interest bearing transaction accounts    175,757    174,957    170,445    159,171    158,466  
 Savings deposits    392,470    396,093    396,872    381,283    377,418  
 Time deposits less than $100,000    494,690    496,144    500,065    532,807    540,072  
 Time deposits greater than $100,000    311,310    308,671    309,426    326,735    330,767  
         Total deposits    1,611,281    1,610,268    1,607,030    1,626,124    1,632,403  
 Federal funds purchased and securities  
   sold under agreements to repurchase    80,994    76,424    84,839    78,518    78,580  
 Short-term debt    2,622    994    1,679    5,435    5,116  
 Long-term debt    70,629    69,816    62,744    47,117    45,428  
 Accrued interest and other liabilities    14,026    14,292    14,413    15,203    14,928  
                          TOTAL LIABILITIES    1,779,552    1,771,794    1,770,705    1,772,397    1,776,455  
                     TOTAL STOCKHOLDERS' EQUITY    204,157    202,549    200,917    190,947    188,863  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 1,983,709   $ 1,974,343   $ 1,971,622   $ 1,963,344   $ 1,965,318  


Page 3

Simmons First National Corporation         SFNC
Consolidated Statements of Income - Quarter-to-Date          
For the Quarters Ended Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
(In thousands, except per share data)     2003         2003         2003         2002         2002    
 
INTEREST INCOME                        
   Loans   $ 22,216   $ 22,526   $ 22,239   $ 23,265   $ 23,853  
   Federal funds sold and securities purchased  
     under agreements to resell    72    160    214    197    207  
   Investment securities    4,026    4,005    3,984    4,092    4,636  
   Mortgage loans held for sale, net of unrealized gains (losses)    358    352    300    383    206  
   Assets held in trading accounts    24    7    2    38    30  
   Interest bearing balances due from banks    74    156    135    115    104  
           TOTAL INTEREST INCOME    26,770    27,206    26,874    28,090    29,036  
INTEREST EXPENSE  
   Time deposits    4,738    5,121    5,517    6,275    6,904  
   Other deposits    990    1,263    1,327    1,506    1,608  
   Federal funds purchased and securities  
     sold under agreements to repurchase    244    194    223    249    236  
   Short-term debt    26    7    5    27    30  
   Long-term debt    908    1,363    922    854    841  
           TOTAL INTEREST EXPENSE    6,906    7,948    7,994    8,911    9,619  
NET INTEREST INCOME    19,864    19,258    18,880    19,179    19,417  
   Provision for loan losses    2,196    2,196    2,197    2,562    2,864  
NET INTEREST INCOME AFTER PROVISION  
   FOR LOAN LOSSES    17,668    17,062    16,683    16,617    16,553  
NON-INTEREST INCOME  
   Trust income    1,317    1,166    1,576    1,257    1,406  
   Service charges on deposit accounts    2,786    2,639    2,454    2,655    2,648  
   Other service charges and fees    299    317    479    353    321  
   Income on sale of mortgage loans, net of commissions    1,512    1,463    1,164    1,281    962  
   Income on investment banking, net of commissions    388    597    531    323    250  
   Credit card fees    2,495    2,512    2,319    2,675    2,598  
   Other income    1,151    951    781    717    960  
   Gain on sale of mortgage servicing    --    771    --    --    --  
   Loss on sale of securities, net    --    --    --    (10 )  --  
           TOTAL NON-INTEREST INCOME    9,948    10,416    9,304    9,251    9,145  
NON-INTEREST EXPENSE  
   Salaries and employee benefits    10,789    10,603    10,742    10,220    10,029  
   Occupancy expense, net    1,259    1,272    1,331    1,265    1,201  
   Furniture & equipment expense    1,329    1,219    1,382    1,393    1,439  
   Loss on foreclosed assets    36    127    35    25    69  
   Deposit insurance    67    67    69    70    72  
   Other operating expenses    4,468    4,649    4,635    4,642    4,710  
           TOTAL NON-INTEREST EXPENSE    17,948    17,937    18,194    17,615    17,520  
NET INCOME BEFORE INCOME TAXES    9,668    9,541    7,793    8,253    8,178  
   Provision for income taxes    3,057    3,012    2,461    2,590    2,409  
NET INCOME   $ 6,611   $ 6,529   $ 5,332   $ 5,663   $ 5,769  
BASIC EARNINGS PER SHARE   $ 0.47   $ 0.46   $ 0.38   $ 0.40   $ 0.41  
DILUTED EARNINGS PER SHARE   $ 0.46   $ 0.45   $ 0.37   $ 0.40   $ 0.40  


Page 4

Simmons First National Corporation         SFNC
Consolidated Statements of Income - Year-to-Date          
For the Quarters Ended Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
(In thousands, except per share data)     2003         2003         2003         2002         2002    
 
INTEREST INCOME                        
   Loans   $ 66,981   $ 44,765   $ 22,239   $ 94,892   $ 71,627  
   Federal funds sold and securities purchased  
     under agreements to resell    446    374    214    996    799  
   Investment securities    12,015    7,989    3,984    18,509    14,417  
   Mortgage loans held for sale, net of unrealized gains (losses)    1,010    652    300    1,007    624  
   Assets held in trading accounts    33    9    2    88    50  
   Interest bearing balances due from banks    365    291    135    650    535  
           TOTAL INTEREST INCOME    80,850    54,080    26,874    116,142    88,052  
INTEREST EXPENSE  
   Time deposits    15,376    10,638    5,517    29,503    23,228  
   Other deposits    3,580    2,590    1,327    6,304    4,798  
   Federal funds purchased and securities          
     sold under agreements to repurchase    661    417    223    1,198    949  
   Short-term debt    38    12    5    110    83  
   Long-term debt    3,193    2,285    922    3,319    2,465  
           TOTAL INTEREST EXPENSE    22,848    15,942    7,994    40,434    31,523  
NET INTEREST INCOME    58,002    38,138    18,880    75,708    56,529  
   Provision for loan losses    6,589    4,393    2,197    10,223    7,661  
NET INTEREST INCOME AFTER PROVISION  
   FOR LOAN LOSSES    51,413    33,745    16,683    65,485    48,868  
NON-INTEREST INCOME  
   Trust income    4,059    2,742    1,576    5,258    4,001  
   Service charges on deposit accounts    7,879    5,093    2,454    10,084    7,429  
   Other service charges and fees    1,095    796    479    1,450    1,097  
   Income on sale of mortgage loans, net of commissions    4,139    2,627    1,164    3,792    2,511  
   Income on investment banking, net of commissions    1,516    1,128    531    1,087    764  
   Credit card fees    7,326    4,831    2,319    10,161    7,486  
   Other income    2,883    1,732    781    3,481    2,764  
   Gain on sale of mortgage servicing    771    771    --    --    --  
   Loss on sale of securities, net    --    --    --    (10 )  --  
           TOTAL NON-INTEREST INCOME    29,668    19,720    9,304    35,303    26,052  
NON-INTEREST EXPENSE  
   Salaries and employee benefits    32,134    21,345    10,742    40,039    29,819  
   Occupancy expense, net    3,862    2,603    1,331    4,747    3,482  
   Furniture & equipment expense    3,930    2,601    1,382    5,434    4,041  
   Loss on foreclosed assets    198    162    35    177    152  
   Deposit insurance    203    136    69    296    226  
   Other operating expenses    13,752    9,284    4,635    18,320    13,678  
           TOTAL NON-INTEREST EXPENSE    54,079    36,131    18,194    69,013    51,398  
NET INCOME BEFORE INCOME TAXES    27,002    17,334    7,793    31,775    23,522  
   Provision for income taxes    8,530    5,473    2,461    9,697    7,107  
NET INCOME   $ 18,472   $ 11,861   $ 5,332   $ 22,078   $ 16,415  
BASIC EARNINGS PER SHARE   $ 1.31   $ 0.84   $ 0.38   $ 1.56   $ 1.16  
DILUTED EARNINGS PER SHARE   $ 1.28   $ 0.82   $ 0.37   $ 1.54   $ 1.14  


Page 5

Simmons First National Corporation         SFNC
Consolidated Risk-Based Capital          
For the Quarters Ended Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
(In thousands)     2003         2003         2003         2002         2002    
 
Tier 1 capital                        
   Stockholders' equity   $ 207,198   $ 205,058   $ 201,001   $ 197,605   $ 193,650  
   Trust preferred securities    17,250    17,250    17,250    17,250    17,250  
   Intangible assets    (33,416 )  (33,439 )  (33,464 )  (33,490 )  (33,470 )
   Unrealized gain on AFS securities    (422 )  (2,343 )  (2,019 )  (2,231 )  (2,283 )
   Debt issuance costs    (816 )  (825 )  (837 )  (845 )  (854 )
      Total Tier 1 capital    189,794    185,701    181,931    178,289    174,293  
Tier 2 capital  
   Qualifying unrealized gain on AFS securities    370    415    385    363    342  
   Qualifying allowance for loan losses    16,833    16,372    15,852    15,976    16,115  
      Total Tier 2 capital    17,203    16,787    16,237    16,339    16,457  
      Total risk-based capital   $ 206,997   $ 202,488   $ 198,168   $ 194,628   $ 190,750  
Risk weighted assets   $ 1,340,640   $ 1,303,942   $ 1,262,159   $ 1,272,104   $ 1,283,588  
Assets for leverage ratio   $ 1,967,798   $ 1,939,201   $ 1,933,475   $ 1,919,615   $ 1,904,053  
Ratios at end of quarter  
   Leverage ratio    9.64 %  9.58 %  9.41 %  9.29 %  9.15 %
   Tier 1 capital    14.16 %  14.24 %  14.41 %  14.02 %  13.58 %
   Total risk-based capital    15.44 %  15.53 %  15.70 %  15.30 %  14.86 %


Page 6

Simmons First National Corporation         SFNC
Consolidated Loans and Investments          
For the Quarters Ended Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
(In thousands)     2003         2003         2003         2002         2002    
 
Loan Portfolio - End of Period                        
 Consumer  
    Credit cards   $ 161,315   $ 162,554   $ 165,821   $ 180,439   $ 178,125  
    Student loans    89,280    86,429    91,288    83,890    83,028  
    Other consumer    137,884    142,500    148,113    153,103    159,264  
 Real Estate  
    Construction    102,981    99,027    95,317    90,736    78,376  
    Single-family residential    230,163    231,514    231,660    233,218    236,934  
    Other commercial    359,708    334,335    298,146    290,469    286,363  
    Unearned income    (14 )  (18 )  (22 )  (25 )  (25 )
 Commercial  
    Commercial    146,407    141,160    157,313    144,678    149,622  
    Agricultural    76,909    66,310    48,821    58,585    85,974  
    Financial institutions    7,369    7,369    6,544    6,504    7,376  
 Other    13,426    15,662    14,454    15,708    16,597  
       Total Loans   $ 1,325,428   $ 1,286,842   $ 1,257,455   $ 1,257,305   $ 1,281,634  
Investment Securities - End of Period  
 Held-to-Maturity  
    U.S. Treasury   $ 11,080   $ 12,610   $ 18,637   $ 26,153   $ 27,170  
    U.S. Government agencies    29,500    41,756    77,983    59,324    75,280  
    Mortgage-backed securities    1,051    1,174    1,357    1,510    4,752  
    State and political subdivisions    112,358    111,035    110,981    120,230    121,254  
    Other securities    100    100    100    100    100  
       Total held-to-maturity    154,089    166,675    209,058    207,317    228,556  
 Available-for-Sale  
    U.S. Treasury    16,134    20,737    13,795    14,878    14,902  
    U.S. Government agencies    255,232    227,830    172,916    163,484    157,906  
    Mortgage-backed securities    2,208    2,320    2,618    3,015    5,165  
    State and political subdivisions    5,009    5,070    5,229    5,303    5,376  
    FHLB stock    6,821    4,765    4,623    4,552    4,462  
    Other securities    5,352    5,541    5,430    5,499    5,017  
       Total available-for-sale    290,756    266,263    204,611    196,731    192,828  
       Total investment securities   $ 444,845   $ 432,938   $ 413,669   $ 404,048   $ 421,384  
       Fair Value - HTM investment securities   $ 157,091   $ 171,662   $ 213,778   $ 212,415   $ 234,253  
Investment Securities - QTD Average   
 Taxable securities   $ 322,947   $ 302,443   $ 291,368   $ 287,418   $ 303,040  
 Tax exempt securities    116,603    114,637    115,019    118,166    117,963  
    Total investment securities - QTD average   $ 439,550   $ 417,080   $ 406,387   $ 405,584   $ 421,003  


Page 7

Simmons First National Corporation         SFNC
Consolidated Allowance and Asset Quality          
For the Quarters Ended Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
(In thousands)     2003         2003         2003         2002         2002    
 
Allowance for Loan Losses                        
 Balance, beginning of quarter   $ 22,229   $ 21,826   $ 21,948   $ 21,688   $ 20,608  
 Loans charged off  
    Credit cards    1,129    1,230    1,160    1,162    1,220  
    Other consumer    452    444    547    591    539  
    Real estate    152    307    458    610    364  
    Commercial    335    257    648    372    395  
       Total loans charged off    2,068    2,238    2,813    2,735    2,518  
 Recoveries of loans previously charged off  
    Credit cards    164    151    207    159    189  
    Other consumer    142    161    209    101    169  
    Real estate    54    36    24    29    52  
    Commercial    78    97    54    144    77  
       Total recoveries    438    445    494    433    487  
    Net loans charged off    1,630    1,793    2,319    2,302    2,031  
 Allowance for loan losses of acquired branch    --    --    --    --    247  
 Provision for loan losses    2,196    2,196    2,197    2,562    2,864  
 Balance, end of quarter   $ 22,795   $ 22,229   $ 21,826   $ 21,948   $ 21,688  
Non-performing assets  
 Non-performing loans  
    Nonaccrual loans  
       Real estate   $ 5,833   $ 5,556   $ 6,310   $ 6,268   $ 6,029  
       Commercial    2,747    2,491    2,325    2,230    2,969  
       Consumer    2,010    1,603    1,766    1,945    2,101  
          Total nonaccrual loans    10,590    9,650    10,401    10,443    11,099  
    Loans past due 90 days or more    1,770    1,994    1,605    1,814    1,291  
             Total non-performing loans    12,360    11,644    12,006    12,257    12,390  
 Other non-performing assets  
    Foreclosed assets held for sale    2,774    2,700    2,426    2,705    2,263  
    Other non-performing assets    396    405    418    426    406  
       Total other non-performing assets    3,170    3,105    2,844    3,131    2,669  
          Total non-performing assets   $ 15,530   $ 14,749   $ 14,850   $ 15,388   $ 15,059  
Ratios  
 Allowance for loan losses to total loans    1.72 %  1.73 %  1.74 %  1.75 %  1.69 %
 Allowance for loan losses to  
    non-performing loans    184.43 %  190.91 %  181.79 %  179.07 %  175.04 %
 Allowance for loan losses to  
    non-performing assets    146.78 %  150.72 %  146.98 %  142.63 %  144.02 %
 Non-performing loans to total loans    0.93 %  0.90 %  0.95 %  0.97 %  0.97 %
 Non-performing assets to total assets    0.77 %  0.74 %  0.76 %  0.78 %  0.77 %


Page 8

Simmons First National Corporation         SFNC
Consolidated - Selected Financial Data          
For the Quarters Ended Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
(In thousands, except share data)     2003         2003         2003         2002         2002    
 
QUARTER-TO-DATE                        
 Diluted earnings per share (split adjusted)   $ 0.46   $ 0.45   $ 0.37   $ 0.40   $ 0.40  
 Cash dividends declared per common share (split adj.)    0.130    0.130    0.125    0.125    0.120  
 Cash dividends declared - amount    1,830    1,834    1,769    1,767    1,695  
 Return on average stockholders' equity    12.65 %  12.83 %  10.76 %  11.40 %  11.87 %
 Return on average assets    1.31 %  1.32 %  1.10 %  1.15 %  1.18 %
 Net interest margin (FTE)    4.43 %  4.40 %  4.39 %  4.41 %  4.50 %
 FTE Adjustment - investments    676    664    695    707    714  
 FTE Adjustment - loans    97    113    98    105    107  
 Amortization of intangibles    23    26    25    (16 )  39  
 Amortization of intangibles, net of taxes    16    16    16    (26 )  30  
 Average shares outstanding (split adjusted)    14,092,753    14,128,383    14,148,314    14,132,390    14,125,004  
 Shares repurchased (split adjusted)    32,000    50,000    --    --    --  
 Average price of repurchased shares (split adjusted)    23.07    19.66    --    --    --  
 Average earning assets    1,846,960    1,826,262    1,818,528    1,798,082    1,785,332  
 Average interest bearing liabilities    1,539,043    1,520,161    1,526,070    1,516,879    1,508,920  
YEAR-TO-DATE  
 Diluted earnings per share (split adjusted)   $ 1.28   $ 0.82   $ 0.37   $ 1.54   $ 1.14  
 Cash dividends declared per common share (split adj.)    0.385    0.255    0.125    0.480    0.355  
 Return on average stockholders' equity    12.10 %  11.81 %  10.76 %  11.56 %  11.62 %
 Return on average assets    1.24 %  1.21 %  1.10 %  1.12 %  1.12 %
 Net interest margin (FTE)    4.41 %  4.39 %  4.39 %  4.37 %  4.36 %
 FTE Adjustment - investments    2,035    1,359    695    2,895    2,188  
 FTE Adjustment - loans    308    211    98    430    325  
 Amortization of intangibles    74    51    25    78    94  
 Amortization of intangibles, net of taxes    48    32    16    49    75  
 Average shares outstanding (split adjusted)    14,122,946    14,138,293    14,148,314    14,140,966    14,143,854  
 Diluted shares outstanding (split adjusted)    273,436    240,391    214,330    235,532    234,216  
 Average earning assets    1,830,689    1,822,418    1,818,528    1,806,793    1,809,732  
 Average interest bearing liabilities    1,528,472    1,523,099    1,526,070    1,531,066    1,535,847  
END OF PERIOD  
 Book value (split adjusted)   $ 14.71   $ 14.54   $ 14.21   $ 13.97   $ 13.71  
 Shares outstanding (split adjusted)    14,083,109    14,103,472    14,150,560    14,142,910    14,125,590  
 Full-time equivalent employees    1,000    992    973    977    988  
 Total number of ATM's    62    61    61    62    62  
 Total number of branches    62    62    62    63    63  
 Parent company only - investment in subsidiaries    213,583    213,507    210,370    208,363    206,904  
 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: October 16, 2003                                                               /s/ Barry L. Crow                                                             
                                                                                                       Barry L. Crow, Executive Vice President
                                                                                                        and Chief Financial Officer