Simmons First National Corp. Thursday announced net income of $6.8 million and diluted earnings per share of $0.41 for the quarter ended Sept. 30.

Simmons First National Corp. Thursday announced net income of $6.8 million and diluted earnings per share of $0.41 for the quarter ended Sept. 30.

Net income for the nine months ended Sept. 30 was $19.7 million, or $1.16 diluted earnings per share. On Sept. 14, the company announced that its wholly-owned bank subsidiary, Simmons First National Bank, entered into a purchase and assumption agreement with loss share arrangements with the FDIC to purchase $219 million in assets and assume substantially all of the deposits and other liabilities of Truman Bank of St. Louis, Mo.

Another $63 million in Truman Bank assets were acquired through a linked-bid loan sale agreement with the FDIC. The company recognized a pre-tax bargain purchase gain of $1.1 million on this transaction and incurred pre-tax merger related costs of $815,000. After taxes, the combined non-recurring items from the transactions contributed $185,000 to net income, or $0.01 to diluted earnings per share.

J. Thomas May, chairman and CEO, said the company was pleased with its third quarter performance.

“Excluding the non-recurring items from the Truman Bank acquisition, and other non-recurring items from

2011, quarterly core EPS decreased $0.02, or 4.8%, and year-to-date core EPS increased $0.07, or 6.5%,” May said. “We continue to benefit significantly from strong asset quality, which has resulted in a reduction in our provision for loan losses, and from our on-going efficiency initiatives that resulted in a decrease in our year-to-date non-interest expense.”

Total loans, including those acquired, were $1.9 billion at Sept. 30, an increase of $56 million compared to the same period in 2011. Legacy loans (excluding acquired loans) increased $8.7 million from the previous quarter end.

At Sept. 30, 2012, total deposits were $2.8 billion, an increase of $160 million, or 6.1%, compared to the same period in 2011. Deposits acquired in the Truman acquisition were $194 million at quarter end. Total non-time deposits totaled $1.9 billion, or 68% of total deposits.