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BancorpSouth earnings rise on deposit growth

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Tupelo, Miss.-based BancorpSouth Inc. (NYSE: BXS) officials cited positive momentum in deposits among movers of its third-quarter bottom line.

Net income rose roughly 10 percent to $37.8 million, or 40 cents per diluted share, from $34.3 million, or 36 cents per diluted share, in the same quarter of 2015, according to a news release.

“We are extremely pleased with our front-line efforts in producing deposit growth,” BancorpSouth Chairman and CEO Dan Rollins said in the release. “We reported deposit growth of $225.7 million, or 7.9 percent annualized for the quarter.

“We have consistently communicated to our teammates the importance of leading our sales efforts with deposits.”

In the Springfield metropolitan statistical area, BancorpSouth again ranked 10th as of June 30 in deposit market share. The company had $270 million in area deposits, or 3 percent of the market, according to recently released data from the Federal Deposit Insurance Corp.

BancorpSouth’s third-quarter financial notes:
    •    Net interest revenue improved 3.2 percent to $114.6 million.
    •    The company repurchased 551,519 shares of its outstanding common stock at an average price of $23.80, an investment of roughly $13.1 million.
    •    Officials reported no provision for credit losses, compared with a negative provision of $3 million a year earlier.

As of Sept. 30, BancorpSouth held $14.6 billion in assets and $11.6 billion in deposits, according to the release. In Springfield, the company operates six branches.

BXS shares were trading at $23.12 as of 10:31, compared with a 52-week range of $18.69 to $27.23.

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