BancorpSouth 3Q earnings drop 24 percent

Tupelo, Miss.-based BancorpSouth saw its third-quarter earnings drop 24 percent compared to 2008, due in part to the recession and increased nonperforming loans.

Earnings for the quarter totaled $21.5 million, or 26 cents per diluted share, compared to $28.3 million, or 34 cents per share, in third-quarter 2008. Nonperforming loans and leases increased 14 percent to $111.6 million, though much of that increase was attributed to one loan totaling $10.7 million.

Total assets as of Sept. 30 were $13.3 billion, basically unchanged from a year earlier, while total deposits were $10.3 billion, up 6.3 percent from Sept. 30, 2008.

"With a strong capital base, high-quality assets and solid banking franchise, we remain confident that we are well positioned to manage through this period and continue operating a business plan that will result in achieving our long-term objectives," Chairman and CEO Aubrey Patterson said in the company's earnings release.

The company's net interest revenue increased to $111.7 million, up 1.9 percent from the third quarter of 2008 and 0.7 percent from last quarter.

Shares of BancorpSouth (NYSE: BXS) closed Tuesday at $23.88, compared to a 52-week range of $15.60 to $25.30.