BancorpSouth boosts profits by 61%

Tupelo, Miss.-based BancorpSouth Inc. (NYSE: BXS) reported net income of $20.6 million during the quarter that ended June 30, a 60.8 percent increase compared to earnings of $12.8 million in second-quarter 2011.

The holding company for six BancorpSouth branches in Springfield posted second-quarter diluted earnings per share of 22 cents, a 7-cent uptick, according to a news release.

During the quarter, BancorpSouth's earnings were partially offset by a $3.8 million mortgage servicing rights valuation adjustment.

"Our second quarter results reflect meaningful profitability improvement, achieved through consistent and successful efforts to improve asset quality as well as continued strong performance from our noninterest lines of business," BancorpSouth Chairman and CEO Aubrey Patterson said in the release.

Second-quarter financial notes:

• Net interest revenue totaled $104.7 million, a 4.7 percent decrease compared to $109.9 million in the same quarter of 2011.
• Noninterest revenue dropped 11.5 percent to $66.5 million from $75.1 million. Noninterest expense was $136.5 million, compared to $137.1 million in second-quarter 2011.
• Provision for credit losses was $6 million, an 81.4 percent decrease from $32.2 million.

As of June 30, BancorpSouth's assets were $13 billion and its deposits were $10.9 billion. The company operates 293 commercial banking, mortgage, insurance, trust and broker/dealer locations in Alabama, Arkansas, Florida, Illinois, Louisiana, Mississippi, Missouri and Tennessee, according to the release.

The company's shares were trading at $14.03 as of 11:15 a.m., compared to a 52-week range of $8.23 to $15.29.