Tupelo, Miss.-based BancorpSouth Inc. (NYSE: BXS) recorded third-quarter profits of $23.8 million, doublings its earnings of $11.9 million in the same quarter last year.
The holding company, which operates six BancorpSouth branches in Springfield, posted 25-cent earnings per diluted share during the quarter ended Sept. 30, up from earnings of 14 cents in third-quarter 2011, according to a news release.
"Results for the third quarter reflect a record level of mortgage production volume," BancorpSouth Chairman and CEO Aubrey Patterson said in the release, pointing to mortgage production of $607.9 million that contributed to mortgage lending revenue of $16.8 million.
Third-quarter financial notes:
- Noninterest revenue increased 13.5 percent to $70.4 million, while noninterest expense rose 2.4 percent to $133.8 million.
- Loans were $8.7 million as of Sept. 30, roughly flat from a year ago.
- Tier 1 risk-based capital was 13.5 percent, and total risk-based capital was 14.8 percent as of Sept. 30.
BancorpSouth held the No. 7 position for deposit market share in the five-county Springfield metropolitan statistical area, according to Federal Deposit Insurance Corp. data released Oct. 2. As of June 30, the company's deposits in the metropolitan area were $307.9 million, representing roughly 3.9 percent of the market, according to
Springfield Business Journal archives.
As of Sept. 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.
As of 10:45 a.m., the company's shares were trading at $13.95, compared to a 52-week range of $8.57 to $15.69.[[In-content Ad]]
