BancorpSouth earnings rise slightly

Tupelo, Miss.-based BancorpSouth Inc. (NYSE: BXS) increased its bottom line slightly, by 0.6 percent, in the second quarter.

The bank holding company recorded profits of $20.8 million for the quarter that ended June 30, 2013, up from net income of $20.6 million in the same quarter of 2012, according to a July 22 news release.

BancorpSouth, which operates six branches in Springfield, posted second-quarter diluted earnings per share of 22 cents, flat from the corresponding quarter a year ago.

“Much progress was made during the second quarter toward improving our cost structure and turning our attention toward growth,” BancorpSouth CEO Dan Rollins said in the release, adding the company has worked to redeem trust preferred securities and institute a voluntary early retirement program. "These two initiatives are expected to result in annual savings of more than $18 million for our company."

Second-quarter financial highlights:

• Mortgage production reached $435 million, with mortgage sales of $424.4 million contributing to mortgage lending revenue of $17.9 million for the quarter.
• The company generated net loan growth of $97.2 million. Rollins noted BancorpSouth posted quarter-to-quarter loan growth for the first time in more than three years.
• Provision for credit losses was cut in half to $3 million from $6 million in the same quarter a year ago.

As of June 30, BancorpSouth reported assets of $13.2 billion and deposits of $11 billion. The company operates 292 commercial banking, mortgage, insurance, trust and broker/dealer locations in eight states including Missouri, and an insurance office in Illinois, according to the release.

BXS shares were trading at a 52-week high of $20.19 as of 9:11 a.m. The company's 52-week low is $12.55.