BancorpSouth earnings send stock to 52-week high

BancorpSouth Inc. (NYSE: BXS) shares reached a 52-week high of $21.69 this morning on news of its third-quarter net income bump.

The figure set today trumps a 52-week high of $21.42 recorded yesterday when the company's earnings report was released. The company's 52-week low is $12.55.

The Tupelo, Miss.-based bank holding company operating six BancorpSouth branches in Springfield posted third-quarter earnings of $24.9 million, a 4.3 percent increase from $23.8 million in the same quarter a year ago, according to a news release.

BancorpSouth recorded earnings per share of 26 cents during the quarter ended Sept. 30, a 1-cent increase from third-quarter 2012.

Third-quarter financial highlights:

• The company generated net loan growth of $94.4 million, representing the second quarter of growth in the sector.
• Salaries and employee benefits declined $4.8 million, due largely to a 54 percent acceptance rate of BancorpSouth's early retirement program announced in May. Among the participants was Springfield employee Dave Kunze, BancorpSouth's Missouri division president, who was slated to retire Oct. 1.
• Net interest revenue was $100.2 million last quarter, a 3 percent decrease from $103.4 million in the same quarter a year ago.

BancorpSouth ranked No. 8 in deposits held in the Springfield metropolitan statistical area as of June 30, according to the Federal Deposit Insurance Corp.’s Deposit Market Share Report released Sept. 30. The company held $297.7 million in local deposits, for a 3.7 percent market share in the five-county region.

As of Sept. 30, BancorpSouth reported assets of $12.9 billion and deposits of $10.7 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.