BancorpSouth improves 4Q earnings

Tupelo, Miss.-based BancorpSouth Inc. (NYSE: BXS) moved its bottom line up in the fourth quarter, posting $28.7 million in earnings, a 3.5 percent increase compared to $27.7 million a year earlier.

Its diluted share earnings for the quarter ended Dec. 31 improved 1 cent to 30 cents, according to a news release from the company that operates six BancorpSouth branches in Springfield.

Fourth-quarter financial notes:

• The bank’s board of directors authorized a share-repurchase program of up to 6 percent, or 5.8 million shares, of the company’s outstanding common stock through Nov. 30, 2016.
• The company generated net loan growth of $202.4 million, boosting total growth to $754.9 million for the year. “Our fourth-quarter results reflect continued momentum in several key areas of our company’s performance, highlighted by another outstanding quarter of loan production,” Chairman and CEO Dan Rollins said in the release.
• Offsetting figures included a $3.4 million mortgage servicing rights valuation adjustment.

For the year ended Dec. 31, BancorpSouth boosted earnings 24.1 percent to $116.8 million from $94.1 million in 2013. Diluted share earnings rose 22 cents to $1.21, according to the release.

At the end of the year, BancorpSouth’s assets were $13.1 billion and deposits were $10.8 billion. The company operates roughly 300 commercial banking, mortgage and insurance branches in nine states.

BXS shares were trading at $21.09 as of 9:38 a.m., compared to a 52-week range of $19.22 to $26.24.