BancorpSouth posts 10 cents per share in 1Q earnings

BancorpSouth Inc. (NYSE: BXS) posted first-quarter earnings of 10 cents per diluted share, the bank announced in its Thursday earnings release.

Net income for the quarter totaled $8.4 million, up from a loss of $2.1 million in the fourth quarter of 2009 but down from the $29.5 million in the first quarter of last year.

The Tupelo, Miss.-based bank's net interest margin increased to 3.88 percent, its highest level since first-quarter 2003. Net interest revenue was $111.9 million for the first quarter, up 1.8 percent from $109.9 million a year earlier.

"BancorpSouth has operated effectively in a stressful economic environment that has continued to challenge the financial services industry," Chairman and CEO Aubrey Patterson said in the release. "As throughout 2009, our new loan production for the first quarter of 2010 essentially offset loan runoff."

BancorpSouth assets totaled $13.3 billion as of March 31 and loans of $9.9 billion. Shares of company stock closed Thursday at $23.25, compared to a 52-week range of $17.55–$25.30.