BancorpSouth’s profits rise to $39.5M

Tupelo, Mississippi-based BancorpSouth Inc. (NYSE: BXS) reported an increase in profitability at the conclusion of 2017’s third quarter.

Net income rose 4.5 percent to $39.5 million, or 43 cents per diluted share, from $37.8 million, or 40 cents per diluted share, in third-quarter 2016, according to a news release.

"We have consistently communicated our teammates' commitment to the communities we serve as well as our priority to meet or exceed all regulatory requirements and expectations,” said Dan Rollins, chairman and CEO of BancorpSouth, in the release.

Third-quarter financial notes:
    •    Net interest revenue rose 5.2 percent to $120.6 million.
    •    Provision for credit losses was $500,000, compared with no provision a year earlier.
    •    The company repurchased 699,888 shares at an average price of $28.99, for an investment of roughly $20.3 million.

As of Sept. 30, BancorpSouth — which operates six branches in Springfield — held $14.8 billion in assets and $11.8 billion in deposits, according to the release.

BXS shares were trading at $32.30 as of 8:40 a.m., just below a 52-week high of $32.70. The company’s 52-week low is $22.85.