The Signature Bank merger propels BancorpSouth earnings

The Tupelo, Miss.-based company’s net income for the year was up 10.2 percent to $137.9 million, from $125.2 million in 2006. The year’s earnings per share were $1.69, up 7.6 percent from $1.57 a year earlier.

Quarterly net income increased 14.8 percent to $32.2 million, from $28.1 million in fourth-quarter 2006, and earnings per share grew 11.4 percent to 39 cents, compared to 35 cents a year ago.

“BancorpSouth stood out in a year during which an uncertain economy and an expanding credit crisis significantly affected many financial institutions,” CEO and chairman Aubrey Patterson said in a news release. “We attribute a significant portion of the company’s growth for 2007 to the acquisition of The Signature Bank. … We focus on markets with diverse economies that produce steady, significant growth and that can perform consistently throughout the economic cycle.”

BancorpSouth closed last March on its merger with The Signature Bank, which was based in Springfield and had six local branches.

Total assets as of Dec. 31 were up 9.6 percent to $13.2 billion, deposits were up 3.6 percent to $10.1 billion, and loans and leases increased 16.6 percent to $9.2 billion.

Also Wednesday, BancorpSouth declared a 21-cent quarterly dividend on common shares. It is payable April 1 to shareholders of record on March 14.

Shares (NYSE: BXS) closed Wednesday at $22.64 and were trading up at $22.79 as of 10 this morning. The 52-week range is $19.01 to $26.50.