BancorpSouth Profit Up 61 Percent in 2nd Quarter

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BancorpSouth Inc. reported net income of $20.62 million, or 22 cents per share, for the second quarter, compared to $12.83 million, or 15 cents per share, in the same period a year ago.

The Tupelo, Miss.-based financial holding company, which has 11 offices in Northwest Arkansas, beat the average earnings estimate of 20 cents per share from 10 analysts surveyed by Thomson Reuters.

The company’s shares have traded between $8.23 and $15.29 over the past year on the New York Stock Exchange.

Total assets for the quarter, which ended June 30, were $13.1 billion, compared to $13.4 billion a year earlier.

The results “reflect another successful quarter in terms of improving profitability and asset quality,” chairman and CEO Aubrey Patterson said in a news release. “Earnings for the quarter reflect continued decreases in credit costs as nonperforming loans, classified asset totals and other credit quality metrics, including recoveries of previously charged-off loans, continue to improve.”

Earnings benefited from a reduction in the provision for credit losses from $32.2 million in the second quarter of 2011 to $6 million in the second quarter of 2012, the release stated.