BancorpSouth posts record income in 2019, tops $21 billion in assets

by Talk Business & Politics staff ([email protected]) 476 views 

Tupelo, Miss.-based BancorpSouth, which has significant financial operations in Arkansas, posted record net income of $234.3 million in 2019, above the $221.3 million in 2019. Per share earnings of $2.30 beat the consensus estimate of $2.27.

Total revenue for the year was $1.055 billion, well ahead of the $936.53 million and better than the consensus estimate of $932.72 million.

Fourth quarter net income was $65.8 million, above the $47.1 million during the same period of 2018. Per share earnings of 47 cents missed the consensus estimate of 60 cents. Revenue during the quarter was $278.509 million, above the $274.436 million in the 2018 quarter and better than the $243.09 million consensus estimate.

“We are pleased to report record financial results for 2019,” Dan Rollins, chairman and CEO, said in the earnings statement. “First and foremost, we are excited to pass the $20 billion mark in total assets. This achievement is a tremendous milestone for our Company and a testament to the hard work and success of our teammates in growing our Company both organically and through acquisitions.”

In late September, the bank signed a definitive merger agreement with Texas First Bancshares Inc., expanding BancorpSouth’s presence in growing rural and urban markets in central Texas. Texas First operates six full-service banking offices in the Waco, Texas and Killeen-Temple, Texas metropolitan statistical areas.

During the third quarter, BancorpSouth also completed the acquisitions of Van Alstyne (Texas) Financial Corporation and Panama City, Fla.-based Summit Financial Enterprises Inc. on Sept. 1, and recorded merger-related expenses of $4.1 million for quarter. At the end of the second quarter, Summit Bank and Van Alstyne Financial, operating under the Texas Star name, collectively reported total assets of $905.6 million, total loans of $610.7 million and total deposits of $799.8 million.

Completed mergers with Casey Bancorp, Inc., Merchants Trust, Inc., Van Alstyne Financial Corporation and Summit Financial Enterprises, Inc. contributed $1 billion in loans and $1.3 billion in deposits, the company noted.

Following are other key metrics in the earnings report posted Wednesday (Jan. 22) after the markets closed.
• Total assets as of Dec. 31 were $21.052 billion, above the $18.001 billion at the end of 2018.
• Total deposits as of Dec. 31 were $16.41 billion, above the $14.069 billion at the end of 2018.
• The value of non-performing loans as of Dec. 31 totaled $118.257 million, above the $106.024 million at the end of 2018.
• Return on assets as of Dec. 31 was 1.23%, down from 1.28% at the end of 2018.
• Return on equity as of Dec. 31 was 9.9%, down from 10.6% at the end of 2018.

BancorpSouth operates 310 full service branch locations and additional mortgage, insurance, and loan production offices in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in Illinois.

The BancorpSouth share price (NYSE: BXS) closed Wednesday at $30.25, down 6 cents. During the past 52 weeks the share price has ranged between $33.45 and $26.47.

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