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BancorpSouth's net interest margin bumps up in Q3

Tupelo, Miss.-based BancorpSouth Inc. on Oct. 18 posted a 4.5% year-over-year increase in third-quarter results.

Net income climbed to $39.5 million, or 43 cents per share, from net income of $37.8 million, or 40 cents per share, a year earlier.

The S&P Capital IQ consensus normalized EPS estimate was 42 cents.

The bank's fully taxable-equivalent net interest margin for the quarter was 3.58%, up from 3.52% in the linked quarter and up from 3.51% a year ago.

The bank recorded a provision for credit losses of $500,000, compared to $1 million in the previous quarter and no provision a year earlier.

Net charge-offs totaled $2.6 million, compared to net charge-offs of $4.6 million in the preceding quarter and net charge-offs of $1.0 million in the year-ago quarter.

At the end of the third quarter, nonperforming assets totaled $71.0 million, compared to $79.4 million in the linked quarter and down from $102.3 million a year ago.