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BancorpSouth earnings fall YOY in Q3

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BancorpSouth earnings fall YOY in Q3

Tupelo, Miss.-based BancorpSouth Bank reported 2019 third-quarter net income of $63.8 million, or 63 cents per diluted share, compared with $66.7 million, or 67 cents per diluted share, in the year-ago quarter.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was 61 cents.

Its net interest margin fully taxable equivalent for the quarter was 3.88%, compared to 3.87% for the prior quarter. The bank also reported net interest margin excluding net accretion on acquired loans and leases of 3.76%, down from 3.79% in the prior quarter.

The bank's provision for credit losses was $500,000, up from no provision in the year-ago quarter.

Total loans were $14.12 billion as of Sept. 30, as compared to $12.45 billion a year ago.

Total deposits were $16.03 billion at the end of the quarter, compared to $15.14 billion as of June 30 and $13.35 billion as of the end of the third quarter of 2018.