BancorpSouth (NYSE:BXS) announced its results for the first quarter after the market closed today and it saw its earnings per share jump from $0.22 through the first three months of 2013 to $0.30 per share in 2014.
The regional bank highlighted it saw nearly $111 million in loan growth, which represented an annualized rate of 5%, the fourth quarter in a row in which it added to its total loan count. In addition its deposits grew by almost 1.5%, or $38 million.
BancorpSouth saw its net interest revenue increase from $98.1 million to $101.5 million, but it also saw its provision for credit losses -- what it anticipates it will lose on its loans -- fall from $4 million to $0. As a result, its net interest revenue jumped from $94.1 million to the previously mentioned $101.5 million, an increase of almost 7.5%. Its noninterest revenue was down approximately $5 million as a result of a decline in mortgage lending.
Expenses at the Tupelo, Miss.-headquartered bank fell by $8.6 million or 6.4% to $126.7 million from the first quarter of 2013 to 2014. This, plus its total gain in revenue resulted in its income before taxes rising from $30 million to $41.3 million.
"Our financial results continue to benefit from the daily efforts of our people to grow our Company and to improve operating performance," remarked the CEO of BancorpSouth, Dan Rollins, in the earnings release. "We are also excited about the opportunities presented by the two bank transactions that we announced during the quarter."
In January BancorpSouth announced it would be acquiring Ouachita Independent Bank based out of Monroe, La., and Austin, Texas-based Central Community Corporation. These two banks will add approximately $1.6 billion in deposits to the bank.
"We believe that the financial results for the first quarter and the transaction announcements that we have made reflect progress toward the goals that have been communicated," Rollins concluded. "Additionally, we anticipate that the recent transactions that have been announced, both the bank and the insurance businesses, will provide us with additional resources to achieve our growth goals while also allowing us to better leverage our current operating structure."
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