BancorpSouth posts 2Q profit

By The Associated Press

TUPELO — Regional banker BancorpSouth Inc. posted a second-quarter profit — reversing a year-ago loss — as it was able to sharply reduce its reserve for problem loans, the company reported Monday.

For the April-through-June period, BancorpSouth earned $12.8 million, or 15 cents per share, compared with a loss in 2010′s second quarter of $12.6 million, or 15 cents per share.

BancorpSouth broke into the black by cutting its credit loss provision from $62.4 million a year ago to $32.2 million during the last quarter. Nonperforming loans fell from the first quarter of 2011 by $45.2 million to $379.8 million.

Interest revenue rose 0.5 percent from a year ago from $109.3 million to $109.9 million. Loans and leases totaled $9.2 billion, down 4.5 percent from $9.6 million in last year’s second quarter.

Noninterest revenue rose to $75.1 million from $57.1 million a year ago. Credit and debit card fees were up 20.7 percent from a year ago.

The results were released after financial markets closed. In Monday trading, BancorpSouth shares rose 16 cents to close at $12.65. The shares have traded in a 52-week range of $11.57 to $16.75.