BancorpSouth profit rises as loan losses subside

By The Associated Press

TUPELO — BancorpSouth says profit in 2012′s second quarter rose 61 percent from the same three months of 2011, as the regional bank set aside less money to cover future loan losses.

The bank said Monday it posted quarterly profit of $20.6 million, or 22 cents per share, up from $12.8 million or 15 cents per share in 2011′s second quarter.

Analysts polled by FactSet had estimated 20 cents per share, on average.

The bank said it originated $444 million in mortgages in the quarter, bolstering revenue from that business despite having to write off $3.8 million because of lower mortgage servicing rights values.

The bank’s loans continued to fall, as did interest revenue.

Based in Tupelo, the $13.1 billion bank has offices in Mississippi, Alabama, Arkansas, Florida, Louisiana, Missouri and Tennessee.

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