BancorpSouth profit surges as mortgage fees boom

By The Associated Press

TUPELO — BancorpSouth says profit in 2012’s third quarter doubled from the same three months of 2011, as mortgage fees rose and the bank set aside less money for future loan losses.

The bank said Thursday it posted a quarterly profit of $23.8 million, or 25 cents per share, up from $11.9 million or 14 cents per share in 2011’s third quarter.

The bank said it originated a record $608 million in mortgages in the quarter, taking $16.8 million in fees. However, the bank wrote off $3.2 million because of lower mortgage servicing rights values.

BancorpSouth set aside $6 million in the second quarter to cover future bad loans, down from $25 million in 2011’s third quarter.

The $13.2 billion bank has offices in Mississippi, Alabama, Arkansas, Florida, Louisiana, Missouri and Tennessee.