BancorpSouth reports second quarter gains

By State Wire Reports

TUPELO – BancorpSouth’s net income in 2012’s second quarter rose 61 percent from the same three months of 2011, as the bank set aside less money to Cover future loan losses.
Tupelo-based BancorpSouth Inc. on Monday posted second- quarter net income of $20.6 million, or 22 cents per diluted share.
The results, for the quarter ended June 30, beat analysts’ estimates of 20 cents per share, according to FoxBusiness.com.
The earnings are an increase from net income of $12.8 million, or 15 cents per diluted share, for the second quarter of 2011.
“We are pleased to report results that reflect another successful quarter in terms of improving profitability and asset quality,” said Aubrey Patterson, chairman And CEO of BancorpSouth, in a press release.
BancorpSouth reported net income for the first six months of $43.5 million, or 47 cents per diluted share, compared with $12.3 million, or $0.15 per diluted share, For the first half of 2011.
The company said earnings were helped out by a reduction in the provision for credit losses to $6 million compared to $32.2 million for the second quarter of 2011.
Non-performing loans declined $112.9 million, or 29.7 percent, from $379.8 million at the end of the second quarter of last year.