Income up in 2013 for BancorpSouth

Tupelo, Miss.-based BancorpSouth, which has operations in the Fort Smith and Northwest Arkansas areas, reported full year net income of $94.115 million, up 11.16% compared to 2012.

For the fourth quarter, net income was $27.698 million, well ahead of the $16.98 million during the fourth quarter of 2013.

Total revenue (interest and non-interest revenue) during the year was $724.573 million, below the $766.573 million during 2012.

“Our results for the fourth quarter are reflective of the commitment that we have made to grow our Company,” CEO Dan Rollins said in a statement. “We are pleased to report net loan growth of almost $185 million, or 8.4 percent on an annualized basis. While we have continued to produce quality credits throughout the cycle, these efforts are becoming more visible as the headwind caused by problem asset runoff continues to subside.” 

Non-performing loans declined from $233.6 million as of Dec. 31, 2012, to $120.4 million as of Dec. 31, 2013. Also, non-performing assets fell from $336.8 million at the end of 2012 to $189.7 million at the end of 2013.

The bank holding company also announced an agreement to acquire Temple, Texas-based Central Community Corporation. Central is the parent company of First State Bank Central Texas which is based in Austin, Texas, and operates 31 locations in central Texas. As of Dec. 31, 2013, Central Community had total assets of $1.3 billion, total loans of $555.5 million and total deposits of $1.1 billion.

BancorpSouth will issue 7.25 million shares and pay $28.5 million to acquire Central Community.

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BancorpSouth shares (NYSE: BXS) opened Thursday (Jan. 23) at $25.07. During the past 52 weeks the share price has ranged from a $25.54 high to a $14.14 low.

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