BancorpSouth Reports Earnings.TUPELO tupelo, in botany tupelo: see black gum. Tupelo, city, United States Tupelo (t  `pĭlō, ty , Miss.--(BUSINESS WIRE)--Oct. 14, 1997--BancorpSouth Inc.
(NYSE NYSESee: New York Stock Exchange : BXS BXS Brussels Stock Exchange BXS Bronx X-Ray Server ), today reported that net income for the quarter ended Sept. 30, 1997 amounted to $11,601,000 compared to $10,564,000 for the same period of 1996, a 9.8% increase. On a per share basis, net income for the third quarter of 1997 was $0.52, compared to $0.50 for the third quarter of 1996, a 4.0% increase. For the nine months ended Sept. 30, 1997, net income totaled $35,488,000 compared to $31,213,000 in 1996, an increase of 13.7%. On a per share basis, net income amounted to $1.58 in 1997 compared to $1.47 in 1996, an increase of 7.5%. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. and third quarter 1997 earnings per share were reduced by $0.07 and $0.05, respectively, as a result of the marked increase in the company's stock price. The company's stock option plans are subject to accounting rules that require recognition of expense for stock price appreciation. At Sept. 30, 1997, total assets amounted to $3.96 billion, an 11.1% increase over 1996. Total deposits amounted to $3.47 billion at Sept. 30, 1997, an increase of 12.4% over 1996. Loans and lease receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed , net of unearned discount, increased 7.6% to $2.67 billion at Sept. 30, 1997, and shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. totaled $354.7 million, which represented a book value of $15.94 per share. BancorpSouth's stock is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol BXS. -0-
BancorpSouth Inc.
Selected Financial Data
Three Months Nine Months
Ended Ended
Sept. 30, Sept. 30,
1997 1996 1997 1996
(Dollars in thousands except per share amounts)
Earnings summary:
Net interest revenue $40,558 $38,371 $120,577 $111,810
Provision for credit losses 2,476 2,500 6,125 7,004
Noninterest revenue 11,295 9,766 32,746 28,680
Noninterest expense 32,651 30,043 94,954 86,488
Income before income taxes 16,726 15,594 52,244 46,998
Income tax provision 5,125 5,030 16,756 15,785
Net income $11,601 $10,564 $35,488 $31,213
Per share $0.52 $0.50 $1.58 $1.47
Balance sheet data at Sept. 30:
Total assets $3,955,525 $3,560,014
Total earning assets 3,685,061 3,308,337
Loans and lease receivables,
net of unearned discount 2,673,644 2,484,445
Allowance for credit losses 39,187 37,628
Total deposits 3,446,119 3,083,282
Shareholders' equity 354,702 307,392
Book value per share 15.94 14.61
Average balance sheet data:
Total assets $3,899,694 $3,491,154 $3,807,088 $3,416,202
Total earning assets 3,647,171 3,276,792 3,563,606 3,181,793
Loans and lease receivables,
net of unearned discount 2,621,001 2,452,265 2,560,236 2,382,641
Total deposits 3,417,672 3,019,491 3,325,914 2,950,449
Shareholders' equity 348,396 303,251 340,014 296,121
Non-performing assets at Sept. 30:
Non-accrual loans $3,961 $3,672
Loans 90+ days past due 5,131 6,714
Restructured loans 662 76
Other real estate owned 2,841 2,325
Performance ratios:
Return on average assets 1.19% 1.21% 1.24% 1.22%
Return on average equity 13.32% 13.93% 13.92% 14.05%
Net interest margin 4.52% 4.75% 4.65% 4.83%
Average shares outstanding 22,521,319 21,214,037 22,490,721 21,228,361
CONTACT: BancorpSouth Inc., Tupelo L. Nash Allen Al·len , Edgar 1892-1943. American anatomist who is noted for his studies of hormones and for the discovery (1923) of estrogen. Jr., 601/680-2330 Gary Gary, city (1990 pop. 116,646), Lake co., NW Ind., a port of entry on Lake Michigan; inc. 1909. Gary was founded by the U.S. Steel Corporation, which purchased the land in 1905 and landscaped it for a city. C. Bonds, 601/680-2332 |
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