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BancorpSouth’s earnings dip

Tupelo — During the second quarter of 2009, BancorpSouth Inc. recorded net income of $33.9 million, or $0.41 per diluted share, compared to $40.1 million, or $0.49 per diluted share, for the second quarter of 2008.

The financial institution also reported growth of net loans and leases by 3 percent from the second quarter of 2008, non-performing loans of 1.00 percent of loans and leases and annualized net charge-offs of 0.55 percent of average loans and leases. It saw record mortgage loan originations, with mortgage lending revenue, excluding mortgage servicing rights valuation adjustment, more than doubling year over year.

“As our second quarter financial results demonstrate, BancorpSouth continued to perform well in this difficult economic environment,” said Aubrey Patterson, chairman and CEO of BancorpSouth. “In our traditional banking business, the strengths of both our market position and operating fundamentals were evident as our loan portfolio continued to experience modest growth, the net interest margin remained stable, net interest revenue increased and credit quality remained strong. In addition, non-interest revenue continues to provide greater revenue diversification, while mitigating the impact of interest rate volatility.

In a separate item, the board of directors declared a quarterly cash dividend of $0.22 per common share. The dividend is payable Oct. 1, 2009 to shareholders of record at the close of business Sept. 15, 2009.

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