By Jack Weatherly
BancorpSouth Inc. reported net income of $37.8 million, or 40 cents per share for the third quarter, compared with net income of $34.3 million, or 36 cents per share a year earlier.
Net operating income was $36.7 million, or 39 cents a share, one cent lower than the consensus reported by Zacks. Net operating income for the year-earlier period was $37.6 million, or 39 cents per share.
In a release issued this week, Dan Rollins, chairman and chief executive, reassured shareholders again that the latest development in the protracted effort to acquire two banks is “a positive step.”
The Tupelo-based lender and the two banks it seeks to buy, Central Community Corp. of Temple, Texas and Ouachita Bancshares Corp. of West Monroe, La., agreed to extend their efforts to Dec. 31, 2017.
It was the third extension of the agreement reached in 2014. The deal has been blocked by federal regulators. BancorpSouth reached a $10.6 million settlement with the U.S. Consumer Financial Protection Bureau in June over alleged “redlining,” though the bank admitted to no wrongdoing.
BancorpSouth has $14.6 billion assets and operates 236 full-service branches in eight states.
Wall Street does not seem to be concerned with the bank’s regulatory problems.
When BancorpSouth announced on Oct. 14 the delay of the mergers, its stock closed at $22.66 on the New York Stock Exchange.
It closed at $23.15 a week later at $23.15, though down 30 cents from the previous day’s trading.
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