BancorpSouth’s income declines

TUPELO — BancorpSouth’s net income for the third quarter of 2009 was $21.5 million, or $0.26 per diluted share, compared with $28.3 million, or $0.34 per diluted share, for the third quarter of 2008.

Annualized net charge-offs of 0.68 percent of average loans and leases and non-performing loans and leases of 1.14 percent of total loans and leases.

Aubrey Patterson, chairman and CEO of BancorpSouth, said, “BancorpSouth’s third quarter results reflect a strong and stable net interest margin, well controlled expenses and solid operating performance in an otherwise difficult operating environment. The sustained profitable performance of our company throughout this recent economic downturn continues to validate our deliberate and conservative long-term approach in managing through this business cycle. With a strong capital base, high-quality assets and solid banking franchise, we remain confident that we are well positioned to manage through this period and continue operating a business plan that will result in achieving our long-term objectives.