Bank sees modest rise in earnings after retirement buy-out
by Associated Press
Published: July 22,2013
TUPELO — Regional bank BancorpSouth Corp. says profit in 2013′s second quarter rose less than 1 percent from the same three months of 2012, as an early-retirement buyout drove up costs.
BancorpSouth posted quarterly profit of $20.8 million, or 22 cents per share Tuesday. That’s up from $20.6 million or 22 cents per share in 2012′s second quarter. Without a $10.9 million charge for the buyouts, earnings would have risen by 7 cents per share.
Analysts polled by FactSet had estimated 24 cents per share, on average.
The bank says loans increased from the first quarter of 2013, the first time loans have grown over the previous quarter in more than three years.
Based in Tupelo, the $13.2 billion bank has offices in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas.
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