For the quarter, the Tupelo-based bank had revenue off $242.03 million, a 13.2% increase compared to a year ago.
Although earnings were impacted by a negative pre-tax mortgage servicing rights valuation adjustment of $4 million, strong mortgage production volume totaling $536.1 million contributed to an increase in mortgage production and servicing revenue to $11.3 million.
“Our third quarter results reflect yet another quarter of record financial performance,” said Dan Rollins, Chairman and Chief Executive Officer.”
Other highlights of the quarter:
• Net interest revenue was $166.6 million, an increase of 17.2 percent from $142.1 million for the third quarter of 2018 and an increase of 4.1 percent from $160.0 million for the second quarter of 2019. The fully taxable equivalent net interest margin was 3.88 percent for the quarter, compared with 3.67 percent for the third quarter of 2018 and 3.87 percent for the second quarter of 2019.
• The net interest margin was 3.76 percent, compared with 3.62 percent for the third quarter of 2018 and 3.79 percent for the second quarter of 2019.
• Deposits increased $889.1 million, which includes deposits totaling $794.2 million acquired as a part of the Summit and Texas Star mergers. Excluding acquired deposits, total deposits increased approximately $94.9 million during the quarter. Deposits have increased $1.96 billion since Dec. 31, 2018.
• Noninterest revenue was $75.4 million, compared with $71.6 million year ago and $66.3 million for the second quarter of 2019.
• Mortgage production and servicing revenue was $11.3 million, up from $5 million for the third quarter of 2018 and $9.2 million for the second quarter of 2019. Mortgage origination volume for the quarter was $536.1 million, compared with $384.8 million for the third quarter of 2018 and $495.5 million for the second quarter of 2019.
• Credit card, debit card, and merchant fee revenue was $9.8 million, compared to $9.9 million for the third quarter of 2018 and $10.2 million for the second quarter of 2019. Deposit service charge revenue was $11.9 million, compared to $11.3 million a year ago. Wealth management revenue was $6.7 million, compared with $6 million last year. Insurance commission revenue was $31.5 million, compared with $31.7 million a year ago.
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