BancorpSouth Bank (BXS) on Monday reported first-quarter net income of $24.3 million.
The Tupelo, Mississippi-based bank said it had earnings of 21 cents per share. Earnings, adjusted for non-recurring costs, came to 33 cents per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 23 cents per share.
The bank posted revenue of $278.6 million in the period. Its revenue net of interest expense was $244 million, also beating Street forecasts. Four analysts surveyed by Zacks expected $243.9 million.
BancorpSouth shares have dropped 35% since the beginning of the year. In the final minutes of trading on Monday, shares hit $20.57, a drop of 31% in the last 12 months.
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