Tupelo, Miss.-based BancorpSouth reported Monday (April 20) that first quarter net income reached $32.2 million, up 13.3% compared to the 28.4 million in the first quarter of 2014. The earnings of 33 cents per share was on target with the consensus of analyst estimates.
Net interest revenue was $106.1 million for the first quarter, up 4.5% compared to the 2014 quarter. Noninterest revenue was $73.3 million, better than the $66.5 million for the first quarter of 2014.
“We are pleased to report quarterly results that reflect continued improvement in profitability and core operating performance. Earnings for the quarter benefited from growth in our noninterest products. Our insurance team generated $33.5 million of commission revenue, which is the largest quarterly insurance commission revenue total in our Company’s history,” Dan Rollins, chairman and CEO, said in the earnings statement issued after the markets closed.
Earnings were adversely impacted by a $5.5 million increase to the litigation reserve for probable losses related to certain ongoing legal matters.
BancorpSouth, Inc. is a financial holding company headquartered in Tupelo, Miss., with $13.6 billion in assets. The company operates 284 commercial banking, mortgage, and insurance locations in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in Illinois.
Company shares (NYSE: BXS) closed Monday at $24.70, up 28 cents. During the past 52 weeks the share price has ranged from a $25.43 high to a $19.22 low.