BancorpSouth (BXS) Tops Q2 EPS by 1c

July 18, 2018 4:33 PM EDT

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BancorpSouth (NYSE: BXS) reported Q2 EPS of $0.56, $0.01 better than the analyst estimate of $0.55.

Highlights for the second quarter of 2018 included:

  • Record quarterly net income of $54.0 million, or $0.55 per diluted share, which represents an increase of 34 percent on a per share basis compared to the second quarter of 2017.
  • Completed operational integration of Central Community Corporation merger and recorded corresponding merger-related expenses of $1.9 million for the second quarter.
  • Net operating income – excluding MSR – of $55.6 million, or $0.56 per diluted share.
  • Generated net loan growth of $121.3 million, or 4.0 percent on an annualized basis.
  • Net interest margin increased to 3.71 percent from 3.67 percent for the first quarter of 2018.
  • Announced the signing of a definitive merger agreement with Icon Capital Corporation, parent company of Icon Bank of Texas, National Association, headquartered in Houston, Texas.
  • Repurchased 785,877 shares of outstanding common stock at a weighted average price of $31.39 per share.

"We are pleased to report another quarter of record financial performance,\" remarked Dan Rollins, Chairman and Chief Executive Officer. "The increase in our earnings for the quarter was driven by balance sheet growth and improvement in our net interest margin combined with continued strong credit quality and a stable expense base. Our business development efforts yielded net loan growth of $121 million for the quarter, or 4 percent on an annualized basis. We are pleased with these results, particularly given competitive pressures and anticipated runoff associated with our acquired loans. As expected, we experienced a seasonal decline on the deposit side of the balance sheet. Finally, our net interest margin improved to 3.71 percent as we continue to benefit from recent rate hikes."

"Additionally, we continue our efforts to deploy capital in a manner that seeks to maximize shareholder value. We repurchased just over 785,000 shares of our stock at a weighted average price of $31.39 per share during the quarter. We also announced the signing of a definitive merger agreement with Icon Capital Corporation, which has approximately $800 million in assets in the Houston, Texas market. We are excited about the value the Icon team will add to our franchise as we continue to grow."

For earnings history and earnings-related data on BancorpSouth (BXS) click here.

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