TUPELO – BancorpSouth saw its first-quarter net income rise 13.7 percent to $32.3 million, or 33 cents a share, and it also refiled applications to merge with two banks.
On Monday, the Tupelo-based financial holding company and parent of BancorpSouth Bank said it was moving ahead with its merger with Ouachita Bancshares Corp. of West Monroe, Louisiana, and Central Community Corp., of Temple, Texas.
BancorpSouth had announced the deals in January of last year, but pulled the applications in July as its procedures, systems and processes related to some of its compliance programs, including its Bank Secrecy Act and anti-money-laundering programs, were being reviewed by federal regulators.
“We are extremely pleased to have the consent order related to BSA and AML compliance lifted,” said BancorpSouth Chairman and CEO Dan Rollins. “The timely resolution to this matter is reflective of the diligence, effort, and effectiveness our team displayed in dealing with the issue. We are appreciative of the guidance provided by our regulators through this process and their commitment to review our program in such a timely manner.”
As for its first-quarter earnings, BancorpSouth was aided by noninterest revenue growth totaling $73.3 million, compared to $66.5 million a year earlier. Insurance commission revenue totaled $33.5 million, a quarterly record; mortgage lending revenue was $8.6 million and wealth management generated $8.6 million.
Credit and debit card fee revenue was $8.5 million. Net interest revenue grew 4.5 percent to $106.1 million for the quarter. The net interest margin grew from 3.54 percent to 3.56 percent.
Total assets increased from $13.1 billion a year ago to $13.6 million for the period ended March 31. Loans and leases grew from $9.1 billion to $9.7 billion. Total deposits also grew from $10.8 billion to $11.3 billion.
BancorpSouth also said it had consolidated some of its full-service branch offices and now has 240 locations, 17 fewer than a year earlier.