Home Financial BancorpSouth, Inc. (NYSE:BXS)

BancorpSouth, Inc. (NYSE:BXS)

7
0
SHARE

On Thursday, Shares of BancorpSouth, Inc. (NYSE:BXS), added 3.90% and closed at $30.65 in the last trading session. The last trading range of the stock ranges between $29.65 and $30.70. BancorpSouth, Inc. (BXS) recently declared financial results for the quarter ended March 31, 2017.

Highlights for the first quarter of 2017 included:

Net income of $38.1 million, or $0.41 per diluted share.

Generated total deposit growth of $354.7 million, or 12.3 percent on an annualized basis.

Net interest margin remained stable at 3.46 percent.

Earnings benefitted from a positive pre-tax mortgage servicing rights (“MSR”) valuation adjustment of $0.9 million.

Net operating income – apart from MSR – of $36.9 million, or $0.39 per diluted share.

Credit quality remained stable; recorded provision for credit losses of $1.0 million for the quarter.

Total operating expense declined contrast to both the first and fourth quarters of 2016 and operating efficiency ratio – apart from MSR – declined to 68.4 percent.

Repurchased 1,613,691 shares of outstanding common stock at a weighted average price of $30.62 per share.

The Company stated net income of $38.1 million, or $0.41 per diluted share, for the first quarter of 2017 contrast with net income of $22.5 million, or $0.24 per diluted share, for the first quarter of 2016 and net income of $37.7 million, or $0.40 per diluted share, for the fourth quarter of 2016.

The Company stated net operating income – apart from MSR – of $36.9 million, or $0.39 per diluted share, for the first quarter of 2017 contrast to $36.9 million, or $0.39 per diluted share, for the first quarter of 2016 and $30.7 million, or $0.33 per diluted share, for the fourth quarter of 2016.  Net operating income – apart from MSR – is a non-GAAP financial measure used by administration to assess the core operating performance of the Company.  This measure excludes items such as securities gains and losses, MSR valuation adjustments, restructuring charges, merger-related expenses, industry-related legal settlements, and other one-time charges.  A full reconciliation of this measure is offered in the supplemental plans of this news release.

“Our first quarter results reflect consistent improvement in our financial results, highlighted by continued balance sheet growth, disciplined expense control, and continued share repurchase activity,” remarked Dan Rollins, Chairman and Chief Executive Officer.  “We stated deposit growth for the quarter of $354.7 million, or 12.3 percent on an annualized basis.  While first quarter is typically seasonally high for deposit growth, this growth is reflective of our teammates’ continued commitment to broadening customer relationships and growing core deposits.  Total operating expenses declined contrast to both the first and fourth quarters of 2016, resulting in a decline in the operating efficiency ratio – apart from MSR – to 68.4 percent.  Finally, we continue to be active in our share repurchase program, as we repurchased just over 1.6 million shares during the quarter at a weighted average price of $30.62 per share.”

“In Addition To, our net interest margin remained stable at 3.46 percent contrast to the fourth quarter of last year.  Yields on both our loan portfolio and securities portfolio raised during the quarter while our average cost of deposits remained flat.  This benefit to our margin was offset by a shift in our asset mix, which resulted from increases in lower yielding assets, counting overnight investments and securities.”

Analyst recommendation for this stock stands at 2.80.