BankcorpSouth is steady in Q3, 4th largest Memphis bank

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No. 2 BancorpSouth Bank

Madeline Faber

Editorial Intern- Memphis Business Journal

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BancorpSouth, Inc. increased performance for Q3 in several key areas like total loans and net interest margins.

Net income available to common shareholders grew to $28.8 million for Q3 of 2014, an increase over $24.9 for Q3 of 2013.

BancorpSouth is the fourth largest Memphis bank according to the Federal Deposit Insurance Corporation's latest Deposit Market Share Report. The bank holds $925,000 in local deposits, giving it 3.9 percent of market share.

Total deposits were flat for September-to-September, staying at $10.7 billion. Savings deposits increased 7.5 percent to $91.6 million over the same period.

BancorpSouth continued to grow loans for the sixth consecutive quarter, with a generated net loan growth of $198.9 million.

Non-performing loans came in at $68.9 million, 1.65 percent lower than $144.3 million of last year.

Net interest margin increased to 3.62 percent in Q3 over 3.45 percent since the same period last year.

Non-interest expenses included $3.1 million related to " remediating Bank Secrecy Act and anti-money-laundering compliance weaknesses." This expense is expected to be a one-time occurrence.

"The primary focus of our efforts during the quarter has been on remediating the regulatory concerns identified regarding our BSA and AML processes. We are pleased with the progress that we have made on these efforts, and our people continue to work diligently to make the necessary improvements," said Dan Rollins, chairman and chief executive officer for BancorpSouth, in a release.

The Tupelo, Mississippi-based bank has $13.1 billion in assets.