BancorpSouth, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2015
January 25, 2016 at 04:30 pm
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BancorpSouth, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company announced total interest revenue of $118,050,000 compared to $114,237,000 for the same period a year ago. Net interest revenue was $111,230,000 compared to $106,445,000 for the same period a year ago. Income before income taxes was $30,265,000 compared to $39,912,000 for the same period a year ago. Net income was $21,169,000 or $0.22 per basic and diluted share compared to $28,660,000 or $0.30 per basic and diluted share for the same period a year ago. Net operating income was $31,423,000 compared to $28,662,000 for the same period a year ago. Fourth quarter results were impacted by elevated non-interest expense, particularly related to the legal settlement. Return on average assets was 0.61% compared to 0.87% for the same period a year ago. Return on average shareholders' equity was 5.09% compared to 7.05% for the same period a year ago. Return on tangible equity was 6.25% compared to 8.81% for the same period a year ago. Book value per share was $17.58 compared to $16.69 for the same period a year ago. Tangible book value per share was $14.27 compared to $13.40 for the same period a year ago.
For the full year, the company announced total interest revenue of $464,378,000 compared to $450,257,000 for the same period a year ago. Net interest revenue was $435,682,000 compared to $416,662,000 for the same period a year ago. Income before income taxes was $186,739,000 compared to $167,402,000 for the same period a year ago. Net income was $127,491,000 or $1.33 per basic and diluted share compared to $116,750,000 or $1.21 per diluted share for the same period a year ago.
For the fourth quarter ended December 31, 2015, the company announced net charge-offs of $6,551,000 compared to $1,507,000 for the same period a year ago.
Cadence Bank (the Bank) is a regional banking franchise with approximately 350 branch locations across the South and Texas. The Bank provides consumers, businesses, and corporations with a range of banking and financial solutions. The Bank's services and products include consumer banking, consumer loans, mortgages, home equity lines and loans, credit cards, commercial and business banking, treasury management, specialized lending, asset-based lending, commercial real estate, equipment financing, correspondent banking, small business administration (SBA) lending, foreign exchange, wealth management, investment and trust services, financial planning, retirement plan management. The Bank offers baking solution in checking accounts, savings accounts, mortgages, investment management, credit cards, online and mobile banking, debit cards, treasury management, wealth management, trusts, business loans, business online banking, and merchant services.
BancorpSouth, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2015