BancorpSouth, Inc. Announces Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter of 2016
January 25, 2017 at 09:30 pm
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BancorpSouth, Inc. announced unaudited consolidated financial results for the fourth quarter and full year ended December 31, 2016. The company reported net income of $37.7 million, or $0.40 per diluted share, for the fourth quarter of 2016 compared with net income of $21.2 million, or $0.22 per diluted share, for the fourth quarter of 2015 and net income of $37.8 million, or $0.40 per diluted share, for the third quarter of 2016. The company reported net operating income excluding MSR of $30.7 million, or $0.33 per diluted share, for the fourth quarter of 2016 compared to $29.6 million, or $0.31 per diluted share, for the fourth quarter of 2015 and $36.7 million, or $0.39 per diluted share, for the third quarter of 2016. Net interest revenue was $115.387 million against $111.230 million a year ago. Income before income taxes was $55.843 million against $30.265 million a year ago. Return on tangible equity was 10.70% against 6.25% a year ago. Return on average assets was 1.02% against 0.61% a year ago. Return on average shareholders' equity was 8.69% against 5.09% a year ago.
Additionally, the company reported net income of $132.7 million, or $1.41 per diluted share, for the year ended December 31, 2016 compared to $127.5 million, or $1.33 per diluted share, for the year ended December 31, 2015. Additionally, the company reported net operating income excluding MSR of $141.4 million, or $1.50 per diluted share, for the year ended December 31, 2016 compared to $138.4 million, or $1.44 per diluted share, for the year ended December 31, 2015. Net interest revenue was $453.452 million against $435.682 million a year ago. Income before income taxes was $196.444 million against $186.739 million a year ago. Return on tangible equity was 9.47% against 9.50% a year ago. Return on average assets was 0.93% against 0.94% a year ago. Return on average shareholders' equity was 7.80% against 7.71% a year ago. Book value per share was $18.40 against $17.58 a year ago. Tangible book value per share was $14.95 against $14.27 a year ago.
Net charge-offs for the fourth quarter of 2016 were $3.2 million, compared with net charge-offs of $6.6 million for the fourth quarter of 2015.
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 Financial Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter of 2016