BancorpSouth reports Q2 operating EPS 61c, consensus 61c
"We are pleased to report record net operating income - excluding MSR - for the second quarter of 2019," remarked Dan Rollins, Chairman and Chief Executive Officer. "While the negative MSR asset valuation adjustment adversely impacted our GAAP earnings, strong organic balance sheet results contributed to record net operating income - excluding MSR - of $62.0 million, or $0.61 per diluted share, for the second quarter. We are particularly proud of the efforts of our bankers on both sides of the balance sheet. We reported organic loan growth of approximately $170 million, or 5.2 percent annualized, while deposits were essentially flat on an organic basis in a quarter that typically experiences significant runoff of public fund balances. Despite the MSR headwind, our mortgage team had a great quarter as well. The current rate environment as well as seasonal increases in home purchase activity contributed to mortgage production and servicing revenue of $9.2 million for the quarter."