July 23, 2013 8:50:00 AM
TUPELO -- Regional bank BancorpSouth Corp. said profit in 2013's second quarter rose less than 1 percent from the same three months of 2012, as an early-retirement buyout drove up costs.
BancorpSouth posted quarterly profit of $20.8 million, or 22 cents per share Tuesday, up from $20.6 million or 22 cents per share in 2012's second quarter. Without a $10.9 million charge for the buyouts, earnings would have risen by 7 cents per share.
Analysts polled by FactSet had estimated 24 cents per share, on average.
BancorpSouth said it would also redeem $125 million trust preferred securities in the third quarter, using $75 million in cash and borrowing $50 million. Redeeming the securities is projected to save $9.1 million a year in interest costs.
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