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.
1. Supervisors approve legal, hospital consultant's contracts STARKVILLE & OKTIBBEHA COUNTY
2. Mayoral candidate faces lunacy hearing COLUMBUS & LOWNDES COUNTY
3. No one charged after child left alone at hotel COLUMBUS & LOWNDES COUNTY
4. Veterinarian questions eagle's cause of death COLUMBUS & LOWNDES COUNTY
5. Jackson enters Ward 4 council race COLUMBUS & LOWNDES COUNTY