BancorpSouth Q4 Profit Beats Estimates; To Acquire Central Community Corporation

(RTTNews) - BancorpSouth, Inc. (BXS) reported that its fourth-quarter net income increased to $27.7 million, or $0.29 per share, from $17.0 million, or $0.18 per share, prior year. The company said its earnings for the quarter reflected no recorded provision for credit losses, compared to $6.0 million for the fourth quarter of 2012.

On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of $0.28 for the quarter. Analysts' estimates typically exclude special items.

Net interest revenue was $102.4 million, an increase from $100.9 million, last year. Noninterest revenue was $65.1 million, compared to $70.9 million for the fourth quarter of 2012. Analysts expected revenue of $165.72 million for the quarter.

BancorpSouth, Inc. also announced the signing of a definitive merger agreement with Central Community Corporation, headquartered in Temple, Texas, whereby Central Community Corporation will be merged with and into BancorpSouth, Inc.

BancorpSouth will issue approximately 7.25 million shares of its common stock plus $28.5 million in cash for all outstanding shares of Central Community Corporation capital stock, subject to certain conditions and potential adjustments.

Central Community Corporation is the parent company of First State Bank Central Texas, which is headquartered in Austin, Texas. First State Bank operates 31 full-service banking offices. As of December 31, 2013, Central Community Corporation, on a consolidated basis, reported total assets of $1.3 billion, total loans of $555.5 million and total deposits of $1.1 billion.

BancorpSouth will acquire Central Community Corporation's interest in First State Bank, Central Community Capital Trust 1, and First Central Union Capital Trust 1.