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BancorpSouth Bank (NYSE: BXS) has appointed Charlotte N. Corley as a new director, effective October 28, 2020. Corley, a former commissioner of the Mississippi Department of Banking and Consumer Finance, brings over 34 years of experience in banking. During her tenure, state-chartered bank assets in Mississippi grew nearly 50%, from $60 billion in 2014 to $90 billion in 2019. She is expected to contribute significantly to the company’s growth, while BancorpSouth operates approximately $24 billion in assets and around 310 branches across multiple states.
BancorpSouth Bank (NYSE: BXS) declared quarterly cash dividends of $0.19 per share for common stock and $0.34375 for Series A Preferred Stock during its quarterly meeting on October 28, 2020. The common dividend marks a 2.7% increase from the previous payment on October 1, 2020, with a payment date set for January 4, 2021. The preferred stock dividend will be paid on November 20, 2020. Additionally, the bank reported a net income of $71.5 million for Q3 2020.
BancorpSouth Bank (NYSE: BXS) reported a record net income of $71.5 million for Q3 2020, equating to $0.69 per diluted share, up from $63.8 million in Q3 2019. Net interest revenue rose 5.6% year-over-year to $175.9 million. Pre-tax pre-provision net revenue also hit a record at $110.0 million. However, a credit loss provision of $15.0 million was recorded, influenced by prolonged recovery forecasts due to COVID-19. Despite these challenges, total deposits grew by $174.9 million.
BXS Insurance, a subsidiary of BancorpSouth Bank (NYSE: BXS), has acquired the assets of Alexander & Sanders Insurance Agency, enhancing its risk management services in Louisiana. Founded in 1958, Alexander & Sanders specializes in professional liability insurance and will continue operations from BXS's Baton Rouge office. This acquisition is aimed at strengthening BXS's construction practice and offering expanded solutions to clients. Both Wyatt and Justin Sanders express confidence in the partnership, highlighting its potential to enhance service offerings.
BancorpSouth Bank (NYSE: BXS) has promoted Ty Lambert to senior executive vice president and chief risk officer, making him a member of the Management Committee. Lambert joined BancorpSouth in 2006 and has held several management roles, including director of treasury analytics. As chief risk officer, he will oversee functions to identify and mitigate key risks. BancorpSouth, based in Tupelo, Mississippi, has approximately $23 billion in assets and operates around 310 full-service branches across multiple states.
BancorpSouth Bank (NYSE: BXS) will announce its third-quarter 2020 earnings on October 19, 2020, after market close. A webcast of the management's conference call will take place on October 20, 2020, at 10:00 a.m. CDT, providing an interactive session for analysts and observers. With approximately $23 billion in assets, BancorpSouth operates about 310 full-service branches across several states, emphasizing a culture of diversity and inclusion.
BXS Community Fund LLC, a subsidiary of BancorpSouth Bank (NYSE: BXS), donated $65,800 to Sally Kate Winters Family Services, supporting its emergency shelter and social services for youth in Mississippi. This contribution aims to enhance support for children who have been abused, neglected, or are homeless. BancorpSouth has a longstanding commitment to community welfare, partnering with organizations that improve local lives. The donation reinforces the bank's dedication to children's well-being in North Mississippi and highlights its role in fostering community prosperity.
BXS Community Fund LLC, a subsidiary of BancorpSouth Bank (NYSE: BXS), has donated $200,000 to the Oseola McCarty Youth Development Center in Hattiesburg, Mississippi. This nonprofit organization supports educational and recreational services for youth from kindergarten to 12th grade. The funds will enhance programs aimed at helping children reach their full potential. BancorpSouth's commitment to community support is evident in its history of partnering with local organizations to foster growth and development.
BXS Insurance, Inc., a subsidiary of BancorpSouth Bank (NYSE: BXS), has been recognized as one of the "Best Places to Work in Insurance" by Business Insurance magazine for the second consecutive year. This award highlights the company's commitment to fostering an engaging workplace where employees can achieve their potential. Markham McKnight, CEO, emphasized the resilience of employees during challenging times. The award process involved comprehensive assessments of workplace policies and employee satisfaction, featuring 75 top companies in the insurance sector.
