TUPELO, Mississippi — BancorpSouth Inc. is reporting a rise in net income of more than 15 percent to $28.8 million in the third quarter, as loans and insurance commission revenue increased.
In the third quarter of 2013, BancorpSouth earned $24.9 million, or 26 cents a share.
BancorpSouth also reported pretax costs of $3.1 million related to Bank Secrecy Act and anti-money laundering compliance weaknesses that have delayed its merger with two banks.
In July, the company said it needed additional time to complete its mergers with Ouachita Bancshares Corp. of West Monroe, Louisiana, and Central Community Corp. of Temple, Texas. BancorpSouth had announced the deals in January and had expected their completion by June 30 of this year.
The merger agreements have been extended to June 30, 2015.