TUPELO, Miss., Jan. 27, 2016 /PRNewswire/ -- BancorpSouth, Inc.
(NYSE: BXS) announced today its Board of Directors has authorized a
new stock repurchase program through December 29, 2017 to purchase up to an aggregate
of 7,000,000 shares of BancorpSouth's outstanding common
stock, par value $2.50 per
share. The previous stock repurchase program, which was
scheduled to expire on November 30,
2016, was terminated. Under that program, the Company
repurchased 2,882,000 shares.
The shares may be purchased periodically in open market
transactions at prevailing market prices, in privately negotiated
transactions, or by other means in accordance with federal
securities laws. The actual means and timing of purchase,
target number of shares and maximum price or range of prices under
the program will be determined by management at its discretion and
will depend on a number of factors, including the market price of
BancorpSouth's stock, general market and economic conditions, and
applicable legal and regulatory requirements.
Additionally, the Board of Directors declared a quarterly cash
dividend of $0.10 per common share.
The dividend is payable April 1,
2016 to shareholders of record at the close of business on
March 15, 2016. BancorpSouth
earlier reported net income of $21.2
million, or $0.22 per diluted
share, for the fourth quarter of 2015.
About BancorpSouth, Inc.
BancorpSouth, Inc. is a financial holding company headquartered
in Tupelo, Mississippi, with
$13.8 billion in assets.
BancorpSouth Bank, a wholly-owned subsidiary of BancorpSouth, Inc.,
operates 241 full service branch locations as well additional
mortgage, insurance, and loan production offices in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in
Illinois.
Forward-Looking Statements
Certain statements contained in this news release may not be
based upon historical facts and are "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements may be identified by
their reference to a future period or periods or by the use of
forward-looking terminology such as "anticipate," "believe,"
"could," "estimate," "expect," "foresee," "hope," "intend," "may,"
"might," "plan," "will," or "would" or future or conditional verb
tenses and variations or negatives of such terms. These
forward-looking statements include, without limitation, those
relating to the means by which shares of common stock may be
repurchased pursuant to the stock repurchase program, the factors
to be analyzed by management to determine the timing, number and
value of shares of common stock repurchased pursuant to the stock
repurchase program and the future uses of repurchased shares of
common stock.
The Company cautions readers not to place undue reliance on the
forward-looking statements contained in this news release, in that
actual results could differ materially from those indicated in such
forward-looking statements as a result of a variety of factors.
These factors may include, but are not limited to, the Company's
ability to operate its regulatory compliance programs consistent
with federal, state and local laws, including its BSA/AML
compliance program, when and whether the joint investigation by the
CFPB and the DOJ of the Company's fair lending practices is
resolved by settlement and, if so, on what terms, the ability of
the Company, Ouachita Bancshares Corp. and Central Community
Corporation to obtain regulatory approval of and close the proposed
mergers, the potential impact upon the Company of the delay in the
closings of these proposed mergers, the impact of any ongoing,
pending or threatened litigation, administrative and investigatory
matters involving the Company, conditions in the financial markets
and economic conditions generally, the adequacy of the Company's
provision and allowance for credit losses to cover actual credit
losses, the credit risk associated with real estate construction,
acquisition and development loans, losses resulting from the
significant amount of the Company's OREO, limitations on the
Company's ability to declare and pay dividends, the availability of
capital on favorable terms if and when needed, liquidity risk,
governmental regulation, including the Dodd-Frank Act, and
supervision of the Company's operations, the short-term and
long-term impact of changes to banking capital standards on the
Company's regulatory capital and liquidity, the impact of
regulations on service charges on the Company's core deposit
accounts, the susceptibility of the Company's business to local
economic and environmental conditions, the soundness of other
financial institutions, changes in interest rates, the impact of
monetary policies and economic factors on the Company's ability to
attract deposits or make loans, volatility in capital and credit
markets, reputational risk, the impact of the loss of any key
Company personnel, the impact of hurricanes or other adverse
weather events, any requirement that the Company write down
goodwill or other intangible assets, diversification in the types
of financial services the Company offers, the Company's ability to
adapt its products and services to evolving industry standards and
consumer preferences, competition with other financial services
companies, risks in connection with completed or potential
acquisitions, the Company's growth strategy, interruptions or
breaches in the Company's information system security, the failure
of certain third-party vendors to perform, unfavorable ratings by
rating agencies, dilution caused by the Company's issuance of any
additional shares of its common stock to raise capital or acquire
other banks, bank holding companies, financial holding companies
and insurance agencies, other factors generally understood to
affect the assets, business, cash flows, financial condition,
liquidity, prospects and/or results of operations of financial
services companies and other factors detailed from time to time in
the Company's press and news releases, reports and other filings
with the SEC. Forward-looking statements speak only as of the
date that they were made, and, except as required by law, the
Company does not undertake any obligation to update or revise
forward-looking statements to reflect events or circumstances that
occur after the date of this news release.
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SOURCE BancorpSouth, Inc.