Insurance was the biggest non-interest revenue generator for BancorpSouth in the first quarter of 2013, the Tupelo, Miss.-based financial holding company announced this week.
Revenue from insurance commissions totaled $26.6 million, up 15.1% from the same quarter a year ago and up 29.9% from the previous quarter. Insurance commissions represented 37% of the companys total non-interest revenue.
Trust income was also up dramatically from a year ago. The company earned $3.21 million in trust income in the first quarter, up 40.7% from the year-ago quarter.
Results for the first quarter reflect solid performance from our noninterest lines of business, particularly mortgage and insurance, Bancorp Souths CEO Dan Rollins said in a statement.
Overall, the company had a weak quarter. The company earned $20.8 million, or 22 cents per diluted share, for the first quarter of 2013, down 9.2% from $22.9 million, or 25 cents per diluted share, for the same quarter in 2012.
BancorpSouth is the parent of BancorpSouth Bank, which operates 292 commercial banking, mortgage, insurance, trust and broker/dealer locations in Alabama, Arkansas, Florida, Illinois, Louisiana, Mississippi, Missouri, Tennessee and Texas.