JACKSON, Miss. -- Deposit Guaranty Corp. said its net income for the second quarter will be positively affected by an approximately $11 million reduction in the reserve for possible loan losses.
The move will result in more than $7 million being added to second-quarter net income, according to Arlen McDonald, chief financial officer of the $5 billion-asset banking company, the largest based in Mississippi.
The company said it had excess reserves following improvements in credit quality and in the Shreveport, La., economy, which directly affects its Commercial National Bank subsidiary.
