Bank of Mississippi, the major subsidiary of BancorpSouth, has long been the most profitable large bank in the Magnolia State. This is usually attributed to Bank of Mississippi's above average credit quality and wider, consumer-based net interest margins.

But there's another factor. About 13% of BancorpSouth's annual earnings come from three of Bank of Mississippi's non-bank units: consumer finance, credit insurance, and leasing.

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