BancorpSouth (BXS) announced Monday financial results for the first quarter including net income of $20.8 million, or 22 cents per share.

Mortgage production accounted for $425.9 million and mortgage sales totaled $445.9 million, contributing to mortgage lending revenue of $12.3 million for the quarter.

Additionally, the company posted a positive mortgage servicing rights valuation adjustment of $1 million.