BancorpSouth Earnings Cheat Sheet: Swings to a Quarterly Loss

BancorpSouth Inc (NASDAQ:BXS) swung to a loss in the first quarter, missing analysts’ forecast. BancorpSouth, Inc. is a financial holding company, which through its subsidiary BancorpSouth Bank, conducts commercial banking and financial services operations in Mississippi, Tennessee, Alabama, Arkansas, Texas, Louisiana, Florida, Missouri & Illinois.

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BancorpSouth Inc Earnings Cheat Sheet for the First Quarter

Results: Swung to a loss of $494,000 (one cent/diluted share) in the quarter. The bank had net income of $8.4 million or 10 cents per share in the year earlier quarter.

Revenue: Noninterest income was $68.3 million last quarter.

Actual vs. Wall St. Expectations: BXS fell short of the mean analyst estimate of 9 cents/share. Estimates ranged from 4 cents per share to 14 cents per share.

Quoting Management: Commenting on the announcement, Aubrey Patterson, Chairman and Chief Executive Officer of BancorpSouth, said, “BancorpSouth’s break-even financial performance for the first quarter as compared to net income of $15.8 million in the fourth quarter of 2010 is primarily the result of an increase in the provision for credit losses of $10.2 million from the fourth quarter to $53.5 million, a decline in mortgage lending revenue of $10.5 million from the fourth quarter, and an increase in salaries and benefits of $4.4 million consisting primarily of increases in FICA taxes, 401(NYSE:K) contributions and medical insurance expense.”

Key Stats:

BXS’ loss in the latest quarter follows profits in the previous two quarters. The company reported a profit of $15.8 million in the fourth quarter of the last fiscal year and a profit of $11.3 million in the third quarter of the last fiscal year.

Competitors to Watch: Cadence Financial Corp. (NASDAQ:CADE), Wells Fargo & Company (NYSE:WFC), Regions Financial Corp. (NYSE:RF), Hancock Holding Company (NASDAQ:HBHC), Trustmark Corporation (NASDAQ:TRMK), First Horizon National Corp. (NYSE:FHN), Pinnacle Financial Partners (NASDAQ:PNFP), Renasant Corp. (NASDAQ:RNST), SunTrust Banks, Inc. (NYSE:STI), and PNC Financial Services (NYSE:PNC).

Today’s Performance: Shares of BXS are down 1.44% in after hours trading.

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