BancorpSouth Inc Earnings: Beats Estimates

BancorpSouth Inc (NYSE:BXS) reported net income above Wall Street’s expectations for the third quarter. BancorpSouth is a financial holding company that, through its subsidiary BancorpSouth Bank, conducts commercial banking and financial services operations in Mississippi, Tennessee, Alabama, Arkansas, Texas, Louisiana, Florida, Missouri, and Illinois.

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BancorpSouth Inc Earnings Cheat Sheet

Results: Net income for BancorpSouth Inc rose to $23.8 million (25 cents per share) vs. $11.9 million (14 cents per share) in the same quarter a year earlier. This marks a rise of 99.6% from the year-earlier quarter.

Actual vs. Wall St. Expectations: BancorpSouth Inc beat the mean analyst estimate of 20 cents per share.

Quoting Management: “Results for the third quarter reflect a record level of mortgage production volume,” remarked Aubrey Patterson, Chairman and Chief Executive Officer of BancorpSouth. “Mortgage production for the quarter was in excess of $600 million, which contributed to mortgage lending revenue of $16.8 million, excluding a negative MSR valuation adjustment of $3.2 million. Earnings for the quarter also benefitted from stabilization of loan loss provision levels as non-performing loans (“NPLs”), classified asset totals, and other credit quality indicators continue to trend in a positive direction.”

Key Stats:

The company has now topped analyst estimates for the last three quarters. It beat the mark by 9 cents in the second quarter and by 2 cents in the first quarter.

Looking Forward: Expectations for the company’s next-quarter performance are higher than they were ninety days ago. Over the past three months, the average estimate for the fourth quarter has risen to 20 cents per share from 19 cents. For the fiscal year, the average estimate has moved up from 70 cents a share to 85 cents over the last ninety days.

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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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