BancorpSouth Inc Earnings Cheat Sheet: Profit Swings Up and Beats Street Expectations

BancorpSouth Inc (NASDAQ:BXS) climbed to a profit in the second quarter and beat Wall Street’s expectations in the process. 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 Second Quarter

Results: Swung to a profit of $12.8 million (15 cents per diluted share) in the quarter. The bank had a net loss of $12.6 million or a loss of 15 cents per share in the year earlier quarter.

Revenue: Noninterest revenue was $75.1 million last quarter.

Actual vs. Wall St. Expectations: BXS beat the mean analyst estimate of 4 cents per share.

Quoting Management: “We are pleased to report significant improvement in our financial results for the second quarter of 2011, compared with both the second quarter of 2010 and the first quarter of 2011,” remarked Aubrey Patterson, Chairman and Chief Executive Officer of BancorpSouth. “Our stronger earnings are primarily the result of a reduction in our provision for credit losses for the second quarter of 2011 to $32.2 million from $62.4 million for the second quarter of 2010 and $53.5 million for the first quarter of 2011.”

Key Stats:

The company topped expectations last quarter after falling short of forecasts in the first quarter with a loss of one cent versus a mean estimate of net income of 9 cents per share.

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

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(Source: Xignite Financials)