BancorpSouth Inc Earnings Cheat Sheet: Profit Up

BancorpSouth Inc (NYSE:BXS) reported its results 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 for the Third Quarter

Results: Net income for the bank rose to $11.9 million (14 cents per share) vs. $11.3 million (13 cents per share) in the same quarter a year earlier. This marks a rise of 6% from the year earlier quarter.

Actual vs. Wall St. Expectations: BXS fell short of the mean analyst estimate of 16 cents per share.

Quoting Management: Aubrey Patterson, Chairman and Chief Executive Officer of BancorpSouth, remarked, “BancorpSouth’s earnings for the third quarter of 2011 benefited from a reduction in our provision for credit losses to $25.1 million for the quarter compared with $54.9 million for the third quarter of 2010 and $32.2 million for the second quarter of 2011. While this reduction reflected continued improvement in our credit quality, we remain focused on working through our problem credits and reducing our non-performing loans (“NPLs”).

Key Stats:

The company fell short of estimates last quarter after beating the mark the quarter before with net income of 15 cents versus a mean estimate of net income of 4 cents per share.

Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the fourth quarter has moved up from 10 cents a share to 15 cents over the last ninety days. For the fiscal year, the average estimate has moved up from 21 cents a share to 45 cents over the last ninety days.

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)

 

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