Thursday, after the bell, BancorpSouth, Inc. (BXS), the holding company of BancorpSouth Bank, reported a decline in profit for the third-quarter compared to the year-ago period, primarily due to a decline in non-interest revenue and higher provision for credit losses.
BancorpSouth registered a profit of $21.5 million, down from $28.3 million in the year-ago period. On a per share basis, the company's net income decreased to $0.26 from $0.34 in the prior-year period. On an average, 11 analysts polled by Thomson Reuters expected earnings of $0.35 for the quarter. Analysts estimates typically exclude one-time items.
Net interest revenue went up to $111.73 million from $109.60 million, while non-interest revenue went down to $59.54 million from $63.43 million in the year-ago period. The company increased its provision for credit losses to $22.51 million from $16.30 million in the year-ago period. Non-interest expense also increased to $119.74 million from $116.05 million in the prior-year.
Net interest margin improved to 3.77% from 3.67% in the year-earlier quarter. As on September 30, 2009, the total non-performing assets were up to $173.70 million from $97.65 million as on September 30, 2008. Annualized net charge-offs on average loans increased to 0.68% from 0.45%.
As on September 30, 2009, the allowance for credit losses stood at $144.79 million, up from $129.14 million as on September 30, 2008.
Total deposits, as on September 30, 2009, were up to $10.29 billion from $9.68 billion, while loans and leases, net of unearned income, went up to $9.75 billion from $9.59 billion as on September 30, 2008.
For the nine-month period, net income was down to $84.87 million or $1.02 per share from $103.61 million or $1.25 per share in the year-ago period. For the nine-month period, net-interest revenue was up to $332.55 million from $329.51 million and non-interest revenue also increased to $205.58 million from $202.93 million from the year-ago period.
BancorpSouth stock closed Thursday's regular trading session at $24.94, up $0.80, on the NYSE.
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