BancorpSouth sees quarterly earnings decline
by April 20, 2009 5:24 pm 60 views
Tupelo-Miss.-based BancorpSouth, which has branches in the Fort Smith area, posted first-quarter net income of $29.5 million, down 16.1% compared to the same quarter in 2008.
The first-quarter figures also indicate that the bank is struggling to deal with bad loans and leases. The bank posted $47.45 million in real-estate owned (a figure that indicates property acquired when loans are called or abandoned), up more than 78% from the same quarter in 2008. Also, the bank’s total non-performing assets were $121.26 million, up considerably over the $65.34 million in the same quarter of 2008.
BancorpSouth has approximately $13.5 billion in assets, and operates approximately 318 commercial banking, mortgage, insurance, trust and broker/dealer locations in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas.
Shares of BancorpSouth (NYSE: BXS) closed Monday at $20.42, down $1.85. The earnings report was released after the markets closed. During the past 52 weeks, the share price has ranged from a $31.90 high to a $15.15 low.