BancorpSouth net income falls 22%
BancorpSouth Inc.’s net income fell 22 percent in the third quarter as the company put more cash aside to cover expected loan losses.
The Tupelo, Miss.-based bank holding company (NYSE: BXS) posted net income of $28.3 million on $173 million in revenue, compared with net income of $36.3 million on $165 million in revenue in third quarter 2007.
Earnings were 34 cents a share, compared with earnings of 44 cents a share in the year-ago quarter.
A consensus of analysts had expected earnings of 43 cents on revenue of $181.6 million.
The company increased its provision for loan losses to $16 24 hour payday advances.3 million in the quarter, up from $11.2 million in the second quarter.
Non-performing loans, those that are 90 days or more past due and payment is no longer anticipated, increased to $65.2 million, or 0.68 percent of all loans and leases. That was up from $46 million, or 0.49 percent, at the end of the second quarter.
At the end of the third quarter, BancorpSouth had $13.3 billion in total assets.