BancorpSouth Earnings: BEATS Wall Street Expectations

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BancorpSouth Inc (NYSE:BXS) reported net income above Wall Street’s expectations for the second 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

Results: Net income for BancorpSouth Inc rose to $20.6 million (22 cents per share) vs. $12.8 million (15 cents per share) in the same quarter a year earlier. This marks a rise of 60.6% from the year-earlier quarter.

Actual vs. Wall St. Expectations: BancorpSouth Inc beat the mean analyst estimate of 20 cents per share.

Quoting Management: “We are pleased to report results that reflect another successful quarter in terms of improving profitability and asset quality,” remarked Aubrey Patterson, Chairman and Chief Executive Officer of BancorpSouth. “Earnings for the quarter reflect continued decreases in credit costs as non-performing loans (“NPLs”), classified asset totals, and other credit quality metrics, including recoveries of previously charged off loans, continue to improve. In addition, we were pleased with the results of disposition efforts related to our other real estate owned, which resulted in a significant decline in the balance of these properties during the quarter.”

Key Stats:

The company has now beaten analyst estimates for three quarters in a row. It beat the mark by 9 cents in the first quarter and by 2 cents in the fourth quarter of the last fiscal year.

Looking Forward: Expectations for the company’s next-quarter performance are higher than they were ninety days ago. Over the past three months, the average estimate for the third quarter has risen to 20 cents per share from 19 cents. Over the past three months, the average estimate for the fiscal year has climbed from 70 cents per to share to 85 cents.

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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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