BancorpSouth Inc. records $494K net loss in 1Q

Tupelo, Miss.-based BancorpSouth Inc. (NYSE: BXS), the holding company for six BancorpSouth branches in Springfield, reported a net loss of $494,000 during the first quarter, a 105.9 percent decrease from first-quarter 2010 earnings of $8.4 million.

Loss per diluted share was 1 cents during the quarter, compared to earnings per diluted share of 10 cents the same quarter last year, according to a company news release.

In the release, BancorpSouth Chairman and CEO Aubrey Patterson attributed the company's first-quarter financials to a $53.5 million provision for credit losses, a decline in mortgage lending and an increase in salaries and benefits.

"As a business subject to economic and interest rate cycles, we remain cautious regarding the strength or sustainability of the nation's economic recovery in the near term," Patterson said in the release. "We remain focused on working to resolve remaining credit issues and maintaining an appropriate level of reserves."

First-quarter 2011 highlights:

• Assets were $13.5 billion, compared to $13.2 billion in the same quarter last year.
• Nonperforming assets were $561.4 million, up from $294.9 million in first-quarter 2010.
• Total loans decreased 5.1 percent to $9.2 billion, compared to $9.7 billion in the first quarter of 2010.
• Total deposits were $11.5 billion, a 4.3 percent increase compared to $11 billion at the end of last year's first quarter.

BancorpSouth operates approximately 312 commercial banking, mortgage, insurance, trust and broker/dealer locations in Missouri and seven other states, according to the release.

The company's shares were trading at $13.54 as of 10:15 a.m., compared to a 52-week range of $12.27 to $22.42.[[In-content Ad]]