BancorpSouth posted net income of 35 cents per diluted share for the first quarter, according to its quarterly report released April 20.
The quarterly income total was down 15.9 percent from the same time in 2008, though it was nearly double the revenue in fourth-quarter 2008.
Noninterest expenses increased 4.4 percent to $118.5 million for the first quarter; the company said it saw a major increase in its insurance premiums from the Federal Deposit Insurance Corp. in the quarter, despite its "strong credit quality and 'well-capitalized' status under federal regulations." The company also cited the opening of 17 full-service branches in 2008 and four in 2009 as reasons for the increased expenses.
Provision for credit losses in the first quarter was $14.9 million, down 19.5 percent from the previous quarter, while nonperforming loans and leases increased to $73.8 million, or 0.76 percent of net loans and leases, as of March 31.
"Although we are not complacent with the level of nonperforming loans and net charge-offs for the first quarter of 2009, our credit metrics continue to demonstrate the high quality of our loan portfolio and should, we expect, compare very favorably with industry averages," Chairman and CEO Aubrey Patterson said in the earnings release. "To support our continued strong performance, we remain focused on early identification and resolution of any emerging credit issues."
Total assets as of March 31 were $13.5 billion; deposits were $10.1 billion; and loans and leases were $9.7 billion.
Shares of stock in BancorpSouth (NYSE: BXS) closed Tuesday at $23.69, compared to a 52-week range of $15.15 to $31.90.[[In-content Ad]]
