-
-
Dan Rollins suggested that BancorpSouth undertake a sequester-style process to reduce expenses.
February 28 -
BancorpSouth in Tupelo, Miss., will have a new chief executive for the first time in nearly 22 years, with James D. "Dan" Rollins 3rd succeeding Aubrey Patterson.
November 26
Profit fell at BancorpSouth (BXS) in Tupelo, Miss., on declining net interest revenue and a hefty charge for legal expenses.
The $13.4 billion-asset company said Monday it earned a first-quarter profit of $20.8 million, down 9% from a year earlier. Per-share earnings of 22 cents beat analysts' expectations by 1 cent.
Net interest revenue fell 7%, to $98 million, as net interest margin contracted by 29 basis points, to 3.37%.
Noninterest revenue fell 1.4%, to $71.3 million, as revenue from mortgage lending and service charges declined.
Noninterest expense declined less than 1%, to $135.4 million, in BancorpSouth's first full quarter under
BancorpSouth also recorded a $6.8 million reserve related to various legal matters, but it did not provide specifics.
Its asset quality improved dramatically from the first quarter of 2012, as nonperforming assets declined 33%, to $303 million. Its provision for credit losses was $4 million, $6 million less than the prior-year quarter, and net chargeoffs fell 75%, to $5.9 million.
