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BancorpSouth 4Q earnings down 39 percent Saturday, Jan 20, 2007 Arkansas News Bureau LITTLE ROCK - Tupelo, Miss.-based BancorpSouth Inc.'s said Friday that fourth quarter net income fell 39 percent since the same quarter a year ago, down to $21.3 million, or 27 cents a share, from $34.8 million, or 44 cents a share. A decline in value of mortgage servicing asset dealt a pre-tax negative impact of $4 million to the company's earnings, according to BancorpSouth's press release. Additional income tax expense of $6.8 million, or 8 cents a share, also hurt the company's fourth quarter earnings. "While fourth quarter growth in our traditional banking business did not keep pace with the rest of the year - reflecting a difficult interest rate environment and mixed economic signals - our insurance business produced a fourth consecutive comparable quarter of accelerating revenue growth," BancorpSouth CEO Aubrey Patterson said. BancorpSouth's net income for all of 2006 was $125.2 million, or $1.57 a share, up from $115.2 million, or $1.47 a share in 2005. Total assets at the end of 2006 were up 2.2 percent to $12 billion. Total deposits grew 1.1 percent to $9.7 billion. Shares of BancorpSouth Inc. (NYSE: BXS) closed at $25.13 Friday, down 74 cents. |
