BancorpSouth Inc's (NYSE:BXS) net income rose and exceeded Wall Street expectations in the second quarter.
Earnings and Revenue The company announced EPS of 22 cents a share against the 20 cents a share estimate. The estimates of 10 analysts ranged from profit of 18 cents to profit of 22 cents.
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The company's net income for the quarter was $20.6 million. According to the reported number, this is up 60.6% from last year's levels.
Company Fundamental Trends
History Against Expectations The company has now topped analyst estimates for the last three quarters.
Official Comment: "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."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.