BancorpSouth Beats Estimates

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BancorpSouth(BXS Quote) reported on April 20, 2009 that its Q1 FY09 earnings dropped 16.1% to $29.48 million or $0.35 per share from $35.15 million or $0.43 per share in Q1 FY08, hurt by lower interest revenue. The latest quarterly earnings beat the consensus estimate of $0.29 per share.

Total interest revenue declined 18.3% to $155.62 million from $190.46 million as yield on interest-earning assets dropped 124 basis points to 5.26%. Total interest expenses plunged 43.1% to $45.74 million from $80.39 million, reflecting a 138 basis point decline in average rate paid on interest-bearing liabilities to 1.81%. Consequently, net interest revenue, before provision for credit losses, decreased marginally to $109.88 million from $110.07 million. Net interest margin declined to 3.74% from 3.79%, whereas net interest spread widened to 3.45% from 3.31%. Non-interest revenue remained unchanged at $66.29 million, as an increase in mortgage lending revenue was offset by lower service charges and insurance commissions. Non-interest expenses grew 4.4% to $118.45 million from $113.47 million. ...