Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener. BancorpSouth ( BXS) 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. Provision for credit losses surged 38.2% to $14.95 million from $10.81 million. Annualized net charge-offs as a percentage of average loans increased to 0.54% from 0.29%. Non-performing loans and leases surged to $73.80 million or 0.76% of net loans and leases from $38.70 million or 0.42% of net loans and leases. BancorpSouth paid a quarterly cash dividend of $0.22 per share.