BB&T ( BBT) on Monday said it "inadvertently" underreported the amount of soured home equity loans in its first-quarter financial report to investors.

The Winston-Salem, N.C. bank said in a filing with the Securities and Exchange Commission that gross home equity charge-offs were incorrectly reported in earnings results as 1.09%, when the figure should have been 1.90%.

The change "had no effect on the overall reported results or consolidated charge-off ratios," BB&T said in the filing.

In addition, the percentage of gross charge-offs as calculated by home equity loans and lines by state were also raised to 1.66% from 1.17%, BB&T said.

Al Savastano, an analyst at Fox-Pitt Kelton Cochran Caronia Waller says the change "supports our investment thesis that North Carolina (27% of total loans) and South Carolina (8% of total loans) are later cycle credit events that are beginning to increase with unemployment expected to rise to 12% in North Carolina by summer and already over 11% in South Carolina," he writes in a note.

"As these two states have greater economic stress, we believe credit losses will show in BB&T's numbers at an accelerated rate," he adds.

Savastano is concerned that the company will have to cut its dividend as credit costs continue to pressure earnings.

BB&T reported a profit of $271 million, or 48 cents per share, down 37% from the year-ago quarter. The results beat analysts' consensus expectation of a profit of 31 cents per share, according to Thomson Reuters.

Shares were closed down 4.2% to $22.14 on Monday. BB&T was faring better than two other Southern regional banks -- Regions Financial ( RF) sank 11.7% on Monday, while SunTrust Banks ( STI) fell 8.5%.

More from Stocks

Quick Read: 3 Things for Investors to Know Before Wednesday's Trading Session

Quick Read: 3 Things for Investors to Know Before Wednesday's Trading Session

Replay: Jim Cramer on the Markets, Oil, General Electric, Zillow and Micron

Replay: Jim Cramer on the Markets, Oil, General Electric, Zillow and Micron

Pegasystems Founder Explains Why He Has One of the Hottest Tech Stocks Around

Pegasystems Founder Explains Why He Has One of the Hottest Tech Stocks Around

Micron Shares Soar; Chipmaker Is 'Managing for Profitability' Now, Says Analyst

Micron Shares Soar; Chipmaker Is 'Managing for Profitability' Now, Says Analyst

Dow Slips 178 Points; S&P 500 and Nasdaq Also Decline

Dow Slips 178 Points; S&P 500 and Nasdaq Also Decline