BancorpSouth Inc. in Tupelo, Miss., announced after the market closed Monday that its third-quarter earnings fell 22% from a year earlier, to $28.3 million, as a result of an increase in delinquent loans.
Earnings of 34 cents a share missed the average of analysts' estimates by 6 cents, according to Thomson Reuters.
Though BancorpSouth's asset quality is relatively strong when compared with the industry as a whole, Aubrey Patterson, its chairman and chief executive officer, said in a press release that the $13.3 billion-asset company is "not immune to the impact of the slowing economy or other challenges facing our industry."
Nonperforming loans and leases increased 108%, to $65.2 million, or 0.68% of total loans and leases. The provision for credit losses nearly tripled from a year earlier and rose 46% from the second quarter.
