BancorpSouth Inc. in Tupelo, Miss., reported a first-quarter loss because of higher credit costs and a decline in mortgage-related revenue.
The $13.5 billion-asset company had a loss of $494,000, compared with profits of $15.8 million in the fourth quarter and $8.4 million a year earlier.
BancorpSouth's loan-loss provision rose 23% from the fourth quarter and a year earlier, to $53.5 million.
Revenue from mortgage lending fell 58% from the fourth quarter, to $7.5 million. Notably, BancorpSouth's fair-value adjustment for mortgage servicing rights fell 72% from a quarter earlier, to $2.5 million.