Jefferies Takes A First Look At BancorpSouth 2Q

According to Jefferies, BancorpSouth BXS reported GAAP EPS of $0.15 vs. consensus of $0.04. Jefferies said that Core EPS is closer to $0.17, with a lower provision driving the beat. “Credit quality took a meaningful step forward in the quarter, as provision and charge-offs each fell by over 1/3, non-performing assets declined 5% Q-Q (the first quarterly decline since 1Q08), non-accrual inflows slowed to $50mm (from $111mm in 1Q). Tangible book grew to $11.46 (from $11.03).” BancorpSouth closed yesterday at $12.65.