BancorpSouth Announces First Quarter 2020 Financial Results
BancorpSouth Bank (BXS)
Last bancorpsouth bank earnings: 4/20 04:30 pm
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US:NYSE Investor Relations:
bancorpsouth.investorroom.com
Company Research
Source: PR Newswire
TUPELO, Miss., April 20, 2020 /PRNewswire/ -- BancorpSouth Bank (NYSE: BXS) (the "Company") today announced financial results for the quarter ended March 31, 2020.Highlights for the first quarter of 2020 included:Achieved quarterly net income available to common shareholders of $21.9 million, or $0.21 per diluted common share and net operating income available to common shareholders – excluding MSR – of $34.4 million, or $0.33 per diluted common share. Recorded provision for credit losses of $46.0 million primarily as a result of the impact of the coronavirus ("COVID-19") pandemic on the economic factors included in the Company's allowance for credit losses methodology; implemented Accounting Standards Update 2016-13 "Financial Instruments – Credit Losses" ("CECL") effective January 1, 2020.Generated $91.7 million in pre-tax pre-provision net revenue, or 1.74 percent of average assets on an annualized basis, which represents an increase from 1.63 percent for the first quarter of 2019
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