BancorpSouth says to adjust Q4 results; shares slide

Fri Feb 26, 2010 11:12am EST

Feb 26 (Reuters) - Shares of BancorpSouth Inc (BXS.N) fell as much as 22 percent on Friday, a day after the bank-holding company said it may adjust its reported fourth-quarter earnings that may result in a decrease in net income. The company said it had delayed its filing of annual report and is reviewing certain asset quality indicators, including the allowance for credit losses.

On Jan. 21, the company posted a quarterly net income of $19.4 million, or 23 cents a share, below Wall Street estimates of 29 cents a share. [ID:nSGE60K0LA]

The company had reported fourth-quarter provision for credit losses of $34.7 million and non-performing loans and leases of $145.1 million.

Shares of the company were trading down $3.07 at $19.50 in morning trade on the New York Stock Exchange. They touched a low of $17.56 earlier in the session. (Reporting by Supantha Mukherjee in Bangalore; Editing by Unnikrishnan Nair)