(Adds details, analysts' comments, updates share movement)
By Supantha Mukherjee
BANGALORE Feb 26 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
The company said it had delayed its filing of annual report
and is reviewing certain asset quality indicators, including
the allowance for credit losses.
For a company like BancorpSouth, which is traditionally a
conservative company and having better credit numbers
historically, withholding annual filing indicates more than a
minor tweak, said Sterne Agee analyst Adam Barkstrom.
"But the stock to be down 20 percent, I just cannot see how
it can be that bad," he said.
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.
Analysts said the delay in filing may be due to problems
stemming from the company's construction portfolio.
"My guess would be that any sort of restatement could come
out from updating the reserves they have set up against the
commercial real estate portfolio," Stifel Nicolaus analyst
David Bishop said.
Shares of the company were trading down $3.07 at $19.50 in
midday trade on the New York Stock Exchange. They touched a low
of $17.56 earlier in the day.
(Reporting by Supantha Mukherjee in Bangalore; Editing by