BancorpSouth Sees $4M Charge
BancorpSouth earned $1.57 per diluted share last year, up 6.8% from 2005, despite taking a modest impairment charge in the fourth quarter.
BancorpSouth said the pretax, negative impact from a decline in the value of its mortgage servicing rights was $4 million, or three cents per share in the fourth quarter. Fourth-quarter EPS totaled $0.27.
But that didn't stop the company from posting strong earnings growth in 2006. Full-year net income was $125.2 million, up from $115.2 million the year before.
For the full year, the company said its mortgage servicing rights suffered from a $2.6 million pretax negative charge.
Aubrey Patterson, chairman and CEO, said in the company's earnings announcement that the company's 8.7% net income growth for 2006 was strong, though he acknowledged that a difficult rate environment limited the company's fourth-quarter momentum.
But he said the company's insurance operations posted a fourth quarter of accelerating revenue growth. (c) 2007 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com