Banks with a significant Capital Region presence have been reporting earnings this week.
—BancorpSouth reported a decline in earnings for the first quarter. The Tupelo, Miss.-based company made $29.5 million, or 35 per share, in the first quarter compared to $35.1 million, or 43 cents per share a year earlier. It was, however, a significant increase from the $16.8 million earned in the previous quarter. The company reported $73.8 million in nonperforming loans and leases for the quarter, nearly double the amount from last year.
—Capital One Financial Corp. reported a $176.1 million first-quarter loss, citing escalating credit losses and setting aside more money for bad loans. The bank and credit card company also said it expects managed charge-off dollars, a measure of losses in all of its businesses, in 2009 will be higher than the $8.6 billion it previously projected. The McLean, Va.-based company posted a quarterly loss of $176.1 million, or 45 cents per share. That compares with earnings of $548.5 million, or $1.47 per share, a year earlier. Excluding discontinued operations, the company reported a loss of $86.9 million, or 39 cents per share, compared with a profit of $632.6 million, or $1.70 per share.
—Hancock Bank’s parent company made a $14 million profit in the first quarter, down 30% from the same period in 2008 but up 69% from the last quarter of 2008. Gulfport, Miss.-based Hancock Holding Co. says per-share profit was 44 cents. The company charged off fewer bad loans in the first three months of 2009 than it did in 2008’s fourth quarter. Its average level of loans was up to $4.3 billion, compared with $3.6 billion in the first quarter of 2008.
—IberiaBank Corp. saw first-quarter earnings drop as the company recorded a one-time item to drop out of a federal program to provide more money to make loans. For the first quarter, Lafayette-based IberiaBank earned $5.6 million, or 36 cents per share, compared with a year-ago profit in the first quarter of $13 million, or $1.02 per share. During the quarter, IberiaBank recorded a one-time charge of $2.2 million to buy back preferred stock from the U.S. Treasury in exchange for $90 million that was returned.
—Regions Financial Corp. reported a first-quarter profit driven by strong mortgage banking revenue and deposit growth. But loan losses continued to increase as consumers struggled to pay off their debts. After paying preferred dividends, Birmingham, Ala.-based Regions reported net income of $26 million, or 4 cents per share, down from $337 million, or 48 cents per share, a year earlier.
This story has been corrected since it was first published
