BancorpSouth Announces Delay in Filing Annual Report on Form 10-K
February 25 2010 - 7:14PM
PR Newswire (US)
TUPELO, Miss., Feb. 25 /PRNewswire-FirstCall/ -- BancorpSouth, Inc.
(NYSE: BXS) today announced its intention to file a Form 12b-25
notification of late filing with the Securities and Exchange
Commission in connection with its Annual Report on Form 10-K for
the year ended December 31, 2009, which is due March 1, 2010. The
reason for the delay in filing the annual report is that management
has determined, in consultation with BancorpSouth's independent
registered public accounting firm and with the concurrence of the
Audit Committee of the Board of Directors, that certain asset
quality indicators, including the allowance for credit losses, and
their impact on BancorpSouth's financial statements for the quarter
ended December 31, 2009 should be further reviewed. On January 21,
2010, BancorpSouth made a preliminary release of unaudited
financial results for the quarter and year ended December 31, 2009.
The unaudited financial results reported net income of $19.4
million, which reflected a credit loss provision of $34.7 million,
for the fourth quarter. Net charge-offs were $24.6 million, or
1.01% as a percentage of average loans (annualized) for the quarter
ended December 31, 2009. Based on information currently available,
management of BancorpSouth anticipates that the unaudited
consolidated balance sheet and the consolidated income statement
for the quarter and year ended December 31, 2009 will be adjusted
prior to issuance of the Annual Report on Form 10-K. The
adjustments are expected to decrease net income. The impact of
management's review on the previously reported financial condition
and results of operations of BancorpSouth cannot be estimated or
determined until BancorpSouth has completed its review of the
Bank's loan portfolio and the auditors have completed their
examination. Aubrey Patterson, Chairman and Chief Executive Officer
of BancorpSouth, commented, "We are taking all actions necessary to
release our final audited 2009 financial results as soon as
possible. Regardless of the outcome of the current review, we are
confidently looking forward to continued strong performance as a
company." BancorpSouth expects to report further on these financial
statement items when KPMG LLP finalizes its audit of the financial
statements for the year ended December 31, 2009 and BancorpSouth
files its Annual Report on Form 10-K. Forward-Looking Statements
Certain statements contained in this news release may not be based
on historical facts and are "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
These forward-looking statements may be identified by their
reference to a future period or periods or by the use of
forward-looking terminology such as "believe," "anticipates,"
expects," "may," "should" or "will." These forward-looking
statements include, without limitation, statements relating to the
filing of BancorpSouth's Annual Report on Form 10-K, the filing of
a Form 12b-25, the provision for credit losses, net charge-offs,
loan classifications and changes in other items in BancorpSouth's
previously issued unaudited financial results. We caution you not
to place undue reliance on the forward-looking statements contained
in this news release in that actual results could differ materially
from those indicated in such forward-looking statements because of
a variety of factors. These factors may include, but are not
limited to, BancorpSouth's review of the loan portfolio, KPMG's
audit of the financial statements and other factors described from
time to time in BancorpSouth's filings with the Securities and
Exchange Commission. BancorpSouth undertakes no obligation to
update these forward-looking statements to reflect events or
circumstances that occur after the date on which such statements
were made. DATASOURCE: BancorpSouth, Inc. CONTACT: William L.
Prater, Treasurer and Chief Financial Officer, +1-662-680-2000, or
Gary C. Bonds, Senior Vice President and Principal Accounting
Officer, +1-662-680-2332
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