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SPDR S&P Regional Banking ETF Message Board

  • leginlegout leginlegout Feb 26, 2010 10:30 AM Flag

    Fully short @ 25.00 ...........(KRE)

    DOW JONES NEWSWIRES

    02/26/-10 BREAKING NEWS !

    BancorpSouth Inc. (BXS) said it won't be able to file its 2009 report with the Securities and Exchange Commission on time, saying it will likely need to cut the fourth-quarter profit figure reported last month.

    Shares dropped 17% premarket to $18.25 on the news. The stock was up about 20% the past year through Thursday, underperforming the broader market.

    The parent company of BancorpSouth Bank seeks more time to examine some asset-quality indicators. Last month, the bank-holding company said earnings were $19.4 million, or 23 cents a share, compared with $16.8 million, or 20 cents a share. That included a near-doubling of its credit loss provision to $34.7 million.

    But BancorpSouth, working with its independent accounting firm, said it needed time beyond Monday's filing deadline to assess the impact of asset-quality indicators, including allowance for credit losses, on fourth-quarter results.

    "We are taking all actions necessary to release our final audited 2009 financial results as soon as possible," Chairman and Chief Executive Aubrey Patterson said. "Regardless of the outcome of the current review, we are confidently looking forward to continued strong performance as a company."

    -By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; joan.solsman@dowjones.com

 
KRE
37.28+0.50(+1.36%)Jan 29 4:00 PMEST

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