TUPELO – BancorpSouth Inc. posted a first-quarter loss after increasing its provision for possible credit losses.
For the January-through-March period, Tupelo, Miss.-based BancorpSouth lost $494,000, or 1 cent per share. In the year-ago first quarter, the company earned $8.4 million, or 10 cents per share.
BancorpSouth said it increased its credit-loss provision from $43.1 million in the fourth quarter of 2010 to $53.3 million. Profit also was hit by a $10.5 million drop in mortgage revenue from the fourth quarter and a $4.4 million increase in salaries and benefits.
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