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Bancorp South (BXS) has had a tremendous run over the last 12 months as the bank's credit profile has rocketed back towards health. It was only two years ago that, BXS had nonperforming loans totaling $371 million or 4.0% of total loans. Since then though the bank has chocked up quarter after quarter of improving health and by 3Q2013, the NPL total was just over $120 million or 1.38% of loans. This rapid rise in credit quality has helped drive the bank's profitability and stock price for several years now, but the party is likely coming to an end in short order.

Realistically, very few banks have NPL's below 0.5% of total loans these days,...

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