Banking is a complicated business model compared with the rest of the investing world. Risk and uncertainty dominate every aspect of the business -- from the board of directors all the way to the teller line.

The accounting rules are different, the regulations are mind-numbing with complexity, and in some cases it's impossible to really understand the assets your investment is backing.

For BancorpSouth (NYSE:BXS) though, the business is about as straightforward as you get in banking. This $13 billion bank is pretty easy to understand, compared with some of its Wall Street competition. 

In the following video, Motley Fool contributor Jay Jenkins begins a three-part analysis of the bank, starting with the bank's asset quality. Jay contends that every bank investment should start with an understanding of the bank's credit portfolio. Only after that can you move on to the bank's profitability (Part 2 of the series), growth, and valuation (Part 3). 

To find out why, click "play" below.