Analysts were unimpressed with Bendigo and Adelaide Bank's earnings report this week, with reports sighted leaving the stock on "neutral" or "hold" recommendation.The bank reported cash earnings of $336.2 million for the year to June - up 15.5 per cent on the 2009/10 result.Cash earnings per share were up 10.8 per cent, the return on equity rose from 8.2 per cent in 2009/10 to 9.1 per cent and the net interest margin rose from 2.12 to 2.17 per cent.A strong feature of the bank's performance over the past year was 16 per cent growth in lending and 18 per cent growth in deposits.Macquarie Equities was concerned about the outlook. "In our view, the outlook for earnings' growth remains relatively anaemic. This view is based on declining margin lending balances and limited re-pricing opportunities. "Combined with a flat cost-to-income ratio outlook and sticky impairment charges, EPS growth will be hard to come by."The bank's cost-to income ratio was down from 58.1 to 57.4 per cent, Macquarie said. "The bank will need to work hard on the cost lever in order to achieve its long term target of 55 per cent."Macquarie was also critical of the asset quality of Bendigo and Adelaide's subsidiary, Rural Bank, as well as its weak capital generation and its rising mortgage arrears. It maintained a neutral recommendation.Goldman Sachs maintained its hold recommendation on the stock, citing a disappointing level of growth in non-interest income, a relatively weak capital position and Rural Bank's asset quality.Goldman Sachs said one of the biggest risks to the bank's outlook was its margin volatility, which is a result of its dependence on the highly competitive retail deposit market with its higher cost profile.In a banking environment where growth is going to be hard to come by in the year ahead, Goldman Sachs believes that margin volatility could be an issue.