TUPELO, Miss., July 20 /PRNewswire-FirstCall/ -- BancorpSouth, Inc.
(NYSE:BXS) today announced financial results for the second quarter
and six months ended June 30, 2006. Highlights of the second
quarter of 2006 included: * A 36.4 percent increase in earnings per
diluted share to $0.45 for the second quarter of 2006 from $0.33
for the second quarter of 2005. * The expansion of the Company's
net interest margin to 3.75 percent for the second quarter from
3.66 percent for the second quarter of 2005 and 3.73 percent from
the first quarter of 2006. * Growth in non-interest bearing demand
deposits of 22.9 percent compared with the second quarter of 2005,
the fourth consecutive quarter of growth in excess of 19 percent. *
Improvement in non-performing loans and leases as a percentage of
total loans and leases to 0.32 percent and an increase in the
reserve coverage (allowance for credit losses to non-performing
loans) to 395 percent. * Substantial organic growth within the
Company's insurance business with revenues increasing 13.8 percent
for the second quarter of 2006 from the second quarter of 2005. *
Continued expansion of the Company's markets, with the
second-quarter opening of loan production offices in Tyler, Texas
and Huntsville, Alabama; the opening of a full-service bank office
in Bay St. Louis, Mississippi; and the announcement of the
Company's intent to expand into the panhandle of Florida with a
branch office in Destin before the end of 2006. Second Quarter 2006
Summary Results BancorpSouth's net income increased 37.6 percent
for the second quarter of 2006 to $35.5 million from $25.8 million
for the second quarter of 2005. Net income per diluted share for
the second quarter of 2006 increased 36.4 percent to $0.45 from
$0.33 for the second quarter of 2005. "We are pleased to report
that BancorpSouth continued its momentum in the second quarter of
2006," commented Aubrey Patterson, Chairman and Chief Executive
Officer of BancorpSouth. "In a rising interest rate environment
characterized by a generally flat yield curve, we achieved our
third consecutive quarter of double-digit growth in net interest
revenue through a combination of solid loan and deposit growth,
focused asset/liability management and strong credit quality. In
addition, we expanded non-interest income through a resurgence in
our insurance business, which had been significantly affected by
Hurricane Katrina. We also continued to lay the foundation for
long-term growth by expanding into attractive new markets. "As in
the previous two quarters, our net income for the second quarter of
2006 benefited from a reduction in a previously recorded allowance
for credit losses related to Hurricane Katrina, totaling
approximately $600,000 pre-tax for the quarter. Our earnings growth
when compared to the second quarter of 2005 also reflected a
positive net pre-tax impact of $6.5 million related to changes in
the value of our mortgage servicing asset, as well as the favorable
resolution of a state income tax issue that resulted in a lower
effective tax rate for the quarter." Net Interest Revenue Interest
revenue for the second quarter of 2006 increased 23.0 percent, or
$31.3 million, to $167.4 million from $136.0 million for the second
quarter of 2005 and 4.7 percent from $159.9 million for the first
quarter of 2006. Interest expense increased 45.2 percent, or $21.8
million, to $70.2 million for the second quarter of 2006 from $48.3
million for the second quarter of 2005 and 9.7 percent from $64.0
million for the first quarter of 2006. The average taxable
equivalent yield on earning assets increased to 6.39 percent for
the second quarter of 2006 from 5.63 percent for the second quarter
of 2005 and 6.16 percent for the first quarter of 2006. The average
rate paid on interest bearing liabilities was 3.17 percent for the
second quarter of 2006, compared with 2.34 percent for the second
quarter of 2005 and 2.91 percent for the first quarter of 2006. Net
interest revenue increased 10.8 percent to $97.2 million for the
second quarter of 2006 from $87.7 million for the second quarter of
2005 and 1.3 percent from $95.9 million for the first quarter of
2006. Net interest margin was 3.75 percent for the second quarter
of 2006 compared with 3.66 percent for the second quarter of 2005
and 3.73 percent for the first quarter of 2006. "With the increase
in our second quarter net interest margin, we have not only
achieved our sixth consecutive comparable-quarter increase in this
key metric, but also, in a difficult interest rate environment, the
third consecutive sequential-quarter improvement," continued
Patterson. "This strong record is the product of our conservative
asset/liability management philosophy, which we have consistently
applied over the long term through many interest rate cycles. Our
conservative stance on maturities in our investment portfolio has
enabled us to improve our average taxable yield on earning assets
by investing funds from maturing securities in higher rate loans or
new higher-rate short- and intermediate-term investments. In
addition, our focus on careful pricing of our liabilities continues
to support our ability to fund the majority of our loan growth with
lower-cost demand deposits. As an institution dependent on
often-volatile interest rates, we remain committed to this
conservative philosophy as the most effective approach to building
long- term shareholder value." Deposit and Loan Activity Total
assets at June 30, 2006 increased 9.2 percent to $11.8 billion from
$10.8 billion at June 30, 2005. Total deposits grew 6.5 percent to
$9.6 billion at June 30, 2006 from $9.0 billion at June 30, 2005.
Loans and leases, net of unearned interest, increased 7.4 percent
to $7.6 billion at June 30, 2006 from $7.0 billion at June 30,
2005. Patterson remarked, "BancorpSouth continued to expand its
loan portfolio at a steady pace during the second quarter, as an
expanding economy and diverse markets in our six-state franchise
enabled us to overcome the impact on consumer sentiment of rising
interest rates and higher fuel prices. The opening of loan
production offices in Fayetteville, Arkansas and Gulf Shores,
Alabama, during the fourth quarter of 2005 has helped support our
organic growth in 2006. In addition, we benefited from the
acquisition of American State Bank Corporation, headquartered in
Jonesboro, Arkansas, in late 2005. This transaction, as well as
increased demand resulting from rising interest rates, also
contributed to the 3.4 percent growth in savings and other time
deposits. Total demand deposits rose 9.9% for the second quarter of
2006, including a 22.9 percent expansion in non-interest bearing
demand deposits, which reflected the flow of relief money into the
Mississippi Gulf Coast." Provision for Credit Losses and Allowance
for Credit Losses For the second quarter of 2006, the provision for
credit losses was $3.6 million, an increase of 20.3 percent
compared with $3.0 million for the second quarter of 2005, and
compared with the negative provision for credit losses of $3.9
million that was recorded for the first quarter of 2006. Annualized
net charge-offs were 0.18 percent of average loans and leases for
the second quarter of 2006 compared with 0.26 percent for the
second quarter of 2005 and 0.09 percent for the first quarter of
2006. The Company continues to closely monitor its loan portfolio
in the areas impacted by Hurricane Katrina. As of June 30, 2006,
approximately $2.2 million of the Company's allowance for credit
losses was directly related to the impact of Hurricane Katrina.
Non-performing loans and leases increased 2.7 percent to $24.4
million, or 0.32 percent of loans and leases, at June 30, 2006,
from $23.7 million, or 0.34 percent of loans and leases, at June
30, 2005, and declined 6.2 percent from $26.0 million, or 0.35
percent of loans and leases, at March 31, 2006. The allowance for
credit losses was 1.27 percent of loans and leases at June 30,
2006, compared with 1.29 percent of loans and leases at June 30,
2005, and 1.30 percent of loans and leases at March 31, 2006.
Patterson added, "BancorpSouth's credit quality remained strong at
the end of the second quarter, with non-performing loans and leases
as a percentage of total loans and leases improving on a
comparable-quarter and sequential- quarter basis. As we approach
the first anniversary of Hurricane Katrina, our continuing analysis
indicates that losses related to loans in the impacted area are not
expected to be as great as originally anticipated immediately
following the hurricane. Although we continue to caution that the
full impact of Hurricane Katrina on our financial condition and
results of operations may not be known for some time, our coverage
of non-performing loans and annualized net charge-offs by the
allowance for credit losses support our confidence in the level of
our allowance for credit losses." Noninterest Revenue Noninterest
revenue increased 24.6 percent to $53.6 million for the second
quarter of 2006 from $43.0 million for the second quarter of 2005.
As previously noted, these results include the impact of a $6.5
million net increase in mortgage revenue related to changes in the
value of BancorpSouth's mortgage servicing asset for the second
quarter of 2006 compared with the second quarter of 2005. Excluding
this increase, noninterest revenue expanded 8.2 percent for the
second quarter, primarily attributable to the 13.8 percent growth
in insurance commissions. "The organic growth in our insurance
commissions for the second quarter is the highest we have yet
achieved with our current three-state operations," said Patterson.
"This level of growth was driven by a general increase in insurance
premiums that generated a corresponding increase in commissions to
the agencies, which we believe is a direct result of the aftermath
of Hurricane Katrina. We expect there will be a continuing
significant growth opportunity for our insurance business as the
Gulf Coast rebuilds and that new relationships created through
these services will have potential for additional financial
services we are well positioned to provide." Noninterest Expense
Noninterest expense increased 8.6 percent to $98.3 million for the
second quarter of 2006 from $90.6 million for the second quarter of
2005 and increased 2.4 percent from $96.0 million for the first
quarter of 2006. The growth in noninterest expense primarily
resulted from additional salaries, employee benefits and occupancy
expense associated with the acquisition of American State Bank
Corporation and the opening of four new loan production offices and
a new full-service branch bank office since November 2005. Capital
Management BancorpSouth repurchased 270,000 shares of its common
stock during the second quarter of 2006 under the stock repurchase
plan authorized in April 2005 for the repurchase of up to three
million shares. With 735,500 shares repurchased under this plan
through the end of the second quarter of 2006 combined with the
shares repurchased under earlier plans, BancorpSouth had
repurchased approximately 11.3 million shares of its common stock
as of June 30, 2006, or approximately 13.4 percent of the shares
outstanding when the original share repurchase program was
initiated in 2001. BancorpSouth will continue to evaluate
additional share repurchases under the April 2005 plan, which
authorizes these repurchases during a two-year period expiring
April 30, 2007. Summary "While it is clear that BancorpSouth and
the overall banking industry could be challenged by the impact of
rising fuel costs and interest rates, our second quarter results
support our confidence that this organization has the opportunities
and the resources to achieve long-term profitable growth and
increased shareholder value," Patterson said. "In particular, we
continue to expect to play a significant role in the rebuilding of
the Mississippi Gulf Coast, and we have demonstrated our commitment
to the region through the opening of the Bay St. Louis office and
the grand reopening of our principal office in Gulfport,
Mississippi. We have already benefited from substantial growth in
deposits and insurance commission revenues in the Mississippi Gulf
Coast, and we expect to build our loan portfolio in the area as
reconstruction gathers momentum in the quarters to come. "As the
recent opening of our loan production office in Gulf Shores,
Alabama and our plans to enter the Destin, Florida, market
indicate, we also intend to play a greater role in the further
growth of the Gulf Coast. In spite of the magnitude of this
opportunity, it remains just one element of our overall strategy to
expand, either through organic growth or acquisition, in existing
or contiguous markets." Conference Call BancorpSouth will conduct a
conference call to discuss its second quarter results tomorrow,
July 21, 2006, at 10:00 a.m. (Central Time). Investors may listen
via the Internet by accessing BancorpSouth's website at
http://www.bancorpsouth.com/. A replay of the conference call will
be available at BancorpSouth's website for at least two weeks
following the call. Forward-Looking Statements Certain statements
contained in this news release may not be based on historical facts
and are "forward-looking statements" within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. These
forward-looking statements may be identified by their reference to
a future period or periods or by the use of forward-looking
terminology such as "anticipate," "believe," "estimate," "expect,"
"may," "might," "will," "would," "could" or "intend." These
forward-looking statements may include, without limitation,
statements relating to the magnitude of loan-related losses in the
area impacted by Hurricane Katrina, the aggregate impact of
Hurricane Katrina on our financial condition and results of
operation, growth opportunities for our insurance business and
other financial services as the Gulf Coast rebuilds, repurchases
under our common stock repurchase plan, the impact of rising fuel
costs and interest rates, our role in rebuilding and contributing
to growth of the Gulf Coast and increasing our loan portfolio in
the Mississippi Gulf Coast area. We caution you not to place undue
reliance on the forward-looking statements contained in this news
release in that actual results could differ materially from those
indicated in such forward-looking statements due to a variety of
factors. These factors may include, but are not limited to, the
rate of economic recovery in the region affected by Hurricane
Katrina, the ability of BancorpSouth to obtain additional reliable
information in the region affected by Hurricane Katrina, changes in
economic conditions and government fiscal and monetary policies,
fluctuations in prevailing interest rates and the ability of
BancorpSouth to manage its assets and liabilities to limit exposure
to changing interest rates, the ability of BancorpSouth to increase
noninterest revenue and expand noninterest revenue business, the
ability of BancorpSouth to maintain credit quality, changes in laws
and regulations affecting financial service companies in general,
the ability of BancorpSouth to compete with other financial
services companies, the ability of BancorpSouth to provide and
market competitive services and products, changes in BancorpSouth's
operating or expansion strategy, geographic concentration of
BancorpSouth's assets, the ability of BancorpSouth to manage its
growth and effectively serve an expanding customer and market base,
the ability of BancorpSouth to achieve profitable growth and
increase shareholder value, the ability of BancorpSouth to attract,
train and retain qualified personnel, the ability of BancorpSouth
to repurchase its common stock on favorable terms, the ability of
BancorpSouth to identify, close and effectively integrate potential
acquisitions, the ability of BancorpSouth to expand geographically
and enter fast-growing markets, changes in consumer preferences,
other factors generally understood to affect the financial results
of financial services companies, and other factors described from
time to time in BancorpSouth's filings with the Securities and
Exchange Commission. We undertake no obligation to update these
forward-looking statements to reflect events or circumstances that
occur after the date on which such statements were made.
BancorpSouth, Inc. is a financial holding company headquartered in
Tupelo, Mississippi with approximately $11.8 billion in assets.
BancorpSouth Bank, a wholly-owned subsidiary of BancorpSouth, Inc.,
operates approximately 270 commercial banking, insurance, trust and
broker/dealer locations in Alabama, Arkansas, Louisiana,
Mississippi, Tennessee and Texas. BancorpSouth, Inc. Selected
Financial Data Three Months Ended Six Months Ended June 30, June
30, 2006 2005 2006 2005 (Dollars in thousands, except per share
amounts) Earnings Summary: Net interest revenue $97,221 $87,717
$193,150 $174,846 Provision for credit losses 3,586 2,980 (274)
7,767 Noninterest revenue 53,600 43,022 106,370 96,941 Noninterest
expense 98,344 90,575 194,352 180,263 Income before income taxes
48,891 37,184 105,442 83,757 Income tax provision 13,392 11,394
32,198 26,223 Net income $35,499 $25,790 $73,244 $57,534 Earning
per share: Basic $0.45 $0.33 $0.93 $0.74 Diluted $0.45 $0.33 $0.92
$0.73 Balance sheet data at June 30: Total assets $11,832,245
$10,831,291 Total earning assets 10,687,106 9,876,000 Loans and
leases, net of unearned income 7,567,009 7,046,942 Allowance for
credit losses 96,264 91,076 Total deposits 9,556,234 8,974,580
Common shareholders' equity 1,008,953 936,167 Book value per share
12.76 11.96 Average balance sheet data: Total assets $11,761,349
$10,788,265 $11,762,821 $10,833,282 Total earning assets 10,672,338
9,858,677 10,678,476 9,906,348 Loans and leases, net of unearned
income 7,476,032 6,989,792 7,424,186 6,932,500 Total deposits
9,587,542 8,963,216 9,646,603 9,028,500 Common shareholders' equity
994,495 924,661 984,250 921,617 Non-performing assets at June 30:
Non-accrual loans and leases $6,391 $10,619 Loans and leases 90+
days past due 15,819 11,010 Restructured loans and leases 2,181
2,120 Other real estate owned 12,713 16,072 Net charge-offs as a
percentage of average loans (annualized) 0.18% 0.26% 0.13% 0.24%
Performance ratios (annualized): Return on average assets 1.21%
0.96% 1.26% 1.07% Return on common equity 14.32% 11.19% 15.01%
12.59% Net interest margin 3.75% 3.66% 3.74% 3.65% Average shares
outstanding - basic 79,146,546 78,220,515 79,179,429 78,212,363
Average shares outstanding - diluted 79,535,200 78,536,657
79,539,667 78,554,782 BancorpSouth, Inc. Consolidated Balance Sheet
(Unaudited) June 30, % 2006 2005 Change (Dollars in thousands)
Assets Cash and due from banks $422,523 $354,694 19.12% Interest
bearing deposits with other banks 5,982 6,746 (11.33%)
Held-to-maturity securities, at amortized cost 1,692,018 1,208,680
39.99% Available-for-sale securities, at fair value 1,266,659
1,531,165 (17.27%) Trading securities, at fair value - 114 N/A
Federal funds sold and securities purchased under agreement to
resell 104,181 24,569 324.03% Loans and leases 7,611,477 7,077,568
7.54% Less: Unearned income (44,468) (30,626) 45.20% Allowance for
credit losses (96,264) (91,076) 5.70% Net loans and leases
7,470,745 6,955,866 7.40% Loans held for sale 51,258 57,785
(11.30%) Premises and equipment, net 278,410 239,306 16.34% Accrued
interest receivable 83,577 65,428 27.74% Goodwill 142,548 107,780
32.26% Other assets 314,344 279,158 12.60% Total Assets $11,832,245
$10,831,291 9.24% Liabilities Deposits: Demand: Noninterest bearing
$1,829,782 $1,489,190 22.87% Interest bearing 2,800,391 2,723,172
2.84% Savings 758,471 732,298 3.57% Other time 4,167,590 4,029,920
3.42% Total deposits 9,556,234 8,974,580 6.48% Federal funds
purchased and securities sold under agreement to repurchase 675,280
484,400 39.41% Other short-term borrowings 175,000 62,000 182.26%
Accrued interest payable 28,668 19,628 46.06% Junior subordinated
debt securities 144,847 138,145 4.85% Long-term debt 136,479
137,954 (1.07%) Other liabilities 106,784 78,417 36.17% Total
Liabilities 10,823,292 9,895,124 9.38% Shareholders' Equity Common
stock 197,744 195,723 1.03% Capital surplus 112,127 83,359 34.51%
Accumulated other comprehensive income (loss) (20,754) (7,607)
172.83% Retained earnings 719,836 664,692 8.30% Total Shareholders'
Equity 1,008,953 936,167 7.77% Total Liabilities &
Shareholders' Equity $11,832,245 $10,831,291 9.24% BancorpSouth,
Inc. Consolidated Statements of Income (In thousands, except per
share data) (Unaudited) Quarter Ended Jun 2006 Mar 2006 Dec 2005
INTEREST REVENUE: Loans and leases $134,569 $127,200 $121,243
Deposits with other banks 176 141 177 Federal funds sold and
securities purchased under agreement to resell 976 2,846 3,052
Held-to-maturity securities: Taxable 16,048 14,323 10,461
Tax-exempt 2,077 1,887 1,696 Available-for-sale securities: Taxable
11,389 10,904 11,048 Tax-exempt 1,276 1,363 1,400 Loans held for
sale 871 1,238 920 Total interest revenue 167,382 159,902 149,997
INTEREST EXPENSE: Deposits 57,430 53,133 47,970 Federal funds
purchased and securities sold under agreement to repurchase 6,549
5,902 4,896 Other 6,182 4,938 4,861 Total interest expense 70,161
63,973 57,727 Net interest revenue 97,221 95,929 92,270 Provision
for credit losses 3,586 (3,860) 1,975 Net interest revenue, after
provision for credit losses 93,635 99,789 90,295 NONINTEREST
REVENUE: Mortgage lending 3,720 3,176 2,191 Service charges 17,489
15,450 15,852 Trust income 2,325 2,016 2,412 Security gains, net 17
10 11 Insurance commissions 16,411 17,445 14,411 Other 13,638
14,673 18,831 Total noninterest revenue 53,600 52,770 53,708
NONINTEREST EXPENSES: Salaries and employee benefits 58,376 57,573
53,959 Occupancy, net of rental income 7,759 7,442 7,133 Equipment
5,822 5,763 5,592 Other 26,387 25,230 25,642 Total noninterest
expenses 98,344 96,008 92,326 Income before income taxes 48,891
56,551 51,677 Income tax expense 13,392 18,806 16,871 Net income
$35,499 $37,745 $34,806 Net income per share: Basic $0.45 $0.48
$0.44 Diluted $0.45 $0.47 $0.44 BancorpSouth, Inc. Consolidated
Statements of Income (In thousands, except per share data)
(Unaudited) Quarter Ended Sept 2005 Jun 2005 INTEREST REVENUE:
Loans and leases $115,800 $109,874 Deposits with other banks 166
139 Federal funds sold and securities purchased under agreement to
resell 1,061 197 Held-to-maturity securities: Taxable 9,160 9,452
Tax-exempt 1,667 1,557 Available-for-sale securities: Taxable
11,761 12,765 Tax-exempt 1,481 1,491 Loans held for sale 686 571
Total interest revenue 141,782 136,046 INTEREST EXPENSE: Deposits
44,790 40,432 Federal funds purchased and securities sold under
agreement to repurchase 3,692 2,590 Other 4,859 5,307 Total
interest expense 53,341 48,329 Net interest revenue 88,441 87,717
Provision for credit losses 14,725 2,980 Net interest revenue,
after provision for credit losses 73,716 84,737 NONINTEREST
REVENUE: Mortgage lending 4,207 (2,453) Service charges 15,860
16,411 Trust income 2,161 2,004 Security gains, net 20 371
Insurance commissions 14,830 14,425 Other 11,085 12,264 Total
noninterest revenue 48,163 43,022 NONINTEREST EXPENSES: Salaries
and employee benefits 52,173 52,578 Occupancy, net of rental income
6,751 6,841 Equipment 5,501 5,637 Other 25,088 25,519 Total
noninterest expenses 89,513 90,575 Income before income taxes
32,366 37,184 Income tax expense 9,507 11,394 Net income $22,859
$25,790 Net income per share: Basic $0.29 $0.33 Diluted $0.29 $0.33
BancorpSouth, Inc. Consolidated Statements of Income (In thousands,
except per share data) (Unaudited) Year To Date Jun 2006 Jun 2005
INTEREST REVENUE: Loans and leases $261,769 $213,678 Deposits with
other banks 317 251 Federal funds sold and securities purchased
under agreement to resell 3,822 589 Held-to-maturity securities:
Taxable 30,371 19,218 Tax-exempt 3,964 3,154 Available-for-sale
securities: Taxable 22,293 26,510 Tax-exempt 2,639 3,168 Loans held
for sale 2,109 1,589 Total interest revenue 327,284 268,157
INTEREST EXPENSE: Deposits 110,563 78,337 Federal funds purchased
and securities sold under agreement to repurchase 12,451 4,751
Other 11,120 10,223 Total interest expense 134,134 93,311 Net
interest revenue 193,150 174,846 Provision for credit losses (274)
7,767 Net interest revenue, after provision for credit losses
193,424 167,079 NONINTEREST REVENUE: Mortgage lending 6,896 3,175
Service charges 32,939 31,137 Trust income 4,341 3,893 Security
gains, net 27 441 Insurance commissions 33,856 30,357 Other 28,311
27,938 Total noninterest revenue 106,370 96,941 NONINTEREST
EXPENSES: Salaries and employee benefits 115,949 105,818 Occupancy,
net of rental income 15,201 13,252 Equipment 11,585 11,087 Other
51,617 50,106 Total noninterest expenses 194,352 180,263 Income
before income taxes 105,442 83,757 Income tax expense 32,198 26,223
Net income $73,244 $57,534 Net income per share: Basic $0.93 $0.74
Diluted $0.92 $0.73 BancorpSouth, Inc. Average Balances, Interest
Income and Expense, and Average Yields and Rates (Dollars in
thousands) (Unaudited) Quarter Ended June 30, 2006 Average Yield/
(Taxable equivalent basis) Balance Interest Rate ASSETS Loans,
loans held for sale, and leases net of unearned income $7,517,364
$136,189 7.27% Held-to-maturity securities: Taxable 1,557,135
16,048 4.13% Tax-exempt 190,733 3,196 6.72% Available-for-sale
securities: Taxable 1,199,635 11,388 3.81% Tax-exempt 108,604 1,963
7.25% Short-term investments 98,867 1,151 4.67% Total interest
earning assets and revenue 10,672,338 169,935 6.39% Other assets
1,185,888 Less: allowance for credit losses (96,877) Total
$11,761,349 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits: Demand -
interest bearing $2,927,036 $14,613 2.00% Savings 767,750 2,044
1.07% Other time 4,164,848 40,773 3.93% Short-term borrowings
735,180 7,789 4.25% Junior subordinated debt 144,847 2,947 8.16%
Long-term debt 136,609 1,995 5.86% Total interest bearing
liabilities and expense 8,876,270 70,161 3.17% Demand deposits -
noninterest bearing 1,727,908 Other liabilities 162,676 Total
liabilities 10,766,854 Shareholders' equity 994,495 Total
$11,761,349 Net interest revenue $99,774 Net interest margin 3.75%
Net interest rate spread 3.22% Interest bearing liabilities to
interest earning assets 83.17% Net interest tax equivalent
adjustment $2,553 BancorpSouth, Inc. Average Balances, Interest
Income and Expense, and Average Yields and Rates (Dollars in
thousands) (Unaudited) Quarter Ended June 30, 2005 Average Yield/
(Taxable equivalent basis) Balance Interest Rate ASSETS Loans,
loans held for sale, and leases net of unearned income $7,034,782
$111,017 6.33% Held-to-maturity securities: Taxable 1,072,562 9,452
3.53% Tax-exempt 137,503 2,395 6.99% Available-for-sale securities:
Taxable 1,444,327 12,765 3.54% Tax-exempt 131,287 2,294 7.01%
Short-term investments 38,216 336 3.54% Total interest earning
assets and revenue 9,858,677 138,259 5.63% Other assets 1,022,044
Less: allowance for credit losses (92,456) Total $10,788,265
LIABILITIES AND SHAREHOLDERS' EQUITY Deposits: Demand - interest
bearing $2,795,706 $8,762 1.26% Savings 747,451 1,503 0.81% Other
time 3,954,223 30,166 3.06% Short-term borrowings 517,846 3,109
2.41% Junior subordinated debt 138,145 2,771 8.04% Long-term debt
138,074 2,018 5.86% Total interest bearing liabilities and expense
8,291,445 48,329 2.34% Demand deposits - noninterest bearing
1,465,836 Other liabilities 106,323 Total liabilities 9,863,604
Shareholders' equity 924,661 Total $10,788,265 Net interest revenue
$89,930 Net interest margin 3.66% Net interest rate spread 3.29%
Interest bearing liabilities to interest earning assets 84.10% Net
interest tax equivalent adjustment $2,213 BancorpSouth, Inc.
Average Balances, Interest Income and Expense, and Average Yields
and Rates (Dollars in thousands) (Unaudited) Year to Date June 30,
2006 Average Yield/ (Taxable equivalent basis) Balance Interest
Rate ASSETS Loans, loans held for sale, and leases net of unearned
income $7,491,790 $265,286 7.14% Held-to-maturity securities:
Taxable 1,507,396 30,371 4.06% Tax-exempt 182,582 6,099 6.74%
Available-for-sale securities: Taxable 1,200,449 22,293 3.74%
Tax-exempt 113,078 4,060 7.24% Short-term investments 183,181 4,138
4.56% Total interest earning assets and revenue 10,678,476 332,247
6.27% Other assets 1,182,871 Less: allowance for credit losses
(98,526) Total $11,762,821 LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits: Demand - interest bearing $3,005,663 $28,403 1.91%
Savings 758,585 3,738 0.99% Other time 4,157,481 78,423 3.80%
Short-term borrowings 689,792 13,718 4.01% Junior subordinated debt
144,847 5,858 8.16% Long-term debt 136,794 3,994 5.89% Total
interest bearing liabilities and expense 8,893,162 134,134 3.04%
Demand deposits - noninterest bearing 1,724,874 Other liabilities
160,535 Total liabilities 10,778,571 Shareholders' equity 984,250
Total $11,762,821 Net interest revenue $198,113 Net interest margin
3.74% Net interest rate spread 3.23% Interest bearing liabilities
to interest earning assets 83.28% Net interest tax equivalent
adjustment $4,963 BancorpSouth, Inc. Average Balances, Interest
Income and Expense, and Average Yields and Rates (Dollars in
thousands) (Unaudited) Year to Date June 30, 2005 Average Yield/
(Taxable equivalent basis) Balance Interest Rate ASSETS Loans,
loans held for sale, and leases net of unearned income $7,006,579
$216,388 6.23% Held-to-maturity securities: Taxable 1,082,715
19,218 3.58% Tax-exempt 137,915 4,853 7.10% Available-for-sale
securities: Taxable 1,488,762 26,510 3.59% Tax-exempt 135,200 4,874
7.27% Short-term investments 55,177 839 3.07% Total interest
earning assets and revenue 9,906,348 272,682 5.55% Other assets
1,019,268 Less: allowance for credit losses (92,334) Total
$10,833,282 LIABILITIES AND SHAREHOLDERS' EQUITY Deposits: Demand -
interest bearing $2,832,204 $16,577 1.18% Savings 756,919 3,058
0.81% Other time 3,993,458 58,702 2.96% Short-term borrowings
491,173 5,407 2.22% Junior subordinated debt 138,145 5,526 8.07%
Long-term debt 138,276 4,041 5.89% Total interest bearing
liabilities and expense 8,350,175 93,311 2.25% Demand deposits -
noninterest bearing 1,445,919 Other liabilities 115,571 Total
liabilities 9,911,665 Shareholders' equity 921,617 Total
$10,833,282 Net interest revenue $179,371 Net interest margin 3.65%
Net interest rate spread 3.30% Interest bearing liabilities to
interest earning assets 84.29% Net interest tax equivalent
adjustment $4,525 DATASOURCE: BancorpSouth, Inc. CONTACT: L. Nash
Allen, Jr., Treasurer and Chief Financial Officer, +1-662-680-2330,
or Gary C. Bonds, Senior Vice President and Controller,
+1-662-680-2332, both of BancorpSouth, Inc. Web site:
http://www.bancorpsouth.com/
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