Achieves Double-Digit Growth in Net Interest Revenue and
Noninterest Revenue TUPELO, Miss., Oct. 23 /PRNewswire-FirstCall/
-- BancorpSouth, Inc. (NYSE:BXS) today announced financial results
for the third quarter and nine months ended September 30, 2007.
Highlights of the announcement include: -- Net income for the third
quarter of 2007 of $36.3 million, or $0.44 per diluted share,
compared with $23.9 million, or $0.30 per diluted share, for the
third quarter of 2006. -- Total loans and leases, net of unearned
income, of $9.1 billion at September 30, 2007, up 16.5 percent from
the same date in 2006. -- An 11.9 percent comparable-quarter
increase in net interest revenue to $107.9 million for the third
quarter of 2007. -- Noninterest revenue of $57.9 million for the
third quarter of 2007, an increase of 17.6 percent from the same
quarter in 2006, including an increase in insurance commission
revenue of 9.8 percent. -- Continued strong credit quality, with
minimal exposure in subprime residential mortgages. -- The opening
of two full service banking locations in the St. Louis, Missouri
market and the acquisition of Insurance Network of Jonesboro,
Arkansas. Third Quarter 2007 Summary Results The Company's net
income for the third quarter of 2007 increased 51.8 percent to
$36.3 million from $23.9 million for the third quarter of 2006. Net
income per diluted share rose 46.7 percent to $0.44 for the third
quarter of 2007 from $0.30 for the third quarter of 2006. Aubrey
Patterson, Chairman and Chief Executive Officer of BancorpSouth,
commented, "BancorpSouth produced significant profitable growth for
the third quarter of 2007, driven by the double-digit rate of
expansion of both our traditional banking business and other
noninterest revenue. We again achieved solid organic growth in
loans and in insurance commission revenue, even as demand softened
relative to the second quarter in both our regional markets and
nationally. In spite of the interest volatility associated with the
Federal Reserve interest rate cut during the third quarter, as well
as market turmoil related to subprime mortgages, we have maintained
our net interest margin within a five basis-point range for the
last five quarters, our credit quality continues to be strong, and
we have minimal exposure to subprime residential mortgages. In
addition, our third quarter results also reflected the substantial
positive impact of our March 2007 acquisition of The Signature
Bank, further validating the ongoing potential inherent in our
multi-faceted growth strategies." Net Interest Revenue Interest
revenue for the third quarter of 2007 increased 18.7 percent, or
$32.7 million, to $208.0 million from $175.2 million for the third
quarter of 2006 and increased 2.7 percent from $202.6 million for
the second quarter of 2007. Interest expense increased 26.9
percent, or $21.2 million, to $100.0 million for the third quarter
of 2007 from $78.8 million for the third quarter of 2006 and 4.3
percent from $95.9 million for the second quarter of 2007. The
average taxable equivalent yield on earning assets increased to
6.98 percent for the third quarter of 2007 from 6.58 percent for
the third quarter of 2006 and 6.94 percent for the second quarter
of 2007. The average rate paid on interest bearing liabilities was
3.92 percent for the third quarter of 2007, compared with 3.49
percent for the third quarter of 2006 and 3.86 percent for the
second quarter of 2007. Net interest revenue increased 11.9 percent
to $107.9 million for the third quarter of 2007 from $96.4 million
for the third quarter of 2006 and increased 1.2 percent from $106.7
million for the second quarter of 2007. Net interest margin was
3.66 percent for the third quarter of 2007 compared with 3.66
percent for the third quarter of 2006 and 3.69 percent for the
second quarter of 2007. "We attribute the substantial growth in net
interest revenue for the third quarter of 2007 from the third
quarter last year to both the favorable impact of the Signature
Bank acquisition and to our ongoing asset/liability management
strategies," said Patterson. "The principal goal of these
strategies is to reduce our interest rate risk through active
management of our interest bearing liabilities, while primarily
funding our loan growth through redeploying capital from maturing
investment securities into higher- rate loans. While we continue to
work diligently to increase our net interest margin, the 3.66
percent margin for the latest quarter is within the relatively
narrow range of 3.64 percent to 3.69 percent that we have produced
for the last five quarters. This consistency in the face of
significant market pressure from a variety of factors is a tribute
to the hard work of people throughout our banking operations."
Deposit and Loan Activity Total assets at September 30, 2007
increased 10.6 percent to $13.1 billion from $11.9 billion at
September 30, 2006. Total deposits grew 7.4 percent to $10.2
billion at September 30, 2007 from $9.5 billion at September 30,
2006. Loans and leases, net of unearned income, increased 16.5
percent to $9.1 billion at September 30, 2007 from $7.8 billion at
September 30, 2006. Patterson added, "These relatively large
year-over-year increases primarily result from the favorable effect
of the Signature acquisition, complemented by significant organic
growth for the 12 months ended September 30, 2007. On a
sequential-quarter basis, our third quarter organic loan growth
totaled a solid 1.0 percent. Nonetheless, following
sequential-quarter loan growth of 2.6 percent for the second
quarter, we believe the trend evident in the slowing rate of growth
is consistent with the environment nationally and will continue in
the fourth quarter, as well. Total deposits at the end of the third
quarter of 2007 declined 2.4 percent from the end of the second
quarter of 2007, mainly as a result of the 3.8 percent reduction in
savings and other time deposits. This reduction is primarily the
result of our continuing asset/liability management initiatives to
minimize the impact of interest rate volatility." Provision for
Credit Losses and Allowance for Credit Losses For the third quarter
of 2007, the provision for credit losses was $5.7 million compared
with $2.5 million for the third quarter of 2006 and $7.8 million
for the second quarter of 2007. Annualized net charge-offs were
0.13 percent of average loans and leases for the third quarter of
2007 compared with 0.07 percent for the third quarter of 2006 and
0.14 percent for the second quarter of 2007. Non-performing loans
and leases increased 24.8 percent to $31.3 million, or 0.35 percent
of loans and leases, at September 30, 2007 from $25.1 million, or
0.32 percent of loans and leases, at September 30, 2006 and 31.1
percent from $23.9 million, or 0.27 percent of loans and leases, at
June 30, 2007. The allowance for credit losses was 1.24 percent of
loans and leases at September 30, 2007 compared with 1.25 percent
of loans and leases at September 30, 2006 and 1.22 percent of loans
and leases at June 30, 2007. Patterson stated, "Our commitment to
maintaining strong credit quality has been a core operating
principle for this Company for many years. For the third quarter,
the increase in our provision for credit losses was primarily
driven by loan growth, while our metrics for non-performing loans
and annualized net charge offs remained solidly within historic
ranges. Because our mortgage lending decisions are based on our
conservative lending policies, we continue to have nominal
exposure, only approximately $429,000, to the credit issues
affecting the subprime residential mortgage market." Noninterest
Revenue For the third quarter of 2007, noninterest revenue
increased 17.6 percent to $57.9 million from $49.2 million for the
third quarter of 2006. These results included a decline in the
value of the mortgage servicing asset totaling $3.2 million for the
third quarter of 2007 and $3.7 million for the third quarter of
2006. In addition, the Company recorded a gain of $2.4 million in
other noninterest revenue for the third quarter of 2007 related to
the sale of shares of MasterCard Incorporated. "We were pleased
with the 9.8 percent expansion in insurance commission revenue for
the third quarter of 2007 from the third quarter of 2006, which
follows five consecutive quarters of double-digit growth," remarked
Patterson. "We believe we have outstanding potential for further
growth in our insurance business, both through the long-term
rebuilding of the Gulf Coast and throughout the four states in
which our insurance business is located. During the third quarter,
we enhanced our ability to leverage this potential with the
acquisition of Insurance Network, headquartered in Jonesboro,
Arkansas. Building on our acquisition of American State Bank
headquartered in Jonesboro in the fourth quarter of 2005, Insurance
Network will combine with our Little Rock insurance division to
increase our penetration of attractive markets in northern
Arkansas." Noninterest Expense Noninterest expense increased 7.8
percent to $106.4 million for the third quarter of 2007 from $98.7
million for the third quarter of 2006 and increased 0.4 percent
from $105.9 million for the second quarter of 2007. The
comparable-quarter growth in noninterest expense is attributable to
additional salaries, employee benefits and occupancy expense
associated with the opening of new loan production offices and
full-service branch bank offices during the 12 months ended
September 30, 2007, including two new full-service banking
locations opened during the third quarter of 2007 in suburban St.
Louis. In addition, the increased expense is related to the launch
of insurance operations in Mobile, Alabama in the fourth quarter of
2006 and the acquisitions of Signature, effective March 1, 2007,
and Insurance Network on September 1, 2007. The sequential-quarter
increase in noninterest expense of 0.4 percent for the third
quarter of 2007, following a 0.3 percent sequential increase for
the second quarter of 2007, reflects the Company's continued focus
on cost control during the integration of Signature's operations
into BancorpSouth's. Income Taxes Income tax expense was $17.5
million for the third quarter of 2007, a 15.0 percent decrease from
$20.6 million for the third quarter of 2006. The decrease is
attributable to the recognition of approximately $6.8 million in
additional income tax expense during the third quarter of 2006 due
to statutory limitations which prevented the recovery of excess
taxes paid in prior years. The statute of limitations relating to
the amendment of certain prior year tax returns lapsed during the
third quarter of 2006. Capital Management BancorpSouth repurchased
157,000 shares of its common stock during the third quarter of 2007
under a stock repurchase plan for the repurchase of up to three
million shares that commenced on May 1, 2007 and expires on April
30, 2009. BancorpSouth will continue to evaluate additional share
repurchase opportunities under this plan. The Company has
repurchased approximately 11.9 million shares of its common stock
since its original share repurchase program was initiated in 2001.
Summary Patterson concluded, "Our profitable growth for the third
quarter was the combined result of growth strategies and operating
philosophies we have implemented for many years. In an environment
that has grown more challenging, our results were based on our
ability to drive growth through both our traditional banking
business and our complementary noninterest based business; to drive
growth organically -- through new products and services, through
cross-sales to existing customers, through new customers in
existing or new markets -- and to expand our long record of
successful acquisitions. The foundation of these growth strategies
has always been a conservative, disciplined operating philosophy,
focused on strong credit quality, outstanding customer service and
steady long-term growth. As in many previous economic cycles, the
difficulties and uncertainties affecting the industry today
demonstrate the value of this proven long-term approach to
expanding our business and shareholder value." Conference Call
BancorpSouth will conduct a conference call to discuss its third
quarter 2007 results tomorrow, October 24, 2007, 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 include, without
limitation, statements relating to the slowing of loan growth, our
potential for growth in our insurance business and repurchases
under our common stock repurchase plan. 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 because of a
variety of factors. These factors may include, but are not limited
to, 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 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 $13.1 billion in assets. BancorpSouth Bank, a
wholly-owned subsidiary of BancorpSouth, Inc., operates
approximately 290 commercial banking, mortgage, insurance, trust
and broker/dealer locations in Alabama, Arkansas, Florida,
Louisiana, Mississippi, Missouri, Tennessee and Texas.
BancorpSouth, Inc. Selected Financial Data Unaudited Three Months
Ended Nine Months Ended September 30, September 30, 2007 2006 2007
2006 (Dollars in thousands, except per share amounts) Earnings
Summary: Net interest revenue $107,916 $96,398 $313,242 $289,548
Provision for credit losses 5,727 2,526 14,925 2,252 Noninterest
revenue 57,894 49,234 176,485 155,604 Noninterest expense 106,351
98,661 317,889 293,013 Income before income taxes 53,732 44,445
156,913 149,887 Income tax provision 17,475 20,568 51,198 52,766
Net income $36,257 $23,877 $105,715 $97,121 Earning per share:
Basic $0.44 $0.30 $1.30 $1.23 Diluted $0.44 $0.30 $1.30 $1.22
Balance sheet data at September 30: Total assets $13,134,317
$11,870,764 Total earning assets 11,958,168 10,747,814 Loans and
leases, net of unearned income 9,054,725 7,773,682 Allowance for
credit losses 112,134 97,391 Total deposits 10,190,817 9,492,374
Common shareholders' equity 1,169,739 1,024,609 Book value per
share 14.22 12.95 Average balance sheet data: Total assets
$13,084,787 $11,814,101 $12,781,787 $11,780,102 Total earning
assets 11,954,777 10,719,354 11,679,681 10,692,252 Loans and
leases, net of unearned interest 8,995,863 7,668,909 8,676,921
7,506,656 Total deposits 10,246,437 9,447,788 10,252,233 9,579,602
Common shareholders' equity 1,141,295 1,015,658 1,106,907 994,834
Non-performing assets at September 30: Non-accrual loans and leases
$7,301 $6,289 Loans and leases 90+ days past due 23,158 16,859
Restructured loans and leases 878 1,952 Other real estate owned
10,966 11,808 Net charge-offs as a percentage of average loans
(annualized) 0.13% 0.07% 0.12% 0.11% Performance ratios
(annualized): Return on average assets 1.10% 0.80% 1.11% 1.10%
Return on common equity 12.60% 9.33% 12.77% 13.05% Net interest
margin 3.66% 3.66% 3.67% 3.71% Average shares outstanding - basic
82,165,256 79,104,471 81,263,864 79,154,443 Average shares
outstanding - diluted 82,467,583 79,577,609 81,631,582 79,552,314
BancorpSouth, Inc. Consolidated Balance Sheets (Unaudited)
September 30, % 2007 2006 Change (Dollars in thousands) Assets Cash
and due from banks $273,616 $377,005 (27.42%) Interest bearing
deposits with other banks 18,069 7,231 149.88% Held-to-maturity
securities, at amortized cost 1,706,350 1,684,483 1.30%
Available-for-sale securities, at fair value 1,018,301 1,184,976
(14.07%) Federal funds sold and securities purchased under
agreement to resell 57,000 20,851 173.37% Loans and leases
9,103,307 7,819,408 16.42% Less: Unearned income 48,582 45,726
6.25% Allowance for credit losses 112,134 97,391 15.14% Net loans
and leases 8,942,591 7,676,291 16.50% Loans held for sale 103,722
76,590 35.42% Premises and equipment, net 312,832 281,349 11.19%
Accrued interest receivable 101,118 92,099 9.79% Goodwill 254,587
143,700 77.17% Other assets 346,131 326,189 6.11% Total Assets
$13,134,317 11,870,764 10.64% Liabilities Deposits: Demand:
Noninterest bearing $1,687,157 1,753,566 (3.79%) Interest bearing
3,215,632 2,775,033 15.88% Savings 705,519 728,168 (3.11%) Other
time 4,582,509 4,235,607 8.19% Total deposits 10,190,817 9,492,374
7.36% Federal funds purchased and securities sold under agreement
to repurchase 797,177 715,108 11.48% Short-term Federal Home Loan
Bank borrowings 500,000 200,000 150.00% Accrued interest payable
42,509 37,349 13.82% Junior subordinated debt securities 163,405
144,847 12.81% Long-term Federal Home Loan Bank borrowings 141,605
136,096 4.05% Other liabilities 129,065 120,381 7.21% Total
Liabilities 11,964,578 10,846,155 10.31% Shareholders' Equity
Common stock 205,663 197,828 3.96% Capital surplus 195,323 112,644
73.40% Accumulated other comprehensive income (loss) (18,004)
(13,879) 29.72% Retained earnings 786,757 728,016 8.07% Total
Shareholders' Equity 1,169,739 1,024,609 14.16% Total Liabilities
& Shareholders' Equity $13,134,317 $11,870,764 10.64%
BancorpSouth, Inc. Consolidated Condensed Statements of Income
(Dollars in thousands, except per share data) (Unaudited) Quarter
Ended Sep-07 Jun-07 Mar-07 INTEREST REVENUE: Loans and leases
$174,787 $169,717 $153,241 Deposits with other banks 316 268 286
Federal funds sold and securities purchased under agreement to
resell 232 633 2,511 Held-to-maturity securities: Taxable 17,585
16,962 16,705 Tax-exempt 2,077 2,044 2,015 Available-for-sale
securities: Taxable 10,554 10,839 9,592 Tax-exempt 960 1,010 1,115
Loans held for sale 1,454 1,082 1,675 Total interest revenue
207,965 202,555 187,140 INTEREST EXPENSE: Interest bearing demand
22,189 21,992 19,887 Savings 2,503 2,481 2,383 Other time 55,728
55,459 51,985 Federal funds purchased and securities sold under
agreement to repurchase 9,151 9,283 7,824 Other 10,478 6,682 6,393
Total interest expense 100,049 95,897 88,472 Net interest revenue
107,916 106,658 98,668 Provision for credit losses 5,727 7,843
1,355 Net interest revenue, after provision for credit losses
102,189 98,815 97,313 NONINTEREST REVENUE: Mortgage lending 100
5,484 1,779 Credit card, debit card and merchant fees 7,667 7,391
6,874 Service charges 17,281 17,677 15,396 Trust income 2,487 2,457
2,214 Security gains, net 7 10 7 Insurance commissions 17,542
17,665 19,794 Other 12,810 9,548 12,295 Total noninterest revenue
57,894 60,232 58,359 NONINTEREST EXPENSES: Salaries and employee
benefits 63,269 63,851 63,628 Occupancy, net of rental income 8,959
8,709 8,463 Equipment 6,057 6,053 6,026 Other 28,066 27,315 27,493
Total noninterest expenses 106,351 105,928 105,610 Income before
income taxes 53,732 53,119 50,062 Income tax expense 17,475 17,238
16,485 Net income $36,257 $35,881 $33,577 Net income per share:
Basic $0.44 $0.44 $0.42 Diluted $0.44 $0.43 $0.42 Quarter Ended
Year To Date Dec-06 Sep-06 Sep-07 Sep-06 INTEREST REVENUE: Loans
and leases $147,784 $143,712 $497,745 $405,481 Deposits with other
banks 217 295 870 612 Federal funds sold and securities purchased
under agreement to resell 635 609 3,376 4,431 Held-to-maturity
securities: Taxable 16,532 16,107 51,252 46,478 Tax-exempt 2,012
2,017 6,136 5,981 Available-for-sale securities: Taxable 9,653
10,405 30,985 32,698 Tax-exempt 1,170 1,215 3,085 3,854 Loans held
for sale 1,366 878 4,211 2,987 Total interest revenue 179,369
175,238 597,660 502,522 INTEREST EXPENSE: Interest bearing demand
16,228 15,514 64,068 43,916 Savings 2,160 2,089 7,367 5,826 Other
time 48,585 45,361 163,172 123,785 Federal funds purchased and
securities sold under agreement to repurchase 8,940 8,498 26,258
20,949 Other 7,205 7,378 23,553 18,498 Total interest expense
83,118 78,840 284,418 212,974 Net interest revenue 96,251 96,398
313,242 289,548 Provision for credit losses 6,325 2,526 14,925
2,252 Net interest revenue, after provision for credit losses
89,926 93,872 298,317 287,296 NONINTEREST REVENUE: Mortgage lending
(820) 41 7,363 6,937 Credit card, debit card and merchant fees
6,793 6,447 21,932 18,988 Service charges 16,262 16,247 50,354
46,861 Trust income 3,703 2,344 7,158 6,685 Security gains, net 4 9
24 36 Insurance commissions 16,146 15,977 55,001 47,139 Other 8,402
8,169 34,653 28,958 Total noninterest revenue 50,490 49,234 176,485
155,604 NONINTEREST EXPENSES: Salaries and employee benefits 60,178
58,453 190,748 174,402 Occupancy, net of rental income 8,173 8,598
26,131 23,799 Equipment 5,941 5,896 18,136 17,481 Other 25,849
25,714 82,874 77,331 Total noninterest expenses 100,141 98,661
317,889 293,013 Income before income taxes 40,275 44,445 156,913
149,887 Income tax expense 12,202 20,568 51,198 52,766 Net income
$28,073 $23,877 $105,715 $97,121 Net income per share: Basic $0.35
$0.30 $1.30 $1.23 Diluted $0.35 $0.30 $1.30 $1.22 BancorpSouth,
Inc. Average Balances, Interest Income and Expense, and Average
Yields and Rates (Dollars in thousands) (Unaudited) Quarter Ended
September 30, 2007 Average Yield/ (Taxable equivalent basis)
Balance Interest Rate ASSETS Loans, loans held for sale, and leases
net of unearned income $9,087,608 $177,093 7.73% Held-to-maturity
securities: Taxable 1,568,959 17,585 4.45% Tax-exempt 191,397 3,196
6.62% Available-for-sale securities: Taxable 987,901 10,555 4.24%
Tax-exempt 80,696 1,476 7.26% Short-term investments 38,216 548
5.69% Total interest earning assets and revenue 11,954,777 210,453
6.98% Other assets 1,241,511 Less: allowance for credit losses
(111,501) Total $13,084,787 LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits: Demand - interest bearing $3,178,394 $22,189 2.77%
Savings 715,875 2,503 1.39% Other time 4,711,683 55,729 4.69%
Short-term borrowings 1,207,633 14,230 4.67% Junior subordinated
debt 163,405 3,342 8.11% Long-term debt 142,000 2,058 5.75% Total
interest bearing liabilities and expense 10,118,990 100,051 3.92%
Demand deposits - noninterest bearing 1,640,485 Other liabilities
184,017 Total liabilities 11,943,492 Shareholders' equity 1,141,295
Total $13,084,787 Net interest revenue $110,402 Net interest margin
3.66% Net interest rate spread 3.06% Interest bearing liabilities
to interest earning assets 84.64% Net interest tax equivalent
adjustment $2,487 BancorpSouth, Inc. Average Balances, Interest
Income and Expense, and Average Yields and Rates (Dollars in
thousands) (Unaudited) Quarter Ended September 30, 2006 Average
Yield/ (Taxable equivalent basis) Balance Interest Rate ASSETS
Loans, loans held for sale, and leases net of unearned income
$7,723,076 $145,396 7.47% Held-to-maturity securities: Taxable
1,521,496 16,107 4.20% Tax-exempt 185,576 3,103 6.63%
Available-for-sale securities: Taxable 1,124,841 10,406 3.67%
Tax-exempt 102,493 1,869 7.24% Short-term investments 61,872 904
5.79% Total interest earning assets and revenue 10,719,354 177,785
6.58% Other assets 1,193,058 Less: allowance for credit losses
(98,311) Total $11,814,101 LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits: Demand - interest bearing $2,771,419 $15,514 2.22%
Savings 741,102 2,089 1.12% Other time 4,236,396 45,361 4.25%
Short-term borrowings 922,735 10,920 4.70% Junior subordinated debt
144,847 2,968 8.13% Long-term debt 136,229 1,988 5.79% Total
interest bearing liabilities and expense 8,952,728 78,840 3.49%
Demand deposits - noninterest bearing 1,698,871 Other liabilities
146,844 Total liabilities 10,798,443 Shareholders' equity 1,015,658
Total $11,814,101 Net interest revenue $98,945 Net interest margin
3.66% Net interest rate spread 3.09% Interest bearing liabilities
to interest earning assets 83.52% Net interest tax equivalent
adjustment $2,546 BancorpSouth, Inc. Average Balances, Interest
Income and Expense, and Average Yields and Rates (Dollars in
thousands) (Unaudited) Year to Date September 30, 2007 Average
Yield/ (Taxable equivalent basis) Balance Interest Rate ASSETS
Loans, loans held for sale, and leases net of unearned income
$8,767,096 $504,470 7.69% Held-to-maturity securities: Taxable
1,540,910 51,252 4.45% Tax-exempt 188,145 9,440 6.71%
Available-for-sale securities: Taxable 995,567 30,985 4.16%
Tax-exempt 85,934 4,746 7.38% Short-term investments 102,029 4,246
5.56% Total interest earning assets and revenue 11,679,681 605,139
6.93% Other assets 1,208,881 Less: allowance for credit losses
(106,775) Total $12,781,787 LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits: Demand - interest bearing $3,183,663 $64,068 2.69%
Savings 723,977 7,367 1.36% Other time 4,678,320 163,172 4.66%
Short-term borrowings 947,498 33,778 4.77% Junior subordinated debt
159,394 9,765 8.19% Long-term debt 144,820 6,268 5.79% Total
interest bearing liabilities and expense 9,837,672 284,418 3.87%
Demand deposits - noninterest bearing 1,666,273 Other liabilities
170,935 Total liabilities 11,674,880 Shareholders' equity 1,106,907
Total $12,781,787 Net interest revenue $320,721 Net interest margin
3.67% Net interest rate spread 3.06% Interest bearing liabilities
to interest earning assets 84.23% Net interest tax equivalent
adjustment $7,479 BancorpSouth, Inc. Average Balances, Interest
Income and Expense, and Average Yields and Rates (Dollars in
thousands) (Unaudited) Year to Date September 30, 2006 Average
Yield/ (Taxable equivalent basis) Balance Interest Rate ASSETS
Loans, loans held for sale, and leases net of unearned income
$7,569,732 $410,681 7.25% Held-to-maturity securities: Taxable
1,512,148 46,477 4.11% Tax-exempt 183,591 9,202 6.70%
Available-for-sale securities: Taxable 1,174,969 32,698 3.72%
Tax-exempt 109,511 5,930 7.24% Short-term investments 142,301 5,042
4.74% Total interest earning assets and revenue 10,692,252 510,030
6.38% Other assets 1,186,303 Less: allowance for credit losses
(98,453) Total $11,780,102 LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits: Demand - interest bearing $2,926,723 $43,916 2.01%
Savings 752,693 5,825 1.03% Other time 4,184,075 123,785 3.96%
Short-term borrowings 768,293 24,640 4.29% Junior subordinated debt
144,847 8,826 8.15% Long-term debt 136,605 5,983 5.86% Total
interest bearing liabilities and expense 8,913,236 212,975 3.20%
Demand deposits - noninterest bearing 1,716,111 Other liabilities
155,921 Total liabilities 10,785,268 Shareholders' equity 994,834
Total $11,780,102 Net interest revenue $297,055 Net interest margin
3.71% Net interest rate spread 3.18% Interest bearing liabilities
to interest earning assets 83.36% Net interest tax equivalent
adjustment $7,508 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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BancorpSouth Bank (NYSE:BXS)
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From Sep 2024 to Oct 2024
BancorpSouth Bank (NYSE:BXS)
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From Oct 2023 to Oct 2024