TUPELO, Miss., April 22 /PRNewswire-FirstCall/ -- BancorpSouth,
Inc. (NYSE: BXS) today announced financial results for the quarter
ended March 31, 2010.
Highlights for the first quarter include:
- Profitable operations with net income of $8.4 million or $0.10 per diluted share.
- Improvement in net interest margin to 3.88 percent, the highest
quarterly level since the first quarter of 2003.
- Increased net interest revenue on a comparable quarter basis
(for the fourth consecutive quarter).
- Continued strong deposit growth - primarily interest bearing
demand deposits - and significant reductions in short-term
debt.
- A decline in noninterest expense, excluding deposit insurance
assessment, on a comparable and sequential quarter basis.
- Annualized net charge-offs of 1.26 percent of average loans and
leases and non-performing loans and leases of 2.43 percent of net
loans and leases.
- A provision for credit losses more than 40 percent in excess of
net charge-offs for the quarter, which increased the allowance for
credit losses to 1.95 percent of net loans and leases.
- A strong capital structure with common equity to assets of 9.56
percent and tangible common equity to tangible assets of 7.52
percent at the end of the quarter.
Summary Results
BancorpSouth's net income for the first quarter of 2010 was
$8.4 million, or $0.10 per diluted share, compared with
$29.5 million, or $0.35 per diluted share, for the first quarter of
2009 and a net loss of $2.1 million,
or $0.03 per diluted share, for the
fourth quarter of 2009.
Aubrey Patterson, Chairman and
Chief Executive Officer of BancorpSouth, commented, "BancorpSouth
has operated effectively in a stressful economic environment that
has continued to challenge the financial services industry.
As throughout 2009, our new loan production for the first
quarter of 2010 essentially offset loan runoff. We experienced
strong growth in deposits, especially low cost interest bearing
demand deposits, and strengthened liquidity by reducing short-term
debt by a significant percentage on a sequential quarter basis for
the fifth consecutive quarter. We also produced our fourth
comparable quarter increase in net interest revenue. Net
interest margin increased to 3.88 percent, which is the fourth
consecutive sequential quarter increase and the highest level
achieved in seven years. While the level of mortgage
refinancing slowed significantly compared with the first quarter of
2009, we continued to achieve a solid performance in our mortgage
origination business with mortgage production exceeding
$200 million in originations for the
quarter.
"Non-performing loans and leases were $235.7 million at the end of the first quarter,
an increase of $49.2 million from the
fourth quarter of 2009. Included in non-performing loans and
leases at the end of the first quarter are $171.3 million of loans that have been subjected
to impairment testing. These impaired loans have a specific reserve
of $30.8 million included in the
allowance for credit losses of $188.9
million at the quarter's end. The remaining balance of
non-performing loans and leases of $64.4
million represents loans and leases on non-accrual status,
loans and leases 90 days or more past due and still accruing, and
accruing restructured loans and leases. The balance of the
allowance for credit losses not attributable to impaired loans was
$158.1 million at the end of the
first quarter of 2010. We are committed to remaining
well-reserved against expected losses in our loan portfolio.
We are encouraged by some indicators that suggest economic
stabilization or mild strengthening, but we expect real estate
values to remain under pressure, at least over the near term.
"First quarter operations were profitable, and the Company
maintained strong capital and liquidity. We believe we are
well positioned to cope with the challenges of the current
environment."
Net Interest Revenue
Net interest revenue was $111.9
million for the first quarter of 2010, an increase of 1.8
percent from $109.9 million for the
first quarter of 2009 and a decrease of 0.4 percent from
$112.3 million for the fourth quarter
of 2009. The fully taxable equivalent net interest margin
increased to 3.88 percent for the first quarter of 2010 from 3.74
percent for the first quarter of 2009 and 3.81 percent for the
fourth quarter of 2009.
Patterson continued, "We are pleased with the fourth consecutive
increase in comparable quarter net interest revenue. With
loan growth an ongoing challenge in the current environment, we
continued to focus our efforts on expanding our deposit funding and
reducing our short-term debt. Due primarily to 14.5 percent
growth in interest bearing demand deposits at March 31, 2010 from March
31, 2009 and 6.1 percent growth from the end of 2009,
deposits grew to 93.6 percent of total funding at the end of the
quarter from 84.1 percent and 91.3 percent at the end of the first
quarter and fourth quarter, respectively, of 2009."
Asset, Deposit and Loan Activity
Total assets at March 31, 2010
were $13.2 billion, compared with
$13.5 billion at March 31, 2009. Total deposits were
$11.0 billion at March 31, 2010, an increase of 8.9 percent from
$10.1 billion at March 31, 2009. Loans and leases, net of
unearned income, were approximately even at $9.7 billion on March 31,
2010 and March 31, 2009.
"Loan growth in the current economic environment continues to be
a challenge. The banking industry, as a whole, has
experienced a decline in loans for the last several quarters.
We are encouraged that we have been able to maintain our
volume of loans outstanding and believe that we are well positioned
to capitalize on loan growth opportunities as the economy
improves.
"Strong deposit growth has also reduced our reliance on
short-term borrowed funds. While deposit rates generally
exceed rates available for short-term borrowed funds, the current
environment presents an excellent opportunity to attract new, and
strengthen existing, deposit relationships."
Provision for Credit Losses and Allowance for Credit Losses
For the first quarter of 2010, the provision for credit losses
was $43.5 million compared with
$14.9 million for the first quarter
of 2009 and $62.3 million for the
fourth quarter of 2009. Annualized net charge-offs were 1.26
percent of average loans and leases for the first quarter of 2010
compared with 0.54 percent for the first quarter of 2009 and 1.27
percent for the fourth quarter of 2009.
Non-performing loans and leases increased to $235.7 million, or 2.43 percent of net loans and
leases, at March 31, 2010 from
$73.8 million, or 0.76 percent of net
loans and leases, at March 31, 2009
and from $186.5 million, or 1.91
percent of net loans and leases, at December
31, 2009. Again, $171.3
million of this $235.7 million
are impaired loans with specific reserves of $30.8 million included in the allowance for
credit losses. The total allowance for credit losses
increased to 1.95 percent of net loans and leases at March 31, 2010 compared with 1.39 percent at
March 31, 2009 and 1.80 percent at
December 31, 2009.
Patterson, added, "Through the provision for credit losses for
the first quarter, we significantly increased the allowance for
credit losses for the second consecutive quarter. After the
slight decline in net charge-offs for the first quarter compared
with the fourth quarter of 2009, reserve coverage of annualized net
charge-offs moved to 1.5 times from 1.4 times for the fourth
quarter of 2009. We continue to focus significant efforts on
the timely identification and resolution of our troubled loans.
We are committed to ensuring that we maintain adequate
reserves to cover expected losses."
Noninterest Revenue
Noninterest revenue was $63.3
million for the first quarter of 2010 compared with
$67.8 million for the first quarter
of 2009 and $64.5 million for the
fourth quarter of 2009. Changes in the valuation of
BancorpSouth's mortgage servicing rights (MSR) had no significant
effect on the first quarter's results. Results for the first
quarter of 2010 included a gain on sale of securities of
$1.3 million.
"Mortgage servicing and production income, excluding the MSR
valuation adjustment, declined 45 percent from the first quarter of
2009 to $5.0 million," stated
Patterson. "The decrease is attributable to a decline in
mortgage originations of 51 percent to $207
million. Despite the decline against a very strong
comparable quarter in 2009, we are pleased with the performance of
our mortgage origination business. Given the continuation of
a mortgage rate environment favorable to purchase opportunities, as
well as industry turmoil related to the exit of national or
regional market participants, we expect a solid performance from
our mortgage business for the year.
"In addition to our mortgage origination business, we remain
fully committed to the strategic value of our insurance business,
which continues to confront soft market conditions. Like the
mortgage business, our insurance products and services have
effectively enabled BancorpSouth to serve a larger portion of the
financial needs of our existing customers, while introducing a
significant number of new customers to the Company on an ongoing
basis. They have also been instrumental in diversifying our
revenue stream, significantly lessening our interest-spread
dependence.
"Our first quarter revenue from credit and debit card fees
increased 5.5 percent from the first quarter of 2009 and 11.6
percent from the fourth quarter of 2009. Service charge
revenue for the first quarter declined 2.9 percent and 13.0 percent
from the first and fourth quarters, respectively, of 2009. We
are continuing to focus on managing the potential impact of new
regulations on the fee structure of these businesses."
Noninterest Expense
BancorpSouth has continued to manage its noninterest expenses
well during the first quarter of 2010. Noninterest expense
was $120.5 million for the first
quarter, an increase of 0.4 percent from $120.0 million for the first quarter of 2009 and
a decline of 2.3 percent from $123.4
million for the fourth quarter of 2009. Results again
reflected an increase in BancorpSouth's FDIC assessments.
Noninterest expense, excluding the FDIC premium, for the
first quarter of 2010 declined 0.5 percent from the first quarter
of 2009 and 2.8 percent from the fourth quarter.
Capital Management
BancorpSouth's commitment to a strong capital base is one of its
fundamental operating principles. The Company's ratio of
shareholders' equity to assets improved on a comparable quarter
basis for the 15th consecutive quarter, increasing to
9.56 percent at March 31, 2010 from
9.33 percent at March 31, 2009.
The ratio of tangible equity to tangible assets also
increased to 7.52 percent at March 31,
2010 from 7.29 percent at March 31,
2009. BancorpSouth remains a "well capitalized"
financial holding company, as defined by federal regulations, with
Tier 1 risk-based capital of approximately 10.89 percent at
March 31, 2010 and total risk based
capital of approximately 12.15 percent, compared with required
minimum levels of 6 percent and 10 percent, respectively, to meet
the definition of "well capitalized."
Summary
Patterson concluded, "BancorpSouth operated soundly and
profitably for the first quarter of 2010. In response to
continuing economic uncertainty, we increased our allowance for
credit losses, reduced debt, controlled costs and maintained strong
capital levels and ample liquidity. Our revenue generation for the
quarter continued the remarkable consistency demonstrated over the
past two years despite the challenging economic environment.
"Based on our first quarter performance, we remain confident of
the Company's ability to cope effectively with the current
environment. Although we continue to see scattered indicators
of economic stabilization and growth, we remain appropriately
cautious about the prospects for a sustained economic recovery in
2010. Recognizing that our recent geographic expansion into
attractive new markets has provided much of our new loan
production, we intend to continue pursuing careful de novo
expansion in attractive and familiar markets within or contiguous
to our existing geographic footprint. We will also continue
to evaluate industry consolidation opportunities that meet our
strategic objectives, which include being accretive to our
financial results."
Conference Call
BancorpSouth will conduct a conference call to discuss its first
quarter 2010 results tomorrow, April 23,
2010, 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 real estate values, our ability
to manage through the current environment, our ability to
capitalize on loan growth opportunities, our ability to remain
well-reserved against losses in our loan portfolio, performance of
our mortgage business, our credit metrics and accretive industry
consolidation opportunities.
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
general business or economic conditions or government fiscal and
monetary policies, volatility and disruption in national and
international financial markets, 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, BancorpSouth's business model, 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 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
$13.2 billion in assets.
BancorpSouth Bank, a wholly-owned subsidiary of BancorpSouth,
Inc., operates approximately 314 commercial banking, mortgage,
insurance, trust and broker/dealer locations in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas. BancorpSouth Bank also operates
an insurance location in Illinois.
BancorpSouth, Inc.
Selected Financial Data
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2010
|
|
2009
|
|
(Dollars in thousands, except per
share amounts)
|
|
|
|
|
Earnings Summary:
|
|
|
|
|
Net interest revenue
|
$111,882
|
|
$109,876
|
|
Provision for credit losses
|
43,519
|
|
14,945
|
|
Noninterest revenue
|
63,332
|
|
67,818
|
|
Noninterest expense
|
120,483
|
|
119,978
|
|
Income before income taxes
|
11,212
|
|
42,771
|
|
Income tax provision
|
2,816
|
|
13,294
|
|
Net income
|
$8,396
|
|
$29,477
|
|
Earnings per share:
Basic
|
$0.10
|
|
$0.35
|
|
Diluted
|
$0.10
|
|
$0.35
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet data at March
31:
|
|
|
|
|
Total assets
|
$13,230,190
|
|
$13,458,364
|
|
Total earning assets
|
12,032,281
|
|
12,240,161
|
|
Loans and leases, net of unearned
income
|
9,710,822
|
|
9,712,823
|
|
Allowance for credit losses
|
188,884
|
|
134,632
|
|
Total deposits
|
10,994,161
|
|
10,091,974
|
|
Common shareholders' equity
|
1,264,884
|
|
1,255,659
|
|
Book value per share
|
15.16
|
|
15.11
|
|
|
|
|
|
|
|
|
|
|
|
Average balance sheet
data:
|
|
|
|
|
Total assets
|
$13,127,171
|
|
$13,324,878
|
|
Total earning assets
|
11,979,546
|
|
12,187,151
|
|
Loans and leases, net of unearned
interest
|
9,767,088
|
|
9,695,475
|
|
Total deposits
|
10,878,270
|
|
9,908,432
|
|
Common shareholders' equity
|
1,265,409
|
|
1,238,971
|
|
|
|
|
|
|
Non-performing assets at March
31:
|
|
|
|
|
Non-accrual loans and
leases
|
$199,637
|
|
$38,936
|
|
Loans and leases 90+ days past due,
still accruing
|
20,452
|
|
27,299
|
|
Restructured loans and leases, still
accruing
|
15,576
|
|
7,581
|
|
Other real estate owned
|
59,269
|
|
47,450
|
|
Total non-performing assets
|
294,934
|
|
121,266
|
|
|
|
|
|
|
Net charge-offs as a
percentage
|
|
|
|
|
of average loans
(annualized)
|
1.26%
|
|
0.54%
|
|
|
|
|
|
|
Performance ratios
(annualized):
|
|
|
|
|
Return on average assets
|
0.26%
|
|
0.90%
|
|
Return on common equity
|
2.69%
|
|
9.65%
|
|
Total shareholders' equity to total
assets
|
9.56%
|
|
9.33%
|
|
Tangible shareholders' equity to
tangible assets
|
7.52%
|
|
7.29%
|
|
Net interest margin
|
3.88%
|
|
3.74%
|
|
|
|
|
|
|
Average shares outstanding -
basic
|
83,403,809
|
|
83,107,469
|
|
Average shares outstanding -
diluted
|
83,574,695
|
|
83,234,105
|
|
Cash dividends per share
|
$0.22
|
|
$0.22
|
|
|
|
|
|
|
Tier I capital
|
10.89%
|
(1)
|
10.23%
|
|
Total Capital
|
12.15%
|
(1)
|
12.22%
|
|
Tier I leverage capital
|
8.84%
|
(1)
|
8.18%
|
|
(1) Estimated as of earnings
release date
|
|
|
|
|
|
BancorpSouth,
Inc.
Consolidated
Balance Sheets
(Unaudited)
|
|
|
|
|
Mar-10
|
Dec-09
|
Sep-09
|
Jun-09
|
Mar-09
|
|
|
(Dollars in
thousands)
|
|
Assets
|
|
|
|
|
|
|
Cash and due from banks
|
$187,115
|
$222,741
|
$189,103
|
$236,327
|
$242,180
|
|
Interest bearing deposits with other
banks
|
9,943
|
15,704
|
43,067
|
28,836
|
34,230
|
|
Held-to-maturity securities, at
amortized cost
|
1,219,983
|
1,032,822
|
1,180,716
|
1,204,618
|
1,330,810
|
|
Available-for-sale securities, at fair
value
|
891,221
|
960,772
|
958,158
|
969,207
|
993,529
|
|
Federal funds sold and
securities
|
|
|
|
|
|
|
purchased under
agreement to resell
|
120,000
|
75,000
|
75,000
|
-
|
-
|
|
Loans and leases
|
9,756,081
|
9,822,986
|
9,803,235
|
9,806,735
|
9,759,787
|
|
Less: Unearned
income
|
45,259
|
47,850
|
45,291
|
45,335
|
46,964
|
|
Allowance for credit losses
|
188,884
|
176,043
|
144,791
|
138,747
|
134,632
|
|
Net loans and leases
|
9,521,938
|
9,599,093
|
9,613,153
|
9,622,653
|
9,578,191
|
|
Loans held for sale
|
80,312
|
80,343
|
80,053
|
94,736
|
168,769
|
|
Premises and equipment, net
|
339,860
|
343,877
|
346,931
|
348,661
|
348,734
|
|
Accrued interest receivable
|
69,022
|
68,651
|
74,589
|
71,349
|
77,503
|
|
Goodwill
|
270,097
|
270,097
|
270,097
|
270,097
|
269,062
|
|
Bank owned life insurance
|
189,022
|
187,770
|
189,043
|
185,822
|
184,026
|
|
Other assets
|
331,677
|
310,997
|
251,963
|
265,513
|
231,330
|
|
Total Assets
|
$13,230,190
|
$13,167,867
|
13,271,873
|
13,297,819
|
13,458,364
|
|
Liabilities
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
Demand: Noninterest
bearing
|
$1,860,579
|
$1,901,663
|
1,769,432
|
1,773,418
|
1,820,807
|
|
Interest bearing
|
4,589,029
|
4,323,646
|
4,055,395
|
3,960,008
|
4,005,620
|
|
Savings
|
768,302
|
725,192
|
712,446
|
718,302
|
719,676
|
|
Other time
|
3,776,251
|
3,727,201
|
3,759,761
|
3,705,819
|
3,545,871
|
|
Total deposits
|
10,994,161
|
10,677,702
|
10,297,034
|
10,157,547
|
10,091,974
|
|
Federal funds purchased and
|
|
|
|
|
|
|
securities sold under
agreement
|
|
|
|
|
|
|
to repurchase
|
480,795
|
539,870
|
816,374
|
755,609
|
1,256,649
|
|
Short-term Federal Home Loan Bank
borrowings
|
|
|
|
|
|
|
and other short-term
borrowing
|
2,500
|
203,500
|
200,000
|
475,000
|
210,000
|
|
Accrued interest payable
|
17,972
|
19,588
|
24,243
|
24,084
|
22,841
|
|
Junior subordinated debt
securities
|
160,312
|
160,312
|
160,312
|
160,312
|
160,312
|
|
Long-term Federal Home Loan Bank
borrowings
|
112,760
|
112,771
|
286,281
|
286,292
|
286,302
|
|
Other liabilities
|
196,806
|
177,828
|
201,411
|
164,028
|
174,627
|
|
Total Liabilities
|
11,965,306
|
11,891,571
|
11,985,655
|
12,022,872
|
12,202,705
|
|
Shareholders' Equity
|
|
|
|
|
|
|
Common stock
|
208,655
|
208,626
|
208,615
|
208,391
|
207,811
|
|
Capital surplus
|
223,307
|
222,547
|
222,135
|
220,859
|
216,138
|
|
Accumulated other comprehensive income
(loss)
|
(10,645)
|
(8,409)
|
(18,568)
|
(25,162)
|
(23,620)
|
|
Retained earnings
|
843,567
|
853,532
|
874,036
|
870,859
|
855,330
|
|
Total Shareholders' Equity
|
1,264,884
|
1,276,296
|
1,286,218
|
1,274,947
|
1,255,659
|
|
Total Liabilities & Shareholders'
Equity
|
$13,230,190
|
$13,167,867
|
$13,271,873
|
$13,297,819
|
$13,458,364
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
Consolidated
Condensed Statements of Income
(Dollars in
thousands, except per share data)
(Unaudited)
|
|
|
|
|
Quarter
Ended
|
|
|
Mar-10
|
|
Dec-09
|
|
Sep-09
|
|
Jun-09
|
|
Mar-09
|
|
INTEREST REVENUE:
|
|
|
|
|
|
|
|
|
|
|
Loans and leases
|
$
126,956
|
|
$
129,086
|
|
$
129,455
|
|
$
129,263
|
|
$
129,209
|
|
Deposits with other banks
|
21
|
|
19
|
|
20
|
|
22
|
|
70
|
|
Federal funds sold and securities
purchased
|
|
|
|
|
|
|
|
|
|
|
under agreement to
resell
|
82
|
|
43
|
|
27
|
|
3
|
|
1
|
|
Held-to-maturity
securities:
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
9,415
|
|
10,128
|
|
11,690
|
|
12,108
|
|
13,031
|
|
Tax-exempt
|
2,461
|
|
2,393
|
|
2,193
|
|
2,155
|
|
2,111
|
|
Available-for-sale
securities:
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
8,385
|
|
8,675
|
|
8,592
|
|
8,721
|
|
9,038
|
|
Tax-exempt
|
832
|
|
875
|
|
812
|
|
826
|
|
883
|
|
Loans held for sale
|
506
|
|
777
|
|
698
|
|
1,215
|
|
1,275
|
|
Total
interest revenue
|
148,658
|
|
151,996
|
|
153,487
|
|
154,313
|
|
155,618
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
Interest bearing demand
|
9,392
|
|
9,023
|
|
9,038
|
|
9,738
|
|
12,248
|
|
Savings
|
889
|
|
900
|
|
937
|
|
927
|
|
936
|
|
Other time
|
21,529
|
|
23,445
|
|
25,534
|
|
26,496
|
|
25,833
|
|
Federal funds purchased and securities
sold
|
|
|
|
|
|
|
|
|
|
|
under agreement to
repurchase
|
228
|
|
305
|
|
331
|
|
421
|
|
572
|
|
FHLB borrowings
|
1,880
|
|
3,012
|
|
2,877
|
|
2,885
|
|
2,823
|
|
Junior subordinated debt
|
2,855
|
|
2,863
|
|
2,884
|
|
2,928
|
|
2,955
|
|
Other
|
3
|
|
101
|
|
150
|
|
(22)
|
|
375
|
|
Total
interest expense
|
36,776
|
|
39,649
|
|
41,751
|
|
43,373
|
|
45,742
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest revenue
|
111,882
|
|
112,347
|
|
111,736
|
|
110,940
|
|
109,876
|
|
Provision for credit
losses
|
43,519
|
|
62,271
|
|
22,514
|
|
17,594
|
|
14,945
|
|
Net
interest revenue, after provision for
|
|
|
|
|
|
|
|
|
|
|
credit losses
|
68,363
|
|
50,076
|
|
89,222
|
|
93,346
|
|
94,931
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST REVENUE:
|
|
|
|
|
|
|
|
|
|
|
Mortgage lending
|
5,025
|
|
8,602
|
|
2,012
|
|
13,959
|
|
7,652
|
|
Credit card, debit card and merchant
fees
|
8,810
|
|
7,883
|
|
8,902
|
|
9,111
|
|
8,348
|
|
Service charges
|
16,262
|
|
18,689
|
|
19,049
|
|
18,371
|
|
16,755
|
|
Trust income
|
2,587
|
|
3,014
|
|
2,435
|
|
2,040
|
|
2,209
|
|
Security gains (losses),
net
|
1,297
|
|
(102)
|
|
-
|
|
42
|
|
5
|
|
Insurance commissions
|
21,668
|
|
17,583
|
|
20,134
|
|
20,575
|
|
22,645
|
|
Other
|
7,683
|
|
8,836
|
|
9,943
|
|
16,380
|
|
10,204
|
|
Total
noninterest revenue
|
63,332
|
|
64,505
|
|
62,475
|
|
80,478
|
|
67,818
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
69,287
|
|
66,926
|
|
70,353
|
|
70,092
|
|
71,363
|
|
Occupancy, net of rental
income
|
10,775
|
|
10,897
|
|
10,720
|
|
10,492
|
|
9,999
|
|
Equipment
|
5,739
|
|
5,578
|
|
5,853
|
|
5,855
|
|
6,222
|
|
Deposit insurance
assessments
|
4,250
|
|
3,786
|
|
3,402
|
|
9,358
|
|
3,126
|
|
Other
|
30,432
|
|
36,174
|
|
32,344
|
|
28,209
|
|
29,268
|
|
Total
noninterest expenses
|
120,483
|
|
123,361
|
|
122,672
|
|
124,006
|
|
119,978
|
|
Income
(loss) before income taxes
|
11,212
|
|
(8,780)
|
|
29,025
|
|
49,818
|
|
42,771
|
|
Income tax expense
(benefit)
|
2,816
|
|
(6,634)
|
|
7,494
|
|
15,951
|
|
13,294
|
|
Net income
(loss)
|
$8,396
|
|
($2,146)
|
|
$
21,531
|
|
$
33,867
|
|
$
29,477
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share:
Basic
|
$0.10
|
|
($0.03)
|
|
$0.26
|
|
$0.41
|
|
$0.35
|
|
Diluted
|
$0.10
|
|
($0.03)
|
|
$0.26
|
|
$0.41
|
|
$0.35
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
Selected Loan
Data
(Dollars in
thousands)
(Unaudited)
|
|
|
|
|
Quarter
Ended
|
|
|
Mar-10
|
|
Dec-09
|
|
Sep-09
|
|
Jun-09
|
|
Mar-09
|
|
LOAN AND LEASE PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
$
1,470,145
|
|
$
1,466,569
|
|
$
1,442,344
|
|
$
1,441,718
|
|
$
1,390,042
|
|
Real estate
|
|
|
|
|
|
|
|
|
|
|
Consumer mortgages
|
2,014,085
|
|
2,017,067
|
|
2,046,433
|
|
2,054,666
|
|
2,037,439
|
|
Home equity
|
549,924
|
|
550,085
|
|
540,875
|
|
532,337
|
|
519,528
|
|
Agricultural
|
266,649
|
|
262,069
|
|
254,647
|
|
242,034
|
|
238,466
|
|
Commercial and industrial-owner
occupied
|
1,423,098
|
|
1,449,554
|
|
1,432,859
|
|
1,394,852
|
|
1,455,422
|
|
Construction, acquisition and
development
|
1,428,882
|
|
1,459,503
|
|
1,533,622
|
|
1,652,052
|
|
1,692,526
|
|
Commercial
|
1,809,660
|
|
1,806,766
|
|
1,770,066
|
|
1,719,044
|
|
1,660,211
|
|
Credit cards
|
101,464
|
|
108,086
|
|
103,208
|
|
101,844
|
|
98,450
|
|
All other
|
646,915
|
|
655,437
|
|
633,890
|
|
622,853
|
|
620,739
|
|
Total loans
|
$9,710,822
|
|
$9,775,136
|
|
$9,757,944
|
|
$9,761,400
|
|
$9,712,823
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR CREDIT
LOSSES:
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period
|
$
176,043
|
|
$
144,791
|
|
$
138,746
|
|
$
134,632
|
|
$
132,793
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases charged
off:
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
(2,169)
|
|
(3,404)
|
|
(3,913)
|
|
(1,070)
|
|
(1,147)
|
|
Real estate
|
|
|
Consumer mortgages
|
(4,598)
|
|
(2,298)
|
|
(2,669)
|
|
(4,877)
|
|
(4,073)
|
|
Home equity
|
(1,683)
|
|
(1,835)
|
|
(1,278)
|
|
(1,106)
|
|
(1,153)
|
|
Agricultural
|
(207)
|
|
(401)
|
|
(407)
|
|
(3)
|
|
(37)
|
|
Commercial and industrial-owner
occupied
|
(2,465)
|
|
(753)
|
|
(1,795)
|
|
(649)
|
|
(836)
|
|
Construction, acquisition and
development
|
(15,769)
|
|
(20,766)
|
|
(3,160)
|
|
(4,335)
|
|
(4,377)
|
|
Commercial
|
(2,278)
|
|
(568)
|
|
(2,135)
|
|
(321)
|
|
(560)
|
|
Credit cards
|
(1,160)
|
|
(1,118)
|
|
(1,204)
|
|
(1,290)
|
|
(1,158)
|
|
All other
|
(1,050)
|
|
(954)
|
|
(938)
|
|
(815)
|
|
(810)
|
|
Total loans charged
off
|
(31,379)
|
|
(32,097)
|
|
(17,499)
|
|
(14,466)
|
|
(14,151)
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
63
|
|
194
|
|
320
|
|
68
|
|
179
|
|
Real estate
|
|
|
|
|
|
|
|
|
|
|
Consumer mortgages
|
64
|
|
209
|
|
132
|
|
263
|
|
220
|
|
Home equity
|
52
|
|
76
|
|
28
|
|
2
|
|
3
|
|
Agricultural
|
-
|
|
-
|
|
-
|
|
-
|
|
2
|
|
Commercial and industrial-owner
occupied
|
7
|
|
10
|
|
31
|
|
248
|
|
8
|
|
Construction, acquisition and
development
|
56
|
|
7
|
|
31
|
|
4
|
|
86
|
|
Commercial
|
12
|
|
25
|
|
108
|
|
-
|
|
56
|
|
Credit cards
|
150
|
|
216
|
|
123
|
|
140
|
|
138
|
|
All other
|
297
|
|
341
|
|
257
|
|
261
|
|
353
|
|
Total
recoveries
|
701
|
|
1,078
|
|
1,030
|
|
986
|
|
1,045
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
|
(30,678)
|
|
(31,019)
|
|
(16,469)
|
|
(13,480)
|
|
(13,106)
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision charged to operating
expense
|
43,519
|
|
62,271
|
|
22,514
|
|
17,594
|
|
14,945
|
|
Other, net
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Balance, end of period
|
$
188,884
|
|
$
176,043
|
|
$
144,791
|
|
$
138,746
|
|
$
134,632
|
|
|
|
|
|
|
|
|
|
|
|
|
Average loans for period
|
$
9,767,088
|
|
$
9,750,989
|
|
$
9,750,159
|
|
$
9,740,916
|
|
$
9,695,475
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios:
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to average loans
(annualized)
|
1.26%
|
|
1.27%
|
|
0.68%
|
|
0.55%
|
|
0.54%
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
Selected Loan
Data
(Dollars in
thousands)
(Unaudited)
|
|
|
|
|
Quarter
Ended
|
|
|
Mar-10
|
|
Dec-09
|
|
Sep-09
|
|
Jun-09
|
|
Mar-09
|
|
NON-PERFORMING ASSETS
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS AND
LEASES:
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual Loans and
Leases
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
6,306
|
|
$
4,852
|
|
$
7,048
|
|
$
7,364
|
|
$
5,523
|
|
Real estate
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
24,047
|
|
20,731
|
|
12,433
|
|
9,946
|
|
8,398
|
|
Home
equity
|
761
|
|
1,642
|
|
1,879
|
|
596
|
|
100
|
|
Agricultural
|
3,049
|
|
1,136
|
|
2,647
|
|
970
|
|
673
|
|
Commercial and
industrial-owner occupied
|
15,083
|
|
7,039
|
|
5,044
|
|
2,631
|
|
4,153
|
|
Construction,
acquisition and development
|
116,191
|
|
82,170
|
|
39,989
|
|
21,742
|
|
17,984
|
|
Commercial
|
30,094
|
|
23,209
|
|
12,228
|
|
1,023
|
|
925
|
|
Credit cards
|
1,072
|
|
1,044
|
|
850
|
|
816
|
|
939
|
|
All other
|
3,034
|
|
2,190
|
|
614
|
|
454
|
|
241
|
|
Total
nonaccrual loans and leases
|
199,637
|
|
144,013
|
|
82,732
|
|
45,542
|
|
38,936
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and Leases 90+ Days Past
Due, Still Accruing:
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
1,405
|
|
1,797
|
|
1,062
|
|
1,919
|
|
1,489
|
|
Real estate
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
10,984
|
|
9,905
|
|
14,189
|
|
9,961
|
|
7,110
|
|
Home
equity
|
320
|
|
810
|
|
707
|
|
1,651
|
|
1,375
|
|
Agricultural
|
199
|
|
1,015
|
|
289
|
|
3,292
|
|
421
|
|
Commercial and
industrial-owner occupied
|
1,482
|
|
4,511
|
|
1,342
|
|
4,253
|
|
2,982
|
|
Construction,
acquisition and development
|
3,339
|
|
13,482
|
|
1,477
|
|
18,648
|
|
11,372
|
|
Commercial
|
1,671
|
|
2,558
|
|
305
|
|
2,351
|
|
1,021
|
|
Credit cards
|
296
|
|
355
|
|
373
|
|
476
|
|
391
|
|
All other
|
756
|
|
1,868
|
|
955
|
|
1,315
|
|
1,138
|
|
Total
loans and leases 90+ past due, still accruing
|
20,452
|
|
36,301
|
|
20,699
|
|
43,866
|
|
27,299
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructured Loans and Leases,
Still Accruing
|
15,576
|
|
6,161
|
|
8,205
|
|
8,264
|
|
7,581
|
|
Total non-performing
loans and leases
|
235,665
|
|
186,475
|
|
111,636
|
|
97,672
|
|
73,816
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER REAL ESTATE OWNED:
|
59,269
|
|
59,265
|
|
62,072
|
|
51,477
|
|
47,450
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-performing Assets
|
$
294,934
|
|
$
245,740
|
|
$
173,708
|
|
$
149,149
|
|
$
121,266
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Ratios:
|
|
|
|
|
|
|
|
|
|
|
Provision for credit losses to average
loans and leases (annualized)
|
1.78%
|
|
2.55%
|
|
0.92%
|
|
0.72%
|
|
0.62%
|
|
Allowance for credit losses to net
loans and leases
|
1.95%
|
|
1.80%
|
|
1.48%
|
|
1.42%
|
|
1.39%
|
|
Allowance for credit losses to
non-performing assets
|
64.04%
|
|
71.64%
|
|
83.35%
|
|
93.03%
|
|
111.02%
|
|
Allowance for credit losses to
non-performing loans and leases
|
80.15%
|
|
94.41%
|
|
129.70%
|
|
142.05%
|
|
182.39%
|
|
Non-performing loans and leases to net
loans and leases
|
2.43%
|
|
1.91%
|
|
1.14%
|
|
1.00%
|
|
0.76%
|
|
Non-performing assets to net loans and
leases
|
3.04%
|
|
2.51%
|
|
1.77%
|
|
1.53%
|
|
1.25%
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
Average Balances,
Interest Income and Expense,
and Average Yields
and Rates
(Dollars in
thousands)
(Unaudited)
|
|
|
Quarter
Ended
|
|
|
March 31,
2010
|
|
|
Average
|
|
|
Yield/
|
|
(Taxable equivalent basis)
|
Balance
|
|
Interest
|
Rate
|
|
ASSETS
|
|
|
|
|
|
Loans, loans held for sale,
|
|
|
|
|
|
and leases net of unearned
income
|
$
9,809,884
|
|
$
128,299
|
5.30%
|
|
Held-to-maturity
securities:
|
|
|
|
|
|
Taxable
|
851,525
|
|
9,525
|
4.54%
|
|
Tax-exempt
|
215,250
|
|
3,786
|
7.13%
|
|
Available-for-sale
securities:
|
|
|
|
|
|
Taxable
|
859,757
|
|
8,386
|
3.96%
|
|
Tax-exempt
|
72,396
|
|
1,279
|
7.16%
|
|
Short-term investments
|
170,734
|
|
103
|
0.24%
|
|
Total interest
earning
|
|
|
|
|
|
assets and
revenue
|
11,979,546
|
|
151,378
|
5.12%
|
|
Other assets
|
1,340,608
|
|
|
|
|
Less: allowance for credit
losses
|
(192,983)
|
|
|
|
|
Total
|
$
13,127,171
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Demand - interest
bearing
|
$
4,568,045
|
|
$ 9,392
|
0.83%
|
|
Savings
|
748,342
|
|
889
|
0.48%
|
|
Other time
|
3,741,938
|
|
21,529
|
2.33%
|
|
Short-term borrowings
|
564,191
|
|
587
|
0.42%
|
|
Junior subordinated debt
|
160,312
|
|
2,855
|
7.22%
|
|
Long-term debt
|
112,764
|
|
1,524
|
5.48%
|
|
Total interest
bearing
|
|
|
|
|
|
liabilities and
expense
|
9,895,592
|
|
36,776
|
1.51%
|
|
Demand deposits -
|
|
|
|
|
|
noninterest bearing
|
1,819,945
|
|
|
|
|
Other liabilities
|
146,225
|
|
|
|
|
Total liabilities
|
11,861,762
|
|
|
|
|
Shareholders' equity
|
1,265,409
|
|
|
|
|
Total
|
$
13,127,171
|
|
|
|
|
Net interest revenue
|
|
|
$
114,602
|
|
|
Net interest margin
|
|
|
|
3.88%
|
|
Net interest rate spread
|
|
|
|
3.62%
|
|
Interest bearing liabilities
to
|
|
|
|
|
|
interest earning
assets
|
|
|
|
82.60%
|
|
|
|
|
|
|
|
Net interest tax equivalent
adjustment
|
|
|
$ 2,720
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
Average Balances,
Interest Income and Expense,
and Average Yields
and Rates
(Dollars in
thousands)
(Unaudited)
|
|
|
Quarter
Ended
|
|
|
December 31,
2009
|
|
|
Average
|
|
|
Yield/
|
|
(Taxable equivalent basis)
|
Balance
|
|
Interest
|
Rate
|
|
ASSETS
|
|
|
|
|
|
Loans, loans held for sale,
|
|
|
|
|
|
and leases net of unearned
income
|
$
9,821,066
|
|
$
130,671
|
5.28%
|
|
Held-to-maturity
securities:
|
|
|
|
|
|
Taxable
|
878,452
|
|
10,239
|
4.62%
|
|
Tax-exempt
|
209,242
|
|
3,682
|
6.98%
|
|
Available-for-sale
securities:
|
|
|
|
|
|
Taxable
|
892,191
|
|
8,676
|
3.86%
|
|
Tax-exempt
|
72,902
|
|
1,344
|
7.31%
|
|
Short-term investments
|
92,651
|
|
61
|
0.26%
|
|
Total interest
earning
|
|
|
|
|
|
assets and
revenue
|
11,966,504
|
|
154,673
|
5.13%
|
|
Other assets
|
1,267,510
|
|
|
|
|
Less: allowance for credit
losses
|
(168,842)
|
|
|
|
|
Total
|
$
13,065,172
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Demand - interest
bearing
|
$
4,155,330
|
|
$ 9,023
|
0.86%
|
|
Savings
|
717,630
|
|
900
|
0.50%
|
|
Other time
|
3,748,894
|
|
23,445
|
2.48%
|
|
Short-term borrowings
|
713,972
|
|
405
|
0.23%
|
|
Junior subordinated debt
|
160,312
|
|
2,865
|
7.09%
|
|
Long-term debt
|
303,301
|
|
3,011
|
3.94%
|
|
Total interest
bearing
|
|
|
|
|
|
liabilities and
expense
|
9,799,439
|
|
39,649
|
1.61%
|
|
Demand deposits -
|
|
|
|
|
|
noninterest bearing
|
1,826,763
|
|
|
|
|
Other liabilities
|
171,981
|
|
|
|
|
Total liabilities
|
11,798,183
|
|
|
|
|
Shareholders' equity
|
1,266,989
|
|
|
|
|
Total
|
$
13,065,172
|
|
|
|
|
Net interest revenue
|
|
|
$
115,024
|
|
|
Net interest margin
|
|
|
|
3.81%
|
|
Net interest rate spread
|
|
|
|
3.52%
|
|
Interest bearing liabilities
to
|
|
|
|
|
|
interest earning
assets
|
|
|
|
81.89%
|
|
|
|
|
|
|
|
Net interest tax equivalent
adjustment
|
|
|
$ 2,677
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
Average Balances,
Interest Income and Expense,
and Average Yields
and Rates
(Dollars in
thousands)
(Unaudited)
|
|
|
Quarter
Ended
|
|
|
September 30,
2009
|
|
|
Average
|
|
|
Yield/
|
|
(Taxable equivalent basis)
|
Balance
|
|
Interest
|
Rate
|
|
ASSETS
|
|
|
|
|
|
Loans, loans held for sale,
|
|
|
|
|
|
and leases net of unearned
income
|
$
9,808,427
|
|
$
130,957
|
5.30%
|
|
Held-to-maturity
securities:
|
|
|
|
|
|
Taxable
|
998,773
|
|
11,799
|
4.69%
|
|
Tax-exempt
|
199,360
|
|
3,373
|
6.71%
|
|
Available-for-sale
securities:
|
|
|
|
|
|
Taxable
|
889,278
|
|
8,591
|
3.83%
|
|
Tax-exempt
|
69,737
|
|
1,251
|
7.12%
|
|
Short-term investments
|
62,334
|
|
47
|
0.30%
|
|
Total interest
earning
|
|
|
|
|
|
assets and
revenue
|
12,027,909
|
|
156,020
|
5.15%
|
|
Other assets
|
1,285,360
|
|
|
|
|
Less: allowance for credit
losses
|
(146,212)
|
|
|
|
|
Total
|
$
13,167,057
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Demand - interest
bearing
|
$
4,010,281
|
|
$ 9,038
|
0.89%
|
|
Savings
|
716,155
|
|
936
|
0.52%
|
|
Other time
|
3,726,754
|
|
25,535
|
2.72%
|
|
Short-term borrowings
|
1,071,144
|
|
544
|
0.20%
|
|
Junior subordinated debt
|
160,312
|
|
2,884
|
7.14%
|
|
Long-term debt
|
286,285
|
|
2,814
|
3.90%
|
|
Total interest
bearing
|
|
|
|
|
|
liabilities and
expense
|
9,970,931
|
|
41,751
|
1.66%
|
|
Demand deposits -
|
|
|
|
|
|
noninterest bearing
|
1,747,021
|
|
|
|
|
Other liabilities
|
184,006
|
|
|
|
|
Total liabilities
|
11,901,958
|
|
|
|
|
Shareholders' equity
|
1,265,099
|
|
|
|
|
Total
|
$
13,167,057
|
|
|
|
|
Net interest revenue
|
|
|
$
114,269
|
|
|
Net interest margin
|
|
|
|
3.77%
|
|
Net interest rate spread
|
|
|
|
3.49%
|
|
Interest bearing liabilities
to
|
|
|
|
|
|
interest earning
assets
|
|
|
|
82.90%
|
|
|
|
|
|
|
|
Net interest tax equivalent
adjustment
|
|
|
$ 2,533
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
Average Balances,
Interest Income and Expense,
and Average Yields
and Rates
(Dollars in
thousands)
(Unaudited)
|
|
|
Quarter
Ended
|
|
|
June 30,
2009
|
|
|
Average
|
|
|
Yield/
|
|
(Taxable equivalent basis)
|
Balance
|
|
Interest
|
Rate
|
|
ASSETS
|
|
|
|
|
|
Loans, loans held for sale,
|
|
|
|
|
|
and leases net of unearned
income
|
$
9,896,890
|
|
$
131,313
|
5.32%
|
|
Held-to-maturity
securities:
|
|
|
|
|
|
Taxable
|
1,040,896
|
|
12,218
|
4.71%
|
|
Tax-exempt
|
186,473
|
|
3,316
|
7.13%
|
|
Available-for-sale
securities:
|
|
|
|
|
|
Taxable
|
919,217
|
|
8,721
|
3.81%
|
|
Tax-exempt
|
69,960
|
|
1,270
|
7.28%
|
|
Short-term investments
|
21,727
|
|
25
|
0.47%
|
|
Total interest
earning
|
|
|
|
|
|
assets and
revenue
|
12,135,163
|
|
156,863
|
5.18%
|
|
Other assets
|
1,270,193
|
|
|
|
|
Less: allowance for credit
losses
|
(144,570)
|
|
|
|
|
Total
|
$
13,260,786
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Demand - interest
bearing
|
$
3,948,759
|
|
$ 9,738
|
0.99%
|
|
Savings
|
719,281
|
|
928
|
0.52%
|
|
Other time
|
3,634,336
|
|
26,496
|
2.92%
|
|
Short-term borrowings
|
1,340,244
|
|
470
|
0.14%
|
|
Junior subordinated debt
|
160,312
|
|
2,928
|
7.33%
|
|
Long-term debt
|
286,294
|
|
2,813
|
3.94%
|
|
Total interest
bearing
|
|
|
|
|
|
liabilities and
expense
|
10,089,226
|
|
43,373
|
1.72%
|
|
Demand deposits -
|
|
|
|
|
|
noninterest bearing
|
1,756,861
|
|
|
|
|
Other liabilities
|
163,749
|
|
|
|
|
Total liabilities
|
12,009,836
|
|
|
|
|
Shareholders' equity
|
1,250,950
|
|
|
|
|
Total
|
$
13,260,786
|
|
|
|
|
Net interest revenue
|
|
|
$
113,490
|
|
|
Net interest margin
|
|
|
|
3.75%
|
|
Net interest rate spread
|
|
|
|
3.46%
|
|
Interest bearing liabilities
to
|
|
|
|
|
|
interest earning
assets
|
|
|
|
83.14%
|
|
|
|
|
|
|
|
Net interest tax equivalent
adjustment
|
|
|
$ 2,550
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
Average Balances,
Interest Income and Expense,
and Average Yields
and Rates
(Dollars in
thousands)
(Unaudited)
|
|
|
Quarter
Ended
|
|
|
March 31,
2009
|
|
|
Average
|
|
|
Yield/
|
|
(Taxable equivalent basis)
|
Balance
|
|
Interest
|
Rate
|
|
ASSETS
|
|
|
|
|
|
Loans, loans held for sale,
|
|
|
|
|
|
and leases net of unearned
income
|
$
9,873,692
|
|
$
131,339
|
5.39%
|
|
Held-to-maturity
securities:
|
|
|
|
|
|
Taxable
|
1,146,772
|
|
13,141
|
4.65%
|
|
Tax-exempt
|
182,051
|
|
3,247
|
7.23%
|
|
Available-for-sale
securities:
|
|
|
|
|
|
Taxable
|
891,699
|
|
9,038
|
4.11%
|
|
Tax-exempt
|
73,814
|
|
1,358
|
7.46%
|
|
Short-term investments
|
19,123
|
|
71
|
1.51%
|
|
Total interest
earning
|
|
|
|
|
|
assets and
revenue
|
12,187,151
|
|
158,194
|
5.26%
|
|
Other assets
|
1,277,538
|
|
|
|
|
Less: allowance for credit
losses
|
(139,811)
|
|
|
|
|
Total
|
$
13,324,878
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Demand - interest
bearing
|
$
4,090,821
|
|
$
12,248
|
1.21%
|
|
Savings
|
697,639
|
|
936
|
0.54%
|
|
Other time
|
3,419,180
|
|
25,833
|
3.06%
|
|
Short-term borrowings
|
1,588,229
|
|
959
|
0.24%
|
|
Junior subordinated debt
|
160,312
|
|
2,955
|
7.48%
|
|
Long-term debt
|
286,306
|
|
2,811
|
3.98%
|
|
Total interest
bearing
|
|
|
|
|
|
liabilities and
expense
|
10,242,487
|
|
45,742
|
1.81%
|
|
Demand deposits -
|
|
|
|
|
|
noninterest bearing
|
1,700,792
|
|
|
|
|
Other liabilities
|
142,628
|
|
|
|
|
Total liabilities
|
12,085,907
|
|
|
|
|
Shareholders' equity
|
1,238,971
|
|
|
|
|
Total
|
$
13,324,878
|
|
|
|
|
Net interest revenue
|
|
|
$
112,452
|
|
|
Net interest margin
|
|
|
|
3.74%
|
|
Net interest rate spread
|
|
|
|
3.45%
|
|
Interest bearing liabilities
to
|
|
|
|
|
|
interest earning
assets
|
|
|
|
84.04%
|
|
|
|
|
|
|
|
Net interest tax equivalent
adjustment
|
|
|
$ 2,576
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
Reconciliation of
Tangible assets and Tangible Shareholders' Equity to
Total Assets and
Total Shareholders' Equity
(Dollars in
thousands)
(Unaudited)
|
|
|
|
|
|
March
31,
|
|
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
Tangible Assets (a):
|
|
|
|
|
Total assets
|
$
13,230,190
|
|
$
13,458,364
|
|
Less:
|
Goodwill
|
270,097
|
|
269,062
|
|
|
Other identifiable intangible
assets
|
22,517
|
|
26,805
|
|
Total tangible assets
|
$
12,937,576
|
|
$
13,162,497
|
|
|
|
|
|
|
|
Tangible Shareholders'
Equity(a):
|
|
|
|
|
Total shareholders' equity
|
$
1,264,884
|
|
$
1,255,659
|
|
Less:
|
Goodwill
|
270,097
|
|
269,062
|
|
|
Other identifiable intangible
assets
|
22,517
|
|
26,805
|
|
Total tangible shareholders'
equity
|
$
972,270
|
|
$
959,792
|
|
|
|
|
|
|
|
Tangible shareholders' equity to
tangible assets
|
7.52%
|
|
7.29%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
BancorpSouth, Inc. utilizes tangible
assets and tangible shareholders' equity measures when evaluating
the performance of the Company. Tangible shareholders' equity
is defined by the Company as total shareholders' equity less
goodwill and other identifiable intangible assets. Tangible
assets are defined by the Company as total assets less goodwill and
other identifiable intangible assets. The Company believes the
ratio of tangible equity to tangible assets to be an important
measure of financial strength of the Company.
|
|
|
|
|
|
|
SOURCE BancorpSouth, Inc.