TUPELO, Miss., Jan. 27, 2011 /PRNewswire/ -- BancorpSouth, Inc.
(NYSE: BXS) today announced financial results for the quarter ended
December 31, 2010. The Company
had net income of $15.8 million, or
$0.19 per diluted share, for the
quarter compared with 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, "We are
encouraged by the improvement in the Company's performance during
the fourth quarter. While the credit market remains challenging, we
experienced a 3.7% decline in non-performing loans, 30 – 89 day
past due loans continued to decline, and we saw a decline in the
provision for credit losses as required reserves for impaired loans
declined and levels of adversely classified loans decreased.
While we still have far to go to return to the level of
financial performance we expect at BancorpSouth, we feel that we
are moving in the right direction.
"The increase in earnings for the fourth quarter of 2010
compared with the net loss for the fourth quarter of 2009 primarily
resulted from a $19.0 million, or
30.5 percent, decline in the provision for credit losses to
$43.3 million for the fourth quarter
of 2010 from $62.3 million for the
fourth quarter of 2009. In addition, noninterest revenue
increased $9.5 million, or 14.7
percent, for the fourth quarter of 2010 from the fourth quarter of
2009. Mortgage lending revenue, excluding the fair value
adjustments to the Company's mortgage servicing rights (MSRs),
increased 32.7% for the fourth quarter of 2010 compared to the same
quarter of 2009, $9.2 million versus
$7.0 million, respectively.
"Non-performing loans and leases (NPLs) declined to $394.4 million at December
31, 2010 from $409.4 million
at September 30, 2010. This decrease
was primarily attributable to a decrease in non-accrual
construction, acquisition and development (CAD) loans of
$17.5 million. This loan category has
been the segment most significantly affected by the economic
downturn, particularly those loans related to housing. This
category has also accounted for over 60% of net charge-offs in
2010. As in prior quarters, the Company's NPLs remain
concentrated in certain geographic areas. The Alabama,
Nashville and Greater Memphis, Tennessee markets continue to
be affected by the slow housing markets while several larger loans
are reflected in our Missouri Region's NPLs."
Patterson added, "We believe that we remain appropriately
reserved for losses inherent in our loan portfolio. At
December 31, 2010, approximately 79
percent of our non-accrual loans had been determined to be
collaterally dependent and had either been charged down or had a
specific reserve to reflect values obtained from appraisals. Net of
these write-downs and reserves, the remaining book balance of
impaired loans was 67 percent of the unpaid principal balance. The
allowance for credit losses not specifically allocated to impaired
loans represented 211 percent of the remaining unimpaired
non-accrual loan balance.
"BancorpSouth's pre-tax, pre-provision earnings for the fourth
quarter of 2010 increased to $60.8
million from $53.5 million for
the fourth quarter of 2009 and $56.3
million for the third quarter of 2010. We attribute
the relative consistency of these operating results to the
stability reflected in our net interest revenue, the strength of
our mortgage production and servicing operations, effective cost
management and the steadiness of the aggregate results from our
other noninterest revenue streams.
"Based on this performance, we continue to be encouraged about
BancorpSouth's ability to produce stronger financial results as our
credit metrics continue to improve. While the improvement in
our fourth quarter NPLs is an important step in returning to a more
normalized level of financial performance, we realize that there is
much work yet to be completed to realize that goal. We must build
on this momentum in the quarters to come. We do not
underestimate the challenges to returning our credit metrics to
their historical levels, but with the progress achieved throughout
2010 and with continuing strong capital and liquidity, we enter
2011 confident that we are on the right path to achieve that
goal."
Net Interest Revenue
Net interest revenue was $110.3
million for the fourth quarter of 2010, a decrease of 1.9
percent from $112.3 million for the
fourth quarter of 2009 and a 0.5 percent increase from $109.7 million for the third quarter of 2010.
The fully taxable equivalent net interest margin was 3.59
percent for the fourth quarter of 2010, compared with 3.81 percent
for the fourth quarter of 2009 and 3.64 percent for the third
quarter of 2010.
The Company continues to manage through the prolonged low
interest rate environment very effectively. The decline in net
interest margin for the fourth quarter of 2010 from the third
quarter of 2010 was primarily the result of lower yields on the
investment portfolio. Yields on loans have remained relatively
stable, and overall rates on interest bearing liabilities have
continued to decline. Weak loan demand continues to challenge
growth in earning assets.
Asset, Deposit and Loan Activity
Total assets at December 31, 2010
were $13.6 billion, an increase of
3.4 percent compared with $13.2
billion at December 31, 2009.
Total deposits were $11.5 billion at
December 31, 2010, an increase of 7.6
percent from $10.7 billion at
December 31, 2009. Loans and
leases, net of unearned income, were $9.3
billion at December 31, 2010,
a decrease of 4.5 percent from $9.8
billion at December 31, 2009.
The decline in loans and leases remained concentrated in the
construction, acquisition and development loan portfolio, which
decreased $311.3 million, or 21.3
percent, during 2010. Excluding the impact of the CAD loan
portfolio, net loans and leases declined $130.7 million, or 1.6 percent, for the year
ended December 31, 2010.
The significant growth in BancorpSouth's deposits during 2010
reflected an increase of 8.3 percent and 14.1 percent in
noninterest bearing and interest bearing demand deposits,
respectively, and a 19.0 percent increase in savings deposits.
While the present economic environment has limited the
Company's ability to invest this additional funding in loans, the
Company has continued to capitalize on the opportunity to grow core
deposits by both increasing new relationships and strengthening
existing relationships.
Provision for Credit Losses and Allowance for Credit Losses
For the fourth quarter of 2010, the provision for credit losses
was $43.3 million, compared with
$62.3 million for the fourth quarter
of 2009 and $54.9 million for the
third quarter of 2010. Annualized net charge-offs were 2.19 percent
of average loans and leases for the fourth quarter of 2010,
compared with 1.27 percent for the fourth quarter of 2009 and 2.10
percent for the third quarter of 2010.
NPLs were $394.4 million, or 4.23
percent of net loans and leases, at December
31, 2010 compared to $186.5
million, or 1.91 percent of net loans and leases, at
December 30, 2009 and $409.4 million, or 4.30 percent of net loans and
leases, at September 30, 2010.
The allowance for credit losses was 2.11 percent of net loans
and leases at December 31, 2010
compared to 1.80 percent at December 30,
2009 and 2.16 percent at September
30, 2010.
Total NPLs at December 31, 2010
consisted of: $347.5 million of loans
on nonaccrual status, virtually unchanged from $347.2 million at September 30, 2010; $8.5
million of loans 90 days or more past due and still
accruing, a decrease from $9.9
million at September 30, 2010;
and restructured loans still accruing of $38.4 million, a decrease from $52.3 million at September
30, 2010. Loans and leases 30 to 89 days past due
decreased 18.2 percent to $60.4
million at December 31, 2010
from $73.8 million at September 30, 2010.
At the end of the fourth quarter of 2010, $111.9 million of NPLs were residential CAD
loans, $89.5 million were other CAD
loans, $74.1 million were commercial
real estate mortgage loans and $56.3
million were consumer mortgages. NPLs from all other
loan types totaled $62.6 million.
Other real estate owned increased during the fourth quarter to
$133.4 million, compared to
$59.3 million at December 31, 2009 and $82.6 million at September
30, 2010. This net increase from the third quarter
reflected $62.7 million added through
foreclosure, less sales of other real estate owned of $8.5 million, and write-downs in value of
existing properties of $3.4
million.
Noninterest Revenue
Noninterest revenue was $74.0
million for the fourth quarter of 2010, compared with
$64.5 million for the fourth quarter
of 2009 and $69.8 million for the
third quarter of 2010. This growth was primarily related to
mortgage production and servicing operations. Mortgage
origination volume was $452 million
for the fourth quarter of 2010 and mortgage lending revenue was
$18.1 million, which included an
$8.9 million positive MSR fair value
adjustment. For the fourth quarter of 2009, mortgage
origination volume was $314 million
and mortgage lending revenue was $8.6
million, including a $1.6
million positive MSR fair value adjustment, and for the
third quarter of 2010, mortgage origination volume was $490 million and mortgage lending revenue was
$8.9 million, including a
$4.6 million negative MSR fair value
adjustment.
Noninterest revenue for the fourth quarter of 2010 from credit
and debit card fees and trust income increased on a comparable and
sequential quarter basis. Insurance commission revenue
increased from the comparable quarter in 2009, but declined
$2.8 million from the third quarter
of 2010, which was attributable to seasonality in that line of
business. Service charge income declined $1.8 million from the third quarter of 2010 to
$16.9 million as the first full
quarter of mandated changes in overdraft regulations were in
effect. The Company recorded a security loss of $0.5 million for the fourth quarter of 2010,
compared with a loss of $0.1 million
for the fourth quarter of 2009 and a gain of $2.3 million for the third quarter of 2010.
Noninterest Expense
Noninterest expense for the fourth quarter of 2010 was
$123.4 million, unchanged from the
fourth quarter of 2009 and comparable to $123.1 million for the third quarter of 2010.
Included in these results, FDIC insurance expense was
$5.9 million for the fourth quarter
of 2010 compared with $3.8 million
for the fourth quarter of 2009 and $4.8
million for the third quarter of 2010. Foreclosed property
expense decreased to $6.1 million for
the fourth quarter of 2010 from $6.3
million for the fourth quarter of 2009 and increased from
$4.9 million for the third quarter of
2010. Salaries and employee benefits, net occupancy and
equipment expenses for the fourth quarter of 2010 declined on both
a comparable and sequential quarter basis.
Capital Management
BancorpSouth's commitment to a strong capital base is one of its
fundamental strengths. The Company's equity capitalization is
100 percent common stock. BancorpSouth's ratio of
shareholders' equity to assets was 8.98 percent at December 31, 2010, compared with 9.69 percent at
December 31, 2009. The ratio of
tangible equity to tangible assets was 7.00 percent at December 31, 2010, compared with 7.63 percent at
December 31, 2009. BancorpSouth
remains a "well capitalized" financial holding company, as defined
by federal regulations, with Tier 1 risk-based capital of 10.61
percent at December 31, 2010 and
total risk based capital of 11.87 percent, compared with required
minimum levels of 6 percent and 10 percent, respectively, to be
classified as "well capitalized."
Summary
Patterson concluded, "After a most challenging year,
BancorpSouth entered 2011 with strong capital and ample liquidity,
a growing and demographically appealing eight-state franchise, a
relatively attractive net interest margin and stable pre-tax,
pre-provision earnings. While we expect to continue our
primary focus on providing superior service to customers within our
existing network, we have the expertise, financial resources and
strategic clarity to leverage current industry turmoil and
consolidation in support of our long-term growth objectives.
"Our challenges for 2011 are clear. With high unemployment
and modest economic growth, we are cautious about our ability to
expand our loan portfolio with high quality credits. In this
environment, we are highly focused on continuing to work through
any remaining credit issues to sustain the positive trends evident
in our fourth quarter results.
"We believe BancorpSouth is well positioned strategically,
especially if early indications of economic growth prove
sustainable. Although uncertain about the strength of the
economy in 2011, we are confident that we will continue to manage
effectively and conservatively in the coming year, maintain a
strong capital base and strong liquidity, remain appropriately
reserved against losses inherent in our loan portfolio and build
the value of our banking franchise."
Conference Call
BancorpSouth will conduct a conference call to discuss its
fourth quarter 2010 results tomorrow, January 28, 2011, 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 our financial performance, our
reserve for losses, returning our credit metrics to historic
levels, our ability to provide superior services to our customers,
our economic growth, our ability to manage, our capital and
liquidity, our ability to build the value of our franchise and our
use of non-GAAP financial measures.
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, conditions
in the financial markets and economic conditions generally, the
soundness of other financial institutions, levels of market
volatility, the availability of capital if the Company elects or is
compelled to seek additional capital, liquidity risk, the credit
risk associated with real estate construction, acquisition and
development loans, estimates of costs and values associated with
real estate construction, acquisition and development loans in the
Company's loan portfolio, the adequacy of the Company's allowance
for credit losses to cover actual credit losses, governmental
regulation and supervision of the Company's operations, changes in
interest rates, the impact of monetary policies and economic
factors on the Company's ability to attract deposits or make loans,
the impact of hurricanes or other adverse weather events, risks in
connection with completed or potential acquisitions, dilution
caused by the Company's issuance of any additional shares of its
common stock to acquire other banks, bank holding companies,
financial holding companies and insurance agencies, restrictions on
the Company's ability to declare and pay dividends, the Company's
growth strategy, diversification in the types of financial services
the Company offers, competition with other financial services
companies, interruptions or breaches in security of the Company's
information systems, the Company's ability to improve its internal
controls adequately, any requirement that the Company write down
goodwill or other intangible assets, 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
$13.6 billion in assets.
BancorpSouth Bank, a wholly-owned subsidiary of BancorpSouth,
Inc., operates approximately 312 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.
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Selected Financial
Data
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Three Months
Ended
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Twelve
Months Ended
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December
31,
|
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December
31,
|
|
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2010
|
|
2009
|
|
2010
|
|
2009
|
|
(Dollars in thousands, except
per share amounts)
|
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Earnings Summary:
|
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|
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|
|
Net interest revenue
|
$110,253
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$112,347
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$441,142
|
|
$444,899
|
|
Provision for credit
losses
|
43,293
|
|
62,271
|
|
204,016
|
|
117,324
|
|
Noninterest revenue
|
73,974
|
|
64,505
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|
264,144
|
|
275,276
|
|
Noninterest expense
|
123,447
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|
123,361
|
|
487,033
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|
490,017
|
|
Income (loss) before income
taxes
|
17,487
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|
(8,780)
|
|
14,237
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|
112,834
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|
Income tax provision
(benefit)
|
1,641
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|
(6,634)
|
|
(8,705)
|
|
30,105
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|
Net income (loss)
|
$15,846
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|
($2,146)
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|
$22,942
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|
$82,729
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|
Earning (loss) per share:
Basic
|
$0.19
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|
($0.03)
|
|
$0.28
|
|
$0.99
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|
Diluted
|
$0.19
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|
($0.03)
|
|
$0.27
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|
$0.99
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Balance sheet data at December
31:
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Total assets
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$13,615,010
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$13,167,867
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Total earning assets
|
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|
|
|
12,458,055
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|
11,939,776
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|
Loans and leases, net of
unearned income
|
|
|
|
|
9,333,107
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|
9,775,136
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Allowance for credit
losses
|
|
|
|
|
196,913
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|
176,043
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Total deposits
|
|
|
|
|
11,490,021
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|
10,677,702
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Common shareholders'
equity
|
|
|
|
|
1,222,244
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|
1,276,296
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Book value per share
|
|
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|
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14.64
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|
15.29
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Average balance sheet
data:
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Total assets
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$13,559,038
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$13,065,172
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$13,304,836
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$13,203,659
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Total earning assets
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12,510,705
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11,966,504
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12,223,933
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12,078,437
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Loans and leases, net of
unearned interest
|
9,418,687
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9,750,989
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9,621,529
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9,734,580
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Total deposits
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11,292,903
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10,448,617
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11,107,445
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|
10,155,730
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Common shareholders'
equity
|
1,225,514
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|
1,266,989
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1,241,321
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1,255,605
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|
|
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Non-performing assets at
December 31:
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Non-accrual loans and
leases
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$347,499
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$144,013
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Loans and leases 90+ days past
due, still accruing
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8,500
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36,301
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Restructured loans and leases,
still accruing
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38,376
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6,161
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Other real estate
owned
|
|
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133,412
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59,265
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Total non-performing
assets
|
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527,787
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245,740
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Net charge-offs as a
percentage
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of average loans
(annualized)
|
2.19%
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1.27%
|
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1.90%
|
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0.76%
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Performance ratios
(annualized):
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Return on average
assets
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0.46%
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(0.07%)
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0.17%
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0.63%
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Return on common
equity
|
5.13%
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(0.67%)
|
|
1.85%
|
|
6.59%
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Total shareholders' equity to
total assets
|
8.98%
|
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9.69%
|
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8.98%
|
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9.69%
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Tangible shareholders' equity to
tangible assets
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7.00%
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7.63%
|
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7.00%
|
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7.63%
|
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Net interest margin
|
3.59%
|
|
3.81%
|
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3.70%
|
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3.77%
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Average shares outstanding -
basic
|
83,435,268
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83,399,113
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83,425,183
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83,295,461
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Average shares outstanding -
diluted
|
83,471,420
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83,527,596
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83,515,040
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83,430,505
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Cash dividends per
share
|
$0.22
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|
$0.22
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|
$0.88
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|
$0.88
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Tier I capital
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10.61%
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(1)
|
11.17%
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|
10.61%
|
(1)
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11.17%
|
|
Total Capital
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11.87%
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(1)
|
12.42%
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|
11.87%
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(1)
|
12.42%
|
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Tier I leverage
capital
|
8.07%
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(1)
|
8.95%
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8.07%
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(1)
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8.95%
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|
(1) Estimated as of
earnings release date
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BancorpSouth,
Inc.
|
|
Consolidated
Balance Sheets
|
|
(Unaudited)
|
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|
Dec-10
|
Sep-10
|
Jun-10
|
Mar-10
|
Dec-09
|
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(Dollars in
thousands)
|
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Assets
|
|
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|
Cash and due from
banks
|
$99,916
|
$128,160
|
$370,499
|
$187,115
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$222,741
|
|
Interest bearing deposits with
other banks
|
172,170
|
211,189
|
111,040
|
9,943
|
15,704
|
|
Held-to-maturity securities, at
amortized cost
|
1,613,019
|
1,357,888
|
1,147,157
|
1,219,983
|
1,032,822
|
|
Available-for-sale securities,
at fair value
|
1,096,062
|
915,877
|
962,692
|
891,221
|
960,772
|
|
Federal funds sold and
securities
|
|
|
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purchased under
agreement to resell
|
150,000
|
325,000
|
75,000
|
120,000
|
75,000
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|
Loans and leases
|
9,376,351
|
9,556,962
|
9,691,623
|
9,756,081
|
9,822,986
|
|
Less: Unearned
income
|
43,244
|
42,033
|
44,721
|
45,259
|
47,850
|
|
Allowance for credit losses
|
196,913
|
205,081
|
200,744
|
188,884
|
176,043
|
|
Net loans and leases
|
9,136,194
|
9,309,848
|
9,446,158
|
9,521,938
|
9,599,093
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Loans held for sale
|
93,697
|
125,815
|
95,987
|
80,312
|
80,343
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|
Premises and equipment,
net
|
332,890
|
335,618
|
336,645
|
339,860
|
343,877
|
|
Accrued interest
receivable
|
61,025
|
63,797
|
63,862
|
69,022
|
68,651
|
|
Goodwill
|
270,097
|
270,097
|
270,097
|
270,097
|
270,097
|
|
Bank owned life
insurance
|
194,064
|
192,459
|
190,828
|
189,022
|
187,770
|
|
Other real estate
owned
|
133,412
|
82,647
|
67,560
|
59,269
|
59,265
|
|
Other assets
|
262,464
|
264,621
|
283,479
|
272,408
|
251,732
|
|
Total
Assets
|
$13,615,010
|
$13,583,016
|
$13,421,004
|
$13,230,190
|
$13,167,867
|
|
Liabilities
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
Demand: Noninterest
bearing
|
$2,060,145
|
$1,967,635
|
$1,897,977
|
$1,860,579
|
$1,901,663
|
|
Interest bearing
|
4,931,518
|
4,623,103
|
4,725,457
|
4,589,029
|
4,323,646
|
|
Savings
|
863,034
|
801,153
|
770,112
|
768,302
|
725,192
|
|
Other time
|
3,635,324
|
3,804,973
|
3,827,095
|
3,776,251
|
3,727,201
|
|
Total deposits
|
11,490,021
|
11,196,864
|
11,220,641
|
10,994,161
|
10,677,702
|
|
Federal funds purchased
and
|
|
|
|
|
|
|
securities sold
under agreement
|
|
|
|
|
|
|
to
repurchase
|
440,593
|
501,175
|
481,109
|
480,795
|
539,870
|
|
Short-term Federal Home Loan
Bank borrowings
|
|
|
|
|
|
|
and other short-term
borrowing
|
2,727
|
152,738
|
3,500
|
2,500
|
203,500
|
|
Accrued interest
payable
|
14,336
|
16,574
|
17,508
|
17,972
|
19,588
|
|
Junior subordinated debt
securities
|
160,312
|
160,312
|
160,312
|
160,312
|
160,312
|
|
Long-term Federal Home Loan Bank
borrowings
|
110,000
|
110,000
|
110,749
|
112,760
|
112,771
|
|
Other liabilities
|
174,777
|
209,648
|
186,926
|
196,806
|
177,828
|
|
Total Liabilities
|
12,392,766
|
12,347,311
|
12,180,745
|
11,965,306
|
11,891,571
|
|
Shareholders' Equity
|
|
|
|
|
|
|
Common stock
|
208,704
|
208,704
|
208,704
|
208,655
|
208,626
|
|
Capital surplus
|
224,976
|
224,170
|
223,922
|
223,307
|
222,547
|
|
Accumulated other comprehensive
income (loss)
|
(14,453)
|
(2,705)
|
(5,008)
|
(10,645)
|
(8,409)
|
|
Retained earnings
|
803,017
|
805,536
|
812,641
|
843,567
|
853,532
|
|
Total Shareholders'
Equity
|
1,222,244
|
1,235,705
|
1,240,259
|
1,264,884
|
1,276,296
|
|
Total Liabilities &
Shareholders' Equity
|
$13,615,010
|
$13,583,016
|
$13,421,004
|
$13,230,190
|
$13,167,867
|
|
|
|
|
|
|
|
BancorpSouth, Inc.
|
|
Consolidated
Condensed Statements of Income
|
|
(Dollars in
thousands, except per share data)
|
|
(Unaudited)
|
|
|
|
|
Quarter
Ended
|
|
Year To
Date
|
|
|
Dec-10
|
|
Sep-10
|
|
Jun-10
|
|
Mar-10
|
|
Dec-09
|
|
Dec-10
|
|
Dec-09
|
|
INTEREST REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases
|
$ 121,672
|
|
$ 123,533
|
|
$ 124,621
|
|
$ 126,956
|
|
$ 129,086
|
|
$ 496,782
|
|
$ 517,013
|
|
Deposits with other
banks
|
222
|
|
79
|
|
33
|
|
21
|
|
19
|
|
355
|
|
131
|
|
Federal funds sold and
securities purchased
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under agreement to
resell
|
168
|
|
213
|
|
143
|
|
82
|
|
43
|
|
606
|
|
74
|
|
Held-to-maturity
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
8,490
|
|
9,010
|
|
9,363
|
|
9,415
|
|
10,128
|
|
36,278
|
|
46,957
|
|
Tax-exempt
|
2,952
|
|
2,584
|
|
2,412
|
|
2,461
|
|
2,393
|
|
10,409
|
|
8,852
|
|
Available-for-sale
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
7,836
|
|
7,782
|
|
8,030
|
|
8,385
|
|
8,675
|
|
32,033
|
|
35,026
|
|
Tax-exempt
|
815
|
|
795
|
|
833
|
|
832
|
|
875
|
|
3,275
|
|
3,396
|
|
Loans held for sale
|
902
|
|
889
|
|
727
|
|
506
|
|
777
|
|
3,024
|
|
3,965
|
|
Total
interest revenue
|
143,057
|
|
144,885
|
|
146,162
|
|
148,658
|
|
151,996
|
|
582,762
|
|
615,414
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
demand
|
7,462
|
|
8,582
|
|
9,751
|
|
9,392
|
|
9,023
|
|
35,187
|
|
40,047
|
|
Savings
|
891
|
|
881
|
|
915
|
|
889
|
|
900
|
|
3,576
|
|
3,700
|
|
Other time
|
19,827
|
|
21,108
|
|
21,535
|
|
21,529
|
|
23,445
|
|
83,999
|
|
101,308
|
|
Federal funds purchased and
securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under agreement to
repurchase
|
189
|
|
209
|
|
215
|
|
228
|
|
305
|
|
841
|
|
1,629
|
|
FHLB borrowings
|
1,569
|
|
1,543
|
|
1,553
|
|
1,880
|
|
3,012
|
|
6,545
|
|
11,597
|
|
Junior subordinated
debt
|
2,864
|
|
2,880
|
|
2,862
|
|
2,855
|
|
2,863
|
|
11,461
|
|
11,630
|
|
Other
|
2
|
|
4
|
|
2
|
|
3
|
|
101
|
|
11
|
|
604
|
|
Total
interest expense
|
32,804
|
|
35,207
|
|
36,833
|
|
36,776
|
|
39,649
|
|
141,620
|
|
170,515
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest revenue
|
110,253
|
|
109,678
|
|
109,329
|
|
111,882
|
|
112,347
|
|
441,142
|
|
444,899
|
|
Provision for credit
losses
|
43,293
|
|
54,850
|
|
62,354
|
|
43,519
|
|
62,271
|
|
204,016
|
|
117,324
|
|
Net
interest revenue, after provision for
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
credit losses
|
66,960
|
|
54,828
|
|
46,975
|
|
68,363
|
|
50,076
|
|
237,126
|
|
327,575
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage lending
|
18,126
|
|
8,898
|
|
(2,304)
|
|
5,025
|
|
8,602
|
|
29,745
|
|
32,225
|
|
Credit card, debit card and
merchant fees
|
9,951
|
|
9,569
|
|
9,333
|
|
8,810
|
|
7,883
|
|
37,663
|
|
34,244
|
|
Service charges
|
16,854
|
|
18,621
|
|
18,953
|
|
16,262
|
|
18,689
|
|
70,690
|
|
72,864
|
|
Trust income
|
3,072
|
|
2,783
|
|
2,707
|
|
2,587
|
|
3,014
|
|
11,149
|
|
9,698
|
|
Security gains (losses),
net
|
(470)
|
|
2,327
|
|
(585)
|
|
1,297
|
|
(102)
|
|
2,569
|
|
(55)
|
|
Insurance commissions
|
18,013
|
|
20,825
|
|
21,666
|
|
21,668
|
|
17,583
|
|
82,172
|
|
80,937
|
|
Other
|
8,428
|
|
6,729
|
|
7,316
|
|
7,683
|
|
8,836
|
|
30,156
|
|
45,363
|
|
Total
noninterest revenue
|
73,974
|
|
69,752
|
|
57,086
|
|
63,332
|
|
64,505
|
|
264,144
|
|
275,276
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
65,980
|
|
68,232
|
|
68,189
|
|
69,287
|
|
66,926
|
|
271,688
|
|
278,734
|
|
Occupancy, net of rental
income
|
10,668
|
|
11,038
|
|
10,527
|
|
10,775
|
|
10,897
|
|
43,008
|
|
42,108
|
|
Equipment
|
5,459
|
|
5,523
|
|
5,877
|
|
5,739
|
|
5,578
|
|
22,598
|
|
23,508
|
|
Deposit insurance
assessments
|
5,895
|
|
4,752
|
|
4,362
|
|
4,250
|
|
3,786
|
|
19,259
|
|
19,672
|
|
Other
|
35,445
|
|
33,542
|
|
31,061
|
|
30,432
|
|
36,174
|
|
130,480
|
|
125,995
|
|
Total
noninterest expenses
|
123,447
|
|
123,087
|
|
120,016
|
|
120,483
|
|
123,361
|
|
487,033
|
|
490,017
|
|
Income (loss) before income taxes
|
17,487
|
|
1,493
|
|
(15,955)
|
|
11,212
|
|
(8,780)
|
|
14,237
|
|
112,834
|
|
Income tax expense
(benefit)
|
1,641
|
|
(9,767)
|
|
(3,395)
|
|
2,816
|
|
(6,634)
|
|
(8,705)
|
|
30,105
|
|
Net
income (loss)
|
$15,846
|
|
$11,260
|
|
($12,560)
|
|
$8,396
|
|
($2,146)
|
|
$22,942
|
|
$ 82,729
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share:
Basic
|
$0.19
|
|
$0.13
|
|
($0.15)
|
|
$0.10
|
|
($0.03)
|
|
$0.28
|
|
$0.99
|
|
Diluted
|
$0.19
|
|
$0.13
|
|
($0.15)
|
|
$0.10
|
|
($0.03)
|
|
$0.27
|
|
$0.99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth, Inc.
|
|
Selected
Loan Data
|
|
(Dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
Quarter
Ended
|
|
|
Dec-10
|
|
Sep-10
|
|
Jun-10
|
|
Mar-10
|
|
Dec-09
|
|
LOAN AND LEASE
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$ 1,491,183
|
|
$ 1,438,415
|
|
$ 1,483,335
|
|
$ 1,470,145
|
|
$ 1,466,569
|
|
Real estate
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
1,978,145
|
|
2,001,077
|
|
2,019,187
|
|
2,014,085
|
|
2,017,067
|
|
Home equity
|
543,272
|
|
552,095
|
|
555,281
|
|
549,924
|
|
550,085
|
|
Agricultural
|
252,292
|
|
262,083
|
|
260,489
|
|
266,649
|
|
262,069
|
|
Commercial and
industrial-owner occupied
|
1,331,473
|
|
1,375,466
|
|
1,407,704
|
|
1,423,098
|
|
1,449,554
|
|
Construction, acquisition
and development
|
1,148,161
|
|
1,307,242
|
|
1,381,591
|
|
1,428,882
|
|
1,459,503
|
|
Commercial
|
1,816,951
|
|
1,810,626
|
|
1,794,644
|
|
1,809,660
|
|
1,806,766
|
|
Credit cards
|
106,345
|
|
102,672
|
|
102,784
|
|
101,464
|
|
108,086
|
|
All other
|
665,285
|
|
665,253
|
|
641,888
|
|
646,915
|
|
655,437
|
|
Total
loans
|
$9,333,107
|
|
$9,514,929
|
|
$9,646,903
|
|
$9,710,822
|
|
$9,775,136
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR CREDIT
LOSSES:
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period
|
$ 205,081
|
|
$ 200,744
|
|
$ 188,884
|
|
$ 176,043
|
|
$ 144,791
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases charged
off:
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
(1,782)
|
|
(2,822)
|
|
(5,106)
|
|
(2,169)
|
|
(3,404)
|
|
Real estate
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
(8,809)
|
|
(7,573)
|
|
(4,659)
|
|
(4,598)
|
|
(2,298)
|
|
Home equity
|
(1,138)
|
|
(1,792)
|
|
(602)
|
|
(1,683)
|
|
(1,835)
|
|
Agricultural
|
(487)
|
|
(33)
|
|
(473)
|
|
(207)
|
|
(401)
|
|
Commercial and
industrial-owner occupied
|
(1,659)
|
|
(1,231)
|
|
(3,845)
|
|
(2,465)
|
|
(753)
|
|
Construction, acquisition
and development
|
(31,471)
|
|
(34,342)
|
|
(31,655)
|
|
(15,769)
|
|
(20,766)
|
|
Commercial
|
(6,327)
|
|
(2,887)
|
|
(2,593)
|
|
(2,278)
|
|
(568)
|
|
Credit cards
|
(990)
|
|
(1,046)
|
|
(1,363)
|
|
(1,160)
|
|
(1,118)
|
|
All other
|
(2,093)
|
|
(798)
|
|
(2,067)
|
|
(1,050)
|
|
(954)
|
|
Total loans
charged off
|
(54,756)
|
|
(52,524)
|
|
(52,363)
|
|
(31,379)
|
|
(32,097)
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
707
|
|
318
|
|
242
|
|
63
|
|
194
|
|
Real estate
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
423
|
|
143
|
|
818
|
|
64
|
|
209
|
|
Home equity
|
60
|
|
23
|
|
43
|
|
52
|
|
76
|
|
Agricultural
|
4
|
|
8
|
|
-
|
|
-
|
|
-
|
|
Commercial and
industrial-owner occupied
|
195
|
|
154
|
|
44
|
|
7
|
|
10
|
|
Construction, acquisition
and development
|
776
|
|
663
|
|
211
|
|
56
|
|
7
|
|
Commercial
|
707
|
|
98
|
|
27
|
|
12
|
|
25
|
|
Credit cards
|
143
|
|
317
|
|
219
|
|
150
|
|
216
|
|
All other
|
280
|
|
287
|
|
265
|
|
297
|
|
341
|
|
Total
recoveries
|
3,295
|
|
2,011
|
|
1,869
|
|
701
|
|
1,078
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
|
(51,461)
|
|
(50,513)
|
|
(50,494)
|
|
(30,678)
|
|
(31,019)
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision charged to operating
expense
|
43,293
|
|
54,850
|
|
62,354
|
|
43,519
|
|
62,271
|
|
Other, net
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Balance, end of
period
|
$ 196,913
|
|
$ 205,081
|
|
$ 200,744
|
|
$ 188,884
|
|
$ 176,043
|
|
|
|
|
|
|
|
|
|
|
|
|
Average loans for
period
|
$ 9,418,687
|
|
$ 9,601,142
|
|
$ 9,703,253
|
|
$ 9,767,088
|
|
$ 9,750,989
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios:
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to average loans
(annualized)
|
2.19%
|
|
2.10%
|
|
2.08%
|
|
1.26%
|
|
1.27%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth, Inc.
|
|
Selected
Loan Data
|
|
(Dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
Quarter
Ended
|
|
|
Dec-10
|
|
Sep-10
|
|
Jun-10
|
|
Mar-10
|
|
Dec-09
|
|
NON-PERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS AND
LEASES:
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual Loans and
Leases
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
13,075
|
|
$
12,339
|
|
$
6,280
|
|
$
6,306
|
|
$
4,852
|
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
46,496
|
|
40,962
|
|
37,514
|
|
24,047
|
|
20,731
|
|
Home
equity
|
811
|
|
1,361
|
|
1,565
|
|
761
|
|
1,642
|
|
Agricultural
|
7,589
|
|
4,986
|
|
3,972
|
|
3,049
|
|
1,136
|
|
Commercial
and industrial-owner occupied
|
20,338
|
|
15,004
|
|
12,061
|
|
15,083
|
|
7,039
|
|
Construction, acquisition and development
|
199,072
|
|
216,586
|
|
159,829
|
|
116,191
|
|
82,170
|
|
Commercial
|
57,766
|
|
51,590
|
|
38,921
|
|
30,094
|
|
23,209
|
|
Credit
cards
|
720
|
|
724
|
|
726
|
|
1,072
|
|
1,044
|
|
All
other
|
1,632
|
|
3,629
|
|
2,890
|
|
3,034
|
|
2,190
|
|
Total nonaccrual loans and leases
|
347,499
|
|
347,181
|
|
263,758
|
|
199,637
|
|
144,013
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and Leases 90+ Days
Past Due, Still Accruing:
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
675
|
|
1,571
|
|
7,093
|
|
1,405
|
|
1,797
|
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
6,521
|
|
6,241
|
|
4,754
|
|
10,984
|
|
9,905
|
|
Home
equity
|
173
|
|
146
|
|
-
|
|
320
|
|
810
|
|
Agricultural
|
123
|
|
330
|
|
-
|
|
199
|
|
1,015
|
|
Commercial
and industrial-owner occupied
|
20
|
|
192
|
|
733
|
|
1,482
|
|
4,511
|
|
Construction, acquisition and development
|
197
|
|
526
|
|
1,490
|
|
3,339
|
|
13,482
|
|
Commercial
|
-
|
|
115
|
|
3,068
|
|
1,671
|
|
2,558
|
|
Credit
cards
|
330
|
|
396
|
|
228
|
|
296
|
|
355
|
|
All
other
|
461
|
|
393
|
|
330
|
|
756
|
|
1,868
|
|
Total loans and leases 90+ past due, still accruing
|
8,500
|
|
9,910
|
|
17,696
|
|
20,452
|
|
36,301
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructured Loans and
Leases, Still Accruing
|
38,376
|
|
52,325
|
|
20,813
|
|
15,576
|
|
6,161
|
|
Total
non-performing loans and leases
|
394,375
|
|
409,416
|
|
302,267
|
|
235,665
|
|
186,475
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER REAL ESTATE
OWNED:
|
133,412
|
|
82,647
|
|
67,560
|
|
59,269
|
|
59,265
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-performing
Assets
|
$
527,787
|
|
$
492,063
|
|
$
369,827
|
|
$
294,934
|
|
$
245,740
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and Leases 30-89
Days Past Due, Still Accruing:
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
13,654
|
|
$
10,581
|
|
$
10,081
|
|
$
17,248
|
|
$
7,220
|
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
19,147
|
|
22,490
|
|
30,286
|
|
22,917
|
|
24,263
|
|
Home
equity
|
1,906
|
|
3,088
|
|
2,664
|
|
2,568
|
|
2,000
|
|
Agricultural
|
1,122
|
|
1,101
|
|
2,312
|
|
3,814
|
|
1,010
|
|
Commercial
and industrial-owner occupied
|
10,183
|
|
16,385
|
|
20,975
|
|
21,798
|
|
29,186
|
|
Construction, acquisition and development
|
6,758
|
|
11,538
|
|
50,759
|
|
58,385
|
|
39,795
|
|
Commercial
|
3,823
|
|
4,657
|
|
8,084
|
|
11,627
|
|
5,623
|
|
Credit
cards
|
1,023
|
|
799
|
|
1,220
|
|
1,185
|
|
1,457
|
|
All
other
|
2,766
|
|
3,143
|
|
4,472
|
|
3,240
|
|
3,061
|
|
Total Loans and Leases 30-89 days past due, still
accruing
|
$
60,382
|
|
$
73,782
|
|
$
130,853
|
|
$
142,782
|
|
$
113,615
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality
Ratios:
|
|
|
|
|
|
|
|
|
|
|
Provision for credit losses to
average loans and leases (annualized)
|
1.84%
|
|
2.29%
|
|
2.57%
|
|
1.78%
|
|
2.55%
|
|
Allowance for credit losses to
net loans and leases
|
2.11%
|
|
2.16%
|
|
2.08%
|
|
1.95%
|
|
1.80%
|
|
Allowance for credit losses to
non-performing assets
|
37.31%
|
|
41.68%
|
|
54.28%
|
|
64.04%
|
|
71.64%
|
|
Allowance for credit losses to
non-performing loans and leases
|
49.93%
|
|
50.09%
|
|
66.41%
|
|
80.15%
|
|
94.41%
|
|
Non-performing loans and leases
to net loans and leases
|
4.23%
|
|
4.30%
|
|
3.13%
|
|
2.43%
|
|
1.91%
|
|
Non-performing assets to net
loans and leases
|
5.65%
|
|
5.17%
|
|
3.83%
|
|
3.04%
|
|
2.51%
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth, Inc.
|
|
Selected
Loan Data
|
|
(Dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
Quarter
Ended
|
|
|
Dec-10
|
|
Sep-10
|
|
Jun-10
|
|
Mar-10
|
|
Dec-09
|
|
REAL ESTATE CONSTRUCTION,
ACQUISITION
|
|
|
|
|
|
|
|
|
|
|
AND DEVELOPMENT ("CAD")
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
|
Outstanding
Balance
|
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
$
27,992
|
|
$
28,540
|
|
$
22,091
|
|
$
28,598
|
|
$
25,009
|
|
One-to-four family
construction
|
191,972
|
|
210,861
|
|
229,629
|
|
242,209
|
|
255,026
|
|
Recreation and all
other loans
|
48,375
|
|
45,085
|
|
44,175
|
|
39,938
|
|
50,122
|
|
Commercial
construction
|
173,557
|
|
239,099
|
|
245,700
|
|
236,111
|
|
240,917
|
|
Commercial
acquisition and development
|
250,658
|
|
260,787
|
|
270,413
|
|
280,630
|
|
282,766
|
|
Residential
acquisition and development
|
455,607
|
|
522,870
|
|
569,583
|
|
601,396
|
|
605,663
|
|
Total outstanding balance
|
$
1,148,161
|
|
$
1,307,242
|
|
$
1,381,591
|
|
$
1,428,882
|
|
$
1,459,503
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual CAD
Loans
|
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
$
12,517
|
|
$
10,668
|
|
$
11,705
|
|
$
9,071
|
|
$
9,247
|
|
One-to-four family
construction
|
11,319
|
|
12,075
|
|
6,117
|
|
4,223
|
|
1,514
|
|
Recreation and all
other loans
|
481
|
|
1,020
|
|
685
|
|
-
|
|
-
|
|
Commercial
construction
|
34,710
|
|
28,712
|
|
24,723
|
|
12,650
|
|
6,684
|
|
Commercial
acquisition and development
|
29,658
|
|
34,438
|
|
15,558
|
|
463
|
|
2,527
|
|
Residential
acquisition and development
|
110,387
|
|
129,673
|
|
101,041
|
|
89,783
|
|
62,198
|
|
Total nonaccrual CAD loans
|
199,072
|
|
216,586
|
|
159,829
|
|
116,190
|
|
82,170
|
|
|
|
|
|
|
|
|
|
|
|
|
CAD Loans 90+ Days Past
Due, Still Accruing:
|
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
One-to-four family
construction
|
-
|
|
-
|
|
365
|
|
748
|
|
1,535
|
|
Recreation and all
other loans
|
-
|
|
-
|
|
-
|
|
146
|
|
496
|
|
Commercial
construction
|
195
|
|
-
|
|
141
|
|
16
|
|
-
|
|
Commercial
acquisition and development
|
-
|
|
150
|
|
77
|
|
678
|
|
4,500
|
|
Residential
acquisition and development
|
2
|
|
376
|
|
907
|
|
1,751
|
|
6,951
|
|
Total CAD loans 90+ past due, still accruing
|
197
|
|
526
|
|
1,490
|
|
3,339
|
|
13,482
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructured CAD Loans,
Still Accruing
|
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
One-to-four family
construction
|
63
|
|
417
|
|
1,072
|
|
-
|
|
-
|
|
Recreation and all
other loans
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Commercial
construction
|
-
|
|
2,244
|
|
-
|
|
-
|
|
1,606
|
|
Commercial
acquisition and development
|
604
|
|
1,735
|
|
460
|
|
-
|
|
-
|
|
Residential
acquisition and development
|
1,495
|
|
7,290
|
|
946
|
|
3,234
|
|
-
|
|
Total restructured CAD loans, still accruing
|
2,162
|
|
11,686
|
|
2,478
|
|
3,234
|
|
1,606
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Non-performing CAD loans
|
$
201,431
|
|
$
228,798
|
|
$
163,797
|
|
$
122,763
|
|
$
97,258
|
|
|
|
|
|
|
|
|
|
|
|
|
CAD NPL as a % of
Outstanding CAD Balance
|
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
44.7%
|
|
37.4%
|
|
53.0%
|
|
31.7%
|
|
37.0%
|
|
One-to-four family
construction
|
5.9%
|
|
5.9%
|
|
3.3%
|
|
2.1%
|
|
1.2%
|
|
Recreation and all
other loans
|
1.0%
|
|
2.3%
|
|
1.6%
|
|
0.4%
|
|
1.0%
|
|
Commercial
construction
|
20.1%
|
|
12.9%
|
|
10.1%
|
|
5.4%
|
|
3.4%
|
|
Commercial
acquisition and development
|
12.1%
|
|
13.9%
|
|
6.0%
|
|
0.4%
|
|
2.5%
|
|
Residential
acquisition and development
|
24.6%
|
|
26.3%
|
|
18.1%
|
|
15.8%
|
|
11.4%
|
|
Total CAD NPL as a % of outstanding CAD balance
|
17.5%
|
|
17.5%
|
|
11.9%
|
|
8.6%
|
|
6.7%
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth, Inc.
|
|
Selected
Loan Data
|
|
(Dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
As
of
|
|
|
Dec-10
|
|
Sep-10
|
|
Jun-10
|
|
Mar-10
|
|
Dec-09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unpaid principal balance of
impaired loans
|
$
345,377
|
|
$
311,941
|
|
$
243,221
|
|
$
209,288
|
|
$
161,631
|
|
Cumulative charge offs on
impaired loans
|
71,972
|
|
69,783
|
|
54,930
|
|
37,989
|
|
33,094
|
|
Outstanding balance of impaired
loans
|
273,405
|
|
242,158
|
|
188,291
|
|
171,299
|
|
128,537
|
|
|
|
|
|
|
|
|
|
|
|
|
Other non-accrual loans and
leases not impaired
|
74,094
|
|
105,023
|
|
75,467
|
|
28,338
|
|
15,476
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-accrual
loans and leases
|
$
347,499
|
|
$
347,181
|
|
$
263,758
|
|
$
199,637
|
|
$
144,013
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for impaired
loans
|
40,719
|
|
43,584
|
|
40,721
|
|
30,855
|
|
22,747
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
and leases, net of specific reserves
|
$
306,780
|
|
$
303,597
|
|
$
223,037
|
|
$
168,782
|
|
$
121,266
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases 90+ past due,
still accruing
|
8,500
|
|
9,910
|
|
17,696
|
|
20,452
|
|
36,301
|
|
Restructured loans and leases,
still accruing
|
38,376
|
|
52,325
|
|
20,813
|
|
15,576
|
|
6,161
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
non-performing loans and leases
|
$
394,375
|
|
$
409,416
|
|
$
302,267
|
|
$
235,665
|
|
$
186,475
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for impaired
loans
|
40,719
|
|
43,584
|
|
40,721
|
|
30,855
|
|
22,747
|
|
Allowance for all other loans
and leases
|
156,194
|
|
161,497
|
|
160,053
|
|
158,029
|
|
153,296
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Allowance
for Credit Losses
|
$
196,913
|
|
$
205,081
|
|
$
200,774
|
|
$
188,884
|
|
$
176,043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding balance of impaired
loans
|
$
273,405
|
|
$
242,158
|
|
$
188,291
|
|
$
171,299
|
|
$
128,537
|
|
Allowance for impaired
loans
|
40,719
|
|
43,584
|
|
40,721
|
|
30,855
|
|
22,747
|
|
|
|
|
|
|
|
|
|
|
|
|
Net book value of
impaired loans
|
$
232,686
|
|
$
198,574
|
|
$
147,570
|
|
$
140,444
|
|
$
105,790
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net book value of impaired loans
as a %
|
|
|
|
|
|
|
|
|
|
|
of unpaid
principal balance
|
67%
|
|
64%
|
|
61%
|
|
67%
|
|
65%
|
|
|
|
|
|
|
|
|
|
|
|
|
Coverage of other
non-accrual loans and
leases not impaired by
|
|
|
|
|
|
|
|
|
|
|
the allowance for
all other loans and leases
|
211%
|
|
154%
|
|
212%
|
|
558%
|
|
991%
|
|
|
|
|
|
|
|
|
|
|
|
|
Coverage of
non-performing loans and
leases not impaired
|
|
|
|
|
|
|
|
|
|
|
by the allowance
for all other loans and leases
|
129%
|
|
97%
|
|
140%
|
|
246%
|
|
265%
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth, Inc.
|
|
Noninterest
Revenue and Expense
|
|
(Dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
Quarter
Ended
|
|
|
Dec-10
|
|
Sep-10
|
|
Jun-10
|
|
Mar-10
|
|
Dec-09
|
|
NONINTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
Mortgage lending
|
$
18,126
|
|
$
8,898
|
|
$
(2,304)
|
|
$
5,025
|
|
$
8,602
|
|
Credit card, debit card and
merchant fees
|
9,951
|
|
9,569
|
|
9,333
|
|
8,810
|
|
7,883
|
|
Service charges
|
16,854
|
|
18,621
|
|
18,953
|
|
16,262
|
|
18,689
|
|
Trust income
|
3,072
|
|
2,783
|
|
2,707
|
|
2,587
|
|
3,014
|
|
Securities gains (losses),
net
|
(470)
|
|
2,327
|
|
(585)
|
|
1,297
|
|
(102)
|
|
Insurance commissions
|
18,013
|
|
20,825
|
|
21,666
|
|
21,668
|
|
17,583
|
|
Annuity fees
|
458
|
|
537
|
|
698
|
|
781
|
|
1,060
|
|
Brokerage commissions and
fees
|
1,436
|
|
1,340
|
|
1,419
|
|
1,317
|
|
1,390
|
|
Bank-owned life
insurance
|
2,303
|
|
1,793
|
|
1,972
|
|
1,669
|
|
1,843
|
|
Other miscellaneous
income
|
4,231
|
|
3,059
|
|
3,227
|
|
3,916
|
|
4,543
|
|
Total noninterest
revenue
|
$
73,974
|
|
$
69,752
|
|
$
57,086
|
|
$
63,332
|
|
$
64,505
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
$
65,980
|
|
$
68,232
|
|
$
68,189
|
|
$
69,287
|
|
$
66,926
|
|
Occupancy, net
|
10,668
|
|
11,038
|
|
10,527
|
|
10,775
|
|
10,897
|
|
Equipment
|
5,459
|
|
5,523
|
|
5,877
|
|
5,739
|
|
5,578
|
|
Deposit insurance
assessments
|
5,895
|
|
4,752
|
|
4,362
|
|
4,250
|
|
3,786
|
|
Advertising
|
1,760
|
|
1,742
|
|
1,196
|
|
656
|
|
1,120
|
|
Foreclosed property
expense
|
6,092
|
|
4,912
|
|
3,813
|
|
3,538
|
|
6,292
|
|
Telecommunications
|
2,148
|
|
2,624
|
|
2,494
|
|
2,200
|
|
2,203
|
|
Public relations
|
1,361
|
|
1,423
|
|
1,656
|
|
1,648
|
|
1,304
|
|
Data processing
|
1,428
|
|
1,576
|
|
1,594
|
|
1,470
|
|
1,360
|
|
Computer software
|
1,937
|
|
1,793
|
|
1,900
|
|
1,704
|
|
1,759
|
|
Amortization of
intangibles
|
950
|
|
961
|
|
984
|
|
1,015
|
|
1,139
|
|
Legal fees
|
1,872
|
|
1,727
|
|
1,313
|
|
1,328
|
|
1,885
|
|
Postage and shipping
|
1,269
|
|
1,237
|
|
1,178
|
|
1,360
|
|
1,254
|
|
Other miscellaneous
expense
|
16,628
|
|
15,547
|
|
14,933
|
|
15,513
|
|
17,858
|
|
Total noninterest
expense
|
$
123,447
|
|
$
123,087
|
|
$
120,016
|
|
$
120,483
|
|
$
123,361
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth, Inc.
|
|
|
Average
Balances, Interest Income and Expense,
|
|
|
and
Average Yields and Rates
|
|
|
(Dollars in
thousands)
|
|
|
(Unaudited)
|
|
|
|
Quarter
Ended
|
|
|
|
December 31,
2010
|
|
|
|
Average
|
|
|
Yield/
|
|
|
(Taxable equivalent
basis)
|
Balance
|
|
Interest
|
Rate
|
|
|
ASSETS
|
|
|
|
|
|
|
Loans, loans held for
sale,
|
|
|
|
|
|
|
and leases net of unearned
income
|
$ 9,509,949
|
|
$ 123,491
|
5.15%
|
|
|
Held-to-maturity
securities:
|
|
|
|
|
|
|
Taxable
|
1,154,939
|
|
8,600
|
2.95%
|
|
|
Tax-exempt
|
281,283
|
|
4,542
|
6.41%
|
|
|
Available-for-sale
securities:
|
|
|
|
|
|
|
Taxable
|
923,085
|
|
7,836
|
3.37%
|
|
|
Tax-exempt
|
72,921
|
|
1,254
|
6.82%
|
|
|
Short-term
investments
|
568,528
|
|
391
|
0.27%
|
|
|
Total interest
earning
|
|
|
|
|
|
|
assets and
revenue
|
12,510,705
|
|
146,114
|
4.63%
|
|
|
Other assets
|
1,263,611
|
|
|
|
|
|
Less: allowance for credit
losses
|
(215,278)
|
|
|
|
|
|
Total
|
$ 13,559,038
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
Demand - interest
bearing
|
$ 4,740,734
|
|
$ 7,462
|
0.62%
|
|
|
Savings
|
831,805
|
|
891
|
0.42%
|
|
|
Other time
|
3,745,046
|
|
19,827
|
2.10%
|
|
|
Short-term borrowings
|
623,862
|
|
275
|
0.17%
|
|
|
Junior subordinated
debt
|
160,312
|
|
2,864
|
7.09%
|
|
|
Long-term debt
|
110,000
|
|
1,485
|
5.36%
|
|
|
Total interest
bearing
|
|
|
|
|
|
|
liabilities and
expense
|
10,211,759
|
|
32,804
|
1.27%
|
|
|
Demand deposits -
|
|
|
|
|
|
|
noninterest
bearing
|
1,975,318
|
|
|
|
|
|
Other liabilities
|
146,447
|
|
|
|
|
|
Total
liabilities
|
12,333,524
|
|
|
|
|
|
Shareholders' equity
|
1,225,514
|
|
|
|
|
|
Total
|
$ 13,559,038
|
|
|
|
|
|
Net interest revenue
|
|
|
$ 113,310
|
|
|
|
Net interest margin
|
|
|
|
3.59%
|
|
|
Net interest rate
spread
|
|
|
|
3.36%
|
|
|
Interest bearing liabilities
to
|
|
|
|
|
|
|
interest earning
assets
|
|
|
|
81.62%
|
|
|
|
|
|
|
|
|
|
Net interest tax equivalent
adjustment
|
|
|
$ 3,057
|
|
|
|
|
|
|
|
|
|
BancorpSouth, Inc.
|
|
|
Average
Balances, Interest Income and Expense,
|
|
|
and
Average Yields and Rates
|
|
|
(Dollars in
thousands)
|
|
|
(Unaudited)
|
|
|
|
Quarter
Ended
|
|
|
|
September
30, 2010
|
|
|
|
Average
|
|
|
Yield/
|
|
|
(Taxable equivalent
basis)
|
Balance
|
|
Interest
|
Rate
|
|
|
ASSETS
|
|
|
|
|
|
|
Loans, loans held for
sale,
|
|
|
|
|
|
|
and leases net of unearned
income
|
$ 9,682,146
|
|
$ 125,211
|
5.13%
|
|
|
Held-to-maturity
securities:
|
|
|
|
|
|
|
Taxable
|
993,494
|
|
9,119
|
3.64%
|
|
|
Tax-exempt
|
230,182
|
|
3,975
|
6.85%
|
|
|
Available-for-sale
securities:
|
|
|
|
|
|
|
Taxable
|
847,942
|
|
7,782
|
3.64%
|
|
|
Tax-exempt
|
69,735
|
|
1,225
|
6.97%
|
|
|
Short-term
investments
|
442,927
|
|
292
|
0.26%
|
|
|
Total interest
earning
|
|
|
|
|
|
|
assets and
revenue
|
12,266,426
|
|
147,604
|
4.77%
|
|
|
Other assets
|
1,265,657
|
|
|
|
|
|
Less: allowance for credit
losses
|
(227,201)
|
|
|
|
|
|
Total
|
$ 13,304,882
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
Demand - interest
bearing
|
$ 4,651,166
|
|
$ 8,582
|
0.73%
|
|
|
Savings
|
786,267
|
|
881
|
0.44%
|
|
|
Other time
|
3,829,068
|
|
21,108
|
2.19%
|
|
|
Short-term borrowings
|
483,651
|
|
257
|
0.21%
|
|
|
Junior subordinated
debt
|
160,312
|
|
2,880
|
7.13%
|
|
|
Long-term debt
|
110,734
|
|
1,499
|
5.37%
|
|
|
Total interest
bearing
|
|
|
|
|
|
|
liabilities and
expense
|
10,021,198
|
|
35,207
|
1.39%
|
|
|
Demand deposits -
|
|
|
|
|
|
|
noninterest
bearing
|
1,911,125
|
|
|
|
|
|
Other liabilities
|
143,413
|
|
|
|
|
|
Total
liabilities
|
12,075,736
|
|
|
|
|
|
Shareholders' equity
|
1,229,146
|
|
|
|
|
|
Total
|
$ 13,304,882
|
|
|
|
|
|
Net interest revenue
|
|
|
$ 112,397
|
|
|
|
Net interest margin
|
|
|
|
3.64%
|
|
|
Net interest rate
spread
|
|
|
|
3.38%
|
|
|
Interest bearing liabilities
to
|
|
|
|
|
|
|
interest earning
assets
|
|
|
|
81.70%
|
|
|
|
|
|
|
|
|
|
Net interest tax equivalent
adjustment
|
|
|
$ 2,719
|
|
|
|
|
|
|
|
|
|
BancorpSouth, Inc.
|
|
|
Average
Balances, Interest Income and Expense,
|
|
|
and
Average Yields and Rates
|
|
|
(Dollars in
thousands)
|
|
|
(Unaudited)
|
|
|
|
Quarter
Ended
|
|
|
|
June 30,
2010
|
|
|
|
Average
|
|
|
Yield/
|
|
|
(Taxable equivalent
basis)
|
Balance
|
|
Interest
|
Rate
|
|
|
ASSETS
|
|
|
|
|
|
|
Loans, loans held for
sale,
|
|
|
|
|
|
|
and leases net of unearned
income
|
$ 9,763,448
|
|
$ 126,131
|
5.18%
|
|
|
Held-to-maturity
securities:
|
|
|
|
|
|
|
Taxable
|
939,046
|
|
9,474
|
4.05%
|
|
|
Tax-exempt
|
218,747
|
|
3,711
|
6.80%
|
|
|
Available-for-sale
securities:
|
|
|
|
|
|
|
Taxable
|
821,050
|
|
8,029
|
3.92%
|
|
|
Tax-exempt
|
72,440
|
|
1,281
|
7.09%
|
|
|
Short-term
investments
|
295,618
|
|
176
|
0.24%
|
|
|
Total interest
earning
|
|
|
|
|
|
|
assets and
revenue
|
12,110,349
|
|
148,802
|
4.93%
|
|
|
Other assets
|
1,329,535
|
|
|
|
|
|
Less: allowance for credit
losses
|
(216,378)
|
|
|
|
|
|
Total
|
$ 13,223,506
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
Demand - interest
bearing
|
$ 4,635,078
|
|
$ 9,750
|
0.84%
|
|
|
Savings
|
770,665
|
|
915
|
0.48%
|
|
|
Other time
|
3,814,314
|
|
21,536
|
2.26%
|
|
|
Short-term borrowings
|
486,350
|
|
264
|
0.22%
|
|
|
Junior subordinated
debt
|
160,312
|
|
2,861
|
7.16%
|
|
|
Long-term debt
|
112,731
|
|
1,506
|
5.36%
|
|
|
Total interest
bearing
|
|
|
|
|
|
|
liabilities and
expense
|
9,979,450
|
|
36,832
|
1.48%
|
|
|
Demand deposits -
|
|
|
|
|
|
|
noninterest
bearing
|
1,855,598
|
|
|
|
|
|
Other liabilities
|
142,672
|
|
|
|
|
|
Total
liabilities
|
11,977,720
|
|
|
|
|
|
Shareholders' equity
|
1,245,786
|
|
|
|
|
|
Total
|
$ 13,223,506
|
|
|
|
|
|
Net interest revenue
|
|
|
$ 111,970
|
|
|
|
Net interest margin
|
|
|
|
3.71%
|
|
|
Net interest rate
spread
|
|
|
|
3.45%
|
|
|
Interest bearing liabilities
to
|
|
|
|
|
|
|
interest earning
assets
|
|
|
|
82.40%
|
|
|
|
|
|
|
|
|
|
Net interest tax equivalent
adjustment
|
|
|
$ 2,640
|
|
|
|
|
|
|
|
|
|
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.
|
|
|
|
Reconciliation of Non-GAAP
Measures
|
|
|
|
(Dollars in
thousands)
|
|
|
|
(Unaudited)
|
|
|
|
|
|
Reconciliation of Pre-tax,
Pre-Provision Earnings (a):
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
|
|
2010
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
15,846
|
|
$
11,260
|
|
$
(2,146)
|
|
Plus:
|
Provision for credit
losses
|
|
43,293
|
|
54,850
|
|
62,271
|
|
|
Income tax expense
(benefit)
|
|
1,641
|
|
(9,767)
|
|
(6,634)
|
|
Pre-tax, Pre-Provision
Earnings
|
|
$
60,780
|
|
$
56,343
|
|
$
53,491
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Tangible
assets and Tangible Shareholders' Equity to
|
|
|
|
Total Assets and Total
Shareholders' Equity (b):
|
|
|
|
|
|
|
December
31,
|
|
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible assets
|
|
|
|
|
|
|
|
Total assets
|
|
$ 13,615,010
|
|
$ 13,167,867
|
|
|
|
Less:
|
Goodwill
|
|
270,097
|
|
270,097
|
|
|
|
|
Other identifiable intangible
assets
|
|
19,624
|
|
23,533
|
|
|
|
Total tangible assets
|
|
$ 13,325,289
|
|
$ 12,874,237
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible shareholders'
equity
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
$
1,222,244
|
|
$
1,276,296
|
|
|
|
Less:
|
Goodwill
|
|
270,097
|
|
270,097
|
|
|
|
|
Other identifiable intangible
assets
|
|
19,624
|
|
23,533
|
|
|
|
Total tangible shareholders'
equity
|
|
$
932,523
|
|
$
982,666
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible shareholders' equity to
tangible assets
|
|
7.00%
|
|
7.63%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) BancorpSouth, Inc.
utilizes pre-tax, pre-provision earnings as an additional measure
when evaluating
|
|
the performance of the
Company. Pre-tax, pre-provision earnings are defined as net
income plus
|
|
provision for credit
losses and income tax expense. Management believes pre-tax,
pre-provision
|
|
earnings is important to
investors as it shows earnings trends without giving effect to
provision for
|
|
credit losses and taxes.
|
|
|
|
(b) BancorpSouth, Inc.
utilizes the ratio of tangible assets to 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.
Management believes the ratio of tangible equity to tangible
assets is important
|
|
to investors who are
interested in evaluating the adequacy of our capital levels.
|
|
|
|
|
|
|
|
|
|
SOURCE BancorpSouth, Inc.