TUPELO, Miss., April 25, 2011 /PRNewswire/ -- BancorpSouth, Inc.
(NYSE: BXS) today announced financial results for the quarter ended
March 31, 2011. The Company
reported a net loss of $494,000, or
$0.01 per diluted share, for the
first quarter of 2011 compared with net income of $8.4 million, or $0.10 per diluted share, for the first quarter of
2010.
Commenting on the announcement, Aubrey
Patterson, Chairman and Chief Executive Officer of
BancorpSouth, said, "BancorpSouth's break-even financial
performance for the first quarter as compared to net income of
$15.8 million in the fourth quarter
of 2010 is primarily the result of an increase in the provision for
credit losses of $10.2 million from
the fourth quarter to $53.5 million,
a decline in mortgage lending revenue of $10.5 million from the fourth quarter, and an
increase in salaries and benefits of $4.4
million consisting primarily of increases in FICA taxes,
401(k) contributions and medical insurance expense.
"The provision for credit losses continues to be affected by
losses in real estate construction, acquisition and development
("CAD") loans, especially as it relates to residential loans.
We also incurred a $6.8 million
loss on a commercial loan during the first quarter.
"The decline in mortgage lending revenue was a result of a lower
positive fair value adjustment of mortgage servicing rights ("MSR")
and a decrease in mortgage loan production from the fourth quarter.
During the first quarter, the MSR fair value adjustment
declined to $2.5 million from
$8.9 million in the previous quarter.
Mortgage loan production during the first quarter was
$202.8 million, down from
$451.9 million in the fourth quarter
of 2010. This decline was primarily the result of lower
levels of refinancing as mortgage interest rates increased.
Mortgage lending is an important line of business for
BancorpSouth and we have recently expanded our production
capabilities, adding fourteen (14) mortgage loan originators in our
Alabama region, which effectively
tripled the size of our production staff in that region.
"Salaries and benefits expense of $70.4
million for the first quarter of 2011 reflects an increase
of $4.4 million compared to the
fourth quarter of 2010 and is primarily attributable to increases
in FICA taxes, medical insurance and 401(k) contributions.
"In summary, while the first quarter of 2011 did not produce the
bottom-line financial results we would have liked to have seen as
we entered the new year, pre-tax, pre-provision earnings for the
quarter were $47.7 million, and
reflected solid performance from our core operations. While
our capital levels remain strong, continued success in managing our
net interest margin, producing strong levels of non-interest
revenue, and controlling expenses is important as we continue to
work through a difficult credit environment."
Mr. Patterson added, "As a result of the significant progress
made in identifying and addressing our non-performing loans
"(NPLs"), we believe that our credit issues are very manageable and
that BancorpSouth remains well-positioned, with strong capital and
ample liquidity. However, as a business subject to economic
and interest-rate cycles, we remain cautious regarding the strength
or sustainability of the nation's economic recovery in the near
term. We remain focused on working to resolve remaining
credit issues and maintaining an appropriate level of
reserves."
Net Interest Revenue
Net interest revenue was $109.4
million for the first quarter of 2011, a decrease of 2.2
percent from $111.9 million for the
first quarter of 2010 and a 0.7 percent decrease from $110.3 million for the fourth quarter of 2010.
The fully taxable equivalent net interest margin was 3.69
percent for the first quarter of 2011, compared with 3.88 percent
for the first quarter of 2010 and 3.59 percent for the fourth
quarter of 2010.
The increase in net interest margin for the first quarter of
2011 from the fourth quarter of 2010 was the result of maintaining
the same yield on interest-earning assets for both quarters, as the
overall interest rate on interest bearing liabilities continued to
decline. Growth in the investment portfolio offset a portion
of the impact of the decline in loans. The decrease in total
interest expense of $3.4 million from
the fourth quarter of 2010 to the first quarter of 2011 reflected,
in part, a continued shift in interest bearing deposits away from
time deposits to lower rate demand and savings deposits.
Asset, Deposit and Loan Activity
Total assets at March 31, 2011
were $13.5 billion, an increase of
2.4 percent compared with $13.2
billion at March 31, 2010.
Total deposits were $11.5
billion at March 31, 2011, an
increase of 4.3 percent from $11.0
billion at March 31, 2010.
Loans and leases, net of unearned income, were $9.2 billion at March 31,
2011, a decrease of 5.1 percent from $9.7 billion at March 31,
2010.
The CAD loan portfolio, which decreased $340.4 million, or 23.8 percent, for the 12
months ended March 31, 2011,
accounted for 69.0 percent of the decline in net loans and leases.
Excluding the impact of the CAD loan portfolio, net loans and
leases declined $156.6 million, or
1.6 percent, for the 12 months ended March
31, 2011.
The increase in BancorpSouth's deposits at the end of the first
quarter of 2011 from the end of the first quarter of 2010 was a
result of strong growth in interest bearing and noninterest bearing
demand deposits of 9.5 percent and 9.0 percent, respectively, and
growth in savings deposits of 21.4 percent. Partially
offsetting this growth, certificates of deposits declined 7.8
percent. The growth achieved in core deposits through
initiating new relationships and strengthening existing
relationships during the past year remains a strategic focus of the
Company.
Provision for Credit Losses and Allowance for Credit Losses
For the first quarter of 2011, the provision for credit losses
was $53.5 million, compared with
$43.5 million for the first quarter
of 2010 and $43.3 million for the
fourth quarter of 2010. Annualized net charge-offs were 2.24
percent of average loans and leases for the first quarter of 2011,
compared with 1.26 percent for the first quarter of 2010 and 2.19
percent for the fourth quarter of 2010.
NPLs were $425.0 million, or 4.61
percent of net loans and leases, at March
31, 2011 compared to $235.7
million, or 2.43 percent of net loans and leases, at
March 31, 2010 and $394.4 million, or 4.23 percent of net loans and
leases, at December 31, 2010.
The allowance for credit losses was 2.15 percent of net loans
and leases at March 31, 2011 compared
to 1.95 percent at March 31, 2010 and
2.11 percent at December 31,
2010.
Total NPLs at March 31, 2011
consisted of: $370.7 million of loans
on nonaccrual status, compared with $347.5
million at December 31, 2010;
$4.8 million of loans 90 days or more
past due and still accruing, a decrease from $8.5 million at December
31, 2010; and restructured loans still accruing of
$49.5 million, an increase from
$38.4 million at December 31, 2010. Loans and leases 30 to
89 days past due decreased 14.7 percent to $51.5 million at March 31,
2011 from $60.4 million at
December 31, 2010.
At March 31, 2011, $117.6 million of NPLs were residential CAD
loans, $88.9 million were other CAD
loans, $79.2 million were commercial
real estate mortgage loans and $65.6
million were consumer mortgages. NPLs from all other
loan types totaled $73.7 million at
March 31, 2011.
Included in the $370.7 million of
nonaccrual loans reported at March 31,
2011 were $136.3 million of
loans that were paying as agreed. These loans are generally
placed on nonaccrual status because the collateral values were
below the outstanding balances, and because of uncertainty as to
whether the borrowers possess adequate liquidity or will be able to
generate sufficient cash flow to satisfy the debt given the
short-fall in collateral values. Such loans are generally
impaired, with a specific reserve established for the difference in
the balance owed and collateral values.
Other real estate owned increased $3.0
million during the first quarter of 2011 to $136.4 million, from $133.4 million at December
31, 2010. This net increase reflected $21.5 million added through foreclosure, less
sales of other real estate owned of $13.5
million and write-downs in the value of existing properties
of $4.9 million.
Noninterest Revenue
Noninterest revenue was $68.3
million for the first quarter of 2011, compared with
$63.3 million for the first quarter
of 2010. BancorpSouth's mortgage production and servicing
operations accounted for the largest component of this growth, with
revenue for the first quarter of 2011 of $7.6 million, which included a $2.5 million positive MSR fair value adjustment,
compared with revenue of $5.0
million, which included an immaterial MSR fair value
adjustment, for the first quarter of 2010. Mortgage
origination volume for the first quarter of 2011 was $202.8 million compared with $207.4 million for the first quarter of 2010.
Credit and debit card fees increased 17.4 percent and trust
income rose 21.1 percent on a comparable quarter basis.
Insurance commission revenue for the first quarter of 2011
increased 4.1 percent from the first quarter of 2010, which was the
fourth consecutive comparable quarter increase. Service
charge income declined 5.5 percent for the first quarter of 2011
compared with the first quarter of 2010.
Noninterest Expense
Noninterest expense for the first quarter of 2011 was
$130.0 million, compared with
$120.5 million for the first quarter
of 2010 and $123.4 million for the
fourth quarter of 2010. Foreclosed property expense increased to
$7.1 million for the first quarter of
2011 from $3.5 million for the first
quarter of 2010 and $6.1 million for
the fourth quarter of 2010. FDIC insurance expense was
$5.4 million for the first quarter of
2011 compared with $4.3 million and
$5.9 million for the first and fourth
quarters of 2010, respectively. Salaries and employee
benefits, net occupancy and equipment expenses for the first
quarter of 2011 increased 1.1 percent from the first quarter of
2010 and increased 5.6 percent from the fourth quarter of 2010,
primarily due to increases in FICA taxes and employee benefits.
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 8.94 percent at March 31, 2011, compared with 9.56 percent at
March 31, 2010. The ratio of
tangible shareholders' equity to tangible assets was 6.95 percent
at March 31, 2011, compared with 7.52
percent at March 31, 2010.
BancorpSouth remains a "well capitalized" financial holding
company, as defined by federal regulations, with Tier 1 risk-based
capital of 10.65 percent at March 31,
2011 and total risk based capital of 11.92 percent, compared
with required minimum levels of 6 percent and 10 percent,
respectively, to be classified as "well capitalized."
Summary
Patterson concluded, "Despite the increase in NPLs during the
first quarter, we are encouraged that the rate of NPL formation
slowed dramatically for the past two quarters compared with the
previous five quarters. We remain highly focused on working
through remaining credit issues and maintaining appropriate
reserves for losses expected in our portfolio. We have made
much progress in addressing these issues, and we are confident
that, in time, we will return our measures of credit quality to
more normal levels.
"We continue to be cautious about the potential for loan growth
in 2011 in a period of high unemployment and modest economic
growth. As the expansion in our core deposits and the
strength in our mortgage and other noninterest revenue businesses
make clear, we continue to have significant opportunities to gain
market share that should position us for stronger performance when
the loan environment improves.
"BancorpSouth remains a strong, well capitalized financial
institution, offering outstanding service and high quality products
and services for our retail and small-to-medium sized business
customers. With a long-term history of successfully expanding
our business through organic growth and acquisition, we believe we
are well positioned to effectively manage BancorpSouth through the
current environment, while continuing to build our prospects for
long-term growth and increased shareholder value."
Conference Call
BancorpSouth will conduct a conference call to discuss its first
quarter 2011 results tomorrow, April 26,
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
reserves for losses, returning our credit quality to more normal
levels, unresolved credit issues, our capital and liquidity, the
ability of borrowers to repay outstanding loans, opportunities to
gain market share 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, the availability of
capital on favorable terms if and when needed, 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, the susceptibility of our business to local economic
conditions, the impact of recent legislation and regulations on
service charges for core deposit accounts, changes in interest
rates, the impact of monetary policies and economic factors on the
Company's ability to attract deposits or make loans, volatility in
capital and credit markets, 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 failure of certain third part vendors to perform, 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
$13.5 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
|
|
|
|
|
|
Three Months
Ended
|
|
|
March
31,
|
|
|
2011
|
|
2010
|
|
(Dollars in thousands, except
per share amounts)
|
|
|
|
|
Earnings Summary:
|
|
|
|
|
Net interest revenue
|
$109,437
|
|
$111,882
|
|
Provision for credit
losses
|
53,479
|
|
43,519
|
|
Noninterest revenue
|
68,311
|
|
63,332
|
|
Noninterest expense
|
130,010
|
|
120,483
|
|
Income (loss) before income
taxes
|
(5,741)
|
|
11,212
|
|
Income tax provision
(benefit)
|
(5,247)
|
|
2,816
|
|
Net income (loss)
|
($494)
|
|
$8,396
|
|
Earning (loss) per share:
Basic
|
($0.01)
|
|
$0.10
|
|
Diluted
|
($0.01)
|
|
$0.10
|
|
|
|
|
|
|
|
|
|
|
|
Balance sheet data at March
31:
|
|
|
|
|
Total assets
|
$13,547,238
|
|
$13,230,190
|
|
Total earning assets
|
12,335,690
|
|
12,032,281
|
|
Loans and leases, net of
unearned income
|
9,213,836
|
|
9,710,822
|
|
Allowance for credit
losses
|
198,333
|
|
188,884
|
|
Total deposits
|
11,464,114
|
|
10,994,161
|
|
Common shareholders'
equity
|
1,211,061
|
|
1,264,884
|
|
Book value per share
|
14.51
|
|
15.16
|
|
|
|
|
|
|
|
|
|
|
|
Average balance sheet
data:
|
|
|
|
|
Total assets
|
$13,539,763
|
|
$13,127,171
|
|
Total earning assets
|
12,394,769
|
|
11,979,546
|
|
Loans and leases, net of
unearned interest
|
9,299,984
|
|
9,767,088
|
|
Total deposits
|
11,497,638
|
|
10,878,270
|
|
Common shareholders'
equity
|
1,219,399
|
|
1,265,409
|
|
|
|
|
|
|
Non-performing assets at March
31:
|
|
|
|
|
Non-accrual loans and
leases
|
$370,726
|
|
$199,637
|
|
Loans and leases 90+ days past
due, still accruing
|
4,829
|
|
20,452
|
|
Restructured loans and leases,
still accruing
|
49,472
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|
15,576
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|
Other real estate
owned
|
136,412
|
|
59,269
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|
Total non-performing
assets
|
561,439
|
|
294,934
|
|
|
|
|
|
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Net charge-offs as a
percentage
|
|
|
|
|
of average loans
(annualized)
|
2.24%
|
|
1.26%
|
|
|
|
|
|
|
Performance ratios
(annualized):
|
|
|
|
|
Return on average
assets
|
(0.01%)
|
|
0.26%
|
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Return on common
equity
|
(0.16%)
|
|
2.69%
|
|
Total shareholders' equity to
total assets
|
8.94%
|
|
9.56%
|
|
Tangible shareholders' equity to
tangible assets
|
6.95%
|
|
7.52%
|
|
Net interest margin
|
3.69%
|
|
3.88%
|
|
|
|
|
|
|
Average shares outstanding -
basic
|
83,448,935
|
|
83,403,809
|
|
Average shares outstanding -
diluted
|
83,448,935
|
|
83,574,695
|
|
Cash dividends per
share
|
$0.11
|
|
$0.22
|
|
|
|
|
|
|
Tier I capital
|
10.65%
|
(1)
|
10.89%
|
|
Total capital
|
11.92%
|
(1)
|
12.15%
|
|
Tier I leverage
capital
|
8.01%
|
(1)
|
8.84%
|
|
(1) Estimated as of
earnings release date
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|
|
|
|
|
BancorpSouth,
Inc.
|
|
Consolidated
Balance Sheets
|
|
(Unaudited)
|
|
|
|
|
Mar-11
|
Dec-10
|
Sep-10
|
Jun-10
|
Mar-10
|
|
|
(Dollars in
thousands)
|
|
Assets
|
|
|
|
|
|
|
Cash and due from
banks
|
$146,989
|
$99,916
|
$128,160
|
$370,499
|
$187,115
|
|
Interest bearing deposits with
other banks
|
102,312
|
172,170
|
211,189
|
111,040
|
9,943
|
|
Held-to-maturity securities, at
amortized cost
|
1,667,203
|
1,613,019
|
1,357,888
|
1,147,157
|
1,219,983
|
|
Available-for-sale securities,
at fair value
|
1,145,463
|
1,096,062
|
915,877
|
962,692
|
891,221
|
|
Federal funds sold and
securities
|
|
|
|
|
|
|
purchased under
agreement to resell
|
150,000
|
150,000
|
325,000
|
75,000
|
120,000
|
|
Loans and leases
|
9,255,609
|
9,376,351
|
9,556,962
|
9,691,623
|
9,756,081
|
|
Less: Unearned
income
|
41,773
|
43,244
|
42,033
|
44,721
|
45,259
|
|
Allowance for credit losses
|
198,333
|
196,913
|
205,081
|
200,744
|
188,884
|
|
Net loans and leases
|
9,015,503
|
9,136,194
|
9,309,848
|
9,446,158
|
9,521,938
|
|
Loans held for sale
|
56,876
|
93,697
|
125,815
|
95,987
|
80,312
|
|
Premises and equipment,
net
|
329,862
|
332,890
|
335,618
|
336,645
|
339,860
|
|
Accrued interest
receivable
|
61,105
|
61,025
|
63,797
|
63,862
|
69,022
|
|
Goodwill
|
271,297
|
270,097
|
270,097
|
270,097
|
270,097
|
|
Bank owned life
insurance
|
194,988
|
194,064
|
192,459
|
190,828
|
189,022
|
|
Other real estate
owned
|
136,412
|
133,412
|
82,647
|
67,560
|
59,269
|
|
Other assets
|
269,228
|
262,464
|
264,621
|
283,479
|
272,408
|
|
Total
Assets
|
$13,547,238
|
$13,615,010
|
$13,583,016
|
$13,421,004
|
$13,230,190
|
|
Liabilities
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
Demand: Noninterest
bearing
|
$2,027,990
|
$2,060,145
|
$1,967,635
|
$1,897,977
|
$1,860,579
|
|
Interest bearing
|
5,023,073
|
4,931,518
|
4,623,103
|
4,725,457
|
4,589,029
|
|
Savings
|
932,574
|
863,034
|
801,153
|
770,112
|
768,302
|
|
Other time
|
3,480,477
|
3,635,324
|
3,804,973
|
3,827,095
|
3,776,251
|
|
Total deposits
|
11,464,114
|
11,490,021
|
11,196,864
|
11,220,641
|
10,994,161
|
|
Federal funds purchased
and
|
|
|
|
|
|
|
securities sold
under agreement
|
|
|
|
|
|
|
to
repurchase
|
421,782
|
440,593
|
501,175
|
481,109
|
480,795
|
|
Short-term Federal Home Loan
Bank borrowings
|
|
|
|
|
|
|
and other short-term
borrowing
|
2,715
|
2,727
|
152,738
|
3,500
|
2,500
|
|
Accrued interest
payable
|
13,238
|
14,336
|
16,574
|
17,508
|
17,972
|
|
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
|
110,000
|
110,749
|
112,760
|
|
Other liabilities
|
164,016
|
174,777
|
209,648
|
186,926
|
196,806
|
|
Total Liabilities
|
12,336,177
|
12,392,766
|
12,347,311
|
12,180,745
|
11,965,306
|
|
Shareholders' Equity
|
|
|
|
|
|
|
Common stock
|
208,704
|
208,704
|
208,704
|
208,704
|
208,655
|
|
Capital surplus
|
225,597
|
224,976
|
224,170
|
223,922
|
223,307
|
|
Accumulated other comprehensive
income (loss)
|
(16,579)
|
(14,453)
|
(2,705)
|
(5,008)
|
(10,645)
|
|
Retained earnings
|
793,339
|
803,017
|
805,536
|
812,641
|
843,567
|
|
Total Shareholders'
Equity
|
1,211,061
|
1,222,244
|
1,235,705
|
1,240,259
|
1,264,884
|
|
Total Liabilities &
Shareholders' Equity
|
$13,547,238
|
$13,615,010
|
$13,583,016
|
$13,421,004
|
$13,230,190
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
|
Consolidated
Condensed Statements of Income
|
|
(Dollars in
thousands, except per share data)
|
|
(Unaudited)
|
|
|
|
|
Quarter
Ended
|
|
|
Mar-11
|
|
Dec-10
|
|
Sep-10
|
|
Jun-10
|
|
Mar-10
|
|
INTEREST REVENUE:
|
|
|
|
|
|
|
|
|
|
|
Loans and leases
|
$ 117,358
|
|
$ 121,672
|
|
$ 123,533
|
|
$ 124,621
|
|
$ 126,956
|
|
Deposits with other
banks
|
122
|
|
222
|
|
79
|
|
33
|
|
21
|
|
Federal funds sold and
securities purchased
|
|
|
|
|
|
|
|
|
|
|
under agreement to
resell
|
131
|
|
168
|
|
213
|
|
143
|
|
82
|
|
Held-to-maturity
securities:
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
8,014
|
|
8,490
|
|
9,010
|
|
9,363
|
|
9,415
|
|
Tax-exempt
|
3,347
|
|
2,952
|
|
2,584
|
|
2,412
|
|
2,461
|
|
Available-for-sale
securities:
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
8,585
|
|
7,836
|
|
7,782
|
|
8,030
|
|
8,385
|
|
Tax-exempt
|
824
|
|
815
|
|
795
|
|
833
|
|
832
|
|
Loans held for sale
|
447
|
|
902
|
|
889
|
|
727
|
|
506
|
|
Total
interest revenue
|
138,828
|
|
143,057
|
|
144,885
|
|
146,162
|
|
148,658
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
demand
|
6,546
|
|
7,462
|
|
8,582
|
|
9,751
|
|
9,392
|
|
Savings
|
826
|
|
891
|
|
881
|
|
915
|
|
889
|
|
Other time
|
17,483
|
|
19,827
|
|
21,108
|
|
21,535
|
|
21,529
|
|
Federal funds purchased and
securities sold
|
|
|
|
|
|
|
|
|
|
|
under agreement to
repurchase
|
152
|
|
189
|
|
209
|
|
215
|
|
228
|
|
FHLB borrowings
|
1,523
|
|
1,569
|
|
1,543
|
|
1,553
|
|
1,880
|
|
Junior subordinated
debt
|
2,859
|
|
2,864
|
|
2,880
|
|
2,862
|
|
2,855
|
|
Other
|
2
|
|
2
|
|
4
|
|
2
|
|
3
|
|
Total
interest expense
|
29,391
|
|
32,804
|
|
35,207
|
|
36,833
|
|
36,776
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest revenue
|
109,437
|
|
110,253
|
|
109,678
|
|
109,329
|
|
111,882
|
|
Provision for credit
losses
|
53,479
|
|
43,293
|
|
54,850
|
|
62,354
|
|
43,519
|
|
Net
interest revenue, after provision for
|
|
|
|
|
|
|
|
|
|
|
credit losses
|
55,958
|
|
66,960
|
|
54,828
|
|
46,975
|
|
68,363
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST REVENUE:
|
|
|
|
|
|
|
|
|
|
|
Mortgage lending
|
7,581
|
|
18,126
|
|
8,898
|
|
(2,304)
|
|
5,025
|
|
Credit card, debit card and
merchant fees
|
10,346
|
|
9,951
|
|
9,569
|
|
9,333
|
|
8,810
|
|
Service charges
|
15,368
|
|
16,854
|
|
18,621
|
|
18,953
|
|
16,262
|
|
Trust income
|
3,134
|
|
3,072
|
|
2,783
|
|
2,707
|
|
2,587
|
|
Security gains (losses),
net
|
17
|
|
(470)
|
|
2,327
|
|
(585)
|
|
1,297
|
|
Insurance commissions
|
22,549
|
|
18,013
|
|
20,825
|
|
21,666
|
|
21,668
|
|
Other
|
9,316
|
|
8,428
|
|
6,729
|
|
7,316
|
|
7,683
|
|
Total
noninterest revenue
|
68,311
|
|
73,974
|
|
69,752
|
|
57,086
|
|
63,332
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
70,375
|
|
65,980
|
|
68,232
|
|
68,189
|
|
69,287
|
|
Occupancy, net of rental
income
|
10,671
|
|
10,668
|
|
11,038
|
|
10,527
|
|
10,775
|
|
Equipment
|
5,658
|
|
5,459
|
|
5,523
|
|
5,877
|
|
5,739
|
|
Deposit insurance
assessments
|
5,425
|
|
5,895
|
|
4,752
|
|
4,362
|
|
4,250
|
|
Other
|
37,881
|
|
35,445
|
|
33,542
|
|
31,061
|
|
30,432
|
|
Total
noninterest expenses
|
130,010
|
|
123,447
|
|
123,087
|
|
120,016
|
|
120,483
|
|
Income (loss) before income taxes
|
(5,741)
|
|
17,487
|
|
1,493
|
|
(15,955)
|
|
11,212
|
|
Income tax expense
(benefit)
|
(5,247)
|
|
1,641
|
|
(9,767)
|
|
(3,395)
|
|
2,816
|
|
Net
income (loss)
|
($494)
|
|
$15,846
|
|
$11,260
|
|
($12,560)
|
|
$8,396
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share:
Basic
|
($0.01)
|
|
$0.19
|
|
$0.13
|
|
($0.15)
|
|
$0.10
|
|
Diluted
|
($0.01)
|
|
$0.19
|
|
$0.13
|
|
($0.15)
|
|
$0.10
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
|
Selected
Loan Data
|
|
(Dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
Quarter
Ended
|
|
|
Mar-11
|
|
Dec-10
|
|
Sep-10
|
|
Jun-10
|
|
Mar-10
|
|
LOAN AND LEASE
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$ 1,484,223
|
|
$ 1,491,183
|
|
$ 1,438,415
|
|
$ 1,483,335
|
|
$ 1,470,145
|
|
Real estate
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
1,987,198
|
|
1,978,145
|
|
2,001,077
|
|
2,019,187
|
|
2,014,085
|
|
Home equity
|
531,406
|
|
543,272
|
|
552,095
|
|
555,281
|
|
549,924
|
|
Agricultural
|
250,393
|
|
252,292
|
|
262,083
|
|
260,489
|
|
266,649
|
|
Commercial and
industrial-owner occupied
|
1,316,824
|
|
1,331,473
|
|
1,375,466
|
|
1,407,704
|
|
1,423,098
|
|
Construction, acquisition
and development
|
1,088,504
|
|
1,148,161
|
|
1,307,242
|
|
1,381,591
|
|
1,428,882
|
|
Commercial
|
1,831,226
|
|
1,816,951
|
|
1,810,626
|
|
1,794,644
|
|
1,809,660
|
|
Credit cards
|
100,732
|
|
106,345
|
|
102,672
|
|
102,784
|
|
101,464
|
|
All other
|
623,330
|
|
665,285
|
|
665,253
|
|
641,888
|
|
646,915
|
|
Total
loans
|
$9,213,836
|
|
$9,333,107
|
|
$9,514,929
|
|
$9,646,903
|
|
$9,710,822
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR CREDIT
LOSSES:
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period
|
$ 196,913
|
|
$ 205,081
|
|
$ 200,744
|
|
$ 188,884
|
|
$ 176,043
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases charged
off:
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
(8,809)
|
|
(1,782)
|
|
(2,822)
|
|
(5,106)
|
|
(2,169)
|
|
Real estate
|
|
|
Consumer
mortgages
|
(3,974)
|
|
(8,809)
|
|
(7,573)
|
|
(4,659)
|
|
(4,598)
|
|
Home equity
|
(1,082)
|
|
(1,138)
|
|
(1,792)
|
|
(602)
|
|
(1,683)
|
|
Agricultural
|
(592)
|
|
(487)
|
|
(33)
|
|
(473)
|
|
(207)
|
|
Commercial and
industrial-owner occupied
|
(1,716)
|
|
(1,659)
|
|
(1,231)
|
|
(3,845)
|
|
(2,465)
|
|
Construction, acquisition
and development
|
(31,629)
|
|
(31,471)
|
|
(34,342)
|
|
(31,655)
|
|
(15,769)
|
|
Commercial
|
(4,514)
|
|
(6,327)
|
|
(2,887)
|
|
(2,593)
|
|
(2,278)
|
|
Credit cards
|
(881)
|
|
(990)
|
|
(1,046)
|
|
(1,363)
|
|
(1,160)
|
|
All other
|
(553)
|
|
(2,093)
|
|
(798)
|
|
(2,067)
|
|
(1,050)
|
|
Total loans
charged off
|
(53,750)
|
|
(54,756)
|
|
(52,524)
|
|
(52,363)
|
|
(31,379)
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
184
|
|
707
|
|
318
|
|
242
|
|
63
|
|
Real estate
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
143
|
|
423
|
|
143
|
|
818
|
|
64
|
|
Home equity
|
45
|
|
60
|
|
23
|
|
43
|
|
52
|
|
Agricultural
|
2
|
|
4
|
|
8
|
|
-
|
|
-
|
|
Commercial and
industrial-owner occupied
|
173
|
|
195
|
|
154
|
|
44
|
|
7
|
|
Construction, acquisition
and development
|
564
|
|
776
|
|
663
|
|
211
|
|
56
|
|
Commercial
|
13
|
|
707
|
|
98
|
|
27
|
|
12
|
|
Credit cards
|
255
|
|
143
|
|
317
|
|
219
|
|
150
|
|
All other
|
312
|
|
280
|
|
287
|
|
265
|
|
297
|
|
Total
recoveries
|
1,691
|
|
3,295
|
|
2,011
|
|
1,869
|
|
701
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs
|
(52,059)
|
|
(51,461)
|
|
(50,513)
|
|
(50,494)
|
|
(30,678)
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision charged to operating
expense
|
53,479
|
|
43,293
|
|
54,850
|
|
62,354
|
|
43,519
|
|
Other, net
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Balance, end of
period
|
$ 198,333
|
|
$ 196,913
|
|
$ 205,081
|
|
$ 200,744
|
|
$ 188,884
|
|
|
|
|
|
|
|
|
|
|
|
|
Average loans for
period
|
$ 9,300,029
|
|
$ 9,418,687
|
|
$ 9,601,142
|
|
$ 9,703,253
|
|
$ 9,767,088
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios:
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to average loans
(annualized)
|
2.24%
|
|
2.19%
|
|
2.10%
|
|
2.08%
|
|
1.26%
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
|
Selected
Loan Data
|
|
(Dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
Quarter
Ended
|
|
|
Mar-11
|
|
Dec-10
|
|
Sep-10
|
|
Jun-10
|
|
Mar-10
|
|
NON-PERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS AND
LEASES:
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual Loans and
Leases
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$ 14,655
|
|
$ 13,075
|
|
$ 12,339
|
|
$ 6,280
|
|
$ 6,306
|
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
58,748
|
|
46,496
|
|
40,962
|
|
37,514
|
|
24,047
|
|
Home
equity
|
1,543
|
|
811
|
|
1,361
|
|
1,565
|
|
761
|
|
Agricultural
|
7,597
|
|
7,589
|
|
4,986
|
|
3,972
|
|
3,049
|
|
Commercial
and industrial-owner occupied
|
24,638
|
|
20,338
|
|
15,004
|
|
12,061
|
|
15,083
|
|
Construction, acquisition and development
|
202,124
|
|
199,072
|
|
216,586
|
|
159,829
|
|
116,191
|
|
Commercial
|
58,945
|
|
57,766
|
|
51,590
|
|
38,921
|
|
30,094
|
|
Credit
cards
|
617
|
|
720
|
|
724
|
|
726
|
|
1,072
|
|
All
other
|
1,859
|
|
1,632
|
|
3,629
|
|
2,890
|
|
3,034
|
|
Total nonaccrual loans and leases
|
370,726
|
|
347,499
|
|
347,181
|
|
263,758
|
|
199,637
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and Leases 90+ Days
Past Due, Still Accruing:
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
501
|
|
675
|
|
1,571
|
|
7,093
|
|
1,405
|
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
3,152
|
|
6,521
|
|
6,241
|
|
4,754
|
|
10,984
|
|
Home
equity
|
139
|
|
173
|
|
146
|
|
-
|
|
320
|
|
Agricultural
|
7
|
|
123
|
|
330
|
|
-
|
|
199
|
|
Commercial
and industrial-owner occupied
|
255
|
|
20
|
|
192
|
|
733
|
|
1,482
|
|
Construction, acquisition and development
|
19
|
|
197
|
|
526
|
|
1,490
|
|
3,339
|
|
Commercial
|
7
|
|
-
|
|
115
|
|
3,068
|
|
1,671
|
|
Credit
cards
|
240
|
|
330
|
|
396
|
|
228
|
|
296
|
|
All
other
|
509
|
|
461
|
|
393
|
|
330
|
|
756
|
|
Total loans and leases 90+ past due, still accruing
|
4,829
|
|
8,500
|
|
9,910
|
|
17,696
|
|
20,452
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructured Loans and
Leases, Still Accruing
|
49,472
|
|
38,376
|
|
52,325
|
|
20,813
|
|
15,576
|
|
Total
non-performing loans and leases
|
425,027
|
|
394,375
|
|
409,416
|
|
302,267
|
|
235,665
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER REAL ESTATE
OWNED:
|
136,412
|
|
133,412
|
|
82,647
|
|
67,560
|
|
59,269
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-performing
Assets
|
$ 561,439
|
|
$ 527,787
|
|
$ 492,063
|
|
$ 369,827
|
|
$ 294,934
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and Leases 30-89
Days Past Due, Still Accruing:
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$ 8,407
|
|
$ 13,654
|
|
$ 10,581
|
|
$ 10,081
|
|
$ 17,248
|
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
17,136
|
|
19,147
|
|
22,490
|
|
30,286
|
|
22,917
|
|
Home
equity
|
2,492
|
|
1,906
|
|
3,088
|
|
2,664
|
|
2,568
|
|
Agricultural
|
818
|
|
1,122
|
|
1,101
|
|
2,312
|
|
3,814
|
|
Commercial
and industrial-owner occupied
|
4,369
|
|
10,183
|
|
16,385
|
|
20,975
|
|
21,798
|
|
Construction, acquisition and development
|
8,047
|
|
6,758
|
|
11,538
|
|
50,759
|
|
58,385
|
|
Commercial
|
7,090
|
|
3,823
|
|
4,657
|
|
8,084
|
|
11,627
|
|
Credit
cards
|
969
|
|
1,023
|
|
799
|
|
1,220
|
|
1,185
|
|
All
other
|
2,192
|
|
2,766
|
|
3,143
|
|
4,472
|
|
3,240
|
|
Total Loans and Leases 30-89 days past due, still
accruing
|
$ 51,520
|
|
$ 60,382
|
|
$ 73,782
|
|
$ 130,853
|
|
$ 142,782
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality
Ratios:
|
|
|
|
|
|
|
|
|
|
|
Provision for credit losses to
average loans and leases (annualized)
|
2.30%
|
|
1.84%
|
|
2.29%
|
|
2.57%
|
|
1.78%
|
|
Allowance for credit losses to
net loans and leases
|
2.15%
|
|
2.11%
|
|
2.16%
|
|
2.08%
|
|
1.95%
|
|
Allowance for credit losses to
non-performing assets
|
35.33%
|
|
37.31%
|
|
41.68%
|
|
54.28%
|
|
64.04%
|
|
Allowance for credit losses to
non-performing loans and leases
|
46.66%
|
|
49.93%
|
|
50.09%
|
|
66.41%
|
|
80.15%
|
|
Non-performing loans and leases
to net loans and leases
|
4.61%
|
|
4.23%
|
|
4.30%
|
|
3.13%
|
|
2.43%
|
|
Non-performing assets to net
loans and leases
|
6.09%
|
|
5.65%
|
|
5.17%
|
|
3.83%
|
|
3.04%
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
|
Selected
Loan Data
|
|
(Dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
Quarter
Ended
|
|
|
Mar-11
|
|
Dec-10
|
|
Sep-10
|
|
Jun-10
|
|
Mar-10
|
|
REAL ESTATE CONSTRUCTION,
ACQUISITION
|
|
|
|
|
|
|
|
|
|
|
AND DEVELOPMENT ("CAD")
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
|
Outstanding
Balance
|
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
$
21,051
|
|
$
27,992
|
|
$
28,540
|
|
$
22,091
|
|
$
28,598
|
|
One-to-four family
construction
|
183,604
|
|
191,972
|
|
210,861
|
|
229,629
|
|
242,209
|
|
Recreation and all
other loans
|
63,686
|
|
48,375
|
|
45,085
|
|
44,175
|
|
39,938
|
|
Commercial
construction
|
155,402
|
|
173,557
|
|
239,099
|
|
245,700
|
|
236,111
|
|
Commercial
acquisition and development
|
244,950
|
|
250,658
|
|
260,787
|
|
270,413
|
|
280,630
|
|
Residential
acquisition and development
|
419,811
|
|
455,607
|
|
522,870
|
|
569,583
|
|
601,396
|
|
Total outstanding balance
|
$ 1,088,504
|
|
$ 1,148,161
|
|
$ 1,307,242
|
|
$ 1,381,591
|
|
$ 1,428,882
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual CAD
Loans
|
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
$
8,352
|
|
$
12,517
|
|
$
10,668
|
|
$
11,705
|
|
$
9,071
|
|
One-to-four family
construction
|
10,847
|
|
11,319
|
|
12,075
|
|
6,117
|
|
4,223
|
|
Recreation and all
other loans
|
708
|
|
481
|
|
1,020
|
|
685
|
|
-
|
|
Commercial
construction
|
20,889
|
|
34,710
|
|
28,712
|
|
24,723
|
|
12,650
|
|
Commercial
acquisition and development
|
47,200
|
|
29,658
|
|
34,438
|
|
15,558
|
|
463
|
|
Residential
acquisition and development
|
114,128
|
|
110,387
|
|
129,673
|
|
101,041
|
|
89,783
|
|
Total nonaccrual CAD loans
|
202,124
|
|
199,072
|
|
216,586
|
|
159,829
|
|
116,190
|
|
|
|
|
|
|
|
|
|
|
|
|
CAD Loans 90+ Days Past
Due, Still Accruing:
|
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
One-to-four family
construction
|
-
|
|
-
|
|
-
|
|
365
|
|
748
|
|
Recreation and all
other loans
|
2
|
|
-
|
|
-
|
|
-
|
|
146
|
|
Commercial
construction
|
-
|
|
195
|
|
-
|
|
141
|
|
16
|
|
Commercial
acquisition and development
|
-
|
|
-
|
|
150
|
|
77
|
|
678
|
|
Residential
acquisition and development
|
17
|
|
2
|
|
376
|
|
907
|
|
1,751
|
|
Total CAD loans 90+ past due, still accruing
|
19
|
|
197
|
|
526
|
|
1,490
|
|
3,339
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructured CAD Loans,
Still Accruing
|
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
One-to-four family
construction
|
113
|
|
63
|
|
417
|
|
1,072
|
|
-
|
|
Recreation and all
other loans
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Commercial
construction
|
-
|
|
-
|
|
2,244
|
|
-
|
|
-
|
|
Commercial
acquisition and development
|
834
|
|
604
|
|
1,735
|
|
460
|
|
-
|
|
Residential
acquisition and development
|
3,408
|
|
1,495
|
|
7,290
|
|
946
|
|
3,234
|
|
Total restructured CAD loans, still accruing
|
4,355
|
|
2,162
|
|
11,686
|
|
2,478
|
|
3,234
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Non-performing CAD loans
|
$
206,498
|
|
$
201,431
|
|
$
228,798
|
|
$
163,797
|
|
$
122,763
|
|
|
|
|
|
|
|
|
|
|
|
|
CAD NPL as a % of
Outstanding CAD Balance
|
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
39.7%
|
|
44.7%
|
|
37.4%
|
|
53.0%
|
|
31.7%
|
|
One-to-four family
construction
|
6.0%
|
|
5.9%
|
|
5.9%
|
|
3.3%
|
|
2.1%
|
|
Recreation and all
other loans
|
1.1%
|
|
1.0%
|
|
2.3%
|
|
1.6%
|
|
0.4%
|
|
Commercial
construction
|
13.4%
|
|
20.1%
|
|
12.9%
|
|
10.1%
|
|
5.4%
|
|
Commercial
acquisition and development
|
19.6%
|
|
12.1%
|
|
13.9%
|
|
6.0%
|
|
0.4%
|
|
Residential
acquisition and development
|
28.0%
|
|
24.6%
|
|
26.3%
|
|
18.1%
|
|
15.8%
|
|
Total CAD NPL as a % of outstanding CAD balance
|
19.0%
|
|
17.5%
|
|
17.5%
|
|
11.9%
|
|
8.6%
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
|
Selected
Loan Data
|
|
(Dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
As
of
|
|
|
Mar-11
|
|
Dec-10
|
|
Sep-10
|
|
Jun-10
|
|
Mar-10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unpaid principal balance of
impaired loans
|
$ 423,497
|
|
$ 345,377
|
|
$ 311,941
|
|
$ 243,221
|
|
$ 209,288
|
|
Cumulative charge offs on
impaired loans
|
84,676
|
|
71,972
|
|
69,783
|
|
54,930
|
|
37,989
|
|
Impaired nonaccrual loan and
lease outstanding balance
|
338,821
|
|
273,405
|
|
242,158
|
|
188,291
|
|
171,299
|
|
|
|
|
|
|
|
|
|
|
|
|
Other non-accrual loans and
leases not impaired
|
31,905
|
|
74,094
|
|
105,023
|
|
75,467
|
|
28,338
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-accrual
loans and leases
|
$ 370,726
|
|
$ 347,499
|
|
$ 347,181
|
|
$ 263,758
|
|
$ 199,637
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for impaired
loans
|
49,419
|
|
40,719
|
|
43,584
|
|
40,721
|
|
30,855
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans
and leases, net of specific reserves
|
$ 321,307
|
|
$ 306,780
|
|
$ 303,597
|
|
$ 223,037
|
|
$ 168,782
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases 90+ past due,
still accruing
|
4,829
|
|
8,500
|
|
9,910
|
|
17,696
|
|
20,452
|
|
Restructured loans and leases,
still accruing
|
49,472
|
|
38,376
|
|
52,325
|
|
20,813
|
|
15,576
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
non-performing loans and leases
|
$ 425,027
|
|
$ 394,375
|
|
$ 409,416
|
|
$ 302,267
|
|
$ 235,665
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for impaired
loans
|
$ 49,419
|
|
$ 40,719
|
|
$ 43,584
|
|
$ 40,721
|
|
$ 30,855
|
|
Allowance for all other loans
and leases
|
148,914
|
|
156,194
|
|
161,497
|
|
160,053
|
|
158,029
|
|
|
|
|
|
|
|
|
|
|
|
|
Total allowance
for credit losses
|
$ 198,333
|
|
$ 196,913
|
|
$ 205,081
|
|
$ 200,774
|
|
$ 188,884
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding balance of impaired
loans
|
$ 338,821
|
|
$ 273,405
|
|
$ 242,158
|
|
$ 188,291
|
|
$ 171,299
|
|
Allowance for impaired
loans
|
49,419
|
|
40,719
|
|
43,584
|
|
40,721
|
|
30,855
|
|
|
|
|
|
|
|
|
|
|
|
|
Net book value of
impaired loans
|
$ 289,402
|
|
$ 232,686
|
|
$ 198,574
|
|
$ 147,570
|
|
$ 140,444
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net book value of impaired loans
as a %
|
|
|
|
|
|
|
|
|
|
|
of unpaid
principal balance
|
68%
|
|
67%
|
|
64%
|
|
61%
|
|
67%
|
|
|
|
|
|
|
|
|
|
|
|
|
Coverage of other Non-accrual
loans and leases not impaired by
|
|
|
|
|
|
|
|
|
|
|
the allowance for
all other loans and leases
|
467%
|
|
211%
|
|
154%
|
|
212%
|
|
558%
|
|
|
|
|
|
|
|
|
|
|
|
|
Coverage of non-performing loans
and leases not impaired
|
|
|
|
|
|
|
|
|
|
|
by the allowance
for all other loans and leases
|
173%
|
|
129%
|
|
97%
|
|
140%
|
|
246%
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
|
Noninterest
Revenue and Expense
|
|
(Dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
Quarter
Ended
|
|
|
Mar-11
|
|
Dec-10
|
|
Sep-10
|
|
Jun-10
|
|
Mar-10
|
|
NONINTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
Mortgage lending
|
$ 7,581
|
|
$ 18,126
|
|
$ 8,898
|
|
$ (2,304)
|
|
$ 5,025
|
|
Credit card, debit card and
merchant fees
|
10,346
|
|
9,951
|
|
9,569
|
|
9,333
|
|
8,810
|
|
Service charges
|
15,368
|
|
16,854
|
|
18,621
|
|
18,953
|
|
16,262
|
|
Trust income
|
3,134
|
|
3,072
|
|
2,783
|
|
2,707
|
|
2,587
|
|
Securities gains (losses),
net
|
17
|
|
(470)
|
|
2,327
|
|
(585)
|
|
1,297
|
|
Insurance commissions
|
22,549
|
|
18,013
|
|
20,825
|
|
21,666
|
|
21,668
|
|
Annuity fees
|
1,296
|
|
458
|
|
537
|
|
698
|
|
781
|
|
Brokerage commissions and
fees
|
1,638
|
|
1,436
|
|
1,340
|
|
1,419
|
|
1,317
|
|
Bank-owned life
insurance
|
1,699
|
|
2,303
|
|
1,793
|
|
1,972
|
|
1,669
|
|
Other miscellaneous
income
|
4,683
|
|
4,231
|
|
3,059
|
|
3,227
|
|
3,916
|
|
Total noninterest
revenue
|
$ 68,311
|
|
$ 73,974
|
|
$ 69,752
|
|
$ 57,086
|
|
$ 63,332
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
$ 70,375
|
|
$ 65,980
|
|
$ 68,232
|
|
$ 68,189
|
|
$ 69,287
|
|
Occupancy, net
|
10,671
|
|
10,668
|
|
11,038
|
|
10,527
|
|
10,775
|
|
Equipment
|
5,658
|
|
5,459
|
|
5,523
|
|
5,877
|
|
5,739
|
|
Deposit insurance
assessments
|
5,425
|
|
5,895
|
|
4,752
|
|
4,362
|
|
4,250
|
|
Advertising
|
889
|
|
1,760
|
|
1,742
|
|
1,196
|
|
656
|
|
Foreclosed property
expense
|
7,082
|
|
6,092
|
|
4,912
|
|
3,813
|
|
3,538
|
|
Telecommunications
|
2,143
|
|
2,148
|
|
2,624
|
|
2,494
|
|
2,200
|
|
Public relations
|
1,514
|
|
1,361
|
|
1,423
|
|
1,656
|
|
1,648
|
|
Data processing
|
2,301
|
|
1,428
|
|
1,576
|
|
1,594
|
|
1,470
|
|
Computer software
|
1,848
|
|
1,937
|
|
1,793
|
|
1,900
|
|
1,704
|
|
Amortization of
intangibles
|
854
|
|
950
|
|
961
|
|
984
|
|
1,015
|
|
Legal fees
|
2,586
|
|
1,872
|
|
1,727
|
|
1,313
|
|
1,328
|
|
Postage and shipping
|
1,297
|
|
1,269
|
|
1,237
|
|
1,178
|
|
1,360
|
|
Other miscellaneous
expense
|
17,367
|
|
16,628
|
|
15,547
|
|
14,933
|
|
15,513
|
|
Total noninterest
expense
|
$ 130,010
|
|
$ 123,447
|
|
$ 123,087
|
|
$ 120,016
|
|
$ 120,483
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
|
|
Average
Balances, Interest Income and Expense,
|
|
|
and
Average Yields and Rates
|
|
|
(Dollars in
thousands)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
March 31,
2011
|
|
|
|
Average
|
|
|
Yield/
|
|
|
(Taxable equivalent
basis)
|
Balance
|
|
Interest
|
Rate
|
|
|
ASSETS
|
|
|
|
|
|
|
Loans, loans held for
sale,
|
|
|
|
|
|
|
and leases net of unearned
income
|
$ 9,339,083
|
|
$ 118,648
|
5.15%
|
|
|
Held-to-maturity
securities:
|
|
|
|
|
|
|
Taxable
|
1,322,668
|
|
8,124
|
2.49%
|
|
|
Tax-exempt
|
330,616
|
|
5,150
|
6.32%
|
|
|
Available-for-sale
securities:
|
|
|
|
|
|
|
Taxable
|
1,014,404
|
|
8,585
|
3.43%
|
|
|
Tax-exempt
|
70,727
|
|
1,267
|
7.27%
|
|
|
Short-term
investments
|
317,271
|
|
253
|
0.32%
|
|
|
Total interest
earning
|
|
|
|
|
|
|
assets and
revenue
|
12,394,769
|
|
142,026
|
4.65%
|
|
|
Other assets
|
1,363,101
|
|
|
|
|
|
Less: allowance for credit
losses
|
(218,107)
|
|
|
|
|
|
Total
|
$ 13,539,763
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
Demand - interest
bearing
|
$ 5,153,063
|
|
$ 6,546
|
0.52%
|
|
|
Savings
|
897,312
|
|
826
|
0.37%
|
|
|
Other time
|
3,553,543
|
|
17,483
|
2.00%
|
|
|
Short-term borrowings
|
433,743
|
|
193
|
0.18%
|
|
|
Junior subordinated
debt
|
160,312
|
|
2,859
|
7.23%
|
|
|
Long-term debt
|
110,000
|
|
1,484
|
5.47%
|
|
|
Total interest
bearing
|
|
|
|
|
|
|
liabilities and
expense
|
10,307,973
|
|
29,391
|
1.16%
|
|
|
Demand deposits -
|
|
|
|
|
|
|
noninterest
bearing
|
1,893,720
|
|
|
|
|
|
Other liabilities
|
118,671
|
|
|
|
|
|
Total
liabilities
|
12,320,364
|
|
|
|
|
|
Shareholders' equity
|
1,219,399
|
|
|
|
|
|
Total
|
$ 13,539,763
|
|
|
|
|
|
Net interest revenue
|
|
|
$ 112,635
|
|
|
|
Net interest margin
|
|
|
|
3.69%
|
|
|
Net interest rate
spread
|
|
|
|
3.49%
|
|
|
Interest bearing liabilities
to
|
|
|
|
|
|
|
interest earning
assets
|
|
|
|
83.16%
|
|
|
|
|
|
|
|
|
|
Net interest tax equivalent
adjustment
|
|
|
$ 3,199
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
Reconciliation of Non-GAAP
Measures
|
|
(Dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
Reconciliation of Pre-tax,
Pre-provision Earnings (a):
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
|
March
31,
|
|
December
31,
|
|
March
31,
|
|
|
|
|
2011
|
|
2010
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
(494)
|
|
$
15,846
|
|
$ 8,396
|
|
Plus:
|
Provision for credit
losses
|
|
53,479
|
|
43,293
|
|
43,519
|
|
|
Income tax expense
(benefit)
|
|
(5,247)
|
|
1,641
|
|
2,816
|
|
Pre-tax, Pre-provision
Earnings
|
|
$
47,738
|
|
$
60,780
|
|
$ 54,731
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Tangible
Assets and Tangible Shareholders' Equity to
|
|
|
|
Total Assets and Total
Shareholders' Equity (b):
|
|
|
|
|
|
|
March
31,
|
|
|
|
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible assets
|
|
|
|
|
|
|
|
Total assets
|
|
$ 13,547,238
|
|
$ 13,230,190
|
|
|
|
Less:
|
Goodwill
|
|
271,297
|
|
270,097
|
|
|
|
|
Other identifiable intangible
assets
|
|
18,844
|
|
22,517
|
|
|
|
Total tangible assets
|
|
$ 13,257,097
|
|
$ 12,937,576
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible shareholders'
equity
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
$ 1,211,061
|
|
$ 1,264,884
|
|
|
|
Less:
|
Goodwill
|
|
271,297
|
|
270,097
|
|
|
|
|
Other identifiable intangible
assets
|
|
18,844
|
|
22,517
|
|
|
|
Total tangible shareholders'
equity
|
|
$
920,920
|
|
$
972,270
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible shareholders' equity to
tangible assets
|
|
6.95%
|
|
7.52%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 (loss) plus
|
|
provision for credit
losses and income tax expense (benefit). Management believes
pre-tax, pre-provision
|
|
earnings are 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 shareholders' equity to tangible
assets 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 shareholders'
equity to tangible assets
|
|
is important to investors
who are interested in evaluating the adequacy of our capital
levels.
|
|
|
|
|
|
|
|
|
|
SOURCE BancorpSouth, Inc.