TUPELO, Miss., Jan. 17, 2012 /PRNewswire/ -- BancorpSouth, Inc.
(NYSE: BXS) today announced financial results for the quarter and
year ended December 31, 2011.
The Company reported net income of $37.6
million, or $0.45 per diluted
share, for 2011 compared with $22.9
million, or $0.27 per diluted
share, for 2010. Additionally, the Company reported net
income of $13.3 million, or
$0.16 per diluted share, for the
fourth quarter of 2011. This compares with $11.9 million, or $0.14 per diluted share, for the third quarter of
2011 and $15.8 million, or
$0.19 per diluted share, for the
fourth quarter of 2010.
"Our results for the fourth quarter reflect meaningful progress
in our efforts to improve credit quality," remarked Aubrey Patterson, Chairman and Chief Executive
Officer of BancorpSouth. "This progress is evidenced by
both comparable quarter and sequential quarter improvement in many
of our credit quality indicators, including the provision for
credit losses, non-performing loans, nonaccrual loan formation, and
near term delinquencies."
Earnings for the quarter benefited from a reduction in the
provision for credit losses to $19.3
million compared to $43.3
million for the fourth quarter of 2010 and $25.1 million for the third quarter of
2011. Non-performing loans ("NPLs") declined $40.5 million, or 11.2 percent, during the fourth
quarter of 2011 to $322.3 million at
December 31, 2011 compared with
$362.8 million at September 30, 2011. This decline followed a
$17.0 million, or 4.5 percent,
decline during the third quarter of 2011. In addition, gross
nonaccrual loan formation decreased to $39.5
million for the fourth quarter of 2011 compared to
$131.1 million for the fourth quarter
of 2010 and $60.8 million for the
third quarter of 2011. This represents the lowest level
of nonaccrual loan formation in nine quarters. Total loans 30
– 89 days past due decreased during the fourth quarter of 2011 to
$37.5 million at December 31, 2011 from $54.1 million at September
30, 2011. Net charge-offs increased $0.8 million, or 3.3 percent, to $23.8 million for the fourth quarter of 2011
compared with the third quarter of 2011. Net charge-offs
during the fourth quarter of 2011 included $19.0 million of charge-offs of previously
impaired loans. The increase in net charge-offs during the
quarter followed a $9.9 million, or
30.0 percent, sequential quarter decline for the third quarter of
2011.
The $40.5 million decline in NPLs
during the fourth quarter of 2011 was driven primarily by a
$37.7 million decline in nonaccrual
loans. Construction, acquisition and development ("CAD")
nonaccrual loans declined $38.5
million to $133.1 million at
December 31, 2011 from $171.6 million at September 30, 2011 and represented 48.1 percent
of total nonaccrual loans at the end of the fourth quarter.
Additionally, commercial real estate nonaccrual loans declined
$8.9 million, or 18.0 percent, during
the fourth quarter. These declines in the fourth quarter were
offset partially by increases in consumer mortgage nonaccrual loans
as well as commercial and industrial owner-occupied real estate
nonaccrual loans. Total loans 90 days or more past due and
still accruing declined $3.9 million
from $7.4 million at September 30, 2011 to $3.4
million at December 31, 2011,
and restructured loans and leases still accruing increased
$1.1 million from $41.0 million at September
30, 2011 to $42.0 million at
December 31, 2011.
At the end of the fourth quarter, 84.9 percent of nonaccrual
loans were determined to be collaterally dependent, and after
write-downs and specific reserves, the remaining book balance of
these loans was 68.0 percent of the unpaid principal balance.
At December 31, 2011, coverage of
unimpaired nonaccrual loans by the nonspecified allowance for
credit losses was 371 percent and coverage of unimpaired NPLs by
the nonspecified allowance for credit losses was 178 percent.
In addition, 51.0 percent of nonaccrual loans were paying as agreed
at December 31, 2011, compared with
48.1 percent at the end of the third quarter of 2011.
Other real estate owned increased $11.1
million to $173.8 million
during the fourth quarter of 2011. This increase reflected
$36.5 million added through
foreclosure, partially offset by sales of other real estate owned
of $16.7 million, which increased
from sales of $13.1 million for the
third quarter of 2011. Write-downs in the value of existing
properties were $8.7 million for the
fourth quarter of 2011, representing an increase of $4.3 million from $4.4
million for the third quarter of 2011. The sales of
other real estate owned during the fourth quarter of 2011 resulted
in no material net gain or loss, consistent with the third quarter
of 2011. The write-downs of existing other real estate owned
reflected our continued efforts to value ORE properties at
disposition value. "We were pleased with the disposal
progress made during the quarter," commented Patterson. At
December 31, 2011 other real estate
owned was carried at 54 percent of the aggregate loan balances at
the time of foreclosure, compared with 56 percent at September 30, 2011.
Patterson added, "We continue to have solid performance from our
community banking group as well as our other noninterest revenue
lines of business, which include our insurance group and our
mortgage business. Our mortgage business had another strong
year, both in terms of production and revenue, and our insurance
group produced organic growth when compared to the same quarter
last year as well as on an annual basis. Additionally,
despite margin pressure attributable to a weak lending environment
and historically low interest rates, we have been able to maintain
our net interest margin."
Net Interest Revenue
Net interest revenue was $107.5
million for the fourth quarter of 2011, a decrease of 2.5
percent from $110.3 million for the
fourth quarter of 2010 and 0.5 percent from $108.1 million for the third quarter of
2011. The fully taxable equivalent net interest margin was
3.69 percent for the fourth quarter of 2011 compared with 3.59
percent for the fourth quarter of 2010 and 3.66 percent for the
third quarter of 2011.
Asset, Deposit and Loan Activity
Total assets were $13.0 billion at
December 31, 2011 compared with
$13.6 billion at December 31, 2010. Total deposits were
$11.0 billion at December 31, 2011, a decrease of 4.7 percent from
$11.5 billion at December 31, 2010. Loans and leases, net of
unearned income, were $8.9 billion at
December 31, 2011, a decrease of 5.0
percent from $9.3 billion at
December 31, 2010.
The CAD loan portfolio, which decreased $266.4 million, or 22.7 percent, for the 12
months ended December 31, 2011,
accounted for 58.0 percent of the decline in net loans and leases
over the year. Excluding the impact of the CAD loan portfolio, net
loans and leases declined $196.4
million, or 2.4 percent, for the 12 months ended
December 31, 2011.
Time deposits, which decreased $648.5
million, or 17.8 percent, for the 12 months ended
December 31, 2011, were offset
partially by significant growth in noninterest bearing demand
deposits, which increased $209.7
million, or 10.2 percent, over the year. Additionally,
savings deposits increased $128.7
million, or 14.9 percent, for the 12 months ended
December 31, 2011, while interest
bearing demand deposits decreased $224.7
million, or 4.6 percent. Core deposits represented 87
percent of total deposits at December 31,
2011, compared with 85 percent of total deposits at
December 31, 2010.
Approximately $1.1 billion of time
deposits are scheduled to mature during the first half of 2012 at a
weighted average rate of 1.26 percent.
Provision for Credit Losses and Allowance for Credit Losses
During the fourth quarter of 2011, the Company's management
concluded that the previously reported material weakness in
internal control over financial reporting, which resulted from a
control deficiency in the Company's credit grading process,
has been remediated. Patterson added, "The successful
remediation of the previously reported material weakness represents
the completion of a great deal of work in improving our
processes. Importantly, the hard work applied to address
our deficiencies will provide stronger credit processes for
our business in the future."
For the fourth quarter of 2011, the provision for credit losses
was $19.3 million, compared with
$43.3 million for the fourth quarter
of 2010 and $25.1 million for the
third quarter of 2011. The decrease in the provision for
credit losses reflected a decline in the formation of new
non-accrual loans, including fewer loans being identified for
impairment, continued stabilization in values of previously
impaired loans, improved past dues, and stable charge-offs.
Annualized net charge-offs were 1.06 percent of average loans and
leases for the fourth quarter of 2011, compared with 2.19 percent
for the fourth quarter of 2010 and 1.01 percent for the third
quarter of 2011.
NPLs were $322.3 million, or 3.63
percent of net loans and leases, at December
31, 2011 compared with $394.4
million, or 4.23 percent of net loans and leases, at
December 31, 2010 and $362.8 million, or 4.01 percent of net loans and
leases, at September 30, 2011.
The allowance for credit losses was 2.20 percent of net loans and
leases at December 31, 2011 compared
with 2.11 percent at December 31,
2010 and 2.21 percent at September
30, 2011.
NPLs at December 31, 2011
consisted primarily of $276.8 million
of nonaccrual loans, compared with $314.5
million of nonaccrual loans at September 30, 2011. NPLs at December 31, 2011 also included $3.4 million of loans 90 days or more past due
and still accruing, compared with $7.4
million of such loans at September
30, 2011, and included restructured loans still accruing of
$42.0 million at December 31, 2011, compared with $41.0 million of such loans at September 30, 2011. Loans and leases 30 to
89 days past due were $37.5 million
at December 31, 2011 compared with
$54.1 million of such loans at
September 30, 2011.
Included in the reduction of nonaccrual loans during the fourth
quarter of 2011 were payments received on nonaccrual loans of
$15.1 million. Patterson added,
"While we have not had a significant return of nonaccrual loans to
performing status, we are encouraged that the trend of increasing
nonaccrual loans paying as agreed should provide an opportunity to
return certain NPLs to performing status in the future."
At December 31, 2011, $88.2 million of NPLs were residential CAD loans,
$47.0 million were other CAD loans,
$61.8 million were commercial real
estate mortgage loans and $52.6
million were consumer mortgages. NPLs from all other
loan types totaled $72.6 million at
December 31, 2011. Included in
nonaccrual loans at December 31, 2011
were $141.2 million of loans, or 51.0
percent of total nonaccrual loans, that were paying as
agreed. These loans were generally placed on nonaccrual
status because the collateral values were less than the outstanding
balances, and because of uncertainty as to whether the borrowers
possessed 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 deemed to be impaired, with
a specific reserve established for the difference in the balance
owed and the collateral values.
Noninterest Revenue
Noninterest revenue was $65.3
million for the fourth quarter of 2011, compared with
$74.0 million for the fourth quarter
of 2010 and $62.1 million for the
third quarter of 2011. These results included negative MSR
valuation adjustments of $1.0 million
and $11.7 million for the fourth
quarter of 2011 and the third quarter of 2011, respectively, and a
positive MSR valuation adjustment of $8.9
million for the fourth quarter of 2010.
Excluding the MSR valuation adjustments, net mortgage lending
revenue was $9.9 million for the
fourth quarter of 2011, compared with $9.2
million for the fourth quarter of 2010 and $10.2 million for the third quarter of
2011. Mortgage origination volume for the fourth quarter of
2011 was $389.6 million, compared
with $451.9 million for the fourth
quarter of 2010 and $374.8 million
for the third quarter of 2011.
Credit and debit card fees decreased $2.2
million, or 21.8 percent, for the fourth quarter of 2011
from the fourth quarter of 2010 and $5.2
million, or 40.0 percent, from the third quarter of
2011. Service charges increased $0.6
million, or 3.3 percent, for the comparable quarters and
were flat on a sequential quarter basis. Insurance
commissions rose $1.4 million, or 7.8
percent, for the comparable quarters and declined $2.6 million, or 11.8 percent, on a sequential
quarter basis.
Noninterest Expense
Noninterest expense for the fourth quarter of 2011 was
$135.9 million, compared with
$123.4 million for the fourth quarter
of 2010 and $130.7 million for the
third quarter of 2011. Results for the third quarter of 2011
included a one-time expense of $3.1
million related to the closure of 22 branch offices under
the Company's branch optimization project.
Foreclosed property expense increased to $10.8 million for the fourth quarter of 2011 from
$6.1 million for the fourth quarter
of 2010 and $6.1 million for the
third quarter of 2011. Deposit insurance assessments
decreased to $5.7 million for the
fourth quarter of 2011 from $5.9
million for the fourth quarter of 2010 and increased from
$3.8 million for the third quarter of
2011.
Capital Management
BancorpSouth remains a "well capitalized" financial holding
company, as defined by federal regulations, with Tier 1 risk-based
capital of 11.77 percent at December 31,
2011 and total risk based capital of 13.03 percent, compared
with required minimum levels of 6 percent and 10 percent,
respectively, for "well capitalized" classification. The
Company's equity capitalization is 100 percent common stock.
BancorpSouth's ratio of shareholders' equity to assets increased to
9.72 percent at December 31, 2011,
compared with 8.98 percent at December 31,
2010 and 9.60 percent at September
30, 2011. The ratio of tangible shareholders' equity
to tangible assets increased to 7.67 percent at December 31, 2011, compared with 7.00 percent at
December 31, 2010 and 7.58 percent at
September 30, 2011.
Summary
Patterson concluded, "Our fourth quarter results indicate
improvement achieved in our credit costs and other credit metrics,
which reflect progress towards problem asset resolution. We
are focused on continuing to improve asset quality. However,
we remain cautious about the impact of the current economic
environment on our near-term results. Despite this difficult
environment, we continue to be pleased with the performance of our
core operations. We have successfully maintained our net
interest margin and have steadily increased revenue from our
noninterest lines of business.
"BancorpSouth remains a well capitalized financial institution,
built on customer service, relationships, and a comprehensive range
of financial products. We have continued to work to deepen
relationships with existing clients and to develop new
relationships through our deposit offerings, mortgage lending,
insurance, and other products and services. We believe these
attributes and efforts will allow us to continue to build our
prospects for long-term growth and increased shareholder
value."
Conference Call
BancorpSouth will conduct a conference call to discuss its
fourth quarter 2011 results on January 24, 2012, 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 ability to return nonaccrual
loans to performing status, the strength of our credit processes,
our ability to enhance prospects for long-term growth and increased
shareholder value, 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 the Company's 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 raise
capital or 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 party 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
$13.0 billion in assets.
BancorpSouth Bank, a wholly-owned subsidiary of BancorpSouth, Inc.,
operates 286 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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2011
|
|
2010
|
|
2011
|
|
2010
|
(Dollars
in thousands, except per share amounts)
|
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|
Earnings Summary:
|
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|
|
Net
interest revenue
|
$107,489
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|
$110,253
|
|
$434,913
|
|
$441,142
|
Provision
for credit losses
|
19,250
|
|
43,293
|
|
130,081
|
|
204,016
|
Noninterest revenue
|
65,335
|
|
73,974
|
|
270,845
|
|
264,144
|
Noninterest expense
|
135,856
|
|
123,447
|
|
533,633
|
|
487,033
|
Income
before income taxes
|
17,718
|
|
17,487
|
|
42,044
|
|
14,237
|
Income tax
provision (benefit)
|
4,415
|
|
1,641
|
|
4,475
|
|
(8,705)
|
Net
income
|
$13,303
|
|
$15,846
|
|
$37,569
|
|
$22,942
|
Earning
per share: Basic
|
$0.16
|
|
$0.19
|
|
$0.45
|
|
$0.28
|
Diluted
|
$0.16
|
|
$0.19
|
|
$0.45
|
|
$0.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
sheet data at December 31:
|
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|
Total
assets
|
|
|
|
|
$12,995,851
|
|
$13,615,010
|
Total
earning assets
|
|
|
|
|
11,770,950
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|
12,458,055
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Loans and
leases, net of unearned income
|
|
|
|
|
8,870,311
|
|
9,333,107
|
Allowance
for credit losses
|
|
|
|
|
195,118
|
|
196,913
|
Total
deposits
|
|
|
|
|
10,955,189
|
|
11,490,021
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Common
shareholders' equity
|
|
|
|
|
1,262,912
|
|
1,222,244
|
Book value
per share
|
|
|
|
|
15.13
|
|
14.64
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|
|
|
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|
|
|
|
|
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Average
balance sheet data:
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Total
assets
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$13,046,779
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$13,559,038
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$13,280,047
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|
$13,304,836
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Total
earning assets
|
11,918,358
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|
12,510,705
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|
12,143,391
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|
12,223,933
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Loans and
leases, net of unearned interest
|
8,954,229
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|
9,418,687
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|
9,159,431
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|
9,621,529
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Total
deposits
|
11,017,231
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|
11,292,903
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|
11,251,406
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|
11,107,445
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Common
shareholders' equity
|
1,268,905
|
|
1,225,514
|
|
1,240,768
|
|
1,241,321
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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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|
$276,798
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$347,499
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Loans and
leases 90+ days past due, still accruing
|
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|
3,434
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|
8,500
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Restructured loans and leases, still
accruing
|
|
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42,018
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|
38,376
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Other real
estate owned
|
|
|
|
|
173,805
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|
133,412
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Total
non-performing assets
|
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|
|
496,055
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|
527,787
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Net
charge-offs as a percentage
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|
of average loans
(annualized)
|
1.06%
|
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2.19%
|
|
1.44%
|
|
1.90%
|
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Performance ratios (annualized):
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Return on
average assets
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0.40%
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0.46%
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0.28%
|
|
0.17%
|
Return on
common equity
|
4.16%
|
|
5.13%
|
|
3.03%
|
|
1.85%
|
Total
shareholders' equity to total assets
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9.72%
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8.98%
|
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9.72%
|
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8.98%
|
Tangible
shareholders' equity to tangible assets
|
7.67%
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7.00%
|
|
7.67%
|
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7.00%
|
Net
interest margin
|
3.69%
|
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3.59%
|
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3.69%
|
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3.70%
|
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Average
shares outstanding - basic
|
83,488,102
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83,435,268
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83,486,296
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83,425,183
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Average
shares outstanding - diluted
|
83,503,611
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83,471,420
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83,509,759
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83,515,040
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Cash
dividends per share
|
$0.01
|
|
$0.22
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$0.14
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$0.88
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Tier I
capital
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11.77%
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(1)
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10.61%
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Total
capital
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13.03%
|
(1)
|
11.87%
|
Tier I
leverage capital
|
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|
|
8.85%
|
(1)
|
8.07%
|
(1)
Estimated as of earnings release date
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|
BancorpSouth, Inc.
|
Consolidated Balance Sheets
|
(Unaudited)
|
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|
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|
|
Dec-11
|
Sep-11
|
Jun-11
|
Mar-11
|
Dec-10
|
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(Dollars
in thousands)
|
Assets
|
|
|
|
|
|
Cash and
due from banks
|
$195,681
|
$161,876
|
$166,761
|
$146,989
|
$99,916
|
Interest
bearing deposits with other banks
|
303,663
|
338,250
|
304,344
|
102,312
|
172,170
|
Held-to-maturity securities, at amortized
cost
|
-
|
-
|
-
|
1,667,203
|
1,613,019
|
Available-for-sale securities, at fair
value
|
2,513,518
|
2,481,555
|
2,560,824
|
1,145,463
|
1,096,062
|
Federal
funds sold and securities
|
|
|
|
|
|
purchased under agreement to
resell
|
-
|
-
|
-
|
150,000
|
150,000
|
Loans and
leases
|
8,911,258
|
9,096,928
|
9,255,879
|
9,255,609
|
9,376,351
|
Less: Unearned income
|
40,947
|
41,023
|
41,326
|
41,773
|
43,244
|
Allowance for credit losses
|
195,118
|
199,686
|
197,627
|
198,333
|
196,913
|
Net loans
and leases
|
8,675,193
|
8,856,219
|
9,016,926
|
9,015,503
|
9,136,194
|
Loans held
for sale
|
83,458
|
100,687
|
70,519
|
56,876
|
93,697
|
Premises
and equipment, net
|
323,383
|
323,285
|
328,075
|
329,862
|
332,890
|
Accrued
interest receivable
|
51,266
|
53,338
|
55,525
|
61,105
|
61,025
|
Goodwill
|
271,297
|
271,297
|
271,297
|
271,297
|
270,097
|
Bank owned
life insurance
|
200,085
|
197,945
|
197,028
|
194,988
|
194,064
|
Other real
estate owned
|
173,805
|
162,686
|
151,204
|
136,412
|
133,412
|
Other
assets
|
204,502
|
251,380
|
244,547
|
269,228
|
262,464
|
Total Assets
|
$12,995,851
|
$13,198,518
|
$13,367,050
|
$13,547,238
|
$13,615,010
|
Liabilities
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Demand: Noninterest bearing
|
$2,269,799
|
$2,198,535
|
$2,096,655
|
$2,027,990
|
$2,060,145
|
Interest bearing
|
4,706,825
|
4,736,858
|
4,939,553
|
5,023,073
|
4,931,518
|
Savings
|
991,702
|
968,277
|
944,993
|
932,574
|
863,034
|
Other time
|
2,986,863
|
3,159,563
|
3,327,262
|
3,480,477
|
3,635,324
|
Total
deposits
|
10,955,189
|
11,063,233
|
11,308,463
|
11,464,114
|
11,490,021
|
Federal
funds purchased and
|
|
|
|
|
|
securities sold under
agreement
|
|
|
|
|
|
to repurchase
|
373,933
|
449,501
|
426,097
|
421,782
|
440,593
|
Short-term
Federal Home Loan Bank borrowings
|
|
|
|
|
|
and other short-term
borrowing
|
1,500
|
1,500
|
703
|
2,715
|
2,727
|
Accrued
interest payable
|
8,644
|
10,017
|
11,348
|
13,238
|
14,336
|
Junior
subordinated debt securities
|
160,312
|
160,312
|
160,312
|
160,312
|
160,312
|
Long-term
Federal Home Loan Bank borrowings
|
33,500
|
33,500
|
35,000
|
110,000
|
110,000
|
Other
liabilities
|
199,861
|
213,702
|
178,424
|
164,016
|
174,777
|
Total
Liabilities
|
11,732,939
|
11,931,765
|
12,120,347
|
12,336,177
|
12,392,766
|
Shareholders' Equity
|
|
|
|
|
|
Common
stock
|
208,709
|
208,722
|
208,722
|
208,704
|
208,704
|
Capital
surplus
|
227,567
|
227,006
|
226,362
|
225,597
|
224,976
|
Accumulated other comprehensive income
(loss)
|
(2,261)
|
14,595
|
6,289
|
(16,579)
|
(14,453)
|
Retained
earnings
|
828,897
|
816,430
|
805,330
|
793,339
|
803,017
|
Total
Shareholders' Equity
|
1,262,912
|
1,266,753
|
1,246,703
|
1,211,061
|
1,222,244
|
Total
Liabilities & Shareholders' Equity
|
$12,995,851
|
$13,198,518
|
$13,367,050
|
$13,547,238
|
$13,615,010
|
BancorpSouth, Inc.
|
Consolidated Average Balance Sheets
|
(Unaudited)
|
|
|
Dec-11
|
Sep-11
|
Jun-11
|
Mar-11
|
Dec-10
|
|
(Dollars
in thousands)
|
Assets
|
|
|
|
|
|
Cash and
due from banks
|
$151,004
|
$148,409
|
$151,194
|
$156,329
|
$176,979
|
Interest
bearing deposits with other banks
|
384,231
|
309,146
|
187,901
|
167,271
|
282,396
|
Held-to-maturity securities, at amortized
cost
|
-
|
-
|
1,097,562
|
1,653,284
|
1,436,222
|
Available-for-sale securities, at fair
value
|
2,509,943
|
2,529,482
|
1,609,720
|
1,085,131
|
996,006
|
Federal
funds sold and securities
|
|
|
|
|
|
purchased under agreement to
resell
|
2,174
|
-
|
38,736
|
150,000
|
209,511
|
Loans and
leases
|
8,995,035
|
9,179,730
|
9,291,434
|
9,342,939
|
9,461,161
|
Less: Unearned income
|
40,806
|
41,316
|
42,307
|
42,954
|
42,474
|
Allowance for credit losses
|
208,005
|
205,209
|
212,968
|
218,107
|
215,278
|
Net loans
and leases
|
8,746,224
|
8,933,205
|
9,036,159
|
9,081,878
|
9,203,409
|
Loans held
for sale
|
67,781
|
62,025
|
44,704
|
39,098
|
91,262
|
Premises
and equipment, net
|
322,544
|
326,800
|
328,829
|
330,920
|
333,516
|
Accrued
interest receivable
|
49,256
|
53,122
|
54,570
|
58,450
|
58,591
|
Goodwill
|
271,297
|
271,297
|
271,297
|
270,510
|
270,097
|
Bank owned
life insurance
|
14,558
|
14,642
|
14,189
|
13,217
|
9,836
|
Other real
estate owned
|
164,841
|
152,052
|
138,827
|
129,781
|
98,944
|
Other
assets
|
362,926
|
374,475
|
391,872
|
403,894
|
392,269
|
Total Assets
|
$13,046,779
|
$13,174,655
|
$13,365,560
|
$13,539,763
|
$13,559,038
|
Liabilities
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Demand: Noninterest bearing
|
$2,248,904
|
$2,147,707
|
$2,018,197
|
$1,893,720
|
$1,975,318
|
Interest bearing
|
4,714,059
|
4,789,462
|
4,977,764
|
5,153,063
|
4,740,734
|
Savings
|
975,892
|
957,871
|
941,169
|
897,312
|
831,805
|
Other time
|
3,078,376
|
3,246,332
|
3,418,741
|
3,553,543
|
3,745,046
|
Total
deposits
|
11,017,231
|
11,141,372
|
11,355,871
|
11,497,638
|
11,292,903
|
Federal
funds purchased and
|
|
|
|
|
|
securities sold under
agreement
|
|
|
|
|
|
to repurchase
|
430,968
|
457,640
|
423,949
|
430,930
|
475,760
|
Short-term
Federal Home Loan Bank borrowings
|
|
|
|
|
|
and other short-term
borrowing
|
1,500
|
486
|
1,641
|
2,719
|
147,839
|
Accrued
interest payable
|
10,617
|
12,108
|
13,558
|
14,873
|
16,811
|
Junior
subordinated debt securities
|
160,312
|
160,312
|
160,312
|
160,312
|
160,312
|
Long-term
Federal Home Loan Bank borrowings
|
33,500
|
34,984
|
89,395
|
110,000
|
110,000
|
Other
liabilities
|
123,746
|
115,938
|
98,553
|
103,892
|
129,899
|
Total
Liabilities
|
11,777,874
|
11,922,840
|
12,143,279
|
12,320,364
|
12,333,524
|
Shareholders' Equity
|
|
|
|
|
|
Common
stock
|
208,722
|
208,722
|
208,715
|
208,704
|
208,704
|
Capital
surplus
|
227,201
|
226,582
|
225,912
|
225,162
|
224,357
|
Accumulated other comprehensive income
(loss)
|
8,927
|
6,379
|
(10,040)
|
(14,346)
|
(3,331)
|
Retained
earnings
|
824,055
|
810,132
|
797,694
|
799,879
|
795,784
|
Total
Shareholders' Equity
|
1,268,905
|
1,251,815
|
1,222,281
|
1,219,399
|
1,225,514
|
Total
Liabilities & Shareholders' Equity
|
$13,046,779
|
$13,174,655
|
$13,365,560
|
$13,539,763
|
$13,559,038
|
BancorpSouth, Inc.
|
Consolidated Condensed Statements of
Income
|
(Dollars in thousands, except per share
data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Year To
Date
|
|
Dec-11
|
|
Sep-11
|
|
Jun-11
|
|
Mar-11
|
|
Dec-10
|
|
Dec-11
|
|
Dec-10
|
INTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
leases
|
$
112,566
|
|
$
114,260
|
|
$
116,892
|
|
$
117,358
|
|
$
121,672
|
|
$
461,076
|
|
$
496,782
|
Deposits
with other banks
|
252
|
|
203
|
|
124
|
|
122
|
|
222
|
|
701
|
|
355
|
Federal
funds sold and securities purchased
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under agreement to resell
|
1
|
|
-
|
|
35
|
|
131
|
|
168
|
|
167
|
|
606
|
Held-to-maturity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
-
|
|
-
|
|
5,066
|
|
8,014
|
|
8,490
|
|
13,080
|
|
36,278
|
Tax-exempt
|
-
|
|
-
|
|
2,291
|
|
3,347
|
|
2,952
|
|
5,638
|
|
10,409
|
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
11,781
|
|
13,172
|
|
10,451
|
|
8,585
|
|
7,836
|
|
43,989
|
|
32,033
|
Tax-exempt
|
4,158
|
|
4,130
|
|
1,871
|
|
824
|
|
815
|
|
10,983
|
|
3,275
|
Loans held
for sale
|
635
|
|
632
|
|
505
|
|
447
|
|
902
|
|
2,219
|
|
3,024
|
Total
interest revenue
|
129,393
|
|
132,397
|
|
137,235
|
|
138,828
|
|
143,057
|
|
537,853
|
|
582,762
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
bearing demand
|
4,737
|
|
5,324
|
|
6,039
|
|
6,546
|
|
7,462
|
|
22,646
|
|
35,187
|
Savings
|
747
|
|
828
|
|
810
|
|
826
|
|
891
|
|
3,211
|
|
3,576
|
Other
time
|
13,104
|
|
14,837
|
|
16,285
|
|
17,483
|
|
19,827
|
|
61,709
|
|
83,999
|
Federal
funds purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under agreement to repurchase
|
76
|
|
95
|
|
135
|
|
152
|
|
189
|
|
458
|
|
841
|
FHLB
borrowings
|
367
|
|
375
|
|
1,194
|
|
1,523
|
|
1,569
|
|
3,459
|
|
6,545
|
Junior
subordinated debt
|
2,871
|
|
2,861
|
|
2,860
|
|
2,859
|
|
2,864
|
|
11,451
|
|
11,461
|
Other
|
2
|
|
2
|
|
-
|
|
2
|
|
2
|
|
6
|
|
11
|
Total
interest expense
|
21,904
|
|
24,322
|
|
27,323
|
|
29,391
|
|
32,804
|
|
102,940
|
|
141,620
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest revenue
|
107,489
|
|
108,075
|
|
109,912
|
|
109,437
|
|
110,253
|
|
434,913
|
|
441,142
|
Provision for credit losses
|
19,250
|
|
25,112
|
|
32,240
|
|
53,479
|
|
43,293
|
|
130,081
|
|
204,016
|
Net
interest revenue, after provision for
|
|
|
|
|
|
|
|
|
|
|
|
|
|
credit losses
|
88,239
|
|
82,963
|
|
77,672
|
|
55,958
|
|
66,960
|
|
304,832
|
|
237,126
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage
lending
|
8,928
|
|
(1,443)
|
|
2,003
|
|
7,581
|
|
18,126
|
|
17,069
|
|
29,745
|
Credit
card, debit card and merchant fees
|
7,783
|
|
12,981
|
|
11,263
|
|
10,346
|
|
9,951
|
|
42,373
|
|
37,663
|
Service
charges
|
17,412
|
|
17,334
|
|
16,556
|
|
15,368
|
|
16,854
|
|
66,670
|
|
70,690
|
Trust
income
|
3,348
|
|
2,854
|
|
2,850
|
|
3,134
|
|
3,072
|
|
12,186
|
|
11,149
|
Security
gains (losses), net
|
18
|
|
2,047
|
|
10,045
|
|
17
|
|
(470)
|
|
12,127
|
|
2,569
|
Insurance
commissions
|
19,416
|
|
22,012
|
|
22,941
|
|
22,549
|
|
18,013
|
|
86,918
|
|
82,172
|
Other
|
8,430
|
|
6,270
|
|
9,486
|
|
9,316
|
|
8,428
|
|
33,502
|
|
30,156
|
Total
noninterest revenue
|
65,335
|
|
62,055
|
|
75,144
|
|
68,311
|
|
73,974
|
|
270,845
|
|
264,144
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits
|
70,512
|
|
71,851
|
|
70,142
|
|
70,375
|
|
65,980
|
|
282,880
|
|
271,688
|
Occupancy,
net of rental income
|
10,315
|
|
11,144
|
|
10,232
|
|
10,671
|
|
10,668
|
|
42,362
|
|
43,008
|
Equipment
|
5,108
|
|
5,346
|
|
5,595
|
|
5,658
|
|
5,459
|
|
21,707
|
|
22,598
|
Deposit
insurance assessments
|
5,674
|
|
3,781
|
|
6,436
|
|
5,425
|
|
5,895
|
|
21,316
|
|
19,259
|
Prepayment
penalty on FHLB borrowings
|
-
|
|
-
|
|
9,778
|
|
-
|
|
-
|
|
9,778
|
|
-
|
Other
|
44,247
|
|
38,576
|
|
34,886
|
|
37,881
|
|
35,445
|
|
155,590
|
|
130,480
|
Total
noninterest expenses
|
135,856
|
|
130,698
|
|
137,069
|
|
130,010
|
|
123,447
|
|
533,633
|
|
487,033
|
Income
(loss) before income taxes
|
17,718
|
|
14,320
|
|
15,747
|
|
(5,741)
|
|
17,487
|
|
42,044
|
|
14,237
|
Income tax
expense (benefit)
|
4,415
|
|
2,386
|
|
2,921
|
|
(5,247)
|
|
1,641
|
|
4,475
|
|
(8,705)
|
Net income
(loss)
|
$13,303
|
|
$11,934
|
|
$12,826
|
|
($494)
|
|
$15,846
|
|
$37,569
|
|
$22,942
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) per share: Basic
|
$0.16
|
|
$0.14
|
|
$0.15
|
|
($0.01)
|
|
$0.19
|
|
$0.45
|
|
$0.28
|
Diluted
|
$0.16
|
|
$0.14
|
|
$0.15
|
|
($0.01)
|
|
$0.19
|
|
$0.45
|
|
$0.27
|
BancorpSouth, Inc.
|
Selected Loan Data
|
(Dollars in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Dec-11
|
|
Sep-11
|
|
Jun-11
|
|
Mar-11
|
|
Dec-10
|
LOAN AND
LEASE PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
Commercial
and industrial
|
$
1,473,728
|
|
$
1,503,391
|
|
$
1,526,686
|
|
$
1,484,223
|
|
$
1,491,183
|
Real
estate
|
|
|
|
|
|
|
|
|
|
Consumer mortgages
|
1,945,190
|
|
1,966,124
|
|
1,971,499
|
|
1,958,367
|
|
1,951,563
|
Home equity
|
514,362
|
|
523,030
|
|
531,787
|
|
531,406
|
|
543,272
|
Agricultural
|
239,487
|
|
249,715
|
|
255,310
|
|
250,393
|
|
252,292
|
Commercial and industrial-owner
occupied
|
1,301,575
|
|
1,329,644
|
|
1,366,734
|
|
1,316,824
|
|
1,331,473
|
Construction, acquisition and
development
|
908,362
|
|
976,694
|
|
1,060,675
|
|
1,117,335
|
|
1,174,743
|
Commercial
|
1,754,022
|
|
1,772,003
|
|
1,764,648
|
|
1,831,226
|
|
1,816,951
|
Credit
cards
|
106,281
|
|
103,232
|
|
101,955
|
|
100,732
|
|
106,345
|
All
other
|
627,304
|
|
632,072
|
|
635,259
|
|
623,330
|
|
665,285
|
Total loans
|
$
8,870,311
|
|
$
9,055,905
|
|
$
9,214,553
|
|
$
9,213,836
|
|
$
9,333,107
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE
FOR CREDIT LOSSES:
|
|
|
|
|
|
|
|
|
|
Balance,
beginning of period
|
$
199,686
|
|
$
197,627
|
|
$
198,333
|
|
$
196,913
|
|
$
205,081
|
|
|
|
|
|
|
|
|
|
|
Loans and
leases charged off:
|
|
|
|
|
|
|
|
|
|
Commercial
and industrial
|
(1,677)
|
|
(1,295)
|
|
(5,556)
|
|
(8,809)
|
|
(1,782)
|
Real
estate
|
|
|
|
|
|
|
|
|
|
Consumer mortgages
|
(2,953)
|
|
(2,344)
|
|
(1,629)
|
|
(3,260)
|
|
(5,291)
|
Home equity
|
(1,667)
|
|
(1,712)
|
|
(1,391)
|
|
(1,082)
|
|
(1,138)
|
Agricultural
|
(110)
|
|
(2,345)
|
|
(373)
|
|
(592)
|
|
(487)
|
Commercial and industrial-owner
occupied
|
(1,136)
|
|
(4,222)
|
|
(3,228)
|
|
(1,716)
|
|
(1,659)
|
Construction, acquisition and
development
|
(10,539)
|
|
(7,697)
|
|
(16,783)
|
|
(32,343)
|
|
(34,989)
|
Commercial
|
(6,858)
|
|
(4,467)
|
|
(1,597)
|
|
(4,514)
|
|
(6,327)
|
Credit
cards
|
(706)
|
|
(760)
|
|
(725)
|
|
(881)
|
|
(990)
|
All
other
|
(794)
|
|
(770)
|
|
(4,971)
|
|
(553)
|
|
(2,093)
|
Total loans charged
off
|
(26,440)
|
|
(25,612)
|
|
(36,253)
|
|
(53,750)
|
|
(54,756)
|
|
|
|
|
|
|
|
|
|
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
Commercial
and industrial
|
446
|
|
348
|
|
589
|
|
184
|
|
707
|
Real
estate
|
|
|
|
|
|
|
|
|
|
Consumer mortgages
|
263
|
|
485
|
|
220
|
|
143
|
|
423
|
Home equity
|
43
|
|
51
|
|
46
|
|
45
|
|
60
|
Agricultural
|
76
|
|
-
|
|
45
|
|
2
|
|
4
|
Commercial and industrial-owner
occupied
|
100
|
|
99
|
|
21
|
|
173
|
|
195
|
Construction, acquisition and
development
|
971
|
|
923
|
|
1,493
|
|
564
|
|
776
|
Commercial
|
340
|
|
300
|
|
392
|
|
13
|
|
707
|
Credit
cards
|
168
|
|
141
|
|
239
|
|
255
|
|
143
|
All
other
|
215
|
|
212
|
|
262
|
|
312
|
|
280
|
Total recoveries
|
2,622
|
|
2,559
|
|
3,307
|
|
1,691
|
|
3,295
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs
|
(23,818)
|
|
(23,053)
|
|
(32,946)
|
|
(52,059)
|
|
(51,461)
|
|
|
|
|
|
|
|
|
|
|
Provision
charged to operating expense
|
19,250
|
|
25,112
|
|
32,240
|
|
53,479
|
|
43,293
|
Balance,
end of period
|
$
195,118
|
|
$
199,686
|
|
$
197,627
|
|
$
198,333
|
|
$
196,913
|
|
|
|
|
|
|
|
|
|
|
Average
loans for period
|
$
8,954,229
|
|
$
9,138,414
|
|
$
9,249,127
|
|
$
9,300,029
|
|
$
9,418,687
|
|
|
|
|
|
|
|
|
|
|
Ratio:
|
|
|
|
|
|
|
|
|
|
Net
charge-offs to average loans (annualized)
|
1.06%
|
|
1.01%
|
|
1.42%
|
|
2.24%
|
|
2.19%
|
BancorpSouth, Inc.
|
Selected Loan Data
|
(Dollars in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Dec-11
|
|
Sep-11
|
|
Jun-11
|
|
Mar-11
|
|
Dec-10
|
NON-PERFORMING ASSETS
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS AND LEASES:
|
|
|
|
|
|
|
|
|
|
Nonaccrual Loans and Leases
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
12,260
|
|
$
11,122
|
|
$
9,337
|
|
$
14,655
|
|
$
13,075
|
Real estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
47,878
|
|
44,100
|
|
34,174
|
|
36,025
|
|
34,021
|
Home
equity
|
2,036
|
|
2,634
|
|
1,232
|
|
1,543
|
|
811
|
Agricultural
|
4,179
|
|
6,254
|
|
8,526
|
|
7,597
|
|
7,589
|
Commercial and
industrial-owner occupied
|
33,112
|
|
26,977
|
|
26,387
|
|
24,638
|
|
20,338
|
Construction,
acquisition and development
|
133,110
|
|
171,566
|
|
200,434
|
|
224,847
|
|
211,547
|
Commercial
|
40,616
|
|
49,500
|
|
48,571
|
|
58,945
|
|
57,766
|
Credit cards
|
594
|
|
551
|
|
546
|
|
617
|
|
720
|
All other
|
3,013
|
|
1,775
|
|
1,869
|
|
1,859
|
|
1,632
|
Total nonaccrual loans and leases
|
276,798
|
|
314,479
|
|
331,076
|
|
370,726
|
|
347,499
|
|
|
|
|
|
|
|
|
|
|
Loans and Leases 90+ Days Past Due, Still Accruing:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
12
|
|
1,846
|
|
118
|
|
501
|
|
675
|
Real estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
2,974
|
|
4,136
|
|
2,482
|
|
3,152
|
|
6,521
|
Home
equity
|
-
|
|
134
|
|
242
|
|
139
|
|
173
|
Agricultural
|
-
|
|
131
|
|
-
|
|
7
|
|
123
|
Commercial and
industrial-owner occupied
|
-
|
|
42
|
|
-
|
|
255
|
|
20
|
Construction,
acquisition and development
|
-
|
|
290
|
|
432
|
|
19
|
|
197
|
Commercial
|
-
|
|
106
|
|
19
|
|
7
|
|
-
|
Credit cards
|
299
|
|
257
|
|
299
|
|
240
|
|
330
|
All other
|
149
|
|
412
|
|
388
|
|
509
|
|
461
|
Total loans and leases 90+ days past due, still accruing
|
3,434
|
|
7,354
|
|
3,980
|
|
4,829
|
|
8,500
|
|
|
|
|
|
|
|
|
|
|
Restructured Loans and Leases, Still Accruing
|
42,018
|
|
40,966
|
|
44,786
|
|
49,472
|
|
38,376
|
Total non-performing loans
and leases
|
322,250
|
|
362,799
|
|
379,842
|
|
425,027
|
|
394,375
|
|
|
|
|
|
|
|
|
|
|
OTHER REAL
ESTATE OWNED:
|
173,805
|
|
162,686
|
|
151,204
|
|
136,412
|
|
133,412
|
|
|
|
|
|
|
|
|
|
|
Total
Non-performing Assets
|
$
496,055
|
|
$
525,485
|
|
$
531,046
|
|
$
561,439
|
|
$
527,787
|
|
|
|
|
|
|
|
|
|
|
Additions
to Nonaccrual Loans and Leases During the Quarter
|
$
39,474
|
|
$
60,799
|
|
$
50,427
|
|
$
111,241
|
|
$
131,140
|
|
|
|
|
|
|
|
|
|
|
Loans and Leases 30-89 Days Past Due, Still Accruing:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
8,065
|
|
$
9,759
|
|
$
7,903
|
|
$
8,407
|
|
$
13,654
|
Real estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
15,864
|
|
20,144
|
|
18,621
|
|
17,136
|
|
19,147
|
Home
equity
|
2,037
|
|
2,066
|
|
2,916
|
|
2,492
|
|
1,906
|
Agricultural
|
339
|
|
1,485
|
|
2,901
|
|
818
|
|
1,122
|
Commercial and
industrial-owner occupied
|
2,154
|
|
7,348
|
|
2,786
|
|
4,369
|
|
10,183
|
Construction,
acquisition and development
|
2,714
|
|
4,469
|
|
4,939
|
|
8,047
|
|
6,758
|
Commercial
|
3,292
|
|
5,136
|
|
4,091
|
|
7,090
|
|
3,823
|
Credit cards
|
802
|
|
851
|
|
785
|
|
969
|
|
1,023
|
All other
|
2,280
|
|
2,832
|
|
3,005
|
|
2,192
|
|
2,766
|
Total Loans and Leases 30-89 days past due, still
accruing
|
$
37,547
|
|
$
54,090
|
|
$
47,947
|
|
$
51,520
|
|
$
60,382
|
|
|
|
|
|
|
|
|
|
|
Credit
Quality Ratios:
|
|
|
|
|
|
|
|
|
|
Provision
for credit losses to average loans and leases
(annualized)
|
0.86%
|
|
1.10%
|
|
1.39%
|
|
2.30%
|
|
1.84%
|
Allowance
for credit losses to net loans and leases
|
2.20%
|
|
2.21%
|
|
2.14%
|
|
2.15%
|
|
2.11%
|
Allowance
for credit losses to non-performing assets
|
39.33%
|
|
38.00%
|
|
37.21%
|
|
35.33%
|
|
37.31%
|
Allowance
for credit losses to non-performing loans and leases
|
60.55%
|
|
55.04%
|
|
52.03%
|
|
46.66%
|
|
49.93%
|
Non-performing loans and leases to net loans and
leases
|
3.63%
|
|
4.01%
|
|
4.12%
|
|
4.61%
|
|
4.23%
|
Non-performing assets to net loans and
leases
|
5.59%
|
|
5.80%
|
|
5.76%
|
|
6.09%
|
|
5.65%
|
BancorpSouth, Inc.
|
Selected Loan Data
|
(Dollars in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Dec-11
|
|
Sep-11
|
|
Jun-11
|
|
Mar-11
|
|
Dec-10
|
REAL
ESTATE CONSTRUCTION, ACQUISITION
|
|
|
|
|
|
|
|
|
|
AND DEVELOPMENT ("CAD")
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
Outstanding Balance
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
$
2,138
|
|
$
10,349
|
|
$
19,116
|
|
$
21,051
|
|
$
27,992
|
One-to-four family
construction
|
169,827
|
|
181,445
|
|
198,809
|
|
212,435
|
|
218,554
|
Recreation and all other
loans
|
67,235
|
|
61,084
|
|
66,366
|
|
63,686
|
|
48,375
|
Commercial
construction
|
130,124
|
|
140,570
|
|
160,834
|
|
155,402
|
|
173,557
|
Commercial acquisition and
development
|
197,044
|
|
206,516
|
|
222,460
|
|
244,950
|
|
250,658
|
Residential acquisition and
development
|
341,994
|
|
376,730
|
|
393,090
|
|
419,811
|
|
455,607
|
Total outstanding balance
|
$
908,362
|
|
$
976,694
|
|
$
1,060,675
|
|
$
1,117,335
|
|
$
1,174,743
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual CAD Loans
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
$
1,067
|
|
$
-
|
|
$
9,174
|
|
$
8,352
|
|
$
12,517
|
One-to-four family
construction
|
14,690
|
|
17,937
|
|
24,537
|
|
33,570
|
|
23,794
|
Recreation and all other
loans
|
436
|
|
712
|
|
774
|
|
708
|
|
481
|
Commercial
construction
|
5,235
|
|
10,159
|
|
16,618
|
|
20,889
|
|
34,710
|
Commercial acquisition and
development
|
23,968
|
|
31,862
|
|
37,207
|
|
47,200
|
|
29,658
|
Residential acquisition and
development
|
87,714
|
|
110,896
|
|
112,124
|
|
114,128
|
|
110,387
|
Total nonaccrual CAD loans
|
133,110
|
|
171,566
|
|
200,434
|
|
224,847
|
|
211,547
|
|
|
|
|
|
|
|
|
|
|
CAD
Loans 90+ Days Past Due, Still Accruing:
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
One-to-four family
construction
|
-
|
|
211
|
|
-
|
|
-
|
|
-
|
Recreation and all other
loans
|
-
|
|
-
|
|
2
|
|
2
|
|
-
|
Commercial
construction
|
-
|
|
-
|
|
-
|
|
-
|
|
195
|
Commercial acquisition and
development
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Residential acquisition and
development
|
-
|
|
79
|
|
430
|
|
17
|
|
2
|
Total CAD loans 90+ days past due, still accruing
|
-
|
|
290
|
|
432
|
|
19
|
|
197
|
|
|
|
|
|
|
|
|
|
|
Restructured CAD Loans, Still Accruing
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
One-to-four family
construction
|
318
|
|
321
|
|
1,697
|
|
113
|
|
63
|
Recreation and all other
loans
|
852
|
|
24
|
|
24
|
|
-
|
|
-
|
Commercial
construction
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Commercial acquisition and
development
|
433
|
|
1,415
|
|
1,415
|
|
834
|
|
604
|
Residential acquisition and
development
|
446
|
|
410
|
|
2,274
|
|
3,408
|
|
1,495
|
Total restructured CAD loans, still accruing
|
2,049
|
|
2,170
|
|
5,410
|
|
4,355
|
|
2,162
|
|
|
|
|
|
|
|
|
|
|
Total
Non-performing CAD loans
|
$
135,159
|
|
$
174,026
|
|
$
206,276
|
|
$
229,221
|
|
$
213,906
|
|
|
|
|
|
|
|
|
|
|
CAD
NPL as a % of Outstanding CAD Balance
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
49.9%
|
|
-
|
|
48.0%
|
|
39.7%
|
|
44.7%
|
One-to-four family
construction
|
8.8%
|
|
10.2%
|
|
13.2%
|
|
15.9%
|
|
10.9%
|
Recreation and all other
loans
|
1.9%
|
|
1.2%
|
|
1.2%
|
|
1.1%
|
|
1.0%
|
Commercial
construction
|
4.0%
|
|
7.2%
|
|
10.3%
|
|
13.4%
|
|
20.1%
|
Commercial acquisition and
development
|
12.4%
|
|
16.1%
|
|
17.4%
|
|
19.6%
|
|
12.1%
|
Residential acquisition and
development
|
25.8%
|
|
29.6%
|
|
29.2%
|
|
28.0%
|
|
24.6%
|
Total CAD NPL as a % of outstanding CAD balance
|
14.9%
|
|
17.8%
|
|
19.4%
|
|
20.5%
|
|
18.2%
|
BancorpSouth, Inc.
|
|
|
|
|
Selected Loan Data
|
|
|
|
|
(Dollars in thousands)
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31, 2011
|
|
|
|
Special
|
|
|
|
|
|
|
|
|
|
|
|
Pass
|
|
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Impaired
|
|
Total
|
LOAN
PORTFOLIO BY INTERNALLY ASSIGNED GRADE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
and industrial
|
$
1,415,731
|
|
$
4,947
|
|
$
43,549
|
|
$
1,263
|
|
$
405
|
|
$
7,833
|
|
$
1,473,728
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer mortgages
|
1,742,593
|
|
17,914
|
|
148,267
|
|
4,434
|
|
189
|
|
31,793
|
|
1,945,190
|
Home equity
|
492,235
|
|
2,775
|
|
17,050
|
|
1,134
|
|
493
|
|
675
|
|
514,362
|
Agricultural
|
213,280
|
|
3,795
|
|
19,296
|
|
20
|
|
-
|
|
3,096
|
|
239,487
|
Commercial and industrial-owner
occupied
|
1,167,220
|
|
18,280
|
|
90,778
|
|
496
|
|
-
|
|
24,801
|
|
1,301,575
|
Construction, acquisition and
development
|
619,497
|
|
23,429
|
|
136,412
|
|
845
|
|
-
|
|
128,179
|
|
908,362
|
Commercial
|
1,501,196
|
|
37,409
|
|
179,295
|
|
-
|
|
-
|
|
36,122
|
|
1,754,022
|
Credit
cards
|
105,867
|
|
41
|
|
175
|
|
188
|
|
10
|
|
-
|
|
106,281
|
All
other
|
587,970
|
|
16,104
|
|
20,263
|
|
470
|
|
73
|
|
2,424
|
|
627,304
|
Total loans
|
$
7,845,589
|
|
$
124,694
|
|
$
655,085
|
|
$
8,850
|
|
$
1,170
|
|
$234,923
|
|
$
8,870,311
|
BancorpSouth, Inc.
|
Selected Loan Data
|
(Dollars in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
As
of
|
|
Dec-11
|
|
Sep-11
|
|
Jun-11
|
|
Mar-11
|
|
Dec-10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unpaid
principal balance of impaired loans
|
$
287,099
|
|
$
342,839
|
|
$
374,760
|
|
$
423,497
|
|
$
345,377
|
Cumulative
charge-offs on impaired loans
|
52,176
|
|
62,950
|
|
71,103
|
|
84,676
|
|
71,972
|
Impaired
nonaccrual loan and lease outstanding balance
|
234,923
|
|
279,889
|
|
303,657
|
|
338,821
|
|
273,405
|
|
|
|
|
|
|
|
|
|
|
Other
non-accrual loans and leases not impaired
|
41,875
|
|
34,590
|
|
27,419
|
|
31,905
|
|
74,094
|
|
|
|
|
|
|
|
|
|
|
Total non-accrual loans and
leases
|
$
276,798
|
|
$
314,479
|
|
$
331,076
|
|
$
370,726
|
|
$
347,499
|
|
|
|
|
|
|
|
|
|
|
Allowance
for impaired loans
|
39,708
|
|
38,657
|
|
46,810
|
|
49,419
|
|
40,719
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans and leases,
net of specific reserves
|
$
237,090
|
|
$
275,822
|
|
$
284,266
|
|
$
321,307
|
|
$
306,780
|
|
|
|
|
|
|
|
|
|
|
Loans and
leases 90+ days past due, still accruing
|
3,434
|
|
7,354
|
|
3,980
|
|
4,829
|
|
8,500
|
Restructured loans and leases, still
accruing
|
42,018
|
|
40,966
|
|
44,786
|
|
49,472
|
|
38,376
|
|
|
|
|
|
|
|
|
|
|
Total non-performing loans
and leases
|
$
322,250
|
|
$
362,799
|
|
$
379,842
|
|
$
425,027
|
|
$
394,375
|
|
|
|
|
|
|
|
|
|
|
Allowance
for impaired loans
|
$
39,708
|
|
$
38,657
|
|
$
46,810
|
|
$
49,419
|
|
$
40,719
|
Allowance
for all other loans and leases
|
155,410
|
|
161,029
|
|
150,817
|
|
148,914
|
|
156,194
|
|
|
|
|
|
|
|
|
|
|
Total allowance for credit
losses
|
$
195,118
|
|
$
199,686
|
|
$
197,627
|
|
$
198,333
|
|
$
196,913
|
|
|
|
|
|
|
|
|
|
|
Outstanding balance of impaired loans
|
$
234,923
|
|
$
279,889
|
|
$
303,657
|
|
$
338,821
|
|
$
273,405
|
Allowance
for impaired loans
|
39,708
|
|
38,657
|
|
46,810
|
|
49,419
|
|
40,719
|
|
|
|
|
|
|
|
|
|
|
Net book value of impaired
loans
|
$
195,215
|
|
$
241,232
|
|
$
256,847
|
|
$
289,402
|
|
$
232,686
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net book
value of impaired loans as a %
|
|
|
|
|
|
|
|
|
|
of unpaid principal
balance
|
68%
|
|
70%
|
|
69%
|
|
68%
|
|
67%
|
|
|
|
|
|
|
|
|
|
|
Coverage
of other non-accrual loans and leases not impaired by
|
|
|
|
|
|
|
|
|
|
the allowance for all other
loans and leases
|
371%
|
|
466%
|
|
550%
|
|
467%
|
|
211%
|
|
|
|
|
|
|
|
|
|
|
Coverage
of non-performing loans and leases not impaired
|
|
|
|
|
|
|
|
|
|
by the allowance for all
other loans and leases
|
178%
|
|
194%
|
|
198%
|
|
173%
|
|
129%
|
BancorpSouth, Inc.
|
Geographical Information
|
(Dollars in thousands)
|
(Unaudited)
|
|
Alabama
|
|
|
|
|
|
|
|
Greater
|
|
|
|
|
|
|
|
|
|
and
Florida
|
|
|
|
|
|
|
|
Memphis
|
|
|
|
Texas
and
|
|
|
|
|
|
Panhandle
|
|
Arkansas
|
|
Mississippi
|
|
Missouri
|
|
Area
|
|
Tennessee
|
|
Louisiana
|
|
Other
|
|
Total
|
LOAN AND
LEASE PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
and industrial
|
$
63,583
|
|
$
188,329
|
|
$
312,364
|
|
$
51,291
|
|
$
23,745
|
|
$
80,094
|
|
$
258,225
|
|
$
496,097
|
|
$
1,473,728
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer mortgages
|
111,455
|
|
272,857
|
|
756,389
|
|
56,808
|
|
86,576
|
|
162,604
|
|
427,955
|
|
70,546
|
|
1,945,190
|
Home equity
|
58,991
|
|
42,250
|
|
174,632
|
|
26,930
|
|
70,034
|
|
76,361
|
|
63,298
|
|
1,866
|
|
514,362
|
Agricultural
|
6,354
|
|
71,592
|
|
71,787
|
|
4,047
|
|
9,601
|
|
13,163
|
|
57,836
|
|
5,107
|
|
239,487
|
Commercial and industrial-owner
occupied
|
115,133
|
|
167,935
|
|
455,700
|
|
67,055
|
|
99,394
|
|
98,860
|
|
248,107
|
|
49,391
|
|
1,301,575
|
Construction, acquisition and
development
|
103,594
|
|
80,121
|
|
259,551
|
|
51,432
|
|
98,948
|
|
98,865
|
|
196,490
|
|
19,361
|
|
908,362
|
Commercial
|
199,844
|
|
346,534
|
|
352,754
|
|
223,849
|
|
115,783
|
|
101,068
|
|
359,989
|
|
54,201
|
|
1,754,022
|
Credit
cards
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
106,281
|
|
106,281
|
All
other
|
29,846
|
|
90,905
|
|
201,067
|
|
4,443
|
|
54,846
|
|
47,412
|
|
89,417
|
|
109,368
|
|
627,304
|
Total loans
|
$
688,800
|
|
$
1,260,523
|
|
$
2,584,244
|
|
$
485,855
|
|
$
558,927
|
|
$
678,427
|
|
$
1,701,317
|
|
$
912,218
|
|
$
8,870,311
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAD
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-family construction
|
$
-
|
|
$
-
|
|
$
11
|
|
$
1,067
|
|
$
-
|
|
$
664
|
|
$
350
|
|
$
46
|
|
$
2,138
|
One-to-four family construction
|
27,514
|
|
13,127
|
|
46,874
|
|
7,266
|
|
9,593
|
|
30,212
|
|
31,621
|
|
3,620
|
|
169,827
|
Recreation
and all other loans
|
1,685
|
|
11,071
|
|
31,484
|
|
567
|
|
2,670
|
|
1,075
|
|
17,250
|
|
1,433
|
|
67,235
|
Commercial
construction
|
12,351
|
|
9,321
|
|
40,453
|
|
2,694
|
|
11,364
|
|
20,781
|
|
30,386
|
|
2,774
|
|
130,124
|
Commercial
acquisition and development
|
13,167
|
|
19,120
|
|
54,052
|
|
15,169
|
|
31,688
|
|
18,534
|
|
41,115
|
|
4,199
|
|
197,044
|
Residential acquisition and development
|
48,877
|
|
27,482
|
|
86,677
|
|
24,669
|
|
43,633
|
|
27,599
|
|
75,768
|
|
7,289
|
|
341,994
|
Total CAD loans
|
$
103,594
|
|
$
80,121
|
|
$
259,551
|
|
$
51,432
|
|
$
98,948
|
|
$
98,865
|
|
$
196,490
|
|
$
19,361
|
|
$
908,362
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS AND LEASES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
and industrial
|
$
2,786
|
|
$
2,908
|
|
$
529
|
|
$
2,004
|
|
$
521
|
|
$
196
|
|
$
2,725
|
|
$
1,886
|
|
$
13,555
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer mortgages
|
6,257
|
|
4,750
|
|
15,105
|
|
4,296
|
|
2,399
|
|
6,465
|
|
6,564
|
|
6,788
|
|
52,624
|
Home equity
|
485
|
|
16
|
|
419
|
|
-
|
|
407
|
|
707
|
|
-
|
|
2
|
|
2,036
|
Agricultural
|
-
|
|
315
|
|
1,079
|
|
1,317
|
|
1,307
|
|
258
|
|
-
|
|
1
|
|
4,277
|
Commercial and industrial-owner
occupied
|
8,467
|
|
8,129
|
|
7,530
|
|
4,163
|
|
4,889
|
|
4,838
|
|
3,825
|
|
163
|
|
42,004
|
Construction, acquisition and
development
|
24,581
|
|
6,397
|
|
12,975
|
|
14,024
|
|
25,923
|
|
11,746
|
|
39,513
|
|
-
|
|
135,159
|
Commercial
|
7,321
|
|
1,028
|
|
15,784
|
|
23,799
|
|
5,238
|
|
3,919
|
|
4,017
|
|
726
|
|
61,832
|
Credit
cards
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
3,371
|
|
3,371
|
All
other
|
1,596
|
|
2,106
|
|
812
|
|
329
|
|
17
|
|
1,003
|
|
203
|
|
1,326
|
|
7,392
|
Total loans
|
$
51,493
|
|
$
25,649
|
|
$
54,233
|
|
$
49,932
|
|
$
40,701
|
|
$
29,132
|
|
$
56,847
|
|
$
14,263
|
|
$
322,250
|
BancorpSouth, Inc.
|
Selected Additional Information
|
(Dollars in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31, 2011
|
|
Alabama
|
|
|
|
|
|
|
|
Greater
|
|
|
|
|
|
|
|
|
|
and
Florida
|
|
|
|
|
|
|
|
Memphis
|
|
|
|
Texas
and
|
|
|
|
|
|
Panhandle
|
|
Arkansas
|
|
Mississippi
|
|
Missouri
|
|
Area
|
|
Tennessee
|
|
Louisiana
|
|
Other
|
|
Total
|
OTHER REAL
ESTATE OWNED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
and industrial
|
$
436
|
|
$
17
|
|
$
-
|
|
$
-
|
|
$
940
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
1,393
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer mortgages
|
3,816
|
|
448
|
|
3,400
|
|
-
|
|
5,199
|
|
4,160
|
|
733
|
|
2,889
|
|
20,645
|
Home equity
|
-
|
|
-
|
|
51
|
|
-
|
|
600
|
|
-
|
|
-
|
|
-
|
|
651
|
Agricultural
|
899
|
|
-
|
|
275
|
|
-
|
|
4,542
|
|
-
|
|
-
|
|
-
|
|
5,716
|
Commercial and industrial-owner
occupied
|
1,022
|
|
303
|
|
1,972
|
|
76
|
|
2,371
|
|
426
|
|
174
|
|
-
|
|
6,344
|
Construction, acquisition and
development
|
19,318
|
|
2,241
|
|
18,850
|
|
1,974
|
|
69,822
|
|
6,918
|
|
2,763
|
|
-
|
|
121,886
|
Commercial
|
1,121
|
|
1,605
|
|
3,604
|
|
-
|
|
7,672
|
|
753
|
|
232
|
|
-
|
|
14,987
|
All
other
|
276
|
|
83
|
|
220
|
|
193
|
|
1,358
|
|
-
|
|
53
|
|
-
|
|
2,183
|
Total loans
|
$
26,888
|
|
$
4,697
|
|
$
28,372
|
|
$
2,243
|
|
$
92,504
|
|
$
12,257
|
|
$
3,955
|
|
$
2,889
|
|
$
173,805
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
|
|
|
|
|
|
Dec-11
|
|
Sep-11
|
|
Jun-11
|
|
Mar-11
|
|
Dec-10
|
|
|
|
|
|
|
|
|
OTHER REAL
ESTATE OWNED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance,
beginning of period
|
$162,686
|
|
$
151,204
|
|
$
136,412
|
|
$
133,412
|
|
$
82,647
|
|
|
|
|
|
|
|
|
Additions
to foreclosed properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New foreclosed property
|
36,507
|
|
29,063
|
|
38,199
|
|
21,464
|
|
62,683
|
|
|
|
|
|
|
|
|
Reductions
in foreclosed properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
(16,688)
|
|
(13,136)
|
|
(21,135)
|
|
(13,528)
|
|
(8,528)
|
|
|
|
|
|
|
|
|
Writedowns
|
(8,700)
|
|
(4,445)
|
|
(2,272)
|
|
(4,936)
|
|
(3,390)
|
|
|
|
|
|
|
|
|
Balance,
end of period
|
$173,805
|
|
$
162,686
|
|
$
151,204
|
|
$
136,412
|
|
$
133,412
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FORECLOSED
PROPERTY EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss
(Gain) on sale of other real estate owned
|
$
711
|
|
$
16
|
|
$
(140)
|
|
$
492
|
|
$
807
|
|
|
|
|
|
|
|
|
Writedown
of other real estate owned
|
8,700
|
|
4,445
|
|
2,272
|
|
4,936
|
|
3,390
|
|
|
|
|
|
|
|
|
Other
foreclosed property expense
|
1,422
|
|
1,655
|
|
1,633
|
|
1,654
|
|
1,895
|
|
|
|
|
|
|
|
|
Total
foreclosed property expense
|
$
10,833
|
|
$
6,116
|
|
$
3,765
|
|
$
7,082
|
|
$
6,092
|
|
|
|
|
|
|
|
|
BancorpSouth, Inc.
|
Noninterest Revenue and Expense
|
(Dollars in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Dec-11
|
|
Sep-11
|
|
Jun-11
|
|
Mar-11
|
|
Dec-10
|
NONINTEREST REVENUE:
|
|
|
|
|
|
|
|
|
|
Mortgage
lending
|
$
8,928
|
|
$
(1,443)
|
|
$
2,003
|
|
$
7,581
|
|
$
18,126
|
Credit
card, debit card and merchant fees
|
7,783
|
|
12,981
|
|
11,263
|
|
10,346
|
|
9,951
|
Service
charges
|
17,412
|
|
17,334
|
|
16,556
|
|
15,368
|
|
16,854
|
Trust
income
|
3,348
|
|
2,854
|
|
2,850
|
|
3,134
|
|
3,072
|
Securities
gains (losses), net
|
18
|
|
2,047
|
|
10,045
|
|
17
|
|
(470)
|
Insurance
commissions
|
19,416
|
|
22,012
|
|
22,941
|
|
22,549
|
|
18,013
|
Annuity
fees
|
382
|
|
552
|
|
1,094
|
|
1,296
|
|
458
|
Brokerage
commissions and fees
|
1,215
|
|
1,627
|
|
1,437
|
|
1,638
|
|
1,436
|
Bank-owned
life insurance
|
2,007
|
|
1,734
|
|
2,223
|
|
1,699
|
|
2,303
|
Other
miscellaneous income
|
4,826
|
|
2,357
|
|
4,732
|
|
4,683
|
|
4,231
|
Total noninterest
revenue
|
$
65,335
|
|
$
62,055
|
|
$
75,144
|
|
$
68,311
|
|
$
73,974
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSE:
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits
|
$
70,512
|
|
$
71,851
|
|
$
70,142
|
|
$
70,375
|
|
$
65,980
|
Occupancy,
net of rental income
|
10,315
|
|
11,144
|
|
10,232
|
|
10,671
|
|
10,668
|
Equipment
|
5,108
|
|
5,346
|
|
5,595
|
|
5,658
|
|
5,459
|
Deposit
insurance assessments
|
5,674
|
|
3,781
|
|
6,436
|
|
5,425
|
|
5,895
|
Prepayment
penalty on FHLB borrowings
|
-
|
|
-
|
|
9,778
|
|
-
|
|
-
|
Advertising
|
1,778
|
|
1,140
|
|
1,291
|
|
889
|
|
1,760
|
Foreclosed
property expense
|
10,833
|
|
6,116
|
|
3,765
|
|
7,082
|
|
6,092
|
Telecommunications
|
2,110
|
|
2,097
|
|
2,036
|
|
2,143
|
|
2,148
|
Public
relations
|
1,244
|
|
1,415
|
|
1,554
|
|
1,514
|
|
1,361
|
Data
processing
|
2,398
|
|
2,614
|
|
2,365
|
|
2,301
|
|
1,428
|
Computer
software
|
1,892
|
|
1,863
|
|
1,899
|
|
1,848
|
|
1,937
|
Amortization of intangibles
|
813
|
|
823
|
|
833
|
|
854
|
|
950
|
Legal
|
3,947
|
|
1,586
|
|
1,095
|
|
2,586
|
|
1,872
|
Postage
and shipping
|
1,163
|
|
1,182
|
|
1,171
|
|
1,297
|
|
1,269
|
Other
miscellaneous expense
|
18,069
|
|
19,740
|
|
18,877
|
|
17,367
|
|
16,628
|
Total
noninterest expense
|
$
135,856
|
|
$
130,698
|
|
$
137,069
|
|
$
130,010
|
|
$
123,447
|
|
|
|
|
|
|
|
|
|
|
INSURANCE
COMMISSIONS:
|
|
|
|
|
|
|
|
|
|
Property
and casualty commissions
|
$
14,033
|
|
$
16,226
|
|
$
16,527
|
|
$
13,683
|
|
$
13,304
|
Life and
health commissions
|
4,024
|
|
4,359
|
|
4,301
|
|
4,477
|
|
3,627
|
Risk
management income
|
597
|
|
703
|
|
596
|
|
713
|
|
617
|
Other
|
762
|
|
724
|
|
1,517
|
|
3,676
|
|
465
|
Total
insurance commissions
|
$
19,416
|
|
$
22,012
|
|
$
22,941
|
|
$
22,549
|
|
$
18,013
|
BancorpSouth, Inc.
|
Selected Additional Information
|
(Dollars in thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Dec-11
|
|
Sep-11
|
|
Jun-11
|
|
Mar-11
|
|
Dec-10
|
MORTGAGE
SERVICING RIGHTS:
|
|
|
|
|
|
|
|
|
|
Fair
value, beginning of period
|
$
29,159
|
|
$
39,455
|
|
$
42,306
|
|
$
38,642
|
|
$
26,901
|
Additions
to mortgage servicing rights:
|
|
|
|
|
|
|
|
|
|
Originations of servicing
assets
|
3,754
|
|
3,127
|
|
2,380
|
|
2,431
|
|
4,725
|
Changes in
fair value:
|
|
|
|
|
|
|
|
|
|
Due to payoffs/paydowns
|
(1,745)
|
|
(1,745)
|
|
(1,390)
|
|
(1,300)
|
|
(1,881)
|
Due to change in valuation inputs
or
|
|
|
|
|
|
|
|
|
|
assumptions used in the
valuation model
|
(991)
|
|
(11,676)
|
|
(3,839)
|
|
2,540
|
|
8,895
|
Other changes in fair value
|
(3)
|
|
(2)
|
|
(2)
|
|
(7)
|
|
2
|
Fair
value, end of period
|
$
30,174
|
|
$
29,159
|
|
$
39,455
|
|
$
42,306
|
|
$
38,642
|
|
|
|
|
|
|
|
|
|
|
MORTGAGE
LENDING REVENUE:
|
|
|
|
|
|
|
|
|
|
Production
revenue:
|
|
|
|
|
|
|
|
|
|
Origination
|
$
8,308
|
|
$
8,688
|
|
$
4,066
|
|
$
3,224
|
|
$
7,942
|
Servicing
|
3,356
|
|
3,290
|
|
3,166
|
|
3,117
|
|
3,170
|
Payoffs/Paydowns
|
(1,745)
|
|
(1,745)
|
|
(1,390)
|
|
(1,300)
|
|
(1,881)
|
Total production
revenue
|
9,919
|
|
10,233
|
|
5,842
|
|
5,041
|
|
9,231
|
Market
value adjustment
|
(991)
|
|
(11,676)
|
|
(3,839)
|
|
2,540
|
|
8,895
|
Total
mortgage lending revenue
|
$
8,928
|
|
$
(1,443)
|
|
$
2,003
|
|
$
7,581
|
|
$
18,126
|
|
|
|
|
|
|
|
|
|
|
HELD-TO-MATURITY SECURITIES, at amortized
cost
|
|
|
|
|
|
|
|
|
|
U.S.
Government agencies
|
$
-
|
|
$
-
|
|
$
-
|
|
$
1,278,185
|
|
$
1,246,649
|
Obligations of states and political
subdivisions
|
-
|
|
-
|
|
-
|
|
389,018
|
|
366,370
|
Total
held-to-maturity securities
|
$
-
|
|
$
-
|
|
$
-
|
|
$
1,667,203
|
|
$
1,613,019
|
|
|
|
|
|
|
|
|
|
|
AVAILABLE-FOR-SALE SECURITIES, at fair
value
|
|
|
|
|
|
|
|
|
|
U.S.
Government agencies
|
$
1,501,243
|
|
$
1,497,456
|
|
$
1,599,231
|
|
$
459,763
|
|
$
433,158
|
Government
agency issued residential
|
|
|
|
|
|
|
|
|
|
mortgage-back securities
|
404,610
|
|
420,689
|
|
430,402
|
|
529,302
|
|
503,229
|
Government
agency issued commercial
|
|
|
|
|
|
|
|
|
|
mortgage-back securities
|
34,599
|
|
34,475
|
|
31,627
|
|
30,938
|
|
29,994
|
Obligations of states and political
subdivisions
|
563,520
|
|
519,431
|
|
486,653
|
|
111,380
|
|
110,165
|
Other
|
9,546
|
|
9,504
|
|
12,911
|
|
14,080
|
|
19,516
|
Total
available-for-sale securities
|
$
2,513,518
|
|
$
2,481,555
|
|
$
2,560,824
|
|
$
1,145,463
|
|
$
1,096,062
|
BancorpSouth, Inc.
|
Average
Balances, Interest Income and Expense,
|
and Average Yields and Rates
|
(Dollars in thousands)
|
(Unaudited)
|
|
Quarter
Ended
|
|
December
31, 2011
|
|
Average
|
|
|
Yield/
|
(Taxable
equivalent basis)
|
Balance
|
|
Interest
|
Rate
|
ASSETS
|
|
|
|
|
Loans,
loans held for sale,
|
|
|
|
|
and
leases net of unearned income
|
$
9,022,010
|
|
$
114,094
|
5.02%
|
Available-for-sale securities:
|
|
|
|
|
Taxable
|
2,083,983
|
|
11,891
|
2.26%
|
Tax-exempt
|
425,960
|
|
6,396
|
5.96%
|
Short-term
investments
|
386,405
|
|
253
|
0.26%
|
Total interest earning
|
|
|
|
|
assets and revenue
|
11,918,358
|
|
132,634
|
4.42%
|
Other
assets
|
1,336,426
|
|
|
|
Less: allowance for credit losses
|
(208,005)
|
|
|
|
Total
|
$
13,046,779
|
|
|
|
|
|
|
|
|
LIABILITIES AND
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
Deposits:
|
|
|
|
|
Demand - interest bearing
|
$
4,714,059
|
|
$
4,737
|
0.40%
|
Savings
|
975,892
|
|
746
|
0.30%
|
Other time
|
3,078,376
|
|
13,104
|
1.69%
|
Short-term
borrowings
|
432,539
|
|
95
|
0.09%
|
Junior
subordinated debt
|
160,312
|
|
2,871
|
7.11%
|
Long-term
debt
|
33,500
|
|
350
|
4.15%
|
Total interest bearing
|
|
|
|
|
liabilities and expense
|
9,394,678
|
|
21,903
|
0.92%
|
Demand
deposits -
|
|
|
|
|
noninterest bearing
|
2,248,904
|
|
|
|
Other
liabilities
|
134,292
|
|
|
|
Total liabilities
|
11,777,874
|
|
|
|
Shareholders' equity
|
1,268,905
|
|
|
|
Total
|
$
13,046,779
|
|
|
|
Net
interest revenue
|
|
|
$
110,731
|
|
Net
interest margin
|
|
|
|
3.69%
|
Net
interest rate spread
|
|
|
|
3.49%
|
Interest
bearing liabilities to
|
|
|
|
|
interest earning assets
|
|
|
|
78.83%
|
|
|
|
|
|
Net
interest tax equivalent adjustment
|
|
|
$
3,241
|
|
|
|
|
|
|
BancorpSouth, Inc.
|
Average
Balances, Interest Income and Expense,
|
and Average Yields and Rates
|
(Dollars in thousands)
|
(Unaudited)
|
|
Quarter
Ended
|
|
September
30, 2011
|
|
Average
|
|
|
Yield/
|
(Taxable
equivalent basis)
|
Balance
|
|
Interest
|
Rate
|
ASSETS
|
|
|
|
|
Loans,
loans held for sale,
|
|
|
|
|
and
leases net of unearned income
|
$
9,200,439
|
|
$
115,605
|
4.99%
|
Available-for-sale securities:
|
|
|
|
|
Taxable
|
2,123,772
|
|
13,283
|
2.48%
|
Tax-exempt
|
405,710
|
|
6,354
|
6.21%
|
Short-term
investments
|
309,146
|
|
203
|
0.26%
|
Total interest earning
|
|
|
|
|
assets and revenue
|
12,039,067
|
|
135,445
|
4.46%
|
Other
assets
|
1,340,797
|
|
|
|
Less: allowance for credit losses
|
(205,209)
|
|
|
|
Total
|
$
13,174,655
|
|
|
|
|
|
|
|
|
LIABILITIES AND
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
Deposits:
|
|
|
|
|
Demand - interest bearing
|
$
4,789,462
|
|
$
5,323
|
0.44%
|
Savings
|
957,871
|
|
828
|
0.34%
|
Other time
|
3,246,332
|
|
14,837
|
1.81%
|
Short-term
borrowings
|
458,199
|
|
112
|
0.10%
|
Junior
subordinated debt
|
160,312
|
|
2,861
|
7.08%
|
Long-term
debt
|
34,984
|
|
361
|
4.09%
|
Total interest bearing
|
|
|
|
|
liabilities and expense
|
9,647,160
|
|
24,322
|
1.00%
|
Demand
deposits -
|
|
|
|
|
noninterest bearing
|
2,147,707
|
|
|
|
Other
liabilities
|
127,973
|
|
|
|
Total liabilities
|
11,922,840
|
|
|
|
Shareholders' equity
|
1,251,815
|
|
|
|
Total
|
$
13,174,655
|
|
|
|
Net
interest revenue
|
|
|
$
111,123
|
|
Net
interest margin
|
|
|
|
3.66%
|
Net
interest rate spread
|
|
|
|
3.46%
|
Interest
bearing liabilities to
|
|
|
|
|
interest earning assets
|
|
|
|
80.13%
|
|
|
|
|
|
Net
interest tax equivalent adjustment
|
|
|
$
3,048
|
|
|
|
|
|
|
BancorpSouth, Inc.
|
Average
Balances, Interest Income and Expense,
|
and Average Yields and Rates
|
(Dollars in thousands)
|
(Unaudited)
|
|
Quarter
Ended
|
|
June 30,
2011
|
|
Average
|
|
|
Yield/
|
(Taxable
equivalent basis)
|
Balance
|
|
Interest
|
Rate
|
ASSETS
|
|
|
|
|
Loans,
loans held for sale,
|
|
|
|
|
and
leases net of unearned income
|
$
9,293,831
|
|
$
118,284
|
5.10%
|
Held-to-maturity securities:
|
|
|
|
|
Taxable
|
887,767
|
|
5,143
|
2.32%
|
Tax-exempt
|
209,795
|
|
3,523
|
6.74%
|
Available-for-sale securities:
|
|
|
|
|
Taxable
|
1,432,822
|
|
10,485
|
2.94%
|
Tax-exempt
|
176,898
|
|
2,879
|
6.53%
|
Short-term
investments
|
226,638
|
|
160
|
0.28%
|
Total interest earning
|
|
|
|
|
assets and revenue
|
12,227,751
|
|
140,474
|
4.61%
|
Other
assets
|
1,350,777
|
|
|
|
Less: allowance for credit losses
|
(212,968)
|
|
|
|
Total
|
$
13,365,560
|
|
|
|
|
|
|
|
|
LIABILITIES AND
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
Deposits:
|
|
|
|
|
Demand - interest bearing
|
$
4,977,764
|
|
$
6,040
|
0.49%
|
Savings
|
941,169
|
|
810
|
0.35%
|
Other time
|
3,418,741
|
|
16,284
|
1.91%
|
Short-term
borrowings
|
425,666
|
|
155
|
0.15%
|
Junior
subordinated debt
|
160,312
|
|
2,860
|
7.16%
|
Long-term
debt
|
89,395
|
|
1,174
|
5.27%
|
Total interest bearing
|
|
|
|
|
liabilities and expense
|
10,013,047
|
|
27,323
|
1.09%
|
Demand
deposits -
|
|
|
|
|
noninterest bearing
|
2,018,197
|
|
|
|
Other
liabilities
|
112,035
|
|
|
|
Total liabilities
|
12,143,279
|
|
|
|
Shareholders' equity
|
1,222,281
|
|
|
|
Total
|
$
13,365,560
|
|
|
|
Net
interest revenue
|
|
|
$
113,151
|
|
Net
interest margin
|
|
|
|
3.71%
|
Net
interest rate spread
|
|
|
|
3.51%
|
Interest
bearing liabilities to
|
|
|
|
|
interest earning assets
|
|
|
|
81.89%
|
|
|
|
|
|
Net
interest tax equivalent adjustment
|
|
|
$
3,239
|
|
|
|
|
|
|
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.
|
|
|
Reconciliation of Non-GAAP Measures
|
|
|
(Dollars in thousands)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Tangible Assets and Tangible
Shareholders' Equity to
|
|
|
Total
Assets and Total Shareholders' Equity (a):
|
|
|
|
|
|
December
31,
|
|
September
30,
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
|
|
|
|
|
|
|
Tangible
assets
|
|
|
|
|
|
|
Total
assets
|
|
$
12,995,851
|
|
$
13,615,010
|
|
$
13,198,518
|
Less:
|
Goodwill
|
|
271,297
|
|
270,097
|
|
271,297
|
|
Other
identifiable intangible assets
|
|
16,613
|
|
19,624
|
|
17,426
|
Total
tangible assets
|
|
$
12,707,941
|
|
$
13,325,289
|
|
$
12,909,795
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity
|
|
|
|
|
|
|
Total
shareholders' equity
|
|
$
1,262,912
|
|
$
1,222,244
|
|
$
1,266,753
|
Less:
|
Goodwill
|
|
271,297
|
|
270,097
|
|
271,297
|
|
Other
identifiable intangible assets
|
|
16,613
|
|
19,624
|
|
17,426
|
Total
tangible shareholders' equity
|
|
$
975,002
|
|
$
932,523
|
|
$
978,030
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity to tangible assets
|
|
7.67%
|
|
7.00%
|
|
7.58%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
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 the Company's capital levels.
|
SOURCE BancorpSouth, Inc.