TUPELO, Miss., Jan. 25, 2021 /PRNewswire/ -- BancorpSouth
Bank (NYSE: BXS) (the "Company") today announced financial results
for the quarter and year ended December 31,
2020.
Annual highlights for 2020 included:
- Achieved net income available to common shareholders of
$218.6 million, or $2.12 per diluted common share, and net operating
income available to common shareholders – excluding mortgage
servicing rights ("MSR") – of $237.3
million, or $2.30 per diluted
common share.
- Recorded provision for credit losses of $86.0 million associated primarily with economic
deterioration associated with the COVID-19 pandemic while net
charge-offs totaled 0.18 percent of average loans and leases, 0.14
percent of which was related to previously acquired loans; adopted
Accounting Standards Update 2016-13 "Financial Instruments – Credit
Losses" ("CECL") effective January 1,
2020 which, combined with the provision, contributed to an
increase of $125.4 million in the
allowance for credit losses.
- Reported record annual pre-tax pre-provision net revenue
("PPNR") of $397.5 million, or 1.75
percent of average assets; represents an increase of 20.7 percent
from $329.2 million, or 1.73 percent
of average assets, for 2019.
- Generated total organic deposit and customer repo growth of
approximately $3.2 billion, or 19
percent for the year.
- Originated over 15,000 loans totaling $1.2 billion under the Paycheck Protection
Program ("PPP"); processed forgiveness applications on
approximately 6,900 loans totaling $608.9
million and received forgiveness funds from the U.S. Small
Business Administration ("SBA") on just over 4,000 loans totaling
$262.5 million.
- Reported record annual mortgage production volume and mortgage
revenue for the year – production volume of $3.2 billion contributed to production and
servicing revenue totaling $99.1
million.
- Improvement in cost structure; operating efficiency ratio –
excluding MSR – improved to 61.6 percent compared to 64.9 percent
for 2019.
- Completed merger with Texas First Bancshares, Inc. which added
$396.9 million in assets to the
Company's Central Texas
presence.
- Repurchased 3,300,000 shares of outstanding common stock at a
weighted average price of $26.42 per
share.
Highlights for the fourth quarter of 2020 included:
- Achieved quarterly net income available to common shareholders
of $66.4 million, or $0.65 per diluted common share, and net operating
income available to common shareholders – excluding MSR – of
$70.8 million, or $0.69 per diluted common share.
- Recorded provision for credit losses of $5.0 million; total non-performing assets
declined 15.7% while past dues, loan deferrals, and modifications
remained relatively stable.
- Generated $93.6 million in PPNR,
or 1.57 percent of average assets on an annualized basis; PPNR was
impacted by seasonal revenue factors as well as certain other
elevated one-time or non-recurring expense items.
- Generated total deposit and customer repo growth of
$459.7 million for the quarter, or
9.1 percent on an annualized basis.
- Record fourth quarter mortgage production volume of
$845.9 million contributed to
mortgage production and servicing revenue of $19.9 million.
- Recorded a charge of $5.8 million
in accordance with Accounting Standards Codification ("ASC") 715
"Compensation – Retirement Benefits" to reflect the settlement
accounting impact of the lump sum payments associated with an
elevated number of retirements that occurred in the fourth quarter
of 2020.
- Maintained strong regulatory capital metrics; estimated total
risk-based capital of 14.24 percent at December 31, 2020 compared to 14.17 percent at
December 31, 2019.
- Announced the signing of a definitive merger agreement with
National United Bancshares, Inc., the parent company of National
United, which is expected to add approximately $750 million in assets to the Company's
Central Texas presence.
- On January 13, 2021, announced
the signing of a definitive merger agreement with FNS Bancshares,
Inc., the parent company of FNB Bank, which is expected to add
approximately $790 million in assets
across Alabama, Tennessee, and Georgia.
"As we look at our financial results for 2020, the COVID-19
pandemic certainly created a challenging year for our industry as a
whole," remarked Dan Rollins,
Chairman and Chief Executive Officer. "I am extremely proud
of our team's ability to navigate this difficult environment while
continuing to improve our core operating results. While
protecting the health of our teammates and customers was our first
priority, we achieved some unprecedented milestones in several
areas of our Company. Our mortgage team generated
record production of $3.2 billion,
which exceeds our previous annual production record of $2.0 billion by 60 percent. As we have
previously reported, our bankers and support staff produced over
15,000 PPP loans totaling over $1.2
billion in a very short period of time. We are
currently actively working with our customers on the second phase
of funding under the PPP. I am also pleased with our lenders
and credit administrators' ability to work with our customers on
deferrals and modifications while actively managing our credit
risk. While we recorded a provision of
credit losses of $86 million for the
year, our credit quality indicators continue to remain
stable. Net charge-offs, excluding acquired loans, totaled
0.04 percent of net loans and leases for the year. Finally, we
reported record pre-tax pre-provision net revenue of $397.5 million, or 1.75 percent of average
assets. This represents an increase from $329.2 million, or 1.73 percent of average assets
for 2019."
"As we look specifically at our fourth quarter performance, we
had another great quarter of deposit and customer repo growth,
which totaled $459.7 million, or 9.1
percent on an annualized basis. We were also pleased to be
able to continue to work our total cost of deposits down
meaningfully and hold our net interest margin in a relatively tight
range. Our mortgage team had another outstanding quarter
generating production volume of $845.9
million and total production and servicing revenue of
$19.9 million. While we had
several items that created some noise in our results, we are
pleased to report operating earnings per share – excluding MSR – of
$0.69 per diluted share in a quarter
that has historically faced seasonal headwinds in both our mortgage
and insurance business. The largest of these items was a
$5.8 million pension accounting
charge resulting from elevated retirements and lump sum pension
payouts in the fourth quarter. While this charge
adversely impacted earnings, the decline of employee FTE of
approximately 100 over the course of 2020 reflects our continued
focus on improving our operating efficiency. Finally, we are
excited about the growth opportunities that we have recently
announced with National United in Gatesville, Texas and FNB Bank in Scottsboro, Alabama, which will collectively
add approximately $1.5 billion in
assets to our Company. We are hopeful that we can receive the
required approvals in order to close these transactions during the
second quarter of this year."
Earnings Summary
The Company reported net income available to common shareholders
of $66.4 million, or $0.65 per diluted common share, for the fourth
quarter of 2020, compared with net income available to common
shareholders of $65.8 million, or
$0.63 per diluted common share, for
the fourth quarter of 2019 and net income available to common
shareholders of $71.5 million, or
$0.69 per diluted common share, for
the third quarter of 2020. The Company reported net operating
income available to common shareholders – excluding MSR – of
$70.8 million, or $0.69 per diluted common share, for the fourth
quarter of 2020, compared with $67.8
million, or $0.65 per diluted
common share, for the fourth quarter of 2019 and $71.2 million, or $0.69 per diluted common share, for the third
quarter of 2020.
Additionally, the Company reported net income available to
common shareholders of $218.6
million, or $2.12 per diluted
common share, for the year ended December
31, 2020 compared with $234.3
million, or $2.30 per diluted
common share, for the year ended December
31, 2019. The Company reported net operating income
available to common shareholders – excluding MSR – of $237.3 million, or $2.30 per diluted common share, for the year
ended December 31, 2020 compared with
$255.4 million, or $2.51 per diluted common share, for the year
ended December 31, 2019.
The Company reported pre-tax pre-provision net revenue of
$93.6 million, or 1.57 percent of
average assets on an annualized basis, for the fourth quarter of
2020 compared to $85.8 million, or
1.68 percent of average assets on an annualized basis, for the
fourth quarter of 2019 and $110.0
million, or 1.88 percent of average assets, for the third
quarter of 2020. Additionally, the Company reported pre-tax
pre-provision net revenue of $397.5
million, or 1.75 percent of average assets, for the year
ended December 31, 2020 compared with
$329.2 million, or 1.73 percent of
average assets, for the year ended December
31, 2019.
Net Interest Revenue
Net interest revenue was $176.9
million for the fourth quarter of 2020, an increase of 3.6
percent from $170.8 million for the
fourth quarter of 2019 and an increase of 0.6 percent from
$175.9 million for the third quarter
of 2020. The fully taxable equivalent net interest margin was
3.29 percent for the fourth quarter of 2020, compared with 3.76
percent for the fourth quarter of 2019 and 3.31 percent for the
third quarter of 2020. Yields on net loans and leases were
4.55 percent for the fourth quarter of 2020, compared with 5.13
percent for the fourth quarter of 2019 and 4.54 percent for the
third quarter of 2020, while yields on total interest earning
assets were 3.70 percent for the fourth quarter of 2020, compared
with 4.48 percent for the fourth quarter of 2019 and 3.77 percent
for the third quarter of 2020. The net interest margin,
excluding accretable yield, was 3.24 percent for the fourth quarter
of 2020, compared with 3.61 percent for the fourth quarter of 2019
and 3.23 percent for the third quarter of 2020, while yields on net
loans and leases, excluding accretable yield, were 4.49 percent for
the fourth quarter of 2020, compared with 4.95 percent for the
fourth quarter of 2019 and 4.44 percent for the third quarter of
2020.
The $975.4 million in PPP loans on
the balance sheet had an adverse impact of approximately four basis
points on the yield on net loans and leases, excluding accretable
yield, for the fourth quarter of 2020. Net interest income
for the fourth quarter of 2020 included approximately $2.5 million of accelerated PPP fee income
recognition resulting from the payoff of loans that were forgiven
by the SBA during the quarter. The average cost of deposits
was 0.38 percent for the fourth quarter of 2020, compared with 0.68
percent for the fourth quarter of 2019 and 0.44 percent for the
third quarter of 2020.
Balance Sheet Activity
Loans and leases, net of unearned income, decreased $305.3 million during the fourth quarter of 2020
primarily as a result of the SBA forgiveness of $262.5 million of PPP loans during the
quarter. Deposits and customer repos increased $459.7 million, or 9.1 percent on an annualized
basis, during the fourth quarter of 2020. There were no
acquisitions during the fourth quarter of 2020.
Provision for Credit Losses and Allowance for Credit
Losses
Earnings for the fourth quarter of 2020 reflect a provision for
credit losses of $5.0 million,
compared with no provision for the fourth quarter of 2019 and a
provision of $15.0 million for the
third quarter of 2020. Net charge-offs for the fourth quarter
of 2020 were $11.2 million, or 0.29
percent of net loans and leases on an annualized basis, compared
with net recoveries of $2.2 million
for the fourth quarter of 2019 and net charge-offs of $1.4 million for the third quarter of 2020.
Net charge-offs for the fourth quarter of 2020 consisted primarily
of the charge down of loans that were previously identified as
impaired in prior quarters. The allowance for credit losses was
$244.4 million, or 1.63 percent of
net loans and leases, at December 31,
2020, compared with $119.1
million, or 0.85 percent of net loans and leases, at
December 31, 2019, and $250.6 million, or 1.64 percent of net loans and
leases, at September 30, 2020.
The allowance for credit losses coverage, excluding the
impact of PPP loans, was 1.74 percent at December 31, 2020.
The Company adopted CECL effective January 1, 2020. The increase in the
allowance for credit losses resulting from this implementation was
$62.6 million. Of this
increase, $22.6 million was a result
of the reclassification of non-accretable difference on previously
purchased credit impaired loans that are now considered purchased
credit deteriorated loans, while $40.0
million was the result primarily of the requirement of
estimating credits losses over the life of the loan
portfolio. The adoption of this standard impacted the
comparability of credit quality and coverage metrics to all periods
preceding January 1, 2020.
Total non-performing assets were $132.6
million, or 0.55 percent of total assets, at December 31, 2020, compared with $118.3 million, or 0.56 percent of total assets,
at December 31, 2019, and
$157.3 million, or 0.67 percent of
total assets, at September 30,
2020. Other real estate owned was $11.4 million at December
31, 2020, compared with $6.7
million at December 31, 2019
and $6.4 million at September 30, 2020.
Noninterest Revenue
Noninterest revenue was $78.8
million for the fourth quarter of 2020, compared with
$74.7 million for the fourth quarter
of 2019 and $89.9 million for the
third quarter of 2020. These results include a positive MSR
valuation adjustment of $0.2 million
for the fourth quarter of 2020, compared with a positive MSR
valuation adjustment of $3.2 million
for the fourth quarter of 2019 and a positive MSR valuation
adjustment of $0.4 million for the
third quarter of 2020. Valuation adjustments in the MSR asset
are driven primarily by fluctuations in interest rates period over
period.
Mortgage production and servicing revenue was $19.9 million for the fourth quarter of 2020,
compared with $6.9 million for the
fourth quarter of 2019 and $26.7
million for the third quarter of 2020. Mortgage
origination volume for the fourth quarter of 2020 was $845.9 million, compared with $504.9 million for the fourth quarter of 2019 and
$937.7 million for the third quarter
of 2020. Home purchase money volume was $466.4 million for the fourth quarter of 2020,
compared with $321.7 million for the
fourth quarter of 2019 and $568.4
million for the third quarter of 2020. Of the total
mortgage origination volume for the fourth quarter of 2020,
$157.8 million was portfolio loans,
compared with $106.4 million for the
fourth quarter of 2019 and $218.0
million for the third quarter of 2020.
Credit card, debit card, and merchant fee revenue was
$10.1 million for the fourth quarter
of 2020, compared with $9.8 million
for the fourth quarter of 2019 and $9.9
million for the third quarter of 2020. Deposit service
charge revenue was $9.7 million for
the fourth quarter of 2020, compared with $12.2 million for the fourth quarter of 2019 and
$8.9 million for the third quarter of
2020. Wealth management revenue was $6.8 million for the fourth quarter of 2020,
compared with $6.6 million for the
fourth quarter of 2019 and $6.5
million for the third quarter of 2020. Insurance
commission revenue was $29.8 million
for the fourth quarter of 2020, compared with $27.6 million for the fourth quarter of 2019 and
$32.8 million for the third quarter
of 2020. Other noninterest revenue was $2.3 million for the fourth quarter of 2020,
compared with $8.3 million for the
fourth quarter of 2019 and $4.8
million for the third quarter of 2020. Other
noninterest revenue for the fourth quarter of 2020 was adversely
impacted by $2.7 million of book
amortization associated with a historic tax credit. A related
benefit of $3.0 million was recorded
as a reduction to income tax expense for the quarter.
Noninterest Expense
Noninterest expense for the fourth quarter of 2020 was
$167.9 million, compared with
$162.4 million for the fourth quarter
of 2019 and $155.5 million for the
third quarter of 2020. Salaries and employee benefits expense
was $97.2 million for the fourth
quarter of 2020, compared with $97.1
million for the fourth quarter of 2019 and $104.2 million for the third quarter of
2020. Occupancy expense was $13.0
million for the fourth quarter of 2020, compared with
$12.3 million for the fourth quarter
of 2019 and $13.1 million for the
third quarter of 2020. Other noninterest expense was
$45.4 million for the fourth quarter
of 2020, compared with $46.0 million
for the fourth quarter of 2019 and $32.2
million for the third quarter of 2020. Additionally,
merger-related expense for the fourth quarter of 2020 was
$0.2 million, compared with
merger-related expense of $5.8
million for the fourth quarter of 2019 and $0.1 million for the third quarter of
2020.
Noninterest expense for the fourth quarter of 2020 included
certain items that were either non-operating or non-routine in
nature as defined by the Company. The Company recorded a
charge of $5.8 million in accordance
with ASC 715 "Compensation – Retirement Benefits" to reflect the
settlement accounting impact of an elevated number of retirements
and related lump sum pension payouts during the
quarter. Salaries and employee benefits expense was
positively impacted by accrual true ups totaling approximately
$6.7 million relating to incentive
compensation and other employee benefits. Other non-interest
expense included charges and write-downs totaling approximately
$5.0 million associated with the
anticipated disposition of certain facilities and other fixed
assets, including fixed assets associated with branches identified
for closure.
Capital Management
The Company's ratio of shareholders' equity to assets was 11.72
percent at December 31, 2020,
compared with 12.75 percent at December 31,
2019 and 11.81 percent at September
30, 2020. The ratio of tangible common shareholders'
equity to tangible assets was 7.54 percent at December 31, 2020, compared with 8.09 percent at
December 31, 2019 and 7.56 percent at
September 30, 2020. The
$975.4 million in PPP loans had an
adverse impact of approximately 33 basis points on tangible common
shareholders' equity to tangible assets at December 31, 2020.
During the fourth quarter of 2020, the Company did not
repurchase any shares of its common stock pursuant to its share
repurchase program. On December 9,
2020, the Company announced a new share repurchase program,
pursuant to which the Board of Directors has authorized the
repurchase of up to an aggregate of 6 million shares, which
commenced on January 4, 2021 and will
expire on December 31, 2021.
Estimated regulatory capital ratios at December 31, 2020 were calculated in accordance
with the Basel III capital framework as well as the interagency
interim final rule published on March 31,
2020 entitled "Revised Transition of the Current Expected
Credit Losses Methodology for Allowances". The Company is a
"well capitalized" bank, as defined by federal regulations, at
December 31, 2020, with Tier 1
risk-based capital of 11.70 percent and total risk-based capital of
14.24 percent, compared with required minimum levels of 8 percent
and 10 percent, respectively, in order to qualify for "well
capitalized" classification.
Summary
Rollins concluded, "I am proud of the accomplishments that our
teammates achieved over the course of the year in unprecedented
circumstances. We reported record deposit growth and mortgage
origination volume, while our bankers cultivated current
relationships and built new ones through the government stimulus
programs as well as other opportunities to assist customers during
this time. As a company, we have taken other actions to drive
continued efficiency improvement including our efforts to improve
our branch structure and employee headcount as well as various
other initiatives to enhance our technology offerings and customer
experience. While we expect the industry to continue to
experience revenue headwinds as we enter the New Year, we are glad
2020 is behind us. We look forward to the opportunity to
continue to grow our Company and improve shareholder value."
TRANSACTIONS
FNS Bancshares, Inc.
On January 13, 2021, the Company
announced the signing of a definitive merger agreement (the "FNS
Merger Agreement") with FNS Bancshares, Inc., the parent company of
FNB Bank, (collectively referred to as "FNS"), pursuant to which
FNS will be merged with and into the Company (the "FNS
Merger"). FNS operates 17 full-service banking offices in
Alabama, Georgia and Tennessee. The merger will
expand the Company's presence in Jackson, DeKalb and Marshall counties in Alabama and the Chattanooga, Tennessee-Georgia and Nashville-Davidson-Murfreesboro-Franklin, Tennessee metropolitan statistical
areas. As of December 31, 2020,
FNS collectively reported total assets of $797.0 million, total loans of $483.5 million and total deposits of $675.5 million. Under the terms of the FNS
Merger Agreement, the Company will issue approximately 2,975,000
shares of the Company's common stock plus $18.0 million in cash for all outstanding shares
of FNS. For more information regarding the FNS Merger, see
our Current Report on Form 8-K that was filed with the Federal
Deposit Insurance Corporation ("FDIC") on January 13, 2021. The FNS Merger Agreement
has been unanimously approved by the Boards of Directors of the
Company and FNS. FNS has agreed to convene a meeting of its
shareholders to vote upon the approval of the FNS Merger Agreement.
Subject to the satisfaction of all closing conditions, including
the receipt of all required regulatory approvals, the FNS Merger is
expected to be completed during the first half of 2021, although
the Company can provide no assurance that the FNS Merger will close
during this time period or at all.
National United Bancshares, Inc.
On December 2, 2020, the Company
announced the signing of a definitive merger agreement (the
"National United Merger Agreement") with National United
Bancshares, Inc., the parent company of National United,
(collectively referred to as "National United"), pursuant to which
National United will be merged with and into the Company (the
"National United Merger"). National United operates 6
full-service banking offices in the Killeen-Temple,
Texas; Waco, Texas; and
Austin-Round Rock-Georgetown, Texas metropolitan statistical
areas. As of December 31, 2020,
National United collectively reported total assets of $752.3 million, total loans of $446.0 million and total deposits of $676.7 million. Under the terms of the
National United Merger Agreement, the Company will issue
approximately 3,110,000 shares of the Company's common stock plus
$33.25 million in cash for all
outstanding shares of National United. For more information
regarding National United Merger, see our Current Report on Form
8-K that was filed with the FDIC on December
2, 2020. The National United Merger Agreement has been
unanimously approved by the Boards of Directors of the Company and
National United. National United has agreed to convene a meeting of
its shareholders to vote upon the approval of the National United
Merger Agreement. Subject to the satisfaction of all closing
conditions, including the receipt of all required regulatory
approvals, the National United Merger is expected to be completed
during the first half of 2021, although the Company can provide no
assurance that the National United Merger will close during this
time period or at all.
Texas First Bancshares, Inc.
On January 1, 2020, the Company
completed the merger with Texas First Bancshares, Inc., the parent
company of Texas First State Bank, (collectively referred to as
"Texas First"), pursuant to which Texas First was merged with and
into the Company. Texas First operated 6 full-service banking
offices in the Waco, Texas and
Killeen-Temple, Texas metropolitan statistical areas
("MSA"). As of January 1, 2020,
Texas First collectively reported total assets of $396.9 million, total loans of $185.7 million and total deposits of $369.3 million. Under the terms of the
definitive merger agreement, the Company issued approximately
1,040,000 shares of the Company's common stock plus $13.0 million in cash for all outstanding shares
of Texas First. For more information regarding this
transaction, see our Current Report on Form 8-K that was filed with
the FDIC on January 2,
2020.
Non-GAAP Measures and Ratios
This news release presents certain financial measures and ratios
that are not calculated in accordance with U.S. generally accepted
accounting principles ("GAAP"). A discussion regarding these
non-GAAP measures and ratios, including reconciliations of non-GAAP
measures to the most directly comparable GAAP measures and
definitions for non-GAAP ratios, appears under the caption
"Reconciliation of Non-GAAP Measures and Other Non-GAAP Ratio
Definitions" beginning on page 26 of this news release.
Statement Regarding Impact of COVID-19 Pandemic
The Company prioritizes the health and safety of its teammates
and customers, and it will continue to do so throughout the
duration of the COVID-19 pandemic. At the same time, the
Company remains focused on improving shareholder value, managing
credit exposure, challenging expenses, enhancing the customer
experience and supporting the communities it serves. Lastly, as a
SBA Preferred Lender, the Company is an active participant in the
SBA's PPP for the betterment of its customers and the communities
that it serves.
In the presentation that accompanies this news release and in
its earnings conference call, the Company has sought and will seek
to describe the historical and future impact of the COVID-19
pandemic on the Company's assets, business, cash flows, financial
condition, liquidity, prospects and results of operations,
including the information and discussions regarding the increases
in its provision and allowance for credit losses and the discussion
regarding negative pressure to its net interest revenue and net
interest margin. Although the Company believes that the
statements that pertain to future events, results and trends and
their impact on the Company's business are reasonable at the
present time, those statements are not historical facts and are
based upon current assumptions, expectations, estimates and
projections, many of which, by their nature, are beyond the
Company's control. Accordingly, all discussions regarding
future events, results and trends and their impact on the Company's
business, even in the near term, are necessarily uncertain given
the fluid and evolving nature of the pandemic.
If the health, logistical or economic effects of the pandemic
worsen, or if the assumptions, expectations, estimates or
projections that underlie the Company's statements regarding future
effects or trends prove to be incorrect, then the Company's actual
assets, business, cash flows, financial condition, liquidity,
prospects and results of operations may be materially and adversely
impacted in ways that the Company cannot reasonably forecast.
Accordingly, when reading this news release and the accompanying
presentation and when listening to the earnings conference call,
undue reliance should not be placed upon any statement pertaining
to future events, results and trends and their impact on the
Company's business in future periods.
Conference Call and Webcast
The Company will conduct a conference call to discuss its fourth
quarter 2020 financial results on January
26, 2021, at 10:00 a.m. (Central
Time). This conference call will be an interactive
session between management and analysts. Interested parties may
listen to this live conference call via Internet webcast by
accessing www.bancorpsouth.investorroom.com/webcasts. The webcast
will also be available in archived format at the same address.
About BancorpSouth Bank
BancorpSouth Bank (NYSE: BXS) is headquartered in Tupelo, Mississippi, with approximately
$24 billion in assets.
BancorpSouth operates approximately 305 full service branch
locations as well as additional mortgage, insurance, and loan
production offices in Alabama,
Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in
Illinois. BancorpSouth is committed to a culture of respect,
diversity, and inclusion in both its workplace and communities. To
learn more, visit our Community Commitment page at
www.bancorpsouth.com. Like us on Facebook; follow us on
Twitter: @MyBXS; or connect with us through LinkedIn.
Forward-Looking Statements
Certain statements made in this news release are not statements
of historical fact and constitute "forward-looking statements"
within the meaning of Section 21E of the Securities Exchange Act of
1934, as amended (the "Exchange Act"), and are subject to the safe
harbor created thereby under the Private Securities Litigation
Reform Act of 1995. These statements are often, but not always,
made through the use of words or phrases such as "anticipate,"
"aspire," "assume," "believe," "budget," "contemplate," "continue,"
"could," "estimate," "expect," "forecast," "foresee," "goal,"
"hope," "indicate," "intend," "may," "might," "outlook," "plan,"
"project," "projection," "predict," "prospect," "potential,"
"roadmap," "seek," "should," "target," "will," and "would," or the
negative versions of those words or other comparable words of a
future or forward-looking nature. These forward-looking statements
include, without limitation, discussions regarding general
economic, interest rate, real estate market, competitive,
employment, and credit market conditions, including the impact of
the COVID-19 pandemic on our business; our: assets; business; cash
flows; financial condition; liquidity; prospects; results of
operations; deposit and customer repo growth; interest and
fee-based revenue; capital resources; capital metrics; efficiency
ratio; valuation of mortgage servicing rights; mortgage production
volume; net income; net interest revenue; non-interest revenue; net
interest margin; interest expense; non-interest expense; earnings
per share; interest rate sensitivity; interest rate risk; balance
sheet and liquidity management; off-balance sheet arrangements;
fair value determinations; asset quality; credit quality; credit
losses; provision and allowance for credit losses, impairments,
charge-offs, recoveries and changes in loan volumes; investment
securities portfolio yields and values; ability to manage the
impact of pandemics and natural disasters; adoption and use of
critical accounting policies; adoption and implementation of new
accounting standards and their effect on our financial results and
our financial reporting; utilization of non-GAAP financial metrics;
declaration and payment of dividends; ability to pay
dividends or coupons on our 5.5% Series A Non-Cumulative Perpetual
Preferred Stock, par value $0.01 per
share, or the 4.125% Fixed-to-Floating Rate Subordinated Notes due
November 20, 2029; mortgage
origination volume; mortgage servicing and production revenue;
insurance commission revenue; implementation and execution of cost
savings initiatives; ability to successfully litigate, resolve or
otherwise dispense with threatened, pending, ongoing and future
litigation and governmental, administrative and investigatory
matters; ability to successfully complete pending or future
acquisitions, dispositions and other strategic growth opportunities
and initiatives; ability to successfully obtain regulatory approval
for acquisitions and other growth initiatives; ability to
successfully integrate and manage acquisitions; opportunities and
efforts to grow market share; reputation; ability to compete with
other financial institutions; ability to recruit and retain key
employees and personnel; access to capital markets; availability of
capital; investments in the securities of other financial
institutions; and ability to operate our regulatory compliance
programs in accordance with applicable law.
Forward-looking statements are based upon management's
expectations as well as certain assumptions and estimates made by,
and information available to, our management at the time such
statements were made. Forward-looking statements are not historical
facts, are not guarantees of future results or performance and are
subject to certain known and unknown risks, uncertainties and other
factors that are beyond our control and that may cause actual
results to differ materially from those expressed in, or implied
by, such forward-looking statements. These risks, uncertainties and
other factors include, without limitation, potential delays or
other problems in implementing and executing our growth, expansion
and acquisition strategies, including delays in obtaining
regulatory or other necessary approvals or the failure to realize
any anticipated benefits or synergies from any acquisitions or
growth strategies; the risks of changes in interest rates and their
effects on the level and composition of deposits, loan demand and
the values of loan collateral, securities and interest sensitive
assets and liabilities; the failure of assumptions underlying the
establishment of reserves for possible credit losses, fair value
for loans and other real estate owned; changes in real estate
values; the availability of and access to capital; possible
downgrades in our credit ratings or outlook which could increase
the costs or availability of funding from capital markets; the
ability to attract new or retain existing deposits or to retain or
grow loans; the ability to grow additional interest and fee income
or to control noninterest expense; the potential impact of the
proposed phase-out of the London Interbank Offered Rate ("LIBOR")
or other changes involving LIBOR; competitive factors and pricing
pressures, including their effect on our net interest margin;
general economic, unemployment, credit market and real estate
market conditions, and the effect of such conditions on the
creditworthiness of borrowers, collateral values, the value of
investment securities and asset recovery values; changes in legal,
financial and/or regulatory requirements; recently enacted and
potential legislation and regulatory actions and the costs and
expenses to comply with new and/or existing legislation and
regulatory actions, including those actions in response to the
COVID-19 pandemic such as the Coronavirus Aid, Relief, and Economic
Security Act (the "CARES Act"), the Economic Aid to Hard-Hit Small
Businesses, Nonprofits, and Venues Act (the "Economic Aid Act") and
any related rules and regulations; changes in U.S. Government
monetary and fiscal policy, including any changes that result from
the recent U.S. elections; FDIC special assessments or changes to
regular assessments; possible adverse rulings, judgments,
settlements and other outcomes of pending, ongoing and future
litigation and governmental, administrative and investigatory
matters (including litigation or actions arising from our
participation in and administration of programs related to the
COVID-19 pandemic (including, among other things, the PPP loan
programs authorized by the CARES Act and the Economic Aid Act); the
ability to keep pace with technological changes, including changes
regarding maintaining cybersecurity; the impact of failure in, or
breach of, our operational or security systems or infrastructure,
or those of third parties with whom we do business, including as a
result of cyber-attacks or an increase in the incidence or severity
of fraud, illegal payments, security breaches or other illegal acts
impacting us or our customers; natural disasters or acts of war or
terrorism; the adverse effects of the ongoing global COVID-19
pandemic, including the magnitude and duration of the pandemic, and
the impact of actions taken to contain or treat COVID-19 on us, our
employees, our customers, the global economy and the financial
markets; international or political instability; impairment of our
goodwill or other intangible assets; losses of key employees and
personnel; adoption of new accounting standards, including the
effects from the adoption of the current expected credit loss
methodology on January 1, 2020, or
changes in existing standards; and other factors as detailed from
time to time in our press and news releases, periodic and current
reports and other filings we file with the FDIC.
The foregoing factors should not be construed as exhaustive and
should be read in conjunction with those factors that are set forth
from time to time in our periodic and current reports filed with
the FDIC, including those factors included in our Annual Report on
Form 10-K for the year ended December 31,
2019 under the heading "Item 1A. Risk Factors," in our
Quarterly Reports on Form 10-Q and in our Current Reports on Form
8-K.
Although we believe that the expectations reflected in these
forward-looking statements are reasonable as of the date of this
news release, if one or more events related to these or other risks
or uncertainties materialize, or if our underlying assumptions
prove to be incorrect, actual results may prove to be materially
different from the results expressed or implied by the
forward-looking statements. Accordingly, undue reliance should not
be placed on any forward-looking statements. The forward-looking
statements speak only as of the date of this news release, and we
do not undertake any obligation to publicly update or review any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as required by applicable
law. New risks and uncertainties may emerge from time to time, and
it is not possible for us to predict their occurrence or how they
will affect us. All written or oral forward-looking
statements attributable to us are expressly qualified in their
entirety by this section.
BancorpSouth
Bank
|
Selected Financial
Information
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Year Ended
|
Year Ended
|
|
12/31/2020
|
9/30/2020
|
6/30/2020
|
3/31/2020
|
12/31/2019
|
12/31/2020
|
12/31/2019
|
Earnings
Summary:
|
|
|
|
|
|
|
|
Interest
revenue
|
$
199,287
|
$
200,670
|
$
197,472
|
$
202,064
|
$
203,812
|
$
799,493
|
$
775,012
|
Interest
expense
|
22,351
|
24,739
|
26,902
|
34,534
|
33,038
|
108,526
|
125,068
|
Net interest
revenue
|
176,936
|
175,931
|
170,570
|
167,530
|
170,774
|
690,967
|
649,944
|
Provision for credit
losses
|
5,000
|
15,000
|
20,000
|
46,000
|
-
|
86,000
|
1,500
|
Net interest revenue,
after provision
|
|
|
|
|
|
|
|
for
credit losses
|
171,936
|
160,931
|
150,570
|
121,530
|
170,774
|
604,967
|
648,444
|
Noninterest
revenue
|
78,826
|
89,924
|
91,258
|
76,496
|
74,697
|
336,504
|
280,681
|
Noninterest
expense
|
167,911
|
155,505
|
162,504
|
168,006
|
162,351
|
653,926
|
629,607
|
Income before income
taxes
|
82,851
|
95,350
|
79,324
|
30,020
|
83,120
|
287,545
|
299,518
|
Income tax
expense
|
14,046
|
21,525
|
18,164
|
5,759
|
17,271
|
59,494
|
65,257
|
Net income
|
$
68,805
|
$
73,825
|
$
61,160
|
$
24,261
|
$
65,849
|
$
228,051
|
$
234,261
|
Less: Preferred
dividends
|
2,372
|
2,372
|
2,372
|
2,372
|
-
|
9,488
|
-
|
Net income available
to common shareholders
|
$
66,433
|
$
71,453
|
$
58,788
|
$
21,889
|
$
65,849
|
$
218,563
|
$
234,261
|
|
|
|
|
|
|
|
|
Balance Sheet -
Period End Balances
|
|
|
|
|
|
|
|
Total
assets
|
$
24,081,194
|
$
23,555,422
|
$
23,236,176
|
$
21,032,524
|
$
21,052,576
|
$
24,081,194
|
$
21,052,576
|
Total earning
assets
|
21,792,725
|
21,340,371
|
21,119,073
|
18,939,750
|
18,891,021
|
21,792,725
|
18,891,021
|
Total
securities
|
6,231,006
|
5,659,785
|
4,973,171
|
4,468,340
|
4,481,974
|
6,231,006
|
4,481,974
|
Loans and leases, net
of unearned income
|
15,022,479
|
15,327,735
|
15,427,421
|
14,224,645
|
14,089,683
|
15,022,479
|
14,089,683
|
Allowance for credit
losses
|
244,422
|
250,624
|
237,025
|
218,199
|
119,066
|
244,422
|
119,066
|
Net book value of
acquired loans (included in loans and leases above)
|
1,160,267
|
1,320,671
|
1,510,008
|
1,661,329
|
1,628,265
|
1,160,267
|
1,628,265
|
Paycheck protection
program (PPP) loans (included in loans and leases above)
|
975,421
|
1,212,246
|
1,192,715
|
-
|
-
|
975,421
|
-
|
Remaining loan mark
on acquired loans
|
13,886
|
16,198
|
19,977
|
22,286
|
46,240
|
13,886
|
46,240
|
Total
deposits
|
19,846,441
|
19,412,979
|
19,179,486
|
16,887,916
|
16,410,699
|
19,846,441
|
16,410,699
|
Total deposits and
securities sold under agreement to repurchase
|
20,484,156
|
20,024,434
|
19,849,502
|
17,426,878
|
16,924,121
|
20,484,156
|
16,924,121
|
Long-term
debt
|
4,402
|
4,508
|
4,615
|
4,721
|
5,053
|
4,402
|
5,053
|
Junior subordinated
debt securities
|
297,250
|
297,074
|
296,898
|
296,723
|
296,547
|
297,250
|
296,547
|
Total shareholders'
equity
|
2,822,477
|
2,782,539
|
2,732,687
|
2,681,904
|
2,685,017
|
2,822,477
|
2,685,017
|
Common shareholders'
equity
|
2,655,484
|
2,615,546
|
2,565,694
|
2,514,911
|
2,517,996
|
2,655,484
|
2,517,996
|
|
|
|
|
|
|
|
|
Balance Sheet -
Average Balances
|
|
|
|
|
|
|
|
Total
assets
|
$
23,660,503
|
$
23,318,877
|
$
22,707,686
|
$
21,189,637
|
$
20,243,023
|
$
22,723,386
|
$
19,027,644
|
Total earning
assets
|
21,497,938
|
21,241,896
|
20,594,889
|
19,113,449
|
18,125,676
|
20,616,184
|
17,036,618
|
Total
securities
|
5,820,425
|
5,309,982
|
4,437,614
|
4,461,298
|
3,555,014
|
5,010,378
|
2,934,654
|
Loans and leases, net
of unearned income
|
15,219,402
|
15,369,684
|
15,114,732
|
14,226,788
|
14,061,118
|
14,984,356
|
13,606,951
|
PPP loans (included
in loans and leases above)
|
1,139,959
|
1,207,097
|
975,029
|
-
|
-
|
830,467
|
-
|
Total
deposits
|
19,600,863
|
19,258,930
|
18,454,472
|
16,905,229
|
16,218,715
|
18,559,655
|
15,319,130
|
Total deposits and
securities sold under agreement to repurchase
|
20,272,881
|
19,940,330
|
19,098,599
|
17,446,936
|
16,748,932
|
19,194,697
|
15,814,512
|
Long-term
debt
|
4,488
|
4,592
|
4,699
|
4,800
|
5,138
|
4,644
|
5,415
|
Junior subordinated
debt securities
|
297,145
|
296,969
|
296,793
|
296,617
|
135,535
|
296,882
|
34,162
|
Total shareholders'
equity
|
2,774,589
|
2,729,870
|
2,738,434
|
2,658,699
|
2,572,750
|
2,725,545
|
2,366,745
|
Common shareholders'
equity
|
2,607,596
|
2,562,877
|
2,571,441
|
2,491,678
|
2,498,033
|
2,558,545
|
2,347,913
|
|
|
|
|
|
|
|
|
Nonperforming
Assets:
|
|
|
|
|
|
|
|
Non-accrual loans and
leases
|
$
96,378
|
$
122,108
|
$
126,753
|
$
110,074
|
$
78,796
|
$
96,378
|
$
78,796
|
Loans and leases 90+
days past due, still accruing
|
14,320
|
17,641
|
9,877
|
7,272
|
17,531
|
14,320
|
17,531
|
Restructured loans
and leases, still accruing
|
10,475
|
11,154
|
11,575
|
11,284
|
15,184
|
10,475
|
15,184
|
Non-performing loans
(NPLs)
|
121,173
|
150,903
|
148,205
|
128,630
|
111,511
|
121,173
|
111,511
|
Other real estate
owned
|
11,395
|
6,397
|
7,164
|
9,200
|
6,746
|
11,395
|
6,746
|
Non-performing assets
(NPAs)
|
$
132,568
|
$
157,300
|
$
155,369
|
$
137,830
|
$
118,257
|
$
132,568
|
$
118,257
|
|
|
|
|
|
|
|
|
Financial Ratios
and Other Data:
|
|
|
|
|
|
|
|
Return on average
assets
|
1.16%
|
1.26%
|
1.08%
|
0.46%
|
1.29%
|
1.00%
|
1.23%
|
Operating return on
average assets-excluding MSR*
|
1.23%
|
1.26%
|
1.12%
|
0.70%
|
1.33%
|
1.09%
|
1.34%
|
Return on average
shareholders' equity
|
9.87%
|
10.76%
|
8.98%
|
3.67%
|
10.15%
|
8.37%
|
9.90%
|
Operating return on
average shareholders' equity-excluding MSR*
|
10.49%
|
10.72%
|
9.29%
|
5.56%
|
10.46%
|
9.05%
|
10.79%
|
Return on average
common shareholders' equity
|
10.14%
|
11.09%
|
9.19%
|
3.53%
|
10.46%
|
8.54%
|
9.98%
|
Operating return on
average common shareholders' equity-excluding MSR*
|
10.80%
|
11.05%
|
9.53%
|
5.55%
|
10.78%
|
9.27%
|
10.88%
|
Return on average
tangible equity*
|
14.66%
|
16.08%
|
13.43%
|
5.56%
|
15.47%
|
12.53%
|
15.04%
|
Operating return on
average tangible equity-excluding MSR*
|
15.58%
|
16.03%
|
13.89%
|
8.42%
|
15.94%
|
13.56%
|
16.40%
|
Return on average
tangible common equity*
|
15.54%
|
17.13%
|
14.20%
|
5.54%
|
16.19%
|
13.22%
|
15.22%
|
Operating return on
average tangible common equity-excluding MSR*
|
16.56%
|
17.08%
|
14.71%
|
8.71%
|
16.68%
|
14.35%
|
16.60%
|
Pre-tax pre-provision
net revenue to total average assets*
|
1.57%
|
1.88%
|
1.81%
|
1.74%
|
1.68%
|
1.75%
|
1.73%
|
Noninterest income to
average assets
|
1.33%
|
1.53%
|
1.62%
|
1.45%
|
1.46%
|
1.48%
|
1.48%
|
Noninterest expense
to average assets
|
2.82%
|
2.65%
|
2.88%
|
3.19%
|
3.18%
|
2.88%
|
3.31%
|
Net interest
margin-fully taxable equivalent
|
3.29%
|
3.31%
|
3.35%
|
3.54%
|
3.76%
|
3.36%
|
3.84%
|
Net interest
margin-fully taxable equivalent, excluding net accretion
|
|
|
|
|
|
|
|
on acquired
loans and leases
|
3.24%
|
3.23%
|
3.30%
|
3.48%
|
3.61%
|
3.31%
|
3.72%
|
Net interest rate
spread
|
3.07%
|
3.06%
|
3.08%
|
3.24%
|
3.44%
|
3.11%
|
3.53%
|
Efficiency ratio (tax
equivalent)*
|
65.47%
|
58.36%
|
61.89%
|
68.65%
|
65.92%
|
63.47%
|
67.38%
|
Operating efficiency
ratio-excluding MSR (tax equivalent)*
|
63.18%
|
58.41%
|
61.16%
|
63.89%
|
64.39%
|
61.62%
|
64.90%
|
Loan/deposit
ratio
|
75.69%
|
78.96%
|
80.44%
|
84.23%
|
85.86%
|
75.69%
|
85.86%
|
Price to earnings
multiple (close)
|
12.88
|
9.18
|
11.15
|
9.46
|
13.60
|
12.88
|
13.60
|
Market value to
common book value
|
105.98%
|
75.99%
|
90.91%
|
77.21%
|
130.38%
|
105.98%
|
130.38%
|
Market value to
common book value (avg)
|
97.56%
|
83.75%
|
84.79%
|
107.86%
|
128.18%
|
90.96%
|
122.58%
|
Market value to
common tangible book value
|
161.00%
|
116.01%
|
140.44%
|
120.81%
|
201.13%
|
161.00%
|
201.13%
|
Market value to
common tangible book value (avg)
|
148.21%
|
127.86%
|
130.99%
|
168.76%
|
197.74%
|
138.19%
|
189.09%
|
Employee
FTE
|
4,596
|
4,691
|
4,742
|
4,737
|
4,693
|
4,596
|
4,693
|
|
|
|
|
|
|
|
|
*Denotes non-GAAP
financial measure. Refer to related disclosure and
reconciliation on pages 26 and 27.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality
Ratios:
|
|
|
|
|
|
|
|
Net
charge-offs(recoveries) to average loans and leases
(annualized)
|
0.29%
|
0.04%
|
0.03%
|
0.39%
|
(0.06%)
|
0.18%
|
0.02%
|
Provision for credit
losses to average loans and leases (annualized)
|
0.13%
|
0.39%
|
0.53%
|
1.30%
|
0.00%
|
0.57%
|
0.01%
|
Allowance for credit
losses to net loans and leases
|
1.63%
|
1.64%
|
1.54%
|
1.53%
|
0.85%
|
1.63%
|
0.85%
|
Allowance for credit
losses to net loans and leases, excluding PPP loans
|
1.74%
|
1.78%
|
1.67%
|
1.53%
|
0.85%
|
1.74%
|
0.85%
|
Allowance for credit
losses to non-performing loans and leases
|
201.71%
|
166.08%
|
159.93%
|
169.63%
|
106.78%
|
201.71%
|
106.78%
|
Allowance for credit
losses to non-performing assets
|
184.37%
|
159.33%
|
152.56%
|
158.31%
|
100.68%
|
184.37%
|
100.68%
|
Non-performing loans
and leases to net loans and leases
|
0.81%
|
0.98%
|
0.96%
|
0.90%
|
0.79%
|
0.81%
|
0.79%
|
Non-performing loans
and leases to net loans and leases, excluding
|
|
|
|
|
|
|
|
acquired loans
and leases
|
0.62%
|
0.74%
|
0.63%
|
0.64%
|
0.65%
|
0.62%
|
0.65%
|
Non-performing assets
to total assets
|
0.55%
|
0.67%
|
0.67%
|
0.66%
|
0.56%
|
0.55%
|
0.56%
|
Non-performing assets
to total assets, excluding acquired loans and leases
|
0.42%
|
0.49%
|
0.43%
|
0.44%
|
0.40%
|
0.42%
|
0.40%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
Ratios:
|
|
|
|
|
|
|
|
Total shareholders'
equity to total assets
|
11.72%
|
11.81%
|
11.76%
|
12.75%
|
12.75%
|
11.72%
|
12.75%
|
Total common
shareholders' equity to total assets
|
11.03%
|
11.10%
|
11.04%
|
11.96%
|
11.96%
|
11.03%
|
11.96%
|
Tangible
shareholders' equity to tangible assets*
|
8.26%
|
8.30%
|
8.18%
|
8.82%
|
8.92%
|
8.26%
|
8.92%
|
Tangible
shareholders' equity to tangible assets-excluding PPP
loans*
|
8.63%
|
8.77%
|
8.65%
|
8.82%
|
8.92%
|
8.63%
|
8.92%
|
Tangible common
shareholders' equity to tangible assets*
|
7.54%
|
7.56%
|
7.44%
|
7.99%
|
8.09%
|
7.54%
|
8.09%
|
Tangible common
shareholders' equity to tangible assets-excluding PPP
loans*
|
7.87%
|
7.99%
|
7.86%
|
7.99%
|
8.09%
|
7.87%
|
8.09%
|
|
|
|
|
|
|
|
|
Capital
Adequacy:
|
|
|
|
|
|
|
|
Common Equity
Tier 1 capital
|
10.70%
|
10.64%
|
10.21%
|
10.11%
|
10.57%
|
10.70%
|
10.57%
|
Tier 1
capital
|
11.70%
|
11.65%
|
11.22%
|
11.13%
|
11.60%
|
11.70%
|
11.60%
|
Total
capital
|
14.24%
|
14.20%
|
13.79%
|
13.75%
|
14.17%
|
14.24%
|
14.17%
|
Tier 1 leverage
capital
|
8.63%
|
8.59%
|
8.54%
|
8.90%
|
9.69%
|
8.63%
|
9.69%
|
Estimated for current quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Share
Data:
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
0.65
|
$
0.70
|
$
0.57
|
$
0.21
|
$
0.63
|
$
2.12
|
$
2.31
|
Diluted earnings per
share
|
0.65
|
0.69
|
0.57
|
0.21
|
0.63
|
2.12
|
2.30
|
Operating earnings
per share*
|
0.69
|
0.70
|
0.57
|
0.25
|
0.67
|
2.20
|
2.40
|
Operating earnings
per share- excluding MSR*
|
0.69
|
0.69
|
0.59
|
0.33
|
0.65
|
2.30
|
2.51
|
Cash dividends per
share
|
0.190
|
0.185
|
0.185
|
0.185
|
0.185
|
0.745
|
0.710
|
Book value per
share
|
25.89
|
25.50
|
25.01
|
24.50
|
24.09
|
25.89
|
24.09
|
Tangible book value
per share*
|
17.04
|
16.71
|
16.19
|
15.66
|
15.62
|
17.04
|
15.62
|
Market value per
share (last)
|
27.44
|
19.38
|
22.74
|
18.92
|
31.41
|
27.44
|
31.41
|
Market value per
share (high)
|
28.54
|
24.29
|
25.93
|
31.61
|
32.97
|
31.61
|
33.45
|
Market value per
share (low)
|
18.77
|
18.11
|
17.21
|
17.24
|
28.13
|
17.21
|
25.76
|
Market value per
share (avg)
|
25.26
|
21.36
|
21.21
|
26.43
|
30.88
|
23.55
|
29.53
|
Dividend payout
ratio
|
29.34%
|
26.56%
|
32.29%
|
88.20%
|
29.43%
|
35.12%
|
30.76%
|
Total shares
outstanding
|
102,561,480
|
102,558,459
|
102,566,301
|
102,632,484
|
104,522,804
|
102,561,480
|
104,522,804
|
Average shares
outstanding - basic
|
102,569,547
|
102,564,466
|
102,603,525
|
104,354,328
|
104,739,906
|
103,022,966
|
101,506,583
|
Average shares
outstanding - diluted
|
102,817,409
|
102,839,749
|
102,827,225
|
104,733,897
|
105,144,032
|
103,304,570
|
101,810,640
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield/Rate:
|
|
|
|
|
|
|
|
(Taxable equivalent
basis)
|
|
|
|
|
|
|
|
Loans, loans held for
sale, and leases net of unearned income
|
4.55%
|
4.54%
|
4.59%
|
5.00%
|
5.13%
|
4.66%
|
5.13%
|
Loans, loans held for
sale, and leases net of unearned income, excluding
|
|
|
|
|
|
|
|
net accretion
on acquired loans and leases
|
4.49%
|
4.44%
|
4.53%
|
4.93%
|
4.95%
|
4.59%
|
4.98%
|
Loans, loans held for
sale, and leases net of unearned income, excluding
|
|
|
|
|
|
|
|
net accretion
on acquired loans and leases - excluding PPP loans
|
4.53%
|
4.55%
|
4.67%
|
4.93%
|
4.95%
|
4.66%
|
4.98%
|
PPP loans
|
3.99%
|
3.11%
|
2.50%
|
N/A
|
N/A
|
3.38%
|
N/A
|
Available-for-sale
securities:
|
|
|
|
|
|
|
|
Taxable
|
1.53%
|
1.64%
|
1.95%
|
1.99%
|
2.00%
|
1.75%
|
2.06%
|
Tax-exempt
|
3.40%
|
3.67%
|
3.86%
|
4.44%
|
4.69%
|
3.85%
|
4.82%
|
Short-term, FHLB and
other equity investments
|
0.13%
|
0.19%
|
0.20%
|
1.53%
|
1.95%
|
0.43%
|
2.37%
|
Total interest
earning assets and revenue
|
3.70%
|
3.77%
|
3.87%
|
4.27%
|
4.48%
|
3.89%
|
4.57%
|
Deposits
|
0.38%
|
0.44%
|
0.50%
|
0.67%
|
0.68%
|
0.49%
|
0.68%
|
Demand -
interest bearing
|
0.47%
|
0.53%
|
0.61%
|
0.84%
|
0.88%
|
0.61%
|
0.89%
|
Savings
|
0.15%
|
0.18%
|
0.18%
|
0.26%
|
0.28%
|
0.19%
|
0.29%
|
Other
time
|
1.28%
|
1.41%
|
1.54%
|
1.64%
|
1.68%
|
1.47%
|
1.61%
|
Total interest
bearing deposits
|
0.57%
|
0.65%
|
0.74%
|
0.92%
|
0.96%
|
0.71%
|
0.95%
|
Short-term
borrowings
|
0.26%
|
0.25%
|
0.39%
|
1.25%
|
1.51%
|
0.54%
|
1.93%
|
Total interest
bearing deposits and short-term borrowings
|
0.55%
|
0.63%
|
0.71%
|
0.95%
|
1.01%
|
0.70%
|
1.03%
|
Junior subordinated
debt
|
4.05%
|
4.24%
|
4.18%
|
4.42%
|
4.17%
|
4.40%
|
4.17%
|
Long-term
debt
|
4.84%
|
4.85%
|
4.81%
|
4.96%
|
4.83%
|
4.87%
|
4.88%
|
Total interest
bearing liabilities and expense
|
0.63%
|
0.71%
|
0.79%
|
1.03%
|
1.04%
|
0.78%
|
1.04%
|
Interest bearing
liabilities to interest earning assets
|
65.99%
|
65.61%
|
66.65%
|
70.81%
|
69.37%
|
67.17%
|
70.25%
|
Net interest tax
equivalent adjustment
|
$
709
|
$
618
|
$
725
|
$
714
|
$
800
|
$
2,766
|
$
3,782
|
|
|
|
|
|
|
|
|
*Denotes non-GAAP
financial measure. Refer to related disclosure and
reconciliation on pages 26 and 27.
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth
Bank
|
Consolidated
Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
Dec-20
|
Sep-20
|
Jun-20
|
Mar-20
|
Dec-19
|
|
(Dollars in
thousands)
|
Assets
|
|
|
|
|
|
Cash and due from
banks
|
$
284,095
|
$
306,164
|
$
240,354
|
$
253,495
|
$
261,773
|
Interest bearing
deposits with other banks
|
|
|
|
|
|
and Federal funds
sold
|
133,273
|
39,782
|
318,615
|
29,490
|
71,233
|
Available-for-sale
securities, at fair value
|
6,231,006
|
5,659,785
|
4,973,171
|
4,468,340
|
4,481,974
|
Loans and
leases*
|
15,039,239
|
15,344,006
|
15,444,794
|
14,241,912
|
14,107,743
|
Less:
Unearned income
|
16,760
|
16,271
|
17,373
|
17,267
|
18,060
|
Allowance for credit losses
|
244,422
|
250,624
|
237,025
|
218,199
|
119,066
|
Net loans and
leases
|
14,778,057
|
15,077,111
|
15,190,396
|
14,006,446
|
13,970,617
|
Loans held for
sale
|
397,076
|
304,215
|
391,051
|
194,321
|
210,361
|
Premises and
equipment, net
|
508,147
|
508,149
|
504,748
|
497,669
|
480,901
|
Accrued interest
receivable
|
106,318
|
110,185
|
101,321
|
70,463
|
65,173
|
Goodwill
|
851,612
|
847,531
|
847,984
|
848,242
|
825,679
|
Other identifiable
intangibles
|
55,899
|
54,757
|
56,989
|
59,345
|
60,008
|
Bank owned life
insurance
|
333,264
|
331,799
|
329,167
|
327,312
|
326,417
|
Other real estate
owned
|
11,395
|
6,397
|
7,164
|
9,200
|
6,746
|
Other
assets
|
391,052
|
309,547
|
275,216
|
268,201
|
291,694
|
Total
Assets
|
$
24,081,194
|
$
23,555,422
|
$
23,236,176
|
$
21,032,524
|
$
21,052,576
|
Liabilities
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Demand:
Noninterest bearing
|
$
6,341,457
|
$
6,336,792
|
$
6,385,370
|
$
4,861,155
|
$
4,661,821
|
Interest bearing
|
8,524,010
|
8,170,402
|
7,907,637
|
7,268,053
|
7,176,934
|
Savings
|
2,452,059
|
2,325,980
|
2,234,853
|
2,013,343
|
1,937,985
|
Other
time
|
2,528,915
|
2,579,805
|
2,651,626
|
2,745,365
|
2,633,959
|
Total
deposits
|
19,846,441
|
19,412,979
|
19,179,486
|
16,887,916
|
16,410,699
|
Securities sold under
agreement to repurchase
|
637,715
|
611,455
|
670,016
|
538,962
|
513,422
|
Federal funds
purchased
|
|
|
|
|
|
and
other short-term borrowing
|
-
|
95,217
|
220
|
290,224
|
725,000
|
Accrued interest
payable
|
10,885
|
15,286
|
13,476
|
17,482
|
15,124
|
Junior subordinated
debt securities
|
297,250
|
297,074
|
296,898
|
296,723
|
296,547
|
Long-term
debt
|
4,402
|
4,508
|
4,615
|
4,721
|
5,053
|
Other
liabilities
|
462,024
|
336,364
|
338,778
|
314,592
|
401,714
|
Total
Liabilities
|
21,258,717
|
20,772,883
|
20,503,489
|
18,350,620
|
18,367,559
|
Shareholders'
Equity
|
|
|
|
|
|
Preferred
stock
|
166,993
|
166,993
|
166,993
|
166,993
|
167,021
|
Common
stock
|
256,404
|
256,396
|
256,416
|
256,581
|
261,307
|
Capital
surplus
|
565,187
|
565,635
|
561,541
|
558,114
|
605,976
|
Accumulated other
comprehensive income (loss)
|
11,923
|
18,490
|
25,191
|
17,849
|
(62,663)
|
Retained
earnings
|
1,821,970
|
1,775,025
|
1,722,546
|
1,682,367
|
1,713,376
|
Total Shareholders'
Equity
|
2,822,477
|
2,782,539
|
2,732,687
|
2,681,904
|
2,685,017
|
Total Liabilities
& Shareholders' Equity
|
$
24,081,194
|
$
23,555,422
|
$
23,236,176
|
$
21,032,524
|
$
21,052,576
|
|
|
|
|
|
|
|
|
|
|
|
|
*Includes $975.4
million, $1.212 billion and $1.193 billion in PPP loans at December
31, 2020, September 30, 2020 and June 30,
2020.
|
|
BancorpSouth
Bank
|
Consolidated
Average Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
Dec-20
|
Sep-20
|
Jun-20
|
Mar-20
|
Dec-19
|
|
(Dollars in
thousands)
|
Assets
|
|
|
|
|
|
Cash and due from
banks
|
$
247,799
|
$
232,421
|
$
229,334
|
$
246,860
|
$
244,444
|
Interest bearing
deposits with other banks
|
|
|
|
|
|
and Federal funds
sold
|
171,650
|
257,057
|
760,789
|
239,766
|
300,495
|
Available-for-sale
securities, at fair value
|
5,820,425
|
5,309,982
|
4,437,614
|
4,461,298
|
3,555,014
|
Loans and
leases*
|
15,235,827
|
15,386,721
|
15,132,600
|
14,244,649
|
14,078,793
|
Less:
Unearned income
|
16,425
|
17,037
|
17,868
|
17,861
|
17,675
|
Allowance for credit losses
|
247,049
|
236,536
|
217,508
|
193,796
|
117,668
|
Net loans and
leases
|
14,972,353
|
15,133,148
|
14,897,224
|
14,032,992
|
13,943,450
|
Loans held for
sale
|
277,600
|
296,352
|
261,377
|
147,798
|
173,649
|
Premises and
equipment, net
|
508,053
|
507,190
|
499,767
|
494,413
|
481,623
|
Accrued interest
receivable
|
105,513
|
104,435
|
137,456
|
64,010
|
60,678
|
Goodwill
|
852,472
|
847,744
|
848,160
|
844,635
|
823,812
|
Other identifiable
intangibles
|
54,858
|
56,045
|
58,280
|
58,805
|
60,559
|
Bank owned life
insurance
|
332,543
|
330,642
|
328,037
|
326,808
|
328,567
|
Other real estate
owned
|
14,872
|
7,754
|
8,410
|
8,151
|
7,820
|
Other
assets
|
302,365
|
236,107
|
241,238
|
264,101
|
262,912
|
Total
Assets
|
$
23,660,503
|
$
23,318,877
|
$
22,707,686
|
$
21,189,637
|
$
20,243,023
|
Liabilities
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Demand:
Noninterest bearing
|
$
6,391,006
|
$
6,340,942
|
$
5,942,570
|
$
4,717,202
|
$
4,803,104
|
Interest bearing
|
8,268,528
|
8,022,755
|
7,674,479
|
7,466,674
|
6,872,921
|
Savings
|
2,386,034
|
2,280,860
|
2,152,092
|
1,975,690
|
1,913,650
|
Other
time
|
2,555,295
|
2,614,373
|
2,685,331
|
2,745,663
|
2,629,040
|
Total
deposits
|
19,600,863
|
19,258,930
|
18,454,472
|
16,905,229
|
16,218,715
|
Securities sold under
agreement to repurchase
|
672,018
|
681,400
|
644,127
|
541,707
|
530,217
|
Federal funds
purchased
|
|
|
|
|
|
and
other short-term borrowing
|
3,893
|
36,696
|
269,121
|
502,257
|
487,272
|
Accrued interest
payable
|
14,175
|
15,589
|
16,268
|
19,205
|
14,942
|
Junior subordinated
debt securities
|
297,145
|
296,969
|
296,793
|
296,617
|
135,535
|
Long-term
debt
|
4,488
|
4,592
|
4,699
|
4,800
|
5,138
|
Other
liabilities
|
293,332
|
294,831
|
283,772
|
261,123
|
278,454
|
Total
Liabilities
|
20,885,914
|
20,589,007
|
19,969,252
|
18,530,938
|
17,670,273
|
Shareholders'
Equity
|
|
|
|
|
|
Preferred
stock
|
166,993
|
166,993
|
166,993
|
167,021
|
74,717
|
Common
stock
|
256,422
|
256,412
|
256,515
|
261,065
|
261,905
|
Capital
surplus
|
568,343
|
563,267
|
559,737
|
600,880
|
611,667
|
Accumulated other
comprehensive income (loss)
|
12,432
|
24,758
|
23,016
|
(36,367)
|
(53,111)
|
Retained
earnings
|
1,770,399
|
1,718,440
|
1,732,173
|
1,666,100
|
1,677,572
|
Total Shareholders'
Equity
|
2,774,589
|
2,729,870
|
2,738,434
|
2,658,699
|
2,572,750
|
Total Liabilities
& Shareholders' Equity
|
$
23,660,503
|
$
23,318,877
|
$
22,707,686
|
$
21,189,637
|
$
20,243,023
|
|
|
|
|
|
|
|
|
|
|
|
|
*Includes $1.140
billion, $1.207 billion and $975.0 million in PPP loans for the
quarter ended December 31, 2020, September 30, 2020 and June 30,
2020.
|
BancorpSouth
Bank
|
Consolidated
Condensed Statements of Income
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Year Ended
|
|
Dec-20
|
|
Sep-20
|
|
Jun-20
|
|
Mar-20
|
|
Dec-19
|
|
Dec-20
|
|
Dec-19
|
INTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
leases
|
$
174,072
|
|
$
175,810
|
|
$
173,164
|
|
$
177,019
|
|
$
182,269
|
|
$
700,065
|
|
$
697,425
|
Deposits with other
banks
|
50
|
|
74
|
|
207
|
|
739
|
|
1,225
|
|
1,070
|
|
6,489
|
Federal funds sold,
securities purchased
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under
agreement to resell, FHLB and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other equity
investments
|
6
|
|
52
|
|
178
|
|
315
|
|
426
|
|
551
|
|
2,077
|
Available-for-sale
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
21,895
|
|
21,280
|
|
20,783
|
|
21,508
|
|
17,241
|
|
85,466
|
|
56,660
|
Tax-exempt
|
760
|
|
986
|
|
1,178
|
|
1,060
|
|
1,266
|
|
3,984
|
|
7,160
|
Loans held for
sale
|
2,504
|
|
2,468
|
|
1,962
|
|
1,423
|
|
1,385
|
|
8,357
|
|
5,201
|
Total
interest revenue
|
199,287
|
|
200,670
|
|
197,472
|
|
202,064
|
|
203,812
|
|
799,493
|
|
775,012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
demand
|
9,766
|
|
10,773
|
|
11,631
|
|
15,522
|
|
15,202
|
|
47,692
|
|
58,771
|
Savings
|
872
|
|
1,012
|
|
943
|
|
1,290
|
|
1,334
|
|
4,117
|
|
5,361
|
Other time
|
8,189
|
|
9,287
|
|
10,296
|
|
11,168
|
|
11,134
|
|
38,940
|
|
39,380
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under
agreement to repurchase
|
276
|
|
279
|
|
291
|
|
1,436
|
|
1,591
|
|
2,282
|
|
7,195
|
Short-term and
long-term debt
|
47
|
|
49
|
|
477
|
|
1,857
|
|
2,293
|
|
2,430
|
|
12,875
|
Junior subordinated
debt
|
3,201
|
|
3,338
|
|
3,263
|
|
3,261
|
|
1,482
|
|
13,063
|
|
1,482
|
Other
|
-
|
|
1
|
|
1
|
|
-
|
|
2
|
|
2
|
|
4
|
Total
interest expense
|
22,351
|
|
24,739
|
|
26,902
|
|
34,534
|
|
33,038
|
|
108,526
|
|
125,068
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest revenue
|
176,936
|
|
175,931
|
|
170,570
|
|
167,530
|
|
170,774
|
|
690,967
|
|
649,944
|
Provision for
credit losses
|
5,000
|
|
15,000
|
|
20,000
|
|
46,000
|
|
-
|
|
86,000
|
|
1,500
|
Net
interest revenue, after provision for
|
|
|
|
|
|
|
|
|
|
|
|
|
|
credit losses
|
171,936
|
|
160,931
|
|
150,570
|
|
121,530
|
|
170,774
|
|
604,967
|
|
648,444
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage
banking
|
20,129
|
|
27,097
|
|
29,557
|
|
9,470
|
|
10,102
|
|
86,253
|
|
19,782
|
Credit card, debit
card and merchant fees
|
10,053
|
|
9,938
|
|
9,080
|
|
9,176
|
|
9,836
|
|
38,247
|
|
38,656
|
Deposit service
charges
|
9,708
|
|
8,892
|
|
7,647
|
|
11,682
|
|
12,193
|
|
37,929
|
|
46,015
|
Security
gains(losses), net
|
63
|
|
18
|
|
62
|
|
(85)
|
|
(41)
|
|
58
|
|
174
|
Insurance
commissions
|
29,815
|
|
32,750
|
|
33,118
|
|
29,603
|
|
27,648
|
|
125,286
|
|
123,291
|
Wealth
management
|
6,751
|
|
6,471
|
|
6,421
|
|
6,570
|
|
6,617
|
|
26,213
|
|
24,809
|
Other
|
2,307
|
|
4,758
|
|
5,373
|
|
10,080
|
|
8,342
|
|
22,518
|
|
27,954
|
Total
noninterest revenue
|
78,826
|
|
89,924
|
|
91,258
|
|
76,496
|
|
74,697
|
|
336,504
|
|
280,681
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
97,215
|
|
104,219
|
|
108,103
|
|
108,272
|
|
97,137
|
|
417,809
|
|
396,500
|
Occupancy, net of
rental income
|
13,004
|
|
13,053
|
|
12,890
|
|
12,708
|
|
12,267
|
|
51,655
|
|
48,129
|
Equipment
|
4,756
|
|
4,519
|
|
4,762
|
|
4,649
|
|
4,725
|
|
18,686
|
|
17,712
|
Deposit insurance
assessments
|
1,696
|
|
1,522
|
|
1,962
|
|
1,546
|
|
2,200
|
|
6,726
|
|
9,143
|
Pension settlement
expense
|
5,846
|
|
-
|
|
-
|
|
-
|
|
-
|
|
5,846
|
|
-
|
Other
|
45,394
|
|
32,192
|
|
34,787
|
|
40,831
|
|
46,022
|
|
153,204
|
|
158,123
|
Total
noninterest expense
|
167,911
|
|
155,505
|
|
162,504
|
|
168,006
|
|
162,351
|
|
653,926
|
|
629,607
|
Income
before income taxes
|
82,851
|
|
95,350
|
|
79,324
|
|
30,020
|
|
83,120
|
|
287,545
|
|
299,518
|
Income tax
expense
|
14,046
|
|
21,525
|
|
18,164
|
|
5,759
|
|
17,271
|
|
59,494
|
|
65,257
|
Net
income
|
$
68,805
|
|
$
73,825
|
|
$
61,160
|
|
$
24,261
|
|
$
65,849
|
|
$
228,051
|
|
$
234,261
|
Less: Preferred
dividends
|
2,372
|
|
2,372
|
|
2,372
|
|
2,372
|
|
-
|
|
9,488
|
|
-
|
Net income
available to common shareholders
|
$
66,433
|
|
$
71,453
|
|
$
58,788
|
|
$
21,889
|
|
$
65,849
|
|
$
218,563
|
|
$
234,261
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share: Basic
|
$
0.65
|
|
$
0.70
|
|
$
0.57
|
|
$
0.21
|
|
$
0.63
|
|
$
2.12
|
|
$
2.31
|
Diluted
|
$
0.65
|
|
$
0.69
|
|
$
0.57
|
|
$
0.21
|
|
$
0.63
|
|
$
2.12
|
|
$
2.30
|
BancorpSouth
Bank
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Dec-20
|
|
Sep-20
|
|
Jun-20
|
|
Mar-20
|
|
Dec-19
|
LOAN AND LEASE
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
Commercial and industrial-non real estate
|
2,673,429
|
|
2,937,608
|
|
3,038,957
|
|
2,008,043
|
|
1,979,507
|
Commercial and industrial-owner occupied
|
2,281,127
|
|
2,297,008
|
|
2,296,287
|
|
2,290,585
|
|
2,268,813
|
Total commercial and
industrial
|
4,954,556
|
|
5,234,616
|
|
5,335,244
|
|
4,298,628
|
|
4,248,320
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
Agricultural
|
317,994
|
|
333,839
|
|
333,615
|
|
339,539
|
|
337,349
|
Construction, acquisition and development
|
1,728,682
|
|
1,700,030
|
|
1,658,678
|
|
1,582,039
|
|
1,577,342
|
Commercial real estate
|
3,211,434
|
|
3,229,959
|
|
3,323,744
|
|
3,303,537
|
|
3,220,914
|
Total commercial real
estate
|
5,258,110
|
|
5,263,828
|
|
5,316,037
|
|
5,225,115
|
|
5,135,605
|
Consumer
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
3,726,241
|
|
3,704,490
|
|
3,646,168
|
|
3,572,277
|
|
3,543,075
|
Home
equity
|
630,097
|
|
658,708
|
|
655,543
|
|
686,202
|
|
683,515
|
Credit
cards
|
89,077
|
|
85,760
|
|
86,592
|
|
93,896
|
|
102,559
|
Total
consumer
|
4,445,415
|
|
4,448,958
|
|
4,388,303
|
|
4,352,375
|
|
4,329,149
|
All other
|
364,398
|
|
380,333
|
|
387,837
|
|
348,527
|
|
376,609
|
Total loans
|
$
15,022,479
|
|
$
15,327,735
|
|
$
15,427,421
|
|
$
14,224,645
|
|
$
14,089,683
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR CREDIT
LOSSES:
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period
|
$
250,624
|
|
$
237,025
|
|
$
218,199
|
|
$
119,066
|
|
$
116,908
|
|
|
|
|
|
|
|
|
|
|
Impact of adopting
ASC 326 - cumulative effect adjustment
|
-
|
|
-
|
|
-
|
|
40,000
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Impact of adopting
ASC 326 - purchased loans with credit
|
|
|
|
|
|
|
|
|
|
deterioration
|
-
|
|
-
|
|
-
|
|
22,634
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Loans and leases
charged-off:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
Commercial and industrial-non real estate
|
(4,343)
|
|
(560)
|
|
(1,506)
|
|
(10,792)
|
|
(1,273)
|
Commercial and industrial-owner occupied
|
(1,168)
|
|
(441)
|
|
(13)
|
|
(184)
|
|
(192)
|
Total commercial and
industrial
|
(5,511)
|
|
(1,001)
|
|
(1,519)
|
|
(10,976)
|
|
(1,465)
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
Agricultural
|
(155)
|
|
-
|
|
(21)
|
|
(65)
|
|
(11)
|
Construction, acquisition and development
|
(1,773)
|
|
-
|
|
(9)
|
|
(3,173)
|
|
(26)
|
Commercial real estate
|
(3,134)
|
|
(738)
|
|
-
|
|
(67)
|
|
-
|
Total commercial real
estate
|
(5,062)
|
|
(738)
|
|
(30)
|
|
(3,305)
|
|
(37)
|
Consumer
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
(731)
|
|
(81)
|
|
(124)
|
|
(524)
|
|
(687)
|
Home
equity
|
(395)
|
|
(41)
|
|
(162)
|
|
(236)
|
|
(173)
|
Credit
cards
|
(458)
|
|
(682)
|
|
(703)
|
|
(798)
|
|
(797)
|
Total consumer
|
(1,584)
|
|
(804)
|
|
(989)
|
|
(1,558)
|
|
(1,657)
|
All other
|
(875)
|
|
(599)
|
|
(396)
|
|
(914)
|
|
(965)
|
Total loans
charged-off
|
(13,032)
|
|
(3,142)
|
|
(2,934)
|
|
(16,753)
|
|
(4,124)
|
|
|
|
|
|
|
|
|
|
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
Commercial and industrial-non real estate
|
779
|
|
294
|
|
277
|
|
355
|
|
353
|
Commercial and industrial-owner occupied
|
37
|
|
163
|
|
136
|
|
1,179
|
|
30
|
Total commercial and
industrial
|
816
|
|
457
|
|
413
|
|
1,534
|
|
383
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
Agricultural
|
24
|
|
3
|
|
6
|
|
6
|
|
4
|
Construction, acquisition and development
|
73
|
|
55
|
|
172
|
|
245
|
|
584
|
Commercial real estate
|
45
|
|
209
|
|
50
|
|
135
|
|
4,212
|
Total commercial real
estate
|
142
|
|
267
|
|
228
|
|
386
|
|
4,800
|
Consumer
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
230
|
|
352
|
|
345
|
|
397
|
|
407
|
Home
equity
|
151
|
|
132
|
|
259
|
|
80
|
|
216
|
Credit
cards
|
211
|
|
270
|
|
195
|
|
285
|
|
218
|
Total consumer
|
592
|
|
754
|
|
799
|
|
762
|
|
841
|
All other
|
280
|
|
263
|
|
320
|
|
344
|
|
258
|
Total recoveries
|
1,830
|
|
1,741
|
|
1,760
|
|
3,026
|
|
6,282
|
|
|
|
|
|
|
|
|
|
|
Net
(charge-offs)recoveries
|
(11,202)
|
|
(1,401)
|
|
(1,174)
|
|
(13,727)
|
|
2,158
|
|
|
|
|
|
|
|
|
|
|
Initial allowance on
loans purchased with credit deterioration
|
-
|
|
-
|
|
-
|
|
4,226
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Provision:
|
|
|
|
|
|
|
|
|
|
Initial
provision for loans acquired during the quarter
|
-
|
|
-
|
|
-
|
|
1,000
|
|
-
|
Provision for credit losses related to loans and leases
|
5,000
|
|
15,000
|
|
20,000
|
|
45,000
|
|
-
|
Total provision
|
5,000
|
|
15,000
|
|
20,000
|
|
46,000
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Balance, end of
period
|
$
244,422
|
|
$
250,624
|
|
$
237,025
|
|
$
218,199
|
|
$
119,066
|
|
|
|
|
|
|
|
|
|
|
Average loans for
period
|
$
15,219,402
|
|
$
15,369,684
|
|
$
15,114,732
|
|
$
14,226,788
|
|
$
14,061,118
|
|
|
|
|
|
|
|
|
|
|
Ratio:
|
|
|
|
|
|
|
|
|
|
Net
charge-offs(recoveries) to average loans (annualized)
|
0.29%
|
|
0.04%
|
|
0.03%
|
|
0.39%
|
|
(0.06%)
|
BancorpSouth
Bank
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
Dec-20
|
|
Sep-20
|
|
Jun-20
|
|
Mar-20
|
|
Dec-19
|
BXS ORIGINATED LOANS
AND LEASES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases
charged off:
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial-non real estate
|
|
$
(1,991)
|
|
$
(490)
|
|
$
(420)
|
|
$
(230)
|
|
$
(844)
|
Commercial and industrial-owner occupied
|
|
(303)
|
|
(434)
|
|
(13)
|
|
(19)
|
|
(184)
|
Total commercial and
industrial
|
|
(2,294)
|
|
(924)
|
|
(433)
|
|
(249)
|
|
(1,028)
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
|
Agricultural
|
|
(124)
|
|
-
|
|
-
|
|
(65)
|
|
(6)
|
Construction, acquisition and development
|
|
(1,709)
|
|
-
|
|
-
|
|
(121)
|
|
(26)
|
Commercial real estate
|
|
(1,704)
|
|
(155)
|
|
-
|
|
(67)
|
|
-
|
Total real estate
|
|
(3,537)
|
|
(155)
|
|
-
|
|
(253)
|
|
(32)
|
Consumer
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
|
(537)
|
|
(70)
|
|
(113)
|
|
(357)
|
|
(648)
|
Home
equity
|
|
(395)
|
|
(41)
|
|
(162)
|
|
(236)
|
|
(173)
|
Credit
cards
|
|
(458)
|
|
(682)
|
|
(703)
|
|
(798)
|
|
(797)
|
Total consumer
|
|
(1,390)
|
|
(793)
|
|
(978)
|
|
(1,391)
|
|
(1,618)
|
All other
|
|
(698)
|
|
(459)
|
|
(288)
|
|
(704)
|
|
(782)
|
Total loans charged
off
|
|
(7,919)
|
|
(2,331)
|
|
(1,699)
|
|
(2,597)
|
|
(3,460)
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial-non real estate
|
|
645
|
|
231
|
|
210
|
|
325
|
|
277
|
Commercial and industrial-owner occupied
|
|
27
|
|
163
|
|
136
|
|
1,177
|
|
30
|
Total commercial and
industrial
|
|
672
|
|
394
|
|
346
|
|
1,502
|
|
307
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
|
Agricultural
|
|
23
|
|
3
|
|
5
|
|
4
|
|
4
|
Construction, acquisition and development
|
|
73
|
|
55
|
|
170
|
|
244
|
|
583
|
Commercial real estate
|
|
45
|
|
208
|
|
50
|
|
135
|
|
4,212
|
Total real estate
|
|
141
|
|
266
|
|
225
|
|
383
|
|
4,799
|
Consumer
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
|
221
|
|
350
|
|
343
|
|
395
|
|
405
|
Home
equity
|
|
149
|
|
130
|
|
258
|
|
79
|
|
215
|
Credit
cards
|
|
211
|
|
270
|
|
195
|
|
285
|
|
218
|
Total consumer
|
|
581
|
|
750
|
|
796
|
|
759
|
|
838
|
All other
|
|
249
|
|
235
|
|
275
|
|
316
|
|
245
|
Total recoveries
|
|
1,643
|
|
1,645
|
|
1,642
|
|
2,960
|
|
6,189
|
|
|
|
|
|
|
|
|
|
|
|
Net
(charge-offs)/recoveries
|
|
$
(6,276)
|
|
$
(686)
|
|
$
(57)
|
|
$
363
|
|
$
2,729
|
BancorpSouth
Bank
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Dec-20
|
|
Sep-20
|
|
Jun-20
|
|
Mar-20
|
|
Dec-19
|
ACQUIRED LOANS AND
LEASES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases
charged off:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
Commercial and industrial-non real estate
|
$
(2,352)
|
|
$
(70)
|
|
$
(1,086)
|
|
$
(10,562)
|
|
$
(429)
|
Commercial and industrial-owner occupied
|
(865)
|
|
(7)
|
|
-
|
|
(165)
|
|
(8)
|
Total commercial and
industrial
|
(3,217)
|
|
(77)
|
|
(1,086)
|
|
(10,727)
|
|
(437)
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
Agricultural
|
(31)
|
|
-
|
|
(21)
|
|
-
|
|
(5)
|
Construction, acquisition and development
|
(64)
|
|
-
|
|
(9)
|
|
(3,052)
|
|
-
|
Commercial real estate
|
(1,430)
|
|
(583)
|
|
-
|
|
-
|
|
-
|
Total real estate
|
(1,525)
|
|
(583)
|
|
(30)
|
|
(3,052)
|
|
(5)
|
Consumer
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
(194)
|
|
(11)
|
|
(11)
|
|
(167)
|
|
(39)
|
Home
equity
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Credit
cards
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Total consumer
|
(194)
|
|
(11)
|
|
(11)
|
|
(167)
|
|
(39)
|
All other
|
(177)
|
|
(140)
|
|
(108)
|
|
(210)
|
|
(183)
|
Total loans charged
off
|
(5,113)
|
|
(811)
|
|
(1,235)
|
|
(14,156)
|
|
(664)
|
|
|
|
|
|
|
|
|
|
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
Commercial and industrial-non real estate
|
134
|
|
63
|
|
67
|
|
30
|
|
76
|
Commercial and industrial-owner occupied
|
10
|
|
-
|
|
-
|
|
2
|
|
-
|
Total commercial and
industrial
|
144
|
|
63
|
|
67
|
|
32
|
|
76
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
Agricultural
|
1
|
|
-
|
|
1
|
|
2
|
|
-
|
Construction, acquisition and development
|
-
|
|
-
|
|
2
|
|
1
|
|
1
|
Commercial real estate
|
-
|
|
1
|
|
-
|
|
-
|
|
-
|
Total real estate
|
1
|
|
1
|
|
3
|
|
3
|
|
1
|
Consumer
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
9
|
|
2
|
|
2
|
|
2
|
|
2
|
Home
equity
|
2
|
|
2
|
|
1
|
|
1
|
|
1
|
Credit
cards
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Total consumer
|
11
|
|
4
|
|
3
|
|
3
|
|
3
|
All other
|
31
|
|
28
|
|
45
|
|
28
|
|
13
|
Total recoveries
|
187
|
|
96
|
|
118
|
|
66
|
|
93
|
|
|
|
|
|
|
|
|
|
|
Net
(charge-offs)/recoveries
|
$
(4,926)
|
|
$
(715)
|
|
$
(1,117)
|
|
$
(14,090)
|
|
$
(571)
|
BancorpSouth
Bank
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Dec-20
|
|
Sep-20
|
|
Jun-20
|
|
Mar-20
|
|
Dec-19
|
NON-PERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES:
|
|
|
|
|
|
|
|
|
|
Nonaccrual
Loans and Leases
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial-non real estate
|
$
12,768
|
|
$
17,936
|
|
$
16,124
|
|
$
16,589
|
|
$
11,105
|
Commercial and
industrial-owner occupied
|
15,783
|
|
18,343
|
|
16,745
|
|
11,212
|
|
7,838
|
Total commercial and industrial
|
28,551
|
|
36,279
|
|
32,869
|
|
27,801
|
|
18,943
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
Agricultural
|
5,013
|
|
5,907
|
|
5,244
|
|
5,454
|
|
4,772
|
Construction,
acquisition and development
|
9,738
|
|
10,434
|
|
9,715
|
|
13,899
|
|
6,225
|
Commercial real
estate
|
16,249
|
|
32,554
|
|
45,047
|
|
29,697
|
|
16,199
|
Total commercial real estate
|
31,000
|
|
48,895
|
|
60,006
|
|
49,050
|
|
27,196
|
Consumer
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
32,951
|
|
32,872
|
|
30,672
|
|
29,834
|
|
28,879
|
Home
equity
|
2,657
|
|
3,325
|
|
2,584
|
|
2,597
|
|
2,993
|
Credit
cards
|
173
|
|
144
|
|
90
|
|
122
|
|
63
|
Total consumer
|
35,781
|
|
36,341
|
|
33,346
|
|
32,553
|
|
31,935
|
All other
|
1,046
|
|
593
|
|
532
|
|
670
|
|
722
|
Total nonaccrual loans and leases
|
$
96,378
|
|
$
122,108
|
|
$
126,753
|
|
$
110,074
|
|
$
78,796
|
|
|
|
|
|
|
|
|
|
|
Loans and
Leases 90+ Days Past Due, Still Accruing:
|
14,320
|
|
17,641
|
|
9,877
|
|
7,272
|
|
17,531
|
Restructured
Loans and Leases, Still Accruing
|
10,475
|
|
11,154
|
|
11,575
|
|
11,284
|
|
15,184
|
Total non-performing loans
and leases
|
$
121,173
|
|
$
150,903
|
|
$
148,205
|
|
$
128,630
|
|
$
111,511
|
|
|
|
|
|
|
|
|
|
|
OTHER REAL ESTATE
OWNED:
|
11,395
|
|
6,397
|
|
7,164
|
|
9,200
|
|
6,746
|
|
|
|
|
|
|
|
|
|
|
Total Non-performing
Assets
|
$
132,568
|
|
$
157,300
|
|
$
155,369
|
|
$
137,830
|
|
$
118,257
|
|
|
|
|
|
|
|
|
|
|
BXS originated
assets
|
$
97,025
|
|
$
109,418
|
|
$
94,155
|
|
$
85,908
|
|
$
78,295
|
Acquired
assets
|
35,543
|
|
47,882
|
|
61,214
|
|
51,922
|
|
39,962
|
Total Non-performing
Assets
|
$
132,568
|
|
$
157,300
|
|
$
155,369
|
|
$
137,830
|
|
$
118,257
|
|
|
|
|
|
|
|
|
|
|
Additions to
Nonaccrual Loans and Leases During the Quarter
|
$
11,087
|
|
$
19,973
|
|
$
36,619
|
|
$
47,523
|
|
$
25,147
|
|
|
|
|
|
|
|
|
|
|
Loans and Leases
30-89 Days Past Due, Still Accruing:
|
|
|
|
|
|
|
|
|
|
BXS originated loans
|
$
40,424
|
|
$
42,978
|
|
$
35,002
|
|
$
54,315
|
|
$
44,559
|
Acquired loans
|
6,048
|
|
5,694
|
|
10,450
|
|
14,405
|
|
23,054
|
Total Loans and Leases 30-89 days past due, still
accruing
|
$
46,472
|
|
$
48,672
|
|
$
45,452
|
|
$
68,720
|
|
$
67,613
|
BancorpSouth
Bank
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2020
|
|
|
|
|
|
|
|
Purchased
|
|
|
|
|
Special
|
|
|
|
|
Credit
|
|
|
|
Pass
|
Mention
|
Substandard
|
Doubtful
|
Loss
|
Impaired
|
Deteriorated
(Loss)
|
|
Total
|
LOAN PORTFOLIO BY
INTERNALLY ASSIGNED GRADE:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
Commercial and industrial-non real estate
|
$
2,616,471
|
$
7,202
|
$
39,040
|
$
172
|
$
-
|
$
1,949
|
$
8,595
|
|
$
2,673,429
|
Commercial and industrial-owner occupied
|
2,208,214
|
-
|
58,683
|
-
|
-
|
11,579
|
2,651
|
|
2,281,127
|
Total commercial and
industrial
|
4,824,685
|
7,202
|
97,723
|
172
|
-
|
13,528
|
11,246
|
|
4,954,556
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
Agricultural
|
310,766
|
-
|
4,526
|
-
|
-
|
777
|
1,925
|
|
317,994
|
Construction, acquisition and development
|
1,686,907
|
1,534
|
32,363
|
-
|
-
|
2,054
|
5,824
|
|
1,728,682
|
Commercial real estate
|
3,062,894
|
-
|
134,054
|
-
|
-
|
10,780
|
3,706
|
|
3,211,434
|
Total commercial real
estate
|
5,060,567
|
1,534
|
170,943
|
-
|
-
|
13,611
|
11,455
|
|
5,258,110
|
Consumer
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
3,645,357
|
-
|
78,287
|
-
|
-
|
2,406
|
191
|
|
3,726,241
|
Home
equity
|
624,581
|
-
|
5,516
|
-
|
-
|
-
|
-
|
|
630,097
|
Credit
cards
|
89,077
|
-
|
-
|
-
|
-
|
-
|
-
|
|
89,077
|
Total consumer
|
4,359,015
|
-
|
83,803
|
-
|
-
|
2,406
|
191
|
|
4,445,415
|
All other
|
357,812
|
-
|
6,519
|
-
|
-
|
-
|
67
|
|
364,398
|
Total loans
|
$
14,602,079
|
$
8,736
|
$
358,988
|
$
172
|
$
-
|
$
29,545
|
$
22,959
|
|
$
15,022,479
|
|
|
|
|
|
|
|
|
|
|
BXS originated
loans
|
$
13,459,529
|
$
8,736
|
$
259,682
|
$
172
|
$
-
|
$
17,520
|
$
-
|
|
$
13,745,639
|
Acquired
loans*
|
1,142,550
|
-
|
99,306
|
-
|
-
|
12,025
|
22,959
|
|
1,276,840
|
Total Loans
|
$
14,602,079
|
$
8,736
|
$
358,988
|
$
172
|
$
-
|
$
29,545
|
$
22,959
|
|
$
15,022,479
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2020
|
|
|
|
|
|
|
|
Purchased
|
|
|
|
|
Special
|
|
|
|
|
Credit
|
|
|
|
Pass
|
Mention
|
Substandard
|
Doubtful
|
Loss
|
Impaired
|
Deteriorated
(Loss)
|
|
Total
|
LOAN PORTFOLIO BY
INTERNALLY ASSIGNED GRADE:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
Commercial and industrial-non real estate
|
$
2,875,468
|
$
-
|
$
47,526
|
$
178
|
$
-
|
$
3,664
|
$
10,772
|
|
$
2,937,608
|
Commercial and industrial-owner occupied
|
2,224,302
|
-
|
56,919
|
-
|
-
|
12,116
|
3,671
|
|
2,297,008
|
Total commercial and
industrial
|
5,099,770
|
-
|
104,445
|
178
|
-
|
15,780
|
14,443
|
|
5,234,616
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
Agricultural
|
324,010
|
-
|
7,109
|
-
|
-
|
725
|
1,995
|
|
333,839
|
Construction, acquisition and development
|
1,656,961
|
-
|
34,197
|
-
|
-
|
2,961
|
5,911
|
|
1,700,030
|
Commercial real estate
|
3,070,472
|
-
|
127,835
|
-
|
-
|
27,493
|
4,159
|
|
3,229,959
|
Total commercial real
estate
|
5,051,443
|
-
|
169,141
|
-
|
-
|
31,179
|
12,065
|
|
5,263,828
|
Consumer
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
3,615,071
|
-
|
85,827
|
-
|
-
|
2,859
|
733
|
|
3,704,490
|
Home
equity
|
651,525
|
-
|
7,183
|
-
|
-
|
-
|
-
|
|
658,708
|
Credit
cards
|
85,760
|
-
|
-
|
-
|
-
|
-
|
-
|
|
85,760
|
Total consumer
|
4,352,356
|
-
|
93,010
|
-
|
-
|
2,859
|
733
|
|
4,448,958
|
All other
|
374,374
|
-
|
5,887
|
-
|
-
|
-
|
72
|
|
380,333
|
Total loans
|
$
14,877,943
|
$
-
|
$
372,483
|
$
178
|
$
-
|
$
49,818
|
$
27,313
|
|
$
15,327,735
|
|
|
|
|
|
|
|
|
|
|
BXS originated
loans
|
$
13,592,460
|
$
-
|
$
252,875
|
$
178
|
$
-
|
$
30,909
|
$
-
|
|
$
13,876,422
|
Acquired
loans*
|
1,285,483
|
-
|
119,608
|
-
|
-
|
18,909
|
27,313
|
|
1,451,313
|
Total Loans
|
$
14,877,943
|
$
-
|
$
372,483
|
$
178
|
$
-
|
$
49,818
|
$
27,313
|
|
$
15,327,735
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Includes certain
loans that are no longer included in the "Net book value of
acquired loans" on page 12 as a result of maturity, refinance, or
other triggering event.
|
|
|
|
BancorpSouth
Bank
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Dec-20
|
|
Sep-20
|
|
Jun-20
|
|
Mar-20
|
|
Dec-19
|
LOAN PORTFOLIO BY
INTERNALLY ASSIGNED GRADE:
|
|
|
|
|
|
|
|
|
|
Pass
|
$
14,602,079
|
|
$
14,877,943
|
|
$
14,985,673
|
|
$
13,821,602
|
|
$
13,738,979
|
Special
Mention
|
8,736
|
|
-
|
|
4,264
|
|
7,129
|
|
2,240
|
Substandard
|
358,988
|
|
372,483
|
|
350,264
|
|
323,697
|
|
298,491
|
Doubtful
|
172
|
|
178
|
|
179
|
|
191
|
|
194
|
Loss
|
-
|
|
-
|
|
-
|
|
667
|
|
-
|
Impaired
|
29,545
|
|
49,818
|
|
57,406
|
|
40,627
|
|
24,094
|
Purchased Credit
Deteriorated (Loss)
|
22,959
|
|
27,313
|
|
29,635
|
|
30,732
|
|
-
|
Purchased Credit
Impaired
|
-
|
|
-
|
|
-
|
|
-
|
|
25,685
|
Total
|
$
15,022,479
|
|
$
15,327,735
|
|
$
15,427,421
|
|
$
14,224,645
|
|
$
14,089,683
|
|
|
|
|
|
|
|
|
|
|
BXS ORIGINATED LOAN
PORTFOLIO BY INTERNALLY
|
|
|
|
|
|
|
|
|
|
ASSIGNED
GRADE:
|
|
|
|
|
|
|
|
|
|
Pass
|
$
13,459,529
|
|
$
13,592,460
|
|
$
13,516,292
|
|
$
12,150,616
|
|
$
12,080,336
|
Special
Mention
|
8,736
|
|
-
|
|
2,741
|
|
2,045
|
|
-
|
Substandard
|
259,682
|
|
252,875
|
|
231,687
|
|
225,506
|
|
202,017
|
Doubtful
|
172
|
|
178
|
|
179
|
|
191
|
|
194
|
Loss
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Impaired
|
17,520
|
|
30,909
|
|
28,288
|
|
22,356
|
|
17,110
|
Purchased Credit
Deteriorated (Loss)
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Purchased Credit
Impaired
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Total
|
$
13,745,639
|
|
$
13,876,422
|
|
$
13,779,187
|
|
$
12,400,714
|
|
$
12,299,657
|
|
|
|
|
|
|
|
|
|
|
ACQUIRED LOAN
PORTFOLIO BY INTERNALLY
|
|
|
|
|
|
|
|
|
|
ASSIGNED
GRADE:
|
|
|
|
|
|
|
|
|
|
Pass
|
$
1,142,550
|
|
$
1,285,483
|
|
$
1,469,381
|
|
$
1,670,986
|
|
$
1,658,643
|
Special
Mention
|
-
|
|
-
|
|
1,523
|
|
5,084
|
|
2,240
|
Substandard
|
99,306
|
|
119,608
|
|
118,577
|
|
98,191
|
|
96,474
|
Doubtful
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Loss
|
-
|
|
-
|
|
-
|
|
667
|
|
-
|
Impaired
|
12,025
|
|
18,909
|
|
29,118
|
|
18,271
|
|
6,984
|
Purchased Credit
Deteriorated (Loss)
|
22,959
|
|
27,313
|
|
29,635
|
|
30,732
|
|
-
|
Purchased Credit
Impaired
|
-
|
|
-
|
|
-
|
|
-
|
|
25,685
|
Total
|
$
1,276,840
|
|
$
1,451,313
|
|
$
1,648,234
|
|
$
1,823,931
|
|
$
1,790,026
|
BancorpSouth
Bank
|
Geographical
Information
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2020
|
|
Alabama
|
|
|
|
|
|
|
|
|
|
and
Florida
|
|
|
|
|
|
|
|
|
|
Panhandle
|
Arkansas
|
Louisiana
|
Mississippi
|
Missouri
|
Tennessee
|
Texas
|
Other
|
Total
|
LOAN AND LEASE
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
Commercial and industrial-non real estate
|
$
235,705
|
$
203,719
|
$
315,937
|
$
685,643
|
$
78,660
|
$
156,025
|
$
993,617
|
$
4,123
|
$
2,673,429
|
Commercial and industrial-owner occupied
|
266,149
|
184,830
|
230,662
|
615,647
|
64,430
|
123,899
|
785,629
|
9,881
|
2,281,127
|
Total commercial and
industrial
|
501,854
|
388,549
|
546,599
|
1,301,290
|
143,090
|
279,924
|
1,779,246
|
14,004
|
4,954,556
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
Agricultural
|
26,568
|
67,754
|
18,735
|
69,091
|
6,818
|
10,552
|
117,374
|
1,102
|
317,994
|
Construction, acquisition and development
|
176,272
|
56,042
|
79,577
|
333,078
|
20,293
|
87,469
|
975,951
|
-
|
1,728,682
|
Commercial real estate
|
332,075
|
336,629
|
260,110
|
664,930
|
221,773
|
221,706
|
1,171,593
|
2,618
|
3,211,434
|
Total commercial real
estate
|
534,915
|
460,425
|
358,422
|
1,067,099
|
248,884
|
319,727
|
2,264,918
|
3,720
|
5,258,110
|
Consumer
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
598,700
|
325,951
|
342,591
|
820,025
|
111,956
|
326,826
|
1,148,809
|
51,383
|
3,726,241
|
Home
equity
|
94,774
|
46,559
|
77,749
|
218,451
|
16,314
|
133,636
|
42,268
|
346
|
630,097
|
Credit
cards
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
89,077
|
89,077
|
Total consumer
|
693,474
|
372,510
|
420,340
|
1,038,476
|
128,270
|
460,462
|
1,191,077
|
140,806
|
4,445,415
|
All other
|
56,584
|
39,079
|
37,097
|
114,565
|
3,054
|
24,281
|
80,821
|
8,917
|
364,398
|
Total loans
|
$
1,786,827
|
$
1,260,563
|
$
1,362,458
|
$
3,521,430
|
$
523,298
|
$
1,084,394
|
$
5,316,062
|
$
167,447
|
$
15,022,479
|
|
|
|
|
|
|
|
|
|
|
Loan growth,
excluding loans acquired during
|
|
|
|
|
|
|
|
|
|
the quarter (annualized)
|
(8.03%)
|
(14.12%)
|
(27.10%)
|
(8.00%)
|
(6.33%)
|
(26.19%)
|
2.81%
|
(6.11%)
|
(7.92%)
|
Loan growth,
excluding PPP loans (annualized)
|
0.96%
|
(7.80%)
|
(21.61%)
|
(2.52%)
|
(3.49%)
|
(17.32%)
|
8.16%
|
4.28%
|
(1.78%)
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
Commercial and industrial-non real estate
|
$
233
|
$
1,050
|
$
1,774
|
$
1,113
|
$
1,408
|
$
530
|
$
7,202
|
$
283
|
$
13,593
|
Commercial and industrial-owner occupied
|
1,211
|
1,630
|
497
|
3,196
|
166
|
280
|
13,938
|
-
|
20,918
|
Total commercial and
industrial
|
1,444
|
2,680
|
2,271
|
4,309
|
1,574
|
810
|
21,140
|
283
|
34,511
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
Agricultural
|
312
|
409
|
44
|
988
|
-
|
-
|
3,264
|
-
|
5,017
|
Construction, acquisition and development
|
102
|
133
|
1,692
|
932
|
-
|
215
|
6,949
|
-
|
10,023
|
Commercial real estate
|
3,027
|
204
|
4,488
|
1,054
|
-
|
94
|
8,282
|
-
|
17,149
|
Total commercial real
estate
|
3,441
|
746
|
6,224
|
2,974
|
-
|
309
|
18,495
|
-
|
32,189
|
Consumer
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
9,401
|
3,621
|
4,345
|
13,420
|
1,807
|
2,646
|
12,738
|
1,323
|
49,301
|
Home
equity
|
331
|
115
|
306
|
859
|
103
|
1,038
|
399
|
-
|
3,151
|
Credit
cards
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
918
|
918
|
Total consumer
|
9,732
|
3,736
|
4,651
|
14,279
|
1,910
|
3,684
|
13,137
|
2,241
|
53,370
|
All other
|
191
|
2
|
97
|
116
|
-
|
14
|
678
|
5
|
1,103
|
Total loans
|
$
14,808
|
$
7,164
|
$
13,243
|
$
21,678
|
$
3,484
|
$
4,817
|
$
53,450
|
$
2,529
|
$
121,173
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES
|
|
|
|
|
|
|
|
|
|
AS A
PERCENTAGE OF OUTSTANDING:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
Commercial and industrial-non real estate
|
0.10%
|
0.52%
|
0.56%
|
0.16%
|
1.79%
|
0.34%
|
0.72%
|
6.86%
|
0.51%
|
Commercial and industrial-owner occupied
|
0.46%
|
0.88%
|
0.22%
|
0.52%
|
0.26%
|
0.23%
|
1.77%
|
0.00%
|
0.92%
|
Total commercial and
industrial
|
0.29%
|
0.69%
|
0.42%
|
0.33%
|
1.10%
|
0.29%
|
1.19%
|
2.02%
|
0.70%
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
Agricultural
|
1.17%
|
0.60%
|
0.23%
|
1.43%
|
0.00%
|
0.00%
|
2.78%
|
0.00%
|
1.58%
|
Construction, acquisition and development
|
0.06%
|
0.24%
|
2.13%
|
0.28%
|
0.00%
|
0.25%
|
0.71%
|
N/A
|
0.58%
|
Commercial real estate
|
0.91%
|
0.06%
|
1.73%
|
0.16%
|
0.00%
|
0.04%
|
0.71%
|
0.00%
|
0.53%
|
Total commercial real
estate
|
0.64%
|
0.16%
|
1.74%
|
0.28%
|
0.00%
|
0.10%
|
0.82%
|
0.00%
|
0.61%
|
Consumer
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
1.57%
|
1.11%
|
1.27%
|
1.64%
|
1.61%
|
0.81%
|
1.11%
|
2.57%
|
1.32%
|
Home
equity
|
0.35%
|
0.25%
|
0.39%
|
0.39%
|
0.63%
|
0.78%
|
0.94%
|
0.00%
|
0.50%
|
Credit
cards
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
1.03%
|
1.03%
|
Total consumer
|
1.40%
|
1.00%
|
1.11%
|
1.37%
|
1.49%
|
0.80%
|
1.10%
|
1.59%
|
1.20%
|
All other
|
0.34%
|
0.01%
|
0.26%
|
0.10%
|
0.00%
|
0.06%
|
0.84%
|
0.06%
|
0.30%
|
Total loans
|
0.83%
|
0.57%
|
0.97%
|
0.62%
|
0.67%
|
0.44%
|
1.01%
|
1.51%
|
0.81%
|
BancorpSouth
Bank
|
Noninterest
Revenue and Expense
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Year Ended
|
|
Dec-20
|
|
Sep-20
|
|
Jun-20
|
|
Mar-20
|
|
Dec-19
|
|
Dec-20
|
|
Dec-19
|
NONINTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking
excl. MSR and MSR Hedge market value adj
|
$
19,917
|
|
$
26,667
|
|
$
31,930
|
|
$
20,553
|
|
$
6,938
|
|
$
99,067
|
|
$
34,297
|
MSR and MSR Hedge
market value adjustment
|
212
|
|
430
|
|
(2,373)
|
|
(11,083)
|
|
3,164
|
|
(12,814)
|
|
(14,515)
|
Credit card, debit
card and merchant fees
|
10,053
|
|
9,938
|
|
9,080
|
|
9,176
|
|
9,836
|
|
38,247
|
|
38,656
|
Deposit service
charges
|
9,708
|
|
8,892
|
|
7,647
|
|
11,682
|
|
12,193
|
|
37,929
|
|
46,015
|
Securities gains
(losses), net
|
63
|
|
18
|
|
62
|
|
(85)
|
|
(41)
|
|
58
|
|
174
|
Insurance
commissions
|
29,815
|
|
32,750
|
|
33,118
|
|
29,603
|
|
27,648
|
|
125,286
|
|
123,291
|
Trust
income
|
4,046
|
|
3,902
|
|
4,064
|
|
4,013
|
|
3,951
|
|
16,025
|
|
16,042
|
Annuity
fees
|
53
|
|
53
|
|
54
|
|
55
|
|
136
|
|
215
|
|
830
|
Brokerage commissions
and fees
|
2,652
|
|
2,516
|
|
2,303
|
|
2,502
|
|
2,530
|
|
9,973
|
|
7,937
|
Bank-owned life
insurance
|
2,425
|
|
1,902
|
|
1,855
|
|
1,999
|
|
3,427
|
|
8,181
|
|
9,632
|
Other miscellaneous
income
|
(118)
|
|
2,856
|
|
3,518
|
|
8,081
|
|
4,915
|
|
14,337
|
|
18,322
|
Total noninterest
revenue
|
$
78,826
|
|
$
89,924
|
|
$
91,258
|
|
$
76,496
|
|
$
74,697
|
|
$ 336,504
|
|
$ 280,681
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
$
97,215
|
|
$
104,219
|
|
$
108,103
|
|
$
108,272
|
|
$
97,137
|
|
$ 417,809
|
|
$ 396,500
|
Occupancy, net of
rental income
|
13,004
|
|
13,053
|
|
12,890
|
|
12,708
|
|
12,267
|
|
51,655
|
|
48,129
|
Equipment
|
4,756
|
|
4,519
|
|
4,762
|
|
4,649
|
|
4,725
|
|
18,686
|
|
17,712
|
Deposit insurance
assessments
|
1,696
|
|
1,522
|
|
1,962
|
|
1,546
|
|
2,200
|
|
6,726
|
|
9,143
|
Pension settlement
expense
|
5,846
|
|
-
|
|
-
|
|
-
|
|
-
|
|
5,846
|
|
-
|
Advertising
|
899
|
|
826
|
|
918
|
|
1,099
|
|
1,153
|
|
3,742
|
|
4,909
|
Foreclosed property
expense
|
2,122
|
|
(278)
|
|
1,306
|
|
924
|
|
855
|
|
4,074
|
|
2,868
|
Telecommunications
|
1,448
|
|
1,462
|
|
1,512
|
|
1,461
|
|
1,504
|
|
5,883
|
|
5,663
|
Public
relations
|
897
|
|
1,130
|
|
459
|
|
680
|
|
880
|
|
3,166
|
|
3,648
|
Data
processing
|
9,980
|
|
9,477
|
|
9,693
|
|
9,646
|
|
10,041
|
|
38,796
|
|
35,517
|
Computer
software
|
5,301
|
|
4,779
|
|
4,979
|
|
4,315
|
|
4,478
|
|
19,374
|
|
15,837
|
Amortization of
intangibles
|
2,499
|
|
2,357
|
|
2,355
|
|
2,394
|
|
2,508
|
|
9,605
|
|
9,118
|
Legal
|
1,474
|
|
(316)
|
|
1,375
|
|
898
|
|
854
|
|
3,431
|
|
3,555
|
Merger
expense
|
212
|
|
129
|
|
510
|
|
4,494
|
|
5,782
|
|
5,345
|
|
13,871
|
Postage and
shipping
|
1,418
|
|
1,199
|
|
1,198
|
|
1,441
|
|
1,353
|
|
5,256
|
|
5,263
|
Other miscellaneous
expense
|
19,144
|
|
11,427
|
|
10,482
|
|
13,479
|
|
16,614
|
|
54,532
|
|
57,874
|
Total noninterest
expense
|
$
167,911
|
|
$
155,505
|
|
$
162,504
|
|
$
168,006
|
|
$
162,351
|
|
$ 653,926
|
|
$ 629,607
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INSURANCE
COMMISSIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and casualty
commissions
|
$
21,304
|
|
$
24,060
|
|
$
23,644
|
|
$
21,246
|
|
$
19,994
|
|
$
90,254
|
|
$
87,304
|
Life and health
commissions
|
5,915
|
|
6,072
|
|
6,771
|
|
6,175
|
|
5,979
|
|
24,933
|
|
25,432
|
Risk management
income
|
829
|
|
609
|
|
540
|
|
532
|
|
667
|
|
2,510
|
|
2,440
|
Other
|
1,767
|
|
2,009
|
|
2,163
|
|
1,650
|
|
1,008
|
|
7,589
|
|
8,115
|
Total insurance
commissions
|
$
29,815
|
|
$
32,750
|
|
$
33,118
|
|
$
29,603
|
|
$
27,648
|
|
$ 125,286
|
|
$ 123,291
|
BancorpSouth
Bank
|
Selected
Additional Information
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Dec-20
|
Sep-20
|
Jun-20
|
Mar-20
|
Dec-19
|
MORTGAGE SERVICING
RIGHTS:
|
|
|
|
|
|
Fair value, beginning
of period
|
$
44,944
|
$
40,821
|
$
42,243
|
$
57,109
|
$
51,492
|
Additions to mortgage
servicing rights:
|
|
|
|
|
|
Originations of servicing assets
|
6,608
|
7,041
|
4,297
|
3,079
|
4,025
|
Changes in fair
value:
|
|
|
|
|
|
Due to
payoffs/paydowns
|
(3,898)
|
(3,198)
|
(3,144)
|
(2,506)
|
(2,323)
|
Due to
change in valuation inputs or
|
|
|
|
|
|
assumptions used in the
valuation model
|
(83)
|
280
|
(2,575)
|
(15,438)
|
3,915
|
Other
changes in fair value
|
-
|
-
|
-
|
(1)
|
-
|
Fair value, end of
period
|
$
47,571
|
$
44,944
|
$
40,821
|
$
42,243
|
$
57,109
|
|
|
|
|
|
|
MORTGAGE BANKING
REVENUE:
|
|
|
|
|
|
Production
revenue:
|
|
|
|
|
|
Origination
|
$
18,561
|
$
23,632
|
$
30,194
|
$
17,906
|
$
4,326
|
Servicing
|
5,254
|
6,233
|
4,880
|
5,153
|
4,935
|
Payoffs/Paydowns
|
(3,898)
|
(3,198)
|
(3,144)
|
(2,506)
|
(2,323)
|
Total production
revenue
|
19,917
|
26,667
|
31,930
|
20,553
|
6,938
|
Market value
adjustment on MSR
|
(83)
|
280
|
(2,575)
|
(15,438)
|
3,915
|
Market value
adjustment on MSR Hedge
|
295
|
150
|
202
|
4,355
|
(751)
|
Total mortgage
banking revenue
|
$
20,129
|
$
27,097
|
$
29,557
|
$
9,470
|
$
10,102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans
serviced
|
$
7,330,293
|
$
7,218,090
|
$
7,000,425
|
$
6,999,383
|
$
6,898,195
|
MSR/mtg loans
serviced
|
0.65%
|
0.62%
|
0.58%
|
0.60%
|
0.83%
|
|
|
|
|
|
|
AVAILABLE-FOR-SALE
SECURITIES, at fair value
|
|
|
|
|
|
U.S. Government
agencies
|
2,871,408
|
$
3,116,458
|
$
3,348,206
|
$
3,532,905
|
$
3,599,317
|
U.S. Government
agency issued residential
|
|
|
|
|
|
mortgage-back securities
|
2,421,409
|
1,625,325
|
699,864
|
132,902
|
133,375
|
U.S. Government
agency issued commercial
|
|
|
|
|
|
mortgage-back securities
|
806,206
|
758,116
|
759,980
|
595,885
|
609,009
|
Obligations of states
and political subdivisions
|
113,953
|
141,896
|
163,121
|
206,648
|
140,273
|
Corporate
bonds
|
18,030
|
17,990
|
2,000
|
-
|
-
|
Total
available-for-sale securities
|
$
6,231,006
|
$
5,659,785
|
$
4,973,171
|
$
4,468,340
|
$
4,481,974
|
BancorpSouth
Bank
|
Reconciliation of
Non-GAAP Measures and Other Non-GAAP Ratio
Definitions
|
(Dollars in
thousands, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management evaluates
the Company's capital position and operating performance by
utilizing certain financial measures not calculated in accordance
with U.S. Generally Accepted Accounting Principles (GAAP),
including net operating income, net operating income available to
common shareholders, net operating income-excluding MSR, net
operating income available to common shareholders-excluding MSR,
pre-tax pre-provision net revenue, total operating expense,
tangible shareholders' equity to tangible assets, tangible
shareholders' equity to tangible assets-excluding PPP loans,
tangible common shareholders' equity to tangible assets, tangible
common shareholders' equity to tangible assets-excluding PPP loans,
return on tangible equity, return on tangible common equity,
operating return on tangible equity-excluding MSR, operating return
on tangible common equity-excluding MSR, operating return on
average assets-excluding MSR, operating return on average
shareholders' equity-excluding MSR, operating return on average
common shareholders' equity-excluding MSR, pre-tax pre-provision
net revenue to total average assets, tangible book value per common
share, operating earnings per common share, operating earnings per
common share-excluding MSR, efficiency ratio (tax equivalent) and
operating efficiency ratio-excluding MSR (tax equivalent).
The Company has included these non-GAAP financial measures in this
news release for the applicable periods presented. Management
believes that the presentation of these non-GAAP financial measures
(i) provides important supplemental information that contributes to
a proper understanding of the Company's capital position and
operating performance, (ii) enables a more complete understanding
of factors and trends affecting the Company's business and (iii)
allows investors to evaluate the Company's performance in a manner
similar to management, the financial services industry, bank stock
analysts and bank regulators. Reconciliations of these
non-GAAP financial measures to the most directly comparable GAAP
financial measures are presented in the tables below. These
non-GAAP financial measures should not be considered as substitutes
for GAAP financial measures, and the Company strongly encourages
investors to review the GAAP financial measures included in this
news release and not to place undue reliance upon any single
financial measure. In addition, because non-GAAP financial
measures are not standardized, it may not be possible to compare
the non-GAAP financial measures presented in this news release with
other companies' non-GAAP financial measures having the same or
similar names.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net
Operating Income, Net Operating Income Available to Common
Shareholders, Net Operating Income-Excluding MSR, and Net Operating
Income Available to Common Shareholders-excluding MSR to Net
Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
ended
|
|
Year Ended
|
|
|
|
12/31/2020
|
|
9/30/2020
|
|
6/30/2020
|
|
3/31/2020
|
|
12/31/2019
|
|
12/31/2020
|
|
12/31/2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
68,805
|
|
$
73,825
|
|
$
61,160
|
|
$
24,261
|
|
$
65,849
|
|
$
228,051
|
|
$
234,261
|
Plus:
|
Merger expense, net
of tax
|
|
159
|
|
97
|
|
383
|
|
3,372
|
|
4,339
|
|
4,011
|
|
10,411
|
|
Initial provision for
acquired loans,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net of
tax
|
|
-
|
|
-
|
|
-
|
|
751
|
|
-
|
|
751
|
|
-
|
|
Pension settlement
expense, net of tax
|
|
4,388
|
|
-
|
|
-
|
|
-
|
|
-
|
|
4,388
|
|
-
|
Less:
|
Security
gains(losses), net of tax
|
|
48
|
|
13
|
|
47
|
|
(64)
|
|
(30)
|
|
44
|
|
132
|
Net operating
income
|
|
$
73,304
|
|
$
73,909
|
|
$
61,496
|
|
$
28,448
|
|
$
70,218
|
|
$
237,157
|
|
$
244,540
|
Less:
|
Preferred
dividends
|
|
2,372
|
|
2,372
|
|
2,372
|
|
2,372
|
|
-
|
|
9,488
|
|
-
|
Net operating income
available to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
common
shareholders
|
|
$
70,932
|
|
$
71,537
|
|
$
59,124
|
|
$
26,076
|
|
$
70,218
|
|
$
227,669
|
|
$
244,540
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
income
|
|
$
73,304
|
|
$
73,909
|
|
$
61,496
|
|
$
28,448
|
|
$
70,218
|
|
$
237,157
|
|
$
244,540
|
Less:
|
MSR market value
adjustment, net of tax
|
|
159
|
|
323
|
|
(1,781)
|
|
(8,318)
|
|
2,374
|
|
(9,617)
|
|
(10,894)
|
Net operating
income-excluding MSR
|
|
$
73,145
|
|
$
73,586
|
|
$
63,277
|
|
$
36,766
|
|
$
67,844
|
|
$
246,774
|
|
$
255,434
|
Less:
|
Preferred
dividends
|
|
2,372
|
|
2,372
|
|
2,372
|
|
2,372
|
|
-
|
|
9,488
|
|
-
|
Net operating income
available to common
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders-excluding MSR
|
|
$
70,773
|
|
$
71,214
|
|
$
60,905
|
|
$
34,394
|
|
$
67,844
|
|
$
237,286
|
|
$
255,434
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net
Income to Pre-Tax Pre-Provision Net Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
68,805
|
|
$
73,825
|
|
$
61,160
|
|
$
24,261
|
|
$
65,849
|
|
$
228,051
|
|
$
234,261
|
Plus:
|
Provision for credit
losses
|
|
5,000
|
|
15,000
|
|
20,000
|
|
46,000
|
|
-
|
|
86,000
|
|
1,500
|
|
Merger
expense
|
|
212
|
|
129
|
|
510
|
|
4,494
|
|
5,782
|
|
5,345
|
|
13,871
|
|
Pension settlement
expense
|
|
5,846
|
|
-
|
|
-
|
|
-
|
|
-
|
|
5,846
|
|
-
|
|
Income tax
expense
|
|
14,046
|
|
21,525
|
|
18,164
|
|
5,759
|
|
17,271
|
|
59,494
|
|
65,257
|
Less:
|
Security
gains(losses)
|
|
63
|
|
18
|
|
62
|
|
(85)
|
|
(41)
|
|
58
|
|
174
|
|
MSR market value
adjustment
|
|
212
|
|
430
|
|
(2,373)
|
|
(11,083)
|
|
3,164
|
|
(12,814)
|
|
(14,515)
|
Pre-tax pre-provision
net revenue
|
|
$
93,634
|
|
$
110,031
|
|
$
102,145
|
|
$
91,682
|
|
$
85,779
|
|
$
397,492
|
|
$
329,230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Total Operating Expense to Total Noninterest Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
|
$
167,911
|
|
$
155,505
|
|
$
162,504
|
|
$
168,006
|
|
$
162,351
|
|
$
653,926
|
|
$
629,607
|
Less:
|
Merger
expense
|
|
212
|
|
129
|
|
510
|
|
4,494
|
|
5,782
|
|
5,345
|
|
13,871
|
|
Pension settlement
expense
|
|
5,846
|
|
-
|
|
-
|
|
-
|
|
-
|
|
5,846
|
|
-
|
Total operating
expense
|
|
$
161,853
|
|
$
155,376
|
|
$
161,994
|
|
$
163,512
|
|
$
156,569
|
|
$
642,735
|
|
$
615,736
|
BancorpSouth
Bank
|
Reconciliation of
Non-GAAP Measures and Other Non-GAAP Ratio
Definitions
|
(Dollars in
thousands, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Tangible Assets and Tangible Shareholders' Equity
to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets and
Total Shareholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
ended
|
|
Year Ended
|
|
|
|
12/31/2020
|
|
9/30/2020
|
|
6/30/2020
|
|
3/31/2020
|
|
12/31/2019
|
|
12/31/2020
|
|
12/31/2019
|
Tangible
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
24,081,194
|
|
$
23,555,422
|
|
$
23,236,176
|
|
$
21,032,524
|
|
$
21,052,576
|
|
$
24,081,194
|
|
$
21,052,576
|
Less:
|
Goodwill
|
|
851,612
|
|
847,531
|
|
847,984
|
|
848,242
|
|
825,679
|
|
851,612
|
|
825,679
|
|
Other identifiable
intangible assets
|
|
55,899
|
|
54,757
|
|
56,989
|
|
59,345
|
|
60,008
|
|
55,899
|
|
60,008
|
Total tangible
assets
|
|
$
23,173,683
|
|
$
22,653,134
|
|
$
22,331,203
|
|
$
20,124,937
|
|
$
20,166,889
|
|
$
23,173,683
|
|
$
20,166,889
|
Less:
|
PPP loans
|
|
975,421
|
|
1,212,246
|
|
1,192,715
|
|
-
|
|
-
|
|
975,421
|
|
-
|
Total tangible
assets-excluding PPP loans
|
|
$
22,198,262
|
|
$
21,440,888
|
|
$
21,138,488
|
|
$
20,124,937
|
|
$
20,166,889
|
|
$
22,198,262
|
|
$
20,166,889
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERIOD END
BALANCES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
$
2,822,477
|
|
$
2,782,539
|
|
$
2,732,687
|
|
$
2,681,904
|
|
$
2,685,017
|
|
$
2,822,477
|
|
$
2,685,017
|
Less:
|
Goodwill
|
|
851,612
|
|
847,531
|
|
847,984
|
|
848,242
|
|
825,679
|
|
851,612
|
|
825,679
|
|
Other identifiable
intangible assets
|
|
55,899
|
|
54,757
|
|
56,989
|
|
59,345
|
|
60,008
|
|
55,899
|
|
60,008
|
Total tangible
shareholders' equity
|
|
$
1,914,966
|
|
$
1,880,251
|
|
$
1,827,714
|
|
$
1,774,317
|
|
$
1,799,330
|
|
$
1,914,966
|
|
$
1,799,330
|
Less:
|
Preferred
stock
|
|
166,993
|
|
166,993
|
|
166,993
|
|
166,993
|
|
167,021
|
|
166,993
|
|
167,021
|
Total tangible common
shareholders' equity
|
|
$
1,747,973
|
|
$
1,713,258
|
|
$
1,660,721
|
|
$
1,607,324
|
|
$
1,632,309
|
|
$
1,747,973
|
|
$
1,632,309
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
BALANCES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
$
2,774,589
|
|
$
2,729,870
|
|
$
2,738,434
|
|
$
2,658,699
|
|
$
2,572,750
|
|
$
2,725,545
|
|
$
2,366,745
|
Less:
|
Goodwill
|
|
852,472
|
|
847,744
|
|
848,160
|
|
844,635
|
|
823,812
|
|
848,263
|
|
754,426
|
|
Other identifiable
intangible assets
|
|
54,858
|
|
56,045
|
|
58,280
|
|
58,805
|
|
60,559
|
|
56,988
|
|
54,787
|
Total tangible
shareholders' equity
|
|
$
1,867,259
|
|
$
1,826,081
|
|
$
1,831,994
|
|
$
1,755,259
|
|
$
1,688,379
|
|
$
1,820,294
|
|
$
1,557,532
|
Less:
|
Preferred
stock
|
|
166,993
|
|
166,993
|
|
166,993
|
|
167,021
|
|
74,717
|
|
167,000
|
|
18,833
|
Total tangible common
shareholders' equity
|
|
$
1,700,266
|
|
$
1,659,088
|
|
$
1,665,001
|
|
$
1,588,238
|
|
$
1,613,662
|
|
$
1,653,294
|
|
$
1,538,699
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average
assets
|
|
$
23,660,503
|
|
$
23,318,877
|
|
$
22,707,686
|
|
$
21,189,637
|
|
$
20,243,023
|
|
$
22,723,386
|
|
$
19,027,644
|
Total shares of
common stock outstanding
|
|
102,561,480
|
|
102,558,459
|
|
102,566,301
|
|
102,632,484
|
|
104,522,804
|
|
102,561,480
|
|
104,522,804
|
Average shares
outstanding-diluted
|
|
102,817,409
|
|
102,839,749
|
|
102,827,225
|
|
104,733,897
|
|
105,144,032
|
|
103,304,570
|
|
101,810,640
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity to tangible assets (1)
|
|
8.26%
|
|
8.30%
|
|
8.18%
|
|
8.82%
|
|
8.92%
|
|
8.26%
|
|
8.92%
|
Tangible
shareholders' equity to tangible assets-excluding PPP loans
(2)
|
|
8.63%
|
|
8.77%
|
|
8.65%
|
|
8.82%
|
|
8.92%
|
|
8.63%
|
|
8.92%
|
Tangible common
shareholders' equity to tangible assets (3)
|
|
7.54%
|
|
7.56%
|
|
7.44%
|
|
7.99%
|
|
8.09%
|
|
7.54%
|
|
8.09%
|
Tangible common
shareholders' equity to tangible assets-excluding PPP loans
(4)
|
|
7.87%
|
|
7.99%
|
|
7.86%
|
|
7.99%
|
|
8.09%
|
|
7.87%
|
|
8.09%
|
Return on average
tangible equity (5)
|
|
14.66%
|
|
16.08%
|
|
13.43%
|
|
5.56%
|
|
15.47%
|
|
12.53%
|
|
15.04%
|
Return on average
tangible common equity (6)
|
|
15.54%
|
|
17.13%
|
|
14.20%
|
|
5.54%
|
|
16.19%
|
|
13.22%
|
|
15.22%
|
Operating return on
average tangible equity-excluding MSR (7)
|
|
15.58%
|
|
16.03%
|
|
13.89%
|
|
8.42%
|
|
15.94%
|
|
13.56%
|
|
16.40%
|
Operating return on
average tangible common equity-excluding MSR (8)
|
|
16.56%
|
|
17.08%
|
|
14.71%
|
|
8.71%
|
|
16.68%
|
|
14.35%
|
|
16.60%
|
Operating return on
average assets-excluding MSR (9)
|
|
1.23%
|
|
1.26%
|
|
1.12%
|
|
0.70%
|
|
1.33%
|
|
1.09%
|
|
1.34%
|
Operating return on
average shareholders' equity-excluding MSR (10)
|
|
10.49%
|
|
10.72%
|
|
9.29%
|
|
5.56%
|
|
10.46%
|
|
9.05%
|
|
10.79%
|
Operating return on
average common shareholders' equity-excluding MSR (11)
|
|
10.80%
|
|
11.05%
|
|
9.53%
|
|
5.55%
|
|
10.78%
|
|
9.27%
|
|
10.88%
|
Pre-tax pre-provision
net revenue to total average assets (12)
|
|
1.57%
|
|
1.88%
|
|
1.81%
|
|
1.74%
|
|
1.68%
|
|
1.75%
|
|
1.73%
|
Tangible book value
per common share (13)
|
|
$
17.04
|
|
$
16.71
|
|
$
16.19
|
|
$
15.66
|
|
$
15.62
|
|
$
17.04
|
|
$
15.62
|
Operating earnings
per common share (14)
|
|
$
0.69
|
|
$
0.70
|
|
$
0.57
|
|
$
0.25
|
|
$
0.67
|
|
$
2.20
|
|
$
2.40
|
Operating earnings
per common share-excluding MSR (15)
|
|
$
0.69
|
|
$
0.69
|
|
$
0.59
|
|
$
0.33
|
|
$
0.65
|
|
$
2.30
|
|
$
2.51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Tangible
shareholders' equity to tangible assets is defined by the Company
as total shareholders' equity less goodwill and other identifiable
intangible assets, divided by the difference of total assets less
goodwill and other identifiable intangible assets.
|
|
|
(2)
|
Tangible
shareholders' equity to tangible assets-excluding PPP loans is
defined by the Company as total shareholders' equity less goodwill
and other identifiable intangible assets, divided by the difference
of total assets less goodwill, other identifiable intangible
assets, and PPP loans.
|
|
|
(3)
|
Tangible common
shareholders' equity to tangible assets is defined by the Company
as total shareholders' equity less preferred stock, goodwill and
other identifiable intangible assets, divided by the difference of
total assets less goodwill and other identifiable intangible
assets.
|
|
|
(4)
|
Tangible common
shareholders' equity to tangible assets-excluding PPP loans is
defined by the Company as total shareholders' equity less preferred
stock, goodwill and other identifiable intangible assets, divided
by the difference of total assets less goodwill, other identifiable
intangible assets, and PPP loans.
|
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(5)
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Return on average
tangible equity is defined by the Company as annualized net income
divided by average tangible shareholders' equity.
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(6)
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Return on average
tangible common equity is defined by the Company as annualized net
income available to common shareholders divided by average tangible
common shareholders' equity.
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(7)
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Operating return on
average tangible equity-excluding MSR is defined by the Company as
annualized net operating income-excluding MSR divided by average
tangible shareholders' equity.
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(8)
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Operating return on
average tangible common equity-excluding MSR is defined by the
Company as annualized net operating income available to common
shareholders-excluding MSR divided by average tangible common
shareholders' equity.
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(9)
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Operating return on
average assets-excluding MSR is defined by the Company as
annualized net operating income-excluding MSR divided by total
average assets.
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(10)
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Operating return on
average shareholders' equity-excluding MSR is defined by the
Company as annualized net operating income-excluding MSR divided by
average shareholders' equity.
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(11)
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Operating return on
average common shareholders' equity-excluding MSR is defined by the
Company as annualized net operating income available to common
shareholders-excluding MSR divided by average common shareholders'
equity.
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(12)
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Pre-tax pre-provision
net revenue to total average assets is defined by the Company as
annualized pre-tax pre-provision net revenue divided by total
average assets adjusted for other non-operating items included in
the definition and calculation of net operating income-excluding
MSR.
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(13)
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Tangible book value
per common share is defined by the Company as tangible common
shareholders' equity divided by total shares of common stock
outstanding.
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(14)
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Operating earnings
per common share is defined by the Company as net operating income
available to common shareholders divided by average common shares
outstanding-diluted.
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(15)
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Operating earnings
per common share-excluding MSR is defined by the Company as net
operating income available to common shareholders-excluding MSR
divided by average common shares outstanding-diluted.
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Efficiency Ratio
(tax equivalent) and Operating Efficiency Ratio-excluding MSR (tax
equivalent) Definitions
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The efficiency ratio
(tax equivalent) and the operating efficiency ratio-excluding MSR
(tax equivalent) are supplemental financial measures utilized in
management's internal evaluation of the Company's use of resources
and are not defined under GAAP. The efficiency ratio (tax
equivalent) is calculated by dividing total noninterest expense by
total revenue, which includes net interest income plus noninterest
income plus the tax equivalent adjustment. The operating
efficiency ratio-excluding MSR (tax equivalent)
excludes expense items otherwise disclosed as
non-operating from total noninterest expense. In
addition, the MSR valuation adjustment as well as securities
gains and losses are excluded from total revenue.
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content:http://www.prnewswire.com/news-releases/bancorpsouth-announces-fourth-quarter-2020-and-annual-financial-results-301214402.html
SOURCE BancorpSouth Bank