TUPELO, Miss., Oct. 19, 2020 /PRNewswire/ -- BancorpSouth Bank
(NYSE: BXS) (the "Company") today announced financial results for
the quarter ended September 30,
2020.
Highlights for the third quarter of 2020 included:
- Achieved record quarterly net income available to common
shareholders of $71.5 million, or
$0.69 per diluted common share, and
record net operating income available to common shareholders –
excluding MSR – of $71.2 million, or
$0.69 per diluted common share.
- Recorded provision for credit losses of $15.0 million primarily as a result of the
lengthening of the anticipated recovery time for certain economic
factors included in the Company's allowance for credit losses
methodology associated with the coronavirus ("COVID-19") pandemic;
net charge-offs for the quarter totaled $1.4
million, or 0.04 percent of net loans and leases on an
annualized basis.
- Generated a record $110.0 million
in pre-tax pre-provision net revenue, or 1.88 percent of average
assets on an annualized basis, which represents an increase from
1.87 percent for the third quarter of 2019 and an increase from
1.81 percent for the second quarter of 2020.
- Generated total deposit and customer repo growth of
$174.9 million for the quarter, or
3.5 percent on an annualized basis.
- Mortgage production volume of $937.7
million contributed to mortgage production and servicing
revenue of $26.7 million.
- Continued improvement in operating efficiency reflected in the
decline in the operating efficiency ratio – excluding MSR – to 58.4
percent for the quarter.
- Maintained strong regulatory capital metrics; estimated total
risk-based capital of 14.20 percent at September 30, 2020 compared to 11.28 percent at
September 30, 2019.
"We continue to report strong financial performance despite the
lingering economic and operational impact of the COVID-19
pandemic," remarked Dan Rollins,
Chairman and Chief Executive Officer. "While the economies
across our footprint have generally re-opened and most businesses
are performing well, there are certain industries, including
hospitality, that are still feeling the impact of the
pandemic. The economic forecasts that we utilize in our
reserve methodology reflect a lengthening in the anticipated
economic recovery time as compared to the forecasts at the end of
the second quarter. Accordingly, we recorded a provision for
credit losses of $15.0 million for
the third quarter of 2020. Outside of this additional
provisioning, we continue to be pleased with our operating
performance. We generated a record $110.0 million in pre-tax pre-provision net
revenue for the quarter, or 1.88 percent of average assets on an
annualized basis."
"As we look more specifically at our third quarter performance,
our mortgage team had another outstanding quarter generating
production volume of over $937.7
million and total production and servicing revenue of
$26.7 million. Although
refinance activity remains elevated, purchase money production
remains very strong, representing 61 percent of total volume for
the quarter. Although loan demand has been slow following the
completion of the Paycheck Protection Program ("PPP"), we had a
solid quarter from a deposit growth standpoint as total deposits
and customer repos increased $174.9
million, or 3.5 percent on an annualized basis, during the
third quarter. While we saw a meaningful increase in net
interest income, the shift in earning asset mix resulting from the
additional liquidity continues to pressure our net interest
margin. Finally, our operating efficiency continues to
improve as reflected in the operating efficiency ratio – excluding
MSR – of 58.4 percent for the third quarter. This marks the
first time our efficiency ratio has been below 60 percent for a
quarter since well before the last financial crisis."
Earnings Summary
The Company reported net income available to common shareholders
of $71.5 million, or $0.69 per diluted common share, for the third
quarter of 2020, compared with net income available to common
shareholders of $63.8 million, or
$0.63 per diluted common share, for
the third quarter of 2019 and net income available to common
shareholders of $58.8 million, or
$0.57 per diluted common share, for
the second quarter of 2020. The Company reported net
operating income available to common shareholders – excluding MSR –
of $71.2 million, or $0.69 per diluted common share, for the third
quarter of 2020, compared with $69.7
million, or $0.69 per diluted
common share, for the third quarter of 2019 and $60.9 million, or $0.59 per diluted common share, for the second
quarter of 2020.
The Company reported pre-tax pre-provision net revenue of
$110.0 million, or 1.88 percent of
average assets on an annualized basis, compared to $90.4 million, or 1.87 percent of average assets
on an annualized basis, for the third quarter of 2019 and
$102.1 million, or 1.81 percent of
average assets, for the second quarter of 2020.
Net Interest Revenue
Net interest revenue was $175.9
million for the third quarter of 2020, an increase of 5.6
percent from $166.6 million for the
third quarter of 2019 and an increase of 3.1 percent from
$170.6 million for the second quarter
of 2020. The fully taxable equivalent net interest margin was
3.31 percent for the third quarter of 2020, compared with 3.88
percent for the third quarter of 2019 and 3.35 percent for the
second quarter of 2020. Yields on net loans and leases were
4.54 percent for the third quarter of 2020, compared with 5.16
percent for the third quarter of 2019 and 4.59 percent for the
second quarter of 2020, while yields on total interest earning
assets were 3.77 percent for the third quarter of 2020, compared
with 4.63 percent for the third quarter of 2019 and 3.87 percent
for the second quarter of 2020. The net interest margin,
excluding accretable yield, was 3.23 percent for the third quarter
of 2020, compared with 3.76 percent for the third quarter of 2019
and 3.30 percent for the second quarter of 2020, while yields on
net loans and leases, excluding accretable yield, were 4.44 percent
for the third quarter of 2020, compared with 5.02 percent for the
third quarter of 2019 and 4.53 percent for the second quarter of
2020.
The $1.2 billion in PPP loans on
the balance sheet had an adverse impact of approximately 11 basis
points on the yield on net loans and leases, excluding accretable
yield, for the third quarter of 2020. The average cost of
deposits was 0.44 percent for the third quarter of 2020, compared
with 0.71 percent for the third quarter of 2019 and 0.50 percent
for the second quarter of 2020.
Balance Sheet Activity
Loans and leases, net of unearned income, decreased $99.7 million during the third quarter of
2020. Deposits and customer repos increased $174.9 million during the third quarter of 2020.
There were no acquisitions during the third quarter of
2020. Most of the loan origination volume occurred during the
second quarter of 2020, with the PPP expiring during the third
quarter of 2020. In total, the Company originated and funded
just over 15,000 loans totaling in excess of $1.2 billion under the program. Over 5,000
of these loans were made to new customers of the Company.
Provision for Credit Losses and Allowance for Credit
Losses
Earnings for the third quarter of 2020 reflect a provision for
credit losses of $15.0 million,
compared with a provision of $0.5
million for the third quarter of 2019 and a provision of
$20.0 million for the second quarter
of 2020. Net charge-offs for the third quarter of 2020 were
$1.4 million, or 0.04 percent of net
loans and leases on an annualized basis, compared with net
recoveries of $0.7 million for the
third quarter of 2019 and net charge-offs of $1.2 million for the second quarter of
2020. The allowance for credit losses was $250.6 million, or 1.64 percent of net loans and
leases, at September 30, 2020,
compared with $116.9 million, or 0.83
percent of net loans and leases, at September 30, 2019, and $237.0 million, or 1.54 percent of net loans and
leases, at June 30, 2020.
The allowance for credit losses coverage, excluding the
impact of PPP loans, was 1.78 percent at September 30, 2020.
The Company adopted Accounting Standards Update 2016-13
"Financial Instruments – Credit Losses" 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 $157.3
million, or 1.03 percent of net loans and leases, at
September 30, 2020, compared with
$116.0 million, or 0.82 percent of
net loans and leases, at September 30,
2019, and $155.4 million, or
1.01 percent of net loans and leases, at June 30, 2020. Other real estate owned was
$6.4 million at September 30, 2020, compared with $7.9 million at September
30, 2019 and $7.2 million at
June 30, 2020.
Noninterest Revenue
Noninterest revenue was $89.9
million for the third quarter of 2020, compared with
$75.4 million for the third quarter
of 2019 and $91.3 million for the
second quarter of 2020. These results include a positive
mortgage servicing rights ("MSR") valuation adjustment of
$0.4 million for the third quarter of
2020, compared with a negative MSR valuation adjustment of
$4.0 million for the third quarter of
2019 and a negative MSR valuation adjustment of $2.4 million for the second 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 $26.7 million for the third quarter of 2020,
compared with $11.3 million for the
third quarter of 2019 and $31.9
million for the second quarter of 2020. Mortgage
origination volume for the third quarter of 2020 was $937.7 million, compared with $536.1 million for the third quarter of 2019 and
$989.0 million for the second quarter
of 2020. Home purchase money volume was $568.4 million for the third quarter of 2020,
compared with $353.9 million for the
third quarter of 2019 and $522.6
million for the second quarter of 2020. Of the total
mortgage origination volume for the third quarter of 2020,
$218.0 million was portfolio loans,
compared with $112.1 million for the
third quarter of 2019 and $251.7
million for the second quarter of 2020.
Credit card, debit card, and merchant fee revenue was
$9.9 million for the third quarter of
2020, compared with $9.8 million for
the third quarter of 2019 and $9.1
million for the second quarter of 2020. Deposit
service charge revenue was $8.9
million for the third quarter of 2020, compared with
$11.9 million for the third quarter
of 2019 and $7.6 million for the
second quarter of 2020. Wealth management revenue was
$6.5 million for the third quarter of
2020, compared with $6.7 million for
the third quarter of 2019 and $6.4
million for the second quarter of 2020. Insurance
commission revenue was $32.8 million
for the third quarter of 2020, compared with $31.5 million for the third quarter of 2019 and
$33.1 million for the second quarter
of 2020. Other noninterest revenue was $4.8 million for the third quarter of 2020,
compared with $8.1 million for the
third quarter of 2019 and $5.4
million for the second quarter of 2020.
Noninterest Expense
Noninterest expense for the third quarter of 2020 was
$155.5 million, compared with
$159.6 million for the third quarter
of 2019 and $162.5 million for the
second quarter of 2020. Salaries and employee benefits
expense was $104.2 million for the
third quarter of 2020, compared with $101.2
million for the third quarter of 2019 and $108.1 million for the second quarter of
2020. Occupancy expense was $13.1
million for the third quarter of 2020, compared with
$12.3 million for the third quarter
of 2019 and $12.9 million for the
second quarter of 2020. Other noninterest expense was
$32.2 million for the third quarter
of 2020, compared with $39.4 million
for the third quarter of 2019 and $34.8
million for the second quarter of 2020. Additionally,
merger-related expense for the third quarter of 2020 was
$0.1 million, compared with
merger-related expense of $4.1
million for the third quarter of 2019 and $0.5 million for the second quarter of
2020.
Capital Management
The Company's ratio of shareholders' equity to assets was 11.81
percent at September 30, 2020,
compared with 12.54 percent at September 30,
2019 and 11.76 percent at June
30, 2020. The ratio of tangible common shareholders'
equity to tangible assets was 7.56 percent at September 30, 2020, compared with 8.47 percent at
September 30, 2019 and 7.44 percent
at June 30, 2020. The
$1.2 billion in PPP loans had an
adverse impact of approximately 43 basis points on tangible common
shareholders' equity to tangible assets at September 30, 2020.
In November 2019, the Company
completed an underwritten public offering of $300.0 million aggregate principal amount of
its 4.125 percent Fixed-to-Floating Rate Subordinated Notes
due November 20, 2029 (the "Notes") and an underwritten
public offering of $172.5 million of its 5.50 percent
Series A Non-Cumulative Perpetual Preferred Stock, par
value $0.01 per share (the "Series A Preferred Stock").
For additional details regarding the terms of the Notes, including
those related to interest rates and interest payment dates,
redemption, seniority, and maturity, and the terms of the Series A
Preferred Stock, including those related to dividends and dividend
payment dates, redemption, seniority, and maturity, please refer to
the offering circulars related to each offering that the Company
filed with the Federal Deposit Insurance Corporation ("FDIC")
on November 15, 2019.
During the third quarter of 2020, the Company did not repurchase
any shares of its common stock pursuant to its share repurchase
program. As of September 30,
2020, the Company had 4,700,000 remaining shares available
for repurchase under its current share repurchase authorization
which expires on December 31, 2020.
Estimated regulatory capital ratios at September 30, 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
September 30, 2020, with Tier 1
risk-based capital of 11.65 percent and total risk-based capital of
14.20 percent, compared with required minimum levels of 8 percent
and 10 percent, respectively, in order to qualify for "well
capitalized" classification.
Summary
Rollins concluded, "As we look to the remainder of 2020 and into
2021, we will not be immune to the headwinds facing our industry
and our nation's economy. While we expect our mortgage
operation to continue to provide a significant component of our
revenue, it's not reasonable to believe that production volume can
remain at the level that we have seen thus far in 2020. In
addition, it's inevitable there will be some customers experience
financial hardships as the economic impact of this pandemic
continues. Beyond continuing to ensure we protect the health
of our teammates and customers, monitoring credit quality and
working through issues with our customers will be our top
priority. Given the changes in customer behavior as well as
lessons learned through this pandemic, banks like ours will need to
continue to automate processes and rethink the workplace while
ensuring the customer experience is a top priority. As we work
through our 2021 strategic planning and budgeting process, our team
is working diligently to identify ways to improve our cost
structure including continued investments in technology as well as
an enhanced focus on optimizing our branch structure. I'm
confident that the strength of both our balance sheet and capital
position will aide us in navigating this economic cycle and
continuing to improve shareholder value."
TRANSACTIONS
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.
The purchase accounting for this transaction is considered
provisional as management continues to identify and assess
information regarding the nature of the acquired assets and
liabilities and reviews the associated valuation assumptions and
methodologies.
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 24 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 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 Small
Business Administration ("SBA") Preferred Lender, the Company
actively participated 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 third
quarter 2020 financial results on October
20, 2020, 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 310 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, and are subject to the safe harbor created 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 "may," "should," "could," "predict,"
"potential," "believe," "will likely result," "expect," "continue,"
"will," "anticipate," "seek," "aspire," "roadmap," "achieve,"
"estimate," "intend," "plan," "project," "projection," "forecast,"
"goal," "target," "would," and "outlook," or the negative version
of those words or other comparable words of a future or
forward-looking nature. These forward-looking statements include,
without limitation, those relating to the impact of the COVID-19
pandemic on the Company's assets, business, cash flows, financial
condition, liquidity, prospects and results of operations, the
opportunities to enhance market share in certain markets and market
acceptance of the Company generally in new markets, the Company's
ability to operate its regulatory compliance programs consistent
with federal, state and local laws, including its Bank Secrecy Act
("BSA") and anti-money laundering ("AML") compliance program and
its fair lending compliance program, the Company's ability to pay
dividends or coupons on Series A Preferred Stock or the Notes or
its ability to ultimately repay the Notes or otherwise comply with
the terms of such instruments, amortization expense for intangible
assets, goodwill impairments, loan impairments, utilization of
appraisals and inspections for real estate loans, maturity, renewal
or extension of construction, acquisition and development loans,
net interest revenue and net interest margin, fair value
determinations, the amount of the Company's non-performing loans
and leases, credit quality, credit losses, liquidity, off-balance
sheet commitments and arrangements, valuation of mortgage servicing
rights, allowance and provision for credit losses, early
identification and resolution of credit issues, utilization of
non-GAAP financial measures, the ability of the Company to collect
all amounts due according to the contractual terms of loan
agreements, the Company's reserve for losses from representation
and warranty obligations, the Company's foreclosure process related
to mortgage loans, the resolution of non-performing loans that are
collaterally dependent, real estate values, fully-indexed interest
rates, interest rate risk, interest rate sensitivity, the impact of
interest rates on loan yields, calculation of economic value of
equity, impaired loan charge-offs, diversification of the Company's
revenue stream, the growth of the Company's insurance business and
commission revenue, the growth of the Company's customer base and
loan, deposit and fee revenue sources, liquidity needs and
strategies, the ability of the Company to access successfully the
capital and credit markets when needed or as desired, sources of
funding, declaration and payment of dividends, the utilization of
the Company's share repurchase program, the implementation and
execution of cost saving initiatives, improvement in the Company's
efficiencies, operating expense trends, and the impact of certain
claims and ongoing, pending or threatened litigation,
administrative and investigatory matters.
These forward-looking statements are not historical facts, and
are based upon current expectations, estimates and projections
about the Company's industry, management's beliefs and certain
assumptions made by management, many of which, by their nature, are
inherently uncertain, involve risk and are beyond the Company's
control. The inclusion of these forward-looking statements should
not be regarded as a representation by the Company or any other
person that such expectations, estimates and projections will be
achieved. Accordingly, the Company cautions that any such
forward-looking statements are not guarantees of future performance
and are subject to risks, assumptions and uncertainties that are
difficult to predict and that are beyond the Company's control.
These risks, assumptions and uncertainties may include, but are not
limited to, the impact of the COVID-19 pandemic on the Company's
assets, business, cash flows, financial condition, liquidity,
prospects and results of operations, increases in the provision and
allowance for credit losses and interest rate pressure on net
interest revenue and net interest margin, the Company's ability to
operate its regulatory compliance programs consistent with federal,
state and local laws, including its BSA/AML compliance program and
its fair lending compliance program, the lack of availability of
the Company's filings mandated by the Exchange Act from the
Securities and Exchange Commission's publicly available website
after November 1, 2017, the impact of
any ongoing pending or threatened litigation, administrative and
investigatory matters involving the Company, conditions in the
financial markets and economic conditions generally, the adequacy
of the Company's provision and allowance for credit losses to cover
actual credit losses, the credit risk associated with real estate
construction, acquisition and development loans, limitations on the
Company's ability to declare and pay dividends, the availability of
capital on favorable terms if and when needed, liquidity risk,
governmental regulation, including the Dodd-Frank Wall Street
Reform, Consumer Protection Act, and the Coronavirus Aid, Relief
and Economic Security Act established in response to the COVID-19
pandemic and any similar or related rules and regulations, and
supervision of the Company's operations, the short-term and
long-term impact of changes to banking capital standards on the
Company's regulatory capital and liquidity, the impact of
regulations on service charges on the Company's core deposit
accounts, the susceptibility of the Company's business to local
economic and environmental conditions, the soundness of other
financial institutions, changes in interest rates, the impact of
monetary policies and economic factors on the Company's ability to
attract deposits or make loans, volatility in capital and credit
markets, reputational risk, the impact of the loss of any key
Company personnel, the impact of hurricanes or other adverse
weather events, any requirement that the Company write down
goodwill or other intangible assets, diversification in the types
of financial services the Company offers, the growth of the
Company's insurance business and commission revenue, the growth of
the Company's loan, deposit and fee revenue sources, the Company's
ability to adapt its products and services to evolving industry
standards and consumer preferences, competition with other
financial services companies, risks in connection with completed or
potential acquisitions, dispositions and other strategic growth
opportunities and initiatives, the Company's growth strategy,
interruptions or breaches in the Company's information system
security, the failure of certain third-party vendors to perform,
unfavorable ratings by rating agencies, dilution caused by the
Company's issuance of any additional shares of its capital stock to
raise capital or acquire other banks, bank holding companies,
financial holding companies and insurance agencies, the utilization
of the Company's share repurchase program, the implementation and
execution of cost saving initiatives, other factors generally
understood to affect the assets, business, cash flows, financial
condition, liquidity, prospects and/or results of operations of
financial services companies, and other factors detailed from time
to time in the Company's press and news releases, reports and other
filings 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 the Company believes that the expectations reflected in
these forward-looking statements are reasonable as of the date of
this news release, actual results may prove to be materially
different from the results expressed or implied by the
forward-looking statements. If one or more events related to these
or other risks or uncertainties materialize, or if the Company's
underlying assumptions prove to be incorrect, actual results may
differ materially from the Company's forward-looking
statements. Accordingly, undue reliance should not be placed
on any such forward-looking statements. Any forward-looking
statement speaks only as of the date of this news release, and the
Company does 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 law. New risks and uncertainties may emerge from time to
time, and it is not possible for the Company to predict their
occurrence or how they will affect the Company.
BancorpSouth
Bank
|
Selected Financial
Information
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Year to
Date
|
Year to
Date
|
|
9/30/2020
|
6/30/2020
|
3/31/2020
|
12/31/2019
|
9/30/2019
|
9/30/2020
|
9/30/2019
|
Earnings
Summary:
|
|
|
|
|
|
|
|
Interest
revenue
|
$
200,670
|
$
197,472
|
$
202,064
|
$
203,812
|
$
199,004
|
$
600,206
|
$
571,200
|
Interest
expense
|
24,739
|
26,902
|
34,534
|
33,038
|
32,405
|
86,175
|
92,030
|
Net interest
revenue
|
175,931
|
170,570
|
167,530
|
170,774
|
166,599
|
514,031
|
479,170
|
Provision for credit
losses
|
15,000
|
20,000
|
46,000
|
-
|
500
|
81,000
|
1,500
|
Net interest revenue,
after provision
|
|
|
|
|
|
|
|
for
credit losses
|
160,931
|
150,570
|
121,530
|
170,774
|
166,099
|
433,031
|
477,670
|
Noninterest
revenue
|
89,924
|
91,258
|
76,496
|
74,697
|
75,432
|
257,678
|
205,984
|
Noninterest
expense
|
155,505
|
162,504
|
168,006
|
162,351
|
159,614
|
486,015
|
467,256
|
Income before income
taxes
|
95,350
|
79,324
|
30,020
|
83,120
|
81,917
|
204,694
|
216,398
|
Income tax
expense
|
21,525
|
18,164
|
5,759
|
17,271
|
18,160
|
45,448
|
47,986
|
Net income
|
$
73,825
|
$
61,160
|
$
24,261
|
$
65,849
|
$
63,757
|
$
159,246
|
$
168,412
|
Less: Preferred
dividends
|
2,372
|
2,372
|
2,372
|
-
|
-
|
7,116
|
-
|
Net income available
to common shareholders
|
$
71,453
|
$
58,788
|
$
21,889
|
$
65,849
|
$
63,757
|
$
152,130
|
$
168,412
|
|
|
|
|
|
|
|
|
Balance Sheet -
Period End Balances
|
|
|
|
|
|
|
|
Total
assets
|
$
23,555,422
|
$
23,236,176
|
$
21,032,524
|
$
21,052,576
|
$
19,850,225
|
$
23,555,422
|
$
19,850,225
|
Total earning
assets
|
21,340,371
|
21,119,073
|
18,939,750
|
18,891,021
|
17,619,053
|
21,340,371
|
17,619,053
|
Total
securities
|
5,659,785
|
4,973,171
|
4,468,340
|
4,481,974
|
2,766,446
|
5,659,785
|
2,766,446
|
Loans and leases, net
of unearned income
|
15,327,735
|
15,427,421
|
14,224,645
|
14,089,683
|
14,120,783
|
15,327,735
|
14,120,783
|
Allowance for credit
losses
|
250,624
|
237,025
|
218,199
|
119,066
|
116,908
|
250,624
|
116,908
|
Net book value of
acquired loans (included in loans and leases above)
|
1,320,671
|
1,510,008
|
1,661,329
|
1,628,265
|
1,845,056
|
1,320,671
|
1,845,056
|
Paycheck protection
program (PPP) loans (included in loans and leases above)
|
1,212,246
|
1,192,715
|
-
|
-
|
-
|
1,212,246
|
-
|
Remaining loan mark
on acquired loans
|
16,198
|
19,977
|
22,286
|
46,240
|
53,137
|
16,198
|
53,137
|
Total
deposits
|
19,412,979
|
19,179,486
|
16,887,916
|
16,410,699
|
16,025,756
|
19,412,979
|
16,025,756
|
Total deposits and
securities sold under agreement to repurchase
|
20,024,434
|
19,849,502
|
17,426,878
|
16,924,121
|
16,555,544
|
20,024,434
|
16,555,544
|
Long-term
debt
|
4,508
|
4,615
|
4,721
|
5,053
|
5,161
|
4,508
|
5,161
|
Junior subordinated
debt securities
|
297,074
|
296,898
|
296,723
|
296,547
|
-
|
297,074
|
-
|
Total shareholders'
equity
|
2,782,539
|
2,732,687
|
2,681,904
|
2,685,017
|
2,489,427
|
2,782,539
|
2,489,427
|
Common shareholders'
equity
|
2,615,546
|
2,565,694
|
2,514,911
|
2,517,996
|
2,489,427
|
2,615,546
|
2,489,427
|
|
|
|
|
|
|
|
|
Balance Sheet -
Average Balances
|
|
|
|
|
|
|
|
Total
assets
|
$
23,318,877
|
$
22,707,686
|
$
21,189,637
|
$
20,243,023
|
$
19,170,926
|
$
22,408,734
|
$
18,618,066
|
Total earning
assets
|
21,241,896
|
20,594,889
|
19,113,449
|
18,125,676
|
17,148,574
|
20,320,121
|
16,669,610
|
Total
securities
|
5,309,982
|
4,437,614
|
4,461,298
|
3,555,014
|
2,738,691
|
4,738,392
|
2,725,595
|
Loans and leases, net
of unearned income
|
15,369,684
|
15,114,732
|
14,226,788
|
14,061,118
|
13,726,755
|
14,905,435
|
13,453,898
|
PPP loans (included
in loans and leases above)
|
1,207,097
|
975,029
|
-
|
-
|
-
|
729,126
|
-
|
Total
deposits
|
19,258,930
|
18,454,472
|
16,905,229
|
16,218,715
|
15,509,511
|
18,210,053
|
15,015,973
|
Total deposits and
securities sold under agreement to repurchase
|
19,940,330
|
19,098,599
|
17,446,936
|
16,748,932
|
16,017,069
|
18,832,679
|
15,499,616
|
Long-term
debt
|
4,592
|
4,699
|
4,800
|
5,138
|
5,303
|
4,697
|
5,509
|
Junior subordinated
debt securities
|
296,969
|
296,793
|
296,617
|
135,535
|
-
|
296,794
|
-
|
Total shareholders'
equity
|
2,729,870
|
2,738,434
|
2,658,699
|
2,572,750
|
2,378,882
|
2,709,077
|
2,297,322
|
Common shareholders'
equity
|
2,562,877
|
2,571,441
|
2,491,678
|
2,498,033
|
2,378,882
|
2,542,075
|
2,297,322
|
|
|
|
|
|
|
|
|
Nonperforming
Assets:
|
|
|
|
|
|
|
|
Non-accrual loans and
leases
|
$
122,108
|
$
126,753
|
$
110,074
|
$
78,796
|
$
76,383
|
$
122,108
|
$
76,383
|
Loans and leases 90+
days past due, still accruing
|
17,641
|
9,877
|
7,272
|
17,531
|
16,659
|
17,641
|
16,659
|
Restructured loans
and leases, still accruing
|
11,154
|
11,575
|
11,284
|
15,184
|
15,033
|
11,154
|
15,033
|
Non-performing loans
(NPLs)
|
150,903
|
148,205
|
128,630
|
111,511
|
108,075
|
150,903
|
108,075
|
Other real estate
owned
|
6,397
|
7,164
|
9,200
|
6,746
|
7,929
|
6,397
|
7,929
|
Non-performing assets
(NPAs)
|
$
157,300
|
$
155,369
|
$
137,830
|
$
118,257
|
$
116,004
|
$
157,300
|
$
116,004
|
|
|
|
|
|
|
|
|
Financial Ratios
and Other Data:
|
|
|
|
|
|
|
|
Return on average
assets
|
1.26%
|
1.08%
|
0.46%
|
1.29%
|
1.32%
|
0.95%
|
1.21%
|
Operating return on
average assets-excluding MSR*
|
1.26%
|
1.12%
|
0.70%
|
1.33%
|
1.44%
|
1.03%
|
1.35%
|
Return on average
shareholders' equity
|
10.76%
|
8.98%
|
3.67%
|
10.15%
|
10.63%
|
7.85%
|
9.80%
|
Operating return on
average shareholders' equity-excluding MSR*
|
10.72%
|
9.29%
|
5.56%
|
10.46%
|
11.63%
|
8.56%
|
10.92%
|
Return on average
common shareholders' equity
|
11.09%
|
9.19%
|
3.53%
|
10.46%
|
10.63%
|
7.99%
|
9.80%
|
Operating return on
average common shareholders' equity-excluding MSR*
|
11.05%
|
9.53%
|
5.55%
|
10.78%
|
11.63%
|
8.75%
|
10.92%
|
Return on average
tangible equity*
|
16.08%
|
13.43%
|
5.56%
|
15.47%
|
16.23%
|
11.79%
|
14.88%
|
Operating return on
average tangible equity-excluding MSR*
|
16.03%
|
13.89%
|
8.42%
|
15.94%
|
17.75%
|
12.85%
|
16.57%
|
Return on average
tangible common equity*
|
17.13%
|
14.20%
|
5.54%
|
16.19%
|
16.23%
|
12.41%
|
14.88%
|
Operating return on
average tangible common equity-excluding MSR*
|
17.08%
|
14.71%
|
8.71%
|
16.68%
|
17.75%
|
13.58%
|
16.57%
|
Pre-tax pre-provision
net revenue to total average assets*
|
1.88%
|
1.81%
|
1.74%
|
1.68%
|
1.87%
|
1.81%
|
1.75%
|
Noninterest income to
average assets
|
1.53%
|
1.62%
|
1.45%
|
1.46%
|
1.56%
|
1.54%
|
1.48%
|
Noninterest expense
to average assets
|
2.65%
|
2.88%
|
3.19%
|
3.18%
|
3.30%
|
2.90%
|
3.36%
|
Net interest
margin-fully taxable equivalent
|
3.31%
|
3.35%
|
3.54%
|
3.76%
|
3.88%
|
3.39%
|
3.87%
|
Net interest
margin-fully taxable equivalent, excluding net accretion
|
|
|
|
|
|
|
|
on acquired
loans and leases
|
3.23%
|
3.30%
|
3.48%
|
3.61%
|
3.76%
|
3.33%
|
3.76%
|
Net interest rate
spread
|
3.06%
|
3.08%
|
3.24%
|
3.44%
|
3.56%
|
3.12%
|
3.56%
|
Efficiency ratio (tax
equivalent)*
|
58.36%
|
61.89%
|
68.65%
|
65.92%
|
65.68%
|
62.81%
|
67.90%
|
Operating efficiency
ratio-excluding MSR (tax equivalent)*
|
58.41%
|
61.16%
|
63.89%
|
64.39%
|
63.01%
|
61.12%
|
65.07%
|
Loan/deposit
ratio
|
78.96%
|
80.44%
|
84.23%
|
85.86%
|
88.11%
|
78.96%
|
88.11%
|
Price to earnings
multiple (close)
|
9.18
|
11.15
|
9.46
|
13.60
|
13.77
|
9.18
|
13.77
|
Market value to
common book value
|
75.99%
|
90.91%
|
77.21%
|
130.38%
|
124.62%
|
75.99%
|
124.62%
|
Market value to
common book value (avg)
|
83.75%
|
84.79%
|
107.86%
|
128.18%
|
120.12%
|
90.07%
|
122.35%
|
Market value to
common tangible book value
|
116.01%
|
140.44%
|
120.81%
|
201.13%
|
193.15%
|
116.01%
|
193.15%
|
Market value to
common tangible book value (avg)
|
127.86%
|
130.99%
|
168.76%
|
197.74%
|
186.17%
|
137.50%
|
189.63%
|
Employee
FTE
|
4,691
|
4,742
|
4,737
|
4,693
|
4,674
|
4,691
|
4,674
|
|
|
|
|
|
|
|
|
*Denotes non-GAAP
financial measure. Refer to related disclosure and
reconciliation on pages 24 and 25.
|
BancorpSouth
Bank
|
Selected Financial
Information
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Year to
Date
|
Year to
Date
|
|
9/30/2020
|
6/30/2020
|
3/31/2020
|
12/31/2019
|
9/30/2019
|
9/30/2020
|
9/30/2019
|
|
|
|
|
|
|
|
|
Credit Quality
Ratios:
|
|
|
|
|
|
|
|
Net
charge-offs(recoveries) to average loans and leases
(annualized)
|
0.04%
|
0.03%
|
0.39%
|
(0.06%)
|
(0.02%)
|
0.15%
|
0.05%
|
Provision for credit
losses to average loans and leases (annualized)
|
0.39%
|
0.53%
|
1.30%
|
0.00%
|
0.01%
|
0.73%
|
0.01%
|
Allowance for credit
losses to net loans and leases
|
1.64%
|
1.54%
|
1.53%
|
0.85%
|
0.83%
|
1.64%
|
0.83%
|
Allowance for credit
losses to net loans and leases, excluding PPP loans
|
1.78%
|
1.67%
|
1.53%
|
0.85%
|
0.83%
|
1.78%
|
0.83%
|
Allowance for credit
losses to non-performing loans and leases
|
166.08%
|
159.93%
|
169.63%
|
106.78%
|
108.17%
|
166.08%
|
108.17%
|
Allowance for credit
losses to non-performing assets
|
159.33%
|
152.56%
|
158.31%
|
100.68%
|
100.78%
|
159.33%
|
100.78%
|
Non-performing loans
and leases to net loans and leases
|
0.98%
|
0.96%
|
0.90%
|
0.79%
|
0.77%
|
0.98%
|
0.77%
|
Non-performing loans
and leases to net loans and leases, excluding
|
|
|
|
|
|
|
|
acquired loans
and leases
|
0.74%
|
0.63%
|
0.64%
|
0.65%
|
0.66%
|
0.74%
|
0.66%
|
Non-performing assets
to net loans and leases
|
1.03%
|
1.01%
|
0.97%
|
0.84%
|
0.82%
|
1.03%
|
0.82%
|
Non-performing assets
to net loans and leases, excluding
|
|
|
|
|
|
|
|
acquired loans
and leases
|
0.78%
|
0.68%
|
0.68%
|
0.68%
|
0.69%
|
0.78%
|
0.69%
|
|
|
|
|
|
|
|
|
Equity
Ratios:
|
|
|
|
|
|
|
|
Total shareholders'
equity to total assets
|
11.81%
|
11.76%
|
12.75%
|
12.75%
|
12.54%
|
11.81%
|
12.54%
|
Total common
shareholders' equity to total assets
|
11.10%
|
11.04%
|
11.96%
|
11.96%
|
12.54%
|
11.10%
|
12.54%
|
Tangible
shareholders' equity to tangible assets*
|
8.30%
|
8.18%
|
8.82%
|
8.92%
|
8.47%
|
8.30%
|
8.47%
|
Tangible
shareholders' equity to tangible assets-excluding PPP
loans*
|
8.77%
|
8.65%
|
8.82%
|
8.92%
|
8.47%
|
8.77%
|
8.47%
|
Tangible common
shareholders' equity to tangible assets*
|
7.56%
|
7.44%
|
7.99%
|
8.09%
|
8.47%
|
7.56%
|
8.47%
|
Tangible common
shareholders' equity to tangible assets-excluding PPP
loans*
|
7.99%
|
7.86%
|
7.99%
|
8.09%
|
8.47%
|
7.99%
|
8.47%
|
|
|
|
|
|
|
|
|
Capital
Adequacy:
|
|
|
|
|
|
|
|
Common Equity
Tier 1 capital
|
10.64%
|
10.21%
|
10.11%
|
10.57%
|
10.54%
|
10.64%
|
10.54%
|
Tier 1
capital
|
11.65%
|
11.22%
|
11.13%
|
11.60%
|
10.54%
|
11.65%
|
10.54%
|
Total
capital
|
14.20%
|
13.79%
|
13.75%
|
14.17%
|
11.28%
|
14.20%
|
11.28%
|
Tier 1 leverage
capital
|
8.59%
|
8.54%
|
8.90%
|
9.69%
|
9.14%
|
8.59%
|
9.14%
|
Estimated for current quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Share
Data:
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
0.70
|
$
0.57
|
$
0.21
|
$
0.63
|
$
0.63
|
1.47
|
$
1.68
|
Diluted earnings per
share
|
0.69
|
0.57
|
0.21
|
0.63
|
0.63
|
1.47
|
1.67
|
Operating earnings
per share*
|
0.70
|
0.57
|
0.25
|
0.67
|
0.66
|
1.51
|
1.73
|
Operating earnings
per share- excluding MSR*
|
0.69
|
0.59
|
0.33
|
0.65
|
0.69
|
1.61
|
1.86
|
Cash dividends per
share
|
0.19
|
0.19
|
0.19
|
0.19
|
0.19
|
0.56
|
0.53
|
Book value per
share
|
25.50
|
25.01
|
24.50
|
24.09
|
23.76
|
25.50
|
23.76
|
Tangible book value
per share*
|
16.71
|
16.19
|
15.66
|
15.62
|
15.33
|
16.71
|
15.33
|
Market value per
share (last)
|
19.38
|
22.74
|
18.92
|
31.41
|
29.61
|
19.38
|
29.61
|
Market value per
share (high)
|
24.29
|
25.93
|
31.61
|
32.97
|
30.54
|
31.61
|
33.45
|
Market value per
share (low)
|
18.11
|
17.21
|
17.24
|
28.13
|
26.47
|
17.21
|
25.76
|
Market value per
share (avg)
|
21.36
|
21.21
|
26.43
|
30.88
|
28.54
|
22.97
|
29.07
|
Dividend payout
ratio
|
26.56%
|
32.29%
|
88.20%
|
29.43%
|
29.36%
|
37.64%
|
31.31%
|
Total shares
outstanding
|
102,558,459
|
102,566,301
|
102,632,484
|
104,522,804
|
104,775,876
|
102,558,459
|
104,775,876
|
Average shares
outstanding - basic
|
102,564,466
|
102,603,525
|
104,354,328
|
104,739,906
|
101,168,730
|
103,174,106
|
100,428,809
|
Average shares
outstanding - diluted
|
102,839,749
|
102,827,225
|
104,733,897
|
105,144,032
|
101,493,247
|
103,466,957
|
100,699,510
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield/Rate:
|
|
|
|
|
|
|
|
(Taxable equivalent
basis)
|
|
|
|
|
|
|
|
Loans, loans held for
sale, and leases net of unearned income
|
4.54%
|
4.59%
|
5.00%
|
5.13%
|
5.16%
|
4.70%
|
5.13%
|
Loans, loans held for
sale, and leases net of unearned income, excluding
|
|
|
|
|
|
|
|
net accretion
on acquired loans and leases
|
4.44%
|
4.53%
|
4.93%
|
4.95%
|
5.02%
|
4.62%
|
4.99%
|
Loans, loans held for
sale, and leases net of unearned income, excluding
|
|
|
|
|
|
|
|
net accretion
on acquired loans and leases - excluding PPP loans
|
4.55%
|
4.67%
|
4.93%
|
4.95%
|
5.02%
|
4.72%
|
4.99%
|
PPP loans
|
3.11%
|
2.50%
|
N/A
|
N/A
|
N/A
|
2.84%
|
N/A
|
Available-for-sale
securities:
|
|
|
|
|
|
|
|
Taxable
|
1.64%
|
1.95%
|
1.99%
|
2.00%
|
2.13%
|
1.85%
|
2.09%
|
Tax-exempt
|
3.67%
|
3.86%
|
4.44%
|
4.69%
|
5.56%
|
3.97%
|
4.85%
|
Short-term, FHLB and
other equity investments
|
0.19%
|
0.20%
|
1.53%
|
1.95%
|
2.41%
|
0.47%
|
2.50%
|
Total interest
earning assets and revenue
|
3.77%
|
3.87%
|
4.27%
|
4.48%
|
4.63%
|
3.96%
|
4.61%
|
Deposits
|
0.44%
|
0.50%
|
0.67%
|
0.68%
|
0.71%
|
0.53%
|
0.68%
|
Demand -
interest bearing
|
0.53%
|
0.61%
|
0.84%
|
0.88%
|
0.94%
|
0.66%
|
0.90%
|
Savings
|
0.18%
|
0.18%
|
0.26%
|
0.28%
|
0.28%
|
0.20%
|
0.29%
|
Other
time
|
1.41%
|
1.54%
|
1.64%
|
1.68%
|
1.67%
|
1.53%
|
1.58%
|
Total interest
bearing deposits
|
0.65%
|
0.74%
|
0.92%
|
0.96%
|
0.99%
|
0.77%
|
0.95%
|
Short-term
borrowings
|
0.25%
|
0.39%
|
1.25%
|
1.51%
|
1.90%
|
0.63%
|
2.07%
|
Total interest
bearing deposits and short-term borrowings
|
0.63%
|
0.71%
|
0.95%
|
1.01%
|
1.07%
|
0.76%
|
1.04%
|
Junior subordinated
debt
|
4.24%
|
4.18%
|
4.42%
|
4.17%
|
N/A
|
4.44%
|
N/A
|
Long-term
debt
|
4.85%
|
4.81%
|
4.96%
|
4.83%
|
4.93%
|
4.87%
|
4.89%
|
Total interest
bearing liabilities and expense
|
0.71%
|
0.79%
|
1.03%
|
1.04%
|
1.07%
|
0.84%
|
1.05%
|
Interest bearing
liabilities to interest earning assets
|
65.61%
|
66.65%
|
70.81%
|
69.37%
|
70.15%
|
67.58%
|
70.58%
|
Net interest tax
equivalent adjustment
|
$
618
|
$
725
|
$
714
|
$
800
|
$
972
|
$
2,057
|
$
2,982
|
|
|
|
|
|
|
|
|
*Denotes non-GAAP
financial measure. Refer to related disclosure and
reconciliation on pages 24 and 25.
|
BancorpSouth
Bank
|
Consolidated
Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
Sep-20
|
Jun-20
|
Mar-20
|
Dec-19
|
Sep-19
|
|
(Dollars in
thousands)
|
Assets
|
|
|
|
|
|
Cash and due from
banks
|
$
306,164
|
$
240,354
|
$
253,495
|
$
261,773
|
$
333,108
|
Interest bearing
deposits with other banks
|
|
|
|
|
|
and Federal funds
sold
|
39,782
|
318,615
|
29,490
|
71,233
|
466,650
|
Available-for-sale
securities, at fair value
|
5,659,785
|
4,973,171
|
4,468,340
|
4,481,974
|
2,766,446
|
Loans and
leases*
|
15,344,006
|
15,444,794
|
14,241,912
|
14,107,743
|
14,137,563
|
Less:
Unearned income
|
16,271
|
17,373
|
17,267
|
18,060
|
16,780
|
Allowance for credit losses
|
250,624
|
237,025
|
218,199
|
119,066
|
116,908
|
Net loans and
leases
|
15,077,111
|
15,190,396
|
14,006,446
|
13,970,617
|
14,003,875
|
Loans held for
sale
|
304,215
|
391,051
|
194,321
|
210,361
|
229,514
|
Premises and
equipment, net
|
508,149
|
504,748
|
497,669
|
480,901
|
480,819
|
Accrued interest
receivable
|
110,185
|
101,321
|
70,463
|
65,173
|
62,818
|
Goodwill
|
847,531
|
847,984
|
848,242
|
825,679
|
822,093
|
Other identifiable
intangibles
|
54,757
|
56,989
|
59,345
|
60,008
|
61,100
|
Bank owned life
insurance
|
331,799
|
329,167
|
327,312
|
326,417
|
328,670
|
Other real estate
owned
|
6,397
|
7,164
|
9,200
|
6,746
|
7,929
|
Other
assets
|
309,547
|
275,216
|
268,201
|
291,694
|
287,203
|
Total
Assets
|
$
23,555,422
|
$
23,236,176
|
$
21,032,524
|
$
21,052,576
|
$
19,850,225
|
Liabilities
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Demand:
Noninterest bearing
|
$
6,336,792
|
$
6,385,370
|
$
4,861,155
|
$
4,661,821
|
$
4,770,907
|
Interest bearing
|
8,170,402
|
7,907,637
|
7,268,053
|
7,176,934
|
6,745,329
|
Savings
|
2,325,980
|
2,234,853
|
2,013,343
|
1,937,985
|
1,898,813
|
Other
time
|
2,579,805
|
2,651,626
|
2,745,365
|
2,633,959
|
2,610,707
|
Total
deposits
|
19,412,979
|
19,179,486
|
16,887,916
|
16,410,699
|
16,025,756
|
Securities sold under
agreement to repurchase
|
611,455
|
670,016
|
538,962
|
513,422
|
529,788
|
Federal funds
purchased
|
|
|
|
|
|
and
other short-term borrowing
|
95,217
|
220
|
290,224
|
725,000
|
480,000
|
Accrued interest
payable
|
15,286
|
13,476
|
17,482
|
15,124
|
13,120
|
Junior subordinated
debt securities
|
297,074
|
296,898
|
296,723
|
296,547
|
-
|
Long-term
debt
|
4,508
|
4,615
|
4,721
|
5,053
|
5,161
|
Other
liabilities
|
336,364
|
338,778
|
314,592
|
401,714
|
306,973
|
Total
Liabilities
|
20,772,883
|
20,503,489
|
18,350,620
|
18,367,559
|
17,360,798
|
Shareholders'
Equity
|
|
|
|
|
|
Preferred
stock
|
166,993
|
166,993
|
166,993
|
167,021
|
-
|
Common
stock
|
256,396
|
256,416
|
256,581
|
261,307
|
261,940
|
Capital
surplus
|
565,635
|
561,541
|
558,114
|
605,976
|
611,115
|
Accumulated other
comprehensive income (loss)
|
18,490
|
25,191
|
17,849
|
(62,663)
|
(50,538)
|
Retained
earnings
|
1,775,025
|
1,722,546
|
1,682,367
|
1,713,376
|
1,666,910
|
Total Shareholders'
Equity
|
2,782,539
|
2,732,687
|
2,681,904
|
2,685,017
|
2,489,427
|
Total Liabilities
& Shareholders' Equity
|
$
23,555,422
|
$
23,236,176
|
$
21,032,524
|
$
21,052,576
|
$
19,850,225
|
|
|
|
|
|
|
*Includes $1.212
billion and $1.193 billion in PPP loans at September 30, 2020
and June 30, 2020.
|
BancorpSouth
Bank
|
Consolidated
Average Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
Sep-20
|
Jun-20
|
Mar-20
|
Dec-19
|
Sep-19
|
|
(Dollars in
thousands)
|
Assets
|
|
|
|
|
|
Cash and due from
banks
|
$
232,421
|
$
229,334
|
$
246,860
|
$
244,444
|
$
229,814
|
Interest bearing
deposits with other banks
|
|
|
|
|
|
and Federal funds
sold
|
257,057
|
760,789
|
239,766
|
300,495
|
486,716
|
Available-for-sale
securities, at fair value
|
5,309,982
|
4,437,614
|
4,461,298
|
3,555,014
|
2,738,691
|
Loans and
leases*
|
15,386,721
|
15,132,600
|
14,244,649
|
14,078,793
|
13,743,876
|
Less:
Unearned income
|
17,037
|
17,868
|
17,861
|
17,675
|
17,121
|
Allowance for credit losses
|
236,536
|
217,508
|
193,796
|
117,668
|
116,232
|
Net loans and
leases
|
15,133,148
|
14,897,224
|
14,032,992
|
13,943,450
|
13,610,523
|
Loans held for
sale
|
296,352
|
261,377
|
147,798
|
173,649
|
157,691
|
Premises and
equipment, net
|
507,190
|
499,767
|
494,413
|
481,623
|
458,758
|
Accrued interest
receivable
|
104,435
|
137,456
|
64,010
|
60,678
|
57,941
|
Goodwill
|
847,744
|
848,160
|
844,635
|
823,812
|
761,084
|
Other identifiable
intangibles
|
56,045
|
58,280
|
58,805
|
60,559
|
59,253
|
Bank owned life
insurance
|
330,642
|
328,037
|
326,808
|
328,567
|
319,894
|
Other real estate
owned
|
7,754
|
8,410
|
8,151
|
7,820
|
6,908
|
Other
assets
|
236,107
|
241,238
|
264,101
|
262,912
|
283,653
|
Total
Assets
|
$
23,318,877
|
$
22,707,686
|
$
21,189,637
|
$
20,243,023
|
$
19,170,926
|
Liabilities
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Demand:
Noninterest bearing
|
$
6,340,942
|
$
5,942,570
|
$
4,717,202
|
$
4,803,104
|
$
4,479,698
|
Interest bearing
|
8,022,755
|
7,674,479
|
7,466,674
|
6,872,921
|
6,655,962
|
Savings
|
2,280,860
|
2,152,092
|
1,975,690
|
1,913,650
|
1,869,045
|
Other
time
|
2,614,373
|
2,685,331
|
2,745,663
|
2,629,040
|
2,504,806
|
Total
deposits
|
19,258,930
|
18,454,472
|
16,905,229
|
16,218,715
|
15,509,511
|
Securities sold under
agreement to repurchase
|
681,400
|
644,127
|
541,707
|
530,217
|
507,558
|
Federal funds
purchased
|
|
|
|
|
|
and
other short-term borrowing
|
36,696
|
269,121
|
502,257
|
487,272
|
487,456
|
Accrued interest
payable
|
15,589
|
16,268
|
19,205
|
14,942
|
13,756
|
Junior subordinated
debt securities
|
296,969
|
296,793
|
296,617
|
135,535
|
-
|
Long-term
debt
|
4,592
|
4,699
|
4,800
|
5,138
|
5,303
|
Other
liabilities
|
294,831
|
283,772
|
261,123
|
278,454
|
268,460
|
Total
Liabilities
|
20,589,007
|
19,969,252
|
18,530,938
|
17,670,273
|
16,792,044
|
Shareholders'
Equity
|
|
|
|
|
|
Preferred
stock
|
166,993
|
166,993
|
167,021
|
74,717
|
-
|
Common
stock
|
256,412
|
256,515
|
261,065
|
261,905
|
254,881
|
Capital
surplus
|
563,267
|
559,737
|
600,880
|
611,667
|
538,665
|
Accumulated other
comprehensive income (loss)
|
24,758
|
23,016
|
(36,367)
|
(53,111)
|
(52,204)
|
Retained
earnings
|
1,718,440
|
1,732,173
|
1,666,100
|
1,677,572
|
1,637,540
|
Total Shareholders'
Equity
|
2,729,870
|
2,738,434
|
2,658,699
|
2,572,750
|
2,378,882
|
Total Liabilities
& Shareholders' Equity
|
$
23,318,877
|
$
22,707,686
|
$
21,189,637
|
$
20,243,023
|
$
19,170,926
|
|
|
|
|
|
|
*Includes $1.207
billion and $975.0 million in PPP loans for the quarter ended
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 to
Date
|
|
Sep-20
|
|
Jun-20
|
|
Mar-20
|
|
Dec-19
|
|
Sep-19
|
|
Sep-20
|
|
Sep-19
|
INTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
leases
|
$ 175,810
|
|
$ 173,164
|
|
$ 177,019
|
|
$ 182,269
|
|
$ 178,729
|
|
$ 525,993
|
|
$ 515,156
|
Deposits with other
banks
|
74
|
|
207
|
|
739
|
|
1,225
|
|
2,456
|
|
1,020
|
|
5,264
|
Federal funds sold,
securities purchased
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under
agreement to resell, FHLB and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other equity
investments
|
52
|
|
178
|
|
315
|
|
426
|
|
735
|
|
545
|
|
1,651
|
Available-for-sale
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
21,280
|
|
20,783
|
|
21,508
|
|
17,241
|
|
13,759
|
|
63,571
|
|
39,419
|
Tax-exempt
|
986
|
|
1,178
|
|
1,060
|
|
1,266
|
|
1,883
|
|
3,224
|
|
5,894
|
Loans held for
sale
|
2,468
|
|
1,962
|
|
1,423
|
|
1,385
|
|
1,442
|
|
5,853
|
|
3,816
|
Total
interest revenue
|
200,670
|
|
197,472
|
|
202,064
|
|
203,812
|
|
199,004
|
|
600,206
|
|
571,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
demand
|
10,773
|
|
11,631
|
|
15,522
|
|
15,202
|
|
15,689
|
|
37,926
|
|
43,569
|
Savings
|
1,012
|
|
943
|
|
1,290
|
|
1,334
|
|
1,341
|
|
3,245
|
|
4,027
|
Other time
|
9,287
|
|
10,296
|
|
11,168
|
|
11,134
|
|
10,546
|
|
30,751
|
|
28,246
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under
agreement to repurchase
|
279
|
|
291
|
|
1,436
|
|
1,591
|
|
1,857
|
|
2,006
|
|
5,604
|
Short-term and
long-term debt
|
49
|
|
477
|
|
1,857
|
|
2,293
|
|
2,971
|
|
2,383
|
|
10,582
|
Junior subordinated
debt
|
3,338
|
|
3,263
|
|
3,261
|
|
1,482
|
|
-
|
|
9,862
|
|
-
|
Other
|
1
|
|
1
|
|
-
|
|
2
|
|
1
|
|
2
|
|
2
|
Total
interest expense
|
24,739
|
|
26,902
|
|
34,534
|
|
33,038
|
|
32,405
|
|
86,175
|
|
92,030
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest revenue
|
175,931
|
|
170,570
|
|
167,530
|
|
170,774
|
|
166,599
|
|
514,031
|
|
479,170
|
Provision for
credit losses
|
15,000
|
|
20,000
|
|
46,000
|
|
-
|
|
500
|
|
81,000
|
|
1,500
|
Net
interest revenue, after provision for
|
|
|
|
|
|
|
|
|
|
|
|
|
|
credit losses
|
160,931
|
|
150,570
|
|
121,530
|
|
170,774
|
|
166,099
|
|
433,031
|
|
477,670
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage
banking
|
27,097
|
|
29,557
|
|
9,470
|
|
10,102
|
|
7,289
|
|
66,124
|
|
9,680
|
Credit card, debit
card and merchant fees
|
9,938
|
|
9,080
|
|
9,176
|
|
9,836
|
|
9,778
|
|
28,194
|
|
28,820
|
Deposit service
charges
|
8,892
|
|
7,647
|
|
11,682
|
|
12,193
|
|
11,939
|
|
28,221
|
|
33,822
|
Security
gains(losses), net
|
18
|
|
62
|
|
(85)
|
|
(41)
|
|
117
|
|
(5)
|
|
215
|
Insurance
commissions
|
32,750
|
|
33,118
|
|
29,603
|
|
27,648
|
|
31,512
|
|
95,471
|
|
95,643
|
Wealth
management
|
6,471
|
|
6,421
|
|
6,570
|
|
6,617
|
|
6,651
|
|
19,462
|
|
18,192
|
Other
|
4,758
|
|
5,373
|
|
10,080
|
|
8,342
|
|
8,146
|
|
20,211
|
|
19,612
|
Total
noninterest revenue
|
89,924
|
|
91,258
|
|
76,496
|
|
74,697
|
|
75,432
|
|
257,678
|
|
205,984
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
104,219
|
|
108,103
|
|
108,272
|
|
97,137
|
|
101,154
|
|
320,594
|
|
299,363
|
Occupancy, net of
rental income
|
13,053
|
|
12,890
|
|
12,708
|
|
12,267
|
|
12,323
|
|
38,651
|
|
35,862
|
Equipment
|
4,519
|
|
4,762
|
|
4,649
|
|
4,725
|
|
4,676
|
|
13,930
|
|
12,987
|
Deposit insurance
assessments
|
1,522
|
|
1,962
|
|
1,546
|
|
2,200
|
|
2,038
|
|
5,030
|
|
6,943
|
Other
|
32,192
|
|
34,787
|
|
40,831
|
|
46,022
|
|
39,423
|
|
107,810
|
|
112,101
|
Total
noninterest expense
|
155,505
|
|
162,504
|
|
168,006
|
|
162,351
|
|
159,614
|
|
486,015
|
|
467,256
|
Income
before income taxes
|
95,350
|
|
79,324
|
|
30,020
|
|
83,120
|
|
81,917
|
|
204,694
|
|
216,398
|
Income tax
expense
|
21,525
|
|
18,164
|
|
5,759
|
|
17,271
|
|
18,160
|
|
45,448
|
|
47,986
|
Net
income
|
$
73,825
|
|
$
61,160
|
|
$
24,261
|
|
$
65,849
|
|
$
63,757
|
|
$ 159,246
|
|
$ 168,412
|
Less: Preferred
dividends
|
2,372
|
|
2,372
|
|
2,372
|
|
-
|
|
-
|
|
7,116
|
|
-
|
Net income
available to common shareholders
|
$
71,453
|
|
$
58,788
|
|
$
21,889
|
|
$
65,849
|
|
$
63,757
|
|
$ 152,130
|
|
$ 168,412
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share: Basic
|
$
0.70
|
|
$
0.57
|
|
$
0.21
|
|
$
0.63
|
|
$
0.63
|
|
$
1.47
|
|
$
1.68
|
Diluted
|
$
0.69
|
|
$
0.57
|
|
$
0.21
|
|
$
0.63
|
|
$
0.63
|
|
$
1.47
|
|
$
1.67
|
BancorpSouth
Bank
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Sep-20
|
|
Jun-20
|
|
Mar-20
|
|
Dec-19
|
|
Sep-19
|
LOAN AND LEASE
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
Commercial and industrial-non real estate
|
2,937,608
|
|
3,038,957
|
|
2,008,043
|
|
1,979,507
|
|
1,887,817
|
Commercial and industrial-owner occupied
|
2,297,008
|
|
2,296,287
|
|
2,290,585
|
|
2,268,813
|
|
2,276,338
|
Total commercial and
industrial
|
5,234,616
|
|
5,335,244
|
|
4,298,628
|
|
4,248,320
|
|
4,164,155
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
Agricultural
|
333,839
|
|
333,615
|
|
339,539
|
|
337,349
|
|
347,866
|
Construction, acquisition and development
|
1,700,030
|
|
1,658,678
|
|
1,582,039
|
|
1,577,342
|
|
1,538,073
|
Commercial real estate
|
3,229,959
|
|
3,323,744
|
|
3,303,537
|
|
3,220,914
|
|
3,345,166
|
Total commercial real
estate
|
5,263,828
|
|
5,316,037
|
|
5,225,115
|
|
5,135,605
|
|
5,231,105
|
Consumer
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
3,704,490
|
|
3,646,168
|
|
3,572,277
|
|
3,543,075
|
|
3,519,449
|
Home
equity
|
658,708
|
|
655,543
|
|
686,202
|
|
683,515
|
|
678,294
|
Credit
cards
|
85,760
|
|
86,592
|
|
93,896
|
|
102,559
|
|
101,213
|
Total
consumer
|
4,448,958
|
|
4,388,303
|
|
4,352,375
|
|
4,329,149
|
|
4,298,956
|
All other
|
380,333
|
|
387,837
|
|
348,527
|
|
376,609
|
|
426,567
|
Total loans
|
$
15,327,735
|
|
$
15,427,421
|
|
$
14,224,645
|
|
$
14,089,683
|
|
$
14,120,783
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR CREDIT
LOSSES:
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period
|
$
237,025
|
|
$
218,199
|
|
$
119,066
|
|
$
116,908
|
|
$
115,691
|
|
|
|
|
|
|
|
|
|
|
Impact of adopting
ASC 326 - cumulative effect adjustment
|
-
|
|
-
|
|
40,000
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Impact of adopting
ASC 326 - purchased loans with credt
|
|
|
|
|
|
|
|
|
|
deterioration
|
-
|
|
-
|
|
22,634
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Loans and leases
charged-off:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
Commercial and industrial-non real estate
|
(560)
|
|
(1,506)
|
|
(10,792)
|
|
(1,273)
|
|
(218)
|
Commercial and industrial-owner occupied
|
(441)
|
|
(13)
|
|
(184)
|
|
(192)
|
|
(65)
|
Total commercial and
industrial
|
(1,001)
|
|
(1,519)
|
|
(10,976)
|
|
(1,465)
|
|
(283)
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
Agricultural
|
-
|
|
(21)
|
|
(65)
|
|
(11)
|
|
-
|
Construction, acquisition and development
|
-
|
|
(9)
|
|
(3,173)
|
|
(26)
|
|
-
|
Commercial real estate
|
(738)
|
|
-
|
|
(67)
|
|
-
|
|
(49)
|
Total commercial real
estate
|
(738)
|
|
(30)
|
|
(3,305)
|
|
(37)
|
|
(49)
|
Consumer
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
(81)
|
|
(124)
|
|
(524)
|
|
(687)
|
|
(255)
|
Home
equity
|
(41)
|
|
(162)
|
|
(236)
|
|
(173)
|
|
(39)
|
Credit
cards
|
(682)
|
|
(703)
|
|
(798)
|
|
(797)
|
|
(631)
|
Total consumer
|
(804)
|
|
(989)
|
|
(1,558)
|
|
(1,657)
|
|
(925)
|
All other
|
(599)
|
|
(396)
|
|
(914)
|
|
(965)
|
|
(895)
|
Total loans
charged-off
|
(3,142)
|
|
(2,934)
|
|
(16,753)
|
|
(4,124)
|
|
(2,152)
|
|
|
|
|
|
|
|
|
|
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
Commercial and industrial-non real estate
|
294
|
|
277
|
|
355
|
|
353
|
|
835
|
Commercial and industrial-owner occupied
|
163
|
|
136
|
|
1,179
|
|
30
|
|
49
|
Total commercial and
industrial
|
457
|
|
413
|
|
1,534
|
|
383
|
|
884
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
Agricultural
|
3
|
|
6
|
|
6
|
|
4
|
|
3
|
Construction, acquisition and development
|
55
|
|
172
|
|
245
|
|
584
|
|
480
|
Commercial real estate
|
209
|
|
50
|
|
135
|
|
4,212
|
|
29
|
Total commercial real
estate
|
267
|
|
228
|
|
386
|
|
4,800
|
|
512
|
Consumer
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
352
|
|
345
|
|
397
|
|
407
|
|
278
|
Home
equity
|
132
|
|
259
|
|
80
|
|
216
|
|
731
|
Credit
cards
|
270
|
|
195
|
|
285
|
|
218
|
|
224
|
Total consumer
|
754
|
|
799
|
|
762
|
|
841
|
|
1,233
|
All other
|
263
|
|
320
|
|
344
|
|
258
|
|
240
|
Total recoveries
|
1,741
|
|
1,760
|
|
3,026
|
|
6,282
|
|
2,869
|
|
|
|
|
|
|
|
|
|
|
Net
(charge-offs)recoveries
|
(1,401)
|
|
(1,174)
|
|
(13,727)
|
|
2,158
|
|
717
|
|
|
|
|
|
|
|
|
|
|
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
|
15,000
|
|
20,000
|
|
45,000
|
|
-
|
|
500
|
Total provision
|
15,000
|
|
20,000
|
|
46,000
|
|
-
|
|
500
|
|
|
|
|
|
|
|
|
|
|
Balance, end of
period
|
$
250,624
|
|
$
237,025
|
|
$
218,199
|
|
$
119,066
|
|
$
116,908
|
|
|
|
|
|
|
|
|
|
|
Average loans for
period
|
$
15,369,684
|
|
$
15,114,732
|
|
$
14,226,788
|
|
$
14,061,118
|
|
$
13,726,755
|
|
|
|
|
|
|
|
|
|
|
Ratio:
|
|
|
|
|
|
|
|
|
|
Net
charge-offs(recoveries) to average loans (annualized)
|
0.04%
|
|
0.03%
|
|
0.39%
|
|
(0.06%)
|
|
(0.02%)
|
BancorpSouth
Bank
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
Sep-20
|
|
Jun-20
|
|
Mar-20
|
|
Dec-19
|
|
Sep-19
|
BXS ORIGINATED LOANS
AND LEASES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases
charged off:
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial-non real estate
|
|
$
(490)
|
|
$
(420)
|
|
$
(230)
|
|
$
(844)
|
|
$
(185)
|
Commercial and industrial-owner occupied
|
|
(434)
|
|
(13)
|
|
(19)
|
|
(184)
|
|
(65)
|
Total commercial and
industrial
|
|
(924)
|
|
(433)
|
|
(249)
|
|
(1,028)
|
|
(250)
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
|
Agricultural
|
|
-
|
|
-
|
|
(65)
|
|
(6)
|
|
-
|
Construction, acquisition and development
|
|
-
|
|
-
|
|
(121)
|
|
(26)
|
|
-
|
Commercial real estate
|
|
(155)
|
|
-
|
|
(67)
|
|
-
|
|
(49)
|
Total real estate
|
|
(155)
|
|
-
|
|
(253)
|
|
(32)
|
|
(49)
|
Consumer
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
|
(70)
|
|
(113)
|
|
(357)
|
|
(648)
|
|
(255)
|
Home
equity
|
|
(41)
|
|
(162)
|
|
(236)
|
|
(173)
|
|
(39)
|
Credit
cards
|
|
(682)
|
|
(703)
|
|
(798)
|
|
(797)
|
|
(631)
|
Total consumer
|
|
(793)
|
|
(978)
|
|
(1,391)
|
|
(1,618)
|
|
(925)
|
All other
|
|
(459)
|
|
(288)
|
|
(704)
|
|
(782)
|
|
(848)
|
Total loans charged
off
|
|
(2,331)
|
|
(1,699)
|
|
(2,597)
|
|
(3,460)
|
|
(2,072)
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial-non real estate
|
|
231
|
|
210
|
|
325
|
|
277
|
|
833
|
Commercial and industrial-owner occupied
|
|
163
|
|
136
|
|
1,177
|
|
30
|
|
49
|
Total commercial and
industrial
|
|
394
|
|
346
|
|
1,502
|
|
307
|
|
882
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
|
Agricultural
|
|
3
|
|
5
|
|
4
|
|
4
|
|
3
|
Construction, acquisition and development
|
|
55
|
|
170
|
|
244
|
|
583
|
|
480
|
Commercial real estate
|
|
208
|
|
50
|
|
135
|
|
4,212
|
|
29
|
Total real estate
|
|
266
|
|
225
|
|
383
|
|
4,799
|
|
512
|
Consumer
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
|
350
|
|
343
|
|
395
|
|
405
|
|
275
|
Home
equity
|
|
130
|
|
258
|
|
79
|
|
215
|
|
729
|
Credit
cards
|
|
270
|
|
195
|
|
285
|
|
218
|
|
224
|
Total consumer
|
|
750
|
|
796
|
|
759
|
|
838
|
|
1,228
|
All other
|
|
235
|
|
275
|
|
316
|
|
245
|
|
226
|
Total recoveries
|
|
1,645
|
|
1,642
|
|
2,960
|
|
6,189
|
|
2,848
|
|
|
|
|
|
|
|
|
|
|
|
Net
(charge-offs)/recoveries
|
|
$
(686)
|
|
$
(57)
|
|
$
363
|
|
$
2,729
|
|
$
776
|
BancorpSouth
Bank
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Sep-20
|
|
Jun-20
|
|
Mar-20
|
|
Dec-19
|
|
Sep-19
|
ACQUIRED LOANS AND
LEASES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases
charged off:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
Commercial and industrial-non real estate
|
$
(70)
|
|
$
(1,086)
|
|
$
(10,562)
|
|
$
(429)
|
|
$
(33)
|
Commercial and industrial-owner occupied
|
(7)
|
|
-
|
|
(165)
|
|
(8)
|
|
-
|
Total commercial and
industrial
|
(77)
|
|
(1,086)
|
|
(10,727)
|
|
(437)
|
|
(33)
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
Agricultural
|
-
|
|
(21)
|
|
-
|
|
(5)
|
|
-
|
Construction, acquisition and development
|
-
|
|
(9)
|
|
(3,052)
|
|
-
|
|
-
|
Commercial real estate
|
(583)
|
|
-
|
|
-
|
|
-
|
|
-
|
Total real estate
|
(583)
|
|
(30)
|
|
(3,052)
|
|
(5)
|
|
-
|
Consumer
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
(11)
|
|
(11)
|
|
(167)
|
|
(39)
|
|
-
|
Home
equity
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Credit
cards
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Total consumer
|
(11)
|
|
(11)
|
|
(167)
|
|
(39)
|
|
-
|
All other
|
(140)
|
|
(108)
|
|
(210)
|
|
(183)
|
|
(47)
|
Total loans charged
off
|
(811)
|
|
(1,235)
|
|
(14,156)
|
|
(664)
|
|
(80)
|
|
|
|
|
|
|
|
|
|
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
Commercial and industrial-non real estate
|
63
|
|
67
|
|
30
|
|
76
|
|
2
|
Commercial and industrial-owner occupied
|
-
|
|
-
|
|
2
|
|
-
|
|
-
|
Total commercial and
industrial
|
63
|
|
67
|
|
32
|
|
76
|
|
2
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
Agricultural
|
-
|
|
1
|
|
2
|
|
-
|
|
-
|
Construction, acquisition and development
|
-
|
|
2
|
|
1
|
|
1
|
|
-
|
Commercial real estate
|
1
|
|
-
|
|
-
|
|
-
|
|
-
|
Total real estate
|
1
|
|
3
|
|
3
|
|
1
|
|
-
|
Consumer
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
2
|
|
2
|
|
2
|
|
2
|
|
3
|
Home
equity
|
2
|
|
1
|
|
1
|
|
1
|
|
2
|
Credit
cards
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Total consumer
|
4
|
|
3
|
|
3
|
|
3
|
|
5
|
All other
|
28
|
|
45
|
|
28
|
|
13
|
|
14
|
Total recoveries
|
96
|
|
118
|
|
66
|
|
93
|
|
21
|
|
|
|
|
|
|
|
|
|
|
Net
(charge-offs)/recoveries
|
$
(715)
|
|
$
(1,117)
|
|
$
(14,090)
|
|
$
(571)
|
|
$
(59)
|
BancorpSouth
Bank
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Sep-20
|
|
Jun-20
|
|
Mar-20
|
|
Dec-19
|
|
Sep-19
|
NON-PERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES:
|
|
|
|
|
|
|
|
|
|
Nonaccrual
Loans and Leases
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial-non real estate
|
$
17,936
|
|
$
16,124
|
|
$
16,589
|
|
$
11,105
|
|
$
10,430
|
Commercial and
industrial-owner occupied
|
18,343
|
|
16,745
|
|
11,212
|
|
7,838
|
|
7,446
|
Total commercial and industrial
|
36,279
|
|
32,869
|
|
27,801
|
|
18,943
|
|
17,876
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
Agricultural
|
5,907
|
|
5,244
|
|
5,454
|
|
4,772
|
|
4,423
|
Construction,
acquisition and development
|
10,434
|
|
9,715
|
|
13,899
|
|
6,225
|
|
2,231
|
Commercial real
estate
|
32,554
|
|
45,047
|
|
29,697
|
|
16,199
|
|
16,823
|
Total commercial real estate
|
48,895
|
|
60,006
|
|
49,050
|
|
27,196
|
|
23,477
|
Consumer
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
32,872
|
|
30,672
|
|
29,834
|
|
28,879
|
|
31,744
|
Home
equity
|
3,325
|
|
2,584
|
|
2,597
|
|
2,993
|
|
2,767
|
Credit
cards
|
144
|
|
90
|
|
122
|
|
63
|
|
85
|
Total consumer
|
36,341
|
|
33,346
|
|
32,553
|
|
31,935
|
|
34,596
|
All other
|
593
|
|
532
|
|
670
|
|
722
|
|
434
|
Total nonaccrual loans and leases
|
$
122,108
|
|
$
126,753
|
|
$
110,074
|
|
$
78,796
|
|
$
76,383
|
|
|
|
|
|
|
|
|
|
|
Loans and
Leases 90+ Days Past Due, Still Accruing:
|
17,641
|
|
9,877
|
|
7,272
|
|
17,531
|
|
16,659
|
Restructured
Loans and Leases, Still Accruing
|
11,154
|
|
11,575
|
|
11,284
|
|
15,184
|
|
15,033
|
Total non-performing loans
and leases
|
$
150,903
|
|
$
148,205
|
|
$
128,630
|
|
$
111,511
|
|
$
108,075
|
|
|
|
|
|
|
|
|
|
|
OTHER REAL ESTATE
OWNED:
|
6,397
|
|
7,164
|
|
9,200
|
|
6,746
|
|
7,929
|
|
|
|
|
|
|
|
|
|
|
Total Non-performing
Assets
|
$
157,300
|
|
$
155,369
|
|
$
137,830
|
|
$
118,257
|
|
$
116,004
|
|
|
|
|
|
|
|
|
|
|
BXS originated
assets
|
$
109,418
|
|
$
94,155
|
|
$
85,908
|
|
$
78,295
|
|
$
84,413
|
Acquired
assets
|
47,882
|
|
61,214
|
|
51,922
|
|
39,962
|
|
31,591
|
Total Non-performing
Assets
|
$
157,300
|
|
$
155,369
|
|
$
137,830
|
|
$
118,257
|
|
$
116,004
|
|
|
|
|
|
|
|
|
|
|
Additions to
Nonaccrual Loans and Leases During the Quarter
|
$
19,973
|
|
$
36,619
|
|
$
47,523
|
|
$
25,147
|
|
$
26,331
|
|
|
|
|
|
|
|
|
|
|
Loans and Leases
30-89 Days Past Due, Still Accruing:
|
|
|
|
|
|
|
|
|
|
BXS originated loans
|
$
42,978
|
|
$
35,002
|
|
$
54,315
|
|
$
44,559
|
|
$
40,668
|
Acquired loans
|
5,694
|
|
10,450
|
|
14,405
|
|
23,054
|
|
16,741
|
Total Loans and Leases 30-89 days past due, still
accruing
|
$
48,672
|
|
$
45,452
|
|
$
68,720
|
|
$
67,613
|
|
$
57,409
|
BancorpSouth
Bank
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
June 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
|
$
2,980,373
|
$
-
|
$
43,368
|
$
179
|
$
-
|
$
3,789
|
$
11,248
|
|
$
3,038,957
|
Commercial and industrial-owner occupied
|
2,222,454
|
-
|
61,204
|
-
|
-
|
8,515
|
4,114
|
|
2,296,287
|
Total commercial and
industrial
|
5,202,827
|
-
|
104,572
|
179
|
-
|
12,304
|
15,362
|
|
5,335,244
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
Agricultural
|
316,390
|
-
|
14,159
|
-
|
-
|
714
|
2,352
|
|
333,615
|
Construction, acquisition and development
|
1,626,162
|
2,741
|
20,890
|
-
|
-
|
3,122
|
5,763
|
|
1,658,678
|
Commercial real estate
|
3,164,522
|
-
|
113,206
|
-
|
-
|
40,672
|
5,344
|
|
3,323,744
|
Total commercial real
estate
|
5,107,074
|
2,741
|
148,255
|
-
|
-
|
44,508
|
13,459
|
|
5,316,037
|
Consumer
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
3,560,630
|
-
|
84,207
|
-
|
-
|
594
|
737
|
|
3,646,168
|
Home
equity
|
648,891
|
-
|
6,652
|
-
|
-
|
-
|
-
|
|
655,543
|
Credit
cards
|
86,592
|
-
|
-
|
-
|
-
|
-
|
-
|
|
86,592
|
Total consumer
|
4,296,113
|
-
|
90,859
|
-
|
-
|
594
|
737
|
|
4,388,303
|
All other
|
379,659
|
1,523
|
6,578
|
-
|
-
|
-
|
77
|
|
387,837
|
Total loans
|
$
14,985,673
|
$
4,264
|
$
350,264
|
$
179
|
$
-
|
$
57,406
|
$
29,635
|
|
$
15,427,421
|
|
|
|
|
|
|
|
|
|
|
BXS originated
loans
|
$
13,516,292
|
$
2,741
|
$
231,687
|
$
179
|
$
-
|
$
28,288
|
$
-
|
|
$
13,779,187
|
Acquired
loans*
|
1,469,381
|
1,523
|
118,577
|
-
|
-
|
29,118
|
29,635
|
|
1,648,234
|
Total Loans
|
$
14,985,673
|
$
4,264
|
$
350,264
|
$
179
|
$
-
|
$
57,406
|
$
29,635
|
|
$
15,427,421
|
|
|
|
|
|
|
|
|
|
|
*Includes certain
loans that are no longer included in the "Net book value of
acquired loans" on page 10 as a result of maturity, refinance, or
other triggering event.
|
BancorpSouth
Bank
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Sep-20
|
|
Jun-20
|
|
Mar-20
|
|
Dec-19
|
|
Sep-19
|
LOAN PORTFOLIO BY
INTERNALLY ASSIGNED GRADE:
|
|
|
|
|
|
|
|
|
Pass
|
$
14,877,943
|
|
$
14,985,673
|
|
$
13,821,602
|
|
$
13,738,979
|
|
$
13,782,584
|
Special
Mention
|
-
|
|
4,264
|
|
7,129
|
|
2,240
|
|
2,530
|
Substandard
|
372,483
|
|
350,264
|
|
323,697
|
|
298,491
|
|
280,059
|
Doubtful
|
178
|
|
179
|
|
191
|
|
194
|
|
194
|
Loss
|
-
|
|
-
|
|
667
|
|
-
|
|
-
|
Impaired
|
49,818
|
|
57,406
|
|
40,627
|
|
24,094
|
|
24,948
|
Purchased Credit
Deteriorated (Loss)
|
27,313
|
|
29,635
|
|
30,732
|
|
-
|
|
-
|
Purchased Credit
Impaired
|
-
|
|
-
|
|
-
|
|
25,685
|
|
30,468
|
Total
|
$
15,327,735
|
|
$
15,427,421
|
|
$
14,224,645
|
|
$
14,089,683
|
|
$
14,120,783
|
|
|
|
|
|
|
|
|
|
|
BXS ORIGINATED LOAN
PORTFOLIO BY INTERNALLY
|
|
|
|
|
|
|
|
|
ASSIGNED
GRADE:
|
|
|
|
|
|
|
|
|
|
Pass
|
$
13,592,460
|
|
$
13,516,292
|
|
$
12,150,616
|
|
$
12,080,336
|
|
$
11,901,311
|
Special
Mention
|
-
|
|
2,741
|
|
2,045
|
|
-
|
|
-
|
Substandard
|
252,875
|
|
231,687
|
|
225,506
|
|
202,017
|
|
192,133
|
Doubtful
|
178
|
|
179
|
|
191
|
|
194
|
|
194
|
Loss
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Impaired
|
30,909
|
|
28,288
|
|
22,356
|
|
17,110
|
|
24,379
|
Purchased Credit
Deteriorated (Loss)
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Purchased Credit
Impaired
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Total
|
$
13,876,422
|
|
$
13,779,187
|
|
$
12,400,714
|
|
$
12,299,657
|
|
$
12,118,017
|
|
|
|
|
|
|
|
|
|
|
ACQUIRED LOAN
PORTFOLIO BY INTERNALLY
|
|
|
|
|
|
|
|
|
|
ASSIGNED
GRADE:
|
|
|
|
|
|
|
|
|
|
Pass
|
$
1,285,483
|
|
$
1,469,381
|
|
$
1,670,986
|
|
$
1,658,643
|
|
$
1,881,273
|
Special
Mention
|
-
|
|
1,523
|
|
5,084
|
|
2,240
|
|
2,530
|
Substandard
|
119,608
|
|
118,577
|
|
98,191
|
|
96,474
|
|
87,926
|
Doubtful
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Loss
|
-
|
|
-
|
|
667
|
|
-
|
|
-
|
Impaired
|
18,909
|
|
29,118
|
|
18,271
|
|
6,984
|
|
569
|
Purchased Credit
Deteriorated (Loss)
|
27,313
|
|
29,635
|
|
30,732
|
|
-
|
|
-
|
Purchased Credit
Impaired
|
-
|
|
-
|
|
-
|
|
25,685
|
|
30,468
|
Total
|
$
1,451,313
|
|
$
1,648,234
|
|
$
1,823,931
|
|
$
1,790,026
|
|
$
2,002,766
|
BancorpSouth
Bank
|
Geographical
Information
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
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
|
$
275,711
|
$
237,417
|
$
352,908
|
$
739,580
|
$
78,753
|
$
189,569
|
$
1,058,826
|
$
4,844
|
$
2,937,608
|
Commercial and industrial-owner occupied
|
265,239
|
185,519
|
238,839
|
636,024
|
62,987
|
128,232
|
777,603
|
2,565
|
2,297,008
|
Total commercial and
industrial
|
540,950
|
422,936
|
591,747
|
1,375,604
|
141,740
|
317,801
|
1,836,429
|
7,409
|
5,234,616
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
Agricultural
|
26,136
|
70,808
|
24,489
|
71,275
|
7,362
|
10,925
|
122,401
|
443
|
333,839
|
Construction, acquisition and development
|
173,894
|
49,582
|
83,313
|
310,262
|
22,506
|
104,294
|
956,179
|
-
|
1,700,030
|
Commercial real estate
|
333,696
|
338,794
|
304,446
|
659,031
|
230,587
|
222,234
|
1,141,171
|
-
|
3,229,959
|
Total commercial real
estate
|
533,726
|
459,184
|
412,248
|
1,040,568
|
260,455
|
337,453
|
2,219,751
|
443
|
5,263,828
|
Consumer
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
584,926
|
335,889
|
344,462
|
828,965
|
109,091
|
340,804
|
1,093,636
|
66,717
|
3,704,490
|
Home
equity
|
102,779
|
46,382
|
79,574
|
227,479
|
16,660
|
145,480
|
40,354
|
-
|
658,708
|
Credit
cards
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
85,760
|
85,760
|
Total consumer
|
687,705
|
382,271
|
424,036
|
1,056,444
|
125,751
|
486,284
|
1,133,990
|
152,477
|
4,448,958
|
All other
|
61,241
|
42,561
|
34,041
|
121,036
|
3,818
|
19,284
|
88,622
|
9,730
|
380,333
|
Total loans
|
$
1,823,622
|
$
1,306,952
|
$
1,462,072
|
$
3,593,652
|
$
531,764
|
$
1,160,822
|
$
5,278,792
|
$
170,059
|
$
15,327,735
|
|
|
|
|
|
|
|
|
|
|
Loan growth,
excluding loans acquired during
|
|
|
|
|
|
|
|
|
|
the quarter (annualized)
|
(4.20%)
|
(6.56%)
|
(10.84%)
|
(12.51%)
|
(7.10%)
|
1.23%
|
8.75%
|
(18.27%)
|
(2.57%)
|
Loan growth,
excluding PPP loans (annualized)
|
(5.32%)
|
(6.83%)
|
(11.42%)
|
(12.95%)
|
(7.59%)
|
0.91%
|
8.29%
|
(17.53%)
|
(3.07%)
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
Commercial and industrial-non real estate
|
$
582
|
$
1,363
|
$
2,160
|
$
1,742
|
$
1,799
|
$
595
|
$
10,611
|
$
225
|
$
19,077
|
Commercial and industrial-owner occupied
|
2,921
|
2,373
|
677
|
3,644
|
166
|
-
|
14,201
|
-
|
23,982
|
Total commercial and
industrial
|
3,503
|
3,736
|
2,837
|
5,386
|
1,965
|
595
|
24,812
|
225
|
43,059
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
Agricultural
|
279
|
618
|
166
|
999
|
-
|
-
|
3,850
|
-
|
5,912
|
Construction, acquisition and development
|
161
|
166
|
2,573
|
208
|
-
|
315
|
7,270
|
-
|
10,693
|
Commercial real estate
|
3,388
|
33
|
5,265
|
876
|
-
|
95
|
24,052
|
-
|
33,709
|
Total commercial real
estate
|
3,828
|
817
|
8,004
|
2,083
|
-
|
410
|
35,172
|
-
|
50,314
|
Consumer
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
9,198
|
4,069
|
4,224
|
13,572
|
1,032
|
6,456
|
11,741
|
1,912
|
52,204
|
Home
equity
|
363
|
258
|
395
|
996
|
237
|
1,228
|
387
|
-
|
3,864
|
Credit
cards
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
817
|
817
|
Total consumer
|
9,561
|
4,327
|
4,619
|
14,568
|
1,269
|
7,684
|
12,128
|
2,729
|
56,885
|
All other
|
197
|
2
|
52
|
95
|
-
|
16
|
279
|
4
|
645
|
Total loans
|
$
17,089
|
$
8,882
|
$
15,512
|
$
22,132
|
$
3,234
|
$
8,705
|
$
72,391
|
$
2,958
|
$
150,903
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES
|
|
|
|
|
|
|
|
|
|
AS A
PERCENTAGE OF OUTSTANDING:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
Commercial and industrial-non real estate
|
0.21%
|
0.57%
|
0.61%
|
0.24%
|
2.28%
|
0.31%
|
1.00%
|
4.64%
|
0.65%
|
Commercial and industrial-owner occupied
|
1.10%
|
1.28%
|
0.28%
|
0.57%
|
0.26%
|
0.00%
|
1.83%
|
0.00%
|
1.04%
|
Total commercial and
industrial
|
0.65%
|
0.88%
|
0.48%
|
0.39%
|
1.39%
|
0.19%
|
1.35%
|
3.04%
|
0.82%
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
Agricultural
|
1.07%
|
0.87%
|
0.68%
|
1.40%
|
0.00%
|
0.00%
|
3.15%
|
0.00%
|
1.77%
|
Construction, acquisition and development
|
0.09%
|
0.33%
|
3.09%
|
0.07%
|
0.00%
|
0.30%
|
0.76%
|
N/A
|
0.63%
|
Commercial real estate
|
1.02%
|
0.01%
|
1.73%
|
0.13%
|
0.00%
|
0.04%
|
2.11%
|
N/A
|
1.04%
|
Total commercial real
estate
|
0.72%
|
0.18%
|
1.94%
|
0.20%
|
0.00%
|
0.12%
|
1.58%
|
0.00%
|
0.96%
|
Consumer
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
1.57%
|
1.21%
|
1.23%
|
1.64%
|
0.95%
|
1.89%
|
1.07%
|
2.87%
|
1.41%
|
Home
equity
|
0.35%
|
0.56%
|
0.50%
|
0.44%
|
1.42%
|
0.84%
|
0.96%
|
N/A
|
0.59%
|
Credit
cards
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
0.95%
|
0.95%
|
Total consumer
|
1.39%
|
1.13%
|
1.09%
|
1.38%
|
1.01%
|
1.58%
|
1.07%
|
1.79%
|
1.28%
|
All other
|
0.32%
|
0.00%
|
0.15%
|
0.08%
|
0.00%
|
0.08%
|
0.31%
|
0.04%
|
0.17%
|
Total loans
|
0.94%
|
0.68%
|
1.06%
|
0.62%
|
0.61%
|
0.75%
|
1.37%
|
1.74%
|
0.98%
|
BancorpSouth
Bank
|
Noninterest
Revenue and Expense
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Year to
Date
|
|
Sep-20
|
|
Jun-20
|
|
Mar-20
|
|
Dec-19
|
|
Sep-19
|
|
Sep-20
|
|
Sep-19
|
NONINTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking
excl. MSR and MSR Hedge market value adj
|
$
26,667
|
|
$
31,930
|
|
$
20,553
|
|
$
6,938
|
|
$
11,283
|
|
$
79,150
|
|
$
27,359
|
MSR and MSR Hedge
market value adjustment
|
430
|
|
(2,373)
|
|
(11,083)
|
|
3,164
|
|
(3,994)
|
|
(13,026)
|
|
(17,679)
|
Credit card, debit
card and merchant fees
|
9,938
|
|
9,080
|
|
9,176
|
|
9,836
|
|
9,778
|
|
28,194
|
|
28,820
|
Deposit service
charges
|
8,892
|
|
7,647
|
|
11,682
|
|
12,193
|
|
11,939
|
|
28,221
|
|
33,822
|
Securities gains
(losses), net
|
18
|
|
62
|
|
(85)
|
|
(41)
|
|
117
|
|
(5)
|
|
215
|
Insurance
commissions
|
32,750
|
|
33,118
|
|
29,603
|
|
27,648
|
|
31,512
|
|
95,471
|
|
95,643
|
Trust
income
|
3,902
|
|
4,064
|
|
4,013
|
|
3,951
|
|
4,488
|
|
11,979
|
|
12,091
|
Annuity
fees
|
53
|
|
54
|
|
55
|
|
136
|
|
184
|
|
162
|
|
694
|
Brokerage commissions
and fees
|
2,516
|
|
2,303
|
|
2,502
|
|
2,530
|
|
1,979
|
|
7,321
|
|
5,407
|
Bank-owned life
insurance
|
1,902
|
|
1,855
|
|
1,999
|
|
3,427
|
|
2,529
|
|
5,756
|
|
6,205
|
Other miscellaneous
income
|
2,856
|
|
3,518
|
|
8,081
|
|
4,915
|
|
5,617
|
|
14,455
|
|
13,407
|
Total noninterest
revenue
|
$
89,924
|
|
$
91,258
|
|
$
76,496
|
|
$
74,697
|
|
$
75,432
|
|
$ 257,678
|
|
$ 205,984
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
$
104,219
|
|
$
108,103
|
|
$
108,272
|
|
$
97,137
|
|
$
101,154
|
|
$ 320,594
|
|
$ 299,363
|
Occupancy, net of
rental income
|
13,053
|
|
12,890
|
|
12,708
|
|
12,267
|
|
12,323
|
|
38,651
|
|
35,862
|
Equipment
|
4,519
|
|
4,762
|
|
4,649
|
|
4,725
|
|
4,676
|
|
13,930
|
|
12,987
|
Deposit insurance
assessments
|
1,522
|
|
1,962
|
|
1,546
|
|
2,200
|
|
2,038
|
|
5,030
|
|
6,943
|
Advertising
|
826
|
|
918
|
|
1,099
|
|
1,153
|
|
1,382
|
|
2,843
|
|
3,756
|
Foreclosed property
expense
|
(278)
|
|
1,306
|
|
924
|
|
855
|
|
870
|
|
1,952
|
|
2,013
|
Telecommunications
|
1,462
|
|
1,512
|
|
1,461
|
|
1,504
|
|
1,400
|
|
4,435
|
|
4,159
|
Public
relations
|
1,130
|
|
459
|
|
680
|
|
880
|
|
1,069
|
|
2,269
|
|
2,768
|
Data
processing
|
9,477
|
|
9,693
|
|
9,646
|
|
10,041
|
|
9,066
|
|
28,816
|
|
25,476
|
Computer
software
|
4,779
|
|
4,979
|
|
4,315
|
|
4,478
|
|
3,825
|
|
14,073
|
|
11,359
|
Amortization of
intangibles
|
2,357
|
|
2,355
|
|
2,394
|
|
2,508
|
|
2,117
|
|
7,106
|
|
6,610
|
Legal
|
(316)
|
|
1,375
|
|
898
|
|
854
|
|
786
|
|
1,957
|
|
2,701
|
Merger
expense
|
129
|
|
510
|
|
4,494
|
|
5,782
|
|
4,062
|
|
5,133
|
|
8,089
|
Postage and
shipping
|
1,199
|
|
1,198
|
|
1,441
|
|
1,353
|
|
1,281
|
|
3,838
|
|
3,910
|
Other miscellaneous
expense
|
11,427
|
|
10,482
|
|
13,479
|
|
16,614
|
|
13,565
|
|
35,388
|
|
41,260
|
Total noninterest
expense
|
$
155,505
|
|
$
162,504
|
|
$
168,006
|
|
$
162,351
|
|
$
159,614
|
|
$ 486,015
|
|
$ 467,256
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INSURANCE
COMMISSIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and casualty
commissions
|
$
24,060
|
|
$
23,644
|
|
$
21,246
|
|
$
19,994
|
|
$
22,643
|
|
$
68,950
|
|
$
67,310
|
Life and health
commissions
|
6,072
|
|
6,771
|
|
6,175
|
|
5,979
|
|
6,116
|
|
19,018
|
|
19,453
|
Risk management
income
|
609
|
|
540
|
|
532
|
|
667
|
|
564
|
|
1,681
|
|
1,773
|
Other
|
2,009
|
|
2,163
|
|
1,650
|
|
1,008
|
|
2,189
|
|
5,822
|
|
7,107
|
Total insurance
commissions
|
$
32,750
|
|
$
33,118
|
|
$
29,603
|
|
$
27,648
|
|
$
31,512
|
|
$
95,471
|
|
$
95,643
|
BancorpSouth
Bank
|
Selected
Additional Information
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Sep-20
|
Jun-20
|
Mar-20
|
Dec-19
|
Sep-19
|
MORTGAGE SERVICING
RIGHTS:
|
|
|
|
|
|
Fair value, beginning
of period
|
$
40,821
|
$
42,243
|
$
57,109
|
$
51,492
|
$
55,294
|
Additions to mortgage
servicing rights:
|
|
|
|
|
|
Originations of servicing assets
|
7,041
|
4,297
|
3,079
|
4,025
|
3,410
|
Changes in fair
value:
|
|
|
|
|
|
Due to
payoffs/paydowns
|
(3,198)
|
(3,144)
|
(2,506)
|
(2,323)
|
(2,542)
|
Due to
change in valuation inputs or
|
|
|
|
|
|
assumptions used in the
valuation model
|
280
|
(2,575)
|
(15,438)
|
3,915
|
(4,669)
|
Other
changes in fair value
|
-
|
-
|
(1)
|
-
|
(1)
|
Fair value, end of
period
|
$
44,944
|
$
40,821
|
$
42,243
|
$
57,109
|
$
51,492
|
|
|
|
|
|
|
MORTGAGE BANKING
REVENUE:
|
|
|
|
|
|
Production
revenue:
|
|
|
|
|
|
Origination
|
$
23,632
|
$
30,194
|
$
17,906
|
$
4,326
|
$
8,922
|
Servicing
|
6,233
|
4,880
|
5,153
|
4,935
|
4,903
|
Payoffs/Paydowns
|
(3,198)
|
(3,144)
|
(2,506)
|
(2,323)
|
(2,542)
|
Total production
revenue
|
26,667
|
31,930
|
20,553
|
6,938
|
11,283
|
Market value
adjustment on MSR
|
280
|
(2,575)
|
(15,438)
|
3,915
|
(4,669)
|
Market value
adjustment on MSR Hedge
|
150
|
202
|
4,355
|
(751)
|
675
|
Total mortgage
banking revenue
|
$
27,097
|
$
29,557
|
$
9,470
|
$
10,102
|
$
7,289
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans
serviced
|
$
7,218,090
|
$
7,000,425
|
$
6,999,383
|
$
6,898,195
|
$
6,799,186
|
MSR/mtg loans
serviced
|
0.62%
|
0.58%
|
0.60%
|
0.83%
|
0.76%
|
|
|
|
|
|
|
AVAILABLE-FOR-SALE
SECURITIES, at fair value
|
|
|
|
|
|
U.S. Government
agencies
|
$
3,116,458
|
$
3,348,206
|
$
3,532,905
|
$
3,599,317
|
$
2,323,159
|
U.S. Government
agency issued residential
|
|
|
|
|
|
mortgage-back securities
|
1,625,325
|
699,864
|
132,902
|
133,375
|
128,677
|
U.S. Government
agency issued commercial
|
|
|
|
|
|
mortgage-back securities
|
758,116
|
759,980
|
595,885
|
609,009
|
115,228
|
Obligations of states
and political subdivisions
|
141,896
|
163,121
|
206,648
|
140,273
|
199,382
|
Corporate
bonds
|
17,990
|
2,000
|
-
|
-
|
-
|
Total
available-for-sale securities
|
$
5,659,785
|
$
4,973,171
|
$
4,468,340
|
$
4,481,974
|
$
2,766,446
|
|
|
|
|
|
|
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 to
Date
|
|
|
|
9/30/2020
|
|
6/30/2020
|
|
3/31/2020
|
|
12/31/2019
|
|
9/30/2019
|
|
9/30/2020
|
|
9/30/2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
73,825
|
|
$
61,160
|
|
$
24,261
|
|
$
65,849
|
|
$
63,757
|
|
$
159,246
|
|
$
168,412
|
Plus:
|
Merger expense, net
of tax
|
|
97
|
|
383
|
|
3,372
|
|
4,339
|
|
3,049
|
|
3,852
|
|
6,072
|
|
Initial provision for
acquired loans,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net of
tax
|
|
-
|
|
-
|
|
751
|
|
-
|
|
-
|
|
751
|
|
|
Less:
|
Security
gains(losses), net of tax
|
|
13
|
|
47
|
|
(64)
|
|
(30)
|
|
88
|
|
(4)
|
|
162
|
Net operating
income
|
|
$
73,909
|
|
$
61,496
|
|
$
28,448
|
|
$
70,218
|
|
$
66,718
|
|
$
163,853
|
|
$
174,322
|
Less:
|
Preferred
dividends
|
|
2,372
|
|
2,372
|
|
2,372
|
|
-
|
|
-
|
|
7,116
|
|
-
|
Net operating income
available to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
common
shareholders
|
|
$
71,537
|
|
$
59,124
|
|
$
26,076
|
|
$
70,218
|
|
$
66,718
|
|
$
156,737
|
|
$
174,322
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
income
|
|
$
73,909
|
|
$
61,496
|
|
$
28,448
|
|
$
70,218
|
|
$
66,718
|
|
$
163,853
|
|
$
174,322
|
Less:
|
MSR market value
adjustment, net of tax
|
323
|
|
(1,781)
|
|
(8,318)
|
|
2,374
|
|
(2,998)
|
|
(9,776)
|
|
(13,268)
|
Net operating
income-excluding MSR
|
|
$
73,586
|
|
$
63,277
|
|
$
36,766
|
|
$
67,844
|
|
$
69,716
|
|
$
173,629
|
|
$
187,590
|
Less:
|
Preferred
dividends
|
|
2,372
|
|
2,372
|
|
2,372
|
|
-
|
|
-
|
|
7,116
|
|
-
|
Net operating income
available to common
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders-excluding MSR
|
|
$
71,214
|
|
$
60,905
|
|
$
34,394
|
|
$
67,844
|
|
$
69,716
|
|
$
166,513
|
|
$
187,590
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net
Income to Pre-Tax Pre-Provision Net Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
73,825
|
|
$
61,160
|
|
$
24,261
|
|
$
65,849
|
|
$
63,757
|
|
$
159,246
|
|
$
168,412
|
Plus:
|
Provision for credit
losses
|
|
15,000
|
|
20,000
|
|
46,000
|
|
-
|
|
500
|
|
81,000
|
|
1,500
|
|
Merger
expense
|
|
129
|
|
510
|
|
4,494
|
|
5,782
|
|
4,062
|
|
5,133
|
|
8,089
|
|
Income tax
expense
|
|
21,525
|
|
18,164
|
|
5,759
|
|
17,271
|
|
18,160
|
|
45,448
|
|
47,986
|
Less:
|
Security
gains(losses)
|
|
18
|
|
62
|
|
(85)
|
|
(41)
|
|
117
|
|
(5)
|
|
215
|
|
MSR market value
adjustment
|
|
430
|
|
(2,373)
|
|
(11,083)
|
|
3,164
|
|
(3,994)
|
|
(13,026)
|
|
(17,679)
|
Pre-tax pre-provision
net revenue
|
|
$
110,031
|
|
$
102,145
|
|
$
91,682
|
|
$
85,779
|
|
$
90,356
|
|
$
303,858
|
|
$
243,451
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Total Operating Expense to Total Noninterest Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
|
$
155,505
|
|
$
162,504
|
|
$
168,006
|
|
$
162,351
|
|
$
159,614
|
|
$
486,015
|
|
$
467,256
|
Less:
|
Merger
expense
|
|
129
|
|
510
|
|
4,494
|
|
5,782
|
|
4,062
|
|
5,133
|
|
8,089
|
Total operating
expense
|
|
$
155,376
|
|
$
161,994
|
|
$
163,512
|
|
$
156,569
|
|
$
155,552
|
|
$
480,882
|
|
$
459,167
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 to
Date
|
|
|
|
9/30/2020
|
|
6/30/2020
|
|
3/31/2020
|
|
12/31/2019
|
|
9/30/2019
|
|
9/30/2020
|
|
9/30/2019
|
Tangible
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
23,555,422
|
|
$
23,236,176
|
|
$
21,032,524
|
|
$
21,052,576
|
|
$
19,850,225
|
|
$
23,555,422
|
|
$
19,850,225
|
Less:
|
Goodwill
|
|
847,531
|
|
847,984
|
|
848,242
|
|
825,679
|
|
822,093
|
|
847,531
|
|
822,093
|
|
Other identifiable
intangible assets
|
|
54,757
|
|
56,989
|
|
59,345
|
|
60,008
|
|
61,100
|
|
54,757
|
|
61,100
|
Total tangible
assets
|
|
$
22,653,134
|
|
$
22,331,203
|
|
$
20,124,937
|
|
$
20,166,889
|
|
$
18,967,032
|
|
$
22,653,134
|
|
$
18,967,032
|
Less:
|
PPP loans
|
|
1,212,246
|
|
1,192,715
|
|
-
|
|
-
|
|
-
|
|
1,212,246
|
|
-
|
Total tangible
assets-excluding PPP loans
|
|
$
21,440,888
|
|
$
21,138,488
|
|
$
20,124,937
|
|
$
20,166,889
|
|
$
18,967,032
|
|
$
21,440,888
|
|
$
18,967,032
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERIOD END
BALANCES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
$
2,782,539
|
|
$
2,732,687
|
|
$
2,681,904
|
|
$
2,685,017
|
|
$
2,489,427
|
|
$
2,782,539
|
|
$
2,489,427
|
Less:
|
Goodwill
|
|
847,531
|
|
847,984
|
|
848,242
|
|
825,679
|
|
822,093
|
|
847,531
|
|
822,093
|
|
Other identifiable
intangible assets
|
|
54,757
|
|
56,989
|
|
59,345
|
|
60,008
|
|
61,100
|
|
54,757
|
|
61,100
|
Total tangible
shareholders' equity
|
|
$
1,880,251
|
|
$
1,827,714
|
|
$
1,774,317
|
|
$
1,799,330
|
|
$
1,606,234
|
|
$
1,880,251
|
|
$
1,606,234
|
Less:
|
Preferred
stock
|
|
166,993
|
|
166,993
|
|
166,993
|
|
167,021
|
|
-
|
|
166,993
|
|
-
|
Total tangible common
shareholders' equity
|
|
$
1,713,258
|
|
$
1,660,721
|
|
$
1,607,324
|
|
$
1,632,309
|
|
$
1,606,234
|
|
$
1,713,258
|
|
$
1,606,234
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
BALANCES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
$
2,729,870
|
|
$
2,738,434
|
|
$
2,658,699
|
|
$
2,572,750
|
|
$
2,378,882
|
|
$
2,709,077
|
|
$
2,297,322
|
Less:
|
Goodwill
|
|
847,744
|
|
848,160
|
|
844,635
|
|
823,812
|
|
761,084
|
|
846,850
|
|
731,043
|
|
Other identifiable
intangible assets
|
|
56,045
|
|
58,280
|
|
58,805
|
|
60,559
|
|
59,253
|
|
57,704
|
|
52,842
|
Total tangible
shareholders' equity
|
|
$
1,826,081
|
|
$
1,831,994
|
|
$
1,755,259
|
|
$
1,688,379
|
|
$
1,558,545
|
|
$
1,804,523
|
|
$
1,513,437
|
Less:
|
Preferred
stock
|
|
166,993
|
|
166,993
|
|
167,021
|
|
74,717
|
|
-
|
|
167,002
|
|
-
|
Total tangible common
shareholders' equity
|
|
$
1,659,088
|
|
$
1,665,001
|
|
$
1,588,238
|
|
$
1,613,662
|
|
$
1,558,545
|
|
$
1,637,521
|
|
$
1,513,437
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average
assets
|
|
$
23,318,877
|
|
$
22,707,686
|
|
$
21,189,637
|
|
$
20,243,023
|
|
$
19,170,926
|
|
$
22,408,734
|
|
$
18,618,066
|
Total shares of
common stock outstanding
|
|
102,558,459
|
|
102,566,301
|
|
102,632,484
|
|
104,522,804
|
|
104,775,876
|
|
102,558,459
|
|
104,775,876
|
Average shares
outstanding-diluted
|
|
102,839,749
|
|
102,827,225
|
|
104,733,897
|
|
105,144,032
|
|
101,493,247
|
|
103,466,957
|
|
100,699,510
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity to tangible assets (1)
|
|
8.30%
|
|
8.18%
|
|
8.82%
|
|
8.92%
|
|
8.47%
|
|
8.30%
|
|
8.47%
|
Tangible
shareholders' equity to tangible assets-excluding PPP loans
(2)
|
|
8.77%
|
|
8.65%
|
|
8.82%
|
|
8.92%
|
|
8.47%
|
|
8.77%
|
|
8.47%
|
Tangible common
shareholders' equity to tangible assets (3)
|
|
7.56%
|
|
7.44%
|
|
7.99%
|
|
8.09%
|
|
8.47%
|
|
7.56%
|
|
8.47%
|
Tangible common
shareholders' equity to tangible assets-excluding PPP loans
(4)
|
7.99%
|
|
7.86%
|
|
7.99%
|
|
8.09%
|
|
8.47%
|
|
7.99%
|
|
8.47%
|
Return on average
tangible equity (5)
|
|
16.08%
|
|
13.43%
|
|
5.56%
|
|
15.47%
|
|
16.23%
|
|
11.79%
|
|
14.88%
|
Return on average
tangible common equity (6)
|
|
17.13%
|
|
14.20%
|
|
5.54%
|
|
16.19%
|
|
16.23%
|
|
12.41%
|
|
14.88%
|
Operating return on
average tangible equity-excluding MSR (7)
|
|
16.03%
|
|
13.89%
|
|
8.42%
|
|
15.94%
|
|
17.75%
|
|
12.85%
|
|
16.57%
|
Operating return on
average tangible common equity-excluding MSR (8)
|
|
17.08%
|
|
14.71%
|
|
8.71%
|
|
16.68%
|
|
17.75%
|
|
13.58%
|
|
16.57%
|
Operating return on
average assets-excluding MSR (9)
|
|
1.26%
|
|
1.12%
|
|
0.70%
|
|
1.33%
|
|
1.44%
|
|
1.03%
|
|
1.35%
|
Operating return on
average shareholders' equity-excluding MSR (10)
|
|
10.72%
|
|
9.29%
|
|
5.56%
|
|
10.46%
|
|
11.63%
|
|
8.56%
|
|
10.92%
|
Operating return on
average common shareholders' equity-excluding MSR (11)
|
11.05%
|
|
9.53%
|
|
5.55%
|
|
10.78%
|
|
11.63%
|
|
8.75%
|
|
10.92%
|
Pre-tax pre-provision
net revenue to total average assets (12)
|
|
1.88%
|
|
1.81%
|
|
1.74%
|
|
1.68%
|
|
1.87%
|
|
1.81%
|
|
1.75%
|
Tangible book value
per common share (13)
|
|
$
16.71
|
|
$
16.19
|
|
$
15.66
|
|
$
15.62
|
|
$
15.33
|
|
$
16.71
|
|
$
15.33
|
Operating earnings
per common share (14)
|
|
$
0.70
|
|
$
0.57
|
|
$
0.25
|
|
$
0.67
|
|
$
0.66
|
|
$
1.51
|
|
$
1.73
|
Operating earnings
per common share-excluding MSR (15)
|
|
$
0.69
|
|
$
0.59
|
|
$
0.33
|
|
$
0.65
|
|
$
0.69
|
|
$
1.61
|
|
$
1.86
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
(5)
|
Return on average
tangible equity is defined by the Company as annualized net income
divided by average tangible shareholders' equity.
|
(6)
|
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.
|
(7)
|
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.
|
(8)
|
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.
|
(9)
|
Operating return on
average assets-excluding MSR is defined by the Company as
annualized net operating income-excluding MSR divided by total
average assets.
|
(10)
|
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.
|
(11)
|
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.
|
(12)
|
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.
|
(13)
|
Tangible book value
per common share is defined by the Company as tangible common
shareholders' equity divided by total shares of common stock
outstanding.
|
(14)
|
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.
|
(15)
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency Ratio
(tax equivalent) and Operating Efficiency Ratio-excluding MSR (tax
equivalent) Definitions
|
|
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.
|
View original
content:http://www.prnewswire.com/news-releases/bancorpsouth-announces-third-quarter-2020-financial-results-301155052.html
SOURCE BancorpSouth Bank