TUPELO, Miss., April 21, 2014 /PRNewswire/ -- BancorpSouth,
Inc. (NYSE: BXS) today announced financial results for the quarter
ended March 31, 2014.
Highlights for the first quarter of 2014 included:
- Net income of $28.4 million or
$0.30 per diluted share.
- Announced the signing of definitive merger agreements with
Ouachita Bancshares Corp., parent company of Ouachita Independent
Bank (collectively referred to as "OIB"), headquartered in
Monroe, Louisiana, and Central
Community Corporation, parent company of First State Bank Central
Texas (collectively referred to as "First State Bank"),
headquartered in Temple,
Texas.
- Generated net loan growth of $110.4
million, or 5.0 percent annualized, which represents the
fourth consecutive quarter of net loan growth.
- Reported deposit growth of $38.0
million, or 1.4 percent annualized.
- Produced $31.6 million of
insurance commission revenue, which represents the highest level of
quarterly insurance commission revenue in the Company's
history.
- Continued progress toward reducing non-interest expenses.
- Net interest margin remained stable at 3.54 percent compared
with 3.52 percent for the fourth quarter of 2013.
- Non-performing loans and leases ("NPLs") declined $27.2 million, or 22.5 percent, compared to the
fourth quarter of 2013, while non-performing assets ("NPAs")
decreased $32.9 million, or 17.3
percent, over the same period.
The Company reported net income of $28.4
million, or $0.30 per diluted
share, for the first quarter of 2014 compared with net income of
$20.8 million, or $0.22 per diluted share, for the first quarter of
2013 and net income of $27.7 million,
or $0.29 per diluted share, for the
fourth quarter of 2013.
"Our financial results continue to benefit from the daily
efforts of our people to grow our Company and to improve operating
performance," remarked Dan Rollins,
Chief Executive Officer. "Our insurance team generated
$31.6 million of commission revenue,
including $3.1 million contributed by
the GEM agency team in Houston,
which was acquired near the end of 2013. Even without the
incremental GEM agency revenue, this is the largest quarterly
amount of insurance commission revenue generated in our Company's
history. This speaks to the success of our legacy team to
continue to win new business. Our results also reflect
continued positive momentum with our lending efforts. We are
pleased to report loan growth for the quarter of just over
$110 million, or 5 percent on an
annualized basis. Net loan growth, combined with the benefit
from the re-pricing of high cost time deposits, allowed us to
continue to maintain our net interest margin at a relatively stable
level."
"We are also excited about the opportunities presented by the
two bank transactions that we announced during the quarter,"
commented Rollins. "OIB is a bank we have a tremendous amount
of respect for in a market we already serve. We expect to
gain synergies from the footprint overlap in Monroe and Shreveport while adding a very skilled lending
team that will help us grow. First State Bank presents an
opportunity to expand our footprint into Central Texas, which is a high growth market
we have not previously served. We believe both of these
transactions will allow us to better leverage our existing back
office and support structure."
Earnings for the quarter reflect no recorded provision for
credit losses, which is consistent with no recorded provision for
the fourth quarter of 2013 and a decline from $4.0 million for the first quarter of 2013.
NPLs declined $27.2 million, or 22.5
percent, during the first quarter of 2014 to $93.3 million at March 31,
2014 compared with $120.4
million at December 31, 2013
and declined $113.8 million, or 55.0
percent, from $207.0 million at
March 31, 2013. In addition,
total NPAs declined $32.9 million, or
17.3 percent, to $156.9 million at
March 31, 2014 compared with
$189.7 million at December 31, 2013 and declined $146.5 million, or 48.3 percent, from
$303.3 million at March 31, 2013. Net charge-offs were
$3.5 million for the first quarter of
2014 compared with $0.7 million for
the fourth quarter of 2013 and $5.9
million for the first quarter of 2013.
Net Interest Revenue
Net interest revenue was $101.5
million for the first quarter of 2014, an increase of 3.5
percent from $98.1 million for the
first quarter of 2013 and a decrease of 0.9 percent from
$102.4 million for the fourth quarter
of 2013. The fully taxable equivalent net interest margin was
3.54 percent for the first quarter of 2014 compared to 3.37 percent
for the first quarter of 2013 and 3.52 percent for the fourth
quarter of 2013. Yields on loans and leases declined to 4.48
percent for the first quarter of 2014 compared with 4.70 percent
for the first quarter of 2013 and 4.52 percent for the fourth
quarter of 2013, while yields on total interest earning assets were
relatively flat at 3.85 percent for the first quarter of 2014
compared with 3.87 percent for the first quarter of 2013 and 3.86
percent for the fourth quarter of 2013. The average cost of
deposits declined to 0.31 percent for the first quarter of 2014
from 0.43 percent for the first quarter of 2013 and 0.34 percent
for the fourth quarter of 2013.
Asset, Deposit and Loan Activity
Total assets were $13.1 billion at
March 31, 2014 compared with
$13.4 billion at March 31, 2013. Total deposits were
$10.8 billion at March 31, 2014 compared with $11.2 billion at March
31, 2013. Loans and leases, net of unearned income,
were $9.1 billion at March 31, 2014 compared with $8.6 billion at March
31, 2013.
The decrease in time deposits of $323.1
million, or 12.8 percent, at March
31, 2014 compared to March 31,
2013 was partially offset by growth in noninterest bearing
demand deposits, which increased $142.2
million, or 5.5 percent, over the same period.
Additionally, savings deposits increased $84.6 million, or 7.0 percent, while interest
bearing demand deposits declined $256.8
million, or 5.3 percent, over the same period. As of
March 31, 2014, $763.4 million of time deposits were scheduled to
mature during the following two quarters at a weighted average rate
of 0.53 percent.
Provision for Credit Losses and Allowance for Credit
Losses
For the first quarter of 2014, no provision for credit losses
was recorded, compared with $4.0
million for the first quarter of 2013 and no provision for
the fourth quarter of 2013. Net charge-offs for the first
quarter of 2014 were $3.5 million,
compared with $5.9 million for the
first quarter of 2013 and $0.7
million for the fourth quarter of 2013. Recoveries of
previously charged-off loans were $4.5
million for the first quarter of 2014, compared with
$3.9 million for the first quarter of
2013 and $7.6 million for the fourth
quarter of 2013. Annualized net charge-offs were 0.16 percent
of average loans and leases for the first quarter of 2014, compared
with 0.27 percent for the first quarter of 2013 and 0.03 percent
for the fourth quarter of 2013.
NPLs were $93.3 million, or 1.03
percent of net loans and leases, at March
31, 2014, compared with $207.0
million, or 2.41 percent of net loans and leases, at
March 31, 2013, and $120.4 million, or 1.34 percent of net loans and
leases, at December 31, 2013.
The allowance for credit losses was $149.7
million, or 1.65 percent of net loans and leases, at
March 31, 2014 compared with
$162.6 million, or 1.89 percent of
net loans and leases, at March 31,
2013 and $153.2 million, or
1.71 percent of net loans and leases, at December 31, 2013.
NPLs at March 31, 2014 consisted
primarily of $77.5 million of
nonaccrual loans, compared with $92.2
million of nonaccrual loans at December 31, 2013. Payments received on
nonaccrual loans during the first quarter of 2014 totaled
$23.2 million, compared with payments
received on such loans of $25.3
million during the fourth quarter of 2013. NPLs at
March 31, 2014 also included
$1.9 million of loans 90 days or more
past due and still accruing, compared with $1.2 million of such loans at December 31, 2013, and included restructured
loans still accruing of $13.8 million
at March 31, 2014, compared with
$27.0 million of such loans at
December 31, 2013. Early stage
past due loans, representing loans 30-89 days past due, totaled
$28.3 million at March 31, 2014 compared to $33.8 million at December
31, 2013.
Included in nonaccrual loans at March 31,
2014 were $44.2 million of
loans, or 57.0 percent of total nonaccrual loans, that were paying
as agreed, compared with $48.1
million, or 52.2 percent of total nonaccrual loans, at
December 31, 2013. These loans
were generally placed on nonaccrual status because the collateral
values were less than the outstanding balances, and because of
uncertainty as to whether the borrowers possessed adequate
liquidity or would be able to generate sufficient cash flow to
satisfy the debt given the short-fall in collateral values.
Such loans are generally deemed to be impaired, with a specific
reserve established for the difference in the balance owed and the
disposition value of the collateral.
Other real estate owned ("OREO") decreased $5.7 million to $63.6
million during the first quarter of 2014 from $69.3 million at December
31, 2013. This net decrease reflected $4.9 million of OREO added through foreclosure,
offset by sales of OREO of $8.8
million. Write-downs in the value of existing
properties were $1.8 million for the
first quarter of 2014 compared to $1.1
million for the fourth quarter of 2013. Sales of OREO
during the first quarter of 2014 resulted in a net loss of
$0.5 million compared to a net loss
of $0.9 million for the fourth
quarter of 2013. At March 31,
2014, OREO was carried at 44.5 percent of the aggregate loan
balances at the time of foreclosure, compared with 43.6 percent at
December 31, 2013.
Noninterest Revenue
Noninterest revenue was $66.5
million for the first quarter of 2014, compared with
$71.3 million for the first quarter
of 2013 and $65.1 million for the
fourth quarter of 2013. These results included a negative
mortgage servicing rights ("MSR") valuation adjustment of
$1.5 million for the first quarter of
2014 compared with a positive MSR valuation adjustment of
$1.0 million for the first quarter of
2013 and a positive MSR valuation adjustment of $2.9 million for the fourth quarter of
2013.
Excluding the MSR valuation adjustments, net mortgage lending
revenue was $4.9 million for the
first quarter of 2014, compared with $11.3
million for the first quarter of 2013 and $6.7 million for the fourth quarter of
2013. Mortgage origination volume for the first quarter of
2014 was $197.1 million, compared
with $425.9 million for the first
quarter of 2013 and $222.3 million
for the fourth quarter of 2013.
Credit and debit card fee revenue was $7.8 million for the first quarter of 2014,
compared with $7.5 million for the
first quarter of 2013 and $8.3
million for the fourth quarter of 2013. Deposit
service charge revenue was $12.5
million for the first quarter of 2014, compared with
$12.8 million for the first quarter
of 2013 and $13.6 million for the
fourth quarter of 2013. Insurance commission revenue was
$31.6 million for the first quarter
of 2014, compared with $26.6 million
for the first quarter of 2013 and $21.4
million for the fourth quarter of 2013.
Noninterest Expense
Noninterest expense for the first quarter of 2014 was
$126.7 million, compared with
$135.4 million for the first quarter
of 2013 and $127.8 million for the
fourth quarter of 2013. Salaries and employee benefits
expense was $78.9 million for the
first quarter of 2014 compared to $79.4
million for the first quarter of 2013 and $75.5 million for the fourth quarter of
2013. Foreclosed property expense was $2.6 million for the first quarter of 2014
compared with $2.4 million for the
first quarter of 2013 and $2.8
million for the fourth quarter of 2013. Deposit
insurance assessments were $1.6
million for the first quarter of 2014 compared to
$2.8 million for the first quarter of
2013 and $2.7 million for the fourth
quarter of 2013. Additionally, noninterest expense for the
first quarter of 2014 included $0.6
million of merger related expenses. Noninterest
expense for the first quarter of 2013 included a pre-tax charge of
$6.8 million to increase the
litigation accrual related to probable losses associated with
various legal proceedings.
Capital Management
BancorpSouth is a "well capitalized" financial holding company,
as defined by federal regulations, with Tier 1 risk-based capital
of 13.18 percent at March 31, 2014
and total risk based capital of 14.44 percent, compared with
required minimum levels of 6 percent and 10 percent, respectively,
for "well capitalized" classification. The Company's equity
capitalization consists of 100 percent common stock.
BancorpSouth's ratio of shareholders' equity to assets was 11.83
percent at March 31, 2014, compared
with 10.94 percent at March 31, 2013
and 11.61 percent at December 31,
2013. The ratio of tangible shareholders' equity to tangible
assets was 9.69 percent at March 31,
2014, compared with 8.96 percent at March 31, 2013 and 9.44 percent at December 31, 2013.
Recent Transaction Announcements
On December 18, 2013, BancorpSouth
Insurance Services, Inc. acquired the assets of Houston, Texas based GEM Insurance Agencies,
LP ("GEM"). GEM was formed in 1954 and produces annual
commission revenues of approximately $9
million. As a part of the transaction, the Company's
existing Houston office will
re-locate into GEM's current office located at 3355 West Alabama
Street in Houston. The combined operations are expected to
produce annual revenues of approximately $11
million.
On January 8, 2014, the Company
announced the signing of a definitive merger agreement with
Ouachita Bancshares Corp., parent company of Ouachita Independent
Bank (collectively referred to as "OIB"), headquartered in
Monroe, Louisiana, pursuant to
which Ouachita Bancshares Corp. will be merged with and into the
Company. OIB operates 12 full-service banking offices along
the I-20 corridor and has loan production offices in Madison, Mississippi and Natchitoches, Louisiana. As of
December 31, 2013, OIB, on a
consolidated basis, reported total assets of $652.5 million, total loans of $477.8 million and total deposits of $549.7 million. Under the terms of the
definitive agreement, the Company will issue a maximum of 3,675,000
shares of the Company's common stock plus $22.875 million in cash for all outstanding
shares of Ouachita Bancshares Corp.'s capital stock, subject to
certain conditions and potential adjustments. The terms of
the agreement provide for a collar with respect to the total deal
value ranging from $99 million to $112
million. The merger has been unanimously approved by
the Board of Directors of each company and was approved by OIB
shareholders on April 8, 2014.
The transaction is expected to close shortly after receiving all
required regulatory approvals.
On January 21, 2014, the Company
announced the signing of a definitive merger agreement with Central
Community Corporation, headquartered in Temple, Texas, pursuant to which Central
Community Corporation will be merged with and into the
Company. Central Community Corporation is the parent company
of First State Bank Central Texas ("First State Bank"), which is
headquartered in Austin,
Texas. First State Bank operates 31 full-service banking
offices in central Texas. As of December 31, 2013, Central Community Corporation,
on a consolidated basis, reported total assets of $1.3 billion, total loans of $555.5 million and total deposits of $1.1 billion. Under the terms of the
definitive agreement, the Company will issue approximately
7,250,000 shares of the Company's common stock plus $28.5 million in cash for all outstanding shares
of Central Community Corporation's capital stock, subject to
certain conditions and potential adjustments. The merger has
been unanimously approved by the Board of Directors of each
company. The transaction is subject to certain conditions,
including the approval by Central Community Corporation's
shareholders and receipt of all required regulatory approvals.
On April 9, 2014, BancorpSouth
Insurance Services, Inc. announced the acquisition of the assets of
Lafayette, Louisiana based Knox
Insurance Group, LLC. Knox
was formed in 1972 and currently produces annual revenues of
approximately $3 million.
Knox will continue to operate
under current leadership in its current location in Lafayette.
Summary
Rollins concluded, "We believe that the financial results for
the first quarter and the transaction announcements that we have
made reflect progress towards the goals that have been
communicated. We were able to reduce total non-interest
expense for the third consecutive quarter, despite seasonally high
personnel-related costs as well as the addition of the GEM team at
the end of 2013. With that said, we still have a lot of work
to do to improve our legacy core expense base. Our lending
group produced net loan growth for the fourth consecutive quarter
and our insurance team reported record performance.
Additionally, we anticipate that the recent transactions that have
been announced, both the bank and the insurance businesses, will
provide us with additional resources to achieve our growth goals
while also allowing us to better leverage our current operating
structure."
Conference Call
BancorpSouth will conduct a conference call to discuss its first
quarter 2014 results on April 22, 2014, at 10:00 a.m. (Central Time). Investors may
listen via the Internet by accessing BancorpSouth's website at
http://www.bancorpsouth.com. A replay of the conference call
will be available at BancorpSouth's website for at least two weeks
following the call.
About BancorpSouth, Inc.
BancorpSouth, Inc. is a financial holding company headquartered
in Tupelo, Mississippi, with
$13.1 billion in assets.
BancorpSouth Bank, a wholly-owned subsidiary of BancorpSouth, Inc.,
operates 292 commercial banking, mortgage, and insurance locations
in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in
Illinois.
In connection with the proposed merger of Ouachita Bancshares
Corp. with and into BancorpSouth, BancorpSouth has filed a
registration statement on Form S-4 with the Securities and Exchange
Commission. Shareholders of BancorpSouth and Ouachita
Bancshares Corp. are encouraged to read the registration statement,
including the proxy statement/prospectus that is a part of the
registration statement, because it contains important information
about the merger, BancorpSouth and Ouachita Bancshares Corp. The
proxy statement/prospectus and other relevant documents are
available for free on the SEC's web site (www.sec.gov), and the
proxy statement/prospectus is available for free from the Corporate
Secretary of each of BancorpSouth and Ouachita Bancshares
Corp.
In connection with the proposed merger of Central Community
Corporation with and into BancorpSouth, BancorpSouth has filed a
registration statement on Form S-4 with the Securities and Exchange
Commission. Shareholders of BancorpSouth and Central Community
Corporation are encouraged to read the registration statement,
including the proxy statement/prospectus that is a part of the
registration statement, because contains important information
about the merger, BancorpSouth and Central Community Corporation
The proxy statement/prospectus and other relevant documents are
available for free on the SEC's web site (www.sec.gov), and the
proxy statement/prospectus is available for free from the Corporate
Secretary of each of BancorpSouth and Central Community
Corporation
Forward-Looking Statements
Certain statements contained in this news release may not be
based on historical facts and are "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements may be identified
by their reference to a future period or periods or by the use of
forward-looking terminology such as "anticipate," "believe,"
"estimate," "expect," "may," "might," "will," "would," "could" or
"intend." These forward-looking statements include, without
limitation, statements relating to non-accrual loans, revenue
estimates for the Company's operations in Houston, Texas following the closing of the
transaction with GEM, the terms and closing of the proposed
transactions with Ouachita Bancshares Corp. and Central Community
Corporation, acceptance by customers of Ouachita Bancshares Corp.
and Central Community Corporation of the Company's products and
services, the retention of key personnel, Knox's continued operations, the opportunities
to enhance market share in certain markets and market acceptance of
the Company generally in new markets, the impact of cost-saving
initiatives, our ability to improve efficiency, and our use of
non-GAAP financial measures.
We caution you not to place undue reliance on the
forward-looking statements contained in this news release in that
actual results could differ materially from those indicated in such
forward-looking statements because of a variety of factors.
These factors may include, but are not limited to, the ability to
obtain required regulatory approval for the OIB merger and
shareholder and regulatory approvals for the First State Bank
merger, the ability of the Company, Ouachita Bancshares Corp. and
Central Community Corp. to close the mergers, the ability of
the Company to retain key personnel after the pending mergers and
the Knox acquisition, 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, losses
resulting from the significant amount of the Company's other real
estate owned, limitations on the Company's ability to declare and
pay dividends, the impact of legal or administrative proceedings,
the availability of capital on favorable terms if and when needed,
liquidity risk, governmental regulation, including the Dodd Frank
Act, 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 or 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 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 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, 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 common stock to raise capital or acquire
other banks, bank holding companies, financial holding companies
and insurance agencies, other factors generally understood to
affect the financial results of financial services companies and
other factors detailed from time to time in the Company's press
releases and filings with the Securities and Exchange
Commission.
BancorpSouth,
Inc.
|
|
Selected Financial
Information
|
|
(Dollars in
thousands, except per share data)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
|
|
3/31/2014
|
12/31/2013
|
9/30/2013
|
6/30/2013
|
3/31/2013
|
|
Earnings
Summary:
|
|
|
|
|
|
|
Interest
revenue
|
$
110,599
|
$
112,510
|
$
111,961
|
$
112,009
|
$
113,027
|
|
Interest
expense
|
9,076
|
10,093
|
11,720
|
13,796
|
14,949
|
|
Net interest
revenue
|
101,523
|
102,417
|
100,241
|
98,213
|
98,078
|
|
Provision for credit
losses
|
-
|
-
|
500
|
3,000
|
4,000
|
|
Net interest revenue,
after provision
|
|
|
|
|
|
|
for
credit losses
|
101,523
|
102,417
|
99,741
|
95,213
|
94,078
|
|
Noninterest
revenue
|
66,517
|
65,125
|
62,514
|
76,109
|
71,318
|
|
Noninterest
expense
|
126,707
|
127,830
|
129,397
|
142,251
|
135,371
|
|
Income before income
taxes
|
41,333
|
39,712
|
32,858
|
29,071
|
30,025
|
|
Income tax
expense
|
12,889
|
12,014
|
8,001
|
8,316
|
9,220
|
|
Net income
|
$
28,444
|
$
27,698
|
$
24,857
|
$
20,755
|
$
20,805
|
|
|
|
|
|
|
|
|
Balance Sheet -
Period End Balances
|
|
|
|
|
|
|
Total
assets
|
$
13,143,555
|
$
13,029,733
|
$
12,916,153
|
$
13,217,705
|
$
13,393,135
|
|
Total earning
assets
|
11,948,897
|
11,814,060
|
11,765,785
|
11,961,836
|
12,263,743
|
|
Total
securities
|
2,426,758
|
2,466,989
|
2,554,156
|
2,644,939
|
2,607,176
|
|
Loans and leases, net
of unearned income
|
9,068,376
|
8,958,015
|
8,773,115
|
8,678,714
|
8,581,538
|
|
Allowance for credit
losses
|
149,704
|
153,236
|
153,974
|
161,047
|
162,601
|
|
Total
deposits
|
10,811,790
|
10,773,836
|
10,717,946
|
10,961,618
|
11,164,926
|
|
Long-term
debt
|
85,835
|
81,714
|
83,500
|
33,500
|
33,500
|
|
Total shareholders'
equity
|
1,554,676
|
1,513,130
|
1,480,611
|
1,459,793
|
1,465,180
|
|
|
|
|
|
|
|
|
Balance Sheet -
Average Balances
|
|
|
|
|
|
|
Total
assets
|
$
13,087,128
|
$
12,955,127
|
$
12,928,505
|
$
13,146,040
|
$
13,249,374
|
|
Total earning
assets
|
11,958,836
|
11,869,072
|
11,846,790
|
12,060,189
|
12,154,624
|
|
Total
securities
|
2,452,178
|
2,511,888
|
2,598,786
|
2,616,274
|
2,520,414
|
|
Loans and leases, net
of unearned income
|
9,022,155
|
8,830,917
|
8,682,966
|
8,588,673
|
8,580,329
|
|
Total
deposits
|
10,825,308
|
10,739,352
|
10,745,945
|
10,938,489
|
11,090,989
|
|
Long-term
debt
|
87,767
|
81,714
|
62,848
|
33,500
|
33,500
|
|
Total shareholders'
equity
|
1,537,897
|
1,501,928
|
1,474,047
|
1,475,211
|
1,462,140
|
|
|
|
|
|
|
|
|
Nonperforming
Assets:
|
|
|
|
|
|
|
Non-accrual loans and
leases
|
$
77,531
|
$
92,173
|
$
121,353
|
$
149,542
|
$
188,190
|
|
Loans and leases 90+
days past due, still accruing
|
1,949
|
1,226
|
1,479
|
1,440
|
1,125
|
|
Restructured loans
and leases, still accruing
|
13,776
|
27,007
|
21,502
|
16,953
|
17,702
|
|
Non-performing loans
(NPLs)
|
93,256
|
120,406
|
144,334
|
167,935
|
207,017
|
|
Other real estate
owned
|
63,595
|
69,338
|
76,853
|
88,438
|
96,314
|
|
Non-performing assets
(NPAs)
|
$
156,851
|
$
189,744
|
$
221,187
|
$
256,373
|
$
303,331
|
|
|
|
|
|
|
|
|
Financial Ratios
and Other Data:
|
|
|
|
|
|
|
Return on average
assets
|
0.88%
|
0.85%
|
0.76%
|
0.63%
|
0.64%
|
|
Return on average
shareholders' equity
|
7.50%
|
7.32%
|
6.69%
|
5.64%
|
5.77%
|
|
Return on tangible
equity
|
9.28%
|
9.16%
|
8.29%
|
7.12%
|
7.19%
|
|
Pre-tax pre-provision
return on average assets
|
1.28%
|
1.22%
|
1.02%
|
0.98%
|
1.04%
|
|
Non-interest income
to average assets
|
2.06%
|
1.99%
|
1.92%
|
2.32%
|
2.18%
|
|
Non-interest expense
to average assets
|
3.93%
|
3.91%
|
3.97%
|
4.34%
|
4.14%
|
|
Net interest
margin-fully taxable equivalent
|
3.54%
|
3.52%
|
3.45%
|
3.36%
|
3.37%
|
|
Net interest rate
spread
|
3.43%
|
3.39%
|
3.32%
|
3.21%
|
3.21%
|
|
Efficiency ratio (tax
equivalent)
|
74.16%
|
75.00%
|
78.11%
|
80.25%
|
78.55%
|
|
Loan/deposit
ratio
|
83.87%
|
83.15%
|
81.85%
|
79.17%
|
76.86%
|
|
Price to earnings
mult (avg)
|
23.33
|
25.68
|
22.66
|
20.34
|
18.74
|
|
Market value to book
value
|
154.13%
|
160.04%
|
128.22%
|
115.42%
|
105.88%
|
|
Market value to book
value (avg)
|
150.43%
|
143.60%
|
126.22%
|
107.59%
|
98.61%
|
|
Market value to
tangible book value
|
192.80%
|
201.75%
|
159.52%
|
144.16%
|
132.21%
|
|
Market value to
tangible book value (avg)
|
188.17%
|
181.04%
|
157.02%
|
134.39%
|
123.12%
|
|
Headcount
FTE
|
3,981
|
4,005
|
3,994
|
4,077
|
4,229
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Selected Financial
Information
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
|
3/31/2014
|
12/31/2013
|
9/30/2013
|
6/30/2013
|
3/31/2013
|
Credit Quality
Ratios:
|
|
|
|
|
|
Net charge-offs to
average loans and leases (annualized)
|
0.16%
|
0.03%
|
0.35%
|
0.21%
|
0.27%
|
Provision for credit
losses to average loans and leases (annualized)
|
0.00%
|
0.00%
|
0.02%
|
0.14%
|
0.19%
|
Allowance for credit
losses to net loans and leases
|
1.65%
|
1.71%
|
1.76%
|
1.86%
|
1.89%
|
Allowance for credit
losses to non-performing loans and leases
|
160.53%
|
127.27%
|
106.68%
|
95.90%
|
78.54%
|
Allowance for credit
losses to non-performing assets
|
95.44%
|
80.76%
|
69.61%
|
62.82%
|
53.61%
|
Non-performing loans
and leases to net loans and leases
|
1.03%
|
1.34%
|
1.65%
|
1.94%
|
2.41%
|
Non-performing assets
to net loans and leases
|
1.73%
|
2.12%
|
2.52%
|
2.95%
|
3.53%
|
|
|
|
|
|
|
Equity
Ratios:
|
|
|
|
|
|
Total shareholders'
equity to total assets
|
11.83%
|
11.61%
|
11.46%
|
11.04%
|
10.94%
|
Tangible
shareholders' equity to tangible assets
|
9.69%
|
9.44%
|
9.43%
|
9.04%
|
8.96%
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Adequacy:
|
|
|
|
|
|
Tier 1
capital
|
13.18%
|
12.99%
|
13.25%
|
14.21%
|
14.06%
|
Total
capital
|
14.44%
|
14.25%
|
14.50%
|
15.47%
|
15.31%
|
Tier 1 leverage
capital
|
10.04%
|
9.93%
|
9.93%
|
10.58%
|
10.33%
|
Estimated for current quarter
|
|
|
|
|
|
|
|
|
|
|
|
Common Share
Data:
|
|
|
|
|
|
Basic earnings per
share
|
$
0.30
|
$
0.29
|
$
0.26
|
$
0.22
|
$
0.22
|
Diluted earnings per
share
|
0.30
|
0.29
|
0.26
|
0.22
|
0.22
|
Cash dividends per
share
|
0.05
|
0.05
|
0.05
|
0.01
|
0.01
|
Book value per
share
|
16.19
|
15.89
|
15.55
|
15.34
|
15.39
|
Tangible book value
per share
|
12.95
|
12.60
|
12.50
|
12.28
|
12.33
|
Market value per
share (last)
|
24.96
|
25.42
|
19.94
|
17.70
|
16.30
|
Market value per
share (high)
|
26.24
|
25.54
|
20.77
|
18.06
|
16.52
|
Market value per
share (low)
|
22.46
|
19.64
|
17.76
|
14.72
|
14.14
|
Market value per
share (avg)
|
24.36
|
22.81
|
19.63
|
16.50
|
15.18
|
Dividend payout
ratio
|
16.80%
|
17.19%
|
19.15%
|
4.59%
|
4.55%
|
Total shares
outstanding
|
96,004,679
|
95,231,691
|
95,211,602
|
95,190,797
|
95,174,441
|
Average shares
outstanding - basic
|
95,629,890
|
95,217,203
|
95,201,238
|
95,177,167
|
94,595,897
|
Average shares
outstanding - diluted
|
95,952,611
|
95,644,383
|
95,519,318
|
95,405,965
|
94,756,356
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield/Rate:
|
|
|
|
|
|
(Taxable equivalent
basis)
|
|
|
|
|
|
Loans, loans held for
sale, and leases net of unearned income
|
4.48%
|
4.52%
|
4.55%
|
4.62%
|
4.70%
|
Available-for-sale
securities:
|
|
|
|
|
|
Taxable
|
1.50%
|
1.51%
|
1.50%
|
1.55%
|
1.70%
|
Tax-exempt
|
5.58%
|
5.52%
|
5.61%
|
5.47%
|
5.53%
|
Short-term
investments
|
0.25%
|
0.25%
|
0.25%
|
0.25%
|
0.25%
|
Total interest
earning assets and revenue
|
3.85%
|
3.86%
|
3.85%
|
3.82%
|
3.87%
|
Deposits:
|
0.31%
|
0.34%
|
0.36%
|
0.39%
|
0.43%
|
Demand -
interest bearing
|
0.17%
|
0.18%
|
0.18%
|
0.21%
|
0.26%
|
Savings
|
0.13%
|
0.13%
|
0.12%
|
0.14%
|
0.18%
|
Other
time
|
1.06%
|
1.13%
|
1.18%
|
1.23%
|
1.27%
|
Short-term
borrowings
|
0.07%
|
0.07%
|
0.07%
|
0.07%
|
0.07%
|
Total int bearing dep
& s/t borrowings
|
0.30%
|
0.30%
|
0.35%
|
0.37%
|
0.42%
|
Junior subordinated
debt
|
2.86%
|
2.96%
|
6.57%
|
7.16%
|
7.23%
|
Long-term
debt
|
2.91%
|
2.94%
|
3.19%
|
4.18%
|
4.21%
|
Total interest
bearing liabilities and expense
|
0.42%
|
0.46%
|
0.53%
|
0.61%
|
0.66%
|
Interest bearing
liabilities to interest earning assets
|
73.51%
|
72.91%
|
74.15%
|
74.70%
|
75.54%
|
Net interest tax
equivalent adjustment
|
$
2,823
|
$
2,893
|
$
2,905
|
$
2,931
|
$
2,939
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Consolidated
Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Mar-14
|
Dec-13
|
Sep-13
|
Jun-13
|
Mar-13
|
|
|
(Dollars in
thousands)
|
|
Assets
|
|
|
|
|
|
|
Cash and due from
banks
|
$
199,214
|
$
208,961
|
$
199,464
|
$
268,647
|
$
147,947
|
|
Interest bearing
deposits with other banks
|
390,896
|
319,462
|
361,401
|
526,608
|
969,506
|
|
Available-for-sale
securities, at fair value
|
2,426,758
|
2,466,989
|
2,554,156
|
2,644,939
|
2,607,176
|
|
Loans and
leases
|
9,103,850
|
8,993,888
|
8,806,392
|
8,711,023
|
8,614,791
|
|
Less:
Unearned income
|
35,474
|
35,873
|
33,277
|
32,309
|
33,253
|
|
Allowance for credit losses
|
149,704
|
153,236
|
153,974
|
161,047
|
162,601
|
|
Net loans and
leases
|
8,918,672
|
8,804,779
|
8,619,141
|
8,517,667
|
8,418,937
|
|
Loans held for
sale
|
62,867
|
69,593
|
77,114
|
111,574
|
105,523
|
|
Premises and
equipment, net
|
314,367
|
315,260
|
314,441
|
313,079
|
313,980
|
|
Accrued interest
receivable
|
42,666
|
42,150
|
43,034
|
41,425
|
44,696
|
|
Goodwill
|
286,800
|
286,800
|
275,173
|
275,173
|
275,173
|
|
Other identifiable
intangibles
|
25,021
|
26,079
|
15,179
|
15,865
|
16,586
|
|
Bank owned life
insurance
|
240,077
|
239,434
|
236,969
|
235,015
|
233,007
|
|
Other real estate
owned
|
63,595
|
69,338
|
76,853
|
88,438
|
96,314
|
|
Other
assets
|
172,622
|
180,888
|
143,228
|
179,275
|
164,290
|
|
Total
Assets
|
$
13,143,555
|
$
13,029,733
|
$
12,916,153
|
$
13,217,705
|
$
13,393,135
|
|
Liabilities
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
Demand:
Noninterest bearing
|
$
2,725,042
|
$
2,644,592
|
$
2,597,762
|
$
2,610,768
|
$
2,582,859
|
|
Interest bearing
|
4,583,481
|
4,582,450
|
4,493,359
|
4,667,041
|
4,840,330
|
|
Savings
|
1,297,344
|
1,234,130
|
1,220,227
|
1,210,497
|
1,212,736
|
|
Other
time
|
2,205,923
|
2,312,664
|
2,406,598
|
2,473,312
|
2,529,001
|
|
Total
deposits
|
10,811,790
|
10,773,836
|
10,717,946
|
10,961,618
|
11,164,926
|
|
Federal funds
purchased and
|
|
|
|
|
|
|
securities sold under agreement
|
|
|
|
|
|
|
to
repurchase
|
456,303
|
421,028
|
418,623
|
382,871
|
353,742
|
|
Accrued interest
payable
|
4,050
|
4,836
|
5,156
|
5,230
|
5,519
|
|
Junior subordinated
debt securities
|
23,198
|
31,446
|
31,446
|
160,312
|
160,312
|
|
Long-term
debt
|
85,835
|
81,714
|
83,500
|
33,500
|
33,500
|
|
Other
liabilities
|
207,703
|
203,743
|
178,871
|
214,381
|
209,956
|
|
Total
Liabilities
|
11,588,879
|
11,516,603
|
11,435,542
|
11,757,912
|
11,927,955
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
Common
stock
|
240,012
|
238,079
|
238,029
|
237,976
|
237,936
|
|
Capital
surplus
|
320,969
|
312,900
|
312,798
|
312,074
|
311,091
|
|
Accumulated other
comprehensive loss
|
(22,060)
|
(29,959)
|
(39,389)
|
(39,333)
|
(13,120)
|
|
Retained
earnings
|
1,015,755
|
992,110
|
969,173
|
949,076
|
929,273
|
|
Total Shareholders'
Equity
|
1,554,676
|
1,513,130
|
1,480,611
|
1,459,793
|
1,465,180
|
|
Total Liabilities
& Shareholders' Equity
|
$
13,143,555
|
$
13,029,733
|
$
12,916,153
|
$
13,217,705
|
$
13,393,135
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Consolidated
Average Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Mar-14
|
Dec-13
|
Sep-13
|
Jun-13
|
Mar-13
|
|
|
(Dollars in
thousands)
|
|
Assets
|
|
|
|
|
|
|
Cash and due from
banks
|
$
168,056
|
$
163,948
|
$
163,322
|
$
160,615
|
$
169,259
|
|
Interest bearing
deposits with other banks
|
449,207
|
471,695
|
487,075
|
765,729
|
963,600
|
|
Available-for-sale
securities, at fair value
|
2,452,178
|
2,511,888
|
2,598,786
|
2,616,274
|
2,520,414
|
|
Loans and
leases
|
9,058,081
|
8,864,983
|
8,715,894
|
8,621,849
|
8,615,503
|
|
Less:
Unearned income
|
35,926
|
34,066
|
32,928
|
33,176
|
35,174
|
|
Allowance for credit losses
|
153,615
|
153,443
|
160,609
|
163,252
|
166,210
|
|
Net loans and
leases
|
8,868,540
|
8,677,474
|
8,522,357
|
8,425,421
|
8,414,119
|
|
Loans held for
sale
|
35,297
|
54,572
|
77,964
|
89,513
|
90,281
|
|
Premises and
equipment, net
|
315,804
|
315,174
|
312,724
|
313,147
|
316,672
|
|
Accrued interest
receivable
|
39,336
|
39,665
|
39,354
|
39,317
|
40,806
|
|
Goodwill
|
286,800
|
279,091
|
275,173
|
275,173
|
275,173
|
|
Other identifiable
intangibles
|
25,420
|
18,658
|
15,446
|
16,142
|
16,876
|
|
Bank owned life
insurance
|
239,969
|
237,657
|
235,708
|
233,670
|
231,814
|
|
Other real estate
owned
|
69,086
|
77,211
|
86,545
|
91,505
|
97,336
|
|
Other
assets
|
137,435
|
108,094
|
114,051
|
119,534
|
113,024
|
|
Total
Assets
|
$
13,087,128
|
$
12,955,127
|
$
12,928,505
|
$
13,146,040
|
$
13,249,374
|
|
Liabilities
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
Demand:
Noninterest bearing
|
$
2,647,376
|
$
2,667,667
|
$
2,551,812
|
$
2,522,577
|
$
2,463,436
|
|
Interest bearing
|
4,657,785
|
4,484,269
|
4,530,219
|
4,707,277
|
4,891,412
|
|
Savings
|
1,260,838
|
1,224,588
|
1,216,599
|
1,208,454
|
1,173,603
|
|
Other
time
|
2,259,309
|
2,362,828
|
2,447,315
|
2,500,181
|
2,562,538
|
|
Total
deposits
|
10,825,308
|
10,739,352
|
10,745,945
|
10,938,489
|
11,090,989
|
|
Federal funds
purchased and
|
|
|
|
|
|
|
securities sold under agreement
|
|
|
|
|
|
|
to
repurchase
|
458,436
|
469,245
|
441,807
|
399,789
|
360,178
|
|
Accrued interest
payable
|
4,400
|
5,051
|
5,391
|
5,481
|
7,026
|
|
Junior subordinated
debt securities
|
23,748
|
31,446
|
86,074
|
160,312
|
160,312
|
|
Long-term
debt
|
87,767
|
81,714
|
62,848
|
33,500
|
33,500
|
|
Other
liabilities
|
149,572
|
126,391
|
112,393
|
133,258
|
135,229
|
|
Total
Liabilities
|
11,549,231
|
11,453,199
|
11,454,458
|
11,670,829
|
11,787,234
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
Common
stock
|
238,853
|
238,038
|
237,997
|
237,956
|
236,922
|
|
Capital
surplus
|
314,117
|
312,835
|
312,349
|
311,480
|
311,603
|
|
Accumulated other
comprehensive loss
|
(23,644)
|
(32,267)
|
(43,695)
|
(15,277)
|
(10,313)
|
|
Retained
earnings
|
1,008,571
|
983,322
|
967,396
|
941,052
|
923,928
|
|
Total Shareholders'
Equity
|
1,537,897
|
1,501,928
|
1,474,047
|
1,475,211
|
1,462,140
|
|
Total Liabilities
& Shareholders' Equity
|
$
13,087,128
|
$
12,955,127
|
$
12,928,505
|
$
13,146,040
|
$
13,249,374
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Consolidated
Condensed Statements of Income
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
Mar-14
|
|
Dec-13
|
|
Sep-13
|
|
Jun-13
|
|
Mar-13
|
|
INTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
Loans and
leases
|
$
98,744
|
|
$
99,989
|
|
$
98,836
|
|
$
98,524
|
|
$
99,092
|
|
Deposits with other
banks
|
276
|
|
299
|
|
310
|
|
483
|
|
602
|
|
Available-for-sale
securities:
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
7,547
|
|
7,963
|
|
8,218
|
|
8,405
|
|
8,700
|
|
Tax-exempt
|
3,715
|
|
3,810
|
|
3,866
|
|
3,911
|
|
3,960
|
|
Loans held for
sale
|
317
|
|
449
|
|
731
|
|
686
|
|
673
|
|
Total
interest revenue
|
110,599
|
|
112,510
|
|
111,961
|
|
112,009
|
|
113,027
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
demand
|
1,920
|
|
2,036
|
|
2,061
|
|
2,423
|
|
3,125
|
|
Savings
|
391
|
|
387
|
|
383
|
|
422
|
|
513
|
|
Other time
|
5,890
|
|
6,746
|
|
7,271
|
|
7,671
|
|
8,041
|
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
under
agreement to repurchase
|
78
|
|
84
|
|
80
|
|
70
|
|
63
|
|
Long-term
debt
|
629
|
|
605
|
|
501
|
|
349
|
|
348
|
|
Junior subordinated
debt
|
168
|
|
235
|
|
1,424
|
|
2,860
|
|
2,857
|
|
Other
|
-
|
|
-
|
|
-
|
|
1
|
|
2
|
|
Total
interest expense
|
9,076
|
|
10,093
|
|
11,720
|
|
13,796
|
|
14,949
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest revenue
|
101,523
|
|
102,417
|
|
100,241
|
|
98,213
|
|
98,078
|
|
Provision for
credit losses
|
-
|
|
-
|
|
500
|
|
3,000
|
|
4,000
|
|
Net
interest revenue, after provision for
|
|
|
|
|
|
|
|
|
|
|
credit losses
|
101,523
|
|
102,417
|
|
99,741
|
|
95,213
|
|
94,078
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
Mortgage
lending
|
3,394
|
|
9,605
|
|
5,134
|
|
17,892
|
|
12,346
|
|
Credit card, debit
card and merchant fees
|
7,843
|
|
8,324
|
|
8,834
|
|
8,324
|
|
7,523
|
|
Deposit service
charges
|
12,536
|
|
13,570
|
|
13,679
|
|
12,824
|
|
12,832
|
|
Trust
income
|
3,568
|
|
3,717
|
|
3,332
|
|
3,192
|
|
3,210
|
|
Security gains
(losses), net
|
(4)
|
|
29
|
|
(5)
|
|
3
|
|
19
|
|
Insurance
commissions
|
31,599
|
|
21,397
|
|
23,800
|
|
25,862
|
|
26,641
|
|
Other
|
7,581
|
|
8,483
|
|
7,740
|
|
8,012
|
|
8,747
|
|
Total
noninterest revenue
|
66,517
|
|
65,125
|
|
62,514
|
|
76,109
|
|
71,318
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
78,883
|
|
75,466
|
|
73,532
|
|
78,284
|
|
79,414
|
|
Occupancy, net of
rental income
|
10,287
|
|
9,935
|
|
10,360
|
|
10,577
|
|
10,237
|
|
Equipment
|
4,499
|
|
4,298
|
|
4,555
|
|
4,585
|
|
4,948
|
|
Deposit insurance
assessments
|
1,600
|
|
2,687
|
|
3,325
|
|
2,939
|
|
2,804
|
|
Voluntary early
retirement expense
|
-
|
|
-
|
|
-
|
|
10,850
|
|
-
|
|
Write-off and
amortization of bond issue cost
|
12
|
|
12
|
|
2,907
|
|
38
|
|
38
|
|
Other
|
31,426
|
|
35,432
|
|
34,718
|
|
34,978
|
|
37,930
|
|
Total
noninterest expenses
|
126,707
|
|
127,830
|
|
129,397
|
|
142,251
|
|
135,371
|
|
Income
before income taxes
|
41,333
|
|
39,712
|
|
32,858
|
|
29,071
|
|
30,025
|
|
Income tax
expense
|
12,889
|
|
12,014
|
|
8,001
|
|
8,316
|
|
9,220
|
|
Net
income
|
$
28,444
|
|
$
27,698
|
|
$
24,857
|
|
$
20,755
|
|
$
20,805
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share:
Basic
|
$
0.30
|
|
$
0.29
|
|
$
0.26
|
|
$
0.22
|
|
$
0.22
|
|
Diluted
|
$
0.30
|
|
$
0.29
|
|
$
0.26
|
|
$
0.22
|
|
$
0.22
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
|
Selected Loan
Data
|
|
(Dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
Mar-14
|
|
Dec-13
|
|
Sep-13
|
|
Jun-13
|
|
Mar-13
|
|
LOAN AND LEASE
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
1,581,251
|
|
$
1,529,249
|
|
$
1,503,809
|
|
$
1,552,762
|
|
$
1,480,916
|
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
2,047,001
|
|
1,976,073
|
|
1,931,171
|
|
1,880,338
|
|
1,871,312
|
|
Home
equity
|
498,283
|
|
494,339
|
|
490,361
|
|
482,068
|
|
482,398
|
|
Agricultural
|
229,602
|
|
234,576
|
|
234,547
|
|
237,914
|
|
249,467
|
|
Commercial and industrial-owner occupied
|
1,488,380
|
|
1,473,320
|
|
1,422,077
|
|
1,375,711
|
|
1,334,974
|
|
Construction, acquisition and development
|
748,027
|
|
741,458
|
|
723,609
|
|
709,499
|
|
728,092
|
|
Commercial real estate
|
1,847,983
|
|
1,846,039
|
|
1,795,352
|
|
1,754,841
|
|
1,739,533
|
|
Credit
cards
|
105,988
|
|
111,328
|
|
105,112
|
|
103,251
|
|
98,803
|
|
All other
|
521,861
|
|
551,633
|
|
567,077
|
|
582,330
|
|
596,043
|
|
Total loans
|
$
9,068,376
|
|
$
8,958,015
|
|
$
8,773,115
|
|
$
8,678,714
|
|
$
8,581,538
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR CREDIT
LOSSES:
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period
|
$
153,236
|
|
$
153,974
|
|
$
161,047
|
|
$
162,601
|
|
$
164,466
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases
charged off:
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
(201)
|
|
(837)
|
|
(889)
|
|
(1,008)
|
|
(1,938)
|
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
(1,945)
|
|
(1,435)
|
|
(2,996)
|
|
(3,114)
|
|
(1,614)
|
|
Home
equity
|
(318)
|
|
(287)
|
|
(379)
|
|
(201)
|
|
(602)
|
|
Agricultural
|
(696)
|
|
(238)
|
|
(169)
|
|
(327)
|
|
(2)
|
|
Commercial and industrial-owner occupied
|
(1,206)
|
|
(1,041)
|
|
(1,684)
|
|
(830)
|
|
(300)
|
|
Construction, acquisition and development
|
(1,666)
|
|
(1,784)
|
|
(1,727)
|
|
(2,036)
|
|
(1,198)
|
|
Commercial real estate
|
(901)
|
|
(1,039)
|
|
(2,441)
|
|
(3,720)
|
|
(3,141)
|
|
Credit
cards
|
(559)
|
|
(559)
|
|
(750)
|
|
(557)
|
|
(450)
|
|
All other
|
(583)
|
|
(1,108)
|
|
(837)
|
|
(462)
|
|
(492)
|
|
Total loans charged
off
|
(8,075)
|
|
(8,328)
|
|
(11,872)
|
|
(12,255)
|
|
(9,737)
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
1,076
|
|
1,361
|
|
820
|
|
747
|
|
589
|
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
538
|
|
1,735
|
|
1,516
|
|
708
|
|
1,108
|
|
Home
equity
|
184
|
|
97
|
|
66
|
|
184
|
|
260
|
|
Agricultural
|
9
|
|
34
|
|
48
|
|
120
|
|
13
|
|
Commercial and industrial-owner occupied
|
358
|
|
734
|
|
297
|
|
1,439
|
|
254
|
|
Construction, acquisition and development
|
1,637
|
|
2,483
|
|
953
|
|
360
|
|
886
|
|
Commercial real estate
|
323
|
|
784
|
|
221
|
|
3,634
|
|
339
|
|
Credit
cards
|
131
|
|
133
|
|
164
|
|
184
|
|
148
|
|
All other
|
287
|
|
229
|
|
214
|
|
325
|
|
275
|
|
Total recoveries
|
4,543
|
|
7,590
|
|
4,299
|
|
7,701
|
|
3,872
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs
|
(3,532)
|
|
(738)
|
|
(7,573)
|
|
(4,554)
|
|
(5,865)
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision charged to
operating expense
|
-
|
|
-
|
|
500
|
|
3,000
|
|
4,000
|
|
Balance, end of
period
|
$
149,704
|
|
$
153,236
|
|
$
153,974
|
|
$
161,047
|
|
$
162,601
|
|
|
|
|
|
|
|
|
|
|
|
|
Average loans for
period
|
$
9,022,155
|
|
$
8,830,917
|
|
$
8,682,966
|
|
$
8,588,673
|
|
$
8,580,329
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio:
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to
average loans (annualized)
|
0.16%
|
|
0.03%
|
|
0.35%
|
|
0.21%
|
|
0.27%
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
|
Selected Loan
Data
|
|
(Dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
Mar-14
|
|
Dec-13
|
|
Sep-13
|
|
Jun-13
|
|
Mar-13
|
|
NON-PERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES:
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
Loans and Leases
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
$
3,023
|
|
$
3,079
|
|
$
5,498
|
|
$
6,225
|
|
$
7,009
|
|
Real estate
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
24,353
|
|
25,645
|
|
30,569
|
|
34,226
|
|
39,012
|
|
Home
equity
|
2,740
|
|
3,695
|
|
3,287
|
|
3,862
|
|
4,272
|
|
Agricultural
|
651
|
|
1,260
|
|
4,086
|
|
5,007
|
|
6,667
|
|
Commercial and
industrial-owner occupied
|
14,122
|
|
18,568
|
|
18,138
|
|
17,084
|
|
20,719
|
|
Construction,
acquisition and development
|
9,968
|
|
17,567
|
|
26,127
|
|
39,315
|
|
51,728
|
|
Commercial real
estate
|
21,496
|
|
20,972
|
|
31,468
|
|
40,940
|
|
55,318
|
|
Credit cards
|
168
|
|
119
|
|
196
|
|
398
|
|
418
|
|
All other
|
1,010
|
|
1,268
|
|
1,984
|
|
2,485
|
|
3,047
|
|
Total nonaccrual loans and leases
|
$
77,531
|
|
$
92,173
|
|
$
121,353
|
|
$
149,542
|
|
$
188,190
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
Leases 90+ Days Past Due, Still Accruing:
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
$
287
|
|
$
27
|
|
$
15
|
|
$
-
|
|
$
22
|
|
Real estate
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
1,307
|
|
888
|
|
1,178
|
|
1,107
|
|
842
|
|
Home
equity
|
12
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Agricultural
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Commercial and
industrial-owner occupied
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Construction,
acquisition and development
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Commercial real
estate
|
-
|
|
311
|
|
-
|
|
120
|
|
-
|
|
Credit cards
|
297
|
|
-
|
|
263
|
|
213
|
|
261
|
|
All other
|
46
|
|
-
|
|
23
|
|
-
|
|
-
|
|
Total loans and leases 90+ days past due, still accruing
|
1,949
|
|
1,226
|
|
1,479
|
|
1,440
|
|
1,125
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructured
Loans and Leases, Still Accruing
|
13,776
|
|
27,007
|
|
21,502
|
|
16,953
|
|
17,702
|
|
Total non-performing loans
and leases
|
93,256
|
|
120,406
|
|
144,334
|
|
167,935
|
|
207,017
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER REAL ESTATE
OWNED:
|
63,595
|
|
69,338
|
|
76,853
|
|
88,438
|
|
96,314
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-performing
Assets
|
$
156,851
|
|
$
189,744
|
|
$
221,187
|
|
$
256,373
|
|
$
303,331
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions to
Nonaccrual Loans and Leases During the Quarter
|
$
22,479
|
|
$
18,556
|
|
$
21,182
|
|
$
21,890
|
|
$
22,294
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
Leases 30-89 Days Past Due, Still Accruing:
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
$
2,616
|
|
$
2,817
|
|
$
1,909
|
|
$
1,517
|
|
$
1,764
|
|
Real estate
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
12,236
|
|
14,150
|
|
10,914
|
|
11,887
|
|
11,720
|
|
Home
equity
|
1,587
|
|
1,828
|
|
1,278
|
|
1,315
|
|
1,567
|
|
Agricultural
|
302
|
|
495
|
|
761
|
|
569
|
|
757
|
|
Commercial and
industrial-owner occupied
|
3,248
|
|
4,081
|
|
1,995
|
|
1,323
|
|
956
|
|
Construction,
acquisition and development
|
2,848
|
|
1,993
|
|
3,920
|
|
1,835
|
|
4,292
|
|
Commercial real
estate
|
3,953
|
|
5,574
|
|
5,818
|
|
535
|
|
1,331
|
|
Credit cards
|
592
|
|
655
|
|
688
|
|
668
|
|
544
|
|
All other
|
963
|
|
2,189
|
|
1,634
|
|
1,591
|
|
1,473
|
|
Total Loans and Leases 30-89 days past due, still
accruing
|
$
28,345
|
|
$
33,782
|
|
$
28,917
|
|
$
21,240
|
|
$
24,404
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality
Ratios:
|
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses to average loans and leases (annualized)
|
0.00%
|
|
0.00%
|
|
0.02%
|
|
0.14%
|
|
0.19%
|
|
Allowance for credit
losses to net loans and leases
|
1.65%
|
|
1.71%
|
|
1.76%
|
|
1.86%
|
|
1.89%
|
|
Allowance for credit
losses to non-performing assets
|
95.44%
|
|
80.76%
|
|
69.61%
|
|
62.82%
|
|
53.61%
|
|
Allowance for credit
losses to non-performing loans and leases
|
160.53%
|
|
127.27%
|
|
106.68%
|
|
95.90%
|
|
78.54%
|
|
Non-performing loans
and leases to net loans and leases
|
1.03%
|
|
1.34%
|
|
1.65%
|
|
1.94%
|
|
2.41%
|
|
Non-performing assets
to net loans and leases
|
1.73%
|
|
2.12%
|
|
2.52%
|
|
2.95%
|
|
3.53%
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
|
Selected Loan
Data
|
|
(Dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
Mar-14
|
|
Dec-13
|
|
Sep-13
|
|
Jun-13
|
|
Mar-13
|
|
REAL ESTATE
CONSTRUCTION, ACQUISITION
|
|
|
|
|
|
|
|
|
|
|
AND
DEVELOPMENT ("CAD") PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
|
Outstanding
Balance
|
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
$
11,339
|
|
$
7,702
|
|
$
7,974
|
|
$
8,902
|
|
$
8,182
|
|
One-to-four family
construction
|
221,790
|
|
224,286
|
|
203,988
|
|
202,603
|
|
193,032
|
|
Recreation and all other
loans
|
36,897
|
|
36,868
|
|
41,762
|
|
42,132
|
|
42,909
|
|
Commercial
construction
|
177,264
|
|
150,847
|
|
139,041
|
|
117,901
|
|
111,702
|
|
Commercial acquisition and
development
|
122,051
|
|
128,157
|
|
136,206
|
|
136,174
|
|
154,997
|
|
Residential acquisition and
development
|
178,686
|
|
193,598
|
|
194,638
|
|
201,787
|
|
217,270
|
|
Total outstanding balance
|
$
748,027
|
|
$
741,458
|
|
$
723,609
|
|
$
709,499
|
|
$
728,092
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual CAD
Loans
|
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
One-to-four family
construction
|
2,824
|
|
2,937
|
|
3,249
|
|
6,193
|
|
8,154
|
|
Recreation and all other
loans
|
919
|
|
728
|
|
782
|
|
800
|
|
978
|
|
Commercial
construction
|
-
|
|
865
|
|
1,686
|
|
2,765
|
|
3,381
|
|
Commercial acquisition and
development
|
2,224
|
|
6,890
|
|
11,150
|
|
14,225
|
|
14,240
|
|
Residential acquisition and
development
|
4,001
|
|
6,147
|
|
9,260
|
|
15,332
|
|
24,975
|
|
Total nonaccrual CAD loans
|
$
9,968
|
|
$
17,567
|
|
$
26,127
|
|
$
39,315
|
|
$
51,728
|
|
|
|
|
|
|
|
|
|
|
|
|
CAD Loans 90+
Days Past Due, Still Accruing:
|
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
One-to-four family
construction
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Recreation and all other
loans
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Commercial
construction
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Commercial acquisition and
development
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Residential acquisition and
development
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Total CAD loans 90+ days past due, still accruing
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructured
CAD Loans, Still Accruing
|
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
One-to-four family
construction
|
-
|
|
1,274
|
|
1,028
|
|
867
|
|
-
|
|
Recreation and all other
loans
|
13
|
|
13
|
|
15
|
|
15
|
|
17
|
|
Commercial
construction
|
-
|
|
346
|
|
348
|
|
351
|
|
-
|
|
Commercial acquisition and
development
|
402
|
|
1,990
|
|
2,010
|
|
2,030
|
|
2,047
|
|
Residential acquisition and
development
|
1,192
|
|
3,111
|
|
3,162
|
|
3,458
|
|
5,148
|
|
Total restructured CAD loans, still accruing
|
$
1,607
|
|
$
6,734
|
|
$
6,563
|
|
$
6,721
|
|
$
7,212
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Non-performing CAD loans
|
$
11,575
|
|
$
24,301
|
|
$
32,690
|
|
$
46,036
|
|
$
58,940
|
|
|
|
|
|
|
|
|
|
|
|
|
CAD NPL as a %
of Outstanding CAD Balance
|
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
One-to-four family
construction
|
1.3%
|
|
1.9%
|
|
2.1%
|
|
3.5%
|
|
4.2%
|
|
Recreation and all other
loans
|
2.5%
|
|
2.0%
|
|
1.9%
|
|
1.9%
|
|
2.3%
|
|
Commercial
construction
|
0.0%
|
|
0.8%
|
|
1.5%
|
|
2.6%
|
|
3.0%
|
|
Commercial acquisition and
development
|
2.2%
|
|
6.9%
|
|
9.7%
|
|
11.9%
|
|
10.5%
|
|
Residential acquisition and
development
|
2.9%
|
|
4.8%
|
|
6.4%
|
|
9.3%
|
|
13.9%
|
|
Total CAD NPL as a % of outstanding CAD balance
|
1.5%
|
|
3.3%
|
|
4.5%
|
|
6.5%
|
|
8.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
|
|
|
|
Selected Loan
Data
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2014
|
|
|
|
Special
|
|
|
|
|
|
|
|
|
|
|
|
Pass
|
|
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Impaired
|
|
Total
|
LOAN PORTFOLIO BY
INTERNALLY ASSIGNED GRADE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
1,535,172
|
|
$
13,043
|
|
$
31,741
|
|
$
-
|
|
$
-
|
|
$
1,295
|
|
$
1,581,251
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
1,936,837
|
|
243
|
|
104,486
|
|
310
|
|
-
|
|
5,125
|
|
2,047,001
|
Home
equity
|
483,746
|
|
343
|
|
13,456
|
|
96
|
|
-
|
|
642
|
|
498,283
|
Agricultural
|
210,346
|
|
563
|
|
18,257
|
|
-
|
|
-
|
|
436
|
|
229,602
|
Commercial and industrial-owner occupied
|
1,420,813
|
|
3,887
|
|
56,124
|
|
510
|
|
-
|
|
7,046
|
|
1,488,380
|
Construction, acquisition and development
|
697,094
|
|
1,556
|
|
40,713
|
|
768
|
|
-
|
|
7,896
|
|
748,027
|
Commercial real estate
|
1,757,573
|
|
-
|
|
71,374
|
|
198
|
|
-
|
|
18,838
|
|
1,847,983
|
Credit
cards
|
105,988
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
105,988
|
All other
|
509,729
|
|
68
|
|
11,876
|
|
-
|
|
-
|
|
188
|
|
521,861
|
Total loans
|
$
8,657,298
|
|
$
19,703
|
|
$
348,027
|
|
$
1,882
|
|
$
-
|
|
$
41,466
|
|
$
9,068,376
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2013
|
|
|
|
Special
|
|
|
|
|
|
|
|
|
|
|
|
Pass
|
|
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Impaired
|
|
Total
|
LOAN PORTFOLIO BY
INTERNALLY ASSIGNED GRADE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
1,495,972
|
|
$
978
|
|
$
30,886
|
|
$
99
|
|
$
-
|
|
$
1,314
|
|
$
1,529,249
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
1,859,094
|
|
1,531
|
|
108,615
|
|
427
|
|
-
|
|
6,406
|
|
1,976,073
|
Home
equity
|
478,283
|
|
250
|
|
14,570
|
|
96
|
|
-
|
|
1,140
|
|
494,339
|
Agricultural
|
214,728
|
|
779
|
|
18,187
|
|
-
|
|
-
|
|
882
|
|
234,576
|
Commercial and industrial-owner occupied
|
1,409,757
|
|
116
|
|
50,853
|
|
849
|
|
-
|
|
11,745
|
|
1,473,320
|
Construction, acquisition and development
|
674,299
|
|
1,459
|
|
49,401
|
|
587
|
|
-
|
|
15,712
|
|
741,458
|
Commercial real estate
|
1,751,553
|
|
386
|
|
76,199
|
|
420
|
|
-
|
|
17,481
|
|
1,846,039
|
Credit
cards
|
111,328
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
111,328
|
All other
|
538,467
|
|
71
|
|
12,832
|
|
-
|
|
-
|
|
263
|
|
551,633
|
Total loans
|
$
8,533,481
|
|
$
5,570
|
|
$
361,543
|
|
$
2,478
|
|
$
-
|
|
$
54,943
|
|
$
8,958,015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
|
Geographical
Information
|
|
(Dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2014
|
|
|
Alabama
|
|
|
|
|
|
|
|
Greater
|
|
|
|
|
|
Corporate
|
|
|
|
|
and
Florida
|
|
|
|
|
|
|
|
Memphis
|
|
|
|
Texas
and
|
|
Banking
|
|
|
|
|
Panhandle
|
|
Arkansas*
|
|
Mississippi*
|
|
Missouri
|
|
Area
|
|
Tennessee*
|
|
Louisiana
|
|
and Other
|
|
Total
|
|
LOAN AND LEASE
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
80,620
|
|
$
188,455
|
|
$
282,829
|
|
$
34,165
|
|
$
23,138
|
|
$
80,065
|
|
$
279,379
|
|
$
612,600
|
|
$
1,581,251
|
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
149,108
|
|
264,744
|
|
689,847
|
|
64,206
|
|
105,566
|
|
162,701
|
|
501,316
|
|
109,513
|
|
2,047,001
|
|
Home
equity
|
64,648
|
|
40,076
|
|
163,896
|
|
21,039
|
|
67,421
|
|
72,663
|
|
66,554
|
|
1,986
|
|
498,283
|
|
Agricultural
|
7,797
|
|
68,685
|
|
57,168
|
|
3,471
|
|
14,492
|
|
11,611
|
|
61,959
|
|
4,419
|
|
229,602
|
|
Commercial and industrial-owner occupied
|
173,560
|
|
167,136
|
|
479,186
|
|
65,786
|
|
92,641
|
|
89,244
|
|
293,217
|
|
127,610
|
|
1,488,380
|
|
Construction, acquisition and development
|
100,165
|
|
66,985
|
|
193,818
|
|
22,190
|
|
77,559
|
|
103,894
|
|
149,859
|
|
33,557
|
|
748,027
|
|
Commercial real estate
|
262,639
|
|
304,695
|
|
280,466
|
|
198,179
|
|
98,039
|
|
107,520
|
|
425,729
|
|
170,716
|
|
1,847,983
|
|
Credit
cards
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
105,988
|
|
105,988
|
|
All other
|
30,706
|
|
54,338
|
|
136,963
|
|
2,368
|
|
38,539
|
|
37,585
|
|
78,648
|
|
142,714
|
|
521,861
|
|
Total loans
|
$ 869,243
|
|
$
1,155,114
|
|
$
2,284,173
|
|
$ 411,404
|
|
$
517,395
|
|
$
665,283
|
|
$
1,856,661
|
|
$
1,309,103
|
|
$
9,068,376
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAD
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
$
1,910
|
|
$
998
|
|
$
481
|
|
$
-
|
|
$
-
|
|
$
5,757
|
|
$
2,193
|
|
$
-
|
|
$
11,339
|
|
One-to-four family
construction
|
36,950
|
|
14,774
|
|
46,541
|
|
5,004
|
|
10,833
|
|
69,004
|
|
38,042
|
|
642
|
|
221,790
|
|
Recreation and all
other loans
|
1,700
|
|
7,674
|
|
11,912
|
|
572
|
|
4,462
|
|
1,091
|
|
9,486
|
|
-
|
|
36,897
|
|
Commercial
construction
|
21,710
|
|
15,459
|
|
46,304
|
|
4,158
|
|
19,245
|
|
5,507
|
|
34,371
|
|
30,510
|
|
177,264
|
|
Commercial
acquisition and development
|
10,821
|
|
14,669
|
|
34,571
|
|
5,846
|
|
19,308
|
|
9,481
|
|
26,557
|
|
798
|
|
122,051
|
|
Residential
acquisition and development
|
27,074
|
|
13,411
|
|
54,009
|
|
6,610
|
|
23,711
|
|
13,054
|
|
39,210
|
|
1,607
|
|
178,686
|
|
Total CAD loans
|
$ 100,165
|
|
$
66,985
|
|
$
193,818
|
|
$
22,190
|
|
$
77,559
|
|
$
103,894
|
|
$
149,859
|
|
$
33,557
|
|
$
748,027
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
1,316
|
|
$
1,128
|
|
$
1,235
|
|
$
-
|
|
$
19
|
|
$
132
|
|
$
807
|
|
$
312
|
|
$
4,949
|
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
1,488
|
|
1,655
|
|
9,364
|
|
385
|
|
2,718
|
|
2,502
|
|
2,391
|
|
7,255
|
|
27,758
|
|
Home
equity
|
707
|
|
124
|
|
442
|
|
-
|
|
315
|
|
637
|
|
542
|
|
3
|
|
2,770
|
|
Agricultural
|
-
|
|
423
|
|
191
|
|
269
|
|
201
|
|
-
|
|
191
|
|
1
|
|
1,276
|
|
Commercial and industrial-owner occupied
|
3,432
|
|
2,765
|
|
6,502
|
|
541
|
|
1,097
|
|
3,105
|
|
1,231
|
|
-
|
|
18,673
|
|
Construction, acquisition and development
|
2,541
|
|
235
|
|
3,481
|
|
-
|
|
2,017
|
|
310
|
|
2,644
|
|
347
|
|
11,575
|
|
Commercial real estate
|
4,326
|
|
8
|
|
2,986
|
|
6,589
|
|
3,307
|
|
3,804
|
|
1,282
|
|
1,177
|
|
23,479
|
|
Credit
cards
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,663
|
|
1,663
|
|
All other
|
13
|
|
111
|
|
291
|
|
-
|
|
40
|
|
277
|
|
371
|
|
10
|
|
1,113
|
|
Total loans
|
$
13,823
|
|
$
6,449
|
|
$
24,492
|
|
$
7,784
|
|
$
9,714
|
|
$
10,767
|
|
$
9,459
|
|
$
10,768
|
|
$
93,256
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS A
PERCENTAGE OF OUTSTANDING:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
1.63%
|
|
0.60%
|
|
0.44%
|
|
0.00%
|
|
0.08%
|
|
0.16%
|
|
0.29%
|
|
0.05%
|
|
0.31%
|
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
1.00%
|
|
0.63%
|
|
1.36%
|
|
0.60%
|
|
2.57%
|
|
1.54%
|
|
0.48%
|
|
6.62%
|
|
1.36%
|
|
Home
equity
|
1.09%
|
|
0.31%
|
|
0.27%
|
|
0.00%
|
|
0.47%
|
|
0.88%
|
|
0.81%
|
|
0.15%
|
|
0.56%
|
|
Agricultural
|
0.00%
|
|
0.62%
|
|
0.33%
|
|
7.75%
|
|
1.39%
|
|
0.00%
|
|
0.31%
|
|
0.02%
|
|
0.56%
|
|
Commercial and industrial-owner occupied
|
1.98%
|
|
1.65%
|
|
1.36%
|
|
0.82%
|
|
1.18%
|
|
3.48%
|
|
0.42%
|
|
0.00%
|
|
1.25%
|
|
Construction, acquisition and development
|
2.54%
|
|
0.35%
|
|
1.80%
|
|
0.00%
|
|
2.60%
|
|
0.30%
|
|
1.76%
|
|
1.03%
|
|
1.55%
|
|
Commercial real estate
|
1.65%
|
|
0.00%
|
|
1.06%
|
|
3.32%
|
|
3.37%
|
|
3.54%
|
|
0.30%
|
|
0.69%
|
|
1.27%
|
|
Credit
cards
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1.57%
|
|
1.57%
|
|
All other
|
0.04%
|
|
0.20%
|
|
0.21%
|
|
0.00%
|
|
0.10%
|
|
0.74%
|
|
0.47%
|
|
0.01%
|
|
0.21%
|
|
Total loans
|
1.59%
|
|
0.56%
|
|
1.07%
|
|
1.89%
|
|
1.88%
|
|
1.62%
|
|
0.51%
|
|
0.82%
|
|
1.03%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Excludes the Greater
Memphis Area.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Selected
Additional Information
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2014
|
|
Alabama
|
|
|
|
|
|
|
|
Greater
|
|
|
|
|
|
|
|
|
|
and
Florida
|
|
|
|
|
|
|
|
Memphis
|
|
|
|
Texas
and
|
|
|
|
|
|
Panhandle
|
|
Arkansas*
|
|
Mississippi*
|
|
Missouri
|
|
Area
|
|
Tennessee*
|
|
Louisiana
|
|
Other
|
|
Total
|
OTHER REAL ESTATE
OWNED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
84
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
84
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
822
|
|
232
|
|
2,465
|
|
62
|
|
68
|
|
199
|
|
5
|
|
-
|
|
3,853
|
Home
equity
|
442
|
|
-
|
|
556
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
998
|
Agricultural
|
907
|
|
-
|
|
216
|
|
-
|
|
1,083
|
|
-
|
|
-
|
|
-
|
|
2,206
|
Commercial and industrial-owner occupied
|
33
|
|
33
|
|
1,703
|
|
-
|
|
827
|
|
25
|
|
105
|
|
-
|
|
2,726
|
Construction, acquisition and development
|
15,035
|
|
94
|
|
10,853
|
|
861
|
|
20,114
|
|
3,871
|
|
257
|
|
-
|
|
51,085
|
Commercial real estate
|
352
|
|
316
|
|
568
|
|
-
|
|
1,036
|
|
-
|
|
106
|
|
-
|
|
2,378
|
All other
|
-
|
|
-
|
|
85
|
|
-
|
|
-
|
|
-
|
|
147
|
|
33
|
|
265
|
Total loans
|
$
17,675
|
|
$
675
|
|
$
16,446
|
|
$
923
|
|
$
23,128
|
|
$
4,095
|
|
$
620
|
|
$
33
|
|
$
63,595
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
|
|
|
|
|
|
Mar-14
|
|
Dec-13
|
|
Sep-13
|
|
Jun-13
|
|
Mar-13
|
|
|
|
|
|
|
|
|
OTHER REAL ESTATE
OWNED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period
|
$
69,338
|
|
$
76,853
|
|
$
88,438
|
|
$
96,314
|
|
$
103,248
|
|
|
|
|
|
|
|
|
Additions to
foreclosed properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
foreclosed property
|
4,855
|
|
7,868
|
|
9,536
|
|
9,639
|
|
2,222
|
|
|
|
|
|
|
|
|
Reductions in
foreclosed properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
(8,767)
|
|
(14,272)
|
|
(19,333)
|
|
(15,641)
|
|
(7,811)
|
|
|
|
|
|
|
|
|
Writedowns
|
(1,831)
|
|
(1,111)
|
|
(1,788)
|
|
(1,874)
|
|
(1,345)
|
|
|
|
|
|
|
|
|
Balance, end of
period
|
$
63,595
|
|
$
69,338
|
|
$
76,853
|
|
$
88,438
|
|
$
96,314
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FORECLOSED PROPERTY
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss (gain) on sale
of other real estate owned
|
$
466
|
|
$
949
|
|
$
352
|
|
$
166
|
|
$
(200)
|
|
|
|
|
|
|
|
|
Writedown of other
real estate owned
|
1,831
|
|
1,111
|
|
1,788
|
|
1,874
|
|
1,345
|
|
|
|
|
|
|
|
|
Other foreclosed
property expense
|
258
|
|
771
|
|
1,158
|
|
1,205
|
|
1,209
|
|
|
|
|
|
|
|
|
Total foreclosed
property expense
|
$
2,555
|
|
$
2,831
|
|
$
3,298
|
|
$
3,245
|
|
$
2,354
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Excludes the Greater
Memphis Area.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
|
Noninterest
Revenue and Expense
|
|
(Dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
Mar-14
|
|
Dec-13
|
|
Sep-13
|
|
Jun-13
|
|
Mar-13
|
|
NONINTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
Mortgage
lending
|
$
3,394
|
|
$
9,605
|
|
$
5,134
|
|
$
17,892
|
|
$
12,346
|
|
Credit card, debit
card and merchant fees
|
7,843
|
|
8,324
|
|
8,834
|
|
8,324
|
|
7,523
|
|
Deposit service
charges
|
12,536
|
|
13,570
|
|
13,679
|
|
12,824
|
|
12,832
|
|
Trust
income
|
3,568
|
|
3,717
|
|
3,332
|
|
3,192
|
|
3,210
|
|
Securities gains
(losses), net
|
(4)
|
|
29
|
|
(5)
|
|
3
|
|
19
|
|
Insurance
commissions
|
31,599
|
|
21,397
|
|
23,800
|
|
25,862
|
|
26,641
|
|
Annuity
fees
|
772
|
|
566
|
|
719
|
|
543
|
|
483
|
|
Brokerage commissions
and fees
|
1,576
|
|
1,037
|
|
2,005
|
|
2,068
|
|
2,093
|
|
Bank-owned life
insurance
|
1,849
|
|
2,466
|
|
1,954
|
|
2,008
|
|
1,887
|
|
Other miscellaneous
income
|
3,384
|
|
4,414
|
|
3,062
|
|
3,393
|
|
4,284
|
|
Total noninterest
revenue
|
$
66,517
|
|
$
65,125
|
|
$
62,514
|
|
$
76,109
|
|
$
71,318
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
$
78,883
|
|
$
75,466
|
|
$
73,532
|
|
$
78,284
|
|
$
79,414
|
|
Occupancy, net of
rental income
|
10,287
|
|
9,935
|
|
10,360
|
|
10,577
|
|
10,237
|
|
Equipment
|
4,499
|
|
4,298
|
|
4,555
|
|
4,585
|
|
4,948
|
|
Deposit insurance
assessments
|
1,600
|
|
2,687
|
|
3,325
|
|
2,939
|
|
2,804
|
|
Voluntary early
retirement expense
|
-
|
|
-
|
|
-
|
|
10,850
|
|
-
|
|
Amortization of bond
issue cost
|
12
|
|
12
|
|
2,907
|
|
38
|
|
38
|
|
Advertising
|
632
|
|
1,436
|
|
1,210
|
|
1,169
|
|
743
|
|
Foreclosed property
expense
|
2,555
|
|
2,831
|
|
3,298
|
|
3,245
|
|
2,354
|
|
Telecommunications
|
2,248
|
|
1,971
|
|
2,227
|
|
2,184
|
|
2,099
|
|
Public
relations
|
822
|
|
972
|
|
1,105
|
|
1,175
|
|
1,005
|
|
Data
processing
|
2,741
|
|
2,939
|
|
2,772
|
|
2,783
|
|
2,468
|
|
Computer
software
|
2,423
|
|
2,197
|
|
2,190
|
|
2,146
|
|
1,963
|
|
Amortization of
intangibles
|
1,419
|
|
819
|
|
686
|
|
722
|
|
743
|
|
Legal
|
1,878
|
|
2,537
|
|
4,626
|
|
3,896
|
|
9,366
|
|
Merger
expense
|
560
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Postage and
shipping
|
1,287
|
|
1,133
|
|
1,027
|
|
1,074
|
|
1,135
|
|
Other miscellaneous
expense
|
14,861
|
|
18,597
|
|
15,577
|
|
16,584
|
|
16,054
|
|
Total noninterest
expense
|
$
126,707
|
|
$
127,830
|
|
$
129,397
|
|
$
142,251
|
|
$
135,371
|
|
|
|
|
|
|
|
|
|
|
|
|
INSURANCE
COMMISSIONS:
|
|
|
|
|
|
|
|
|
|
|
Property and casualty
commissions
|
$
19,987
|
|
$
15,588
|
|
$
18,372
|
|
$
18,762
|
|
$
16,878
|
|
Life and health
commissions
|
5,010
|
|
4,525
|
|
4,061
|
|
5,093
|
|
4,688
|
|
Risk management
income
|
705
|
|
648
|
|
628
|
|
573
|
|
650
|
|
Other
|
5,897
|
|
636
|
|
739
|
|
1,434
|
|
4,425
|
|
Total insurance
commissions
|
$
31,599
|
|
$
21,397
|
|
$
23,800
|
|
$
25,862
|
|
$
26,641
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
|
Selected
Additional Information
|
|
(Dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
Mar-14
|
|
Dec-13
|
|
Sep-13
|
|
Jun-13
|
|
Mar-13
|
|
MORTGAGE SERVICING
RIGHTS:
|
|
|
|
|
|
|
|
|
|
|
Fair value, beginning
of period
|
$
54,662
|
|
$
51,025
|
|
$
49,001
|
|
$
41,478
|
|
$
37,882
|
|
Additions to mortgage
servicing rights:
|
|
|
|
|
|
|
|
|
|
|
Originations of servicing assets
|
1,460
|
|
1,984
|
|
3,826
|
|
4,012
|
|
4,268
|
|
Changes in fair
value:
|
|
|
|
|
|
|
|
|
|
|
Due to
payoffs/paydowns
|
(1,138)
|
|
(1,240)
|
|
(1,560)
|
|
(1,739)
|
|
(1,705)
|
|
Due to
change in valuation inputs or
|
|
|
|
|
|
|
|
|
|
|
assumptions used in the
valuation model
|
(1,547)
|
|
2,894
|
|
(240)
|
|
5,252
|
|
1,037
|
|
Other
changes in fair value
|
(1)
|
|
(1)
|
|
(2)
|
|
(2)
|
|
(4)
|
|
Fair value, end of
period
|
$
53,436
|
|
$
54,662
|
|
$
51,025
|
|
$
49,001
|
|
$
41,478
|
|
|
|
|
|
|
|
|
|
|
|
|
MORTGAGE LENDING
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
Origination
|
$
1,964
|
|
$
3,590
|
|
$
2,862
|
|
$
10,471
|
|
$
9,187
|
|
Servicing
|
4,115
|
|
4,361
|
|
4,072
|
|
3,908
|
|
3,827
|
|
MSR
payoffs/paydowns
|
(1,138)
|
|
(1,240)
|
|
(1,560)
|
|
(1,739)
|
|
(1,705)
|
|
MSR valuation
adjustment
|
(1,547)
|
|
2,894
|
|
(240)
|
|
5,252
|
|
1,037
|
|
Total mortgage
lending revenue
|
$
3,394
|
|
$
9,605
|
|
$
5,134
|
|
$
17,892
|
|
$
12,346
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans
serviced
|
$
5,568,828
|
|
$
5,577,325
|
|
$
5,543,619
|
|
$
5,393,580
|
|
$
5,236,852
|
|
MSR/mtg loans
serviced
|
0.96%
|
|
0.98%
|
|
0.92%
|
|
0.91%
|
|
0.79%
|
|
|
|
|
|
|
|
|
|
|
|
|
AVAILABLE-FOR-SALE
SECURITIES, at fair value
|
|
|
|
|
|
|
|
|
|
|
U.S. Government
agencies
|
$
1,419,269
|
|
$
1,458,349
|
|
$
1,519,459
|
|
$
1,581,570
|
|
$
1,517,725
|
|
Government agency
issued residential
|
|
|
|
|
|
|
|
|
|
|
mortgage-back securities
|
241,596
|
|
250,234
|
|
268,367
|
|
292,586
|
|
334,550
|
|
Government agency
issued commercial
|
|
|
|
|
|
|
|
|
|
|
mortgage-back securities
|
234,059
|
|
230,912
|
|
229,412
|
|
227,381
|
|
196,459
|
|
Obligations of states
and political subdivisions
|
523,811
|
|
519,405
|
|
528,889
|
|
535,337
|
|
550,475
|
|
Other
|
8,023
|
|
8,089
|
|
8,029
|
|
8,065
|
|
7,967
|
|
Total
available-for-sale securities
|
$
2,426,758
|
|
$
2,466,989
|
|
$
2,554,156
|
|
$
2,644,939
|
|
$
2,607,176
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Reconciliation of
Non-GAAP Measures
|
(Dollars in
thousands, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certain financial
information included in this press release are determined by
methods other than in accordance with GAAP. Management
believes such measures are relevant to understanding the capital
position and performance of the Company. The non-GAAP
financial measures presented in this press release are tangible
shareholders' equity to tangible assets, return on tangible equity,
pre-tax pre-provision return on average assets, and tangible book
value per share. Additionally, disclosure of these non-GAAP
financial measures provides a meaningful base for comparability to
other financial institutions. Non-GAAP financial measures are
not formally defined by GAAP, and other entities may use
calculation methods different than those used by the
Company.
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Pre-tax, Pre-provision Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
ended
|
|
|
|
3/31/2014
|
|
12/31/2013
|
|
9/30/2013
|
|
6/30/2013
|
|
3/31/2013
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
28,444
|
|
$
27,698
|
|
$
24,857
|
|
$
20,755
|
|
$
20,805
|
Plus:
|
Provision for credit
losses
|
|
-
|
|
-
|
|
500
|
|
3,000
|
|
4,000
|
|
Income tax
expense
|
|
12,889
|
|
12,014
|
|
8,001
|
|
8,316
|
|
9,220
|
Pre-tax,
pre-provision earnings
|
|
$
41,333
|
|
$
39,712
|
|
$
33,358
|
|
$
32,071
|
|
$
34,025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Tangible Assets and Tangible Shareholders' Equity
to
|
|
|
|
|
|
|
|
|
Total Assets and
Total Shareholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
ended
|
|
|
|
3/31/2014
|
|
12/31/2013
|
|
9/30/2013
|
|
6/30/2013
|
|
3/31/2013
|
Tangible
assets
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
13,143,555
|
|
$
13,029,733
|
|
$
12,916,153
|
|
$
13,217,705
|
|
$
13,393,135
|
Less:
|
Goodwill
|
|
286,800
|
|
286,800
|
|
275,173
|
|
275,173
|
|
275,173
|
|
Other identifiable
intangible assets
|
|
25,021
|
|
26,079
|
|
15,179
|
|
15,865
|
|
16,586
|
Total tangible
assets
|
|
$
12,831,734
|
|
$
12,716,854
|
|
$
12,625,801
|
|
$
12,926,667
|
|
$
13,101,376
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
$
1,554,676
|
|
$
1,513,130
|
|
$
1,480,611
|
|
$
1,459,793
|
|
$
1,465,180
|
Less:
|
Goodwill
|
|
286,800
|
|
286,800
|
|
275,173
|
|
275,173
|
|
275,173
|
|
Other identifiable
intangible assets
|
|
25,021
|
|
26,079
|
|
15,179
|
|
15,865
|
|
16,586
|
Total tangible
shareholders' equity
|
|
$
1,242,855
|
|
$
1,200,251
|
|
$
1,190,259
|
|
$
1,168,755
|
|
$
1,173,421
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average
assets
|
|
$
13,087,128
|
|
$
12,955,127
|
|
$
12,928,505
|
|
$
13,146,040
|
|
$
13,249,374
|
Total common shares
outstanding
|
|
96,004,679
|
|
95,231,691
|
|
95,211,602
|
|
95,190,797
|
|
95,174,441
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity to tangible assets*
|
|
9.69%
|
|
9.44%
|
|
9.43%
|
|
9.04%
|
|
8.96%
|
Return on tangible
equity **
|
|
9.28%
|
|
9.16%
|
|
8.29%
|
|
7.12%
|
|
7.19%
|
Pre-tax pre-provision
return on average assets ***
|
|
1.28%
|
|
1.22%
|
|
1.02%
|
|
0.98%
|
|
1.04%
|
Tangible book value
per share****
|
|
$
12.95
|
|
$
12.60
|
|
$
12.50
|
|
$
12.28
|
|
$
12.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
**
|
Return on tangible
equity is defined by the Company as annualized net income divided
by tangible shareholders' equity.
|
|
|
|
|
|
|
|
|
|
|
|
|
***
|
Pre-tax pre-provision
return on average assets is defined by the Company as annualized
pre-tax pre-provision earnings divided by total average
assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
****
|
Tangible book value
per share is defined by the Company as tangible shareholders'
equity divided by total common shares outstanding.
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE BancorpSouth, Inc.