TUPELO, Miss., April 20, 2016 /PRNewswire/ -- BancorpSouth,
Inc. (NYSE: BXS) today announced financial results for the quarter
ended March 31, 2016.
Highlights for the first quarter of 2016 included:
- Net income of $22.5 million or
$0.24 per diluted share.
- Generated net loan growth of $71.9
million, or 2.8 percent on an annualized basis, and deposit
growth of $155.5 million, or 5.5
percent on an annualized basis.
- Incurred a total pre-tax charge of $13.8
million to reflect a probable and estimable liability
associated with ongoing regulatory matters as well as related legal
and consulting expense.
- Earnings were adversely impacted by a negative mortgage
servicing rights ("MSR") valuation adjustment of $8.0 million.
- Net operating income - excluding MSR of $36.9 million or $0.39 per diluted share.
- Continued stable credit quality; recorded provision for credit
losses of $1.0 million for the
quarter.
- Net interest margin remained stable at 3.56 percent.
- Continued focus on controlling expenses as total noninterest
expense declined compared to both the first and fourth quarters of
2015, excluding disclosed non-operating items.
The Company reported net income of $22.5
million, or $0.24 per diluted
share, for the first quarter of 2016 compared with net income of
$32.3 million, or $0.33 per diluted share, for the first quarter of
2015 and net income of $21.2 million,
or $0.22 per diluted share, for the
fourth quarter of 2015.
The Company reported net operating income of $32.0 million, or $0.34 per diluted share, for the first quarter of
2016 compared to $32.3 million, or
$0.33 per diluted share, for the
first quarter of 2015 and $31.4
million, or $0.33 per diluted
share, for the fourth quarter of 2015.
"We continue to have productive discussions with the Consumer
Financial Protection Bureau and the U.S. Department of Justice
regarding a settlement of their joint investigation of our fair
lending practices," remarked Dan
Rollins, BancorpSouth Chairman and Chief Executive
Officer. "While we continue to believe that our fair lending
policies and practices are in compliance with all applicable laws
and regulations, we are encouraged with the continued progress
being made to resolve this matter. Thus, even though we are
unable to predict the final timing of any settlement or the impact
on our pending mergers, our financial results for the first quarter
reflect an estimate for a liability associated with a potential
settlement. We note, however, that should a settlement be
reached, the final liability could differ materially from the
current estimate.
"We also had a negative MSR valuation adjustment of $8.0 million that had an adverse impact on what
was otherwise a very solid first quarter. Otherwise, our
performance metrics continue to trend in a positive
direction. We continue to maintain a very stable net interest
margin while growing both sides of the balance sheet. We
recorded a provision for credit losses of $1.0 million for the quarter, marking our first
recorded provision since the third quarter of 2013. Our
mortgage team had a nice quarter as well, reporting $10.6 million in production and servicing revenue
and total production of $315.4
million. Finally, our efforts to challenge expenses
continue to be reflected in our financial results. Outside of
non-operating items that have been disclosed, our expense base has
been stable over the past several quarters."
Net Interest Revenue
Net interest revenue was $111.2
million for the first quarter of 2016, an increase of 4.8
percent from $106.1 million for the
first quarter of 2015 and flat compared to $111.2 million for the fourth quarter of
2015. The fully taxable equivalent net interest margin was
3.56 percent for the first quarter of 2016 compared to 3.56 percent
for the first quarter of 2015 and 3.58 percent for the fourth
quarter of 2015. Yields on loans and leases were 4.21 percent
for the first quarter of 2016 compared with 4.31 percent for the
first quarter of 2015 and 4.15 percent for the fourth quarter of
2015, while yields on total interest earning assets were 3.78
percent for the first quarter of 2016 compared with 3.80 percent
for the first quarter of 2015 and 3.79 percent for the fourth
quarter of 2015. The average cost of deposits was 0.21
percent for the first quarter of 2016 compared to 0.24 percent for
the first quarter of 2015 and 0.21 percent for the fourth quarter
of 2015.
Asset, Deposit and Loan Activity
Total assets were $13.9 billion at
March 31, 2016 compared with
$13.6 billion at March 31, 2015. Loans and leases, net of
unearned income, were $10.4 billion
at March 31, 2016 compared with
$9.7 billion at March 31, 2015.
Total deposits were $11.5 billion
at March 31, 2016 compared with
$11.3 billion at March 31, 2015. A decrease in time deposits
of $119.3 million, or 6.1 percent, at
March 31, 2016 compared to
March 31, 2015 was more than offset
by growth in other lower cost deposits. Noninterest bearing
demand deposits increased $188.4
million, or 6.5 percent, over the same period.
Additionally, savings deposits increased $111.1 million, or 8.0 percent, while interest
bearing demand deposits increased $53.9
million, or 1.1 percent, over the same period.
Provision for Credit Losses and Allowance for Credit
Losses
Earnings for the quarter reflect a provision for credit losses
of $1.0 million, compared to a
negative provision of $5.0 million
for the first quarter of 2015 and no recorded provision for the
fourth quarter of 2015. Total non-performing assets ("NPAs")
were $106.9 million, or 1.02 percent
of net loans and leases, at March 31,
2016 compared with $89.4
million, or 0.92 percent of net loans and leases, at
March 31, 2015, and $109.7 million, or 1.06 percent of net loans and
leases, at December 31,
2015.
Net charge-offs for the first quarter of 2016 were $1.0 million, compared with net charge-offs of
$0.8 million for the first quarter of
2015 and net charge-offs of $6.6
million for the fourth quarter of 2015. Gross
charge-offs were $3.2 million for the
first quarter of 2016, compared with $4.8
million for the first quarter of 2015 and $9.5 million for the fourth quarter of
2015. Gross recoveries of previously charged-off loans were
$2.3 million for the first quarter of
2016, compared with $4.0 million for
the first quarter of 2015 and $3.0
million for the fourth quarter of 2015. Annualized net
charge-offs were 0.04 percent of average loans and leases for the
first quarter of 2016, compared with annualized net charge-offs of
0.03 percent for the first quarter of 2015 and annualized net
charge-offs of 0.25 percent for the fourth quarter of
2015.
Non-performing loans ("NPLs") were $94.2
million, or 0.90 percent of net loans and leases, at
March 31, 2016, compared with
$61.5 million, or 0.63 percent of net
loans and leases, at March 31, 2015,
and $95.0 million, or 0.92 percent of
net loans and leases, at December 31,
2015. The allowance for credit losses was $126.5 million, or 1.21 percent of net loans and
leases, at March 31, 2016 compared
with $136.7 million, or 1.40 percent
of net loans and leases, at March 31,
2015 and $126.5 million, or
1.22 percent of net loans and leases, at December 31, 2015.
NPLs at March 31, 2016 consisted
primarily of $81.9 million of
nonaccrual loans, compared with $83.0
million of nonaccrual loans at December 31, 2015. NPLs at March 31, 2016 also included $4.6 million of loans 90 days or more past due
and still accruing, compared with $2.0
million of such loans at December 31,
2015, and included restructured loans still accruing of
$7.8 million at March 31, 2016, compared with $9.9 million of such loans at December 31, 2015. Early stage past due
loans, representing loans 30-89 days past due, totaled $23.6 million at March 31,
2016 compared to $24.6 million
at December 31, 2015. Other
real estate owned decreased $2.1
million to $12.7 million
during the first quarter of 2016 from $14.8
million at December 31,
2015.
Noninterest Revenue
Noninterest revenue was $65.5
million for the first quarter of 2016, compared with
$73.3 million for the first quarter
of 2015 and $67.4 million for the
fourth quarter of 2015. These results included a negative MSR
valuation adjustment of $8.0 million
for the first quarter of 2016 compared with a negative MSR
valuation adjustment of $3.0 million
for the first quarter of 2015 and a positive MSR valuation
adjustment of $2.9 million for the
fourth quarter of 2015. Valuation adjustments in the MSR
asset are driven primarily by fluctuations in interest rates period
over period.
Excluding the MSR valuation adjustments, net mortgage lending
revenue was $10.6 million for the
first quarter of 2016, compared with $11.6
million for the first quarter of 2015 and $7.7 million for the fourth quarter of
2015. Mortgage origination volume for the first quarter of
2016 was $315.4 million, compared
with $311.1 million for the first
quarter of 2015 and $310.0 million
for the fourth quarter of 2015.
Credit and debit card fee revenue was $9.0 million for the first quarter of 2016,
compared with $8.5 million for the
first quarter of 2015 and $9.4
million for the fourth quarter of 2015. Deposit
service charge revenue was $11.0
million for the first quarter of 2016, compared with
$11.3 million for the first quarter
of 2015 and $11.8 million for the
fourth quarter of 2015. Insurance commission revenue was
$33.2 million for the first quarter
of 2016, compared with $33.5 million
for the first quarter of 2015 and $25.3
million for the fourth quarter of 2015. Wealth
management revenue was $5.1 million
for the first quarter of 2016, compared with $6.2 million for the first quarter of 2015 and
$5.4 million for the fourth quarter
of 2015.
Noninterest Expense
Noninterest expense for the first quarter of 2016 was
$142.3 million, compared with
$136.9 million for the first quarter
of 2015 and $148.4 million for the
fourth quarter of 2015. Salaries and employee benefits
expense was $82.5 million for the
first quarter of 2016 compared to $81.2
million for the first quarter of 2015 and $80.2 million for the fourth quarter of
2015. Occupancy expense was $10.3
million for the first quarter of 2016 compared with
$10.2 million for the first quarter
of 2015 and $10.4 million for the
fourth quarter of 2015. Other noninterest expense was
$33.2 million for the first quarter
of 2016 compared to $39.3 million for
the first quarter of 2015 and $51.5
million for the fourth quarter of 2015. Total
noninterest expense for the first quarter of 2016 included a total
charge of $13.8 million to reflect a
probable and estimable liability associated with ongoing regulatory
matters, $10.3 million of which is
reflected as regulatory settlement expense and $3.5 million of which is included in other
noninterest expense. Other noninterest expense for the fourth
quarter of 2015 included the $16.5
million legal charge related to the settlement of the class
action lawsuit related to overdraft fees.
Capital Management
The Company's equity capitalization is comprised entirely of
common stock. BancorpSouth's ratio of shareholders' equity to
assets was 12.06 percent at March 31,
2016, compared with 12.07 percent at March 31, 2015 and 12.00 percent at December 31, 2015. The ratio of tangible
shareholders' equity to tangible assets was 10.05 percent at
March 31, 2016, compared with 9.99
percent at March 31, 2015 and 9.96
percent at December 31, 2015.
Estimated regulatory capital ratios at March 31, 2016 were calculated in accordance with
the Basel III capital framework. BancorpSouth is a "well
capitalized" financial holding company, as defined by federal
regulations, with Tier 1 risk-based capital of 12.34 percent at
March 31, 2016 and total risk based
capital of 13.43 percent, compared with required minimum levels of
8 percent and 10 percent, respectively, for "well capitalized"
classification.
Transactions
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 11 full-service banking offices along
the I-20 corridor and has a loan production office in Madison, Mississippi. As of March 31, 2016, OIB, on a consolidated basis,
reported total assets of $672.3
million, total loans of $456.8
million and total deposits of $575.7
million. Under the terms of the definitive agreement,
the Company will issue approximately 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 merger has been unanimously
approved by the Board of Directors of each company and was approved
by OIB shareholders on April 8,
2014. On February 25, 2015, the
Company re-filed the merger application for the merger with
Ouachita Bancshares Corp. with the appropriate regulatory
agencies. On June 30, 2015, the
Company announced the merger agreement was extended through
December 31, 2015 to allow for
additional time to obtain the necessary regulatory approvals and to
satisfy all closing conditions. Although the merger agreement
has not been extended beyond December 31,
2015, the amended agreement remains in effect until
terminated by the Board of Directors of the Company or OIB.
The terms of the amended agreement provide for a minimum total deal
value of $111.1 million but also
allow Ouachita Bancshares Corp. to terminate the agreement if the
average closing price of the Company's common stock declines below
a certain threshold prior to closing. The transaction is
expected to close shortly after receiving all required regulatory
approvals, although the Company can provide no assurance that the
merger will close timely or at all.
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 March
31, 2016, Central Community Corporation, on a consolidated
basis, reported total assets of $1.5
billion, total loans of $614.6
million and total deposits of $1.2
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 and
was approved by Central Community Corporation shareholders on
April 24, 2014. On February 25, 2015, the Company re-filed the
merger application for the merger with Central Community
Corporation with the appropriate regulatory agencies. On
June 30, 2015, the Company announced
the merger agreement was extended through December 31, 2015 to allow for additional time to
obtain the necessary regulatory approvals and to satisfy all
closing conditions. Although the merger agreement has not
been extended beyond December 31,
2015, the amended agreement remains in effect until
terminated by the Board of Directors of the Company or Central
Community Corporation. The terms of the amended agreement
provide for a minimum total deal value of $202.5 million but also allow Central Community
Corporation to terminate the agreement if the average closing price
of the Company's common stock declines below a certain threshold
prior to closing. The transaction is expected to close
shortly after receiving all required regulatory approvals, although
the Company can provide no assurance that the merger will close
timely or at all.
For the most recent information regarding the status of the
merger with Ouachita Bancshares Corp. and the status of the merger
with Central Community Corporation in our periodic reports, please
refer to the section titled "Recent Acquisitions and Transaction
Activity" in Part I, Item 1, and Part I, Item 1A, of the Annual
Report on Form 10-K that was previously filed with the SEC on
February 23, 2016.
Summary
Rollins concluded, "Our financial results reflect steady
improvement in our core operating performance quarter after
quarter. Our bankers are growing loans and deposits, our
mortgage lenders continue to grow home purchase money, and our
insurance producers are working diligently to grow their customer
base to help offset industry pricing headwinds. Importantly,
we are achieving this growth while holding operating expenses
relatively flat. As we look forward, I'm confident the simple
formula of growing customers and challenging expenses will allow us
to continue to improve our operating results."
Conference Call
BancorpSouth will conduct a conference call to discuss its first
quarter 2016 results on April 21, 2016, 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
$13.9 billion in assets.
BancorpSouth Bank, a wholly-owned subsidiary of BancorpSouth, Inc.,
operates 239 full service branch locations as well additional
mortgage, insurance, and loan production offices in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in
Illinois.
Forward-Looking Statements
Certain statements contained in this news release may not be
based upon 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,"
"could," "estimate," "expect," "foresee," "hope," "intend," "may,"
"might," "plan," "will," or "would" or future or conditional verb
tenses and variations or negatives of such terms. These
forward-looking statements include, without limitation, those
relating to the terms, timing and closings of the proposed mergers
with Ouachita Bancshares Corp. and Central Community Corporation,
the Company's ability to operate its regulatory compliance programs
consistent with federal, state and local laws, including its
BSA/AML compliance program, the terms, timing and outcome of the
settlement discussions in connection with the joint investigation
by the Consumer Financial Protection Bureau (the "CFPB") and the
United States Department of Justice ("DOJ") of the Company's fair
lending practices, the acceptance by customers of Ouachita
Bancshares Corp. and Central Community Corporation of the Company's
products and services if the proposed mergers close, the outcome of
any instituted, pending or threatened material litigation,
amortization expense for intangible assets, goodwill impairments,
loan impairment, utilization of appraisals and inspections for real
estate loans, maturity, renewal or extension of construction,
acquisition and development loans, net interest revenue, fair value
determinations, the amount of the Company's non-performing loans
and leases, additions to OREO, credit quality, credit losses,
liquidity, off-balance sheet commitments and arrangements,
valuation of mortgage servicing rights, allowance and provision for
credit losses, continued weakness in the economic environment,
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, calculation
of economic value of equity, impaired loan charge-offs, troubled
debt restructurings, diversification of the Company's revenue
stream, liquidity needs and strategies, sources of funding, net
interest margin, declaration and payment of dividends, cost saving
initiatives, improvement in the Company's efficiencies, operating
expense trends, future acquisitions and consideration to be used
therefor, and the impact of certain claims and ongoing, pending or
threatened litigation, administrative and investigatory
matters.
The Company cautions readers 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 as a result of a variety of factors.
These factors may include, but are not limited to, the Company's
ability to operate its regulatory compliance programs consistent
with federal, state and local laws, including its BSA/AML
compliance program, when and whether the joint investigation by the
CFPB and the DOJ of the Company's fair lending practices is
resolved by settlement and, if so, on what terms, the ability of
the Company, Ouachita Bancshares Corp. and Central Community
Corporation to obtain regulatory approval of and close the proposed
mergers, the potential impact upon the Company of the delay in the
closings of these proposed mergers, 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, losses resulting from the
significant amount of the Company's OREO, 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 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 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 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 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 SEC. Forward-looking statements speak only as of the
date that they were made, and, except as required by law, the
Company does not undertake any obligation to update or revise
forward-looking statements to reflect events or circumstances that
occur after the date of this news release.
BancorpSouth,
Inc.
|
Selected Financial
Information
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
|
3/31/2016
|
12/31/2015
|
9/30/2015
|
6/30/2015
|
3/31/2015
|
Earnings
Summary:
|
|
|
|
|
|
Interest
revenue
|
$
117,972
|
$
118,050
|
$
118,201
|
$
114,630
|
$
113,497
|
Interest
expense
|
6,813
|
6,820
|
7,131
|
7,321
|
7,424
|
Net interest
revenue
|
111,159
|
111,230
|
111,070
|
107,309
|
106,073
|
Provision for credit
losses
|
1,000
|
-
|
(3,000)
|
(5,000)
|
(5,000)
|
Net interest revenue,
after provision
|
|
|
|
|
|
for
credit losses
|
110,159
|
111,230
|
114,070
|
112,309
|
111,073
|
Noninterest
revenue
|
65,515
|
67,386
|
62,953
|
74,314
|
73,315
|
Noninterest
expense
|
142,300
|
148,351
|
126,450
|
128,177
|
136,933
|
Income before income
taxes
|
33,374
|
30,265
|
50,573
|
58,446
|
47,455
|
Income tax
expense
|
10,825
|
9,096
|
16,230
|
18,733
|
15,189
|
Net income
|
$
22,549
|
$
21,169
|
$
34,343
|
$
39,713
|
$
32,266
|
|
|
|
|
|
|
Balance Sheet -
Period End Balances
|
|
|
|
|
|
Total
assets
|
$ 13,926,398
|
$
13,798,662
|
$ 13,787,424
|
$ 13,634,931
|
$ 13,630,322
|
Total earning
assets
|
12,760,031
|
12,656,791
|
12,663,944
|
12,492,532
|
12,468,322
|
Total
securities
|
2,016,373
|
2,082,329
|
2,161,125
|
2,251,153
|
2,194,373
|
Loans and leases, net
of unearned income
|
10,444,697
|
10,372,778
|
10,219,576
|
10,007,571
|
9,726,970
|
Allowance for credit
losses
|
126,506
|
126,458
|
133,009
|
138,312
|
136,660
|
Total
deposits
|
11,486,697
|
11,331,161
|
11,141,946
|
11,134,961
|
11,252,654
|
Long-term
debt
|
67,681
|
69,775
|
71,868
|
73,962
|
76,055
|
Total shareholders'
equity
|
1,679,793
|
1,655,444
|
1,644,820
|
1,680,196
|
1,645,208
|
|
|
|
|
|
|
Balance Sheet -
Average Balances
|
|
|
|
|
|
Total
assets
|
$ 13,851,661
|
$
13,724,595
|
$ 13,632,581
|
$ 13,516,546
|
$ 13,457,668
|
Total earning
assets
|
12,830,000
|
12,628,685
|
12,548,967
|
12,443,960
|
12,398,058
|
Total
securities
|
2,037,739
|
2,110,195
|
2,207,935
|
2,211,931
|
2,190,989
|
Loans and leases, net
of unearned income
|
10,372,925
|
10,321,299
|
10,110,995
|
9,868,318
|
9,670,987
|
Total
deposits
|
11,431,480
|
11,182,750
|
11,140,542
|
11,148,246
|
11,126,210
|
Long-term
debt
|
67,750
|
69,775
|
71,868
|
73,962
|
76,078
|
Total shareholders'
equity
|
1,668,465
|
1,650,924
|
1,680,123
|
1,659,991
|
1,624,496
|
|
|
|
|
|
|
Nonperforming
Assets:
|
|
|
|
|
|
Non-accrual loans and
leases
|
$
81,926
|
$
83,028
|
$
70,237
|
$
67,766
|
$
54,418
|
Loans and leases 90+
days past due, still accruing
|
4,567
|
2,013
|
1,436
|
1,568
|
1,615
|
Restructured loans
and leases, still accruing
|
7,753
|
9,876
|
18,578
|
10,109
|
5,433
|
Non-performing loans
(NPLs)
|
94,246
|
94,917
|
90,251
|
79,443
|
61,466
|
Other real estate
owned
|
12,685
|
14,759
|
23,696
|
24,299
|
27,889
|
Non-performing assets
(NPAs)
|
$
106,931
|
$
109,676
|
$
113,947
|
$
103,742
|
$
89,355
|
|
|
|
|
|
|
Financial Ratios
and Other Data:
|
|
|
|
|
|
Return on average
assets
|
0.65%
|
0.61%
|
1.00%
|
1.18%
|
0.97%
|
Return on average
shareholders' equity
|
5.44%
|
5.09%
|
8.11%
|
9.60%
|
8.06%
|
Noninterest income to
average assets
|
1.90%
|
1.95%
|
1.83%
|
2.21%
|
2.21%
|
Noninterest expense
to average assets
|
4.13%
|
4.29%
|
3.68%
|
3.80%
|
4.13%
|
Net interest
margin-fully taxable equivalent
|
3.56%
|
3.58%
|
3.59%
|
3.54%
|
3.56%
|
Net interest rate
spread
|
3.47%
|
3.48%
|
3.49%
|
3.44%
|
3.46%
|
Loan/deposit
ratio
|
90.93%
|
91.54%
|
91.72%
|
89.88%
|
86.44%
|
Price to earnings
mult (avg)
|
17.33
|
18.17
|
16.98
|
18.80
|
18.43
|
Market value to book
value
|
119.81%
|
136.46%
|
135.80%
|
148.34%
|
136.26%
|
Market value to book
value (avg)
|
116.78%
|
142.53%
|
140.68%
|
142.10%
|
127.91%
|
Market value to
tangible book value
|
147.04%
|
168.15%
|
167.71%
|
182.42%
|
168.52%
|
Market value to
tangible book value (avg)
|
143.33%
|
175.64%
|
173.74%
|
174.75%
|
158.20%
|
Headcount
FTE
|
3,966
|
3,970
|
3,903
|
3,935
|
3,924
|
|
|
|
|
|
|
Non-GAAP Financial
Ratios:
|
|
|
|
|
|
Operating return on
average assets-excluding MSR
|
1.07%
|
0.86%
|
1.09%
|
1.10%
|
1.03%
|
Operating return on
average shareholders' equity-excluding MSR
|
8.89%
|
7.12%
|
8.88%
|
8.94%
|
8.52%
|
Return on tangible
equity
|
6.63%
|
6.25%
|
10.23%
|
11.66%
|
9.84%
|
Operating return on
tangible equity-excluding MSR
|
10.84%
|
8.75%
|
11.21%
|
10.87%
|
10.41%
|
Efficiency ratio (tax
equivalent)
|
79.39%
|
81.86%
|
71.56%
|
69.52%
|
75.17%
|
Operating efficiency
ratio-excluding MSR (tax equivalent)
|
68.66%
|
73.89%
|
69.45%
|
71.16%
|
73.93%
|
|
|
|
|
|
|
Credit Quality
Ratios:
|
|
|
|
|
|
Net (recoveries)
charge-offs to average loans and leases (annualized)
|
0.04%
|
0.25%
|
0.09%
|
(0.27%)
|
0.03%
|
Provision for credit
losses to average loans and leases (annualized)
|
0.04%
|
0.00%
|
(0.12%)
|
(0.20%)
|
(0.21%)
|
Allowance for credit
losses to net loans and leases
|
1.21%
|
1.22%
|
1.30%
|
1.38%
|
1.40%
|
Allowance for credit
losses to non-performing loans and leases
|
134.23%
|
133.23%
|
147.38%
|
174.10%
|
222.33%
|
Allowance for credit
losses to non-performing assets
|
118.31%
|
115.30%
|
116.73%
|
133.32%
|
152.94%
|
Non-performing loans
and leases to net loans and leases
|
0.90%
|
0.92%
|
0.88%
|
0.79%
|
0.63%
|
Non-performing assets
to net loans and leases
|
1.02%
|
1.06%
|
1.11%
|
1.04%
|
0.92%
|
|
|
|
|
|
|
Equity
Ratios:
|
|
|
|
|
|
Total shareholders'
equity to total assets
|
12.06%
|
12.00%
|
11.93%
|
12.32%
|
12.07%
|
Tangible
shareholders' equity to tangible assets
|
10.05%
|
9.96%
|
9.88%
|
10.26%
|
9.99%
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Adequacy:
|
|
|
|
|
|
Common Equity
Tier 1 capital
|
12.14%
|
12.07%
|
12.08%
|
12.60%
|
12.60%
|
Tier 1
capital
|
12.34%
|
12.27%
|
12.29%
|
12.81%
|
12.81%
|
Total
capital
|
13.43%
|
13.37%
|
13.45%
|
14.04%
|
14.07%
|
Tier 1 leverage
capital
|
10.61%
|
10.61%
|
10.56%
|
10.96%
|
10.71%
|
Estimated for current quarter
|
|
|
|
|
|
|
|
|
|
|
|
Common Share
Data:
|
|
|
|
|
|
Basic earnings per
share
|
$
0.24
|
$
0.22
|
$
0.36
|
$
0.41
|
$
0.33
|
Diluted earnings per
share
|
0.24
|
0.22
|
0.36
|
0.41
|
0.33
|
Cash dividends per
share
|
0.10
|
0.10
|
0.10
|
0.08
|
0.08
|
Book value per
share
|
17.79
|
17.58
|
17.50
|
17.37
|
17.04
|
Tangible book value
per share
|
14.49
|
14.27
|
14.17
|
14.12
|
13.78
|
Market value per
share (last)
|
21.31
|
23.99
|
23.77
|
25.76
|
23.22
|
Market value per
share (high)
|
23.64
|
27.23
|
26.54
|
26.68
|
23.68
|
Market value per
share (low)
|
18.69
|
22.44
|
22.09
|
22.83
|
19.64
|
Market value per
share (avg)
|
20.77
|
25.06
|
24.62
|
24.68
|
21.80
|
Dividend payout
ratio
|
41.85%
|
44.46%
|
28.01%
|
18.25%
|
22.40%
|
Total shares
outstanding
|
94,438,626
|
94,162,728
|
93,969,994
|
96,755,530
|
96,544,502
|
Average shares
outstanding - basic
|
94,369,211
|
94,111,408
|
96,202,871
|
96,625,794
|
96,359,885
|
Average shares
outstanding - diluted
|
94,593,540
|
94,384,443
|
96,467,728
|
96,957,441
|
96,653,401
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield/Rate:
|
|
|
|
|
|
(Taxable equivalent
basis)
|
|
|
|
|
|
Loans, loans held for
sale, and leases net of unearned income
|
4.21%
|
4.15%
|
4.22%
|
4.23%
|
4.31%
|
Available-for-sale
securities:
|
|
|
|
|
|
Taxable
|
1.40%
|
1.48%
|
1.40%
|
1.40%
|
1.54%
|
Tax-exempt
|
5.36%
|
5.32%
|
5.32%
|
5.44%
|
5.40%
|
Short-term
investments
|
0.33%
|
0.22%
|
0.20%
|
0.24%
|
0.22%
|
Total interest
earning assets and revenue
|
3.78%
|
3.79%
|
3.82%
|
3.78%
|
3.80%
|
Deposits
|
0.21%
|
0.21%
|
0.22%
|
0.23%
|
0.24%
|
Demand -
interest bearing
|
0.17%
|
0.18%
|
0.18%
|
0.19%
|
0.18%
|
Savings
|
0.12%
|
0.12%
|
0.12%
|
0.12%
|
0.12%
|
Other
time
|
0.73%
|
0.71%
|
0.76%
|
0.79%
|
0.82%
|
Short-term
borrowings
|
0.14%
|
0.12%
|
0.12%
|
0.11%
|
0.12%
|
Total int bearing dep
& s/t borrowings
|
0.28%
|
0.28%
|
0.30%
|
0.31%
|
0.31%
|
Junior subordinated
debt
|
3.18%
|
2.93%
|
2.87%
|
2.86%
|
2.84%
|
Long-term
debt
|
3.08%
|
2.95%
|
2.91%
|
2.90%
|
2.88%
|
Total interest
bearing liabilities and expense
|
0.31%
|
0.31%
|
0.32%
|
0.34%
|
0.34%
|
Interest bearing
liabilities to interest earning assets
|
69.75%
|
69.23%
|
69.68%
|
70.36%
|
71.13%
|
Net interest tax
equivalent adjustment
|
$
2,558
|
$
2,601
|
$
2,558
|
$
2,628
|
$
2,653
|
BancorpSouth,
Inc.
|
Consolidated
Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
Mar-16
|
Dec-15
|
Sep-15
|
Jun-15
|
Mar-15
|
|
(Dollars in
thousands)
|
Assets
|
|
|
|
|
|
Cash and due from
banks
|
$
197,538
|
$
154,192
|
$
159,923
|
$
183,541
|
$
199,337
|
Interest bearing
deposits with other banks
|
148,915
|
43,777
|
113,068
|
34,438
|
360,469
|
Available-for-sale
securities, at fair value
|
2,016,373
|
2,082,329
|
2,161,125
|
2,251,153
|
2,194,373
|
Loans and
leases
|
10,475,528
|
10,404,326
|
10,254,013
|
10,041,455
|
9,761,555
|
Less:
Unearned income
|
30,831
|
31,548
|
34,437
|
33,884
|
34,585
|
Allowance for credit losses
|
126,506
|
126,458
|
133,009
|
138,312
|
136,660
|
Net loans and
leases
|
10,318,191
|
10,246,320
|
10,086,567
|
9,869,259
|
9,590,310
|
Loans held for
sale
|
150,046
|
157,907
|
170,175
|
199,370
|
186,510
|
Premises and
equipment, net
|
306,765
|
308,125
|
304,317
|
303,837
|
305,335
|
Accrued interest
receivable
|
41,401
|
40,901
|
41,599
|
41,065
|
42,933
|
Goodwill
|
291,498
|
291,498
|
291,498
|
291,498
|
291,498
|
Other identifiable
intangibles
|
19,664
|
20,545
|
21,466
|
22,415
|
23,476
|
Bank owned life
insurance
|
253,427
|
251,534
|
249,825
|
247,983
|
246,148
|
Other real estate
owned
|
12,685
|
14,759
|
23,696
|
24,299
|
27,889
|
Other
assets
|
169,895
|
186,775
|
164,165
|
166,073
|
162,044
|
Total
Assets
|
$
13,926,398
|
$
13,798,662
|
$
13,787,424
|
$
13,634,931
|
$
13,630,322
|
Liabilities
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Demand:
Noninterest bearing
|
$
3,103,321
|
$
3,031,528
|
$
3,053,439
|
$
2,911,972
|
$
2,914,949
|
Interest bearing
|
5,033,565
|
5,003,806
|
4,794,656
|
4,881,469
|
4,979,710
|
Savings
|
1,506,942
|
1,442,336
|
1,409,856
|
1,407,616
|
1,395,857
|
Other
time
|
1,842,869
|
1,853,491
|
1,883,995
|
1,933,904
|
1,962,138
|
Total
deposits
|
11,486,697
|
11,331,161
|
11,141,946
|
11,134,961
|
11,252,654
|
Federal funds
purchased and
|
|
|
|
|
|
securities sold under agreement
|
|
|
|
|
|
to
repurchase
|
431,089
|
405,937
|
425,203
|
375,980
|
384,829
|
Short-term Federal
Home Loan Bank borrowings
|
|
|
|
|
|
and
other short-term borrowing
|
-
|
62,000
|
224,500
|
92,500
|
1,500
|
Accrued interest
payable
|
3,305
|
3,071
|
3,353
|
3,494
|
3,371
|
Junior subordinated
debt securities
|
23,198
|
23,198
|
23,198
|
23,198
|
23,198
|
Long-term
debt
|
67,681
|
69,775
|
71,868
|
73,962
|
76,055
|
Other
liabilities
|
234,635
|
248,076
|
252,536
|
250,640
|
243,507
|
Total
Liabilities
|
12,246,605
|
12,143,218
|
12,142,604
|
11,954,735
|
11,985,114
|
Shareholders'
Equity
|
|
|
|
|
|
Common
stock
|
236,097
|
235,407
|
234,925
|
241,889
|
241,361
|
Capital
surplus
|
283,800
|
282,934
|
278,998
|
337,272
|
331,016
|
Accumulated other
comprehensive loss
|
(32,144)
|
(41,825)
|
(36,355)
|
(41,288)
|
(37,033)
|
Retained
earnings
|
1,192,040
|
1,178,928
|
1,167,252
|
1,142,323
|
1,109,864
|
Total Shareholders'
Equity
|
1,679,793
|
1,655,444
|
1,644,820
|
1,680,196
|
1,645,208
|
Total Liabilities
& Shareholders' Equity
|
$
13,926,398
|
$
13,798,662
|
$
13,787,424
|
$
13,634,931
|
$
13,630,322
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Consolidated
Average Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
Mar-16
|
Dec-15
|
Sep-15
|
Jun-15
|
Mar-15
|
|
(Dollars in
thousands)
|
Assets
|
|
|
|
|
|
Cash and due from
banks
|
$
71,528
|
$
159,696
|
$
159,569
|
$
152,792
|
$
132,734
|
Interest bearing
deposits with other banks
|
316,108
|
69,552
|
72,438
|
212,634
|
426,792
|
Available-for-sale
securities, at fair value
|
2,037,739
|
2,110,195
|
2,207,935
|
2,211,931
|
2,190,989
|
Loans and
leases
|
10,405,063
|
10,353,913
|
10,144,874
|
9,903,034
|
9,706,941
|
Less:
Unearned income
|
32,138
|
32,614
|
33,879
|
34,716
|
35,954
|
Allowance for credit losses
|
126,567
|
132,375
|
137,547
|
140,483
|
141,299
|
Net loans and
leases
|
10,246,358
|
10,188,924
|
9,973,448
|
9,727,835
|
9,529,688
|
Loans held for
sale
|
103,227
|
127,638
|
157,598
|
151,077
|
109,291
|
Premises and
equipment, net
|
308,065
|
306,881
|
304,948
|
305,335
|
305,277
|
Accrued interest
receivable
|
38,306
|
38,142
|
38,847
|
38,268
|
39,279
|
Goodwill
|
291,498
|
291,498
|
291,498
|
291,498
|
291,498
|
Other identifiable
intangibles
|
19,987
|
20,880
|
21,812
|
22,780
|
23,834
|
Bank owned life
insurance
|
252,422
|
250,577
|
248,798
|
246,872
|
246,538
|
Other real estate
owned
|
14,523
|
21,049
|
24,008
|
27,190
|
32,062
|
Other
assets
|
151,900
|
139,563
|
131,682
|
128,334
|
129,686
|
Total
Assets
|
$
13,851,661
|
$
13,724,595
|
$
13,632,581
|
$
13,516,546
|
$
13,457,668
|
Liabilities
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Demand:
Noninterest bearing
|
$
3,014,896
|
$
3,106,947
|
$
2,992,903
|
$
2,895,451
|
$
2,807,816
|
Interest bearing
|
5,102,648
|
4,782,234
|
4,822,567
|
4,899,467
|
4,985,577
|
Savings
|
1,468,262
|
1,421,361
|
1,413,187
|
1,404,336
|
1,358,565
|
Other
time
|
1,845,674
|
1,872,208
|
1,911,885
|
1,948,992
|
1,974,252
|
Total
deposits
|
11,431,480
|
11,182,750
|
11,140,542
|
11,148,246
|
11,126,210
|
Federal funds
purchased and
|
|
|
|
|
|
securities sold under agreement
|
|
|
|
|
|
to
repurchase
|
431,260
|
466,865
|
439,503
|
399,447
|
398,237
|
Short-term Federal
Home Loan Bank borrowings
|
|
|
|
|
|
and
other short-term borrowing
|
10,484
|
107,408
|
62,136
|
6,555
|
3,056
|
Accrued interest
payable
|
3,248
|
3,340
|
3,600
|
3,457
|
3,338
|
Junior subordinated
debt securities
|
23,198
|
23,198
|
23,198
|
23,198
|
23,198
|
Long-term
debt
|
67,750
|
69,775
|
71,868
|
73,962
|
76,078
|
Other
liabilities
|
215,776
|
220,335
|
211,611
|
201,690
|
203,055
|
Total
Liabilities
|
12,183,196
|
12,073,671
|
11,952,458
|
11,856,555
|
11,833,172
|
Shareholders'
Equity
|
|
|
|
|
|
Common
stock
|
235,946
|
235,227
|
240,473
|
241,540
|
240,992
|
Capital
surplus
|
282,796
|
282,076
|
325,118
|
332,993
|
326,476
|
Accumulated other
comprehensive loss
|
(36,184)
|
(38,618)
|
(40,476)
|
(38,534)
|
(39,529)
|
Retained
earnings
|
1,185,907
|
1,172,239
|
1,155,008
|
1,123,992
|
1,096,557
|
Total Shareholders'
Equity
|
1,668,465
|
1,650,924
|
1,680,123
|
1,659,991
|
1,624,496
|
Total Liabilities
& Shareholders' Equity
|
$
13,851,661
|
$
13,724,595
|
$
13,632,581
|
$
13,516,546
|
$
13,457,668
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Consolidated
Condensed Statements of Income
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
YTD
|
|
Mar-16
|
|
Dec-15
|
|
Sep-15
|
|
Jun-15
|
|
Mar-15
|
|
Mar-16
|
|
Mar-15
|
INTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
leases
|
$ 107,805
|
|
$ 107,164
|
|
$ 107,086
|
|
$ 103,428
|
|
$ 102,135
|
|
$ 107,805
|
|
$ 102,135
|
Deposits with other
banks
|
263
|
|
40
|
|
36
|
|
126
|
|
236
|
|
263
|
|
236
|
Available-for-sale
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
5,888
|
|
6,550
|
|
6,490
|
|
6,424
|
|
6,844
|
|
5,888
|
|
6,844
|
Tax-exempt
|
3,032
|
|
3,137
|
|
3,226
|
|
3,335
|
|
3,377
|
|
3,032
|
|
3,377
|
Loans held for
sale
|
984
|
|
1,159
|
|
1,363
|
|
1,317
|
|
905
|
|
984
|
|
905
|
Total
interest revenue
|
117,972
|
|
118,050
|
|
118,201
|
|
114,630
|
|
113,497
|
|
117,972
|
|
113,497
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
demand
|
2,163
|
|
2,166
|
|
2,209
|
|
2,262
|
|
2,183
|
|
2,163
|
|
2,183
|
Savings
|
443
|
|
434
|
|
431
|
|
426
|
|
412
|
|
443
|
|
412
|
Other time
|
3,354
|
|
3,356
|
|
3,646
|
|
3,827
|
|
4,008
|
|
3,354
|
|
4,008
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under
agreement to repurchase
|
140
|
|
112
|
|
104
|
|
85
|
|
82
|
|
140
|
|
82
|
Long-term
debt
|
530
|
|
581
|
|
571
|
|
556
|
|
577
|
|
530
|
|
577
|
Junior subordinated
debt
|
183
|
|
171
|
|
168
|
|
165
|
|
163
|
|
183
|
|
163
|
Other
|
-
|
|
-
|
|
2
|
|
-
|
|
(1)
|
|
-
|
|
(1)
|
Total
interest expense
|
6,813
|
|
6,820
|
|
7,131
|
|
7,321
|
|
7,424
|
|
6,813
|
|
7,424
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest revenue
|
111,159
|
|
111,230
|
|
111,070
|
|
107,309
|
|
106,073
|
|
111,159
|
|
106,073
|
Provision for
credit losses
|
1,000
|
|
-
|
|
(3,000)
|
|
(5,000)
|
|
(5,000)
|
|
1,000
|
|
(5,000)
|
Net
interest revenue, after provision for
|
|
|
|
|
|
|
|
|
|
|
|
|
|
credit losses
|
110,159
|
|
111,230
|
|
114,070
|
|
112,309
|
|
111,073
|
|
110,159
|
|
111,073
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage
lending
|
2,618
|
|
10,522
|
|
2,339
|
|
14,102
|
|
8,567
|
|
2,618
|
|
8,567
|
Credit card, debit
card and merchant fees
|
8,961
|
|
9,414
|
|
9,282
|
|
9,298
|
|
8,539
|
|
8,961
|
|
8,539
|
Deposit service
charges
|
11,014
|
|
11,836
|
|
12,150
|
|
11,527
|
|
11,252
|
|
11,014
|
|
11,252
|
Security gains,
net
|
2
|
|
48
|
|
33
|
|
41
|
|
14
|
|
2
|
|
14
|
Insurance
commissions
|
33,249
|
|
25,348
|
|
28,584
|
|
29,319
|
|
33,493
|
|
33,249
|
|
33,493
|
Wealth
Management
|
5,109
|
|
5,375
|
|
5,567
|
|
5,508
|
|
6,210
|
|
5,109
|
|
6,210
|
Other
|
4,562
|
|
4,843
|
|
4,998
|
|
4,519
|
|
5,240
|
|
4,562
|
|
5,240
|
Total
noninterest revenue
|
65,515
|
|
67,386
|
|
62,953
|
|
74,314
|
|
73,315
|
|
65,515
|
|
73,315
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
82,467
|
|
80,177
|
|
81,354
|
|
79,759
|
|
81,179
|
|
82,467
|
|
81,179
|
Occupancy, net of
rental income
|
10,273
|
|
10,434
|
|
10,819
|
|
10,419
|
|
10,194
|
|
10,273
|
|
10,194
|
Equipment
|
3,765
|
|
3,569
|
|
3,742
|
|
4,024
|
|
3,974
|
|
3,765
|
|
3,974
|
Deposit insurance
assessments
|
2,288
|
|
2,630
|
|
2,191
|
|
2,377
|
|
2,311
|
|
2,288
|
|
2,311
|
Regulatory
settlement
|
10,277
|
|
-
|
|
-
|
|
-
|
|
-
|
|
10,277
|
|
-
|
Other
|
33,230
|
|
51,541
|
|
28,344
|
|
31,598
|
|
39,275
|
|
33,230
|
|
39,275
|
Total
noninterest expenses
|
142,300
|
|
148,351
|
|
126,450
|
|
128,177
|
|
136,933
|
|
142,300
|
|
136,933
|
Income
before income taxes
|
33,374
|
|
30,265
|
|
50,573
|
|
58,446
|
|
47,455
|
|
33,374
|
|
47,455
|
Income tax
expense
|
10,825
|
|
9,096
|
|
16,230
|
|
18,733
|
|
15,189
|
|
10,825
|
|
15,189
|
Net
income
|
$ 22,549
|
|
$ 21,169
|
|
$ 34,343
|
|
$ 39,713
|
|
$ 32,266
|
|
$ 22,549
|
|
$ 32,266
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share:
Basic
|
$ 0.24
|
|
$ 0.22
|
|
$ 0.36
|
|
$ 0.41
|
|
$ 0.33
|
|
$ 0.24
|
|
$ 0.33
|
Diluted
|
$ 0.24
|
|
$ 0.22
|
|
$ 0.36
|
|
$ 0.41
|
|
$ 0.33
|
|
$ 0.24
|
|
$ 0.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Mar-16
|
|
Dec-15
|
|
Sep-15
|
|
Jun-15
|
|
Mar-15
|
LOAN AND LEASE
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$ 1,716,477
|
|
$ 1,747,774
|
|
$ 1,710,497
|
|
$ 1,730,142
|
|
$ 1,676,366
|
Real
estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
2,480,828
|
|
2,472,202
|
|
2,447,132
|
|
2,374,122
|
|
2,301,112
|
Home
equity
|
605,228
|
|
589,752
|
|
573,566
|
|
558,460
|
|
538,042
|
Agricultural
|
239,422
|
|
259,360
|
|
252,381
|
|
239,884
|
|
236,898
|
Commercial and industrial-owner occupied
|
1,654,577
|
|
1,617,429
|
|
1,605,811
|
|
1,596,244
|
|
1,518,153
|
Construction, acquisition and development
|
966,362
|
|
945,045
|
|
900,875
|
|
860,407
|
|
892,730
|
Commercial real estate
|
2,233,742
|
|
2,188,048
|
|
2,141,398
|
|
2,081,394
|
|
1,993,473
|
Credit
cards
|
106,714
|
|
112,165
|
|
109,576
|
|
110,552
|
|
106,287
|
All other
|
441,347
|
|
441,003
|
|
478,340
|
|
456,366
|
|
463,909
|
Total loans
|
$ 10,444,697
|
|
$ 10,372,778
|
|
$ 10,219,576
|
|
$ 10,007,571
|
|
$ 9,726,970
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR CREDIT
LOSSES:
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period
|
$ 126,458
|
|
$ 133,009
|
|
$ 138,312
|
|
$ 136,660
|
|
$ 142,443
|
|
|
|
|
|
|
|
|
|
|
Loans and leases
charged-off:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
(140)
|
|
(6,193)
|
|
(2,010)
|
|
(1,436)
|
|
(383)
|
Real
estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
(710)
|
|
(1,146)
|
|
(1,382)
|
|
(575)
|
|
(892)
|
Home
equity
|
(550)
|
|
(147)
|
|
(314)
|
|
(245)
|
|
(498)
|
Agricultural
|
(11)
|
|
(16)
|
|
(9)
|
|
-
|
|
(8)
|
Commercial and industrial-owner occupied
|
(154)
|
|
(357)
|
|
(645)
|
|
(404)
|
|
(394)
|
Construction, acquisition and development
|
(226)
|
|
(221)
|
|
(203)
|
|
(272)
|
|
(343)
|
Commercial real estate
|
(245)
|
|
(122)
|
|
(1,477)
|
|
(1,117)
|
|
(1,007)
|
Credit
cards
|
(720)
|
|
(723)
|
|
(706)
|
|
(527)
|
|
(676)
|
All other
|
(487)
|
|
(623)
|
|
(628)
|
|
(441)
|
|
(579)
|
Total loans
charged-off
|
(3,243)
|
|
(9,548)
|
|
(7,374)
|
|
(5,017)
|
|
(4,780)
|
|
|
|
|
|
|
|
|
|
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
212
|
|
354
|
|
897
|
|
282
|
|
502
|
Real
estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
455
|
|
596
|
|
461
|
|
1,024
|
|
612
|
Home
equity
|
80
|
|
123
|
|
90
|
|
185
|
|
241
|
Agricultural
|
36
|
|
20
|
|
59
|
|
36
|
|
269
|
Commercial and industrial-owner occupied
|
125
|
|
307
|
|
1,831
|
|
146
|
|
550
|
Construction, acquisition and development
|
272
|
|
1,061
|
|
1,084
|
|
8,978
|
|
604
|
Commercial real estate
|
683
|
|
149
|
|
187
|
|
600
|
|
720
|
Credit
cards
|
181
|
|
152
|
|
170
|
|
183
|
|
153
|
All other
|
247
|
|
235
|
|
292
|
|
235
|
|
346
|
Total recoveries
|
2,291
|
|
2,997
|
|
5,071
|
|
11,669
|
|
3,997
|
|
|
|
|
|
|
|
|
|
|
Net (charge-offs)
recoveries
|
(952)
|
|
(6,551)
|
|
(2,303)
|
|
6,652
|
|
(783)
|
|
|
|
|
|
|
|
|
|
|
Provision charged to
operating expense
|
1,000
|
|
-
|
|
(3,000)
|
|
(5,000)
|
|
(5,000)
|
Balance, end of
period
|
$ 126,506
|
|
$ 126,458
|
|
$ 133,009
|
|
$ 138,312
|
|
$ 136,660
|
|
|
|
|
|
|
|
|
|
|
Average loans for
period
|
$ 10,372,925
|
|
$ 10,321,299
|
|
$ 10,110,995
|
|
$ 9,868,318
|
|
$ 9,670,987
|
|
|
|
|
|
|
|
|
|
|
Ratio:
|
|
|
|
|
|
|
|
|
|
Net (charge-offs)
recoveries to average loans (annualized)
|
0.04%
|
|
0.25%
|
|
0.09%
|
|
(0.27%)
|
|
0.03%
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Mar-16
|
|
Dec-15
|
|
Sep-15
|
|
Jun-15
|
|
Mar-15
|
NON-PERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES:
|
|
|
|
|
|
|
|
|
|
Nonaccrual
Loans and Leases
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
$ 10,248
|
|
$ 8,493
|
|
$ 15,697
|
|
$ 9,740
|
|
$ 3,923
|
Real estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
22,968
|
|
21,637
|
|
21,959
|
|
21,636
|
|
21,435
|
Home
equity
|
3,564
|
|
4,021
|
|
3,664
|
|
3,550
|
|
2,269
|
Agricultural
|
932
|
|
921
|
|
484
|
|
259
|
|
259
|
Commercial and
industrial-owner occupied
|
16,633
|
|
16,512
|
|
12,690
|
|
14,007
|
|
9,687
|
Construction,
acquisition and development
|
7,720
|
|
9,130
|
|
4,240
|
|
5,411
|
|
5,111
|
Commercial real
estate
|
19,417
|
|
21,741
|
|
10,730
|
|
12,397
|
|
11,107
|
Credit cards
|
188
|
|
188
|
|
215
|
|
157
|
|
118
|
All other
|
256
|
|
385
|
|
558
|
|
609
|
|
509
|
Total nonaccrual loans and leases
|
$ 81,926
|
|
$ 83,028
|
|
$ 70,237
|
|
$ 67,766
|
|
$ 54,418
|
|
|
|
|
|
|
|
|
|
|
Loans and
Leases 90+ Days Past Due, Still Accruing:
|
4,567
|
|
2,013
|
|
1,436
|
|
1,568
|
|
1,615
|
Restructured
Loans and Leases, Still Accruing
|
7,753
|
|
9,876
|
|
18,578
|
|
10,109
|
|
5,433
|
Total non-performing loans
and leases
|
94,246
|
|
94,917
|
|
90,251
|
|
79,443
|
|
61,466
|
|
|
|
|
|
|
|
|
|
|
OTHER REAL ESTATE
OWNED:
|
12,685
|
|
14,759
|
|
23,696
|
|
24,299
|
|
27,889
|
|
|
|
|
|
|
|
|
|
|
Total Non-performing
Assets
|
$ 106,931
|
|
$ 109,676
|
|
$ 113,947
|
|
$ 103,742
|
|
$ 89,355
|
|
|
|
|
|
|
|
|
|
|
Additions to
Nonaccrual Loans and Leases During the Quarter
|
$ 15,933
|
|
$ 34,050
|
|
$ 22,271
|
|
$ 35,315
|
|
$ 23,607
|
|
|
|
|
|
|
|
|
|
|
Loans and
Leases 30-89 Days Past Due, Still Accruing:
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
$ 3,758
|
|
$ 2,409
|
|
$ 4,985
|
|
$ 3,081
|
|
$ 3,270
|
Real estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
11,985
|
|
15,128
|
|
10,789
|
|
10,622
|
|
9,955
|
Home
equity
|
2,414
|
|
2,456
|
|
1,455
|
|
2,527
|
|
2,594
|
Agricultural
|
240
|
|
303
|
|
393
|
|
116
|
|
161
|
Commercial and
industrial-owner occupied
|
669
|
|
1,018
|
|
3,888
|
|
2,643
|
|
3,026
|
Construction,
acquisition and development
|
1,489
|
|
1,070
|
|
1,218
|
|
1,120
|
|
5,471
|
Commercial real
estate
|
1,831
|
|
830
|
|
798
|
|
1,651
|
|
3,032
|
Credit cards
|
569
|
|
677
|
|
788
|
|
529
|
|
581
|
All other
|
606
|
|
744
|
|
1,334
|
|
1,481
|
|
1,014
|
Total Loans and Leases 30-89 days past due, still
accruing
|
$ 23,561
|
|
$ 24,635
|
|
$ 25,648
|
|
$ 23,770
|
|
$ 29,104
|
|
|
|
|
|
|
|
|
|
|
Credit Quality
Ratios:
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses to average loans and leases (annualized)
|
0.04%
|
|
0.00%
|
|
(0.12%)
|
|
(0.20%)
|
|
(0.21%)
|
Allowance for credit
losses to net loans and leases
|
1.21%
|
|
1.22%
|
|
1.30%
|
|
1.38%
|
|
1.40%
|
Allowance for credit
losses to non-performing loans and leases
|
134.23%
|
|
133.23%
|
|
147.38%
|
|
174.10%
|
|
222.33%
|
Allowance for credit
losses to non-performing assets
|
118.31%
|
|
115.30%
|
|
116.73%
|
|
133.32%
|
|
152.94%
|
Non-performing loans
and leases to net loans and leases
|
0.90%
|
|
0.92%
|
|
0.88%
|
|
0.79%
|
|
0.63%
|
Non-performing assets
to net loans and leases
|
1.02%
|
|
1.06%
|
|
1.11%
|
|
1.04%
|
|
0.92%
|
BancorpSouth,
Inc.
|
|
|
|
|
Selected Loan
Data
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2016
|
|
|
|
Special
|
|
|
|
|
|
|
|
|
|
|
|
Pass
|
|
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Impaired
|
|
Total
|
LOAN PORTFOLIO BY
INTERNALLY ASSIGNED GRADE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$ 1,672,249
|
|
$
-
|
|
$ 35,633
|
|
$ 394
|
|
$
-
|
|
$ 8,201
|
|
$ 1,716,477
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
2,407,869
|
|
-
|
|
69,215
|
|
11
|
|
-
|
|
3,733
|
|
2,480,828
|
Home
equity
|
593,500
|
|
-
|
|
9,938
|
|
-
|
|
-
|
|
1,790
|
|
605,228
|
Agricultural
|
229,935
|
|
-
|
|
8,632
|
|
-
|
|
-
|
|
855
|
|
239,422
|
Commercial and industrial-owner occupied
|
1,595,424
|
|
-
|
|
47,293
|
|
-
|
|
-
|
|
11,860
|
|
1,654,577
|
Construction, acquisition and development
|
944,533
|
|
-
|
|
15,908
|
|
-
|
|
-
|
|
5,921
|
|
966,362
|
Commercial real estate
|
2,166,616
|
|
-
|
|
49,440
|
|
400
|
|
-
|
|
17,286
|
|
2,233,742
|
Credit
cards
|
106,714
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
106,714
|
All other
|
436,409
|
|
-
|
|
4,838
|
|
100
|
|
-
|
|
-
|
|
441,347
|
Total loans
|
$ 10,153,249
|
|
$
-
|
|
$ 240,897
|
|
$ 905
|
|
$
-
|
|
$ 49,646
|
|
$ 10,444,697
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2015
|
|
|
|
Special
|
|
|
|
|
|
|
|
|
|
|
|
Pass
|
|
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Impaired
|
|
Total
|
LOAN PORTFOLIO BY
INTERNALLY ASSIGNED GRADE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$ 1,721,118
|
|
$
-
|
|
$ 19,529
|
|
$
-
|
|
$
-
|
|
$ 7,127
|
|
$ 1,747,774
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
2,399,081
|
|
-
|
|
68,768
|
|
363
|
|
-
|
|
3,990
|
|
2,472,202
|
Home
equity
|
577,539
|
|
-
|
|
10,418
|
|
-
|
|
-
|
|
1,795
|
|
589,752
|
Agricultural
|
250,579
|
|
-
|
|
7,909
|
|
-
|
|
-
|
|
872
|
|
259,360
|
Commercial and industrial-owner occupied
|
1,554,984
|
|
-
|
|
50,304
|
|
-
|
|
-
|
|
12,141
|
|
1,617,429
|
Construction, acquisition and development
|
920,372
|
|
-
|
|
17,090
|
|
-
|
|
-
|
|
7,583
|
|
945,045
|
Commercial real estate
|
2,124,448
|
|
-
|
|
45,658
|
|
161
|
|
-
|
|
17,781
|
|
2,188,048
|
Credit
cards
|
112,165
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
112,165
|
All other
|
433,333
|
|
-
|
|
7,465
|
|
102
|
|
-
|
|
103
|
|
441,003
|
Total loans
|
$ 10,093,619
|
|
$
-
|
|
$ 227,141
|
|
$ 626
|
|
$
-
|
|
$ 51,392
|
|
$ 10,372,778
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Geographical
Information
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2016
|
|
Alabama
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and
Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Panhandle
|
|
Arkansas
|
|
Louisiana
|
|
Mississippi
|
|
Missouri
|
|
Tennessee
|
|
Texas
|
|
Other
|
|
Total
|
LOAN AND LEASE
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$ 150,326
|
|
$ 188,911
|
|
$ 197,183
|
|
$ 702,459
|
|
$ 87,479
|
|
$ 120,117
|
|
$ 224,543
|
|
$ 45,459
|
|
$ 1,716,477
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
298,267
|
|
327,457
|
|
221,327
|
|
805,657
|
|
76,343
|
|
277,477
|
|
454,925
|
|
19,375
|
|
2,480,828
|
Home
equity
|
91,297
|
|
41,653
|
|
65,239
|
|
223,097
|
|
23,336
|
|
144,591
|
|
14,238
|
|
1,777
|
|
605,228
|
Agricultural
|
7,714
|
|
82,747
|
|
26,854
|
|
67,290
|
|
3,196
|
|
12,274
|
|
39,347
|
|
-
|
|
239,422
|
Commercial and industrial-owner occupied
|
200,951
|
|
179,923
|
|
197,650
|
|
677,771
|
|
56,581
|
|
134,104
|
|
207,597
|
|
-
|
|
1,654,577
|
Construction, acquisition and development
|
114,795
|
|
104,591
|
|
66,009
|
|
308,487
|
|
23,923
|
|
140,730
|
|
207,826
|
|
1
|
|
966,362
|
Commercial real estate
|
339,339
|
|
362,449
|
|
244,741
|
|
599,878
|
|
198,505
|
|
179,555
|
|
309,275
|
|
-
|
|
2,233,742
|
Credit
cards
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
106,714
|
|
106,714
|
All other
|
66,946
|
|
49,535
|
|
30,177
|
|
177,429
|
|
3,066
|
|
37,723
|
|
54,958
|
|
21,513
|
|
441,347
|
Total loans
|
$ 1,269,635
|
|
$ 1,337,266
|
|
$ 1,049,180
|
|
$3,562,068
|
|
$ 472,429
|
|
$ 1,046,571
|
|
$ 1,512,709
|
|
$ 194,839
|
|
$ 10,444,697
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$ 130
|
|
$ 668
|
|
$ 731
|
|
$ 5,780
|
|
$
-
|
|
$ 175
|
|
$ 1,950
|
|
$ 1,740
|
|
$ 11,174
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
899
|
|
2,797
|
|
1,867
|
|
9,063
|
|
758
|
|
635
|
|
1,815
|
|
8,602
|
|
26,436
|
Home
equity
|
798
|
|
1,286
|
|
490
|
|
452
|
|
-
|
|
555
|
|
-
|
|
3
|
|
3,584
|
Agricultural
|
-
|
|
-
|
|
-
|
|
959
|
|
-
|
|
-
|
|
-
|
|
-
|
|
959
|
Commercial and industrial-owner occupied
|
1,640
|
|
2,296
|
|
2,293
|
|
11,878
|
|
1,889
|
|
35
|
|
1,259
|
|
-
|
|
21,290
|
Construction, acquisition and development
|
812
|
|
630
|
|
-
|
|
6,285
|
|
1,241
|
|
8
|
|
14
|
|
1
|
|
8,991
|
Commercial real estate
|
1,285
|
|
1,146
|
|
2,885
|
|
11,908
|
|
-
|
|
2,196
|
|
166
|
|
-
|
|
19,586
|
Credit
cards
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,212
|
|
1,212
|
All other
|
100
|
|
696
|
|
24
|
|
176
|
|
-
|
|
18
|
|
-
|
|
-
|
|
1,014
|
Total loans
|
$ 5,664
|
|
$ 9,519
|
|
$ 8,290
|
|
$ 46,501
|
|
$ 3,888
|
|
$ 3,622
|
|
$ 5,204
|
|
$ 11,558
|
|
$ 94,246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS A
PERCENTAGE OF OUTSTANDING:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
0.09%
|
|
0.35%
|
|
0.37%
|
|
0.82%
|
|
0.00%
|
|
0.15%
|
|
0.87%
|
|
3.83%
|
|
0.65%
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
0.30%
|
|
0.85%
|
|
0.84%
|
|
1.12%
|
|
0.99%
|
|
0.23%
|
|
0.40%
|
|
44.40%
|
|
1.07%
|
Home
equity
|
0.87%
|
|
3.09%
|
|
0.75%
|
|
0.20%
|
|
0.00%
|
|
0.38%
|
|
0.00%
|
|
0.17%
|
|
0.59%
|
Agricultural
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
1.43%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
N/A
|
|
0.40%
|
Commercial and industrial-owner occupied
|
0.82%
|
|
1.28%
|
|
1.16%
|
|
1.75%
|
|
3.34%
|
|
0.03%
|
|
0.61%
|
|
N/A
|
|
1.29%
|
Construction, acquisition and development
|
0.71%
|
|
0.60%
|
|
0.00%
|
|
2.04%
|
|
5.19%
|
|
0.01%
|
|
0.01%
|
|
100.00%
|
|
0.93%
|
Commercial real estate
|
0.38%
|
|
0.32%
|
|
1.18%
|
|
1.99%
|
|
0.00%
|
|
1.22%
|
|
0.05%
|
|
N/A
|
|
0.88%
|
Credit
cards
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
1.14%
|
|
1.14%
|
All other
|
0.15%
|
|
1.41%
|
|
0.08%
|
|
0.10%
|
|
0.00%
|
|
0.05%
|
|
0.00%
|
|
0.00%
|
|
0.23%
|
Total loans
|
0.45%
|
|
0.71%
|
|
0.79%
|
|
1.31%
|
|
0.82%
|
|
0.35%
|
|
0.34%
|
|
5.93%
|
|
0.90%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
|
|
|
|
Noninterest
Revenue and Expense
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
YTD
|
|
Mar-16
|
|
Dec-15
|
|
Sep-15
|
|
Jun-15
|
|
Mar-15
|
|
Mar-16
|
|
Mar-15
|
NONINTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage
lending
|
$ 2,618
|
|
$ 10,522
|
|
$ 2,339
|
|
$ 14,102
|
|
$ 8,567
|
|
$ 2,618
|
|
$ 8,567
|
Credit card, debit
card and merchant fees
|
8,961
|
|
9,414
|
|
9,282
|
|
9,298
|
|
8,539
|
|
8,961
|
|
8,539
|
Deposit service
charges
|
11,014
|
|
11,836
|
|
12,150
|
|
11,527
|
|
11,252
|
|
11,014
|
|
11,252
|
Securities gains,
net
|
2
|
|
48
|
|
33
|
|
41
|
|
14
|
|
2
|
|
14
|
Insurance
commissions
|
33,249
|
|
25,348
|
|
28,584
|
|
29,319
|
|
33,493
|
|
33,249
|
|
33,493
|
Trust
income
|
3,430
|
|
3,469
|
|
3,653
|
|
3,543
|
|
4,036
|
|
3,430
|
|
4,036
|
Annuity
fees
|
477
|
|
449
|
|
539
|
|
470
|
|
558
|
|
477
|
|
558
|
Brokerage commissions
and fees
|
1,202
|
|
1,457
|
|
1,375
|
|
1,495
|
|
1,616
|
|
1,202
|
|
1,616
|
Bank-owned life
insurance
|
1,893
|
|
1,881
|
|
1,842
|
|
1,835
|
|
1,899
|
|
1,893
|
|
1,899
|
Other miscellaneous
income
|
2,669
|
|
2,962
|
|
3,156
|
|
2,684
|
|
3,341
|
|
2,669
|
|
3,341
|
Total noninterest
revenue
|
$ 65,515
|
|
$ 67,386
|
|
$ 62,953
|
|
$ 74,314
|
|
$ 73,315
|
|
$ 65,515
|
|
$ 73,315
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
$ 82,467
|
|
$ 80,177
|
|
$ 81,354
|
|
$ 79,759
|
|
$ 81,179
|
|
$ 82,467
|
|
$ 81,179
|
Occupancy, net of
rental income
|
10,273
|
|
10,434
|
|
10,819
|
|
10,419
|
|
10,194
|
|
10,273
|
|
10,194
|
Equipment
|
3,765
|
|
3,569
|
|
3,742
|
|
4,024
|
|
3,974
|
|
3,765
|
|
3,974
|
Deposit insurance
assessments
|
2,288
|
|
2,630
|
|
2,191
|
|
2,377
|
|
2,311
|
|
2,288
|
|
2,311
|
Regulatory
settlement
|
10,277
|
|
-
|
|
-
|
|
-
|
|
-
|
|
10,277
|
|
-
|
Advertising
|
633
|
|
1,009
|
|
812
|
|
1,686
|
|
781
|
|
633
|
|
781
|
Foreclosed property
expense
|
1,181
|
|
3,014
|
|
808
|
|
1,625
|
|
1,971
|
|
1,181
|
|
1,971
|
Telecommunications
|
1,295
|
|
1,322
|
|
1,267
|
|
1,323
|
|
1,314
|
|
1,295
|
|
1,314
|
Public
relations
|
661
|
|
702
|
|
588
|
|
794
|
|
685
|
|
661
|
|
685
|
Data
processing
|
6,391
|
|
6,092
|
|
6,156
|
|
5,898
|
|
6,002
|
|
6,391
|
|
6,002
|
Computer
software
|
2,660
|
|
2,609
|
|
2,595
|
|
2,690
|
|
2,606
|
|
2,660
|
|
2,606
|
Amortization of
intangibles
|
880
|
|
922
|
|
948
|
|
1,061
|
|
1,032
|
|
880
|
|
1,032
|
Legal
|
4,535
|
|
19,434
|
|
1,233
|
|
1,998
|
|
7,681
|
|
4,535
|
|
7,681
|
Merger
expense
|
1
|
|
13
|
|
8
|
|
4
|
|
-
|
|
1
|
|
-
|
Postage and
shipping
|
1,117
|
|
1,139
|
|
1,030
|
|
1,194
|
|
1,172
|
|
1,117
|
|
1,172
|
Other miscellaneous
expense
|
13,876
|
|
15,285
|
|
12,899
|
|
13,325
|
|
16,031
|
|
13,876
|
|
16,031
|
Total noninterest
expense
|
$ 142,300
|
|
$ 148,351
|
|
$ 126,450
|
|
$ 128,177
|
|
$ 136,933
|
|
$ 142,300
|
|
$ 136,933
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INSURANCE
COMMISSIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and casualty
commissions
|
$ 19,877
|
|
$ 18,814
|
|
$ 21,155
|
|
$ 21,145
|
|
$ 20,673
|
|
$ 19,877
|
|
$ 20,673
|
Life and health
commissions
|
5,615
|
|
5,823
|
|
5,775
|
|
6,202
|
|
5,412
|
|
5,615
|
|
5,412
|
Risk management
income
|
623
|
|
672
|
|
709
|
|
637
|
|
666
|
|
623
|
|
666
|
Other
|
7,134
|
|
39
|
|
945
|
|
1,335
|
|
6,742
|
|
7,134
|
|
6,742
|
Total insurance
commissions
|
$ 33,249
|
|
$ 25,348
|
|
$ 28,584
|
|
$ 29,319
|
|
$ 33,493
|
|
$ 33,249
|
|
$ 33,493
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Selected
Additional Information
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Mar-16
|
|
Dec-15
|
|
Sep-15
|
|
Jun-15
|
|
Mar-15
|
MORTGAGE SERVICING
RIGHTS:
|
|
|
|
|
|
|
|
|
|
Fair value, beginning
of period
|
$ 57,268
|
|
$ 52,973
|
|
$ 55,924
|
|
$ 49,190
|
|
$ 51,296
|
Additions to mortgage
servicing rights:
|
|
|
|
|
|
|
|
|
|
Originations of servicing assets
|
2,612
|
|
3,065
|
|
4,231
|
|
4,344
|
|
2,499
|
Changes in fair
value:
|
|
|
|
|
|
|
|
|
|
Due to
payoffs/paydowns
|
(1,380)
|
|
(1,633)
|
|
(1,872)
|
|
(1,930)
|
|
(1,564)
|
Due to
change in valuation inputs or
|
|
|
|
|
|
|
|
|
|
assumptions used in the
valuation model
|
(7,954)
|
|
2,865
|
|
(5,308)
|
|
4,321
|
|
(3,039)
|
Other
changes in fair value
|
(2)
|
|
(2)
|
|
(2)
|
|
(1)
|
|
(2)
|
Fair value, end of
period
|
$ 50,544
|
|
$ 57,268
|
|
$ 52,973
|
|
$ 55,924
|
|
$ 49,190
|
|
|
|
|
|
|
|
|
|
|
Production
revenue:
|
|
|
|
|
|
|
|
|
|
Origination
|
$ 7,208
|
|
$ 4,909
|
|
$ 5,154
|
|
$ 7,395
|
|
$ 8,914
|
Servicing
|
4,744
|
|
4,381
|
|
4,365
|
|
4,316
|
|
4,256
|
Payoffs/Paydowns
|
(1,380)
|
|
(1,633)
|
|
(1,872)
|
|
(1,930)
|
|
(1,564)
|
Total production
revenue
|
10,572
|
|
7,657
|
|
7,647
|
|
9,781
|
|
11,606
|
Market value
adjustment
|
(7,954)
|
|
2,865
|
|
(5,308)
|
|
4,321
|
|
(3,039)
|
Total mortgage
lending revenue
|
$ 2,618
|
|
$ 10,522
|
|
$ 2,339
|
|
$ 14,102
|
|
$ 8,567
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans
serviced
|
$ 6,096,220
|
|
$ 6,011,236
|
|
$ 5,942,736
|
|
$ 5,802,407
|
|
$ 5,705,638
|
MSR/mtg loans
serviced
|
0.83%
|
|
0.95%
|
|
0.89%
|
|
0.96%
|
|
0.86%
|
|
|
|
|
|
|
|
|
|
|
AVAILABLE-FOR-SALE
SECURITIES, at fair value
|
|
|
|
|
|
|
|
|
|
U.S. Government
agencies
|
$ 1,196,167
|
|
$ 1,244,640
|
|
$ 1,255,717
|
|
$ 1,336,846
|
|
$ 1,286,981
|
Government agency
issued residential
|
|
|
|
|
|
|
|
|
|
mortgage-back securities
|
189,741
|
|
140,540
|
|
206,878
|
|
217,191
|
|
200,381
|
Government agency
issued commercial
|
|
|
|
|
|
|
|
|
|
mortgage-back securities
|
207,908
|
|
260,693
|
|
229,922
|
|
224,450
|
|
227,409
|
Obligations of states
and political subdivisions
|
408,537
|
|
417,499
|
|
451,600
|
|
458,322
|
|
471,539
|
Other
|
14,020
|
|
18,957
|
|
17,008
|
|
14,344
|
|
8,063
|
Total
available-for-sale securities
|
$ 2,016,373
|
|
$ 2,082,329
|
|
$ 2,161,125
|
|
$ 2,251,153
|
|
$ 2,194,373
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Reconciliation of
Non-GAAP Measures and Other 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-excluding MSR, tangible shareholders' equity to tangible
assets, return on tangible equity, operating return on tangible
equity-excluding MSR, operating return on average
assets-excluding MSR, operating return on average shareholders'
equity-excluding MSR, tangible book value per share, operating
earnings per share, and operating earnings per share-excluding
MSR. 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 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 and Net Operating Income-Excluding MSR to Net
Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
ended
|
|
|
|
3/31/2016
|
|
12/31/2015
|
|
9/30/2015
|
|
6/30/2015
|
|
3/31/2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
22,549
|
|
$
21,169
|
|
$
34,343
|
|
$
39,713
|
|
$
32,266
|
Plus:
|
Merger expense, net
of tax
|
|
1
|
|
8
|
|
5
|
|
3
|
|
-
|
|
Legal charge, net of
tax
|
|
-
|
|
10,246
|
|
-
|
|
-
|
|
-
|
|
Regulatory related
charges, net of tax
|
|
9,412
|
|
-
|
|
-
|
|
-
|
|
-
|
Less:
|
Security gains, net
of tax
|
|
2
|
|
30
|
|
20
|
|
26
|
|
10
|
Net operating
income
|
|
$
31,960
|
|
$
31,393
|
|
$
34,328
|
|
$
39,690
|
|
$
32,256
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
|
MSR market value
adjustment, net of tax
|
|
(4,931)
|
|
1,776
|
|
(3,291)
|
|
2,679
|
|
(1,884)
|
Net operating
income-excluding MSR
|
|
$
36,891
|
|
$
29,617
|
|
$
37,619
|
|
$
37,011
|
|
$
34,140
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Reconciliation of
Non-GAAP Measures and Other 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
|
|
|
|
3/31/2016
|
|
12/31/2015
|
|
9/30/2015
|
|
6/30/2015
|
|
3/31/2015
|
Tangible
assets
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
$ 13,926,398
|
|
$ 13,798,662
|
|
$ 13,787,424
|
|
$ 13,634,931
|
|
$ 13,630,322
|
Less:
|
Goodwill
|
|
291,498
|
|
291,498
|
|
291,498
|
|
291,498
|
|
291,498
|
|
Other identifiable
intangible assets
|
|
19,664
|
|
20,545
|
|
21,466
|
|
22,415
|
|
23,476
|
Total tangible
assets
|
|
$ 13,615,236
|
|
$ 13,486,619
|
|
$ 13,474,460
|
|
$ 13,321,018
|
|
$ 13,315,348
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
$ 1,679,793
|
|
$ 1,655,444
|
|
$ 1,644,820
|
|
$ 1,680,196
|
|
$ 1,645,208
|
Less:
|
Goodwill
|
|
291,498
|
|
291,498
|
|
291,498
|
|
291,498
|
|
291,498
|
|
Other identifiable
intangible assets
|
|
19,664
|
|
20,545
|
|
21,466
|
|
22,415
|
|
23,476
|
Total tangible
shareholders' equity
|
|
$ 1,368,631
|
|
$ 1,343,401
|
|
$ 1,331,856
|
|
$ 1,366,283
|
|
$ 1,330,234
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average
assets
|
|
$ 13,851,661
|
|
$ 13,724,595
|
|
$ 13,632,581
|
|
$ 13,516,546
|
|
$ 13,457,668
|
Total common shares
outstanding
|
|
94,438,626
|
|
94,162,728
|
|
93,969,994
|
|
96,755,530
|
|
96,544,502
|
Average shares
outstanding-diluted
|
|
94,593,540
|
|
94,384,443
|
|
96,467,728
|
|
96,957,441
|
|
96,653,401
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity to tangible assets (1)
|
|
10.05%
|
|
9.96%
|
|
9.88%
|
|
10.26%
|
|
9.99%
|
Return on tangible
equity (2)
|
|
6.63%
|
|
6.25%
|
|
10.23%
|
|
11.66%
|
|
9.84%
|
Operating return on
tangible equity-excluding MSR (3)
|
|
10.84%
|
|
8.75%
|
|
11.21%
|
|
10.87%
|
|
10.41%
|
Operating return on
average assets-excluding MSR (4)
|
|
1.07%
|
|
0.86%
|
|
1.09%
|
|
1.10%
|
|
1.03%
|
Operating return on
average shareholders' equity-excluding MSR (5)
|
|
8.89%
|
|
7.12%
|
|
8.88%
|
|
8.94%
|
|
8.52%
|
Tangible book value
per share (6)
|
|
$
14.49
|
|
$
14.27
|
|
$
14.17
|
|
$
14.12
|
|
$
13.78
|
Operating earnings
per share (7)
|
|
$
0.34
|
|
$
0.33
|
|
$
0.36
|
|
$
0.41
|
|
$
0.33
|
Operating earnings
per share-excluding MSR (8)
|
|
$
0.39
|
|
$
0.31
|
|
$
0.39
|
|
$
0.39
|
|
$
0.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
Return on tangible
equity is defined by the Company as annualized net income divided
by tangible shareholders' equity.
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
Operating return on
tangible equity-excluding MSR is defined by the Company as
annualized net operating income-excluding MSR divided by tangible
shareholders' equity.
|
|
|
|
|
|
|
|
|
|
|
|
|
(4)
|
Operating return on
average assets-excluding MSR is defined by the Company as
annualized net operating income-excluding MSR divided by total
average assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
(5)
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
(6)
|
Tangible book value
per share is defined by the Company as tangible shareholders'
equity divided by total common shares outstanding.
|
|
|
|
|
|
|
|
|
|
|
|
|
(7)
|
Operating earnings
per share is defined by the Company as net operating income divided
by average shares outstanding-diluted.
|
|
|
|
|
|
|
|
|
|
|
|
|
(8)
|
Operating earnings
per share-excluding MSR is defined by the Company as net operating
income-excluding MSR divided by average 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.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/bancorpsouth-announces-first-quarter-2016-financial-results-300254906.html
SOURCE BancorpSouth, Inc.