TUPELO, Miss., April 19, 2017
/PRNewswire/ -- BancorpSouth, Inc. (NYSE: BXS) today announced
financial results for the quarter ended March 31, 2017.
Highlights for the first quarter of 2017 included:
- Net income of $38.1 million, or
$0.41 per diluted share.
- Generated total deposit growth of $354.7
million, or 12.3 percent on an annualized basis.
- Net interest margin remained stable at 3.46 percent.
- Earnings benefitted from a positive pre-tax mortgage servicing
rights ("MSR") valuation adjustment of $0.9
million.
- Net operating income – excluding MSR – of $36.9 million, or $0.39 per diluted share.
- Credit quality remained stable; recorded provision for credit
losses of $1.0 million for the
quarter.
- Total operating expense declined compared to both the first and
fourth quarters of 2016 and operating efficiency ratio – excluding
MSR – declined to 68.4 percent.
- Repurchased 1,613,691 shares of outstanding common stock at a
weighted average price of $30.62 per
share.
The Company reported net income of $38.1
million, or $0.41 per diluted
share, for the first quarter of 2017 compared with net income of
$22.5 million, or $0.24 per diluted share, for the first quarter of
2016 and net income of $37.7 million,
or $0.40 per diluted share, for the
fourth quarter of 2016.
The Company reported net operating income – excluding MSR – of
$36.9 million, or $0.39 per diluted share, for the first quarter of
2017 compared to $36.9 million, or
$0.39 per diluted share, for the
first quarter of 2016 and $30.7
million, or $0.33 per diluted
share, for the fourth quarter of 2016. Net operating income –
excluding MSR – is a non-GAAP financial measure used by management
to assess the core operating performance of the Company. This
measure excludes items such as securities gains and losses, MSR
valuation adjustments, restructuring charges, merger-related
expenses, industry-related legal settlements, and other one-time
charges. A full reconciliation of this measure is provided in
the supplemental schedules of this news release.
"Our first quarter results reflect consistent improvement in our
financial results, highlighted by continued balance sheet growth,
disciplined expense control, and continued share repurchase
activity," remarked Dan Rollins,
Chairman and Chief Executive Officer. "We reported deposit
growth for the quarter of $354.7
million, or 12.3 percent on an annualized basis. While
first quarter is typically seasonally high for deposit growth, this
growth is reflective of our teammates' continued commitment to
broadening customer relationships and growing core deposits.
Total operating expenses declined compared to both the first and
fourth quarters of 2016, resulting in a decline in the operating
efficiency ratio - excluding MSR - to 68.4 percent. Finally,
we continue to be active in our share repurchase program, as we
repurchased just over 1.6 million shares during the quarter at a
weighted average price of $30.62 per
share."
"Additionally, our net interest margin remained stable at 3.46
percent compared to the fourth quarter of last year. Yields
on both our loan portfolio and securities portfolio increased
during the quarter while our average cost of deposits remained
flat. This benefit to our margin was offset by a shift in our
asset mix, which resulted from increases in lower yielding assets,
including overnight investments and securities."
Net Interest Revenue
Net interest revenue was $114.6
million for the first quarter of 2017, an increase of 3.1
percent from $111.2 million for the
first quarter of 2016 and a decrease of 0.7 percent from
$115.4 million for the fourth quarter
of 2016. The fully taxable equivalent net interest margin was
3.46 percent for the first quarter of 2017 compared to 3.56 percent
for the first quarter of 2016 and 3.46 percent for the fourth
quarter of 2016. Yields on loans and leases were 4.20 percent
for the first quarter of 2017 compared with 4.21 percent for the
first quarter of 2016 and 4.18 percent for the fourth quarter of
2016, while yields on total interest earning assets were 3.70
percent for the first quarter of 2017 compared with 3.78 percent
for the first quarter of 2016 and 3.70 percent for the fourth
quarter of 2016. The average cost of deposits was 0.23
percent for the first quarter of 2017 compared to 0.21 percent for
the first quarter of 2016 and 0.23 percent for the fourth quarter
of 2016.
Asset, Deposit and Loan Activity
Total assets were $14.9 billion at
March 31, 2017 compared with
$13.9 billion at March 31, 2016. Loans and leases, net of
unearned income, were $10.8 billion
at March 31, 2017 compared with
$10.4 billion at March 31, 2016.
Total deposits were $12.0 billion
at March 31, 2017 compared with
$11.5 billion at March 31, 2016. Time deposits decreased
$11.0 million, or 0.6 percent, at
March 31, 2017 compared to
March 31, 2016. Over the same
time period, interest bearing demand deposits increased
$148.4 million, or 2.9 percent, while
noninterest bearing demand deposits increased $298.0 million, or 9.6 percent, and savings
deposits increased $120.7 million, or
8.0 percent.
Provision for Credit Losses and Allowance for Credit
Losses
Earnings for the first quarter reflect a provision for credit
losses of $1.0 million, which was
flat compared to both the first and fourth quarters of 2016.
Net recoveries for the first quarter of 2017 were $0.5 million, compared with net charge-offs of
$1.0 million for the first quarter of
2016 and net charge-offs of $3.2
million for the fourth quarter of 2016. The allowance
for credit losses was $125.2 million,
or 1.16 percent of net loans and leases, at March 31, 2017, compared with $126.5 million, or 1.21 percent of net loans and
leases, at March 31, 2016 and
$123.7 million, or 1.14 percent of
net loans and leases, at December 31,
2016.
Total non-performing assets ("NPAs") were $90.0 million, or 0.83 percent of net loans and
leases, at March 31, 2017 compared
with $106.9 million, or 1.02 percent
of net loans and leases, at March 31,
2016, and $109.7 million, or
1.01 percent of net loans and leases, at December 31, 2016. Other real estate owned
was $8.5 million at March 31, 2017 compared with $12.7 million at March 31,
2016 and $7.8 million at
December 31, 2016.
Noninterest Revenue
Noninterest revenue was $70.9
million for the first quarter of 2017, compared with
$64.7 million for the first quarter
of 2016 and $72.0 million for the
fourth quarter of 2016. These results included a positive MSR
valuation adjustment of $0.9 million
for the first quarter of 2017 compared with a negative MSR
valuation adjustment of $8.0 million
for the first quarter of 2016 and a positive MSR valuation
adjustment of $11.2 million for the
fourth quarter of 2016. Valuation adjustments in the MSR
asset are driven primarily by fluctuations in interest rates period
over period.
Excluding the MSR valuation adjustments, mortgage banking
revenue was $8.1 million for the
first quarter of 2017, compared with $9.8
million for the first quarter of 2016 and $5.6 million for the fourth quarter of
2016. Mortgage origination volume for the first quarter of
2017 was $287.8 million, compared
with $315.4 million for the first
quarter of 2016 and $395.9 million
for the fourth quarter of 2016.
Credit and debit card fee revenue was $8.9 million for the first quarter of 2017,
compared with $9.0 million for the
first quarter of 2016 and $9.3
million for the fourth quarter of 2016. Deposit
service charge revenue was $9.7
million for the first quarter of 2017, compared with
$11.0 million for the first quarter
of 2016 and $10.0 million for the
fourth quarter of 2016. Insurance commission revenue was
$32.9 million for the first quarter
of 2017, compared with $33.2 million
for the first quarter of 2016 and $25.7
million for the fourth quarter of 2016. Wealth
management revenue was $5.2 million
for the first quarter of 2017, compared with $5.1 million for the first quarter of 2016 and
$5.4 million for the fourth quarter
of 2016.
Noninterest Expense
Noninterest expense for the first quarter of 2017 was
$127.1 million, compared with
$141.5 million for the first quarter
of 2016 and $130.5 million for the
fourth quarter of 2016. Total noninterest expense for the
first quarter of 2016 included a charge of $13.8 million to reflect a liability associated
with the settlement of a previously announced joint investigation
by the Consumer Financial Protection Bureau and the U.S. Department
of Justice. Salaries and employee benefits expense was
$81.4 million for the first quarter
of 2017 compared to $81.7 million for
the first quarter of 2016 and $80.9
million for the fourth quarter of 2016. Occupancy
expense was $10.3 million for the
first quarter of 2017, which was flat compared to both the first
and fourth quarters of 2016. Other noninterest expense was
$29.4 million for the first quarter
of 2017, compared to $33.2 million
for the first quarter of 2016 and $34.0
million for the fourth quarter of 2016.
Capital Management
The Company's equity capitalization is comprised entirely of
common stock. BancorpSouth's ratio of shareholders' equity to
assets was 11.45 percent at March 31,
2017, compared with 12.06 percent at March 31, 2016 and 11.71 percent at December 31, 2016. The ratio of tangible
shareholders' equity to tangible assets was 9.49 percent at
March 31, 2017, compared with 10.05
percent at March 31, 2016 and 9.73
percent at December 31, 2016.
During the first quarter of 2017, the Company repurchased
1,613,691 shares of its outstanding common stock at a weighted
average price of $30.62 per
share. During the fourth quarter of 2016, the Company
repurchased 436,541 shares at a weighted average price of
$22.91 per share. As of
March 31, 2017, the Company had
4,398,249 remaining shares available for repurchase under its
current share repurchase authorization, which expires
on December 29, 2017. On January
9, 2017, the Company redeemed $6.7
million in junior subordinated debt securities issued to
American State Capital Trust I and $6.2
million in junior subordinated debt securities issued to
Business Holding Company Trust I. Each of these junior
subordinated debt securities was assumed by the Company pursuant to
prior acquisitions of banks by the Company.
Estimated regulatory capital ratios at March 31, 2017 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 12.16 percent at
March 31, 2017 and total risk-based
capital of 13.21 percent, compared with required minimum levels of
8 percent and 10 percent, respectively, in order to qualify for
"well capitalized" classification.
Transactions
On December 19, 2016, BancorpSouth
Insurance Services, Inc. announced and closed the acquisition of
certain assets of Gonzales,
Louisiana based Waguespack & Associates Insurance,
Inc. The agency was formed in 1986 and is expected to produce
annual revenues of approximately $3
million. Waguespack will continue to operate under
current leadership in its current location in Gonzales.
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 agreed to 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, 2017, Central Community Corporation, on a consolidated
basis, reported total assets of $1.4
billion, total loans of $678.0
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 and
was approved by Central Community Corporation shareholders on
April 24, 2014. The Company and
Central Community Corporation entered into an extension of the
merger effective on October 13, 2016,
extending the merger agreement through December 31, 2017 to allow for additional time to
obtain the necessary regulatory approvals and to satisfy all
closing conditions. The merger agreement remains in effect until
terminated by the Board of Directors of the Company or Central
Community Corporation. The terms of the 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.
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. agreed to 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, 2017, OIB, on a
consolidated basis, reported total assets of $732.4 million, total loans of $498.2 million and total deposits of $606.8 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 Ouachita Bancshares Corp. shareholders on
April 8, 2014. The Company and
Ouachita Bancshares Corp. entered into an extension of the merger
effective on October 13, 2016,
extending the merger agreement through December 31, 2017 to allow for additional time to
obtain the necessary regulatory approvals and to satisfy all
closing conditions. The merger agreement remains in effect until
terminated by the Board of Directors of the Company or Ouachita
Bancshares Corp. The terms of the 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.
For the most recent information regarding the status of the
merger with Central Community Corporation and the status of the
merger with Ouachita Bancshares Corp. in our periodic and current
reports, please refer to the Form 8-K that was previously filed
with the SEC on October 14, 2016.
Summary
Rollins concluded, "We are pleased to see the positive momentum
seen in our financial performance for the last several quarters
continue into 2017. As we look toward the remainder of the
year, I'm excited about the opportunity to continue to build on
this progress. While first quarter is historically seasonally
slow for loan growth, we are optimistic about our team's ability to
produce quality credits and grow loans. Additionally, our
producers in other areas including mortgage, insurance, and wealth
management continue to look for ways to grow their customer base
despite certain industry-specific headwinds. Finally, our
credit quality remains strong while total operating expenses remain
flat. Our team is confident this simple approach will allow
us to continue to improve our operating performance."
Conference Call
BancorpSouth will conduct a conference call to discuss its first
quarter 2017 results on April 20, 2017, at 10:00 a.m. (Central Time). Investors may
listen via the Internet by accessing BancorpSouth's website at
www.bancorpsouth.com and accessing the "Investor Relations"
webpage. 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. (NYSE: BXS) is a financial holding company
headquartered in Tupelo,
Mississippi, with $14.9
billion in assets. BancorpSouth Bank, a wholly-owned
subsidiary of BancorpSouth, Inc., operates 234 full service branch
locations as well as additional mortgage, insurance, and loan
production offices in Alabama,
Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in
Illinois. BancorpSouth is committed to a culture of respect,
diversity, and inclusion in both its workplace and communities. To
learn more, visit our Community Commitment page at
www.bancorpsouth.com. Like us on Facebook; follow us on
Twitter: @MyBXS; or connect with us through LinkedIn.
Forward-Looking Statements
Certain statements 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 acceptance by customers of Ouachita Bancshares Corp. and
Central Community Corporation of the Company's products and
services if the proposed mergers close, the Company's ability to
operate its regulatory compliance programs consistent with federal,
state and local laws, including its Bank Secrecy Act ("BSA") and
anti-money laundering ("AML") compliance program and its fair
lending compliance program, the Company's compliance with the
consent order it entered into with the Consumer Financial
Protection Bureau and the United States Department of Justice
related to the Company's fair lending practices (the "Consent
Order"), 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, credit quality, credit losses,
liquidity, off-balance sheet commitments and arrangements,
valuation of mortgage servicing rights, allowance and provision for
credit losses, early identification and resolution of credit
issues, utilization of non-GAAP financial measures, the ability of
the Company to collect all amounts due according to the contractual
terms of loan agreements, the Company's reserve for losses from
representation and warranty obligations, the Company's foreclosure
process related to mortgage loans, the resolution of non-performing
loans that are collaterally dependent, real estate values,
fully-indexed interest rates, interest rate risk, interest rate
sensitivity, calculation of economic value of equity, impaired loan
charge-offs, diversification of the Company's revenue stream, the
growth of the Company's insurance business and commission revenue,
the growth of the Company's customer base and loan, deposit and fee
revenue sources, liquidity needs and strategies, sources of
funding, net interest margin, declaration and payment of dividends,
the utilization of the Company's share repurchase program, the
implementation and execution of cost saving initiatives,
improvement in the Company's efficiencies, operating expense
trends, 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 and its fair lending compliance program, the
Company's ability to successfully implement and comply with the
Consent Order, the ability of the Company, Ouachita Bancshares
Corp. and Central Community Corporation to obtain regulatory
approval of and close the proposed mergers, the willingness of
Ouachita Bancshares Corp. and Central Community Corporation to
proceed with 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, 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 growth of
the Company's insurance business and commission revenue, the growth
of the Company's loan, deposit and fee revenue sources, the
Company's ability to adapt its products and services to evolving
industry standards and consumer preferences, competition with other
financial services companies, risks in connection with completed or
potential acquisitions, 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, the utilization
of the Company's share repurchase program, the implementation and
execution of cost saving initiatives, other factors generally
understood to affect the assets, business, cash flows, financial
condition, liquidity, prospects and/or results of operations of
financial services companies and other factors detailed from time
to time in the Company's press and news releases, reports and other
filings with the 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
|
|
3/31/2017
|
12/31/2016
|
9/30/2016
|
6/30/2016
|
3/31/2016
|
Earnings
Summary:
|
|
|
|
|
|
Interest
revenue
|
$
122,926
|
$
123,444
|
$
122,340
|
$
119,423
|
$
117,972
|
Interest
expense
|
8,315
|
8,057
|
7,750
|
7,107
|
6,813
|
Net interest
revenue
|
114,611
|
115,387
|
114,590
|
112,316
|
111,159
|
Provision for credit
losses
|
1,000
|
1,000
|
-
|
2,000
|
1,000
|
Net interest revenue,
after provision
|
|
|
|
|
|
for
credit losses
|
113,611
|
114,387
|
114,590
|
110,316
|
110,159
|
Noninterest
revenue
|
70,869
|
71,975
|
69,673
|
68,526
|
64,727
|
Noninterest
expense
|
127,109
|
130,519
|
128,317
|
127,561
|
141,512
|
Income before income
taxes
|
57,371
|
55,843
|
55,946
|
51,281
|
33,374
|
Income tax
expense
|
19,278
|
18,173
|
18,129
|
16,589
|
10,825
|
Net income
|
$
38,093
|
$
37,670
|
$
37,817
|
$
34,692
|
$
22,549
|
|
|
|
|
|
|
Balance Sheet -
Period End Balances
|
|
|
|
|
|
Total
assets
|
$
14,866,054
|
$
14,724,388
|
$
14,611,483
|
$
14,137,160
|
$
13,926,398
|
Total earning
assets
|
13,757,920
|
13,549,407
|
13,483,345
|
12,977,030
|
12,760,031
|
Total
securities
|
2,540,887
|
2,531,676
|
2,468,199
|
2,103,883
|
2,016,373
|
Loans and leases, net
of unearned income
|
10,801,694
|
10,811,991
|
10,658,761
|
10,575,978
|
10,444,697
|
Allowance for credit
losses
|
125,196
|
123,736
|
125,887
|
126,935
|
126,506
|
Total
deposits
|
12,042,845
|
11,688,141
|
11,590,059
|
11,364,367
|
11,486,697
|
Long-term
debt
|
530,000
|
530,000
|
563,495
|
365,588
|
67,681
|
Total shareholders'
equity
|
1,702,389
|
1,723,883
|
1,724,104
|
1,713,043
|
1,679,793
|
|
|
|
|
|
|
Balance Sheet -
Average Balances
|
|
|
|
|
|
Total
assets
|
$
14,832,260
|
$
14,655,360
|
$
14,366,759
|
$
14,027,786
|
$
13,851,661
|
Total earning
assets
|
13,715,612
|
13,525,284
|
13,265,266
|
12,963,056
|
12,830,000
|
Total
securities
|
2,507,701
|
2,479,008
|
2,186,889
|
2,069,058
|
2,037,739
|
Loans and leases, net
of unearned income
|
10,820,486
|
10,737,802
|
10,601,481
|
10,513,732
|
10,372,925
|
Total
deposits
|
11,941,851
|
11,700,213
|
11,509,764
|
11,437,422
|
11,431,480
|
Long-term
debt
|
530,000
|
534,141
|
430,886
|
219,434
|
67,750
|
Total shareholders'
equity
|
1,731,931
|
1,724,871
|
1,719,503
|
1,690,906
|
1,668,465
|
|
|
|
|
|
|
Nonperforming
Assets:
|
|
|
|
|
|
Non-accrual loans and
leases
|
$
74,439
|
$
71,812
|
$
70,725
|
$
68,638
|
$
81,926
|
Loans and leases 90+
days past due, still accruing
|
3,063
|
3,983
|
2,255
|
1,875
|
4,567
|
Restructured loans
and leases, still accruing
|
4,060
|
26,047
|
17,936
|
9,687
|
7,753
|
Non-performing loans
(NPLs)
|
81,562
|
101,842
|
90,916
|
80,200
|
94,246
|
Other real estate
owned
|
8,458
|
7,810
|
11,391
|
14,658
|
12,685
|
Non-performing assets
(NPAs)
|
$
90,020
|
$
109,652
|
$
102,307
|
$
94,858
|
$
106,931
|
|
|
|
|
|
|
Financial Ratios
and Other Data:
|
|
|
|
|
|
Return on average
assets
|
1.04%
|
1.02%
|
1.05%
|
0.99%
|
0.65%
|
Operating return on
average assets-excluding MSR*
|
1.01%
|
0.83%
|
1.02%
|
1.07%
|
1.07%
|
Return on average
shareholders' equity
|
8.92%
|
8.69%
|
8.75%
|
8.25%
|
5.44%
|
Operating return on
average shareholders' equity-excluding MSR*
|
8.63%
|
7.08%
|
8.49%
|
8.84%
|
8.89%
|
Return on tangible
equity*
|
11.19%
|
10.70%
|
10.68%
|
9.99%
|
6.63%
|
Operating return on
tangible equity-excluding MSR*
|
10.82%
|
8.71%
|
10.36%
|
10.70%
|
10.84%
|
Noninterest income to
average assets
|
1.94%
|
1.95%
|
1.93%
|
1.96%
|
1.88%
|
Noninterest expense
to average assets
|
3.48%
|
3.54%
|
3.55%
|
3.66%
|
4.11%
|
Net interest
margin-fully taxable equivalent
|
3.46%
|
3.46%
|
3.51%
|
3.56%
|
3.56%
|
Net interest rate
spread
|
3.35%
|
3.36%
|
3.41%
|
3.47%
|
3.47%
|
Efficiency ratio (tax
equivalent)*
|
67.71%
|
68.79%
|
68.72%
|
69.58%
|
79.30%
|
Operating efficiency
ratio-excluding MSR (tax equivalent)*
|
68.43%
|
73.14%
|
69.39%
|
68.01%
|
70.41%
|
Loan/deposit
ratio
|
89.69%
|
92.50%
|
91.96%
|
93.06%
|
90.93%
|
Price to earnings
multiple (avg)
|
19.15
|
22.02
|
18.86
|
19.07
|
17.33
|
Market value to book
value
|
164.09%
|
168.76%
|
126.59%
|
125.23%
|
119.81%
|
Market value to book
value (avg)
|
166.39%
|
145.61%
|
129.73%
|
124.62%
|
116.78%
|
Market value to
tangible book value
|
202.32%
|
207.63%
|
154.87%
|
153.53%
|
147.04%
|
Market value to
tangible book value (avg)
|
205.16%
|
179.14%
|
158.71%
|
152.78%
|
143.33%
|
Headcount
FTE
|
3,973
|
3,998
|
3,981
|
4,028
|
3,966
|
|
|
|
|
|
|
*Denotes non-GAAP
financial measure. Refer to related disclosure and
reconciliation on pages 19 and 20.
|
|
|
|
|
|
|
|
|
|
Credit Quality
Ratios:
|
|
|
|
|
|
Net (recoveries)
charge-offs to average loans and leases (annualized)
|
(0.02%)
|
0.12%
|
0.04%
|
0.06%
|
0.04%
|
Provision for credit
losses to average loans and leases (annualized)
|
0.04%
|
0.04%
|
0.00%
|
0.08%
|
0.04%
|
Allowance for credit
losses to net loans and leases
|
1.16%
|
1.14%
|
1.18%
|
1.20%
|
1.21%
|
Allowance for credit
losses to non-performing loans and leases
|
153.50%
|
121.50%
|
138.47%
|
158.27%
|
134.23%
|
Allowance for credit
losses to non-performing assets
|
139.08%
|
112.84%
|
123.05%
|
133.82%
|
118.31%
|
Non-performing loans
and leases to net loans and leases
|
0.76%
|
0.94%
|
0.85%
|
0.76%
|
0.90%
|
Non-performing assets
to net loans and leases
|
0.83%
|
1.01%
|
0.96%
|
0.90%
|
1.02%
|
|
|
|
|
|
|
Equity
Ratios:
|
|
|
|
|
|
Total shareholders'
equity to total assets
|
11.45%
|
11.71%
|
11.80%
|
12.12%
|
12.06%
|
Tangible
shareholders' equity to tangible assets*
|
9.49%
|
9.73%
|
9.86%
|
10.11%
|
10.05%
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Adequacy:
|
|
|
|
|
|
Common Equity
Tier 1 capital
|
12.16%
|
12.23%
|
12.13%
|
12.17%
|
12.14%
|
Tier 1
capital
|
12.16%
|
12.34%
|
12.32%
|
12.37%
|
12.34%
|
Total
capital
|
13.21%
|
13.38%
|
13.37%
|
13.45%
|
13.43%
|
Tier 1 leverage
capital
|
9.95%
|
10.32%
|
10.53%
|
10.66%
|
10.61%
|
Estimated for current quarter
|
|
|
|
|
|
|
|
|
|
|
|
Common Share
Data:
|
|
|
|
|
|
Basic earnings per
share
|
$
0.41
|
$
0.40
|
$
0.40
|
$
0.37
|
$
0.24
|
Diluted earnings per
share
|
0.41
|
0.40
|
0.40
|
0.37
|
0.24
|
Operating earnings
per share*
|
0.40
|
0.40
|
0.40
|
0.37
|
0.34
|
Operating earnings
per share- excluding MSR*
|
0.39
|
0.33
|
0.39
|
0.39
|
0.39
|
Cash dividends per
share
|
0.13
|
0.13
|
0.13
|
0.10
|
0.10
|
Book value per
share
|
18.44
|
18.40
|
18.33
|
18.12
|
17.79
|
Tangible book value
per share*
|
14.95
|
14.95
|
14.98
|
14.78
|
14.49
|
Market value per
share (last)
|
30.25
|
31.05
|
23.20
|
22.69
|
21.31
|
Market value per
share (high)
|
32.40
|
31.75
|
25.09
|
24.18
|
23.64
|
Market value per
share (low)
|
28.10
|
22.23
|
20.98
|
20.19
|
18.69
|
Market value per
share (avg)
|
30.68
|
26.79
|
23.78
|
22.58
|
20.77
|
Dividend payout
ratio
|
30.73%
|
31.11%
|
31.17%
|
22.58%
|
41.85%
|
Total shares
outstanding
|
92,344,409
|
93,696,687
|
94,074,740
|
94,546,091
|
94,438,626
|
Average shares
outstanding - basic
|
93,642,848
|
93,740,626
|
94,303,916
|
94,461,025
|
94,369,211
|
Average shares
outstanding - diluted
|
93,829,400
|
93,966,392
|
94,563,833
|
94,694,795
|
94,593,540
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield/Rate:
|
|
|
|
|
|
(Taxable equivalent
basis)
|
|
|
|
|
|
Loans, loans held for
sale, and leases net of unearned income
|
4.20%
|
4.18%
|
4.20%
|
4.20%
|
4.21%
|
Available-for-sale
securities:
|
|
|
|
|
|
Taxable
|
1.35%
|
1.31%
|
1.33%
|
1.40%
|
1.40%
|
Tax-exempt
|
5.29%
|
5.29%
|
5.32%
|
5.36%
|
5.36%
|
Short-term
investments
|
0.76%
|
0.41%
|
0.52%
|
0.39%
|
0.33%
|
Total interest
earning assets and revenue
|
3.70%
|
3.70%
|
3.74%
|
3.78%
|
3.78%
|
Deposits
|
0.23%
|
0.23%
|
0.22%
|
0.21%
|
0.21%
|
Demand -
interest bearing
|
0.22%
|
0.20%
|
0.19%
|
0.18%
|
0.17%
|
Savings
|
0.12%
|
0.12%
|
0.12%
|
0.12%
|
0.12%
|
Other
time
|
0.79%
|
0.79%
|
0.78%
|
0.75%
|
0.73%
|
Short-term
borrowings
|
0.31%
|
0.16%
|
0.15%
|
0.15%
|
0.14%
|
Total interest
bearing deposits & short-term borrowings
|
0.32%
|
0.31%
|
0.30%
|
0.29%
|
0.28%
|
Junior subordinated
debt
|
3.29%
|
3.53%
|
3.27%
|
3.23%
|
3.18%
|
Long-term
debt
|
0.87%
|
0.73%
|
0.83%
|
1.21%
|
3.08%
|
Total interest
bearing liabilities and expense
|
0.35%
|
0.34%
|
0.34%
|
0.32%
|
0.31%
|
Interest bearing
liabilities to interest earning assets
|
70.24%
|
69.43%
|
69.33%
|
69.47%
|
69.75%
|
Net interest tax
equivalent adjustment
|
$
2,261
|
$
2,371
|
$
2,462
|
$
2,493
|
$
2,558
|
|
|
|
|
|
|
*Denotes non-GAAP
financial measure. Refer to related disclosure and
reconciliation on pages 19 and 20.
|
|
|
|
BancorpSouth,
Inc.
|
Consolidated
Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
Mar-17
|
Dec-16
|
Sep-16
|
Jun-16
|
Mar-16
|
|
(Dollars in
thousands)
|
Assets
|
|
|
|
|
|
Cash and due from
banks
|
$
147,684
|
$
184,152
|
$
172,782
|
$
186,381
|
$
197,538
|
Interest bearing
deposits with other banks
|
253,738
|
38,813
|
151,944
|
86,472
|
148,915
|
Available-for-sale
securities, at fair value
|
2,540,887
|
2,531,676
|
2,468,199
|
2,103,883
|
2,016,373
|
Loans and
leases
|
10,822,568
|
10,835,512
|
10,685,166
|
10,604,547
|
10,475,528
|
Less:
Unearned income
|
20,874
|
23,521
|
26,405
|
28,569
|
30,831
|
Allowance for credit losses
|
125,196
|
123,736
|
125,887
|
126,935
|
126,506
|
Net loans and
leases
|
10,676,498
|
10,688,255
|
10,532,874
|
10,449,043
|
10,318,191
|
Loans held for
sale
|
161,600
|
166,927
|
204,441
|
210,698
|
150,046
|
Premises and
equipment, net
|
305,250
|
305,561
|
305,245
|
305,694
|
306,765
|
Accrued interest
receivable
|
42,329
|
42,005
|
41,583
|
39,645
|
41,401
|
Goodwill
|
300,798
|
300,798
|
294,901
|
294,901
|
291,498
|
Other identifiable
intangibles
|
20,865
|
21,894
|
19,908
|
20,831
|
19,664
|
Bank owned life
insurance
|
258,518
|
258,648
|
257,015
|
255,240
|
253,427
|
Other real estate
owned
|
8,458
|
7,810
|
11,391
|
14,658
|
12,685
|
Other
assets
|
149,429
|
177,849
|
151,200
|
169,714
|
169,895
|
Total
Assets
|
$
14,866,054
|
$
14,724,388
|
$
14,611,483
|
$
14,137,160
|
$
13,926,398
|
Liabilities
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Demand:
Noninterest bearing
|
$
3,401,348
|
$
3,250,537
|
$
3,308,361
|
$
3,133,460
|
$
3,103,321
|
Interest bearing
|
5,182,011
|
5,034,470
|
4,877,482
|
4,838,704
|
5,033,565
|
Savings
|
1,627,621
|
1,561,819
|
1,533,401
|
1,512,694
|
1,506,942
|
Other
time
|
1,831,865
|
1,841,315
|
1,870,815
|
1,879,509
|
1,842,869
|
Total
deposits
|
12,042,845
|
11,688,141
|
11,590,059
|
11,364,367
|
11,486,697
|
Securities sold under
agreement to repurchase
|
375,832
|
454,002
|
468,969
|
415,949
|
431,089
|
Federal funds
purchased
|
|
|
|
|
|
and
other short-term borrowing
|
-
|
92,000
|
-
|
-
|
-
|
Accrued interest
payable
|
4,109
|
3,975
|
4,107
|
3,727
|
3,305
|
Junior subordinated
debt securities
|
-
|
12,888
|
23,198
|
23,198
|
23,198
|
Long-term
debt
|
530,000
|
530,000
|
563,495
|
365,588
|
67,681
|
Other
liabilities
|
210,879
|
219,499
|
237,551
|
251,288
|
234,635
|
Total
Liabilities
|
13,163,665
|
13,000,505
|
12,887,379
|
12,424,117
|
12,246,605
|
Shareholders'
Equity
|
|
|
|
|
|
Common
stock
|
230,861
|
234,242
|
235,187
|
236,365
|
236,097
|
Capital
surplus
|
226,204
|
271,292
|
278,973
|
286,994
|
283,800
|
Accumulated other
comprehensive loss
|
(50,360)
|
(50,937)
|
(33,549)
|
(27,587)
|
(32,144)
|
Retained
earnings
|
1,295,684
|
1,269,286
|
1,243,493
|
1,217,271
|
1,192,040
|
Total Shareholders'
Equity
|
1,702,389
|
1,723,883
|
1,724,104
|
1,713,043
|
1,679,793
|
Total Liabilities
& Shareholders' Equity
|
$
14,866,054
|
$
14,724,388
|
$
14,611,483
|
$
14,137,160
|
$
13,926,398
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Consolidated
Average Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
Mar-17
|
Dec-16
|
Sep-16
|
Jun-16
|
Mar-16
|
|
(Dollars in
thousands)
|
Assets
|
|
|
|
|
|
Cash and due from
banks
|
$
162,696
|
$
171,791
|
$
157,233
|
$
117,193
|
$
71,528
|
Interest bearing
deposits with other banks
|
258,502
|
165,805
|
311,545
|
237,635
|
316,108
|
Available-for-sale
securities, at fair value
|
2,507,701
|
2,479,008
|
2,186,889
|
2,069,058
|
2,037,739
|
Loans and
leases
|
10,843,069
|
10,763,314
|
10,629,522
|
10,543,795
|
10,405,063
|
Less:
Unearned income
|
22,583
|
25,512
|
28,041
|
30,063
|
32,138
|
Allowance for credit losses
|
124,662
|
125,526
|
126,820
|
126,103
|
126,567
|
Net loans and
leases
|
10,695,824
|
10,612,276
|
10,474,661
|
10,387,629
|
10,246,358
|
Loans held for
sale
|
128,923
|
142,669
|
165,351
|
142,632
|
103,227
|
Premises and
equipment, net
|
305,637
|
305,994
|
305,707
|
307,600
|
308,065
|
Accrued interest
receivable
|
38,774
|
38,648
|
38,125
|
36,887
|
38,306
|
Goodwill
|
300,798
|
296,888
|
294,901
|
292,620
|
291,498
|
Other identifiable
intangibles
|
21,236
|
20,303
|
20,248
|
19,796
|
19,987
|
Bank owned life
insurance
|
257,669
|
257,397
|
255,967
|
254,191
|
252,422
|
Other real estate
owned
|
8,154
|
9,084
|
13,664
|
15,666
|
14,523
|
Other
assets
|
146,346
|
155,497
|
142,468
|
146,879
|
151,900
|
Total
Assets
|
$
14,832,260
|
$
14,655,360
|
$
14,366,759
|
$
14,027,786
|
$
13,851,661
|
Liabilities
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Demand:
Noninterest bearing
|
$
3,272,876
|
$
3,344,632
|
$
3,221,539
|
$
3,122,153
|
$
3,014,896
|
Interest bearing
|
5,244,069
|
4,951,906
|
4,886,920
|
4,957,827
|
5,102,648
|
Savings
|
1,587,725
|
1,543,542
|
1,525,016
|
1,510,250
|
1,468,262
|
Other
time
|
1,837,181
|
1,860,133
|
1,876,289
|
1,847,192
|
1,845,674
|
Total
deposits
|
11,941,851
|
11,700,213
|
11,509,764
|
11,437,422
|
11,431,480
|
Securities sold under
agreement to repurchase
|
414,272
|
475,669
|
454,826
|
443,340
|
431,260
|
Federal funds
purchased
|
|
|
|
|
|
and
other short-term borrowing
|
19,545
|
3,924
|
11
|
4,275
|
10,484
|
Accrued interest
payable
|
3,867
|
4,031
|
3,950
|
3,509
|
3,248
|
Junior subordinated
debt securities
|
1,146
|
21,181
|
23,198
|
23,198
|
23,198
|
Long-term
debt
|
530,000
|
534,141
|
430,886
|
219,434
|
67,750
|
Other
liabilities
|
189,648
|
191,330
|
224,621
|
205,702
|
215,776
|
Total
Liabilities
|
13,100,329
|
12,930,489
|
12,647,256
|
12,336,880
|
12,183,196
|
Shareholders'
Equity
|
|
|
|
|
|
Common
stock
|
234,285
|
234,323
|
235,860
|
236,176
|
235,946
|
Capital
surplus
|
265,685
|
271,900
|
283,437
|
284,818
|
282,796
|
Accumulated other
comprehensive loss
|
(50,616)
|
(40,454)
|
(29,743)
|
(32,820)
|
(36,184)
|
Retained
earnings
|
1,282,577
|
1,259,102
|
1,229,949
|
1,202,732
|
1,185,907
|
Total Shareholders'
Equity
|
1,731,931
|
1,724,871
|
1,719,503
|
1,690,906
|
1,668,465
|
Total Liabilities
& Shareholders' Equity
|
$
14,832,260
|
$
14,655,360
|
$
14,366,759
|
$
14,027,786
|
$
13,851,661
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Consolidated
Condensed Statements of Income
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Mar-17
|
|
Dec-16
|
|
Sep-16
|
|
Jun-16
|
|
Mar-16
|
INTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
Loans and
leases
|
$
111,498
|
|
$
112,189
|
|
$
111,605
|
|
$
109,078
|
|
$
107,805
|
Deposits with other
banks
|
485
|
|
169
|
|
409
|
|
229
|
|
263
|
Available-for-sale
securities:
|
|
|
|
|
|
|
|
|
|
Taxable
|
7,350
|
|
7,105
|
|
6,189
|
|
6,009
|
|
5,888
|
Tax-exempt
|
2,581
|
|
2,771
|
|
2,898
|
|
2,924
|
|
3,032
|
Loans held for
sale
|
1,012
|
|
1,210
|
|
1,239
|
|
1,183
|
|
984
|
Total
interest revenue
|
122,926
|
|
123,444
|
|
122,340
|
|
119,423
|
|
117,972
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
Interest bearing
demand
|
2,786
|
|
2,514
|
|
2,361
|
|
2,208
|
|
2,163
|
Savings
|
472
|
|
470
|
|
462
|
|
451
|
|
443
|
Other time
|
3,582
|
|
3,711
|
|
3,661
|
|
3,436
|
|
3,354
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
under
agreement to repurchase
|
322
|
|
190
|
|
173
|
|
159
|
|
140
|
Long-term
debt
|
1,142
|
|
985
|
|
902
|
|
665
|
|
530
|
Junior subordinated
debt
|
9
|
|
187
|
|
190
|
|
187
|
|
183
|
Other
|
2
|
|
-
|
|
1
|
|
1
|
|
-
|
Total
interest expense
|
8,315
|
|
8,057
|
|
7,750
|
|
7,107
|
|
6,813
|
|
|
|
|
|
|
|
|
|
|
Net
interest revenue
|
114,611
|
|
115,387
|
|
114,590
|
|
112,316
|
|
111,159
|
Provision for
credit losses
|
1,000
|
|
1,000
|
|
-
|
|
2,000
|
|
1,000
|
Net
interest revenue, after provision for
|
|
|
|
|
|
|
|
|
|
credit losses
|
113,611
|
|
114,387
|
|
114,590
|
|
110,316
|
|
110,159
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
Mortgage
banking
|
8,990
|
|
16,803
|
|
11,087
|
|
7,886
|
|
1,830
|
Credit card, debit
card and merchant fees
|
8,903
|
|
9,262
|
|
9,292
|
|
9,495
|
|
8,961
|
Deposit service
charges
|
9,689
|
|
9,956
|
|
11,313
|
|
11,018
|
|
11,014
|
Security gains,
net
|
1,071
|
|
39
|
|
1
|
|
86
|
|
2
|
Insurance
commissions
|
32,940
|
|
25,709
|
|
28,194
|
|
28,803
|
|
33,249
|
Wealth
management
|
5,174
|
|
5,401
|
|
5,312
|
|
5,347
|
|
5,109
|
Other
|
4,102
|
|
4,805
|
|
4,474
|
|
5,891
|
|
4,562
|
Total
noninterest revenue
|
70,869
|
|
71,975
|
|
69,673
|
|
68,526
|
|
64,727
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
81,386
|
|
80,850
|
|
80,884
|
|
80,675
|
|
81,679
|
Occupancy, net of
rental income
|
10,302
|
|
10,294
|
|
10,412
|
|
10,109
|
|
10,273
|
Equipment
|
3,568
|
|
3,563
|
|
3,423
|
|
3,295
|
|
3,765
|
Deposit insurance
assessments
|
2,484
|
|
1,818
|
|
3,227
|
|
2,582
|
|
2,288
|
Regulatory
settlement
|
-
|
|
-
|
|
-
|
|
-
|
|
10,277
|
Other
|
29,369
|
|
33,994
|
|
30,371
|
|
30,900
|
|
33,230
|
Total
noninterest expense
|
127,109
|
|
130,519
|
|
128,317
|
|
127,561
|
|
141,512
|
Income
before income taxes
|
57,371
|
|
55,843
|
|
55,946
|
|
51,281
|
|
33,374
|
Income tax
expense
|
19,278
|
|
18,173
|
|
18,129
|
|
16,589
|
|
10,825
|
Net
income
|
$
38,093
|
|
$
37,670
|
|
$
37,817
|
|
$
34,692
|
|
$
22,549
|
|
|
|
|
|
|
|
|
|
|
Net income per share:
Basic
|
$
0.41
|
|
$
0.40
|
|
$
0.40
|
|
$
0.37
|
|
$
0.24
|
Diluted
|
$
0.41
|
|
$
0.40
|
|
$
0.40
|
|
$
0.37
|
|
$
0.24
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Mar-17
|
|
Dec-16
|
|
Sep-16
|
|
Jun-16
|
|
Mar-16
|
LOAN AND LEASE
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
1,536,527
|
|
$
1,612,295
|
|
$
1,616,152
|
|
$
1,698,089
|
|
$
1,716,477
|
Real
estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
2,675,672
|
|
2,643,966
|
|
2,611,387
|
|
2,549,989
|
|
2,480,828
|
Home
equity
|
626,488
|
|
628,846
|
|
622,566
|
|
614,686
|
|
605,228
|
Agricultural
|
240,534
|
|
245,377
|
|
242,171
|
|
251,566
|
|
239,422
|
Commercial and industrial-owner occupied
|
1,801,613
|
|
1,764,265
|
|
1,668,477
|
|
1,644,618
|
|
1,654,577
|
Construction, acquisition and development
|
1,136,827
|
|
1,157,248
|
|
1,121,386
|
|
1,021,218
|
|
966,362
|
Commercial real estate
|
2,271,542
|
|
2,237,719
|
|
2,240,717
|
|
2,254,653
|
|
2,233,742
|
Credit
cards
|
103,813
|
|
109,656
|
|
107,447
|
|
108,101
|
|
106,714
|
All other
|
408,678
|
|
412,619
|
|
428,458
|
|
433,058
|
|
441,347
|
Total loans
|
$
10,801,694
|
|
$
10,811,991
|
|
$
10,658,761
|
|
$
10,575,978
|
|
$
10,444,697
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR CREDIT
LOSSES:
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period
|
$
123,736
|
|
$
125,887
|
|
$
126,935
|
|
$
126,506
|
|
$
126,458
|
|
|
|
|
|
|
|
|
|
|
Loans and leases
charged-off:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
(384)
|
|
(2,483)
|
|
(1,180)
|
|
(748)
|
|
(140)
|
Real
estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
(596)
|
|
(905)
|
|
(595)
|
|
(477)
|
|
(710)
|
Home
equity
|
(459)
|
|
(873)
|
|
(237)
|
|
(224)
|
|
(550)
|
Agricultural
|
(44)
|
|
-
|
|
(89)
|
|
(10)
|
|
(11)
|
Commercial and industrial-owner occupied
|
(404)
|
|
(20)
|
|
(261)
|
|
(660)
|
|
(154)
|
Construction, acquisition and development
|
(30)
|
|
(10)
|
|
(5)
|
|
(280)
|
|
(226)
|
Commercial real estate
|
(19)
|
|
-
|
|
(14)
|
|
(870)
|
|
(245)
|
Credit
cards
|
(838)
|
|
(815)
|
|
(696)
|
|
(614)
|
|
(720)
|
All other
|
(559)
|
|
(580)
|
|
(713)
|
|
(417)
|
|
(487)
|
Total loans
charged-off
|
(3,333)
|
|
(5,686)
|
|
(3,790)
|
|
(4,300)
|
|
(3,243)
|
|
|
|
|
|
|
|
|
|
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
490
|
|
1,019
|
|
263
|
|
339
|
|
212
|
Real
estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
625
|
|
413
|
|
327
|
|
499
|
|
455
|
Home
equity
|
356
|
|
71
|
|
109
|
|
246
|
|
80
|
Agricultural
|
41
|
|
15
|
|
28
|
|
96
|
|
36
|
Commercial and industrial-owner occupied
|
193
|
|
201
|
|
117
|
|
101
|
|
125
|
Construction, acquisition and development
|
1,324
|
|
195
|
|
382
|
|
524
|
|
272
|
Commercial real estate
|
69
|
|
176
|
|
1,043
|
|
509
|
|
683
|
Credit
cards
|
249
|
|
208
|
|
262
|
|
199
|
|
181
|
All other
|
446
|
|
237
|
|
211
|
|
216
|
|
247
|
Total recoveries
|
3,793
|
|
2,535
|
|
2,742
|
|
2,729
|
|
2,291
|
|
|
|
|
|
|
|
|
|
|
Net recoveries
(charge-offs)
|
460
|
|
(3,151)
|
|
(1,048)
|
|
(1,571)
|
|
(952)
|
|
|
|
|
|
|
|
|
|
|
Provision charged to
operating expense
|
1,000
|
|
1,000
|
|
-
|
|
2,000
|
|
1,000
|
Balance, end of
period
|
$
125,196
|
|
$
123,736
|
|
$
125,887
|
|
$
126,935
|
|
$
126,506
|
|
|
|
|
|
|
|
|
|
|
Average loans for
period
|
$
10,820,486
|
|
$
10,737,802
|
|
$
10,601,481
|
|
$
10,513,732
|
|
$
10,372,925
|
|
|
|
|
|
|
|
|
|
|
Ratio:
|
|
|
|
|
|
|
|
|
|
Net (recoveries)
charge-offs to average loans (annualized)
|
(0.02%)
|
|
0.12%
|
|
0.04%
|
|
0.06%
|
|
0.04%
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Mar-17
|
|
Dec-16
|
|
Sep-16
|
|
Jun-16
|
|
Mar-16
|
NON-PERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES:
|
|
|
|
|
|
|
|
|
|
Nonaccrual
Loans and Leases
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
$
13,959
|
|
$
13,679
|
|
$
11,659
|
|
$
8,675
|
|
$
10,248
|
Real estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
21,543
|
|
21,084
|
|
20,196
|
|
19,309
|
|
22,968
|
Home
equity
|
3,157
|
|
3,817
|
|
3,721
|
|
2,734
|
|
3,564
|
Agricultural
|
5,180
|
|
1,546
|
|
1,194
|
|
1,107
|
|
932
|
Commercial and
industrial-owner occupied
|
15,135
|
|
10,791
|
|
11,983
|
|
16,021
|
|
16,633
|
Construction,
acquisition and development
|
1,466
|
|
7,022
|
|
6,939
|
|
6,086
|
|
7,720
|
Commercial real
estate
|
13,638
|
|
13,402
|
|
14,793
|
|
14,197
|
|
19,417
|
Credit cards
|
87
|
|
161
|
|
121
|
|
159
|
|
188
|
All other
|
274
|
|
310
|
|
119
|
|
350
|
|
256
|
Total nonaccrual loans and leases
|
$
74,439
|
|
$
71,812
|
|
$
70,725
|
|
$
68,638
|
|
$
81,926
|
|
|
|
|
|
|
|
|
|
|
Loans and
Leases 90+ Days Past Due, Still Accruing:
|
3,063
|
|
3,983
|
|
2,255
|
|
1,875
|
|
4,567
|
Restructured
Loans and Leases, Still Accruing
|
4,060
|
|
26,047
|
|
17,936
|
|
9,687
|
|
7,753
|
Total non-performing loans
and leases
|
81,562
|
|
101,842
|
|
90,916
|
|
80,200
|
|
94,246
|
|
|
|
|
|
|
|
|
|
|
OTHER REAL ESTATE
OWNED:
|
8,458
|
|
7,810
|
|
11,391
|
|
14,658
|
|
12,685
|
|
|
|
|
|
|
|
|
|
|
Total Non-performing
Assets
|
$
90,020
|
|
$
109,652
|
|
$
102,307
|
|
$
94,858
|
|
$
106,931
|
|
|
|
|
|
|
|
|
|
|
Additions to
Nonaccrual Loans and Leases During the Quarter
|
$
23,348
|
|
$
16,007
|
|
$
17,319
|
|
$
10,553
|
|
$
15,933
|
|
|
|
|
|
|
|
|
|
|
Loans and
Leases 30-89 Days Past Due, Still Accruing:
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
$
4,083
|
|
$
3,449
|
|
$
6,736
|
|
$
3,748
|
|
$
3,758
|
Real estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
10,149
|
|
14,490
|
|
15,443
|
|
15,784
|
|
11,985
|
Home
equity
|
1,720
|
|
3,072
|
|
3,854
|
|
2,842
|
|
2,414
|
Agricultural
|
364
|
|
1,283
|
|
616
|
|
367
|
|
240
|
Commercial and
industrial-owner occupied
|
1,949
|
|
2,120
|
|
1,712
|
|
2,854
|
|
669
|
Construction,
acquisition and development
|
3,306
|
|
1,344
|
|
1,272
|
|
1,137
|
|
1,489
|
Commercial real
estate
|
2,631
|
|
653
|
|
15,221
|
|
3,776
|
|
1,831
|
Credit cards
|
800
|
|
726
|
|
774
|
|
677
|
|
569
|
All other
|
776
|
|
673
|
|
1,089
|
|
712
|
|
606
|
Total Loans and Leases 30-89 days past due, still
accruing
|
$
25,778
|
|
$
27,810
|
|
$
46,717
|
|
$
31,897
|
|
$
23,561
|
|
|
|
|
|
|
|
|
|
|
Credit Quality
Ratios:
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses to average loans and leases (annualized)
|
0.04%
|
|
0.04%
|
|
0.00%
|
|
0.08%
|
|
0.04%
|
Allowance for credit
losses to net loans and leases
|
1.16%
|
|
1.14%
|
|
1.18%
|
|
1.20%
|
|
1.21%
|
Allowance for credit
losses to non-performing loans and leases
|
153.50%
|
|
121.50%
|
|
138.47%
|
|
158.27%
|
|
134.23%
|
Allowance for credit
losses to non-performing assets
|
139.08%
|
|
112.84%
|
|
123.05%
|
|
133.82%
|
|
118.31%
|
Non-performing loans
and leases to net loans and leases
|
0.76%
|
|
0.94%
|
|
0.85%
|
|
0.76%
|
|
0.90%
|
Non-performing assets
to net loans and leases
|
0.83%
|
|
1.01%
|
|
0.96%
|
|
0.90%
|
|
1.02%
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
|
|
|
|
Selected Loan
Data
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2017
|
|
|
|
Special
|
|
|
|
|
|
|
|
|
|
|
|
Pass
|
|
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Impaired
|
|
Total
|
LOAN PORTFOLIO BY
INTERNALLY ASSIGNED GRADE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
1,489,753
|
|
$
-
|
|
$
34,936
|
|
$
-
|
|
$
-
|
|
$
11,838
|
|
$
1,536,527
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
2,611,576
|
|
517
|
|
62,045
|
|
258
|
|
-
|
|
1,276
|
|
2,675,672
|
Home
equity
|
615,753
|
|
-
|
|
9,881
|
|
-
|
|
-
|
|
854
|
|
626,488
|
Agricultural
|
227,902
|
|
-
|
|
8,899
|
|
141
|
|
-
|
|
3,592
|
|
240,534
|
Commercial and industrial-owner occupied
|
1,734,995
|
|
3,663
|
|
50,908
|
|
-
|
|
-
|
|
12,047
|
|
1,801,613
|
Construction, acquisition and development
|
1,124,929
|
|
-
|
|
11,621
|
|
-
|
|
-
|
|
277
|
|
1,136,827
|
Commercial real estate
|
2,216,915
|
|
-
|
|
42,614
|
|
-
|
|
-
|
|
12,013
|
|
2,271,542
|
Credit
cards
|
103,813
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
103,813
|
All other
|
402,287
|
|
-
|
|
6,291
|
|
100
|
|
-
|
|
-
|
|
408,678
|
Total loans
|
$
10,527,923
|
|
$
4,180
|
|
$
227,195
|
|
$
499
|
|
$
-
|
|
$
41,897
|
|
$
10,801,694
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2016
|
|
|
|
Special
|
|
|
|
|
|
|
|
|
|
|
|
Pass
|
|
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Impaired
|
|
Total
|
LOAN PORTFOLIO BY
INTERNALLY ASSIGNED GRADE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
1,562,263
|
|
$
-
|
|
$
41,618
|
|
$
100
|
|
$
-
|
|
$
8,314
|
|
$
1,612,295
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
2,579,905
|
|
522
|
|
61,602
|
|
282
|
|
-
|
|
1,655
|
|
2,643,966
|
Home
equity
|
616,758
|
|
-
|
|
11,231
|
|
-
|
|
-
|
|
857
|
|
628,846
|
Agricultural
|
233,939
|
|
-
|
|
10,577
|
|
-
|
|
-
|
|
861
|
|
245,377
|
Commercial and industrial-owner occupied
|
1,705,266
|
|
3,668
|
|
47,010
|
|
-
|
|
-
|
|
8,321
|
|
1,764,265
|
Construction, acquisition and development
|
1,135,618
|
|
-
|
|
15,697
|
|
-
|
|
-
|
|
5,933
|
|
1,157,248
|
Commercial real estate
|
2,179,318
|
|
634
|
|
45,471
|
|
-
|
|
-
|
|
12,296
|
|
2,237,719
|
Credit
cards
|
109,656
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
109,656
|
All other
|
405,611
|
|
-
|
|
7,008
|
|
-
|
|
-
|
|
-
|
|
412,619
|
Total loans
|
$
10,528,334
|
|
$
4,824
|
|
$
240,214
|
|
$
382
|
|
$
-
|
|
$
38,237
|
|
$
10,811,991
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Geographical
Information
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2017
|
|
Alabama
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and
Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Panhandle
|
|
Arkansas
|
|
Louisiana
|
|
Mississippi
|
|
Missouri
|
|
Tennessee
|
|
Texas
|
|
Other
|
|
Total
|
LOAN AND LEASE
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
146,277
|
|
$
181,759
|
|
$
172,034
|
|
$
554,665
|
|
$
85,672
|
|
$
118,052
|
|
$
219,638
|
|
$
58,430
|
|
$
1,536,527
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
355,497
|
|
322,928
|
|
224,643
|
|
846,615
|
|
89,752
|
|
302,422
|
|
506,417
|
|
27,398
|
|
2,675,672
|
Home
equity
|
95,605
|
|
44,558
|
|
71,903
|
|
230,822
|
|
21,956
|
|
144,109
|
|
15,722
|
|
1,813
|
|
626,488
|
Agricultural
|
8,540
|
|
83,664
|
|
26,241
|
|
66,060
|
|
6,568
|
|
13,501
|
|
35,927
|
|
33
|
|
240,534
|
Commercial and industrial-owner occupied
|
200,300
|
|
193,486
|
|
210,282
|
|
732,207
|
|
47,847
|
|
155,666
|
|
261,825
|
|
-
|
|
1,801,613
|
Construction, acquisition and development
|
125,908
|
|
61,890
|
|
53,512
|
|
344,875
|
|
21,592
|
|
167,290
|
|
361,760
|
|
-
|
|
1,136,827
|
Commercial real estate
|
314,657
|
|
355,978
|
|
219,715
|
|
585,549
|
|
200,684
|
|
202,476
|
|
392,068
|
|
415
|
|
2,271,542
|
Credit
cards
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
103,813
|
|
103,813
|
All other
|
52,756
|
|
41,000
|
|
25,235
|
|
212,471
|
|
3,417
|
|
23,799
|
|
43,841
|
|
6,159
|
|
408,678
|
Total loans
|
$
1,299,540
|
|
$
1,285,263
|
|
$
1,003,565
|
|
$3,573,264
|
|
$
477,488
|
|
$
1,127,315
|
|
$
1,837,198
|
|
$
198,061
|
|
$
10,801,694
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
248
|
|
$
532
|
|
$
2,449
|
|
$
5,438
|
|
$
4,554
|
|
$
105
|
|
$
842
|
|
$
142
|
|
$
14,310
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
727
|
|
4,019
|
|
1,485
|
|
11,269
|
|
813
|
|
1,782
|
|
4,444
|
|
412
|
|
24,951
|
Home
equity
|
383
|
|
791
|
|
829
|
|
690
|
|
81
|
|
383
|
|
-
|
|
-
|
|
3,157
|
Agricultural
|
-
|
|
522
|
|
251
|
|
4,220
|
|
-
|
|
171
|
|
16
|
|
1
|
|
5,181
|
Commercial and industrial-owner occupied
|
1,090
|
|
2,840
|
|
1,197
|
|
7,227
|
|
3,448
|
|
511
|
|
635
|
|
-
|
|
16,948
|
Construction, acquisition and development
|
45
|
|
775
|
|
-
|
|
478
|
|
59
|
|
49
|
|
294
|
|
-
|
|
1,700
|
Commercial real estate
|
1,014
|
|
601
|
|
42
|
|
11,346
|
|
-
|
|
13
|
|
746
|
|
-
|
|
13,762
|
Credit
cards
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,252
|
|
1,252
|
All other
|
16
|
|
-
|
|
2
|
|
258
|
|
-
|
|
19
|
|
6
|
|
-
|
|
301
|
Total loans
|
$
3,523
|
|
$
10,080
|
|
$
6,255
|
|
$
40,926
|
|
$
8,955
|
|
$
3,033
|
|
$
6,983
|
|
$
1,807
|
|
$
81,562
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS A
PERCENTAGE OF OUTSTANDING:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
0.17%
|
|
0.29%
|
|
1.42%
|
|
0.98%
|
|
5.32%
|
|
0.09%
|
|
0.38%
|
|
0.24%
|
|
0.93%
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
0.20%
|
|
1.24%
|
|
0.66%
|
|
1.33%
|
|
0.91%
|
|
0.59%
|
|
0.88%
|
|
1.50%
|
|
0.93%
|
Home
equity
|
0.40%
|
|
1.78%
|
|
1.15%
|
|
0.30%
|
|
0.37%
|
|
0.27%
|
|
0.00%
|
|
0.00%
|
|
0.50%
|
Agricultural
|
0.00%
|
|
0.62%
|
|
0.96%
|
|
6.39%
|
|
0.00%
|
|
1.27%
|
|
0.04%
|
|
3.03%
|
|
2.15%
|
Commercial and industrial-owner occupied
|
0.54%
|
|
1.47%
|
|
0.57%
|
|
0.99%
|
|
7.21%
|
|
0.33%
|
|
0.24%
|
|
N/A
|
|
0.94%
|
Construction, acquisition and development
|
0.04%
|
|
1.25%
|
|
0.00%
|
|
0.14%
|
|
0.27%
|
|
0.03%
|
|
0.08%
|
|
N/A
|
|
0.15%
|
Commercial real estate
|
0.32%
|
|
0.17%
|
|
0.02%
|
|
1.94%
|
|
0.00%
|
|
0.01%
|
|
0.19%
|
|
0.00%
|
|
0.61%
|
Credit
cards
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
1.21%
|
|
1.21%
|
All other
|
0.03%
|
|
0.00%
|
|
0.01%
|
|
0.12%
|
|
0.00%
|
|
0.08%
|
|
0.01%
|
|
0.00%
|
|
0.07%
|
Total loans
|
0.27%
|
|
0.78%
|
|
0.62%
|
|
1.15%
|
|
1.88%
|
|
0.27%
|
|
0.38%
|
|
0.91%
|
|
0.76%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Noninterest
Revenue and Expense
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Mar-17
|
|
Dec-16
|
|
Sep-16
|
|
Jun-16
|
|
Mar-16
|
NONINTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
Mortgage banking
excl. MSR and MSR Hedge market value adj
|
$
8,056
|
|
$
5,561
|
|
$
9,274
|
|
$
11,978
|
|
$
9,784
|
MSR and MSR Hedge
market value adjustment
|
934
|
|
11,242
|
|
1,813
|
|
(4,092)
|
|
(7,954)
|
Credit card, debit
card and merchant fees
|
8,903
|
|
9,262
|
|
9,292
|
|
9,495
|
|
8,961
|
Deposit service
charges
|
9,689
|
|
9,956
|
|
11,313
|
|
11,018
|
|
11,014
|
Securities gains,
net
|
1,071
|
|
39
|
|
1
|
|
86
|
|
2
|
Insurance
commissions
|
32,940
|
|
25,709
|
|
28,194
|
|
28,803
|
|
33,249
|
Trust
income
|
3,561
|
|
3,874
|
|
3,641
|
|
3,493
|
|
3,430
|
Annuity
fees
|
349
|
|
257
|
|
446
|
|
465
|
|
477
|
Brokerage commissions
and fees
|
1,264
|
|
1,270
|
|
1,225
|
|
1,389
|
|
1,202
|
Bank-owned life
insurance
|
1,669
|
|
2,104
|
|
1,775
|
|
1,813
|
|
1,893
|
Other miscellaneous
income
|
2,433
|
|
2,701
|
|
2,699
|
|
4,079
|
|
2,669
|
Total noninterest
revenue
|
$
70,869
|
|
$
71,975
|
|
$
69,673
|
|
$
68,526
|
|
$
64,727
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
$
81,386
|
|
$
80,850
|
|
$
80,884
|
|
$
80,675
|
|
$
81,679
|
Occupancy, net of
rental income
|
10,302
|
|
10,294
|
|
10,412
|
|
10,109
|
|
10,273
|
Equipment
|
3,568
|
|
3,563
|
|
3,423
|
|
3,295
|
|
3,765
|
Deposit insurance
assessments
|
2,484
|
|
1,818
|
|
3,227
|
|
2,582
|
|
2,288
|
Regulatory
settlement
|
-
|
|
-
|
|
-
|
|
-
|
|
10,277
|
Advertising
|
663
|
|
2,443
|
|
925
|
|
1,043
|
|
633
|
Foreclosed property
expense
|
1,050
|
|
1,005
|
|
859
|
|
1,309
|
|
1,181
|
Telecommunications
|
1,147
|
|
1,245
|
|
1,288
|
|
1,259
|
|
1,295
|
Public
relations
|
720
|
|
716
|
|
718
|
|
599
|
|
661
|
Data
processing
|
6,623
|
|
6,903
|
|
6,856
|
|
6,685
|
|
6,391
|
Computer
software
|
2,981
|
|
3,013
|
|
2,976
|
|
2,732
|
|
2,660
|
Amortization of
intangibles
|
1,030
|
|
963
|
|
923
|
|
869
|
|
880
|
Legal
|
1,229
|
|
1,190
|
|
1,064
|
|
1,754
|
|
4,535
|
Merger
expense
|
-
|
|
-
|
|
-
|
|
1
|
|
1
|
Postage and
shipping
|
1,175
|
|
1,075
|
|
1,059
|
|
985
|
|
1,117
|
Other miscellaneous
expense
|
12,751
|
|
15,441
|
|
13,703
|
|
13,664
|
|
13,876
|
Total noninterest
expense
|
$
127,109
|
|
$
130,519
|
|
$
128,317
|
|
$
127,561
|
|
$
141,512
|
|
|
|
|
|
|
|
|
|
|
INSURANCE
COMMISSIONS:
|
|
|
|
|
|
|
|
|
|
Property and casualty
commissions
|
$
19,755
|
|
$
19,098
|
|
$
20,927
|
|
$
20,417
|
|
$
19,877
|
Life and health
commissions
|
6,465
|
|
5,757
|
|
5,897
|
|
6,252
|
|
5,615
|
Risk management
income
|
648
|
|
610
|
|
674
|
|
592
|
|
623
|
Other
|
6,072
|
|
244
|
|
696
|
|
1,542
|
|
7,134
|
Total insurance
commissions
|
$
32,940
|
|
$
25,709
|
|
$
28,194
|
|
$
28,803
|
|
$
33,249
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Selected
Additional Information
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Mar-17
|
|
Dec-16
|
|
Sep-16
|
|
Jun-16
|
|
Mar-16
|
MORTGAGE SERVICING
RIGHTS:
|
|
|
|
|
|
|
|
|
|
Fair value, beginning
of period
|
$
65,263
|
|
$
51,930
|
|
$
48,108
|
|
$
50,544
|
|
$
57,268
|
Additions to mortgage
servicing rights:
|
|
|
|
|
|
|
|
|
|
Originations of servicing assets
|
2,866
|
|
4,022
|
|
4,349
|
|
3,723
|
|
2,612
|
Changes in fair
value:
|
|
|
|
|
|
|
|
|
|
Due to
payoffs/paydowns
|
(1,876)
|
|
(2,447)
|
|
(2,338)
|
|
(2,066)
|
|
(1,380)
|
Due to
change in valuation inputs or
|
|
|
|
|
|
|
|
|
|
assumptions used in the
valuation model
|
909
|
|
11,759
|
|
1,813
|
|
(4,092)
|
|
(7,954)
|
Other
changes in fair value
|
(1)
|
|
(1)
|
|
(2)
|
|
(1)
|
|
(2)
|
Fair value, end of
period
|
$
67,161
|
|
$
65,263
|
|
$
51,930
|
|
$
48,108
|
|
$
50,544
|
|
|
|
|
|
|
|
|
|
|
MORTGAGE BANKING
REVENUE:
|
|
|
|
|
|
|
|
|
|
Production
revenue:
|
|
|
|
|
|
|
|
|
|
Origination
|
$
5,117
|
|
$
3,335
|
|
$
6,973
|
|
$
9,366
|
|
$
6,420
|
Servicing
|
4,815
|
|
4,673
|
|
4,639
|
|
4,678
|
|
4,744
|
Payoffs/Paydowns
|
(1,876)
|
|
(2,447)
|
|
(2,338)
|
|
(2,066)
|
|
(1,380)
|
Total production
revenue
|
8,056
|
|
5,561
|
|
9,274
|
|
11,978
|
|
9,784
|
Market value
adjustment on MSR
|
909
|
|
11,759
|
|
1,813
|
|
(4,092)
|
|
(7,954)
|
Market value
adjustment on MSR Hedge
|
25
|
|
(517)
|
|
-
|
|
-
|
|
-
|
Total mortgage
lending revenue
|
$
8,990
|
|
$
16,803
|
|
$
11,087
|
|
$
7,886
|
|
$
1,830
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans
serviced
|
$
6,429,617
|
|
$
6,384,649
|
|
$
6,285,027
|
|
$
6,156,258
|
|
$
6,096,220
|
MSR/mtg loans
serviced
|
1.04%
|
|
1.01%
|
|
0.83%
|
|
0.78%
|
|
0.83%
|
|
|
|
|
|
|
|
|
|
|
AVAILABLE-FOR-SALE
SECURITIES, at fair value
|
|
|
|
|
|
|
|
|
|
U.S. Government
agencies
|
$
1,818,180
|
|
$
1,789,427
|
|
$
1,691,866
|
|
$
1,310,803
|
|
$
1,196,167
|
Government agency
issued residential
|
|
|
|
|
|
|
|
|
|
mortgage-back securities
|
167,542
|
|
176,243
|
|
184,095
|
|
180,178
|
|
189,741
|
Government agency
issued commercial
|
|
|
|
|
|
|
|
|
|
mortgage-back securities
|
170,082
|
|
172,279
|
|
178,826
|
|
193,475
|
|
207,908
|
Obligations of states
and political subdivisions
|
352,324
|
|
360,005
|
|
384,996
|
|
399,391
|
|
408,537
|
Other
|
32,759
|
|
33,722
|
|
28,416
|
|
20,036
|
|
14,020
|
Total
available-for-sale securities
|
$
2,540,887
|
|
$
2,531,676
|
|
$
2,468,199
|
|
$
2,103,883
|
|
$
2,016,373
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Reconciliation of
Non-GAAP Measures and Other Non-GAAP Ratio
Definitions
|
(Dollars in
thousands, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management evaluates
the Company's capital position and operating performance by
utilizing certain financial measures not calculated in accordance
with U.S. Generally Accepted Accounting Principles (GAAP),
including net operating income, net operating income-excluding MSR,
total operating expense, 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, operating earnings per share-excluding MSR,
efficiency ratio (tax equivalent) and operating efficiency
ratio-excluding MSR (tax equivalent). The Company has
included these non-GAAP financial measures in this news release for
the applicable periods presented. Management believes that
the presentation of these non-GAAP financial measures (i) provides
important supplemental information that contributes to a proper
understanding of the Company's capital position and operating
performance, (ii) enables a more complete understanding of factors
and trends affecting the Company's business and (iii) allows
investors to evaluate the Company's performance in a manner similar
to management, the financial services industry, bank stock analysts
and bank regulators. Reconciliations of these non-GAAP
financial measures to the most directly comparable GAAP financial
measures are presented in the tables below. These non-GAAP
financial measures should not be considered as substitutes for GAAP
financial measures, and the Company strongly encourages investors
to review the GAAP financial measures included in this news release
and not to place undue reliance upon any single financial
measure. In addition, because non-GAAP financial measures are
not standardized, it may not be possible to compare the non-GAAP
financial measures presented in this news release with other
companies' non-GAAP financial measures having the same or similar
names.
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net
Operating Income and Net Operating Income-Excluding MSR to Net
Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
ended
|
|
|
|
3/31/2017
|
|
12/31/2016
|
|
9/30/2016
|
|
6/30/2016
|
|
3/31/2016
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
38,093
|
|
$
37,670
|
|
$
37,817
|
|
$
34,692
|
|
$
22,549
|
Plus:
|
Merger expense, net
of tax
|
|
-
|
|
-
|
|
-
|
|
1
|
|
1
|
|
Regulatory related
charges, net of tax
|
|
-
|
|
-
|
|
-
|
|
-
|
|
9,412
|
Less:
|
Security gains, net
of tax
|
|
664
|
|
25
|
|
-
|
|
53
|
|
2
|
Net operating
income
|
|
$
37,429
|
|
$
37,645
|
|
$
37,817
|
|
$
34,640
|
|
$
31,960
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
|
MSR market value
adjustment, net of tax
|
579
|
|
6,970
|
|
1,124
|
|
(2,537)
|
|
(4,931)
|
Net operating
income-excluding MSR
|
|
$
36,850
|
|
$
30,675
|
|
$
36,693
|
|
$
37,177
|
|
$
36,891
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Total Operating Expense to Total Noninterest Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
|
$
127,109
|
|
$ 130,519
|
|
$
128,317
|
|
$
127,561
|
|
$
141,512
|
Less:
|
Merger
expense
|
|
-
|
|
-
|
|
-
|
|
1
|
|
1
|
|
Regulatory related
charges
|
|
-
|
|
-
|
|
-
|
|
-
|
|
13,777
|
Total operating
expense
|
|
$
127,109
|
|
$ 130,519
|
|
$
128,317
|
|
$
127,560
|
|
$
127,734
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Reconciliation of
Non-GAAP Measures and Other Non-GAAP Ratio
Definitions
|
(Dollars in
thousands, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Tangible Assets and Tangible Shareholders' Equity
to
|
|
|
|
|
|
|
|
Total Assets and
Total Shareholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
ended
|
|
|
|
3/31/2017
|
|
12/31/2016
|
|
9/30/2016
|
|
6/30/2016
|
|
3/31/2016
|
Tangible
assets
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
14,866,054
|
|
$
14,724,388
|
|
$
14,611,483
|
|
$
14,137,160
|
|
$
13,926,398
|
Less:
|
Goodwill
|
|
300,798
|
|
300,798
|
|
294,901
|
|
294,901
|
|
291,498
|
|
Other identifiable
intangible assets
|
|
20,865
|
|
21,894
|
|
19,908
|
|
20,831
|
|
19,664
|
Total tangible
assets
|
|
$
14,544,391
|
|
$
14,401,696
|
|
$
14,296,674
|
|
$
13,821,428
|
|
$
13,615,236
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
$
1,702,389
|
|
$
1,723,883
|
|
$
1,724,104
|
|
$
1,713,043
|
|
$
1,679,793
|
Less:
|
Goodwill
|
|
300,798
|
|
300,798
|
|
294,901
|
|
294,901
|
|
291,498
|
|
Other identifiable
intangible assets
|
|
20,865
|
|
21,894
|
|
19,908
|
|
20,831
|
|
19,664
|
Total tangible
shareholders' equity
|
|
$
1,380,726
|
|
$
1,401,191
|
|
$
1,409,295
|
|
$
1,397,311
|
|
$
1,368,631
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average
assets
|
|
$
14,832,260
|
|
$
14,655,360
|
|
$
14,366,759
|
|
$
14,027,786
|
|
$
13,851,661
|
Total shares of
common stock outstanding
|
|
92,344,409
|
|
93,696,687
|
|
94,074,740
|
|
94,546,091
|
|
94,438,626
|
Average shares
outstanding-diluted
|
|
93,829,400
|
|
93,966,392
|
|
94,563,833
|
|
94,694,795
|
|
94,593,540
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity to tangible assets (1)
|
|
9.49%
|
|
9.73%
|
|
9.86%
|
|
10.11%
|
|
10.05%
|
Return on tangible
equity (2)
|
|
11.19%
|
|
10.70%
|
|
10.68%
|
|
9.99%
|
|
6.63%
|
Operating return on
tangible equity-excluding MSR (3)
|
|
10.82%
|
|
8.71%
|
|
10.36%
|
|
10.70%
|
|
10.84%
|
Operating return on
average assets-excluding MSR (4)
|
|
1.01%
|
|
0.83%
|
|
1.02%
|
|
1.07%
|
|
1.07%
|
Operating return on
average shareholders' equity-excluding MSR (5)
|
|
8.63%
|
|
7.08%
|
|
8.49%
|
|
8.84%
|
|
8.89%
|
Tangible book value
per share (6)
|
|
$
14.95
|
|
$
14.95
|
|
$
14.98
|
|
$
14.78
|
|
$
14.49
|
Operating earnings
per share (7)
|
|
$
0.40
|
|
$
0.40
|
|
$
0.40
|
|
$
0.37
|
|
$
0.34
|
Operating earnings
per share-excluding MSR (8)
|
|
$
0.39
|
|
$
0.33
|
|
$
0.39
|
|
$
0.39
|
|
$
0.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 shares of common stock
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-2017-financial-results-300442157.html
SOURCE BancorpSouth, Inc.