TUPELO, Miss., Jan. 22, 2014 /PRNewswire/ -- BancorpSouth,
Inc. (NYSE: BXS) today announced financial results for the quarter
and year ended December 31, 2013.
Highlights for the fourth quarter of 2013 included:
- Net income of $27.7 million or
$0.29 per diluted share.
- Acquired Houston, Texas based
Gem Insurance Agencies, LP ("GEM"), which is expected to produce
annual insurance commission revenues of approximately $9 million.
- Generated net loan growth of $184.9
million, or 8.4 percent annualized, which represents the
third consecutive quarter of net loan growth.
- The net interest margin increased to 3.52 percent for the
fourth quarter of 2013 from 3.45 percent for the third quarter of
2013, benefitting from continued reduced funding costs as well as
net loan growth.
- Non-performing loans and leases ("NPLs") declined $23.9 million, or 16.6 percent, compared to the
third quarter of 2013, while non-performing assets ("NPAs")
decreased $31.4 million, or 14.2
percent, over the same period.
The Company reported net income of $27.7
million, or $0.29 per diluted
share, for the fourth quarter of 2013 compared with net income of
$17.0 million, or $0.18 per diluted share, for the fourth quarter
of 2012 and net income of $24.9
million, or $0.26 per diluted
share, for the third quarter of 2013. Additionally, the
Company reported total net income of $94.1
million, or $0.99 per diluted
share, for the year ended December 31,
2013 compared to $84.3
million, or $0.90 per diluted
share, for the year ended December 31,
2012.
"Our results for the fourth quarter are reflective of the
commitment that we have made to grow our Company," remarked
Dan Rollins, Chief Executive
Officer. "We are pleased to report net loan growth of almost
$185 million, or 8.4 percent on an
annualized basis. This accomplishment is attributable to the
hard work and efforts of our lending team. While we have
continued to produce quality credits throughout the cycle, these
efforts are becoming more visible as the headwind caused by problem
asset runoff continues to subside. These efforts contributed
to improvement in our net interest margin for the quarter, which
improved to 3.52 percent from 3.45 percent for the third quarter,
as well as growth in net interest income."
"We are also excited about the opportunity that the transaction
with GEM provides for us to be able to continue to expand our
insurance operations, particularly in a high-growth market like
Houston, Texas," commented
Rollins. "GEM produces insurance commission revenues of
approximately $9 million annually
and, combined with our legacy Houston operation, should provide a solid
foundation for us to be able to continue to grow in that
market."
Rollins added, "Our financial performance continues to benefit
from consistent credit quality improvement." Earnings for the
quarter reflected no recorded provision for credit losses, which
was a decrease from $6.0 million for
the fourth quarter of 2012 and $0.5
million for the third quarter of 2013. NPLs declined
$23.9 million, or 16.6 percent,
during the fourth quarter of 2013 to $120.4
million at December 31, 2013
compared with $144.3 million at
September 30, 2013 and declined
$113.1 million, or 48.5 percent, from
$233.6 million at December 31, 2012. In addition, total NPAs
declined $31.4 million, or 14.2
percent, to $189.7 million at
December 31, 2013 compared with
$221.2 million at September 30, 2013 and declined $147.1 million, or 43.7 percent, from
$336.8 million at December 31, 2012. Net charge-offs were
$0.7 million for the fourth quarter
of 2013 compared with $7.6 million
for the third quarter of 2013 and $10.6
million for the fourth quarter of 2012.
Net Interest Revenue
Net interest revenue was $102.4
million for the fourth quarter of 2013, an increase of 1.5
percent from $100.9 million for the
fourth quarter of 2012 and an increase of 2.2 percent from
$100.2 million for the third quarter
of 2013. The fully taxable equivalent net interest margin was
3.52 percent for the fourth quarter of 2013 compared to 3.44
percent for the fourth quarter of 2012 and 3.45 percent for the
third quarter of 2013. Yields on loans and leases declined to
4.52 percent for the fourth quarter of 2013 compared with 4.76
percent for the fourth quarter of 2012 and 4.55 percent for the
third quarter of 2013, while yields on total interest earning
assets decreased to 3.86 percent for the fourth quarter of 2013
compared with 3.97 percent for the fourth quarter of 2012 and
increased from 3.85 percent for the third quarter of 2013.
The average cost of deposits declined to 0.34 percent for the
fourth quarter of 2013 from 0.47 percent for the fourth quarter of
2012 and 0.36 percent for the third quarter of 2013.
Asset, Deposit and Loan Activity
Total assets were $13.0 billion at
December 31, 2013 compared with
$13.4 billion at December 31, 2012. Total deposits were
$10.8 billion at December 31, 2013 compared with $11.1 billion at December
31, 2012. Loans and leases, net of unearned income,
were $9.0 billion at December 31, 2013 compared with $8.6 billion at December
31, 2012.
The decrease in time deposits of $285.0
million, or 11.0 percent, at December
31, 2013 compared to December 31,
2012 was partially offset by growth in noninterest bearing
demand deposits, which increased $99.4
million, or 3.9 percent, over the same period.
Additionally, savings deposits increased $88.3 million, or 7.7 percent, while interest
bearing demand deposits declined $217.0
million, or 4.5 percent, over the same period. As of
December 31, 2013, $870.9 million of time deposits were scheduled to
mature during the following two quarters at a weighted average rate
of 0.90 percent.
Provision for Credit Losses and Allowance for Credit
Losses
For the fourth quarter of 2013, no provision for credit losses
was recorded, compared with $6.0
million for the fourth quarter of 2012 and $0.5 million for the third quarter of 2013.
Net charge-offs for the fourth quarter of 2013 were $0.7 million, compared with $10.6 million for the fourth quarter of 2012 and
$7.6 million for the third quarter of
2013. Recoveries of previously charged-off loans were
$7.6 million for the fourth quarter
of 2013, compared with $9.2 million
for the fourth quarter of 2012 and $4.3
million for the third quarter of 2013. Annualized net
charge-offs were 0.03 percent of average loans and leases for the
fourth quarter of 2013, compared with 0.49 percent for the fourth
quarter of 2012 and 0.35 percent for the third quarter of
2013.
NPLs were $120.4 million, or 1.34
percent of net loans and leases, at December
31, 2013, compared with $233.6
million, or 2.70 percent of net loans and leases, at
December 31, 2012, and $144.3 million, or 1.65 percent of net loans and
leases, at September 30, 2013.
The allowance for credit losses was $153.2
million, or 1.71 percent of net loans and leases, at
December 31, 2013 compared with
$164.5 million, or 1.90 percent of
net loans and leases, at December 31,
2012 and $154.0 million, or
1.76 percent of net loans and leases, at September 30, 2013.
NPLs at December 31, 2013
consisted primarily of $92.2 million
of nonaccrual loans, compared with $121.4
million of nonaccrual loans at September 30, 2013. Payments received on
nonaccrual loans during the fourth quarter of 2013 totaled
$25.3 million, compared with payments
received on such loans of $27.7
million during the third quarter of 2013. NPLs at
December 31, 2013 also included
$1.2 million of loans 90 days or more
past due and still accruing, compared with $1.5 million of such loans at September 30, 2013, and included restructured
loans still accruing of $27.0 million
at December 31, 2013, compared with
$21.5 million of such loans at
September 30, 2013. Early stage
past due loans, representing loans 30-89 days past due, totaled
$33.8 million at December 31, 2013 compared to $28.9 million at September
30, 2013.
Included in nonaccrual loans at December
31, 2013 were $48.1 million of
loans, or 52.2 percent of total nonaccrual loans, that were paying
as agreed, compared with $61.5
million, or 50.6 percent of total nonaccrual loans, at
September 30, 2013. These loans
were generally placed on nonaccrual status because the collateral
values were less than the outstanding balances, and because of
uncertainty as to whether the borrowers possessed adequate
liquidity or would be able to generate sufficient cash flow to
satisfy the debt given the short-fall in collateral values.
Such loans are generally deemed to be impaired, with a specific
reserve established for the difference in the balance owed and the
disposition value of the collateral.
Other real estate owned ("OREO") decreased $7.5 million to $69.3
million during the fourth quarter of 2013 from $76.9 million at September
30, 2013. This net decrease reflected $7.9 million of OREO added through foreclosure,
offset by sales of OREO of $14.3
million. Write-downs in the value of existing
properties were $1.1 million for the
fourth quarter of 2013 compared to $1.8
million for the third quarter of 2013. Sales of OREO
during the fourth quarter of 2013 resulted in a net loss of
$0.9 million compared to a net loss
of $0.4 million for the third quarter
of 2013. At December 31, 2013,
OREO was carried at 43.6 percent of the aggregate loan balances at
the time of foreclosure, compared with 45.6 percent at September 30, 2013.
Noninterest Revenue
Noninterest revenue was $65.1
million for the fourth quarter of 2013, compared with
$70.9 million for the fourth quarter
of 2012 and $62.5 million for the
third quarter of 2013. These results included a positive
mortgage servicing rights ("MSR") valuation adjustment of
$2.9 million for the fourth quarter
of 2013 compared with a positive MSR valuation adjustment of
$0.2 million for the fourth quarter
of 2012 and a negative MSR valuation adjustment of $0.2 million for the third quarter of
2013.
Excluding the MSR valuation adjustments, net mortgage lending
revenue was $6.7 million for the
fourth quarter of 2013, compared with $17.0
million for the fourth quarter of 2012 and $5.4 million for the third quarter of 2013.
Mortgage origination volume for the fourth quarter of 2013 was
$222.3 million, compared with
$549.4 million for the fourth quarter
of 2012 and $341.9 million for the
third quarter of 2013.
Credit and debit card fee revenue was $8.3 million for the fourth quarter of 2013,
compared with $8.1 million for the
fourth quarter of 2012 and $8.8
million for the third quarter of 2013. Deposit service
charge revenue was $13.6 million for
the fourth quarter of 2013, compared with $13.9 million for the fourth quarter of 2012 and
$13.7 million for the third quarter
of 2013. Insurance commission revenue was $21.4 million for the fourth quarter of 2013,
compared with $20.5 million for the
fourth quarter of 2012 and $23.8
million for the third quarter of 2013.
Noninterest Expense
Noninterest expense for the fourth quarter of 2013 was
$127.8 million, compared with
$143.2 million for the fourth quarter
of 2012 and $129.4 million for the
third quarter of 2013. Noninterest expense for the third
quarter included pre-tax charges of $2.9
million related to the write-off of unamortized issuance
costs associated with the redemption of the outstanding 8.15
percent trust preferred securities and $2.8
million to increase the litigation accrual related to
probable losses associated with various legal proceedings.
Salaries and employee benefits expense was $75.5 million for the fourth quarter of 2013
compared to $77.2 million for the
fourth quarter of 2012 and $73.5
million for the third quarter of 2013. Foreclosed
property expense was $2.8 million for
the fourth quarter of 2013 compared with $12.0 million for the fourth quarter of 2012 and
$3.3 million for the third quarter of
2013. Deposit insurance assessments were $2.7 million for the fourth quarter of 2013
compared to $3.1 million for the
fourth quarter of 2012 and $3.3
million for the third quarter of 2013.
Capital Management
BancorpSouth is a "well capitalized" financial holding company,
as defined by federal regulations, with Tier 1 risk-based capital
of 12.99 percent at December 31, 2013
and total risk based capital of 14.25 percent, compared with
required minimum levels of 6 percent and 10 percent, respectively,
for "well capitalized" classification. The Company's equity
capitalization consists of 100 percent common stock.
BancorpSouth's ratio of shareholders' equity to assets was 11.61
percent at December 31, 2013,
compared with 10.82 percent at December 31,
2012 and 11.46 percent at September
30, 2013. The ratio of tangible shareholders' equity
to tangible assets was 9.44 percent at December 31, 2013, compared with 8.83 percent at
December 31, 2012 and 9.43 percent at
September 30, 2013.
Recent Transaction Announcements
On December 18, 2013, BancorpSouth
Insurance Services, Inc. acquired the assets of Houston, Texas based GEM Insurance Agencies,
LP. GEM was formed in 1954 and produces annual commission
revenues of approximately $9
million. As a part of the transaction, the Company's
existing Houston office will
re-locate into GEM's current office located at 3355 West Alabama
Street in Houston. The combined operations are expected to
produce annual revenues of approximately $11
million.
On January 8, 2014, the Company
announced the signing of a definitive merger agreement with
Ouachita Bancshares Corp., parent company of Ouachita Independent
Bank (collectively referred to as "OIB"), headquartered in
Monroe, Louisiana, pursuant to
which Ouachita Bancshares Corp. will be merged with and into the
Company. OIB operates twelve (12) full-service banking
offices along the I-20 corridor and has loan production offices in
Madison, Mississippi and
Natchitoches, Louisiana. As
of December 31, 2013 (unaudited),
OIB, on a consolidated basis, reported total assets of $652.5 million, total loans of $477.8 million and total deposits of $549.7 million. Under the terms of the
definitive agreement, the Company will issue a maximum of 3,675,000
shares of the Company's common stock plus $22.875 million in cash for all outstanding
shares of Ouachita Bancshares Corp.'s capital stock, subject to
certain conditions and potential adjustments. The terms of
the agreement provide for a collar with respect to the total deal
value ranging from $99 million to $112
million. The merger has been unanimously approved by
the Boards of Directors of both companies and is expected to close
during the second quarter of 2014. The transaction is subject
to certain conditions, including the approval by OIB's shareholders
and customary regulatory approvals.
Earlier today, the Company announced the signing of a definitive
merger agreement with Central Community Corporation, headquartered
in Temple, Texas, pursuant to
which Central Community Corporation will be merged with and into
the Company. Central Community Corporation is the parent
company of First State Bank Central Texas ("First State Bank"),
which is headquartered in Austin,
Texas. First State Bank operates 31 full-service banking
offices in central Texas. As of December 31, 2013 (unaudited), Central Community
Corporation, on a consolidated basis, reported total assets of
$1.3 billion, total loans of
$555.5 million and total deposits of
$1.1 billion. Under the terms
of the definitive agreement, the Company will issue approximately
7,250,000 shares of the Company's common stock plus $28.5 million in cash for all outstanding shares
of Central Community Corporation's capital stock, subject to
certain conditions and potential adjustments. The merger has
been unanimously approved by the Boards of Directors of both
companies and is expected to close during the second quarter of
2014. The transaction is subject to certain conditions,
including the approval by Central Community Corporation's
shareholders and customary regulatory approvals.
Summary
Rollins concluded, "We are extremely proud of the progress that
our Company made during 2013. Going into the year, we
consistently communicated the need to grow while improving our cost
structure. We have made meaningful strides towards both
goals. We reported net loan growth for three consecutive
quarters, which contributed to net loan growth of almost 4 percent
for the year. We have also continued to drive expenses down
through specific initiatives as well as through more disciplined
expense management. As we look to 2014, the goals are the
same. There remains work to be done to right-size our cost
structure and we must continue to grow. We are excited about
the two bank deals that have been announced this month and the
opportunities they will provide for our Company going
forward. We believe both of these deals will be an integral
part of our strategy to grow and to better leverage our current
operating structure."
Conference Call
BancorpSouth will conduct a conference call to discuss its
fourth quarter 2013 results on January 23, 2014, at
10:00 a.m. (Central Time).
Investors may listen via the Internet by accessing BancorpSouth's
website at http://www.bancorpsouth.com. A replay of the
conference call will be available at BancorpSouth's website for at
least two weeks following the call.
About BancorpSouth, Inc.
BancorpSouth, Inc. is a financial holding company headquartered
in Tupelo, Mississippi, with
$13.0 billion in assets.
BancorpSouth Bank, a wholly-owned subsidiary of BancorpSouth, Inc.,
operates 292 commercial banking, mortgage, and insurance locations
in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in
Illinois.
In connection with the proposed merger of Ouachita Bancshares
Corp. with and into BancorpSouth, BancorpSouth will file a
registration statement on Form S-4 with the Securities and Exchange
Commission. Shareholders of BancorpSouth and Ouachita
Bancshares Corp. are encouraged to read the registration statement,
including the proxy statement/prospectus that will be a part of the
registration statement, because it will contain important
information about the merger, BancorpSouth and Ouachita Bancshares
Corp. After the registration statement is filed with the SEC, the
proxy statement/prospectus and other relevant documents will be
available for free on the SEC's web site (www.sec.gov), and the
proxy statement/prospectus will also be made available for free
from the Corporate Secretary of each of BancorpSouth and Ouachita
Bancshares Corp.
In connection with the proposed merger of Central Community
Corporation with and into BancorpSouth, BancorpSouth will file a
registration statement on Form S-4 with the Securities and Exchange
Commission. Shareholders of BancorpSouth and Central Community
Corporation are encouraged to read the registration statement,
including the proxy statement/prospectus that will be a part of the
registration statement, because it will contain important
information about the merger, BancorpSouth and Central Community
Corporation After the registration statement is filed with the SEC,
the proxy statement/prospectus and other relevant documents will be
available for free on the SEC's web site (www.sec.gov), and the
proxy statement/prospectus will also be made available for free
from the Corporate Secretary of each of BancorpSouth and Central
Community Corporation
Forward-Looking Statements
Certain statements contained in this news release may not be
based on historical facts and are "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements may be identified
by their reference to a future period or periods or by the use of
forward-looking terminology such as "anticipate," "believe,"
"estimate," "expect," "may," "might," "will," "would," "could" or
"intend." These forward-looking statements include, without
limitation,, statements relating to revenue estimates for the
Company's operations in Houston,
Texas following the closing of the transaction with GEM and
the potential for expansion of the Company's business in
Houston, the terms and closing of
the proposed transactions with Ouachita Bancshares Corp. and
Central Community Corporation, acceptance by customers of Ouachita
Bancshares Corp. and Central Community Corporation of the Company's
products and services, the opportunities to enhance market share in
certain markets and market acceptance of the Company generally in
new markets, the impact of cost-saving initiatives, our ability to
improve efficiency, and our use of non-GAAP financial measures.
We caution you not to place undue reliance on the
forward-looking statements contained in this news release in that
actual results could differ materially from those indicated in such
forward-looking statements because of a variety of factors.
These factors may include, but are not limited to, the ability to
obtain required shareholder and regulatory approvals of the
mergers, the ability of the Company, Ouachita Bancshares Corp. and
Central Community Corp. to close the mergers, the ability of
the Company to expand its insurance operations in Houston, conditions in the financial markets
and economic conditions generally, the adequacy of the Company's
provision and allowance for credit losses to cover actual credit
losses, the credit risk associated with real estate construction,
acquisition and development loans, losses resulting from the
significant amount of the Company's other real estate owned,
limitations on the Company's ability to declare and pay dividends,
the impact of legal or administrative proceedings, the availability
of capital on favorable terms if and when needed, liquidity risk,
governmental regulation, including the Dodd Frank Act, and
supervision of the Company's operations, the short-term and
long-term impact of changes to banking capital standards on the
Company's regulatory capital and liquidity, the impact of
regulations on service charges on the Company's core deposit
accounts, the susceptibility of the Company's business to local
economic or environmental conditions, the soundness of other
financial institutions, changes in interest rates, the impact of
monetary policies and economic factors on the Company's ability to
attract deposits or make loans, volatility in capital and credit
markets, reputational risk, the impact of hurricanes or other
adverse weather events, any requirement that the Company write down
goodwill or other intangible assets, diversification in the types
of financial services the Company offers, the Company's ability to
adapt its products and services to evolving industry standards and
consumer preferences, competition with other financial services
companies, risks in connection with completed or potential
acquisitions, the Company's growth strategy, interruptions or
breaches in the Company's information system security, the failure
of certain third party vendors to perform, unfavorable ratings by
rating agencies, dilution caused by the Company's issuance of any
additional shares of its common stock to raise capital or acquire
other banks, bank holding companies, financial holding companies
and insurance agencies, other factors generally understood to
affect the financial results of financial services companies and
other factors detailed from time to time in the Company's press
releases and filings with the Securities and Exchange
Commission.
BancorpSouth,
Inc.
|
Selected Financial
Information
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
|
12/31/13
|
9/30/13
|
6/30/13
|
3/31/13
|
12/31/12
|
Earnings
Summary:
|
|
|
|
|
|
Interest
revenue
|
$
112,510
|
$
111,961
|
$
112,009
|
$
113,027
|
$
117,095
|
Interest
expense
|
10,093
|
11,720
|
13,796
|
14,949
|
16,234
|
Net interest
revenue
|
102,417
|
100,241
|
98,213
|
98,078
|
100,861
|
Provision for credit
losses
|
-
|
500
|
3,000
|
4,000
|
6,000
|
Net interest revenue,
after provision
|
|
|
|
|
|
for
credit losses
|
102,417
|
99,741
|
95,213
|
94,078
|
94,861
|
Noninterest
revenue
|
65,125
|
62,514
|
76,109
|
71,318
|
70,901
|
Noninterest
expense
|
127,830
|
129,397
|
142,251
|
135,371
|
143,219
|
Income before income
taxes
|
39,712
|
32,858
|
29,071
|
30,025
|
22,543
|
Income tax
expense
|
12,014
|
8,001
|
8,316
|
9,220
|
5,563
|
Net income
|
$
27,698
|
$
24,857
|
$
20,755
|
$
20,805
|
$
16,980
|
|
|
|
|
|
|
Balance Sheet -
Period End Balances
|
|
|
|
|
|
Total
assets
|
$
13,029,733
|
$
12,916,153
|
$
13,217,705
|
$
13,393,135
|
$
13,397,198
|
Total earning
assets
|
11,814,060
|
11,765,785
|
11,961,836
|
12,263,743
|
12,179,958
|
Total
securities
|
2,466,989
|
2,554,156
|
2,644,939
|
2,607,176
|
2,434,032
|
Loans and leases, net
of unearned income
|
8,958,015
|
8,773,115
|
8,678,714
|
8,581,538
|
8,636,989
|
Allowance for credit
losses
|
153,236
|
153,974
|
161,047
|
162,601
|
164,466
|
Total
deposits
|
10,773,836
|
10,717,946
|
10,961,618
|
11,164,926
|
11,088,146
|
Long-term
debt
|
81,714
|
83,500
|
33,500
|
33,500
|
33,500
|
Total shareholders'
equity
|
1,513,130
|
1,480,611
|
1,459,793
|
1,465,180
|
1,449,052
|
|
|
|
|
|
|
Balance Sheet -
Average Balances
|
|
|
|
|
|
Total
assets
|
$
12,955,127
|
$
12,928,505
|
$
13,146,040
|
$
13,249,374
|
$
13,143,193
|
Total earning
assets
|
11,869,072
|
11,846,790
|
12,060,189
|
12,154,624
|
12,045,432
|
Total
securities
|
2,511,888
|
2,598,786
|
2,616,274
|
2,520,414
|
2,454,031
|
Loans and leases, net
of unearned income
|
8,830,917
|
8,682,966
|
8,588,673
|
8,580,329
|
8,635,139
|
Total
deposits
|
10,739,352
|
10,745,945
|
10,938,489
|
11,090,989
|
10,938,246
|
Long-term
debt
|
81,714
|
62,848
|
33,500
|
33,500
|
33,500
|
Total shareholders'
equity
|
1,501,928
|
1,474,047
|
1,475,211
|
1,462,140
|
1,454,417
|
|
|
|
|
|
|
Nonperforming
Assets:
|
|
|
|
|
|
Non-accrual loans and
leases
|
$
92,173
|
$
121,353
|
$
149,542
|
$
188,190
|
$
207,241
|
Loans and leases 90+
days past due, still accruing
|
1,226
|
1,479
|
1,440
|
1,125
|
1,210
|
Restructured loans
and leases, still accruing
|
27,007
|
21,502
|
16,953
|
17,702
|
25,099
|
Non-performing loans
(NPLs)
|
120,406
|
144,334
|
167,935
|
207,017
|
233,550
|
Other real estate
owned
|
69,338
|
76,853
|
88,438
|
96,314
|
103,248
|
Non-performing assets
(NPAs)
|
$
189,744
|
$
221,187
|
$
256,373
|
$
303,331
|
$
336,798
|
|
|
|
|
|
|
Financial Ratios
and Other Data:
|
|
|
|
|
|
Return on average
assets
|
0.85%
|
0.76%
|
0.63%
|
0.64%
|
0.51%
|
Return on average
shareholders' equity
|
7.32%
|
6.69%
|
5.64%
|
5.77%
|
4.64%
|
Return on tangible
equity
|
9.16%
|
8.29%
|
7.12%
|
7.19%
|
5.84%
|
Pre-tax pre-provision
return on average assets
|
1.22%
|
1.02%
|
0.98%
|
1.04%
|
0.86%
|
Non-interest income
to average assets
|
1.99%
|
1.92%
|
2.32%
|
2.18%
|
2.15%
|
Non-interest expense
to average assets
|
3.91%
|
3.97%
|
4.34%
|
4.14%
|
4.34%
|
Net interest
margin-fully taxable equivalent
|
3.52%
|
3.45%
|
3.36%
|
3.37%
|
3.44%
|
Net interest rate
spread
|
3.39%
|
3.32%
|
3.21%
|
3.21%
|
3.26%
|
Efficiency ratio (tax
equivalent)
|
75.00%
|
78.11%
|
80.25%
|
78.55%
|
81.93%
|
Loan/deposit
ratio
|
83.15%
|
81.85%
|
79.17%
|
76.86%
|
77.89%
|
Price to earnings
mult (avg)
|
25.68
|
22.66
|
20.34
|
18.74
|
16.16
|
Market value to book
value
|
160.04%
|
128.22%
|
115.42%
|
105.88%
|
94.87%
|
Market value to book
value (avg)
|
143.60%
|
126.22%
|
107.59%
|
98.61%
|
90.83%
|
Headcount
FTE
|
4,005
|
3,994
|
4,077
|
4,229
|
4,249
|
BancorpSouth,
Inc.
|
Selected Financial
Information
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
|
12/31/13
|
9/30/13
|
6/30/13
|
3/31/13
|
12/31/12
|
Credit Quality
Ratios:
|
|
|
|
|
|
Net charge-offs to
average loans and leases (annualized)
|
0.03%
|
0.35%
|
0.21%
|
0.27%
|
0.49%
|
Provision for credit
losses to average loans and leases (annualized)
|
0.00%
|
0.02%
|
0.14%
|
0.19%
|
0.28%
|
Allowance for credit
losses to net loans and leases
|
1.71%
|
1.76%
|
1.86%
|
1.89%
|
1.90%
|
Allowance for credit
losses to non-performing loans and leases
|
127.27%
|
106.68%
|
95.90%
|
78.54%
|
70.42%
|
Allowance for credit
losses to non-performing assets
|
80.76%
|
69.61%
|
62.82%
|
53.61%
|
48.83%
|
Non-performing loans
and leases to net loans and leases
|
1.34%
|
1.65%
|
1.94%
|
2.41%
|
2.70%
|
Non-performing assets
to net loans and leases
|
2.12%
|
2.52%
|
2.95%
|
3.53%
|
3.90%
|
|
|
|
|
|
|
Equity
Ratios:
|
|
|
|
|
|
Total shareholders'
equity to total assets
|
11.61%
|
11.46%
|
11.04%
|
10.94%
|
10.82%
|
Tangible
shareholders' equity to tangible assets
|
9.44%
|
9.43%
|
9.04%
|
8.96%
|
8.83%
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Adequacy:
|
|
|
|
|
|
Tier 1
capital
|
12.99%
|
13.25%
|
14.21%
|
14.06%
|
13.77%
|
Total
capital
|
14.25%
|
14.50%
|
15.47%
|
15.31%
|
15.03%
|
Tier 1 leverage
capital
|
9.93%
|
9.93%
|
10.58%
|
10.33%
|
10.25%
|
Estimated for current quarter
|
|
|
|
|
|
|
|
|
|
|
|
Common Share
Data:
|
|
|
|
|
|
Basic earnings per
share
|
$
0.29
|
$
0.26
|
$
0.22
|
$
0.22
|
$
0.18
|
Diluted earnings per
share
|
0.29
|
0.26
|
0.22
|
0.22
|
0.18
|
Cash dividends per
share
|
0.05
|
0.05
|
0.01
|
0.01
|
0.01
|
Book value per
share
|
15.89
|
15.55
|
15.34
|
15.39
|
15.33
|
Tangible book value
per share
|
12.60
|
12.50
|
12.28
|
12.33
|
12.23
|
Market value per
share (last)
|
25.42
|
19.94
|
17.70
|
16.30
|
14.54
|
Market value per
share (high)
|
25.54
|
20.77
|
18.06
|
16.52
|
15.00
|
Market value per
share (low)
|
19.64
|
17.76
|
14.72
|
14.14
|
12.55
|
Market value per
share (avg)
|
22.81
|
19.63
|
16.50
|
15.18
|
13.92
|
Dividend payout
ratio
|
17.19%
|
19.15%
|
4.59%
|
4.55%
|
5.57%
|
Total shares
outstanding
|
95,261,691
|
95,211,602
|
95,190,797
|
95,174,441
|
94,549,867
|
Average shares
outstanding - basic
|
95,217,203
|
95,201,238
|
95,177,167
|
94,595,897
|
94,496,341
|
Average shares
outstanding - diluted
|
95,644,383
|
95,519,318
|
95,405,965
|
94,756,356
|
94,616,383
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield/Rate:
|
|
|
|
|
|
(Taxable equivalent
basis)
|
|
|
|
|
|
Loans, loans held for
sale, and leases net of unearned income
|
4.52%
|
4.55%
|
4.62%
|
4.70%
|
4.76%
|
Available-for-sale
securities:
|
|
|
|
|
|
Taxable
|
1.51%
|
1.50%
|
1.55%
|
1.70%
|
1.76%
|
Tax-exempt
|
5.52%
|
5.61%
|
5.47%
|
5.53%
|
5.42%
|
Short-term
investments
|
0.25%
|
0.25%
|
0.25%
|
0.25%
|
0.25%
|
Total interest
earning assets and revenue
|
3.86%
|
3.85%
|
3.82%
|
3.87%
|
3.97%
|
Deposits:
|
0.34%
|
0.36%
|
0.39%
|
0.43%
|
0.47%
|
Demand -
interest bearing
|
0.18%
|
0.18%
|
0.21%
|
0.26%
|
0.30%
|
Savings
|
0.13%
|
0.12%
|
0.14%
|
0.18%
|
0.22%
|
Other
time
|
1.13%
|
1.18%
|
1.23%
|
1.27%
|
1.32%
|
Short-term
borrowings
|
0.07%
|
0.07%
|
0.07%
|
0.07%
|
0.07%
|
Junior subordinated
debt
|
2.96%
|
6.57%
|
7.16%
|
7.23%
|
7.12%
|
Long-term
debt
|
2.94%
|
3.19%
|
4.18%
|
4.21%
|
4.14%
|
Total interest
bearing liabilities and expense
|
0.46%
|
0.53%
|
0.61%
|
0.66%
|
0.71%
|
Interest bearing
liabilities to interest earning assets
|
72.91%
|
74.15%
|
74.70%
|
75.54%
|
75.15%
|
Net interest tax
equivalent adjustment
|
$
2,893
|
$
2,905
|
$
2,931
|
$
2,939
|
$
3,162
|
BancorpSouth,
Inc.
|
Consolidated
Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Dec-13
|
Sep-13
|
Jun-13
|
Mar-13
|
Dec-12
|
|
|
(Dollars in
thousands)
|
|
Assets
|
|
|
|
|
|
|
Cash and due from
banks
|
$
208,961
|
$
199,464
|
$
268,647
|
$
147,947
|
$
223,814
|
|
Interest bearing
deposits with other banks
|
319,462
|
361,401
|
526,608
|
969,506
|
979,800
|
|
Available-for-sale
securities, at fair value
|
2,466,989
|
2,554,156
|
2,644,939
|
2,607,176
|
2,434,032
|
|
Loans and
leases
|
8,993,888
|
8,806,392
|
8,711,023
|
8,614,791
|
8,672,752
|
|
Less:
Unearned income
|
35,873
|
33,277
|
32,309
|
33,253
|
35,763
|
|
Allowance for credit losses
|
153,236
|
153,974
|
161,047
|
162,601
|
164,466
|
|
Net loans and
leases
|
8,804,779
|
8,619,141
|
8,517,667
|
8,418,937
|
8,472,523
|
|
Loans held for
sale
|
69,593
|
77,114
|
111,574
|
105,523
|
129,138
|
|
Premises and
equipment, net
|
315,260
|
314,441
|
313,079
|
313,980
|
319,456
|
|
Accrued interest
receivable
|
42,150
|
43,034
|
41,425
|
44,696
|
44,356
|
|
Goodwill
|
286,800
|
275,173
|
275,173
|
275,173
|
275,173
|
|
Other identifiable
intangibles
|
26,079
|
15,179
|
15,865
|
16,586
|
17,329
|
|
Bank owned life
insurance
|
239,434
|
236,969
|
235,015
|
233,007
|
231,120
|
|
Other real estate
owned
|
69,338
|
76,853
|
88,438
|
96,314
|
103,248
|
|
Other
assets
|
180,888
|
143,228
|
179,275
|
164,290
|
167,209
|
|
Total
Assets
|
$
13,029,733
|
$
12,916,153
|
$
13,217,705
|
$
13,393,135
|
$
13,397,198
|
|
Liabilities
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
Demand:
Noninterest bearing
|
$
2,644,592
|
$
2,597,762
|
$
2,610,768
|
$
2,582,859
|
$
2,545,169
|
|
Interest bearing
|
4,582,450
|
4,493,359
|
4,667,041
|
4,840,330
|
4,799,496
|
|
Savings
|
1,234,130
|
1,220,227
|
1,210,497
|
1,212,736
|
1,145,785
|
|
Other
time
|
2,312,664
|
2,406,598
|
2,473,312
|
2,529,001
|
2,597,696
|
|
Total
deposits
|
10,773,836
|
10,717,946
|
10,961,618
|
11,164,926
|
11,088,146
|
|
Federal funds
purchased and
|
|
|
|
|
|
|
securities sold under agreement
|
|
|
|
|
|
|
to
repurchase
|
421,028
|
418,623
|
382,871
|
353,742
|
414,611
|
|
Accrued interest
payable
|
4,836
|
5,156
|
5,230
|
5,519
|
6,140
|
|
Junior subordinated
debt securities
|
31,446
|
31,446
|
160,312
|
160,312
|
160,312
|
|
Long-term
debt
|
81,714
|
83,500
|
33,500
|
33,500
|
33,500
|
|
Other
liabilities
|
203,743
|
178,871
|
214,381
|
209,956
|
245,437
|
|
Total
Liabilities
|
11,516,603
|
11,435,542
|
11,757,912
|
11,927,955
|
11,948,146
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
Common
stock
|
238,079
|
238,029
|
237,976
|
237,936
|
236,375
|
|
Capital
surplus
|
312,900
|
312,798
|
312,074
|
311,091
|
311,909
|
|
Accumulated other
comprehensive loss
|
(29,959)
|
(39,389)
|
(39,333)
|
(13,120)
|
(8,646)
|
|
Retained
earnings
|
992,110
|
969,173
|
949,076
|
929,273
|
909,414
|
|
Total Shareholders'
Equity
|
1,513,130
|
1,480,611
|
1,459,793
|
1,465,180
|
1,449,052
|
|
Total Liabilities
& Shareholders' Equity
|
$
13,029,733
|
$
12,916,153
|
$
13,217,705
|
$
13,393,135
|
$
13,397,198
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Consolidated
Average Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Dec-13
|
Sep-13
|
Jun-13
|
Mar-13
|
Dec-12
|
|
|
(Dollars in
thousands)
|
|
Assets
|
|
|
|
|
|
|
Cash and due from
banks
|
$
163,948
|
$
163,322
|
$
160,615
|
$
169,259
|
$
164,801
|
|
Interest bearing
deposits with other banks
|
471,695
|
487,075
|
765,729
|
963,600
|
849,710
|
|
Available-for-sale
securities, at fair value
|
2,511,888
|
2,598,786
|
2,616,274
|
2,520,414
|
2,454,031
|
|
Loans and
leases
|
8,864,983
|
8,715,894
|
8,621,849
|
8,615,503
|
8,671,559
|
|
Less:
Unearned income
|
34,066
|
32,928
|
33,176
|
35,174
|
36,420
|
|
Allowance for credit losses
|
153,443
|
160,609
|
163,252
|
166,210
|
170,081
|
|
Net loans and
leases
|
8,677,474
|
8,522,357
|
8,425,421
|
8,414,119
|
8,465,058
|
|
Loans held for
sale
|
54,572
|
77,964
|
89,513
|
90,281
|
106,552
|
|
Premises and
equipment, net
|
315,174
|
312,724
|
313,147
|
316,672
|
320,439
|
|
Accrued interest
receivable
|
39,665
|
39,354
|
39,317
|
40,806
|
43,144
|
|
Goodwill
|
279,091
|
275,173
|
275,173
|
275,173
|
275,173
|
|
Other identifiable
intangibles
|
18,658
|
15,446
|
16,142
|
16,876
|
17,511
|
|
Bank owned life
insurance
|
237,657
|
235,708
|
233,670
|
231,814
|
208,504
|
|
Other real estate
owned
|
77,211
|
86,545
|
91,505
|
97,336
|
119,852
|
|
Other
assets
|
108,094
|
114,051
|
119,534
|
113,024
|
118,418
|
|
Total
Assets
|
$
12,955,127
|
$
12,928,505
|
$
13,146,040
|
$
13,249,374
|
$
13,143,193
|
|
Liabilities
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
Demand:
Noninterest bearing
|
$
2,667,667
|
$
2,551,812
|
$
2,522,577
|
$
2,463,436
|
$
2,482,168
|
|
Interest bearing
|
4,484,269
|
4,530,219
|
4,707,277
|
4,891,412
|
4,703,500
|
|
Savings
|
1,224,588
|
1,216,599
|
1,208,454
|
1,173,603
|
1,117,297
|
|
Other
time
|
2,362,828
|
2,447,315
|
2,500,181
|
2,562,538
|
2,635,281
|
|
Total
deposits
|
10,739,352
|
10,745,945
|
10,938,489
|
11,090,989
|
10,938,246
|
|
Federal funds
purchased and
|
|
|
|
|
|
|
securities sold under agreement
|
|
|
|
|
|
|
to
repurchase
|
469,245
|
441,807
|
399,789
|
360,178
|
401,968
|
|
Accrued interest
payable
|
5,051
|
5,391
|
5,481
|
7,026
|
7,613
|
|
Junior subordinated
debt securities
|
31,446
|
86,074
|
160,312
|
160,312
|
160,312
|
|
Long-term
debt
|
81,714
|
62,848
|
33,500
|
33,500
|
33,500
|
|
Other
liabilities
|
126,391
|
112,393
|
133,258
|
135,229
|
147,137
|
|
Total
Liabilities
|
11,453,199
|
11,454,458
|
11,670,829
|
11,787,234
|
11,688,776
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
Common
stock
|
238,038
|
237,997
|
237,956
|
236,922
|
236,197
|
|
Capital
surplus
|
312,835
|
312,349
|
311,480
|
311,603
|
311,540
|
|
Accumulated other
comprehensive (loss) income
|
(32,267)
|
(43,695)
|
(15,277)
|
(10,313)
|
1,260
|
|
Retained
earnings
|
983,322
|
967,396
|
941,052
|
923,928
|
905,420
|
|
Total Shareholders'
Equity
|
1,501,928
|
1,474,047
|
1,475,211
|
1,462,140
|
1,454,417
|
|
Total Liabilities
& Shareholders' Equity
|
$
12,955,127
|
$
12,928,505
|
$
13,146,040
|
$
13,249,374
|
$
13,143,193
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
|
Consolidated
Condensed Statements of Income
|
|
(Dollars in
thousands, except per share data)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Year Ended
|
|
|
Dec-13
|
|
Sep-13
|
|
Jun-13
|
|
Mar-13
|
|
Dec-12
|
|
Dec-13
|
|
Dec-12
|
|
INTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
leases
|
$
99,989
|
|
$
98,836
|
|
$
98,524
|
|
$
99,092
|
|
$
102,925
|
|
$ 396,441
|
|
$ 425,611
|
|
Deposits with other
banks
|
299
|
|
310
|
|
483
|
|
602
|
|
529
|
|
1,694
|
|
1,711
|
|
Federal funds sold
and securities purchased
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under
agreement to resell
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
3
|
|
Available-for-sale
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
7,963
|
|
8,218
|
|
8,405
|
|
8,700
|
|
8,729
|
|
33,286
|
|
39,408
|
|
Tax-exempt
|
3,810
|
|
3,866
|
|
3,911
|
|
3,960
|
|
4,083
|
|
15,547
|
|
16,658
|
|
Loans held for
sale
|
449
|
|
731
|
|
686
|
|
673
|
|
829
|
|
2,539
|
|
3,033
|
|
Total
interest revenue
|
112,510
|
|
111,961
|
|
112,009
|
|
113,027
|
|
117,095
|
|
449,507
|
|
486,424
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
demand
|
2,036
|
|
2,061
|
|
2,423
|
|
3,125
|
|
3,588
|
|
9,645
|
|
16,111
|
|
Savings
|
387
|
|
383
|
|
422
|
|
513
|
|
606
|
|
1,705
|
|
2,697
|
|
Other time
|
6,746
|
|
7,271
|
|
7,671
|
|
8,041
|
|
8,749
|
|
29,729
|
|
39,797
|
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under
agreement to repurchase
|
84
|
|
80
|
|
70
|
|
63
|
|
72
|
|
297
|
|
274
|
|
Long-term
debt
|
605
|
|
501
|
|
349
|
|
348
|
|
349
|
|
1,803
|
|
1,446
|
|
Junior subordinated
debt
|
235
|
|
1,424
|
|
2,860
|
|
2,857
|
|
2,869
|
|
7,376
|
|
11,502
|
|
Other
|
-
|
|
-
|
|
1
|
|
2
|
|
1
|
|
3
|
|
6
|
|
Total
interest expense
|
10,093
|
|
11,720
|
|
13,796
|
|
14,949
|
|
16,234
|
|
50,558
|
|
71,833
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest revenue
|
102,417
|
|
100,241
|
|
98,213
|
|
98,078
|
|
100,861
|
|
398,949
|
|
414,591
|
|
Provision for
credit losses
|
-
|
|
500
|
|
3,000
|
|
4,000
|
|
6,000
|
|
7,500
|
|
28,000
|
|
Net
interest revenue, after provision for
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
credit losses
|
102,417
|
|
99,741
|
|
95,213
|
|
94,078
|
|
94,861
|
|
391,449
|
|
386,591
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage
lending
|
9,605
|
|
5,134
|
|
17,892
|
|
12,346
|
|
17,188
|
|
44,977
|
|
56,919
|
|
Credit card, debit
card and merchant fees
|
8,324
|
|
8,834
|
|
8,324
|
|
7,523
|
|
8,125
|
|
33,005
|
|
31,705
|
|
Deposit service
charges
|
13,570
|
|
13,679
|
|
12,824
|
|
12,832
|
|
13,875
|
|
52,905
|
|
56,877
|
|
Trust
income
|
3,717
|
|
3,332
|
|
3,192
|
|
3,210
|
|
3,391
|
|
13,451
|
|
11,913
|
|
Security gains
(losses), net
|
29
|
|
(5)
|
|
3
|
|
19
|
|
152
|
|
46
|
|
442
|
|
Insurance
commissions
|
21,397
|
|
23,800
|
|
25,862
|
|
26,641
|
|
20,502
|
|
97,700
|
|
90,138
|
|
Other
|
8,483
|
|
7,740
|
|
8,012
|
|
8,747
|
|
7,668
|
|
32,982
|
|
32,155
|
|
Total
noninterest revenue
|
65,125
|
|
62,514
|
|
76,109
|
|
71,318
|
|
70,901
|
|
275,066
|
|
280,149
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
75,466
|
|
73,532
|
|
78,284
|
|
79,414
|
|
77,203
|
|
306,696
|
|
304,624
|
|
Occupancy, net of
rental income
|
9,935
|
|
10,360
|
|
10,577
|
|
10,237
|
|
10,643
|
|
41,109
|
|
42,140
|
|
Equipment
|
4,298
|
|
4,555
|
|
4,585
|
|
4,948
|
|
5,309
|
|
18,386
|
|
20,849
|
|
Deposit insurance
assessments
|
2,687
|
|
3,325
|
|
2,939
|
|
2,804
|
|
3,103
|
|
11,755
|
|
16,478
|
|
Voluntary early
retirement expense
|
-
|
|
-
|
|
10,850
|
|
-
|
|
-
|
|
10,850
|
|
-
|
|
Write-off and
amortization of bond issue cost
|
12
|
|
2,907
|
|
38
|
|
38
|
|
38
|
|
2,995
|
|
153
|
|
Other
|
35,432
|
|
34,718
|
|
34,978
|
|
37,930
|
|
46,923
|
|
143,058
|
|
164,949
|
|
Total
noninterest expenses
|
127,830
|
|
129,397
|
|
142,251
|
|
135,371
|
|
143,219
|
|
534,849
|
|
549,193
|
|
Income
before income taxes
|
39,712
|
|
32,858
|
|
29,071
|
|
30,025
|
|
22,543
|
|
131,666
|
|
117,547
|
|
Income tax
expense
|
12,014
|
|
8,001
|
|
8,316
|
|
9,220
|
|
5,563
|
|
37,551
|
|
33,252
|
|
Net
income
|
$
27,698
|
|
$
24,857
|
|
$
20,755
|
|
$
20,805
|
|
$
16,980
|
|
$
94,115
|
|
$
84,295
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share:
Basic
|
$
0.29
|
|
$
0.26
|
|
$
0.22
|
|
$
0.22
|
|
$
0.18
|
|
$
0.99
|
|
$
0.90
|
|
Diluted
|
$
0.29
|
|
$
0.26
|
|
$
0.22
|
|
$
0.22
|
|
$
0.18
|
|
$
0.99
|
|
$
0.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
|
Selected Loan
Data
|
|
(Dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
Dec-13
|
|
Sep-13
|
|
Jun-13
|
|
Mar-13
|
|
Dec-12
|
|
LOAN AND LEASE
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
1,529,249
|
|
$
1,503,809
|
|
$
1,552,762
|
|
$
1,480,916
|
|
$
1,476,611
|
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
1,976,073
|
|
1,931,171
|
|
1,880,338
|
|
1,871,312
|
|
1,873,875
|
|
Home
equity
|
494,339
|
|
490,361
|
|
482,068
|
|
482,398
|
|
486,074
|
|
Agricultural
|
234,576
|
|
234,547
|
|
237,914
|
|
249,467
|
|
256,196
|
|
Commercial and industrial-owner occupied
|
1,473,320
|
|
1,422,077
|
|
1,375,711
|
|
1,334,974
|
|
1,333,103
|
|
Construction, acquisition and development
|
741,458
|
|
723,609
|
|
709,499
|
|
728,092
|
|
735,808
|
|
Commercial real estate
|
1,846,039
|
|
1,795,352
|
|
1,754,841
|
|
1,739,533
|
|
1,748,881
|
|
Credit
cards
|
111,328
|
|
105,112
|
|
103,251
|
|
98,803
|
|
104,884
|
|
All other
|
551,633
|
|
567,077
|
|
582,330
|
|
596,043
|
|
621,557
|
|
Total loans
|
$
8,958,015
|
|
$
8,773,115
|
|
$
8,678,714
|
|
$
8,581,538
|
|
$
8,636,989
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR CREDIT
LOSSES:
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period
|
$
153,974
|
|
$
161,047
|
|
$
162,601
|
|
$
164,466
|
|
$
169,019
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases
charged off:
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
(837)
|
|
(889)
|
|
(1,008)
|
|
(1,938)
|
|
(2,174)
|
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
(1,435)
|
|
(2,996)
|
|
(3,114)
|
|
(1,614)
|
|
(3,789)
|
|
Home
equity
|
(287)
|
|
(379)
|
|
(201)
|
|
(602)
|
|
(1,064)
|
|
Agricultural
|
(238)
|
|
(169)
|
|
(327)
|
|
(2)
|
|
(456)
|
|
Commercial and industrial-owner occupied
|
(1,041)
|
|
(1,684)
|
|
(830)
|
|
(300)
|
|
(1,421)
|
|
Construction, acquisition and development
|
(1,784)
|
|
(1,727)
|
|
(2,036)
|
|
(1,198)
|
|
(5,286)
|
|
Commercial real estate
|
(1,039)
|
|
(2,441)
|
|
(3,720)
|
|
(3,141)
|
|
(4,026)
|
|
Credit
cards
|
(559)
|
|
(750)
|
|
(557)
|
|
(450)
|
|
(531)
|
|
All other
|
(1,108)
|
|
(837)
|
|
(462)
|
|
(492)
|
|
(977)
|
|
Total loans charged
off
|
(8,328)
|
|
(11,872)
|
|
(12,255)
|
|
(9,737)
|
|
(19,724)
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
1,361
|
|
820
|
|
747
|
|
589
|
|
3,507
|
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
1,735
|
|
1,516
|
|
708
|
|
1,108
|
|
819
|
|
Home
equity
|
97
|
|
66
|
|
184
|
|
260
|
|
66
|
|
Agricultural
|
34
|
|
48
|
|
120
|
|
13
|
|
10
|
|
Commercial and industrial-owner occupied
|
734
|
|
297
|
|
1,439
|
|
254
|
|
561
|
|
Construction, acquisition and development
|
2,483
|
|
953
|
|
360
|
|
886
|
|
1,621
|
|
Commercial real estate
|
784
|
|
221
|
|
3,634
|
|
339
|
|
2,208
|
|
Credit
cards
|
133
|
|
164
|
|
184
|
|
148
|
|
144
|
|
All other
|
229
|
|
214
|
|
325
|
|
275
|
|
235
|
|
Total recoveries
|
7,590
|
|
4,299
|
|
7,701
|
|
3,872
|
|
9,171
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs
|
(738)
|
|
(7,573)
|
|
(4,554)
|
|
(5,865)
|
|
(10,553)
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision charged to
operating expense
|
-
|
|
500
|
|
3,000
|
|
4,000
|
|
6,000
|
|
Balance, end of
period
|
$
153,236
|
|
$
153,974
|
|
$
161,047
|
|
$
162,601
|
|
$
164,466
|
|
|
|
|
|
|
|
|
|
|
|
|
Average loans for
period
|
$
8,830,917
|
|
$
8,682,966
|
|
$
8,588,673
|
|
$
8,580,329
|
|
$
8,635,139
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio:
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to
average loans (annualized)
|
0.03%
|
|
0.35%
|
|
0.21%
|
|
0.27%
|
|
0.49%
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
|
Selected Loan
Data
|
|
(Dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
Dec-13
|
|
Sep-13
|
|
Jun-13
|
|
Mar-13
|
|
Dec-12
|
|
NON-PERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES:
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
Loans and Leases
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
$
3,079
|
|
$
5,498
|
|
$
6,225
|
|
$
7,009
|
|
$
9,311
|
|
Real estate
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
25,645
|
|
30,569
|
|
34,226
|
|
39,012
|
|
36,133
|
|
Home
equity
|
3,695
|
|
3,287
|
|
3,862
|
|
4,272
|
|
3,497
|
|
Agricultural
|
1,260
|
|
4,086
|
|
5,007
|
|
6,667
|
|
7,587
|
|
Commercial and
industrial-owner occupied
|
18,568
|
|
18,138
|
|
17,084
|
|
20,719
|
|
20,910
|
|
Construction,
acquisition and development
|
17,567
|
|
26,127
|
|
39,315
|
|
51,728
|
|
66,635
|
|
Commercial real
estate
|
20,972
|
|
31,468
|
|
40,940
|
|
55,318
|
|
57,656
|
|
Credit cards
|
119
|
|
196
|
|
398
|
|
418
|
|
415
|
|
All other
|
1,268
|
|
1,984
|
|
2,485
|
|
3,047
|
|
5,097
|
|
Total nonaccrual loans and leases
|
$
92,173
|
|
$
121,353
|
|
$
149,542
|
|
$
188,190
|
|
$
207,241
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
Leases 90+ Days Past Due, Still Accruing:
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
$
27
|
|
$
15
|
|
$
-
|
|
$
22
|
|
$
414
|
|
Real estate
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
888
|
|
1,178
|
|
1,107
|
|
842
|
|
512
|
|
Home
equity
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Agricultural
|
-
|
|
-
|
|
-
|
|
-
|
|
10
|
|
Commercial and
industrial-owner occupied
|
-
|
|
-
|
|
-
|
|
-
|
|
19
|
|
Construction,
acquisition and development
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Commercial real
estate
|
311
|
|
-
|
|
120
|
|
-
|
|
-
|
|
Credit cards
|
-
|
|
263
|
|
213
|
|
261
|
|
228
|
|
All other
|
-
|
|
23
|
|
-
|
|
-
|
|
27
|
|
Total loans and leases 90+ days past due, still accruing
|
1,226
|
|
1,479
|
|
1,440
|
|
1,125
|
|
1,210
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructured
Loans and Leases, Still Accruing
|
27,007
|
|
21,502
|
|
16,953
|
|
17,702
|
|
25,099
|
|
Total non-performing loans
and leases
|
120,406
|
|
144,334
|
|
167,935
|
|
207,017
|
|
233,550
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER REAL ESTATE
OWNED:
|
69,338
|
|
76,853
|
|
88,438
|
|
96,314
|
|
103,248
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-performing
Assets
|
$
189,744
|
|
$
221,187
|
|
$
256,373
|
|
$
303,331
|
|
$
336,798
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions to
Nonaccrual Loans and Leases During the Quarter
|
$
18,556
|
|
$
21,182
|
|
$
21,890
|
|
$
22,294
|
|
$
44,674
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
Leases 30-89 Days Past Due, Still Accruing:
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
$
2,817
|
|
$
1,909
|
|
$
1,517
|
|
$
1,764
|
|
$
3,080
|
|
Real estate
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
14,150
|
|
10,914
|
|
11,887
|
|
11,720
|
|
13,403
|
|
Home
equity
|
1,828
|
|
1,278
|
|
1,315
|
|
1,567
|
|
1,272
|
|
Agricultural
|
495
|
|
761
|
|
569
|
|
757
|
|
306
|
|
Commercial and
industrial-owner occupied
|
4,081
|
|
1,995
|
|
1,323
|
|
956
|
|
3,498
|
|
Construction,
acquisition and development
|
1,993
|
|
3,920
|
|
1,835
|
|
4,292
|
|
2,303
|
|
Commercial real
estate
|
5,574
|
|
5,818
|
|
535
|
|
1,331
|
|
1,176
|
|
Credit cards
|
655
|
|
688
|
|
668
|
|
544
|
|
777
|
|
All other
|
2,189
|
|
1,634
|
|
1,591
|
|
1,473
|
|
2,422
|
|
Total Loans and Leases 30-89 days past due, still
accruing
|
$
33,782
|
|
$
28,917
|
|
$
21,240
|
|
$
24,404
|
|
$
28,237
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality
Ratios:
|
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses to average loans and leases (annualized)
|
0.00%
|
|
0.02%
|
|
0.14%
|
|
0.19%
|
|
0.28%
|
|
Allowance for credit
losses to net loans and leases
|
1.71%
|
|
1.76%
|
|
1.86%
|
|
1.89%
|
|
1.90%
|
|
Allowance for credit
losses to non-performing assets
|
80.76%
|
|
69.61%
|
|
62.82%
|
|
53.61%
|
|
48.83%
|
|
Allowance for credit
losses to non-performing loans and leases
|
127.27%
|
|
106.68%
|
|
95.90%
|
|
78.54%
|
|
70.42%
|
|
Non-performing loans
and leases to net loans and leases
|
1.34%
|
|
1.65%
|
|
1.94%
|
|
2.41%
|
|
2.70%
|
|
Non-performing assets
to net loans and leases
|
2.12%
|
|
2.52%
|
|
2.95%
|
|
3.53%
|
|
3.90%
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
|
Selected Loan
Data
|
|
(Dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
Dec-13
|
|
Sep-13
|
|
Jun-13
|
|
Mar-13
|
|
Dec-12
|
|
REAL ESTATE
CONSTRUCTION, ACQUISITION
|
|
|
|
|
|
|
|
|
|
|
AND
DEVELOPMENT ("CAD") PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
|
Outstanding
Balance
|
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
$
7,702
|
|
$
7,974
|
|
$
8,902
|
|
$
8,182
|
|
$
6,542
|
|
One-to-four family
construction
|
224,286
|
|
203,988
|
|
202,603
|
|
193,032
|
|
177,392
|
|
Recreation and all other
loans
|
36,868
|
|
41,762
|
|
42,132
|
|
42,909
|
|
44,840
|
|
Commercial
construction
|
150,847
|
|
139,041
|
|
117,901
|
|
111,702
|
|
114,099
|
|
Commercial acquisition and
development
|
128,157
|
|
136,206
|
|
136,174
|
|
154,997
|
|
161,546
|
|
Residential acquisition and
development
|
193,598
|
|
194,638
|
|
201,787
|
|
217,270
|
|
231,389
|
|
Total outstanding balance
|
$
741,458
|
|
$
723,609
|
|
$
709,499
|
|
$
728,092
|
|
$
735,808
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual CAD
Loans
|
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
One-to-four family
construction
|
2,937
|
|
3,249
|
|
6,193
|
|
8,154
|
|
10,609
|
|
Recreation and all other
loans
|
728
|
|
782
|
|
800
|
|
978
|
|
1,160
|
|
Commercial
construction
|
865
|
|
1,686
|
|
2,765
|
|
3,381
|
|
5,889
|
|
Commercial acquisition and
development
|
6,890
|
|
11,150
|
|
14,225
|
|
14,240
|
|
17,337
|
|
Residential acquisition and
development
|
6,147
|
|
9,260
|
|
15,332
|
|
24,975
|
|
31,640
|
|
Total nonaccrual CAD loans
|
$
17,567
|
|
$
26,127
|
|
$
39,315
|
|
$
51,728
|
|
$
66,635
|
|
|
|
|
|
|
|
|
|
|
|
|
CAD Loans 90+
Days Past Due, Still Accruing:
|
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
One-to-four family
construction
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Recreation and all other
loans
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Commercial
construction
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Commercial acquisition and
development
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Residential acquisition and
development
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Total CAD loans 90+ days past due, still accruing
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructured
CAD Loans, Still Accruing
|
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
One-to-four family
construction
|
1,274
|
|
1,028
|
|
867
|
|
-
|
|
781
|
|
Recreation and all other
loans
|
13
|
|
15
|
|
15
|
|
17
|
|
17
|
|
Commercial
construction
|
346
|
|
348
|
|
351
|
|
-
|
|
-
|
|
Commercial acquisition and
development
|
1,990
|
|
2,010
|
|
2,030
|
|
2,047
|
|
458
|
|
Residential acquisition and
development
|
3,111
|
|
3,162
|
|
3,458
|
|
5,148
|
|
4,107
|
|
Total restructured CAD loans, still accruing
|
$
6,734
|
|
$
6,563
|
|
$
6,721
|
|
$
7,212
|
|
$
5,363
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Non-performing CAD loans
|
$
24,301
|
|
$
32,690
|
|
$
46,036
|
|
$
58,940
|
|
$
71,998
|
|
|
|
|
|
|
|
|
|
|
|
|
CAD NPL as a %
of Outstanding CAD Balance
|
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
One-to-four family
construction
|
1.9%
|
|
2.1%
|
|
3.5%
|
|
4.2%
|
|
6.4%
|
|
Recreation and all other
loans
|
2.0%
|
|
1.9%
|
|
1.9%
|
|
2.3%
|
|
2.6%
|
|
Commercial
construction
|
0.8%
|
|
1.5%
|
|
2.6%
|
|
3.0%
|
|
5.2%
|
|
Commercial acquisition and
development
|
6.9%
|
|
9.7%
|
|
11.9%
|
|
10.5%
|
|
11.0%
|
|
Residential acquisition and
development
|
4.8%
|
|
6.4%
|
|
9.3%
|
|
13.9%
|
|
15.4%
|
|
Total CAD NPL as a % of outstanding CAD balance
|
3.3%
|
|
4.5%
|
|
6.5%
|
|
8.1%
|
|
9.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
|
|
|
|
Selected Loan
Data
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2013
|
|
|
|
Special
|
|
|
|
|
|
|
|
|
|
|
|
Pass
|
|
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Impaired
|
|
Total
|
LOAN PORTFOLIO BY
INTERNALLY ASSIGNED GRADE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
1,495,972
|
|
$
978
|
|
$
30,886
|
|
$
99
|
|
$
-
|
|
$
1,314
|
|
$
1,529,249
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
1,859,094
|
|
1,531
|
|
108,615
|
|
427
|
|
-
|
|
6,406
|
|
1,976,073
|
Home
equity
|
478,283
|
|
250
|
|
14,570
|
|
96
|
|
-
|
|
1,140
|
|
494,339
|
Agricultural
|
214,728
|
|
779
|
|
18,187
|
|
-
|
|
-
|
|
882
|
|
234,576
|
Commercial and industrial-owner occupied
|
1,409,757
|
|
116
|
|
50,853
|
|
849
|
|
-
|
|
11,745
|
|
1,473,320
|
Construction, acquisition and development
|
674,299
|
|
1,459
|
|
49,401
|
|
587
|
|
-
|
|
15,712
|
|
741,458
|
Commercial real estate
|
1,751,553
|
|
386
|
|
76,199
|
|
420
|
|
-
|
|
17,481
|
|
1,846,039
|
Credit
cards
|
111,328
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
111,328
|
All other
|
538,467
|
|
71
|
|
12,832
|
|
-
|
|
-
|
|
263
|
|
551,633
|
Total loans
|
$
8,533,481
|
|
$
5,570
|
|
$
361,543
|
|
$
2,478
|
|
$
-
|
|
$
54,943
|
|
$
8,958,015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2013
|
|
|
|
Special
|
|
|
|
|
|
|
|
|
|
|
|
Pass
|
|
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Impaired
|
|
Total
|
LOAN PORTFOLIO BY
INTERNALLY ASSIGNED GRADE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
1,461,578
|
|
$
7,774
|
|
$
31,596
|
|
$
-
|
|
$
-
|
|
$
2,861
|
|
$
1,503,809
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
1,794,492
|
|
22,114
|
|
103,987
|
|
918
|
|
-
|
|
9,660
|
|
1,931,171
|
Home
equity
|
471,418
|
|
2,569
|
|
15,069
|
|
-
|
|
-
|
|
1,305
|
|
490,361
|
Agricultural
|
210,065
|
|
3,044
|
|
17,816
|
|
-
|
|
-
|
|
3,622
|
|
234,547
|
Commercial and industrial-owner occupied
|
1,343,131
|
|
12,632
|
|
52,992
|
|
475
|
|
105
|
|
12,742
|
|
1,422,077
|
Construction, acquisition and development
|
637,448
|
|
8,450
|
|
53,498
|
|
1,027
|
|
-
|
|
23,186
|
|
723,609
|
Commercial real estate
|
1,668,562
|
|
17,266
|
|
83,226
|
|
412
|
|
-
|
|
25,886
|
|
1,795,352
|
Credit
cards
|
105,112
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
105,112
|
All other
|
548,402
|
|
4,497
|
|
13,695
|
|
-
|
|
-
|
|
483
|
|
567,077
|
Total loans
|
$
8,240,208
|
|
$
78,346
|
|
$
371,879
|
|
$
2,832
|
|
$
105
|
|
$
79,745
|
|
$
8,773,115
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
|
Selected Loan
Data
|
|
(Dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
|
|
|
Dec-13
|
|
Sep-13
|
|
Jun-13
|
|
Mar-13
|
|
Dec-12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unpaid principal
balance of impaired loans
|
$
72,114
|
|
$
106,955
|
|
$
144,408
|
|
$
183,440
|
|
$
206,072
|
|
Cumulative
charge-offs on impaired loans
|
17,171
|
|
27,210
|
|
38,916
|
|
45,649
|
|
49,344
|
|
Impaired nonaccrual
loan and lease outstanding balance
|
54,943
|
|
79,745
|
|
105,492
|
|
137,791
|
|
156,728
|
|
|
|
|
|
|
|
|
|
|
|
|
Other non-accrual
loans and leases not impaired
|
37,230
|
|
41,608
|
|
44,050
|
|
50,399
|
|
50,513
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-accrual loans and
leases
|
$
92,173
|
|
$
121,353
|
|
$
149,542
|
|
$
188,190
|
|
$
207,241
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for
impaired loans
|
4,146
|
|
3,843
|
|
7,965
|
|
11,658
|
|
10,541
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans and leases,
net of specific reserves
|
$
88,027
|
|
$
117,510
|
|
$
141,577
|
|
$
176,532
|
|
$
196,700
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases 90+
days past due, still accruing
|
$
1,226
|
|
$
1,479
|
|
$
1,440
|
|
$
1,125
|
|
$
1,210
|
|
Restructured loans
and leases, still accruing
|
27,007
|
|
21,502
|
|
16,953
|
|
17,702
|
|
25,099
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-performing loans
and leases
|
$
120,406
|
|
$
144,334
|
|
$
167,935
|
|
$
207,017
|
|
$
233,550
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for
impaired loans
|
$
4,146
|
|
$
3,843
|
|
$
7,965
|
|
$
11,658
|
|
$
10,541
|
|
Allowance for all
other loans and leases
|
149,090
|
|
150,131
|
|
153,082
|
|
150,943
|
|
153,925
|
|
|
|
|
|
|
|
|
|
|
|
|
Total allowance for credit
losses
|
$
153,236
|
|
$
153,974
|
|
$
161,047
|
|
$
162,601
|
|
$
164,466
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding balance
of impaired loans
|
$
54,943
|
|
$
79,745
|
|
$
105,492
|
|
$
137,791
|
|
$
156,728
|
|
Allowance for
impaired loans
|
4,146
|
|
3,843
|
|
7,965
|
|
11,658
|
|
10,541
|
|
|
|
|
|
|
|
|
|
|
|
|
Net book value of impaired
loans
|
$
50,797
|
|
$
75,902
|
|
$
97,527
|
|
$
126,133
|
|
$
146,187
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net book value of
impaired loans as a %
|
|
|
|
|
|
|
|
|
|
|
of unpaid principal
balance
|
70%
|
|
71%
|
|
68%
|
|
69%
|
|
71%
|
|
|
|
|
|
|
|
|
|
|
|
|
Coverage of other
non-accrual loans and leases not impaired by
|
|
|
|
|
|
|
|
|
|
|
the allowance for all other
loans and leases
|
400%
|
|
361%
|
|
348%
|
|
299%
|
|
305%
|
|
|
|
|
|
|
|
|
|
|
|
|
Coverage of
non-performing loans and leases not impaired
|
|
|
|
|
|
|
|
|
|
|
by the allowance for all
other loans and leases
|
228%
|
|
232%
|
|
245%
|
|
218%
|
|
200%
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
|
Geographical
Information
|
|
(Dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2013
|
|
|
Alabama
|
|
|
|
|
|
|
|
Greater
|
|
|
|
|
|
Corporate
|
|
|
|
|
and
Florida
|
|
|
|
|
|
|
|
Memphis
|
|
|
|
Texas
and
|
|
Banking
|
|
|
|
|
Panhandle
|
|
Arkansas*
|
|
Mississippi*
|
|
Missouri
|
|
Area
|
|
Tennessee*
|
|
Louisiana
|
|
and Other
|
|
Total
|
|
LOAN AND LEASE
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
83,078
|
|
$
164,113
|
|
$
280,964
|
|
$
36,018
|
|
$
23,551
|
|
$
81,253
|
|
$
266,358
|
|
$
593,914
|
|
$
1,529,249
|
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
127,619
|
|
260,013
|
|
688,228
|
|
61,471
|
|
101,167
|
|
158,714
|
|
487,931
|
|
90,930
|
|
1,976,073
|
|
Home
equity
|
64,438
|
|
39,785
|
|
165,421
|
|
20,997
|
|
67,170
|
|
70,517
|
|
64,027
|
|
1,984
|
|
494,339
|
|
Agricultural
|
8,416
|
|
71,200
|
|
58,042
|
|
3,575
|
|
14,547
|
|
11,129
|
|
63,155
|
|
4,512
|
|
234,576
|
|
Commercial and industrial-owner occupied
|
176,162
|
|
173,027
|
|
472,646
|
|
64,911
|
|
91,790
|
|
88,710
|
|
282,816
|
|
123,258
|
|
1,473,320
|
|
Construction, acquisition and development
|
99,980
|
|
70,508
|
|
190,990
|
|
28,024
|
|
80,339
|
|
101,782
|
|
134,551
|
|
35,284
|
|
741,458
|
|
Commercial real estate
|
266,963
|
|
311,504
|
|
275,601
|
|
212,869
|
|
93,079
|
|
104,034
|
|
425,933
|
|
156,056
|
|
1,846,039
|
|
Credit
cards
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
111,328
|
|
111,328
|
|
All other
|
32,101
|
|
59,247
|
|
147,163
|
|
2,590
|
|
48,056
|
|
39,404
|
|
86,039
|
|
137,033
|
|
551,633
|
|
Total loans
|
$ 858,757
|
|
$
1,149,397
|
|
$
2,279,055
|
|
$ 430,455
|
|
$
519,699
|
|
$
655,543
|
|
$
1,810,810
|
|
$
1,254,299
|
|
$
8,958,015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAD
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
$
-
|
|
$
997
|
|
$
167
|
|
$
-
|
|
$
-
|
|
$
4,519
|
|
$
2,019
|
|
$
-
|
|
$
7,702
|
|
One-to-four family
construction
|
37,616
|
|
13,995
|
|
50,717
|
|
7,332
|
|
11,861
|
|
65,188
|
|
36,707
|
|
870
|
|
224,286
|
|
Recreation and all
other loans
|
1,575
|
|
7,787
|
|
12,178
|
|
517
|
|
4,590
|
|
1,165
|
|
9,056
|
|
-
|
|
36,868
|
|
Commercial
construction
|
18,471
|
|
18,154
|
|
34,295
|
|
7,228
|
|
14,357
|
|
5,137
|
|
25,630
|
|
27,575
|
|
150,847
|
|
Commercial
acquisition and development
|
12,054
|
|
15,666
|
|
37,905
|
|
5,607
|
|
23,404
|
|
11,071
|
|
21,091
|
|
1,359
|
|
128,157
|
|
Residential
acquisition and development
|
30,264
|
|
13,909
|
|
55,728
|
|
7,340
|
|
26,127
|
|
14,702
|
|
40,048
|
|
5,480
|
|
193,598
|
|
Total CAD loans
|
$
99,980
|
|
$
70,508
|
|
$
190,990
|
|
$
28,024
|
|
$
80,339
|
|
$
101,782
|
|
$
134,551
|
|
$
35,284
|
|
$
741,458
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
1,404
|
|
$
915
|
|
$
987
|
|
$
-
|
|
$
68
|
|
$
95
|
|
$
345
|
|
$
365
|
|
$
4,179
|
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
1,390
|
|
1,525
|
|
8,926
|
|
778
|
|
2,032
|
|
3,007
|
|
3,804
|
|
7,647
|
|
29,109
|
|
Home
equity
|
746
|
|
116
|
|
938
|
|
127
|
|
304
|
|
921
|
|
539
|
|
4
|
|
3,695
|
|
Agricultural
|
-
|
|
753
|
|
107
|
|
272
|
|
201
|
|
-
|
|
551
|
|
1
|
|
1,885
|
|
Commercial and industrial-owner occupied
|
3,828
|
|
3,683
|
|
8,676
|
|
549
|
|
1,656
|
|
3,871
|
|
540
|
|
748
|
|
23,551
|
|
Construction, acquisition and development
|
4,460
|
|
417
|
|
4,008
|
|
2,055
|
|
8,584
|
|
1,146
|
|
2,574
|
|
1,057
|
|
24,301
|
|
Commercial real estate
|
3,563
|
|
139
|
|
2,981
|
|
12,112
|
|
2,278
|
|
4,056
|
|
2,586
|
|
1,649
|
|
29,364
|
|
Credit
cards
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,764
|
|
1,764
|
|
All other
|
148
|
|
140
|
|
1,443
|
|
-
|
|
47
|
|
325
|
|
429
|
|
26
|
|
2,558
|
|
Total loans
|
$
15,539
|
|
$
7,688
|
|
$
28,066
|
|
$
15,893
|
|
$
15,170
|
|
$
13,421
|
|
$
11,368
|
|
$
13,261
|
|
$
120,406
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS A
PERCENTAGE OF OUTSTANDING:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
1.69%
|
|
0.56%
|
|
0.35%
|
|
0.00%
|
|
0.29%
|
|
0.12%
|
|
0.13%
|
|
0.06%
|
|
0.27%
|
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
1.09%
|
|
0.59%
|
|
1.30%
|
|
1.27%
|
|
2.01%
|
|
1.89%
|
|
0.78%
|
|
8.41%
|
|
1.47%
|
|
Home
equity
|
1.16%
|
|
0.29%
|
|
0.57%
|
|
0.60%
|
|
0.45%
|
|
1.31%
|
|
0.84%
|
|
0.20%
|
|
0.75%
|
|
Agricultural
|
0.00%
|
|
1.06%
|
|
0.18%
|
|
7.61%
|
|
1.38%
|
|
0.00%
|
|
0.87%
|
|
0.02%
|
|
0.80%
|
|
Commercial and industrial-owner occupied
|
2.17%
|
|
2.13%
|
|
1.84%
|
|
0.85%
|
|
1.80%
|
|
4.36%
|
|
0.19%
|
|
0.61%
|
|
1.60%
|
|
Construction, acquisition and development
|
4.46%
|
|
0.59%
|
|
2.10%
|
|
7.33%
|
|
10.68%
|
|
1.13%
|
|
1.91%
|
|
3.00%
|
|
3.28%
|
|
Commercial real estate
|
1.33%
|
|
0.04%
|
|
1.08%
|
|
5.69%
|
|
2.45%
|
|
3.90%
|
|
0.61%
|
|
1.06%
|
|
1.59%
|
|
Credit
cards
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1.58%
|
|
1.58%
|
|
All other
|
0.46%
|
|
0.24%
|
|
0.98%
|
|
0.00%
|
|
0.10%
|
|
0.82%
|
|
0.50%
|
|
0.02%
|
|
0.46%
|
|
Total loans
|
1.81%
|
|
0.67%
|
|
1.23%
|
|
3.69%
|
|
2.92%
|
|
2.05%
|
|
0.63%
|
|
1.06%
|
|
1.34%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Excludes the Greater
Memphis Area.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Selected
Additional Information
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2013
|
|
Alabama
|
|
|
|
|
|
|
|
Greater
|
|
|
|
|
|
|
|
|
|
and
Florida
|
|
|
|
|
|
|
|
Memphis
|
|
|
|
Texas
and
|
|
|
|
|
|
Panhandle
|
|
Arkansas*
|
|
Mississippi*
|
|
Missouri
|
|
Area
|
|
Tennessee*
|
|
Louisiana
|
|
Other
|
|
Total
|
OTHER REAL ESTATE
OWNED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
223
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
223
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
1,613
|
|
309
|
|
1,532
|
|
33
|
|
132
|
|
210
|
|
-
|
|
108
|
|
3,937
|
Home
equity
|
442
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
442
|
Agricultural
|
907
|
|
-
|
|
216
|
|
-
|
|
1,084
|
|
930
|
|
-
|
|
-
|
|
3,137
|
Commercial and industrial-owner occupied
|
33
|
|
32
|
|
1,002
|
|
-
|
|
449
|
|
25
|
|
105
|
|
-
|
|
1,646
|
Construction, acquisition and development
|
15,667
|
|
631
|
|
11,631
|
|
1,059
|
|
22,696
|
|
5,174
|
|
257
|
|
158
|
|
57,273
|
Commercial real estate
|
353
|
|
316
|
|
569
|
|
-
|
|
980
|
|
-
|
|
140
|
|
-
|
|
2,358
|
All other
|
84
|
|
1
|
|
82
|
|
-
|
|
28
|
|
-
|
|
94
|
|
33
|
|
322
|
Total loans
|
$
19,322
|
|
$
1,289
|
|
$
15,032
|
|
$
1,092
|
|
$
25,369
|
|
$
6,339
|
|
$
596
|
|
$
299
|
|
$
69,338
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
|
|
|
|
|
|
Dec-13
|
|
Sep-13
|
|
Jun-13
|
|
Mar-13
|
|
Dec-12
|
|
|
|
|
|
|
|
|
OTHER REAL ESTATE
OWNED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period
|
$
76,853
|
|
$
88,438
|
|
$
96,314
|
|
$
103,248
|
|
$
128,211
|
|
|
|
|
|
|
|
|
Additions to
foreclosed properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
foreclosed property
|
7,868
|
|
9,536
|
|
9,639
|
|
2,222
|
|
8,451
|
|
|
|
|
|
|
|
|
Reductions in
foreclosed properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
(14,272)
|
|
(19,333)
|
|
(15,641)
|
|
(7,811)
|
|
(27,892)
|
|
|
|
|
|
|
|
|
Writedowns
|
(1,111)
|
|
(1,788)
|
|
(1,874)
|
|
(1,345)
|
|
(5,522)
|
|
|
|
|
|
|
|
|
Balance, end of
period
|
$
69,338
|
|
$
76,853
|
|
$
88,438
|
|
$
96,314
|
|
$
103,248
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FORECLOSED PROPERTY
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss (gain) on sale
of other real estate owned
|
$
949
|
|
$
352
|
|
$
166
|
|
$
(200)
|
|
$
4,203
|
|
|
|
|
|
|
|
|
Writedown of other
real estate owned
|
1,111
|
|
1,788
|
|
1,874
|
|
1,345
|
|
5,522
|
|
|
|
|
|
|
|
|
Other foreclosed
property expense
|
771
|
|
1,158
|
|
1,205
|
|
1,209
|
|
2,266
|
|
|
|
|
|
|
|
|
Total foreclosed
property expense
|
$
2,831
|
|
$
3,298
|
|
$
3,245
|
|
$
2,354
|
|
$
11,991
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Excludes the Greater
Memphis Area.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
|
Noninterest
Revenue and Expense
|
|
(Dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
Dec-13
|
|
Sep-13
|
|
Jun-13
|
|
Mar-13
|
|
Dec-12
|
|
NONINTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
Mortgage
lending
|
$
9,605
|
|
$
5,134
|
|
$
17,892
|
|
$
12,346
|
|
$
17,188
|
|
Credit card, debit
card and merchant fees
|
8,324
|
|
8,834
|
|
8,324
|
|
7,523
|
|
8,125
|
|
Deposit service
charges
|
13,570
|
|
13,679
|
|
12,824
|
|
12,832
|
|
13,875
|
|
Trust
income
|
3,717
|
|
3,332
|
|
3,192
|
|
3,210
|
|
3,391
|
|
Securities gains
(losses), net
|
29
|
|
(5)
|
|
3
|
|
19
|
|
152
|
|
Insurance
commissions
|
21,397
|
|
23,800
|
|
25,862
|
|
26,641
|
|
20,502
|
|
Annuity
fees
|
566
|
|
719
|
|
543
|
|
483
|
|
418
|
|
Brokerage commissions
and fees
|
1,037
|
|
2,005
|
|
2,068
|
|
2,093
|
|
1,715
|
|
Bank-owned life
insurance
|
2,466
|
|
1,954
|
|
2,008
|
|
1,887
|
|
1,899
|
|
Other miscellaneous
income
|
4,414
|
|
3,062
|
|
3,393
|
|
4,284
|
|
3,636
|
|
Total noninterest
revenue
|
$
65,125
|
|
$
62,514
|
|
$
76,109
|
|
$
71,318
|
|
$
70,901
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
$
75,466
|
|
$
73,532
|
|
$
78,284
|
|
$
79,414
|
|
$
77,203
|
|
Occupancy, net of
rental income
|
9,935
|
|
10,360
|
|
10,577
|
|
10,237
|
|
10,643
|
|
Equipment
|
4,298
|
|
4,555
|
|
4,585
|
|
4,948
|
|
5,309
|
|
Deposit insurance
assessments
|
2,687
|
|
3,325
|
|
2,939
|
|
2,804
|
|
3,103
|
|
Voluntary early
retirement expense
|
-
|
|
-
|
|
10,850
|
|
-
|
|
-
|
|
Amortization of bond
issue cost
|
12
|
|
2,907
|
|
38
|
|
38
|
|
38
|
|
Advertising
|
1,436
|
|
1,210
|
|
1,169
|
|
743
|
|
2,045
|
|
Foreclosed property
expense
|
2,831
|
|
3,298
|
|
3,245
|
|
2,354
|
|
11,991
|
|
Telecommunications
|
1,971
|
|
2,227
|
|
2,184
|
|
2,099
|
|
2,168
|
|
Public
relations
|
972
|
|
1,105
|
|
1,175
|
|
1,005
|
|
1,304
|
|
Data
processing
|
2,939
|
|
2,772
|
|
2,783
|
|
2,468
|
|
2,714
|
|
Computer
software
|
2,197
|
|
2,190
|
|
2,146
|
|
1,963
|
|
2,031
|
|
Amortization of
intangibles
|
819
|
|
686
|
|
722
|
|
743
|
|
857
|
|
Legal
|
2,537
|
|
4,626
|
|
3,896
|
|
9,366
|
|
3,133
|
|
Postage and
shipping
|
1,133
|
|
1,027
|
|
1,074
|
|
1,135
|
|
1,117
|
|
Other miscellaneous
expense
|
18,597
|
|
15,577
|
|
16,584
|
|
16,054
|
|
19,563
|
|
Total noninterest
expense
|
$
127,830
|
|
$
129,397
|
|
$
142,251
|
|
$
135,371
|
|
$
143,219
|
|
|
|
|
|
|
|
|
|
|
|
|
INSURANCE
COMMISSIONS:
|
|
|
|
|
|
|
|
|
|
|
Property and casualty
commissions
|
$
15,588
|
|
$
18,372
|
|
$
18,762
|
|
$
16,878
|
|
$
14,968
|
|
Life and health
commissions
|
4,525
|
|
4,061
|
|
5,093
|
|
4,688
|
|
4,376
|
|
Risk management
income
|
648
|
|
628
|
|
573
|
|
650
|
|
581
|
|
Other
|
636
|
|
739
|
|
1,434
|
|
4,425
|
|
577
|
|
Total insurance
commissions
|
$
21,397
|
|
$
23,800
|
|
$
25,862
|
|
$
26,641
|
|
$
20,502
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
|
Selected
Additional Information
|
|
(Dollars in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
Dec-13
|
|
Sep-13
|
|
Jun-13
|
|
Mar-13
|
|
Dec-12
|
|
MORTGAGE SERVICING
RIGHTS:
|
|
|
|
|
|
|
|
|
|
|
Fair value, beginning
of period
|
$
51,025
|
|
$
49,001
|
|
$
41,478
|
|
$
37,882
|
|
$
34,562
|
|
Additions to mortgage
servicing rights:
|
|
|
|
|
|
|
|
|
|
|
Originations of servicing assets
|
1,984
|
|
3,826
|
|
4,012
|
|
4,268
|
|
5,146
|
|
Changes in fair
value:
|
|
|
|
|
|
|
|
|
|
|
Due to
payoffs/paydowns
|
(1,240)
|
|
(1,560)
|
|
(1,739)
|
|
(1,705)
|
|
(2,005)
|
|
Due to
change in valuation inputs or
|
|
|
|
|
|
|
|
|
|
|
assumptions used in the
valuation model
|
2,894
|
|
(240)
|
|
5,252
|
|
1,037
|
|
183
|
|
Other
changes in fair value
|
(1)
|
|
(2)
|
|
(2)
|
|
(4)
|
|
(4)
|
|
Fair value, end of
period
|
$
54,662
|
|
$
51,025
|
|
$
49,001
|
|
$
41,478
|
|
$
37,882
|
|
|
|
|
|
|
|
|
|
|
|
|
MORTGAGE LENDING
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
Origination
|
$
3,590
|
|
$
2,862
|
|
$
10,471
|
|
$
9,187
|
|
$
15,131
|
|
Servicing
|
4,361
|
|
4,072
|
|
3,908
|
|
3,827
|
|
3,879
|
|
MSR
payoffs/paydowns
|
(1,240)
|
|
(1,560)
|
|
(1,739)
|
|
(1,705)
|
|
(2,005)
|
|
MSR valuation
adjustment
|
2,894
|
|
(240)
|
|
5,252
|
|
1,037
|
|
183
|
|
Total mortgage
lending revenue
|
$
9,605
|
|
$
5,134
|
|
$
17,892
|
|
$
12,346
|
|
$
17,188
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans
serviced
|
$
5,577,325
|
|
$
5,543,619
|
|
$
5,393,580
|
|
$
5,236,852
|
|
$
5,058,912
|
|
MSR/mtg loans
serviced
|
0.98%
|
|
0.92%
|
|
0.91%
|
|
0.79%
|
|
0.75%
|
|
|
|
|
|
|
|
|
|
|
|
|
AVAILABLE-FOR-SALE
SECURITIES, at fair value
|
|
|
|
|
|
|
|
|
|
|
U.S. Government
agencies
|
$
1,458,349
|
|
$
1,519,459
|
|
$
1,581,570
|
|
$
1,517,725
|
|
$
1,401,996
|
|
Government agency
issued residential
|
|
|
|
|
|
|
|
|
|
|
mortgage-back securities
|
250,234
|
|
268,367
|
|
292,586
|
|
334,550
|
|
366,875
|
|
Government agency
issued commercial
|
|
|
|
|
|
|
|
|
|
|
mortgage-back securities
|
230,912
|
|
229,412
|
|
227,381
|
|
196,459
|
|
91,445
|
|
Obligations of states
and political subdivisions
|
519,405
|
|
528,889
|
|
535,337
|
|
550,475
|
|
565,873
|
|
Other
|
8,089
|
|
8,029
|
|
8,065
|
|
7,967
|
|
7,843
|
|
Total
available-for-sale securities
|
$
2,466,989
|
|
$
2,554,156
|
|
$
2,644,939
|
|
$
2,607,176
|
|
$
2,434,032
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
|
Reconciliation of
Non-GAAP Measures
|
|
(Dollars in
thousands, except per share amounts)
|
|
(Unaudited)
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Certain financial
information included in this press release are determined by
methods other than in accordance with GAAP. Management
believes such measures are relevant to understanding the capital
position and performance of the Company. The non-GAAP
financial measures presented in this press release are tangible
shareholders' equity to tangible assets, return on tangible equity,
pre-tax pre-provision return on average assets, and tangible book
value per share. Additionally, disclosure of these non-GAAP
financial measures provides a meaningful base for comparability to
other financial institutions. Non-GAAP financial measures are
not formally defined by GAAP, and other entities may use
calculation methods different than those used by the
Company.
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Reconciliation of
Pre-tax, Pre-provision Earnings:
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Quarter
ended
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12/31/13
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9/30/13
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6/30/13
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3/31/13
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12/31/12
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Net income
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$
27,698
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$
24,857
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$
20,755
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$
20,805
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$
16,980
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Plus:
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Provision for credit
losses
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-
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500
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3,000
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4,000
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6,000
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Income tax
expense
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|
12,014
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|
8,001
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|
8,316
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|
9,220
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|
5,563
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|
Pre-tax,
pre-provision earnings
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|
$
39,712
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|
$
33,358
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|
$
32,071
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|
$
34,025
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$
28,543
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Reconciliation of
Tangible Assets and Tangible Shareholders' Equity
to
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Total Assets and
Total Shareholders' Equity:
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Quarter
ended
|
|
|
|
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12/31/13
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9/30/13
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6/30/13
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3/31/13
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12/31/12
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Tangible
assets
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Total
assets
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$
13,029,733
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|
$
12,916,153
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$
13,217,705
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$
13,393,135
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$
13,397,198
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Less:
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Goodwill
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286,800
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275,173
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|
275,173
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|
275,173
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|
275,173
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Other identifiable
intangible assets
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|
26,079
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|
15,179
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|
15,865
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|
16,586
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|
17,329
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Total tangible
assets
|
|
$
12,716,854
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|
$
12,625,801
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|
$
12,926,667
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$
13,101,376
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$
13,104,696
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Tangible
shareholders' equity
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|
|
|
|
|
|
|
|
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Total shareholders'
equity
|
|
$
1,513,130
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$
1,480,611
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$
1,459,793
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$
1,465,180
|
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$
1,449,052
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Less:
|
Goodwill
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|
286,800
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|
275,173
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|
275,173
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|
275,173
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|
275,173
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|
|
Other identifiable
intangible assets
|
|
26,079
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|
15,179
|
|
15,865
|
|
16,586
|
|
17,329
|
|
Total tangible
shareholders' equity
|
|
$
1,200,251
|
|
$
1,190,259
|
|
$
1,168,755
|
|
$
1,173,421
|
|
$
1,156,550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average
assets
|
|
$
12,955,127
|
|
$
12,928,505
|
|
$
13,146,040
|
|
$
13,249,374
|
|
$
13,143,193
|
|
Total common shares
outstanding
|
|
95,261,691
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|
95,211,602
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|
95,190,797
|
|
95,174,441
|
|
94,549,867
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Tangible
shareholders' equity to tangible assets*
|
|
9.44%
|
|
9.43%
|
|
9.04%
|
|
8.96%
|
|
8.83%
|
|
Return on tangible
equity **
|
|
9.16%
|
|
8.29%
|
|
7.12%
|
|
7.19%
|
|
5.84%
|
|
Pre-tax pre-provision
return on average assets ***
|
|
1.22%
|
|
1.02%
|
|
0.98%
|
|
1.04%
|
|
0.86%
|
|
Tangible book value
per share****
|
|
$
12.60
|
|
$
12.50
|
|
$
12.28
|
|
$
12.33
|
|
$
12.23
|
|
|
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*
|
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.
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
**
|
Return on tangible
equity is defined by the Company as annualized net income divided
by tangible shareholders' equity.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
***
|
Pre-tax pre-provision
return on average assets is defined by the Company as annualized
pre-tax pre-provision earnings divided by total average
assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
****
|
Tangible book value
per share is defined by the Company as tangible shareholders'
equity divided by total common shares outstanding.
|
|
|
|
|
|
|
|
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|
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SOURCE BancorpSouth, Inc.