TUPELO, Miss., July 21, 2014 /PRNewswire/ -- BancorpSouth,
Inc. (NYSE: BXS) today announced financial results for the quarter
ended June 30, 2014, as well as the
extension of the merger agreements with Ouachita Bancshares Corp.
and Central Community Corporation.
Highlights for the second quarter of 2014 included:
- Net income of $30.9 million or
$0.32 per diluted share.
- Net operating income of $31.5
million or $0.33 per diluted
share.
- Acquired assets of Lafayette,
Louisiana based Knox Insurance Group, LLC. Knox was formed in 1972 and currently produces
annual revenues of approximately $3
million.
- Generated net loan growth of $243.3
million, or 10.8 percent annualized, which represents the
fifth consecutive quarter of net loan growth.
- Mortgage loan production of $291.0
million, which contributed to mortgage lending revenue of
$9.1 million for the quarter.
- Continued progress toward reducing core operating
expenses.
- Net interest margin increased to 3.59 percent compared with
3.54 percent for the first quarter of 2014.
- Non-performing loans and leases ("NPLs") declined $19.6 million, or 21.0 percent, compared to the
first quarter of 2014, while non-performing assets ("NPAs")
decreased $27.9 million, or 17.8
percent, over the same period.
The Company reported net income of $30.9
million, or $0.32 per diluted
share, for the second quarter of 2014 compared with net income of
$20.8 million, or $0.22 per diluted share, for the second quarter
of 2013 and net income of $28.4
million, or $0.30 per diluted
share, for the first quarter of 2014. Additionally, the
Company reported net income of $59.3
million, or $0.62 per diluted
share, for the first six months of 2014 compared to $41.6 million, or $0.44 per diluted share, for the first six months
of 2013.
The Company reported net operating income (excluding merger
related and other non-operating expenses) of $31.5 million, or $0.33 per diluted share, for the second quarter
of 2014 compared to $27.5 million, or
$0.29 per diluted share, for the
second quarter of 2013 and $28.8
million, or $0.30 per diluted
share, for the first quarter of 2014.
The Company and each of Ouachita Bancshares Corp. and Central
Community Corporation have determined additional time will be
required to obtain regulatory approvals and to satisfy closing
conditions necessary to complete their respective mergers.
The Company and each of Ouachita Bancshares Corp. and Central
Community Corporation have extended their respective merger
agreements to June 30,
2015.
"We continue to believe our proposed mergers with Ouachita
Bancshares Corp. and Central Community Corporation are in the best
interest of our shareholders, customers and communities," stated
Dan Rollins, BancorpSouth Chairman
and Chief Executive Officer.
As previously announced, the mergers have been unanimously
approved by the boards of directors of all three companies, and by
the shareholders of Ouachita Bancshares Corp. and Central Community
Corporation. The transactions remain subject to required
regulatory approvals and the satisfaction of other closing
conditions.
The Company has learned that federal bank regulators have
identified concerns during the course of routine supervisory
activities regarding the Company's procedures, systems and
processes related to certain of its compliance programs, including
its Bank Secrecy Act and anti-money-laundering programs. In
addition, the Consumer Financial Protection Bureau currently is
conducting a review of the Company's fair lending practices.
Rollins continued, "While disappointed in the delay in being
able to close these transactions, we are working diligently to
resolve the compliance concerns that have been identified and to
make the necessary improvements in our compliance programs.
We are pleased with the confidence that our merger partners have
demonstrated through the extension of the merger
agreements."
"Clearly, our financial performance continues to improve and
reflect the internal progress that we have made both in shifting
our focus towards growth and in continuing to challenge our cost
structure. Our loan production efforts during the quarter
resulted in net loan growth of over ten percent on an annualized
basis. Our mortgage lending team produced over $290 million in mortgage loans and our insurance
group continues to grow organically and benefit from the insurance
transactions we recently closed. We also continue to
challenge and reduce core operating costs, as evidenced by the
decline seen in salaries and employee benefits. Total
non-interest expense for the quarter was impacted by elevated other
real estate costs and legal expense, as well as $1.0 million of merger-related expense.
Otherwise, we continue to be pleased with the trends in our
operating expenses," Rollins added.
Earnings for the quarter reflect no recorded provision for
credit losses, which is consistent with no recorded provision for
the first quarter of 2014 and a decline from $3.0 million for the second quarter of
2013. NPLs declined $19.6
million, or 21.0 percent, during the second quarter of 2014
to $73.7 million at June 30, 2014 compared with $93.3 million at March 31,
2014 and declined $94.3
million, or 56.1 percent, from $167.9
million at June 30,
2013. In addition, total NPAs declined $27.9 million, or 17.8 percent, to $128.9 million at June 30,
2014 compared with $156.9
million at March 31, 2014 and
declined $127.5 million, or 49.7
percent, from $256.4 million at
June 30, 2013. Net charge-offs
were $2.6 million for the second
quarter of 2014 compared with $3.5
million for the first quarter of 2014 and $4.6 million for the second quarter of 2013.
Net Interest Revenue
Net interest revenue was $103.1
million for the second quarter of 2014, an increase of 5.0
percent from $98.2 million for the
second quarter of 2013 and an increase of 1.5 percent from
$101.5 million for the first quarter
of 2014. The fully taxable equivalent net interest margin was
3.59 percent for the second quarter of 2014 compared to 3.36
percent for the second quarter of 2013 and 3.54 percent for the
first quarter of 2014. Yields on loans and leases declined to
4.38 percent for the second quarter of 2014 compared with 4.62
percent for the second quarter of 2013 and 4.48 percent for the
first quarter of 2014, while yields on total interest earning
assets were relatively flat at 3.88 percent for the second quarter
of 2014 compared with 3.82 percent for the second quarter of 2013
and 3.85 percent for the first quarter of 2014. The average
cost of deposits declined to 0.28 percent for the second quarter of
2014 from 0.39 percent for the second quarter of 2013 and 0.31
percent for the first quarter of 2014.
Asset, Deposit and Loan Activity
Total assets were $13.0 billion at
June 30, 2014 compared with
$13.2 billion at June 30, 2013. Total deposits were
$10.7 billion at June 30, 2014 compared with $11.0 billion at June
30, 2013. Loans and leases, net of unearned income,
were $9.3 billion at June 30, 2014 compared with $8.7 billion at June
30, 2013.
The decrease in time deposits of $332.1
million, or 13.4 percent, at June 30,
2014 compared to June 30, 2013
was partially offset by growth in noninterest bearing demand
deposits, which increased $107.5
million, or 4.1 percent, over the same period.
Additionally, savings deposits increased $88.7 million, or 7.3 percent, while interest
bearing demand deposits declined $155.3
million, or 3.3 percent, over the same period. As of
June 30, 2014, $834.1 million of time deposits were scheduled to
mature during the following two quarters at a weighted average rate
of 0.77 percent.
Provision for Credit Losses and Allowance for Credit
Losses
For the second quarter of 2014, no provision for credit losses
was recorded, compared with $3.0
million for the second quarter of 2013 and no provision for
the first quarter of 2014. Net charge-offs for the second
quarter of 2014 were $2.6 million,
compared with $4.6 million for the
second quarter of 2013 and $3.5
million for the first quarter of 2014. Recoveries of
previously charged-off loans were $3.0
million for the second quarter of 2014, compared with
$7.7 million for the second quarter
of 2013 and $4.5 million for the
first quarter of 2014. Annualized net charge-offs were 0.11
percent of average loans and leases for the second quarter of 2014,
compared with 0.21 percent for the second quarter of 2013 and 0.16
percent for the first quarter of 2014.
NPLs were $73.7 million, or 0.79
percent of net loans and leases, at June 30,
2014, compared with $167.9
million, or 1.94 percent of net loans and leases, at
June 30, 2013, and $93.3 million, or 1.03 percent of net loans and
leases, at March 31, 2014. The
allowance for credit losses was $147.1
million, or 1.58 percent of net loans and leases, at
June 30, 2014 compared with
$161.0 million, or 1.86 percent of
net loans and leases, at June 30,
2013 and $149.7 million, or
1.65 percent of net loans and leases, at March 31, 2014.
NPLs at June 30, 2014 consisted
primarily of $64.5 million of
nonaccrual loans, compared with $77.5
million of nonaccrual loans at March
31, 2014. Payments received on nonaccrual loans during
the second quarter of 2014 totaled $12.9
million, compared with payments received on such loans of
$23.2 million during the first
quarter of 2014. NPLs at June 30,
2014 also included $2.4
million of loans 90 days or more past due and still
accruing, compared with $1.9 million
of such loans at March 31, 2014, and
included restructured loans still accruing of $6.7 million at June 30,
2014, compared with $13.8
million of such loans at March
31, 2014. Early stage past due loans, representing
loans 30-89 days past due, totaled $28.8
million at June 30, 2014
compared to $28.3 million at
March 31, 2014.
Included in nonaccrual loans at June 30,
2014 were $36.6 million of
loans, or 56.7 percent of total nonaccrual loans, that were paying
as agreed, compared with $44.2
million, or 57.0 percent of total nonaccrual loans, at
March 31, 2014. 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 $8.3 million to $55.3
million during the second quarter of 2014 from $63.6 million at March
31, 2014. This net decrease reflected $4.1 million of OREO added through foreclosure,
offset by sales of OREO of $10.3
million. Write-downs in the value of existing
properties were $2.2 million for the
second quarter of 2014 compared to $1.8
million for the first quarter of 2014. Sales of OREO
during the second quarter of 2014 resulted in a net loss of
$1.1 million compared to a net loss
of $0.5 million for the first quarter
of 2014. At June 30, 2014, OREO
was carried at 44.2 percent of the aggregate loan balances at the
time of foreclosure, compared with 44.5 percent at March 31, 2014.
Noninterest Revenue
Noninterest revenue was $69.8
million for the second quarter of 2014, compared with
$76.1 million for the second quarter
of 2013 and $66.5 million for the
first quarter of 2014. These results included a negative
mortgage servicing rights ("MSR") valuation adjustment of
$2.1 million for the second quarter
of 2014 compared with a positive MSR valuation adjustment of
$5.3 million for the second quarter
of 2013 and a negative MSR valuation adjustment of $1.5 million for the first quarter of
2014.
Excluding the MSR valuation adjustments, net mortgage lending
revenue was $11.2 million for the
second quarter of 2014, compared with $12.6
million for the second quarter of 2013 and $4.9 million for the first quarter of 2014.
Mortgage origination volume for the second quarter of 2014 was
$291.0 million, compared with
$435.0 million for the second quarter
of 2013 and $197.1 million for the
first quarter of 2014.
Credit and debit card fee revenue was $8.6 million for the second quarter of 2014,
compared with $8.3 million for the
second quarter of 2013 and $7.8
million for the first quarter of 2014. Deposit service
charge revenue was $12.4 million for
the second quarter of 2014, compared with $12.8 million for the second quarter of 2013 and
$12.5 million for the first quarter
of 2014. Insurance commission revenue was $28.6 million for the second quarter of 2014,
compared with $25.9 million for the
second quarter of 2013 and $31.6
million for the first quarter of 2014.
Noninterest Expense
Noninterest expense for the second quarter of 2014 was
$128.0 million, compared with
$142.3 million for the second quarter
of 2013 and $126.7 million for the
first quarter of 2014. Salaries and employee benefits expense
declined to $74.7 million for the
second quarter of 2014 compared to $78.3
million for the second quarter of 2013 and $78.9 million for the first quarter of
2014. Foreclosed property expense was $4.2 million for the second quarter of 2014
compared with $3.2 million for the
second quarter of 2013 and $2.6
million for the first quarter of 2014. Deposit
insurance assessments were $2.0
million for the second quarter of 2014 compared to
$2.9 million for the second quarter
of 2013 and $1.6 million for the
first quarter of 2014. Noninterest expense for the second
quarter of 2013 included a pre-tax charge of $10.9 million related to the Voluntary Early
Retirement Program ("VERO").
Capital Management
BancorpSouth is a "well capitalized" financial holding company,
as defined by federal regulations, with Tier 1 risk-based capital
of 13.09 percent at June 30, 2014 and
total risk based capital of 14.35 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 12.24
percent at June 30, 2014, compared
with 11.04 percent at June 30, 2013
and 11.83 percent at March 31,
2014. The ratio of tangible shareholders' equity to tangible
assets was 10.03 percent at June 30,
2014, compared with 9.04 percent at June 30, 2013 and 9.69 percent at March 31, 2014.
Transaction Closings and Announcements
On December 18, 2013, BancorpSouth
Insurance Services, Inc. acquired the assets of Houston, Texas based GEM Insurance Agencies,
LP ("GEM"). GEM was formed in 1954 and produces annual
commission revenues of approximately $9
million. As a part of the transaction, the Company's
existing Houston office re-located
into GEM's current office located at 3355 West Alabama Street in
Houston. The combined operations are expected to produce
annual revenues of approximately $11
million.
On January 8, 2014, the Company
announced the signing of a definitive merger agreement with
Ouachita Bancshares Corp., parent company of Ouachita Independent
Bank (collectively referred to as "OIB"), headquartered in
Monroe, Louisiana, pursuant to
which Ouachita Bancshares Corp. will be merged with and into the
Company. OIB operates 12 full-service banking offices along
the I-20 corridor and has loan production offices in Madison, Mississippi and Natchitoches, Louisiana. As of
June 30, 2014, OIB, on a consolidated
basis, reported total assets of $645.2
million, total loans of $484.6
million and total deposits of $538.3
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 terms of the amended agreement
provide for a minimum total deal value of $107.5 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 merger has been unanimously approved by the
Board of Directors of each company and was approved by OIB
shareholders on April 8, 2014.
As previously discussed, the merger agreement has been extended to
allow for additional time to obtain the necessary regulatory
approvals and to satisfy all closing conditions. The
transaction is expected to close shortly after receiving all
required regulatory approvals, though the Company can provide no
assurance that the merger will close timely or at all.
On January 21, 2014, the Company
announced the signing of a definitive merger agreement with Central
Community Corporation, headquartered in Temple, Texas, pursuant to which Central
Community Corporation will be merged with and into the
Company. Central Community Corporation is the parent company
of First State Bank Central Texas ("First State Bank"), which is
headquartered in Austin,
Texas. First State Bank operates 31 full-service banking
offices in central Texas. As of June
30, 2014, Central Community Corporation, on a consolidated
basis, reported total assets of $1.4
billion, total loans of $562.0
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 terms of the
amended agreement provide for a minimum total deal value of
$191.0 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 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. As previously
discussed, the merger agreement has been extended to allow for
additional time to obtain the necessary regulatory approvals and to
satisfy all closing conditions. The transaction is expected
to close shortly after receiving all required regulatory approvals,
though the Company can provide no assurance that the merger will
close timely or at all.
On April 9, 2014, BancorpSouth
Insurance Services, Inc. acquired assets of Lafayette, Louisiana based Knox Insurance
Group, LLC. Knox was formed
in 1972 and currently produces annual revenues of approximately
$3 million. Knox will continue to operate under current
leadership in Lafayette.
Summary
Rollins concluded, "While the delay in being able to close the
two pending bank transactions is unfortunate, it does not impact
our ability to continue to do the things internally that improve
performance. Our lending team continues to feed off the
momentum they have built and our lines of business, including
insurance, mortgage, and wealth management, continue to win new
customers and grow revenue. We have plenty of work to do
internally and a lot of runway left to continue to improve
performance while we await the required regulatory approvals to
close the transactions."
Conference Call
BancorpSouth will conduct a conference call to discuss its
second quarter 2014 results on July 22, 2014, at 10:00 a.m. (Central Time). Investors may
listen via the Internet by accessing BancorpSouth's website at
http://www.bancorpsouth.com. A replay of the conference call
will be available at BancorpSouth's website for at least two weeks
following the call.
About BancorpSouth, Inc.
BancorpSouth, Inc. is a financial holding company headquartered
in Tupelo, Mississippi, with
$13.0 billion in assets.
BancorpSouth Bank, a wholly-owned subsidiary of BancorpSouth, Inc.,
operates 295 commercial banking, mortgage, and insurance locations
in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in
Illinois.
Forward-Looking Statements
Certain statements contained in this news release may not be
based upon historical facts and are "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements may be identified
by their reference to a future period or periods or by the use of
forward-looking terminology such as "anticipate," "believe,"
"could," "estimate," "expect," "foresee," "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, statements relating to the
terms, timing and closings of the proposed mergers with Ouachita
Bancshares Corp. and Central Community Corporation, the Company's
undertaking and performance of the necessary actions to remediate
and fully resolve those concerns regarding the Company's
procedures, systems and processes related to certain of its
compliance programs, including its Bank Secrecy Act and
anti-money-laundering programs, that have been identified by its
federal bank regulators, the acceptance by customers of Ouachita
Bancshares Corp. and Central Community Corporation of the Company's
products and services if the proposed mergers close, non-accrual
loans and any uncertainty regarding repayment, or determinations of
impairment, of such non-accrual loans, revenue estimates for the
Company's operations in Houston,
Texas following the closing of the transaction with GEM, the
retention of key personnel, Knox's
continued operations and generation of revenues, the Company's
opportunities to grow organically and through acquisitions, the
Company's ability to enhance market share in existing markets and
to gain acceptance of the Company generally in new markets, the
Company's focus on and impact of cost-saving initiatives, the
Company's ability to improve efficiency, trends in the Company's
operating expenses, and the Company's use of non-GAAP financial
measures.
The Company cautions 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 of
the Company to resolve to the satisfaction of its federal bank
regulators those identified concerns regarding the Company's
procedures, systems and processes related to certain of its
compliance programs, including its Bank Secrecy Act and
anti-money-laundering programs, the findings and results of the
Consumer Financial Protection Bureau in its review of the Company's
fair lending practices, the ability of the Company, Ouachita
Bancshares Corp. and Central Community Corporation to obtain
regulatory approval of and close the proposed mergers, the
potential impact upon the Company of the delay in the closings, if
any, of these proposed mergers, the ability of the Company to
retain key personnel after the closings, if any, of these proposed
mergers and the Knox acquisition,
conditions in the financial markets and economic conditions
generally, the adequacy of the Company's provision and allowance
for credit losses to cover actual credit losses, the credit risk
associated with real estate construction, acquisition and
development loans, losses resulting from the significant amount of
the Company's other real estate owned, limitations on the Company's
ability to declare and pay dividends, the impact of legal or
administrative proceedings, the availability of capital on
favorable terms if and when needed, liquidity risk, governmental
regulation, including the Dodd Frank Act, and supervision of the
Company's operations, the short-term and long-term impact of
changes to banking capital standards on the Company's regulatory
capital and liquidity, the impact of regulations on service charges
on the Company's core deposit accounts, the susceptibility of the
Company's business to local economic or environmental conditions,
the soundness of other financial institutions, changes in interest
rates, the impact of monetary policies and economic factors on the
Company's ability to attract deposits or make loans, volatility in
capital and credit markets, reputational risk, the impact of
hurricanes or other adverse weather events, any requirement that
the Company write down goodwill or other intangible assets,
diversification in the types of financial services the Company
offers, the Company's ability to adapt its products and services to
evolving industry standards and consumer preferences, competition
with other financial services companies, risks in connection with
completed or potential acquisitions, the Company's growth strategy,
interruptions or breaches in the Company's information system
security, the failure of certain third party vendors to perform,
unfavorable ratings by rating agencies, dilution caused by the
Company's issuance of any additional shares of its common stock to
raise capital or acquire other banks, bank holding companies,
financial holding companies and insurance agencies, other factors
generally understood to affect the 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 releases and
filings with the Securities and Exchange Commission.
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 after the date of
this news release. Unless otherwise noted, any quotes in this news
release can be attributed to company management.
BancorpSouth,
Inc.
|
Selected Financial
Information
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
|
6/30/2014
|
3/31/2014
|
12/31/2013
|
9/30/2013
|
6/30/2013
|
Earnings
Summary:
|
|
|
|
|
|
Interest
revenue
|
$
111,499
|
$
110,599
|
$
112,510
|
$
111,961
|
$
112,009
|
Interest
expense
|
8,418
|
9,076
|
10,093
|
11,720
|
13,796
|
Net interest
revenue
|
103,081
|
101,523
|
102,417
|
100,241
|
98,213
|
Provision for credit
losses
|
-
|
-
|
-
|
500
|
3,000
|
Net interest revenue,
after provision for credit
losses
|
|
|
|
|
|
103,081
|
101,523
|
102,417
|
99,741
|
95,213
|
Noninterest
revenue
|
69,838
|
66,517
|
65,125
|
62,514
|
76,109
|
Noninterest
expense
|
127,954
|
126,707
|
127,830
|
129,397
|
142,251
|
Income before income
taxes
|
44,965
|
41,333
|
39,712
|
32,858
|
29,071
|
Income tax
expense
|
14,097
|
12,889
|
12,014
|
8,001
|
8,316
|
Net income
|
$
30,868
|
$
28,444
|
$
27,698
|
$
24,857
|
$
20,755
|
|
|
|
|
|
|
Balance Sheet -
Period End Balances
|
|
|
|
|
|
Total
assets
|
$ 12,985,887
|
$
13,143,555
|
$ 13,029,733
|
$ 12,916,153
|
$ 13,217,705
|
Total earning
assets
|
11,794,445
|
11,948,897
|
11,814,060
|
11,765,785
|
11,961,836
|
Total
securities
|
2,332,192
|
2,426,758
|
2,466,989
|
2,554,156
|
2,644,939
|
Loans and leases, net
of unearned income
|
9,311,661
|
9,068,376
|
8,958,015
|
8,773,115
|
8,678,714
|
Allowance for credit
losses
|
147,132
|
149,704
|
153,236
|
153,974
|
161,047
|
Total
deposits
|
10,670,414
|
10,811,790
|
10,773,836
|
10,717,946
|
10,961,618
|
Long-term
debt
|
83,835
|
85,835
|
81,714
|
83,500
|
33,500
|
Total shareholders'
equity
|
1,588,850
|
1,554,676
|
1,513,130
|
1,480,611
|
1,459,793
|
|
|
|
|
|
|
Balance Sheet -
Average Balances
|
|
|
|
|
|
Total
assets
|
$ 12,933,879
|
$
13,087,128
|
$ 12,955,127
|
$ 12,928,505
|
$ 13,146,040
|
Total earning
assets
|
11,825,994
|
11,958,836
|
11,869,072
|
11,846,790
|
12,060,189
|
Total
securities
|
2,394,045
|
2,452,178
|
2,511,888
|
2,598,786
|
2,616,274
|
Loans and leases, net
of unearned income
|
9,232,743
|
9,022,155
|
8,830,917
|
8,682,966
|
8,588,673
|
Total
deposits
|
10,650,077
|
10,825,308
|
10,739,352
|
10,745,945
|
10,938,489
|
Long-term
debt
|
83,967
|
87,767
|
81,714
|
62,848
|
33,500
|
Total shareholders'
equity
|
1,574,588
|
1,537,897
|
1,501,928
|
1,474,047
|
1,475,211
|
|
|
|
|
|
|
Nonperforming
Assets:
|
|
|
|
|
|
Non-accrual loans and
leases
|
$
64,533
|
$
77,531
|
$
92,173
|
$
121,353
|
$
149,542
|
Loans and leases 90+
days past due, still accruing
|
2,406
|
1,949
|
1,226
|
1,479
|
1,440
|
Restructured loans
and leases, still accruing
|
6,712
|
13,776
|
27,007
|
21,502
|
16,953
|
Non-performing loans
(NPLs)
|
73,651
|
93,256
|
120,406
|
144,334
|
167,935
|
Other real estate
owned
|
55,253
|
63,595
|
69,338
|
76,853
|
88,438
|
Non-performing assets
(NPAs)
|
$
128,904
|
$
156,851
|
$
189,744
|
$
221,187
|
$
256,373
|
|
|
|
|
|
|
Financial Ratios
and Other Data:
|
|
|
|
|
|
Return on average
assets
|
0.96%
|
0.88%
|
0.85%
|
0.76%
|
0.63%
|
Return on average
shareholders' equity
|
7.86%
|
7.50%
|
7.32%
|
6.69%
|
5.64%
|
Return on tangible
equity
|
9.74%
|
9.28%
|
9.16%
|
8.29%
|
7.12%
|
Pre-tax pre-provision
return on average assets
|
1.39%
|
1.28%
|
1.22%
|
1.02%
|
0.98%
|
Non-interest income
to average assets
|
2.17%
|
2.06%
|
1.99%
|
1.92%
|
2.32%
|
Non-interest expense
to average assets
|
3.97%
|
3.93%
|
3.91%
|
3.97%
|
4.34%
|
Net interest
margin-fully taxable equivalent
|
3.59%
|
3.54%
|
3.52%
|
3.45%
|
3.36%
|
Net interest rate
spread
|
3.48%
|
3.43%
|
3.39%
|
3.32%
|
3.21%
|
Efficiency ratio (tax
equivalent)
|
72.76%
|
74.16%
|
75.00%
|
78.11%
|
80.25%
|
Loan/deposit
ratio
|
87.27%
|
83.87%
|
83.15%
|
81.85%
|
79.17%
|
Price to earnings
mult (avg)
|
21.00
|
23.33
|
25.68
|
22.66
|
20.34
|
Market value to book
value
|
148.53%
|
154.13%
|
160.04%
|
128.22%
|
115.42%
|
Market value to book
value (avg)
|
143.72%
|
150.43%
|
143.60%
|
126.22%
|
107.59%
|
Market value to
tangible book value
|
185.73%
|
192.80%
|
201.75%
|
159.52%
|
144.16%
|
Market value to
tangible book value (avg)
|
179.72%
|
188.17%
|
181.04%
|
157.02%
|
134.39%
|
Headcount
FTE
|
3,981
|
3,981
|
4,005
|
3,994
|
4,077
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality
Ratios:
|
|
|
|
|
|
Net charge-offs to
average loans and leases (annualized)
|
0.11%
|
0.16%
|
0.03%
|
0.35%
|
0.21%
|
Provision for credit
losses to average loans and leases (annualized)
|
0.00%
|
0.00%
|
0.00%
|
0.02%
|
0.14%
|
Allowance for credit
losses to net loans and leases
|
1.58%
|
1.65%
|
1.71%
|
1.76%
|
1.86%
|
Allowance for credit
losses to non-performing loans and leases
|
199.77%
|
160.53%
|
127.27%
|
106.68%
|
95.90%
|
Allowance for credit
losses to non-performing assets
|
114.14%
|
95.44%
|
80.76%
|
69.61%
|
62.82%
|
Non-performing loans
and leases to net loans and leases
|
0.79%
|
1.03%
|
1.34%
|
1.65%
|
1.94%
|
Non-performing assets
to net loans and leases
|
1.38%
|
1.73%
|
2.12%
|
2.52%
|
2.95%
|
|
|
|
|
|
|
Equity
Ratios:
|
|
|
|
|
|
Total shareholders'
equity to total assets
|
12.24%
|
11.83%
|
11.61%
|
11.46%
|
11.04%
|
Tangible
shareholders' equity to tangible assets
|
10.03%
|
9.69%
|
9.44%
|
9.43%
|
9.04%
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Adequacy:
|
|
|
|
|
|
Tier 1
capital
|
13.09%
|
13.18%
|
12.99%
|
13.25%
|
14.21%
|
Total
capital
|
14.35%
|
14.44%
|
14.25%
|
14.50%
|
15.47%
|
Tier 1 leverage
capital
|
10.33%
|
10.04%
|
9.93%
|
9.93%
|
10.58%
|
Estimated for current quarter
|
|
|
|
|
|
|
|
|
|
|
|
Common Share
Data:
|
|
|
|
|
|
Basic earnings per
share
|
$
0.32
|
$
0.30
|
$
0.29
|
$
0.26
|
$
0.22
|
Diluted earnings per
share
|
0.32
|
0.30
|
0.29
|
0.26
|
0.22
|
Cash dividends per
share
|
0.05
|
0.05
|
0.05
|
0.05
|
0.01
|
Book value per
share
|
16.54
|
16.19
|
15.89
|
15.55
|
15.34
|
Tangible book value
per share
|
13.23
|
12.95
|
12.60
|
12.50
|
12.28
|
Market value per
share (last)
|
24.57
|
24.96
|
25.42
|
19.94
|
17.70
|
Market value per
share (high)
|
25.55
|
26.24
|
25.54
|
20.77
|
18.06
|
Market value per
share (low)
|
22.16
|
22.46
|
19.64
|
17.76
|
14.72
|
Market value per
share (avg)
|
23.78
|
24.36
|
22.81
|
19.63
|
16.50
|
Dividend payout
ratio
|
15.56%
|
16.80%
|
17.19%
|
19.15%
|
4.59%
|
Total shares
outstanding
|
96,046,057
|
96,004,679
|
95,231,691
|
95,211,602
|
95,190,797
|
Average shares
outstanding - basic
|
96,034,475
|
95,629,890
|
95,217,203
|
95,201,238
|
95,177,167
|
Average shares
outstanding - diluted
|
96,373,121
|
95,952,611
|
95,644,383
|
95,519,318
|
95,405,965
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield/Rate:
|
|
|
|
|
|
(Taxable equivalent
basis)
|
|
|
|
|
|
Loans, loans held for
sale, and leases net of unearned income
|
4.38%
|
4.48%
|
4.52%
|
4.55%
|
4.62%
|
Available-for-sale
securities:
|
|
|
|
|
|
Taxable
|
1.45%
|
1.50%
|
1.51%
|
1.50%
|
1.55%
|
Tax-exempt
|
5.44%
|
5.58%
|
5.52%
|
5.61%
|
5.47%
|
Short-term
investments
|
0.24%
|
0.25%
|
0.25%
|
0.25%
|
0.25%
|
Total interest
earning assets and revenue
|
3.88%
|
3.85%
|
3.86%
|
3.85%
|
3.82%
|
Deposits:
|
0.28%
|
0.31%
|
0.34%
|
0.36%
|
0.39%
|
Demand -
interest bearing
|
0.17%
|
0.17%
|
0.18%
|
0.18%
|
0.21%
|
Savings
|
0.12%
|
0.13%
|
0.13%
|
0.12%
|
0.14%
|
Other
time
|
0.97%
|
1.06%
|
1.13%
|
1.18%
|
1.23%
|
Short-term
borrowings
|
0.09%
|
0.07%
|
0.07%
|
0.07%
|
0.07%
|
Total int bearing dep
& s/t borrowings
|
0.37%
|
0.39%
|
0.43%
|
0.45%
|
0.48%
|
Junior subordinated
debt
|
2.81%
|
2.86%
|
2.96%
|
6.57%
|
7.16%
|
Long-term
debt
|
2.84%
|
2.91%
|
2.94%
|
3.19%
|
4.18%
|
Total interest
bearing liabilities and expense
|
0.40%
|
0.42%
|
0.46%
|
0.53%
|
0.61%
|
Interest bearing
liabilities to interest earning assets
|
71.98%
|
73.51%
|
72.91%
|
74.15%
|
74.70%
|
Net interest tax
equivalent adjustment
|
$
2,860
|
$
2,823
|
$
2,893
|
$
2,905
|
$
2,931
|
BancorpSouth,
Inc.
|
Consolidated
Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
Jun-14
|
Mar-14
|
Dec-13
|
Sep-13
|
Jun-13
|
|
(Dollars in
thousands)
|
Assets
|
|
|
|
|
|
Cash and due from
banks
|
$
201,196
|
$
199,214
|
$
208,961
|
$
199,464
|
$
268,647
|
Interest bearing
deposits with other banks
|
44,949
|
390,896
|
319,462
|
361,401
|
526,608
|
Available-for-sale
securities, at fair value
|
2,332,192
|
2,426,758
|
2,466,989
|
2,554,156
|
2,644,939
|
Loans and
leases
|
9,347,429
|
9,103,850
|
8,993,888
|
8,806,392
|
8,711,023
|
Less:
Unearned income
|
35,768
|
35,474
|
35,873
|
33,277
|
32,309
|
Allowance for credit losses
|
147,132
|
149,704
|
153,236
|
153,974
|
161,047
|
Net loans and
leases
|
9,164,529
|
8,918,672
|
8,804,779
|
8,619,141
|
8,517,667
|
Loans held for
sale
|
105,643
|
62,867
|
69,593
|
77,114
|
111,574
|
Premises and
equipment, net
|
310,515
|
314,367
|
315,260
|
314,441
|
313,079
|
Accrued interest
receivable
|
40,697
|
42,666
|
42,150
|
43,034
|
41,425
|
Goodwill
|
291,498
|
286,800
|
286,800
|
275,173
|
275,173
|
Other identifiable
intangibles
|
26,745
|
25,021
|
26,079
|
15,179
|
15,865
|
Bank owned life
insurance
|
241,962
|
240,077
|
239,434
|
236,969
|
235,015
|
Other real estate
owned
|
55,253
|
63,595
|
69,338
|
76,853
|
88,438
|
Other
assets
|
170,708
|
172,622
|
180,888
|
143,228
|
179,275
|
Total
Assets
|
$ 12,985,887
|
$ 13,143,555
|
$ 13,029,733
|
$ 12,916,153
|
$ 13,217,705
|
Liabilities
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Demand:
Noninterest bearing
|
$ 2,718,242
|
$ 2,725,042
|
$ 2,644,592
|
$ 2,597,762
|
$ 2,610,768
|
Interest bearing
|
4,511,760
|
4,583,481
|
4,582,450
|
4,493,359
|
4,667,041
|
Savings
|
1,299,203
|
1,297,344
|
1,234,130
|
1,220,227
|
1,210,497
|
Other
time
|
2,141,209
|
2,205,923
|
2,312,664
|
2,406,598
|
2,473,312
|
Total
deposits
|
10,670,414
|
10,811,790
|
10,773,836
|
10,717,946
|
10,961,618
|
Federal funds
purchased and
|
|
|
|
|
|
securities sold under agreement
|
|
|
|
|
|
to
repurchase
|
394,446
|
456,303
|
421,028
|
418,623
|
382,871
|
Short-term Federal
Home Loan Bank borrowings
|
|
|
|
|
|
and
other short-term borrowing
|
2,000
|
-
|
-
|
-
|
-
|
Accrued interest
payable
|
3,926
|
4,050
|
4,836
|
5,156
|
5,230
|
Junior subordinated
debt securities
|
23,198
|
23,198
|
31,446
|
31,446
|
160,312
|
Long-term
debt
|
83,835
|
85,835
|
81,714
|
83,500
|
33,500
|
Other
liabilities
|
219,218
|
207,703
|
203,743
|
178,871
|
214,381
|
Total
Liabilities
|
11,397,037
|
11,588,879
|
11,516,603
|
11,435,542
|
11,757,912
|
Shareholders'
Equity
|
|
|
|
|
|
Common
stock
|
240,118
|
240,012
|
238,079
|
238,029
|
237,976
|
Capital
surplus
|
321,952
|
320,969
|
312,900
|
312,798
|
312,074
|
Accumulated other
comprehensive loss
|
(15,040)
|
(22,060)
|
(29,959)
|
(39,389)
|
(39,333)
|
Retained
earnings
|
1,041,820
|
1,015,755
|
992,110
|
969,173
|
949,076
|
Total Shareholders'
Equity
|
1,588,850
|
1,554,676
|
1,513,130
|
1,480,611
|
1,459,793
|
Total Liabilities
& Shareholders' Equity
|
$ 12,985,887
|
$ 13,143,555
|
$ 13,029,733
|
$ 12,916,153
|
$ 13,217,705
|
BancorpSouth,
Inc.
|
Consolidated
Average Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
Jun-14
|
Mar-14
|
Dec-13
|
Sep-13
|
Jun-13
|
|
(Dollars in
thousands)
|
Assets
|
|
|
|
|
|
Cash and due from
banks
|
$ 157,813
|
$ 168,056
|
$ 163,948
|
$ 163,322
|
$ 160,615
|
Interest bearing
deposits with other banks
|
145,530
|
449,207
|
471,695
|
487,075
|
765,729
|
Available-for-sale
securities, at fair value
|
2,394,045
|
2,452,178
|
2,511,888
|
2,598,786
|
2,616,274
|
Loans and
leases
|
9,269,469
|
9,058,081
|
8,864,983
|
8,715,894
|
8,621,849
|
Less:
Unearned income
|
36,726
|
35,926
|
34,066
|
32,928
|
33,176
|
Allowance for credit losses
|
149,676
|
153,615
|
153,443
|
160,609
|
163,252
|
Net loans and
leases
|
9,083,067
|
8,868,540
|
8,677,474
|
8,522,357
|
8,425,421
|
Loans held for
sale
|
53,676
|
35,297
|
54,572
|
77,964
|
89,513
|
Premises and
equipment, net
|
313,012
|
315,804
|
315,174
|
312,724
|
313,147
|
Accrued interest
receivable
|
38,291
|
39,336
|
39,665
|
39,354
|
39,317
|
Goodwill
|
293,082
|
286,800
|
279,091
|
275,173
|
275,173
|
Other identifiable
intangibles
|
25,271
|
25,420
|
18,658
|
15,446
|
16,142
|
Bank owned life
insurance
|
240,736
|
239,969
|
237,657
|
235,708
|
233,670
|
Other real estate
owned
|
60,822
|
69,086
|
77,211
|
86,545
|
91,505
|
Other
assets
|
128,534
|
137,435
|
108,094
|
114,051
|
119,534
|
Total
Assets
|
$ 12,933,879
|
$ 13,087,128
|
$ 12,955,127
|
$ 12,928,505
|
$ 13,146,040
|
Liabilities
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Demand:
Noninterest bearing
|
$ 2,683,939
|
$ 2,647,376
|
$ 2,667,667
|
$ 2,551,812
|
$ 2,522,577
|
Interest bearing
|
4,492,495
|
4,657,785
|
4,484,269
|
4,530,219
|
4,707,277
|
Savings
|
1,298,829
|
1,260,838
|
1,224,588
|
1,216,599
|
1,208,454
|
Other
time
|
2,174,814
|
2,259,309
|
2,362,828
|
2,447,315
|
2,500,181
|
Total
deposits
|
10,650,077
|
10,825,308
|
10,739,352
|
10,745,945
|
10,938,489
|
Federal funds
purchased and
|
|
|
|
|
|
securities sold under agreement
|
|
|
|
|
|
to
repurchase
|
435,505
|
458,436
|
469,245
|
441,807
|
399,789
|
Short-term Federal
Home Loan Bank borrowings
|
|
|
|
|
|
and
other short-term borrowing
|
3,621
|
-
|
-
|
-
|
-
|
Accrued interest
payable
|
3,926
|
4,400
|
5,051
|
5,391
|
5,481
|
Junior subordinated
debt securities
|
23,198
|
23,748
|
31,446
|
86,074
|
160,312
|
Long-term
debt
|
83,967
|
87,767
|
81,714
|
62,848
|
33,500
|
Other
liabilities
|
158,997
|
149,572
|
126,391
|
112,393
|
133,258
|
Total
Liabilities
|
11,359,291
|
11,549,231
|
11,453,199
|
11,454,458
|
11,670,829
|
Shareholders'
Equity
|
|
|
|
|
|
Common
stock
|
240,071
|
238,853
|
238,038
|
237,997
|
237,956
|
Capital
surplus
|
321,628
|
314,117
|
312,835
|
312,349
|
311,480
|
Accumulated other
comprehensive loss
|
(16,663)
|
(23,644)
|
(32,267)
|
(43,695)
|
(15,277)
|
Retained
earnings
|
1,029,552
|
1,008,571
|
983,322
|
967,396
|
941,052
|
Total Shareholders'
Equity
|
1,574,588
|
1,537,897
|
1,501,928
|
1,474,047
|
1,475,211
|
Total Liabilities
& Shareholders' Equity
|
$ 12,933,879
|
$ 13,087,128
|
$ 12,955,127
|
$ 12,928,505
|
$ 13,146,040
|
BancorpSouth,
Inc.
|
Consolidated
Condensed Statements of Income
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Year Ended
|
|
Jun-14
|
|
Mar-14
|
|
Dec-13
|
|
Sep-13
|
|
Jun-13
|
|
Jun-14
|
|
Jun-13
|
INTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
leases
|
$ 99,962
|
|
$ 98,744
|
|
$ 99,989
|
|
$ 98,836
|
|
$ 98,524
|
|
$ 198,706
|
|
$ 197,616
|
Deposits with other
banks
|
87
|
|
276
|
|
299
|
|
310
|
|
483
|
|
363
|
|
1,085
|
Available-for-sale
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
7,133
|
|
7,547
|
|
7,963
|
|
8,218
|
|
8,405
|
|
14,680
|
|
17,105
|
Tax-exempt
|
3,669
|
|
3,715
|
|
3,810
|
|
3,866
|
|
3,911
|
|
7,384
|
|
7,871
|
Loans held for
sale
|
648
|
|
317
|
|
449
|
|
731
|
|
686
|
|
965
|
|
1,359
|
Total
interest revenue
|
111,499
|
|
110,599
|
|
112,510
|
|
111,961
|
|
112,009
|
|
222,098
|
|
225,036
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
demand
|
1,905
|
|
1,920
|
|
2,036
|
|
2,061
|
|
2,423
|
|
3,825
|
|
5,548
|
Savings
|
402
|
|
391
|
|
387
|
|
383
|
|
422
|
|
793
|
|
935
|
Other time
|
5,249
|
|
5,890
|
|
6,746
|
|
7,271
|
|
7,671
|
|
11,139
|
|
15,712
|
Federal funds
purchased and securities sold under agreement to repurchase
|
|
|
|
|
|
|
|
|
|
|
|
|
|
80
|
|
78
|
|
84
|
|
80
|
|
70
|
|
158
|
|
133
|
Long-term
debt
|
619
|
|
629
|
|
605
|
|
501
|
|
349
|
|
1,248
|
|
697
|
Junior subordinated
debt
|
162
|
|
168
|
|
235
|
|
1,424
|
|
2,860
|
|
330
|
|
5,717
|
Other
|
1
|
|
-
|
|
-
|
|
-
|
|
1
|
|
1
|
|
3
|
Total
interest expense
|
8,418
|
|
9,076
|
|
10,093
|
|
11,720
|
|
13,796
|
|
17,494
|
|
28,745
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest revenue
|
103,081
|
|
101,523
|
|
102,417
|
|
100,241
|
|
98,213
|
|
204,604
|
|
196,291
|
Provision for
credit losses
|
-
|
|
-
|
|
-
|
|
500
|
|
3,000
|
|
-
|
|
7,000
|
Net
interest revenue, after provision for credit losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
103,081
|
|
101,523
|
|
102,417
|
|
99,741
|
|
95,213
|
|
204,604
|
|
189,291
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage
lending
|
9,089
|
|
3,394
|
|
9,605
|
|
5,134
|
|
17,892
|
|
12,483
|
|
30,238
|
Credit card, debit
card and merchant fees
|
8,567
|
|
7,843
|
|
8,324
|
|
8,834
|
|
8,324
|
|
16,410
|
|
15,847
|
Deposit service
charges
|
12,437
|
|
12,536
|
|
13,570
|
|
13,679
|
|
12,824
|
|
24,973
|
|
25,656
|
Security gains
(losses), net
|
5
|
|
(4)
|
|
29
|
|
(5)
|
|
3
|
|
1
|
|
22
|
Insurance
commissions
|
28,621
|
|
31,599
|
|
21,397
|
|
23,800
|
|
25,862
|
|
60,220
|
|
52,503
|
Wealth
Management
|
5,828
|
|
5,916
|
|
5,320
|
|
6,057
|
|
5,802
|
|
11,744
|
|
11,589
|
Other
|
5,291
|
|
5,233
|
|
6,880
|
|
5,015
|
|
5,402
|
|
10,524
|
|
11,572
|
Total
noninterest revenue
|
69,838
|
|
66,517
|
|
65,125
|
|
62,514
|
|
76,109
|
|
136,355
|
|
147,427
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
74,741
|
|
78,883
|
|
75,466
|
|
73,532
|
|
78,284
|
|
153,624
|
|
157,698
|
Occupancy, net of
rental income
|
10,245
|
|
10,287
|
|
9,935
|
|
10,360
|
|
10,577
|
|
20,532
|
|
20,814
|
Equipment
|
4,169
|
|
4,499
|
|
4,298
|
|
4,555
|
|
4,585
|
|
8,668
|
|
9,533
|
Deposit insurance
assessments
|
2,035
|
|
1,600
|
|
2,687
|
|
3,325
|
|
2,939
|
|
3,635
|
|
5,743
|
Voluntary early
retirement expense
|
-
|
|
-
|
|
-
|
|
-
|
|
10,850
|
|
-
|
|
10,850
|
Write-off and
amortization of bond issue cost
|
12
|
|
12
|
|
12
|
|
2,907
|
|
38
|
|
24
|
|
76
|
Other
|
36,752
|
|
31,426
|
|
35,432
|
|
34,718
|
|
34,978
|
|
68,178
|
|
72,908
|
Total
noninterest expenses
|
127,954
|
|
126,707
|
|
127,830
|
|
129,397
|
|
142,251
|
|
254,661
|
|
277,622
|
Income
before income taxes
|
44,965
|
|
41,333
|
|
39,712
|
|
32,858
|
|
29,071
|
|
86,298
|
|
59,096
|
Income tax
expense
|
14,097
|
|
12,889
|
|
12,014
|
|
8,001
|
|
8,316
|
|
26,986
|
|
17,536
|
Net
income
|
$ 30,868
|
|
$ 28,444
|
|
$ 27,698
|
|
$ 24,857
|
|
$ 20,755
|
|
$ 59,312
|
|
$ 41,560
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share:
Basic
|
$ 0.32
|
|
$ 0.30
|
|
$ 0.29
|
|
$ 0.26
|
|
$ 0.22
|
|
$ 0.62
|
|
$ 0.44
|
Diluted
|
$ 0.32
|
|
$ 0.30
|
|
$ 0.29
|
|
$ 0.26
|
|
$ 0.22
|
|
$ 0.62
|
|
$ 0.44
|
BancorpSouth,
Inc.
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Jun-14
|
|
Mar-14
|
|
Dec-13
|
|
Sep-13
|
|
Jun-13
|
LOAN AND LEASE
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$ 1,699,803
|
|
$ 1,581,251
|
|
$ 1,529,249
|
|
$ 1,503,809
|
|
$ 1,552,762
|
Real
estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
2,071,503
|
|
2,047,001
|
|
1,976,073
|
|
1,931,171
|
|
1,880,338
|
Home
equity
|
506,988
|
|
498,283
|
|
494,339
|
|
490,361
|
|
482,068
|
Agricultural
|
238,003
|
|
229,602
|
|
234,576
|
|
234,547
|
|
237,914
|
Commercial and industrial-owner occupied
|
1,505,679
|
|
1,488,380
|
|
1,473,320
|
|
1,422,077
|
|
1,375,711
|
Construction, acquisition and development
|
772,162
|
|
748,027
|
|
741,458
|
|
723,609
|
|
709,499
|
Commercial real estate
|
1,901,759
|
|
1,847,983
|
|
1,846,039
|
|
1,795,352
|
|
1,754,841
|
Credit
cards
|
109,186
|
|
105,988
|
|
111,328
|
|
105,112
|
|
103,251
|
All other
|
506,578
|
|
521,861
|
|
551,633
|
|
567,077
|
|
582,330
|
Total loans
|
$ 9,311,661
|
|
$ 9,068,376
|
|
$ 8,958,015
|
|
$ 8,773,115
|
|
$ 8,678,714
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR CREDIT
LOSSES:
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period
|
$ 149,704
|
|
$ 153,236
|
|
$ 153,974
|
|
$ 161,047
|
|
$ 162,601
|
|
|
|
|
|
|
|
|
|
|
Loans and leases
charged off:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
(860)
|
|
(201)
|
|
(837)
|
|
(889)
|
|
(1,008)
|
Real
estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
(1,682)
|
|
(1,945)
|
|
(1,435)
|
|
(2,996)
|
|
(3,114)
|
Home
equity
|
(438)
|
|
(318)
|
|
(287)
|
|
(379)
|
|
(201)
|
Agricultural
|
(18)
|
|
(696)
|
|
(238)
|
|
(169)
|
|
(327)
|
Commercial and industrial-owner occupied
|
(936)
|
|
(1,206)
|
|
(1,041)
|
|
(1,684)
|
|
(830)
|
Construction, acquisition and development
|
(41)
|
|
(1,666)
|
|
(1,784)
|
|
(1,727)
|
|
(2,036)
|
Commercial real estate
|
(361)
|
|
(901)
|
|
(1,039)
|
|
(2,441)
|
|
(3,720)
|
Credit
cards
|
(608)
|
|
(559)
|
|
(559)
|
|
(750)
|
|
(557)
|
All other
|
(671)
|
|
(583)
|
|
(1,108)
|
|
(837)
|
|
(462)
|
Total loans charged
off
|
(5,615)
|
|
(8,075)
|
|
(8,328)
|
|
(11,872)
|
|
(12,255)
|
|
|
|
|
|
|
|
|
|
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
359
|
|
1,076
|
|
1,361
|
|
820
|
|
747
|
Real
estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
956
|
|
538
|
|
1,735
|
|
1,516
|
|
708
|
Home
equity
|
182
|
|
184
|
|
97
|
|
66
|
|
184
|
Agricultural
|
26
|
|
9
|
|
34
|
|
48
|
|
120
|
Commercial and industrial-owner occupied
|
78
|
|
358
|
|
734
|
|
297
|
|
1,439
|
Construction, acquisition and development
|
808
|
|
1,637
|
|
2,483
|
|
953
|
|
360
|
Commercial real estate
|
226
|
|
323
|
|
784
|
|
221
|
|
3,634
|
Credit
cards
|
135
|
|
131
|
|
133
|
|
164
|
|
184
|
All other
|
273
|
|
287
|
|
229
|
|
214
|
|
325
|
Total recoveries
|
3,043
|
|
4,543
|
|
7,590
|
|
4,299
|
|
7,701
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs
|
(2,572)
|
|
(3,532)
|
|
(738)
|
|
(7,573)
|
|
(4,554)
|
|
|
|
|
|
|
|
|
|
|
Provision charged to
operating expense
|
-
|
|
-
|
|
-
|
|
500
|
|
3,000
|
Balance, end of
period
|
$ 147,132
|
|
$ 149,704
|
|
$ 153,236
|
|
$ 153,974
|
|
$ 161,047
|
|
|
|
|
|
|
|
|
|
|
Average loans for
period
|
$ 9,232,743
|
|
$ 9,022,155
|
|
$ 8,830,917
|
|
$ 8,682,966
|
|
$ 8,588,673
|
|
|
|
|
|
|
|
|
|
|
Ratio:
|
|
|
|
|
|
|
|
|
|
Net charge-offs to
average loans (annualized)
|
0.11%
|
|
0.16%
|
|
0.03%
|
|
0.35%
|
|
0.21%
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Jun-14
|
|
Mar-14
|
|
Dec-13
|
|
Sep-13
|
|
Jun-13
|
NON-PERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES:
|
|
|
|
|
|
|
|
|
|
Nonaccrual
Loans and Leases
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
$ 2,917
|
|
$ 3,023
|
|
$ 3,079
|
|
$ 5,498
|
|
$ 6,225
|
Real estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
24,355
|
|
24,353
|
|
25,645
|
|
30,569
|
|
34,226
|
Home
equity
|
2,116
|
|
2,740
|
|
3,695
|
|
3,287
|
|
3,862
|
Agricultural
|
595
|
|
651
|
|
1,260
|
|
4,086
|
|
5,007
|
Commercial and
industrial-owner occupied
|
11,094
|
|
14,122
|
|
18,568
|
|
18,138
|
|
17,084
|
Construction,
acquisition and development
|
9,202
|
|
9,968
|
|
17,567
|
|
26,127
|
|
39,315
|
Commercial real
estate
|
13,406
|
|
21,496
|
|
20,972
|
|
31,468
|
|
40,940
|
Credit cards
|
132
|
|
168
|
|
119
|
|
196
|
|
398
|
All other
|
716
|
|
1,010
|
|
1,268
|
|
1,984
|
|
2,485
|
Total nonaccrual loans and leases
|
$ 64,533
|
|
$ 77,531
|
|
$ 92,173
|
|
$ 121,353
|
|
$ 149,542
|
|
|
|
|
|
|
|
|
|
|
Loans and
Leases 90+ Days Past Due, Still Accruing:
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
$ 302
|
|
$
287
|
|
$
27
|
|
$
15
|
|
$
-
|
Real estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
1,607
|
|
1,307
|
|
888
|
|
1,178
|
|
1,107
|
Home
equity
|
116
|
|
12
|
|
-
|
|
-
|
|
-
|
Agricultural
|
100
|
|
-
|
|
-
|
|
-
|
|
-
|
Commercial and
industrial-owner occupied
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Construction,
acquisition and development
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Commercial real
estate
|
-
|
|
-
|
|
311
|
|
-
|
|
120
|
Credit cards
|
281
|
|
297
|
|
-
|
|
263
|
|
213
|
All other
|
-
|
|
46
|
|
-
|
|
23
|
|
-
|
Total loans and leases 90+ days past due, still accruing
|
2,406
|
|
1,949
|
|
1,226
|
|
1,479
|
|
1,440
|
|
|
|
|
|
|
|
|
|
|
Restructured
Loans and Leases, Still Accruing
|
6,712
|
|
13,776
|
|
27,007
|
|
21,502
|
|
16,953
|
Total non-performing loans
and leases
|
73,651
|
|
93,256
|
|
120,406
|
|
144,334
|
|
167,935
|
|
|
|
|
|
|
|
|
|
|
OTHER REAL ESTATE
OWNED:
|
55,253
|
|
63,595
|
|
69,338
|
|
76,853
|
|
88,438
|
|
|
|
|
|
|
|
|
|
|
Total Non-performing
Assets
|
$ 128,904
|
|
$ 156,851
|
|
$ 189,744
|
|
$ 221,187
|
|
$ 256,373
|
|
|
|
|
|
|
|
|
|
|
Additions to
Nonaccrual Loans and Leases During the Quarter
|
$ 13,748
|
|
$ 22,479
|
|
$ 18,556
|
|
$ 21,182
|
|
$ 21,890
|
|
|
|
|
|
|
|
|
|
|
Loans and
Leases 30-89 Days Past Due, Still Accruing:
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
$ 3,605
|
|
$ 2,616
|
|
$ 2,817
|
|
$ 1,909
|
|
$ 1,517
|
Real estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
11,448
|
|
12,236
|
|
14,150
|
|
10,914
|
|
11,887
|
Home
equity
|
960
|
|
1,587
|
|
1,828
|
|
1,278
|
|
1,315
|
Agricultural
|
1,122
|
|
302
|
|
495
|
|
761
|
|
569
|
Commercial and
industrial-owner occupied
|
6,340
|
|
3,248
|
|
4,081
|
|
1,995
|
|
1,323
|
Construction,
acquisition and development
|
1,616
|
|
2,848
|
|
1,993
|
|
3,920
|
|
1,835
|
Commercial real
estate
|
1,658
|
|
3,953
|
|
5,574
|
|
5,818
|
|
535
|
Credit cards
|
556
|
|
592
|
|
655
|
|
688
|
|
668
|
All other
|
1,490
|
|
963
|
|
2,189
|
|
1,634
|
|
1,591
|
Total Loans and Leases 30-89 days past due, still
accruing
|
$ 28,795
|
|
$ 28,345
|
|
$ 33,782
|
|
$ 28,917
|
|
$ 21,240
|
|
|
|
|
|
|
|
|
|
|
Credit Quality
Ratios:
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses to average loans and leases (annualized)
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.02%
|
|
0.14%
|
Allowance for credit
losses to net loans and leases
|
1.58%
|
|
1.65%
|
|
1.71%
|
|
1.76%
|
|
1.86%
|
Allowance for credit
losses to non-performing loans and leases
|
199.77%
|
|
160.53%
|
|
127.27%
|
|
106.68%
|
|
95.90%
|
Allowance for credit
losses to non-performing assets
|
114.14%
|
|
95.44%
|
|
80.76%
|
|
69.61%
|
|
62.82%
|
Non-performing loans
and leases to net loans and leases
|
0.79%
|
|
1.03%
|
|
1.34%
|
|
1.65%
|
|
1.94%
|
Non-performing assets
to net loans and leases
|
1.38%
|
|
1.73%
|
|
2.12%
|
|
2.52%
|
|
2.95%
|
BancorpSouth,
Inc.
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Jun-14
|
|
Mar-14
|
|
Dec-13
|
|
Sep-13
|
|
Jun-13
|
REAL ESTATE
CONSTRUCTION, ACQUISITION AND DEVELOPMENT ("CAD") PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding
Balance
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
$ 15,874
|
|
$ 11,339
|
|
$ 7,702
|
|
$ 7,974
|
|
$ 8,902
|
One-to-four family
construction
|
226,252
|
|
221,790
|
|
224,286
|
|
203,988
|
|
202,603
|
Recreation and all other
loans
|
35,364
|
|
36,897
|
|
36,868
|
|
41,762
|
|
42,132
|
Commercial
construction
|
192,605
|
|
177,264
|
|
150,847
|
|
139,041
|
|
117,901
|
Commercial acquisition and
development
|
122,380
|
|
122,051
|
|
128,157
|
|
136,206
|
|
136,174
|
Residential acquisition and
development
|
179,687
|
|
178,686
|
|
193,598
|
|
194,638
|
|
201,787
|
Total outstanding balance
|
$ 772,162
|
|
$ 748,027
|
|
$ 741,458
|
|
$ 723,609
|
|
$ 709,499
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual CAD
Loans
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
One-to-four family
construction
|
2,603
|
|
2,824
|
|
2,937
|
|
3,249
|
|
6,193
|
Recreation and all other
loans
|
981
|
|
919
|
|
728
|
|
782
|
|
800
|
Commercial
construction
|
-
|
|
-
|
|
865
|
|
1,686
|
|
2,765
|
Commercial acquisition and
development
|
1,835
|
|
2,224
|
|
6,890
|
|
11,150
|
|
14,225
|
Residential acquisition and
development
|
3,783
|
|
4,001
|
|
6,147
|
|
9,260
|
|
15,332
|
Total nonaccrual CAD loans
|
$ 9,202
|
|
$ 9,968
|
|
$ 17,567
|
|
$ 26,127
|
|
$ 39,315
|
|
|
|
|
|
|
|
|
|
|
CAD Loans 90+
Days Past Due, Still Accruing:
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
One-to-four family
construction
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Recreation and all other
loans
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Commercial
construction
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Commercial acquisition and
development
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Residential acquisition and
development
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Total CAD loans 90+ days past due, still accruing
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
Restructured
CAD Loans, Still Accruing
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
One-to-four family
construction
|
-
|
|
-
|
|
1,274
|
|
1,028
|
|
867
|
Recreation and all other
loans
|
11
|
|
13
|
|
13
|
|
15
|
|
15
|
Commercial
construction
|
-
|
|
-
|
|
346
|
|
348
|
|
351
|
Commercial acquisition and
development
|
395
|
|
402
|
|
1,990
|
|
2,010
|
|
2,030
|
Residential acquisition and
development
|
700
|
|
1,192
|
|
3,111
|
|
3,162
|
|
3,458
|
Total restructured CAD loans, still accruing
|
$ 1,106
|
|
$ 1,607
|
|
$ 6,734
|
|
$ 6,563
|
|
$ 6,721
|
|
|
|
|
|
|
|
|
|
|
Total
Non-performing CAD loans
|
$ 10,308
|
|
$ 11,575
|
|
$ 24,301
|
|
$ 32,690
|
|
$ 46,036
|
|
|
|
|
|
|
|
|
|
|
CAD NPL as a %
of Outstanding CAD Balance
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
One-to-four family
construction
|
1.2%
|
|
1.3%
|
|
1.9%
|
|
2.1%
|
|
3.5%
|
Recreation and all other
loans
|
2.8%
|
|
2.5%
|
|
2.0%
|
|
1.9%
|
|
1.9%
|
Commercial
construction
|
0.0%
|
|
0.0%
|
|
0.8%
|
|
1.5%
|
|
2.6%
|
Commercial acquisition and
development
|
1.8%
|
|
2.2%
|
|
6.9%
|
|
9.7%
|
|
11.9%
|
Residential acquisition and
development
|
2.5%
|
|
2.9%
|
|
4.8%
|
|
6.4%
|
|
9.3%
|
Total CAD NPL as a % of outstanding CAD balance
|
1.3%
|
|
1.5%
|
|
3.3%
|
|
4.5%
|
|
6.5%
|
BancorpSouth,
Inc.
|
|
|
|
|
Selected Loan
Data
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2014
|
|
|
|
Special
|
|
|
|
|
|
|
|
|
|
|
|
Pass
|
|
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Impaired
|
|
Total
|
LOAN PORTFOLIO BY
INTERNALLY ASSIGNED GRADE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$ 1,650,893
|
|
$ 16,307
|
|
$ 31,157
|
|
$
-
|
|
$
-
|
|
$ 1,446
|
|
$ 1,699,803
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
1,983,165
|
|
-
|
|
82,769
|
|
-
|
|
-
|
|
5,569
|
|
2,071,503
|
Home
equity
|
496,451
|
|
-
|
|
9,903
|
|
-
|
|
-
|
|
634
|
|
506,988
|
Agricultural
|
224,337
|
|
509
|
|
12,724
|
|
-
|
|
-
|
|
433
|
|
238,003
|
Commercial and industrial-owner occupied
|
1,435,618
|
|
3,782
|
|
61,508
|
|
342
|
|
-
|
|
4,429
|
|
1,505,679
|
Construction, acquisition and development
|
721,572
|
|
255
|
|
43,238
|
|
576
|
|
-
|
|
6,521
|
|
772,162
|
Commercial real estate
|
1,814,209
|
|
-
|
|
76,286
|
|
350
|
|
-
|
|
10,914
|
|
1,901,759
|
Credit
cards
|
109,186
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
109,186
|
All other
|
495,292
|
|
-
|
|
11,104
|
|
-
|
|
-
|
|
182
|
|
506,578
|
Total loans
|
$ 8,930,723
|
|
$ 20,853
|
|
$ 328,689
|
|
$ 1,268
|
|
$
-
|
|
$ 30,128
|
|
$ 9,311,661
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2014
|
|
|
|
Special
|
|
|
|
|
|
|
|
|
|
|
|
Pass
|
|
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Impaired
|
|
Total
|
LOAN PORTFOLIO BY
INTERNALLY ASSIGNED GRADE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$ 1,535,172
|
|
$ 13,043
|
|
$ 31,741
|
|
$
-
|
|
$
-
|
|
$ 1,295
|
|
$ 1,581,251
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
1,936,837
|
|
243
|
|
104,486
|
|
310
|
|
-
|
|
5,125
|
|
2,047,001
|
Home
equity
|
483,746
|
|
343
|
|
13,456
|
|
96
|
|
-
|
|
642
|
|
498,283
|
Agricultural
|
210,346
|
|
563
|
|
18,257
|
|
-
|
|
-
|
|
436
|
|
229,602
|
Commercial and industrial-owner occupied
|
1,420,813
|
|
3,887
|
|
56,124
|
|
510
|
|
-
|
|
7,046
|
|
1,488,380
|
Construction, acquisition and development
|
697,094
|
|
1,556
|
|
40,713
|
|
768
|
|
-
|
|
7,896
|
|
748,027
|
Commercial real estate
|
1,757,573
|
|
-
|
|
71,374
|
|
198
|
|
-
|
|
18,838
|
|
1,847,983
|
Credit
cards
|
105,988
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
105,988
|
All other
|
509,729
|
|
68
|
|
11,876
|
|
-
|
|
-
|
|
188
|
|
521,861
|
Total loans
|
$ 8,657,298
|
|
$ 19,703
|
|
$ 348,027
|
|
$ 1,882
|
|
$
-
|
|
$ 41,466
|
|
$ 9,068,376
|
BancorpSouth,
Inc.
|
Geographical
Information
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2014
|
|
Alabama
|
|
|
|
|
|
|
|
Greater
|
|
|
|
|
|
Corporate
|
|
|
|
and
Florida
|
|
|
|
|
|
|
|
Memphis
|
|
|
|
Texas
and
|
|
Banking
|
|
|
|
Panhandle
|
|
Arkansas*
|
|
Mississippi*
|
|
Missouri
|
|
Area
|
|
Tennessee*
|
|
Louisiana
|
|
and Other
|
|
Total
|
LOAN AND LEASE
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$ 85,845
|
|
$ 166,736
|
|
$ 282,645
|
|
$ 38,309
|
|
$ 22,403
|
|
$ 86,494
|
|
$ 296,170
|
|
$ 721,201
|
|
$ 1,699,803
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
162,767
|
|
268,149
|
|
698,709
|
|
64,881
|
|
110,498
|
|
162,614
|
|
511,039
|
|
92,846
|
|
2,071,503
|
Home
equity
|
67,945
|
|
38,782
|
|
164,668
|
|
20,890
|
|
68,304
|
|
77,465
|
|
66,340
|
|
2,594
|
|
506,988
|
Agricultural
|
7,338
|
|
71,448
|
|
56,598
|
|
3,399
|
|
13,826
|
|
12,260
|
|
68,723
|
|
4,411
|
|
238,003
|
Commercial and industrial-owner occupied
|
175,413
|
|
168,289
|
|
479,599
|
|
64,571
|
|
90,239
|
|
90,953
|
|
301,538
|
|
135,077
|
|
1,505,679
|
Construction, acquisition and development
|
109,801
|
|
67,822
|
|
199,662
|
|
19,013
|
|
77,028
|
|
110,705
|
|
164,969
|
|
23,162
|
|
772,162
|
Commercial real estate
|
270,053
|
|
320,961
|
|
278,943
|
|
193,572
|
|
104,944
|
|
109,130
|
|
438,417
|
|
185,739
|
|
1,901,759
|
Credit
cards
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
109,186
|
|
109,186
|
All other
|
29,996
|
|
43,696
|
|
133,041
|
|
3,428
|
|
37,399
|
|
35,431
|
|
75,109
|
|
148,478
|
|
506,578
|
Total loans
|
$ 909,158
|
|
$ 1,145,883
|
|
$ 2,293,865
|
|
$ 408,063
|
|
$ 524,641
|
|
$ 685,052
|
|
$ 1,922,305
|
|
$ 1,422,694
|
|
$ 9,311,661
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAD
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
$ 4,498
|
|
$ 997
|
|
$ 481
|
|
$
-
|
|
$
-
|
|
$ 7,017
|
|
$ 2,881
|
|
$
-
|
|
$ 15,874
|
One-to-four family
construction
|
36,251
|
|
17,170
|
|
43,795
|
|
3,823
|
|
12,530
|
|
68,413
|
|
43,466
|
|
804
|
|
226,252
|
Recreation and all
other loans
|
1,361
|
|
6,260
|
|
12,139
|
|
568
|
|
4,440
|
|
1,125
|
|
9,471
|
|
-
|
|
35,364
|
Commercial
construction
|
31,247
|
|
14,079
|
|
55,741
|
|
3,558
|
|
20,691
|
|
9,701
|
|
39,362
|
|
18,226
|
|
192,605
|
Commercial
acquisition and development
|
10,560
|
|
15,963
|
|
35,821
|
|
5,429
|
|
17,865
|
|
8,369
|
|
27,524
|
|
849
|
|
122,380
|
Residential
acquisition and development
|
25,884
|
|
13,353
|
|
51,685
|
|
5,635
|
|
21,502
|
|
16,080
|
|
42,265
|
|
3,283
|
|
179,687
|
Total CAD loans
|
$ 109,801
|
|
$ 67,822
|
|
$ 199,662
|
|
$ 19,013
|
|
$ 77,028
|
|
$ 110,705
|
|
$ 164,969
|
|
$ 23,162
|
|
$ 772,162
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$ 1,294
|
|
$ 1,063
|
|
$ 397
|
|
$ 172
|
|
$
18
|
|
$
32
|
|
$ 260
|
|
$ 565
|
|
$ 3,801
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
1,716
|
|
1,701
|
|
7,904
|
|
382
|
|
2,748
|
|
2,577
|
|
2,258
|
|
7,377
|
|
26,663
|
Home
equity
|
531
|
|
104
|
|
352
|
|
-
|
|
268
|
|
422
|
|
553
|
|
2
|
|
2,232
|
Agricultural
|
100
|
|
-
|
|
147
|
|
266
|
|
-
|
|
-
|
|
182
|
|
-
|
|
695
|
Commercial and industrial-owner occupied
|
1,266
|
|
2,965
|
|
4,595
|
|
104
|
|
910
|
|
1,567
|
|
1,359
|
|
2
|
|
12,768
|
Construction, acquisition and development
|
1,690
|
|
234
|
|
3,424
|
|
-
|
|
1,517
|
|
296
|
|
3,145
|
|
2
|
|
10,308
|
Commercial real estate
|
3,656
|
|
63
|
|
1,946
|
|
646
|
|
3,354
|
|
3,718
|
|
656
|
|
877
|
|
14,916
|
Credit
cards
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,456
|
|
1,456
|
All other
|
9
|
|
44
|
|
311
|
|
-
|
|
11
|
|
244
|
|
191
|
|
2
|
|
812
|
Total loans
|
$ 10,262
|
|
$ 6,174
|
|
$ 19,076
|
|
$ 1,570
|
|
$ 8,826
|
|
$ 8,856
|
|
$ 8,604
|
|
$ 10,283
|
|
$ 73,651
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES AS A PERCENTAGE OF
OUTSTANDING:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
1.51%
|
|
0.64%
|
|
0.14%
|
|
0.45%
|
|
0.08%
|
|
0.04%
|
|
0.09%
|
|
0.08%
|
|
0.22%
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
1.05%
|
|
0.63%
|
|
1.13%
|
|
0.59%
|
|
2.49%
|
|
1.58%
|
|
0.44%
|
|
7.95%
|
|
1.29%
|
Home
equity
|
0.78%
|
|
0.27%
|
|
0.21%
|
|
0.00%
|
|
0.39%
|
|
0.54%
|
|
0.83%
|
|
0.08%
|
|
0.44%
|
Agricultural
|
1.36%
|
|
0.00%
|
|
0.26%
|
|
7.83%
|
|
0.00%
|
|
0.00%
|
|
0.26%
|
|
0.00%
|
|
0.29%
|
Commercial and industrial-owner occupied
|
0.72%
|
|
1.76%
|
|
0.96%
|
|
0.16%
|
|
1.01%
|
|
1.72%
|
|
0.45%
|
|
0.00%
|
|
0.85%
|
Construction, acquisition and development
|
1.54%
|
|
0.35%
|
|
1.71%
|
|
0.00%
|
|
1.97%
|
|
0.27%
|
|
1.91%
|
|
0.01%
|
|
1.33%
|
Commercial real estate
|
1.35%
|
|
0.02%
|
|
0.70%
|
|
0.33%
|
|
3.20%
|
|
3.41%
|
|
0.15%
|
|
0.47%
|
|
0.78%
|
Credit
cards
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1.33%
|
|
1.33%
|
All other
|
0.03%
|
|
0.10%
|
|
0.23%
|
|
0.00%
|
|
0.03%
|
|
0.69%
|
|
0.25%
|
|
0.00%
|
|
0.16%
|
Total loans
|
1.13%
|
|
0.54%
|
|
0.83%
|
|
0.38%
|
|
1.68%
|
|
1.29%
|
|
0.45%
|
|
0.72%
|
|
0.79%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Excludes the Greater
Memphis Area.
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Selected
Additional Information
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2014
|
|
Alabama
|
|
|
|
|
|
|
|
Greater
|
|
|
|
|
|
|
|
|
|
and
Florida
|
|
|
|
|
|
|
|
Memphis
|
|
|
|
Texas
and
|
|
|
|
|
|
Panhandle
|
|
Arkansas*
|
|
Mississippi*
|
|
Missouri
|
|
Area
|
|
Tennessee*
|
|
Louisiana
|
|
Other
|
|
Total
|
OTHER REAL ESTATE
OWNED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
84
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
84
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
979
|
|
223
|
|
1,999
|
|
29
|
|
34
|
|
83
|
|
5
|
|
-
|
|
3,352
|
Home
equity
|
-
|
|
-
|
|
370
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
370
|
Agricultural
|
-
|
|
-
|
|
216
|
|
-
|
|
462
|
|
-
|
|
-
|
|
-
|
|
678
|
Commercial and industrial-owner occupied
|
-
|
|
33
|
|
2,543
|
|
-
|
|
824
|
|
-
|
|
60
|
|
-
|
|
3,460
|
Construction, acquisition and development
|
11,084
|
|
91
|
|
10,286
|
|
794
|
|
17,739
|
|
3,283
|
|
239
|
|
-
|
|
43,516
|
Commercial real estate
|
352
|
|
288
|
|
1,893
|
|
-
|
|
980
|
|
-
|
|
-
|
|
-
|
|
3,513
|
All other
|
-
|
|
-
|
|
148
|
|
-
|
|
-
|
|
38
|
|
94
|
|
-
|
|
280
|
Total loans
|
$ 12,499
|
|
$
635
|
|
$ 17,455
|
|
$ 823
|
|
$ 20,039
|
|
$ 3,404
|
|
$ 398
|
|
$
-
|
|
$ 55,253
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
|
|
|
|
|
|
Jun-14
|
|
Mar-14
|
|
Dec-13
|
|
Sep-13
|
|
Jun-13
|
|
|
|
|
|
|
|
|
OTHER REAL ESTATE
OWNED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period
|
$ 63,595
|
|
$ 69,338
|
|
$ 76,853
|
|
$ 88,438
|
|
$ 96,314
|
|
|
|
|
|
|
|
|
Additions to
foreclosed properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
foreclosed property
|
4,144
|
|
4,855
|
|
7,868
|
|
9,536
|
|
9,639
|
|
|
|
|
|
|
|
|
Reductions in
foreclosed properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
(10,269)
|
|
(8,767)
|
|
(14,272)
|
|
(19,333)
|
|
(15,641)
|
|
|
|
|
|
|
|
|
Writedowns
|
(2,217)
|
|
(1,831)
|
|
(1,111)
|
|
(1,788)
|
|
(1,874)
|
|
|
|
|
|
|
|
|
Balance, end of
period
|
$ 55,253
|
|
$ 63,595
|
|
$ 69,338
|
|
$ 76,853
|
|
$ 88,438
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FORECLOSED PROPERTY
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss (gain) on sale
of other real estate owned
|
$ 1,073
|
|
$
466
|
|
$
949
|
|
$ 352
|
|
$
166
|
|
|
|
|
|
|
|
|
Writedown of other
real estate owned
|
2,217
|
|
1,831
|
|
1,111
|
|
1,788
|
|
1,874
|
|
|
|
|
|
|
|
|
Other foreclosed
property expense
|
912
|
|
258
|
|
771
|
|
1,158
|
|
1,205
|
|
|
|
|
|
|
|
|
Total foreclosed
property expense
|
$ 4,202
|
|
$ 2,555
|
|
$ 2,831
|
|
$ 3,298
|
|
$ 3,245
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Excludes the Greater
Memphis Area.
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Noninterest
Revenue and Expense
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Jun-14
|
|
Mar-14
|
|
Dec-13
|
|
Sep-13
|
|
Jun-13
|
NONINTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
Mortgage
lending
|
$ 9,089
|
|
$ 3,394
|
|
$ 9,605
|
|
$ 5,134
|
|
$ 17,892
|
Credit card, debit
card and merchant fees
|
8,567
|
|
7,843
|
|
8,324
|
|
8,834
|
|
8,324
|
Deposit service
charges
|
12,437
|
|
12,536
|
|
13,570
|
|
13,679
|
|
12,824
|
Securities gains
(losses), net
|
5
|
|
(4)
|
|
29
|
|
(5)
|
|
3
|
Insurance
commissions
|
28,621
|
|
31,599
|
|
21,397
|
|
23,800
|
|
25,862
|
Trust
income
|
3,624
|
|
3,568
|
|
3,717
|
|
3,332
|
|
3,192
|
Annuity
fees
|
695
|
|
772
|
|
566
|
|
719
|
|
543
|
Brokerage commissions
and fees
|
1,509
|
|
1,576
|
|
1,037
|
|
2,005
|
|
2,068
|
Bank-owned life
insurance
|
1,885
|
|
1,849
|
|
2,466
|
|
1,954
|
|
2,008
|
Other miscellaneous
income
|
3,406
|
|
3,384
|
|
4,414
|
|
3,062
|
|
3,393
|
Total noninterest
revenue
|
$ 69,838
|
|
$ 66,517
|
|
$ 65,125
|
|
$ 62,514
|
|
$ 76,109
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
$ 74,741
|
|
$ 78,883
|
|
$ 75,466
|
|
$ 73,532
|
|
$ 78,284
|
Occupancy, net of
rental income
|
10,245
|
|
10,287
|
|
9,935
|
|
10,360
|
|
10,577
|
Equipment
|
4,169
|
|
4,499
|
|
4,298
|
|
4,555
|
|
4,585
|
Deposit insurance
assessments
|
2,035
|
|
1,600
|
|
2,687
|
|
3,325
|
|
2,939
|
Voluntary early
retirement expense
|
-
|
|
-
|
|
-
|
|
-
|
|
10,850
|
Amortization of bond
issue cost
|
12
|
|
12
|
|
12
|
|
2,907
|
|
38
|
Advertising
|
1,331
|
|
632
|
|
1,436
|
|
1,210
|
|
1,169
|
Foreclosed property
expense
|
4,202
|
|
2,555
|
|
2,831
|
|
3,298
|
|
3,245
|
Telecommunications
|
2,258
|
|
2,248
|
|
1,971
|
|
2,227
|
|
2,184
|
Public
relations
|
857
|
|
822
|
|
972
|
|
1,105
|
|
1,175
|
Data
processing
|
2,863
|
|
2,741
|
|
2,939
|
|
2,772
|
|
2,783
|
Computer
software
|
2,851
|
|
2,423
|
|
2,197
|
|
2,190
|
|
2,146
|
Amortization of
intangibles
|
1,148
|
|
1,058
|
|
819
|
|
686
|
|
722
|
Legal
|
3,002
|
|
1,878
|
|
2,537
|
|
4,626
|
|
3,896
|
Merger
expense
|
1,009
|
|
560
|
|
-
|
|
-
|
|
-
|
Postage and
shipping
|
1,116
|
|
1,287
|
|
1,133
|
|
1,027
|
|
1,074
|
Other miscellaneous
expense
|
16,115
|
|
15,222
|
|
18,597
|
|
15,577
|
|
16,584
|
Total noninterest
expense
|
$ 127,954
|
|
$ 126,707
|
|
$ 127,830
|
|
$ 129,397
|
|
$ 142,251
|
|
|
|
|
|
|
|
|
|
|
INSURANCE
COMMISSIONS:
|
|
|
|
|
|
|
|
|
|
Property and casualty
commissions
|
$ 21,576
|
|
$ 19,987
|
|
$ 15,588
|
|
$ 18,372
|
|
$ 18,762
|
Life and health
commissions
|
5,549
|
|
5,010
|
|
4,525
|
|
4,061
|
|
5,093
|
Risk management
income
|
617
|
|
705
|
|
648
|
|
628
|
|
573
|
Other
|
879
|
|
5,897
|
|
636
|
|
739
|
|
1,434
|
Total insurance
commissions
|
$ 28,621
|
|
$ 31,599
|
|
$ 21,397
|
|
$ 23,800
|
|
$ 25,862
|
BancorpSouth,
Inc.
|
Selected
Additional Information
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Jun-14
|
|
Mar-14
|
|
Dec-13
|
|
Sep-13
|
|
Jun-13
|
MORTGAGE SERVICING
RIGHTS:
|
|
|
|
|
|
|
|
|
|
Fair value, beginning
of period
|
$ 53,436
|
|
$ 54,662
|
|
$ 51,025
|
|
$ 49,001
|
|
$ 41,478
|
Additions to mortgage
servicing rights:
|
|
|
|
|
|
|
|
|
|
Originations of servicing assets
|
2,565
|
|
1,460
|
|
1,984
|
|
3,826
|
|
4,012
|
Changes in fair
value:
|
|
|
|
|
|
|
|
|
|
Due to
payoffs/paydowns
|
(1,616)
|
|
(1,138)
|
|
(1,240)
|
|
(1,560)
|
|
(1,739)
|
Due to
change in valuation inputs or
|
|
|
|
|
|
|
|
|
|
assumptions used in the
valuation model
|
(2,111)
|
|
(1,547)
|
|
2,894
|
|
(240)
|
|
5,252
|
Other
changes in fair value
|
(2)
|
|
(1)
|
|
(1)
|
|
(2)
|
|
(2)
|
Fair value, end of
period
|
$ 52,272
|
|
$ 53,436
|
|
$ 54,662
|
|
$ 51,025
|
|
$ 49,001
|
|
|
|
|
|
|
|
|
|
|
MORTGAGE LENDING
REVENUE:
|
|
|
|
|
|
|
|
|
|
Origination
|
$ 8,758
|
|
$ 1,964
|
|
$ 3,590
|
|
$ 2,862
|
|
$ 10,471
|
Servicing
|
4,058
|
|
4,115
|
|
4,361
|
|
4,072
|
|
3,908
|
MSR
payoffs/paydowns
|
(1,616)
|
|
(1,138)
|
|
(1,240)
|
|
(1,560)
|
|
(1,739)
|
MSR valuation
adjustment
|
(2,111)
|
|
(1,547)
|
|
2,894
|
|
(240)
|
|
5,252
|
Total mortgage
lending revenue
|
$ 9,089
|
|
$ 3,394
|
|
$ 9,605
|
|
$ 5,134
|
|
$ 17,892
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans
serviced
|
$ 5,630,192
|
|
$ 5,568,828
|
|
$ 5,577,325
|
|
$ 5,543,619
|
|
$ 5,393,580
|
MSR/mtg loans
serviced
|
0.93%
|
|
0.96%
|
|
0.98%
|
|
0.92%
|
|
0.91%
|
|
|
|
|
|
|
|
|
|
|
AVAILABLE-FOR-SALE
SECURITIES, at fair value
|
|
|
|
|
|
|
|
|
|
U.S. Government
agencies
|
$ 1,333,368
|
|
$ 1,419,269
|
|
$ 1,458,349
|
|
$ 1,519,459
|
|
$ 1,581,570
|
Government agency
issued residential
|
|
|
|
|
|
|
|
|
|
mortgage-back securities
|
229,414
|
|
241,596
|
|
250,234
|
|
268,367
|
|
292,586
|
Government agency
issued commercial
|
|
|
|
|
|
|
|
|
|
mortgage-back securities
|
237,321
|
|
234,059
|
|
230,912
|
|
229,412
|
|
227,381
|
Obligations of states
and political subdivisions
|
520,897
|
|
523,811
|
|
519,405
|
|
528,889
|
|
535,337
|
Other
|
11,192
|
|
8,023
|
|
8,089
|
|
8,029
|
|
8,065
|
Total
available-for-sale securities
|
$ 2,332,192
|
|
$ 2,426,758
|
|
$ 2,466,989
|
|
$ 2,554,156
|
|
$ 2,644,939
|
BancorpSouth,
Inc.
|
Reconciliation of
Non-GAAP Measures
|
(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 tangible shareholders' equity to tangible assets, return
on tangible equity, pre-tax pre-provision return on average assets,
tangible book value per share, and operating earnings per
share. The Company has included these non-GAAP financial
measures in this news release for the applicable periods
presented. Management believes that the presentation of these
non-GAAP financial measures (i) provides important supplemental
information that contributes to a proper understanding of the
Company's operating performance, (ii) presents a 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
Pre-tax, Pre-provision Earnings and Net Operating
Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
ended
|
|
|
|
6/30/2014
|
|
3/31/2014
|
|
12/31/2013
|
|
9/30/2013
|
|
6/30/2013
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$ 30,868
|
|
$ 28,444
|
|
$ 27,698
|
|
$ 24,857
|
|
$ 20,755
|
Plus:
|
Provision for credit
losses
|
-
|
|
-
|
|
-
|
|
500
|
|
3,000
|
|
Income tax
expense
|
14,097
|
|
12,889
|
|
12,014
|
|
8,001
|
|
8,316
|
Pre-tax,
pre-provision earnings
|
$ 44,965
|
|
$ 41,333
|
|
$ 39,712
|
|
$ 33,358
|
|
$ 32,071
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$ 30,868
|
|
$ 28,444
|
|
$ 27,698
|
|
$ 24,857
|
|
$ 20,755
|
Plus:
|
Merger expense, net
of tax
|
626
|
|
347
|
|
-
|
|
-
|
|
-
|
|
VERO expense, net of
tax
|
-
|
|
-
|
|
-
|
|
-
|
|
6,727
|
|
Legal charge, net of
tax
|
-
|
|
-
|
|
-
|
|
1,085
|
|
-
|
|
Write off unamortized
TRUPS issue cost, net of tax
|
-
|
|
-
|
|
-
|
|
1,789
|
|
-
|
Net operating
income
|
|
$ 31,494
|
|
$ 28,791
|
|
$ 27,698
|
|
$ 27,731
|
|
$ 27,482
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Tangible Assets and Tangible Shareholders' Equity
to
|
|
|
Total Assets and
Total Shareholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
ended
|
|
|
|
6/30/2014
|
|
3/31/2014
|
|
12/31/2013
|
|
9/30/2013
|
|
6/30/2013
|
Tangible
assets
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$ 12,985,887
|
|
$ 13,143,555
|
|
$ 13,029,733
|
|
$ 12,916,153
|
|
$ 13,217,705
|
Less:
|
Goodwill
|
291,498
|
|
286,800
|
|
286,800
|
|
275,173
|
|
275,173
|
|
Other identifiable
intangible assets
|
26,745
|
|
25,021
|
|
26,079
|
|
15,179
|
|
15,865
|
Total tangible
assets
|
$ 12,667,644
|
|
$ 12,831,734
|
|
$ 12,716,854
|
|
$ 12,625,801
|
|
$ 12,926,667
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
$ 1,588,850
|
|
$ 1,554,676
|
|
$ 1,513,130
|
|
$ 1,480,611
|
|
$ 1,459,793
|
Less:
|
Goodwill
|
291,498
|
|
286,800
|
|
286,800
|
|
275,173
|
|
275,173
|
|
Other identifiable
intangible assets
|
26,745
|
|
25,021
|
|
26,079
|
|
15,179
|
|
15,865
|
Total tangible
shareholders' equity
|
$ 1,270,607
|
|
$ 1,242,855
|
|
$ 1,200,251
|
|
$ 1,190,259
|
|
$ 1,168,755
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average
assets
|
$ 12,933,879
|
|
$ 13,087,128
|
|
$ 12,955,127
|
|
$ 12,928,505
|
|
$ 13,146,040
|
Total common shares
outstanding
|
96,046,057
|
|
96,004,679
|
|
95,231,691
|
|
95,211,602
|
|
95,190,797
|
Average shares
outstanding-diluted
|
96,373,121
|
|
95,952,611
|
|
96,644,383
|
|
95,519,318
|
|
95,405,965
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity to tangible assets*
|
10.03%
|
|
9.69%
|
|
9.44%
|
|
9.43%
|
|
9.04%
|
Return on tangible
equity **
|
9.74%
|
|
9.28%
|
|
9.16%
|
|
8.29%
|
|
7.12%
|
Pre-tax pre-provision
return on average assets ***
|
1.39%
|
|
1.28%
|
|
1.22%
|
|
1.02%
|
|
0.98%
|
Tangible book value
per share****
|
$ 13.23
|
|
$ 12.95
|
|
$ 12.60
|
|
$ 12.50
|
|
$ 12.28
|
Operating earnings
per share*****
|
$
0.33
|
|
$
0.30
|
|
$
0.29
|
|
$
0.29
|
|
$
0.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Tangible
shareholders' equity to tangible assets is defined by the Company
as total shareholders' equity less goodwill and other identifiable
intangible assets, divided by the difference of total assets less
goodwill and other identifiable intangible assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
**
|
Return on tangible
equity is defined by the Company as annualized net income divided
by tangible shareholders' equity.
|
|
|
|
|
|
|
|
|
|
|
|
|
***
|
Pre-tax pre-provision
return on average assets is defined by the Company as annualized
pre-tax pre-provision earnings divided by total average
assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
****
|
Tangible book value
per share is defined by the Company as tangible shareholders'
equity divided by total common shares outstanding.
|
|
|
|
|
|
|
|
|
|
|
|
|
*****
|
Operating earnings
per share is defined by the Company as net operating income divided
by average shares outstanding- diluted.
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE BancorpSouth, Inc.