TUPELO, Miss., Oct. 19, 2015 /PRNewswire/ -- BancorpSouth,
Inc. (NYSE: BXS) today announced financial results for the quarter
and nine months ended September 30,
2015.
Highlights for the third quarter of 2015 included:
- Net income of $34.3 million or
$0.36 per diluted share.
- Net operating income of $34.3
million or $0.36 per diluted
share.
- Generated net loan growth of $212.0
million, or 8.4 percent on an annualized basis.
- Repurchased 2,882,000 shares of outstanding common stock at a
weighted average price of $23.58.
- Mortgage lending revenue adversely impacted by a negative
mortgage servicing rights ("MSR") valuation adjustment of
$5.3 million.
- Earnings for the quarter benefitted from a negative provision
for credit losses of $3.0
million.
- Net interest margin improved to 3.59 percent as a result of
stable loan yields and a shift in the earning asset mix.
- Continued progress toward improving cost structure reflected by
a $1.7 million decline in total
noninterest expense compared to the second quarter of 2015.
The Company reported net income of $34.3
million, or $0.36 per diluted
share, for the third quarter of 2015 compared with net income of
$28.8 million, or $0.30 per diluted share, for the third quarter of
2014 and net income of $39.7 million,
or $0.41 per diluted share, for the
second quarter of 2015. Additionally, the Company reported
net income of $106.3 million, or
$1.10 per diluted share, for the
first nine months of 2015 compared to $88.1
million, or $0.92 per diluted
share, for the first nine months of 2014.
The Company reported net operating income (excluding merger
related and other non-operating expenses) of $34.3 million, or $0.36 per diluted share, for the third quarter of
2015 compared to $30.8 million, or
$0.32 per diluted share, for the
third quarter of 2014 and $39.7
million, or $0.41 per diluted
share, for the second quarter of 2015.
"Our third quarter results reflect yet another quarter of steady
improvement in our core operating performance," remarked
Dan Rollins, BancorpSouth Chairman
and Chief Executive Officer. "We are pleased to report net
loan growth of $212.0 million, or 8.4
percent annualized. This growth, combined with stable
loan yields, resulted in improvement to our net interest margin as
well as growth in net interest income. We continue to improve
our cost structure while growing our Company. Total
non-interest expense declined $1.7
million compared to the second quarter. Finally, the
general decline in the equity markets during the quarter provided
us with an opportunity to initiate our share repurchase program,
which was authorized late last year. During the quarter, we
repurchased approximately 2.9 million shares, or half of the 5.8
million shares authorized for repurchase."
Net Interest Revenue
Net interest revenue was $111.1
million for the third quarter of 2015, an increase of 5.2
percent from $105.6 million for the
third quarter of 2014 and an increase of 3.5 percent from
$107.3 million for the second quarter
of 2015. The fully taxable equivalent net interest margin was
3.59 percent for the third quarter of 2015 compared to 3.62 percent
for the third quarter of 2014 and 3.54 percent for the second
quarter of 2015. Yields on loans and leases were 4.22 percent
for the third quarter of 2015 compared with 4.36 percent for the
third quarter of 2014 and 4.23 percent for the second quarter of
2015, while yields on total interest earning assets were 3.82
percent for the third quarter of 2015 compared with 3.89 percent
for the third quarter of 2014 and 3.78 percent for the second
quarter of 2015. The average cost of deposits was 0.22
percent for the third quarter of 2015 compared to 0.28 percent for
the third quarter of 2014 and 0.23 percent for the second quarter
of 2015.
Asset, Deposit and Loan Activity
Total assets were $13.8 billion at
September 30, 2015 compared with
$13.1 billion at September 30, 2014. Loans and leases, net
of unearned income, were $10.2
billion at September 30, 2015
compared with $9.5 billion at
September 30, 2014.
Total deposits were $11.1 billion
at September 30, 2015 compared with
$10.7 billion at September 30, 2014. A decrease in time
deposits of $196.2 million, or 9.4
percent, at September 30, 2015
compared to September 30, 2014 was
more than offset by growth in other lower cost deposits.
Noninterest bearing demand deposits increased $242.3 million, or 8.6 percent, over the same
period. Additionally, savings deposits increased $98.0 million, or 7.5 percent, while interest
bearing demand deposits increased $296.4
million, or 6.6 percent, over the same period. At
September 30, 2015, $645.6 million of time deposits were scheduled to
mature during the following two quarters at a weighted average rate
of 0.43 percent.
Provision for Credit Losses and Allowance for Credit
Losses
Earnings for the quarter reflect a negative provision for credit
losses of $3.0 million, compared to
no recorded provision for the third quarter of 2014 and a negative
provision of $5.0 million for the
second quarter of 2015. Total non-performing assets ("NPAs")
were $113.9 million, or 1.11 percent
of net loans and leases, at September 30,
2015 compared with $111.6
million, or 1.17 percent of net loans and leases, at
September 30, 2014, and $103.7 million, or 1.04 percent of net loans and
leases, at June 30, 2015.
Net charge-offs for the third quarter of 2015 were $2.3 million, compared with net charge-offs of
$3.2 million for the third quarter of
2014 and net recoveries of $6.7
million for the second quarter of 2015. Gross
charge-offs were $7.4 million for the
third quarter of 2015, compared with $6.5
million for the third quarter of 2014 and $5.0 million for the second quarter of
2015. Gross recoveries of previously charged-off loans were
$5.1 million for the third quarter of
2015, compared with $3.3 million for
the third quarter of 2014 and $11.7
million for the second quarter of 2015. The elevated
recoveries in the second quarter of this year were driven primarily
by a single recovery of a previously charged-off loan totaling
$6.0 million. Annualized net
charge-offs were 0.09 percent of average loans and leases for the
third quarter of 2015, compared with annualized net charge-offs of
0.13 percent for the third quarter of 2014 and annualized net
recoveries of 0.27 percent for the second quarter of
2015.
Non-performing loans ("NPLs") were $90.3
million, or 0.88 percent of net loans and leases, at
September 30, 2015, compared with
$68.9 million, or 0.72 percent of net
loans and leases, at September 30,
2014, and $79.4 million, or
0.79 percent of net loans and leases, at June 30, 2015. The allowance for credit
losses was $133.0 million, or 1.30
percent of net loans and leases, at September 30, 2015 compared with $144.0 million, or 1.51 percent of net loans and
leases, at September 30, 2014 and
$138.3 million, or 1.38 percent of
net loans and leases, at June 30,
2015.
NPLs at September 30, 2015
consisted primarily of $70.2 million
of nonaccrual loans, compared with $67.8
million of nonaccrual loans at June
30, 2015. Payments received on nonaccrual loans during
the third quarter of 2015 totaled $11.0
million, compared with payments received on such loans of
$16.1 million during the second
quarter of 2015. NPLs at September 30,
2015 also included $1.4
million of loans 90 days or more past due and still
accruing, compared with $1.6 million
of such loans at June 30, 2015, and
included restructured loans still accruing of $18.6 million at September
30, 2015, compared with $10.1
million of such loans at June
30, 2015. Early stage past due loans, representing
loans 30-89 days past due, totaled $25.6
million at September 30, 2015
compared to $23.8 million at
June 30, 2015.
Other real estate owned ("OREO") decreased $0.6 million to $23.7
million during the third quarter of 2015 from $24.3 million at June
30, 2015. This net decrease reflected $1.3 million of OREO added through foreclosure,
offset by sales of OREO of $1.4
million. Write-downs in the value of existing
properties were $0.5 million for the
third quarter of 2015 compared to $1.0
million for the second quarter of 2015. Sales of OREO
during the third quarter of 2015 resulted in a net gain of
$0.2 million compared to a net loss
of $0.2 million for the second
quarter of 2015. At September 30,
2015, OREO was carried at 42.8 percent of the aggregate loan
balances at the time of foreclosure, compared with 42.6 percent at
June 30, 2015.
Noninterest Revenue
Noninterest revenue was $63.0
million for the third quarter of 2015, compared with
$69.3 million for the third quarter
of 2014 and $74.3 million for the
second quarter of 2015. These results included a negative MSR
valuation adjustment of $5.3 million
for the third quarter of 2015 compared with a positive MSR
valuation adjustment of $0.6 million
for the third quarter of 2014 and a positive MSR valuation
adjustment of $4.3 million for the
second quarter of 2015. Valuation adjustments in the MSR
asset are driven primarily by fluctuations in interest rates period
over period.
Excluding the MSR valuation adjustments, net mortgage lending
revenue was $7.6 million for the
third quarter of 2015, compared with $6.3
million for the third quarter of 2014 and $9.8 million for the second quarter of
2015. Mortgage origination volume for the third quarter of
2015 was $402.2 million, compared
with $305.7 million for the third
quarter of 2014 and $417.2 million
for the second quarter of 2015.
Credit and debit card fee revenue was $9.3 million for the third quarter of 2015,
compared with $9.0 million for the
third quarter of 2014 and $9.3
million for the second quarter of 2015. Deposit
service charge revenue was $12.2
million for the third quarter of 2015, compared with
$13.1 million for the third quarter
of 2014 and $11.5 million for the
second quarter of 2015. Insurance commission revenue was
$28.6 million for the third quarter
of 2015, compared with $29.2 million
for the third quarter of 2014 and $29.3
million for the second quarter of 2015. Wealth
management revenue was $5.6 million
for the third quarter of 2015, compared with $6.0 million for the third quarter of 2014 and
$5.5 million for the second quarter
of 2015.
Noninterest Expense
Noninterest expense for the third quarter of 2015 was
$126.5 million, compared with
$133.7 million for the third quarter
of 2014 and $128.2 million for the
second quarter of 2015. Salaries and employee benefits
expense was $81.4 million for the
third quarter of 2015 compared to $77.5
million for the third quarter of 2014 and $79.8 million for the second quarter of
2015. The increase in salaries and employee benefits during
the first three quarters of 2015 reflect an increase in pension
expense compared with the same period from the prior year.
Total annual pension expense for 2015 is expected to be
approximately $7 million higher than
2014 due to annual revisions to actuarial assumptions, including
updates to the Society of Actuaries pension plan mortality
tables. Foreclosed property expense was $0.8 million for the third quarter of 2015
compared with $5.7 million for the
third quarter of 2014 and $1.6
million for the second quarter of 2015. Deposit
insurance assessments were $2.2
million for the third quarter of 2015 compared to
$2.1 million for the third quarter of
2014 and $2.4 million for the second
quarter of 2015. Noninterest expense for the third
quarter of 2014 included pre-tax costs totaling $3.1 million related to Bank Secrecy Act and
anti-money laundering compliance remediation.
Capital Management
The Company's equity capitalization is comprised entirely of
common stock. BancorpSouth's ratio of shareholders' equity to
assets was 11.93 percent at September 30,
2015, compared with 12.32 percent at September 30, 2014 and 12.32 percent at
June 30, 2015. The ratio of
tangible shareholders' equity to tangible assets was 9.88 percent
at September 30, 2015, compared with
10.14 percent at September 30, 2014
and 10.26 percent at June 30,
2015.
Estimated regulatory capital ratios at September 30, 2015 were calculated in accordance
with the Basel III capital framework. BancorpSouth is a "well
capitalized" financial holding company, as defined by federal
regulations, with Tier 1 risk-based capital of 12.29 percent at
September 30, 2015 and total risk
based capital of 13.45 percent, compared with required minimum
levels of 8 percent and 10 percent, respectively, for "well
capitalized" classification.
Rollins added, "Earnings for the quarter were sufficient to fund
balance sheet growth and maintain capital ratios at relatively
consistent levels. The decline in capital ratios during the
quarter is attributable to the repurchase of $68.0 million of the Company's outstanding common
stock."
Transaction Closings and Announcements
On January 8, 2014, the Company
announced the signing of a definitive merger agreement with
Ouachita Bancshares Corp., parent company of Ouachita Independent
Bank (collectively referred to as "OIB"), headquartered in
Monroe, Louisiana, pursuant to
which Ouachita Bancshares Corp. will be merged with and into the
Company. OIB operates 11 full-service banking offices along
the I-20 corridor and has a loan production office in Madison, Mississippi. As of September 30, 2015, OIB, on a consolidated basis,
reported total assets of $675.2
million, total loans of $455.8
million and total deposits of $559.1
million. Under the terms of the definitive agreement,
the Company will issue approximately 3,675,000 shares of the
Company's common stock plus $22.875
million in cash for all outstanding shares of Ouachita
Bancshares Corp.'s capital stock, subject to certain conditions and
potential adjustments. The merger has been unanimously
approved by the Board of Directors of each company and was approved
by OIB shareholders on April 8, 2014.
On February 25, 2015, the
Company re-filed the merger application for the merger with
Ouachita Bancshares Corp. with the appropriate regulatory
agencies. On June 30, 2015, the
Company announced the merger agreement was extended through
December 31, 2015 to allow for
additional time to obtain the necessary regulatory approvals and to
satisfy all closing conditions. The terms of the amended
agreement provide for a minimum total deal value of $111.1 million but also allow Ouachita Bancshares
Corp. to terminate the agreement if the average closing price of
the Company's common stock declines below a certain threshold prior
to closing. The transaction is expected to close shortly
after receiving all required regulatory approvals, although the
Company can provide no assurance that the merger will close timely
or at all.
On January 21, 2014, the Company
announced the signing of a definitive merger agreement with Central
Community Corporation, headquartered in Temple, Texas, pursuant to which Central
Community Corporation will be merged with and into the
Company. Central Community Corporation is the parent company
of First State Bank Central Texas ("First State Bank"), which is
headquartered in Austin,
Texas. First State Bank operates 31 full-service banking
offices in central Texas. As of September 30, 2015, Central Community
Corporation, on a consolidated basis, reported total assets of
$1.5 billion, total loans of
$603.5 million and total deposits of
$1.2 billion. Under the terms
of the definitive agreement, the Company will issue approximately
7,250,000 shares of the Company's common stock plus $28.5 million in cash for all outstanding shares
of Central Community Corporation's capital stock, subject to
certain conditions and potential adjustments. The merger has
been unanimously approved by the Board of Directors of each company
and was approved by Central Community Corporation shareholders on
April 24, 2014. On February 25, 2015, the Company re-filed the
merger application for the merger with Central Community
Corporation with the appropriate regulatory agencies. On
June 30, 2015, the Company announced
the merger agreement was extended through December 31, 2015 to allow for additional time to
obtain the necessary regulatory approvals and to satisfy all
closing conditions. The terms of the amended agreement
provide for a minimum total deal value of $202.5 million but also allow Central Community
Corporation to terminate the agreement if the average closing price
of the Company's common stock declines below a certain threshold
prior to closing. The transaction is expected to close
shortly after receiving all required regulatory approvals, although
the Company can provide no assurance that the merger will close
timely or at all.
For additional information regarding the status of the merger
with Ouachita Bancshares Corp. and the status of the merger with
Central Community Corporation, please refer to the Current Report
on Form 8-K that was previously filed with the Securities and
Exchange Commission (the "SEC") on July 24,
2014, Part II, Item 5 of the Quarterly Report on Form 10-Q
that was previously filed with the SEC on August 6, 2014, the Current Report on Form 8-K
that was previously filed with the SEC on September 4, 2014, the Annual Report on Form 10-K
that was previously filed with the SEC on February 24, 2015, and the Current Report on Form
8-K that was previously filed with the SEC on July 1, 2015.
Summary
Rollins concluded, "While certain items, including the MSR
valuation adjustment, create volatility in our Company's bottom
line results, we continue to report a very similar story quarter
after quarter. Our teammates have accepted the challenge to
grow our Company across all product lines and geographies.
Each quarter, different teams stand out. We are producing
this growth while improving our cost structure as evident by
declining noninterest expenses and improvement in our efficiency
ratio. We are confident this momentum will result in
continued improvement in operating metrics in the coming
quarters."
Conference Call
BancorpSouth will conduct a conference call to discuss its third
quarter 2015 results on October 20, 2015, 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
$13.8 billion in assets.
BancorpSouth Bank, a wholly-owned subsidiary of BancorpSouth, Inc.,
operates 286 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," "hope," "intend," "may,"
"might," "plan," "will," or "would" or future or conditional verb
tenses and variations or negatives of such terms. These
forward-looking statements include, without limitation, those
relating to the terms, timing and closings of the proposed mergers
with Ouachita Bancshares Corp. and Central Community Corporation,
the Company's ability to operate its regulatory compliance programs
consistent with federal, state and local laws, including its
BSA/AML compliance program, the findings and results of the joint
investigation by the Consumer Financial Protection Bureau (the
"CFPB") and the United States Department of Justice ("DOJ") of the
Company's fair lending practices, the acceptance by customers of
Ouachita Bancshares Corp. and Central Community Corporation of the
Company's products and services if the proposed mergers close, the
outcome of any instituted, pending or threatened material
litigation, amortization expense for intangible assets, goodwill
impairments, loan impairment, utilization of appraisals and
inspections for real estate loans, maturity, renewal or extension
of construction, acquisition and development loans, net interest
revenue, fair value determinations, the amount of the Company's
non-performing loans and leases, additions to OREO, credit quality,
credit losses, liquidity, off-balance sheet commitments and
arrangements, valuation of mortgage servicing rights, allowance and
provision for credit losses, continued weakness in the economic
environment, early identification and resolution of credit issues,
utilization of non-GAAP financial measures, the ability of the
Company to collect all amounts due according to the contractual
terms of loan agreements, the Company's reserve for losses from
representation and warranty obligations, the Company's foreclosure
process related to mortgage loans, the resolution of non-performing
loans that are collaterally dependent, real estate values,
fully-indexed interest rates, interest rate risk, interest rate
sensitivity, calculation of economic value of equity, impaired loan
charge-offs, troubled debt restructurings, diversification of the
Company's revenue stream, liquidity needs and strategies, sources
of funding, net interest margin, declaration and payment of
dividends, cost saving initiatives, improvement in the Company's
efficiencies, operating expense trends, future acquisitions and
consideration to be used therefor, the impact of litigation
regarding debit card fees and the impact of certain claims and
ongoing, pending or threatened litigation, administrative and
investigatory matters.
The Company cautions readers not to place undue reliance on the
forward-looking statements contained in this news release, in that
actual results could differ materially from those indicated in such
forward-looking statements as a result of a variety of factors.
These factors may include, but are not limited to, the Company's
ability to operate its regulatory compliance programs consistent
with federal, state and local laws, including its BSA/AML
compliance program, the findings and results of the CFPB and the
DOJ in their 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 of these proposed mergers, the impact of any
ongoing, pending or threatened litigation, administrative and
investigatory matters involving the Company, conditions in the
financial markets and economic conditions generally, the adequacy
of the Company's provision and allowance for credit losses to cover
actual credit losses, the credit risk associated with real estate
construction, acquisition and development loans, losses resulting
from the significant amount of the Company's OREO, limitations on
the Company's ability to declare and pay dividends, the
availability of capital on favorable terms if and when needed,
liquidity risk, governmental regulation, including the Dodd-Frank
Act, and supervision of the Company's operations, the short-term
and long-term impact of changes to banking capital standards on the
Company's regulatory capital and liquidity, the impact of
regulations on service charges on the Company's core deposit
accounts, the susceptibility of the Company's business to local
economic and environmental conditions, the soundness of other
financial institutions, changes in interest rates, the impact of
monetary policies and economic factors on the Company's ability to
attract deposits or make loans, volatility in capital and credit
markets, reputational risk, the impact of the loss of any key
Company personnel, the impact of hurricanes or other adverse
weather events, any requirement that the Company write down
goodwill or other intangible assets, diversification in the types
of financial services the Company offers, the Company's ability to
adapt its products and services to evolving industry standards and
consumer preferences, competition with other financial services
companies, risks in connection with completed or potential
acquisitions, the Company's growth strategy, interruptions or
breaches in the Company's information system security, the failure
of certain third-party vendors to perform, unfavorable ratings by
rating agencies, dilution caused by the Company's issuance of any
additional shares of its common stock to raise capital or acquire
other banks, bank holding companies, financial holding companies
and insurance agencies, other factors generally understood to
affect the assets, business, cash flows, financial condition,
liquidity, prospects and/or results of operations of financial
services companies and other factors detailed from time to time in
the Company's press and news releases, reports and other filings
with the SEC. Forward-looking statements speak only as of the
date that they were made, and, except as required by law, the
Company does not undertake any obligation to update or revise
forward-looking statements to reflect events or circumstances that
occur after the date of this news release.
BancorpSouth,
Inc.
|
Selected Financial
Information
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
|
9/30/2015
|
6/30/2015
|
3/31/2015
|
12/31/2014
|
9/30/2014
|
Earnings
Summary:
|
|
|
|
|
|
Interest
revenue
|
$
118,201
|
$
114,630
|
$
113,497
|
$
114,237
|
$
113,922
|
Interest
expense
|
7,131
|
7,321
|
7,424
|
7,792
|
8,309
|
Net interest
revenue
|
111,070
|
107,309
|
106,073
|
106,445
|
105,613
|
Provision for credit
losses
|
(3,000)
|
(5,000)
|
(5,000)
|
-
|
-
|
Net interest revenue,
after provision
|
|
|
|
|
|
for
credit losses
|
114,070
|
112,309
|
111,073
|
106,445
|
105,613
|
Noninterest
revenue
|
62,953
|
74,314
|
73,315
|
63,513
|
69,278
|
Noninterest
expense
|
126,450
|
128,177
|
136,933
|
130,046
|
133,699
|
Income before income
taxes
|
50,573
|
58,446
|
47,455
|
39,912
|
41,192
|
Income tax
expense
|
16,230
|
18,733
|
15,189
|
11,252
|
12,414
|
Net income
|
$
34,343
|
$
39,713
|
$
32,266
|
$
28,660
|
$
28,778
|
|
|
|
|
|
|
Balance Sheet -
Period End Balances
|
|
|
|
|
|
Total
assets
|
$ 13,787,424
|
$
13,634,931
|
$ 13,630,322
|
$ 13,326,369
|
$ 13,071,557
|
Total earning
assets
|
12,663,944
|
12,492,532
|
12,468,322
|
12,163,897
|
11,929,416
|
Total
securities
|
2,161,125
|
2,251,153
|
2,194,373
|
2,156,927
|
2,211,462
|
Loans and leases, net
of unearned income
|
10,219,576
|
10,007,571
|
9,726,970
|
9,712,936
|
9,510,542
|
Allowance for credit
losses
|
133,009
|
138,312
|
136,660
|
142,443
|
143,950
|
Total
deposits
|
11,141,946
|
11,134,961
|
11,252,654
|
10,972,339
|
10,701,537
|
Long-term
debt
|
71,868
|
73,962
|
76,055
|
78,148
|
81,742
|
Total shareholders'
equity
|
1,644,820
|
1,680,196
|
1,645,208
|
1,606,059
|
1,610,543
|
|
|
|
|
|
|
Balance Sheet -
Average Balances
|
|
|
|
|
|
Total
assets
|
$ 13,632,581
|
$
13,516,546
|
$ 13,457,668
|
$ 13,131,130
|
$ 12,987,103
|
Total earning
assets
|
12,548,967
|
12,443,960
|
12,398,058
|
12,038,265
|
11,892,493
|
Total
securities
|
2,207,935
|
2,211,931
|
2,190,989
|
2,180,000
|
2,272,114
|
Loans and leases, net
of unearned income
|
10,110,995
|
9,868,318
|
9,670,987
|
9,579,059
|
9,393,709
|
Total
deposits
|
11,140,542
|
11,148,246
|
11,126,210
|
10,802,194
|
10,662,841
|
Long-term
debt
|
71,868
|
73,962
|
76,078
|
79,387
|
81,742
|
Total shareholders'
equity
|
1,680,123
|
1,659,991
|
1,624,496
|
1,613,239
|
1,600,721
|
|
|
|
|
|
|
Nonperforming
Assets:
|
|
|
|
|
|
Non-accrual loans and
leases
|
$
70,237
|
$
67,766
|
$
54,418
|
$
58,052
|
$
54,612
|
Loans and leases 90+
days past due, still accruing
|
1,436
|
1,568
|
1,615
|
2,763
|
1,925
|
Restructured loans
and leases, still accruing
|
18,578
|
10,109
|
5,433
|
10,920
|
12,398
|
Non-performing loans
(NPLs)
|
90,251
|
79,443
|
61,466
|
71,735
|
68,935
|
Other real estate
owned
|
23,696
|
24,299
|
27,889
|
33,984
|
42,691
|
Non-performing assets
(NPAs)
|
$
113,947
|
$
103,742
|
$
89,355
|
$
105,719
|
$
111,626
|
|
|
|
|
|
|
Financial Ratios
and Other Data:
|
|
|
|
|
|
Return on average
assets
|
1.00%
|
1.18%
|
0.97%
|
0.87%
|
0.88%
|
Return on average
shareholders' equity
|
8.11%
|
9.60%
|
8.06%
|
7.05%
|
7.13%
|
Return on tangible
equity
|
10.23%
|
11.66%
|
9.84%
|
8.81%
|
8.83%
|
Pre-tax pre-provision
return on average assets
|
1.38%
|
1.59%
|
1.29%
|
1.21%
|
1.26%
|
Noninterest income to
average assets
|
1.83%
|
2.21%
|
2.21%
|
1.92%
|
2.12%
|
Noninterest expense
to average assets
|
3.68%
|
3.80%
|
4.13%
|
3.93%
|
4.08%
|
Net interest
margin-fully taxable equivalent
|
3.59%
|
3.54%
|
3.56%
|
3.60%
|
3.62%
|
Net interest rate
spread
|
3.49%
|
3.44%
|
3.46%
|
3.49%
|
3.50%
|
Efficiency ratio (tax
equivalent)
|
71.56%
|
69.52%
|
75.17%
|
75.25%
|
75.19%
|
Loan/deposit
ratio
|
91.72%
|
89.88%
|
86.44%
|
88.52%
|
88.87%
|
Price to earnings
mult (avg)
|
16.98
|
18.80
|
18.43
|
18.45
|
16.64
|
Market value to book
value
|
135.80%
|
148.34%
|
136.26%
|
134.91%
|
120.13%
|
Market value to book
value (avg)
|
140.68%
|
142.10%
|
127.91%
|
130.16%
|
129.54%
|
Market value to
tangible book value
|
167.71%
|
182.42%
|
168.52%
|
167.95%
|
149.58%
|
Market value to
tangible book value (avg)
|
173.74%
|
174.75%
|
158.20%
|
162.04%
|
161.30%
|
Headcount
FTE
|
3,903
|
3,935
|
3,924
|
3,948
|
3,938
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality
Ratios:
|
|
|
|
|
|
Net (recoveries)
charge-offs to average loans and leases (annualized)
|
0.09%
|
(0.27%)
|
0.03%
|
0.06%
|
0.13%
|
Provision for credit
losses to average loans and leases (annualized)
|
(0.12%)
|
(0.20%)
|
(0.21%)
|
0.00%
|
0.00%
|
Allowance for credit
losses to net loans and leases
|
1.30%
|
1.38%
|
1.40%
|
1.47%
|
1.51%
|
Allowance for credit
losses to non-performing loans and leases
|
147.38%
|
174.10%
|
222.33%
|
198.57%
|
208.82%
|
Allowance for credit
losses to non-performing assets
|
116.73%
|
133.32%
|
152.94%
|
134.74%
|
128.96%
|
Non-performing loans
and leases to net loans and leases
|
0.88%
|
0.79%
|
0.63%
|
0.74%
|
0.72%
|
Non-performing assets
to net loans and leases
|
1.11%
|
1.04%
|
0.92%
|
1.09%
|
1.17%
|
|
|
|
|
|
|
Equity
Ratios:
|
|
|
|
|
|
Total shareholders'
equity to total assets
|
11.93%
|
12.32%
|
12.07%
|
12.05%
|
12.32%
|
Tangible
shareholders' equity to tangible assets
|
9.88%
|
10.26%
|
9.99%
|
9.92%
|
10.14%
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Adequacy:
|
|
|
|
|
|
Common Equity
Tier 1 capital
|
12.08%
|
12.60%
|
12.60%
|
N/A
|
N/A
|
Tier 1
capital
|
12.29%
|
12.81%
|
12.81%
|
13.26%
|
13.18%
|
Total
capital
|
13.45%
|
14.04%
|
14.07%
|
14.52%
|
14.43%
|
Tier 1 leverage
capital
|
10.56%
|
10.96%
|
10.71%
|
10.55%
|
10.47%
|
Estimated for current quarter
|
|
|
|
|
|
|
|
|
|
|
|
Common Share
Data:
|
|
|
|
|
|
Basic earnings per
share
|
$
0.36
|
$
0.41
|
$
0.33
|
$
0.30
|
$
0.30
|
Diluted earnings per
share
|
0.36
|
0.41
|
0.33
|
0.30
|
0.30
|
Cash dividends per
share
|
0.10
|
0.08
|
0.08
|
0.08
|
0.08
|
Book value per
share
|
17.50
|
17.37
|
17.04
|
16.69
|
16.77
|
Tangible book value
per share
|
14.17
|
14.12
|
13.78
|
13.40
|
13.46
|
Market value per
share (last)
|
23.77
|
25.76
|
23.22
|
22.51
|
20.14
|
Market value per
share (high)
|
26.54
|
26.68
|
23.68
|
23.28
|
25.43
|
Market value per
share (low)
|
22.09
|
22.83
|
19.64
|
19.22
|
20.11
|
Market value per
share (avg)
|
24.62
|
24.68
|
21.80
|
21.72
|
21.72
|
Dividend payout
ratio
|
28.01%
|
18.25%
|
22.40%
|
25.17%
|
25.03%
|
Total shares
outstanding
|
93,969,994
|
96,755,530
|
96,544,502
|
96,254,903
|
96,065,021
|
Average shares
outstanding - basic
|
96,202,871
|
96,625,794
|
96,359,885
|
96,173,000
|
96,052,260
|
Average shares
outstanding - diluted
|
96,467,728
|
96,957,441
|
96,653,401
|
96,506,827
|
96,373,950
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield/Rate:
|
|
|
|
|
|
(Taxable equivalent
basis)
|
|
|
|
|
|
Loans, loans held for
sale, and leases net of unearned income
|
4.22%
|
4.23%
|
4.31%
|
4.30%
|
4.36%
|
Available-for-sale
securities:
|
|
|
|
|
|
Taxable
|
1.40%
|
1.40%
|
1.54%
|
1.43%
|
1.42%
|
Tax-exempt
|
5.32%
|
5.44%
|
5.40%
|
5.30%
|
5.37%
|
Short-term
investments
|
0.20%
|
0.24%
|
0.22%
|
0.24%
|
0.22%
|
Total interest
earning assets and revenue
|
3.82%
|
3.78%
|
3.80%
|
3.85%
|
3.89%
|
Deposits
|
0.22%
|
0.23%
|
0.24%
|
0.25%
|
0.28%
|
Demand -
interest bearing
|
0.18%
|
0.19%
|
0.18%
|
0.18%
|
0.17%
|
Savings
|
0.12%
|
0.12%
|
0.12%
|
0.12%
|
0.12%
|
Other
time
|
0.76%
|
0.79%
|
0.82%
|
0.87%
|
0.96%
|
Short-term
borrowings
|
0.12%
|
0.11%
|
0.12%
|
0.11%
|
0.10%
|
Total int bearing dep
& s/t borrowings
|
0.30%
|
0.31%
|
0.31%
|
0.33%
|
0.36%
|
Junior subordinated
debt
|
2.87%
|
2.86%
|
2.84%
|
2.82%
|
2.81%
|
Long-term
debt
|
2.91%
|
2.90%
|
2.88%
|
2.86%
|
2.85%
|
Total interest
bearing liabilities and expense
|
0.32%
|
0.34%
|
0.34%
|
0.36%
|
0.39%
|
Interest bearing
liabilities to interest earning assets
|
69.68%
|
70.36%
|
71.13%
|
70.57%
|
71.07%
|
Net interest tax
equivalent adjustment
|
$
2,558
|
$
2,628
|
$
2,653
|
$
2,736
|
$
2,810
|
BancorpSouth,
Inc.
|
Consolidated
Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
Sep-15
|
Jun-15
|
Mar-15
|
Dec-14
|
Sep-14
|
|
(Dollars in
thousands)
|
Assets
|
|
|
|
|
|
Cash and due from
banks
|
$
159,923
|
$
183,541
|
$
199,337
|
$
204,231
|
$
169,226
|
Interest bearing
deposits with other banks
|
113,068
|
34,438
|
360,469
|
153,019
|
70,408
|
Available-for-sale
securities, at fair value
|
2,161,125
|
2,251,153
|
2,194,373
|
2,156,927
|
2,211,462
|
Loans and
leases
|
10,254,013
|
10,041,455
|
9,761,555
|
9,749,540
|
9,546,250
|
Less:
Unearned income
|
34,437
|
33,884
|
34,585
|
36,604
|
35,708
|
Allowance for credit losses
|
133,009
|
138,312
|
136,660
|
142,443
|
143,950
|
Net loans and
leases
|
10,086,567
|
9,869,259
|
9,590,310
|
9,570,493
|
9,366,592
|
Loans held for
sale
|
170,175
|
199,370
|
186,510
|
141,015
|
137,005
|
Premises and
equipment, net
|
304,317
|
303,837
|
305,335
|
304,943
|
307,497
|
Accrued interest
receivable
|
41,599
|
41,065
|
42,933
|
41,985
|
42,311
|
Goodwill
|
291,498
|
291,498
|
291,498
|
291,498
|
291,498
|
Other identifiable
intangibles
|
21,466
|
22,415
|
23,476
|
24,508
|
25,619
|
Bank owned life
insurance
|
249,825
|
247,983
|
246,148
|
247,076
|
243,827
|
Other real estate
owned
|
23,696
|
24,299
|
27,889
|
33,984
|
42,691
|
Other
assets
|
164,165
|
166,073
|
162,044
|
156,690
|
163,421
|
Total
Assets
|
$
13,787,424
|
$
13,634,931
|
$
13,630,322
|
$
13,326,369
|
$
13,071,557
|
Liabilities
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Demand:
Noninterest bearing
|
$
3,053,439
|
$
2,911,972
|
$
2,914,949
|
$
2,778,686
|
$
2,811,156
|
Interest bearing
|
4,794,656
|
4,881,469
|
4,979,710
|
4,868,054
|
4,498,275
|
Savings
|
1,409,856
|
1,407,616
|
1,395,857
|
1,331,963
|
1,311,874
|
Other
time
|
1,883,995
|
1,933,904
|
1,962,138
|
1,993,636
|
2,080,232
|
Total
deposits
|
11,141,946
|
11,134,961
|
11,252,654
|
10,972,339
|
10,701,537
|
Federal funds
purchased and
|
|
|
|
|
|
securities sold under agreement
|
|
|
|
|
|
to
repurchase
|
425,203
|
375,980
|
384,829
|
388,166
|
431,428
|
Short-term Federal
Home Loan Bank borrowings
|
|
|
|
|
|
and
other short-term borrowing
|
224,500
|
92,500
|
1,500
|
3,500
|
2,000
|
Accrued interest
payable
|
3,353
|
3,494
|
3,371
|
3,400
|
3,894
|
Junior subordinated
debt securities
|
23,198
|
23,198
|
23,198
|
23,198
|
23,198
|
Long-term
debt
|
71,868
|
73,962
|
76,055
|
78,148
|
81,742
|
Other
liabilities
|
252,536
|
250,640
|
243,507
|
251,559
|
217,215
|
Total
Liabilities
|
12,142,604
|
11,954,735
|
11,985,114
|
11,720,310
|
11,461,014
|
Shareholders'
Equity
|
|
|
|
|
|
Common
stock
|
234,925
|
241,889
|
241,361
|
240,637
|
240,165
|
Capital
surplus
|
278,998
|
337,272
|
331,016
|
324,271
|
322,488
|
Accumulated other
comprehensive loss
|
(36,355)
|
(41,288)
|
(37,033)
|
(43,686)
|
(15,513)
|
Retained
earnings
|
1,167,252
|
1,142,323
|
1,109,864
|
1,084,837
|
1,063,403
|
Total Shareholders'
Equity
|
1,644,820
|
1,680,196
|
1,645,208
|
1,606,059
|
1,610,543
|
Total Liabilities
& Shareholders' Equity
|
$
13,787,424
|
$
13,634,931
|
$
13,630,322
|
$
13,326,369
|
$
13,071,557
|
BancorpSouth,
Inc.
|
Consolidated
Average Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
Sep-15
|
Jun-15
|
Mar-15
|
Dec-14
|
Sep-14
|
|
(Dollars in
thousands)
|
Assets
|
|
|
|
|
|
Cash and due from
banks
|
$
159,569
|
$
152,792
|
$
132,734
|
$
166,941
|
$
155,876
|
Interest bearing
deposits with other banks
|
72,438
|
212,634
|
426,792
|
165,713
|
120,707
|
Available-for-sale
securities, at fair value
|
2,207,935
|
2,211,931
|
2,190,989
|
2,180,000
|
2,272,114
|
Loans and
leases
|
10,144,874
|
9,903,034
|
9,706,941
|
9,615,125
|
9,430,043
|
Less:
Unearned income
|
33,879
|
34,716
|
35,954
|
36,066
|
36,334
|
Allowance for credit losses
|
137,547
|
140,483
|
141,299
|
143,842
|
146,592
|
Net loans and
leases
|
9,973,448
|
9,727,835
|
9,529,688
|
9,435,217
|
9,247,117
|
Loans held for
sale
|
157,598
|
151,077
|
109,291
|
113,493
|
105,964
|
Premises and
equipment, net
|
304,948
|
305,335
|
305,277
|
306,630
|
309,373
|
Accrued interest
receivable
|
38,847
|
38,268
|
39,279
|
39,034
|
38,758
|
Goodwill
|
291,498
|
291,498
|
291,498
|
291,498
|
291,498
|
Other identifiable
intangibles
|
21,812
|
22,780
|
23,834
|
24,910
|
26,031
|
Bank owned life
insurance
|
248,798
|
246,872
|
246,538
|
245,584
|
242,718
|
Other real estate
owned
|
24,008
|
27,190
|
32,062
|
39,209
|
49,123
|
Other
assets
|
131,682
|
128,334
|
129,686
|
122,901
|
127,824
|
Total
Assets
|
$
13,632,581
|
$
13,516,546
|
$
13,457,668
|
$
13,131,130
|
$
12,987,103
|
Liabilities
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Demand:
Noninterest bearing
|
$
2,992,903
|
$
2,895,451
|
$
2,807,816
|
$
2,837,919
|
$
2,766,626
|
Interest bearing
|
4,822,567
|
4,899,467
|
4,985,577
|
4,617,998
|
4,480,008
|
Savings
|
1,413,187
|
1,404,336
|
1,358,565
|
1,321,000
|
1,308,184
|
Other
time
|
1,911,885
|
1,948,992
|
1,974,252
|
2,025,277
|
2,108,023
|
Total
deposits
|
11,140,542
|
11,148,246
|
11,126,210
|
10,802,194
|
10,662,841
|
Federal funds
purchased and
|
|
|
|
|
|
securities sold under agreement
|
|
|
|
|
|
to
repurchase
|
439,503
|
399,447
|
398,237
|
426,842
|
444,017
|
Short-term Federal
Home Loan Bank borrowings
|
|
|
|
|
|
and
other short-term borrowing
|
62,136
|
6,555
|
3,056
|
2,261
|
6,489
|
Accrued interest
payable
|
3,600
|
3,457
|
3,338
|
3,630
|
3,940
|
Junior subordinated
debt securities
|
23,198
|
23,198
|
23,198
|
23,198
|
23,198
|
Long-term
debt
|
71,868
|
73,962
|
76,078
|
79,387
|
81,742
|
Other
liabilities
|
211,611
|
201,690
|
203,055
|
180,379
|
164,155
|
Total
Liabilities
|
11,952,458
|
11,856,555
|
11,833,172
|
11,517,891
|
11,386,382
|
Shareholders'
Equity
|
|
|
|
|
|
Common
stock
|
240,473
|
241,540
|
240,992
|
240,436
|
240,123
|
Capital
surplus
|
325,118
|
332,993
|
326,476
|
323,372
|
322,219
|
Accumulated other
comprehensive loss
|
(40,476)
|
(38,534)
|
(39,529)
|
(22,747)
|
(14,827)
|
Retained
earnings
|
1,155,008
|
1,123,992
|
1,096,557
|
1,072,178
|
1,053,206
|
Total Shareholders'
Equity
|
1,680,123
|
1,659,991
|
1,624,496
|
1,613,239
|
1,600,721
|
Total Liabilities
& Shareholders' Equity
|
$
13,632,581
|
$
13,516,546
|
$
13,457,668
|
$
13,131,130
|
$
12,987,103
|
BancorpSouth,
Inc.
|
Consolidated
Condensed Statements of Income
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
YTD
|
|
Sep-15
|
|
Jun-15
|
|
Mar-15
|
|
Dec-14
|
|
Sep-14
|
|
Sep-15
|
|
Sep-14
|
INTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
leases
|
$ 107,086
|
|
$ 103,428
|
|
$ 102,135
|
|
$ 103,172
|
|
$ 102,681
|
|
$ 312,649
|
|
$ 301,387
|
Deposits with other
banks
|
36
|
|
126
|
|
236
|
|
101
|
|
68
|
|
398
|
|
431
|
Available-for-sale
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
6,490
|
|
6,424
|
|
6,844
|
|
6,429
|
|
6,646
|
|
19,758
|
|
21,326
|
Tax-exempt
|
3,226
|
|
3,335
|
|
3,377
|
|
3,471
|
|
3,607
|
|
9,938
|
|
10,991
|
Loans held for
sale
|
1,363
|
|
1,317
|
|
905
|
|
1,064
|
|
920
|
|
3,585
|
|
1,885
|
Total
interest revenue
|
118,201
|
|
114,630
|
|
113,497
|
|
114,237
|
|
113,922
|
|
346,328
|
|
336,020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
demand
|
2,209
|
|
2,262
|
|
2,183
|
|
2,070
|
|
1,956
|
|
6,654
|
|
5,781
|
Savings
|
431
|
|
426
|
|
412
|
|
411
|
|
410
|
|
1,269
|
|
1,203
|
Other time
|
3,646
|
|
3,827
|
|
4,008
|
|
4,453
|
|
5,083
|
|
11,481
|
|
16,222
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under
agreement to repurchase
|
104
|
|
85
|
|
82
|
|
89
|
|
84
|
|
271
|
|
242
|
Long-term
debt
|
571
|
|
556
|
|
577
|
|
603
|
|
612
|
|
1,704
|
|
1,860
|
Junior subordinated
debt
|
168
|
|
165
|
|
163
|
|
165
|
|
164
|
|
496
|
|
494
|
Other
|
2
|
|
-
|
|
(1)
|
|
1
|
|
-
|
|
1
|
|
1
|
Total
interest expense
|
7,131
|
|
7,321
|
|
7,424
|
|
7,792
|
|
8,309
|
|
21,876
|
|
25,803
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest revenue
|
111,070
|
|
107,309
|
|
106,073
|
|
106,445
|
|
105,613
|
|
324,452
|
|
310,217
|
Provision for
credit losses
|
(3,000)
|
|
(5,000)
|
|
(5,000)
|
|
-
|
|
-
|
|
(13,000)
|
|
-
|
Net
interest revenue, after provision for
|
|
|
|
|
|
|
|
|
|
|
|
|
|
credit losses
|
114,070
|
|
112,309
|
|
111,073
|
|
106,445
|
|
105,613
|
|
337,452
|
|
310,217
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage
lending
|
2,339
|
|
14,102
|
|
8,567
|
|
3,250
|
|
6,938
|
|
25,008
|
|
19,421
|
Credit card, debit
card and merchant fees
|
9,282
|
|
9,298
|
|
8,539
|
|
9,921
|
|
8,972
|
|
27,119
|
|
25,382
|
Deposit service
charges
|
12,150
|
|
11,527
|
|
11,252
|
|
12,538
|
|
13,111
|
|
34,929
|
|
38,084
|
Security gains,
net
|
33
|
|
41
|
|
14
|
|
18
|
|
18
|
|
88
|
|
19
|
Insurance
commissions
|
28,584
|
|
29,319
|
|
33,493
|
|
25,376
|
|
29,246
|
|
91,396
|
|
89,466
|
Wealth
Management
|
5,567
|
|
5,508
|
|
6,210
|
|
5,826
|
|
5,961
|
|
17,285
|
|
17,705
|
Other
|
4,998
|
|
4,519
|
|
5,240
|
|
6,584
|
|
5,032
|
|
14,757
|
|
15,556
|
Total
noninterest revenue
|
62,953
|
|
74,314
|
|
73,315
|
|
63,513
|
|
69,278
|
|
210,582
|
|
205,633
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
81,354
|
|
79,759
|
|
81,179
|
|
76,751
|
|
77,453
|
|
242,292
|
|
231,077
|
Occupancy, net of
rental income
|
10,819
|
|
10,419
|
|
10,194
|
|
10,500
|
|
10,313
|
|
31,432
|
|
30,845
|
Equipment
|
3,742
|
|
4,024
|
|
3,974
|
|
3,996
|
|
4,205
|
|
11,740
|
|
12,873
|
Deposit insurance
assessments
|
2,191
|
|
2,377
|
|
2,311
|
|
2,430
|
|
2,125
|
|
6,879
|
|
5,760
|
Other
|
28,344
|
|
31,598
|
|
39,275
|
|
36,369
|
|
39,603
|
|
99,217
|
|
107,805
|
Total
noninterest expenses
|
126,450
|
|
128,177
|
|
136,933
|
|
130,046
|
|
133,699
|
|
391,560
|
|
388,360
|
Income
before income taxes
|
50,573
|
|
58,446
|
|
47,455
|
|
39,912
|
|
41,192
|
|
156,474
|
|
127,490
|
Income tax
expense
|
16,230
|
|
18,733
|
|
15,189
|
|
11,252
|
|
12,414
|
|
50,152
|
|
39,400
|
Net
income
|
$ 34,343
|
|
$ 39,713
|
|
$ 32,266
|
|
$ 28,660
|
|
$ 28,778
|
|
$ 106,322
|
|
$ 88,090
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share:
Basic
|
$ 0.36
|
|
$ 0.41
|
|
$ 0.33
|
|
$ 0.30
|
|
$ 0.30
|
|
$ 1.10
|
|
$ 0.92
|
Diluted
|
$ 0.36
|
|
$ 0.41
|
|
$ 0.33
|
|
$ 0.30
|
|
$ 0.30
|
|
$ 1.10
|
|
$ 0.92
|
BancorpSouth,
Inc.
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Sep-15
|
|
Jun-15
|
|
Mar-15
|
|
Dec-14
|
|
Sep-14
|
LOAN AND LEASE
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$ 1,710,497
|
|
$ 1,730,142
|
|
$ 1,676,366
|
|
$ 1,746,486
|
|
$ 1,714,012
|
Real
estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
2,447,132
|
|
2,374,122
|
|
2,301,112
|
|
2,257,726
|
|
2,191,265
|
Home
equity
|
573,566
|
|
558,460
|
|
538,042
|
|
531,374
|
|
518,263
|
Agricultural
|
252,381
|
|
239,884
|
|
236,898
|
|
239,616
|
|
242,023
|
Commercial and industrial-owner occupied
|
1,605,811
|
|
1,596,244
|
|
1,518,153
|
|
1,522,536
|
|
1,508,679
|
Construction, acquisition and development
|
900,875
|
|
860,407
|
|
892,730
|
|
853,623
|
|
819,636
|
Commercial real estate
|
2,141,398
|
|
2,081,394
|
|
1,993,473
|
|
1,961,977
|
|
1,916,577
|
Credit
cards
|
109,576
|
|
110,552
|
|
106,287
|
|
113,426
|
|
109,464
|
All other
|
478,340
|
|
456,366
|
|
463,909
|
|
486,172
|
|
490,623
|
Total loans
|
$ 10,219,576
|
|
$ 10,007,571
|
|
$ 9,726,970
|
|
$ 9,712,936
|
|
$ 9,510,542
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR CREDIT
LOSSES:
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period
|
$ 138,312
|
|
$ 136,660
|
|
$ 142,443
|
|
$ 143,950
|
|
$ 147,132
|
|
|
|
|
|
|
|
|
|
|
Loans and leases
charged-off:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
(2,010)
|
|
(1,436)
|
|
(383)
|
|
(1,179)
|
|
(306)
|
Real
estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
(1,382)
|
|
(575)
|
|
(892)
|
|
(900)
|
|
(1,510)
|
Home
equity
|
(314)
|
|
(245)
|
|
(498)
|
|
(93)
|
|
(510)
|
Agricultural
|
(9)
|
|
-
|
|
(8)
|
|
(4)
|
|
(47)
|
Commercial and industrial-owner occupied
|
(645)
|
|
(404)
|
|
(394)
|
|
(220)
|
|
(1,229)
|
Construction, acquisition and development
|
(203)
|
|
(272)
|
|
(343)
|
|
(566)
|
|
(1,458)
|
Commercial real estate
|
(1,477)
|
|
(1,117)
|
|
(1,007)
|
|
(463)
|
|
(70)
|
Credit
cards
|
(706)
|
|
(527)
|
|
(676)
|
|
(580)
|
|
(612)
|
All other
|
(628)
|
|
(441)
|
|
(579)
|
|
(847)
|
|
(743)
|
Total loans
charged-off
|
(7,374)
|
|
(5,017)
|
|
(4,780)
|
|
(4,852)
|
|
(6,485)
|
|
|
|
|
|
|
|
|
|
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
897
|
|
282
|
|
502
|
|
298
|
|
565
|
Real
estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
461
|
|
1,024
|
|
612
|
|
821
|
|
952
|
Home
equity
|
90
|
|
185
|
|
241
|
|
102
|
|
157
|
Agricultural
|
59
|
|
36
|
|
269
|
|
16
|
|
45
|
Commercial and industrial-owner occupied
|
1,831
|
|
146
|
|
550
|
|
216
|
|
460
|
Construction, acquisition and development
|
1,084
|
|
8,978
|
|
604
|
|
897
|
|
392
|
Commercial real estate
|
187
|
|
600
|
|
720
|
|
623
|
|
286
|
Credit
cards
|
170
|
|
183
|
|
153
|
|
160
|
|
116
|
All other
|
292
|
|
235
|
|
346
|
|
212
|
|
330
|
Total recoveries
|
5,071
|
|
11,669
|
|
3,997
|
|
3,345
|
|
3,303
|
|
|
|
|
|
|
|
|
|
|
Net recoveries
(charge-offs)
|
(2,303)
|
|
6,652
|
|
(783)
|
|
(1,507)
|
|
(3,182)
|
|
|
|
|
|
|
|
|
|
|
Provision charged to
operating expense
|
(3,000)
|
|
(5,000)
|
|
(5,000)
|
|
-
|
|
-
|
Balance, end of
period
|
$ 133,009
|
|
$ 138,312
|
|
$ 136,660
|
|
$ 142,443
|
|
$ 143,950
|
|
|
|
|
|
|
|
|
|
|
Average loans for
period
|
$ 10,110,995
|
|
$ 9,868,318
|
|
$ 9,670,987
|
|
$ 9,579,059
|
|
$ 9,393,709
|
|
|
|
|
|
|
|
|
|
|
Ratio:
|
|
|
|
|
|
|
|
|
|
Net (recoveries)
charge-offs to average loans (annualized)
|
0.09%
|
|
(0.27%)
|
|
0.03%
|
|
0.06%
|
|
0.13%
|
BancorpSouth,
Inc.
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Sep-15
|
|
Jun-15
|
|
Mar-15
|
|
Dec-14
|
|
Sep-14
|
NON-PERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES:
|
|
|
|
|
|
|
|
|
|
Nonaccrual
Loans and Leases
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
$ 15,697
|
|
$ 9,740
|
|
$ 3,923
|
|
$ 3,934
|
|
$ 2,786
|
Real estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
21,959
|
|
21,636
|
|
21,435
|
|
23,668
|
|
23,408
|
Home
equity
|
3,664
|
|
3,550
|
|
2,269
|
|
2,253
|
|
2,073
|
Agricultural
|
484
|
|
259
|
|
259
|
|
291
|
|
638
|
Commercial and
industrial-owner occupied
|
12,690
|
|
14,007
|
|
9,687
|
|
11,190
|
|
7,495
|
Construction,
acquisition and development
|
4,240
|
|
5,411
|
|
5,111
|
|
4,162
|
|
6,070
|
Commercial real
estate
|
10,730
|
|
12,397
|
|
11,107
|
|
11,915
|
|
11,102
|
Credit cards
|
215
|
|
157
|
|
118
|
|
133
|
|
168
|
All other
|
558
|
|
609
|
|
509
|
|
506
|
|
872
|
Total nonaccrual loans and leases
|
$ 70,237
|
|
$ 67,766
|
|
$ 54,418
|
|
$ 58,052
|
|
$ 54,612
|
|
|
|
|
|
|
|
|
|
|
Loans and
Leases 90+ Days Past Due, Still Accruing:
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
$
58
|
|
$
20
|
|
$
30
|
|
$
41
|
|
$
60
|
Real estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
1,068
|
|
1,022
|
|
1,256
|
|
1,828
|
|
1,590
|
Home
equity
|
-
|
|
141
|
|
-
|
|
-
|
|
20
|
Agricultural
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Commercial and
industrial-owner occupied
|
-
|
|
14
|
|
-
|
|
39
|
|
-
|
Construction,
acquisition and development
|
-
|
|
-
|
|
-
|
|
387
|
|
-
|
Commercial real
estate
|
-
|
|
-
|
|
-
|
|
137
|
|
-
|
Credit cards
|
310
|
|
342
|
|
329
|
|
327
|
|
255
|
All other
|
-
|
|
29
|
|
-
|
|
4
|
|
-
|
Total loans and leases 90+ days past due, still accruing
|
1,436
|
|
1,568
|
|
1,615
|
|
2,763
|
|
1,925
|
|
|
|
|
|
|
|
|
|
|
Restructured
Loans and Leases, Still Accruing
|
18,578
|
|
10,109
|
|
5,433
|
|
10,920
|
|
12,398
|
Total non-performing loans
and leases
|
90,251
|
|
79,443
|
|
61,466
|
|
71,735
|
|
68,935
|
|
|
|
|
|
|
|
|
|
|
OTHER REAL ESTATE
OWNED:
|
23,696
|
|
24,299
|
|
27,889
|
|
33,984
|
|
42,691
|
|
|
|
|
|
|
|
|
|
|
Total Non-performing
Assets
|
$ 113,947
|
|
$ 103,742
|
|
$ 89,355
|
|
$ 105,719
|
|
$ 111,626
|
|
|
|
|
|
|
|
|
|
|
Additions to
Nonaccrual Loans and Leases During the Quarter
|
$ 22,271
|
|
$ 35,315
|
|
$ 23,607
|
|
$ 21,952
|
|
$ 16,707
|
|
|
|
|
|
|
|
|
|
|
Loans and
Leases 30-89 Days Past Due, Still Accruing:
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
$ 4,985
|
|
$ 3,081
|
|
$ 3,270
|
|
$ 2,319
|
|
$ 3,753
|
Real estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
10,789
|
|
10,622
|
|
9,955
|
|
11,412
|
|
13,013
|
Home
equity
|
1,455
|
|
2,527
|
|
2,594
|
|
2,047
|
|
1,315
|
Agricultural
|
393
|
|
116
|
|
161
|
|
366
|
|
190
|
Commercial and
industrial-owner occupied
|
3,888
|
|
2,643
|
|
3,026
|
|
912
|
|
2,364
|
Construction,
acquisition and development
|
1,218
|
|
1,120
|
|
5,471
|
|
4,811
|
|
1,036
|
Commercial real
estate
|
798
|
|
1,651
|
|
3,032
|
|
1,510
|
|
926
|
Credit cards
|
788
|
|
529
|
|
581
|
|
739
|
|
602
|
All other
|
1,334
|
|
1,481
|
|
1,014
|
|
1,698
|
|
1,196
|
Total Loans and Leases 30-89 days past due, still
accruing
|
$ 25,648
|
|
$ 23,770
|
|
$ 29,104
|
|
$ 25,814
|
|
$ 24,395
|
|
|
|
|
|
|
|
|
|
|
Credit Quality
Ratios:
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses to average loans and leases (annualized)
|
(0.12%)
|
|
(0.20%)
|
|
(0.21%)
|
|
0.00%
|
|
0.00%
|
Allowance for credit
losses to net loans and leases
|
1.30%
|
|
1.38%
|
|
1.40%
|
|
1.47%
|
|
1.51%
|
Allowance for credit
losses to non-performing loans and leases
|
147.38%
|
|
174.10%
|
|
222.33%
|
|
198.57%
|
|
208.82%
|
Allowance for credit
losses to non-performing assets
|
116.73%
|
|
133.32%
|
|
152.94%
|
|
134.74%
|
|
128.96%
|
Non-performing loans
and leases to net loans and leases
|
0.88%
|
|
0.79%
|
|
0.63%
|
|
0.74%
|
|
0.72%
|
Non-performing assets
to net loans and leases
|
1.11%
|
|
1.04%
|
|
0.92%
|
|
1.09%
|
|
1.17%
|
BancorpSouth,
Inc.
|
|
|
|
|
Selected Loan
Data
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2015
|
|
|
|
Special
|
|
|
|
|
|
|
|
|
|
|
|
Pass
|
|
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Impaired
|
|
Total
|
LOAN PORTFOLIO BY
INTERNALLY ASSIGNED GRADE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$ 1,671,522
|
|
$
-
|
|
$ 24,967
|
|
$
-
|
|
$
-
|
|
$ 14,008
|
|
$ 1,710,497
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
2,369,160
|
|
-
|
|
73,753
|
|
107
|
|
-
|
|
4,112
|
|
2,447,132
|
Home
equity
|
563,119
|
|
-
|
|
8,645
|
|
-
|
|
-
|
|
1,802
|
|
573,566
|
Agricultural
|
243,814
|
|
-
|
|
8,235
|
|
-
|
|
-
|
|
332
|
|
252,381
|
Commercial and industrial-owner occupied
|
1,541,771
|
|
-
|
|
55,289
|
|
224
|
|
-
|
|
8,527
|
|
1,605,811
|
Construction, acquisition and development
|
870,595
|
|
-
|
|
27,243
|
|
430
|
|
-
|
|
2,607
|
|
900,875
|
Commercial real estate
|
2,072,229
|
|
-
|
|
59,514
|
|
410
|
|
-
|
|
9,245
|
|
2,141,398
|
Credit
cards
|
109,576
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
109,576
|
All other
|
471,633
|
|
-
|
|
6,604
|
|
-
|
|
-
|
|
103
|
|
478,340
|
Total loans
|
$ 9,913,419
|
|
$
-
|
|
$ 264,250
|
|
$ 1,171
|
|
$
-
|
|
$ 40,736
|
|
$ 10,219,576
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2015
|
|
|
|
Special
|
|
|
|
|
|
|
|
|
|
|
|
Pass
|
|
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Impaired
|
|
Total
|
LOAN PORTFOLIO BY
INTERNALLY ASSIGNED GRADE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$ 1,688,364
|
|
$
695
|
|
$ 33,809
|
|
$ 107
|
|
$
-
|
|
$ 7,167
|
|
$ 1,730,142
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
2,288,980
|
|
-
|
|
81,312
|
|
226
|
|
-
|
|
3,604
|
|
2,374,122
|
Home
equity
|
547,169
|
|
-
|
|
9,480
|
|
-
|
|
-
|
|
1,811
|
|
558,460
|
Agricultural
|
232,626
|
|
-
|
|
7,258
|
|
-
|
|
-
|
|
-
|
|
239,884
|
Commercial and industrial-owner occupied
|
1,538,436
|
|
-
|
|
47,991
|
|
233
|
|
-
|
|
9,584
|
|
1,596,244
|
Construction, acquisition and development
|
826,039
|
|
-
|
|
30,309
|
|
444
|
|
-
|
|
3,615
|
|
860,407
|
Commercial real estate
|
2,016,614
|
|
-
|
|
55,452
|
|
295
|
|
-
|
|
9,033
|
|
2,081,394
|
Credit
cards
|
110,552
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
110,552
|
All other
|
443,484
|
|
-
|
|
12,583
|
|
-
|
|
-
|
|
299
|
|
456,366
|
Total loans
|
$ 9,692,264
|
|
$
695
|
|
$ 278,194
|
|
$ 1,305
|
|
$
-
|
|
$ 35,113
|
|
$ 10,007,571
|
BancorpSouth,
Inc.
|
Geographical
Information
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2015
|
|
Alabama
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and
Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Panhandle
|
|
Arkansas
|
|
Louisiana
|
|
Mississippi
|
|
Missouri
|
|
Tennessee
|
|
Texas
|
|
Other
|
|
Total
|
LOAN AND LEASE
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$ 156,906
|
|
$ 202,404
|
|
$ 199,453
|
|
$ 592,008
|
|
$ 68,073
|
|
$ 114,479
|
|
$ 238,192
|
|
$ 138,982
|
|
$ 1,710,497
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
285,916
|
|
334,245
|
|
218,535
|
|
823,486
|
|
73,144
|
|
269,128
|
|
426,229
|
|
16,449
|
|
2,447,132
|
Home
equity
|
80,490
|
|
39,037
|
|
62,196
|
|
219,209
|
|
22,330
|
|
139,264
|
|
9,310
|
|
1,730
|
|
573,566
|
Agricultural
|
6,246
|
|
76,058
|
|
30,511
|
|
79,688
|
|
3,109
|
|
12,935
|
|
43,834
|
|
-
|
|
252,381
|
Commercial and industrial-owner occupied
|
182,334
|
|
189,991
|
|
185,937
|
|
669,397
|
|
57,543
|
|
130,355
|
|
190,254
|
|
-
|
|
1,605,811
|
Construction, acquisition and development
|
106,784
|
|
100,059
|
|
77,098
|
|
293,502
|
|
22,768
|
|
135,188
|
|
165,476
|
|
-
|
|
900,875
|
Commercial real estate
|
336,677
|
|
349,996
|
|
234,714
|
|
590,385
|
|
203,867
|
|
175,412
|
|
250,079
|
|
268
|
|
2,141,398
|
Credit
cards
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
109,576
|
|
109,576
|
All other
|
73,139
|
|
49,215
|
|
31,516
|
|
189,538
|
|
3,925
|
|
43,360
|
|
61,285
|
|
26,362
|
|
478,340
|
Total loans
|
$ 1,228,492
|
|
$ 1,341,005
|
|
$ 1,039,960
|
|
$3,457,213
|
|
$ 454,759
|
|
$ 1,020,121
|
|
$ 1,384,659
|
|
$ 293,367
|
|
$ 10,219,576
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$ 1,272
|
|
$ 1,047
|
|
$ 576
|
|
$ 11,261
|
|
$
-
|
|
$
18
|
|
$ 2,075
|
|
$ 143
|
|
$ 16,392
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
1,184
|
|
3,442
|
|
672
|
|
8,207
|
|
1,181
|
|
1,124
|
|
1,176
|
|
6,592
|
|
23,578
|
Home
equity
|
789
|
|
1,292
|
|
524
|
|
510
|
|
-
|
|
547
|
|
-
|
|
2
|
|
3,664
|
Agricultural
|
69
|
|
-
|
|
14
|
|
374
|
|
-
|
|
27
|
|
-
|
|
-
|
|
484
|
Commercial and industrial-owner occupied
|
513
|
|
2,278
|
|
626
|
|
11,977
|
|
990
|
|
200
|
|
259
|
|
-
|
|
16,843
|
Construction, acquisition and development
|
166
|
|
729
|
|
198
|
|
1,495
|
|
1,730
|
|
1,473
|
|
65
|
|
-
|
|
5,856
|
Commercial real estate
|
1,062
|
|
1,235
|
|
2,548
|
|
12,381
|
|
310
|
|
2,489
|
|
1,227
|
|
-
|
|
21,252
|
Credit
cards
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,343
|
|
1,343
|
All other
|
103
|
|
141
|
|
199
|
|
218
|
|
-
|
|
177
|
|
-
|
|
1
|
|
839
|
Total loans
|
$ 5,158
|
|
$ 10,164
|
|
$ 5,357
|
|
$ 46,423
|
|
$ 4,211
|
|
$ 6,055
|
|
$ 4,802
|
|
$ 8,081
|
|
$ 90,251
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS A
PERCENTAGE OF OUTSTANDING:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
0.81%
|
|
0.52%
|
|
0.29%
|
|
1.90%
|
|
0.00%
|
|
0.02%
|
|
0.87%
|
|
0.10%
|
|
0.96%
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
0.41%
|
|
1.03%
|
|
0.31%
|
|
1.00%
|
|
1.61%
|
|
0.42%
|
|
0.28%
|
|
40.08%
|
|
0.96%
|
Home
equity
|
0.98%
|
|
3.31%
|
|
0.84%
|
|
0.23%
|
|
0.00%
|
|
0.39%
|
|
0.00%
|
|
0.12%
|
|
0.64%
|
Agricultural
|
1.10%
|
|
0.00%
|
|
0.05%
|
|
0.47%
|
|
0.00%
|
|
0.21%
|
|
0.00%
|
|
0.00%
|
|
0.19%
|
Commercial and industrial-owner occupied
|
0.28%
|
|
1.20%
|
|
0.34%
|
|
1.79%
|
|
1.72%
|
|
0.15%
|
|
0.14%
|
|
0.00%
|
|
1.05%
|
Construction, acquisition and development
|
0.16%
|
|
0.73%
|
|
0.26%
|
|
0.51%
|
|
7.60%
|
|
1.09%
|
|
0.04%
|
|
0.00%
|
|
0.65%
|
Commercial real estate
|
0.32%
|
|
0.35%
|
|
1.09%
|
|
2.10%
|
|
0.15%
|
|
1.42%
|
|
0.49%
|
|
0.00%
|
|
0.99%
|
Credit
cards
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
1.23%
|
|
1.23%
|
All other
|
0.14%
|
|
0.29%
|
|
0.63%
|
|
0.12%
|
|
0.00%
|
|
0.41%
|
|
0.00%
|
|
0.00%
|
|
0.18%
|
Total loans
|
0.42%
|
|
0.76%
|
|
0.52%
|
|
1.34%
|
|
0.93%
|
|
0.59%
|
|
0.35%
|
|
2.75%
|
|
0.88%
|
BancorpSouth,
Inc.
|
Selected
Additional Information
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2015
|
|
Alabama
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and
Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Panhandle
|
|
Arkansas
|
|
Louisiana
|
|
Mississippi
|
|
Missouri
|
|
Tennessee
|
|
Texas
|
|
Other
|
|
Total
|
OTHER REAL ESTATE
OWNED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
84
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
84
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
214
|
|
116
|
|
53
|
|
2,039
|
|
-
|
|
180
|
|
4
|
|
-
|
|
2,606
|
Home
equity
|
-
|
|
-
|
|
-
|
|
101
|
|
-
|
|
-
|
|
-
|
|
-
|
|
101
|
Agricultural
|
-
|
|
-
|
|
-
|
|
25
|
|
-
|
|
-
|
|
-
|
|
-
|
|
25
|
Commercial and industrial-owner occupied
|
260
|
|
-
|
|
-
|
|
601
|
|
-
|
|
385
|
|
60
|
|
-
|
|
1,306
|
Construction, acquisition and development
|
3,689
|
|
84
|
|
130
|
|
12,693
|
|
-
|
|
2,134
|
|
-
|
|
-
|
|
18,730
|
Commercial real estate
|
170
|
|
108
|
|
-
|
|
278
|
|
127
|
|
-
|
|
63
|
|
-
|
|
746
|
All other
|
-
|
|
-
|
|
-
|
|
98
|
|
-
|
|
-
|
|
-
|
|
-
|
|
98
|
Total loans
|
$ 4,417
|
|
$
308
|
|
$
183
|
|
$ 15,835
|
|
$
127
|
|
$ 2,699
|
|
$ 127
|
|
$
-
|
|
$ 23,696
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
|
|
|
|
|
|
Sep-15
|
|
Jun-15
|
|
Mar-15
|
|
Dec-14
|
|
Sep-14
|
|
|
|
|
|
|
|
|
OTHER REAL ESTATE
OWNED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period
|
$ 24,299
|
|
$ 27,889
|
|
$ 33,984
|
|
$ 42,691
|
|
$ 55,253
|
|
|
|
|
|
|
|
|
Additions to
foreclosed properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
foreclosed property
|
1,333
|
|
1,730
|
|
2,804
|
|
2,257
|
|
3,476
|
|
|
|
|
|
|
|
|
Reductions in
foreclosed properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
(1,412)
|
|
(4,284)
|
|
(6,726)
|
|
(8,548)
|
|
(14,429)
|
|
|
|
|
|
|
|
|
Writedowns
|
(524)
|
|
(1,036)
|
|
(2,173)
|
|
(2,416)
|
|
(1,609)
|
|
|
|
|
|
|
|
|
Balance, end of
period
|
$ 23,696
|
|
$ 24,299
|
|
$ 27,889
|
|
$ 33,984
|
|
$ 42,691
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FORECLOSED PROPERTY
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) Loss on sale
of other real estate owned
|
$ (203)
|
|
$
204
|
|
$
(779)
|
|
$ 1,643
|
|
$ 3,289
|
|
|
|
|
|
|
|
|
Writedown of other
real estate owned
|
524
|
|
1,036
|
|
2,173
|
|
2,416
|
|
1,609
|
|
|
|
|
|
|
|
|
Other foreclosed
property expense
|
487
|
|
385
|
|
577
|
|
534
|
|
823
|
|
|
|
|
|
|
|
|
Total foreclosed
property expense
|
$ 808
|
|
$ 1,625
|
|
$ 1,971
|
|
$ 4,593
|
|
$ 5,721
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Noninterest
Revenue and Expense
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Sep-15
|
|
Jun-15
|
|
Mar-15
|
|
Dec-14
|
|
Sep-14
|
NONINTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
Mortgage
lending
|
$ 2,339
|
|
$ 14,102
|
|
$ 8,567
|
|
$ 3,250
|
|
$ 6,938
|
Credit card, debit
card and merchant fees
|
9,282
|
|
9,298
|
|
8,539
|
|
9,921
|
|
8,972
|
Deposit service
charges
|
12,150
|
|
11,527
|
|
11,252
|
|
12,538
|
|
13,111
|
Securities gains,
net
|
33
|
|
41
|
|
14
|
|
18
|
|
18
|
Insurance
commissions
|
28,584
|
|
29,319
|
|
33,493
|
|
25,376
|
|
29,246
|
Trust
income
|
3,653
|
|
3,543
|
|
4,036
|
|
3,791
|
|
3,537
|
Annuity
fees
|
539
|
|
470
|
|
558
|
|
540
|
|
461
|
Brokerage commissions
and fees
|
1,375
|
|
1,495
|
|
1,616
|
|
1,495
|
|
1,963
|
Bank-owned life
insurance
|
1,842
|
|
1,835
|
|
1,899
|
|
3,249
|
|
1,865
|
Other miscellaneous
income
|
3,156
|
|
2,684
|
|
3,341
|
|
3,335
|
|
3,167
|
Total noninterest
revenue
|
$ 62,953
|
|
$ 74,314
|
|
$ 73,315
|
|
$ 63,513
|
|
$ 69,278
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
$ 81,354
|
|
$ 79,759
|
|
$ 81,179
|
|
$ 76,751
|
|
$ 77,453
|
Occupancy, net of
rental income
|
10,819
|
|
10,419
|
|
10,194
|
|
10,500
|
|
10,313
|
Equipment
|
3,742
|
|
4,024
|
|
3,974
|
|
3,996
|
|
4,205
|
Deposit insurance
assessments
|
2,191
|
|
2,377
|
|
2,311
|
|
2,430
|
|
2,125
|
Amortization of bond
issue cost
|
12
|
|
12
|
|
12
|
|
12
|
|
12
|
Advertising
|
812
|
|
1,686
|
|
781
|
|
1,233
|
|
1,192
|
Foreclosed property
expense
|
808
|
|
1,625
|
|
1,971
|
|
4,593
|
|
5,721
|
Telecommunications
|
1,825
|
|
1,897
|
|
1,922
|
|
1,960
|
|
2,254
|
Public
relations
|
481
|
|
653
|
|
570
|
|
770
|
|
950
|
Data
processing
|
5,598
|
|
5,324
|
|
5,393
|
|
4,804
|
|
5,317
|
Computer
software
|
2,595
|
|
2,690
|
|
2,606
|
|
2,763
|
|
2,488
|
Amortization of
intangibles
|
948
|
|
1,061
|
|
1,032
|
|
1,111
|
|
1,126
|
Legal
|
1,233
|
|
1,998
|
|
7,681
|
|
2,322
|
|
2,620
|
Merger
expense
|
8
|
|
4
|
|
-
|
|
4
|
|
188
|
Postage and
shipping
|
1,030
|
|
1,194
|
|
1,172
|
|
1,239
|
|
1,103
|
Other miscellaneous
expense
|
12,994
|
|
13,454
|
|
16,135
|
|
15,558
|
|
16,632
|
Total noninterest
expense
|
$ 126,450
|
|
$ 128,177
|
|
$ 136,933
|
|
$ 130,046
|
|
$ 133,699
|
|
|
|
|
|
|
|
|
|
|
INSURANCE
COMMISSIONS:
|
|
|
|
|
|
|
|
|
|
Property and casualty
commissions
|
$ 21,155
|
|
$ 21,145
|
|
$ 20,673
|
|
$ 19,007
|
|
$ 22,746
|
Life and health
commissions
|
5,775
|
|
6,202
|
|
5,412
|
|
5,521
|
|
5,128
|
Risk management
income
|
709
|
|
637
|
|
666
|
|
621
|
|
708
|
Other
|
945
|
|
1,335
|
|
6,742
|
|
227
|
|
664
|
Total insurance
commissions
|
$ 28,584
|
|
$ 29,319
|
|
$ 33,493
|
|
$ 25,376
|
|
$ 29,246
|
BancorpSouth,
Inc.
|
Selected
Additional Information
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Sep-15
|
|
Jun-15
|
|
Mar-15
|
|
Dec-14
|
|
Sep-14
|
MORTGAGE SERVICING
RIGHTS:
|
|
|
|
|
|
|
|
|
|
Fair value, beginning
of period
|
$ 55,924
|
|
$ 49,190
|
|
$ 51,296
|
|
$ 53,759
|
|
$ 52,272
|
Additions to mortgage
servicing rights:
|
|
|
|
|
|
|
|
|
|
Originations of servicing assets
|
4,231
|
|
4,344
|
|
2,499
|
|
2,453
|
|
2,400
|
Changes in fair
value:
|
|
|
|
|
|
|
|
|
|
Due to
payoffs/paydowns
|
(1,872)
|
|
(1,930)
|
|
(1,564)
|
|
(1,480)
|
|
(1,559)
|
Due to
change in valuation inputs or
|
|
|
|
|
|
|
|
|
|
assumptions used in the
valuation model
|
(5,308)
|
|
4,321
|
|
(3,039)
|
|
(3,434)
|
|
648
|
Other
changes in fair value
|
(2)
|
|
(1)
|
|
(2)
|
|
(2)
|
|
(2)
|
Fair value, end of
period
|
$ 52,973
|
|
$ 55,924
|
|
$ 49,190
|
|
$ 51,296
|
|
$ 53,759
|
|
|
|
|
|
|
|
|
|
|
Production
revenue:
|
|
|
|
|
|
|
|
|
|
Origination
|
$ 5,154
|
|
$ 7,395
|
|
$ 8,914
|
|
$ 3,949
|
|
$ 3,736
|
Servicing
|
4,365
|
|
4,316
|
|
4,256
|
|
4,215
|
|
4,113
|
Payoffs/Paydowns
|
(1,872)
|
|
(1,930)
|
|
(1,564)
|
|
(1,480)
|
|
(1,559)
|
Total production
revenue
|
7,647
|
|
9,781
|
|
11,606
|
|
6,684
|
|
6,290
|
Market value
adjustment
|
(5,308)
|
|
4,321
|
|
(3,039)
|
|
(3,434)
|
|
648
|
Total mortgage
lending revenue
|
$ 2,339
|
|
$ 14,102
|
|
$ 8,567
|
|
$ 3,250
|
|
$ 6,938
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans
serviced
|
$ 5,942,736
|
|
$ 5,802,407
|
|
$ 5,705,638
|
|
$ 5,686,756
|
|
$ 5,649,897
|
MSR/mtg loans
serviced
|
0.89%
|
|
0.96%
|
|
0.86%
|
|
0.90%
|
|
0.95%
|
|
|
|
|
|
|
|
|
|
|
AVAILABLE-FOR-SALE
SECURITIES, at fair value
|
|
|
|
|
|
|
|
|
|
U.S. Government
agencies
|
$ 1,255,717
|
|
$ 1,336,846
|
|
$ 1,286,981
|
|
$ 1,215,054
|
|
$ 1,238,088
|
Government agency
issued residential
|
|
|
|
|
|
|
|
|
|
mortgage-back securities
|
206,878
|
|
217,191
|
|
200,381
|
|
209,230
|
|
218,748
|
Government agency
issued commercial
|
|
|
|
|
|
|
|
|
|
mortgage-back securities
|
229,922
|
|
224,450
|
|
227,409
|
|
240,568
|
|
237,325
|
Obligations of states
and political subdivisions
|
451,600
|
|
458,322
|
|
471,539
|
|
483,864
|
|
509,304
|
Other
|
17,008
|
|
14,344
|
|
8,063
|
|
8,211
|
|
7,997
|
Total
available-for-sale securities
|
$ 2,161,125
|
|
$ 2,251,153
|
|
$ 2,194,373
|
|
$ 2,156,927
|
|
$ 2,211,462
|
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 pre-tax, pre-provision earnings, net operating income,
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) enables a more complete
understanding of factors and trends affecting the Company's
business and (iii) allows investors to evaluate the Company's
performance in a manner similar to Management, the financial
services industry, bank stock analysts and bank regulators.
Reconciliations of these non-GAAP financial measures to the most
directly comparable GAAP financial measures are presented in the
tables below. These non-GAAP financial measures should not be
considered as substitutes for GAAP financial measures, and the
Company strongly encourages investors to review the GAAP financial
measures included in this news release and not to place undue
reliance upon any single financial measure. In addition,
because non-GAAP financial measures are not standardized, it may
not be possible to compare the non-GAAP financial measures
presented in this news release with other companies' non-GAAP
financial measures having the same or similar names.
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Pre-tax, Pre-provision Earnings and Net Operating Income to Net
Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
ended
|
|
|
|
9/30/2015
|
|
6/30/2015
|
|
3/31/2015
|
|
12/31/2014
|
|
9/30/2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
34,343
|
|
$
39,713
|
|
$
32,266
|
|
$
28,660
|
|
$
28,778
|
Plus:
|
Provision for credit
losses
|
|
(3,000)
|
|
(5,000)
|
|
(5,000)
|
|
-
|
|
-
|
|
Income tax
expense
|
|
16,230
|
|
18,733
|
|
15,189
|
|
11,252
|
|
12,414
|
Pre-tax,
pre-provision earnings
|
|
$
47,573
|
|
$
53,446
|
|
$
42,455
|
|
$
39,912
|
|
$
41,192
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
34,343
|
|
$
39,713
|
|
$
32,266
|
|
$
28,660
|
|
$
28,778
|
Plus:
|
Merger expense, net
of tax
|
|
5
|
|
3
|
|
(1)
|
|
2
|
|
117
|
|
One time charge for
BSA, net of tax
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,903
|
Net operating
income
|
|
$
34,348
|
|
$
39,716
|
|
$
32,265
|
|
$
28,662
|
|
$
30,798
|
BancorpSouth,
Inc.
|
Reconciliation of
Non-GAAP Measures
|
(Dollars in
thousands, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Tangible Assets and Tangible Shareholders' Equity
to
|
|
|
|
|
|
Total Assets and
Total Shareholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
ended
|
|
|
|
9/30/2015
|
|
6/30/2015
|
|
3/31/2015
|
|
12/31/2014
|
|
9/30/2014
|
Tangible
assets
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$ 13,787,424
|
|
$ 13,634,931
|
|
$ 13,630,322
|
|
$ 13,326,369
|
|
$ 13,071,557
|
Less:
|
Goodwill
|
|
291,498
|
|
291,498
|
|
291,498
|
|
291,498
|
|
291,498
|
|
Other identifiable
intangible assets
|
|
21,466
|
|
22,415
|
|
23,476
|
|
24,508
|
|
25,619
|
Total tangible
assets
|
|
$ 13,474,460
|
|
$ 13,321,018
|
|
$ 13,315,348
|
|
$ 13,010,363
|
|
$ 12,754,440
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
$ 1,644,820
|
|
$ 1,680,196
|
|
$ 1,645,208
|
|
$ 1,606,059
|
|
$ 1,610,543
|
Less:
|
Goodwill
|
|
291,498
|
|
291,498
|
|
291,498
|
|
291,498
|
|
291,498
|
|
Other identifiable
intangible assets
|
|
21,466
|
|
22,415
|
|
23,476
|
|
24,508
|
|
25,619
|
Total tangible
shareholders' equity
|
|
$ 1,331,856
|
|
$ 1,366,283
|
|
$ 1,330,234
|
|
$ 1,290,053
|
|
$ 1,293,426
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average
assets
|
|
$ 13,632,581
|
|
$ 13,516,546
|
|
$ 13,457,668
|
|
$ 13,131,130
|
|
$ 12,987,103
|
Total common shares
outstanding
|
|
93,969,994
|
|
96,755,530
|
|
96,544,502
|
|
96,254,903
|
|
96,065,021
|
Average shares
outstanding-diluted
|
|
96,467,728
|
|
96,957,441
|
|
96,653,401
|
|
96,506,827
|
|
96,373,950
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity to tangible assets*
|
|
9.88%
|
|
10.26%
|
|
9.99%
|
|
9.92%
|
|
10.14%
|
Return on tangible
equity **
|
|
10.23%
|
|
11.66%
|
|
9.84%
|
|
8.81%
|
|
8.83%
|
Pre-tax pre-provision
return on average assets ***
|
|
1.38%
|
|
1.59%
|
|
1.29%
|
|
1.21%
|
|
1.26%
|
Tangible book value
per share****
|
|
$
14.17
|
|
$
14.12
|
|
$
13.78
|
|
$
13.40
|
|
$
13.46
|
Operating earnings
per share*****
|
|
$
0.36
|
|
$
0.41
|
|
$
0.33
|
|
$
0.30
|
|
$
0.32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
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.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/bancorpsouth-announces-third-quarter-2015-financial-results-300162267.html
SOURCE BancorpSouth, Inc.