TUPELO, Miss., Oct. 19, 2016 /PRNewswire/ -- BancorpSouth,
Inc. (NYSE: BXS) today announced financial results for the quarter
ended September 30, 2016.
Highlights
for the third quarter of 2016 included:
- Net income of $37.8 million, or
$0.40 per diluted share.
- Generated deposit growth of $225.7
million, or 7.9 percent on an annualized basis, and net loan
growth of $82.8 million, or 3.1
percent on an annualized basis.
- Earnings benefitted from a positive mortgage servicing rights
("MSR") valuation adjustment of $1.8
million.
- Net operating income – excluding MSR – of $36.7 million, or $0.39 per diluted share.
- Credit quality remained stable; no recorded provision for
credit losses for the quarter.
- Total non-interest expense of $129.5
million essentially flat compared to the second quarter;
operating efficiency ratio – excluding MSR – remained below 70
percent for the third consecutive quarter.
- Repurchased 551,519 shares of outstanding common stock at a
weighted average price of $23.80.
- On October 14, 2016, the Company
announced an extension of its merger agreements with Central
Community Corporation and Ouachita Bancshares Corp. until
December 31,
2017.
The Company reported net income of $37.8
million, or $0.40 per diluted
share, for the third quarter of 2016 compared with net income of
$34.3 million, or $0.36 per diluted share, for the third quarter of
2015 and net income of $34.7 million,
or $0.37 per diluted share, for the
second quarter of 2016.
The Company reported net operating income – excluding MSR – of
$36.7 million, or $0.39 per diluted share, for the third quarter of
2016 compared to $37.6 million, or
$0.39 per diluted share, for the
third quarter of 2015 and $37.2
million, or $0.39 per diluted
share, for the second quarter of 2016.
"The recent merger agreement extensions with Central Community
Corporation and Ouachita Bancshares Corp. were a positive step for
our Company," remarked Dan Rollins,
BancorpSouth Chairman and Chief Executive Officer. "While we
are disappointed in the length of time taken to close these
transactions, we are pleased with the continued commitment of these
two organizations to being a part of our team.
"Our core financial results continue to improve quarter after
quarter. We are extremely pleased with our front line efforts
in producing deposit growth. We reported deposit growth of
$225.7 million, or 7.9 percent
annualized for the quarter. We have consistently communicated
to our teammates the importance of leading our sales efforts with
deposits. Our balance sheet growth contributed to meaningful
growth in net interest income during the quarter. While we
did see some slight compression in net interest margin, our loan
yields and deposit costs were stable compared to the second
quarter. The compression in the margin was driven primarily
by balance sheet mix, as additional borrowings added to the balance
sheet for liquidity purposes were deployed primarily in our
securities portfolio.
"Otherwise, our story is very consistent with the last several
quarters. Our mortgage team continues to grow and perform at
a high level while our insurance team continues to battle pricing
headwinds impacting the entire industry. There was no
recorded provision for credit losses for the quarter as credit
quality remains stable. Finally, total non-interest expense
was essentially flat for the quarter, resulting in our efficiency
ratio remaining below 70 percent."
Net Interest Revenue
Net interest revenue was $114.6
million for the third quarter of 2016, an increase of 3.2
percent from $111.1 million for the
third quarter of 2015 and an increase of 2.0 percent from
$112.3 million for the second quarter
of 2016. The fully taxable equivalent net interest margin was
3.51 percent for the third quarter of 2016 compared to 3.59 percent
for the third quarter of 2015 and 3.56 percent for the second
quarter of 2016. Yields on loans and leases were 4.20 percent
for the third quarter of 2016 compared with 4.22 percent for the
third quarter of 2015 and 4.20 percent for the second quarter of
2016, while yields on total interest earning assets were 3.74
percent for the third quarter of 2016 compared with 3.82 percent
for the third quarter of 2015 and 3.78 percent for the second
quarter of 2016. The average cost of deposits was 0.22
percent for the third quarter of 2016 compared to 0.22 percent for
the third quarter of 2015 and 0.21 percent for the second quarter
of 2016.
Asset, Deposit and Loan Activity
Total assets were $14.6 billion at
September 30, 2016 compared with
$13.8 billion at September 30, 2015. Loans and leases, net
of unearned income, were $10.7
billion at September 30, 2016
compared with $10.2 billion at
September 30, 2015.
Total deposits were $11.6 billion
at September 30, 2016 compared with
$11.1 billion at September 30, 2015. Time deposits were
essentially flat at September 30,
2016 compared to September 30,
2015, declining $13.2 million,
or 0.7 percent. Over the same time period, interest bearing
demand deposits increased $82.8
million or 1.7 percent while noninterest bearing demand
deposits increased $254.9 million, or
8.4 percent and savings deposits increased $123.5 million, or 8.8 percent.
Provision for Credit Losses and Allowance for Credit
Losses
Earnings for the quarter reflect no recorded provision for
credit losses, compared to a negative provision of $3.0 million for the third quarter of 2015 and a
provision of $2.0 million for the
second quarter of 2016. Total non-performing assets ("NPAs")
were $102.3 million, or 0.96 percent
of net loans and leases, at September 30,
2016 compared with $113.9
million, or 1.11 percent of net loans and leases, at
September 30, 2015, and $94.9 million, or 0.90 percent of net loans and
leases, at June 30, 2016.
Net charge-offs for the third quarter of 2016 were $1.0 million, compared with net charge-offs of
$2.3 million for the third quarter of
2015 and net charge-offs of $1.6
million for the second quarter of 2016. Gross
charge-offs were $3.8 million for the
third quarter of 2016, compared with $7.4
million for the third quarter of 2015 and $4.3 million for the second quarter of
2016. Gross recoveries of previously charged-off loans were
$2.7 million for the third quarter of
2016, compared with $5.1 million for
the third quarter of 2015 and $2.7
million for the second quarter of 2016. Annualized net
charge-offs were 0.04 percent of average loans and leases for the
third quarter of 2016, compared with annualized net charge-offs of
0.09 percent for the third quarter of 2015 and annualized net
charge-offs of 0.06 percent for the second quarter of
2016.
Non-performing loans ("NPLs") were $90.9
million, or 0.85 percent of net loans and leases, at
September 30, 2016, compared with
$90.3 million, or 0.88 percent of net
loans and leases, at September 30,
2015, and $80.2 million, or
0.76 percent of net loans and leases, at June 30, 2016. The allowance for credit
losses was $125.9 million, or 1.18
percent of net loans and leases, at September 30, 2016, compared with $133.0 million, or 1.30 percent of net loans and
leases, at September 30, 2015 and
$126.9 million, or 1.20 percent of
net loans and leases, at June 30,
2016.
NPLs at September 30, 2016
consisted primarily of $70.7 million
of nonaccrual loans, compared with $68.6
million of nonaccrual loans at June
30, 2016. NPLs at September 30,
2016 also included $2.3
million of loans 90 days or more past due and still
accruing, compared with $1.9 million
of such loans at June 30, 2016, and
included restructured loans still accruing of $17.9 million at September
30, 2016, compared with $9.7
million of such loans at June
30, 2016. Early stage past due loans, representing
loans 30-89 days past due, totaled $46.7
million at September 30, 2016
compared to $31.9 million at
June 30, 2016. Other real
estate owned decreased $3.3 million
to $11.4 million during the third
quarter of 2016 from $14.7 million at
June 30, 2016.
Noninterest Revenue
Noninterest revenue was $70.9
million for the third quarter of 2016, compared with
$63.0 million for the third quarter
of 2015 and $69.7 million for the
second quarter of 2016. These results included a positive MSR
valuation adjustment of $1.8 million
for the third quarter of 2016 compared with a negative MSR
valuation adjustment of $5.3 million
for the third quarter of 2015 and a negative MSR valuation
adjustment of $4.1 million for the
second quarter of 2016. Valuation adjustments in the MSR
asset are driven primarily by fluctuations in interest rates period
over period.
Excluding the MSR valuation adjustments, mortgage banking
revenue was $10.5 million for the
third quarter of 2016, compared with $7.6
million for the third quarter of 2015 and $13.1 million for the second quarter of
2016. Mortgage origination volume for the third quarter of
2016 was $478.2 million, compared
with $402.2 million for the third
quarter of 2015 and $462.6 million
for the second quarter of 2016.
Credit and debit card fee revenue was $9.3 million for the third quarter of 2016,
compared with $9.3 million for the
third quarter of 2015 and $9.5
million for the second quarter of 2016. Deposit
service charge revenue was $11.3
million for the third quarter of 2016, compared with
$12.2 million for the third quarter
of 2015 and $11.0 million for the
second quarter of 2016. Insurance commission revenue was
$28.2 million for the third quarter
of 2016, compared with $28.6 million
for the third quarter of 2015 and $28.8
million for the second quarter of 2016. Wealth
management revenue was $5.3 million
for the third quarter of 2016, compared with $5.6 million for the third quarter of 2015 and
$5.3 million for the second quarter
of 2016.
Noninterest Expense
Noninterest expense for the third quarter of 2016 was
$129.5 million, compared with
$126.5 million for the third quarter
of 2015 and $128.7 million for the
second quarter of 2016. Salaries and employee benefits
expense was $82.1 million for the
third quarter of 2016 compared to $81.4
million for the third quarter of 2015 and $81.8 million for the second quarter of
2016. Occupancy expense was $10.4
million for the third quarter of 2016, compared with
$10.8 million for the third quarter
of 2015 and $10.1 million for the
second quarter of 2016. Other noninterest expense was
$30.4 million for the third quarter
of 2016, compared to $28.3 million
for the third quarter of 2015 and $30.9
million for the second quarter of 2016.
Capital Management
The Company's equity capitalization is comprised entirely of
common stock. BancorpSouth's ratio of shareholders' equity to
assets was 11.80 percent at September 30,
2016, compared with 11.93 percent at September 30, 2015 and 12.12 percent at
June 30, 2016. The ratio of
tangible shareholders' equity to tangible assets was 9.86 percent
at September 30, 2016, compared with
9.88 percent at September 30, 2015
and 10.11 percent at June 30,
2016.
Estimated regulatory capital ratios at September 30, 2016 were calculated in accordance
with the Basel III capital framework. BancorpSouth is a "well
capitalized" financial holding company, as defined by federal
regulations, with Tier 1 risk-based capital of 12.32 percent at
September 30, 2016 and total risk
based capital of 13.37 percent, compared with required minimum
levels of 8 percent and 10 percent, respectively, in order to
qualify for "well capitalized" classification.
Transactions
On January 8, 2014, the Company
announced the signing of a definitive merger agreement with
Ouachita Bancshares Corp., parent company of Ouachita Independent
Bank (collectively referred to as "OIB"), headquartered in
Monroe, Louisiana, pursuant to
which Ouachita Bancshares Corp. agreed to be merged with and into
the Company. OIB operates 11 full-service banking offices
along the I-20 corridor and has a loan production office in
Madison, Mississippi. As of
September 30, 2016, OIB, on a
consolidated basis, reported total assets of $688.1 million, total loans of $494.8 million and total deposits of $574.7 million. Under the terms of the
definitive agreement, the Company will issue approximately
3,675,000 shares of the Company's common stock plus $22.875 million in cash for all outstanding
shares of Ouachita Bancshares Corp.'s capital stock, subject to
certain conditions and potential adjustments. The merger has
been unanimously approved by the Board of Directors of each company
and was approved by Ouachita Bancshares Corp. shareholders on
April 8, 2014. The most recent
previous extension of the merger agreement expired on December 31, 2015; however, the Company and
Ouachita Bancshares Corp. entered into a new extension effective on
October 13, 2016, extending the
merger agreement through December 31,
2017 to allow for additional time to obtain the necessary
regulatory approvals and to satisfy all closing conditions. The
merger agreement remains in effect until terminated by the Board of
Directors of the Company or Ouachita Bancshares Corp. The
terms of the agreement provide for a minimum total deal value of
$111.1 million but also allow
Ouachita Bancshares Corp. to terminate the agreement if the average
closing price of the Company's common stock declines below a
certain threshold prior to closing. The transaction is
expected to close shortly after receiving all required regulatory
approvals, although the Company can provide no assurance that the
merger will close timely or at all.
On January 21, 2014, the Company
announced the signing of a definitive merger agreement with Central
Community Corporation, headquartered in Temple, Texas, pursuant to which Central
Community Corporation agreed to be merged with and into the
Company. Central Community Corporation is the parent company
of First State Bank Central Texas ("First State Bank"), which is
headquartered in Austin,
Texas. First State Bank operates 31 full-service banking
offices in central Texas. As of September 30, 2016, Central Community
Corporation, on a consolidated basis, reported total assets of
$1.4 billion, total loans of
$619.3 million and total deposits of
$1.1 billion. Under the terms
of the definitive agreement, the Company will issue approximately
7,250,000 shares of the Company's common stock plus $28.5 million in cash for all outstanding shares
of Central Community Corporation's capital stock, subject to
certain conditions and potential adjustments. The merger has
been unanimously approved by the Board of Directors of each company
and was approved by Central Community Corporation shareholders on
April 24, 2014. The most recent
previous extension of the merger agreement expired on December 31, 2015; however, the Company and
Central Community Corporation entered into a new extension
effective on October 13, 2016,
extending the merger agreement through December 31, 2017 to allow for additional time to
obtain the necessary regulatory approvals and to satisfy all
closing conditions. The merger agreement remains in effect until
terminated by the Board of Directors of the Company or Central
Community Corporation. The terms of the agreement provide for
a minimum total deal value of $202.5
million but also allow Central Community Corporation to
terminate the agreement if the average closing price of the
Company's common stock declines below a certain threshold prior to
closing. The transaction is expected to close shortly after
receiving all required regulatory approvals, although the Company
can provide no assurance that the merger will close timely or at
all.
For the most recent information regarding the status of the
merger with Ouachita Bancshares Corp. and the status of the merger
with Central Community Corporation in our periodic reports, please
refer to the Form 8-K that was previously filed with the SEC on
October 14, 2016.
Summary
Rollins concluded, "Our teammates have positioned our Company
where I believe we can continue on the same path we have been on
for several quarters. We are growing our Company while
holding expenses relatively flat. This approach should allow
us to continue to show improved operating metrics as we move
forward. I'm also pleased that we were able to utilize our
share repurchase program during the quarter. We are committed
to continuing to manage and deploy capital in a manner that
maximizes value for our shareholders. Finally, I'm happy that
our merger partners, Ouachita Bancshares Corp. and Central
Community Corporation, further demonstrated their commitment to our
proposed mergers through the extension of the merger agreements
until the end of next year. I'm hopeful that we can resolve
remaining regulatory concerns in a timely manner and move forward
with those transactions."
Conference Call
BancorpSouth will conduct a conference call to discuss its third
quarter 2016 results on October 20, 2016, at 10:00 a.m. (Central Time). Investors may
listen via the Internet by accessing BancorpSouth's website at
http://www.bancorpsouth.com. A replay of the conference call
will be available at BancorpSouth's website for at least two weeks
following the call.
About BancorpSouth, Inc.
BancorpSouth, Inc. (NYSE: BXS) is a financial holding company
headquartered in Tupelo,
Mississippi, with $14.6
billion in assets. BancorpSouth Bank, a wholly-owned
subsidiary of BancorpSouth, Inc., operates 236 full service branch
locations as well as additional mortgage, insurance, and loan
production offices in Alabama,
Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in
Illinois. BancorpSouth is committed to a culture of respect,
diversity, and inclusion in both its workplace and communities. To
learn more, visit our Community Commitment page at
www.bancorpsouth.com. Like us on Facebook; follow us on
Twitter: @MyBXS; or connect with us through LinkedIn.
Forward-Looking Statements
Certain statements contained in this news release may not be
based upon historical facts and are "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements may be identified by
their reference to a future period or periods or by the use of
forward-looking terminology such as "anticipate," "believe,"
"could," "estimate," "expect," "foresee," "hope," "intend," "may,"
"might," "plan," "will," or "would" or future or conditional verb
tenses and variations or negatives of such terms. These
forward-looking statements include, without limitation, those
relating to the terms, timing and closings of the proposed mergers
with Ouachita Bancshares Corp. and Central Community Corporation,
the Company's ability to operate its regulatory compliance programs
consistent with federal, state and local laws, including its Bank
Secrecy Act ("BSA") and anti-money laundering ("AML") compliance
program and its fair lending compliance program, the Company's
compliance with the consent order it entered into with the Consumer
Financial Protection Bureau (the "CFPB") and the United States
Department of Justice ("DOJ") related to the Company's fair lending
practices (the "Consent Order"), 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, credit quality, credit losses,
liquidity, off-balance sheet commitments and arrangements,
valuation of mortgage servicing rights, allowance and provision for
credit losses, early identification and resolution of credit
issues, utilization of non-GAAP financial measures, the ability of
the Company to collect all amounts due according to the contractual
terms of loan agreements, the Company's reserve for losses from
representation and warranty obligations, the Company's foreclosure
process related to mortgage loans, the resolution of non-performing
loans that are collaterally dependent, real estate values,
fully-indexed interest rates, interest rate risk, interest rate
sensitivity, calculation of economic value of equity, impaired loan
charge-offs, diversification of the Company's revenue stream,
liquidity needs and strategies, sources of funding, net interest
margin, declaration and payment of dividends, cost saving
initiatives, improvement in the Company's efficiencies, operating
expense trends, future acquisitions and consideration to be used
therefor, and the impact of certain claims and ongoing, pending or
threatened litigation, administrative and investigatory
matters.
The Company cautions readers not to place undue reliance on the
forward-looking statements contained in this news release, in that
actual results could differ materially from those indicated in such
forward-looking statements as a result of a variety of factors.
These factors may include, but are not limited to, the Company's
ability to operate its regulatory compliance programs consistent
with federal, state and local laws, including its BSA/AML
compliance program and its fair lending compliance program, the
Company's ability to successfully implement and comply with the
Consent Order, the ability of the Company, Ouachita Bancshares
Corp. and Central Community Corporation to obtain regulatory
approval of and close the proposed mergers, the willingness of
Ouachita Bancshares Corp. and Central Community Corporation to
proceed with the proposed mergers, the potential impact upon the
Company of the delay in the closings of these proposed mergers, the
impact of any ongoing, pending or threatened litigation,
administrative and investigatory matters involving the Company,
conditions in the financial markets and economic conditions
generally, the adequacy of the Company's provision and allowance
for credit losses to cover actual credit losses, the credit risk
associated with real estate construction, acquisition and
development loans, limitations on the Company's ability to declare
and pay dividends, the availability of capital on favorable terms
if and when needed, liquidity risk, governmental regulation,
including the Dodd-Frank Act, and supervision of the Company's
operations, the short-term and long-term impact of changes to
banking capital standards on the Company's regulatory capital and
liquidity, the impact of regulations on service charges on the
Company's core deposit accounts, the susceptibility of the
Company's business to local economic and environmental conditions,
the soundness of other financial institutions, changes in interest
rates, the impact of monetary policies and economic factors on the
Company's ability to attract deposits or make loans, volatility in
capital and credit markets, reputational risk, the impact of the
loss of any key Company personnel, the impact of hurricanes or
other adverse weather events, any requirement that the Company
write down goodwill or other intangible assets, diversification in
the types of financial services the Company offers, the 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
|
|
9/30/2016
|
6/30/2016
|
3/31/2016
|
12/31/2015
|
9/30/2015
|
Earnings
Summary:
|
|
|
|
|
|
Interest
revenue
|
$
122,340
|
$
119,423
|
$
117,972
|
$
118,050
|
$
118,201
|
Interest
expense
|
7,750
|
7,107
|
6,813
|
6,820
|
7,131
|
Net interest
revenue
|
114,590
|
112,316
|
111,159
|
111,230
|
111,070
|
Provision for credit
losses
|
-
|
2,000
|
1,000
|
-
|
(3,000)
|
Net interest revenue,
after provision
|
|
|
|
|
|
for
credit losses
|
114,590
|
110,316
|
110,159
|
111,230
|
114,070
|
Noninterest
revenue
|
70,868
|
69,683
|
65,515
|
67,386
|
62,953
|
Noninterest
expense
|
129,512
|
128,718
|
142,300
|
148,351
|
126,450
|
Income before income
taxes
|
55,946
|
51,281
|
33,374
|
30,265
|
50,573
|
Income tax
expense
|
18,129
|
16,589
|
10,825
|
9,096
|
16,230
|
Net income
|
$
37,817
|
$
34,692
|
$
22,549
|
$
21,169
|
$
34,343
|
|
|
|
|
|
|
Balance Sheet -
Period End Balances
|
|
|
|
|
|
Total
assets
|
$
14,611,483
|
$
14,137,160
|
$
13,926,398
|
$
13,798,662
|
$
13,787,424
|
Total earning
assets
|
13,483,345
|
12,977,030
|
12,760,031
|
12,656,791
|
12,663,944
|
Total
securities
|
2,468,199
|
2,103,883
|
2,016,373
|
2,082,329
|
2,161,125
|
Loans and leases, net
of unearned income
|
10,658,761
|
10,575,978
|
10,444,697
|
10,372,778
|
10,219,576
|
Allowance for credit
losses
|
125,887
|
126,935
|
126,506
|
126,458
|
133,009
|
Total
deposits
|
11,590,059
|
11,364,367
|
11,486,697
|
11,331,161
|
11,141,946
|
Long-term
debt
|
563,495
|
365,588
|
67,681
|
69,775
|
71,868
|
Total shareholders'
equity
|
1,724,104
|
1,713,043
|
1,679,793
|
1,655,444
|
1,644,820
|
|
|
|
|
|
|
Balance Sheet -
Average Balances
|
|
|
|
|
|
Total
assets
|
$
14,366,759
|
$
14,027,786
|
$
13,851,661
|
$
13,724,595
|
$
13,632,581
|
Total earning
assets
|
13,265,266
|
12,963,056
|
12,830,000
|
12,628,685
|
12,548,967
|
Total
securities
|
2,186,889
|
2,069,058
|
2,037,739
|
2,110,195
|
2,207,935
|
Loans and leases, net
of unearned income
|
10,601,481
|
10,513,732
|
10,372,925
|
10,321,299
|
10,110,995
|
Total
deposits
|
11,509,764
|
11,437,422
|
11,431,480
|
11,182,750
|
11,140,542
|
Long-term
debt
|
430,886
|
219,434
|
67,750
|
69,775
|
71,868
|
Total shareholders'
equity
|
1,719,503
|
1,690,906
|
1,668,465
|
1,650,924
|
1,680,123
|
|
|
|
|
|
|
Nonperforming
Assets:
|
|
|
|
|
|
Non-accrual loans and
leases
|
$
70,725
|
$
68,638
|
$
81,926
|
$
83,028
|
$
70,237
|
Loans and leases 90+
days past due, still accruing
|
2,255
|
1,875
|
4,567
|
2,013
|
1,436
|
Restructured loans
and leases, still accruing
|
17,936
|
9,687
|
7,753
|
9,876
|
18,578
|
Non-performing loans
(NPLs)
|
90,916
|
80,200
|
94,246
|
94,917
|
90,251
|
Other real estate
owned
|
11,391
|
14,658
|
12,685
|
14,759
|
23,696
|
Non-performing assets
(NPAs)
|
$
102,307
|
$
94,858
|
$
106,931
|
$
109,676
|
$
113,947
|
|
|
|
|
|
|
Financial Ratios
and Other Data:
|
|
|
|
|
|
Return on average
assets
|
1.05%
|
0.99%
|
0.65%
|
0.61%
|
1.00%
|
Operating return on
average assets-excluding MSR*
|
1.02%
|
1.07%
|
1.07%
|
0.86%
|
1.09%
|
Return on average
shareholders' equity
|
8.75%
|
8.25%
|
5.44%
|
5.09%
|
8.11%
|
Operating return on
average shareholders' equity-excluding MSR*
|
8.49%
|
8.84%
|
8.89%
|
7.12%
|
8.88%
|
Return on tangible
equity*
|
10.68%
|
9.99%
|
6.63%
|
6.25%
|
10.23%
|
Operating return on
tangible equity-excluding MSR*
|
10.36%
|
10.70%
|
10.84%
|
8.75%
|
11.21%
|
Noninterest income to
average assets
|
1.96%
|
2.00%
|
1.90%
|
1.95%
|
1.83%
|
Noninterest expense
to average assets
|
3.59%
|
3.69%
|
4.13%
|
4.29%
|
3.68%
|
Net interest
margin-fully taxable equivalent
|
3.51%
|
3.56%
|
3.56%
|
3.58%
|
3.59%
|
Net interest rate
spread
|
3.41%
|
3.47%
|
3.47%
|
3.48%
|
3.49%
|
Efficiency ratio (tax
equivalent)*
|
68.92%
|
69.77%
|
79.39%
|
81.86%
|
71.56%
|
Operating efficiency
ratio-excluding MSR (tax equivalent)*
|
69.59%
|
68.21%
|
68.66%
|
73.89%
|
69.45%
|
Loan/deposit
ratio
|
91.96%
|
93.06%
|
90.93%
|
91.54%
|
91.72%
|
Price to earnings
multiple (avg)
|
18.86
|
19.07
|
17.33
|
18.17
|
16.98
|
Market value to book
value
|
126.59%
|
125.23%
|
119.81%
|
136.46%
|
135.80%
|
Market value to book
value (avg)
|
129.73%
|
124.62%
|
116.78%
|
142.53%
|
140.68%
|
Market value to
tangible book value
|
154.87%
|
153.53%
|
147.04%
|
168.15%
|
167.71%
|
Market value to
tangible book value (avg)
|
158.71%
|
152.78%
|
143.33%
|
175.64%
|
173.74%
|
Headcount
FTE
|
3,981
|
4,028
|
3,966
|
3,970
|
3,903
|
|
|
|
|
|
|
*Denotes non-GAAP
financial measure. Refer to related disclosure and
reconciliation on pages 19 and 20.
|
|
|
|
|
|
|
|
|
Credit Quality
Ratios:
|
|
|
|
|
|
Net (recoveries)
charge-offs to average loans and leases (annualized)
|
0.04%
|
0.06%
|
0.04%
|
0.25%
|
0.09%
|
Provision for credit
losses to average loans and leases (annualized)
|
0.00%
|
0.08%
|
0.04%
|
0.00%
|
(0.12%)
|
Allowance for credit
losses to net loans and leases
|
1.18%
|
1.20%
|
1.21%
|
1.22%
|
1.30%
|
Allowance for credit
losses to non-performing loans and leases
|
138.47%
|
158.27%
|
134.23%
|
133.23%
|
147.38%
|
Allowance for credit
losses to non-performing assets
|
123.05%
|
133.82%
|
118.31%
|
115.30%
|
116.73%
|
Non-performing loans
and leases to net loans and leases
|
0.85%
|
0.76%
|
0.90%
|
0.92%
|
0.88%
|
Non-performing assets
to net loans and leases
|
0.96%
|
0.90%
|
1.02%
|
1.06%
|
1.11%
|
|
|
|
|
|
|
Equity
Ratios:
|
|
|
|
|
|
Total shareholders'
equity to total assets
|
11.80%
|
12.12%
|
12.06%
|
12.00%
|
11.93%
|
Tangible
shareholders' equity to tangible assets*
|
9.86%
|
10.11%
|
10.05%
|
9.96%
|
9.88%
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Adequacy:
|
|
|
|
|
|
Common Equity
Tier 1 capital
|
12.13%
|
12.17%
|
12.14%
|
12.07%
|
12.08%
|
Tier 1
capital
|
12.32%
|
12.37%
|
12.34%
|
12.27%
|
12.29%
|
Total
capital
|
13.37%
|
13.45%
|
13.43%
|
13.37%
|
13.45%
|
Tier 1 leverage
capital
|
10.53%
|
10.66%
|
10.61%
|
10.61%
|
10.56%
|
Estimated for current quarter
|
|
|
|
|
|
|
|
|
|
|
|
Common Share
Data:
|
|
|
|
|
|
Basic earnings per
share
|
$
0.40
|
$
0.37
|
$
0.24
|
$
0.22
|
$
0.36
|
Diluted earnings per
share
|
0.40
|
0.37
|
0.24
|
0.22
|
0.36
|
Operating earnings
per share*
|
0.40
|
0.37
|
0.34
|
0.33
|
0.36
|
Operating earnings
per share- excluding MSR*
|
0.39
|
0.39
|
0.39
|
0.31
|
0.39
|
Cash dividends per
share
|
0.13
|
0.10
|
0.10
|
0.10
|
0.10
|
Book value per
share
|
18.33
|
18.12
|
17.79
|
17.58
|
17.50
|
Tangible book value
per share*
|
14.98
|
14.78
|
14.49
|
14.27
|
14.17
|
Market value per
share (last)
|
23.20
|
22.69
|
21.31
|
23.99
|
23.77
|
Market value per
share (high)
|
25.09
|
24.18
|
23.64
|
27.23
|
26.54
|
Market value per
share (low)
|
20.98
|
20.19
|
18.69
|
22.44
|
22.09
|
Market value per
share (avg)
|
23.78
|
22.58
|
20.77
|
25.06
|
24.62
|
Dividend payout
ratio
|
31.17%
|
22.58%
|
41.85%
|
44.46%
|
28.01%
|
Total shares
outstanding
|
94,074,740
|
94,546,091
|
94,438,626
|
94,162,728
|
93,969,994
|
Average shares
outstanding - basic
|
94,303,916
|
94,461,025
|
94,369,211
|
94,111,408
|
96,202,871
|
Average shares
outstanding - diluted
|
94,563,833
|
94,694,795
|
94,593,540
|
94,384,443
|
96,467,728
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield/Rate:
|
|
|
|
|
|
(Taxable equivalent
basis)
|
|
|
|
|
|
Loans, loans held for
sale, and leases net of unearned income
|
4.20%
|
4.20%
|
4.21%
|
4.15%
|
4.22%
|
Available-for-sale
securities:
|
|
|
|
|
|
Taxable
|
1.33%
|
1.40%
|
1.40%
|
1.48%
|
1.40%
|
Tax-exempt
|
5.32%
|
5.36%
|
5.36%
|
5.32%
|
5.32%
|
Short-term
investments
|
0.52%
|
0.39%
|
0.33%
|
0.22%
|
0.20%
|
Total interest
earning assets and revenue
|
3.74%
|
3.78%
|
3.78%
|
3.79%
|
3.82%
|
Deposits
|
0.22%
|
0.21%
|
0.21%
|
0.21%
|
0.22%
|
Demand -
interest bearing
|
0.19%
|
0.18%
|
0.17%
|
0.18%
|
0.18%
|
Savings
|
0.12%
|
0.12%
|
0.12%
|
0.12%
|
0.12%
|
Other
time
|
0.78%
|
0.75%
|
0.73%
|
0.71%
|
0.76%
|
Short-term
borrowings
|
0.15%
|
0.15%
|
0.14%
|
0.12%
|
0.12%
|
Total interest
bearing deposits & short-term borrowings
|
0.30%
|
0.29%
|
0.28%
|
0.28%
|
0.30%
|
Junior subordinated
debt
|
3.27%
|
3.23%
|
3.18%
|
2.93%
|
2.87%
|
Long-term
debt
|
0.83%
|
1.21%
|
3.08%
|
2.95%
|
2.91%
|
Total interest
bearing liabilities and expense
|
0.34%
|
0.32%
|
0.31%
|
0.31%
|
0.32%
|
Interest bearing
liabilities to interest earning assets
|
69.33%
|
69.47%
|
69.75%
|
69.23%
|
69.68%
|
Net interest tax
equivalent adjustment
|
$
2,462
|
$
2,493
|
$
2,558
|
$
2,601
|
$
2,558
|
|
|
|
|
|
|
*Denotes non-GAAP
financial measure. Refer to related disclosure and
reconciliation on pages 19 and 20.
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Consolidated
Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
Sep-16
|
Jun-16
|
Mar-16
|
Dec-15
|
Sep-15
|
|
(Dollars in
thousands)
|
Assets
|
|
|
|
|
|
Cash and due from
banks
|
$
172,782
|
$
186,381
|
$
197,538
|
$
154,192
|
$
159,923
|
Interest bearing
deposits with other banks
|
151,944
|
86,472
|
148,915
|
43,777
|
113,068
|
Available-for-sale
securities, at fair value
|
2,468,199
|
2,103,883
|
2,016,373
|
2,082,329
|
2,161,125
|
Loans and
leases
|
10,685,166
|
10,604,547
|
10,475,528
|
10,404,326
|
10,254,013
|
Less:
Unearned income
|
26,405
|
28,569
|
30,831
|
31,548
|
34,437
|
Allowance for credit losses
|
125,887
|
126,935
|
126,506
|
126,458
|
133,009
|
Net loans and
leases
|
10,532,874
|
10,449,043
|
10,318,191
|
10,246,320
|
10,086,567
|
Loans held for
sale
|
204,441
|
210,698
|
150,046
|
157,907
|
170,175
|
Premises and
equipment, net
|
305,245
|
305,694
|
306,765
|
308,125
|
304,317
|
Accrued interest
receivable
|
41,583
|
39,645
|
41,401
|
40,901
|
41,599
|
Goodwill
|
294,901
|
294,901
|
291,498
|
291,498
|
291,498
|
Other identifiable
intangibles
|
19,908
|
20,831
|
19,664
|
20,545
|
21,466
|
Bank owned life
insurance
|
257,015
|
255,240
|
253,427
|
251,534
|
249,825
|
Other real estate
owned
|
11,391
|
14,658
|
12,685
|
14,759
|
23,696
|
Other
assets
|
151,200
|
169,714
|
169,895
|
186,775
|
164,165
|
Total
Assets
|
$
14,611,483
|
$
14,137,160
|
$
13,926,398
|
$
13,798,662
|
$
13,787,424
|
Liabilities
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Demand:
Noninterest bearing
|
$
3,308,361
|
$
3,133,460
|
$
3,103,321
|
$
3,031,528
|
$
3,053,439
|
Interest bearing
|
4,877,482
|
4,838,704
|
5,033,565
|
5,003,806
|
4,794,656
|
Savings
|
1,533,401
|
1,512,694
|
1,506,942
|
1,442,336
|
1,409,856
|
Other
time
|
1,870,815
|
1,879,509
|
1,842,869
|
1,853,491
|
1,883,995
|
Total
deposits
|
11,590,059
|
11,364,367
|
11,486,697
|
11,331,161
|
11,141,946
|
Federal funds
purchased and
|
|
|
|
|
|
securities sold under agreement
|
|
|
|
|
|
to
repurchase
|
468,969
|
415,949
|
431,089
|
405,937
|
425,203
|
Short-term Federal
Home Loan Bank borrowings
|
|
|
|
|
|
and
other short-term borrowing
|
-
|
-
|
-
|
62,000
|
224,500
|
Accrued interest
payable
|
4,107
|
3,727
|
3,305
|
3,071
|
3,353
|
Junior subordinated
debt securities
|
23,198
|
23,198
|
23,198
|
23,198
|
23,198
|
Long-term
debt
|
563,495
|
365,588
|
67,681
|
69,775
|
71,868
|
Other
liabilities
|
237,551
|
251,288
|
234,635
|
248,076
|
252,536
|
Total
Liabilities
|
12,887,379
|
12,424,117
|
12,246,605
|
12,143,218
|
12,142,604
|
Shareholders'
Equity
|
|
|
|
|
|
Common
stock
|
235,187
|
236,365
|
236,097
|
235,407
|
234,925
|
Capital
surplus
|
278,973
|
286,994
|
283,800
|
282,934
|
278,998
|
Accumulated other
comprehensive loss
|
(33,549)
|
(27,587)
|
(32,144)
|
(41,825)
|
(36,355)
|
Retained
earnings
|
1,243,493
|
1,217,271
|
1,192,040
|
1,178,928
|
1,167,252
|
Total Shareholders'
Equity
|
1,724,104
|
1,713,043
|
1,679,793
|
1,655,444
|
1,644,820
|
Total Liabilities
& Shareholders' Equity
|
$
14,611,483
|
$
14,137,160
|
$
13,926,398
|
$
13,798,662
|
$
13,787,424
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Consolidated
Average Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
Sep-16
|
Jun-16
|
Mar-16
|
Dec-15
|
Sep-15
|
|
(Dollars in
thousands)
|
Assets
|
|
|
|
|
|
Cash and due from
banks
|
$
157,233
|
$
117,193
|
$
71,528
|
$
159,696
|
$
159,569
|
Interest bearing
deposits with other banks
|
311,545
|
237,635
|
316,108
|
69,552
|
72,438
|
Available-for-sale
securities, at fair value
|
2,186,889
|
2,069,058
|
2,037,739
|
2,110,195
|
2,207,935
|
Loans and
leases
|
10,629,522
|
10,543,795
|
10,405,063
|
10,353,913
|
10,144,874
|
Less:
Unearned income
|
28,041
|
30,063
|
32,138
|
32,614
|
33,879
|
Allowance for credit losses
|
126,820
|
126,103
|
126,567
|
132,375
|
137,547
|
Net loans and
leases
|
10,474,661
|
10,387,629
|
10,246,358
|
10,188,924
|
9,973,448
|
Loans held for
sale
|
165,351
|
142,632
|
103,227
|
127,638
|
157,598
|
Premises and
equipment, net
|
305,707
|
307,600
|
308,065
|
306,881
|
304,948
|
Accrued interest
receivable
|
38,125
|
36,887
|
38,306
|
38,142
|
38,847
|
Goodwill
|
294,901
|
292,620
|
291,498
|
291,498
|
291,498
|
Other identifiable
intangibles
|
20,248
|
19,796
|
19,987
|
20,880
|
21,812
|
Bank owned life
insurance
|
255,967
|
254,191
|
252,422
|
250,577
|
248,798
|
Other real estate
owned
|
13,664
|
15,666
|
14,523
|
21,049
|
24,008
|
Other
assets
|
142,468
|
146,879
|
151,900
|
139,563
|
131,682
|
Total
Assets
|
$
14,366,759
|
$
14,027,786
|
$
13,851,661
|
$
13,724,595
|
$
13,632,581
|
Liabilities
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Demand:
Noninterest bearing
|
$
3,221,539
|
$
3,122,153
|
$
3,014,896
|
$
3,106,947
|
$
2,992,903
|
Interest bearing
|
4,886,920
|
4,957,827
|
5,102,648
|
4,782,234
|
4,822,567
|
Savings
|
1,525,016
|
1,510,250
|
1,468,262
|
1,421,361
|
1,413,187
|
Other
time
|
1,876,289
|
1,847,192
|
1,845,674
|
1,872,208
|
1,911,885
|
Total
deposits
|
11,509,764
|
11,437,422
|
11,431,480
|
11,182,750
|
11,140,542
|
Federal funds
purchased and
|
|
|
|
|
|
securities sold under agreement
|
|
|
|
|
|
to
repurchase
|
454,826
|
443,340
|
431,260
|
466,865
|
439,503
|
Short-term Federal
Home Loan Bank borrowings
|
|
|
|
|
|
and
other short-term borrowing
|
11
|
4,275
|
10,484
|
107,408
|
62,136
|
Accrued interest
payable
|
3,950
|
3,509
|
3,248
|
3,340
|
3,600
|
Junior subordinated
debt securities
|
23,198
|
23,198
|
23,198
|
23,198
|
23,198
|
Long-term
debt
|
430,886
|
219,434
|
67,750
|
69,775
|
71,868
|
Other
liabilities
|
224,621
|
205,702
|
215,776
|
220,335
|
211,611
|
Total
Liabilities
|
12,647,256
|
12,336,880
|
12,183,196
|
12,073,671
|
11,952,458
|
Shareholders'
Equity
|
|
|
|
|
|
Common
stock
|
235,860
|
236,176
|
235,946
|
235,227
|
240,473
|
Capital
surplus
|
283,437
|
284,818
|
282,796
|
282,076
|
325,118
|
Accumulated other
comprehensive loss
|
(29,743)
|
(32,820)
|
(36,184)
|
(38,618)
|
(40,476)
|
Retained
earnings
|
1,229,949
|
1,202,732
|
1,185,907
|
1,172,239
|
1,155,008
|
Total Shareholders'
Equity
|
1,719,503
|
1,690,906
|
1,668,465
|
1,650,924
|
1,680,123
|
Total Liabilities
& Shareholders' Equity
|
$
14,366,759
|
$
14,027,786
|
$
13,851,661
|
$
13,724,595
|
$
13,632,581
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Consolidated
Condensed Statements of Income
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
YTD
|
|
Sep-16
|
|
Jun-16
|
|
Mar-16
|
|
Dec-15
|
|
Sep-15
|
|
Sep-16
|
|
Sep-15
|
INTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
leases
|
$
111,605
|
|
$
109,078
|
|
$
107,805
|
|
$
107,164
|
|
$
107,086
|
|
$ 328,488
|
|
$ 312,649
|
Deposits with other
banks
|
409
|
|
229
|
|
263
|
|
40
|
|
36
|
|
901
|
|
398
|
Available-for-sale
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
6,189
|
|
6,009
|
|
5,888
|
|
6,550
|
|
6,490
|
|
18,086
|
|
19,758
|
Tax-exempt
|
2,898
|
|
2,924
|
|
3,032
|
|
3,137
|
|
3,226
|
|
8,854
|
|
9,938
|
Loans held for
sale
|
1,239
|
|
1,183
|
|
984
|
|
1,159
|
|
1,363
|
|
3,406
|
|
3,585
|
Total
interest revenue
|
122,340
|
|
119,423
|
|
117,972
|
|
118,050
|
|
118,201
|
|
359,735
|
|
346,328
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
demand
|
2,361
|
|
2,208
|
|
2,163
|
|
2,166
|
|
2,209
|
|
6,732
|
|
6,654
|
Savings
|
462
|
|
451
|
|
443
|
|
434
|
|
431
|
|
1,356
|
|
1,269
|
Other time
|
3,661
|
|
3,436
|
|
3,354
|
|
3,356
|
|
3,646
|
|
10,451
|
|
11,481
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under
agreement to repurchase
|
173
|
|
159
|
|
140
|
|
112
|
|
104
|
|
472
|
|
271
|
Long-term
debt
|
902
|
|
665
|
|
530
|
|
581
|
|
571
|
|
2,097
|
|
1,704
|
Junior subordinated
debt
|
190
|
|
187
|
|
183
|
|
171
|
|
168
|
|
560
|
|
496
|
Other
|
1
|
|
1
|
|
-
|
|
-
|
|
2
|
|
2
|
|
1
|
Total
interest expense
|
7,750
|
|
7,107
|
|
6,813
|
|
6,820
|
|
7,131
|
|
21,670
|
|
21,876
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest revenue
|
114,590
|
|
112,316
|
|
111,159
|
|
111,230
|
|
111,070
|
|
338,065
|
|
324,452
|
Provision for
credit losses
|
-
|
|
2,000
|
|
1,000
|
|
-
|
|
(3,000)
|
|
3,000
|
|
(13,000)
|
Net
interest revenue, after provision for
|
|
|
|
|
|
|
|
|
|
|
|
|
|
credit losses
|
114,590
|
|
110,316
|
|
110,159
|
|
111,230
|
|
114,070
|
|
335,065
|
|
337,452
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage
banking
|
12,282
|
|
9,043
|
|
2,618
|
|
10,522
|
|
2,339
|
|
23,943
|
|
25,008
|
Credit card, debit
card and merchant fees
|
9,292
|
|
9,495
|
|
8,961
|
|
9,414
|
|
9,282
|
|
27,748
|
|
27,119
|
Deposit service
charges
|
11,313
|
|
11,018
|
|
11,014
|
|
11,836
|
|
12,150
|
|
33,345
|
|
34,929
|
Security gains,
net
|
1
|
|
86
|
|
2
|
|
48
|
|
33
|
|
89
|
|
88
|
Insurance
commissions
|
28,194
|
|
28,803
|
|
33,249
|
|
25,348
|
|
28,584
|
|
90,246
|
|
91,396
|
Wealth
Management
|
5,312
|
|
5,347
|
|
5,109
|
|
5,375
|
|
5,567
|
|
15,768
|
|
17,285
|
Other
|
4,474
|
|
5,891
|
|
4,562
|
|
4,843
|
|
4,998
|
|
14,927
|
|
14,757
|
Total
noninterest revenue
|
70,868
|
|
69,683
|
|
65,515
|
|
67,386
|
|
62,953
|
|
206,066
|
|
210,582
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
82,079
|
|
81,832
|
|
82,467
|
|
80,177
|
|
81,354
|
|
246,378
|
|
242,292
|
Occupancy, net of
rental income
|
10,412
|
|
10,109
|
|
10,273
|
|
10,434
|
|
10,819
|
|
30,794
|
|
31,432
|
Equipment
|
3,423
|
|
3,295
|
|
3,765
|
|
3,569
|
|
3,742
|
|
10,483
|
|
11,740
|
Deposit insurance
assessments
|
3,227
|
|
2,582
|
|
2,288
|
|
2,630
|
|
2,191
|
|
8,097
|
|
6,879
|
Regulatory
settlement
|
-
|
|
-
|
|
10,277
|
|
-
|
|
-
|
|
10,277
|
|
-
|
Other
|
30,371
|
|
30,900
|
|
33,230
|
|
51,541
|
|
28,344
|
|
94,501
|
|
99,217
|
Total
noninterest expense
|
129,512
|
|
128,718
|
|
142,300
|
|
148,351
|
|
126,450
|
|
400,530
|
|
391,560
|
Income
before income taxes
|
55,946
|
|
51,281
|
|
33,374
|
|
30,265
|
|
50,573
|
|
140,601
|
|
156,474
|
Income tax
expense
|
18,129
|
|
16,589
|
|
10,825
|
|
9,096
|
|
16,230
|
|
45,543
|
|
50,152
|
Net
income
|
$
37,817
|
|
$
34,692
|
|
$
22,549
|
|
$
21,169
|
|
$
34,343
|
|
$
95,058
|
|
$ 106,322
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share:
Basic
|
$
0.40
|
|
$
0.37
|
|
$
0.24
|
|
$
0.22
|
|
$
0.36
|
|
$
1.01
|
|
$
1.10
|
Diluted
|
$
0.40
|
|
$
0.37
|
|
$
0.24
|
|
$
0.22
|
|
$
0.36
|
|
$
1.00
|
|
$
1.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Sep-16
|
|
Jun-16
|
|
Mar-16
|
|
Dec-15
|
|
Sep-15
|
LOAN AND LEASE
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
1,616,152
|
|
$
1,698,089
|
|
$
1,716,477
|
|
$
1,747,774
|
|
$
1,710,497
|
Real
estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
2,611,387
|
|
2,549,989
|
|
2,480,828
|
|
2,472,202
|
|
2,447,132
|
Home
equity
|
622,566
|
|
614,686
|
|
605,228
|
|
589,752
|
|
573,566
|
Agricultural
|
242,171
|
|
251,566
|
|
239,422
|
|
259,360
|
|
252,381
|
Commercial and industrial-owner occupied
|
1,668,477
|
|
1,644,618
|
|
1,654,577
|
|
1,617,429
|
|
1,605,811
|
Construction, acquisition and development
|
1,121,386
|
|
1,021,218
|
|
966,362
|
|
945,045
|
|
900,875
|
Commercial real estate
|
2,240,717
|
|
2,254,653
|
|
2,233,742
|
|
2,188,048
|
|
2,141,398
|
Credit
cards
|
107,447
|
|
108,101
|
|
106,714
|
|
112,165
|
|
109,576
|
All other
|
428,458
|
|
433,058
|
|
441,347
|
|
441,003
|
|
478,340
|
Total loans
|
$
10,658,761
|
|
$
10,575,978
|
|
$
10,444,697
|
|
$
10,372,778
|
|
$
10,219,576
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR CREDIT
LOSSES:
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period
|
$
126,935
|
|
$
126,506
|
|
$
126,458
|
|
$
133,009
|
|
$
138,312
|
|
|
|
|
|
|
|
|
|
|
Loans and leases
charged-off:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
(1,180)
|
|
(748)
|
|
(140)
|
|
(6,193)
|
|
(2,010)
|
Real
estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
(595)
|
|
(477)
|
|
(710)
|
|
(1,146)
|
|
(1,382)
|
Home
equity
|
(237)
|
|
(224)
|
|
(550)
|
|
(147)
|
|
(314)
|
Agricultural
|
(89)
|
|
(10)
|
|
(11)
|
|
(16)
|
|
(9)
|
Commercial and industrial-owner occupied
|
(261)
|
|
(660)
|
|
(154)
|
|
(357)
|
|
(645)
|
Construction, acquisition and development
|
(5)
|
|
(280)
|
|
(226)
|
|
(221)
|
|
(203)
|
Commercial real estate
|
(14)
|
|
(870)
|
|
(245)
|
|
(122)
|
|
(1,477)
|
Credit
cards
|
(696)
|
|
(614)
|
|
(720)
|
|
(723)
|
|
(706)
|
All other
|
(713)
|
|
(417)
|
|
(487)
|
|
(623)
|
|
(628)
|
Total loans
charged-off
|
(3,790)
|
|
(4,300)
|
|
(3,243)
|
|
(9,548)
|
|
(7,374)
|
|
|
|
|
|
|
|
|
|
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
263
|
|
339
|
|
212
|
|
354
|
|
897
|
Real
estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
327
|
|
499
|
|
455
|
|
596
|
|
461
|
Home
equity
|
109
|
|
246
|
|
80
|
|
123
|
|
90
|
Agricultural
|
28
|
|
96
|
|
36
|
|
20
|
|
59
|
Commercial and industrial-owner occupied
|
117
|
|
101
|
|
125
|
|
307
|
|
1,831
|
Construction, acquisition and development
|
382
|
|
524
|
|
272
|
|
1,061
|
|
1,084
|
Commercial real estate
|
1,043
|
|
509
|
|
683
|
|
149
|
|
187
|
Credit
cards
|
262
|
|
199
|
|
181
|
|
152
|
|
170
|
All other
|
211
|
|
216
|
|
247
|
|
235
|
|
292
|
Total recoveries
|
2,742
|
|
2,729
|
|
2,291
|
|
2,997
|
|
5,071
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs
|
(1,048)
|
|
(1,571)
|
|
(952)
|
|
(6,551)
|
|
(2,303)
|
|
|
|
|
|
|
|
|
|
|
Provision charged to
operating expense
|
-
|
|
2,000
|
|
1,000
|
|
-
|
|
(3,000)
|
Balance, end of
period
|
$
125,887
|
|
$
126,935
|
|
$
126,506
|
|
$
126,458
|
|
$
133,009
|
|
|
|
|
|
|
|
|
|
|
Average loans for
period
|
$
10,601,481
|
|
$
10,513,732
|
|
$
10,372,925
|
|
$
10,321,299
|
|
$
10,110,995
|
|
|
|
|
|
|
|
|
|
|
Ratio:
|
|
|
|
|
|
|
|
|
|
Net charge-offs to
average loans (annualized)
|
0.04%
|
|
0.06%
|
|
0.04%
|
|
0.25%
|
|
0.09%
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Sep-16
|
|
Jun-16
|
|
Mar-16
|
|
Dec-15
|
|
Sep-15
|
NON-PERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES:
|
|
|
|
|
|
|
|
|
|
Nonaccrual
Loans and Leases
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
$
11,659
|
|
$
8,675
|
|
$
10,248
|
|
$
8,493
|
|
$
15,697
|
Real estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
20,196
|
|
19,309
|
|
22,968
|
|
21,637
|
|
21,959
|
Home
equity
|
3,721
|
|
2,734
|
|
3,564
|
|
4,021
|
|
3,664
|
Agricultural
|
1,194
|
|
1,107
|
|
932
|
|
921
|
|
484
|
Commercial and
industrial-owner occupied
|
11,983
|
|
16,021
|
|
16,633
|
|
16,512
|
|
12,690
|
Construction,
acquisition and development
|
6,939
|
|
6,086
|
|
7,720
|
|
9,130
|
|
4,240
|
Commercial real
estate
|
14,793
|
|
14,197
|
|
19,417
|
|
21,741
|
|
10,730
|
Credit cards
|
121
|
|
159
|
|
188
|
|
188
|
|
215
|
All other
|
119
|
|
350
|
|
256
|
|
385
|
|
558
|
Total nonaccrual loans and leases
|
$
70,725
|
|
$
68,638
|
|
$
81,926
|
|
$
83,028
|
|
$
70,237
|
|
|
|
|
|
|
|
|
|
|
Loans and
Leases 90+ Days Past Due, Still Accruing:
|
2,255
|
|
1,875
|
|
4,567
|
|
2,013
|
|
1,436
|
Restructured
Loans and Leases, Still Accruing
|
17,936
|
|
9,687
|
|
7,753
|
|
9,876
|
|
18,578
|
Total non-performing loans
and leases
|
90,916
|
|
80,200
|
|
94,246
|
|
94,917
|
|
90,251
|
|
|
|
|
|
|
|
|
|
|
OTHER REAL ESTATE
OWNED:
|
11,391
|
|
14,658
|
|
12,685
|
|
14,759
|
|
23,696
|
|
|
|
|
|
|
|
|
|
|
Total Non-performing
Assets
|
$
102,307
|
|
$
94,858
|
|
$
106,931
|
|
$
109,676
|
|
$
113,947
|
|
|
|
|
|
|
|
|
|
|
Additions to
Nonaccrual Loans and Leases During the Quarter
|
$
17,319
|
|
$
10,553
|
|
$
15,933
|
|
$
34,050
|
|
$
22,271
|
|
|
|
|
|
|
|
|
|
|
Loans and
Leases 30-89 Days Past Due, Still Accruing:
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
$
6,736
|
|
$
3,748
|
|
$
3,758
|
|
$
2,409
|
|
$
4,985
|
Real estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
15,443
|
|
15,784
|
|
11,985
|
|
15,128
|
|
10,789
|
Home
equity
|
3,854
|
|
2,842
|
|
2,414
|
|
2,456
|
|
1,455
|
Agricultural
|
616
|
|
367
|
|
240
|
|
303
|
|
393
|
Commercial and
industrial-owner occupied
|
1,712
|
|
2,854
|
|
669
|
|
1,018
|
|
3,888
|
Construction,
acquisition and development
|
1,272
|
|
1,137
|
|
1,489
|
|
1,070
|
|
1,218
|
Commercial real
estate
|
15,221
|
|
3,776
|
|
1,831
|
|
830
|
|
798
|
Credit cards
|
774
|
|
677
|
|
569
|
|
677
|
|
788
|
All other
|
1,089
|
|
712
|
|
606
|
|
744
|
|
1,334
|
Total Loans and Leases 30-89 days past due, still
accruing
|
$
46,717
|
|
$
31,897
|
|
$
23,561
|
|
$
24,635
|
|
$
25,648
|
|
|
|
|
|
|
|
|
|
|
Credit Quality
Ratios:
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses to average loans and leases (annualized)
|
0.00%
|
|
0.08%
|
|
0.04%
|
|
0.00%
|
|
(0.12%)
|
Allowance for credit
losses to net loans and leases
|
1.18%
|
|
1.20%
|
|
1.21%
|
|
1.22%
|
|
1.30%
|
Allowance for credit
losses to non-performing loans and leases
|
138.47%
|
|
158.27%
|
|
134.23%
|
|
133.23%
|
|
147.38%
|
Allowance for credit
losses to non-performing assets
|
123.05%
|
|
133.82%
|
|
118.31%
|
|
115.30%
|
|
116.73%
|
Non-performing loans
and leases to net loans and leases
|
0.85%
|
|
0.76%
|
|
0.90%
|
|
0.92%
|
|
0.88%
|
Non-performing assets
to net loans and leases
|
0.96%
|
|
0.90%
|
|
1.02%
|
|
1.06%
|
|
1.11%
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
|
|
|
|
Selected Loan
Data
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2016
|
|
|
|
Special
|
|
|
|
|
|
|
|
|
|
|
|
Pass
|
|
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Impaired
|
|
Total
|
LOAN PORTFOLIO BY
INTERNALLY ASSIGNED GRADE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
1,567,073
|
|
$
-
|
|
$
42,117
|
|
$
774
|
|
$
-
|
|
$
6,188
|
|
$
1,616,152
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
2,549,780
|
|
528
|
|
59,727
|
|
89
|
|
-
|
|
1,263
|
|
2,611,387
|
Home
equity
|
610,313
|
|
-
|
|
10,766
|
|
-
|
|
-
|
|
1,487
|
|
622,566
|
Agricultural
|
230,891
|
|
-
|
|
10,639
|
|
-
|
|
-
|
|
641
|
|
242,171
|
Commercial and industrial-owner occupied
|
1,619,545
|
|
512
|
|
39,135
|
|
-
|
|
-
|
|
9,285
|
|
1,668,477
|
Construction, acquisition and development
|
1,103,739
|
|
-
|
|
11,308
|
|
-
|
|
-
|
|
6,339
|
|
1,121,386
|
Commercial real estate
|
2,188,170
|
|
-
|
|
38,637
|
|
-
|
|
-
|
|
13,910
|
|
2,240,717
|
Credit
cards
|
107,447
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
107,447
|
All other
|
420,838
|
|
-
|
|
7,620
|
|
-
|
|
-
|
|
-
|
|
428,458
|
Total loans
|
$
10,397,796
|
|
$
1,040
|
|
$
219,949
|
|
$
863
|
|
$
-
|
|
$
39,113
|
|
$
10,658,761
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2016
|
|
|
|
Special
|
|
|
|
|
|
|
|
|
|
|
|
Pass
|
|
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Impaired
|
|
Total
|
LOAN PORTFOLIO BY
INTERNALLY ASSIGNED GRADE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
1,654,279
|
|
$
-
|
|
$
36,866
|
|
$
91
|
|
$
384
|
|
$
6,469
|
|
$
1,698,089
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
2,482,105
|
|
298
|
|
66,614
|
|
14
|
|
-
|
|
958
|
|
2,549,989
|
Home
equity
|
603,039
|
|
-
|
|
10,163
|
|
-
|
|
-
|
|
1,484
|
|
614,686
|
Agricultural
|
242,721
|
|
-
|
|
8,085
|
|
-
|
|
-
|
|
760
|
|
251,566
|
Commercial and industrial-owner occupied
|
1,585,978
|
|
516
|
|
45,682
|
|
375
|
|
-
|
|
12,067
|
|
1,644,618
|
Construction, acquisition and development
|
1,003,045
|
|
-
|
|
12,809
|
|
-
|
|
-
|
|
5,364
|
|
1,021,218
|
Commercial real estate
|
2,202,501
|
|
-
|
|
38,867
|
|
151
|
|
-
|
|
13,134
|
|
2,254,653
|
Credit
cards
|
108,101
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
108,101
|
All other
|
424,932
|
|
-
|
|
8,027
|
|
99
|
|
-
|
|
-
|
|
433,058
|
Total loans
|
$
10,306,701
|
|
$
814
|
|
$
227,113
|
|
$
730
|
|
$
384
|
|
$
40,236
|
|
$
10,575,978
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Geographical
Information
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2016
|
|
Alabama
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and
Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Panhandle
|
|
Arkansas
|
|
Louisiana
|
|
Mississippi
|
|
Missouri
|
|
Tennessee
|
|
Texas
|
|
Other
|
|
Total
|
LOAN AND LEASE
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
135,467
|
|
$
205,833
|
|
$
184,819
|
|
$
639,204
|
|
$
78,950
|
|
$
116,203
|
|
$
214,287
|
|
$
41,389
|
|
$
1,616,152
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
335,856
|
|
325,793
|
|
226,092
|
|
831,986
|
|
84,046
|
|
294,218
|
|
484,806
|
|
28,590
|
|
2,611,387
|
Home
equity
|
96,539
|
|
43,963
|
|
69,255
|
|
227,952
|
|
23,328
|
|
144,835
|
|
14,836
|
|
1,858
|
|
622,566
|
Agricultural
|
7,734
|
|
81,798
|
|
27,160
|
|
67,213
|
|
5,032
|
|
12,864
|
|
40,052
|
|
318
|
|
242,171
|
Commercial and industrial-owner occupied
|
195,572
|
|
178,681
|
|
200,406
|
|
662,735
|
|
49,901
|
|
140,843
|
|
240,339
|
|
-
|
|
1,668,477
|
Construction, acquisition and development
|
127,828
|
|
101,148
|
|
58,844
|
|
353,188
|
|
24,535
|
|
163,247
|
|
292,596
|
|
-
|
|
1,121,386
|
Commercial real estate
|
284,543
|
|
356,121
|
|
223,016
|
|
608,483
|
|
199,928
|
|
196,105
|
|
372,521
|
|
-
|
|
2,240,717
|
Credit
cards
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
107,447
|
|
107,447
|
All other
|
70,487
|
|
45,925
|
|
28,675
|
|
174,356
|
|
3,562
|
|
30,749
|
|
55,727
|
|
18,977
|
|
428,458
|
Total loans
|
$
1,254,026
|
|
$
1,339,262
|
|
$
1,018,267
|
|
$3,565,117
|
|
$
469,282
|
|
$
1,099,064
|
|
$
1,715,164
|
|
$
198,579
|
|
$
10,658,761
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
167
|
|
$
509
|
|
$
3,191
|
|
$
5,598
|
|
$
402
|
|
$
379
|
|
$
1,586
|
|
$
2,645
|
|
$
14,477
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
1,197
|
|
3,749
|
|
2,950
|
|
10,148
|
|
614
|
|
1,840
|
|
2,593
|
|
187
|
|
23,278
|
Home
equity
|
559
|
|
1,311
|
|
530
|
|
720
|
|
81
|
|
520
|
|
-
|
|
2
|
|
3,723
|
Agricultural
|
-
|
|
30
|
|
50
|
|
1,191
|
|
-
|
|
-
|
|
-
|
|
1
|
|
1,272
|
Commercial and industrial-owner occupied
|
1,372
|
|
1,967
|
|
1,790
|
|
7,691
|
|
317
|
|
574
|
|
616
|
|
-
|
|
14,327
|
Construction, acquisition and development
|
77
|
|
631
|
|
19
|
|
6,359
|
|
50
|
|
-
|
|
43
|
|
-
|
|
7,179
|
Commercial real estate
|
705
|
|
1,146
|
|
1,411
|
|
18,134
|
|
-
|
|
15
|
|
155
|
|
-
|
|
21,566
|
Credit
cards
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,353
|
|
1,353
|
All other
|
-
|
|
680
|
|
32
|
|
135
|
|
-
|
|
21
|
|
2,872
|
|
1
|
|
3,741
|
Total loans
|
$
4,077
|
|
$
10,023
|
|
$
9,973
|
|
$
49,976
|
|
$
1,464
|
|
$
3,349
|
|
$
7,865
|
|
$
4,189
|
|
$
90,916
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS A
PERCENTAGE OF OUTSTANDING:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
0.12%
|
|
0.25%
|
|
1.73%
|
|
0.88%
|
|
0.51%
|
|
0.33%
|
|
0.74%
|
|
6.39%
|
|
0.90%
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
0.36%
|
|
1.15%
|
|
1.30%
|
|
1.22%
|
|
0.73%
|
|
0.63%
|
|
0.53%
|
|
0.65%
|
|
0.89%
|
Home
equity
|
0.58%
|
|
2.98%
|
|
0.77%
|
|
0.32%
|
|
0.35%
|
|
0.36%
|
|
0.00%
|
|
0.11%
|
|
0.60%
|
Agricultural
|
0.00%
|
|
0.04%
|
|
0.18%
|
|
1.77%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
N/A
|
|
0.53%
|
Commercial and industrial-owner occupied
|
0.70%
|
|
1.10%
|
|
0.89%
|
|
1.16%
|
|
0.64%
|
|
0.41%
|
|
0.26%
|
|
N/A
|
|
0.86%
|
Construction, acquisition and development
|
0.06%
|
|
0.62%
|
|
0.03%
|
|
1.80%
|
|
0.20%
|
|
0.00%
|
|
0.01%
|
|
N/A
|
|
0.64%
|
Commercial real estate
|
0.25%
|
|
0.32%
|
|
0.63%
|
|
2.98%
|
|
0.00%
|
|
0.01%
|
|
0.04%
|
|
N/A
|
|
0.96%
|
Credit
cards
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
1.26%
|
|
1.26%
|
All other
|
0.00%
|
|
1.48%
|
|
0.11%
|
|
0.08%
|
|
0.00%
|
|
0.07%
|
|
5.15%
|
|
0.01%
|
|
0.87%
|
Total loans
|
0.33%
|
|
0.75%
|
|
0.98%
|
|
1.40%
|
|
0.31%
|
|
0.30%
|
|
0.46%
|
|
2.11%
|
|
0.85%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
|
|
|
|
Noninterest
Revenue and Expense
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
YTD
|
|
Sep-16
|
|
Jun-16
|
|
Mar-16
|
|
Dec-15
|
|
Sep-15
|
|
Sep-16
|
|
Sep-15
|
NONINTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking
excl. MSR market value adjustment
|
$
10,469
|
|
$
13,135
|
|
$
10,572
|
|
$
7,657
|
|
$
7,647
|
|
$
34,176
|
|
$
29,034
|
MSR market value
adjustment
|
1,813
|
|
(4,092)
|
|
(7,954)
|
|
2,865
|
|
(5,308)
|
|
(10,233)
|
|
(4,026)
|
Credit card, debit
card and merchant fees
|
9,292
|
|
9,495
|
|
8,961
|
|
9,414
|
|
9,282
|
|
27,748
|
|
27,119
|
Deposit service
charges
|
11,313
|
|
11,018
|
|
11,014
|
|
11,836
|
|
12,150
|
|
33,345
|
|
34,929
|
Securities gains,
net
|
1
|
|
86
|
|
2
|
|
48
|
|
33
|
|
89
|
|
88
|
Insurance
commissions
|
28,194
|
|
28,803
|
|
33,249
|
|
25,348
|
|
28,584
|
|
90,246
|
|
91,396
|
Trust
income
|
3,641
|
|
3,493
|
|
3,430
|
|
3,469
|
|
3,653
|
|
10,564
|
|
11,232
|
Annuity
fees
|
446
|
|
465
|
|
477
|
|
449
|
|
539
|
|
1,388
|
|
1,567
|
Brokerage commissions
and fees
|
1,225
|
|
1,389
|
|
1,202
|
|
1,457
|
|
1,375
|
|
3,816
|
|
4,486
|
Bank-owned life
insurance
|
1,775
|
|
1,813
|
|
1,893
|
|
1,881
|
|
1,842
|
|
5,481
|
|
5,576
|
Other miscellaneous
income
|
2,699
|
|
4,078
|
|
2,669
|
|
2,962
|
|
3,156
|
|
9,446
|
|
9,181
|
Total noninterest
revenue
|
$
70,868
|
|
$
69,683
|
|
$
65,515
|
|
$
67,386
|
|
$
62,953
|
|
$ 206,066
|
|
$ 210,582
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
$
82,079
|
|
$
81,832
|
|
$
82,467
|
|
$
80,177
|
|
$
81,354
|
|
246,378
|
|
$ 242,292
|
Occupancy, net of
rental income
|
10,412
|
|
10,109
|
|
10,273
|
|
10,434
|
|
10,819
|
|
30,794
|
|
31,432
|
Equipment
|
3,423
|
|
3,295
|
|
3,765
|
|
3,569
|
|
3,742
|
|
10,483
|
|
11,740
|
Deposit insurance
assessments
|
3,227
|
|
2,582
|
|
2,288
|
|
2,630
|
|
2,191
|
|
8,097
|
|
6,879
|
Regulatory
settlement
|
-
|
|
-
|
|
10,277
|
|
-
|
|
-
|
|
10,277
|
|
-
|
Advertising
|
925
|
|
1,043
|
|
633
|
|
1,009
|
|
812
|
|
2,601
|
|
3,279
|
Foreclosed property
expense
|
859
|
|
1,309
|
|
1,181
|
|
3,014
|
|
808
|
|
3,349
|
|
4,404
|
Telecommunications
|
1,288
|
|
1,259
|
|
1,295
|
|
1,322
|
|
1,267
|
|
3,842
|
|
3,904
|
Public
relations
|
718
|
|
599
|
|
661
|
|
702
|
|
588
|
|
1,978
|
|
2,067
|
Data
processing
|
6,856
|
|
6,685
|
|
6,391
|
|
6,092
|
|
6,156
|
|
19,932
|
|
18,056
|
Computer
software
|
2,976
|
|
2,732
|
|
2,660
|
|
2,609
|
|
2,595
|
|
8,368
|
|
7,891
|
Amortization of
intangibles
|
923
|
|
869
|
|
880
|
|
922
|
|
948
|
|
2,672
|
|
3,041
|
Legal
|
1,064
|
|
1,754
|
|
4,535
|
|
19,434
|
|
1,233
|
|
7,353
|
|
10,912
|
Merger
expense
|
-
|
|
1
|
|
1
|
|
13
|
|
8
|
|
2
|
|
12
|
Postage and
shipping
|
1,059
|
|
985
|
|
1,117
|
|
1,139
|
|
1,030
|
|
3,161
|
|
3,396
|
Other miscellaneous
expense
|
13,703
|
|
13,664
|
|
13,876
|
|
15,285
|
|
12,899
|
|
41,243
|
|
42,255
|
Total noninterest
expense
|
$
129,512
|
|
$
128,718
|
|
$
142,300
|
|
$
148,351
|
|
$
126,450
|
|
$ 400,530
|
|
$ 391,560
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INSURANCE
COMMISSIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and casualty
commissions
|
$
20,927
|
|
$
20,417
|
|
$
19,877
|
|
$
18,814
|
|
$
21,155
|
|
61,221
|
|
$
62,973
|
Life and health
commissions
|
5,897
|
|
6,252
|
|
5,615
|
|
5,823
|
|
5,775
|
|
17,764
|
|
17,389
|
Risk management
income
|
674
|
|
592
|
|
623
|
|
672
|
|
709
|
|
1,889
|
|
2,012
|
Other
|
696
|
|
1,542
|
|
7,134
|
|
39
|
|
945
|
|
9,372
|
|
9,022
|
Total insurance
commissions
|
$
28,194
|
|
$
28,803
|
|
$
33,249
|
|
$
25,348
|
|
$
28,584
|
|
$
90,246
|
|
$
91,396
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Selected
Additional Information
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Sep-16
|
|
Jun-16
|
|
Mar-16
|
|
Dec-15
|
|
Sep-15
|
MORTGAGE SERVICING
RIGHTS:
|
|
|
|
|
|
|
|
|
|
Fair value, beginning
of period
|
$
48,108
|
|
$
50,544
|
|
$
57,268
|
|
$
52,973
|
|
$
55,924
|
Additions to mortgage
servicing rights:
|
|
|
|
|
|
|
|
|
|
Originations of servicing assets
|
4,349
|
|
3,723
|
|
2,612
|
|
3,065
|
|
4,231
|
Changes in fair
value:
|
|
|
|
|
|
|
|
|
|
Due to
payoffs/paydowns
|
(2,338)
|
|
(2,066)
|
|
(1,380)
|
|
(1,633)
|
|
(1,872)
|
Due to
change in valuation inputs or
|
|
|
|
|
|
|
|
|
|
assumptions used in the
valuation model
|
1,813
|
|
(4,092)
|
|
(7,954)
|
|
2,865
|
|
(5,308)
|
Other
changes in fair value
|
(2)
|
|
(1)
|
|
(2)
|
|
(2)
|
|
(2)
|
Fair value, end of
period
|
$
51,930
|
|
$
48,108
|
|
$
50,544
|
|
$
57,268
|
|
$
52,973
|
|
|
|
|
|
|
|
|
|
|
Production
revenue:
|
|
|
|
|
|
|
|
|
|
Origination
|
$
8,168
|
|
$
10,523
|
|
$
7,208
|
|
$
4,909
|
|
$
5,154
|
Servicing
|
4,639
|
|
4,678
|
|
4,744
|
|
4,381
|
|
4,365
|
Payoffs/Paydowns
|
(2,338)
|
|
(2,066)
|
|
(1,380)
|
|
(1,633)
|
|
(1,872)
|
Total production
revenue
|
10,469
|
|
13,135
|
|
10,572
|
|
7,657
|
|
7,647
|
Market value
adjustment
|
1,813
|
|
(4,092)
|
|
(7,954)
|
|
2,865
|
|
(5,308)
|
Total mortgage
banking revenue
|
$
12,282
|
|
$
9,043
|
|
$
2,618
|
|
$
10,522
|
|
$
2,339
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans
serviced
|
$
6,285,027
|
|
$
6,156,258
|
|
$
6,096,220
|
|
$
6,011,236
|
|
$
5,942,736
|
MSR/mtg loans
serviced
|
0.83%
|
|
0.78%
|
|
0.83%
|
|
0.95%
|
|
0.89%
|
|
|
|
|
|
|
|
|
|
|
AVAILABLE-FOR-SALE
SECURITIES, at fair value
|
|
|
|
|
|
|
|
|
|
U.S. Government
agencies
|
$
1,691,866
|
|
$
1,310,803
|
|
$
1,196,167
|
|
$
1,244,640
|
|
$
1,255,717
|
Government agency
issued residential
|
|
|
|
|
|
|
|
|
|
mortgage-back securities
|
184,095
|
|
180,178
|
|
189,741
|
|
140,540
|
|
206,878
|
Government agency
issued commercial
|
|
|
|
|
|
|
|
|
|
mortgage-back securities
|
178,827
|
|
193,475
|
|
207,908
|
|
260,693
|
|
229,922
|
Obligations of states
and political subdivisions
|
384,995
|
|
399,391
|
|
408,537
|
|
417,499
|
|
451,600
|
Other
|
28,416
|
|
20,036
|
|
14,020
|
|
18,957
|
|
17,008
|
Total
available-for-sale securities
|
$
2,468,199
|
|
$
2,103,883
|
|
$
2,016,373
|
|
$
2,082,329
|
|
$
2,161,125
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Reconciliation of
Non-GAAP Measures and Other Ratio Definitions
|
(Dollars in
thousands, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management evaluates
the Company's capital position and operating performance by
utilizing certain financial measures not calculated in accordance
with U.S. Generally Accepted Accounting Principles (GAAP),
including net operating income, net operating income-excluding MSR,
tangible shareholders' equity to tangible assets, return on
tangible equity, operating return on tangible equity-excluding
MSR, operating return on average assets-excluding MSR,
operating return on average shareholders' equity-excluding MSR,
tangible book value per share, operating earnings per share,
operating earnings per share-excluding MSR, efficiency ratio (tax
equivalent) and operating efficiency ratio-excluding MSR (tax
equivalent). The Company has included these non-GAAP
financial measures in this news release for the applicable periods
presented. Management believes that the presentation of these
non-GAAP financial measures (i) provides important supplemental
information that contributes to a proper understanding of the
Company's capital position and operating performance, (ii) enables
a more complete understanding of factors and trends affecting the
Company's business and (iii) allows investors to evaluate the
Company's performance in a manner similar to management, the
financial services industry, bank stock analysts and bank
regulators. Reconciliations of these non-GAAP financial
measures to the most directly comparable GAAP financial measures
are presented in the tables below. These non-GAAP financial
measures should not be considered as substitutes for GAAP financial
measures, and the Company strongly encourages investors to review
the GAAP financial measures included in this news release and not
to place undue reliance upon any single financial measure. In
addition, because non-GAAP financial measures are not standardized,
it may not be possible to compare the non-GAAP financial measures
presented in this news release with other companies' non-GAAP
financial measures having the same or similar names.
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net
Operating Income and Net Operating Income-Excluding MSR to Net
Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
ended
|
|
|
|
9/30/2016
|
|
6/30/2016
|
|
3/31/2016
|
|
12/31/2015
|
|
9/30/2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
37,817
|
|
$
34,692
|
|
$
22,549
|
|
$
21,169
|
|
$
34,343
|
Plus:
|
Merger expense, net
of tax
|
|
-
|
|
1
|
|
1
|
|
8
|
|
5
|
|
Legal charge, net of
tax
|
|
-
|
|
-
|
|
-
|
|
10,246
|
|
-
|
|
Regulatory related
charges, net of tax
|
|
-
|
|
-
|
|
9,412
|
|
-
|
|
-
|
Less:
|
Security gains, net
of tax
|
|
-
|
|
53
|
|
2
|
|
30
|
|
20
|
Net operating
income
|
|
$
37,817
|
|
$
34,640
|
|
$
31,960
|
|
$
31,393
|
|
$
34,328
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
|
MSR market value
adjustment, net of tax
|
|
1,124
|
|
(2,537)
|
|
(4,931)
|
|
1,776
|
|
(3,291)
|
Net operating
income-excluding MSR
|
|
$
36,693
|
|
$
37,177
|
|
$
36,891
|
|
$
29,617
|
|
$
37,619
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Reconciliation of
Non-GAAP Measures and Other Ratio Definitions
|
(Dollars in
thousands, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Tangible Assets and Tangible Shareholders' Equity
to
|
Total Assets and
Total Shareholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
ended
|
|
|
|
9/30/2016
|
|
6/30/2016
|
|
3/31/2016
|
|
12/31/2015
|
|
9/30/2015
|
Tangible
assets
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
$
14,611,483
|
|
$
14,137,160
|
|
$
13,926,398
|
|
$
13,798,662
|
|
$
13,787,424
|
Less:
|
Goodwill
|
|
294,901
|
|
294,901
|
|
291,498
|
|
291,498
|
|
291,498
|
|
Other identifiable
intangible assets
|
|
19,908
|
|
20,831
|
|
19,664
|
|
20,545
|
|
21,466
|
Total tangible
assets
|
|
$
14,296,674
|
|
$
13,821,428
|
|
$
13,615,236
|
|
$
13,486,619
|
|
$
13,474,460
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
$
1,724,104
|
|
$
1,713,043
|
|
$
1,679,793
|
|
$
1,655,444
|
|
$
1,644,820
|
Less:
|
Goodwill
|
|
294,901
|
|
294,901
|
|
291,498
|
|
291,498
|
|
291,498
|
|
Other identifiable
intangible assets
|
|
19,908
|
|
20,831
|
|
19,664
|
|
20,545
|
|
21,466
|
Total tangible
shareholders' equity
|
|
$
1,409,295
|
|
$
1,397,311
|
|
$
1,368,631
|
|
$
1,343,401
|
|
$
1,331,856
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average
assets
|
|
$
14,366,759
|
|
$
14,027,786
|
|
$
13,851,661
|
|
$
13,724,595
|
|
$
13,632,581
|
Total common shares
outstanding
|
|
94,074,740
|
|
94,546,091
|
|
94,438,626
|
|
94,162,728
|
|
93,969,994
|
Average shares
outstanding-diluted
|
|
94,563,833
|
|
94,694,795
|
|
94,593,540
|
|
94,384,443
|
|
96,467,728
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity to tangible assets (1)
|
|
9.86%
|
|
10.11%
|
|
10.05%
|
|
9.96%
|
|
9.88%
|
Return on tangible
equity (2)
|
|
10.68%
|
|
9.99%
|
|
6.63%
|
|
6.25%
|
|
10.23%
|
Operating return on
tangible equity-excluding MSR (3)
|
|
10.36%
|
|
10.70%
|
|
10.84%
|
|
8.75%
|
|
11.21%
|
Operating return on
average assets-excluding MSR (4)
|
|
1.02%
|
|
1.07%
|
|
1.07%
|
|
0.86%
|
|
1.09%
|
Operating return on
average shareholders' equity-excluding MSR (5)
|
|
8.49%
|
|
8.84%
|
|
8.89%
|
|
7.12%
|
|
8.88%
|
Tangible book value
per share (6)
|
|
$
14.98
|
|
$
14.78
|
|
$
14.49
|
|
$
14.27
|
|
$
14.17
|
Operating earnings
per share (7)
|
|
$
0.40
|
|
$
0.37
|
|
$
0.34
|
|
$
0.33
|
|
$
0.36
|
Operating earnings
per share-excluding MSR (8)
|
|
$
0.39
|
|
$
0.39
|
|
$
0.39
|
|
$
0.31
|
|
$
0.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Tangible
shareholders' equity to tangible assets is defined by the Company
as total shareholders' equity less goodwill and other identifiable
intangible assets, divided by the difference of total assets less
goodwill and other identifiable intangible assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Return on tangible
equity is defined by the Company as annualized net income divided
by tangible shareholders' equity.
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
Operating return on
tangible equity-excluding MSR is defined by the Company as
annualized net operating income-excluding MSR divided by tangible
shareholders' equity.
|
|
|
|
|
|
|
|
|
|
|
|
|
(4)
|
Operating return on
average assets-excluding MSR is defined by the Company as
annualized net operating income-excluding MSR divided by total
average assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
(5)
|
Operating return on
average shareholders' equity-excluding MSR is defined by the
Company as annualized net operating income-excluding MSR divided by
average shareholders' equity.
|
|
|
|
|
|
|
|
|
|
|
|
|
(6)
|
Tangible book value
per share is defined by the Company as tangible shareholders'
equity divided by total common shares outstanding.
|
|
|
|
|
|
|
|
|
|
|
|
|
(7)
|
Operating earnings
per share is defined by the Company as net operating income divided
by average shares outstanding-diluted.
|
|
|
|
|
|
|
|
|
|
|
|
|
(8)
|
Operating earnings
per share-excluding MSR is defined by the Company as net operating
income-excluding MSR divided by average shares
outstanding-diluted.
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency Ratio
(tax equivalent) and Operating Efficiency Ratio-excluding MSR (tax
equivalent) Definitions
|
The efficiency ratio
(tax equivalent) and the operating efficiency ratio-excluding MSR
(tax equivalent) are supplemental financial measures utilized in
management's internal evaluation of the Company's use of resources
and are not defined under GAAP. The efficiency ratio (tax
equivalent) is calculated by dividing total noninterest expense by
total revenue, which includes net interest income plus noninterest
income plus the tax equivalent adjustment. The operating
efficiency ratio-excluding MSR (tax equivalent)
excludes expense items otherwise disclosed as non-operating
from total noninterest expense. In addition, the MSR
valuation adjustment as well as securities gains and losses are
excluded from total revenue.
|
|
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/bancorpsouth-announces-third-quarter-2016-financial-results-300347902.html
SOURCE BancorpSouth, Inc.