TUPELO, Miss., Oct. 20, 2014 /PRNewswire/ -- BancorpSouth,
Inc. (NYSE: BXS) today announced financial results for the quarter
and nine months ended September 30,
2014.
Highlights for the third quarter of 2014 included:
- Net income of $28.8 million or
$0.30 per diluted share.
- Net operating income of $30.8
million or $0.32 per diluted
share.
- Progress toward remediating Bank Secrecy Act ("BSA") and
anti-money-laundering ("AML") compliance weaknesses, which resulted
in one-time pre-tax costs during the quarter of $3.1 million.
- Generated net loan growth of $198.9
million, or 8.5 percent annualized, which represents the
sixth consecutive quarter of net loan growth.
- Net interest margin increased to 3.62 percent from 3.59 percent
for the second quarter of 2014.
- Meaningful growth in several non-interest revenue sources,
including insurance commission revenue.
- Non-performing loans and leases ("NPLs") declined $4.7 million, or 6.4 percent, compared to the
second quarter of 2014, while non-performing assets ("NPAs")
decreased $17.3 million, or 13.4
percent, over the same period.
The Company reported net income of $28.8
million, or $0.30 per diluted
share, for the third quarter of 2014 compared with net income of
$24.9 million, or $0.26 per diluted share, for the third quarter of
2013 and net income of $30.9 million,
or $0.32 per diluted share, for the
second quarter of 2014. Additionally, the Company reported
net income of $88.1 million, or
$0.92 per diluted share, for the
first nine months of 2014 compared to $66.4
million, or $0.70 per diluted
share, for the first nine months of 2013.
The Company reported net operating income (excluding merger
related and other non-operating expenses) of $30.8 million, or $0.32 per diluted share, for the third quarter of
2014 compared to $27.7 million, or
$0.29 per diluted share, for the
third quarter of 2013 and $31.5
million, or $0.33 per diluted
share, for the second quarter of 2014.
The Company incurred pre-tax costs totaling $3.1 million during the quarter related to BSA
and AML compliance remediation that are considered to be one-time
in nature. This reflects the Company's estimate of total
one-time costs necessary to complete its enhancements to these
programs. Annual ongoing costs associated with these programs
are expected to total approximately $3
million pre-tax, $0.5 million
of which is reflected in the third quarter results.
"Our results for the third quarter reflect continued positive
momentum in several core fundamental areas of our company
performance," remarked Dan Rollins,
Chairman and Chief Executive Officer. "Our lending team
continues to win new business, which resulted in net quarterly loan
growth of over eight percent on an annualized basis. We are also
pleased with our ability to continue to maintain our net interest
margin despite continued pressure on loan yields.
Additionally, we benefitted from continued growth in several of our
noninterest revenue line items, including insurance commission
revenue. With that said, the primary focus of our efforts
during the quarter has been on remediating the regulatory concerns
identified regarding our BSA and AML processes. We are
pleased with the progress that we have made on these efforts and
our people continue to work diligently to make the necessary
improvements."
Earnings for the quarter reflect no recorded provision for
credit losses, which is consistent with no recorded provision for
the second quarter of 2014 and a decline from $0.5 million for the third quarter of 2013.
NPLs declined $4.7 million, or 6.4
percent, during the third quarter of 2014 to $68.9 million at September
30, 2014 compared with $73.7
million at June 30, 2014 and
declined $75.4 million, or 52.2
percent, from $144.3 million at
September 30, 2013. In
addition, total NPAs declined $17.3
million, or 13.4 percent, to $111.6
million at September 30, 2014
compared with $128.9 million at
June 30, 2014 and declined
$109.6 million, or 49.5 percent, from
$221.2 million at September 30, 2013. Net charge-offs were
$3.2 million for the third quarter of
2014 compared with $2.6 million for
the second quarter of 2014 and $7.6
million for the third quarter of 2013.
Net Interest Revenue
Net interest revenue was $105.6
million for the third quarter of 2014, an increase of 5.4
percent from $100.2 million for the
third quarter of 2013 and an increase of 2.5 percent from
$103.1 million for the second quarter
of 2014. The fully taxable equivalent net interest margin was
3.62 percent for the third quarter of 2014 compared to 3.45 percent
for the third quarter of 2013 and 3.59 percent for the second
quarter of 2014. Yields on loans and leases declined to 4.36
percent for the third quarter of 2014 compared with 4.55 percent
for the third quarter of 2013 and 4.38 percent for the second
quarter of 2014, while yields on total interest earning assets were
relatively flat at 3.89 percent for the third quarter of 2014
compared with 3.85 percent for the third quarter of 2013 and 3.88
percent for the second quarter of 2014. The average cost of
deposits was 0.28 percent for the third quarter of 2014 compared to
0.36 percent for the third quarter of 2013 and 0.28 percent for the
second quarter of 2014.
Asset, Deposit and Loan Activity
Total assets were $13.1 billion at
September 30, 2014 compared with
$12.9 billion at September 30, 2013. Loans and leases, net
of unearned income, were $9.5 billion
at September 30, 2014 compared with
$8.8 billion at September 30, 2013.
Total deposits were $10.7 billion
at both September 30, 2014 and
September 30, 2013. The
decrease in time deposits of $326.4
million, or 13.6 percent, at September 30, 2014 compared to September 30, 2013 was partially offset by growth
in noninterest bearing demand deposits, which increased
$213.4 million, or 8.2 percent, over
the same period. Additionally, savings deposits increased
$91.6 million, or 7.5 percent, while
interest bearing demand deposits remained relatively flat, over the
same period. As of September 30,
2014, $804.3 million of time
deposits were scheduled to mature during the following two quarters
at a weighted average rate of 0.89 percent.
Provision for Credit Losses and Allowance for Credit
Losses
For the third quarter of 2014, no provision for credit losses
was recorded, compared with $0.5
million for the third quarter of 2013 and no recorded
provision for the second quarter of 2014. Net charge-offs for
the third quarter of 2014 were $3.2
million, compared with $7.6
million for the third quarter of 2013 and $2.6 million for the second quarter of
2014. Recoveries of previously charged-off loans were
$3.3 million for the third quarter of
2014, compared with $4.3 million for
the third quarter of 2013 and $3.0
million for the second quarter of 2014. Annualized net
charge-offs were 0.13 percent of average loans and leases for the
third quarter of 2014, compared with 0.35 percent for the third
quarter of 2013 and 0.11 percent for the second quarter of
2014.
NPLs were $68.9 million, or 0.72
percent of net loans and leases, at September 30, 2014, compared with $144.3 million, or 1.65 percent of net loans and
leases, at September 30, 2013, and
$73.7 million, or 0.79 percent of net
loans and leases, at June 30,
2014. The allowance for credit losses was $144.0 million, or 1.51 percent of net loans and
leases, at September 30, 2014
compared with $154.0 million, or 1.76
percent of net loans and leases, at September 30, 2013 and $147.1 million, or 1.58 percent of net loans and
leases, at June 30, 2014.
NPLs at September 30, 2014
consisted primarily of $54.6 million
of nonaccrual loans, compared with $64.5
million of nonaccrual loans at June
30, 2014. Payments received on nonaccrual loans during
the third quarter of 2014 totaled $11.9
million, compared with payments received on such loans of
$12.9 million during the second
quarter of 2014. NPLs at September 30,
2014 also included $1.9
million of loans 90 days or more past due and still
accruing, compared with $2.4 million
of such loans at June 30, 2014, and
included restructured loans still accruing of $12.4 million at September
30, 2014, compared with $6.7
million of such loans at June
30, 2014. Early stage past due loans, representing
loans 30-89 days past due, totaled $24.4
million at September 30, 2014
compared to $28.8 million at
June 30, 2014.
Included in nonaccrual loans at September
30, 2014 were $31.7 million of
loans, or 58.1 percent of total nonaccrual loans, that were paying
as agreed, compared with $36.6
million, or 56.7 percent of total nonaccrual loans, that
were paying as agreed at June 30,
2014. These loans were generally placed on nonaccrual status
because the collateral values were less than the outstanding
balances, and because of uncertainty as to whether the borrowers
possessed adequate liquidity or would be able to generate
sufficient cash flow to satisfy the debt given the short-fall in
collateral values. Such loans are generally deemed to be
impaired, with a specific reserve established for the difference in
the balance owed and the disposition value of the collateral.
Other real estate owned ("OREO") decreased $12.6 million to $42.7
million during the third quarter of 2014 from $55.3 million at June
30, 2014. This net decrease reflected $3.5 million of OREO added through foreclosure,
offset by sales of OREO of $14.4
million. Write-downs in the value of existing
properties were $1.6 million for the
third quarter of 2014 compared to $2.2
million for the second quarter of 2014. Sales of OREO
during the third quarter of 2014 resulted in a net loss of
$3.3 million compared to a net loss
of $1.1 million for the second
quarter of 2014. At September 30,
2014, OREO was carried at 39.8 percent of the aggregate loan
balances at the time of foreclosure, compared with 44.2 percent at
June 30, 2014.
Noninterest Revenue
Noninterest revenue was $69.3
million for the third quarter of 2014, compared with
$62.5 million for the third quarter
of 2013 and $69.8 million for the
second quarter of 2014. These results included a positive
mortgage servicing rights ("MSR") valuation adjustment of
$0.6 million for the third quarter of
2014 compared with a negative MSR valuation adjustment of
$0.2 million for the third quarter of
2013 and a negative MSR valuation adjustment of $2.1 million for the second quarter of
2014.
Excluding the MSR valuation adjustments, net mortgage lending
revenue was $6.3 million for the
third quarter of 2014, compared with $5.4
million for the third quarter of 2013 and $11.2 million for the second quarter of
2014. Mortgage origination volume for the third quarter of
2014 was $305.7 million, compared
with $341.9 million for the third
quarter of 2013 and $291.0 million
for the second quarter of 2014.
Credit and debit card fee revenue was $9.0 million for the third quarter of 2014,
compared with $8.8 million for the
third quarter of 2013 and $8.6
million for the second quarter of 2014. Deposit
service charge revenue was $13.1
million for the third quarter of 2014, compared with
$13.7 million for the third quarter
of 2013 and $12.4 million for the
second quarter of 2014. Insurance commission revenue was
$29.2 million for the third quarter
of 2014, compared with $23.8 million
for the third quarter of 2013 and $28.6
million for the second quarter of 2014.
Noninterest Expense
Noninterest expense for the third quarter of 2014 was
$133.7 million, compared with
$129.4 million for the third quarter
of 2013 and $128.0 million for the
second quarter of 2014. Salaries and employee benefits
expense was $77.5 million for the
third quarter of 2014 compared to $73.5
million for the third quarter of 2013 and $74.7 million for the second quarter of
2014. Foreclosed property expense was $5.7 million for the third quarter of 2014
compared with $3.3 million for the
third quarter of 2013 and $4.2
million for the second quarter of 2014. Deposit
insurance assessments were $2.1
million for the third quarter of 2014 compared to
$3.3 million for the third quarter of
2013 and $2.0 million for the second
quarter of 2014. Noninterest expense for the third quarter of
2014 includes pre-tax costs totaling $3.1 million related to BSA and AML
compliance remediation that are considered to be one-time in
nature. This reflects the Company's estimate of total
one-time costs necessary to complete its enhancements to its BSA
and AML compliance programs. Noninterest expense for the
third quarter of 2013 included pre-tax charges of $2.9 million related to the write-off of
unamortized issuance costs associated with the redemption of trust
preferred securities and $2.8 million
to increase the litigation accrual related to probable losses
associated with various legal proceedings.
Capital Management
BancorpSouth is a "well capitalized" financial holding company,
as defined by federal regulations, with Tier 1 risk-based capital
of 13.18 percent at September 30,
2014 and total risk based capital of 14.43 percent, compared
with required minimum levels of 6 percent and 10 percent,
respectively, for "well capitalized" classification. The
Company's equity capitalization consists of 100 percent common
stock. BancorpSouth's ratio of shareholders' equity to assets
was 12.32 percent at September 30,
2014, compared with 11.46 percent at September 30, 2013 and 12.24 percent at
June 30, 2014. The ratio of
tangible shareholders' equity to tangible assets was 10.14 percent
at September 30, 2014, compared with
9.43 percent at September 30, 2013
and 10.03 percent at June 30,
2014.
Transaction Closings and Announcements
On December 18, 2013, BancorpSouth
Insurance Services, Inc. acquired the assets of Houston, Texas based GEM Insurance Agencies,
LP ("GEM"). GEM was formed in 1954 and produces annual
commission revenues of approximately $9
million. As a part of the transaction, the Company's
existing Houston office re-located
into GEM's current office located at 3355 West Alabama Street in
Houston. The combined operations are expected to produce
annual revenues of approximately $11
million.
On January 8, 2014, the Company
announced the signing of a definitive merger agreement with
Ouachita Bancshares Corp., parent company of Ouachita Independent
Bank (collectively referred to as "OIB"), headquartered in
Monroe, Louisiana, pursuant to
which Ouachita Bancshares Corp. will be merged with and into the
Company. OIB operates 12 full-service banking offices along
the I-20 corridor and has loan production offices in Madison, Mississippi and Natchitoches, Louisiana. As of
September 30, 2014, OIB, on a
consolidated basis, reported total assets of $640.2 million, total loans of $483.0 million and total deposits of $537.6 million. Under the terms of the
definitive agreement, the Company will issue approximately
3,675,000 shares of the Company's common stock plus $22.875 million in cash for all outstanding
shares of Ouachita Bancshares Corp.'s capital stock, subject to
certain conditions and potential adjustments. The terms of
the amended agreement provide for a minimum total deal value of
$107.5 million but also allow
Ouachita Bancshares Corp. to terminate the agreement if the average
closing price of the Company's common stock declines below a
certain threshold prior to closing. The merger has been
unanimously approved by the Board of Directors of each company and
was approved by OIB shareholders on April
8, 2014. On July 21,
2014, the Company announced the merger agreement was
extended to allow for additional time to obtain the necessary
regulatory approvals and to satisfy all closing conditions.
The transaction is expected to close shortly after receiving all
required regulatory approvals, 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, 2014, Central Community
Corporation, on a consolidated basis, reported total assets of
$1.4 billion, total loans of
$570.7 million and total deposits of
$1.1 billion. Under the terms
of the definitive agreement, the Company will issue approximately
7,250,000 shares of the Company's common stock plus $28.5 million in cash for all outstanding shares
of Central Community Corporation's capital stock, subject to
certain conditions and potential adjustments. The terms of
the amended agreement provide for a minimum total deal value of
$191.0 million but also allow Central
Community Corporation to terminate the agreement if the average
closing price of the Company's common stock declines below a
certain threshold prior to closing. The merger has been
unanimously approved by the Board of Directors of each company and
was approved by Central Community Corporation shareholders on
April 24, 2014. On July 21, 2014, the Company announced the merger
agreement was extended to allow for additional time to obtain the
necessary regulatory approvals and to satisfy all closing
conditions. The transaction is expected to close shortly
after receiving all required regulatory approvals, 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 and the Current Report on Form 8-K
that was previously filed with the SEC on September 4, 2014.
On April 9, 2014, BancorpSouth
Insurance Services, Inc. acquired assets of Lafayette, Louisiana based Knox Insurance
Group, LLC. Knox was formed
in 1972 and currently produces annual revenues of approximately
$3 million. Knox will continue to operate under current
leadership in Lafayette.
Summary
Rollins concluded, "Our teammates are working daily to enhance
core operating performance. We are seeing the benefits of our
sales efforts, as we continue to report meaningful quarter to
quarter loan growth as well as growth in several of our noninterest
lines of business. We also are working on projects daily that
will improve efficiency in quarters and years to come. We are
hopeful that our efforts in working through the necessary
improvements to our compliance programs will result in a timely
resolution to the BSA and AML concerns and ultimately allow us to
close our two pending bank transactions."
Conference Call
BancorpSouth will conduct a conference call to discuss its third
quarter 2014 results on October 21, 2014, at 10:00 a.m. (Central Time). Investors may
listen via the Internet by accessing BancorpSouth's website at
http://www.bancorpsouth.com. A replay of the conference call
will be available at BancorpSouth's website for at least two weeks
following the call.
About BancorpSouth, Inc.
BancorpSouth, Inc. is a financial holding company headquartered
in Tupelo, Mississippi, with
$13.1 billion in assets.
BancorpSouth Bank, a wholly-owned subsidiary of BancorpSouth, Inc.,
operates approximately 300 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 satisfy the requirements of the consent
order issued by the FDIC and the Mississippi Department of Banking
and Consumer Finance ("Mississippi Banking Department"), the
Company's undertaking and performance of the necessary actions to
remediate and fully resolve those concerns regarding the Company's
procedures, systems and processes related to certain of its
compliance programs, including its Bank Secrecy Act and
anti-money-laundering programs, that have been identified by its
federal bank regulators, the findings and results of the
investigation by the Consumer Financial Protection Bureau (the
"CFPB") 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 ability of
the Company to resolve to the satisfaction of its federal bank
regulators those identified concerns regarding the Company's
procedures, systems and processes related to certain of its
compliance programs, including its Bank Secrecy Act and anti-money
laundering programs, the Company's ability to comply with the
consent order issued by the FDIC and the Mississippi Banking
Department, the findings and results of the CFPB in its review of
the Company's fair lending practices, the ability of the Company,
Ouachita Bancshares Corp. and Central Community Corporation to
obtain regulatory approval of and close the proposed mergers, the
potential impact upon the Company of the delay in the closings 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
|
|
9/30/2014
|
6/30/2014
|
3/31/2014
|
12/31/2013
|
9/30/2013
|
Earnings
Summary:
|
|
|
|
|
|
Interest
revenue
|
$
113,922
|
$
111,499
|
$
110,599
|
$
112,510
|
$
111,961
|
Interest
expense
|
8,309
|
8,418
|
9,076
|
10,093
|
11,720
|
Net interest
revenue
|
105,613
|
103,081
|
101,523
|
102,417
|
100,241
|
Provision for credit
losses
|
-
|
-
|
-
|
-
|
500
|
Net interest revenue,
after provision
|
|
|
|
|
|
for
credit losses
|
105,613
|
103,081
|
101,523
|
102,417
|
99,741
|
Noninterest
revenue
|
69,278
|
69,838
|
66,517
|
65,125
|
62,514
|
Noninterest
expense
|
133,699
|
127,954
|
126,707
|
127,830
|
129,397
|
Income before income
taxes
|
41,192
|
44,965
|
41,333
|
39,712
|
32,858
|
Income tax
expense
|
12,414
|
14,097
|
12,889
|
12,014
|
8,001
|
Net income
|
$
28,778
|
$
30,868
|
$
28,444
|
$
27,698
|
$
24,857
|
|
|
|
|
|
|
Balance Sheet -
Period End Balances
|
|
|
|
|
|
Total
assets
|
$ 13,071,557
|
$
12,985,887
|
$ 13,143,555
|
$ 13,029,733
|
$ 12,916,153
|
Total earning
assets
|
11,929,416
|
11,794,445
|
11,948,897
|
11,814,060
|
11,765,785
|
Total
securities
|
2,211,462
|
2,332,192
|
2,426,758
|
2,466,989
|
2,554,156
|
Loans and leases, net
of unearned income
|
9,510,542
|
9,311,661
|
9,068,376
|
8,958,015
|
8,773,115
|
Allowance for credit
losses
|
143,950
|
147,132
|
149,704
|
153,236
|
153,974
|
Total
deposits
|
10,701,537
|
10,670,414
|
10,811,790
|
10,773,836
|
10,717,946
|
Long-term
debt
|
81,742
|
83,835
|
85,835
|
81,714
|
83,500
|
Total shareholders'
equity
|
1,610,543
|
1,588,850
|
1,554,676
|
1,513,130
|
1,480,611
|
|
|
|
|
|
|
Balance Sheet -
Average Balances
|
|
|
|
|
|
Total
assets
|
$ 12,987,103
|
$
12,933,879
|
$ 13,087,128
|
$ 12,955,127
|
$ 12,928,505
|
Total earning
assets
|
11,892,493
|
11,825,994
|
11,958,836
|
11,869,072
|
11,846,790
|
Total
securities
|
2,272,114
|
2,394,045
|
2,452,178
|
2,511,888
|
2,598,786
|
Loans and leases, net
of unearned income
|
9,393,709
|
9,232,743
|
9,022,155
|
8,830,917
|
8,682,966
|
Total
deposits
|
10,662,841
|
10,650,077
|
10,825,308
|
10,739,352
|
10,745,945
|
Long-term
debt
|
81,742
|
83,967
|
87,767
|
81,714
|
62,848
|
Total shareholders'
equity
|
1,600,721
|
1,574,588
|
1,537,897
|
1,501,928
|
1,474,047
|
|
|
|
|
|
|
Nonperforming
Assets:
|
|
|
|
|
|
Non-accrual loans and
leases
|
$
54,612
|
$
64,533
|
$
77,531
|
$
92,173
|
$
121,353
|
Loans and leases 90+
days past due, still accruing
|
1,925
|
2,406
|
1,949
|
1,226
|
1,479
|
Restructured loans
and leases, still accruing
|
12,398
|
6,712
|
13,776
|
27,007
|
21,502
|
Non-performing loans
(NPLs)
|
68,935
|
73,651
|
93,256
|
120,406
|
144,334
|
Other real estate
owned
|
42,691
|
55,253
|
63,595
|
69,338
|
76,853
|
Non-performing assets
(NPAs)
|
$
111,626
|
$
128,904
|
$
156,851
|
$
189,744
|
$
221,187
|
|
|
|
|
|
|
Financial Ratios
and Other Data:
|
|
|
|
|
|
Return on average
assets
|
0.88%
|
0.96%
|
0.88%
|
0.85%
|
0.76%
|
Return on average
shareholders' equity
|
7.13%
|
7.86%
|
7.50%
|
7.32%
|
6.69%
|
Return on tangible
equity
|
8.83%
|
9.74%
|
9.28%
|
9.16%
|
8.29%
|
Pre-tax pre-provision
return on average assets
|
1.26%
|
1.39%
|
1.28%
|
1.22%
|
1.02%
|
Non-interest income
to average assets
|
2.12%
|
2.17%
|
2.06%
|
1.99%
|
1.92%
|
Non-interest expense
to average assets
|
4.08%
|
3.97%
|
3.93%
|
3.91%
|
3.97%
|
Net interest
margin-fully taxable equivalent
|
3.62%
|
3.59%
|
3.54%
|
3.52%
|
3.45%
|
Net interest rate
spread
|
3.50%
|
3.48%
|
3.43%
|
3.39%
|
3.32%
|
Efficiency ratio (tax
equivalent)
|
75.19%
|
72.76%
|
74.16%
|
75.00%
|
78.11%
|
Loan/deposit
ratio
|
88.87%
|
87.27%
|
83.87%
|
83.15%
|
81.85%
|
Price to earnings
mult (avg)
|
16.64
|
21.00
|
23.33
|
25.68
|
22.66
|
Market value to book
value
|
120.13%
|
148.53%
|
154.13%
|
160.04%
|
128.22%
|
Market value to book
value (avg)
|
129.54%
|
143.72%
|
150.43%
|
143.60%
|
126.22%
|
Market value to
tangible book value
|
149.58%
|
185.73%
|
192.80%
|
201.69%
|
159.50%
|
Market value to
tangible book value (avg)
|
161.30%
|
179.75%
|
188.17%
|
180.98%
|
157.02%
|
Headcount
FTE
|
3,938
|
3,981
|
3,981
|
4,005
|
3,994
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality
Ratios:
|
|
|
|
|
|
Net charge-offs to
average loans and leases (annualized)
|
0.13%
|
0.11%
|
0.16%
|
0.03%
|
0.35%
|
Provision for credit
losses to average loans and leases (annualized)
|
0.00%
|
0.00%
|
0.00%
|
0.00%
|
0.02%
|
Allowance for credit
losses to net loans and leases
|
1.51%
|
1.58%
|
1.65%
|
1.71%
|
1.76%
|
Allowance for credit
losses to non-performing loans and leases
|
208.82%
|
199.77%
|
160.53%
|
127.27%
|
106.68%
|
Allowance for credit
losses to non-performing assets
|
128.96%
|
114.14%
|
95.44%
|
80.76%
|
69.61%
|
Non-performing loans
and leases to net loans and leases
|
0.72%
|
0.79%
|
1.03%
|
1.34%
|
1.65%
|
Non-performing assets
to net loans and leases
|
1.17%
|
1.38%
|
1.73%
|
2.12%
|
2.52%
|
|
|
|
|
|
|
Equity
Ratios:
|
|
|
|
|
|
Total shareholders'
equity to total assets
|
12.32%
|
12.24%
|
11.83%
|
11.61%
|
11.46%
|
Tangible
shareholders' equity to tangible assets
|
10.14%
|
10.03%
|
9.69%
|
9.44%
|
9.43%
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Adequacy:
|
|
|
|
|
|
Tier 1
capital
|
13.18%
|
13.09%
|
13.18%
|
12.99%
|
13.25%
|
Total
capital
|
14.43%
|
14.35%
|
14.44%
|
14.25%
|
14.50%
|
Tier 1 leverage
capital
|
10.47%
|
10.33%
|
10.04%
|
9.93%
|
9.93%
|
Estimated for current quarter
|
|
|
|
|
|
|
|
|
|
|
|
Common Share
Data:
|
|
|
|
|
|
Basic earnings per
share
|
$
0.30
|
$
0.32
|
$
0.30
|
$
0.29
|
$
0.26
|
Diluted earnings per
share
|
0.30
|
0.32
|
0.30
|
0.29
|
0.26
|
Cash dividends per
share
|
0.08
|
0.05
|
0.05
|
0.05
|
0.05
|
Book value per
share
|
16.77
|
16.54
|
16.19
|
15.89
|
15.55
|
Tangible book value
per share
|
13.46
|
13.23
|
12.95
|
12.60
|
12.50
|
Market value per
share (last)
|
20.14
|
24.57
|
24.96
|
25.42
|
19.94
|
Market value per
share (high)
|
25.43
|
25.55
|
26.24
|
25.54
|
20.77
|
Market value per
share (low)
|
20.11
|
22.16
|
22.46
|
19.64
|
17.76
|
Market value per
share (avg)
|
21.72
|
23.78
|
24.36
|
22.81
|
19.63
|
Dividend payout
ratio
|
25.03%
|
15.56%
|
16.80%
|
17.19%
|
19.15%
|
Total shares
outstanding
|
96,065,021
|
96,046,057
|
96,004,679
|
95,231,691
|
95,211,602
|
Average shares
outstanding - basic
|
96,052,260
|
96,034,475
|
95,629,890
|
95,217,203
|
95,201,238
|
Average shares
outstanding - diluted
|
96,373,950
|
96,373,121
|
95,952,611
|
95,644,383
|
95,519,318
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield/Rate:
|
|
|
|
|
|
(Taxable equivalent
basis)
|
|
|
|
|
|
Loans, loans held for
sale, and leases net of unearned income
|
4.36%
|
4.38%
|
4.48%
|
4.52%
|
4.55%
|
Available-for-sale
securities:
|
|
|
|
|
|
Taxable
|
1.42%
|
1.45%
|
1.50%
|
1.51%
|
1.50%
|
Tax-exempt
|
5.37%
|
5.44%
|
5.58%
|
5.52%
|
5.61%
|
Short-term
investments
|
0.22%
|
0.24%
|
0.25%
|
0.25%
|
0.25%
|
Total interest
earning assets and revenue
|
3.89%
|
3.88%
|
3.85%
|
3.86%
|
3.85%
|
Deposits:
|
0.28%
|
0.28%
|
0.31%
|
0.34%
|
0.36%
|
Demand -
interest bearing
|
0.17%
|
0.17%
|
0.17%
|
0.18%
|
0.18%
|
Savings
|
0.12%
|
0.12%
|
0.13%
|
0.13%
|
0.12%
|
Other
time
|
0.96%
|
0.97%
|
1.06%
|
1.13%
|
1.18%
|
Short-term
borrowings
|
0.10%
|
0.09%
|
0.07%
|
0.07%
|
0.07%
|
Total int bearing dep
& s/t borrowings
|
0.36%
|
0.37%
|
0.39%
|
0.43%
|
0.45%
|
Junior subordinated
debt
|
2.81%
|
2.81%
|
2.86%
|
2.96%
|
6.57%
|
Long-term
debt
|
2.85%
|
2.84%
|
2.91%
|
2.94%
|
3.19%
|
Total interest
bearing liabilities and expense
|
0.39%
|
0.40%
|
0.42%
|
0.46%
|
0.53%
|
Interest bearing
liabilities to interest earning assets
|
71.07%
|
71.98%
|
73.51%
|
72.91%
|
74.15%
|
Net interest tax
equivalent adjustment
|
$
2,810
|
$
2,860
|
$
2,823
|
$
2,893
|
$
2,905
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Consolidated
Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
Sep-14
|
Jun-14
|
Mar-14
|
Dec-13
|
Sep-13
|
|
(Dollars in
thousands)
|
Assets
|
|
|
|
|
|
Cash and due from
banks
|
$
169,226
|
$
201,196
|
$
199,214
|
$
208,961
|
$
199,464
|
Interest bearing
deposits with other banks
|
70,408
|
44,949
|
390,896
|
319,462
|
361,401
|
Available-for-sale
securities, at fair value
|
2,211,462
|
2,332,192
|
2,426,758
|
2,466,989
|
2,554,156
|
Loans and
leases
|
9,546,250
|
9,347,429
|
9,103,850
|
8,993,888
|
8,806,392
|
Less:
Unearned income
|
35,708
|
35,768
|
35,474
|
35,873
|
33,277
|
Allowance for credit losses
|
143,950
|
147,132
|
149,704
|
153,236
|
153,974
|
Net loans and
leases
|
9,366,592
|
9,164,529
|
8,918,672
|
8,804,779
|
8,619,141
|
Loans held for
sale
|
137,005
|
105,643
|
62,867
|
69,593
|
77,114
|
Premises and
equipment, net
|
307,497
|
310,515
|
314,367
|
315,260
|
314,441
|
Accrued interest
receivable
|
42,311
|
40,697
|
42,666
|
42,150
|
43,034
|
Goodwill
|
291,498
|
291,498
|
286,800
|
286,800
|
275,173
|
Other identifiable
intangibles
|
25,619
|
26,745
|
25,021
|
26,079
|
15,179
|
Bank owned life
insurance
|
243,827
|
241,962
|
240,077
|
239,434
|
236,969
|
Other real estate
owned
|
42,691
|
55,253
|
63,595
|
69,338
|
76,853
|
Other
assets
|
163,421
|
170,708
|
172,622
|
180,888
|
143,228
|
Total
Assets
|
$
13,071,557
|
$
12,985,887
|
$
13,143,555
|
$
13,029,733
|
$
12,916,153
|
Liabilities
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Demand:
Noninterest bearing
|
$
2,811,156
|
$
2,718,242
|
$
2,725,042
|
$
2,644,592
|
$
2,597,762
|
Interest bearing
|
4,498,275
|
4,511,760
|
4,583,481
|
4,582,450
|
4,493,359
|
Savings
|
1,311,874
|
1,299,203
|
1,297,344
|
1,234,130
|
1,220,227
|
Other
time
|
2,080,232
|
2,141,209
|
2,205,923
|
2,312,664
|
2,406,598
|
Total
deposits
|
10,701,537
|
10,670,414
|
10,811,790
|
10,773,836
|
10,717,946
|
Federal funds
purchased and
|
|
|
|
|
|
securities sold under agreement
|
|
|
|
|
|
to
repurchase
|
431,428
|
394,446
|
456,303
|
421,028
|
418,623
|
Short-term Federal
Home Loan Bank borrowings
|
|
|
|
|
|
and
other short-term borrowing
|
2,000
|
2,000
|
-
|
-
|
-
|
Accrued interest
payable
|
3,894
|
3,926
|
4,050
|
4,836
|
5,156
|
Junior subordinated
debt securities
|
23,198
|
23,198
|
23,198
|
31,446
|
31,446
|
Long-term
debt
|
81,742
|
83,835
|
85,835
|
81,714
|
83,500
|
Other
liabilities
|
217,215
|
219,218
|
207,703
|
203,743
|
178,871
|
Total
Liabilities
|
11,461,014
|
11,397,037
|
11,588,879
|
11,516,603
|
11,435,542
|
Shareholders'
Equity
|
|
|
|
|
|
Common
stock
|
240,165
|
240,118
|
240,012
|
238,079
|
238,029
|
Capital
surplus
|
322,488
|
321,952
|
320,969
|
312,900
|
312,798
|
Accumulated other
comprehensive loss
|
(15,513)
|
(15,040)
|
(22,060)
|
(29,959)
|
(39,389)
|
Retained
earnings
|
1,063,403
|
1,041,820
|
1,015,755
|
992,110
|
969,173
|
Total Shareholders'
Equity
|
1,610,543
|
1,588,850
|
1,554,676
|
1,513,130
|
1,480,611
|
Total Liabilities
& Shareholders' Equity
|
$
13,071,557
|
$
12,985,887
|
$
13,143,555
|
$
13,029,733
|
$
12,916,153
|
BancorpSouth,
Inc.
|
Consolidated
Average Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
Sep-14
|
Jun-14
|
Mar-14
|
Dec-13
|
Sep-13
|
|
(Dollars in
thousands)
|
Assets
|
|
|
|
|
|
Cash and due from
banks
|
$
155,876
|
$
157,813
|
$
168,056
|
$
163,948
|
$
163,322
|
Interest bearing
deposits with other banks
|
120,707
|
145,530
|
449,207
|
471,695
|
487,075
|
Available-for-sale
securities, at fair value
|
2,272,114
|
2,394,045
|
2,452,178
|
2,511,888
|
2,598,786
|
Loans and
leases
|
9,430,043
|
9,269,469
|
9,058,081
|
8,864,983
|
8,715,894
|
Less:
Unearned income
|
36,334
|
36,726
|
35,926
|
34,066
|
32,928
|
Allowance for credit losses
|
146,592
|
149,676
|
153,615
|
153,443
|
160,609
|
Net loans and
leases
|
9,247,117
|
9,083,067
|
8,868,540
|
8,677,474
|
8,522,357
|
Loans held for
sale
|
105,964
|
53,676
|
35,297
|
54,572
|
77,964
|
Premises and
equipment, net
|
309,373
|
313,012
|
315,804
|
315,174
|
312,724
|
Accrued interest
receivable
|
38,758
|
38,291
|
39,336
|
39,665
|
39,354
|
Goodwill
|
291,498
|
293,082
|
286,800
|
279,091
|
275,173
|
Other identifiable
intangibles
|
26,031
|
25,271
|
25,420
|
18,658
|
15,446
|
Bank owned life
insurance
|
242,718
|
240,736
|
239,969
|
237,657
|
235,708
|
Other real estate
owned
|
49,123
|
60,822
|
69,086
|
77,211
|
86,545
|
Other
assets
|
127,824
|
128,534
|
137,435
|
108,094
|
114,051
|
Total
Assets
|
$
12,987,103
|
$
12,933,879
|
$
13,087,128
|
$
12,955,127
|
$
12,928,505
|
Liabilities
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Demand:
Noninterest bearing
|
$
2,766,626
|
$
2,683,939
|
$
2,647,376
|
$
2,667,667
|
$
2,551,812
|
Interest bearing
|
4,480,008
|
4,492,495
|
4,657,785
|
4,484,269
|
4,530,219
|
Savings
|
1,308,184
|
1,298,829
|
1,260,838
|
1,224,588
|
1,216,599
|
Other
time
|
2,108,023
|
2,174,814
|
2,259,309
|
2,362,828
|
2,447,315
|
Total
deposits
|
10,662,841
|
10,650,077
|
10,825,308
|
10,739,352
|
10,745,945
|
Federal funds
purchased and
|
|
|
|
|
|
securities sold under agreement
|
|
|
|
|
|
to
repurchase
|
444,017
|
435,505
|
458,436
|
469,245
|
441,807
|
Short-term Federal
Home Loan Bank borrowings
|
|
|
|
|
|
and
other short-term borrowing
|
6,489
|
3,621
|
-
|
-
|
-
|
Accrued interest
payable
|
3,940
|
3,926
|
4,400
|
5,051
|
5,391
|
Junior subordinated
debt securities
|
23,198
|
23,198
|
23,748
|
31,446
|
86,074
|
Long-term
debt
|
81,742
|
83,967
|
87,767
|
81,714
|
62,848
|
Other
liabilities
|
164,155
|
158,997
|
149,572
|
126,391
|
112,393
|
Total
Liabilities
|
11,386,382
|
11,359,291
|
11,549,231
|
11,453,199
|
11,454,458
|
Shareholders'
Equity
|
|
|
|
|
|
Common
stock
|
240,123
|
240,071
|
238,853
|
238,038
|
237,997
|
Capital
surplus
|
322,219
|
321,628
|
314,117
|
312,835
|
312,349
|
Accumulated other
comprehensive loss
|
(14,827)
|
(16,663)
|
(23,644)
|
(32,267)
|
(43,695)
|
Retained
earnings
|
1,053,206
|
1,029,552
|
1,008,571
|
983,322
|
967,396
|
Total Shareholders'
Equity
|
1,600,721
|
1,574,588
|
1,537,897
|
1,501,928
|
1,474,047
|
Total Liabilities
& Shareholders' Equity
|
$
12,987,103
|
$
12,933,879
|
$
13,087,128
|
$
12,955,127
|
$
12,928,505
|
BancorpSouth,
Inc.
|
Consolidated
Condensed Statements of Income
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
Year Ended
|
|
Sep-14
|
|
Jun-14
|
|
Mar-14
|
|
Dec-13
|
|
Sep-13
|
|
Sep-14
|
|
Sep-13
|
INTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
leases
|
$ 102,681
|
|
$ 99,962
|
|
$ 98,744
|
|
$ 99,989
|
|
$ 98,836
|
|
$ 301,387
|
|
$ 296,452
|
Deposits with other
banks
|
68
|
|
87
|
|
276
|
|
299
|
|
310
|
|
431
|
|
1,395
|
Available-for-sale
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
6,646
|
|
7,133
|
|
7,547
|
|
7,963
|
|
8,218
|
|
21,326
|
|
25,323
|
Tax-exempt
|
3,607
|
|
3,669
|
|
3,715
|
|
3,810
|
|
3,866
|
|
10,991
|
|
11,737
|
Loans held for
sale
|
920
|
|
648
|
|
317
|
|
449
|
|
731
|
|
1,885
|
|
2,090
|
Total
interest revenue
|
113,922
|
|
111,499
|
|
110,599
|
|
112,510
|
|
111,961
|
|
336,020
|
|
336,997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
demand
|
1,956
|
|
1,905
|
|
1,920
|
|
2,036
|
|
2,061
|
|
5,781
|
|
7,609
|
Savings
|
410
|
|
402
|
|
391
|
|
387
|
|
383
|
|
1,203
|
|
1,318
|
Other time
|
5,083
|
|
5,249
|
|
5,890
|
|
6,746
|
|
7,271
|
|
16,222
|
|
22,983
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under
agreement to repurchase
|
84
|
|
80
|
|
78
|
|
84
|
|
80
|
|
242
|
|
213
|
Long-term
debt
|
612
|
|
619
|
|
629
|
|
605
|
|
501
|
|
1,860
|
|
1,204
|
Junior subordinated
debt
|
164
|
|
162
|
|
168
|
|
235
|
|
1,424
|
|
494
|
|
7,141
|
Other
|
-
|
|
1
|
|
-
|
|
-
|
|
-
|
|
1
|
|
(3)
|
Total
interest expense
|
8,309
|
|
8,418
|
|
9,076
|
|
10,093
|
|
11,720
|
|
25,803
|
|
40,465
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest revenue
|
105,613
|
|
103,081
|
|
101,523
|
|
102,417
|
|
100,241
|
|
310,217
|
|
296,532
|
Provision for
credit losses
|
-
|
|
-
|
|
-
|
|
-
|
|
500
|
|
-
|
|
7,500
|
Net
interest revenue, after provision for
|
|
|
|
|
|
|
|
|
|
|
|
|
|
credit losses
|
105,613
|
|
103,081
|
|
101,523
|
|
102,417
|
|
99,741
|
|
310,217
|
|
289,032
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage
lending
|
6,938
|
|
9,089
|
|
3,394
|
|
9,605
|
|
5,134
|
|
19,421
|
|
35,372
|
Credit card, debit
card and merchant fees
|
8,972
|
|
8,567
|
|
7,843
|
|
8,324
|
|
8,834
|
|
25,382
|
|
24,681
|
Deposit service
charges
|
13,111
|
|
12,437
|
|
12,536
|
|
13,570
|
|
13,679
|
|
38,084
|
|
39,335
|
Security gains
(losses), net
|
18
|
|
5
|
|
(4)
|
|
29
|
|
(5)
|
|
19
|
|
17
|
Insurance
commissions
|
29,246
|
|
28,621
|
|
31,599
|
|
21,397
|
|
23,800
|
|
89,466
|
|
76,303
|
Wealth
Management
|
5,961
|
|
5,828
|
|
5,916
|
|
5,320
|
|
6,057
|
|
17,705
|
|
17,646
|
Other
|
5,032
|
|
5,291
|
|
5,233
|
|
6,880
|
|
5,015
|
|
15,556
|
|
16,587
|
Total
noninterest revenue
|
69,278
|
|
69,838
|
|
66,517
|
|
65,125
|
|
62,514
|
|
205,633
|
|
209,941
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
77,453
|
|
74,741
|
|
78,883
|
|
75,466
|
|
73,532
|
|
231,077
|
|
242,080
|
Occupancy, net of
rental income
|
10,313
|
|
10,245
|
|
10,287
|
|
9,935
|
|
10,360
|
|
30,845
|
|
31,174
|
Equipment
|
4,205
|
|
4,169
|
|
4,499
|
|
4,298
|
|
4,555
|
|
12,873
|
|
14,088
|
Deposit insurance
assessments
|
2,125
|
|
2,035
|
|
1,600
|
|
2,687
|
|
3,325
|
|
5,760
|
|
9,068
|
Write-off and
amortization of bond issue cost
|
12
|
|
12
|
|
12
|
|
12
|
|
2,907
|
|
36
|
|
2,983
|
Other
|
39,591
|
|
36,752
|
|
31,426
|
|
35,432
|
|
34,718
|
|
107,769
|
|
107,626
|
Total
noninterest expenses
|
133,699
|
|
127,954
|
|
126,707
|
|
127,830
|
|
129,397
|
|
388,360
|
|
407,019
|
Income
before income taxes
|
41,192
|
|
44,965
|
|
41,333
|
|
39,712
|
|
32,858
|
|
127,490
|
|
91,954
|
Income tax
expense
|
12,414
|
|
14,097
|
|
12,889
|
|
12,014
|
|
8,001
|
|
39,400
|
|
25,537
|
Net
income
|
$ 28,778
|
|
$ 30,868
|
|
$ 28,444
|
|
$ 27,698
|
|
$ 24,857
|
|
$ 88,090
|
|
$ 66,417
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share:
Basic
|
$ 0.30
|
|
$ 0.32
|
|
$ 0.30
|
|
$ 0.29
|
|
$ 0.26
|
|
$ 0.92
|
|
$ 0.70
|
Diluted
|
$ 0.30
|
|
$ 0.32
|
|
$ 0.30
|
|
$ 0.29
|
|
$ 0.26
|
|
$ 0.92
|
|
$ 0.70
|
BancorpSouth,
Inc.
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Sep-14
|
|
Jun-14
|
|
Mar-14
|
|
Dec-13
|
|
Sep-13
|
LOAN AND LEASE
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$ 1,714,012
|
|
$ 1,699,803
|
|
$ 1,581,251
|
|
$ 1,529,249
|
|
$ 1,503,809
|
Real
estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
2,191,265
|
|
2,071,503
|
|
2,047,001
|
|
1,976,073
|
|
1,931,171
|
Home
equity
|
518,263
|
|
506,988
|
|
498,283
|
|
494,339
|
|
490,361
|
Agricultural
|
242,023
|
|
238,003
|
|
229,602
|
|
234,576
|
|
234,547
|
Commercial and industrial-owner occupied
|
1,508,679
|
|
1,505,679
|
|
1,488,380
|
|
1,473,320
|
|
1,422,077
|
Construction, acquisition and development
|
819,636
|
|
772,162
|
|
748,027
|
|
741,458
|
|
723,609
|
Commercial real estate
|
1,916,577
|
|
1,901,759
|
|
1,847,983
|
|
1,846,039
|
|
1,795,352
|
Credit
cards
|
109,464
|
|
109,186
|
|
105,988
|
|
111,328
|
|
105,112
|
All other
|
490,623
|
|
506,578
|
|
521,861
|
|
551,633
|
|
567,077
|
Total loans
|
$ 9,510,542
|
|
$ 9,311,661
|
|
$ 9,068,376
|
|
$ 8,958,015
|
|
$ 8,773,115
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR CREDIT
LOSSES:
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period
|
$ 147,132
|
|
$ 149,704
|
|
$ 153,236
|
|
$ 153,974
|
|
$ 161,047
|
|
|
|
|
|
|
|
|
|
|
Loans and leases
charged off:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
(306)
|
|
(860)
|
|
(201)
|
|
(837)
|
|
(889)
|
Real
estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
(1,510)
|
|
(1,682)
|
|
(1,945)
|
|
(1,435)
|
|
(2,996)
|
Home
equity
|
(510)
|
|
(438)
|
|
(318)
|
|
(287)
|
|
(379)
|
Agricultural
|
(47)
|
|
(18)
|
|
(696)
|
|
(238)
|
|
(169)
|
Commercial and industrial-owner occupied
|
(1,229)
|
|
(936)
|
|
(1,206)
|
|
(1,041)
|
|
(1,684)
|
Construction, acquisition and development
|
(1,458)
|
|
(41)
|
|
(1,666)
|
|
(1,784)
|
|
(1,727)
|
Commercial real estate
|
(70)
|
|
(361)
|
|
(901)
|
|
(1,039)
|
|
(2,441)
|
Credit
cards
|
(612)
|
|
(608)
|
|
(559)
|
|
(559)
|
|
(750)
|
All other
|
(743)
|
|
(671)
|
|
(583)
|
|
(1,108)
|
|
(837)
|
Total loans charged
off
|
(6,485)
|
|
(5,615)
|
|
(8,075)
|
|
(8,328)
|
|
(11,872)
|
|
|
|
|
|
|
|
|
|
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
565
|
|
359
|
|
1,076
|
|
1,361
|
|
820
|
Real
estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
952
|
|
956
|
|
538
|
|
1,735
|
|
1,516
|
Home
equity
|
157
|
|
182
|
|
184
|
|
97
|
|
66
|
Agricultural
|
45
|
|
26
|
|
9
|
|
34
|
|
48
|
Commercial and industrial-owner occupied
|
460
|
|
78
|
|
358
|
|
734
|
|
297
|
Construction, acquisition and development
|
392
|
|
808
|
|
1,637
|
|
2,483
|
|
953
|
Commercial real estate
|
286
|
|
226
|
|
323
|
|
784
|
|
221
|
Credit
cards
|
116
|
|
135
|
|
131
|
|
133
|
|
164
|
All other
|
330
|
|
273
|
|
287
|
|
229
|
|
214
|
Total recoveries
|
3,303
|
|
3,043
|
|
4,543
|
|
7,590
|
|
4,299
|
|
|
|
|
|
|
|
|
|
|
Net
charge-offs
|
(3,182)
|
|
(2,572)
|
|
(3,532)
|
|
(738)
|
|
(7,573)
|
|
|
|
|
|
|
|
|
|
|
Provision charged to
operating expense
|
-
|
|
-
|
|
-
|
|
-
|
|
500
|
Balance, end of
period
|
$ 143,950
|
|
$ 147,132
|
|
$ 149,704
|
|
$ 153,236
|
|
$ 153,974
|
|
|
|
|
|
|
|
|
|
|
Average loans for
period
|
$ 9,393,709
|
|
$ 9,232,743
|
|
$ 9,022,155
|
|
$ 8,830,917
|
|
$ 8,682,966
|
|
|
|
|
|
|
|
|
|
|
Ratio:
|
|
|
|
|
|
|
|
|
|
Net charge-offs to
average loans (annualized)
|
0.13%
|
|
0.11%
|
|
0.16%
|
|
0.03%
|
|
0.35%
|
BancorpSouth,
Inc.
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Sep-14
|
|
Jun-14
|
|
Mar-14
|
|
Dec-13
|
|
Sep-13
|
NON-PERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES:
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual
Loans and Leases
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
$ 2,786
|
|
$ 2,917
|
|
$ 3,023
|
|
$ 3,079
|
|
$ 5,498
|
|
Real estate
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
23,408
|
|
24,355
|
|
24,353
|
|
25,645
|
|
30,569
|
|
Home
equity
|
2,073
|
|
2,116
|
|
2,740
|
|
3,695
|
|
3,287
|
|
Agricultural
|
638
|
|
595
|
|
651
|
|
1,260
|
|
4,086
|
|
Commercial and
industrial-owner occupied
|
7,495
|
|
11,094
|
|
14,122
|
|
18,568
|
|
18,138
|
|
Construction,
acquisition and development
|
6,070
|
|
9,202
|
|
9,968
|
|
17,567
|
|
26,127
|
|
Commercial real
estate
|
11,102
|
|
13,406
|
|
21,496
|
|
20,972
|
|
31,468
|
|
Credit cards
|
168
|
|
132
|
|
168
|
|
119
|
|
196
|
|
All other
|
872
|
|
716
|
|
1,010
|
|
1,268
|
|
1,984
|
|
Total nonaccrual loans and leases
|
$ 54,612
|
|
$ 64,533
|
|
$ 77,531
|
|
$ 92,173
|
|
$ 121,353
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
Leases 90+ Days Past Due, Still Accruing:
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
$
60
|
|
$
302
|
|
$
287
|
|
$
27
|
|
$
15
|
|
Real estate
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
1,590
|
|
1,607
|
|
1,307
|
|
888
|
|
1,178
|
|
Home
equity
|
20
|
|
116
|
|
12
|
|
-
|
|
-
|
|
Agricultural
|
-
|
|
100
|
|
-
|
|
-
|
|
-
|
|
Commercial and
industrial-owner occupied
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Construction,
acquisition and development
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Commercial real
estate
|
-
|
|
-
|
|
-
|
|
311
|
|
-
|
|
Credit cards
|
255
|
|
281
|
|
297
|
|
-
|
|
263
|
|
All other
|
-
|
|
-
|
|
46
|
|
-
|
|
23
|
|
Total loans and leases 90+ days past due, still accruing
|
1,925
|
|
2,406
|
|
1,949
|
|
1,226
|
|
1,479
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructured
Loans and Leases, Still Accruing
|
12,398
|
|
6,712
|
|
13,776
|
|
27,007
|
|
21,502
|
|
Total non-performing loans
and leases
|
68,935
|
|
73,651
|
|
93,256
|
|
120,406
|
|
144,334
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER REAL ESTATE
OWNED:
|
42,691
|
|
55,253
|
|
63,595
|
|
69,338
|
|
76,853
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-performing
Assets
|
$ 111,626
|
|
$ 128,904
|
|
$ 156,851
|
|
$ 189,744
|
|
$ 221,187
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions to
Nonaccrual Loans and Leases During the Quarter
|
$ 16,707
|
|
$ 13,748
|
|
$ 22,479
|
|
$ 18,556
|
|
$ 21,182
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
Leases 30-89 Days Past Due, Still Accruing:
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
$ 3,753
|
|
$ 3,605
|
|
$ 2,616
|
|
$ 2,817
|
|
$ 1,909
|
|
Real estate
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
13,013
|
|
11,448
|
|
12,236
|
|
14,150
|
|
10,914
|
|
Home
equity
|
1,315
|
|
960
|
|
1,587
|
|
1,828
|
|
1,278
|
|
Agricultural
|
190
|
|
1,122
|
|
302
|
|
495
|
|
761
|
|
Commercial and
industrial-owner occupied
|
2,364
|
|
6,340
|
|
3,248
|
|
4,081
|
|
1,995
|
|
Construction,
acquisition and development
|
1,036
|
|
1,616
|
|
2,848
|
|
1,993
|
|
3,920
|
|
Commercial real
estate
|
926
|
|
1,658
|
|
3,953
|
|
5,574
|
|
5,818
|
|
Credit cards
|
602
|
|
556
|
|
592
|
|
655
|
|
688
|
|
All other
|
1,196
|
|
1,490
|
|
963
|
|
2,189
|
|
1,634
|
|
Total Loans and Leases 30-89 days past due, still
accruing
|
$ 24,395
|
|
$ 28,795
|
|
$ 28,345
|
|
$ 33,782
|
|
$ 28,917
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality
Ratios:
|
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses to average loans and leases (annualized)
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
0.02%
|
|
Allowance for credit
losses to net loans and leases
|
1.51%
|
|
1.58%
|
|
1.65%
|
|
1.71%
|
|
1.76%
|
|
Allowance for credit
losses to non-performing loans and leases
|
208.82%
|
|
199.77%
|
|
160.53%
|
|
127.27%
|
|
106.68%
|
|
Allowance for credit
losses to non-performing assets
|
128.96%
|
|
114.14%
|
|
95.44%
|
|
80.76%
|
|
69.61%
|
|
Non-performing loans
and leases to net loans and leases
|
0.72%
|
|
0.79%
|
|
1.03%
|
|
1.34%
|
|
1.65%
|
|
Non-performing assets
to net loans and leases
|
1.17%
|
|
1.38%
|
|
1.73%
|
|
2.12%
|
|
2.52%
|
|
BancorpSouth,
Inc.
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Sep-14
|
|
Jun-14
|
|
Mar-14
|
|
Dec-13
|
|
Sep-13
|
REAL ESTATE
CONSTRUCTION, ACQUISITION
|
|
|
|
|
|
|
|
|
|
AND
DEVELOPMENT ("CAD") PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
Outstanding
Balance
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
$ 24,076
|
|
$ 15,874
|
|
$ 11,339
|
|
$ 7,702
|
|
$ 7,974
|
One-to-four family
construction
|
220,066
|
|
226,252
|
|
221,790
|
|
224,286
|
|
203,988
|
Recreation and all other
loans
|
33,015
|
|
35,364
|
|
36,897
|
|
36,868
|
|
41,762
|
Commercial
construction
|
245,734
|
|
192,605
|
|
177,264
|
|
150,847
|
|
139,041
|
Commercial acquisition and
development
|
121,439
|
|
122,380
|
|
122,051
|
|
128,157
|
|
136,206
|
Residential acquisition and
development
|
175,306
|
|
179,687
|
|
178,686
|
|
193,598
|
|
194,638
|
Total outstanding balance
|
$ 819,636
|
|
$ 772,162
|
|
$ 748,027
|
|
$ 741,458
|
|
$ 723,609
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual CAD
Loans
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
One-to-four family
construction
|
1,239
|
|
2,603
|
|
2,824
|
|
2,937
|
|
3,249
|
Recreation and all other
loans
|
1,060
|
|
981
|
|
919
|
|
728
|
|
782
|
Commercial
construction
|
-
|
|
-
|
|
-
|
|
865
|
|
1,686
|
Commercial acquisition and
development
|
2,033
|
|
1,835
|
|
2,224
|
|
6,890
|
|
11,150
|
Residential acquisition and
development
|
3,086
|
|
3,783
|
|
4,001
|
|
6,147
|
|
9,260
|
Total nonaccrual CAD loans
|
$ 7,418
|
|
$ 9,202
|
|
$ 9,968
|
|
$ 17,567
|
|
$ 26,127
|
|
|
|
|
|
|
|
|
|
|
CAD Loans 90+
Days Past Due, Still Accruing:
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
One-to-four family
construction
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Recreation and all other
loans
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Commercial
construction
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Commercial acquisition and
development
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Residential acquisition and
development
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Total CAD loans 90+ days past due, still accruing
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
|
|
|
|
|
|
|
|
|
Restructured
CAD Loans, Still Accruing
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
One-to-four family
construction
|
-
|
|
-
|
|
-
|
|
1,274
|
|
1,028
|
Recreation and all other
loans
|
10
|
|
11
|
|
13
|
|
13
|
|
15
|
Commercial
construction
|
-
|
|
-
|
|
-
|
|
346
|
|
348
|
Commercial acquisition and
development
|
391
|
|
395
|
|
402
|
|
1,990
|
|
2,010
|
Residential acquisition and
development
|
947
|
|
700
|
|
1,192
|
|
3,111
|
|
3,162
|
Total restructured CAD loans, still accruing
|
$ 1,348
|
|
$ 1,106
|
|
$ 1,607
|
|
$ 6,734
|
|
$ 6,563
|
|
|
|
|
|
|
|
|
|
|
Total
Non-performing CAD loans
|
$ 8,766
|
|
$ 10,308
|
|
$ 11,575
|
|
$ 24,301
|
|
$ 32,690
|
|
|
|
|
|
|
|
|
|
|
CAD NPL as a %
of Outstanding CAD Balance
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
One-to-four family
construction
|
0.6%
|
|
1.2%
|
|
1.3%
|
|
1.9%
|
|
2.1%
|
Recreation and all other
loans
|
3.2%
|
|
2.8%
|
|
2.5%
|
|
2.0%
|
|
1.9%
|
Commercial
construction
|
0.0%
|
|
0.0%
|
|
0.0%
|
|
0.8%
|
|
1.5%
|
Commercial acquisition and
development
|
2.0%
|
|
1.8%
|
|
2.2%
|
|
6.9%
|
|
9.7%
|
Residential acquisition and
development
|
2.3%
|
|
2.5%
|
|
2.9%
|
|
4.8%
|
|
6.4%
|
Total CAD NPL as a % of outstanding CAD balance
|
1.1%
|
|
1.3%
|
|
1.5%
|
|
3.3%
|
|
4.5%
|
BancorpSouth,
Inc.
|
|
|
|
|
Selected Loan
Data
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2014
|
|
|
|
Special
|
|
|
|
|
|
|
|
|
|
|
|
Pass
|
|
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Impaired
|
|
Total
|
LOAN PORTFOLIO BY
INTERNALLY ASSIGNED GRADE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$ 1,685,887
|
|
$
994
|
|
$ 25,536
|
|
$ 341
|
|
$
-
|
|
$ 1,254
|
|
$ 1,714,012
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
2,098,275
|
|
-
|
|
88,742
|
|
-
|
|
-
|
|
4,248
|
|
2,191,265
|
Home
equity
|
507,884
|
|
-
|
|
9,752
|
|
-
|
|
-
|
|
627
|
|
518,263
|
Agricultural
|
227,546
|
|
500
|
|
13,711
|
|
-
|
|
-
|
|
266
|
|
242,023
|
Commercial and industrial-owner occupied
|
1,443,345
|
|
3,685
|
|
57,572
|
|
142
|
|
-
|
|
3,935
|
|
1,508,679
|
Construction, acquisition and development
|
776,197
|
|
255
|
|
39,310
|
|
342
|
|
-
|
|
3,532
|
|
819,636
|
Commercial real estate
|
1,850,212
|
|
-
|
|
57,393
|
|
189
|
|
-
|
|
8,783
|
|
1,916,577
|
Credit
cards
|
109,464
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
109,464
|
All other
|
471,065
|
|
-
|
|
19,382
|
|
-
|
|
-
|
|
176
|
|
490,623
|
Total loans
|
$ 9,169,875
|
|
$ 5,434
|
|
$ 311,398
|
|
$ 1,014
|
|
$
-
|
|
$ 22,821
|
|
$ 9,510,542
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2014
|
|
|
|
Special
|
|
|
|
|
|
|
|
|
|
|
|
Pass
|
|
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Impaired
|
|
Total
|
LOAN PORTFOLIO BY
INTERNALLY ASSIGNED GRADE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$ 1,650,893
|
|
$ 16,307
|
|
$ 31,157
|
|
$
-
|
|
$
-
|
|
$ 1,446
|
|
$ 1,699,803
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
1,983,165
|
|
-
|
|
82,769
|
|
-
|
|
-
|
|
5,569
|
|
2,071,503
|
Home
equity
|
496,451
|
|
-
|
|
9,903
|
|
-
|
|
-
|
|
634
|
|
506,988
|
Agricultural
|
224,337
|
|
509
|
|
12,724
|
|
-
|
|
-
|
|
433
|
|
238,003
|
Commercial and industrial-owner occupied
|
1,435,618
|
|
3,782
|
|
61,508
|
|
342
|
|
-
|
|
4,429
|
|
1,505,679
|
Construction, acquisition and development
|
721,572
|
|
255
|
|
43,238
|
|
576
|
|
-
|
|
6,521
|
|
772,162
|
Commercial real estate
|
1,814,209
|
|
-
|
|
76,286
|
|
350
|
|
-
|
|
10,914
|
|
1,901,759
|
Credit
cards
|
109,186
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
109,186
|
All other
|
495,292
|
|
-
|
|
11,104
|
|
-
|
|
-
|
|
182
|
|
506,578
|
Total loans
|
$ 8,930,723
|
|
$ 20,853
|
|
$ 328,689
|
|
$ 1,268
|
|
$
-
|
|
$ 30,128
|
|
$ 9,311,661
|
BancorpSouth,
Inc.
|
Geographical
Information
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2014
|
|
Alabama
|
|
|
|
|
|
|
|
Greater
|
|
|
|
|
|
Corporate
|
|
|
|
and
Florida
|
|
|
|
|
|
|
|
Memphis
|
|
|
|
Texas
and
|
|
Banking
|
|
|
|
Panhandle
|
|
Arkansas*
|
|
Mississippi*
|
|
Missouri
|
|
Area
|
|
Tennessee*
|
|
Louisiana
|
|
and Other
|
|
Total
|
LOAN AND LEASE
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$ 78,447
|
|
$ 184,004
|
|
$ 295,398
|
|
$ 21,656
|
|
$ 22,151
|
|
$ 87,812
|
|
$ 301,052
|
|
$ 723,492
|
|
$ 1,714,012
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
179,069
|
|
276,898
|
|
709,536
|
|
68,573
|
|
111,936
|
|
166,424
|
|
541,041
|
|
137,788
|
|
2,191,265
|
Home
equity
|
70,133
|
|
40,706
|
|
168,679
|
|
21,146
|
|
70,006
|
|
80,539
|
|
64,831
|
|
2,223
|
|
518,263
|
Agricultural
|
7,204
|
|
73,145
|
|
55,899
|
|
3,065
|
|
13,757
|
|
11,895
|
|
72,511
|
|
4,547
|
|
242,023
|
Commercial and industrial-owner occupied
|
177,765
|
|
169,198
|
|
463,012
|
|
66,224
|
|
91,349
|
|
90,381
|
|
319,516
|
|
131,234
|
|
1,508,679
|
Construction, acquisition and development
|
120,547
|
|
71,224
|
|
214,651
|
|
21,009
|
|
74,120
|
|
116,058
|
|
173,894
|
|
28,133
|
|
819,636
|
Commercial real estate
|
273,560
|
|
329,167
|
|
281,569
|
|
198,130
|
|
108,243
|
|
110,457
|
|
427,991
|
|
187,460
|
|
1,916,577
|
Credit
cards
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
109,464
|
|
109,464
|
All other
|
27,508
|
|
41,794
|
|
127,743
|
|
3,453
|
|
35,378
|
|
34,717
|
|
72,335
|
|
147,695
|
|
490,623
|
Total loans
|
$ 934,233
|
|
$ 1,186,136
|
|
$ 2,316,487
|
|
$ 403,256
|
|
$ 526,940
|
|
$ 698,283
|
|
$ 1,973,171
|
|
$ 1,472,036
|
|
$ 9,510,542
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAD
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-family
construction
|
$ 11,151
|
|
$ 1,122
|
|
$
5
|
|
$
-
|
|
$
-
|
|
$ 8,725
|
|
$ 3,073
|
|
$
-
|
|
$ 24,076
|
One-to-four family
construction
|
39,432
|
|
14,450
|
|
50,009
|
|
3,883
|
|
11,238
|
|
58,286
|
|
42,309
|
|
459
|
|
220,066
|
Recreation and all
other loans
|
887
|
|
6,221
|
|
11,813
|
|
564
|
|
4,186
|
|
1,680
|
|
7,664
|
|
-
|
|
33,015
|
Commercial
construction
|
34,593
|
|
19,576
|
|
68,862
|
|
5,764
|
|
20,493
|
|
23,762
|
|
50,426
|
|
22,258
|
|
245,734
|
Commercial
acquisition and development
|
10,514
|
|
15,986
|
|
35,132
|
|
5,450
|
|
17,617
|
|
7,906
|
|
27,227
|
|
1,607
|
|
121,439
|
Residential
acquisition and development
|
23,970
|
|
13,869
|
|
48,830
|
|
5,348
|
|
20,586
|
|
15,699
|
|
43,195
|
|
3,809
|
|
175,306
|
Total CAD loans
|
$ 120,547
|
|
$ 71,224
|
|
$ 214,651
|
|
$ 21,009
|
|
$ 74,120
|
|
$ 116,058
|
|
$ 173,894
|
|
$ 28,133
|
|
$ 819,636
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$ 1,306
|
|
$ 1,104
|
|
$ 365
|
|
$
-
|
|
$
25
|
|
$ 164
|
|
$ 557
|
|
$ 214
|
|
$ 3,735
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
1,871
|
|
1,301
|
|
6,573
|
|
1,126
|
|
2,940
|
|
2,183
|
|
2,375
|
|
8,951
|
|
27,320
|
Home
equity
|
515
|
|
1
|
|
373
|
|
-
|
|
283
|
|
408
|
|
529
|
|
2
|
|
2,111
|
Agricultural
|
100
|
|
18
|
|
210
|
|
266
|
|
-
|
|
37
|
|
16
|
|
-
|
|
647
|
Commercial and industrial-owner occupied
|
816
|
|
3,569
|
|
5,574
|
|
102
|
|
663
|
|
763
|
|
453
|
|
4
|
|
11,944
|
Construction, acquisition and development
|
1,514
|
|
64
|
|
2,466
|
|
-
|
|
1,459
|
|
355
|
|
1,558
|
|
2
|
|
7,418
|
Commercial real estate
|
2,053
|
|
119
|
|
1,692
|
|
635
|
|
3,285
|
|
3,665
|
|
943
|
|
867
|
|
13,259
|
Credit
cards
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,418
|
|
1,418
|
All other
|
-
|
|
46
|
|
382
|
|
-
|
|
10
|
|
334
|
|
296
|
|
15
|
|
1,083
|
Total loans
|
$ 8,175
|
|
$ 6,222
|
|
$ 17,635
|
|
$ 2,129
|
|
$ 8,665
|
|
$ 7,909
|
|
$ 6,727
|
|
$ 11,473
|
|
$ 68,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS A
PERCENTAGE OF OUTSTANDING:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
1.66%
|
|
0.60%
|
|
0.12%
|
|
0.00%
|
|
0.11%
|
|
0.19%
|
|
0.19%
|
|
0.03%
|
|
0.22%
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
1.04%
|
|
0.47%
|
|
0.93%
|
|
1.64%
|
|
2.63%
|
|
1.31%
|
|
0.44%
|
|
6.50%
|
|
1.25%
|
Home
equity
|
0.73%
|
|
0.00%
|
|
0.22%
|
|
0.00%
|
|
0.40%
|
|
0.51%
|
|
0.82%
|
|
0.09%
|
|
0.41%
|
Agricultural
|
1.39%
|
|
0.02%
|
|
0.38%
|
|
8.68%
|
|
0.00%
|
|
0.31%
|
|
0.02%
|
|
0.00%
|
|
0.27%
|
Commercial and industrial-owner occupied
|
0.46%
|
|
2.11%
|
|
1.20%
|
|
0.15%
|
|
0.73%
|
|
0.84%
|
|
0.14%
|
|
0.00%
|
|
0.79%
|
Construction, acquisition and development
|
1.26%
|
|
0.09%
|
|
1.15%
|
|
0.00%
|
|
1.97%
|
|
0.31%
|
|
0.90%
|
|
0.01%
|
|
0.91%
|
Commercial real estate
|
0.75%
|
|
0.04%
|
|
0.60%
|
|
0.32%
|
|
3.03%
|
|
3.32%
|
|
0.22%
|
|
0.46%
|
|
0.69%
|
Credit
cards
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1.30%
|
|
1.30%
|
All other
|
0.00%
|
|
0.11%
|
|
0.30%
|
|
0.00%
|
|
0.03%
|
|
0.96%
|
|
0.41%
|
|
0.01%
|
|
0.22%
|
Total loans
|
0.88%
|
|
0.52%
|
|
0.76%
|
|
0.53%
|
|
1.64%
|
|
1.13%
|
|
0.34%
|
|
0.78%
|
|
0.72%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Excludes the Greater
Memphis Area.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Selected
Additional Information
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2014
|
|
Alabama
|
|
|
|
|
|
|
|
Greater
|
|
|
|
|
|
|
|
|
|
and
Florida
|
|
|
|
|
|
|
|
Memphis
|
|
|
|
Texas
and
|
|
|
|
|
|
Panhandle
|
|
Arkansas*
|
|
Mississippi*
|
|
Missouri
|
|
Area
|
|
Tennessee*
|
|
Louisiana
|
|
Other
|
|
Total
|
OTHER REAL ESTATE
OWNED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
84
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
84
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
809
|
|
97
|
|
1,777
|
|
-
|
|
-
|
|
173
|
|
29
|
|
-
|
|
2,885
|
Home
equity
|
-
|
|
-
|
|
188
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
188
|
Agricultural
|
-
|
|
-
|
|
216
|
|
-
|
|
462
|
|
-
|
|
-
|
|
|
|
678
|
Commercial and industrial-owner occupied
|
-
|
|
-
|
|
2,456
|
|
-
|
|
601
|
|
238
|
|
60
|
|
-
|
|
3,355
|
Construction, acquisition and development
|
8,318
|
|
83
|
|
9,957
|
|
37
|
|
12,156
|
|
2,817
|
|
140
|
|
-
|
|
33,508
|
Commercial real estate
|
796
|
|
288
|
|
646
|
|
-
|
|
-
|
|
121
|
|
-
|
|
-
|
|
1,851
|
All other
|
-
|
|
-
|
|
142
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
142
|
Total loans
|
$ 10,007
|
|
$
468
|
|
$ 15,382
|
|
$
37
|
|
$ 13,219
|
|
$ 3,349
|
|
$ 229
|
|
$
-
|
|
$ 42,691
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
|
|
|
|
|
|
Sep-14
|
|
Jun-14
|
|
Mar-14
|
|
Dec-13
|
|
Sep-13
|
|
|
|
|
|
|
|
|
OTHER REAL ESTATE
OWNED:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period
|
$ 55,253
|
|
$ 63,595
|
|
$ 69,338
|
|
$ 76,853
|
|
$ 88,438
|
|
|
|
|
|
|
|
|
Additions to
foreclosed properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New
foreclosed property
|
3,476
|
|
4,144
|
|
4,855
|
|
7,868
|
|
9,536
|
|
|
|
|
|
|
|
|
Reductions in
foreclosed properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
|
(14,429)
|
|
(10,269)
|
|
(8,767)
|
|
(14,272)
|
|
(19,333)
|
|
|
|
|
|
|
|
|
Writedowns
|
(1,609)
|
|
(2,217)
|
|
(1,831)
|
|
(1,111)
|
|
(1,788)
|
|
|
|
|
|
|
|
|
Balance, end of
period
|
$ 42,691
|
|
$ 55,253
|
|
$ 63,595
|
|
$ 69,338
|
|
$ 76,853
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FORECLOSED PROPERTY
EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on sale of other
real estate owned
|
$ 3,289
|
|
$ 1,073
|
|
$
466
|
|
$ 949
|
|
$
352
|
|
|
|
|
|
|
|
|
Writedown of other
real estate owned
|
1,609
|
|
2,217
|
|
1,831
|
|
1,111
|
|
1,788
|
|
|
|
|
|
|
|
|
Other foreclosed
property expense
|
823
|
|
912
|
|
258
|
|
771
|
|
1,158
|
|
|
|
|
|
|
|
|
Total foreclosed
property expense
|
$ 5,721
|
|
$ 4,202
|
|
$ 2,555
|
|
$ 2,831
|
|
$ 3,298
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Excludes the Greater
Memphis Area.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Noninterest
Revenue and Expense
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Sep-14
|
|
Jun-14
|
|
Mar-14
|
|
Dec-13
|
|
Sep-13
|
NONINTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
Mortgage
lending
|
$ 6,938
|
|
$ 9,089
|
|
$ 3,394
|
|
$ 9,605
|
|
$ 5,134
|
Credit card, debit
card and merchant fees
|
8,972
|
|
8,567
|
|
7,843
|
|
8,324
|
|
8,834
|
Service
charges
|
13,111
|
|
12,437
|
|
12,536
|
|
13,570
|
|
13,679
|
Securities gains,
net
|
18
|
|
5
|
|
(4)
|
|
29
|
|
(5)
|
Insurance
commissions
|
29,246
|
|
28,621
|
|
31,599
|
|
21,397
|
|
23,800
|
Trust
income
|
3,537
|
|
3,624
|
|
3,568
|
|
3,717
|
|
3,332
|
Annuity
fees
|
461
|
|
695
|
|
772
|
|
566
|
|
719
|
Brokerage commissions
and fees
|
1,963
|
|
1,509
|
|
1,576
|
|
1,037
|
|
2,005
|
Bank-owned life
insurance
|
1,865
|
|
1,885
|
|
1,849
|
|
2,466
|
|
1,954
|
Other miscellaneous
income
|
3,167
|
|
3,406
|
|
3,384
|
|
4,414
|
|
3,062
|
Total noninterest
revenue
|
$ 69,278
|
|
$ 69,838
|
|
$ 66,517
|
|
$ 65,125
|
|
$ 62,514
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
$ 77,453
|
|
$ 74,741
|
|
$ 78,883
|
|
$ 75,466
|
|
$ 73,532
|
Occupancy, net of
rental income
|
10,313
|
|
10,245
|
|
10,287
|
|
9,935
|
|
10,360
|
Equipment
|
4,205
|
|
4,169
|
|
4,499
|
|
4,298
|
|
4,555
|
Deposit insurance
assessments
|
2,125
|
|
2,035
|
|
1,600
|
|
2,687
|
|
3,325
|
Amortization of bond
issue cost
|
12
|
|
12
|
|
12
|
|
12
|
|
2,907
|
Advertising
|
1,192
|
|
1,331
|
|
632
|
|
1,436
|
|
1,210
|
Foreclosed property
expense
|
5,721
|
|
4,202
|
|
2,555
|
|
2,831
|
|
3,298
|
Telecommunications
|
2,254
|
|
2,258
|
|
2,248
|
|
1,971
|
|
2,227
|
Public
relations
|
950
|
|
857
|
|
822
|
|
972
|
|
1,105
|
Data
processing
|
2,734
|
|
2,863
|
|
2,741
|
|
2,939
|
|
2,772
|
Computer
software
|
2,488
|
|
2,851
|
|
2,423
|
|
2,197
|
|
2,190
|
Amortization of
intangibles
|
1,126
|
|
1,148
|
|
1,058
|
|
819
|
|
686
|
Legal
|
2,620
|
|
3,002
|
|
1,878
|
|
2,537
|
|
4,626
|
Merger
expense
|
188
|
|
1,009
|
|
560
|
|
-
|
|
-
|
Postage and
shipping
|
1,103
|
|
1,116
|
|
1,287
|
|
1,133
|
|
1,027
|
Other miscellaneous
expense
|
19,215
|
|
16,115
|
|
15,222
|
|
18,597
|
|
15,577
|
Total noninterest
expense
|
$ 133,699
|
|
$ 127,954
|
|
$ 126,707
|
|
$ 127,830
|
|
$ 129,397
|
|
|
|
|
|
|
|
|
|
|
INSURANCE
COMMISSIONS:
|
|
|
|
|
|
|
|
|
|
Property and casualty
commissions
|
$ 22,746
|
|
$ 21,576
|
|
$ 19,987
|
|
$ 15,588
|
|
$ 18,372
|
Life and health
commissions
|
5,128
|
|
5,549
|
|
5,010
|
|
4,525
|
|
4,061
|
Risk management
income
|
708
|
|
617
|
|
705
|
|
648
|
|
628
|
Other
|
664
|
|
879
|
|
5,897
|
|
636
|
|
739
|
Total insurance
commissions
|
$ 29,246
|
|
$ 28,621
|
|
$ 31,599
|
|
$ 21,397
|
|
$ 23,800
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Selected
Additional Information
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Sep-14
|
|
Jun-14
|
|
Mar-14
|
|
Dec-13
|
|
Sep-13
|
MORTGAGE SERVICING
RIGHTS:
|
|
|
|
|
|
|
|
|
|
Fair value, beginning
of period
|
$ 52,272
|
|
$ 53,436
|
|
$ 54,662
|
|
$ 51,025
|
|
$ 49,001
|
Additions to mortgage
servicing rights:
|
|
|
|
|
|
|
|
|
|
Originations of servicing assets
|
2,400
|
|
2,565
|
|
1,460
|
|
1,984
|
|
3,826
|
Changes in fair
value:
|
|
|
|
|
|
|
|
|
|
Due to
payoffs/paydowns
|
(1,559)
|
|
(1,616)
|
|
(1,138)
|
|
(1,240)
|
|
(1,560)
|
Due to
change in valuation inputs or
|
|
|
|
|
|
|
|
|
|
assumptions used in the
valuation model
|
648
|
|
(2,111)
|
|
(1,547)
|
|
2,894
|
|
(240)
|
Other
changes in fair value
|
(2)
|
|
(2)
|
|
(1)
|
|
(1)
|
|
(2)
|
Fair value, end of
period
|
$ 53,759
|
|
$ 52,272
|
|
$ 53,436
|
|
$ 54,662
|
|
$ 51,025
|
|
|
|
|
|
|
|
|
|
|
MORTGAGE LENDING
REVENUE:
|
|
|
|
|
|
|
|
|
|
Origination
|
$ 3,736
|
|
$ 8,758
|
|
$ 1,964
|
|
$ 3,590
|
|
$ 2,862
|
Servicing
|
4,113
|
|
4,058
|
|
4,115
|
|
4,361
|
|
4,072
|
MSR
payoffs/paydowns
|
(1,559)
|
|
(1,616)
|
|
(1,138)
|
|
(1,240)
|
|
(1,560)
|
MSR valuation
adjustment
|
648
|
|
(2,111)
|
|
(1,547)
|
|
2,894
|
|
(240)
|
Total mortgage
lending revenue
|
$ 6,938
|
|
$ 9,089
|
|
$ 3,394
|
|
$ 9,605
|
|
$ 5,134
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans
serviced
|
$ 5,649,897
|
|
$ 5,630,192
|
|
$ 5,568,828
|
|
$ 5,577,325
|
|
$ 5,543,619
|
MSR/mtg loans
serviced
|
0.95%
|
|
0.93%
|
|
0.96%
|
|
0.98%
|
|
0.92%
|
|
|
|
|
|
|
|
|
|
|
AVAILABLE-FOR-SALE
SECURITIES, at fair value
|
|
|
|
|
|
|
|
|
|
U.S. Government
agencies
|
$ 1,238,088
|
|
$ 1,333,368
|
|
$ 1,419,269
|
|
$ 1,458,349
|
|
$ 1,519,459
|
Government agency
issued residential
|
|
|
|
|
|
|
|
|
|
mortgage-back securities
|
218,748
|
|
229,414
|
|
241,596
|
|
250,234
|
|
268,367
|
Government agency
issued commercial
|
|
|
|
|
|
|
|
|
|
mortgage-back securities
|
237,325
|
|
237,321
|
|
234,059
|
|
230,912
|
|
229,412
|
Obligations of states
and political subdivisions
|
509,304
|
|
520,897
|
|
523,811
|
|
519,405
|
|
528,889
|
Other
|
7,997
|
|
11,192
|
|
8,023
|
|
8,089
|
|
8,029
|
Total
available-for-sale securities
|
$ 2,211,462
|
|
$ 2,332,192
|
|
$ 2,426,758
|
|
$ 2,466,989
|
|
$ 2,554,156
|
BancorpSouth,
Inc.
|
Reconciliation of
Non-GAAP Measures
|
(Dollars in
thousands, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management evaluates
the Company's capital position and operating performance by
utilizing certain financial measures not calculated in accordance
with U.S. Generally Accepted Accounting Principles (GAAP),
including tangible shareholders' equity to tangible assets, return
on tangible equity, pre-tax pre-provision return on average assets,
tangible book value per share, and operating earnings per
share. The Company has included these non-GAAP financial
measures in this news release for the applicable periods
presented. Management believes that the presentation of these
non-GAAP financial measures (i) provides important supplemental
information that contributes to a proper understanding of the
Company's operating performance, (ii) 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
ended
|
|
|
|
9/30/2014
|
|
6/30/2014
|
|
3/31/2014
|
|
12/31/2013
|
|
9/30/2013
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
28,778
|
|
$
30,868
|
|
$
28,444
|
|
$
27,698
|
|
$
24,857
|
Plus:
|
Provision for credit
losses
|
|
-
|
|
-
|
|
-
|
|
-
|
|
500
|
|
Income tax
expense
|
|
12,414
|
|
14,097
|
|
12,889
|
|
12,014
|
|
8,001
|
Pre-tax,
pre-provision earnings
|
|
$
41,192
|
|
$
44,965
|
|
$
41,333
|
|
$
39,712
|
|
$
33,358
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
28,778
|
|
$
30,868
|
|
$
28,444
|
|
$
27,698
|
|
$
24,857
|
Plus:
|
Merger expense, net
of tax
|
|
117
|
|
626
|
|
347
|
|
-
|
|
-
|
|
One time charge for
BSA, net of tax
|
|
1,903
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Legal charge, net of
tax
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,085
|
|
Write off unamortized
TRUPS issue cost, net of tax
|
-
|
|
-
|
|
-
|
|
-
|
|
1,789
|
Net operating
income
|
|
$
30,798
|
|
$
31,494
|
|
$
28,791
|
|
$
27,698
|
|
$
27,731
|
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
|
|
|
|
9/30/2014
|
|
6/30/2014
|
|
3/31/2014
|
|
12/31/2013
|
|
9/30/2013
|
Tangible
assets
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$ 13,071,557
|
|
$ 12,985,887
|
|
$ 13,143,555
|
|
$ 13,029,733
|
|
$ 12,916,153
|
Less:
|
Goodwill
|
|
291,498
|
|
291,498
|
|
286,800
|
|
286,800
|
|
275,173
|
|
Other identifiable
intangible assets
|
|
25,619
|
|
26,745
|
|
25,021
|
|
26,079
|
|
15,179
|
Total tangible
assets
|
|
$ 12,754,440
|
|
$ 12,667,644
|
|
$ 12,831,734
|
|
$ 12,716,854
|
|
$ 12,625,801
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
$ 1,610,543
|
|
$ 1,588,850
|
|
$ 1,554,676
|
|
$ 1,513,130
|
|
$ 1,480,611
|
Less:
|
Goodwill
|
|
291,498
|
|
291,498
|
|
286,800
|
|
286,800
|
|
275,173
|
|
Other identifiable
intangible assets
|
|
25,619
|
|
26,745
|
|
25,021
|
|
26,079
|
|
15,179
|
Total tangible
shareholders' equity
|
|
$ 1,293,426
|
|
$ 1,270,607
|
|
$ 1,242,855
|
|
$ 1,200,251
|
|
$ 1,190,259
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average
assets
|
|
$ 12,987,103
|
|
$ 12,933,879
|
|
$ 13,087,128
|
|
$ 12,955,127
|
|
$ 12,928,505
|
Total common shares
outstanding
|
|
96,065,021
|
|
96,046,057
|
|
96,004,679
|
|
95,231,691
|
|
95,211,602
|
Average shares
outstanding-diluted
|
|
96,373,950
|
|
96,373,121
|
|
95,952,611
|
|
96,644,383
|
|
95,519,318
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity to tangible assets*
|
|
10.14%
|
|
10.03%
|
|
9.69%
|
|
9.44%
|
|
9.43%
|
Return on tangible
equity **
|
|
8.83%
|
|
9.74%
|
|
9.28%
|
|
9.16%
|
|
8.29%
|
Pre-tax pre-provision
return on average assets ***
|
|
1.26%
|
|
1.39%
|
|
1.28%
|
|
1.22%
|
|
1.02%
|
Tangible book value
per share****
|
|
$
13.46
|
|
$
13.23
|
|
$
12.95
|
|
$
12.60
|
|
$
12.50
|
Operating earnings
per share*****
|
|
$
0.32
|
|
$
0.33
|
|
$
0.30
|
|
$
0.29
|
|
$
0.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Tangible
shareholders' equity to tangible assets is defined by the Company
as total shareholders' equity less goodwill and other identifiable
intangible assets, divided by the difference of total assets less
goodwill and other identifiable intangible assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
**
|
Return on tangible
equity is defined by the Company as annualized net income divided
by tangible shareholders' equity.
|
|
|
|
|
|
|
|
|
|
|
|
|
***
|
Pre-tax pre-provision
return on average assets is defined by the Company as annualized
pre-tax pre-provision earnings divided by total average
assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
****
|
Tangible book value
per share is defined by the Company as tangible shareholders'
equity divided by total common shares outstanding.
|
|
|
|
|
|
|
|
|
|
|
|
|
*****
|
Operating earnings
per share is defined by the Company as net operating income divided
by average shares outstanding-diluted.
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/bancorpsouth-announces-third-quarter-2014-earnings-255968355.html
SOURCE BancorpSouth, Inc.