TUPELO, Miss., Jan. 24,
2018 /PRNewswire/ -- BancorpSouth Bank (NYSE: BXS) (the
"Company") today announced financial results for the quarter and
year ended December 31, 2017.
Annual highlights for 2017 included:
- Record net income of $153.0
million, or $1.67 per diluted
share.
- Total operating expense declined $7.4
million compared to 2016.
- Net interest margin increased to 3.54 percent from 3.52 percent
for 2016.
- Generated net loan growth of $244.4
million, or 2.3 percent.
- Reported total deposit growth of $227.5
million, or 1.9 percent.
- Net operating income – excluding MSR – of $152.0 million, or $1.66 per diluted share.
- Completed pending mergers with Central Community Corporation
and Ouachita Bancshares Corp. effective January 15, 2018 for which regulatory approval
was received during the fourth quarter of 2017.
- Repurchased 3,695,213 shares of outstanding common stock at a
weighted average price of $29.94 per
share.
Highlights for the fourth quarter of 2017 included:
- Net income of $37.5 million, or
$0.41 per diluted share.
- Reported total deposit growth of $139.6
million, or 4.7 percent on an annualized basis.
- Total noninterest expense declined compared to both the third
quarter of 2017 and the fourth quarter of 2016.
- Earnings benefitted from a positive pre-tax mortgage servicing
rights ("MSR") valuation adjustment of $2.4
million.
- Net operating income – excluding MSR – of $36.8 million, or $0.41 per diluted share.
- Recorded additional income tax expense of $0.6 million, or $0.01 per share, to reflect the net impact of
certain strategic tax planning decisions as well as the revaluation
of the net deferred tax asset resulting from corporate tax law
changes enacted by the Tax Cuts and Jobs Act of 2017.
The Company reported net income of $37.5
million, or $0.41 per diluted
share, for the fourth quarter of 2017 compared with net income of
$37.7 million, or $0.40 per diluted share, for the fourth quarter
of 2016 and net income of $39.5
million, or $0.43 per diluted
share, for the third quarter of 2017. The Company reported
net operating income – excluding MSR – of $36.8 million, or $0.41 per diluted share, for the fourth quarter
of 2017 compared to $30.7 million, or
$0.33 per diluted share, for the
fourth quarter of 2016 and $39.6
million, or $0.43 per diluted
share, for the third quarter of 2017.
Additionally, the company reported net income of $153.0 million, or $1.67 per diluted share, for the year ended
December 31, 2017 compared to
$132.7 million, or $1.41 per diluted share, for the year ended
December 31, 2016. The Company
reported net operating income – excluding MSR – of $152.0 million, or $1.66 per diluted share, for the year ended
December 31, 2017 compared to
$141.4 million, or $1.50 per diluted share, for the year ended
December 31, 2016.
Net operating income – excluding MSR – is a non-GAAP financial
measure used by management to assess the core operating performance
of the Company. This measure excludes items such as
securities gains and losses, MSR valuation adjustments,
restructuring charges, merger-related expenses, industry-related
legal settlements, and other one-time charges.
At its regular quarterly meeting today, the Board of Directors
of the Company declared a quarterly cash dividend of $0.14 per share of common stock. The
dividend is payable April 2, 2018 to
shareholders of record at the close of business on March 15, 2018.
"We are pleased to report a successful completion to 2017,"
remarked Dan Rollins, BancorpSouth
Chairman and Chief Executive Officer. "A lot of hard work and
progress by our teammates culminated in the closings of our pending
transactions with Ouachita Bancshares Corp. and Central Community
Corporation, which were effective January
15, 2018. We could not have reached this point
without the commitment and patience demonstrated by the
shareholders, management teams, and employees of these two
companies. We are excited to have them as a part of our team.
Furthermore, we are pleased to be able to continue executing
our strategic plan, of which these two organizations are an
integral part."
"As we look specifically at fourth quarter results, we saw
positive progress in a number of areas despite seasonally lower
revenues associated with several of our noninterest products.
Total operating expense declined compared to both the third
quarter of 2017 and the fourth quarter of 2016. Additionally,
we saw continued yield pickup in our loan and securities
portfolios, combined with relatively stable deposit costs.
The positive impact of these items on our margin was offset
by the decision to leverage the balance sheet in order to prefund
the securities portfolio restructuring in anticipation of the
merger closings."
"Finally, we expect that the Tax Cuts and Jobs Act of 2017 will
provide a tremendous benefit to our company and our
shareholders. Our board of directors and management team
recognize that our employees, along with their customer
relationships, are the most valuable asset of our company.
I'm proud the first investment that we made as a result of this
legislation was in our teammates, through salary increases and
one-time bonuses. This legislation also resulted in the
revaluation of our net deferred tax asset. We made certain
strategic tax planning decisions, which allowed us to reduce the
net impact of the revaluation to $0.6
million."
Net Interest Revenue
Net interest revenue was $121.4
million for the fourth quarter of 2017, an increase of 5.2
percent from $115.4 million for the
fourth quarter of 2016 and an increase of 0.7 percent from
$120.6 million for the third quarter
of 2017. The fully taxable equivalent net interest margin was
3.58 percent for the fourth quarter of 2017 compared to 3.46
percent for the fourth quarter of 2016 and 3.58 percent for the
third quarter of 2017. Yields on loans and leases were 4.36
percent for the fourth quarter of 2017 compared with 4.18 percent
for the fourth quarter of 2016 and 4.33 percent for the third
quarter of 2017, while yields on total interest earning assets were
3.90 percent for the fourth quarter of 2017 compared with 3.70
percent for the fourth quarter of 2016 and 3.89 percent for the
third quarter of 2017. The average cost of deposits was 0.27
percent for the fourth quarter of 2017 compared to 0.23 percent for
the fourth quarter of 2016 and 0.26 percent for the third quarter
of 2017.
Asset, Deposit and Loan Activity
Total assets were $15.3 billion at
December 31, 2017 compared with
$14.7 billion at December 31, 2016. Loans and leases, net of
unearned income, were $11.1 billion
at December 31, 2017 compared with
$10.8 billion at December 31, 2016.
Total deposits were $11.9 billion
at December 31, 2017 compared with
$11.7 billion at December 31, 2016. Time deposits decreased
$84.1 million, or 4.6 percent, at
December 31, 2017 compared to
December 31, 2016. Over the
same time period, interest bearing demand deposits increased
$32.1 million, or 0.6 percent, while
noninterest bearing demand deposits increased $202.5 million, or 6.2 percent, and savings
deposits increased $77.0 million, or
4.9 percent.
Provision for Credit Losses and Allowance for Credit
Losses
Earnings for the fourth quarter reflect a provision for credit
losses of $0.5 million, compared to a
provision of $1.0 million for the
fourth quarter of 2016 and a provision of $0.5 million for the third quarter of 2017.
Net charge-offs for the fourth quarter of 2017 were $1.8 million, compared with net charge-offs of
$3.2 million for the fourth quarter
of 2016 and net charge-offs of $2.6
million for the third quarter of 2017. The allowance
for credit losses was $118.2 million,
or 1.07 percent of net loans and leases, at December 31, 2017, compared with $123.7 million, or 1.14 percent of net loans and
leases, at December 31, 2016 and
$119.5 million, or 1.08 percent of
net loans and leases, at September
30, 2017.
Total non-performing assets were $84.5
million, or 0.76 percent of net loans and leases, at
December 31, 2017 compared with
$109.7 million, or 1.01 percent of
net loans and leases, at December 31,
2016, and $71.0 million, or
0.64 percent of net loans and leases, at September 30, 2017. Other real estate owned
was $6.0 million at December 31, 2017 compared with $7.8 million at December
31, 2016 and $6.0 million at
September 30, 2017.
Noninterest Revenue
Noninterest revenue was $63.1
million for the fourth quarter of 2017, compared with
$72.0 million for the fourth quarter
of 2016 and $66.0 million for the
third quarter of 2017. These results included a positive MSR
valuation adjustment of $2.4 million
for the fourth quarter of 2017, compared with a positive MSR
valuation adjustment of $11.2 million
for the fourth quarter of 2016 and an essentially flat MSR
valuation adjustment for the third quarter of 2017. 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 $4.9 million for the
fourth quarter of 2017, compared with $5.6
million for the fourth quarter of 2016 and $7.0 million for the third quarter of 2017.
Mortgage origination volume for the fourth quarter of 2017 was
$308.4 million, compared with
$395.9 million for the fourth quarter
of 2016 and $342.4 million for the
third quarter of 2017.
Credit and debit card fee revenue was $9.5 million for the fourth quarter of 2017,
compared with $9.3 million for both
the fourth quarter of 2016 and the third quarter of 2017.
Deposit service charge revenue was $10.3
million for the fourth quarter of 2017, compared with
$10.0 million for the fourth quarter
of 2016 and $10.4 million for the
third quarter of 2017. Insurance commission revenue was
$25.8 million for the fourth quarter
of 2017, compared with $25.7 million
for the fourth quarter of 2016 and $28.6
million for the third quarter of 2017. Wealth
management revenue was $5.6 million
for the fourth quarter of 2017, compared with $5.4 million for both the fourth quarter of 2016
and the third quarter of 2017.
Noninterest Expense
Noninterest expense for the fourth quarter of 2017 was
$125.9 million, compared with
$130.5 million for the fourth quarter
of 2016 and $126.9 million for the
third quarter of 2017. Salaries and employee benefits expense
was $78.1 million for the fourth
quarter of 2017 compared to $80.9
million for the fourth quarter of 2016 and $81.4 million for the third quarter of
2017. Occupancy expense was $10.1
million for the fourth quarter of 2017, compared with
$10.3 million for both the fourth
quarter of 2016 and the third quarter of 2017. Other
noninterest expense was $31.3 million
for the fourth quarter of 2017, compared to $34.0 million for the fourth quarter of 2016 and
$29.3 million for the third quarter
of 2017.
Capital Management
The Company's equity capitalization is comprised entirely of
common stock. The Company's ratio of shareholders' equity to
assets was 11.20 percent at December 31,
2017, compared with 11.71 percent at December 31, 2016 and 11.52 percent at
September 30, 2017. The ratio
of tangible shareholders' equity to tangible assets was 9.31
percent at December 31, 2017,
compared with 9.73 percent at December 31,
2016 and 9.56 percent at September
30, 2017.
During the fourth quarter of 2017, the Company did not
repurchase shares of its outstanding common stock pursuant to its
share repurchase program which is intended to comply with Rules
10b-18 and 10b5-1 promulgated under
the Securities and Exchange Act of 1934, as amended. During
the third quarter of 2017, the Company repurchased 699,888 shares
at a weighted average price of $28.99
per share. As of December 31,
2017, the Company had 6,000,000 remaining shares available
for repurchase under its current share repurchase authorization,
which expires on December 31, 2019.
Estimated regulatory capital ratios at December 31, 2017 were calculated in accordance
with the Basel III capital framework. The Company is a "well
capitalized" bank, as defined by federal regulations, at
December 31, 2017, with Tier 1
risk-based capital of 12.15 percent and total risk-based capital of
13.13 percent, compared with required minimum levels of 8 percent
and 10 percent, respectively, in order to qualify for "well
capitalized" classification.
TRANSACTIONS
The Reorganization
Effective October 31, 2017, the
previously announced merger of BancorpSouth, Inc. with and into
BancorpSouth Bank was closed, with BancorpSouth Bank continuing as
the surviving entity (the "Reorganization"). This transaction
resulted in the elimination of the holding company structure.
The reorganization is expected to improve efficiency through the
elimination of redundant corporate infrastructure and duplicative
regulatory oversight. See our current report on Form 8-K that
was filed with the Federal Deposit Insurance Corporation (the
"FDIC") on November 1, 2017 and that
is incorporated herein by reference.
Waguespack & Associates Insurance, Inc.
On December 19, 2016, BXS
Insurance announced and closed the acquisition of certain assets of
Waguespack & Associates Insurance, Inc. The agency was
formed in 1986, is based in Gonzalez, Louisiana and produces annual revenues of
approximately $3 million.
Waguespack continues to operate under its legacy leadership in
Gonzales.
Central Community Corporation
Effective January 15, 2018, the
Company completed the merger with Central Community Corporation
("CCC"), headquartered in Temple,
Texas, pursuant to which CCC merged with and into the
Company. CCC was the parent company of First State Bank, and
its wholly owned bank subsidiary First State Bank Central Texas,
("First State Bank") which was headquartered in Austin, Texas. First State Bank operates
31 full-service banking offices in central Texas. As of
December 31, 2017, CCC, on a
consolidated basis, reported total assets of $1.4 billion, total loans of $715.1 million and total deposits of $1.2 billion. Under the terms of the
definitive agreement, the Company issued approximately 7,250,000
shares of the Company's common stock plus $28.5 million in cash for all outstanding shares
of CCC's capital stock.
Ouachita Bancshares Corp.
Effective January 15, 2018, the
Company completed the merger with Ouachita Bancshares Corp., parent
company of Ouachita Independent Bank (collectively referred to as
"OIB"), headquartered in Monroe,
Louisiana, pursuant to which OIB was 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
December 31, 2017, OIB, on a
consolidated basis, reported total assets of $703.1 million, total loans of $498.0 million and total deposits of $599.0 million. Under the terms of the
definitive agreement, the Company issued 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.
Summary
Rollins concluded, "Our annual results for 2017 reflect
continued improvement in many of our operating metrics. Although
our loan and deposit growth for the year was not as high as we
would have liked, we saw significant improvement in other areas
including record net income of $153.0
million, or $1.67 per diluted
share. Our total operating expense for 2017 actually declined
$7.4 million compared to 2016, which
contributed to our operating efficiency ratio - excluding MSR -
declining from 69.8 percent to 67.8 percent. This
improvement, combined with the expansion in our net interest margin
and other factors, contributed to 11 percent growth in our
operating earnings per share. Finally, we were able to return
capital to our shareholders, repurchasing approximately 3.7 million
shares at a weighted average price of $29.94. As we look to 2018, I'm confident
our company is positioned to continue to improve our operating
performance and enhance the returns delivered to our
shareholders."
Non-GAAP Measures and Ratios
This news release presents certain financial measures and ratios
that are not calculated in accordance with U.S. generally accepted
accounting principles ("GAAP"). A discussion regarding these
non-GAAP measures and ratios, including reconciliations of non-GAAP
measures to the most directly comparable GAAP measures and
definitions for non-GAAP ratios, appears under the caption
"Reconciliation of Non-GAAP Measures and Other Non-GAAP Ratio
Definitions" beginning on page 20 of this news release.
Conference Call and Webcast
The Company will conduct a conference call to discuss its fourth
quarter and annual 2017 financial results on January 25, 2018,
at 10:00 a.m. (Central Time).
This conference call will be an interactive session between
management and analysts. Shareholders and other interested parties
may listen to this live conference call via Internet webcast by
accessing www.BancorpSouth.com/Webcast. The webcast will also be
available in archived format at the same address.
About BancorpSouth Bank
BancorpSouth Bank (NYSE: BXS) is headquartered in Tupelo, Mississippi, with approximately
$17 billion in assets.
BancorpSouth operates 276 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, the proposed impact of the Reorganization on
the Bank, the acceptance by customers of Ouachita Bancshares Corp.
and Central Community Corporation of the Company's products and
services after the closing of the mergers, 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 and the United States Department of Justice
related to the Company's fair lending practices (the "Consent
Order"), the impact of the Tax Cuts and Jobs Act of 2017 on the
Company and its operations, 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, the impact of interest rates on loan yields,
calculation of economic value of equity, impaired loan charge-offs,
diversification of the Company's revenue stream, the growth of the
Company's insurance business and commission revenue, the growth of
the Company's customer base and loan, deposit and fee revenue
sources, liquidity needs and strategies, sources of funding, net
interest margin, declaration and payment of dividends, the
utilization of the Company's share repurchase program, the
implementation and execution of 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 and the Bank to meet
expectations regarding the accounting and tax treatments of the
Reorganization, the possibility that any of the anticipated
benefits of the Reorganization will not be realized or will not be
realized as expected, the lack of availability of the Bank's
filings mandated by the Exchange Act from the SEC's publicly
available website after the closing of the Reorganization, 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
Tax Cuts and Jobs Act of 2017 on the Company and its operations,
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 growth of the Company's insurance business and
commission revenue, the growth of the Company's loan, deposit and
fee revenue sources, 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, the utilization of the Company's share
repurchase program, the implementation and execution of cost saving
initiatives, 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 FDIC. 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
Bank
|
Selected Financial
Information
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Year Ended
|
Year Ended
|
|
12/31/2017
|
9/30/2017
|
6/30/2017
|
3/31/2017
|
12/31/2016
|
12/31/2017
|
12/31/2016
|
Earnings
Summary:
|
|
|
|
|
|
|
|
Interest
revenue
|
$
132,276
|
$
130,934
|
$
126,855
|
$
122,926
|
$
123,444
|
$
512,991
|
$
483,179
|
Interest
expense
|
10,890
|
10,373
|
9,377
|
8,315
|
8,057
|
38,955
|
29,727
|
Net interest
revenue
|
121,386
|
120,561
|
117,478
|
114,611
|
115,387
|
474,036
|
453,452
|
Provision for credit
losses
|
500
|
500
|
1,000
|
1,000
|
1,000
|
3,000
|
4,000
|
Net interest revenue,
after provision
|
|
|
|
|
|
|
|
for
credit losses
|
120,886
|
120,061
|
116,478
|
113,611
|
114,387
|
471,036
|
449,452
|
Noninterest
revenue
|
63,074
|
65,960
|
68,130
|
70,869
|
71,975
|
268,033
|
274,901
|
Noninterest
expense
|
125,881
|
126,903
|
127,553
|
127,109
|
130,519
|
507,446
|
527,909
|
Income before income
taxes
|
58,079
|
59,118
|
57,055
|
57,371
|
55,843
|
231,623
|
196,444
|
Income tax
expense
|
20,556
|
19,590
|
19,166
|
19,278
|
18,173
|
78,590
|
63,716
|
Net income
|
$
37,523
|
$
39,528
|
$
37,889
|
$
38,093
|
$
37,670
|
$
153,033
|
$
132,728
|
|
|
|
|
|
|
|
|
Balance Sheet -
Period End Balances
|
|
|
|
|
|
|
|
Total
assets
|
$
15,298,518
|
$
14,760,394
|
$
14,843,130
|
$
14,866,054
|
$
14,724,388
|
$
15,298,518
|
$
14,724,388
|
Total earning
assets
|
14,081,818
|
13,606,145
|
13,674,436
|
13,757,920
|
13,549,407
|
14,081,818
|
13,549,407
|
Total
securities
|
2,835,367
|
2,359,967
|
2,421,295
|
2,540,887
|
2,531,676
|
2,835,367
|
2,531,676
|
Loans and leases, net
of unearned income
|
11,056,434
|
11,055,509
|
11,018,540
|
10,801,694
|
10,811,991
|
11,056,434
|
10,811,991
|
Allowance for credit
losses
|
118,200
|
119,496
|
121,561
|
125,196
|
123,736
|
118,200
|
123,736
|
Total
deposits
|
11,915,596
|
11,775,988
|
11,938,296
|
12,042,845
|
11,688,141
|
11,915,596
|
11,688,141
|
Long-term
debt
|
30,000
|
30,000
|
230,000
|
530,000
|
530,000
|
30,000
|
530,000
|
Total shareholders'
equity
|
1,713,485
|
1,700,502
|
1,691,832
|
1,702,389
|
1,723,883
|
1,713,485
|
1,723,883
|
|
|
|
|
|
|
|
|
Balance Sheet -
Average Balances
|
|
|
|
|
|
|
|
Total
assets
|
$
14,809,497
|
$
14,710,245
|
$
14,741,811
|
$
14,832,260
|
$
14,655,360
|
$
14,773,217
|
$
14,226,953
|
Total earning
assets
|
13,678,542
|
13,591,124
|
13,636,415
|
13,715,612
|
13,525,284
|
13,655,146
|
13,147,264
|
Total
securities
|
2,447,357
|
2,367,633
|
2,497,108
|
2,507,701
|
2,479,008
|
2,454,545
|
2,193,937
|
Loans and leases, net
of unearned income
|
11,010,187
|
11,013,270
|
10,883,102
|
10,820,486
|
10,737,802
|
10,932,505
|
10,557,103
|
Total
deposits
|
11,840,049
|
11,802,682
|
11,902,415
|
11,941,851
|
11,700,213
|
11,871,281
|
11,520,186
|
Long-term
debt
|
30,000
|
162,609
|
398,132
|
530,000
|
534,141
|
278,493
|
313,979
|
Total shareholders'
equity
|
1,701,228
|
1,695,899
|
1,680,053
|
1,731,931
|
1,724,871
|
1,702,176
|
1,701,052
|
|
|
|
|
|
|
|
|
Nonperforming
Assets:
|
|
|
|
|
|
|
|
Non-accrual loans and
leases
|
$
61,891
|
$
55,796
|
$
63,585
|
$
74,439
|
$
71,812
|
$
61,891
|
$
71,812
|
Loans and leases 90+
days past due, still accruing
|
8,503
|
1,855
|
1,793
|
3,063
|
3,983
|
8,503
|
3,983
|
Restructured loans
and leases, still accruing
|
8,060
|
7,366
|
6,303
|
4,060
|
26,047
|
8,060
|
26,047
|
Non-performing loans
(NPLs)
|
78,454
|
65,017
|
71,681
|
81,562
|
101,842
|
78,454
|
101,842
|
Other real estate
owned
|
6,038
|
5,956
|
7,704
|
8,458
|
7,810
|
6,038
|
7,810
|
Non-performing assets
(NPAs)
|
$
84,492
|
$
70,973
|
$
79,385
|
$
90,020
|
$
109,652
|
$
84,492
|
$
109,652
|
|
|
|
|
|
|
|
|
Financial Ratios
and Other Data:
|
|
|
|
|
|
|
|
Return on average
assets
|
1.01%
|
1.07%
|
1.03%
|
1.04%
|
1.02%
|
1.04%
|
0.93%
|
Operating return on
average assets-excluding MSR*
|
0.99%
|
1.07%
|
1.06%
|
1.01%
|
0.83%
|
1.03%
|
0.99%
|
Return on average
shareholders' equity
|
8.75%
|
9.25%
|
9.05%
|
8.92%
|
8.69%
|
8.99%
|
7.80%
|
Operating return on
average shareholders' equity-excluding MSR*
|
8.58%
|
9.25%
|
9.27%
|
8.63%
|
7.08%
|
8.93%
|
8.31%
|
Return on tangible
equity*
|
10.67%
|
11.36%
|
11.08%
|
11.19%
|
10.70%
|
10.97%
|
9.47%
|
Operating return on
tangible equity-excluding MSR*
|
10.46%
|
11.36%
|
11.35%
|
10.82%
|
8.71%
|
10.90%
|
10.09%
|
Noninterest income to
average assets
|
1.69%
|
1.78%
|
1.85%
|
1.94%
|
1.95%
|
1.81%
|
1.93%
|
Noninterest expense
to average assets
|
3.37%
|
3.42%
|
3.47%
|
3.48%
|
3.54%
|
3.43%
|
3.71%
|
Net interest
margin-fully taxable equivalent
|
3.58%
|
3.58%
|
3.52%
|
3.46%
|
3.46%
|
3.54%
|
3.52%
|
Net interest rate
spread
|
3.44%
|
3.45%
|
3.40%
|
3.35%
|
3.36%
|
3.41%
|
3.42%
|
Efficiency ratio (tax
equivalent)*
|
67.45%
|
67.23%
|
67.90%
|
67.71%
|
68.79%
|
67.57%
|
71.51%
|
Operating efficiency
ratio-excluding MSR (tax equivalent)*
|
68.16%
|
67.24%
|
67.33%
|
68.43%
|
73.14%
|
67.78%
|
69.75%
|
Loan/deposit
ratio
|
92.79%
|
93.88%
|
92.30%
|
89.69%
|
92.50%
|
92.79%
|
92.50%
|
Price to earnings
multiple (avg)
|
18.95%
|
19.42
|
18.83
|
19.15
|
22.02
|
18.95
|
22.02
|
Market value to book
value
|
165.76%
|
170.25%
|
164.07%
|
164.09%
|
168.76%
|
165.76%
|
168.76%
|
Market value to book
value (avg)
|
169.35%
|
158.92%
|
161.24%
|
166.39%
|
145.61%
|
161.70%
|
127.73%
|
Market value to
tangible book value
|
203.64%
|
209.66%
|
202.52%
|
202.32%
|
207.63%
|
203.64%
|
207.63%
|
Market value to
tangible book value (avg)
|
208.04%
|
195.70%
|
199.07%
|
205.16%
|
179.14%
|
198.65%
|
157.14%
|
Headcount
FTE
|
3,947
|
3,950
|
3,989
|
3,973
|
3,998
|
3,947
|
3,998
|
|
|
|
|
|
|
|
|
*Denotes non-GAAP
financial measure. Refer to related disclosure and
reconciliation on pages 20 and 21.
|
|
BancorpSouth
Bank
Selected Financial Information
(Dollars in thousands, except per share data)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Year Ended
|
Year Ended
|
|
12/31/2017
|
9/30/2017
|
6/30/2017
|
3/31/2017
|
12/31/2016
|
12/31/2017
|
12/31/2016
|
Credit Quality
Ratios:
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries) to average loans and leases (annualized)
|
0.06%
|
0.09%
|
0.17%
|
(0.02%)
|
0.12%
|
0.08%
|
0.06%
|
Provision for credit
losses to average loans and leases (annualized)
|
0.02%
|
0.02%
|
0.04%
|
0.04%
|
0.04%
|
0.03%
|
0.04%
|
Allowance for credit
losses to net loans and leases
|
1.07%
|
1.08%
|
1.10%
|
1.16%
|
1.14%
|
1.07%
|
1.14%
|
Allowance for credit
losses to non-performing loans and leases
|
150.66%
|
183.79%
|
169.59%
|
153.50%
|
121.50%
|
150.66%
|
121.50%
|
Allowance for credit
losses to non-performing assets
|
139.89%
|
168.37%
|
153.13%
|
139.08%
|
112.84%
|
139.89%
|
112.84%
|
Non-performing loans
and leases to net loans and leases
|
0.71%
|
0.59%
|
0.65%
|
0.76%
|
0.94%
|
0.71%
|
0.94%
|
Non-performing assets
to net loans and leases
|
0.76%
|
0.64%
|
0.72%
|
0.83%
|
1.01%
|
0.76%
|
1.01%
|
|
|
|
|
|
|
|
|
Equity
Ratios:
|
|
|
|
|
|
|
|
Total shareholders'
equity to total assets
|
11.20%
|
11.52%
|
11.40%
|
11.45%
|
11.71%
|
11.20%
|
11.71%
|
Tangible
shareholders' equity to tangible assets*
|
9.31%
|
9.56%
|
9.44%
|
9.49%
|
9.73%
|
9.31%
|
9.73%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Adequacy:
|
|
|
|
|
|
|
|
Common Equity
Tier 1 capital
|
12.15%
|
12.04%
|
11.90%
|
12.16%
|
12.23%
|
12.15%
|
12.23%
|
Tier 1
capital
|
12.15%
|
12.04%
|
11.90%
|
12.16%
|
12.34%
|
12.15%
|
12.34%
|
Total
capital
|
13.13%
|
13.03%
|
12.91%
|
13.21%
|
13.38%
|
13.13%
|
13.38%
|
Tier 1 leverage
capital
|
10.12%
|
10.02%
|
9.93%
|
9.95%
|
10.32%
|
10.12%
|
10.32%
|
Estimated for current quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Share
Data:
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
0.42
|
$
0.43
|
$
0.41
|
$
0.41
|
$
0.40
|
$
1.67
|
$
1.41
|
Diluted earnings per
share
|
0.41
|
0.43
|
0.41
|
0.41
|
0.40
|
1.67
|
1.41
|
Operating earnings
per share*
|
0.42
|
0.43
|
0.41
|
0.40
|
0.40
|
1.67
|
1.51
|
Operating earnings
per share- excluding MSR*
|
0.41
|
0.43
|
0.42
|
0.39
|
0.33
|
1.66
|
1.50
|
Cash dividends per
share
|
0.14
|
0.14
|
0.13
|
0.13
|
0.13
|
0.53
|
0.45
|
Book value per
share
|
18.97
|
18.83
|
18.59
|
18.44
|
18.40
|
18.97
|
18.40
|
Tangible book value
per share*
|
15.44
|
15.29
|
15.06
|
14.95
|
14.95
|
15.44
|
14.95
|
Market value per
share (last)
|
31.45
|
32.05
|
30.50
|
30.25
|
31.05
|
31.45
|
31.05
|
Market value per
share (high)
|
34.45
|
32.70
|
31.85
|
32.40
|
31.75
|
34.45
|
31.75
|
Market value per
share (low)
|
30.25
|
27.20
|
28.20
|
28.10
|
22.23
|
27.20
|
18.69
|
Market value per
share (avg)
|
32.13
|
29.92
|
29.98
|
30.68
|
26.79
|
30.67
|
23.50
|
Dividend payout
ratio
|
33.70%
|
32.20%
|
30.48%
|
30.73%
|
31.11%
|
31.71%
|
31.94%
|
Total shares
outstanding
|
90,312,378
|
90,329,896
|
91,022,729
|
92,344,409
|
93,696,687
|
90,312,378
|
93,696,687
|
Average shares
outstanding - basic
|
90,321,137
|
90,911,702
|
91,366,309
|
93,642,848
|
93,740,626
|
91,560,499
|
94,218,694
|
Average shares
outstanding - diluted
|
90,546,824
|
91,099,770
|
91,530,552
|
93,829,400
|
93,966,392
|
91,754,749
|
94,454,640
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield/Rate:
|
|
|
|
|
|
|
|
(Taxable equivalent
basis)
|
|
|
|
|
|
|
|
Loans, loans held for
sale, and leases net of unearned income
|
4.36%
|
4.33%
|
4.27%
|
4.20%
|
4.18%
|
4.29%
|
4.20%
|
Available-for-sale
securities:
|
|
|
|
|
|
|
|
Taxable
|
1.48%
|
1.41%
|
1.37%
|
1.35%
|
1.31%
|
1.40%
|
1.36%
|
Tax-exempt
|
5.29%
|
5.25%
|
5.26%
|
5.29%
|
5.29%
|
5.27%
|
5.33%
|
Short-term
investments
|
1.09%
|
1.02%
|
0.88%
|
0.76%
|
0.41%
|
0.89%
|
0.42%
|
Total interest
earning assets and revenue
|
3.90%
|
3.89%
|
3.80%
|
3.70%
|
3.70%
|
3.82%
|
3.75%
|
Deposits
|
0.27%
|
0.26%
|
0.25%
|
0.23%
|
0.23%
|
0.25%
|
0.22%
|
Demand -
interest bearing
|
0.29%
|
0.28%
|
0.25%
|
0.22%
|
0.20%
|
0.26%
|
0.19%
|
Savings
|
0.13%
|
0.12%
|
0.12%
|
0.12%
|
0.12%
|
0.12%
|
0.12%
|
Other
time
|
0.86%
|
0.84%
|
0.81%
|
0.79%
|
0.79%
|
0.82%
|
0.76%
|
Short-term
borrowings
|
0.96%
|
0.85%
|
0.69%
|
0.31%
|
0.16%
|
0.78%
|
0.15%
|
Total interest
bearing deposits & short-term borrowings
|
0.45%
|
0.41%
|
0.37%
|
0.32%
|
0.31%
|
0.39%
|
0.29%
|
Junior subordinated
debt
|
N/A
|
N/A
|
N/A
|
3.29%
|
3.53%
|
3.29%
|
3.30%
|
Long-term
debt
|
4.05%
|
1.79%
|
1.01%
|
0.87%
|
0.73%
|
1.14%
|
0.98%
|
Total interest
bearing liabilities and expense
|
0.46%
|
0.44%
|
0.40%
|
0.35%
|
0.34%
|
0.41%
|
0.33%
|
Interest bearing
liabilities to interest earning assets
|
69.09%
|
69.55%
|
69.68%
|
70.24%
|
69.43%
|
69.64%
|
69.49%
|
Net interest tax
equivalent adjustment
|
$
2,155
|
$
2,237
|
$
2,248
|
$
2,261
|
$
2,371
|
$
8,897
|
$
9,884
|
|
|
|
|
|
|
|
|
*Denotes non-GAAP
financial measure. Refer to related disclosure and
reconciliation on pages 20 and 21.
|
|
|
|
|
|
|
|
BancorpSouth
Bank
|
Consolidated
Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
Dec-17
|
Sep-17
|
Jun-17
|
Mar-17
|
Dec-16
|
|
(Dollars in
thousands)
|
Assets
|
|
|
|
|
|
Cash and due from
banks
|
$
167,283
|
$
167,871
|
$
178,376
|
$
147,684
|
$
184,152
|
Interest bearing
deposits with other banks
|
53,440
|
52,316
|
49,680
|
253,738
|
38,813
|
Available-for-sale
securities, at fair value
|
2,835,367
|
2,359,967
|
2,421,295
|
2,540,887
|
2,531,676
|
Loans and
leases
|
11,072,062
|
11,073,306
|
11,037,808
|
10,822,568
|
10,835,512
|
Less:
Unearned income
|
15,628
|
17,797
|
19,268
|
20,874
|
23,521
|
Allowance for credit losses
|
118,200
|
119,496
|
121,561
|
125,196
|
123,736
|
Net loans and
leases
|
10,938,234
|
10,936,013
|
10,896,979
|
10,676,498
|
10,688,255
|
Loans held for
sale
|
136,577
|
138,353
|
184,921
|
161,600
|
166,927
|
Premises and
equipment, net
|
314,362
|
311,530
|
306,863
|
305,250
|
305,561
|
Accrued interest
receivable
|
45,671
|
44,454
|
40,716
|
42,329
|
42,005
|
Goodwill
|
300,798
|
300,798
|
300,798
|
300,798
|
300,798
|
Other identifiable
intangibles
|
17,882
|
18,860
|
19,854
|
20,865
|
21,894
|
Bank owned life
insurance
|
292,069
|
259,361
|
260,228
|
258,518
|
258,648
|
Other real estate
owned
|
6,038
|
5,956
|
7,704
|
8,458
|
7,810
|
Other
assets
|
190,797
|
164,915
|
175,716
|
149,429
|
177,849
|
Total
Assets
|
$
15,298,518
|
$
14,760,394
|
$
14,843,130
|
$
14,866,054
|
$
14,724,388
|
Liabilities
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Demand:
Noninterest bearing
|
$
3,453,000
|
$
3,414,397
|
$
3,390,428
|
$
3,401,348
|
$
3,250,537
|
Interest bearing
|
5,066,614
|
4,925,127
|
5,095,570
|
5,182,011
|
5,034,470
|
Savings
|
1,638,799
|
1,638,033
|
1,630,123
|
1,627,621
|
1,561,819
|
Other
time
|
1,757,183
|
1,798,431
|
1,822,175
|
1,831,865
|
1,841,315
|
Total
deposits
|
11,915,596
|
11,775,988
|
11,938,296
|
12,042,845
|
11,688,141
|
Securities sold under
agreement to repurchase
|
417,867
|
421,044
|
399,815
|
375,832
|
454,002
|
Federal funds
purchased
|
|
|
|
|
|
and
other short-term borrowing
|
1,025,000
|
625,000
|
365,000
|
-
|
92,000
|
Accrued interest
payable
|
4,882
|
4,826
|
4,259
|
4,109
|
3,975
|
Junior subordinated
debt securities
|
-
|
-
|
-
|
-
|
12,888
|
Long-term
debt
|
30,000
|
30,000
|
230,000
|
530,000
|
530,000
|
Other
liabilities
|
191,688
|
203,034
|
213,928
|
210,879
|
219,499
|
Total
Liabilities
|
13,585,033
|
13,059,892
|
13,151,298
|
13,163,665
|
13,000,505
|
Shareholders'
Equity
|
|
|
|
|
|
Common
stock
|
225,781
|
225,825
|
227,557
|
230,861
|
234,242
|
Capital
surplus
|
177,624
|
175,837
|
191,940
|
226,204
|
271,292
|
Accumulated other
comprehensive loss
|
(63,843)
|
(50,203)
|
(49,861)
|
(50,360)
|
(50,937)
|
Retained
earnings
|
1,373,923
|
1,349,043
|
1,322,196
|
1,295,684
|
1,269,286
|
Total Shareholders'
Equity
|
1,713,485
|
1,700,502
|
1,691,832
|
1,702,389
|
1,723,883
|
Total Liabilities
& Shareholders' Equity
|
$
15,298,518
|
$
14,760,394
|
$
14,843,130
|
$
14,866,054
|
$
14,724,388
|
BancorpSouth
Bank
|
Consolidated
Average Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
Dec-17
|
Sep-17
|
Jun-17
|
Mar-17
|
Dec-16
|
|
(Dollars in
thousands)
|
Assets
|
|
|
|
|
|
Cash and due from
banks
|
$
154,843
|
$
153,797
|
$
156,387
|
$
162,696
|
$
171,791
|
Interest bearing
deposits with other banks
|
108,880
|
83,109
|
117,414
|
258,502
|
165,805
|
Available-for-sale
securities, at fair value
|
2,447,357
|
2,367,633
|
2,497,108
|
2,507,701
|
2,479,008
|
Loans and
leases
|
11,026,437
|
11,032,159
|
10,903,524
|
10,843,069
|
10,763,314
|
Less:
Unearned income
|
16,250
|
18,889
|
20,422
|
22,583
|
25,512
|
Allowance for credit losses
|
119,124
|
121,501
|
125,578
|
124,662
|
125,526
|
Net loans and
leases
|
10,891,063
|
10,891,769
|
10,757,524
|
10,695,824
|
10,612,276
|
Loans held for
sale
|
112,118
|
127,112
|
138,792
|
128,923
|
142,669
|
Premises and
equipment, net
|
313,874
|
309,592
|
306,483
|
305,637
|
305,994
|
Accrued interest
receivable
|
40,228
|
40,100
|
38,702
|
38,774
|
38,648
|
Goodwill
|
300,798
|
300,798
|
300,798
|
300,798
|
296,888
|
Other identifiable
intangibles
|
18,231
|
19,222
|
20,218
|
21,236
|
20,303
|
Bank owned life
insurance
|
265,761
|
261,100
|
259,182
|
257,669
|
257,397
|
Other real estate
owned
|
5,777
|
6,985
|
7,860
|
8,154
|
9,084
|
Other
assets
|
150,567
|
149,028
|
141,343
|
146,346
|
155,497
|
Total
Assets
|
$
14,809,497
|
$
14,710,245
|
$
14,741,811
|
$
14,832,260
|
$
14,655,360
|
Liabilities
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Demand:
Noninterest bearing
|
$
3,479,771
|
$
3,369,468
|
$
3,362,801
|
$
3,272,876
|
$
3,344,632
|
Interest bearing
|
4,949,183
|
4,985,113
|
5,079,388
|
5,244,069
|
4,951,906
|
Savings
|
1,631,617
|
1,634,577
|
1,626,996
|
1,587,725
|
1,543,542
|
Other
time
|
1,779,478
|
1,813,524
|
1,833,230
|
1,837,181
|
1,860,133
|
Total
deposits
|
11,840,049
|
11,802,682
|
11,902,415
|
11,941,851
|
11,700,213
|
Securities sold under
agreement to repurchase
|
471,581
|
444,999
|
412,825
|
414,272
|
475,669
|
Federal funds
purchased
|
|
|
|
|
|
and
other short-term borrowing
|
589,261
|
411,815
|
151,352
|
19,545
|
3,924
|
Accrued interest
payable
|
4,718
|
4,507
|
4,028
|
3,867
|
4,031
|
Junior subordinated
debt securities
|
-
|
-
|
-
|
1,146
|
21,181
|
Long-term
debt
|
30,000
|
162,609
|
398,132
|
530,000
|
534,141
|
Other
liabilities
|
172,660
|
187,734
|
193,006
|
189,648
|
191,330
|
Total
Liabilities
|
13,108,269
|
13,014,346
|
13,061,758
|
13,100,329
|
12,930,489
|
Shareholders'
Equity
|
|
|
|
|
|
Common
stock
|
225,808
|
227,247
|
228,322
|
234,285
|
234,323
|
Capital
surplus
|
176,613
|
189,545
|
199,115
|
265,685
|
271,900
|
Accumulated other
comprehensive loss
|
(55,181)
|
(48,591)
|
(49,185)
|
(50,616)
|
(40,454)
|
Retained
earnings
|
1,353,988
|
1,327,698
|
1,301,801
|
1,282,577
|
1,259,102
|
Total Shareholders'
Equity
|
1,701,228
|
1,695,899
|
1,680,053
|
1,731,931
|
1,724,871
|
Total Liabilities
& Shareholders' Equity
|
$
14,809,497
|
$
14,710,245
|
$
14,741,811
|
$
14,832,260
|
$
14,655,360
|
BancorpSouth
Bank
|
Consolidated
Condensed Statements of Income
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Year Ended
|
|
Dec-17
|
|
Sep-17
|
|
Jun-17
|
|
Mar-17
|
|
Dec-16
|
|
Dec-17
|
|
Dec-16
|
INTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
leases
|
$
120,381
|
|
$
119,599
|
|
$
115,286
|
|
$
111,498
|
|
$
112,189
|
|
$ 466,764
|
|
$ 440,677
|
Deposits with other
banks
|
300
|
|
214
|
|
256
|
|
485
|
|
169
|
|
1,255
|
|
1,070
|
Available-for-sale
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
8,114
|
|
7,378
|
|
7,509
|
|
7,350
|
|
7,105
|
|
30,351
|
|
25,191
|
Tax-exempt
|
2,417
|
|
2,514
|
|
2,562
|
|
2,581
|
|
2,771
|
|
10,074
|
|
11,625
|
Loans held for
sale
|
1,064
|
|
1,229
|
|
1,242
|
|
1,012
|
|
1,210
|
|
4,547
|
|
4,616
|
Total
interest revenue
|
132,276
|
|
130,934
|
|
126,855
|
|
122,926
|
|
123,444
|
|
512,991
|
|
483,179
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
demand
|
3,645
|
|
3,482
|
|
3,204
|
|
2,786
|
|
2,514
|
|
13,117
|
|
9,246
|
Savings
|
517
|
|
494
|
|
483
|
|
472
|
|
470
|
|
1,966
|
|
1,826
|
Other time
|
3,853
|
|
3,819
|
|
3,725
|
|
3,582
|
|
3,711
|
|
14,979
|
|
14,162
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under
agreement to repurchase
|
930
|
|
754
|
|
509
|
|
322
|
|
190
|
|
2,515
|
|
662
|
Short-term and
long-term debt
|
1,943
|
|
1,824
|
|
1,456
|
|
1,142
|
|
985
|
|
6,365
|
|
3,082
|
Junior subordinated
debt
|
-
|
|
-
|
|
-
|
|
9
|
|
187
|
|
9
|
|
747
|
Other
|
2
|
|
-
|
|
-
|
|
2
|
|
-
|
|
4
|
|
2
|
Total
interest expense
|
10,890
|
|
10,373
|
|
9,377
|
|
8,315
|
|
8,057
|
|
38,955
|
|
29,727
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest revenue
|
121,386
|
|
120,561
|
|
117,478
|
|
114,611
|
|
115,387
|
|
474,036
|
|
453,452
|
Provision for
credit losses
|
500
|
|
500
|
|
1,000
|
|
1,000
|
|
1,000
|
|
3,000
|
|
4,000
|
Net
interest revenue, after provision for
|
|
|
|
|
|
|
|
|
|
|
|
|
|
credit losses
|
120,886
|
|
120,061
|
|
116,478
|
|
113,611
|
|
114,387
|
|
471,036
|
|
449,452
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage
banking
|
7,246
|
|
6,909
|
|
6,134
|
|
8,990
|
|
16,803
|
|
29,279
|
|
37,606
|
Credit card, debit
card and merchant fees
|
9,530
|
|
9,346
|
|
9,565
|
|
8,903
|
|
9,262
|
|
37,344
|
|
37,010
|
Deposit service
charges
|
10,257
|
|
10,388
|
|
9,706
|
|
9,689
|
|
9,956
|
|
40,040
|
|
43,301
|
Security gains,
net
|
523
|
|
5
|
|
23
|
|
1,071
|
|
39
|
|
1,622
|
|
128
|
Insurance
commissions
|
25,758
|
|
28,616
|
|
31,126
|
|
32,940
|
|
25,709
|
|
118,440
|
|
115,955
|
Wealth
management
|
5,619
|
|
5,386
|
|
5,275
|
|
5,174
|
|
5,401
|
|
21,454
|
|
21,169
|
Other
|
4,141
|
|
5,310
|
|
6,301
|
|
4,102
|
|
4,805
|
|
19,854
|
|
19,732
|
Total
noninterest revenue
|
63,074
|
|
65,960
|
|
68,130
|
|
70,869
|
|
71,975
|
|
268,033
|
|
274,901
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
78,142
|
|
81,415
|
|
81,597
|
|
81,386
|
|
80,850
|
|
322,540
|
|
324,088
|
Occupancy, net of
rental income
|
10,064
|
|
10,343
|
|
10,455
|
|
10,302
|
|
10,294
|
|
41,164
|
|
41,088
|
Equipment
|
3,710
|
|
3,352
|
|
3,438
|
|
3,568
|
|
3,563
|
|
14,068
|
|
14,046
|
Deposit insurance
assessments
|
2,659
|
|
2,499
|
|
2,261
|
|
2,484
|
|
1,818
|
|
9,903
|
|
9,915
|
Regulatory
settlement
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
10,277
|
Other
|
31,306
|
|
29,294
|
|
29,802
|
|
29,369
|
|
33,994
|
|
119,771
|
|
128,495
|
Total
noninterest expense
|
125,881
|
|
126,903
|
|
127,553
|
|
127,109
|
|
130,519
|
|
507,446
|
|
527,909
|
Income
before income taxes
|
58,079
|
|
59,118
|
|
57,055
|
|
57,371
|
|
55,843
|
|
231,623
|
|
196,444
|
Income tax
expense
|
20,556
|
|
19,590
|
|
19,166
|
|
19,278
|
|
18,173
|
|
78,590
|
|
63,716
|
Net
income
|
$
37,523
|
|
$
39,528
|
|
$
37,889
|
|
$
38,093
|
|
$
37,670
|
|
$ 153,033
|
|
$ 132,728
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share:
Basic
|
$
0.42
|
|
$
0.43
|
|
$
0.41
|
|
$
0.41
|
|
$
0.40
|
|
$
1.67
|
|
$
1.41
|
Diluted
|
$
0.41
|
|
$
0.43
|
|
$
0.41
|
|
$
0.41
|
|
$
0.40
|
|
$
1.67
|
|
$
1.41
|
BancorpSouth
Bank
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Dec-17
|
|
Sep-17
|
|
Jun-17
|
|
Mar-17
|
|
Dec-16
|
LOAN AND LEASE
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
1,480,279
|
|
$
1,506,352
|
|
$
1,566,459
|
|
$
1,536,527
|
|
$
1,612,295
|
Real
estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
2,864,623
|
|
2,826,333
|
|
2,776,213
|
|
2,675,672
|
|
2,643,966
|
Home
equity
|
638,394
|
|
626,961
|
|
624,868
|
|
626,488
|
|
628,846
|
Agricultural
|
243,449
|
|
247,211
|
|
245,646
|
|
240,534
|
|
245,377
|
Commercial and industrial-owner occupied
|
1,846,085
|
|
1,835,430
|
|
1,795,321
|
|
1,801,613
|
|
1,764,265
|
Construction, acquisition and development
|
1,153,187
|
|
1,175,979
|
|
1,156,901
|
|
1,136,827
|
|
1,157,248
|
Commercial real estate
|
2,345,231
|
|
2,336,219
|
|
2,341,633
|
|
2,271,542
|
|
2,237,719
|
Credit
cards
|
107,848
|
|
104,613
|
|
104,169
|
|
103,813
|
|
109,656
|
All other
|
377,338
|
|
396,411
|
|
407,330
|
|
408,678
|
|
412,619
|
Total loans
|
$
11,056,434
|
|
$
11,055,509
|
|
$
11,018,540
|
|
$
10,801,694
|
|
$
10,811,991
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR CREDIT
LOSSES:
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period
|
$
119,496
|
|
$
121,561
|
|
$
125,196
|
|
$
123,736
|
|
$
125,887
|
|
|
|
|
|
|
|
|
|
|
Loans and leases
charged-off:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
(1,234)
|
|
(1,963)
|
|
(3,773)
|
|
(384)
|
|
(2,483)
|
Real
estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
(773)
|
|
(1,193)
|
|
(522)
|
|
(596)
|
|
(905)
|
Home
equity
|
(95)
|
|
(439)
|
|
(125)
|
|
(459)
|
|
(873)
|
Agricultural
|
(5)
|
|
(54)
|
|
(6)
|
|
(44)
|
|
-
|
Commercial and industrial-owner occupied
|
(720)
|
|
(20)
|
|
(1,460)
|
|
(404)
|
|
(20)
|
Construction, acquisition and development
|
(206)
|
|
(29)
|
|
(54)
|
|
(30)
|
|
(10)
|
Commercial real estate
|
(159)
|
|
(49)
|
|
(1)
|
|
(19)
|
|
-
|
Credit
cards
|
(849)
|
|
(745)
|
|
(781)
|
|
(838)
|
|
(815)
|
All other
|
(627)
|
|
(711)
|
|
(591)
|
|
(559)
|
|
(580)
|
Total loans
charged-off
|
(4,668)
|
|
(5,203)
|
|
(7,313)
|
|
(3,333)
|
|
(5,686)
|
|
|
|
|
|
|
|
|
|
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
599
|
|
481
|
|
1,034
|
|
490
|
|
1,019
|
Real
estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
755
|
|
642
|
|
339
|
|
625
|
|
413
|
Home
equity
|
69
|
|
378
|
|
110
|
|
356
|
|
71
|
Agricultural
|
7
|
|
77
|
|
34
|
|
41
|
|
15
|
Commercial and industrial-owner occupied
|
391
|
|
285
|
|
481
|
|
193
|
|
201
|
Construction, acquisition and development
|
483
|
|
260
|
|
208
|
|
1,324
|
|
195
|
Commercial real estate
|
98
|
|
151
|
|
75
|
|
69
|
|
176
|
Credit
cards
|
218
|
|
177
|
|
205
|
|
249
|
|
208
|
All other
|
252
|
|
187
|
|
192
|
|
446
|
|
237
|
Total recoveries
|
2,872
|
|
2,638
|
|
2,678
|
|
3,793
|
|
2,535
|
|
|
|
|
|
|
|
|
|
|
Net (charge-offs)
recoveries
|
(1,796)
|
|
(2,565)
|
|
(4,635)
|
|
460
|
|
(3,151)
|
|
|
|
|
|
|
|
|
|
|
Provision charged to
operating expense
|
500
|
|
500
|
|
1,000
|
|
1,000
|
|
1,000
|
Balance, end of
period
|
$
118,200
|
|
$
119,496
|
|
$
121,561
|
|
$
125,196
|
|
$
123,736
|
|
|
|
|
|
|
|
|
|
|
Average loans for
period
|
$
11,010,187
|
|
$
11,013,270
|
|
$
10,883,102
|
|
$
10,820,486
|
|
$
10,737,802
|
|
|
|
|
|
|
|
|
|
|
Ratio:
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries) to average loans (annualized)
|
0.06%
|
|
0.09%
|
|
0.17%
|
|
(0.02%)
|
|
0.12%
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth
Bank
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Dec-17
|
|
Sep-17
|
|
Jun-17
|
|
Mar-17
|
|
Dec-16
|
NON-PERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES:
|
|
|
|
|
|
|
|
|
|
Nonaccrual
Loans and Leases
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
$
10,178
|
|
$
8,776
|
|
$
9,988
|
|
$
13,959
|
|
$
13,679
|
Real estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
22,988
|
|
23,635
|
|
24,690
|
|
21,543
|
|
21,084
|
Home
equity
|
2,956
|
|
2,555
|
|
3,183
|
|
3,157
|
|
3,817
|
Agricultural
|
6,160
|
|
5,919
|
|
6,172
|
|
5,180
|
|
1,546
|
Commercial and
industrial-owner occupied
|
12,585
|
|
7,558
|
|
10,215
|
|
15,135
|
|
10,791
|
Construction,
acquisition and development
|
2,197
|
|
1,771
|
|
2,223
|
|
1,466
|
|
7,022
|
Commercial real
estate
|
4,318
|
|
4,645
|
|
6,418
|
|
13,638
|
|
13,402
|
Credit cards
|
74
|
|
126
|
|
122
|
|
87
|
|
161
|
All other
|
435
|
|
811
|
|
574
|
|
274
|
|
310
|
Total nonaccrual loans and leases
|
$
61,891
|
|
$
55,796
|
|
$
63,585
|
|
$
74,439
|
|
$
71,812
|
|
|
|
|
|
|
|
|
|
|
Loans and
Leases 90+ Days Past Due, Still Accruing:
|
8,503
|
|
1,855
|
|
1,793
|
|
3,063
|
|
3,983
|
Restructured
Loans and Leases, Still Accruing
|
8,060
|
|
7,366
|
|
6,303
|
|
4,060
|
|
26,047
|
Total non-performing loans
and leases
|
78,454
|
|
65,017
|
|
71,681
|
|
81,562
|
|
101,842
|
|
|
|
|
|
|
|
|
|
|
OTHER REAL ESTATE
OWNED:
|
6,038
|
|
5,956
|
|
7,704
|
|
8,458
|
|
7,810
|
|
|
|
|
|
|
|
|
|
|
Total Non-performing
Assets
|
$
84,492
|
|
$
70,973
|
|
$
79,385
|
|
$
90,020
|
|
$
109,652
|
|
|
|
|
|
|
|
|
|
|
Additions to
Nonaccrual Loans and Leases During the Quarter
|
$
20,799
|
|
$
16,975
|
|
$
17,020
|
|
$
23,348
|
|
$
16,007
|
|
|
|
|
|
|
|
|
|
|
Loans and
Leases 30-89 Days Past Due, Still Accruing:
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
$
1,990
|
|
$
3,791
|
|
$
3,304
|
|
$
4,083
|
|
$
3,449
|
Real estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
15,080
|
|
18,603
|
|
12,395
|
|
10,149
|
|
14,490
|
Home
equity
|
1,858
|
|
2,042
|
|
2,590
|
|
1,720
|
|
3,072
|
Agricultural
|
191
|
|
476
|
|
197
|
|
364
|
|
1,283
|
Commercial and
industrial-owner occupied
|
1,655
|
|
4,453
|
|
2,228
|
|
1,949
|
|
2,120
|
Construction,
acquisition and development
|
1,386
|
|
4,464
|
|
2,639
|
|
3,306
|
|
1,344
|
Commercial real
estate
|
1,200
|
|
1,206
|
|
1,183
|
|
2,631
|
|
653
|
Credit cards
|
851
|
|
720
|
|
705
|
|
800
|
|
726
|
All other
|
951
|
|
699
|
|
1,203
|
|
776
|
|
673
|
Total Loans and Leases 30-89 days past due, still
accruing
|
$
25,162
|
|
$
36,454
|
|
$
26,444
|
|
$
25,778
|
|
$
27,810
|
|
|
|
|
|
|
|
|
|
|
Credit Quality
Ratios:
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses to average loans and leases (annualized)
|
0.02%
|
|
0.02%
|
|
0.04%
|
|
0.04%
|
|
0.04%
|
Allowance for credit
losses to net loans and leases
|
1.07%
|
|
1.08%
|
|
1.10%
|
|
1.16%
|
|
1.14%
|
Allowance for credit
losses to non-performing loans and leases
|
150.66%
|
|
183.79%
|
|
169.59%
|
|
153.50%
|
|
121.50%
|
Allowance for credit
losses to non-performing assets
|
139.89%
|
|
168.37%
|
|
153.13%
|
|
139.08%
|
|
112.84%
|
Non-performing loans
and leases to net loans and leases
|
0.71%
|
|
0.59%
|
|
0.65%
|
|
0.76%
|
|
0.94%
|
Non-performing assets
to net loans and leases
|
0.76%
|
|
0.64%
|
|
0.72%
|
|
0.83%
|
|
1.01%
|
BancorpSouth
Bank
|
|
|
|
|
Selected Loan
Data
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2017
|
|
|
|
Special
|
|
|
|
|
|
|
|
|
|
|
|
Pass
|
|
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Impaired
|
|
Total
|
LOAN PORTFOLIO BY
INTERNALLY ASSIGNED GRADE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
1,434,663
|
|
$
-
|
|
$
38,210
|
|
$
501
|
|
$
-
|
|
$
6,905
|
|
$
1,480,279
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
2,802,397
|
|
-
|
|
60,606
|
|
203
|
|
-
|
|
1,417
|
|
2,864,623
|
Home
equity
|
629,010
|
|
-
|
|
8,683
|
|
-
|
|
-
|
|
701
|
|
638,394
|
Agricultural
|
228,618
|
|
-
|
|
9,622
|
|
-
|
|
-
|
|
5,209
|
|
243,449
|
Commercial and industrial-owner occupied
|
1,775,772
|
|
-
|
|
61,435
|
|
-
|
|
269
|
|
8,609
|
|
1,846,085
|
Construction, acquisition and development
|
1,134,637
|
|
3,718
|
|
14,208
|
|
-
|
|
-
|
|
624
|
|
1,153,187
|
Commercial real estate
|
2,303,569
|
|
1,220
|
|
38,096
|
|
-
|
|
-
|
|
2,346
|
|
2,345,231
|
Credit
cards
|
107,848
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
107,848
|
All other
|
362,599
|
|
-
|
|
14,739
|
|
-
|
|
-
|
|
-
|
|
377,338
|
Total loans
|
$
10,779,113
|
|
$
4,938
|
|
$
245,599
|
|
$
704
|
|
$
269
|
|
$
25,811
|
|
$
11,056,434
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2017
|
|
|
|
Special
|
|
|
|
|
|
|
|
|
|
|
|
Pass
|
|
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Impaired
|
|
Total
|
LOAN PORTFOLIO BY
INTERNALLY ASSIGNED GRADE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
1,449,512
|
|
$
762
|
|
$
50,633
|
|
$
290
|
|
$
146
|
|
$
5,009
|
|
$
1,506,352
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
2,768,161
|
|
-
|
|
55,836
|
|
272
|
|
-
|
|
2,064
|
|
2,826,333
|
Home
equity
|
617,463
|
|
-
|
|
8,731
|
|
-
|
|
-
|
|
767
|
|
626,961
|
Agricultural
|
234,563
|
|
-
|
|
7,372
|
|
-
|
|
-
|
|
5,276
|
|
247,211
|
Commercial and industrial-owner occupied
|
1,766,055
|
|
2,920
|
|
62,232
|
|
-
|
|
-
|
|
4,223
|
|
1,835,430
|
Construction, acquisition and development
|
1,159,359
|
|
3,718
|
|
12,902
|
|
-
|
|
-
|
|
-
|
|
1,175,979
|
Commercial real estate
|
2,293,845
|
|
-
|
|
39,805
|
|
177
|
|
-
|
|
2,392
|
|
2,336,219
|
Credit
cards
|
104,613
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
104,613
|
All other
|
392,100
|
|
-
|
|
4,211
|
|
100
|
|
-
|
|
-
|
|
396,411
|
Total loans
|
$
10,785,671
|
|
$
7,400
|
|
$
241,722
|
|
$
839
|
|
$
146
|
|
$
19,731
|
|
$
11,055,509
|
BancorpSouth
Bank
|
Geographical
Information
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2017
|
|
Alabama
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and
Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Panhandle
|
|
Arkansas
|
|
Louisiana
|
|
Mississippi
|
|
Missouri
|
|
Tennessee
|
|
Texas
|
|
Other
|
|
Total
|
LOAN AND LEASE
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
123,841
|
|
$
175,017
|
|
$
189,170
|
|
$
570,462
|
|
$
72,130
|
|
$
104,989
|
|
$
196,142
|
|
$
48,528
|
|
$
1,480,279
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
390,516
|
|
331,014
|
|
240,590
|
|
882,222
|
|
97,509
|
|
323,233
|
|
549,438
|
|
50,101
|
|
2,864,623
|
Home
equity
|
100,304
|
|
46,898
|
|
72,089
|
|
234,481
|
|
21,062
|
|
141,025
|
|
20,555
|
|
1,980
|
|
638,394
|
Agricultural
|
7,344
|
|
85,496
|
|
23,675
|
|
66,029
|
|
6,347
|
|
12,139
|
|
42,100
|
|
319
|
|
243,449
|
Commercial and industrial-owner occupied
|
211,087
|
|
199,811
|
|
223,567
|
|
719,218
|
|
49,010
|
|
151,199
|
|
292,193
|
|
-
|
|
1,846,085
|
Construction, acquisition and development
|
102,390
|
|
76,405
|
|
57,157
|
|
339,864
|
|
17,816
|
|
172,612
|
|
386,943
|
|
-
|
|
1,153,187
|
Commercial real estate
|
319,504
|
|
343,929
|
|
231,365
|
|
553,021
|
|
212,227
|
|
214,050
|
|
471,135
|
|
-
|
|
2,345,231
|
Credit
cards
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
107,848
|
|
107,848
|
All other
|
50,065
|
|
39,942
|
|
22,385
|
|
195,594
|
|
2,914
|
|
21,833
|
|
38,073
|
|
6,532
|
|
377,338
|
Total loans
|
$
1,305,051
|
|
$
1,298,512
|
|
$
1,059,998
|
|
$3,560,891
|
|
$
479,015
|
|
$
1,141,080
|
|
$
1,996,579
|
|
$
215,308
|
|
$
11,056,434
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
585
|
|
$
1,330
|
|
590
|
|
$
3,759
|
|
$
3,350
|
|
$
120
|
|
$
1,034
|
|
$
774
|
|
$
11,542
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
2,734
|
|
4,694
|
|
1,040
|
|
12,316
|
|
653
|
|
2,902
|
|
6,704
|
|
381
|
|
31,424
|
Home
equity
|
402
|
|
700
|
|
1,061
|
|
672
|
|
119
|
|
92
|
|
-
|
|
2
|
|
3,048
|
Agricultural
|
50
|
|
495
|
|
206
|
|
5,397
|
|
-
|
|
-
|
|
26
|
|
-
|
|
6,174
|
Commercial and industrial-owner occupied
|
49
|
|
2,330
|
|
586
|
|
4,605
|
|
4,126
|
|
1,087
|
|
3,139
|
|
-
|
|
15,922
|
Construction, acquisition and development
|
41
|
|
878
|
|
471
|
|
264
|
|
-
|
|
-
|
|
722
|
|
-
|
|
2,376
|
Commercial real estate
|
778
|
|
1,070
|
|
855
|
|
3,130
|
|
-
|
|
-
|
|
-
|
|
-
|
|
5,833
|
Credit
cards
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,236
|
|
1,236
|
All other
|
13
|
|
-
|
|
8
|
|
556
|
|
-
|
|
317
|
|
5
|
|
-
|
|
899
|
Total loans
|
$
4,652
|
|
$
11,497
|
|
$
4,817
|
|
$
30,699
|
|
$
8,248
|
|
$
4,518
|
|
$
11,630
|
|
$
2,393
|
|
$
78,454
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS A
PERCENTAGE OF OUTSTANDING:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
0.47%
|
|
0.76%
|
|
0.31%
|
|
0.66%
|
|
4.64%
|
|
0.11%
|
|
0.53%
|
|
1.59%
|
|
0.78%
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
0.70%
|
|
1.42%
|
|
0.43%
|
|
1.40%
|
|
0.67%
|
|
0.90%
|
|
1.22%
|
|
0.76%
|
|
1.10%
|
Home
equity
|
0.40%
|
|
1.49%
|
|
1.47%
|
|
0.29%
|
|
0.56%
|
|
0.07%
|
|
0.00%
|
|
0.10%
|
|
0.48%
|
Agricultural
|
0.68%
|
|
0.58%
|
|
0.87%
|
|
8.17%
|
|
0.00%
|
|
0.00%
|
|
0.06%
|
|
0.00%
|
|
2.54%
|
Commercial and industrial-owner occupied
|
0.02%
|
|
1.17%
|
|
0.26%
|
|
0.64%
|
|
8.42%
|
|
0.72%
|
|
1.07%
|
|
N/A
|
|
0.86%
|
Construction, acquisition and development
|
0.04%
|
|
1.15%
|
|
0.82%
|
|
0.08%
|
|
0.00%
|
|
0.00%
|
|
0.19%
|
|
N/A
|
|
0.21%
|
Commercial real estate
|
0.24%
|
|
0.31%
|
|
0.37%
|
|
0.57%
|
|
0.00%
|
|
0.00%
|
|
0.00%
|
|
N/A
|
|
0.25%
|
Credit
cards
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
1.15%
|
|
1.15%
|
All other
|
0.03%
|
|
0.00%
|
|
0.04%
|
|
0.28%
|
|
0.00%
|
|
1.45%
|
|
0.01%
|
|
0.00%
|
|
0.24%
|
Total loans
|
0.36%
|
|
0.89%
|
|
0.45%
|
|
0.86%
|
|
1.72%
|
|
0.40%
|
|
0.58%
|
|
1.11%
|
|
0.71%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BancorpSouth
Bank
|
|
|
|
|
Noninterest
Revenue and Expense
|
|
|
|
|
(Dollars in
thousands)
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Year Ended
|
|
Dec-17
|
|
Sep-17
|
|
Jun-17
|
|
Mar-17
|
|
Dec-16
|
|
Dec-17
|
|
Dec-16
|
NONINTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking
excl. MSR and MSR Hedge market value adj
|
$
4,868
|
|
$
6,955
|
|
$
7,643
|
|
$
8,056
|
|
$
5,561
|
|
$
27,522
|
|
$
36,597
|
MSR and MSR Hedge
market value adjustment
|
2,378
|
|
(46)
|
|
(1,509)
|
|
934
|
|
11,242
|
|
1,757
|
|
1,009
|
Credit card, debit
card and merchant fees
|
9,530
|
|
9,346
|
|
9,565
|
|
8,903
|
|
9,262
|
|
37,344
|
|
37,010
|
Deposit service
charges
|
10,257
|
|
10,388
|
|
9,706
|
|
9,689
|
|
9,956
|
|
40,040
|
|
43,301
|
Securities gains,
net
|
523
|
|
5
|
|
23
|
|
1,071
|
|
39
|
|
1,622
|
|
128
|
Insurance
commissions
|
25,758
|
|
28,616
|
|
31,126
|
|
32,940
|
|
25,709
|
|
118,440
|
|
115,955
|
Trust
income
|
3,985
|
|
3,803
|
|
3,679
|
|
3,561
|
|
3,874
|
|
15,028
|
|
14,438
|
Annuity
fees
|
216
|
|
246
|
|
264
|
|
349
|
|
257
|
|
1,075
|
|
1,645
|
Brokerage commissions
and fees
|
1,418
|
|
1,337
|
|
1,332
|
|
1,264
|
|
1,270
|
|
5,351
|
|
5,086
|
Bank-owned life
insurance
|
1,732
|
|
2,700
|
|
1,710
|
|
1,669
|
|
2,104
|
|
7,811
|
|
7,585
|
Other miscellaneous
income
|
2,409
|
|
2,610
|
|
4,591
|
|
2,433
|
|
2,701
|
|
12,043
|
|
12,147
|
Total noninterest
revenue
|
$
63,074
|
|
$
65,960
|
|
$
68,130
|
|
$
70,869
|
|
$
71,975
|
|
$ 268,033
|
|
$ 274,901
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
$
78,142
|
|
$
81,415
|
|
$
81,597
|
|
$
81,386
|
|
$
80,850
|
|
$ 322,540
|
|
$ 324,088
|
Occupancy, net of
rental income
|
10,064
|
|
10,343
|
|
10,455
|
|
10,302
|
|
10,294
|
|
41,164
|
|
41,088
|
Equipment
|
3,710
|
|
3,352
|
|
3,438
|
|
3,568
|
|
3,563
|
|
14,068
|
|
14,046
|
Deposit insurance
assessments
|
2,659
|
|
2,499
|
|
2,261
|
|
2,484
|
|
1,818
|
|
9,903
|
|
9,915
|
Regulatory
settlement
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
10,277
|
Advertising
|
1,671
|
|
1,185
|
|
1,037
|
|
663
|
|
2,443
|
|
4,556
|
|
5,044
|
Foreclosed property
expense
|
1,035
|
|
447
|
|
960
|
|
1,050
|
|
1,005
|
|
3,492
|
|
4,354
|
Telecommunications
|
1,219
|
|
1,192
|
|
1,233
|
|
1,147
|
|
1,245
|
|
4,791
|
|
5,087
|
Public
relations
|
705
|
|
675
|
|
654
|
|
720
|
|
716
|
|
2,754
|
|
2,694
|
Data
processing
|
6,855
|
|
6,942
|
|
7,230
|
|
6,623
|
|
6,903
|
|
27,650
|
|
26,835
|
Computer
software
|
3,172
|
|
3,074
|
|
2,913
|
|
2,981
|
|
3,013
|
|
12,140
|
|
11,381
|
Amortization of
intangibles
|
979
|
|
994
|
|
1,010
|
|
1,030
|
|
963
|
|
4,013
|
|
3,635
|
Legal
|
1,326
|
|
1,016
|
|
1,330
|
|
1,229
|
|
1,190
|
|
4,901
|
|
8,543
|
Merger
expense
|
688
|
|
-
|
|
-
|
|
-
|
|
-
|
|
688
|
|
2
|
Postage and
shipping
|
1,092
|
|
1,050
|
|
1,080
|
|
1,175
|
|
1,075
|
|
4,397
|
|
4,236
|
Other miscellaneous
expense
|
12,564
|
|
12,719
|
|
12,355
|
|
12,751
|
|
15,441
|
|
50,389
|
|
56,684
|
Total noninterest
expense
|
$
125,881
|
|
$
126,903
|
|
$
127,553
|
|
$
127,109
|
|
$
130,519
|
|
$ 507,446
|
|
$ 527,909
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INSURANCE
COMMISSIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and casualty
commissions
|
$
18,667
|
|
$
21,086
|
|
$
22,363
|
|
$
19,755
|
|
$
19,098
|
|
81,871
|
|
$
80,319
|
Life and health
commissions
|
5,900
|
|
6,134
|
|
6,623
|
|
6,465
|
|
5,757
|
|
25,122
|
|
23,521
|
Risk management
income
|
608
|
|
703
|
|
600
|
|
648
|
|
610
|
|
2,559
|
|
2,499
|
Other
|
583
|
|
693
|
|
1,540
|
|
6,072
|
|
244
|
|
8,888
|
|
9,616
|
Total insurance
commissions
|
$
25,758
|
|
$
28,616
|
|
$
31,126
|
|
$
32,940
|
|
$
25,709
|
|
$ 118,440
|
|
$ 115,955
|
BancorpSouth
Bank
|
Selected
Additional Information
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Dec-17
|
|
Sep-17
|
|
Jun-17
|
|
Mar-17
|
|
Dec-16
|
MORTGAGE SERVICING
RIGHTS:
|
|
|
|
|
|
|
|
|
|
Fair value, beginning
of period
|
$
66,417
|
|
$
65,491
|
|
$
67,161
|
|
$
65,263
|
|
$
51,930
|
Additions to mortgage
servicing rights:
|
|
|
|
|
|
|
|
|
|
Originations of servicing assets
|
3,011
|
|
3,393
|
|
2,772
|
|
2,866
|
|
4,022
|
Changes in fair
value:
|
|
|
|
|
|
|
|
|
|
Due to
payoffs/paydowns
|
(2,659)
|
|
(2,502)
|
|
(2,825)
|
|
(1,876)
|
|
(2,447)
|
Due to
change in valuation inputs or
|
|
|
|
|
|
|
|
|
|
assumptions used in the
valuation model
|
2,422
|
|
36
|
|
(1,616)
|
|
909
|
|
11,759
|
Other
changes in fair value
|
(1)
|
|
(1)
|
|
(1)
|
|
(1)
|
|
(1)
|
Fair value, end of
period
|
$
69,190
|
|
$
66,417
|
|
$
65,491
|
|
$
67,161
|
|
$
65,263
|
|
|
|
|
|
|
|
|
|
|
MORTGAGE BANKING
REVENUE:
|
|
|
|
|
|
|
|
|
|
Production
revenue:
|
|
|
|
|
|
|
|
|
|
Origination
|
$
2,824
|
|
$
4,809
|
|
$
5,771
|
|
$
5,117
|
|
$
3,335
|
Servicing
|
4,703
|
|
4,648
|
|
4,697
|
|
4,815
|
|
4,673
|
Payoffs/Paydowns
|
(2,659)
|
|
(2,502)
|
|
(2,825)
|
|
(1,876)
|
|
(2,447)
|
Total production
revenue
|
4,868
|
|
6,955
|
|
7,643
|
|
8,056
|
|
5,561
|
Market value
adjustment on MSR
|
2,422
|
|
36
|
|
(1,616)
|
|
909
|
|
11,759
|
Market value
adjustment on MSR Hedge
|
(44)
|
|
(82)
|
|
107
|
|
25
|
|
(517)
|
Total mortgage
lending revenue
|
$
7,246
|
|
$
6,909
|
|
$
6,134
|
|
$
8,990
|
|
$
16,803
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans
serviced
|
$
6,533,642
|
|
$
6,506,550
|
|
$
6,431,273
|
|
$
6,429,617
|
|
$
6,384,649
|
MSR/mtg loans
serviced
|
1.06%
|
|
1.02%
|
|
1.02%
|
|
1.04%
|
|
1.01%
|
|
|
|
|
|
|
|
|
|
|
AVAILABLE-FOR-SALE
SECURITIES, at fair value
|
|
|
|
|
|
|
|
|
|
U.S. Government
agencies
|
$
2,214,995
|
|
$
1,687,186
|
|
$
1,713,374
|
|
$
1,818,180
|
|
$
1,789,427
|
Government agency
issued residential
|
|
|
|
|
|
|
|
|
|
mortgage-back securities
|
148,548
|
|
157,891
|
|
159,246
|
|
167,542
|
|
176,243
|
Government agency
issued commercial
|
|
|
|
|
|
|
|
|
|
mortgage-back securities
|
122,068
|
|
153,509
|
|
170,642
|
|
170,082
|
|
172,279
|
Obligations of states
and political subdivisions
|
312,931
|
|
328,314
|
|
345,130
|
|
352,324
|
|
360,005
|
Other
|
36,825
|
|
33,067
|
|
32,903
|
|
32,759
|
|
33,722
|
Total
available-for-sale securities
|
$
2,835,367
|
|
$
2,359,967
|
|
$
2,421,295
|
|
$
2,540,887
|
|
$
2,531,676
|
BancorpSouth
Bank
|
Reconciliation of
Non-GAAP Measures and Other Non-GAAP 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,
total operating expense, 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
|
|
Year Ended
|
|
|
|
12/31/2017
|
|
9/30/2017
|
|
6/30/2017
|
|
3/31/2017
|
|
12/31/2016
|
|
12/31/2017
|
|
12/31/2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
37,523
|
|
$
39,528
|
|
$
37,889
|
|
$
38,093
|
|
$
37,670
|
|
$
153,033
|
|
$
132,728
|
Plus:
|
Merger expense, net
of tax
|
|
427
|
|
-
|
|
-
|
|
-
|
|
-
|
|
427
|
|
2
|
|
Regulatory related
charges, net of tax
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
9,412
|
|
Changes due to tax
reform
|
|
623
|
|
-
|
|
-
|
|
-
|
|
-
|
|
623
|
|
-
|
Less:
|
Security gains, net
of tax
|
|
325
|
|
3
|
|
14
|
|
664
|
|
25
|
|
1,006
|
|
80
|
Net operating
income
|
|
$
38,248
|
|
$
39,525
|
|
$
37,875
|
|
$
37,429
|
|
$
37,645
|
|
$
153,077
|
|
$
142,062
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
|
MSR market value
adjustment, net of tax
|
|
1,476
|
|
(28)
|
|
(936)
|
|
579
|
|
6,970
|
|
1,091
|
|
626
|
Net operating
income-excluding MSR
|
|
$
36,772
|
|
$
39,553
|
|
$
38,811
|
|
$
36,850
|
|
$
30,675
|
|
$
151,986
|
|
$
141,436
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Total Operating Expense to Total Noninterest Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
|
$
125,881
|
|
$ 126,903
|
|
$
127,553
|
|
$
127,109
|
|
$
130,519
|
|
$
507,446
|
|
$
527,909
|
Less:
|
Merger
expense
|
|
688
|
|
-
|
|
-
|
|
-
|
|
-
|
|
688
|
|
2
|
|
Regulatory related
charges
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
13,777
|
Total operating
expense
|
|
$
125,193
|
|
$ 126,903
|
|
$
127,553
|
|
$
127,109
|
|
$
130,519
|
|
$
506,758
|
|
$
514,130
|
BancorpSouth
Bank
|
Reconciliation of
Non-GAAP Measures and Other Non-GAAP 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
|
|
Year Ended
|
|
|
|
12/31/2017
|
|
9/30/2017
|
|
6/30/2017
|
|
3/31/2017
|
|
12/31/2016
|
|
12/31/2017
|
|
12/31/2016
|
Tangible
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
15,298,518
|
|
$
14,760,394
|
|
$
14,843,130
|
|
$
14,866,054
|
|
$
14,724,388
|
|
$
15,298,518
|
|
$
14,724,388
|
Less:
|
Goodwill
|
|
300,798
|
|
300,798
|
|
300,798
|
|
300,798
|
|
300,798
|
|
300,798
|
|
300,798
|
|
Other identifiable
intangible assets
|
|
17,882
|
|
18,860
|
|
19,854
|
|
20,865
|
|
21,894
|
|
17,882
|
|
21,894
|
Total tangible
assets
|
|
$
14,979,838
|
|
$
14,440,736
|
|
$
14,522,478
|
|
$
14,544,391
|
|
$
14,401,696
|
|
$
14,979,838
|
|
$
14,401,696
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
$
1,713,485
|
|
$
1,700,502
|
|
$
1,691,832
|
|
$
1,702,389
|
|
$
1,723,883
|
|
$
1,713,485
|
|
$
1,723,883
|
Less:
|
Goodwill
|
|
300,798
|
|
300,798
|
|
300,798
|
|
300,798
|
|
300,798
|
|
300,798
|
|
300,798
|
|
Other identifiable
intangible assets
|
|
17,882
|
|
18,860
|
|
19,854
|
|
20,865
|
|
21,894
|
|
17,882
|
|
21,894
|
Total tangible
shareholders' equity
|
|
$
1,394,805
|
|
$
1,380,844
|
|
$
1,371,180
|
|
$
1,380,726
|
|
$
1,401,191
|
|
$
1,394,805
|
|
$
1,401,191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average
assets
|
|
$
14,809,497
|
|
$
14,710,245
|
|
$
14,741,811
|
|
$
14,832,260
|
|
$
14,655,360
|
|
$
14,773,217
|
|
$
14,226,953
|
Total shares of
common stock outstanding
|
|
90,312,378
|
|
90,329,896
|
|
91,022,729
|
|
92,344,409
|
|
93,696,687
|
|
90,312,378
|
|
93,696,687
|
Average shares
outstanding-diluted
|
|
90,546,824
|
|
91,099,770
|
|
91,530,552
|
|
93,829,400
|
|
93,966,392
|
|
91,754,749
|
|
94,454,640
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity to tangible assets (1)
|
|
9.31%
|
|
9.56%
|
|
9.44%
|
|
9.49%
|
|
9.73%
|
|
9.31%
|
|
9.73%
|
Return on tangible
equity (2)
|
|
10.67%
|
|
11.36%
|
|
11.08%
|
|
11.19%
|
|
10.70%
|
|
10.97%
|
|
9.47%
|
Operating return on
tangible equity-excluding MSR (3)
|
|
10.46%
|
|
11.36%
|
|
11.35%
|
|
10.82%
|
|
8.71%
|
|
10.90%
|
|
10.09%
|
Operating return on
average assets-excluding MSR (4)
|
|
0.99%
|
|
1.07%
|
|
1.06%
|
|
1.01%
|
|
0.83%
|
|
1.03%
|
|
0.99%
|
Operating return on
average shareholders' equity-excluding MSR (5)
|
|
8.58%
|
|
9.25%
|
|
9.27%
|
|
8.63%
|
|
7.08%
|
|
8.93%
|
|
8.31%
|
Tangible book value
per share (6)
|
|
$
15.44
|
|
$
15.29
|
|
$
15.06
|
|
$
14.95
|
|
$
14.95
|
|
$
15.44
|
|
$
14.95
|
Operating earnings
per share (7)
|
|
$
0.42
|
|
$
0.43
|
|
$
0.41
|
|
$
0.40
|
|
$
0.40
|
|
$
1.67
|
|
$
1.51
|
Operating earnings
per share-excluding MSR (8)
|
|
$
0.41
|
|
$
0.43
|
|
$
0.42
|
|
$
0.39
|
|
$
0.33
|
|
$
1.66
|
|
$
1.50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 shares of common stock
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.
|
View original
content:http://www.prnewswire.com/news-releases/bancorpsouth-2017-annual-earnings-reach-new-record-declares-quarterly-dividend-300587627.html
SOURCE BancorpSouth Bank