TUPELO, Miss., Oct. 25, 2021 /PRNewswire/ -- BancorpSouth Bank
(NYSE: BXS) (the Company) today announced financial results for the
quarter ended September 30, 2021.
Highlights for the third quarter of 2021 included:
- Achieved quarterly net income available to common shareholders
of $70.4 million, or $0.65 per diluted common share, and net operating
income available to common shareholders – excluding MSR – of
$73.3 million, or $0.68 per diluted common share.
- Generated $90.1 million in
pre-tax pre-provision net revenue (PPNR), or 1.29 percent of
average assets on an annualized basis.
- Generated organic total deposit and customer repo growth of
$722.2 million for the quarter, or
12.2 percent on an annualized basis, and total organic net loan
growth of approximately $121.6
million, or 3.3 percent on an annualized basis, excluding
Paycheck Protection Program (PPP) activity.
- Fee income businesses continue to perform at a high level as
mortgage origination volume totaled $788.9
million for the quarter while insurance commission revenue
grew over 9 percent compared to the third quarter of 2020.
- Continued stability in credit quality metrics including net
recoveries of $2.1 million for the
quarter; recorded negative provision for credit losses of
$7.0 million for the quarter.
- Repurchased 1,742,474 shares of outstanding common stock at a
weighted average price of $28.69 per
share.
- Maintained strong regulatory capital metrics; estimated total
risk-based capital of 14.27 percent at September 30, 2021 compared to 14.50 percent at
June 30, 2021.
- Recorded a charge of $2.4 million
in accordance with Accounting Standards Codification (ASC) 715
"Compensation – Retirement Benefits" to reflect the settlement
accounting impact of elevated lump sum retirement payments that
have occurred in 2021.
- Recently received shareholder and regulatory approval to
complete merger with Cadence Bancorporation, the parent company of
Cadence Bank N.A., which is expected
to close effective October 29, 2021,
and create an approximately $48
billion institution on a pro forma basis that will be the
6th largest bank headquartered in the Company's
nine-state footprint.
"Our third quarter financial results reflect many key successes
despite certain continued industry headwinds, particularly related
to the net interest margin dynamics," remarked Dan Rollins, Chairman and Chief Executive
Officer. "While our back office and support teams have been
focused on preparing for the closing and operational integration of
the Cadence transaction, our customer facing teammates are
continuing to generate growth. We reported deposit and
customer repo growth of over $722
million for the quarter while net organic loan growth
totaled approximately $122 million,
which marks the second consecutive quarter of net organic loan
growth. We are obviously pleased to see continued economic
stability across our footprint as well as improved loan
demand. We are also proud of the results reported by our fee
income businesses. Our mortgage team generated $789 million in production volume for the quarter
while our insurance commission revenue totaled $35.8 million, representing growth of just over
nine percent compared to the third quarter of 2020."
"As we look at other highlights for the quarter, our credit
quality metrics continue to remain very strong. We had a
negative provision for credit losses of $7.0
million for the quarter, which was driven by net recoveries
of $2.1 million for the quarter
combined with stability in our other credit quality metrics.
From a capital management standpoint, we were active in our share
repurchase program as we repurchased approximately 1.7 million
shares of common stock during the third quarter, which is the first
activity in our repurchase program since prior to the
pandemic. We still have approximately 4.3 million shares
available for repurchase this year under our authorized repurchase
plan."
Earnings Summary
The Company reported net income available to common shareholders
of $70.4 million, or $0.65 per diluted common share, for the third
quarter of 2021, compared with net income available to common
shareholders of $71.5 million, or
$0.69 per diluted common share, for
the third quarter of 2020 and net income available to common
shareholders of $73.2 million, or
$0.69 per diluted common share, for
the second quarter of 2021. The Company reported net
operating income available to common shareholders – excluding MSR –
of $73.3 million, or $0.68 per diluted common share, for the third
quarter of 2021, compared with $71.2
million, or $0.69 per diluted
common share, for the third quarter of 2020 and $90.6 million, or $0.86 per diluted common share, for the second
quarter of 2021.
The Company reported PPNR of $90.1
million, or 1.29 percent of average assets on an annualized
basis, for the third quarter of 2021 compared to $111.0 million, or 1.89 percent of average assets
on an annualized basis, for the third quarter of 2020 and
$119.9 million, or 1.80 percent of
average assets on an annualized basis, for the second quarter of
2021.
Net Interest Revenue
Net interest revenue was $181.5
million for the third quarter of 2021, an increase of 3.2
percent from $175.9 million for the
third quarter of 2020 and an increase of 0.7 percent from
$180.2 million for the second quarter
of 2021. The fully taxable equivalent net interest margin was
2.86 percent for the third quarter of 2021, compared with 3.31
percent for the third quarter of 2020 and 2.99 percent for the
second quarter of 2021. Yields on net loans and leases were
4.46 percent for the third quarter of 2021, compared with 4.54
percent for the third quarter of 2020 and 4.43 percent for the
second quarter of 2021, while yields on total interest earning
assets were 3.15 percent for the third quarter of 2021, compared
with 3.77 percent for the third quarter of 2020 and 3.31 percent
for the second quarter of 2021.
The net interest margin, excluding accretable yield, was 2.81
percent for the third quarter of 2021, compared with 3.23 percent
for the third quarter of 2020 and 2.94 percent for the second
quarter of 2021, while yields on net loans and leases, excluding
accretable yield, were 4.38 percent for the third quarter of 2021,
compared with 4.44 percent for the third quarter of 2020 and 4.35
percent for the second quarter of 2021. Net interest income
for the third quarter of 2021 included approximately $1.0 million of accelerated PPP fee income
recognition resulting from the payoff of loans that were forgiven
by the Small Business Administration (SBA) during the
quarter. The average cost of deposits was 0.24 percent for
the third quarter of 2021, compared with 0.44 percent for the third
quarter of 2020 and 0.27 percent for the second quarter of
2021.
Balance Sheet Activity
Loans and leases, net of unearned income, decreased $12.8 million during the third quarter of 2021
while deposits and customer repos increased $722.2 million. Forgiveness payments were
received on PPP loans during the quarter totaling approximately
$135.0 million. Excluding the
impact of PPP activity, total organic loan growth totaled
approximately $121.6 million, or 3.3
percent annualized compared to June
30, 2021. There were no acquisitions closed during the
third quarter of 2021.
Provision for Credit Losses and Allowance for Credit
Losses
Earnings for the third quarter of 2021 reflect a negative
provision for credit losses of $7.0
million, compared with a provision for credit losses of
$16.0 million for the third quarter
of 2020 and a provision for credit losses of $11.5 million for the second quarter of
2021. The negative provision for credit losses recorded
during the third quarter of 2021 is primarily attributed to
improvement in overall credit quality and a reduction in the level
of classified loan balances. Net recoveries for the third
quarter of 2021 were $2.1 million, or
0.05 percent of net loans and leases on an annualized basis,
compared with net charge-offs of $1.4
million for the third quarter of 2020 and net recoveries of
$1.8 million for the second quarter
of 2021. The allowance for credit losses was $260.3 million, or 1.74 percent of net loans and
leases, at September 30, 2021,
compared with $250.6 million, or 1.64
percent of net loans and leases, at September 30, 2020, and $265.7 million, or 1.77 percent of net loans and
leases, at June 30, 2021.
The allowance for credit losses coverage, excluding the impact of
PPP loans, was 1.74 percent of net loans and leases at September 30, 2021, compared with 1.78 percent at
September 30, 2020 and 1.79 percent
at June 30, 2021.
Total non-performing assets were $100.3
million, or 0.36 percent of total assets, at September 30, 2021, compared with $157.3 million, or 0.67 percent of total assets,
at September 30, 2020, and
$101.8 million, or 0.37 percent of
total assets, at June 30, 2021.
Other real estate owned was $16.5
million at September 30, 2021,
compared with $6.4 million at
September 30, 2020 and $17.3 million at June 30,
2021.
Noninterest Revenue
Noninterest revenue was $84.4
million for the third quarter of 2021, compared with
$89.9 million for the third quarter
of 2020 and $101.9 million for the
second quarter of 2021. These results include a positive
mortgage servicing rights (MSR) valuation adjustment of
$2.0 million for the third quarter of
2021, compared with a positive MSR valuation adjustment of
$0.4 million for the third quarter of
2020 and a negative MSR valuation adjustment of $1.9 million for the second quarter of
2021. Valuation adjustments in the MSR asset are driven
primarily by fluctuations in interest rates period over period.
Mortgage production and servicing revenue was $11.0 million for the third quarter of 2021,
compared with $26.7 million for the
third quarter of 2020 and $11.0
million for the second quarter of 2021. Mortgage
origination volume for the third quarter of 2021 was $788.9 million, compared with $937.7 million for the third quarter of 2020 and
$906.4 million for the second quarter
of 2021. Home purchase money volume was $511.1 million for the third quarter of 2021,
compared with $568.4 million for the
third quarter of 2020 and $619.0
million for the second quarter of 2021. Of the total
mortgage origination volume for the third quarter of 2021,
$257.8 million was portfolio loans,
compared with $218.0 million for the
third quarter of 2020 and $344.1
million for the second quarter of 2021.
Credit card, debit card, and merchant fee revenue was
$11.4 million for the third quarter
of 2021, compared with $9.9 million
for the third quarter of 2020 and $11.6
million for the second quarter of 2021. Deposit
service charge revenue was $10.3
million for the third quarter of 2021, compared with
$8.9 million for the third quarter of
2020 and $8.8 million for the second
quarter of 2021. Wealth management revenue was $7.1 million for the third quarter of 2021,
compared with $6.5 million for the
third quarter of 2020 and $7.5
million for the second quarter of 2021. Insurance
commission revenue was $35.8 million
for the third quarter of 2021, compared with $32.8 million for the third quarter of 2020 and
$36.1 million for the second quarter
of 2021. Other noninterest revenue was $6.9 million for the third quarter of 2021,
compared with $4.8 million for the
third quarter of 2020 and $7.1
million for the second quarter of 2021. Additionally,
second quarter 2021 results included a $21.6
million gain on the sale of PPP loans.
Noninterest Expense
Noninterest expense for the third quarter of 2021 was
$179.9 million, compared with
$154.5 million for the third quarter
of 2020 and $174.0 million for the
second quarter of 2021. Salaries and employee benefits
expense was $113.0 million for the
third quarter of 2021, compared with $104.2
million for the third quarter of 2020 and $108.2 million for the second quarter of
2021. Occupancy expense was $13.4
million for the third quarter of 2021, compared with
$13.1 million for the third quarter
of 2020 and $13.2 million for the
second quarter of 2021. Other noninterest expense was
$43.2 million for the third quarter
of 2021, compared with $31.2 million
for the third quarter of 2020 and $46.0
million for the second quarter of 2021. Merger-related
expense, which is included as a component of other noninterest
expense, was $3.4 million for the
third quarter of 2021, compared with merger-related expense of
$0.1 million for the third quarter of
2020 and $10.0 million for the second
quarter of 2021. Noninterest expense for the third quarter of
2021 included a charge of $2.4
million in accordance with ASC 715 "Compensation –
Retirement Benefits" to reflect the settlement accounting impact of
elevated lump sum retirement pension payouts in 2021.
Capital Management
The Company's ratio of shareholders' equity to assets was 10.77
percent at September 30, 2021,
compared with 11.81 percent at September 30,
2020 and 11.12 percent at June
30, 2021. The ratio of tangible common shareholders'
equity to tangible assets was 6.82 percent at September 30, 2021, compared with 7.56 percent at
September 30, 2020 and 7.11 percent
at June 30, 2021.
During the third quarter of 2021, the Company repurchased
1,742,474 shares of its common stock at a weighted average price of
$28.69 pursuant to its share
repurchase program. The Company has 4,257,526 shares
remaining on its current share repurchase authorization, which will
expire on December 31,
2021.
Estimated regulatory capital ratios at September 30, 2021 were calculated in accordance
with the Basel III capital framework as well as the interagency
final rule published on September 30,
2020 entitled "Revised Transition of the Current Expected
Credit Losses Methodology for Allowances". The Company is a
"well capitalized" bank, as defined by federal regulations, at
September 30, 2021, with Tier 1
risk-based capital of 11.63 percent and total risk-based capital of
14.27 percent, compared with required minimum levels of 8 percent
and 10 percent, respectively, in order to qualify for "well
capitalized" classification.
Summary
Rollins concluded, "As we move into the fourth quarter, our team
is looking forward to the opportunity to finish the year
strong. With PPP being mostly behind us, the renewed focus of
our bankers on getting out and taking care of customers is evident
in our loan and deposit growth success. The economies across
our footprint are open and performing quite well with minimal
lingering impact from the pandemic. Our mortgage team
continues to produce at strong levels despite the expected
headwinds on refinance activity while our insurance team is winning
new customers and taking advantage of a firmer premium
market. Finally, we recently received shareholder and
regulatory approval to complete our merger with Cadence and we look
forward to the opportunity to close the transaction before the end
of this month. The optimism around our Company regarding the impact
the transaction will have for our teammates, customers,
communities, and shareholders is at an all-time high."
TRANSACTIONS
Cadence Bancorporation (NYSE: CADE)
On April 12, 2021, the Company
announced the signing of a definitive merger agreement (the Cadence
Merger Agreement) with Cadence Bancorporation, the parent company
of Cadence Bank N.A., (collectively
referred to as Cadence), pursuant to which Cadence will be merged
with and into the Company (the Cadence Merger). Cadence
operates 99 full-service banking offices in the southeast. As
of September 30, 2021, Cadence
collectively reported total assets of $19.8
billion, total loans of $11.5
billion and total deposits of $17.1
billion. Under the terms of the Cadence Merger
Agreement, each Cadence shareholder will receive 0.70 shares of the
Company's common stock in exchange for each share of Cadence common
stock they hold. In addition, Cadence will pay a one-time
special dividend of $1.25 per share
on October 28, 2021. For more
information regarding the Cadence Merger, see our Current Report on
Form 8-K that was filed with the Federal Deposit Insurance
Corporation (FDIC) on April 12,
2021. The Cadence Merger Agreement has been unanimously
approved by the Boards of Directors and shareholders of the Company
and Cadence. The Company recently received all required
regulatory approvals to complete the merger with Cadence.
Subject to the satisfaction of all closing conditions, the Cadence
Merger is expected to close effective October 29, 2021, although the Company can
provide no assurance that the Cadence Merger will close on that
date. The target closing date of October 29, 2021 has been accelerated from the
previously announced date of October
31, 2021. The Company will begin trading on the NYSE
under the ticker symbol CADE on that date.
FNS Bancshares, Inc.
On May 1, 2021, the Company
completed the merger with FNS Bancshares, Inc., the parent company
of FNB Bank, (collectively referred to as FNS), pursuant to which
FNS was merged with and into the Company. FNS operated 17
full-service banking offices in Alabama, Georgia and Tennessee. The merger
expanded the Company's presence in Jackson, DeKalb and Marshall counties in Alabama and the Chattanooga, Tennessee-Georgia and Nashville-Davidson-Murfreesboro-Franklin, Tennessee metropolitan statistical
areas. As of May 1, 2021, FNS
collectively reported total assets of $826.6
million, total loans of $464.7
million and total deposits of $720.7
million. Under the terms of the definitive merger
agreement, the Company issued approximately 2,975,000 shares of the
Company's common stock plus $18.0
million in cash for all outstanding shares of FNS. For
more information regarding this transaction, see our Current Report
on Form 8-K that was filed with the FDIC on May 3, 2021. The purchase accounting for
this transaction is considered provisional as management continues
to identify and assess information regarding the nature of the
acquired assets and liabilities and reviews the associated
valuation assumptions and methodologies.
National United Bancshares, Inc.
On May 1, 2021, the Company
completed the merger with National United Bancshares, Inc., the
parent company of National United, (collectively referred to as
National United), pursuant to which National United was merged with
and into the Company. National United operated 6 full-service
banking offices in the Killeen-Temple,
Texas; Waco, Texas; and
Austin-Round Rock-Georgetown, Texas metropolitan statistical
areas. As of May 1, 2021,
National United collectively reported total assets of $817.3 million, total loans of $434.6 million and total deposits of $742.9 million. Under the terms of the
definitive merger agreement, the Company issued approximately
3,110,000 shares of the Company's common stock plus $33.25 million in cash for all outstanding shares
of National United. For more information regarding this
transaction, see our Current Report on Form 8-K that was filed with
the FDIC on May 3, 2021. The
purchase accounting for this transaction is considered provisional
as management continues to identify and assess information
regarding the nature of the acquired assets and liabilities and
reviews the associated valuation assumptions and methodologies.
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 24 of this news release.
Statement Regarding Impact of COVID-19 Pandemic
The Company prioritizes the health and safety of its teammates
and customers, and it will continue to do so throughout the
duration of the COVID-19 pandemic. At the same time, the
Company remains focused on improving shareholder value, managing
credit exposure, challenging expenses, enhancing the customer
experience and supporting the communities it serves. Lastly, as a
SBA Preferred Lender, the Company participated in the SBA's PPP for
the betterment of its customers and the communities that it
serves.
In the presentation that accompanies this news release and in
its earnings conference call, the Company has sought and will seek
to describe the historical and future impact of the COVID-19
pandemic (including any variant of the COVID-19 virus) on the
Company's assets, business, cash flows, financial condition,
liquidity, prospects and results of operations, including the
information and discussions regarding negative pressure on its net
interest margin and loan demand. Although the Company
believes that the statements that pertain to future events, results
and trends and their impact on the Company's business are
reasonable at the present time, those statements are not historical
facts and are based upon current assumptions, expectations,
estimates and projections, many of which, by their nature, are
beyond the Company's control. Accordingly, all discussions
regarding future events, results and trends and their impact on the
Company's business, even in the near term, are necessarily
uncertain given the fluid and evolving nature of the pandemic.
If the health, logistical or economic effects of the pandemic
worsen, or if the assumptions, expectations, estimates or
projections that underlie the Company's statements regarding future
effects or trends prove to be incorrect, then the Company's actual
assets, business, cash flows, financial condition, liquidity,
prospects and results of operations and the trading prices of its
capital stock may be materially and adversely impacted in ways that
the Company cannot reasonably forecast.
Accordingly, when reading this news release and the accompanying
presentation and when listening to the earnings conference call,
undue reliance should not be placed upon any statement pertaining
to future events, results and trends and their impact on the
Company's business in future periods.
Conference Call and Webcast
The Company will conduct a conference call to discuss its third
quarter 2021 financial results on October
26, 2021, at 10:00 a.m. (Central
Time). This conference call will be an interactive
session between management and analysts. Interested parties may
listen to this live conference call via Internet webcast by
accessing www.bancorpsouth.investorroom.com/webcasts. 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
$28 billion in assets.
BancorpSouth operates approximately 315 full service branch
locations as well as additional mortgage, insurance, and loan
production offices in Alabama,
Arkansas, Florida, Georgia, 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 and Instagram: @MyBXS; or connect with us through
LinkedIn.
Forward-Looking Statements
Certain statements made in this news release are not statements
of historical fact and constitute "forward-looking statements"
within the meaning of Section 21E of the Securities Exchange Act of
1934, as amended (the "Exchange Act"), and are subject to the safe
harbor created thereby under the Private Securities Litigation
Reform Act of 1995. These statements are often, but not always,
made through the use of words or phrases such as "anticipate,"
"aspire," "assume," "believe," "budget," "contemplate," "continue,"
"could," "estimate," "expect," "forecast," "foresee," "goal,"
"hope," "indicate," "intend," "may," "might," "outlook," "plan,"
"project," "projection," "predict," "prospect," "potential,"
"roadmap," "seek," "should," "target," "will," and "would," or the
negative versions of those words or other comparable words of a
future or forward-looking nature. These forward-looking statements
include, without limitation, discussions regarding general
economic, interest rate, real estate market, competitive,
employment, and credit market conditions, including the impact of
the COVID-19 pandemic (including any variant of the COVID-19 virus)
on the Company's business; the Company's: assets; business; cash
flows; financial condition; liquidity; prospects; results of
operations; deposit and customer repo growth; interest and
fee-based revenue; capital resources; capital metrics; efficiency
ratio; valuation of mortgage servicing rights; net income; net
interest revenue; non-interest revenue; net interest margin;
interest expense; non-interest expense; earnings per share;
interest rate sensitivity; interest rate risk; balance sheet and
liquidity management; off-balance sheet arrangements; fair value
determinations; asset quality; credit quality; credit losses;
provision and allowance for credit losses, impairments,
charge-offs, recoveries and changes in loan volumes; investment
securities portfolio yields and values; ability to manage the
impact of pandemics, natural disasters and other force majeure
events; adoption and use of critical accounting policies; adoption
and implementation of new accounting standards and their effect on
the Company's financial results and the Company's financial
reporting; utilization of non-GAAP financial metrics; declaration
and payment of dividends; ability to pay dividends or coupons on
the Company's 5.5% Series A Non-Cumulative Perpetual Preferred
Stock, par value $0.01 per share, or
the 4.125% Fixed-to-Floating Rate Subordinated Notes due
November 20, 2029; mortgage
origination volume; mortgage servicing and production revenue;
insurance commission revenue; implementation and execution of cost
savings initiatives; ability to successfully litigate, resolve or
otherwise dispense with threatened, pending, ongoing and future
litigation and governmental, administrative and investigatory
matters; ability to successfully complete pending or future
acquisitions, dispositions and other strategic growth opportunities
and initiatives; ability to successfully obtain regulatory approval
for acquisitions and other growth initiatives; ability to
successfully integrate and manage acquisitions; opportunities and
efforts to grow market share; reputation; ability to compete with
other financial institutions; ability to recruit and retain key
employees and personnel; access to capital markets; availability of
capital; investments in the securities of other financial
institutions; and ability to operate the Company's regulatory
compliance programs in accordance with applicable law.
Forward-looking statements are based upon management's
expectations as well as certain assumptions and estimates made by,
and information available to, the Company's management at the time
such statements were made. Forward-looking statements are not
historical facts, are not guarantees of future results or
performance and are subject to certain known and unknown risks,
uncertainties and other factors that are beyond the Company's
control and that may cause actual results to differ materially from
those expressed in, or implied by, such forward-looking statements.
These risks, uncertainties and other factors include, without
limitation, potential delays or other problems in implementing and
executing the Company's growth, expansion and acquisition
strategies, including delays in obtaining regulatory or other
necessary approvals or the failure to realize any anticipated
benefits or synergies from any acquisitions or growth strategies;
the risks of changes in interest rates and their effects on the
level and composition of deposits, loan demand and the values of
loan collateral, securities and interest sensitive assets and
liabilities; the failure of assumptions underlying the
establishment of reserves for possible credit losses, fair value
for loans and other real estate owned; changes in real estate
values; the availability of and access to capital; possible
downgrades in the Company's credit ratings or outlook which could
increase the costs or availability of funding from capital markets;
the ability to attract new or retain existing deposits or to retain
or grow loans; the ability to grow additional interest and fee
income or to control noninterest expense; the potential impact of
the proposed phase-out of the London Interbank Offered Rate
("LIBOR") or other changes involving LIBOR; competitive factors and
pricing pressures, including their effect on the Company's net
interest margin; general economic, unemployment, credit market and
real estate market conditions, and the effect of such conditions on
the creditworthiness of borrowers, collateral values, the value of
investment securities and asset recovery values; changes in legal,
financial and/or regulatory requirements; recently enacted and
potential legislation and regulatory actions and the costs and
expenses to comply with new and/or existing legislation and
regulatory actions, including those actions in response to the
COVID-19 pandemic such as the Coronavirus Aid, Relief, and Economic
Security Act (the "CARES Act"), the Economic Aid to Hard-Hit Small
Businesses, Nonprofits, and Venues Act (the "Economic Aid Act") and
any related rules and regulations; changes in U.S. Government
monetary and fiscal policy; FDIC special assessments or changes to
regular assessments; the enforcement efforts of federal and state
bank regulators; possible adverse rulings, judgments, settlements
and other outcomes of pending, ongoing and future litigation and
governmental, administrative and investigatory matters (including
litigation or actions arising from the Company's participation in
and administration of programs related to the COVID-19 pandemic
(including, among other things, the PPP loan programs authorized by
the CARES Act and the Economic Aid Act); the ability to keep pace
with technological changes, including changes regarding maintaining
cybersecurity; the impact of failure in, or breach of, the
Company's operational or security systems or infrastructure, or
those of third parties with whom the Company does business,
including as a result of cyber-attacks or an increase in the
incidence or severity of fraud, illegal payments, security breaches
or other illegal acts impacting the Company or the Company's
customers; natural disasters or acts of war or terrorism; the
adverse effects of the ongoing global COVID-19 pandemic, including
the magnitude and duration of the pandemic, and the effect of
actions taken to mitigate the impact of the COVID-19 pandemic on
the Company, the Company's employees, the Company's customers, the
global economy and the financial markets; international or
political instability; impairment of the Company's goodwill or
other intangible assets; losses of key employees and personnel;
adoption of new accounting standards, including the effects from
the adoption of the current expected credit loss methodology on
January 1, 2020, or changes in
existing standards; the occurrence of any event, change or other
circumstances that could give rise to the right of one or both of
the parties to terminate the Cadence Merger Agreement; the outcome
of any legal proceedings that have been or may be instituted
against the Company or Cadence in respect of the Cadence Merger;
the possibility that the Cadence Merger will not close when
expected or at all because required approvals are not received or
other conditions to the closing are not satisfied on a timely basis
or at all, or are obtained subject to conditions that are not
anticipated; the ability of the Company and Cadence to meet
expectations regarding the timing, completion and accounting and
tax treatments of the Cadence Merger; the risk that any
announcements relating to the Cadence Merger could have adverse
effects on the market price of the common stock of either or both
parties to the Cadence Merger; the possibility that the anticipated
benefits of the Cadence Merger will not be realized when expected
or at all, including as a result of the impact of, or problems
arising from, the integration of the two companies or as a result
of the strength of the economy and competitive factors in the areas
where the Company and Cadence do business; certain restrictions
during the pendency of the Cadence Merger that may impact the
parties' ability to pursue certain business opportunities or
strategic transactions; the possibility that the Cadence Merger may
be more expensive to complete than anticipated, including as a
result of unexpected factors or events; diversion of management's
attention from ongoing business operations and opportunities; the
possibility that the parties may be unable to achieve expected
synergies and operating efficiencies in the Cadence Merger within
the expected timeframes or at all and to successfully integrate
Cadence's operations and those of the Company; such integration may
be more difficult, time consuming or costly than expected; revenues
following the Cadence Merger may be lower than expected; potential
adverse reactions or changes to business or employee relationships,
including those resulting from the announcement or completion of
the Cadence Merger; the Company and Cadence's success in executing
their respective business plans and strategies and managing the
risks involved in the foregoing; the dilution caused by the
Company's issuance of additional shares of its capital stock in
connection with the Cadence Merger and other factors as detailed
from time to time in the Company's press and news releases,
periodic and current reports and other filings the Company files
with the FDIC.
The foregoing factors should not be construed as exhaustive and
should be read in conjunction with those factors that are set forth
from time to time in the Company's periodic and current reports
filed with the FDIC, including those factors included in the
Company's Annual Report on Form 10-K for the year ended
December 31, 2020 under the heading
"Item 1A. Risk Factors," in the Company's Quarterly Reports on Form
10-Q under the heading "Part II-Item 1A. Risk Factors" and in the
Company's Current Reports on Form 8-K.
Although the Company believes that the expectations reflected in
these forward-looking statements are reasonable as of the date of
this news release, if one or more events related to these or other
risks or uncertainties materialize, or if the Company's underlying
assumptions prove to be incorrect, actual results may prove to be
materially different from the results expressed or implied by the
forward-looking statements. Accordingly, undue reliance should not
be placed on any forward-looking statements. The forward-looking
statements speak only as of the date of this news release, and the
Company does not undertake any obligation to publicly update or
review any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as required
by applicable law. New risks and uncertainties may emerge from time
to time, and it is not possible for the Company to predict their
occurrence or how they will affect the Company. All written
or oral forward-looking statements attributable to the Company are
expressly qualified in their entirety by this section.
BancorpSouth
Bank
|
Selected Financial
Information
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Year to
Date
|
Year to
Date
|
|
9/30/2021
|
6/30/2021
|
3/31/2021
|
12/31/2020
|
9/30/2020
|
9/30/2021
|
9/30/2020
|
Earnings
Summary:
|
|
|
|
|
|
|
|
Interest
revenue
|
$
199,511
|
$
199,129
|
$
192,783
|
$
199,287
|
$
200,670
|
$
591,423
|
$
600,206
|
Interest
expense
|
17,967
|
18,947
|
19,994
|
22,351
|
24,739
|
56,908
|
86,175
|
Net interest
revenue
|
181,544
|
180,182
|
172,789
|
176,936
|
175,931
|
534,515
|
514,031
|
Provision for credit
losses
|
(7,000)
|
11,500
|
-
|
5,794
|
16,000
|
4,500
|
83,250
|
Net interest revenue,
after provision
|
|
|
|
|
|
|
|
for
credit losses
|
188,544
|
168,682
|
172,789
|
171,142
|
159,931
|
530,015
|
430,781
|
Noninterest
revenue
|
84,420
|
101,943
|
87,936
|
78,826
|
89,924
|
274,299
|
257,678
|
Noninterest
expense
|
179,889
|
173,984
|
155,823
|
167,117
|
154,505
|
509,696
|
483,765
|
Income before income
taxes
|
93,075
|
96,641
|
104,902
|
82,851
|
95,350
|
294,618
|
204,694
|
Income tax
expense
|
20,350
|
21,102
|
23,347
|
14,046
|
21,525
|
64,799
|
45,448
|
Net income
|
$
72,725
|
$
75,539
|
$
81,555
|
$
68,805
|
$
73,825
|
$
229,819
|
$
159,246
|
Less: Preferred
dividends
|
2,372
|
2,372
|
2,372
|
2,372
|
2,372
|
7,116
|
7,116
|
Net income available
to common shareholders
|
$
70,353
|
$
73,167
|
$
79,183
|
$
66,433
|
$
71,453
|
$
222,703
|
$
152,130
|
|
|
|
|
|
|
|
|
Balance Sheet -
Period End Balances
|
|
|
|
|
|
|
|
Total
assets
|
$
28,060,496
|
$
27,612,365
|
$
25,802,497
|
$
24,081,194
|
$
23,555,422
|
$
28,060,496
|
$
23,555,422
|
Total earning
assets
|
25,572,354
|
25,129,873
|
23,542,657
|
21,792,725
|
21,340,371
|
25,572,354
|
21,340,371
|
Total
securities
|
10,053,372
|
9,084,111
|
7,640,268
|
6,231,006
|
5,659,785
|
10,053,372
|
5,659,785
|
Loans and leases, net
of unearned income
|
14,991,245
|
15,004,039
|
15,038,808
|
15,022,479
|
15,327,735
|
14,991,245
|
15,327,735
|
Allowance for credit
losses
|
260,276
|
265,720
|
241,117
|
244,422
|
250,624
|
260,276
|
250,624
|
Net book value of
acquired loans (included in loans and leases above)
|
1,426,266
|
1,646,031
|
1,023,252
|
1,160,267
|
1,320,671
|
1,426,266
|
1,320,671
|
Paycheck protection
program (PPP) loans (included in loans and leases above)
|
32,771
|
167,144
|
1,146,000
|
975,421
|
1,212,246
|
32,771
|
1,212,246
|
Remaining loan mark
on acquired loans
|
9,863
|
13,037
|
10,069
|
13,886
|
16,198
|
9,863
|
16,198
|
Total
deposits
|
23,538,711
|
22,838,486
|
21,173,186
|
19,846,441
|
19,412,979
|
23,538,711
|
19,412,979
|
Total deposits and
securities sold under agreement to repurchase
|
24,243,834
|
23,521,621
|
21,833,671
|
20,484,156
|
20,024,434
|
24,243,834
|
20,024,434
|
Long-term
debt
|
4,082
|
4,189
|
4,295
|
4,402
|
4,508
|
4,082
|
4,508
|
Junior subordinated
debt securities
|
307,776
|
307,601
|
297,425
|
297,250
|
297,074
|
307,776
|
297,074
|
Total shareholders'
equity
|
3,023,257
|
3,069,574
|
2,825,198
|
2,822,477
|
2,782,539
|
3,023,257
|
2,782,539
|
Common shareholders'
equity
|
2,856,264
|
2,902,581
|
2,658,205
|
2,655,484
|
2,615,546
|
2,856,264
|
2,615,546
|
|
|
|
|
|
|
|
|
Balance Sheet -
Average Balances
|
|
|
|
|
|
|
|
Total
assets
|
$
27,616,585
|
$
26,666,296
|
$
24,545,560
|
$
23,660,503
|
$
23,318,877
|
$
26,287,396
|
$
22,408,734
|
Total earning
assets
|
25,220,602
|
24,211,759
|
22,346,075
|
21,497,938
|
21,241,896
|
23,936,675
|
20,320,121
|
Total
securities
|
9,539,814
|
8,067,109
|
6,606,027
|
5,820,425
|
5,309,982
|
8,081,730
|
4,738,392
|
Loans and leases, net
of unearned income
|
14,915,728
|
15,470,539
|
15,029,076
|
15,219,402
|
15,369,684
|
15,138,032
|
14,905,435
|
PPP loans (included
in loans and leases above)
|
73,783
|
973,036
|
1,062,423
|
1,139,959
|
1,207,097
|
699,459
|
729,126
|
Total
deposits
|
23,162,450
|
22,385,883
|
20,472,080
|
19,600,863
|
19,258,930
|
22,016,659
|
18,210,053
|
Total deposits and
securities sold under agreement to repurchase
|
23,914,986
|
23,092,969
|
21,123,774
|
20,272,881
|
19,940,330
|
22,720,800
|
18,832,679
|
Long-term
debt
|
4,168
|
4,714
|
4,378
|
4,488
|
4,592
|
4,419
|
4,697
|
Junior subordinated
debt securities
|
307,671
|
304,056
|
297,318
|
297,145
|
296,969
|
303,053
|
296,794
|
Total shareholders'
equity
|
3,058,307
|
2,954,834
|
2,813,001
|
2,774,589
|
2,729,870
|
2,942,946
|
2,709,077
|
Common shareholders'
equity
|
2,891,314
|
2,787,841
|
2,646,008
|
2,607,596
|
2,562,877
|
2,775,952
|
2,542,075
|
|
|
|
|
|
|
|
|
Nonperforming
Assets:
|
|
|
|
|
|
|
|
Non-accrual loans and
leases
|
$
59,622
|
$
61,664
|
$
73,142
|
$
96,378
|
$
122,108
|
$
59,622
|
$
122,108
|
Loans and leases 90+
days past due, still accruing
|
17,012
|
15,386
|
21,208
|
14,320
|
17,641
|
17,012
|
17,641
|
Restructured loans
and leases, still accruing
|
7,165
|
7,368
|
6,971
|
10,475
|
11,154
|
7,165
|
11,154
|
Non-performing loans
(NPLs)
|
83,799
|
84,418
|
101,321
|
121,173
|
150,903
|
83,799
|
150,903
|
Other real estate
owned
|
16,515
|
17,333
|
9,351
|
11,395
|
6,397
|
16,515
|
6,397
|
Non-performing assets
(NPAs)
|
$
100,314
|
$
101,751
|
$
110,672
|
$
132,568
|
$
157,300
|
$
100,314
|
$
157,300
|
|
|
|
|
|
|
|
|
Financial Ratios
and Other Data:
|
|
|
|
|
|
|
|
Return on average
assets
|
1.04%
|
1.14%
|
1.35%
|
1.16%
|
1.26%
|
1.17%
|
0.95%
|
Operating return on
average assets-excluding MSR*
|
1.09%
|
1.40%
|
1.28%
|
1.23%
|
1.26%
|
1.25%
|
1.03%
|
Return on average
shareholders' equity
|
9.43%
|
10.25%
|
11.76%
|
9.87%
|
10.76%
|
10.44%
|
7.85%
|
Operating return on
average shareholders' equity-excluding MSR*
|
9.82%
|
12.62%
|
11.13%
|
10.49%
|
10.72%
|
11.17%
|
8.56%
|
Return on average
common shareholders' equity
|
9.65%
|
10.53%
|
12.14%
|
10.14%
|
11.09%
|
10.73%
|
7.99%
|
Operating return on
average common shareholders' equity-excluding MSR*
|
10.06%
|
13.04%
|
11.47%
|
10.80%
|
11.05%
|
11.50%
|
8.75%
|
Return on average
tangible equity*
|
14.10%
|
15.21%
|
17.35%
|
14.66%
|
16.08%
|
15.50%
|
11.79%
|
Operating return on
average tangible equity-excluding MSR*
|
14.68%
|
18.73%
|
16.42%
|
15.58%
|
16.03%
|
16.59%
|
12.85%
|
Return on average
tangible common equity*
|
14.85%
|
16.08%
|
18.46%
|
15.54%
|
17.13%
|
16.40%
|
12.41%
|
Operating return on
average tangible common equity-excluding MSR*
|
15.48%
|
19.92%
|
17.44%
|
16.56%
|
17.08%
|
17.59%
|
13.58%
|
Pre-tax pre-provision
net revenue to total average assets*
|
1.29%
|
1.80%
|
1.64%
|
1.59%
|
1.89%
|
1.57%
|
1.82%
|
Noninterest income to
average assets
|
1.21%
|
1.53%
|
1.45%
|
1.33%
|
1.53%
|
1.40%
|
1.54%
|
Noninterest expense
to average assets
|
2.58%
|
2.62%
|
2.57%
|
2.81%
|
2.64%
|
2.59%
|
2.88%
|
Net interest
margin-fully taxable equivalent
|
2.86%
|
2.99%
|
3.15%
|
3.29%
|
3.31%
|
2.99%
|
3.39%
|
Net interest
margin-fully taxable equivalent, excluding net accretion
|
|
|
|
|
|
|
|
on acquired
loans and leases
|
2.81%
|
2.94%
|
3.08%
|
3.24%
|
3.23%
|
2.94%
|
3.33%
|
Net interest rate
spread
|
2.72%
|
2.83%
|
2.97%
|
3.07%
|
3.06%
|
2.83%
|
3.12%
|
Efficiency ratio (tax
equivalent)*
|
67.52%
|
61.55%
|
59.64%
|
65.16%
|
57.98%
|
62.90%
|
62.52%
|
Operating efficiency
ratio-excluding MSR (tax equivalent)*
|
65.79%
|
57.66%
|
60.74%
|
62.87%
|
58.03%
|
61.31%
|
60.83%
|
Loan/deposit
ratio
|
63.69%
|
65.70%
|
71.03%
|
75.69%
|
78.96%
|
63.69%
|
78.96%
|
Price to earnings
multiple (close)
|
10.79
|
10.08
|
12.07
|
12.88
|
9.18
|
10.79
|
9.18
|
Market value to
common book value
|
111.41%
|
106.01%
|
125.39%
|
105.98%
|
75.99%
|
111.41%
|
75.99%
|
Market value to
common book value (avg)
|
104.34%
|
113.49%
|
119.10%
|
97.56%
|
83.75%
|
111.00%
|
90.07%
|
Market value to
common tangible book value
|
172.40%
|
162.77%
|
190.14%
|
161.00%
|
116.01%
|
172.40%
|
116.01%
|
Market value to
common tangible book value (avg)
|
161.46%
|
174.26%
|
180.60%
|
148.21%
|
127.86%
|
171.77%
|
137.50%
|
Employee
FTE
|
4,770
|
4,835
|
4,546
|
4,596
|
4,691
|
4,770
|
4,691
|
|
|
|
|
|
|
|
|
*Denotes non-GAAP
financial measure. Refer to related disclosure and
reconciliation on pages 24 and 25.
|
BancorpSouth
Bank
|
Selected Financial
Information
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Year to
Date
|
Year to
Date
|
|
9/30/2021
|
6/30/2021
|
3/31/2021
|
12/31/2020
|
9/30/2020
|
9/30/2021
|
9/30/2020
|
Credit Quality
Ratios:
|
|
|
|
|
|
|
|
Net
(recoveries)charge-offs to average loans and leases
(annualized)
|
(0.05%)
|
(0.05%)
|
0.09%
|
0.29%
|
0.04%
|
0.00%
|
0.15%
|
Provision for credit
losses to average loans and leases (annualized)
|
(0.19%)
|
0.30%
|
0.00%
|
0.15%
|
0.42%
|
0.04%
|
0.75%
|
Allowance for credit
losses to net loans and leases
|
1.74%
|
1.77%
|
1.60%
|
1.63%
|
1.64%
|
1.74%
|
1.64%
|
Allowance for credit
losses to net loans and leases, excluding PPP loans
|
1.74%
|
1.79%
|
1.74%
|
1.74%
|
1.78%
|
1.74%
|
1.78%
|
Allowance for credit
losses to non-performing loans and leases
|
310.60%
|
314.77%
|
237.97%
|
201.71%
|
166.08%
|
310.60%
|
166.08%
|
Allowance for credit
losses to non-performing assets
|
259.46%
|
261.15%
|
217.87%
|
184.37%
|
159.33%
|
259.46%
|
159.33%
|
Non-performing loans
and leases to net loans and leases
|
0.56%
|
0.56%
|
0.67%
|
0.81%
|
0.98%
|
0.56%
|
0.98%
|
Non-performing loans
and leases to net loans and leases, excluding
|
|
|
|
|
|
|
|
acquired loans
and leases
|
0.50%
|
0.49%
|
0.54%
|
0.62%
|
0.74%
|
0.50%
|
0.74%
|
Non-performing assets
to total assets
|
0.36%
|
0.37%
|
0.43%
|
0.55%
|
0.67%
|
0.36%
|
0.67%
|
Non-performing assets
to total assets, excluding acquired loans and leases
|
0.31%
|
0.31%
|
0.34%
|
0.42%
|
0.49%
|
0.31%
|
0.49%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
Ratios:
|
|
|
|
|
|
|
|
Total shareholders'
equity to total assets
|
10.77%
|
11.12%
|
10.95%
|
11.72%
|
11.81%
|
10.77%
|
11.81%
|
Total common
shareholders' equity to total assets
|
10.18%
|
10.51%
|
10.30%
|
11.03%
|
11.10%
|
10.18%
|
11.10%
|
Tangible
shareholders' equity to tangible assets*
|
7.44%
|
7.73%
|
7.71%
|
8.26%
|
8.30%
|
7.44%
|
8.30%
|
Tangible
shareholders' equity to tangible assets-excluding PPP
loans*
|
7.45%
|
7.78%
|
8.08%
|
8.63%
|
8.77%
|
7.45%
|
8.77%
|
Tangible common
shareholders' equity to tangible assets*
|
6.82%
|
7.11%
|
7.04%
|
7.54%
|
7.56%
|
6.82%
|
7.56%
|
Tangible common
shareholders' equity to tangible assets-excluding PPP
loans*
|
6.83%
|
7.15%
|
7.38%
|
7.87%
|
7.99%
|
6.83%
|
7.99%
|
|
|
|
|
|
|
|
|
Capital
Adequacy:
|
|
|
|
|
|
|
|
Common Equity
Tier 1 capital
|
10.73%
|
10.89%
|
10.97%
|
10.74%
|
10.64%
|
10.73%
|
10.64%
|
Tier 1
capital
|
11.63%
|
11.80%
|
11.95%
|
11.74%
|
11.65%
|
11.63%
|
11.65%
|
Total
capital
|
14.27%
|
14.50%
|
14.65%
|
14.48%
|
14.20%
|
14.27%
|
14.20%
|
Tier 1 leverage
capital
|
8.13%
|
8.25%
|
8.59%
|
8.67%
|
8.59%
|
8.13%
|
8.59%
|
Estimated for current quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Share
Data:
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
0.65
|
$
0.69
|
$
0.77
|
$
0.65
|
$
0.70
|
$
2.11
|
$
1.47
|
Diluted earnings per
share
|
0.65
|
0.69
|
0.77
|
0.65
|
0.69
|
2.11
|
1.47
|
Operating earnings
per share*
|
0.69
|
0.84
|
0.78
|
0.69
|
0.70
|
2.31
|
1.51
|
Operating earnings
per share- excluding MSR*
|
0.68
|
0.86
|
0.73
|
0.69
|
0.69
|
2.26
|
1.61
|
Cash dividends per
share
|
0.200
|
0.190
|
0.190
|
0.190
|
0.185
|
0.580
|
0.555
|
Book value per
share
|
26.73
|
26.72
|
25.90
|
25.89
|
25.50
|
26.73
|
25.50
|
Tangible book value
per share*
|
17.27
|
17.41
|
17.08
|
17.04
|
16.71
|
17.27
|
16.71
|
Market value per
share (last)
|
29.78
|
28.33
|
32.48
|
27.44
|
19.38
|
29.78
|
19.38
|
Market value per
share (high)
|
30.55
|
33.18
|
35.59
|
28.54
|
24.29
|
35.59
|
31.61
|
Market value per
share (low)
|
24.87
|
27.59
|
26.95
|
18.77
|
18.11
|
24.87
|
17.21
|
Market value per
share (avg)
|
27.89
|
30.33
|
30.85
|
25.26
|
21.36
|
29.67
|
22.97
|
Dividend payout
ratio
|
30.71%
|
27.43%
|
24.62%
|
29.34%
|
26.56%
|
27.46%
|
37.64%
|
Total shares
outstanding
|
106,853,316
|
108,614,595
|
102,624,818
|
102,561,480
|
102,558,459
|
106,853,316
|
102,558,459
|
Average shares
outstanding - basic
|
108,028,577
|
105,626,612
|
102,622,111
|
102,569,547
|
102,564,466
|
105,425,767
|
103,174,106
|
Average shares
outstanding - diluted
|
108,250,102
|
105,838,056
|
102,711,584
|
102,817,409
|
102,839,749
|
105,599,914
|
103,466,957
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield/Rate:
|
|
|
|
|
|
|
|
(Taxable equivalent
basis)
|
|
|
|
|
|
|
|
Loans, loans held for
sale, and leases net of unearned income
|
4.46%
|
4.43%
|
4.53%
|
4.55%
|
4.54%
|
4.47%
|
4.70%
|
Loans, loans held for
sale, and leases net of unearned income, excluding
|
|
|
|
|
|
|
|
net accretion
on acquired loans and leases
|
4.38%
|
4.35%
|
4.43%
|
4.49%
|
4.44%
|
4.39%
|
4.62%
|
Loans, loans held for
sale, and leases net of unearned income, excluding
|
|
|
|
|
|
|
|
net accretion
on acquired loans and leases - excluding PPP loans
|
4.36%
|
4.39%
|
4.49%
|
4.53%
|
4.55%
|
4.42%
|
4.72%
|
PPP loans
|
8.79%
|
3.80%
|
3.69%
|
3.99%
|
3.11%
|
3.92%
|
2.84%
|
Available-for-sale
securities:
|
|
|
|
|
|
|
|
Taxable
|
1.20%
|
1.21%
|
1.32%
|
1.53%
|
1.64%
|
1.24%
|
1.85%
|
Tax-exempt
|
2.88%
|
2.77%
|
3.52%
|
3.40%
|
3.67%
|
3.04%
|
3.97%
|
Short-term, FHLB and
other equity investments
|
0.20%
|
0.16%
|
0.11%
|
0.13%
|
0.19%
|
0.16%
|
0.47%
|
Total interest
earning assets and revenue
|
3.15%
|
3.31%
|
3.51%
|
3.70%
|
3.77%
|
3.31%
|
3.96%
|
Deposits
|
0.24%
|
0.27%
|
0.33%
|
0.38%
|
0.44%
|
0.28%
|
0.53%
|
Demand -
interest bearing
|
0.31%
|
0.34%
|
0.40%
|
0.47%
|
0.53%
|
0.35%
|
0.66%
|
Savings
|
0.09%
|
0.09%
|
0.11%
|
0.15%
|
0.18%
|
0.10%
|
0.20%
|
Other
time
|
0.91%
|
1.00%
|
1.14%
|
1.28%
|
1.41%
|
1.02%
|
1.53%
|
Total interest
bearing deposits
|
0.36%
|
0.41%
|
0.48%
|
0.57%
|
0.65%
|
0.41%
|
0.77%
|
Short-term
borrowings
|
0.10%
|
0.12%
|
0.13%
|
0.26%
|
0.25%
|
0.12%
|
0.63%
|
Total interest
bearing deposits and short-term borrowings
|
0.35%
|
0.40%
|
0.46%
|
0.55%
|
0.63%
|
0.40%
|
0.76%
|
Junior subordinated
debt
|
4.47%
|
4.47%
|
4.46%
|
4.05%
|
4.24%
|
4.46%
|
4.44%
|
Long-term
debt
|
4.81%
|
4.46%
|
4.88%
|
4.84%
|
4.85%
|
4.71%
|
4.87%
|
Total interest
bearing liabilities and expense
|
0.43%
|
0.47%
|
0.54%
|
0.63%
|
0.71%
|
0.48%
|
0.84%
|
Interest bearing
liabilities to interest earning assets
|
66.04%
|
66.24%
|
66.87%
|
65.99%
|
65.61%
|
66.36%
|
67.58%
|
Net interest tax
equivalent adjustment
|
$
446
|
$
550
|
$
569
|
$
709
|
$
618
|
$
1,564
|
$
2,057
|
|
|
|
|
|
|
|
|
*Denotes non-GAAP
financial measure. Refer to related disclosure and
reconciliation on pages 24 and 25.
|
BancorpSouth
Bank
|
Consolidated
Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
Sep-21
|
Jun-21
|
Mar-21
|
Dec-20
|
Sep-20
|
|
(Dollars in
thousands)
|
Assets
|
|
|
|
|
|
Cash and due from
banks
|
$
301,246
|
$
331,873
|
$
263,289
|
$
284,095
|
$
306,164
|
Interest bearing
deposits with other banks
|
|
|
|
|
|
and Federal funds
sold
|
150,778
|
629,390
|
336,253
|
133,273
|
39,782
|
Available-for-sale
securities, at fair value
|
10,053,372
|
9,084,111
|
7,640,268
|
6,231,006
|
5,659,785
|
Loans and
leases*
|
15,011,588
|
15,023,228
|
15,056,559
|
15,039,239
|
15,344,006
|
Less:
Unearned income
|
20,343
|
19,189
|
17,751
|
16,760
|
16,271
|
Allowance for credit losses
|
260,276
|
265,720
|
241,117
|
244,422
|
250,624
|
Net loans and
leases
|
14,730,969
|
14,738,319
|
14,797,691
|
14,778,057
|
15,077,111
|
Loans held for
sale
|
342,871
|
403,046
|
518,352
|
397,076
|
304,215
|
Premises and
equipment, net
|
533,999
|
533,276
|
508,508
|
508,147
|
508,149
|
Accrued interest
receivable
|
97,630
|
98,575
|
106,355
|
106,318
|
110,185
|
Goodwill
|
958,304
|
957,474
|
851,612
|
851,612
|
847,531
|
Other identifiable
intangibles
|
52,235
|
54,659
|
53,581
|
55,899
|
54,757
|
Bank owned life
insurance
|
359,740
|
355,660
|
335,707
|
333,264
|
331,799
|
Other real estate
owned
|
16,515
|
17,333
|
9,351
|
11,395
|
6,397
|
Other
assets
|
462,837
|
408,649
|
381,530
|
391,052
|
309,547
|
Total
Assets
|
$
28,060,496
|
$
27,612,365
|
$
25,802,497
|
$
24,081,194
|
$
23,555,422
|
Liabilities
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Demand:
Noninterest bearing
|
$
7,700,216
|
$
7,619,308
|
$
6,990,880
|
$
6,341,457
|
$
6,336,792
|
Interest bearing
|
10,285,371
|
9,671,662
|
9,067,373
|
8,524,010
|
8,170,402
|
Savings
|
3,054,756
|
2,939,958
|
2,678,276
|
2,452,059
|
2,325,980
|
Other
time
|
2,498,368
|
2,607,558
|
2,436,657
|
2,528,915
|
2,579,805
|
Total
deposits
|
23,538,711
|
22,838,486
|
21,173,186
|
19,846,441
|
19,412,979
|
Securities sold under
agreement to repurchase
|
705,123
|
683,135
|
660,485
|
637,715
|
611,455
|
Federal funds
purchased
|
|
|
|
|
|
and
other short-term borrowing
|
-
|
-
|
-
|
-
|
95,217
|
Accrued interest
payable
|
11,334
|
8,718
|
11,879
|
10,885
|
15,286
|
Junior subordinated
debt securities
|
307,776
|
307,601
|
297,425
|
297,250
|
297,074
|
Long-term
debt
|
4,082
|
4,189
|
4,295
|
4,402
|
4,508
|
Other
liabilities
|
470,213
|
700,662
|
830,029
|
462,024
|
336,364
|
Total
Liabilities
|
25,037,239
|
24,542,791
|
22,977,299
|
21,258,717
|
20,772,883
|
Shareholders'
Equity
|
|
|
|
|
|
Preferred
stock
|
166,993
|
166,993
|
166,993
|
166,993
|
166,993
|
Common
stock
|
267,133
|
271,536
|
256,562
|
256,404
|
256,396
|
Capital
surplus
|
688,637
|
730,294
|
563,481
|
565,187
|
565,635
|
Accumulated other
comprehensive (loss) income
|
(82,627)
|
(34,575)
|
(43,459)
|
11,923
|
18,490
|
Retained
earnings
|
1,983,121
|
1,935,326
|
1,881,621
|
1,821,970
|
1,775,025
|
Total Shareholders'
Equity
|
3,023,257
|
3,069,574
|
2,825,198
|
2,822,477
|
2,782,539
|
Total Liabilities
& Shareholders' Equity
|
$
28,060,496
|
$
27,612,365
|
$
25,802,497
|
$
24,081,194
|
$
23,555,422
|
|
*Includes $32.8
million, $167.1 million, $1.146 billion, $975.4 million and $1.212
billion in PPP loans at September 30, 2021, June 30, 2021, March
31, 2021, December 31, 2020 and September 30, 2020,
respectively.
|
BancorpSouth
Bank
|
Consolidated
Average Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
Sep-21
|
Jun-21
|
Mar-21
|
Dec-20
|
Sep-20
|
|
(Dollars in
thousands)
|
Assets
|
|
|
|
|
|
Cash and due from
banks
|
$
288,199
|
$
365,647
|
$
261,519
|
$
247,799
|
$
232,421
|
Interest bearing
deposits with other banks
|
|
|
|
|
|
and Federal funds
sold
|
495,982
|
302,845
|
412,313
|
171,650
|
257,057
|
Available-for-sale
securities, at fair value
|
9,539,814
|
8,067,109
|
6,606,027
|
5,820,425
|
5,309,982
|
Loans and
leases*
|
14,935,392
|
15,488,980
|
15,045,837
|
15,235,827
|
15,386,721
|
Less:
Unearned income
|
19,664
|
18,441
|
16,761
|
16,425
|
17,037
|
Allowance for credit losses
|
264,067
|
245,095
|
242,935
|
247,049
|
236,536
|
Net loans and
leases
|
14,651,661
|
15,225,444
|
14,786,141
|
14,972,353
|
15,133,148
|
Loans held for
sale
|
242,422
|
361,999
|
289,755
|
277,600
|
296,352
|
Premises and
equipment, net
|
534,071
|
526,960
|
508,551
|
508,053
|
507,190
|
Accrued interest
receivable
|
93,248
|
100,357
|
102,190
|
105,513
|
104,435
|
Goodwill
|
957,899
|
910,448
|
851,612
|
852,472
|
847,744
|
Other identifiable
intangibles
|
53,567
|
52,564
|
54,876
|
54,858
|
56,045
|
Bank owned life
insurance
|
357,429
|
348,378
|
333,837
|
332,543
|
330,642
|
Other real estate
owned
|
16,939
|
12,293
|
11,043
|
14,872
|
7,754
|
Other
assets
|
385,354
|
392,252
|
327,696
|
302,365
|
236,107
|
Total
Assets
|
$
27,616,585
|
$
26,666,296
|
$
24,545,560
|
$
23,660,503
|
$
23,318,877
|
Liabilities
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Demand:
Noninterest bearing
|
$
7,579,513
|
$
7,367,832
|
$
6,484,703
|
$
6,391,006
|
$
6,340,942
|
Interest bearing
|
10,027,346
|
9,598,550
|
8,956,420
|
8,268,528
|
8,022,755
|
Savings
|
3,001,406
|
2,851,113
|
2,550,095
|
2,386,034
|
2,280,860
|
Other
time
|
2,554,185
|
2,568,388
|
2,480,862
|
2,555,295
|
2,614,373
|
Total
deposits
|
23,162,450
|
22,385,883
|
20,472,080
|
19,600,863
|
19,258,930
|
Securities sold under
agreement to repurchase
|
752,536
|
707,086
|
651,694
|
672,018
|
681,400
|
Federal funds
purchased
|
|
|
|
|
|
and
other short-term borrowing
|
8,706
|
3,901
|
1,500
|
3,893
|
36,696
|
Accrued interest
payable
|
10,801
|
11,169
|
11,607
|
14,175
|
15,589
|
Junior subordinated
debt securities
|
307,671
|
304,056
|
297,318
|
297,145
|
296,969
|
Long-term
debt
|
4,168
|
4,714
|
4,378
|
4,488
|
4,592
|
Other
liabilities
|
311,946
|
294,653
|
293,982
|
293,332
|
294,831
|
Total
Liabilities
|
24,558,278
|
23,711,462
|
21,732,559
|
20,885,914
|
20,589,007
|
Shareholders'
Equity
|
|
|
|
|
|
Preferred
stock
|
166,993
|
166,993
|
166,993
|
166,993
|
166,993
|
Common
stock
|
270,098
|
266,676
|
256,536
|
256,422
|
256,412
|
Capital
surplus
|
717,022
|
674,949
|
563,529
|
568,343
|
563,267
|
Accumulated other
comprehensive (loss) income
|
(35,408)
|
(30,614)
|
(5,090)
|
12,432
|
24,758
|
Retained
earnings
|
1,939,602
|
1,876,830
|
1,831,033
|
1,770,399
|
1,718,440
|
Total Shareholders'
Equity
|
3,058,307
|
2,954,834
|
2,813,001
|
2,774,589
|
2,729,870
|
Total Liabilities
& Shareholders' Equity
|
$
27,616,585
|
$
26,666,296
|
$
24,545,560
|
$
23,660,503
|
$
23,318,877
|
|
*Includes $73.8
million, $973.0 million, $1.062 billion, $1.140 billion and $1.207
billion in PPP loans for the quarter ended September 30, 2021, June
30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020,
respectively.
|
Consolidated
Condensed Statements of Income
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Year to
Date
|
|
Sep-21
|
|
Jun-21
|
|
Mar-21
|
|
Dec-20
|
|
Sep-20
|
|
Sep-21
|
|
Sep-20
|
INTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
leases
|
$
168,066
|
|
$
171,305
|
|
$
169,195
|
|
$
174,072
|
|
$
175,810
|
|
$
508,566
|
|
$
525,993
|
Deposits with other
banks
|
195
|
|
97
|
|
108
|
|
50
|
|
74
|
|
400
|
|
1,020
|
Federal funds sold,
securities purchased
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under
agreement to resell, FHLB and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other equity
investments
|
67
|
|
28
|
|
6
|
|
6
|
|
52
|
|
101
|
|
545
|
Available-for-sale
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
28,617
|
|
23,983
|
|
21,192
|
|
21,895
|
|
21,280
|
|
73,792
|
|
63,571
|
Tax-exempt
|
490
|
|
676
|
|
687
|
|
760
|
|
986
|
|
1,853
|
|
3,224
|
Loans held for
sale
|
2,076
|
|
3,040
|
|
1,595
|
|
2,504
|
|
2,468
|
|
6,711
|
|
5,853
|
Total
interest revenue
|
199,511
|
|
199,129
|
|
192,783
|
|
199,287
|
|
200,670
|
|
591,423
|
|
600,206
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
demand
|
7,723
|
|
8,247
|
|
8,796
|
|
9,766
|
|
10,773
|
|
24,766
|
|
37,926
|
Savings
|
672
|
|
626
|
|
700
|
|
872
|
|
1,012
|
|
1,998
|
|
3,245
|
Other time
|
5,861
|
|
6,428
|
|
6,966
|
|
8,189
|
|
9,287
|
|
19,255
|
|
30,751
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under
agreement to repurchase
|
204
|
|
206
|
|
203
|
|
276
|
|
279
|
|
613
|
|
2,006
|
Short-term and
long-term debt
|
42
|
|
44
|
|
45
|
|
47
|
|
49
|
|
131
|
|
2,383
|
Junior subordinated
debt
|
3,463
|
|
3,387
|
|
3,269
|
|
3,201
|
|
3,338
|
|
10,119
|
|
9,862
|
Other
|
2
|
|
9
|
|
15
|
|
-
|
|
1
|
|
26
|
|
2
|
Total
interest expense
|
17,967
|
|
18,947
|
|
19,994
|
|
22,351
|
|
24,739
|
|
56,908
|
|
86,175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest revenue
|
181,544
|
|
180,182
|
|
172,789
|
|
176,936
|
|
175,931
|
|
534,515
|
|
514,031
|
Provision for
credit losses
|
(7,000)
|
|
11,500
|
|
-
|
|
5,794
|
|
16,000
|
|
4,500
|
|
83,250
|
Net
interest revenue, after provision for
|
|
|
|
|
|
|
|
|
|
|
|
|
|
credit losses
|
188,544
|
|
168,682
|
|
172,789
|
|
171,142
|
|
159,931
|
|
530,015
|
|
430,781
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage
banking
|
13,058
|
|
9,105
|
|
25,310
|
|
20,129
|
|
27,097
|
|
47,473
|
|
66,124
|
Credit card, debit
card and merchant fees
|
11,428
|
|
11,589
|
|
9,659
|
|
10,053
|
|
9,938
|
|
32,676
|
|
28,194
|
Deposit service
charges
|
10,324
|
|
8,849
|
|
8,477
|
|
9,708
|
|
8,892
|
|
27,650
|
|
28,221
|
Security
(losses)gains, net
|
(195)
|
|
96
|
|
82
|
|
63
|
|
18
|
|
(17)
|
|
(5)
|
Insurance
commissions
|
35,773
|
|
36,106
|
|
30,667
|
|
29,815
|
|
32,750
|
|
102,546
|
|
95,471
|
Wealth
management
|
7,147
|
|
7,543
|
|
8,465
|
|
6,751
|
|
6,471
|
|
23,155
|
|
19,462
|
Gain on sale of PPP
loans
|
-
|
|
21,572
|
|
-
|
|
-
|
|
-
|
|
21,572
|
|
-
|
Other
|
6,885
|
|
7,083
|
|
5,276
|
|
2,307
|
|
4,758
|
|
19,244
|
|
20,211
|
Total
noninterest revenue
|
84,420
|
|
101,943
|
|
87,936
|
|
78,826
|
|
89,924
|
|
274,299
|
|
257,678
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
112,968
|
|
108,188
|
|
101,060
|
|
97,215
|
|
104,219
|
|
322,216
|
|
320,594
|
Occupancy, net of
rental income
|
13,443
|
|
13,187
|
|
12,814
|
|
13,004
|
|
13,053
|
|
39,444
|
|
38,651
|
Equipment
|
5,534
|
|
4,967
|
|
4,564
|
|
4,756
|
|
4,519
|
|
15,065
|
|
13,930
|
Deposit insurance
assessments
|
2,330
|
|
1,638
|
|
1,455
|
|
1,696
|
|
1,522
|
|
5,423
|
|
5,030
|
Pension settlement
expense
|
2,400
|
|
-
|
|
-
|
|
5,846
|
|
-
|
|
2,400
|
|
-
|
Other
|
43,214
|
|
46,004
|
|
35,930
|
|
44,600
|
|
31,192
|
|
125,148
|
|
105,560
|
Total
noninterest expense
|
179,889
|
|
173,984
|
|
155,823
|
|
167,117
|
|
154,505
|
|
509,696
|
|
483,765
|
Income
before income taxes
|
93,075
|
|
96,641
|
|
104,902
|
|
82,851
|
|
95,350
|
|
294,618
|
|
204,694
|
Income tax
expense
|
20,350
|
|
21,102
|
|
23,347
|
|
14,046
|
|
21,525
|
|
64,799
|
|
45,448
|
Net
income
|
$
72,725
|
|
$
75,539
|
|
$
81,555
|
|
$
68,805
|
|
$
73,825
|
|
$
229,819
|
|
$
159,246
|
Less: Preferred
dividends
|
2,372
|
|
2,372
|
|
2,372
|
|
2,372
|
|
2,372
|
|
7,116
|
|
7,116
|
Net income
available to common shareholders
|
$
70,353
|
|
$
73,167
|
|
$
79,183
|
|
$
66,433
|
|
$
71,453
|
|
$
222,703
|
|
$
152,130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share: Basic
|
$
0.65
|
|
$
0.69
|
|
$
0.77
|
|
$
0.65
|
|
$
0.70
|
|
$
2.11
|
|
$
1.47
|
Diluted
|
$
0.65
|
|
$
0.69
|
|
$
0.77
|
|
$
0.65
|
|
$
0.69
|
|
$
2.11
|
|
$
1.47
|
BancorpSouth
Bank
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Sep-21
|
|
Jun-21
|
|
Mar-21
|
|
Dec-20
|
|
Sep-20
|
LOAN AND LEASE
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
Commercial and industrial-non real estate
|
2,005,206
|
|
2,056,034
|
|
2,865,706
|
|
2,673,429
|
|
2,937,608
|
Commercial and industrial-owner occupied
|
2,241,310
|
|
2,273,433
|
|
2,260,456
|
|
2,281,127
|
|
2,297,008
|
Total commercial and
industrial
|
4,246,516
|
|
4,329,467
|
|
5,126,162
|
|
4,954,556
|
|
5,234,616
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
Agricultural
|
370,467
|
|
350,067
|
|
337,710
|
|
317,994
|
|
333,839
|
Construction, acquisition and development
|
1,797,559
|
|
1,926,421
|
|
1,707,800
|
|
1,728,682
|
|
1,700,030
|
Commercial real estate
|
3,443,967
|
|
3,323,883
|
|
3,127,510
|
|
3,211,434
|
|
3,229,959
|
Total commercial real
estate
|
5,611,993
|
|
5,600,371
|
|
5,173,020
|
|
5,258,110
|
|
5,263,828
|
Consumer
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
4,078,787
|
|
3,991,790
|
|
3,700,076
|
|
3,726,241
|
|
3,704,490
|
Home
equity
|
619,541
|
|
625,365
|
|
608,924
|
|
630,097
|
|
658,708
|
Credit
cards
|
83,764
|
|
84,699
|
|
81,499
|
|
89,077
|
|
85,760
|
Total
consumer
|
4,782,092
|
|
4,701,854
|
|
4,390,499
|
|
4,445,415
|
|
4,448,958
|
All other
|
350,644
|
|
372,347
|
|
349,127
|
|
364,398
|
|
380,333
|
Total loans
|
$
14,991,245
|
|
$
15,004,039
|
|
$
15,038,808
|
|
$
15,022,479
|
|
$
15,327,735
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR CREDIT
LOSSES:
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period
|
$
265,720
|
|
$
241,117
|
|
$
244,422
|
|
$
250,624
|
|
$
237,025
|
|
|
|
|
|
|
|
|
|
|
Loans and leases
charged-off:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
(1,488)
|
|
(1,882)
|
|
(2,946)
|
|
(5,511)
|
|
(1,001)
|
Commercial real
estate
|
(131)
|
|
(623)
|
|
(1,383)
|
|
(5,062)
|
|
(738)
|
Consumer
|
(831)
|
|
(961)
|
|
(1,076)
|
|
(1,584)
|
|
(804)
|
All other
|
(863)
|
|
(396)
|
|
(501)
|
|
(875)
|
|
(599)
|
Total loans
charged-off
|
(3,313)
|
|
(3,862)
|
|
(5,906)
|
|
(13,032)
|
|
(3,142)
|
|
|
|
|
|
|
|
|
|
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
3,635
|
|
3,053
|
|
1,093
|
|
816
|
|
457
|
Commercial real
estate
|
797
|
|
1,299
|
|
195
|
|
142
|
|
267
|
Consumer
|
585
|
|
965
|
|
920
|
|
592
|
|
754
|
All other
|
352
|
|
345
|
|
393
|
|
280
|
|
263
|
Total recoveries
|
5,369
|
|
5,662
|
|
2,601
|
|
1,830
|
|
1,741
|
|
|
|
|
|
|
|
|
|
|
Net
recoveries(charge-offs)
|
2,056
|
|
1,800
|
|
(3,305)
|
|
(11,202)
|
|
(1,401)
|
|
|
|
|
|
|
|
|
|
|
Initial allowance on
loans purchased with credit deterioration
|
-
|
|
12,803
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
Provision:
|
|
|
|
|
|
|
|
|
|
Initial
provision for loans acquired during the quarter
|
-
|
|
11,500
|
|
-
|
|
-
|
|
-
|
Provision for credit losses related to loans and leases
|
(7,500)
|
|
(1,500)
|
|
-
|
|
5,000
|
|
15,000
|
Total provision for loans
and leases
|
(7,500)
|
|
10,000
|
|
-
|
|
5,000
|
|
15,000
|
|
|
|
|
|
|
|
|
|
|
Balance, end of
period
|
$
260,276
|
|
$
265,720
|
|
$
241,117
|
|
$
244,422
|
|
$
250,624
|
|
|
|
|
|
|
|
|
|
|
Average loans for
period
|
$
14,915,728
|
|
$
15,470,539
|
|
$
15,029,076
|
|
$
15,219,402
|
|
$
15,369,684
|
|
|
|
|
|
|
|
|
|
|
Ratio:
|
|
|
|
|
|
|
|
|
|
Net
(recoveries)charge-offs to average loans (annualized)
|
(0.05%)
|
|
(0.05%)
|
|
0.09%
|
|
0.29%
|
|
0.04%
|
|
|
|
|
|
|
|
|
|
|
RESERVE FOR UNFUNDED
COMMITMENTS*
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period
|
$
8,544
|
|
$
7,044
|
|
$
7,044
|
|
$
6,250
|
|
$
5,250
|
Provision for credit
losses for unfunded commitments
|
500
|
|
1,500
|
|
-
|
|
794
|
|
1,000
|
Balance, end of
period
|
$
9,044
|
|
$
8,544
|
|
$
7,044
|
|
$
7,044
|
|
$
6,250
|
|
|
|
|
|
|
|
|
|
|
*The Reserve for
Unfunded Commitments is classified in other liabilities on the
balance sheet.
|
|
|
|
BancorpSouth
Bank
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
Sep-21
|
|
Jun-21
|
|
Mar-21
|
|
Dec-20
|
|
Sep-20
|
BXS ORIGINATED LOANS
AND LEASES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases
charged off:
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial-non real estate
|
|
$
(901)
|
|
$
(1,108)
|
|
$
(1,971)
|
|
$
(1,991)
|
|
$
(490)
|
Commercial and industrial-owner occupied
|
|
(331)
|
|
(471)
|
|
(187)
|
|
(303)
|
|
(434)
|
Total commercial and
industrial
|
|
(1,232)
|
|
(1,579)
|
|
(2,158)
|
|
(2,294)
|
|
(924)
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
|
Agricultural
|
|
-
|
|
-
|
|
(94)
|
|
(124)
|
|
-
|
Construction, acquisition and development
|
|
-
|
|
(113)
|
|
(344)
|
|
(1,709)
|
|
-
|
Commercial real estate
|
|
(3)
|
|
(110)
|
|
(27)
|
|
(1,704)
|
|
(155)
|
Total real estate
|
|
(3)
|
|
(223)
|
|
(465)
|
|
(3,537)
|
|
(155)
|
Consumer
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
|
(243)
|
|
(398)
|
|
(181)
|
|
(537)
|
|
(70)
|
Home
equity
|
|
(112)
|
|
(64)
|
|
(50)
|
|
(395)
|
|
(41)
|
Credit
cards
|
|
(435)
|
|
(476)
|
|
(733)
|
|
(458)
|
|
(682)
|
Total consumer
|
|
(790)
|
|
(938)
|
|
(964)
|
|
(1,390)
|
|
(793)
|
All other
|
|
(723)
|
|
(315)
|
|
(399)
|
|
(698)
|
|
(459)
|
Total loans charged
off
|
|
(2,748)
|
|
(3,055)
|
|
(3,986)
|
|
(7,919)
|
|
(2,331)
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial-non real estate
|
|
305
|
|
1,014
|
|
387
|
|
645
|
|
231
|
Commercial and industrial-owner occupied
|
|
673
|
|
325
|
|
61
|
|
27
|
|
163
|
Total commercial and
industrial
|
|
978
|
|
1,339
|
|
448
|
|
672
|
|
394
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
|
Agricultural
|
|
3
|
|
(65)
|
|
5
|
|
23
|
|
3
|
Construction, acquisition and development
|
|
87
|
|
1,184
|
|
51
|
|
73
|
|
55
|
Commercial real estate
|
|
19
|
|
(403)
|
|
36
|
|
45
|
|
208
|
Total real estate
|
|
109
|
|
716
|
|
92
|
|
141
|
|
266
|
Consumer
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
|
200
|
|
359
|
|
392
|
|
221
|
|
350
|
Home
equity
|
|
75
|
|
199
|
|
219
|
|
149
|
|
130
|
Credit
cards
|
|
271
|
|
254
|
|
297
|
|
211
|
|
270
|
Total consumer
|
|
546
|
|
812
|
|
908
|
|
581
|
|
750
|
All other
|
|
310
|
|
287
|
|
325
|
|
249
|
|
235
|
Total recoveries
|
|
1,943
|
|
3,154
|
|
1,773
|
|
1,643
|
|
1,645
|
|
|
|
|
|
|
|
|
|
|
|
Net
(charge-offs)/recoveries
|
|
$
(805)
|
|
$
99
|
|
$
(2,213)
|
|
$
(6,276)
|
|
$
(686)
|
BancorpSouth
Bank
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Sep-21
|
|
Jun-21
|
|
Mar-21
|
|
Dec-20
|
|
Sep-20
|
ACQUIRED LOANS AND
LEASES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases
charged off:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
Commercial and industrial-non real estate
|
$
(255)
|
|
$
(303)
|
|
$
(298)
|
|
$
(2,352)
|
|
$
(70)
|
Commercial and industrial-owner occupied
|
(1)
|
|
-
|
|
(490)
|
|
(865)
|
|
(7)
|
Total commercial and
industrial
|
(256)
|
|
(303)
|
|
(788)
|
|
(3,217)
|
|
(77)
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
Agricultural
|
-
|
|
-
|
|
(4)
|
|
(31)
|
|
-
|
Construction, acquisition and development
|
-
|
|
(12)
|
|
(463)
|
|
(64)
|
|
-
|
Commercial real estate
|
(128)
|
|
(388)
|
|
(451)
|
|
(1,430)
|
|
(583)
|
Total real estate
|
(128)
|
|
(400)
|
|
(918)
|
|
(1,525)
|
|
(583)
|
Consumer
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
(21)
|
|
(23)
|
|
(112)
|
|
(194)
|
|
(11)
|
Home
equity
|
(20)
|
|
-
|
|
-
|
|
-
|
|
-
|
Credit
cards
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Total consumer
|
(41)
|
|
(23)
|
|
(112)
|
|
(194)
|
|
(11)
|
All other
|
(140)
|
|
(81)
|
|
(102)
|
|
(177)
|
|
(140)
|
Total loans charged
off
|
(565)
|
|
(807)
|
|
(1,920)
|
|
(5,113)
|
|
(811)
|
|
|
|
|
|
|
|
|
|
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
Commercial and industrial-non real estate
|
328
|
|
1,304
|
|
644
|
|
134
|
|
63
|
Commercial and industrial-owner occupied
|
2,329
|
|
410
|
|
1
|
|
10
|
|
-
|
Total commercial and
industrial
|
2,657
|
|
1,714
|
|
645
|
|
144
|
|
63
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
Agricultural
|
148
|
|
73
|
|
81
|
|
1
|
|
-
|
Construction, acquisition and development
|
-
|
|
81
|
|
2
|
|
-
|
|
-
|
Commercial real estate
|
540
|
|
429
|
|
20
|
|
-
|
|
1
|
Total real estate
|
688
|
|
583
|
|
103
|
|
1
|
|
1
|
Consumer
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
38
|
|
151
|
|
11
|
|
9
|
|
2
|
Home
equity
|
1
|
|
2
|
|
1
|
|
2
|
|
2
|
Credit
cards
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Total consumer
|
39
|
|
153
|
|
12
|
|
11
|
|
4
|
All other
|
42
|
|
58
|
|
68
|
|
31
|
|
28
|
Total recoveries
|
3,426
|
|
2,508
|
|
828
|
|
187
|
|
96
|
|
|
|
|
|
|
|
|
|
|
Net
recoveries/(charge-offs)
|
$
2,861
|
|
$
1,701
|
|
$
(1,092)
|
|
$
(4,926)
|
|
$
(715)
|
BancorpSouth
Bank
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Sep-21
|
|
Jun-21
|
|
Mar-21
|
|
Dec-20
|
|
Sep-20
|
NON-PERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES:
|
|
|
|
|
|
|
|
|
|
Nonaccrual
Loans and Leases
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial-non real estate
|
$
13,170
|
|
$
10,485
|
|
$
9,703
|
|
$
12,768
|
|
$
17,936
|
Commercial and
industrial-owner occupied
|
11,382
|
|
11,872
|
|
15,019
|
|
15,783
|
|
18,343
|
Total commercial and industrial
|
24,552
|
|
22,357
|
|
24,722
|
|
28,551
|
|
36,279
|
Commercial real estate
|
|
|
|
|
|
|
|
|
|
Agricultural
|
2,356
|
|
1,284
|
|
2,293
|
|
5,013
|
|
5,907
|
Construction,
acquisition and development
|
3,292
|
|
2,582
|
|
8,494
|
|
9,738
|
|
10,434
|
Commercial real
estate
|
8,403
|
|
13,483
|
|
12,838
|
|
16,249
|
|
32,554
|
Total commercial real estate
|
14,051
|
|
17,349
|
|
23,625
|
|
31,000
|
|
48,895
|
Consumer
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
20,035
|
|
20,532
|
|
23,535
|
|
32,951
|
|
32,872
|
Home
equity
|
786
|
|
686
|
|
847
|
|
2,657
|
|
3,325
|
Credit
cards
|
74
|
|
122
|
|
131
|
|
173
|
|
144
|
Total consumer
|
20,895
|
|
21,340
|
|
24,513
|
|
35,781
|
|
36,341
|
All other
|
124
|
|
618
|
|
282
|
|
1,046
|
|
593
|
Total nonaccrual loans and leases
|
$
59,622
|
|
$
61,664
|
|
$
73,142
|
|
$
96,378
|
|
$
122,108
|
|
|
|
|
|
|
|
|
|
|
Loans and
Leases 90+ Days Past Due, Still Accruing:
|
17,012
|
|
15,386
|
|
21,208
|
|
14,320
|
|
17,641
|
Restructured
Loans and Leases, Still Accruing
|
7,165
|
|
7,368
|
|
6,971
|
|
10,475
|
|
11,154
|
Total non-performing loans
and leases
|
$
83,799
|
|
$
84,418
|
|
$
101,321
|
|
$
121,173
|
|
$
150,903
|
|
|
|
|
|
|
|
|
|
|
OTHER REAL ESTATE
OWNED:
|
16,515
|
|
17,333
|
|
9,351
|
|
11,395
|
|
6,397
|
|
|
|
|
|
|
|
|
|
|
Total Non-performing
Assets
|
$
100,314
|
|
$
101,751
|
|
$
110,672
|
|
$
132,568
|
|
$
157,300
|
|
|
|
|
|
|
|
|
|
|
BXS originated
assets
|
$
83,420
|
|
$
81,039
|
|
$
85,266
|
|
$
97,025
|
|
$
109,418
|
Acquired
assets
|
16,894
|
|
20,712
|
|
25,406
|
|
35,543
|
|
47,882
|
Total Non-performing
Assets
|
$
100,314
|
|
$
101,751
|
|
$
110,672
|
|
$
132,568
|
|
$
157,300
|
|
|
|
|
|
|
|
|
|
|
Additions to
Nonaccrual Loans and Leases During the Quarter
|
$
19,858
|
|
$
16,005
|
|
$
10,029
|
|
$
11,087
|
|
$
19,973
|
|
|
|
|
|
|
|
|
|
|
Loans and Leases
30-89 Days Past Due, Still Accruing:
|
|
|
|
|
|
|
|
|
|
BXS originated loans
|
$
33,476
|
|
$
36,748
|
|
$
34,929
|
|
$
40,424
|
|
$
42,978
|
Acquired loans
|
7,452
|
|
10,701
|
|
2,798
|
|
6,048
|
|
5,694
|
Total Loans and Leases 30-89 days past due, still
accruing
|
$
40,928
|
|
$
47,449
|
|
$
37,727
|
|
$
46,472
|
|
$
48,672
|
BancorpSouth
Bank
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2021
|
|
|
|
|
|
|
|
Purchased
|
|
|
|
|
Special
|
|
|
|
|
Credit
|
|
|
|
Pass
|
Mention
|
Substandard
|
Doubtful
|
Loss
|
Impaired
|
Deteriorated
(Loss)
|
|
Total
|
LOAN PORTFOLIO BY
INTERNALLY ASSIGNED GRADE:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
Commercial and industrial-non real estate
|
$
1,959,590
|
$
1,691
|
$
31,373
|
$
161
|
$
-
|
$
5,150
|
$
7,241
|
|
$
2,005,206
|
Commercial and industrial-owner occupied
|
2,178,251
|
-
|
50,892
|
-
|
-
|
9,582
|
2,585
|
|
2,241,310
|
Total commercial and
industrial
|
4,137,841
|
1,691
|
82,265
|
161
|
-
|
14,732
|
9,826
|
|
4,246,516
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
Agricultural
|
363,182
|
-
|
4,982
|
-
|
-
|
-
|
2,303
|
|
370,467
|
Construction, acquisition and development
|
1,752,717
|
-
|
36,992
|
-
|
-
|
1,209
|
6,641
|
|
1,797,559
|
Commercial real estate
|
3,280,770
|
-
|
154,459
|
-
|
-
|
4,934
|
3,804
|
|
3,443,967
|
Total commercial real
estate
|
5,396,669
|
-
|
196,433
|
-
|
-
|
6,143
|
12,748
|
|
5,611,993
|
Consumer
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
4,013,294
|
-
|
63,495
|
-
|
-
|
1,817
|
181
|
|
4,078,787
|
Home
equity
|
613,923
|
-
|
5,618
|
-
|
-
|
-
|
-
|
|
619,541
|
Credit
cards
|
83,764
|
-
|
-
|
-
|
-
|
-
|
-
|
|
83,764
|
Total consumer
|
4,710,981
|
-
|
69,113
|
-
|
-
|
1,817
|
181
|
|
4,782,092
|
All other
|
341,464
|
-
|
9,118
|
-
|
-
|
-
|
62
|
|
350,644
|
Total loans
|
$
14,586,955
|
$
1,691
|
$
356,929
|
$
161
|
$
-
|
$
22,692
|
$
22,817
|
|
$
14,991,245
|
|
|
|
|
|
|
|
|
|
|
BXS originated
loans
|
$
13,242,424
|
$
947
|
$
191,135
|
$
161
|
$
-
|
$
20,756
|
$
-
|
|
$
13,455,423
|
Acquired
loans*
|
1,344,531
|
744
|
165,794
|
-
|
-
|
1,936
|
22,817
|
|
1,535,822
|
Total Loans
|
$
14,586,955
|
$
1,691
|
$
356,929
|
$
161
|
$
-
|
$
22,692
|
$
22,817
|
|
$
14,991,245
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2021
|
|
|
|
|
|
|
|
Purchased
|
|
|
|
|
Special
|
|
|
|
|
Credit
|
|
|
|
Pass
|
Mention
|
Substandard
|
Doubtful
|
Loss
|
Impaired
|
Deteriorated
(Loss)
|
|
Total
|
LOAN PORTFOLIO BY
INTERNALLY ASSIGNED GRADE:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
Commercial and industrial-non real estate
|
$
2,005,765
|
$
-
|
$
40,286
|
$
171
|
$
-
|
$
1,885
|
$
7,927
|
|
$
2,056,034
|
Commercial and industrial-owner occupied
|
2,193,141
|
4,000
|
63,638
|
-
|
-
|
7,452
|
5,202
|
|
2,273,433
|
Total commercial and
industrial
|
4,198,906
|
4,000
|
103,924
|
171
|
-
|
9,337
|
13,129
|
|
4,329,467
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
Agricultural
|
341,430
|
-
|
6,326
|
-
|
-
|
-
|
2,311
|
|
350,067
|
Construction, acquisition and development
|
1,879,040
|
-
|
40,498
|
-
|
-
|
714
|
6,169
|
|
1,926,421
|
Commercial real estate
|
3,150,789
|
-
|
159,066
|
-
|
-
|
9,316
|
4,712
|
|
3,323,883
|
Total commercial real
estate
|
5,371,259
|
-
|
205,890
|
-
|
-
|
10,030
|
13,192
|
|
5,600,371
|
Consumer
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
3,926,705
|
-
|
63,645
|
-
|
-
|
1,256
|
184
|
|
3,991,790
|
Home
equity
|
619,269
|
-
|
6,096
|
-
|
-
|
-
|
-
|
|
625,365
|
Credit
cards
|
84,699
|
-
|
-
|
-
|
-
|
-
|
-
|
|
84,699
|
Total consumer
|
4,630,673
|
-
|
69,741
|
-
|
-
|
1,256
|
184
|
|
4,701,854
|
All other
|
362,556
|
-
|
9,726
|
-
|
-
|
-
|
65
|
|
372,347
|
Total loans
|
$
14,563,394
|
$
4,000
|
$
389,281
|
$
171
|
$
-
|
$
20,623
|
$
26,570
|
|
$
15,004,039
|
|
|
|
|
|
|
|
|
|
|
BXS originated
loans
|
$
13,007,886
|
$
4,000
|
$
219,242
|
$
171
|
$
-
|
$
13,989
|
$
-
|
|
$
13,245,288
|
Acquired
loans*
|
1,555,508
|
-
|
170,039
|
-
|
-
|
6,634
|
26,570
|
|
1,758,751
|
Total Loans
|
$
14,563,394
|
$
4,000
|
$
389,281
|
$
171
|
$
-
|
$
20,623
|
$
26,570
|
|
$
15,004,039
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Includes certain
loans that are no longer included in the "Net book value of
acquired loans" on page 10 as a result of maturity, refinance, or
other triggering event.
|
BancorpSouth
Bank
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Sep-21
|
|
Jun-21
|
|
Mar-21
|
|
Dec-20
|
|
Sep-20
|
LOAN PORTFOLIO BY
INTERNALLY ASSIGNED GRADE:
|
|
|
|
|
|
|
|
|
|
Pass
|
$
14,586,955
|
|
$
14,563,394
|
|
$
14,646,582
|
|
$
14,602,079
|
|
$
14,877,943
|
Special
Mention
|
1,691
|
|
4,000
|
|
5,005
|
|
8,736
|
|
-
|
Substandard
|
356,929
|
|
389,281
|
|
336,410
|
|
358,988
|
|
372,483
|
Doubtful
|
161
|
|
171
|
|
171
|
|
172
|
|
178
|
Loss
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Impaired
|
22,692
|
|
20,623
|
|
28,615
|
|
29,545
|
|
49,818
|
Purchased Credit
Deteriorated (Loss)
|
22,817
|
|
26,570
|
|
22,025
|
|
22,959
|
|
27,313
|
Total
|
$
14,991,245
|
|
$
15,004,039
|
|
$
15,038,808
|
|
$
15,022,479
|
|
$
15,327,735
|
|
|
|
|
|
|
|
|
|
|
BXS ORIGINATED LOAN
PORTFOLIO BY INTERNALLY
|
|
|
|
|
|
|
|
|
|
ASSIGNED
GRADE:
|
|
|
|
|
|
|
|
|
|
Pass
|
$
13,242,424
|
|
$
13,007,886
|
|
$
13,635,053
|
|
$
13,459,529
|
|
$
13,592,460
|
Special
Mention
|
947
|
|
4,000
|
|
5,005
|
|
8,736
|
|
-
|
Substandard
|
191,135
|
|
219,242
|
|
252,140
|
|
259,682
|
|
252,875
|
Doubtful
|
161
|
|
171
|
|
171
|
|
172
|
|
178
|
Loss
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Impaired
|
20,756
|
|
13,989
|
|
18,188
|
|
17,520
|
|
30,909
|
Purchased Credit
Deteriorated (Loss)
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Total
|
$
13,455,423
|
|
$
13,245,288
|
|
$
13,910,557
|
|
$
13,745,639
|
|
$
13,876,422
|
|
|
|
|
|
|
|
|
|
|
ACQUIRED LOAN
PORTFOLIO BY INTERNALLY
|
|
|
|
|
|
|
|
|
|
ASSIGNED
GRADE:
|
|
|
|
|
|
|
|
|
|
Pass
|
$
1,344,531
|
|
$
1,555,508
|
|
$
1,011,529
|
|
$
1,142,550
|
|
$
1,285,483
|
Special
Mention
|
744
|
|
-
|
|
-
|
|
-
|
|
-
|
Substandard
|
165,794
|
|
170,039
|
|
84,270
|
|
99,306
|
|
119,608
|
Doubtful
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Loss
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Impaired
|
1,936
|
|
6,634
|
|
10,427
|
|
12,025
|
|
18,909
|
Purchased Credit
Deteriorated (Loss)
|
22,817
|
|
26,570
|
|
22,025
|
|
22,959
|
|
27,313
|
Total
|
$
1,535,822
|
|
$
1,758,751
|
|
$
1,128,251
|
|
$
1,276,840
|
|
$
1,451,313
|
BancorpSouth
Bank
|
Geographical
Information
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2021
|
|
Alabama
|
|
|
|
|
Tennessee
|
|
|
|
|
and
Florida
|
|
|
|
|
and
|
|
|
|
|
Panhandle
|
Arkansas
|
Louisiana
|
Mississippi
|
Missouri
|
Georgia
|
Texas
|
Other
|
Total
|
LOAN AND LEASE
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
Commercial and industrial-non real estate
|
$
182,165
|
$
147,774
|
$
164,144
|
$
358,266
|
$
46,722
|
$
119,220
|
$
980,483
|
$
6,432
|
$
2,005,206
|
Commercial and industrial-owner occupied
|
296,901
|
150,397
|
212,613
|
568,629
|
64,155
|
125,754
|
822,219
|
642
|
2,241,310
|
Total commercial and
industrial
|
479,066
|
298,171
|
376,757
|
926,895
|
110,877
|
244,974
|
1,802,702
|
7,074
|
4,246,516
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
Agricultural
|
31,474
|
66,918
|
19,761
|
68,667
|
7,740
|
12,433
|
161,840
|
1,634
|
370,467
|
Construction, acquisition and development
|
218,553
|
62,127
|
49,126
|
268,816
|
25,166
|
112,315
|
1,061,430
|
26
|
1,797,559
|
Commercial real estate
|
480,620
|
288,383
|
235,542
|
712,747
|
200,883
|
230,962
|
1,290,255
|
4,575
|
3,443,967
|
Total commercial real
estate
|
730,647
|
417,428
|
304,429
|
1,050,230
|
233,789
|
355,710
|
2,513,525
|
6,235
|
5,611,993
|
Consumer
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
718,510
|
323,108
|
344,606
|
799,621
|
117,138
|
366,822
|
1,371,961
|
37,021
|
4,078,787
|
Home
equity
|
125,707
|
43,229
|
68,332
|
197,630
|
15,971
|
119,929
|
48,554
|
189
|
619,541
|
Credit
cards
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
83,764
|
83,764
|
Total consumer
|
844,217
|
366,337
|
412,938
|
997,251
|
133,109
|
486,751
|
1,420,515
|
120,974
|
4,782,092
|
All other
|
60,220
|
27,091
|
31,581
|
118,815
|
1,391
|
20,895
|
89,544
|
1,107
|
350,644
|
Total loans
|
$
2,114,150
|
$
1,109,027
|
$
1,125,705
|
$
3,093,191
|
$
479,166
|
$
1,108,330
|
$
5,826,286
|
$
135,390
|
$
14,991,245
|
|
|
|
|
|
|
|
|
|
|
Loan growth,
excluding loans acquired during
|
|
|
|
|
|
|
|
|
|
the quarter (annualized)
|
(6.76%)
|
(9.79%)
|
(19.52%)
|
(15.13%)
|
(9.53%)
|
9.61%
|
15.15%
|
12.31%
|
(0.34%)
|
Loan growth,
excluding PPP loans (annualized)
|
(3.90%)
|
(6.78%)
|
(14.13%)
|
(12.34%)
|
(5.13%)
|
17.14%
|
17.98%
|
28.99%
|
3.21%
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
Commercial and industrial-non real estate
|
$
447
|
$
721
|
$
2,233
|
$
4,090
|
$
938
|
$
314
|
$
5,243
|
$
187
|
$
14,173
|
Commercial and industrial-owner occupied
|
361
|
554
|
923
|
1,986
|
161
|
-
|
9,023
|
-
|
13,008
|
Total commercial and
industrial
|
808
|
1,275
|
3,156
|
6,076
|
1,099
|
314
|
14,266
|
187
|
27,181
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
Agricultural
|
63
|
218
|
-
|
1,521
|
-
|
-
|
612
|
-
|
2,414
|
Construction, acquisition and development
|
1,094
|
629
|
128
|
25
|
-
|
193
|
1,351
|
-
|
3,420
|
Commercial real estate
|
1,807
|
169
|
2,460
|
845
|
-
|
-
|
4,375
|
-
|
9,656
|
Total commercial real
estate
|
2,964
|
1,016
|
2,588
|
2,391
|
-
|
193
|
6,338
|
-
|
15,490
|
Consumer
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
8,955
|
4,071
|
3,234
|
9,961
|
1,204
|
3,349
|
5,752
|
2,197
|
38,723
|
Home
equity
|
111
|
39
|
250
|
357
|
73
|
506
|
-
|
-
|
1,336
|
Credit
cards
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
673
|
673
|
Total consumer
|
9,066
|
4,110
|
3,484
|
10,318
|
1,277
|
3,855
|
5,752
|
2,870
|
40,732
|
All other
|
47
|
2
|
43
|
151
|
-
|
6
|
141
|
6
|
396
|
Total loans
|
$
12,885
|
$
6,403
|
$
9,271
|
$
18,936
|
$
2,376
|
$
4,368
|
$
26,497
|
$
3,063
|
$
83,799
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES
|
|
|
|
|
|
|
|
|
|
AS A
PERCENTAGE OF OUTSTANDING:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
|
|
|
|
|
|
|
|
|
Commercial and industrial-non real estate
|
0.25%
|
0.49%
|
1.36%
|
1.14%
|
2.01%
|
0.26%
|
0.53%
|
2.91%
|
0.71%
|
Commercial and industrial-owner occupied
|
0.12%
|
0.37%
|
0.43%
|
0.35%
|
0.25%
|
0.00%
|
1.10%
|
0.00%
|
0.58%
|
Total commercial and
industrial
|
0.17%
|
0.43%
|
0.84%
|
0.66%
|
0.99%
|
0.13%
|
0.79%
|
2.64%
|
0.64%
|
Commercial real
estate
|
|
|
|
|
|
|
|
|
|
Agricultural
|
0.20%
|
0.33%
|
0.00%
|
2.22%
|
0.00%
|
0.00%
|
0.38%
|
0.00%
|
0.65%
|
Construction, acquisition and development
|
0.50%
|
1.01%
|
0.26%
|
0.01%
|
0.00%
|
0.17%
|
0.13%
|
0.00%
|
0.19%
|
Commercial real estate
|
0.38%
|
0.06%
|
1.04%
|
0.12%
|
0.00%
|
0.00%
|
0.34%
|
0.00%
|
0.28%
|
Total commercial real
estate
|
0.41%
|
0.24%
|
0.85%
|
0.23%
|
0.00%
|
0.05%
|
0.25%
|
0.00%
|
0.28%
|
Consumer
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
1.25%
|
1.26%
|
0.94%
|
1.25%
|
1.03%
|
0.91%
|
0.42%
|
5.93%
|
0.95%
|
Home
equity
|
0.09%
|
0.09%
|
0.37%
|
0.18%
|
0.46%
|
0.42%
|
0.00%
|
0.00%
|
0.22%
|
Credit
cards
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
0.80%
|
0.80%
|
Total consumer
|
1.07%
|
1.12%
|
0.84%
|
1.03%
|
0.96%
|
0.79%
|
0.40%
|
2.37%
|
0.85%
|
All other
|
0.08%
|
0.01%
|
0.14%
|
0.13%
|
0.00%
|
0.03%
|
0.16%
|
0.54%
|
0.11%
|
Total loans
|
0.61%
|
0.58%
|
0.82%
|
0.61%
|
0.50%
|
0.39%
|
0.45%
|
2.26%
|
0.56%
|
BancorpSouth
Bank
|
Noninterest
Revenue and Expense
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Year to
Date
|
|
Sep-21
|
|
Jun-21
|
|
Mar-21
|
|
Dec-20
|
|
Sep-20
|
|
Sep-21
|
|
Sep-20
|
NONINTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking
excl. MSR and MSR Hedge market value adj
|
$
11,009
|
|
$
11,013
|
|
$
17,929
|
|
$
19,917
|
|
$
26,667
|
|
$
39,951
|
|
$
79,150
|
MSR and MSR Hedge
market value adjustment
|
2,049
|
|
(1,908)
|
|
7,381
|
|
212
|
|
430
|
|
7,522
|
|
(13,026)
|
Credit card, debit
card and merchant fees
|
11,428
|
|
11,589
|
|
9,659
|
|
10,053
|
|
9,938
|
|
32,676
|
|
28,194
|
Deposit service
charges
|
10,324
|
|
8,849
|
|
8,477
|
|
9,708
|
|
8,892
|
|
27,650
|
|
28,221
|
Securities
(losses)gains, net
|
(195)
|
|
96
|
|
82
|
|
63
|
|
18
|
|
(17)
|
|
(5)
|
Insurance
commissions
|
35,773
|
|
36,106
|
|
30,667
|
|
29,815
|
|
32,750
|
|
102,546
|
|
95,471
|
Trust
income
|
4,735
|
|
4,434
|
|
5,129
|
|
4,046
|
|
3,902
|
|
14,298
|
|
11,979
|
Annuity
fees
|
50
|
|
50
|
|
51
|
|
53
|
|
53
|
|
151
|
|
162
|
Brokerage commissions
and fees
|
2,362
|
|
3,059
|
|
3,285
|
|
2,652
|
|
2,516
|
|
8,706
|
|
7,321
|
Gain on sale of PPP
loans
|
-
|
|
21,572
|
|
-
|
|
-
|
|
-
|
|
21,572
|
|
-
|
Bank-owned life
insurance
|
4,217
|
|
1,845
|
|
2,020
|
|
2,425
|
|
1,902
|
|
8,082
|
|
5,756
|
Other miscellaneous
income
|
2,668
|
|
5,238
|
|
3,256
|
|
(118)
|
|
2,856
|
|
11,162
|
|
14,455
|
Total noninterest
revenue
|
$
84,420
|
|
$
101,943
|
|
$
87,936
|
|
$
78,826
|
|
$
89,924
|
|
$ 274,299
|
|
$ 257,678
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
$
112,968
|
|
$
108,188
|
|
$
101,060
|
|
$
97,215
|
|
$
104,219
|
|
$ 322,216
|
|
$ 320,594
|
Occupancy, net of
rental income
|
13,443
|
|
13,187
|
|
12,814
|
|
13,004
|
|
13,053
|
|
39,444
|
|
38,651
|
Equipment
|
5,534
|
|
4,967
|
|
4,564
|
|
4,756
|
|
4,519
|
|
15,065
|
|
13,930
|
Deposit insurance
assessments
|
2,330
|
|
1,638
|
|
1,455
|
|
1,696
|
|
1,522
|
|
5,423
|
|
5,030
|
Pension settlement
expense
|
2,400
|
|
-
|
|
-
|
|
5,846
|
|
-
|
|
2,400
|
|
-
|
Advertising
|
988
|
|
783
|
|
1,004
|
|
899
|
|
826
|
|
2,775
|
|
2,843
|
Foreclosed property
expense
|
2,189
|
|
649
|
|
1,021
|
|
2,122
|
|
(278)
|
|
3,859
|
|
1,952
|
Telecommunications
|
1,600
|
|
1,517
|
|
1,398
|
|
1,448
|
|
1,462
|
|
4,515
|
|
4,435
|
Public
relations
|
1,166
|
|
1,012
|
|
741
|
|
897
|
|
1,130
|
|
2,919
|
|
2,269
|
Data
processing
|
11,297
|
|
11,024
|
|
10,424
|
|
9,980
|
|
9,477
|
|
32,745
|
|
28,816
|
Computer
software
|
5,502
|
|
4,887
|
|
5,113
|
|
5,301
|
|
4,779
|
|
15,502
|
|
14,073
|
Amortization of
intangibles
|
2,424
|
|
2,401
|
|
2,318
|
|
2,499
|
|
2,357
|
|
7,143
|
|
7,106
|
Legal
|
814
|
|
774
|
|
1,166
|
|
1,474
|
|
(316)
|
|
2,754
|
|
1,957
|
Merger
expense
|
3,442
|
|
9,962
|
|
1,649
|
|
212
|
|
129
|
|
15,053
|
|
5,133
|
Postage and
shipping
|
1,414
|
|
1,317
|
|
1,547
|
|
1,418
|
|
1,199
|
|
4,278
|
|
3,838
|
Other miscellaneous
expense
|
12,378
|
|
11,678
|
|
9,549
|
|
18,350
|
|
10,427
|
|
33,605
|
|
33,138
|
Total noninterest
expense
|
$
179,889
|
|
$
173,984
|
|
$
155,823
|
|
$
167,117
|
|
$
154,505
|
|
$ 509,696
|
|
$ 483,765
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INSURANCE
COMMISSIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and casualty
commissions
|
$
26,413
|
|
$
26,040
|
|
$
21,949
|
|
$
21,304
|
|
$
24,060
|
|
$
74,402
|
|
$
68,950
|
Life and health
commissions
|
6,543
|
|
7,130
|
|
6,494
|
|
5,915
|
|
6,072
|
|
20,167
|
|
19,018
|
Risk management
income
|
676
|
|
611
|
|
613
|
|
829
|
|
609
|
|
1,900
|
|
1,681
|
Other
|
2,141
|
|
2,325
|
|
1,611
|
|
1,767
|
|
2,009
|
|
6,077
|
|
5,822
|
Total insurance
commissions
|
$
35,773
|
|
$
36,106
|
|
$
30,667
|
|
$
29,815
|
|
$
32,750
|
|
$ 102,546
|
|
$
95,471
|
BancorpSouth
Bank
|
Selected
Additional Information
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Sep-21
|
Jun-21
|
Mar-21
|
Dec-20
|
Sep-20
|
MORTGAGE SERVICING
RIGHTS:
|
|
|
|
|
|
Fair value, beginning
of period
|
$
60,615
|
$
60,332
|
$
47,571
|
$
44,944
|
$
40,821
|
Additions to mortgage
servicing rights:
|
|
|
|
|
|
Originations of servicing assets
|
5,798
|
6,833
|
5,588
|
6,608
|
7,041
|
Changes in fair
value:
|
|
|
|
|
|
Due to
payoffs/paydowns
|
(3,919)
|
(2,946)
|
(3,273)
|
(3,898)
|
(3,198)
|
Due to
change in valuation inputs or
|
|
|
|
|
|
assumptions used in the
valuation model
|
2,190
|
(3,604)
|
10,446
|
(83)
|
280
|
Other
changes in fair value
|
-
|
-
|
-
|
-
|
-
|
Fair value, end of
period
|
$
64,684
|
$
60,615
|
$
60,332
|
$
47,571
|
$
44,944
|
|
|
|
|
|
|
MORTGAGE BANKING
REVENUE:
|
|
|
|
|
|
Production
revenue:
|
|
|
|
|
|
Origination
|
$
9,284
|
$
8,646
|
$
15,955
|
$
18,561
|
$
23,632
|
Servicing
|
5,644
|
5,313
|
5,247
|
5,254
|
6,233
|
Payoffs/Paydowns
|
(3,919)
|
(2,946)
|
(3,273)
|
(3,898)
|
(3,198)
|
Total production
revenue
|
11,009
|
11,013
|
17,929
|
19,917
|
26,667
|
Market value
adjustment on MSR
|
2,190
|
(3,604)
|
10,446
|
(83)
|
280
|
Market value
adjustment on MSR Hedge
|
(141)
|
1,696
|
(3,065)
|
295
|
150
|
Total mortgage
banking revenue
|
$
13,058
|
$
9,105
|
$
25,310
|
$
20,129
|
$
27,097
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans
serviced
|
$
7,455,113
|
$
7,407,690
|
$
7,259,808
|
$
7,330,293
|
$
7,218,090
|
MSR/mtg loans
serviced
|
0.87%
|
0.82%
|
0.83%
|
0.65%
|
0.62%
|
|
|
|
|
|
|
AVAILABLE-FOR-SALE
SECURITIES, at fair value
|
|
|
|
|
|
U.S. Government
agencies
|
2,575,564
|
2,758,412
|
2,642,646
|
$
2,871,408
|
$
3,116,458
|
U.S. Government
agency issued residential
|
|
|
|
|
|
mortgage-back securities
|
5,826,087
|
4,709,540
|
3,438,246
|
2,421,409
|
1,625,325
|
U.S. Government
agency issued commercial
|
|
|
|
|
|
mortgage-back securities
|
1,518,556
|
1,478,058
|
1,414,345
|
806,206
|
758,116
|
Obligations of states
and political subdivisions
|
112,152
|
117,248
|
126,589
|
113,953
|
141,896
|
Corporate
bonds
|
21,013
|
20,853
|
18,442
|
18,030
|
17,990
|
Total
available-for-sale securities
|
$
10,053,372
|
$
9,084,111
|
$
7,640,268
|
$
6,231,006
|
$
5,659,785
|
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 available to
common shareholders, net operating income-excluding MSR, net
operating income available to common shareholders-excluding MSR,
pre-tax pre-provision net revenue, total operating expense,
tangible shareholders' equity to tangible assets, tangible
shareholders' equity to tangible assets-excluding PPP loans,
tangible common shareholders' equity to tangible assets, tangible
common shareholders' equity to tangible assets-excluding PPP loans,
return on average tangible equity, return on average tangible
common equity, operating return on average tangible
equity-excluding MSR, operating return on average tangible common
equity-excluding MSR, operating return on average
assets-excluding MSR, operating return on average shareholders'
equity-excluding MSR, operating return on average common
shareholders' equity-excluding MSR, pre-tax pre-provision net
revenue to total average assets, average tangible book value per
common share, operating earnings per common share, operating
earnings per common 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, Net Operating Income Available to Common
Shareholders, Net Operating Income-Excluding MSR, and Net Operating
Income Available to Common Shareholders-excluding MSR to Net
Income:
|
|
|
|
Quarter
ended
|
|
Year to
Date
|
|
|
|
9/30/2021
|
|
6/30/2021
|
|
3/31/2021
|
|
12/31/2020
|
|
9/30/2020
|
|
9/30/2021
|
|
9/30/2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
72,725
|
|
$
75,539
|
|
$
81,555
|
|
$
68,805
|
|
$
73,825
|
|
$
229,819
|
|
$
159,246
|
Plus:
|
Merger expense, net
of tax
|
|
2,583
|
|
7,476
|
|
1,238
|
|
159
|
|
97
|
|
11,297
|
|
3,852
|
|
Initial provision for
acquired loans,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net of
tax
|
|
-
|
|
8,631
|
|
-
|
|
-
|
|
-
|
|
8,631
|
|
751
|
|
Pension settlement
expense, net of tax
|
|
1,801
|
|
-
|
|
-
|
|
4,388
|
|
-
|
|
1,801
|
|
-
|
Less:
|
Security
(losses)gains, net of tax
|
|
(147)
|
|
72
|
|
62
|
|
48
|
|
13
|
|
(13)
|
|
(4)
|
Net operating
income
|
|
$
77,256
|
|
$
91,574
|
|
$
82,731
|
|
$
73,304
|
|
$
73,909
|
|
$
251,561
|
|
$
163,853
|
Less:
|
Preferred
dividends
|
|
2,372
|
|
2,372
|
|
2,372
|
|
2,372
|
|
2,372
|
|
7,116
|
|
7,116
|
Net operating income
available to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
common
shareholders
|
|
$
74,884
|
|
$
89,202
|
|
$
80,359
|
|
$
70,932
|
|
$
71,537
|
|
$
244,445
|
|
$
156,737
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating
income
|
|
$
77,256
|
|
$
91,574
|
|
$
82,731
|
|
$
73,304
|
|
$
73,909
|
|
$
251,561
|
|
$
163,853
|
Less:
|
MSR market value
adjustment, net of tax
|
|
1,538
|
|
(1,432)
|
|
5,539
|
|
159
|
|
323
|
|
5,645
|
|
(9,776)
|
Net operating
income-excluding MSR
|
|
$
75,718
|
|
$
93,006
|
|
$
77,192
|
|
$
73,145
|
|
$
73,586
|
|
$
245,916
|
|
$
173,629
|
Less:
|
Preferred
dividends
|
|
2,372
|
|
2,372
|
|
2,372
|
|
2,372
|
|
2,372
|
|
7,116
|
|
7,116
|
Net operating income
available to common
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders-excluding MSR
|
|
$
73,346
|
|
$
90,634
|
|
$
74,820
|
|
$
70,773
|
|
$
71,214
|
|
$
238,800
|
|
$
166,513
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net
Income to Pre-Tax Pre-Provision Net Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
72,725
|
|
$
75,539
|
|
$
81,555
|
|
$
68,805
|
|
$
73,825
|
|
$
229,819
|
|
$
159,246
|
Plus:
|
Provision for credit
losses
|
|
(7,000)
|
|
11,500
|
|
-
|
|
5,794
|
|
16,000
|
|
4,500
|
|
83,250
|
|
Merger
expense
|
|
3,442
|
|
9,962
|
|
1,649
|
|
212
|
|
129
|
|
15,053
|
|
5,133
|
|
Pension settlement
expense
|
|
2,400
|
|
-
|
|
-
|
|
5,846
|
|
-
|
|
2,400
|
|
-
|
|
Income tax
expense
|
|
20,350
|
|
21,102
|
|
23,347
|
|
14,046
|
|
21,525
|
|
64,799
|
|
45,448
|
Less:
|
Security
(losses)gains
|
|
(195)
|
|
96
|
|
82
|
|
63
|
|
18
|
|
(17)
|
|
(5)
|
|
MSR market value
adjustment
|
|
2,049
|
|
(1,908)
|
|
7,381
|
|
212
|
|
430
|
|
7,522
|
|
(13,026)
|
Pre-tax pre-provision
net revenue
|
|
$
90,063
|
|
$
119,915
|
|
$
99,088
|
|
$
94,428
|
|
$
111,031
|
|
$
309,066
|
|
$
306,108
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Total Operating Expense to Total Noninterest Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
|
$
179,889
|
|
$
173,984
|
|
$
155,823
|
|
$
167,117
|
|
$
154,505
|
|
$
509,696
|
|
$
483,765
|
Less:
|
Merger
expense
|
|
3,442
|
|
9,962
|
|
1,649
|
|
212
|
|
129
|
|
15,053
|
|
5,133
|
|
Pension settlement
expense
|
|
2,400
|
|
-
|
|
-
|
|
5,846
|
|
-
|
|
2,400
|
|
-
|
Total operating
expense
|
|
$
174,047
|
|
$
164,022
|
|
$
154,174
|
|
$
161,059
|
|
$
154,376
|
|
$
492,243
|
|
$
478,632
|
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 to
Date
|
|
|
|
9/30/2021
|
|
6/30/2021
|
|
3/31/2021
|
|
12/31/2020
|
|
9/30/2020
|
|
9/30/2021
|
|
9/30/2020
|
Tangible
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
28,060,496
|
|
$
27,612,365
|
|
$
25,802,497
|
|
$
24,081,194
|
|
$
23,555,422
|
|
$
28,060,496
|
|
$
23,555,422
|
Less:
|
Goodwill
|
|
958,304
|
|
957,474
|
|
851,612
|
|
851,612
|
|
847,531
|
|
958,304
|
|
847,531
|
|
Other identifiable
intangible assets
|
|
52,235
|
|
54,659
|
|
53,581
|
|
55,899
|
|
54,757
|
|
52,235
|
|
54,757
|
Total tangible
assets
|
|
$
27,049,957
|
|
$
26,600,232
|
|
$
24,897,304
|
|
$
23,173,683
|
|
$
22,653,134
|
|
$
27,049,957
|
|
$
22,653,134
|
Less:
|
PPP loans
|
|
32,771
|
|
167,144
|
|
1,146,000
|
|
975,421
|
|
1,212,246
|
|
32,771
|
|
1,212,246
|
Total tangible
assets-excluding PPP loans
|
|
$
27,017,186
|
|
$
26,433,088
|
|
$
23,751,304
|
|
$
22,198,262
|
|
$
21,440,888
|
|
$
27,017,186
|
|
$
21,440,888
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERIOD END
BALANCES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
$
3,023,257
|
|
$
3,069,574
|
|
$
2,825,198
|
|
$
2,822,477
|
|
$
2,782,539
|
|
$
3,023,257
|
|
$
2,782,539
|
Less:
|
Goodwill
|
|
958,304
|
|
957,474
|
|
851,612
|
|
851,612
|
|
847,531
|
|
958,304
|
|
847,531
|
|
Other identifiable
intangible assets
|
|
52,235
|
|
54,659
|
|
53,581
|
|
55,899
|
|
54,757
|
|
52,235
|
|
54,757
|
Total tangible
shareholders' equity
|
|
$
2,012,718
|
|
$
2,057,441
|
|
$
1,920,005
|
|
$
1,914,966
|
|
$
1,880,251
|
|
$
2,012,718
|
|
$
1,880,251
|
Less:
|
Preferred
stock
|
|
166,993
|
|
166,993
|
|
166,993
|
|
166,993
|
|
166,993
|
|
166,993
|
|
166,993
|
Total tangible common
shareholders' equity
|
|
$
1,845,725
|
|
$
1,890,448
|
|
$
1,753,012
|
|
$
1,747,973
|
|
$
1,713,258
|
|
$
1,845,725
|
|
$
1,713,258
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE
BALANCES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
$
3,058,307
|
|
$
2,954,834
|
|
$
2,813,001
|
|
$
2,774,589
|
|
$
2,729,870
|
|
$
2,942,946
|
|
$
2,709,077
|
Less:
|
Goodwill
|
|
957,899
|
|
910,448
|
|
851,612
|
|
852,472
|
|
847,744
|
|
907,042
|
|
846,850
|
|
Other identifiable
intangible assets
|
|
53,567
|
|
52,564
|
|
54,876
|
|
54,858
|
|
56,045
|
|
53,664
|
|
57,704
|
Total tangible
shareholders' equity
|
|
$
2,046,841
|
|
$
1,991,822
|
|
$
1,906,513
|
|
$
1,867,259
|
|
$
1,826,081
|
|
$
1,982,240
|
|
$
1,804,523
|
Less:
|
Preferred
stock
|
|
166,993
|
|
166,993
|
|
166,993
|
|
166,993
|
|
166,993
|
|
166,993
|
|
167,002
|
Total tangible common
shareholders' equity
|
|
$
1,879,848
|
|
$
1,824,829
|
|
$
1,739,520
|
|
$
1,700,266
|
|
$
1,659,088
|
|
$
1,815,247
|
|
$
1,637,521
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average
assets
|
|
$
27,616,585
|
|
$
26,666,296
|
|
$
24,545,560
|
|
$
23,660,503
|
|
$
23,318,877
|
|
$
26,287,396
|
|
$
22,408,734
|
Total shares of
common stock outstanding
|
|
106,853,316
|
|
108,614,595
|
|
102,624,818
|
|
102,561,480
|
|
102,558,459
|
|
106,853,316
|
|
102,558,459
|
Average shares
outstanding-diluted
|
|
108,250,102
|
|
105,838,056
|
|
102,711,584
|
|
102,817,409
|
|
102,839,749
|
|
105,599,914
|
|
103,466,957
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity to tangible assets (1)
|
|
7.44%
|
|
7.73%
|
|
7.71%
|
|
8.26%
|
|
8.30%
|
|
7.44%
|
|
8.30%
|
Tangible
shareholders' equity to tangible assets-excluding PPP loans
(2)
|
|
7.45%
|
|
7.78%
|
|
8.08%
|
|
8.63%
|
|
8.77%
|
|
7.45%
|
|
8.77%
|
Tangible common
shareholders' equity to tangible assets (3)
|
|
6.82%
|
|
7.11%
|
|
7.04%
|
|
7.54%
|
|
7.56%
|
|
6.82%
|
|
7.56%
|
Tangible common
shareholders' equity to tangible assets-excluding PPP loans
(4)
|
|
6.83%
|
|
7.15%
|
|
7.38%
|
|
7.87%
|
|
7.99%
|
|
6.83%
|
|
7.99%
|
Return on average
tangible equity (5)
|
|
14.10%
|
|
15.21%
|
|
17.35%
|
|
14.66%
|
|
16.08%
|
|
15.50%
|
|
11.79%
|
Return on average
tangible common equity (6)
|
|
14.85%
|
|
16.08%
|
|
18.46%
|
|
15.54%
|
|
17.13%
|
|
16.40%
|
|
12.41%
|
Operating return on
average tangible equity-excluding MSR (7)
|
|
14.68%
|
|
18.73%
|
|
16.42%
|
|
15.58%
|
|
16.03%
|
|
16.59%
|
|
12.85%
|
Operating return on
average tangible common equity-excluding MSR (8)
|
|
15.48%
|
|
19.92%
|
|
17.44%
|
|
16.56%
|
|
17.08%
|
|
17.59%
|
|
13.58%
|
Operating return on
average assets-excluding MSR (9)
|
|
1.09%
|
|
1.40%
|
|
1.28%
|
|
1.23%
|
|
1.26%
|
|
1.25%
|
|
1.03%
|
Operating return on
average shareholders' equity-excluding MSR (10)
|
|
9.82%
|
|
12.62%
|
|
11.13%
|
|
10.49%
|
|
10.72%
|
|
11.17%
|
|
8.56%
|
Operating return on
average common shareholders' equity-excluding MSR (11)
|
|
10.06%
|
|
13.04%
|
|
11.47%
|
|
10.80%
|
|
11.05%
|
|
11.50%
|
|
8.75%
|
Pre-tax pre-provision
net revenue to total average assets (12)
|
|
1.29%
|
|
1.80%
|
|
1.64%
|
|
1.59%
|
|
1.89%
|
|
1.57%
|
|
1.82%
|
Tangible book value
per common share (13)
|
|
$
17.27
|
|
$
17.41
|
|
$
17.08
|
|
$
17.04
|
|
$
16.71
|
|
$
17.27
|
|
$
16.71
|
Operating earnings
per common share (14)
|
|
$
0.69
|
|
$
0.84
|
|
$
0.78
|
|
$
0.69
|
|
$
0.70
|
|
$
2.31
|
|
$
1.51
|
Operating earnings
per common share-excluding MSR (15)
|
|
$
0.68
|
|
$
0.86
|
|
$
0.73
|
|
$
0.69
|
|
$
0.69
|
|
$
2.26
|
|
$
1.61
|
|
(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)
|
Tangible
shareholders' equity to tangible assets-excluding PPP loans 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, other identifiable intangible
assets, and PPP loans.
|
|
|
(3)
|
Tangible common
shareholders' equity to tangible assets is defined by the Company
as total shareholders' equity less preferred stock, goodwill and
other identifiable intangible assets, divided by the difference of
total assets less goodwill and other identifiable intangible
assets.
|
|
|
(4)
|
Tangible common
shareholders' equity to tangible assets-excluding PPP loans is
defined by the Company as total shareholders' equity less preferred
stock, goodwill and other identifiable intangible assets, divided
by the difference of total assets less goodwill, other identifiable
intangible assets, and PPP loans.
|
|
|
(5)
|
Return on average
tangible equity is defined by the Company as annualized net income
divided by average tangible shareholders' equity.
|
|
|
(6)
|
Return on average
tangible common equity is defined by the Company as annualized net
income available to common shareholders divided by average tangible
common shareholders' equity.
|
|
|
(7)
|
Operating return on
average tangible equity-excluding MSR is defined by the Company as
annualized net operating income-excluding MSR divided by average
tangible shareholders' equity.
|
|
|
(8)
|
Operating return on
average tangible common equity-excluding MSR is defined by the
Company as annualized net operating income available to common
shareholders-excluding MSR divided by average tangible common
shareholders' equity.
|
|
|
(9)
|
Operating return on
average assets-excluding MSR is defined by the Company as
annualized net operating income-excluding MSR divided by total
average assets.
|
|
|
(10)
|
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.
|
|
|
(11)
|
Operating return on
average common shareholders' equity-excluding MSR is defined by the
Company as annualized net operating income available to common
shareholders-excluding MSR divided by average common shareholders'
equity.
|
|
|
(12)
|
Pre-tax pre-provision
net revenue to total average assets is defined by the Company as
annualized pre-tax pre-provision net revenue divided by total
average assets adjusted for other non-operating items included in
the definition and calculation of net operating income-excluding
MSR.
|
|
|
(13)
|
Tangible book value
per common share is defined by the Company as tangible common
shareholders' equity divided by total shares of common stock
outstanding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14)
|
Operating earnings
per common share is defined by the Company as net operating income
available to common shareholders divided by average common shares
outstanding-diluted.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(15)
|
Operating earnings
per common share-excluding MSR is defined by the Company as net
operating income available to common shareholders-excluding MSR
divided by average common 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:https://www.prnewswire.com/news-releases/bancorpsouth-announces-third-quarter-2021-results-301407869.html
SOURCE BancorpSouth Bank