EXHIBIT 99.1
| | | |
Contact: | | |
| William L. Prater | | Gary C. Bonds |
| Treasurer and Chief Financial | | Senior Vice President and |
| Officer | | Principal Accounting Officer |
| 662/680-2000 | | 662/680-2332 |
BancorpSouth Announces Earnings of $0.23 per Diluted Share
for Fourth Quarter 2009 and $1.25 for Full Year
TUPELO, Miss., January 21, 2010/PRNewswire-FirstCall via COMTEX/ — BancorpSouth, Inc. (NYSE: BXS) today announced financial results for the quarter and year ended December 31, 2009.
| | | | Highlights of the fourth quarter include: |
| |
| | • | | Net income of $19.4 million, or $0.23 per diluted share, representing increases of 16 percent and 15 percent, respectively, over the comparable period for 2008. |
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| | • | | Improvement in the net interest margin to 3.83 percent, the highest quarterly level since the first quarter of 2003. |
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| | • | | Increased net interest revenue on a comparable and sequential quarter basis for three consecutive quarters. |
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| | • | | Annualized net charge-offs of 1.01 percent of average loans and leases and non-performing loans and leases of 1.48 percent of total loans and leases. Net charge-offs for the year ended December 31, 2009 were 0.69 percent. |
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| | • | | Strong mortgage originations with mortgage lending revenue, excluding mortgage servicing rights valuation adjustment, doubling from the fourth quarter of 2008 and increasing 46.3 percent from the third quarter of 2009. |
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| | • | | A decline of 4.9 percent in noninterest expense from the third quarter of 2009. |
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| | • | | Continued growth in capital levels with common equity to assets increasing to 9.83 percent at the end of 2009. |
Summary Results
BancorpSouth’s net income for the fourth quarter of 2009 was $19.4 million, or $0.23 per diluted share, compared with $16.8 million, or $0.20 per diluted share, for the fourth quarter of 2008. Net income for the year ended December 31, 2009 was $104.3 million, or $1.25 per diluted share, compared with $120.4 million, or $1.45 per diluted share, for 2008.
Aubrey Patterson, Chairman and Chief Executive Officer of BancorpSouth, remarked, “BancorpSouth’s fourth quarter results reflected a strong operating performance given difficult industry conditions. Consistent with our performance throughout 2009, we maintained solidly profitable operations, stability in our net interest margin at a relatively high and improving level, and strong growth in mortgage originations. Through effective pricing and extending the maturities of our deposit portfolio, we continued to manage our interest rate risk. We also significantly strengthened our already ample liquidity through reduced bank borrowings. We continued to expand our capital in each quarter of 2009 and have now achieved 14 consecutive quarters of growth in our ratio of equity to assets on a comparable quarter basis.
“As anticipated throughout a year of steadily declining real estate values, our credit quality continues to be affected by a slow economy, particularly in the housing sector. While non-performing assets and net charge-offs have increased, both remain at manageable levels, and we continue to focus on early identification of potential problems and work aggressively to resolve those problems. To remain well reserved against inherent credit losses, we continued to build the allowance for credit
losses through a fourth quarter provision for credit losses significantly in excess of net charge offs for the quarter. While we saw some signs of increased economic stability during the fourth quarter, we expect real estate values to remain under pressure in 2010.
“Given the uncertain economic environment, we also remain appropriately conservative in our plans for branch expansion during 2010. On the other hand, we anticipate growth through market consolidation opportunities, especially those assisted by the FDIC. We are focused on acquiring strategic franchises with growth potential and strong core deposits. In addition to having the financial strength to support significant transactions, we have a long and successful record of integrating acquired companies with minimum market disruption, thereby maintaining or increasing market share.”
Net Interest Revenue
Net interest revenue was $113.0 million for the fourth quarter of 2009, an increase of 1.5 percent from $111.3 million for the fourth quarter of 2008 and 1.1 percent from $111.7 million for the third quarter of 2009. The fully taxable equivalent net interest margin was 3.83 percent for the fourth quarter of 2009, compared with 3.74 percent for the fourth quarter of 2008 and 3.77 percent for the third quarter of 2009.
“With our fourth quarter results, BancorpSouth has produced three sequential quarters of growth in net interest revenue and increased net interest margin,” continued Patterson. “We expect this performance, as well as the stability our operations have exhibited throughout the economic turmoil of the last two years, to continue to differentiate BancorpSouth favorably from industry peers. As industry year end data is reported, we also expect to be further differentiated for having modestly increased our loan portfolio during 2009, even though growth opportunities were limited by the weak economy. In addition, because of the continuing strength of our asset/liability management strategies, our net interest margin for the fourth quarter rose to its highest level in nearly seven years.
“For the fourth quarter of 2009, the net interest margin primarily reflected the impact of a substantial increase in deposits, which enabled a substantial reduction in short-term borrowings. Demand deposits rose 10.4 percent for the fourth quarter of 2009 from the fourth quarter of 2008 and 6.9 percent from the third quarter of 2009. Time deposits increased 9.8 percent from the
fourth quarter of 2008. This deposit growth enabled us to reduce short-term borrowings by 60.8 percent, or $1.2 billion, during 2009. We also lengthened the average maturity of our time deposits, which rose to 13.9 months from 10.6 months at the end of 2009 and 2008, respectively.
“Our asset/liability management strategy during 2009 reflects our conservative operating principles. Steps to increase the average maturity of our time deposits while reducing lower cost FHLB borrowings cost us in the short term, but place us in a better position to profitably fund balance sheet growth when that opportunity occurs. This shift to increased deposit funding substantially increased our liquidity, enhancing our ability to act decisively with regard to strategic growth opportunities.”
Asset, Deposit and Loan Activity
Total assets at December 31, 2009 were $13.2 billion, compared with $13.5 billion at December 31, 2008. Total deposits were $10.7 billion at December 31, 2009, an increase of 9.9 percent from $9.7 billion at December 31, 2008. Loans and leases, net of unearned income, increased 0.9 percent to $9.8 billion at December 31, 2009 from $9.7 billion at December 31, 2008.
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Patterson said, “Unlike many banks, we were able to offset loan runoff during 2009 with new loan production as we continued to serve the needs of our customers. Much of our new loan growth was produced in our newer markets, such as western Louisiana and eastern Texas, validating the strategic expansion of our geographic footprint. At the same time, the double-digit growth in demand deposits for the fourth quarter demonstrated the benefits of our focus on developing, maintaining and enhancing a strong deposit franchise. Demand deposits increased to 54.5 percent of our funding at the end of 2009 from 48.6 percent at the end of 2008. Because of the strength and relative stability of the diversified markets across our eight-state franchise, we remain confident of their inherent growth potential as the economic cycle improves.”
Provision for Credit Losses and Allowance for Credit Losses
For the fourth quarter of 2009, the provision for credit losses was $34.7 million compared with $17.8 million for the fourth quarter of 2008 and $22.5 million for the third quarter of 2009. Annualized net charge-offs were 1.01 percent of average loans and leases for the fourth quarter of 2009 compared with 0.57 percent for the fourth quarter of 2008 and 0.68 percent for the third quarter of 2009.
Non-performing loans and leases increased to $145.1 million, or 1.48 percent of net loans and leases, at December 31, 2009 from $64.0 million, or 0.66 percent of net loans and leases, at December 31, 2008 and from $111.6 million, or 1.14 percent of net loans and leases, at September 30, 2009. The allowance for credit losses increased to 1.58 percent of net loans and leases at December 31, 2009 compared with 1.37 percent at December 31, 2008 and 1.48 percent at September 30, 2009.
“The growth in our non-performing loans during the fourth quarter was primarily related to real estate loans in our more urban markets,” added Patterson. “Many of these loans reflect the cumulative pressure that the extended economic downturn in these markets has had on established customers that were performing well prior to and earlier in the downturn. As the increase in net charge-offs indicates, we took decisive action when warranted. This action included making a significant provision for credit losses for the fourth quarter. At the end of 2009, our allowance for credit losses was 1.1 times total non-performing loans and 1.6 times annualized fourth quarter net charge-offs.”
Noninterest Revenue
Noninterest revenue was $64.5 million for the fourth quarter of 2009, an increase of 60.9 percent from $40.1 million for the fourth quarter of 2008 and 3.2 percent from $62.5 million for the third quarter of 2009. Results for the fourth quarter of 2009 included a $1.6 million increase in the value of BancorpSouth’s mortgage servicing rights (MSR) compared with a $15.0 million decline for the fourth quarter of 2008 and a $2.7 million decline for the third quarter of 2009. Results for the fourth quarter of 2008 also included an $8.6 million write down of other than temporary impairment of certain investments in pooled trust preferred securities.
Patterson commented, “At 36.4 percent of total revenue for the fourth quarter, noninterest revenue again provided significant diversification of our revenue streams, mitigating any potential impact of interest rate volatility on our inherently spread dependent business. We were very pleased with the strong performance of our mortgage business. Mortgage lending revenue, excluding changes in the MSR valuation, increased 149.5 percent to $7.0 million for the fourth quarter of 2009 from $2.8 million for the fourth quarter of 2008 and 46.3 percent from $4.8 million for the third quarter of 2009. We have continued to invest in this business line throughout 2009 through the addition of proven mortgage originators.
“All our mortgages are originated within our eight-state franchise by BancorpSouth originators, who typically work in our branch bank offices. The borrowers are either existing or potential customers for our other services and nearly 40 percent of these customers make their monthly mortgage payment in our branch bank offices. Consistent with our strong service culture, we retain mortgage servicing rights to these mortgages to provide an outstanding service experience for these customers.
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“The increase in our mortgage originations contributed significantly to the growth in mortgage lending revenue for the fourth quarter of 2009, which was especially notable after the record refinancing volume during the first half of the year. We expect our strategy will support additional growth as the real estate market recovers.
“Growth for some of our noninterest revenue products and services was challenging in the current environment. Specifically, we experienced soft insurance market conditions during 2009 after a record year for 2008, reflected in a 6.2 percent decline in commission revenue for the fourth quarter of 2009 from the fourth quarter of 2008. Through an ongoing focus on outstanding customer service, we have maintained a strong customer base, which we expect will provide growth momentum as industry conditions improve. Fourth quarter revenues from service charges and credit and debit card fees also declined compared with the fourth quarter of 2008. Like our insurance operations, these business lines continued to make substantial contributions to our profitability.”
Noninterest Expense
Noninterest expense was $116.6 million for the fourth quarter of 2009, an increase of 4.4 percent from $111.7 million for the fourth quarter of 2008 and a decline of 4.9 percent from $122.7 million for the third quarter of 2009. The comparable quarter results again reflected the substantial increase in BancorpSouth’s FDIC premium. Although the Company continues to be assessed at the FDIC’s lowest rate, the FDIC premium for the fourth quarter of 2009 increased $2.3 million over the fourth quarter of 2008. The growth in noninterest expense from the fourth quarter of 2008 is also attributable to the opening of full-service branch bank offices.
Capital Management
BancorpSouth’s commitment to a strong capital base is one of its fundamental operating principles. The Company’s capital base strengthened further during the fourth quarter of 2009, as the ratio of shareholders’ equity to assets improved on a comparable quarter basis for the 14th consecutive quarter, increasing to 9.83 percent at the end of 2009 from 9.20 percent at the end of 2008 and 9.69 percent at the end of the third quarter of 2009. The ratio of tangible equity to assets also increased to 7.78 percent at the end of 2009 from 7.15 percent at the end of 2008 and 7.64 percent at the end of the third quarter of 2009. BancorpSouth remains a “well capitalized” financial holding company, as defined by federal regulations, with Tier 1 risk-based capital of approximately 11.56 percent at year end and total risk based capital of approximately 12.81 percent, compared with required minimum levels of 6 percent and 10 percent, respectively, to meet the definition of “well capitalized.”
Summary
Patterson concluded, “We are encouraged by early signs of a stabilizing economy, but we are very cautious about prospects for a sustained recovery in 2010. Longer term, we remain fully confident about our ability to achieve our growth objectives. This confidence is reinforced by the Company’s performance during the past two years in the most challenging environment we have experienced. Throughout, BancorpSouth has produced solid profits, demonstrated strong credit metrics and risk management, and expanded its liquidity and capital while also increasing cash dividends that, in 2009, rose for the 26th consecutive year.
“Importantly, we have remained fully engaged in our markets, making new loans, working with our customers who have experienced financial difficulty and offering strength and stability for our communities in a difficult economic environment. As a result, we have not only benefitted from expanding business with new customers attracted by our service orientation, financial stability and
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consistent performance, but also from the addition to our team of seasoned professionals who appreciate BancorpSouth’s business model and potential for long-term growth. While we expect the challenging environment to continue in the months ahead, our performance for 2009 is compelling evidence that we are positioned to perform well in the year to come and to take full advantage of strategic growth opportunities.”
Conference Call
BancorpSouth will conduct a conference call to discuss its fourth quarter 2009 results tomorrow, January 22, 2010, at 10:00 a.m. (Central Time). Investors may listen via the Internet by accessing BancorpSouth’s website at http://www.bancorpsouth.com. A replay of the conference call will be available at BancorpSouth’s website for at least two weeks following the call.
Forward-Looking Statements
Certain statements contained in this news release may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “may,” “might,” “will,” “would,” “could” or “intend.” These forward-looking statements include, without limitation, statements relating to real estate values in 2010, branch expansion in 2010, growth through market consolidation opportunities, our ability to acquire strategic franchises, growth in net interest revenue and increased net interest margin, differentiation with respect to our loan portfolio, the strength and stability of the markets in our eight-state franchise, our expansion strategy, our strong customer base, revenue from service charges and credit and debit card fees and the continuation of the challenging environment.
We caution you not to place undue reliance on the forward-looking statements contained in this news release in that actual results could differ materially from those indicated in such forward-looking statements because of a variety of factors. These factors may include, but are not limited to, changes in general business or economic conditions or government fiscal and monetary policies, volatility and disruption in national and international financial markets, fluctuations in prevailing interest rates and the ability of BancorpSouth to manage its assets and liabilities to limit exposure to changing interest rates, the ability of BancorpSouth to increase noninterest revenue and expand noninterest revenue business, the ability of BancorpSouth to maintain credit quality, changes in laws and regulations affecting financial service companies in general, the ability of BancorpSouth to compete with other financial services companies, the ability of BancorpSouth to provide and market competitive services and products, changes in BancorpSouth’s operating or expansion strategy, BancorpSouth’s business model, geographic concentration of BancorpSouth’s assets, the ability of BancorpSouth to manage its growth and effectively serve an expanding customer and market base, the ability of BancorpSouth to achieve profitable growth and increase shareholder value, the ability of BancorpSouth to attract, train and retain qualified personnel, the ability of BancorpSouth to identify, close and effectively integrate potential acquisitions, the ability of BancorpSouth to expand geographically and enter growing markets, changes in consumer preferences, other factors generally understood to affect the financial results of financial services companies, and other factors described from time to time in BancorpSouth’s filings with the Securities and Exchange Commission. We undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.
BancorpSouth, Inc. is a financial holding company headquartered in Tupelo, Mississippi,
with $13.2 billion in assets. BancorpSouth Bank, a wholly-owned subsidiary of
BancorpSouth, Inc., operates approximately 318 commercial banking, mortgage,
insurance, trust and broker/dealer locations in Alabama, Arkansas, Florida, Louisiana,
Mississippi, Missouri, Tennessee and Texas.
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BXS Announces Fourth Quarter Results
Page 6
January 21, 2010
BancorpSouth, Inc.
Selected Financial Data
| | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | | Twelve Months Ended | |
| | | December 31, | | | December 31, | |
| | | 2009 | | | 2008 | | | 2009 | | | 2008 | |
| (Dollars in thousands, except per share amounts) | | | | | | | | | | | | | | | | |
Earnings Summary: | | | | | | | | | | | | | | | | |
| Net interest revenue | | $ | 112,954 | | | $ | 111,321 | | | $ | 445,506 | | | $ | 440,836 | |
| Provision for credit losses | | | 34,659 | | | | 17,822 | | | | 89,712 | | | | 56,176 | |
| Noninterest revenue | | | 64,505 | | | | 40,085 | | | | 275,276 | | | | 245,607 | |
| Noninterest expense | | | 116,612 | | | | 111,728 | | | | 483,268 | | | | 455,913 | |
| | | | | | | | | | | | | |
| Income before income taxes | | | 26,188 | | | | 21,856 | | | | 147,802 | | | | 174,354 | |
| Income tax provision | | | 6,754 | | | | 5,060 | | | | 43,493 | | | | 53,943 | |
| | | | | | | | | | | | | |
| Net income | | $ | 19,434 | | | $ | 16,796 | | | $ | 104,309 | | | $ | 120,411 | |
| | | | | | | | | | | | | |
| Earning per share: Basic | | $ | 0.23 | | | $ | 0.20 | | | $ | 1.25 | | | $ | 1.46 | |
| | | | | | | | | | | | | |
| Diluted | | $ | 0.23 | | | $ | 0.20 | | | $ | 1.25 | | | $ | 1.45 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Balance sheet data at December 31: | | | | | | | | | | | | | | | | |
| Total assets | | | | | | | | | | $ | 13,200,584 | | | $ | 13,480,218 | |
| Total earning assets | | | | | | | | | | | 11,946,229 | | | | 12,210,439 | |
| Loans and leases, net of unearned income | | | | | | | | | | | 9,781,589 | | | | 9,691,277 | |
| Allowance for credit losses | | | | | | | | | | | 154,884 | | | | 132,793 | |
| Total deposits | | | | | | | | | | | 10,677,702 | | | | 9,711,872 | |
| Common shareholders’ equity | | | | | | | | | | | 1,297,876 | | | | 1,240,260 | |
| Book value per share | | | | | | | | | | | 15.55 | | | | 14.92 | |
| | | | | | | | | | | | | | | | | |
Average balance sheet data: | | | | | | | | | | | | | | | | |
| Total assets | | $ | 13,076,196 | | | $ | 13,279,593 | | | $ | 13,206,438 | | | $ | 13,200,801 | |
| Total earning assets | | | 11,968,679 | | | | 12,109,660 | | | | 12,078,985 | | | | 12,037,141 | |
| Loans and leases, net of unearned interest | | | 9,753,163 | | | | 9,604,142 | | | | 9,735,128 | | | | 9,429,963 | |
| Total deposits | | | 10,448,617 | | | | 9,598,321 | | | | 10,155,730 | | | | 9,803,999 | |
| Common shareholders’ equity | | | 1,274,260 | | | | 1,239,498 | | | | 1,257,438 | | | | 1,224,280 | |
| | | | | | | | | | | | | | | | | |
Non-performing assets at December 31: | | | | | | | | | | | | | | | | |
| Non-accrual loans and leases | | | | | | | | | | $ | 102,674 | | | $ | 28,168 | |
| Loans and leases 90+ days past due, still accruing | | | | | | | | | | | 36,301 | | | | 33,373 | |
| Restructured loans and leases, still accruing | | | | | | | | | | | 6,161 | | | | 2,472 | |
| Other real estate owned | | | | | | | | | | | 63,766 | | | | 46,317 | |
| | | | | | | | | | | | | | | |
| Total non-performing assets | | | | | | | | | | | 208,902 | | | | 110,330 | |
| | | | | | | | | | | | | | | | | |
| Net charge-offs as a percentage of average loans (annualized) | | | 1.01 | % | | | 0.57 | % | | | 0.69 | % | | | 0.40 | % |
| | | | | | | | | | | | | | | | | |
Performance ratios (annualized): | | | | | | | | | | | | | | | | |
| Return on average assets | | | 0.59 | % | | | 0.50 | % | | | 0.79 | % | | | 0.91 | % |
| Return on common equity | | | 6.05 | % | | | 5.39 | % | | | 8.30 | % | | | 9.84 | % |
| Total shareholders’ equity to total assets | | | 9.83 | % | | | 9.20 | % | | | 9.83 | % | | | 9.20 | % |
| Tangible shareholders’ equity to tangible assets | | | 7.78 | % | | | 7.15 | % | | | 7.78 | % | | | 7.15 | % |
| Net interest margin | | | 3.83 | % | | | 3.74 | % | | | 3.77 | % | | | 3.75 | % |
| | | | | | | | | | | | | | | | | |
| Average shares outstanding — basic | | | 83,399,113 | | | | 83,096,799 | | | | 83,295,461 | | | | 82,589,400 | |
| Average shares outstanding — diluted | | | 83,527,596 | | | | 83,239,216 | | | | 83,430,505 | | | | 82,793,663 | |
| Cash dividends per share | | $ | 0.22 | | | $ | 0.22 | | | $ | 0.88 | | | $ | 0.87 | |
| | | | | | | | | | | | | | | | | |
| Tier I capital | | | 11.56 | %(1) | | | 10.79 | % | | | 11.56 | %(1) | | | 10.79 | % |
| Total Capital | | | 12.81 | %(1) | | | 12.04 | % | | | 12.81 | %(1) | | | 12.04 | % |
| Tier I leverage capital | | | 9.11 | %(1) | | | 8.65 | % | | | 9.11 | %(1) | | | 8.65 | % |
| | |
| (1) | | Estimated as of earnings release date |
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BXS Announces Fourth Quarter Results
Page 7
January 21, 2010
BancorpSouth, Inc.
Consolidated Balance Sheets
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | |
| | | Dec-09 | | | Sep-09 | | | Jun-09 | | | Mar-09 | | | Dec-08 | |
| | | (Dollars in thousands) | |
Assets | | | | | | | | | | | | | | | | | | | | |
| Cash and due from banks | | $ | 222,741 | | | $ | 189,103 | | | $ | 236,327 | | | $ | 242,180 | | | $ | 291,055 | |
| Interest bearing deposits with other banks | | | 15,704 | | | | 43,067 | | | | 28,836 | | | | 34,230 | | | | 13,542 | |
| Held-to-maturity securities, at amortized cost | | | 1,032,822 | | | | 1,180,716 | | | | 1,204,618 | | | | 1,330,810 | | | | 1,333,521 | |
| Available-for-sale securities, at fair value | | | 960,772 | | | | 958,158 | | | | 969,207 | | | | 993,529 | | | | 982,859 | |
| Federal funds sold and securities purchased under agreement to resell | | | 75,000 | | | | 75,000 | | | | — | | | | — | | | | — | |
| Loans and leases | | | 9,829,439 | | | | 9,803,235 | | | | 9,806,735 | | | | 9,759,787 | | | | 9,740,867 | |
| Less: Unearned income | | | 47,850 | | | | 45,291 | | | | 45,335 | | | | 46,964 | | | | 49,590 | |
| Allowance for credit losses | | | 154,884 | | | | 144,791 | | | | 138,747 | | | | 134,632 | | | | 132,793 | |
| | | |
| Net loans and leases | | | 9,626,705 | | | | 9,613,153 | | | | 9,622,653 | | | | 9,578,191 | | | | 9,558,484 | |
| Loans held for sale | | | 80,343 | | | | 80,053 | | | | 94,736 | | | | 168,769 | | | | 189,242 | |
| Premises and equipment, net | | | 343,877 | | | | 346,931 | | | | 348,661 | | | | 348,734 | | | | 351,204 | |
| Accrued interest receivable | | | 69,257 | | | | 74,589 | | | | 71,349 | | | | 77,503 | | | | 79,183 | |
| Goodwill | | | 270,097 | | | | 270,097 | | | | 270,097 | | | | 269,062 | | | | 268,966 | |
| Other assets | | | 503,266 | | | | 441,006 | | | | 451,335 | | | | 415,356 | | | | 412,162 | |
| | | |
| Total Assets | | $ | 13,200,584 | | | $ | 13,271,873 | | | $ | 13,297,819 | | | $ | 13,458,364 | | | $ | 13,480,218 | |
| | | |
Liabilities | | | | | | | | | | | | | | | | | | | | |
| Deposits: | | | | | | | | | | | | | | | | | | | | |
| Demand: Noninterest bearing | | $ | 1,901,663 | | | $ | 1,769,432 | | | $ | 1,773,418 | | | $ | 1,820,807 | | | $ | 1,735,130 | |
| Interest bearing | | | 4,323,646 | | | | 4,055,395 | | | | 3,960,008 | | | | 4,005,620 | | | | 3,904,307 | |
| Savings | | | 725,192 | | | | 712,446 | | | | 718,302 | | | | 719,676 | | | | 678,326 | |
| Other time | | | 3,727,201 | | | | 3,759,761 | | | | 3,705,819 | | | | 3,545,871 | | | | 3,394,109 | |
| | | |
| Total deposits | | | 10,677,702 | | | | 10,297,034 | | | | 10,157,547 | | | | 10,091,974 | | | | 9,711,872 | |
| Federal funds purchased and securities sold under agreement to repurchase | | | 539,870 | | | | 816,374 | | | | 755,609 | | | | 1,256,649 | | | | 1,205,366 | |
| Short-term Federal Home Loan Bank borrowings and other short-term borrowing | | | 203,500 | | | | 200,000 | | | | 475,000 | | | | 210,000 | | | | 691,510 | |
| Accrued interest payable | | | 19,588 | | | | 24,243 | | | | 24,084 | | | | 22,841 | | | | 20,755 | |
| Junior subordinated debt securities | | | 160,312 | | | | 160,312 | | | | 160,312 | | | | 160,312 | | | | 160,312 | |
| Long-term Federal Home Loan Bank borrowings | | | 112,771 | | | | 286,281 | | | | 286,292 | | | | 286,302 | | | | 286,312 | |
| Other liabilities | | | 188,965 | | | | 201,411 | | | | 164,028 | | | | 174,627 | | | | 163,831 | |
| | | |
| Total Liabilities | | | 11,902,708 | | | | 11,985,655 | | | | 12,022,872 | | | | 12,202,705 | | | | 12,239,958 | |
Shareholders’ Equity | | | | | | | | | | | | | | | | | | | | |
| Common stock | | | 208,626 | | | | 208,615 | | | | 208,391 | | | | 207,811 | | | | 207,763 | |
| Capital surplus | | | 222,547 | | | | 222,135 | | | | 220,859 | | | | 216,138 | | | | 215,255 | |
| Accumulated other comprehensive income (loss) | | | (8,409 | ) | | | (18,568 | ) | | | (25,162 | ) | | | (23,620 | ) | | | (26,896 | ) |
| Retained earnings | | | 875,112 | | | | 874,036 | | | | 870,859 | | | | 855,330 | | | | 844,138 | |
| | | |
| Total Shareholders’ Equity | | | 1,297,876 | | | | 1,286,218 | | | | 1,274,947 | | | | 1,255,659 | | | | 1,240,260 | |
| | | |
| Total Liabilities & Shareholders’ Equity | | $ | 13,200,584 | | | $ | 13,271,873 | | | $ | 13,297,819 | | | $ | 13,458,364 | | | $ | 13,480,218 | |
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BXS Announces Fourth Quarter Results
Page 8
January 21, 2010
BancorpSouth, Inc.
Consolidated Condensed Statements of Income
(Dollars in thousands, except per share data)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Quarter Ended | | | Year To Date | |
| | | Dec-09 | | | Sep-09 | | | Jun-09 | | | Mar-09 | | | Dec-08 | | | Dec-09 | | | Dec-08 | |
| INTEREST REVENUE: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Loans and leases | | $ | 129,693 | | | $ | 129,455 | | | $ | 129,263 | | | $ | 129,209 | | | $ | 139,099 | | | $ | 517,620 | | | $ | 589,965 | |
| Deposits with other banks | | | 19 | | | | 20 | | | | 22 | | | | 70 | | | | 111 | | | | 131 | | | | 684 | |
| Federal funds sold and securities purchased under agreement to resell | | | 43 | | | | 27 | | | | 3 | | | | 1 | | | | 3 | | | | 74 | | | | 288 | |
| Held-to-maturity securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Taxable | | | 10,128 | | | | 11,690 | | | | 12,108 | | | | 13,031 | | | | 13,625 | | | | 46,957 | | | | 58,679 | |
| Tax-exempt | | | 2,393 | | | | 2,193 | | | | 2,155 | | | | 2,111 | | | | 2,053 | | | | 8,852 | | | | 8,112 | |
| Available-for-sale securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Taxable | | | 8,675 | | | | 8,592 | | | | 8,721 | | | | 9,038 | | | | 8,693 | | | | 35,026 | | | | 35,813 | |
| Tax-exempt | | | 875 | | | | 812 | | | | 826 | | | | 883 | | | | 867 | | | | 3,396 | | | | 4,205 | |
| Loans held for sale | | | 777 | | | | 698 | | | | 1,215 | | | | 1,275 | | | | 2,117 | | | | 3,965 | | | | 7,667 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Total interest revenue | | | 152,603 | | | | 153,487 | | | | 154,313 | | | | 155,618 | | | | 166,568 | | | | 616,021 | | | | 705,413 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| INTEREST EXPENSE: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest bearing demand | | | 9,023 | | | | 9,038 | | | | 9,738 | | | | 12,248 | | | | 15,924 | | | | 40,047 | | | | 60,333 | |
| Savings | | | 900 | | | | 937 | | | | 927 | | | | 936 | | | | 1,080 | | | | 3,700 | | | | 5,280 | |
| Other time | | | 23,445 | | | | 25,534 | | | | 26,496 | | | | 25,833 | | | | 28,293 | | | | 101,308 | | | | 148,591 | |
| Federal funds purchased and securities sold under agreement to repurchase | | | 305 | | | | 331 | | | | 421 | | | | 572 | | | | 2,175 | | | | 1,629 | | | | 14,999 | |
| FHLB borrowings | | | 3,012 | | | | 2,877 | | | | 2,885 | | | | 2,823 | | | | 4,537 | | | | 11,597 | | | | 22,458 | |
| Junior subordinated debt | | | 2,863 | | | | 2,884 | | | | 2,928 | | | | 2,955 | | | | 3,162 | | | | 11,630 | | | | 12,469 | |
| Other | | | 101 | | | | 150 | | | | (22 | ) | | | 375 | | | | 76 | | | | 604 | | | | 447 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Total interest expense | | | 39,649 | | | | 41,751 | | | | 43,373 | | | | 45,742 | | | | 55,247 | | | | 170,515 | | | | 264,577 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Net interest revenue | | | 112,954 | | | | 111,736 | | | | 110,940 | | | | 109,876 | | | | 111,321 | | | | 445,506 | | | | 440,836 | |
| Provision for credit losses | | | 34,659 | | | | 22,514 | | | | 17,594 | | | | 14,945 | | | | 17,822 | | | | 89,712 | | | | 56,176 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Net interest revenue, after provision for credit losses | | | 78,295 | | | | 89,222 | | | | 93,346 | | | | 94,931 | | | | 93,499 | | | | 355,794 | | | | 384,660 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| NONINTEREST REVENUE: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mortgage lending | | | 8,602 | | | | 2,012 | | | | 13,959 | | | | 7,652 | | | | (12,174 | ) | | | 32,225 | | | | 2,146 | |
| Credit card, debit card and merchant fees | | | 7,883 | | | | 8,902 | | | | 9,111 | | | | 8,348 | | | | 8,409 | | | | 34,244 | | | | 33,743 | |
| Service charges | | | 18,689 | | | | 19,049 | | | | 18,371 | | | | 16,755 | | | | 19,295 | | | | 72,864 | | | | 77,091 | |
| Trust income | | | 3,014 | | | | 2,435 | | | | 2,040 | | | | 2,209 | | | | 2,328 | | | | 9,698 | | | | 9,330 | |
| Security gains (losses), net | | | (102 | ) | | | — | | | | 42 | | | | 5 | | | | (6,226 | ) | | | (55 | ) | | | (5,849 | ) |
| Insurance commissions | | | 17,583 | | | | 20,134 | | | | 20,575 | | | | 22,645 | | | | 18,752 | | | | 80,937 | | | | 86,661 | |
| Other | | | 8,836 | | | | 9,943 | | | | 16,380 | | | | 10,204 | | | | 9,701 | | | | 45,363 | | | | 42,485 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Total noninterest revenue | | | 64,505 | | | | 62,475 | | | | 80,478 | | | | 67,818 | | | | 40,085 | | | | 275,276 | | | | 245,607 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| NONINTEREST EXPENSES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Salaries and employee benefits | | | 66,926 | | | | 70,353 | | | | 70,092 | | | | 71,363 | | | | 64,395 | | | | 278,734 | | | | 271,556 | |
| Occupancy, net of rental income | | | 10,897 | | | | 10,720 | | | | 10,492 | | | | 9,999 | | | | 10,307 | | | | 42,108 | | | | 39,846 | |
| Equipment | | | 5,578 | | | | 5,853 | | | | 5,855 | | | | 6,222 | | | | 6,319 | | | | 23,508 | | | | 25,211 | |
| Deposit insurance assessments | | | 3,786 | | | | 3,402 | | | | 9,358 | | | | 3,126 | | | | 1,444 | | | | 19,672 | | | | 2,852 | |
| Other | | | 29,425 | | | | 32,344 | | | | 28,209 | | | | 29,268 | | | | 29,263 | | | | 119,246 | | | | 116,448 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total noninterest expenses | | | 116,612 | | | | 122,672 | | | | 124,006 | | | | 119,978 | | | | 111,728 | | | | 483,268 | | | | 455,913 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Income before income taxes | | | 26,188 | | | | 29,025 | | | | 49,818 | | | | 42,771 | | | | 21,856 | | | | 147,802 | | | | 174,354 | |
| Income tax expense | | | 6,754 | | | | 7,494 | | | | 15,951 | | | | 13,294 | | | | 5,060 | | | | 43,493 | | | | 53,943 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Net income | | $ | 19,434 | | | $ | 21,531 | | | $ | 33,867 | | | $ | 29,477 | | | $ | 16,796 | | | $ | 104,309 | | | $ | 120,411 | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net income per share: Basic | | $ | 0.23 | | | $ | 0.26 | | | $ | 0.41 | | | $ | 0.35 | | | $ | 0.20 | | | $ | 1.25 | | | $ | 1.46 | |
| | | | | | | | | | | | | | | | | | | | | | |
| Diluted | | $ | 0.23 | | | $ | 0.26 | | | $ | 0.41 | | | $ | 0.35 | | | $ | 0.20 | | | $ | 1.25 | | | $ | 1.45 | |
| | | | | | | | | | | | | | | | | | | | | | |
BXS Announces Fourth Quarter Results
Page 9
January 21, 2010
BancorpSouth, Inc.
Selected Loan Data
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | |
| | | Quarter Ended | |
| | | Dec-09 | | | Sep-09 | | | Jun-09 | | | Mar-09 | | | Dec-08 | |
| LOAN AND LEASE PORTFOLIO: | | | | | | | | | | | | | | | | | | | | |
| Commercial and industrial | | $ | 1,467,144 | | | $ | 1,442,344 | | | $ | 1,441,718 | | | $ | 1,390,042 | | | $ | 1,417,499 | |
| Real estate | | | | | | | | | | | | | | | | | | | | |
| Consumer mortgages | | | 2,017,067 | | | | 2,046,433 | | | | 2,054,666 | | | | 2,037,439 | | | | 2,096,568 | |
| Home equity | | | 550,085 | | | | 540,875 | | | | 532,337 | | | | 519,528 | | | | 511,480 | |
| Agricultural | | | 262,069 | | | | 254,647 | | | | 242,034 | | | | 238,466 | | | | 234,024 | |
| Commercial and industrial-owner occupied | | | 1,449,554 | | | | 1,432,859 | | | | 1,394,852 | | | | 1,455,422 | | | | 1,465,027 | |
| Construction, acquisition and development | | | 1,465,381 | | | | 1,533,622 | | | | 1,652,052 | | | | 1,692,526 | | | | 1,689,719 | |
| Commercial | | | 1,806,766 | | | | 1,770,066 | | | | 1,719,044 | | | | 1,660,211 | | | | 1,568,956 | |
| Credit cards | | | 108,086 | | | | 103,208 | | | | 101,844 | | | | 98,450 | | | | 93,650 | |
| All other | | | 655,437 | | | | 633,890 | | | | 622,853 | | | | 620,739 | | | | 614,354 | |
| | | | | | | | | | | | | | | | |
| Total loans | | $ | 9,781,589 | | | $ | 9,757,944 | | | $ | 9,761,400 | | | $ | 9,712,823 | | | $ | 9,691,277 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| ALLOWANCE FOR CREDIT LOSSES: | | | | | | | | | | | | | | | | | | | | |
| Balance, beginning of period | | $ | 144,791 | | | $ | 138,746 | | | $ | 134,632 | | | $ | 132,793 | | | $ | 129,147 | |
| | | | | | | | | | | | | | | | | | | | | |
| Loans and leases charged off: | | | | | | | | | | | | | | | | | | | | |
| Commercial and industrial | | | (2,829 | ) | | | (3,913 | ) | | | (1,070 | ) | | | (1,147 | ) | | | (1,003 | ) |
| Real estate | | | | | | | | | | | | | | | | | | | | |
| Consumer mortgages | | | (2,298 | ) | | | (2,669 | ) | | | (4,877 | ) | | | (4,073 | ) | | | (3,582 | ) |
| Home equity | | | (1,835 | ) | | | (1,278 | ) | | | (1,106 | ) | | | (1,153 | ) | | | (596 | ) |
| Agricultural | | | (401 | ) | | | (407 | ) | | | (3 | ) | | | (37 | ) | | | (350 | ) |
| Commercial and industrial-owner occupied | | | (753 | ) | | | (1,795 | ) | | | (649 | ) | | | (836 | ) | | | (511 | ) |
| Construction, acquisition and development | | | (14,888 | ) | | | (3,160 | ) | | | (4,335 | ) | | | (4,377 | ) | | | (6,208 | ) |
| Commercial | | | (568 | ) | | | (2,135 | ) | | | (321 | ) | | | (560 | ) | | | (611 | ) |
| Credit cards | | | (1,118 | ) | | | (1,204 | ) | | | (1,290 | ) | | | (1,158 | ) | | | (953 | ) |
| All other | | | (954 | ) | | | (938 | ) | | | (815 | ) | | | (810 | ) | | | (953 | ) |
| | | | | | | | | | | | | | | | |
| Total loans charged off | | | (25,644 | ) | | | (17,499 | ) | | | (14,466 | ) | | | (14,151 | ) | | | (14,767 | ) |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Recoveries: | | | | | | | | | | | | | | | | | | | | |
| Commercial and industrial | | | 194 | | | | 320 | | | | 68 | | | | 179 | | | | 279 | |
| Real estate | | | | | | | | | | | | | | | | | | | | |
| Consumer mortgages | | | 209 | | | | 132 | | | | 263 | | | | 220 | | | | 174 | |
| Home equity | | | 76 | | | | 28 | | | | 2 | | | | 3 | | | | 1 | |
| Agricultural | | | — | | | | — | | | | — | | | | 2 | | | | — | |
| Commercial and industrial-owner occupied | | | 10 | | | | 31 | | | | 248 | | | | 8 | | | | 54 | |
| Construction, acquisition and development | | | 7 | | | | 31 | | | | 4 | | | | 86 | | | | 97 | |
| Commercial | | | 25 | | | | 108 | | | | — | | | | 56 | | | | 23 | |
| Credit cards | | | 216 | | | | 123 | | | | 140 | | | | 138 | | | | 99 | |
| All other | | | 341 | | | | 257 | | | | 261 | | | | 353 | | | | 290 | |
| | | | | | | | | | | | | | | | |
| Total recoveries | | | 1,078 | | | | 1,030 | | | | 986 | | | | 1,045 | | | | 1,017 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Net charge-offs | | | (24,566 | ) | | | (16,469 | ) | | | (13,480 | ) | | | (13,106 | ) | | | (13,750 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Provision charged to operating expense | | | 34,659 | | | | 22,514 | | | | 17,594 | | | | 14,945 | | | | 17,822 | |
| Other, net | | | — | | | | — | | | | — | | | | — | | | | (426 | ) |
| | | | | | | | | | | | | | | | |
| Balance, end of period | | $ | 154,884 | | | $ | 144,791 | | | $ | 138,746 | | | $ | 134,632 | | | $ | 132,793 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Average loans for period | | $ | 9,753,163 | | | $ | 9,750,159 | | | $ | 9,740,916 | | | $ | 9,695,475 | | | $ | 9,604,142 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Ratios: | | | | | | | | | | | | | | | | | | | | |
| Net charge-offs to average loans (annualized) | | | 1.01 | % | | | 0.68 | % | | | 0.55 | % | | | 0.54 | % | | | 0.57 | % |
| | | | | | | | | | | | | | | | |
- MORE -
BXS Announces Fourth Quarter Results
Page 10
January 21, 2010
BancorpSouth, Inc.
Selected Loan Data
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | |
| | | Quarter Ended | |
| | | Dec-09 | | | Sep-09 | | | Jun-09 | | | Mar-09 | | | Dec-08 | |
NON-PERFORMING ASSETS | | | | | | | | | | | | | | | | | | | | |
| NON-PERFORMING LOANS AND LEASES: | | | | | | | | | | | | | | | | | | | | |
| Nonaccrual Loans and Leases | | | | | | | | | | | | | | | | | | | | |
| Commercial and industrial | | $ | 5,117 | | | $ | 7,048 | | | $ | 7,364 | | | $ | 5,523 | | | $ | 7,378 | |
| Real estate | | | | | | | | | | | | | | | | | | | | |
| Consumer mortgages | | | 20,731 | | | | 12,433 | | | | 9,946 | | | | 8,398 | | | | 4,599 | |
| Home equity | | | 1,642 | | | | 1,879 | | | | 596 | | | | 100 | | | | 143 | |
| Agricultural | | | 1,136 | | | | 2,647 | | | | 970 | | | | 673 | | | | 440 | |
| Commercial and industrial-owner occupied | | | 7,039 | | | | 5,044 | | | | 2,631 | | | | 4,153 | | | | 1,768 | |
| Construction, acquisition and development | | | 52,184 | | | | 39,989 | | | | 21,742 | | | | 17,984 | | | | 12,393 | |
| Commercial | | | 13,124 | | | | 12,228 | | | | 1,023 | | | | 925 | | | | 432 | |
| Credit cards | | | 1,044 | | | | 850 | | | | 816 | | | | 939 | | | | 952 | |
| All other | | | 657 | | | | 614 | | | | 454 | | | | 241 | | | | 63 | |
| | | | | | | | | | | | | | | | |
| Total nonaccrual loans and leases | | | 102,674 | | | | 82,732 | | | | 45,542 | | | | 38,936 | | | | 28,168 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Loans and Leases 90+ Days Past Due, Still Accruing: | | | | | | | | | | | | | | | | | | | | |
| Commercial and industrial | | | 1,797 | | | | 1,062 | | | | 1,919 | | | | 1,489 | | | | 715 | |
| Real estate | | | | | | | | | | | | | | | | | | | | |
| Consumer mortgages | | | 9,905 | | | | 14,189 | | | | 9,961 | | | | 7,110 | | | | 13,371 | |
| Home equity | | | 810 | | | | 707 | | | | 1,651 | | | | 1,375 | | | | 796 | |
| Agricultural | | | 1,015 | | | | 289 | | | | 3,292 | | | | 421 | | | | 409 | |
| Commercial and industrial-owner occupied | | | 4,511 | | | | 1,342 | | | | 4,253 | | | | 2,982 | | | | 2,761 | |
| Construction, acquisition and development | | | 13,482 | | | | 1,477 | | | | 18,648 | | | | 11,372 | | | | 12,481 | |
| Commercial | | | 2,558 | | | | 305 | | | | 2,351 | | | | 1,021 | | | | 1,013 | |
| Credit cards | | | 355 | | | | 373 | | | | 476 | | | | 391 | | | | 463 | |
| All other | | | 1,868 | | | | 955 | | | | 1,315 | | | | 1,138 | | | | 1,364 | |
| | | | | | | | | | | | | | | | |
| Total loans and leases 90+ past due, still accruing | | | 36,301 | | | | 20,699 | | | | 43,866 | | | | 27,299 | | | | 33,373 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Restructured Loans and Leases, Still Accruing | | | 6,161 | | | | 8,205 | | | | 8,264 | | | | 7,581 | | | | 2,472 | |
| | | | | | | | | | | | | | | | |
| Total non-performing loans and leases | | | 145,136 | | | | 111,636 | | | | 97,672 | | | | 73,816 | | | | 64,013 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| OTHER REAL ESTATE OWNED: | | | 63,766 | | | | 62,072 | | | | 51,477 | | | | 47,450 | | | | 46,317 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Total Non-performing Assets | | $ | 208,902 | | | $ | 173,708 | | | $ | 149,149 | | | $ | 121,266 | | | $ | 110,330 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Credit Quality Ratios: | | | | | | | | | | | | | | | | | | | | |
| Provision for credit losses to average loans and leases (annualized) | | | 1.42 | % | | | 0.92 | % | | | 0.72 | % | | | 0.62 | % | | | 0.74 | % |
| Allowance for credit losses to net loans and leases | | | 1.58 | % | | | 1.48 | % | | | 1.42 | % | | | 1.39 | % | | | 1.37 | % |
| Allowance for credit losses to non-performing assets | | | 74.14 | % | | | 83.35 | % | | | 93.03 | % | | | 111.02 | % | | | 120.36 | % |
| Allowance for credit losses to non-performing loans and leases | | | 106.72 | % | | | 129.70 | % | | | 142.05 | % | | | 182.39 | % | | | 207.45 | % |
| Non-performing loans and leases to net loans and leases | | | 1.48 | % | | | 1.14 | % | | | 1.00 | % | | | 0.76 | % | | | 0.66 | % |
| Non-performing assets to net loans and leases | | | 2.14 | % | | | 1.77 | % | | | 1.53 | % | | | 1.25 | % | | | 1.14 | % |
- MORE -
BXS Announces Fourth Quarter Results
Page 11
January 21, 2010
BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | | | |
| | | Quarter Ended | |
| | | December 31, 2009 | |
| | | Average | | | | | | | Yield/ | |
| (Taxable equivalent basis) | | Balance | | | Interest | | | Rate | |
| ASSETS | | | | | | | | | | | | |
| Loans, loans held for sale, and leases net of unearned income | | $ | 9,823,240 | | | $ | 131,277 | | | | 5.30 | % |
| Held-to-maturity securities: | | | | | | | | | | | | |
| Taxable | | | 878,452 | | | | 10,239 | | | | 4.62 | % |
| Tax-exempt | | | 209,242 | | | | 3,682 | | | | 6.98 | % |
| Available-for-sale securities: | | | | | | | | | | | | |
| Taxable | | | 892,191 | | | | 8,676 | | | | 3.86 | % |
| Tax-exempt | | | 72,903 | | | | 1,344 | | | | 7.31 | % |
| Short-term investments | | | 92,651 | | | | 61 | | | | 0.26 | % |
| | | | | | | | | | | |
| Total interest earning assets and revenue | | | 11,968,679 | | | | 155,279 | | | | 5.15 | % |
| Other assets | | | 1,269,229 | | | | | | | | | |
| Less: allowance for credit losses | | | (161,712 | ) | | | | | | | | |
| | | | | | | | | | | | |
| Total | | $ | 13,076,196 | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | |
| Deposits: | | | | | | | | | | | | |
| Demand – interest bearing | | $ | 4,155,330 | | | $ | 9,023 | | | | 0.86 | % |
| Savings | | | 717,630 | | | | 900 | | | | 0.50 | % |
| Other time | | | 3,748,894 | | | | 23,445 | | | | 2.48 | % |
| Short-term borrowings | | | 713,972 | | | | 405 | | | | 0.23 | % |
| Junior subordinated debt | | | 160,312 | | | | 2,865 | | | | 7.09 | % |
| Long-term debt | | | 303,301 | | | | 3,011 | | | | 3.94 | % |
| | | | | | | | | | | |
| Total interest bearing liabilities and expense | | | 9,799,439 | | | | 39,649 | | | | 1.61 | % |
| Demand deposits - noninterest bearing | | | 1,826,763 | | | | | | | | | |
| Other liabilities | | | 175,734 | | | | | | | | | |
| | | | | | | | | | | | |
| Total liabilities | | | 11,801,936 | | | | | | | | | |
| Shareholders’ equity | | | 1,274,260 | | | | | | | | | |
| | | | | | | | | | | | |
| Total | | $ | 13,076,196 | | | | | | | | | |
| | | | | | | | | | | |
| Net interest revenue | | | | | | $ | 115,630 | | | | | |
| | | | | | | | | | | | |
| Net interest margin | | | | | | | | | | | 3.83 | % |
| Net interest rate spread | | | | | | | | | | | 3.54 | % |
| Interest bearing liabilities to interest earning assets | | | | | | | | | | | 81.88 | % |
| Net interest tax equivalent adjustment | | | | | | $ | 2,676 | | | | | |
- MORE -
BXS Announces Fourth Quarter Results
Page 12
January 21, 2010
BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | | | |
| | | Quarter Ended | |
| | | September 30, 2009 | |
| | | Average | | | | | | | Yield/ | |
| (Taxable equivalent basis) | | Balance | | | Interest | | | Rate | |
| ASSETS | | | | | | | | | | | | |
| Loans, loans held for sale, and leases net of unearned income | | $ | 9,808,427 | | | $ | 130,957 | | | | 5.30 | % |
| Held-to-maturity securities: | | | | | | | | | | | | |
| Taxable | | | 998,773 | | | | 11,799 | | | | 4.69 | % |
| Tax-exempt | | | 199,360 | | | | 3,373 | | | | 6.71 | % |
| Available-for-sale securities: | | | | | | | | | | | | |
| Taxable | | | 889,278 | | | | 8,591 | | | | 3.83 | % |
| Tax-exempt | | | 69,737 | | | | 1,251 | | | | 7.12 | % |
| Short-term investments | | | 62,334 | | | | 47 | | | | 0.30 | % |
| | | | | | | | | | | |
| Total interest earning assets and revenue | | | 12,027,909 | | | | 156,020 | | | | 5.15 | % |
| Other assets | | | 1,285,360 | | | | | | | | | |
| Less: allowance for credit losses | | | (146,212 | ) | | | | | | | | |
| | | | | | | | | | | | |
| Total | | $ | 13,167,057 | | | | | | | | | |
| | | | | | | | | | | | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | |
| Deposits: | | | | | | | | | | | | |
| Demand – interest bearing | | $ | 4,010,281 | | | $ | 9,038 | | | | 0.89 | % |
| Savings | | | 716,155 | | | | 936 | | | | 0.52 | % |
| Other time | | | 3,726,754 | | | | 25,535 | | | | 2.72 | % |
| Short-term borrowings | | | 1,071,144 | | | | 544 | | | | 0.20 | % |
| Junior subordinated debt | | | 160,312 | | | | 2,884 | | | | 7.14 | % |
| Long-term debt | | | 286,285 | | | | 2,814 | | | | 3.90 | % |
| | | | | | | | | | | |
| Total interest bearing liabilities and expense | | | 9,970,931 | | | | 41,751 | | | | 1.66 | % |
| Demand deposits - noninterest bearing | | | 1,747,021 | | | | | | | | | |
| Other liabilities | | | 184,006 | | | | | | | | | |
| | | | | | | | | | | | |
| Total liabilities | | | 11,901,958 | | | | | | | | | |
| Shareholders’ equity | | | 1,265,099 | | | | | | | | | |
| | | | | | | | | | | | |
| Total | | $ | 13,167,057 | | | | | | | | | |
| | | | | | | | | | | |
| Net interest revenue | | | | | | $ | 114,269 | | | | | |
| | | | | | | | | | | | |
| Net interest margin | | | | | | | | | | | 3.77 | % |
| Net interest rate spread | | | | | | | | | | | 3.49 | % |
| Interest bearing liabilities to interest earning assets | | | | | | | | | | | 82.90 | % |
| Net interest tax equivalent adjustment | | | | | | $ | 2,533 | | | | | |
- MORE -
BXS Announces Fourth Quarter Results
Page 13
January 21, 2010
BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | | | |
| | | Quarter Ended | |
| | | June 30, 2009 | |
| | | Average | | | | | | | Yield/ | |
| (Taxable equivalent basis) | | Balance | | | Interest | | | Rate | |
| ASSETS | | | | | | | | | | | | |
| Loans, loans held for sale, and leases net of unearned income | | $ | 9,896,890 | | | $ | 131,313 | | | | 5.32 | % |
| Held-to-maturity securities: | | | | | | | | | | | | |
| Taxable | | | 1,040,896 | | | | 12,218 | | | | 4.71 | % |
| Tax-exempt | | | 186,473 | | | | 3,316 | | | | 7.13 | % |
| Available-for-sale securities: | | | | | | | | | | | | |
| Taxable | | | 919,217 | | | | 8,721 | | | | 3.81 | % |
| Tax-exempt | | | 69,960 | | | | 1,270 | | | | 7.28 | % |
| Short-term investments | | | 21,727 | | | | 25 | | | | 0.47 | % |
| | | | | | | | | | | |
| Total interest earning assets and revenue | | | 12,135,163 | | | | 156,863 | | | | 5.18 | % |
| Other assets | | | 1,270,193 | | | | | | | | | |
| Less: allowance for credit losses | | | (144,570 | ) | | | | | | | | |
| | | | | | | | | | | | |
| Total | | $ | 13,260,786 | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | |
| Deposits: | | | | | | | | | | | | |
| Demand – interest bearing | | $ | 3,948,759 | | | $ | 9,738 | | | | 0.99 | % |
| Savings | | | 719,281 | | | | 928 | | | | 0.52 | % |
| Other time | | | 3,634,336 | | | | 26,496 | | | | 2.92 | % |
| Short-term borrowings | | | 1,340,244 | | | | 470 | | | | 0.14 | % |
| Junior subordinated debt | | | 160,312 | | | | 2,928 | | | | 7.33 | % |
| Long-term debt | | | 286,294 | | | | 2,813 | | | | 3.94 | % |
| | | | | | | | | | | |
| Total interest bearing liabilities and expense | | | 10,089,226 | | | | 43,373 | | | | 1.72 | % |
| Demand deposits - noninterest bearing | | | 1,756,861 | | | | | | | | | |
| Other liabilities | | | 163,749 | | | | | | | | | |
| | | | | | | | | | | | |
| Total liabilities | | | 12,009,836 | | | | | | | | | |
| Shareholders’ equity | | | 1,250,950 | | | | | | | | | |
| | | | | | | | | | | | |
| Total | | $ | 13,260,786 | | | | | | | | | |
| | | | | | | | | | | |
| Net interest revenue | | | | | | $ | 113,490 | | | | | |
| | | | | | | | | | | | |
| Net interest margin | | | | | | | | | | | 3.75 | % |
| Net interest rate spread | | | | | | | | | | | 3.46 | % |
| Interest bearing liabilities to interest earning assets | | | | | | | | | | | 83.14 | % |
| | | | | | | | | | | | | |
| Net interest tax equivalent adjustment | | | | | | $ | 2,550 | | | | | |
- MORE -
BXS Announces Fourth Quarter Results
Page 14
January 21, 2010
BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | | | |
| | | Quarter Ended | |
| | | March 31, 2009 | |
| | | Average | | | | | | | Yield/ | |
| (Taxable equivalent basis) | | Balance | | | Interest | | | Rate | |
| ASSETS | | | | | | | | | | | | |
| Loans, loans held for sale, and leases net of unearned income | | $ | 9,873,692 | | | $ | 131,339 | | | | 5.39 | % |
| Held-to-maturity securities: | | | | | | | | | | | | |
| Taxable | | | 1,146,772 | | | | 13,141 | | | | 4.65 | % |
| Tax-exempt | | | 182,051 | | | | 3,247 | | | | 7.23 | % |
| Available-for-sale securities: | | | | | | | | | | | | |
| Taxable | | | 891,699 | | | | 9,038 | | | | 4.11 | % |
| Tax-exempt | | | 73,814 | | | | 1,358 | | | | 7.46 | % |
| Short-term investments | | | 19,123 | | | | 71 | | | | 1.51 | % |
| | | | | | | | | | | |
| Total interest earning assets and revenue | | | 12,187,151 | | | | 158,194 | | | | 5.26 | % |
| Other assets | | | 1,277,538 | | | | | | | | | |
| Less: allowance for credit losses | | | (139,811 | ) | | | | | | | | |
| | | | | | | | | | | | |
| Total | | $ | 13,324,878 | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | |
| Deposits: | | | | | | | | | | | | |
| Demand – interest bearing | | $ | 4,090,821 | | | $ | 12,248 | | | | 1.21 | % |
| Savings | | | 697,639 | | | | 936 | | | | 0.54 | % |
| Other time | | | 3,419,180 | | | | 25,833 | | | | 3.06 | % |
| Short-term borrowings | | | 1,588,229 | | | | 959 | | | | 0.24 | % |
| Junior subordinated debt | | | 160,312 | | | | 2,955 | | | | 7.48 | % |
| Long-term debt | | | 286,306 | | | | 2,811 | | | | 3.98 | % |
| | | | | | | | | | | |
| Total interest bearing liabilities and expense | | | 10,242,487 | | | | 45,742 | | | | 1.81 | % |
| Demand deposits - noninterest bearing | | | 1,700,792 | | | | | | | | | |
| Other liabilities | | | 142,628 | | | | | | | | | |
| | | | | | | | | | | | |
| Total liabilities | | | 12,085,907 | | | | | | | | | |
| Shareholders’ equity | | | 1,238,971 | | | | | | | | | |
| | | | | | | | | | | | |
| Total | | $ | 13,324,878 | | | | | | | | | |
| | | | | | | | | | | |
| Net interest revenue | | | | | | $ | 112,452 | | | | | |
| | | | | | | | | | | | |
| Net interest margin | | | | | | | | | | | 3.74 | % |
| Net interest rate spread | | | | | | | | | | | 3.45 | % |
| Interest bearing liabilities to interest earning assets | | | | | | | | | | | 84.04 | % |
| | | | | | | | | | | | | |
| Net interest tax equivalent adjustment | | | | | | $ | 2,576 | | | | | |
- MORE -
BXS Announces Fourth Quarter Results
Page 15
January 21, 2010
BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | | | |
| | | Quarter Ended | |
| | | December 31, 2008 | |
| | | Average | | | | | | | Yield/ | |
| (Taxable equivalent basis) | | Balance | | | Interest | | | Rate | |
| ASSETS | | | | | | | | | | | | |
| Loans, loans held for sale, and leases net of unearned income | | $ | 9,773,683 | | | $ | 142,039 | | | | 5.78 | % |
| Held-to-maturity securities: | | | | | | | | | | | | |
| Taxable | | | 1,193,555 | | | | 13,734 | | | | 4.58 | % |
| Tax-exempt | | | 180,695 | | | | 3,159 | | | | 6.96 | % |
| Available-for-sale securities: | | | | | | | | | | | | |
| Taxable | | | 868,913 | | | | 8,693 | | | | 3.98 | % |
| Tax-exempt | | | 73,476 | | | | 1,335 | | | | 7.23 | % |
| Short-term investments | | | 19,338 | | | | 114 | | | | 2.34 | % |
| | | | | | | | | | | |
| Total interest earning assets and revenue | | | 12,109,660 | | | | 169,074 | | | | 5.55 | % |
| Other assets | | | 1,304,386 | | | | | | | | | |
| Less: allowance for credit losses | | | (134,453 | ) | | | | | | | | |
| | | | | | | | | | | | |
| Total | | $ | 13,279,593 | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY Deposits: | | | | | | | | | | | | |
| Demand – interest bearing | | $ | 3,811,782 | | | $ | 15,924 | | | | 1.66 | % |
| Savings | | | 684,068 | | | | 1,080 | | | | 0.63 | % |
| Other time | | | 3,400,071 | | | | 28,293 | | | | 3.31 | % |
| Short-term borrowings | | | 1,828,010 | | | | 3,951 | | | | 0.86 | % |
| Junior subordinated debt | | | 160,312 | | | | 3,161 | | | | 7.84 | % |
| Long-term debt | | | 287,990 | | | | 2,838 | | | | 3.92 | % |
| | | | | | | | | | | |
| Total interest bearing liabilities and expense | | | 10,172,233 | | | | 55,247 | | | | 2.16 | % |
| Demand deposits - noninterest bearing | | | 1,702,400 | | | | | | | | | |
| Other liabilities | | | 165,462 | | | | | | | | | |
| | | | | | | | | | | | |
| Total liabilities | | | 12,040,095 | | | | | | | | | |
| Shareholders’ equity | | | 1,239,498 | | | | | | | | | |
| | | | | | | | | | | | |
| Total | | $ | 13,279,593 | | | | | | | | | |
| | | | | | | | | | | |
| Net interest revenue | | | | | | $ | 113,827 | | | | | |
| | | | | | | | | | | | |
| Net interest margin | | | | | | | | | | | 3.74 | % |
| Net interest rate spread | | | | | | | | | | | 3.39 | % |
| Interest bearing liabilities to interest earning assets | | | | | | | | | | | 84.00 | % |
| | | | | | | | | | | | | |
| Net interest tax equivalent adjustment | | | | | | $ | 2,506 | | | | | |
- MORE -
BXS Announces Fourth Quarter Results
Page 16
January 21, 2010
BancorpSouth, Inc.
Reconciliation of Tangible assets and Tangible Shareholders’ Equity to
Total Assets and Total Shareholders’ Equity
(Dollars in thousands)
(Unaudited)
| | | | | | | | | |
| | | December 31, | |
| | | 2009 | | | 2008 | |
| Tangible Assets (a): | | | | | | | | |
| Total assets | | $ | 13,200,584 | | | $ | 13,480,218 | |
| Less: Goodwill | | | 270,097 | | | | 268,966 | |
| Identifiable intangible assets | | | 23,533 | | | | 28,165 | |
| | | | | | | |
| Total tangible assets | | $ | 12,906,954 | | | $ | 13,183,087 | |
| | | | | | | | | |
| Tangible Shareholders’ Equity(a): | | | | | | | | |
| Total shareholders’ equity | | $ | 1,297,876 | | | $ | 1,240,260 | |
| Less: Goodwill | | | 270,097 | | | | 268,966 | |
| Identifiable intangible assets | | | 23,533 | | | | 28,165 | |
| | | | | | | |
| Total tangible shareholders’ equity | | $ | 1,004,246 | | | $ | 943,129 | |
| | | | | | | | | |
| Tangible shareholders’ equity to tangible assets | | | 7.78 | % | | | 7.15 | % |
| | |
| (a) | | BancorpSouth, Inc. utilizes tangible assets and tangible shareholders’ equity measures when evaluating the performance of the Company. Tangible shareholders’ equity is defined by the Company as total shareholders’ equity less goodwill and identifiable assets. Tangible assets are defined by the Company as total assets less goodwill and identifiable assets. The Company believes the ratio of tangible equity to tangible assets to be an important measure of financial strength of the Company. |
- END -
