EXHIBIT 99.1
News Release
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Contact: | ||
L. Nash Allen, Jr. | Gary C. Bonds | |
Treasurer and Chief Financial Officer | Senior Vice President and Controller | |
662/680-2330 | 662/680-2332 |
BancorpSouth Reports Third Quarter 2006 Earnings per Diluted Share of $0.38,
Up 31.0% from $0.29 for Third Quarter 2005
Up 31.0% from $0.29 for Third Quarter 2005
TUPELO, Miss., Oct. 19, 2006/PRNewswire-FirstCall via COMTEX/ — BancorpSouth, Inc. (NYSE: BXS) today announced financial results for the third quarter and nine months ended September 30, 2006.
Highlights of the third quarter of 2006 included:
• | Growth in earnings per diluted share to $0.38 for the third quarter of 2006, an increase of 31.0 percent from $0.29 for the third quarter of 2005. | ||
• | A 9.6 percent increase in loans and leases, net of unearned interest, compared to the third quarter of 2005. | ||
• | An increase in the net interest margin for the third quarter to 3.66 percent from 3.61 percent for the third quarter of 2005, representing the seventh consecutive comparable quarter expansion. | ||
• | A reduction in annualized net charge-offs to 0.07 percent of average loans for the third quarter from 0.27 percent for the third quarter of 2005 and 0.18 percent for the second quarter of 2006. | ||
• | An increase of 18.4 percent in insurance commission revenues, marking the third consecutive quarter of growth since the hurricane-affected third and fourth quarters of 2005. |
• | Further geographic expansion, with the opening of a full-service bank office in Destin, Florida during the third quarter, which marks the Company’s entry into Florida, the seventh state in which it conducts operations. In addition, after the quarter’s end, BancorpSouth expanded its insurance operations to a fourth state with the opening of an office in Mobile, Alabama, and the bank announced the opening of a loan production office in Lafayette, Louisiana. |
Third Quarter 2006 Summary Results
BancorpSouth’s net income increased 34.0 percent for the third quarter of 2006 to $30.6 million from $22.9 million for the third quarter of 2005. Net income per diluted share for the third quarter of 2006 increased 31.0 percent to $0.38 from $0.29 for the third quarter of 2005.
The Company’s earnings growth for the third quarter of 2006 when compared with the third quarter of 2005 included a net pre-tax negative impact of $4.3 million related to changes in value of the Company’s mortgage servicing asset. In addition, the Company’s earnings for the third quarter of 2005 included a pre-tax negative impact of $12.8 million related to Hurricane Katrina.
Aubrey Patterson, Chairman and Chief Executive Officer of BancorpSouth, remarked, “BancorpSouth achieved solid results for the third quarter of 2006. We produced our strongest rates of growth in our loan portfolio and in insurance commission revenues since the third quarter of 2005, when our results began to be affected by Hurricane Katrina. Credit quality remained very sound during the latest quarter, with a continued low level of net charge-offs. We generated a comparable quarter increase in net interest margin in spite of a difficult interest rate environment. We are also pleased to be continuing our geographic expansion strategy by entering attractive growth markets with new services both within our existing footprint and in our new Florida market.”
Net Interest Revenue
Interest revenue for the third quarter of 2006 increased 23.6 percent, or $33.5 million, to $175.2 million from $141.8 million for the third quarter of 2005 and increased 4.7 percent from $167.4 million for the second quarter of 2006. Interest expense increased 47.8 percent, or $25.5 million, to $78.8 million for the third quarter of 2006 from $53.3 million for the third quarter of 2005 and 12.4 percent from $70.2 million for the second quarter of 2006.
The average taxable equivalent yield on earning assets increased to 6.58 percent for the third quarter of 2006 from 5.74 percent for the third quarter of 2005 and 6.39 percent for the second quarter of 2006. The average rate paid on interest bearing liabilities was 3.49 percent for the third quarter of 2006, compared with 2.54 percent for the third quarter of 2005 and 3.17 percent for the second quarter of 2006.
Net interest revenue increased 9.0 percent to $96.4 million for the third quarter of 2006 from $88.4 million for the third quarter of 2005 and declined 0.8 percent from $97.2 million for the second quarter of 2006. Net interest margin was 3.66 percent for the third quarter of 2006 compared with 3.61 percent for the third quarter of 2005 and 3.75 percent for the second quarter of 2006.
Patterson continued, “The growth in our net interest revenue and net interest margin for the third quarter of 2006 versus the comparable prior-year period reflected the beneficial impact of the same conservative asset/liability management strategies that have produced improvement in our net interest margin for the previous six comparable quarter periods. With longer-term interest rates moderating during the third quarter compared with the second quarter of 2006, increased pressure on asset yields limited our ability to match the rise in average rate paid on interest bearing liabilities. As a result, we experienced a slight sequential quarter decline in net interest revenue and net interest margin for the third quarter from the second quarter of 2006. We will continue to adjust our asset/liability strategies to manage the impact of changing interest rates within the framework of our established asset/liability management guidelines.”
Deposit and Loan Activity
Total assets at September 30, 2006 increased 7.2 percent to $11.9 billion from $11.1 billion at September 30, 2005. Total deposits grew 2.9 percent to $9.5 billion at September 30, 2006 from $9.2 billion at September 30, 2005. Loans and leases, net of unearned interest, increased 9.6 percent to $7.8 billion at September 30, 2006 from $7.1 billion at September 30, 2005.
“We were pleased with our loan growth rate for the quarter,” said Patterson. “It is the highest quarterly rate we’ve achieved since the second quarter last year. Loan demand on the Mississippi Gulf Coast is growing but remains relatively low. Loan demand in most of our more urban markets, especially those into which we have expanded in recent years, has continued to increase, reflecting a growing economy. The impact of higher interest rates since the third quarter of 2005 was evident in our deposit mix for the latest quarter. Although noninterest bearing demand deposits increased 6.7% for the quarter, interest bearing demand deposits declined 4.4% as consumers sought higher yields. This transition was partially responsible for the 6.2% increase in savings and other time deposits for the recent quarter compared with the third quarter of 2005.”
Provision for Credit Losses and Allowance for Credit Losses
For the third quarter of 2006, the provision for credit losses was $2.5 million, a decline of 82.8 percent compared with $14.7 million for the third quarter of 2005, and 29.6 percent from $3.6 million for the second quarter of 2006. For the third quarter of 2005, $10.4 million of the provision for credit losses were related to the impact of Hurricane Katrina. Annualized actual net charge-offs were 0.07 percent of average loans and leases for the third quarter of 2006 compared with 0.27 percent for the third quarter of 2005 and 0.18 percent for the second quarter of 2006.
Non-performing loans and leases increased 5.1 percent nominally to $25.1 million, or 0.32 percent of loans and leases, at September 30, 2006, from $23.9 million, or 0.34 percent of loans and leases, at September 30, 2005, and 2.9 percent from $24.4 million, or 0.32 percent of loans and leases, at June 30, 2006. The allowance for credit losses was 1.25 percent of loans and leases at September 30, 2006, compared with 1.43 percent of loans and leases at September 30, 2005, and 1.27 percent of loans and leases at June 30, 2006.
Patterson commented, “Credit quality remains a key operating metric for BancorpSouth, and we are pleased with the continuing improvements we have achieved. With annualized charge-offs for the quarter at a rate of less than one-tenth of one percent, our allowance for credit losses remained a double-digit multiple of our rate of annualized charge-offs for the quarter and the year to date.”
Noninterest Revenue
Noninterest revenue increased 2.2 percent to $49.2 million for the third quarter of 2006 from $48.2 million for the third quarter of 2005. As previously noted, these results include the impact of a $4.3 million net decline in mortgage revenue related to changes in the value of BancorpSouth’s mortgage servicing asset for the third quarter of 2006 compared with the third quarter of 2005. Excluding this decline, noninterest revenue expanded 11.4 percent for the third quarter of 2006 compared with the third quarter of 2005.
“We achieved record quarterly insurance commission revenues for the third quarter of 2006, as our organic growth increased these revenues by 18.4% compared with the third quarter of 2005,” said Patterson. “We are continuing to experience significant growth related to the aftermath of Hurricane Katrina in our Mississippi insurance operations, which are headquartered in Gulfport, as well as in our Louisiana insurance operations, which are headquartered in Baton Rouge. Through the opening of our new insurance operation in Mobile, Alabama we believe we have positioned BancorpSouth to participate in a more meaningful way in the long-term growth opportunities inherent in the rebuilding of the Gulf Coast.”
Noninterest Expense
Noninterest expense increased 10.2 percent to $98.7 million for the third quarter of 2006 from $89.5 million for the third quarter of 2005 and increased 0.3 percent from $98.3 million for the second quarter of 2006. The growth in noninterest expense primarily resulted from additional salaries, employee benefits and occupancy expense associated with the acquisition of American State Bank Corporation and the opening of seven new loan production offices and seven new full-service branch bank offices since the end of the third quarter last year.
Capital Management
BancorpSouth did not repurchase any of its common stock during the third quarter of 2006. Previously, the Company has repurchased 735,500 shares under the stock repurchase plan authorized in April 2005 for the repurchase of up to three million shares. Combined with the shares repurchased under earlier plans, BancorpSouth has repurchased approximately 11.3 million shares of its common stock as of the end of the third quarter of 2006, or approximately 13.4 percent of the shares outstanding when the original share repurchase program was initiated in 2001. BancorpSouth will continue to evaluate additional share repurchases under the April 2005 plan, which authorizes these repurchases during a two-year period expiring April 30, 2007.
Summary
Patterson concluded, “BancorpSouth’s operating and financial performance for the third quarter and first nine months of 2006 demonstrates the continuing potential we have for further long-term profitable growth. Through a consistent expansion strategy, we are well positioned in attractive growth markets in our core six-state franchise, and in Florida we have just established our initial presence in one of the fastest growing states in the country. In addition to the normal growth we anticipate our broad mid-South market to generate in an expanding economy, the rebuilding of the Gulf Coast region represents a long-term growth opportunity for BancorpSouth of unprecedented scale for our organization. With the many significant opportunities before us, we believe it is more important than ever to adhere to our conservative operating philosophies and our customer-centric service culture that have driven our history of growth in earnings and shareholder value.”
Conference Call
BancorpSouth will conduct a conference call to discuss its second quarter results tomorrow, October 20, 2006, 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 may include, without limitation, statements relating to the ability of the mid-South market to generate growth in an expanding economy, the importance of adhering to our conservative operating philosophies and our customer focused service culture, growth opportunities for our financial services as the Gulf Coast rebuilds, repurchases under our common stock repurchase plan, our role in rebuilding and contributing to growth of the Gulf Coast and our ability to participate in long-term growth opportunities in the Mississippi Gulf Coast area.
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 due to a variety of factors. These factors may include, but are not limited to, the rate of economic recovery in the region affected by Hurricane Katrina, changes in economic conditions and government fiscal and monetary policies, 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, 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 repurchase its common stock on favorable terms, the ability of BancorpSouth to identify, close and effectively integrate potential acquisitions, the ability of BancorpSouth to expand geographically and enter fast-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 approximately $11.9 billion in assets. BancorpSouth Bank, a wholly-owned subsidiary of BancorpSouth, Inc., operates approximately 282 commercial banking, mortgage, insurance, trust and broker/dealer locations in Alabama, Arkansas, Florida, Louisiana, Mississippi, Tennessee and Texas.
BancorpSouth, Inc.
Selected Financial Data
Selected Financial Data
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2006 | 2005 | 2006 | 2005 | |||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||
Earnings Summary: | ||||||||||||||||
Net interest revenue | $ | 96,398 | $ | 88,441 | $ | 289,548 | $ | 263,288 | ||||||||
Provision for credit losses | 2,526 | 14,725 | 2,252 | 22,492 | ||||||||||||
Noninterest revenue | 49,234 | 48,163 | 155,604 | 145,105 | ||||||||||||
Noninterest expense | 98,661 | 89,513 | 293,013 | 269,777 | ||||||||||||
Income before income taxes | 44,445 | 32,366 | 149,887 | 116,124 | ||||||||||||
Income tax provision | 13,818 | 9,507 | 46,016 | 35,730 | ||||||||||||
Net income | $ | 30,627 | $ | 22,859 | $ | 103,871 | $ | 80,394 | ||||||||
Earning per share: Basic | $ | 0.39 | $ | 0.29 | $ | 1.31 | $ | 1.03 | ||||||||
Diluted | $ | 0.38 | $ | 0.29 | $ | 1.31 | $ | 1.02 | ||||||||
Balance sheet data at September 30: | ||||||||||||||||
Total assets | $ | 11,859,942 | $ | 11,065,258 | ||||||||||||
Total earning assets | 10,747,814 | 10,093,364 | ||||||||||||||
Loans and leases, net of unearned income | 7,773,682 | 7,091,063 | ||||||||||||||
Allowance for credit losses | 97,391 | 101,067 | ||||||||||||||
Total deposits | 9,492,374 | 9,221,267 | ||||||||||||||
Common shareholders’ equity | 1,031,359 | 940,878 | ||||||||||||||
Book value per share | 13.03 | 12.02 | ||||||||||||||
Average balance sheet data: | ||||||||||||||||
Total assets | $ | 11,810,572 | $ | 10,892,408 | $ | 11,778,913 | $ | 10,853,207 | ||||||||
Total earning assets | 10,719,354 | 9,964,477 | 10,692,252 | 9,925,937 | ||||||||||||
Loans and leases, net of unearned income | 7,668,909 | 7,070,963 | 7,506,656 | 6,979,161 | ||||||||||||
Total deposits | 9,447,788 | 9,045,611 | 9,579,602 | 9,034,266 | ||||||||||||
Common shareholders’ equity | 1,017,859 | 934,915 | 995,576 | 926,098 | ||||||||||||
Non-performing assets at September 30: | ||||||||||||||||
Non-accrual loans and leases | $ | 6,289 | $ | 8,103 | ||||||||||||
Loans and leases 90+ days past due | 16,859 | 13,539 | ||||||||||||||
Restructured loans and leases | 1,952 | 2,240 | ||||||||||||||
Other real estate owned | 11,808 | 15,357 | ||||||||||||||
Net charge-offs as a percentage of average loans (annualized) | 0.07 | % | 0.27 | % | 0.11 | % | 0.25 | % | ||||||||
Performance ratios (annualized): | ||||||||||||||||
Return on average assets | 1.03 | % | 0.83 | % | 1.18 | % | 0.99 | % | ||||||||
Return on common equity | 11.94 | % | 9.70 | % | 13.95 | % | 11.61 | % | ||||||||
Net interest margin | 3.66 | % | 3.61 | % | 3.71 | % | 3.64 | % | ||||||||
Average shares outstanding — basic | 79,104,471 | 78,223,549 | 79,154,443 | 78,216,092 | ||||||||||||
Average shares outstanding — diluted | 79,577,609 | 78,570,139 | 79,552,314 | 78,559,901 |
BancorpSouth, Inc.
Consolidated Balance Sheet
(Unaudited)
Consolidated Balance Sheet
(Unaudited)
September 30, | ||||||||||||
% | ||||||||||||
2006 | 2005 | Change | ||||||||||
(Dollars in thousands) | ||||||||||||
Assets | ||||||||||||
Cash and due from banks | $ | 377,005 | $ | 370,403 | 1.78 | % | ||||||
Interest bearing deposits with other banks | 7,231 | 15,431 | (53.14 | %) | ||||||||
Held-to-maturity securities, at amortized cost | 1,684,483 | 1,255,874 | 34.13 | % | ||||||||
Available-for-sale securities, at fair value | 1,184,976 | 1,455,856 | (18.61 | %) | ||||||||
Trading securities, at fair value | — | 1,983 | N/A | |||||||||
Federal funds sold and securities purchased under agreement to resell | 20,851 | 194,186 | (89.26 | %) | ||||||||
Loans and leases | 7,819,408 | 7,122,212 | 9.79 | % | ||||||||
Less: Unearned income | (45,726 | ) | (31,149 | ) | 46.80 | % | ||||||
Allowance for credit losses | (97,391 | ) | (101,067 | ) | (3.64 | %) | ||||||
Net loans and leases | 7,676,291 | 6,989,996 | 9.82 | % | ||||||||
Loans held for sale | 76,590 | 78,970 | (3.01 | %) | ||||||||
Premises and equipment, net | 281,349 | 240,141 | 17.16 | % | ||||||||
Accrued interest receivable | 92,099 | 71,046 | 29.63 | % | ||||||||
Goodwill | 143,700 | 109,239 | 31.55 | % | ||||||||
Other assets | 315,367 | 282,133 | 11.78 | % | ||||||||
Total Assets | $ | 11,859,942 | $ | 11,065,258 | 7.18 | % | ||||||
Liabilities | ||||||||||||
Deposits: | ||||||||||||
Demand: Noninterest bearing | $ | 1,753,566 | $ | 1,643,309 | 6.71 | % | ||||||
Interest bearing | 2,775,033 | 2,902,527 | (4.39 | %) | ||||||||
Savings | 728,168 | 711,909 | 2.28 | % | ||||||||
Other time | 4,235,607 | 3,963,522 | 6.86 | % | ||||||||
Total deposits | 9,492,374 | 9,221,267 | 2.94 | % | ||||||||
Federal funds purchased and securities sold under agreement to repurchase | 715,108 | 499,552 | 43.15 | % | ||||||||
Other short-term borrowings | 200,000 | — | N/A | |||||||||
Accrued interest payable | 37,349 | 25,821 | 44.65 | % | ||||||||
Junior subordinated debt securities | 144,847 | 138,145 | 4.85 | % | ||||||||
Long-term debt | 136,096 | 137,594 | (1.09 | %) | ||||||||
Other liabilities | 102,809 | 102,001 | 0.79 | % | ||||||||
Total Liabilities | 10,828,583 | 10,124,380 | 6.96 | % | ||||||||
Shareholders’ Equity | ||||||||||||
Common stock | 197,828 | 195,685 | 1.10 | % | ||||||||
Capital surplus | 112,644 | 84,456 | 33.38 | % | ||||||||
Accumulated other comprehensive income (loss) | (13,879 | ) | (10,313 | ) | 34.58 | % | ||||||
Retained earnings | 734,766 | 671,050 | 9.49 | % | ||||||||
Total Shareholders’ Equity | 1,031,359 | 940,878 | 9.62 | % | ||||||||
Total Liabilities & Shareholders’ Equity | $ | 11,859,942 | $ | 11,065,258 | 7.18 | % | ||||||
BancorpSouth, Inc.
Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
Quarter Ended | Year To Date | |||||||||||||||||||||||||||
Sept 2006 | Jun 2006 | Mar 2006 | Dec 2005 | Sept 2005 | Sept 2006 | Sept 2005 | ||||||||||||||||||||||
INTEREST REVENUE: | ||||||||||||||||||||||||||||
Loans and leases | $ | 143,712 | $ | 134,569 | $ | 127,200 | $ | 121,243 | $ | 115,800 | $ | 405,481 | $ | 329,479 | ||||||||||||||
Deposits with other banks | 295 | 176 | 141 | 177 | 166 | 612 | 417 | |||||||||||||||||||||
Federal funds sold and securities purchased under agreement to resell | 609 | 976 | 2,846 | 3,052 | 1,061 | 4,431 | 1,649 | |||||||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||||||||
Taxable | 16,107 | 16,048 | 14,323 | 10,461 | 9,160 | 46,478 | 28,377 | |||||||||||||||||||||
Tax-exempt | 2,017 | 2,077 | 1,887 | 1,696 | 1,667 | 5,981 | 4,822 | |||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
Taxable | 10,405 | 11,389 | 10,904 | 11,048 | 11,761 | 32,698 | 38,271 | |||||||||||||||||||||
Tax-exempt | 1,215 | 1,276 | 1,363 | 1,400 | 1,481 | 3,854 | 4,649 | |||||||||||||||||||||
Loans held for sale | 878 | 871 | 1,238 | 920 | 686 | 2,987 | 2,275 | |||||||||||||||||||||
Total interest revenue | 175,238 | 167,382 | 159,902 | 149,997 | 141,782 | 502,522 | 409,939 | |||||||||||||||||||||
INTEREST EXPENSE: | ||||||||||||||||||||||||||||
Deposits | 62,964 | 57,430 | 53,133 | 47,970 | 44,790 | 173,527 | 123,127 | |||||||||||||||||||||
Federal funds purchased and securities sold under agreement to repurchase | 8,498 | 6,549 | 5,902 | 4,896 | 3,692 | 20,949 | 8,443 | |||||||||||||||||||||
Other | 7,378 | 6,182 | 4,938 | 4,861 | 4,859 | 18,498 | 15,081 | |||||||||||||||||||||
Total interest expense | 78,840 | 70,161 | 63,973 | 57,727 | 53,341 | 212,974 | 146,651 | |||||||||||||||||||||
Net interest revenue | 96,398 | 97,221 | 95,929 | 92,270 | 88,441 | 289,548 | 263,288 | |||||||||||||||||||||
Provision for credit losses | 2,526 | 3,586 | (3,860 | ) | 1,975 | 14,725 | 2,252 | 22,492 | ||||||||||||||||||||
Net interest revenue, after provision for credit losses | 93,872 | 93,635 | 99,789 | 90,295 | 73,716 | 287,296 | 240,796 | |||||||||||||||||||||
NONINTEREST REVENUE: | ||||||||||||||||||||||||||||
Mortgage lending | 41 | 3,720 | 3,176 | 2,191 | 4,207 | 6,937 | 7,382 | |||||||||||||||||||||
Service charges | 17,354 | 17,489 | 15,450 | 15,852 | 15,860 | 50,293 | 46,997 | |||||||||||||||||||||
Trust income | 2,344 | 2,325 | 2,016 | 2,412 | 2,161 | 6,685 | 6,054 | |||||||||||||||||||||
Security gains, net | 9 | 17 | 10 | 11 | 20 | 36 | 461 | |||||||||||||||||||||
Insurance commissions | 17,556 | 16,411 | 17,445 | 14,411 | 14,830 | 51,412 | 45,187 | |||||||||||||||||||||
Other | 11,930 | 13,638 | 14,673 | 18,831 | 11,085 | 40,241 | 39,024 | |||||||||||||||||||||
Total noninterest revenue | 49,234 | 53,600 | 52,770 | 53,708 | 48,163 | 155,604 | 145,105 | |||||||||||||||||||||
NONINTEREST EXPENSES: | ||||||||||||||||||||||||||||
Salaries and employee benefits | 58,453 | 58,376 | 57,573 | 53,959 | 52,173 | 174,402 | 157,992 | |||||||||||||||||||||
Occupancy, net of rental income | 8,598 | 7,759 | 7,442 | 7,133 | 6,751 | 23,799 | 20,004 | |||||||||||||||||||||
Equipment | 5,896 | 5,822 | 5,763 | 5,592 | 5,501 | 17,481 | 16,588 | |||||||||||||||||||||
Other | 25,714 | 26,387 | 25,230 | 25,642 | 25,088 | 77,331 | 75,193 | |||||||||||||||||||||
Total noninterest expenses | 98,661 | 98,344 | 96,008 | 92,326 | 89,513 | 293,013 | 269,777 | |||||||||||||||||||||
Income before income taxes | 44,445 | 48,891 | 56,551 | 51,677 | 32,366 | 149,887 | 116,124 | |||||||||||||||||||||
Income tax expense | 13,818 | 13,392 | 18,806 | 16,871 | 9,507 | 46,016 | 35,730 | |||||||||||||||||||||
Net income | $ | 30,627 | $ | 35,499 | $ | 37,745 | $ | 34,806 | $ | 22,859 | $ | 103,871 | $ | 80,394 | ||||||||||||||
Net income per share: Basic | $ | 0.39 | $ | 0.45 | $ | 0.48 | $ | 0.44 | $ | 0.29 | $ | 1.31 | $ | 1.03 | ||||||||||||||
Diluted | $ | 0.38 | $ | 0.45 | $ | 0.47 | $ | 0.44 | $ | 0.29 | $ | 1.31 | $ | 1.02 | ||||||||||||||
BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(Dollars in thousands)
(Unaudited)
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(Dollars in thousands)
(Unaudited)
Quarter Ended | ||||||||||||
September 30, 2006 | ||||||||||||
Average | Yield/ | |||||||||||
(Taxable equivalent basis) | Balance | Interest | Rate | |||||||||
ASSETS | ||||||||||||
Loans, loans held for sale, and leases net of unearned income | $ | 7,723,076 | $ | 145,396 | 7.47 | % | ||||||
Held-to-maturity securities: | ||||||||||||
Taxable | 1,521,496 | 16,107 | 4.20 | % | ||||||||
Tax-exempt | 185,576 | 3,103 | 6.63 | % | ||||||||
Available-for-sale securities: | ||||||||||||
Taxable | 1,124,841 | 10,406 | 3.67 | % | ||||||||
Tax-exempt | 102,493 | 1,869 | 7.24 | % | ||||||||
Short-term investments | 61,872 | 904 | 5.79 | % | ||||||||
Total interest earning assets and revenue | 10,719,354 | 177,785 | 6.58 | % | ||||||||
Other assets | 1,189,529 | |||||||||||
Less: allowance for credit losses | (98,311 | ) | ||||||||||
Total | $ | 11,810,572 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
Deposits: | ||||||||||||
Demand — interest bearing | $ | 2,771,419 | $ | 15,514 | 2.22 | % | ||||||
Savings | 741,102 | 2,089 | 1.12 | % | ||||||||
Other time | 4,236,396 | 45,361 | 4.25 | % | ||||||||
Short-term borrowings | 922,735 | 10,920 | 4.70 | % | ||||||||
Junior subordinated debt | 144,847 | 2,968 | 8.13 | % | ||||||||
Long-term debt | 136,229 | 1,988 | 5.79 | % | ||||||||
Total interest bearing liabilities and expense | 8,952,728 | 78,840 | 3.49 | % | ||||||||
Demand deposits - noninterest bearing | 1,698,871 | |||||||||||
Other liabilities | 141,114 | |||||||||||
Total liabilities | 10,792,713 | |||||||||||
Shareholders’ equity | 1,017,859 | |||||||||||
Total | $ | 11,810,572 | ||||||||||
Net interest revenue | $ | 98,945 | ||||||||||
Net interest margin | 3.66 | % | ||||||||||
Net interest rate spread | 3.09 | % | ||||||||||
Interest bearing liabilities to interest earning assets | 83.52 | % | ||||||||||
Net interest tax equivalent adjustment | $ | 2,547 |
BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(Dollars in thousands)
(Unaudited)
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(Dollars in thousands)
(Unaudited)
Quarter Ended | ||||||||||||
September 30, 2005 | ||||||||||||
Average | Yield/ | |||||||||||
(Taxable equivalent basis) | Balance | Interest | Rate | |||||||||
ASSETS | ||||||||||||
Loans, loans held for sale, and leases net of unearned income | $ | 7,134,292 | $ | 117,099 | 6.51 | % | ||||||
Held-to-maturity securities: | ||||||||||||
Taxable | 1,055,292 | 9,160 | 3.44 | % | ||||||||
Tax-exempt | 143,832 | 2,565 | 7.08 | % | ||||||||
Available-for-sale securities: | ||||||||||||
Taxable | 1,371,425 | 11,761 | 3.40 | % | ||||||||
Tax-exempt | 127,041 | 2,278 | 7.12 | % | ||||||||
Short-term investments | 132,595 | 1,228 | 3.67 | % | ||||||||
Total interest earning assets and revenue | 9,964,477 | 144,091 | 5.74 | % | ||||||||
Other assets | 1,023,258 | |||||||||||
Less: allowance for credit losses | (95,327 | ) | ||||||||||
Total | $ | 10,892,408 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
Deposits: | ||||||||||||
Demand — interest bearing | $ | 2,843,192 | $ | 10,673 | 1.49 | % | ||||||
Savings | 718,875 | 1,458 | 0.80 | % | ||||||||
Other time | 3,978,600 | 32,659 | 3.26 | % | ||||||||
Short-term borrowings | 519,901 | 3,757 | 2.87 | % | ||||||||
Junior subordinated debt | 138,145 | 2,781 | 7.99 | % | ||||||||
Long-term debt | 137,716 | 2,013 | 5.80 | % | ||||||||
Total interest bearing liabilities and expense | 8,336,429 | 53,341 | 2.54 | % | ||||||||
Demand deposits - noninterest bearing | 1,504,944 | |||||||||||
Other liabilities | 116,120 | |||||||||||
Total liabilities | 9,957,493 | |||||||||||
Shareholders’ equity | 934,915 | |||||||||||
Total | $ | 10,892,408 | ||||||||||
Net interest revenue | $ | 90,750 | ||||||||||
Net interest margin | 3.61 | % | ||||||||||
Net interest rate spread | 3.20 | % | ||||||||||
Interest bearing liabilities to interest earning assets | 83.66 | % | ||||||||||
Net interest tax equivalent adjustment | $ | 2,309 |
BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(Dollars in thousands)
(Unaudited)
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(Dollars in thousands)
(Unaudited)
Year to Date | ||||||||||||
September 30, 2006 | ||||||||||||
Average | Yield/ | |||||||||||
(Taxable equivalent basis) | Balance | Interest | Rate | |||||||||
ASSETS | ||||||||||||
Loans, loans held for sale, and leases net of unearned income | $ | 7,569,732 | $ | 410,681 | 7.25 | % | ||||||
Held-to-maturity securities: | ||||||||||||
Taxable | 1,512,148 | 46,478 | 4.11 | % | ||||||||
Tax-exempt | 183,591 | 9,202 | 6.70 | % | ||||||||
Available-for-sale securities: | ||||||||||||
Taxable | 1,174,969 | 32,698 | 3.72 | % | ||||||||
Tax-exempt | 109,511 | 5,930 | 7.24 | % | ||||||||
Short-term investments | 142,301 | 5,042 | 4.74 | % | ||||||||
Total interest earning assets and revenue | 10,692,252 | 510,031 | 6.38 | % | ||||||||
Other assets | 1,185,114 | |||||||||||
Less: allowance for credit losses | (98,453 | ) | ||||||||||
Total | $ | 11,778,913 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
Deposits: | ||||||||||||
Demand — interest bearing | $ | 2,926,723 | $ | 43,916 | 2.01 | % | ||||||
Savings | 752,693 | 5,826 | 1.03 | % | ||||||||
Other time | 4,184,075 | 123,784 | 3.96 | % | ||||||||
Short-term borrowings | 768,293 | 24,638 | 4.29 | % | ||||||||
Junior subordinated debt | 144,847 | 8,826 | 8.15 | % | ||||||||
Long-term debt | 136,605 | 5,984 | 5.86 | % | ||||||||
Total interest bearing liabilities and expense | 8,913,236 | 212,974 | 3.20 | % | ||||||||
Demand deposits - noninterest bearing | 1,716,111 | |||||||||||
Other liabilities | 153,990 | |||||||||||
Total liabilities | 10,783,337 | |||||||||||
Shareholders’ equity | 995,576 | |||||||||||
Total | $ | 11,778,913 | ||||||||||
Net interest revenue | $ | 297,057 | ||||||||||
Net interest margin | 3.71 | % | ||||||||||
Net interest rate spread | 3.18 | % | ||||||||||
Interest bearing liabilities to interest earning assets | 83.36 | % | ||||||||||
Net interest tax equivalent adjustment | $ | 7,509 |
BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(Dollars in thousands)
(Unaudited)
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(Dollars in thousands)
(Unaudited)
Year to Date | ||||||||||||
September 30, 2005 | ||||||||||||
Average | Yield/ | |||||||||||
(Taxable equivalent basis) | Balance | Interest | Rate | |||||||||
ASSETS | ||||||||||||
Loans, loans held for sale, and leases net of unearned income | $ | 7,049,618 | $ | 333,488 | 6.32 | % | ||||||
Held-to-maturity securities: | ||||||||||||
Taxable | 1,073,473 | 28,378 | 3.53 | % | ||||||||
Tax-exempt | 139,909 | 7,418 | 7.09 | % | ||||||||
Available-for-sale securities: | ||||||||||||
Taxable | 1,449,220 | 38,271 | 3.53 | % | ||||||||
Tax-exempt | 132,451 | 7,153 | 7.22 | % | ||||||||
Short-term investments | 81,266 | 2,065 | 3.40 | % | ||||||||
Total interest earning assets and revenue | 9,925,937 | 416,773 | 5.61 | % | ||||||||
Other assets | 1,020,612 | |||||||||||
Less: allowance for credit losses | (93,342 | ) | ||||||||||
Total | $ | 10,853,207 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
Deposits: | ||||||||||||
Demand — interest bearing | $ | 2,835,907 | $ | 27,250 | 1.28 | % | ||||||
Savings | 744,098 | 4,516 | 0.81 | % | ||||||||
Other time | 3,988,451 | 91,361 | 3.06 | % | ||||||||
Short-term borrowings | 500,855 | 9,164 | 2.45 | % | ||||||||
Junior subordinated debt | 138,145 | 8,307 | 8.04 | % | ||||||||
Long-term debt | 138,087 | 6,053 | 5.86 | % | ||||||||
Total interest bearing liabilities and expense | 8,345,543 | 146,651 | 2.35 | % | ||||||||
Demand deposits - noninterest bearing | 1,465,810 | |||||||||||
Other liabilities | 115,756 | |||||||||||
Total liabilities | 9,927,109 | |||||||||||
Shareholders’ equity | 926,098 | |||||||||||
Total | $ | 10,853,207 | ||||||||||
Net interest revenue | $ | 270,122 | ||||||||||
Net interest margin | 3.64 | % | ||||||||||
Net interest rate spread | 3.26 | % | ||||||||||
Interest bearing liabilities to interest earning assets | 84.08 | % | ||||||||||
Net interest tax equivalent adjustment | $ | 6,834 |