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 Earnings of $0.43 per Diluted Share
for Second Quarter 2007
for Second Quarter 2007
TUPELO, Miss., July 23, 2007/PRNewswire-FirstCall via COMTEX/ — BancorpSouth, Inc. (NYSE: BXS) today announced financial results for the second quarter ended June 30, 2007.
Highlights of the announcement include:
• | Growth of 18.5 percent in loans and leases, net of unearned income, at the end of the second quarter from the end of the second quarter of 2006, which drove a 26.1 percent increase in comparable-quarter interest revenue from loans and leases. |
• | Net interest revenue of $106.7 million for the quarter, up 9.7 percent from the second quarter of 2006. |
• | A 12.4 percent increase in noninterest revenue for the quarter from the second quarter of 2006, which includes growth in insurance commission revenue of 19.0 percent and in mortgage lending revenue of 47.4 percent. |
• | Improvement in non-performing loans and leases to 0.27 percent of total loans and leases from 0.32 percent at the same date in 2006, while annualized net charge offs as a percentage of average loans improved to 0.14 percent for the quarter from 0.18 percent for the second quarter of 2006. |
• | The declaration of a 5.0 percent increase in the Company’s quarterly cash dividend to $0.21 per share, making 2007 the 24th consecutive year in which the dividend has been increased. |
• | Adoption of a new stock repurchase plan for the repurchase of up to three million shares of the Company’s common stock during the period May 1, 2007 through April 30, 2009. |
Second Quarter 2007 Summary Results
BancorpSouth’s net income for the second quarter of 2007 was $35.9 million, or $0.43 per diluted share, compared with $35.5 million, or $0.45 per diluted share, for the second quarter of
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Box 789 • Tupelo, MS 38802-0789 • (662) 680-2000
BancorpSouth, Inc.is a financial holding company.
BancorpSouth, Inc.is a financial holding company.
BXS Announces Second Quarter Results
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July 23, 2007
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2006. These results include the positive effect of an increase in the value of the Company’s mortgage servicing asset of $1.2 million and $0.5 million for the second quarter of 2007 and 2006, respectively. Also, the results for the second quarter of 2007 included a 32.5 percent effective tax rate as compared to a 27.4 percent effective tax rate for the second quarter of 2006. The favorable resolution of a state income tax issue during the second quarter of 2006 reduced the effective tax rate for that quarter.
“We are pleased with the Company’s operating performance for the second quarter of 2007,” remarked Aubrey Patterson, Chairman and Chief Executive Officer of BancorpSouth. “The expansion of our banking business continued to reflect the impact of the acquisition of The Signature Bank during the first quarter of 2007. In addition, our noninterest revenues benefited from significant ongoing organic growth in our insurance business and stronger loan origination activity in our mortgage lending business.”
Net Interest Revenue
Interest revenue for the second quarter of 2007 increased 21.0 percent, or $35.2 million, to $202.6 million from $167.4 million for the second quarter of 2006 and increased 8.2 percent from $187.1 million for the first quarter of 2007. Interest expense increased 36.7 percent, or $25.7 million, to $95.9 million for the second quarter of 2007 from $70.2 million for the second quarter of 2006 and 8.4 percent from $88.5 million for the first quarter of 2007.
The average taxable equivalent yield on earning assets increased to 6.94 percent for the second quarter of 2007 from 6.39 percent for the second quarter of 2006 and 6.85 percent for the first quarter of 2007. The average rate paid on interest bearing liabilities was 3.86 percent for the second quarter of 2007, compared with 3.17 percent for the second quarter of 2006 and 3.80 percent for the first quarter of 2007.
Net interest revenue increased 9.7 percent to $106.7 million for the second quarter of 2007 from $97.2 million for the second quarter of 2006 and increased 8.1 percent from $98.7 million for the first quarter of 2007. Net interest margin was 3.69 percent for the second quarter of 2007 compared with 3.75 percent for the second quarter of 2006 and 3.66 percent for the first quarter of 2007.
Patterson added, “We attribute our solid growth in net interest revenue, in spite of a decline of six basis points in net interest margin from the second quarter of 2006, both to the impact of the Signature acquisition and the successful efforts of our management team. With Signature’s operations producing a somewhat higher margin than BancorpSouth Bank, the combination of our operations produced an increase in net interest margin for the second quarter to 3.69 percent, from 3.66 percent for the first quarter of 2007. We also chose to fund the growth in loans for the second quarter with the proceeds of maturing investment securities and short-term borrowings. Consistent with our long-term operating history, we will continue to manage our mix of assets and liabilities through conservative policies designed to mitigate the impact of interest-rate volatility.”
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BXS Announces Second Quarter Results
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Deposit and Loan Activity
Total assets at June 30, 2007 increased 11.6 percent to $13.2 billion from $11.8 billion at June 30, 2006. Total deposits grew 9.2 percent to $10.4 billion at June 30, 2007 from $9.6 billion at June 30, 2006. Loans and leases, net of unearned income, increased 18.5 percent to $9.0 billion at June 30, 2007 from $7.6 billion at June 30, 2006.
“The double-digit growth in our total assets and loans compared to the second quarter last year is attributable to a combination of the Signature acquisition and solid organic growth,” said Patterson. “The underlying momentum of our organic growth is evident in the 2.6 percent growth in our loan portfolio from the first quarter of 2007. The sequential-quarter changes in our deposit base also reflect our continuing initiatives to manage our interest-rate risk as discussed above.”
Total deposits declined $222.6 million, or 2.1 percent, at the end of the second quarter of 2007 from the end of the first quarter of the year. This decline was comprised of a $127.3 million decrease in interest-bearing demand deposits, a $64.6 million decrease in savings and other time deposits and a $30.7 million decrease on non-interest-bearing deposits.
Provision for Credit Losses and Allowance for Credit Losses
For the second quarter of 2007, the provision for credit losses was $7.8 million compared with $3.6 million for the second quarter of 2006 and $1.4 million for the first quarter of 2007. Annualized net charge-offs were 0.14 percent of average loans and leases for the second quarter of 2007 compared with 0.18 percent for the second quarter of 2006 and 0.08 percent for the first quarter of 2007.
Non-performing loans and leases decreased 2.0 percent to $23.9 million, or 0.27 percent of loans and leases, at June 30, 2007, from $24.4 million, or 0.32 percent of loans and leases, at June 30, 2006, and decreased 1.2 percent from $24.2 million, or 0.28 percent of loans and leases, at March 31, 2007. The allowance for credit losses was 1.22 percent of loans and leases at June 30, 2007, compared with 1.27 percent of loans and leases at June 30, 2006 and 1.20 percent of loans and leases at March 31, 2007.
Patterson continued, “BancorpSouth’s credit quality remained strong during the second quarter of 2007, with reductions in both non-performing loans and net charge offs from the second quarter of 2006. Our loan growth for the second quarter of 2007 drove the increase in our provision for credit losses. We strongly believe that sound credit and lending policies are central to our past and future long-term success.”
Noninterest Revenue
Noninterest revenue increased 12.4 percent to $60.2 million for the second quarter of 2007 from $53.6 million for the second quarter of 2006. These results include the positive effect of an increase in each quarter in the value of the mortgage servicing asset, totaling $1.2 million for the second quarter of 2007 and $0.5 million for the same prior-year quarter.
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BXS Announces Second Quarter Results
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“The performance of our noninterest revenue businesses continued to validate their key role in our strategies for long-term growth,” commented Patterson. “Our insurance business produced its fifth consecutive quarter of double-digit increases in commission revenues, up 19.0 percent for the quarter compared to the previous quarter, with gains in all four states in which we have insurance operations. Our Mississippi and Louisiana operations continue to reflect the ongoing Hurricane Katrina recovery efforts in the region, and our new operation in Alabama, which opened in Mobile in the fourth quarter of 2006, has expanded our presence on the Gulf Coast.
“We were also pleased with the growth of our mortgage lending business, which generated revenue growth of 33.8 percent for the quarter, excluding the impact of changes in the value of the mortgage servicing asset. This growth demonstrates the continued economic vitality within markets across our broadening geographic footprint, and these services provide us an opportunity to strengthen existing customer relationships or introduce new customers to BancorpSouth.”
Noninterest Expense
Noninterest expense increased 7.7 percent to $105.9 million for the second quarter of 2007 from $98.3 million for the second quarter of 2006 and increased 0.3 percent from $105.6 million for the first quarter of 2007. The growth in noninterest expense primarily resulted from additional salaries, employee benefits and occupancy expense associated with the opening of new loan production offices and full-service branch bank offices during 2006 and 2007 to date, the launch of insurance operations in Mobile, Alabama in the fourth quarter of 2006 and the acquisition of Signature effective March 1, 2007.
Capital Management
BancorpSouth repurchased 195,000 shares of its common stock during the second quarter of 2007. Including 20,000 of the shares repurchased during the second quarter, BancorpSouth repurchased 1,006,000 shares under the stock repurchase plan that expired April 30, 2007. The Company purchased 175,000 shares during the second quarter under a new stock repurchase plan for the repurchase of up to three million shares that commenced on May 1, 2007 and expires on April 30, 2009. BancorpSouth will continue to evaluate additional share repurchase opportunities under this plan. The Company has repurchased approximately 11.7 million shares of its common stock since its original share repurchase program was initiated in 2001.
Summary
Patterson said, “As we look to the second half of 2007, we are encouraged by steady economic growth and other favorable macroeconomic trends. Although we face challenges, such as optimizing our asset/liability management efforts and maintaining our credit quality in any market environment, we expect steady economic growth and a relatively stable and low interest rate environment to enhance our ability to pursue a variety of growth opportunities. For instance, we continue to progress toward the full integration of Signature Bank, which was merged with and into BancorpSouth Bank effective July 1, 2007, and toward leveraging our presence in strong markets in Missouri, our newest state. Also we are only in the early stages of our potential expansion in attractive new markets in Florida, east Texas, northern Arkansas and middle Tennessee. Our growth along the Gulf Coast and the long-term recovery of the region
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BXS Announces Second Quarter Results
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from Hurricane Katrina represents a further, substantial long-term growth opportunity for BancorpSouth. Finally, while we will continue to evaluate expansion into attractive markets contiguous to our existing operations, we also have a very significant long-term opportunity to build out our existing markets through organic growth or acquisitions.
“As a result,” concluded Patterson, “we remain optimistic about BancorpSouth’s potential for earnings growth, which we have tangibly demonstrated through our stock repurchase and dividend policies. We are committed to offering our unique blend of personalized service and comprehensive, sophisticated financial products to our primarily retail and small to mid-sized business customers. With a foundation based on conservative operating principles, we are confident that the outstanding team of people throughout BancorpSouth can continue to execute to achieve our long-term goals.”
Conference Call
BancorpSouth will conduct a conference call to discuss its second quarter 2007 results tomorrow, July 24, 2007, 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 the management of our mix of assets and liabilities, consistency of our credit and lending policies, our evaluation of expansion into other markets, our potential for growth, the execution and achievement of our long-term goals, repurchases under our common stock repurchase plan and our ability to pursue growth opportunities.
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 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
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BXS Announces Second Quarter Results
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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 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 $13.2 billion in assets. BancorpSouth Bank, a wholly-owned subsidiary of BancorpSouth, Inc., operates approximately 290 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 Second Quarter Results
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BancorpSouth, Inc.
Selected Financial Data
(Unaudited)
Selected Financial Data
(Unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2007 | 2006 | 2007 | 2006 | |||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||
Earnings Summary: | ||||||||||||||||
Net interest revenue | $ | 106,658 | $ | 97,221 | $ | 205,326 | $ | 193,150 | ||||||||
Provision for credit losses | 7,843 | 3,586 | 9,198 | (274 | ) | |||||||||||
Noninterest revenue | 60,232 | 53,600 | 118,591 | 106,370 | ||||||||||||
Noninterest expense | 105,928 | 98,344 | 211,538 | 194,352 | ||||||||||||
Income before income taxes | 53,119 | 48,891 | 103,181 | 105,442 | ||||||||||||
Income tax provision | 17,238 | 13,392 | 33,723 | 32,198 | ||||||||||||
Net income | $ | 35,881 | $ | 35,499 | $ | 69,458 | $ | 73,244 | ||||||||
Earning per share: Basic | $ | 0.44 | $ | 0.45 | $ | 0.86 | $ | 0.93 | ||||||||
Diluted | $ | 0.43 | $ | 0.45 | $ | 0.86 | $ | 0.92 | ||||||||
Balance sheet data at June 30: | ||||||||||||||||
Total assets | $ | 13,209,093 | $ | 11,832,245 | ||||||||||||
Total earning assets | 12,012,304 | 10,687,106 | ||||||||||||||
Loans and leases, net of unearned income | 8,966,280 | 7,567,009 | ||||||||||||||
Allowance for credit losses | 109,328 | 96,264 | ||||||||||||||
Total deposits | 10,436,920 | 9,556,234 | ||||||||||||||
Common shareholders’ equity | 1,140,280 | 1,008,953 | ||||||||||||||
Book value per share | 13.88 | 12.76 | ||||||||||||||
Average balance sheet data: | ||||||||||||||||
Total assets | $ | 12,955,586 | $ | 11,761,349 | $ | 12,627,776 | $ | 11,762,821 | ||||||||
Total earning assets | 11,850,069 | 10,672,338 | 11,539,853 | 10,678,476 | ||||||||||||
Loans and leases, net of unearned interest | 8,875,403 | 7,476,032 | 8,514,807 | 7,424,186 | ||||||||||||
Total deposits | 10,471,566 | 9,587,542 | 10,255,177 | 9,646,603 | ||||||||||||
Common shareholders’ equity | 1,122,820 | 994,495 | 1,089,428 | 984,250 | ||||||||||||
Non-performing assets at June 30: | ||||||||||||||||
Non-accrual loans and leases | $ | 9,135 | $ | 6,391 | ||||||||||||
Loans and leases 90+ days past due | 13,706 | 15,819 | ||||||||||||||
Restructured loans and leases | 1,066 | 2,181 | ||||||||||||||
Other real estate owned | 11,277 | 12,713 | ||||||||||||||
Net charge-offs as a percentage of average loans (annualized) | 0.14 | % | 0.18 | % | 0.11 | % | 0.13 | % | ||||||||
Performance ratios (annualized): | ||||||||||||||||
Return on average assets | 1.11 | % | 1.21 | % | 1.11 | % | 1.26 | % | ||||||||
Return on common equity | 12.82 | % | 14.32 | % | 12.86 | % | 15.01 | % | ||||||||
Net interest margin | 3.69 | % | 3.75 | % | 3.68 | % | 3.74 | % | ||||||||
Average shares outstanding — basic | 82,169,901 | 79,146,546 | 80,813,169 | 79,179,429 | ||||||||||||
Average shares outstanding — diluted | 82,534,762 | 79,535,200 | 81,213,583 | 79,539,667 |
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BXS Announces Second Quarter Results
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BancorpSouth, Inc.
Consolidated Balance Sheets
(Unaudited)
Consolidated Balance Sheets
(Unaudited)
June 30, | ||||||||||||
% | ||||||||||||
2007 | 2006 | Change | ||||||||||
(Dollars in thousands) | ||||||||||||
Assets | ||||||||||||
Cash and due from banks | $ | 301,899 | $ | 422,523 | (28.55 | %) | ||||||
Interest bearing deposits with other banks | 13,143 | 5,982 | 119.71 | % | ||||||||
Held-to-maturity securities, at amortized cost | 1,785,468 | 1,692,018 | 5.52 | % | ||||||||
Available-for-sale securities, at fair value | 1,138,890 | 1,266,659 | (10.09 | %) | ||||||||
Federal funds sold and securities purchased under agreement to resell | 22,895 | 104,181 | (78.02 | %) | ||||||||
Loans and leases | 9,012,362 | 7,611,477 | 18.40 | % | ||||||||
Less: Unearned income | 46,082 | 44,468 | 3.63 | % | ||||||||
Allowance for credit losses | 109,328 | 96,264 | 13.57 | % | ||||||||
Net loans and leases | 8,856,952 | 7,470,745 | 18.56 | % | ||||||||
Loans held for sale | 85,627 | 51,258 | 67.05 | % | ||||||||
Premises and equipment, net | 308,248 | 278,410 | 10.72 | % | ||||||||
Accrued interest receivable | 95,577 | 83,577 | 14.36 | % | ||||||||
Goodwill | 249,426 | 142,548 | 74.98 | % | ||||||||
Other assets | 350,968 | 314,344 | 11.65 | % | ||||||||
Total Assets | $ | 13,209,093 | 11,832,245 | 11.64 | % | |||||||
Liabilities | ||||||||||||
Deposits: | ||||||||||||
Demand: Noninterest bearing | $ | 1,756,652 | 1,829,782 | (4.00 | %) | |||||||
Interest bearing | 3,185,461 | 2,800,391 | 13.75 | % | ||||||||
Savings | 727,106 | 758,471 | (4.14 | %) | ||||||||
Other time | 4,767,701 | 4,167,590 | 14.40 | % | ||||||||
Total deposits | 10,436,920 | 9,556,234 | 9.22 | % | ||||||||
Federal funds purchased and securities sold under agreement to repurchase | 746,182 | 675,280 | 10.50 | % | ||||||||
Short-term Federal Home Loan Bank borrowings | 400,000 | 175,000 | 128.57 | % | ||||||||
Accrued interest payable | 44,260 | 28,668 | 54.39 | % | ||||||||
Junior subordinated debt securities | 163,405 | 144,847 | 12.81 | % | ||||||||
Long-term Federal Home Loan Bank borrowings | 145,146 | 136,479 | 6.35 | % | ||||||||
Other liabilities | 132,900 | 106,784 | 24.46 | % | ||||||||
Total Liabilities | 12,068,813 | 10,823,292 | 11.51 | % | ||||||||
Shareholders’ Equity | ||||||||||||
Common stock | 205,426 | 197,744 | 3.88 | % | ||||||||
Capital surplus | 190,043 | 112,127 | 69.49 | % | ||||||||
Accumulated other comprehensive income (loss) | (26,270 | ) | (20,754 | ) | 26.58 | % | ||||||
Retained earnings | 771,081 | 719,836 | 7.12 | % | ||||||||
Total Shareholders’ Equity | 1,140,280 | 1,008,953 | 13.02 | % | ||||||||
Total Liabilities & Shareholders’ Equity | $ | 13,209,093 | $ | 11,832,245 | 11.64 | % | ||||||
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BXS Announces Second Quarter Results
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BancorpSouth, Inc.
Consolidated Condensed Statements of Income
(Dollars in thousands, except per share data)
(Unaudited)
Consolidated Condensed Statements of Income
(Dollars in thousands, except per share data)
(Unaudited)
Quarter Ended | Year To Date | |||||||||||||||||||||||||||
Jun-07 | Mar-07 | Dec-06 | Sep-06 | Jun-06 | Jun-07 | Jun-06 | ||||||||||||||||||||||
INTEREST REVENUE: | ||||||||||||||||||||||||||||
Loans and leases | $ | 169,717 | $ | 153,241 | $ | 147,784 | $ | 143,712 | $ | 134,569 | $ | 322,958 | $ | 261,769 | ||||||||||||||
Deposits with other banks | 268 | 286 | 217 | 295 | 176 | 554 | 317 | |||||||||||||||||||||
Federal funds sold and securities purchased under agreement to resell | 633 | 2,511 | 635 | 609 | 976 | 3,144 | 3,822 | |||||||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||||||||
Taxable | 16,962 | 16,705 | 16,532 | 16,107 | 16,048 | 33,667 | 30,371 | |||||||||||||||||||||
Tax-exempt | 2,044 | 2,015 | 2,012 | 2,017 | 2,077 | 4,059 | 3,964 | |||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
Taxable | 10,839 | 9,592 | 9,653 | 10,405 | 11,389 | 20,431 | 22,293 | |||||||||||||||||||||
Tax-exempt | 1,010 | 1,115 | 1,170 | 1,215 | 1,276 | 2,125 | 2,639 | |||||||||||||||||||||
Loans held for sale | 1,082 | 1,675 | 1,366 | 878 | 871 | 2,757 | 2,109 | |||||||||||||||||||||
Total interest revenue | 202,555 | 187,140 | 179,369 | 175,238 | 167,382 | 389,695 | 327,284 | |||||||||||||||||||||
INTEREST EXPENSE: | ||||||||||||||||||||||||||||
Interest bearing demand | 21,992 | 19,887 | 16,228 | 15,514 | 14,613 | 41,879 | 28,402 | |||||||||||||||||||||
Savings | 2,481 | 2,383 | 2,160 | 2,089 | 2,044 | 4,864 | 3,738 | |||||||||||||||||||||
Other time | 55,459 | 51,985 | 48,585 | 45,361 | 40,773 | 107,444 | 78,423 | |||||||||||||||||||||
Federal funds purchased and securities sold under agreement to repurchase | 9,283 | 7,824 | 8,940 | 8,498 | 6,549 | 17,107 | 12,451 | |||||||||||||||||||||
Other | 6,682 | 6,393 | 7,205 | 7,378 | 6,182 | 13,075 | 11,120 | |||||||||||||||||||||
Total interest expense | 95,897 | 88,472 | 83,118 | 78,840 | 70,161 | 184,369 | 134,134 | |||||||||||||||||||||
Net interest revenue | 106,658 | 98,668 | 96,251 | 96,398 | 97,221 | 205,326 | 193,150 | |||||||||||||||||||||
Provision for credit losses | 7,843 | 1,355 | 6,325 | 2,526 | 3,586 | 9,198 | (274 | ) | ||||||||||||||||||||
Net interest revenue, after provision for credit losses | 98,815 | 97,313 | 89,926 | 93,872 | 93,635 | 196,128 | 193,424 | |||||||||||||||||||||
NONINTEREST REVENUE: | ||||||||||||||||||||||||||||
Mortgage lending | 5,484 | 1,779 | (820 | ) | 41 | 3,720 | 7,263 | 6,896 | ||||||||||||||||||||
Credit card, debit card and merchant fees | 7,391 | 6,874 | 6,793 | 6,447 | 6,408 | 14,265 | 12,541 | |||||||||||||||||||||
Service charges | 17,677 | 15,396 | 16,262 | 16,247 | 16,323 | 33,073 | 30,615 | |||||||||||||||||||||
Trust income | 2,457 | 2,214 | 3,703 | 2,344 | 2,325 | 4,671 | 4,341 | |||||||||||||||||||||
Security gains, net | 10 | 7 | 4 | 9 | 17 | 17 | 27 | |||||||||||||||||||||
Insurance commissions | 17,665 | 19,794 | 16,146 | 15,977 | 14,841 | 37,459 | 31,162 | |||||||||||||||||||||
Other | 9,548 | 12,295 | 8,402 | 8,169 | 9,966 | 21,843 | 20,788 | |||||||||||||||||||||
Total noninterest revenue | 60,232 | 58,359 | 50,490 | 49,234 | 53,600 | 118,591 | 106,370 | |||||||||||||||||||||
NONINTEREST EXPENSES: | ||||||||||||||||||||||||||||
Salaries and employee benefits | 63,851 | 63,628 | 60,178 | 58,453 | 58,376 | 127,479 | 115,949 | |||||||||||||||||||||
Occupancy, net of rental income | 8,709 | 8,463 | 8,173 | 8,598 | 7,759 | 17,172 | 15,201 | |||||||||||||||||||||
Equipment | 6,053 | 6,026 | 5,941 | 5,896 | 5,822 | 12,079 | 11,585 | |||||||||||||||||||||
Other | 27,315 | 27,493 | 25,849 | 25,714 | 26,387 | 54,808 | 51,617 | |||||||||||||||||||||
Total noninterest expenses | 105,928 | 105,610 | 100,141 | 98,661 | 98,344 | 211,538 | 194,352 | |||||||||||||||||||||
Income before income taxes | 53,119 | 50,062 | 40,275 | 44,445 | 48,891 | 103,181 | 105,442 | |||||||||||||||||||||
Income tax expense | 17,238 | 16,485 | 12,202 | 20,568 | 13,392 | 33,723 | 32,198 | |||||||||||||||||||||
Net income | $ | 35,881 | $ | 33,577 | $ | 28,073 | $ | 23,877 | $ | 35,499 | $ | 69,458 | $ | 73,244 | ||||||||||||||
Net income per share: Basic | $ | 0.44 | $ | 0.42 | $ | 0.35 | $ | 0.30 | $ | 0.45 | $ | 0.86 | $ | 0.93 | ||||||||||||||
Diluted | $ | 0.43 | $ | 0.42 | $ | 0.35 | $ | 0.30 | $ | 0.45 | $ | 0.86 | $ | 0.92 | ||||||||||||||
BXS Announces Second Quarter Results
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July 23, 2007
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July 23, 2007
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 | ||||||||||||
June 30, 2007 | ||||||||||||
Average | Yield/ | |||||||||||
(Taxable equivalent basis) | Balance | Interest | Rate | |||||||||
ASSETS | ||||||||||||
Loans, loans held for sale, and leases net of unearned income | $ | 8,949,661 | $ | 171,637 | 7.69 | % | ||||||
Held-to-maturity securities: | ||||||||||||
Taxable | 1,530,082 | 16,962 | 4.45 | % | ||||||||
Tax-exempt | 188,112 | 3,145 | 6.71 | % | ||||||||
Available-for-sale securities: | ||||||||||||
Taxable | 1,034,219 | 10,838 | 4.20 | % | ||||||||
Tax-exempt | 84,133 | 1,554 | 7.41 | % | ||||||||
Short-term investments | 63,862 | 901 | 5.66 | % | ||||||||
Total interest earning assets and revenue | 11,850,069 | 205,037 | 6.94 | % | ||||||||
Other assets | 1,214,152 | |||||||||||
Less: allowance for credit losses | (108,635 | ) | ||||||||||
Total | $ | 12,955,586 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
Deposits: | ||||||||||||
Demand — interest bearing | $ | 3,241,430 | $ | 21,993 | 2.72 | % | ||||||
Savings | 733,283 | 2,481 | 1.36 | % | ||||||||
Other time | 4,799,252 | 55,459 | 4.63 | % | ||||||||
Short-term borrowings | 867,995 | 10,455 | 4.83 | % | ||||||||
Junior subordinated debt | 163,405 | 3,342 | 8.20 | % | ||||||||
Long-term debt | 151,270 | 2,166 | 5.75 | % | ||||||||
Total interest bearing liabilities and expense | 9,956,635 | 95,896 | 3.86 | % | ||||||||
Demand deposits - noninterest bearing | 1,697,601 | |||||||||||
Other liabilities | 178,530 | |||||||||||
Total liabilities | 11,832,766 | |||||||||||
Shareholders’ equity | 1,122,820 | |||||||||||
Total | $ | 12,955,586 | ||||||||||
Net interest revenue | $ | 109,141 | ||||||||||
Net interest margin | 3.69 | % | ||||||||||
Net interest rate spread | 3.08 | % | ||||||||||
Interest bearing liabilities to interest earning assets | 84.02 | % | ||||||||||
Net interest tax equivalent adjustment | $ | 2,482 |
- MORE -
BXS Announces Second Quarter Results
Page 11
July 23, 2007
Page 11
July 23, 2007
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 | ||||||||||||
June 30, 2006 | ||||||||||||
Average | Yield/ | |||||||||||
(Taxable equivalent basis) | Balance | Interest | Rate | |||||||||
ASSETS | ||||||||||||
Loans, loans held for sale, and leases net of unearned income | $ | 7,517,364 | $ | 136,189 | 7.27 | % | ||||||
Held-to-maturity securities: | ||||||||||||
Taxable | 1,557,135 | 16,048 | 4.13 | % | ||||||||
Tax-exempt | 190,733 | 3,196 | 6.72 | % | ||||||||
Available-for-sale securities: | ||||||||||||
Taxable | 1,199,635 | 11,388 | 3.81 | % | ||||||||
Tax-exempt | 108,604 | 1,963 | 7.25 | % | ||||||||
Short-term investments | 98,867 | 1,151 | 4.67 | % | ||||||||
Total interest earning assets and revenue | 10,672,338 | 169,935 | 6.39 | % | ||||||||
Other assets | 1,185,888 | |||||||||||
Less: allowance for credit losses | (96,877 | ) | ||||||||||
Total | $ | 11,761,349 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
Deposits: | ||||||||||||
Demand — interest bearing | $ | 2,927,036 | $ | 14,613 | 2.00 | % | ||||||
Savings | 767,750 | 2,044 | 1.07 | % | ||||||||
Other time | 4,164,848 | 40,773 | 3.93 | % | ||||||||
Short-term borrowings | 735,180 | 7,789 | 4.25 | % | ||||||||
Junior subordinated debt | 144,847 | 2,947 | 8.16 | % | ||||||||
Long-term debt | 136,609 | 1,995 | 5.86 | % | ||||||||
Total interest bearing liabilities and expense | 8,876,270 | 70,161 | 3.17 | % | ||||||||
Demand deposits - noninterest bearing | 1,727,908 | |||||||||||
Other liabilities | 162,676 | |||||||||||
Total liabilities | 10,766,854 | |||||||||||
Shareholders’ equity | 994,495 | |||||||||||
Total | $ | 11,761,349 | ||||||||||
Net interest revenue | $ | 99,774 | ||||||||||
Net interest margin | 3.75 | % | ||||||||||
Net interest rate spread | 3.22 | % | ||||||||||
Interest bearing liabilities to interest earning assets | 83.17 | % | ||||||||||
Net interest tax equivalent adjustment | $ | 2,553 |
- MORE -
BXS Announces Second Quarter Results
Page 12
July 23, 2007
Page 12
July 23, 2007
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 | ||||||||||||
June 30, 2007 | ||||||||||||
Average | Yield/ | |||||||||||
(Taxable equivalent basis) | Balance | Interest | Rate | |||||||||
ASSETS | ||||||||||||
Loans, loans held for sale, and leases net of unearned income | $ | 8,604,184 | $ | 327,377 | 7.67 | % | ||||||
Held-to-maturity securities: | ||||||||||||
Taxable | 1,526,653 | 33,667 | 4.45 | % | ||||||||
Tax-exempt | 186,492 | 6,244 | 6.75 | % | ||||||||
Available-for-sale securities: | ||||||||||||
Taxable | 999,464 | 20,430 | 4.12 | % | ||||||||
Tax-exempt | 88,596 | 3,270 | 7.44 | % | ||||||||
Short-term investments | 134,464 | 3,699 | 5.55 | % | ||||||||
Total interest earning assets and revenue | 11,539,853 | 394,687 | 6.90 | % | ||||||||
Other assets | 1,192,296 | |||||||||||
Less: allowance for credit losses | (104,373 | ) | ||||||||||
Total | $ | 12,627,776 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
Deposits: | ||||||||||||
Demand — interest bearing | $ | 3,186,340 | $ | 41,879 | 2.65 | % | ||||||
Savings | 728,095 | 4,864 | 1.35 | % | ||||||||
Other time | 4,661,361 | 107,443 | 4.65 | % | ||||||||
Short-term borrowings | 815,275 | 19,548 | 4.84 | % | ||||||||
Junior subordinated debt | 157,356 | 6,423 | 8.23 | % | ||||||||
Long-term debt | 146,254 | 4,211 | 5.81 | % | ||||||||
Total interest bearing liabilities and expense | 9,694,681 | 184,368 | 3.84 | % | ||||||||
Demand deposits - noninterest bearing | 1,679,381 | |||||||||||
Other liabilities | 164,286 | |||||||||||
Total liabilities | 11,538,348 | |||||||||||
Shareholders’ equity | 1,089,428 | |||||||||||
Total | $ | 12,627,776 | ||||||||||
Net interest revenue | $ | 210,319 | ||||||||||
Net interest margin | 3.68 | % | ||||||||||
Net interest rate spread | 3.06 | % | ||||||||||
Interest bearing liabilities to interest earning assets | 84.01 | % | ||||||||||
Net interest tax equivalent adjustment | $ | 4,992 |
- MORE -
BXS Announces Second Quarter Results
Page 13
July 23, 2007
Page 13
July 23, 2007
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 | ||||||||||||
June 30, 2006 | ||||||||||||
Average | Yield/ | |||||||||||
(Taxable equivalent basis) | Balance | Interest | Rate | |||||||||
ASSETS | ||||||||||||
Loans, loans held for sale, and leases net of unearned income | $ | 7,491,790 | $ | 265,286 | 7.14 | % | ||||||
Held-to-maturity securities: | ||||||||||||
Taxable | 1,507,396 | 30,371 | 4.06 | % | ||||||||
Tax-exempt | 182,582 | 6,099 | 6.74 | % | ||||||||
Available-for-sale securities: | ||||||||||||
Taxable | 1,200,449 | 22,293 | 3.74 | % | ||||||||
Tax-exempt | 113,078 | 4,060 | 7.24 | % | ||||||||
Short-term investments | 183,181 | 4,138 | 4.56 | % | ||||||||
Total interest earning assets and revenue | 10,678,476 | 332,247 | 6.27 | % | ||||||||
Other assets | 1,182,871 | |||||||||||
Less: allowance for credit losses | (98,526 | ) | ||||||||||
Total | $ | 11,762,821 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
Deposits: | ||||||||||||
Demand — interest bearing | $ | 3,005,663 | $ | 28,403 | 1.91 | % | ||||||
Savings | 758,585 | 3,738 | 0.99 | % | ||||||||
Other time | 4,157,481 | 78,423 | 3.80 | % | ||||||||
Short-term borrowings | 689,792 | 13,718 | 4.01 | % | ||||||||
Junior subordinated debt | 144,847 | 5,858 | 8.16 | % | ||||||||
Long-term debt | 136,794 | 3,994 | 5.89 | % | ||||||||
Total interest bearing liabilities and expense | 8,893,162 | 134,134 | 3.04 | % | ||||||||
Demand deposits - noninterest bearing | 1,724,874 | |||||||||||
Other liabilities | 160,535 | |||||||||||
Total liabilities | 10,778,571 | |||||||||||
Shareholders’ equity | 984,250 | |||||||||||
Total | $ | 11,762,821 | ||||||||||
Net interest revenue | $ | 198,113 | ||||||||||
Net interest margin | 3.74 | % | ||||||||||
Net interest rate spread | 3.23 | % | ||||||||||
Interest bearing liabilities to interest earning assets | 83.28 | % | ||||||||||
Net interest tax equivalent adjustment | $ | 4,963 |
- END -