EXHIBIT 99.1
Contact: | ||
L. Nash Allen, Jr. | Gary C. Bonds | |
Treasurer and Chief Financial | Senior Vice President and | |
Officer | Controller | |
662/680-2330 | 662/680-2332 |
BancorpSouth Announces Increase
in Third Quarter Earnings to $0.44 per Diluted Share
in Third Quarter Earnings to $0.44 per Diluted Share
Achieves Double-Digit Growth in Net Interest Revenue and Noninterest Revenue
TUPELO, Miss., October 23, 2007/PRNewswire-FirstCall via COMTEX/ — BancorpSouth, Inc. (NYSE: BXS) today announced financial results for the third quarter and nine months ended September 30, 2007.
Highlights of the announcement include:
• | Net income for the third quarter of 2007 of $36.3 million, or $0.44 per diluted share, compared with $23.9 million, or $0.30 per diluted share, for the third quarter of 2006. | ||
• | Total loans and leases, net of unearned income, of $9.1 billion at September 30, 2007, up 16.5 percent from the same date in 2006. | ||
• | An 11.9 percent comparable-quarter increase in net interest revenue to $107.9 million for the third quarter of 2007. | ||
• | Noninterest revenue of $57.9 million for the third quarter of 2007, an increase of 17.6 percent from the same quarter in 2006, including an increase in insurance commission revenue of 9.8 percent. | ||
• | Continued strong credit quality, with minimal exposure in subprime residential mortgages. | ||
• | The opening of two full service banking locations in the St. Louis, Missouri market and the acquisition of Insurance Network of Jonesboro, Arkansas. |
Third Quarter 2007 Summary Results
The Company’s net income for the third quarter of 2007 increased 51.8 percent to $36.3 million from $23.9 million for the third quarter of 2006. Net income per diluted share rose 46.7 percent to $0.44 for the third quarter of 2007 from $0.30 for the third quarter of 2006.
Aubrey Patterson, Chairman and Chief Executive Officer of BancorpSouth, commented, “BancorpSouth produced significant profitable growth for the third quarter of 2007, driven by the double-digit rate of expansion of both our traditional banking business and other noninterest revenue. We again achieved solid organic growth in loans and in insurance commission revenue, even as demand softened relative to the second quarter in both our regional markets and nationally. In spite of the interest volatility associated with the Federal Reserve interest rate cut during the third quarter, as well as market turmoil related to subprime mortgages, we have maintained our net interest margin within a five basis-point range for the last five quarters, our credit quality continues to be strong, and we have minimal exposure to subprime residential mortgages. In addition, our third quarter results also reflected the substantial positive impact of our March 2007 acquisition of
The Signature Bank, further validating the ongoing potential inherent in our multi-faceted growth strategies.”
Net Interest Revenue
Interest revenue for the third quarter of 2007 increased 18.7 percent, or $32.7 million, to $208.0 million from $175.2 million for the third quarter of 2006 and increased 2.7 percent from $202.6 million for the second quarter of 2007. Interest expense increased 26.9 percent, or $21.2 million, to $100.0 million for the third quarter of 2007 from $78.8 million for the third quarter of 2006 and 4.3 percent from $95.9 million for the second quarter of 2007.
The average taxable equivalent yield on earning assets increased to 6.98 percent for the third quarter of 2007 from 6.58 percent for the third quarter of 2006 and 6.94 percent for the second quarter of 2007. The average rate paid on interest bearing liabilities was 3.92 percent for the third quarter of 2007, compared with 3.49 percent for the third quarter of 2006 and 3.86 percent for the second quarter of 2007.
Net interest revenue increased 11.9 percent to $107.9 million for the third quarter of 2007 from $96.4 million for the third quarter of 2006 and increased 1.2 percent from $106.7 million for the second quarter of 2007. Net interest margin was 3.66 percent for the third quarter of 2007 compared with 3.66 percent for the third quarter of 2006 and 3.69 percent for the second quarter of 2007.
“We attribute the substantial growth in net interest revenue for the third quarter of 2007 from the third quarter last year to both the favorable impact of the Signature Bank acquisition and to our ongoing asset/liability management strategies,” said Patterson. “The principal goal of these strategies is to reduce our interest rate risk through active management of our interest bearing liabilities, while primarily funding our loan growth through redeploying capital from maturing investment securities into higher-rate loans. While we continue to work diligently to increase our net interest margin, the 3.66 percent margin for the latest quarter is within the relatively narrow range of 3.64 percent to 3.69 percent that we have produced for the last five quarters. This consistency in the face of significant market pressure from a variety of factors is a tribute to the hard work of people throughout our banking operations.”
Deposit and Loan Activity
Total assets at September 30, 2007 increased 10.6 percent to $13.1 billion from $11.9 billion at September 30, 2006. Total deposits grew 7.4 percent to $10.2 billion at September 30, 2007 from $9.5 billion at September 30, 2006. Loans and leases, net of unearned income, increased 16.5 percent to $9.1 billion at September 30, 2007 from $7.8 billion at September 30, 2006.
Patterson added, “These relatively large year-over-year increases primarily result from the favorable effect of the Signature acquisition, complemented by significant organic growth for the 12 months ended September 30, 2007. On a sequential-quarter basis, our third quarter organic loan growth totaled a solid 1.0 percent. Nonetheless, following sequential-quarter loan growth of 2.6 percent for the second quarter, we believe the trend evident in the slowing rate of growth is consistent with the environment nationally and will continue in the fourth quarter, as well. Total deposits at the end of the third quarter of 2007 declined 2.4 percent from the end of the second quarter of 2007, mainly as a result of the 3.8 percent reduction in savings and other time deposits. This reduction is primarily the result of our continuing asset/liability management initiatives to minimize the impact of interest rate volatility.”
Provision for Credit Losses and Allowance for Credit Losses
For the third quarter of 2007, the provision for credit losses was $5.7 million compared with $2.5 million for the third quarter of 2006 and $7.8 million for the second quarter of 2007. Annualized net charge-offs were 0.13 percent of average loans and leases for the third quarter of 2007 compared with 0.07 percent for the third quarter of 2006 and 0.14 percent for the second quarter of 2007.
Non-performing loans and leases increased 24.8 percent to $31.3 million, or 0.35 percent of loans and leases, at September 30, 2007 from $25.1 million, or 0.32 percent of loans and leases, at September 30, 2006 and 31.1 percent from $23.9 million, or 0.27 percent of loans and leases, at June 30, 2007. The allowance for credit losses was 1.24 percent of loans and leases at September 30, 2007 compared with 1.25 percent of loans and leases at September 30, 2006 and 1.22 percent of loans and leases at June 30, 2007.
Patterson stated, “Our commitment to maintaining strong credit quality has been a core operating principle for this Company for many years. For the third quarter, the increase in our provision for credit losses was primarily driven by loan growth, while our metrics for non-performing loans and annualized net charge offs remained solidly within historic ranges. Because our mortgage lending decisions are based on our conservative lending policies, we continue to have nominal exposure, only approximately $429,000, to the credit issues affecting the subprime residential mortgage market.”
Noninterest Revenue
For the third quarter of 2007, noninterest revenue increased 17.6 percent to $57.9 million from $49.2 million for the third quarter of 2006. These results included a decline in the value of the mortgage servicing asset totaling $3.2 million for the third quarter of 2007 and $3.7 million for the third quarter of 2006. In addition, the Company recorded a gain of $2.4 million in other noninterest revenue for the third quarter of 2007 related to the sale of shares of MasterCard Incorporated.
“We were pleased with the 9.8 percent expansion in insurance commission revenue for the third quarter of 2007 from the third quarter of 2006, which follows five consecutive quarters of double-digit growth,” remarked Patterson. “We believe we have outstanding potential for further growth in our insurance business, both through the long-term rebuilding of the Gulf Coast and throughout the four states in which our insurance business is located. During the third quarter, we enhanced our ability to leverage this potential with the acquisition of Insurance Network, headquartered in Jonesboro, Arkansas. Building on our acquisition of American State Bank headquartered in Jonesboro in the fourth quarter of 2005, Insurance Network will combine with our Little Rock insurance division to increase our penetration of attractive markets in northern Arkansas.”
Noninterest Expense
Noninterest expense increased 7.8 percent to $106.4 million for the third quarter of 2007 from $98.7 million for the third quarter of 2006 and increased 0.4 percent from $105.9 million for the second quarter of 2007. The comparable-quarter growth in noninterest expense is attributable to additional salaries, employee benefits and occupancy expense associated with the opening of new loan production offices and full-service branch bank offices during the 12 months ended September 30, 2007, including two new full-service banking locations opened during the third quarter of 2007 in suburban St. Louis. In addition, the increased expense is related to the launch of insurance operations in Mobile, Alabama in the fourth quarter of 2006 and the acquisitions of Signature, effective March 1, 2007, and Insurance Network on September 1, 2007. The sequential-quarter increase in noninterest expense of 0.4 percent for the third quarter of 2007, following a 0.3 percent sequential increase for the second quarter of 2007, reflects the Company’s continued focus on cost control during the integration of Signature’s operations into BancorpSouth’s.
Income Taxes
Income tax expense was $17.5 million for the third quarter of 2007, a 15.0 percent decrease from $20.6 million for the third quarter of 2006. The decrease is attributable to the recognition of approximately $6.8 million in additional income tax expense during the third quarter of 2006 due to statutory limitations which prevented the recovery of excess taxes paid in prior years. The statute of limitations relating to the amendment of certain prior year tax returns lapsed during the third quarter of 2006.
Capital Management
BancorpSouth repurchased 157,000 shares of its common stock during the third quarter of 2007 under a 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 11.9 million shares of its common stock since its original share repurchase program was initiated in 2001.
Summary
Patterson concluded, “Our profitable growth for the third quarter was the combined result of growth strategies and operating philosophies we have implemented for many years. In an environment that has grown more challenging, our results were based on our ability to drive growth through both our traditional banking business and our complementary noninterest based business; to drive growth organically — through new products and services, through cross-sales to existing customers, through new customers in existing or new markets — and to expand our long record of successful acquisitions. The foundation of these growth strategies has always been a conservative, disciplined operating philosophy, focused on strong credit quality, outstanding customer service and steady long-term growth. As in many previous economic cycles, the difficulties and uncertainties affecting the industry today demonstrate the value of this proven long-term approach to expanding our business and shareholder value.”
Conference Call
BancorpSouth will conduct a conference call to discuss its third quarter 2007 results tomorrow, October 24, 2007, at 10:00 a.m. (Central Time). Investors may listen via the Internet by accessing BancorpSouth’s website athttp://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 slowing of loan growth, our potential for growth in our insurance business and repurchases under our common stock repurchase plan.
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 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 $13.1 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.
BancorpSouth, Inc.
Selected Financial Data
Unaudited
Selected Financial Data
Unaudited
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2007 | 2006 | 2007 | 2006 | |||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||
Earnings Summary: | ||||||||||||||||
Net interest revenue | $ | 107,916 | $ | 96,398 | $ | 313,242 | $ | 289,548 | ||||||||
Provision for credit losses | 5,727 | 2,526 | 14,925 | 2,252 | ||||||||||||
Noninterest revenue | 57,894 | 49,234 | 176,485 | 155,604 | ||||||||||||
Noninterest expense | 106,351 | 98,661 | 317,889 | 293,013 | ||||||||||||
Income before income taxes | 53,732 | 44,445 | 156,913 | 149,887 | ||||||||||||
Income tax provision | 17,475 | 20,568 | 51,198 | 52,766 | ||||||||||||
Net income | $ | 36,257 | $ | 23,877 | $ | 105,715 | $ | 97,121 | ||||||||
Earning per share: Basic | $ | 0.44 | $ | 0.30 | $ | 1.30 | $ | 1.23 | ||||||||
Diluted | $ | 0.44 | $ | 0.30 | $ | 1.30 | $ | 1.22 | ||||||||
Balance sheet data at September 30: | ||||||||||||||||
Total assets | $ | 13,134,317 | $ | 11,870,764 | ||||||||||||
Total earning assets | 11,958,168 | 10,747,814 | ||||||||||||||
Loans and leases, net of unearned income | 9,054,725 | 7,773,682 | ||||||||||||||
Allowance for credit losses | 112,134 | 97,391 | ||||||||||||||
Total deposits | 10,190,817 | 9,492,374 | ||||||||||||||
Common shareholders’ equity | 1,169,739 | 1,024,609 | ||||||||||||||
Book value per share | 14.22 | 12.95 | ||||||||||||||
Average balance sheet data: | ||||||||||||||||
Total assets | $ | 13,084,787 | $ | 11,814,101 | $ | 12,781,787 | $ | 11,780,102 | ||||||||
Total earning assets | 11,954,777 | 10,719,354 | 11,679,681 | 10,692,252 | ||||||||||||
Loans and leases, net of unearned interest | 8,995,863 | 7,668,909 | 8,676,921 | 7,506,656 | ||||||||||||
Total deposits | 10,246,437 | 9,447,788 | 10,252,233 | 9,579,602 | ||||||||||||
Common shareholders’ equity | 1,141,295 | 1,015,658 | 1,106,907 | 994,834 | ||||||||||||
Non-performing assets at September 30: | ||||||||||||||||
Non-accrual loans and leases | $ | 7,301 | $ | 6,289 | ||||||||||||
Loans and leases 90+ days past due | 23,158 | 16,859 | ||||||||||||||
Restructured loans and leases | 878 | 1,952 | ||||||||||||||
Other real estate owned | 10,966 | 11,808 | ||||||||||||||
Net charge-offs as a percentage of average loans (annualized) | 0.13 | % | 0.07 | % | 0.12 | % | 0.11 | % | ||||||||
Performance ratios (annualized): | ||||||||||||||||
Return on average assets | 1.10 | % | 0.80 | % | 1.11 | % | 1.10 | % | ||||||||
Return on common equity | 12.60 | % | 9.33 | % | 12.77 | % | 13.05 | % | ||||||||
Net interest margin | 3.66 | % | 3.66 | % | 3.67 | % | 3.71 | % | ||||||||
Average shares outstanding — basic | 82,165,256 | 79,104,471 | 81,263,864 | 79,154,443 | ||||||||||||
Average shares outstanding — diluted | 82,467,583 | 79,577,609 | 81,631,582 | 79,552,314 |
BancorpSouth, Inc.
Consolidated Balance Sheets
(Unaudited)
Consolidated Balance Sheets
(Unaudited)
September 30, | % | |||||||||||
2007 | 2006 | Change | ||||||||||
(Dollars in thousands) | ||||||||||||
Assets | ||||||||||||
Cash and due from banks | $ | 273,616 | $ | 377,005 | (27.42 | %) | ||||||
Interest bearing deposits with other banks | 18,069 | 7,231 | 149.88 | % | ||||||||
Held-to-maturity securities, at amortized cost | 1,706,350 | 1,684,483 | 1.30 | % | ||||||||
Available-for-sale securities, at fair value | 1,018,301 | 1,184,976 | (14.07 | %) | ||||||||
Federal funds sold and securities purchased under agreement to resell | 57,000 | 20,851 | 173.37 | % | ||||||||
Loans and leases | 9,103,307 | 7,819,408 | 16.42 | % | ||||||||
Less: Unearned income | 48,582 | 45,726 | 6.25 | % | ||||||||
Allowance for credit losses | 112,134 | 97,391 | 15.14 | % | ||||||||
Net loans and leases | 8,942,591 | 7,676,291 | 16.50 | % | ||||||||
Loans held for sale | 103,722 | 76,590 | 35.42 | % | ||||||||
Premises and equipment, net | 312,832 | 281,349 | 11.19 | % | ||||||||
Accrued interest receivable | 101,118 | 92,099 | 9.79 | % | ||||||||
Goodwill | 254,587 | 143,700 | 77.17 | % | ||||||||
Other assets | 346,131 | 326,189 | 6.11 | % | ||||||||
Total Assets | $ | 13,134,317 | 11,870,764 | 10.64 | % | |||||||
Liabilities | ||||||||||||
Deposits: | ||||||||||||
Demand: Noninterest bearing | $ | 1,687,157 | 1,753,566 | (3.79 | %) | |||||||
Interest bearing | 3,215,632 | 2,775,033 | 15.88 | % | ||||||||
Savings | 705,519 | 728,168 | (3.11 | %) | ||||||||
Other time | 4,582,509 | 4,235,607 | 8.19 | % | ||||||||
Total deposits | 10,190,817 | 9,492,374 | 7.36 | % | ||||||||
Federal funds purchased and securities sold under agreement to repurchase | 797,177 | 715,108 | 11.48 | % | ||||||||
Short-term Federal Home Loan Bank borrowings | 500,000 | 200,000 | 150.00 | % | ||||||||
Accrued interest payable | 42,509 | 37,349 | 13.82 | % | ||||||||
Junior subordinated debt securities | 163,405 | 144,847 | 12.81 | % | ||||||||
Long-term Federal Home Loan Bank borrowings | 141,605 | 136,096 | 4.05 | % | ||||||||
Other liabilities | 129,065 | 120,381 | 7.21 | % | ||||||||
Total Liabilities | 11,964,578 | 10,846,155 | 10.31 | % | ||||||||
Shareholders’ Equity | ||||||||||||
Common stock | 205,663 | 197,828 | 3.96 | % | ||||||||
Capital surplus | 195,323 | 112,644 | 73.40 | % | ||||||||
Accumulated other comprehensive income (loss) | (18,004 | ) | (13,879 | ) | 29.72 | % | ||||||
Retained earnings | 786,757 | 728,016 | 8.07 | % | ||||||||
Total Shareholders’ Equity | 1,169,739 | 1,024,609 | 14.16 | % | ||||||||
Total Liabilities & Shareholders’ Equity | $ | 13,134,317 | $ | 11,870,764 | 10.64 | % | ||||||
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 | |||||||||||||||||||||||||||
Sep-07 | Jun-07 | Mar-07 | Dec-06 | Sep-06 | Sep-07 | Sep-06 | ||||||||||||||||||||||
INTEREST REVENUE: | ||||||||||||||||||||||||||||
Loans and leases | $ | 174,787 | $ | 169,717 | $ | 153,241 | $ | 147,784 | $ | 143,712 | $ | 497,745 | $ | 405,481 | ||||||||||||||
Deposits with other banks | 316 | 268 | 286 | 217 | 295 | 870 | 612 | |||||||||||||||||||||
Federal funds sold and securities purchased under agreement to resell | 232 | 633 | 2,511 | 635 | 609 | 3,376 | 4,431 | |||||||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||||||||
Taxable | 17,585 | 16,962 | 16,705 | 16,532 | 16,107 | 51,252 | 46,478 | |||||||||||||||||||||
Tax-exempt | 2,077 | 2,044 | 2,015 | 2,012 | 2,017 | 6,136 | 5,981 | |||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
Taxable | 10,554 | 10,839 | 9,592 | 9,653 | 10,405 | 30,985 | 32,698 | |||||||||||||||||||||
Tax-exempt | 960 | 1,010 | 1,115 | 1,170 | 1,215 | 3,085 | 3,854 | |||||||||||||||||||||
Loans held for sale | 1,454 | 1,082 | 1,675 | 1,366 | 878 | 4,211 | 2,987 | |||||||||||||||||||||
Total interest revenue | 207,965 | 202,555 | 187,140 | 179,369 | 175,238 | 597,660 | 502,522 | |||||||||||||||||||||
INTEREST EXPENSE: | ||||||||||||||||||||||||||||
Interest bearing demand | 22,189 | 21,992 | 19,887 | 16,228 | 15,514 | 64,068 | 43,916 | |||||||||||||||||||||
Savings | 2,503 | 2,481 | 2,383 | 2,160 | 2,089 | 7,367 | 5,826 | |||||||||||||||||||||
Other time | 55,728 | 55,459 | 51,985 | 48,585 | 45,361 | 163,172 | 123,785 | |||||||||||||||||||||
Federal funds purchased and securities sold under agreement to repurchase | 9,151 | 9,283 | 7,824 | 8,940 | 8,498 | 26,258 | 20,949 | |||||||||||||||||||||
Other | 10,478 | 6,682 | 6,393 | 7,205 | 7,378 | 23,553 | 18,498 | |||||||||||||||||||||
Total interest expense | 100,049 | 95,897 | 88,472 | 83,118 | 78,840 | 284,418 | 212,974 | |||||||||||||||||||||
Net interest revenue | 107,916 | 106,658 | 98,668 | 96,251 | 96,398 | 313,242 | 289,548 | |||||||||||||||||||||
Provision for credit losses | 5,727 | 7,843 | 1,355 | 6,325 | 2,526 | 14,925 | 2,252 | |||||||||||||||||||||
Net interest revenue, after provision for credit losses | 102,189 | 98,815 | 97,313 | 89,926 | 93,872 | 298,317 | 287,296 | |||||||||||||||||||||
NONINTEREST REVENUE: | ||||||||||||||||||||||||||||
Mortgage lending | 100 | 5,484 | 1,779 | (820 | ) | 41 | 7,363 | 6,937 | ||||||||||||||||||||
Credit card, debit card and merchant fees | 7,667 | 7,391 | 6,874 | 6,793 | 6,447 | 21,932 | 18,988 | |||||||||||||||||||||
Service charges | 17,281 | 17,677 | 15,396 | 16,262 | 16,247 | 50,354 | 46,861 | |||||||||||||||||||||
Trust income | 2,487 | 2,457 | 2,214 | 3,703 | 2,344 | 7,158 | 6,685 | |||||||||||||||||||||
Security gains, net | 7 | 10 | 7 | 4 | 9 | 24 | 36 | |||||||||||||||||||||
Insurance commissions | 17,542 | 17,665 | 19,794 | 16,146 | 15,977 | 55,001 | 47,139 | |||||||||||||||||||||
Other | 12,810 | 9,548 | 12,295 | 8,402 | 8,169 | 34,653 | 28,958 | |||||||||||||||||||||
Total noninterest revenue | 57,894 | 60,232 | 58,359 | 50,490 | 49,234 | 176,485 | 155,604 | |||||||||||||||||||||
NONINTEREST EXPENSES: | ||||||||||||||||||||||||||||
Salaries and employee benefits | 63,269 | 63,851 | 63,628 | 60,178 | 58,453 | 190,748 | 174,402 | |||||||||||||||||||||
Occupancy, net of rental income | 8,959 | 8,709 | 8,463 | 8,173 | 8,598 | 26,131 | 23,799 | |||||||||||||||||||||
Equipment | 6,057 | 6,053 | 6,026 | 5,941 | 5,896 | 18,136 | 17,481 | |||||||||||||||||||||
Other | 28,066 | 27,315 | 27,493 | 25,849 | 25,714 | 82,874 | 77,331 | |||||||||||||||||||||
Total noninterest expenses | 106,351 | 105,928 | 105,610 | 100,141 | 98,661 | 317,889 | 293,013 | |||||||||||||||||||||
Income before income taxes | 53,732 | 53,119 | 50,062 | 40,275 | 44,445 | 156,913 | 149,887 | |||||||||||||||||||||
Income tax expense | 17,475 | 17,238 | 16,485 | 12,202 | 20,568 | 51,198 | 52,766 | |||||||||||||||||||||
Net income | $ | 36,257 | $ | 35,881 | $ | 33,577 | $ | 28,073 | $ | 23,877 | $ | 105,715 | $ | 97,121 | ||||||||||||||
Net income per share: Basic | $ | 0.44 | $ | 0.44 | $ | 0.42 | $ | 0.35 | $ | 0.30 | $ | 1.30 | $ | 1.23 | ||||||||||||||
Diluted | $ | 0.44 | $ | 0.43 | $ | 0.42 | $ | 0.35 | $ | 0.30 | $ | 1.30 | $ | 1.22 | ||||||||||||||
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, 2007 | ||||||||||||
Average | Yield/ | |||||||||||
(Taxable equivalent basis) | Balance | Interest | Rate | |||||||||
ASSETS | ||||||||||||
Loans, loans held for sale, and leases net of unearned income | $ | 9,087,608 | $ | 177,093 | 7.73 | % | ||||||
Held-to-maturity securities: | ||||||||||||
Taxable | 1,568,959 | 17,585 | 4.45 | % | ||||||||
Tax-exempt | 191,397 | 3,196 | 6.62 | % | ||||||||
Available-for-sale securities: | ||||||||||||
Taxable | 987,901 | 10,555 | 4.24 | % | ||||||||
Tax-exempt | 80,696 | 1,476 | 7.26 | % | ||||||||
Short-term investments | 38,216 | 548 | 5.69 | % | ||||||||
Total interest earning assets and revenue | 11,954,777 | 210,453 | 6.98 | % | ||||||||
Other assets | 1,241,511 | |||||||||||
Less: allowance for credit losses | (111,501 | ) | ||||||||||
Total | $ | 13,084,787 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
Deposits: | ||||||||||||
Demand — interest bearing | $ | 3,178,394 | $ | 22,189 | 2.77 | % | ||||||
Savings | 715,875 | 2,503 | 1.39 | % | ||||||||
Other time | 4,711,683 | 55,729 | 4.69 | % | ||||||||
Short-term borrowings | 1,207,633 | 14,230 | 4.67 | % | ||||||||
Junior subordinated debt | 163,405 | 3,342 | 8.11 | % | ||||||||
Long-term debt | 142,000 | 2,058 | 5.75 | % | ||||||||
Total interest bearing liabilities and expense | 10,118,990 | 100,051 | 3.92 | % | ||||||||
Demand deposits — noninterest bearing | 1,640,485 | |||||||||||
Other liabilities | 184,017 | |||||||||||
Total liabilities | 11,943,492 | |||||||||||
Shareholders’ equity | 1,141,295 | |||||||||||
Total | $ | 13,084,787 | ||||||||||
Net interest revenue | $ | 110,402 | ||||||||||
Net interest margin | 3.66 | % | ||||||||||
Net interest rate spread | 3.06 | % | ||||||||||
Interest bearing liabilities to interest earning assets | 84.64 | % | ||||||||||
Net interest tax equivalent adjustment | $ | 2,487 |
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 | 1,193,058 | |||||||||||
Less: allowance for credit losses | (98,311 | ) | ||||||||||
Total | $ | 11,814,101 | ||||||||||
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 | 146,844 | |||||||||||
Total liabilities | 10,798,443 | |||||||||||
Shareholders’ equity | 1,015,658 | |||||||||||
Total | $ | 11,814,101 | ||||||||||
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 | $ | 2,546 |
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, 2007 | ||||||||||||
Average | Yield/ | |||||||||||
(Taxable equivalent basis) | Balance | Interest | Rate | |||||||||
ASSETS | ||||||||||||
Loans, loans held for sale, and leases net of unearned income | $ | 8,767,096 | $ | 504,470 | 7.69 | % | ||||||
Held-to-maturity securities: | ||||||||||||
Taxable | 1,540,910 | 51,252 | 4.45 | % | ||||||||
Tax-exempt | 188,145 | 9,440 | 6.71 | % | ||||||||
Available-for-sale securities: | ||||||||||||
Taxable | 995,567 | 30,985 | 4.16 | % | ||||||||
Tax-exempt | 85,934 | 4,746 | 7.38 | % | ||||||||
Short-term investments | 102,029 | 4,246 | 5.56 | % | ||||||||
Total interest earning assets and revenue | 11,679,681 | 605,139 | 6.93 | % | ||||||||
Other assets | 1,208,881 | |||||||||||
Less: allowance for credit losses | (106,775 | ) | ||||||||||
Total | $ | 12,781,787 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
Deposits: | ||||||||||||
Demand — interest bearing | $ | 3,183,663 | $ | 64,068 | 2.69 | % | ||||||
Savings | 723,977 | 7,367 | 1.36 | % | ||||||||
Other time | 4,678,320 | 163,172 | 4.66 | % | ||||||||
Short-term borrowings | 947,498 | 33,778 | 4.77 | % | ||||||||
Junior subordinated debt | 159,394 | 9,765 | 8.19 | % | ||||||||
Long-term debt | 144,820 | 6,268 | 5.79 | % | ||||||||
Total interest bearing liabilities and expense | 9,837,672 | 284,418 | 3.87 | % | ||||||||
Demand deposits — noninterest bearing | 1,666,273 | |||||||||||
Other liabilities | 170,935 | |||||||||||
Total liabilities | 11,674,880 | |||||||||||
Shareholders’ equity | 1,106,907 | |||||||||||
Total | $ | 12,781,787 | ||||||||||
Net interest revenue | $ | 320,721 | ||||||||||
Net interest margin | 3.67 | % | ||||||||||
Net interest rate spread | 3.06 | % | ||||||||||
Interest bearing liabilities to interest earning assets | 84.23 | % | ||||||||||
Net interest tax equivalent adjustment | $ | 7,479 |
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 | 46,477 | 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 | 510,030 | 6.38 | % | ||||||||
Other assets | 1,186,303 | |||||||||||
Less: allowance for credit losses | (98,453 | ) | ||||||||||
Total | $ | 11,780,102 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
Deposits: | ||||||||||||
Demand — interest bearing | $ | 2,926,723 | $ | 43,916 | 2.01 | % | ||||||
Savings | 752,693 | 5,825 | 1.03 | % | ||||||||
Other time | 4,184,075 | 123,785 | 3.96 | % | ||||||||
Short-term borrowings | 768,293 | 24,640 | 4.29 | % | ||||||||
Junior subordinated debt | 144,847 | 8,826 | 8.15 | % | ||||||||
Long-term debt | 136,605 | 5,983 | 5.86 | % | ||||||||
Total interest bearing liabilities and expense | 8,913,236 | 212,975 | 3.20 | % | ||||||||
Demand deposits — noninterest bearing | 1,716,111 | |||||||||||
Other liabilities | 155,921 | |||||||||||
Total liabilities | 10,785,268 | |||||||||||
Shareholders’ equity | 994,834 | |||||||||||
Total | $ | 11,780,102 | ||||||||||
Net interest revenue | $ | 297,055 | ||||||||||
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 | $ | 7,508 |