Exhibit 99.1
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Keefe, Bruyette & Woods Regional Bank Conference Boston, MA March 4, 2009
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Forward Looking Information Certain statements contained in this presentation and the accompanying slides 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 reference to a future period or by the use of forward-looking terminology, such as “ anticipate,” “believe,” “estimate,” “expect,” “foresee,” “may,” “might,” “will,” “intend,” “could,” “would” or “plan,” or future or conditional verb tenses, and variations or negatives of such terms. These forward-looking statements include, without limitation, statements about growth opportunities, potential product expansion, potential market expansion, and the future operating results of BancorpSouth. We caution you not to place undue reliance on the forward-looking statements contained in this presentation, in that actual results could differ materially from those indicated in such forward-looking statements as a result of a variety of factors. These factors include, but are not limited to, the ability of BancorpSouth to provide and market competitive products and services, the ability of BancorpSouth to manage growth and effectively serve an expanding customer and market base, changes in economic conditions, the ability of BancorpSouth to identify and enter new markets, changes in BancorpSouth’s operating or expansion strategy, changes in the national economy and in the economy in BancorpSouth’s market areas, the ability of BancorpSouth to attract, train and retain qualified personnel, changes in consumer preferences, geographic concentrations of BancorpSouth’s assets, the ability of BancorpSouth to implement and integrate new technologies, changes in business conditions, including, for example, changes in interest rates and regulatory changes, and other factors detailed from time to time in BancorpSouth’s press releases and filings with the Securities and Exchange Commission. BancorpSouth does not undertake any obligation to update or revise forward-looking statements to reflect events or circumstances after the date of this presentation. Unless otherwise noted, any quotes in this presentation can be attributed to Mr. Patterson. 2
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Corporate Profile ??$13.5 billion in assets ??8-state financial holding company ??315 locations ??Provides a comprehensive line of financial products and services to individuals and to small- to mid-size businesses ??Traditional banking and non-interest products ??Community banking focus Data as of December 31, 2008 3
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J.D. Power and Associates 2008 Retail Banking Satisfaction StudySM BancorpSouth Ranked “Highest Customer Satisfaction with Retail Banking in the Southeast Region” by J.D. Power and Associates Retail Banking Satisfaction Index: • Convenience • Account Initiation/Product Offerings • Fees • Statements • Problem Resolution • Transactions BancorpSouth received the highest numerical score among retail banks in the Southeast (AL, AR, FL, GA, KY, LA, MS, NC, SC, TN, VA, WV ) region in the proprietary J.D. Power and Associates 2008 Retail Banking Satisfaction StudySM. Study based on a total of 19,602 responses measuring 15 providers in the region and measures opinions of consumers with their primary banking provider. Proprietary study results are based on experiences and perceptions of consumers surveyed in January 2008. Your experiences may vary. Visit jdpower.com. 5
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BancorpSouth Insurance Services Ranked 34th nationally among insurance brokerage firms by Business Insurance in July of 2008 Ranked 10th nationally among bank holding companies for total insurance income in the Michael White Associates and the American Bankers Insurance Association Fee Income Report for the first half of 2008 For the fourth quarter of 2008, commissions totaled $18.8 million, a 15.9% increase over the same period in 2007. As of 12/31/08, total commissions and fees were $86.7 million, a 21.7% increase over the same date in 2007. 6
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Growth and Expansion Dynamics ??Product Expansion ??Market Expansion ?East Texas ?Louisiana ?Gulf Coast 7
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Balance Sheet Information As of December 31, 2008 2007 % Change Total assets $13,480 $13,190 2.2 Total earning assets 12,210 11,948 2.2 Loans, net of unearned discount 9,691 9,180 5.6 Allowance for credit losses 133 115 15.7 Total deposits 9,712 10,064 -3.5 Common shareholders' equity 1,240 1,197 3.6 Book value per share $14.92 $14.54 2.6 Dollars in millions, except per share amounts
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Operating Results “Profitability remains good in a challenging environment.” Twelve Months Ended December 31, 2008 2007 % Change Net interest revenue $440.8 $422.9 4.2 Provision for credit losses 56.2 22.7 147.6 Noninterest revenue 242.4 231.8 4.6 Noninterest expense 452.7 428.1 5.7 Income before income taxes 174.4 203.9 -14.5 Income tax provision 53.9 66.0 -18.3 Net income $120.4 $137.9 -12.7 Net income per share: diluted $1.45 $1.69 -14.2 Dollars in millions, except per share amounts
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Performance Ratios “Our operating results have continued to provide solid performance ratios.” Twelve Months Ended December 31, 2008 2007 Return on average assets 0.91% 1.07% Return on average tangible equity 13.41% 16.36% Return on common equity 9.84% 12.31% Net interest margin 3.75% 3.68% 10
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4th Quarter Operating Results Three Months Ended December 31, 2008 2007 % Change Net interest revenue $111.3 $109.7 1.5 Provision for credit losses 17.8 7.8 128.2 Noninterest revenue 39.5 55.3 -28.6 Noninterest expense 111.1 110.2 0.8 Income before income taxes 21.9 47.0 -53.4 Income tax provision 5.1 14.8 -65.5 Net income $16.8 $32.2 -47.8 Net income per share: diluted $0.20 $0.39 -48.7 Dollars in millions, except per share amounts 11
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4th Quarter 2008 Three Months Ended December 31, 2008 Pretax After-Tax Writedown EPS Write-down of Pooled Trust Preferred $8.6 $0.06 Securities Impairment of Mortgage Servicing $16.3 $0.12 Rights Dollars in millions, except per share amounts 12
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Net Interest Margin “Our asset/liability management strategies have produced a strong and relatively stable net interest margin.” 13
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Earnings Per Share History 14
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Deposits and Borrowings “Demand deposits have risen 14% from 4Q-07 to 4Q-08.” “Non-CD deposits have risen 12% from 4Q-07 to 4Q-08.” Data based on Average Balances 15
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Deposits Total Deposits as of December 31 ($ in billions) as of December 31, 2008 16
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Loans Loans Net of Unearned Income as of December 31 ($ in billions) “Loan growth has continued at a steady pace.” as of December 31, 2008 17
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Loan Portfolio NPL as a Percent of Outstanding NPL Outstanding Commercial & Industrial $1,288,005 $7,397 0.57% Real Estate 7,565,774 50,606 0.67% Consumer Mortgages 2,096,568 17,970 0.86% Home Equity 511,480 939 0.18% Agricultural 234,024 849 0.36% Commercial & Industrial-Owner Occupied 1,465,027 4,529 0.31% Construction, Acquisition and Development 1,689,719 24,874 1.47% Commercial 1,568,956 1,445 0.09% Credit Cards 93,650 1,416 1.51% All Other 743,848 2,122 0.29% Total Loans $9,691,277 $61,541 0.64% as of December 31, 2008, dollars in thousands 18
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Real Estate Construction, Acquisition and Development 90+ Days NPL as a Past Due Still Non Accruing Percent of Outstanding Accruing Loans NPL Outstanding Multi-Family Construction $43,236 $0 $0 $0 0.00% Condominiums 8,618 0 0 0 0.00% 1-4 Family Construction 362,387 3,181 611 3,792 1.05% Recreation and All Other Loans 49,960 0 0 0 0.00% Commercial Construction 371,301 0 3,513 3,513 0.95% Commercial Acquisition and Developmen 253,291 261 0 261 0.10% Residential Acquisition and Development 600,926 9,039 8,269 17,308 2.88% Real Estate Construction, Acquisition and Development $1,689,719 $12,481 $12,393 $24,874 1.47% as of December 31, 2008, dollars in thousands 19
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Non-Performing Assets and Loans 90 days or more Past Due / Assets (%) Peer Data from SNL Financial as of 2/23/09 The SNL Bank peer group includes a number of publicly traded banks and bank holding companies, as compiled by SNL Financial LC. The aggregate amounts are size-weighted, calculated by consolidating all companies into a single entity. 20
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Reserve Coverage of Non-Performing Assets and Loans 90 days or more Past Due (%) Peer Data from SNL Financial as of 2/23/09 The SNL Bank peer group includes a number of publicly traded banks and bank holding companies, as compiled by SNL Financial LC. The aggregate amounts are size-weighted, calculated by consolidating all companies into a single entity. 21
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Net Charge-Offs / Average Loans (%) Peer Data from SNL Financial as of 2/23/09 The SNL Bank peer group includes a number of publicly traded banks and bank holding companies, as compiled by SNL Financial LC. The aggregate amounts are size-weighted, calculated by consolidating all companies into a single entity. 22
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Total Equity / Total Assets (%) Peer Data from SNL Financial as of 2/23/09 The SNL Bank peer group includes a number of publicly traded banks and bank holding companies, as compiled by SNL Financial LC. The aggregate amounts are size-weighted, calculated by consolidating all companies into a single entity. 23
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Total Risk-Based Capital Ratio (%) for BancorpSouth, Inc. 24
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Tangible Equity / Tangible Assets (%) Peer Data from SNL Financial as of 2/23/09 The SNL Bank peer group includes a number of publicly traded banks and bank holding companies, as compiled by SNL Financial LC. The aggregate amounts are size-weighted, calculated by consolidating all companies into a single entity. 25
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Dividend Growth “Dividend Yield = 5.14% * ” Cash dividend per share of common stock * as of February 23, 2009 26
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Total Shareholder Return including dividends Periods ending 12/31/08 Source: Bloomberg 27
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BancorpSouth’s common stock is traded on the New York Stock Exchange under the symbol BXS. Additional information can be found at www.bancorpsouth.com . Investor Inquiries: L. Nash Allen, Jr. Chief Financial Officer BancorpSouth, Inc. 662-680-2330 nash.allen@bxs.com William L. Prater Executive Vice President BancorpSouth, Inc. 662-680-2536 bill.prater@bxs.com A Leading Regional Bank in the Mid-South
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Reconciliation of Non-GAAP Measures
As of | As of | As of | As of | As of | ||||||||||||||||
12/31/2007 | 3/31/2008 | 6/30/2008 | 9/30/2008 | 12/31/2008 | ||||||||||||||||
(Period End Balances) | ||||||||||||||||||||
Shareholders’ Equity —> A | 1,196,626 | 1,223,653 | 1,233,775 | 1,242,719 | 1,240,260 | |||||||||||||||
Assets —> B | 13,189,841 | 13,154,871 | 13,399,151 | 13,300,728 | 13,480,218 | |||||||||||||||
Intangibles —> C | 281,439 | 302,989 | 301,896 | 300,624 | 297,131 | |||||||||||||||
Tangible Equity —> D=A-C | 915,187 | 920,664 | 931,879 | 942,095 | 943,129 | |||||||||||||||
Tangible Assets —> E=B-C | 12,908,402 | 12,851,882 | 13,097,255 | 13,000,104 | 13,183,087 | |||||||||||||||
Total Equity / Total Assets (%) — > F=A/B | 9.07 | % | 9.30 | % | 9.21 | % | 9.34 | % | 9.20 | % | ||||||||||
Tangible Equity / Tangible Assets (%) — > G=D/E | 7.09 | % | 7.16 | % | 7.12 | % | 7.25 | % | 7.15 | % | ||||||||||
YTD | YTD | YTD | YTD | YTD | ||||||||||||||||
12/31/2007 | 3/31/2008 | 6/30/2008 | 9/30/2008 | 12/31/2008 | ||||||||||||||||
Net Income —> H | 137,943 | 35,145 | 75,270 | 103,615 | 120,411 | |||||||||||||||
Amortization of Intangibles, net of tax —> I | 3,133 | 944 | 1,855 | 2,770 | 3,660 | |||||||||||||||
Income excluding Amortization of Intangibles —> J=H-I | 141,076 | 36,089 | 77,125 | 106,385 | 124,071 | |||||||||||||||
(Average Balances) | ||||||||||||||||||||
Assets —> K | 12,857,135 | 13,100,524 | 13,108,332 | 13,174,346 | 13,200,801 | |||||||||||||||
Shareholders’ Equity —> L | 1,121,000 | 1,199,457 | 1,213,013 | 1,219,170 | 1,224,280 | |||||||||||||||
Intangibles —> M | 258,774 | 294,082 | 298,248 | 299,215 | 299,194 | |||||||||||||||
Tangible Equity —> N=L-M | 862,226 | 905,375 | 914,765 | 919,955 | 925,086 | |||||||||||||||
Return on Average Assets (annualized) —> O=H/K | 1.07 | % | 1.08 | % | 1.15 | % | 1.05 | % | 0.91 | % | ||||||||||
Return on Average Shareholders’ Equity (annualized) —> P=H/L | 12.31 | % | 11.78 | % | 12.48 | % | 11.35 | % | 9.84 | % | ||||||||||
Return on Average Tangible Equity (annualized) —> Q=J/N | 16.36 | % | 16.03 | % | 16.95 | % | 15.45 | % | 13.41 | % |