EXHIBIT 99.1
News Release
Contact: | ||||
William L. Prater | Will Fisackerly | |||
Treasurer and | First Vice President and | |||
Chief Financial Officer | Director of Investor Relations | |||
662/680-2000 | 662/680-2475 |
BancorpSouth Announces Third Quarter 2011 Earnings of
$11.9 Million or $0.14 per Diluted Share
TUPELO, Miss., October 24, 2011/PRNewswire-FirstCall via COMTEX/ — BancorpSouth, Inc. (NYSE: BXS) today announced financial results for the quarter ended September 30, 2011. The Company reported net income of $11.9 million, or $0.14 per diluted share, for the third quarter of 2011 compared with $11.3 million, or $0.13 per diluted share, for the third quarter of 2010.
Aubrey Patterson, Chairman and Chief Executive Officer of BancorpSouth, remarked, “BancorpSouth’s earnings for the third quarter of 2011 benefited from a reduction in our provision for credit losses to $25.1 million for the quarter compared with $54.9 million for the third quarter of 2010 and $32.2 million for the second quarter of 2011. While this reduction reflected continued improvement in our credit quality, we remain focused on working through our problem credits and reducing our non-performing loans (“NPLs”).
“NPLs declined 4.5 percent or $17.0 million during the third quarter of 2011 to $362.8 million at September 30, 2011 compared with $379.8 million at June 30, 2011. This decline followed a 10.6 percent, or $45.2 million, sequential quarter decline during the second quarter of 2011. In addition, net charge-offs declined 30.0 percent, or $9.9 million, to $23.1 million for the third quarter of 2011 compared with the second quarter of 2011, which followed a 36.7 percent, or $19.1 million, sequential quarter decline for the second quarter of 2011. Gross nonaccrual loan formation increased to $60.8 million for the third quarter of 2011, following three consecutive sequential quarter declines in nonaccrual loan formation from $166.2 million for the third quarter of 2010 to $50.4 million for the second quarter of 2011. Total loans 30 – 89 days past due increased during the third quarter of 2011 to $54.1 million at September 30, 2011, following five consecutive sequential quarter declines from $142.8 million at March 31, 2010 to $47.9 million at June 30, 2011. Despite these increases in gross nonaccrual loan formation and loans 30 – 89 days past due, we believe that both remain at manageable levels.
“The $17.0 million decline in NPLs during the third quarter of 2011 consisted primarily of a $16.6 million decline in nonaccrual loans. Construction, acquisition and development (“CAD”) nonaccrual loans declined $28.9 million to $171.6 million at September 30, 2011 from June 30, 2011 and represented 54.6 percent of total nonaccrual loans at the end of the third quarter. This decline was partially offset by a $9.9 million increase in consumer mortgage nonaccrual loans during the third quarter. Total loans 90 days or more past due and still accruing increased $3.4
Box 789 • Tupelo, MS 38802-0789 • (662) 680-2000
BancorpSouth, Inc.is a financial holding company.
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million from June 30, 2011 to $7.4 million at September 30, 2011, and restructured loans and leases still accruing declined $3.8 million from June 30, 2011 to $41.0 million at September 30, 2011.
“As anticipated, other real estate owned rose during the third quarter of 2011, increasing 7.6 percent from the end of the second quarter of 2011. While foreclosures declined $9.1 million during the third quarter to $29.1 million, sales of foreclosed properties also declined $8.0 million to $13.1 million for the quarter ended September 30, 2011. Sales of other real estate owned were essentially on a break-even basis for the third quarter of 2011, consistent with the second quarter of 2011. Write-downs in the value of foreclosed properties increased to $4.4 million for the third quarter of 2011 from $2.3 million for the second quarter of 2011.
“Despite margin pressure attributable to a weak lending environment and historically low interest rates, our community banking operations again produced consistent, solid results. In addition, our noninterest revenue businesses remained resilient, with double-digit growth in mortgage lending revenue, excluding mortgage servicing rights (“MSR”) adjustment, due in part to the hiring of additional mortgage origination staff. Additionally, our insurance business generated further organic growth compared with the third quarter of 2010. We also continued to manage noninterest expenses well despite a one-time expense of $3.1 million related to the closure of 22 branches during the third quarter.
“Our primary focus is to continue improving credit quality. At the end of the third quarter, 89.0 percent of our nonaccrual loans were determined to be collaterally dependent, and after write-downs and specific reserves, the remaining book balance of these loans was 70.4 percent of the unpaid principal balance. At September 30, 2011, coverage of unimpaired nonaccrual loans by the nonspecified allowance for credit losses was 466 percent and coverage of unimpaired NPLs by the nonspecified allowance for credit losses was 194 percent. In addition, 48.1 percent of nonaccrual loans were paying as agreed at September 30, 2011, compared with 46.6 percent at the end of the second quarter of 2011. We also further strengthened our capital during the third quarter, with our ratio of tangible equity to tangible assets increasing to 7.58 percent at September 30, 2011 from 7.11 percent at September 30, 2010 and 7.32 percent at June 30, 2011.”
Net Interest Revenue
Net interest revenue was $108.1 million for the third quarter of 2011, a decrease of 1.5 percent from $109.7 million for the third quarter of 2010 and 1.7 percent from $109.9 million for the second quarter of 2011. The fully taxable equivalent net interest margin was 3.66 percent for the third quarter of 2011 compared with 3.64 percent for the third quarter of 2010 and 3.71 percent for the second quarter of 2011.
Asset, Deposit and Loan Activity
Total assets were $13.2 billion at September 30, 2011 compared with $13.6 billion at September 30, 2010. Total deposits were $11.1 billion at September 30, 2011, a decrease of 1.2 percent
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from $11.2 billion at September 30, 2010. Loans and leases, net of unearned income, were $9.1 billion at September 30, 2011, a decrease of 4.8 percent from $9.5 billion at September 30, 2010.
The CAD loan portfolio, which decreased $359.1 million, or 26.9 percent, for the 12 months ended September 30, 2011, accounted for 78.2 percent of the decline in net loans and leases over the same period. Excluding the impact of the CAD loan portfolio, net loans and leases declined $99.9 million, or 1.2 percent, for the 12 months ended September 30, 2011.
Time deposits, which decreased $645.4 million, or 17.0 percent, for the 12 months ended September 30, 2011, were offset by significant growth in noninterest bearing demand deposits, which increased $230.9 million, or 11.7 percent, over the same time period. Savings and interest bearing demand deposits collectively increased $280.9 million, or 5.2%, for the 12 months ended September 30, 2011. Patterson added, “In an environment conducive to neither loan growth nor meaningful investment yields, the Company’s strategic focus continues to be to de-emphasize commoditized deposits and to increase multi-service household accounts.”
Provision for Credit Losses and Allowance for Credit Losses
For the third quarter of 2011, the provision for credit losses was $25.1 million, compared with $54.9 million for the third quarter of 2010 and $32.2 million for the second quarter of 2011. Annualized net charge-offs were 1.01 percent of average loans and leases for the third quarter of 2011, compared with 2.10 percent for the third quarter of 2010 and 1.42 percent for the second quarter of 2011.
NPLs were $362.8 million, or 4.01 percent of net loans and leases, at September 30, 2011 compared with $409.4 million, or 4.30 percent of net loans and leases, at September 30, 2010 and $379.8 million, or 4.12 percent of net loans and leases, at June 30, 2011. The allowance for credit losses was 2.21 percent of net loans and leases at September 30, 2011 compared with 2.16 percent at September 30, 2010 and 2.14 percent at June 30, 2011.
Total NPLs at September 30, 2011 consisted primarily of $314.5 million of nonaccrual loans, compared with $331.1 million at June 30, 2011. NPLs at September 30, 2011 also included $7.4 million of loans 90 days or more past due and still accruing, compared with $4.0 million at June 30, 2011, and restructured loans still accruing of $41.0 million at September 30, 2011, compared with $44.8 million at June 30, 2011. Loans and leases 30 to 89 days past due were $54.1 million at September 30, 2011 compared with $47.9 million at June 30, 2011.
At September 30, 2011, $111.4 million of NPLs were residential CAD loans, $62.6 million were other CAD loans, $66.3 million were commercial real estate mortgage loans and $50.3 million were consumer mortgages. NPLs from all other loan types totaled $72.2 million at September 30, 2011. Included in nonaccrual loans reported at September 30, 2011 were $151.3 million of loans, or 48.1 percent of total nonaccrual loans, that were paying as agreed. These loans were generally placed on nonaccrual status because the collateral values were less than the outstanding balances, and because of uncertainty as to whether the borrowers possessed adequate liquidity or
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will be able to generate sufficient cash flow to satisfy the debt given the short-fall in collateral values. Such loans are generally deemed to be impaired, with a specific reserve established for the difference in the balance owed and the collateral values.
Noninterest Revenue
Noninterest revenue was $62.1 million for the third quarter of 2011, compared with $69.8 million for the third quarter of 2010 and $75.1 million for the second quarter of 2011. These results include negative MSR value adjustments of $11.7 million, $4.6 million and $3.8 million, respectively, as well as net securities gains of $2.0 million, $2.3 million and $10.0 million, respectively.
Excluding the MSR value adjustments, net mortgage lending revenue was $10.2 million for the third quarter of 2011, compared with $13.5 million for the third quarter of 2010 and $5.8 million for the second quarter of 2011. Mortgage origination volume for the third quarter of 2011 was $374.8 million, compared with $490.3 million for the third quarter of 2010 and $245.3 million for the second quarter of 2011.
Credit and debit card fees increased $3.4 million, or 35.7 percent, for the third quarter of 2011 from the third quarter of 2010 and $1.7 million, or 15.3 percent, from the second quarter of 2011. Service charges decreased $1.3 million, or 6.9 percent, for the comparable quarters and increased $0.8 million, or 4.7 percent, sequentially. Insurance commissions rose $1.2 million, or 5.7 percent, for the comparable quarters and declined $0.9 million, or 4.0 percent, sequentially.
Noninterest Expense
Noninterest expense for the third quarter of 2011 was $130.7 million, compared with $123.1 million for the third quarter of 2010 and $137.1 million for the second quarter of 2011. Results for the second quarter of 2011 included prepayment expenses of $9.8 million related to the early repayment of FHLB advances.
Noninterest expense for the third quarter of 2011 reflected a one-time expense of $3.1 million related to the closure of 22 branch offices during the quarter under the Company’s branch optimization project. In addition, foreclosed property expense increased to $6.1 million for the third quarter of 2011 from $4.9 million for the third quarter of 2010 and $3.8 million for the second quarter of 2011, while deposit insurance assessments decreased to $3.8 million for the third quarter of 2011 from $4.8 million for the third quarter of 2010 and $6.4 million for the second quarter of 2011.
Capital Management
BancorpSouth remains a “well capitalized” financial holding company, as defined by federal regulations, with Tier 1 risk-based capital of 11.36 percent at September 30, 2011 and total risk based capital of 12.62 percent, compared with required minimum levels of 6 percent and 10 percent, respectively, to be classified as “well capitalized.” The Company’s equity capitalization is 100 percent common stock. BancorpSouth’s ratio of shareholders’ equity to assets increased
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to 9.60 percent at September 30, 2011, compared with 9.10 percent at September 30, 2010 and 9.33 percent at June 30, 2011. The ratio of tangible shareholders’ equity to tangible assets increased to 7.58 percent at September 30, 2011, compared with 7.11 percent at September 30, 2010 and 7.32 percent at June 30, 2011.
Summary
Patterson concluded, “Our third quarter results indicate that our credit issues remain manageable. In addition to our continuing focus on improving credit quality, we remain committed to maintaining a strong capital base and ample liquidity. We remain appropriately cautious about the near-term impact of the economic environment on our operating results. However, our banking and noninterest revenue operations have continued to produce solid, stable financial results in the aggregate throughout the recessionary economic environment. We continue to provide our customers with outstanding customer service and a comprehensive range of financial products and services, strengthening existing relationships and consistently building new ones. We continue to enhance the skills and experience of our employees, while maintaining control of noninterest expenses. Through a multitude of steady, disciplined, day-to-day efforts by people throughout our organization, we believe we are enhancing our prospects for both stronger financial results in a more robust economic environment and increased shareholder value.”
Conference Call
BancorpSouth will conduct a conference call to discuss its third quarter 2011 results tomorrow, October 25, 2011, 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 our ability to manage the levels of gross nonaccrual loan formation and loans 30 – 89 days past due, our ability to improve credit quality, our ability to enhance prospects for stronger financial results and increased shareholder value, and our use of non-GAAP financial measures.
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, conditions in the financial markets and economic conditions generally, the soundness of other financial institutions, the availability of capital on favorable terms if and when needed, liquidity risk, the credit risk associated with real estate construction, acquisition and development loans,
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estimates of costs and values associated with real estate construction, acquisition and development loans in the Company’s loan portfolio, the adequacy of the Company’s allowance for credit losses to cover actual credit losses, governmental regulation and supervision of the Company’s operations, the susceptibility of the Company’s business to local economic conditions, the impact of recent legislation and regulations on service charges for core deposit accounts, changes in interest rates, the impact of monetary policies and economic factors on the Company’s ability to attract deposits or make loans, volatility in capital and credit markets, the impact of hurricanes or other adverse weather events, risks in connection with completed or potential acquisitions, dilution caused by the Company’s issuance of any additional shares of its common stock to raise capital or to acquire other banks, bank holding companies, financial holding companies and insurance agencies, restrictions on the Company’s ability to declare and pay dividends, the Company’s growth strategy, diversification in the types of financial services the Company offers, competition with other financial services companies, interruptions or breaches in security of the Company’s information systems, the failure of certain third part vendors to perform, the Company’s ability to improve its internal controls adequately, any requirement that the Company write down goodwill or other intangible assets, other factors generally understood to affect the financial results of financial services companies, and other factors described from time to time in BancorpSouth’s filings with the Securities and Exchange Commission. We undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.
BancorpSouth, Inc. is a financial holding company headquartered in Tupelo, Mississippi, with $13.2 billion in assets. BancorpSouth Bank, a wholly-owned subsidiary of BancorpSouth, Inc., operates approximately 290 commercial banking, mortgage, insurance, trust and broker/dealer locations in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas. BancorpSouth Bank also operates an insurance location in Illinois.
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BancorpSouth, Inc.
Selected Financial Data
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(Dollars in thousands, except per share amounts) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Earnings Summary: | ||||||||||||||||
Net interest revenue | $ | 108,075 | $ | 109,678 | $ | 327,424 | $ | 330,889 | ||||||||
Provision for credit losses | 25,112 | 54,850 | 110,831 | 160,723 | ||||||||||||
Noninterest revenue | 62,055 | 69,752 | 205,510 | 190,170 | ||||||||||||
Noninterest expense | 130,698 | 123,087 | 397,777 | 363,586 | ||||||||||||
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Income (loss) before income taxes | 14,320 | 1,493 | 24,326 | (3,250 | ) | |||||||||||
Income tax provision (benefit) | 2,386 | (9,767 | ) | 60 | (10,346 | ) | ||||||||||
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Net income (loss) | $ | 11,934 | $ | 11,260 | $ | 24,266 | $ | 7,096 | ||||||||
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Earning (loss) per share: Basic | $ | 0.14 | $ | 0.13 | $ | 0.29 | $ | 0.09 | ||||||||
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Diluted | $ | 0.14 | $ | 0.13 | $ | 0.29 | $ | 0.08 | ||||||||
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Balance sheet data at September 30: | ||||||||||||||||
Total assets | $ | 13,198,518 | $ | 13,583,016 | ||||||||||||
Total earning assets | 11,976,397 | 12,450,699 | ||||||||||||||
Loans and leases, net of unearned income | 9,055,905 | 9,514,929 | ||||||||||||||
Allowance for credit losses | 199,686 | 205,081 | ||||||||||||||
Total deposits | 11,063,233 | 11,196,864 | ||||||||||||||
Common shareholders’ equity | 1,266,753 | 1,235,705 | ||||||||||||||
Book value per share | 15.17 | 14.80 | ||||||||||||||
Average balance sheet data: | ||||||||||||||||
Total assets | $ | 13,174,655 | $ | 13,304,882 | $ | 13,358,657 | $ | 13,219,171 | ||||||||
Total earning assets | 12,039,067 | 12,266,426 | 12,219,226 | 12,127,291 | ||||||||||||
Loans and leases, net of unearned interest | 9,138,414 | 9,601,142 | 9,228,583 | 9,689,886 | ||||||||||||
Total deposits | 11,141,372 | 11,177,626 | 11,330,322 | 11,044,948 | ||||||||||||
Common shareholders’ equity | 1,251,815 | 1,229,146 | 1,231,286 | 1,246,647 | ||||||||||||
Non-performing assets at September 30: | ||||||||||||||||
Non-accrual loans and leases | $ | 314,479 | $ | 347,181 | ||||||||||||
Loans and leases 90+ days past due, still accruing | 7,354 | 9,910 | ||||||||||||||
Restructured loans and leases, still accruing | 40,966 | 52,325 | ||||||||||||||
Other real estate owned | 162,686 | 82,647 | ||||||||||||||
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Total non-performing assets | 525,485 | 492,063 | ||||||||||||||
Net charge-offs as a percentage of average loans (annualized) | 1.01 | % | 2.10 | % | 1.56 | % | 1.81 | % | ||||||||
Performance ratios (annualized): | ||||||||||||||||
Return on average assets | 0.36 | % | 0.34 | % | 0.24 | % | 0.07 | % | ||||||||
Return on common equity | 3.78 | % | 3.63 | % | 2.63 | % | 0.76 | % | ||||||||
Total shareholders’ equity to total assets | 9.60 | % | 9.10 | % | 9.60 | % | 9.10 | % | ||||||||
Tangible shareholders' equity to tangible assets | 7.58 | % | 7.11 | % | 7.58 | % | 7.11 | % | ||||||||
Net interest margin | 3.66 | % | 3.64 | % | 3.69 | % | 3.74 | % | ||||||||
Average shares outstanding—basic | 83,488,963 | 83,432,535 | 83,485,694 | 83,421,821 | ||||||||||||
Average shares outstanding—diluted | 83,489,134 | 83,473,138 | 83,511,808 | 83,529,579 | ||||||||||||
Cash dividends per share | $ | 0.01 | $ | 0.22 | $ | 0.13 | $ | 0.66 | ||||||||
Tier I capital | 11.36 | % | 10.56 | % | 11.36 | % | 10.56 | % | ||||||||
Total capital | 12.62 | % | 11.82 | % | 12.62 | % | 11.82 | % | ||||||||
Tier I leverage capital | 8.66 | % | 8.26 | % | 8.66 | % | 8.26 | % |
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BancorpSouth, Inc.
Consolidated Balance Sheets
(Unaudited)
Sep-11 | Jun-11 | Mar-11 | Dec-10 | Sep-10 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and due from banks | $ | 161,876 | $ | 166,761 | $ | 146,989 | $ | 99,916 | $ | 128,160 | ||||||||||
Interest bearing deposits with other banks | 338,250 | 304,344 | 102,312 | 172,170 | 211,189 | |||||||||||||||
Held-to-maturity securities, at amortized cost | — | — | 1,667,203 | 1,613,019 | 1,357,888 | |||||||||||||||
Available-for-sale securities, at fair value | 2,481,555 | 2,560,824 | 1,145,463 | 1,096,062 | 915,877 | |||||||||||||||
Federal funds sold and securities purchased under agreement to resell | — | — | 150,000 | 150,000 | 325,000 | |||||||||||||||
Loans and leases | 9,096,928 | 9,255,879 | 9,255,609 | 9,376,351 | 9,556,962 | |||||||||||||||
Less: Unearned income | 41,023 | 41,326 | 41,773 | 43,244 | 42,033 | |||||||||||||||
Allowance for credit losses | 199,686 | 197,627 | 198,333 | 196,913 | 205,081 | |||||||||||||||
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Net loans and leases | 8,856,219 | 9,016,926 | 9,015,503 | 9,136,194 | 9,309,848 | |||||||||||||||
Loans held for sale | 100,687 | 70,519 | 56,876 | 93,697 | 125,815 | |||||||||||||||
Premises and equipment, net | 323,285 | 328,075 | 329,862 | 332,890 | 335,618 | |||||||||||||||
Accrued interest receivable | 53,338 | 55,525 | 61,105 | 61,025 | 63,797 | |||||||||||||||
Goodwill | 271,297 | 271,297 | 271,297 | 270,097 | 270,097 | |||||||||||||||
Bank owned life insurance | 197,945 | 197,028 | 194,988 | 194,064 | 192,459 | |||||||||||||||
Other real estate owned | 162,686 | 151,204 | 136,412 | 133,412 | 82,647 | |||||||||||||||
Other assets | 251,380 | 244,547 | 269,228 | 262,464 | 264,621 | |||||||||||||||
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Total Assets | $ | 13,198,518 | $ | 13,367,050 | $ | 13,547,238 | $ | 13,615,010 | $ | 13,583,016 | ||||||||||
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Liabilities | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Demand: Noninterest bearing | $ | 2,198,535 | $ | 2,096,655 | $ | 2,027,990 | $ | 2,060,145 | $ | 1,967,635 | ||||||||||
Interest bearing | 4,736,858 | 4,939,553 | 5,023,073 | 4,931,518 | 4,623,103 | |||||||||||||||
Savings | 968,277 | 944,993 | 932,574 | 863,034 | 801,153 | |||||||||||||||
Other time | 3,159,563 | 3,327,262 | 3,480,477 | 3,635,324 | 3,804,973 | |||||||||||||||
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Total deposits | 11,063,233 | 11,308,463 | 11,464,114 | 11,490,021 | 11,196,864 | |||||||||||||||
Federal funds purchased and securities sold under agreement to repurchase | 449,501 | 426,097 | 421,782 | 440,593 | 501,175 | |||||||||||||||
Short-term Federal Home Loan Bank borrowings and other short-term borrowing | 1,500 | 703 | 2,715 | 2,727 | 152,738 | |||||||||||||||
Accrued interest payable | 10,017 | 11,348 | 13,238 | 14,336 | 16,574 | |||||||||||||||
Junior subordinated debt securities | 160,312 | 160,312 | 160,312 | 160,312 | 160,312 | |||||||||||||||
Long-term Federal Home Loan Bank borrowings | 33,500 | 35,000 | 110,000 | 110,000 | 110,000 | |||||||||||||||
Other liabilities | 213,702 | 178,424 | 164,016 | 174,777 | 209,648 | |||||||||||||||
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Total Liabilities | 11,931,765 | 12,120,347 | 12,336,177 | 12,392,766 | 12,347,311 | |||||||||||||||
Shareholders’ Equity | ||||||||||||||||||||
Common stock | 208,722 | 208,722 | 208,704 | 208,704 | 208,704 | |||||||||||||||
Capital surplus | 227,006 | 226,362 | 225,597 | 224,976 | 224,170 | |||||||||||||||
Accumulated other comprehensive income (loss) | 14,595 | 6,289 | (16,579 | ) | (14,453 | ) | (2,705 | ) | ||||||||||||
Retained earnings | 816,430 | 805,330 | 793,339 | 803,017 | 805,536 | |||||||||||||||
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Total Shareholders’ Equity | 1,266,753 | 1,246,703 | 1,211,061 | 1,222,244 | 1,235,705 | |||||||||||||||
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Total Liabilities & Shareholders’ Equity | $ | 13,198,518 | $ | 13,367,050 | $ | 13,547,238 | $ | 13,615,010 | $ | 13,583,016 | ||||||||||
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BancorpSouth, Inc.
Consolidated Average Balance Sheets
(Unaudited)
Sep-11 | Jun-11 | Mar-11 | Dec-10 | Sep-10 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and due from banks | $ | 148,409 | $ | 151,194 | $ | 156,329 | $ | 176,979 | $ | 202,147 | ||||||||||
Interest bearing deposits with other banks | 309,146 | 187,901 | 167,271 | 282,396 | 75,943 | |||||||||||||||
Held-to-maturity securities, at amortized cost | — | 1,097,562 | 1,653,284 | 1,436,222 | 1,223,676 | |||||||||||||||
Available-for-sale securities, at fair value | 2,529,482 | 1,609,720 | 1,085,131 | 996,006 | 917,677 | |||||||||||||||
Federal funds sold and securities purchased under agreement to resell | — | 38,736 | 150,000 | 209,511 | 282,228 | |||||||||||||||
Loans and leases | 9,179,730 | 9,291,434 | 9,342,939 | 9,461,161 | 9,645,252 | |||||||||||||||
Less: Unearned income | 41,316 | 42,307 | 42,954 | 42,474 | 44,110 | |||||||||||||||
Allowance for credit losses | 205,209 | 212,968 | 218,107 | 215,278 | 227,201 | |||||||||||||||
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Net loans and leases | 8,933,205 | 9,036,159 | 9,081,878 | 9,203,409 | 9,373,941 | |||||||||||||||
Loans held for sale | 62,025 | 44,704 | 39,098 | 91,262 | 81,004 | |||||||||||||||
Premises and equipment, net | 326,800 | 328,829 | 330,920 | 333,516 | 336,038 | |||||||||||||||
Accrued interest receivable | 53,122 | 54,570 | 58,450 | 58,591 | 61,753 | |||||||||||||||
Goodwill | 271,297 | 271,297 | 270,510 | 270,097 | 270,097 | |||||||||||||||
Bank owned life insurance | 14,642 | 14,189 | 13,217 | 9,836 | 12,394 | |||||||||||||||
Other real estate owned | 152,052 | 138,827 | 129,781 | 98,944 | 76,314 | |||||||||||||||
Other assets | 374,475 | 391,872 | 403,894 | 392,269 | 391,670 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Assets | $ | 13,174,655 | $ | 13,365,560 | $ | 13,539,763 | $ | 13,559,038 | $ | 13,304,882 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liabilities | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Demand: Noninterest bearing | $ | 2,147,707 | $ | 2,018,197 | $ | 1,893,720 | $ | 1,975,318 | $ | 1,911,125 | ||||||||||
Interest bearing | 4,789,462 | 4,977,764 | 5,153,063 | 4,740,734 | 4,651,166 | |||||||||||||||
Savings | 957,871 | 941,169 | 897,312 | 831,805 | 786,267 | |||||||||||||||
Other time | 3,246,332 | 3,418,741 | 3,553,543 | 3,745,046 | 3,829,068 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total deposits | 11,141,372 | 11,355,871 | 11,497,638 | 11,292,903 | 11,177,626 | |||||||||||||||
Federal funds purchased and securities sold under agreement to repurchase | 457,640 | 423,949 | 430,930 | 475,760 | 476,853 | |||||||||||||||
Short-term Federal Home Loan Bank borrowings and other short-term borrowing | 486 | 1,641 | 2,719 | 147,839 | 6,426 | |||||||||||||||
Accrued interest payable | 12,108 | 13,558 | 14,873 | 16,811 | 18,239 | |||||||||||||||
Junior subordinated debt securities | 160,312 | 160,312 | 160,312 | 160,312 | 160,312 | |||||||||||||||
Long-term Federal Home Loan Bank borrowings | 34,984 | 89,395 | 110,000 | 110,000 | 110,734 | |||||||||||||||
Other liabilities | 115,938 | 98,553 | 103,892 | 129,899 | 125,546 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | 11,922,840 | 12,143,279 | 12,320,364 | 12,333,524 | 12,075,736 | |||||||||||||||
Shareholders’ Equity | ||||||||||||||||||||
Common stock | 208,722 | 208,715 | 208,704 | 208,704 | 208,704 | |||||||||||||||
Capital surplus | 226,582 | 225,912 | 225,162 | 224,357 | 224,168 | |||||||||||||||
Accumulated other comprehensive income (loss) | 6,379 | (10,040 | ) | (14,346 | ) | (3,331 | ) | (4,983 | ) | |||||||||||
Retained earnings | 810,132 | 797,694 | 799,879 | 795,784 | 801,257 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Shareholders’ Equity | 1,251,815 | 1,222,281 | 1,219,399 | 1,225,514 | 1,229,146 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities & Shareholders’ Equity | $ | 13,174,655 | $ | 13,365,560 | $ | 13,539,763 | $ | 13,559,038 | $ | 13,304,882 | ||||||||||
|
|
|
|
|
|
|
|
|
|
- MORE -
BXS Announces Third Quarter Results
Page 10
October 24, 2011
BancorpSouth, Inc.
Consolidated Condensed Statements of Income
(Dollars in thousands, except per share data)
(Unaudited)
Quarter Ended | Year To Date | |||||||||||||||||||||||||||
Sep-11 | Jun-11 | Mar-11 | Dec-10 | Sep-10 | Sep-11 | Sep-10 | ||||||||||||||||||||||
INTEREST REVENUE: | ||||||||||||||||||||||||||||
Loans and leases | $ | 114,260 | $ | 116,892 | $ | 117,358 | $ | 121,672 | $ | 123,533 | $ | 348,510 | $ | 375,110 | ||||||||||||||
Deposits with other banks | 203 | 124 | 122 | 222 | 79 | 449 | 133 | |||||||||||||||||||||
Federal funds sold and securities purchased under agreement to resell | — | 35 | 131 | 168 | 213 | 166 | 438 | |||||||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||||||||
Taxable | — | 5,066 | 8,014 | 8,490 | 9,010 | 13,080 | 27,788 | |||||||||||||||||||||
Tax-exempt | — | 2,291 | 3,347 | 2,952 | 2,584 | 5,638 | 7,457 | |||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
Taxable | 13,172 | 10,451 | 8,585 | 7,836 | 7,782 | 32,208 | 24,197 | |||||||||||||||||||||
Tax-exempt | 4,130 | 1,871 | 824 | 815 | 795 | 6,825 | 2,460 | |||||||||||||||||||||
Loans held for sale | 632 | 505 | 447 | 902 | 889 | 1,584 | 2,122 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total interest revenue | 132,397 | 137,235 | 138,828 | 143,057 | 144,885 | 408,460 | 439,705 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
INTEREST EXPENSE: | ||||||||||||||||||||||||||||
Interest bearing demand | 5,324 | 6,039 | 6,546 | 7,462 | 8,582 | 17,909 | 27,725 | |||||||||||||||||||||
Savings | 828 | 810 | 826 | 891 | 881 | 2,464 | 2,685 | |||||||||||||||||||||
Other time | 14,837 | 16,285 | 17,483 | 19,827 | 21,108 | 48,605 | 64,172 | |||||||||||||||||||||
Federal funds purchased and securities sold under agreement to repurchase | 95 | 135 | 152 | 189 | 209 | 382 | 652 | |||||||||||||||||||||
FHLB borrowings | 375 | 1,194 | 1,523 | 1,569 | 1,543 | 3,092 | 4,976 | |||||||||||||||||||||
Junior subordinated debt | 2,861 | 2,860 | 2,859 | 2,864 | 2,880 | 8,580 | 8,597 | |||||||||||||||||||||
Other | 2 | — | 2 | 2 | 4 | 4 | 9 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total interest expense | 24,322 | 27,323 | 29,391 | 32,804 | 35,207 | 81,036 | 108,816 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net interest revenue | 108,075 | 109,912 | 109,437 | 110,253 | 109,678 | 327,424 | 330,889 | |||||||||||||||||||||
Provision for credit losses | 25,112 | 32,240 | 53,479 | 43,293 | 54,850 | 110,831 | 160,723 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net interest revenue, after provision for credit losses | 82,963 | 77,672 | 55,958 | 66,960 | 54,828 | 216,593 | 170,166 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
NONINTEREST REVENUE: | ||||||||||||||||||||||||||||
Mortgage lending | (1,443 | ) | 2,003 | 7,581 | 18,126 | 8,898 | 8,141 | 11,619 | ||||||||||||||||||||
Credit card, debit card and merchant fees | 12,981 | 11,263 | 10,346 | 9,951 | 9,569 | 34,590 | 27,712 | |||||||||||||||||||||
Service charges | 17,334 | 16,556 | 15,368 | 16,854 | 18,621 | 49,258 | 53,836 | |||||||||||||||||||||
Trust income | 2,854 | 2,850 | 3,134 | 3,072 | 2,783 | 8,838 | 8,077 | |||||||||||||||||||||
Security gains (losses), net | 2,047 | 10,045 | 17 | (470 | ) | 2,327 | 12,109 | 3,039 | ||||||||||||||||||||
Insurance commissions | 22,012 | 22,941 | 22,549 | 18,013 | 20,825 | 67,502 | 64,159 | |||||||||||||||||||||
Other | 6,270 | 9,486 | 9,316 | 8,428 | 6,729 | 25,072 | 21,728 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total noninterest revenue | 62,055 | 75,144 | 68,311 | 73,974 | 69,752 | 205,510 | 190,170 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
NONINTEREST EXPENSE: | ||||||||||||||||||||||||||||
Salaries and employee benefits | 71,851 | 70,142 | 70,375 | 65,980 | 68,232 | 212,368 | 205,708 | |||||||||||||||||||||
Occupancy, net of rental income | 11,144 | 10,232 | 10,671 | 10,668 | 11,038 | 32,047 | 32,340 | |||||||||||||||||||||
Equipment | 5,346 | 5,595 | 5,658 | 5,459 | 5,523 | 16,599 | 17,139 | |||||||||||||||||||||
Deposit insurance assessments | 3,781 | 6,436 | 5,425 | 5,895 | 4,752 | 15,642 | 13,364 | |||||||||||||||||||||
Prepayment penalty on FHLB borrowings | — | 9,778 | — | — | — | 9,778 | — | |||||||||||||||||||||
Other | 38,576 | 34,886 | 37,881 | 35,445 | 33,542 | 111,343 | 95,035 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total noninterest expenses | 130,698 | 137,069 | 130,010 | 123,447 | 123,087 | 397,777 | 363,586 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Income (loss) before income taxes | 14,320 | 15,747 | (5,741 | ) | 17,487 | 1,493 | 24,326 | (3,250 | ) | |||||||||||||||||||
Income tax expense (benefit) | 2,386 | 2,921 | (5,247 | ) | 1,641 | (9,767 | ) | 60 | (10,346 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net income (loss) | $ | 11,934 | $ | 12,826 | ($ | 494 | ) | $ | 15,846 | $ | 11,260 | $ | 24,266 | $ | 7,096 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net income (loss) per share: Basic | $ | 0.14 | $ | 0.15 | ($ | 0.01 | ) | $ | 0.19 | $ | 0.13 | $ | 0.29 | $ | 0.09 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Diluted | $ | 0.14 | $ | 0.15 | ($ | 0.01 | ) | $ | 0.19 | $ | 0.13 | $ | 0.29 | $ | 0.08 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- MORE -
BXS Announces Third Quarter Results
Page 11
October 24, 2011
BancorpSouth, Inc.
Selected Loan Data
(Dollars in thousands)
(Unaudited)
Quarter Ended | ||||||||||||||||||||
Sep-11 | Jun-11 | Mar-11 | Dec-10 | Sep-10 | ||||||||||||||||
LOAN AND LEASE PORTFOLIO: | ||||||||||||||||||||
Commercial and industrial | $ | 1,503,391 | $ | 1,526,686 | $ | 1,484,223 | $ | 1,491,183 | $ | 1,438,415 | ||||||||||
Real estate | ||||||||||||||||||||
Consumer mortgages | 1,966,124 | 1,971,499 | 1,958,367 | 1,951,563 | 1,972,483 | |||||||||||||||
Home equity | 523,030 | 531,787 | 531,406 | 543,272 | 552,095 | |||||||||||||||
Agricultural | 249,715 | 255,310 | 250,393 | 252,292 | 262,083 | |||||||||||||||
Commercial and industrial-owner occupied | 1,329,644 | 1,366,734 | 1,316,824 | 1,331,473 | 1,375,466 | |||||||||||||||
Construction, acquisition and development | 976,694 | 1,060,675 | 1,117,335 | 1,174,743 | 1,335,836 | |||||||||||||||
Commercial | 1,772,003 | 1,764,648 | 1,831,226 | 1,816,951 | 1,810,626 | |||||||||||||||
Credit cards | 103,232 | 101,955 | 100,732 | 106,345 | 102,672 | |||||||||||||||
All other | 632,072 | 635,259 | 623,330 | 665,285 | 665,253 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total loans | $ | 9,055,905 | $ | 9,214,553 | $ | 9,213,836 | $ | 9,333,107 | $ | 9,514,929 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
ALLOWANCE FOR CREDIT LOSSES: | ||||||||||||||||||||
Balance, beginning of period | $ | 197,627 | $ | 198,333 | $ | 196,913 | $ | 205,081 | $ | 200,744 | ||||||||||
Loans and leases charged off: | ||||||||||||||||||||
Commercial and industrial | (1,295 | ) | (5,556 | ) | (8,809 | ) | (1,782 | ) | (2,822 | ) | ||||||||||
Real estate | ||||||||||||||||||||
Consumer mortgages | (2,344 | ) | (1,629 | ) | (3,260 | ) | (5,291 | ) | (3,398 | ) | ||||||||||
Home equity | (1,712 | ) | (1,391 | ) | (1,082 | ) | (1,138 | ) | (1,792 | ) | ||||||||||
Agricultural | (2,345 | ) | (373 | ) | (592 | ) | (487 | ) | (33 | ) | ||||||||||
Commercial and industrial-owner occupied | (4,222 | ) | (3,228 | ) | (1,716 | ) | (1,659 | ) | (1,231 | ) | ||||||||||
Construction, acquisition and development | (7,697 | ) | (16,783 | ) | (32,343 | ) | (34,989 | ) | (38,517 | ) | ||||||||||
Commercial | (4,467 | ) | (1,597 | ) | (4,514 | ) | (6,327 | ) | (2,887 | ) | ||||||||||
Credit cards | (760 | ) | (725 | ) | (881 | ) | (990 | ) | (1,046 | ) | ||||||||||
All other | (770 | ) | (4,971 | ) | (553 | ) | (2,093 | ) | (798 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total loans charged off | (25,612 | ) | (36,253 | ) | (53,750 | ) | (54,756 | ) | (52,524 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Recoveries: | ||||||||||||||||||||
Commercial and industrial | 348 | 589 | 184 | 707 | 318 | |||||||||||||||
Real estate | ||||||||||||||||||||
Consumer mortgages | 485 | 220 | 143 | 423 | 143 | |||||||||||||||
Home equity | 51 | 46 | 45 | 60 | 23 | |||||||||||||||
Agricultural | — | 45 | 2 | 4 | 8 | |||||||||||||||
Commercial and industrial-owner occupied | 99 | 21 | 173 | 195 | 154 | |||||||||||||||
Construction, acquisition and development | 923 | 1,493 | 564 | 776 | 663 | |||||||||||||||
Commercial | 300 | 392 | 13 | 707 | 98 | |||||||||||||||
Credit cards | 141 | 239 | 255 | 143 | 317 | |||||||||||||||
All other | 212 | 262 | 312 | 280 | 287 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total recoveries | 2,559 | 3,307 | 1,691 | 3,295 | 2,011 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net charge-offs | (23,053 | ) | (32,946 | ) | (52,059 | ) | (51,461 | ) | (50,513 | ) | ||||||||||
Provision charged to operating expense | 25,112 | 32,240 | 53,479 | 43,293 | 54,850 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Balance, end of period | $ | 199,686 | $ | 197,627 | $ | 198,333 | $ | 196,913 | $ | 205,081 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Average loans for period | $ | 9,138,414 | $ | 9,249,127 | $ | 9,300,029 | $ | 9,418,687 | $ | 9,601,142 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratios: | ||||||||||||||||||||
Net charge-offs to average loans (annualized) | 1.01 | % | 1.42 | % | 2.24 | % | 2.19 | % | 2.10 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
- MORE -
BXS Announces Third Quarter Results
Page 12
October 24, 2011
BancorpSouth, Inc.
Selected Loan Data
(Dollars in thousands)
(Unaudited)
Quarter Ended | ||||||||||||||||||||
Sep-11 | Jun-11 | Mar-11 | Dec-10 | Sep-10 | ||||||||||||||||
NON-PERFORMING ASSETS | ||||||||||||||||||||
NON-PERFORMING LOANS AND LEASES: | ||||||||||||||||||||
Nonaccrual Loans and Leases | ||||||||||||||||||||
Commercial and industrial | $ | 11,122 | $ | 9,337 | $ | 14,655 | $ | 13,075 | $ | 12,339 | ||||||||||
Real estate | ||||||||||||||||||||
Consumer mortgages | 44,100 | 34,174 | 36,025 | 34,021 | 25,561 | |||||||||||||||
Home equity | 2,634 | 1,232 | 1,543 | 811 | 1,361 | |||||||||||||||
Agricultural | 6,254 | 8,526 | 7,597 | 7,589 | 4,986 | |||||||||||||||
Commercial and industrial-owner occupied | 26,977 | 26,387 | 24,638 | 20,338 | 15,004 | |||||||||||||||
Construction, acquisition and development | 171,566 | 200,434 | 224,847 | 211,547 | 231,987 | |||||||||||||||
Commercial | 49,500 | 48,571 | 58,945 | 57,766 | 51,590 | |||||||||||||||
Credit cards | 551 | 546 | 617 | 720 | 724 | |||||||||||||||
All other | 1,775 | 1,869 | 1,859 | 1,632 | 3,629 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total nonaccrual loans and leases | 314,479 | 331,076 | 370,726 | 347,499 | 347,181 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Loans and Leases 90+ Days Past Due, Still Accruing: | ||||||||||||||||||||
Commercial and industrial | 1,846 | 118 | 501 | 675 | 1,571 | |||||||||||||||
Real estate | ||||||||||||||||||||
Consumer mortgages | 4,136 | 2,482 | 3,152 | 6,521 | 6,241 | |||||||||||||||
Home equity | 134 | 242 | 139 | 173 | 146 | |||||||||||||||
Agricultural | 131 | — | 7 | 123 | 330 | |||||||||||||||
Commercial and industrial-owner occupied | 42 | — | 255 | 20 | 192 | |||||||||||||||
Construction, acquisition and development | 290 | 432 | 19 | 197 | 526 | |||||||||||||||
Commercial | 106 | 19 | 7 | — | 115 | |||||||||||||||
Credit cards | 257 | 299 | 240 | 330 | 396 | |||||||||||||||
All other | 412 | 388 | 509 | 461 | 393 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total loans and leases 90+ days past due, still accruing | 7,354 | 3,980 | 4,829 | 8,500 | 9,910 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Restructured Loans and Leases, Still Accruing | 40,966 | 44,786 | 49,472 | 38,376 | 52,325 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total non-performing loans and leases | 362,799 | 379,842 | 425,027 | 394,375 | 409,416 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
OTHER REAL ESTATE OWNED: | 162,686 | 151,204 | 136,412 | 133,412 | 82,647 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Non-performing Assets | $ | 525,485 | $ | 531,046 | $ | 561,439 | $ | 527,787 | $ | 492,063 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Additions to Nonaccrual Loans and Leases During the Quarter | $ | 60,799 | $ | 50,427 | $ | 111,241 | $ | 131,140 | $ | 166,171 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Loans and Leases 30-89 Days Past Due, Still Accruing: | ||||||||||||||||||||
Commercial and industrial | $ | 9,759 | $ | 7,903 | $ | 8,407 | $ | 13,654 | $ | 10,581 | ||||||||||
Real estate | ||||||||||||||||||||
Consumer mortgages | 20,144 | 18,621 | 17,136 | 19,147 | 22,490 | |||||||||||||||
Home equity | 2,066 | 2,916 | 2,492 | 1,906 | 3,088 | |||||||||||||||
Agricultural | 1,485 | 2,901 | 818 | 1,122 | 1,101 | |||||||||||||||
Commercial and industrial-owner occupied | 7,348 | 2,786 | 4,369 | 10,183 | 16,385 | |||||||||||||||
Construction, acquisition and development | 4,469 | 4,939 | 8,047 | 6,758 | 11,538 | |||||||||||||||
Commercial | 5,136 | 4,091 | 7,090 | 3,823 | 4,657 | |||||||||||||||
Credit cards | 851 | 785 | 969 | 1,023 | 799 | |||||||||||||||
All other | 2,832 | 3,005 | 2,192 | 2,766 | 3,143 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Loans and Leases 30-89 days past due, still accruing | $ | 54,090 | $ | 47,947 | $ | 51,520 | $ | 60,382 | $ | 73,782 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Credit Quality Ratios: | ||||||||||||||||||||
Provision for credit losses to average loans and leases (annualized) | 1.10 | % | 1.39 | % | 2.30 | % | 1.84 | % | 2.29 | % | ||||||||||
Allowance for credit losses to net loans and leases | 2.21 | % | 2.14 | % | 2.15 | % | 2.11 | % | 2.16 | % | ||||||||||
Allowance for credit losses to non-performing assets | 38.00 | % | 37.21 | % | 35.33 | % | 37.31 | % | 41.68 | % | ||||||||||
Allowance for credit losses to non-performing loans and leases | 55.04 | % | 52.03 | % | 46.66 | % | 49.93 | % | 50.09 | % | ||||||||||
Non-performing loans and leases to net loans and leases | 4.01 | % | 4.12 | % | 4.61 | % | 4.23 | % | 4.30 | % | ||||||||||
Non-performing assets to net loans and leases | 5.80 | % | 5.76 | % | 6.09 | % | 5.65 | % | 5.17 | % |
- MORE -
BXS Announces Third Quarter Results
Page 13
October 24, 2011
BancorpSouth, Inc.
Selected Loan Data
(Dollars in thousands)
(Unaudited)
Quarter Ended | ||||||||||||||||||||
Sep-11 | Jun-11 | Mar-11 | Dec-10 | Sep -10 | ||||||||||||||||
REAL ESTATE CONSTRUCTION, ACQUISITION AND DEVELOPMENT (“CAD”) PORTFOLIO: | ||||||||||||||||||||
Outstanding Balance | ||||||||||||||||||||
Multi-family construction | $ | 10,349 | $ | 19,116 | $ | 21,051 | $ | 27,992 | $ | 28,540 | ||||||||||
One-to-four family construction | 181,445 | 198,809 | 212,435 | 218,554 | 239,455 | |||||||||||||||
Recreation and all other loans | 61,084 | 66,366 | 63,686 | 48,375 | 45,085 | |||||||||||||||
Commercial construction | 140,570 | 160,834 | 155,402 | 173,557 | 239,099 | |||||||||||||||
Commercial acquisition and development | 206,516 | 222,460 | 244,950 | 250,658 | 260,787 | |||||||||||||||
Residential acquisition and development | 376,730 | 393,090 | 419,811 | 455,607 | 522,870 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total outstanding balance | $ | 976,694 | $ | 1,060,675 | $ | 1,117,335 | $ | 1,174,743 | $ | 1,335,836 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Nonaccrual CAD Loans | ||||||||||||||||||||
Multi-family construction | $ | — | $ | 9,174 | $ | 8,352 | $ | 12,517 | $ | 10,668 | ||||||||||
One-to-four family construction | 17,937 | 24,537 | 33,570 | 23,794 | 27,476 | |||||||||||||||
Recreation and all other loans | 712 | 774 | 708 | 481 | 1,020 | |||||||||||||||
Commercial construction | 10,159 | 16,618 | 20,889 | 34,710 | 28,712 | |||||||||||||||
Commercial acquisition and development | 31,862 | 37,207 | 47,200 | 29,658 | 34,438 | |||||||||||||||
Residential acquisition and development | 110,896 | 112,124 | 114,128 | 110,387 | 129,673 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total nonaccrual CAD loans | 171,566 | 200,434 | 224,847 | 211,547 | 231,987 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
CAD Loans 90+ Days Past Due, Still Accruing: | ||||||||||||||||||||
Multi-family construction | — | — | — | — | — | |||||||||||||||
One-to-four family construction | 211 | — | — | — | — | |||||||||||||||
Recreation and all other loans | — | 2 | 2 | — | — | |||||||||||||||
Commercial construction | — | — | — | 195 | — | |||||||||||||||
Commercial acquisition and development | — | — | — | — | 150 | |||||||||||||||
Residential acquisition and development | 79 | 430 | 17 | 2 | 376 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total CAD loans 90+ days past due, still accruing | 290 | 432 | 19 | 197 | 526 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Restructured CAD Loans, Still Accruing | ||||||||||||||||||||
Multi-family construction | — | — | — | — | — | |||||||||||||||
One-to-four family construction | 321 | 1,697 | 113 | 63 | 417 | |||||||||||||||
Recreation and all other loans | 24 | 24 | — | — | — | |||||||||||||||
Commercial construction | — | — | — | — | 2,244 | |||||||||||||||
Commercial acquisition and development | 1,415 | 1,415 | 834 | 604 | 1,735 | |||||||||||||||
Residential acquisition and development | 410 | 2,274 | 3,408 | 1,495 | 7,290 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total restructured CAD loans, still accruing | 2,170 | 5,410 | 4,355 | 2,162 | 11,686 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Non-performing CAD loans | $ | 174,026 | $ | 206,276 | $ | 229,221 | $ | 213,906 | $ | 244,199 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
CAD NPL as a % of Outstanding CAD Balance | ||||||||||||||||||||
Multi-family construction | — | 48.0 | % | 39.7 | % | 44.7 | % | 37.4 | % | |||||||||||
One-to-four family construction | 10.2 | % | 13.2 | % | 15.9 | % | 10.9 | % | 11.6 | % | ||||||||||
Recreation and all other loans | 1.2 | % | 1.2 | % | 1.1 | % | 1.0 | % | 2.3 | % | ||||||||||
Commercial construction | 7.2 | % | 10.3 | % | 13.4 | % | 20.1 | % | 12.9 | % | ||||||||||
Commercial acquisition and development | 16.1 | % | 17.4 | % | 19.6 | % | 12.1 | % | 13.9 | % | ||||||||||
Residential acquisition and development | 29.6 | % | 29.2 | % | 28.0 | % | 24.6 | % | 26.3 | % | ||||||||||
Total CAD NPL as a % of outstanding CAD balance | 17.8 | % | 19.4 | % | 20.5 | % | 18.2 | % | 18.3 | % |
- MORE -
BXS Announces Third Quarter Results
Page 14
October 24, 2011
BancorpSouth, Inc.
Selected Loan Data
(Dollars in thousands)
(Unaudited)
September 30, 2011 | ||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | Impaired | Total | ||||||||||||||||||||||
LOAN PORTFOLIO BY INTERNALLY ASSIGNED GRADE: | ||||||||||||||||||||||||||||
Commercial and industrial | $ | 1,448,253 | $ | 2,657 | $ | 44,873 | $ | 1,049 | $ | 558 | $ | 6,001 | $ | 1,503,391 | ||||||||||||||
Real estate | ||||||||||||||||||||||||||||
Consumer mortgages | 1,781,174 | 11,819 | 137,284 | 5,057 | 83 | 30,707 | 1,966,124 | |||||||||||||||||||||
Home equity | 503,067 | 309 | 16,058 | 1,002 | 1,068 | 1,526 | 523,030 | |||||||||||||||||||||
Agricultural | 224,247 | 2,436 | 18,815 | — | — | 4,217 | 249,715 | |||||||||||||||||||||
Commercial and industrial-owner occupied | 1,206,806 | 17,006 | 82,588 | 865 | — | 22,379 | 1,329,644 | |||||||||||||||||||||
Construction, acquisition and development | 653,635 | 18,221 | 134,932 | 1,782 | 123 | 168,001 | 976,694 | |||||||||||||||||||||
Commercial | 1,537,944 | 26,151 | 162,076 | — | — | 45,832 | 1,772,003 | |||||||||||||||||||||
Credit cards | 102,873 | 11 | 158 | 190 | — | — | 103,232 | |||||||||||||||||||||
All other | 610,381 | 108 | 19,857 | 483 | 17 | 1,226 | 632,072 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total loans | $ | 8,068,380 | $ | 78,718 | $ | 616,641 | $ | 10,428 | $ | 1,849 | $ | 279,889 | $ | 9,055,905 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- MORE -
BXS Announces Third Quarter Results
Page 15
October 24, 2011
BancorpSouth, Inc.
Selected Loan Data
(Dollars in thousands)
(Unaudited)
As of | ||||||||||||||||||||
Sep-11 | Jun-11 | Mar-11 | Dec-10 | Sep-10 | ||||||||||||||||
Unpaid principal balance of impaired loans | $ | 342,839 | $ | 374,760 | $ | 423,497 | $ | 345,377 | $ | 311,941 | ||||||||||
Cumulative charge-offs on impaired loans | 62,950 | 71,103 | 84,676 | 71,972 | 69,783 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Impaired nonaccrual loan and lease outstanding balance | 279,889 | 303,657 | 338,821 | 273,405 | 242,158 | |||||||||||||||
Other non-accrual loans and leases not impaired | 34,590 | 27,419 | 31,905 | 74,094 | 105,023 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total non-accrual loans and leases | $ | 314,479 | $ | 331,076 | $ | 370,726 | $ | 347,499 | $ | 347,181 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Allowance for impaired loans | 38,657 | 46,810 | 49,419 | 40,719 | 43,584 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Nonaccrual loans and leases, net of specific reserves | $ | 275,822 | $ | 284,266 | $ | 321,307 | $ | 306,780 | $ | 303,597 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Loans and leases 90+ days past due, still accruing | 7,354 | 3,980 | 4,829 | 8,500 | 9,910 | |||||||||||||||
Restructured loans and leases, still accruing | 40,966 | 44,786 | 49,472 | 38,376 | 52,325 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total non-performing loans and leases | $ | 362,799 | $ | 379,842 | $ | 425,027 | $ | 394,375 | $ | 409,416 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Allowance for impaired loans | $ | 38,657 | $ | 46,810 | $ | 49,419 | $ | 40,719 | $ | 43,584 | ||||||||||
Allowance for all other loans and leases | 161,029 | 150,817 | 148,914 | 156,194 | 161,497 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total allowance for credit losses | $ | 199,686 | $ | 197,627 | $ | 198,333 | $ | 196,913 | $ | 205,081 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Outstanding balance of impaired loans | $ | 279,889 | $ | 303,657 | $ | 338,821 | $ | 273,405 | $ | 242,158 | ||||||||||
Allowance for impaired loans | 38,657 | 46,810 | 49,419 | 40,719 | 43,584 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net book value of impaired loans | $ | 241,232 | $ | 256,847 | $ | 289,402 | $ | 232,686 | $ | 198,574 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net book value of impaired loans as a % of unpaid principal balance | 70 | % | 69 | % | 68 | % | 67 | % | 64 | % | ||||||||||
Coverage of other non-accrual loans and leases not impaired by the allowance for all other loans and leases | 466 | % | 550 | % | 467 | % | 211 | % | 154 | % | ||||||||||
Coverage of non-performing loans and leases not impaired by the allowance for all other loans and leases | 194 | % | 198 | % | 173 | % | 129 | % | 97 | % |
- MORE -
BXS Announces Third Quarter Results
Page 16
October 24, 2011
BancorpSouth, Inc.
Geographical Information
(Dollars in thousands)
(Unaudited)
Alabama and Florida Panhandle | Arkansas | Mississippi | Missouri | Greater Memphis Area | Northeast Tennessee | Texas and Louisiana | Other | Total | ||||||||||||||||||||||||||||
LOAN AND LEASE PORTFOLIO: | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 57,232 | $ | 217,374 | $ | 316,622 | $ | 56,125 | $ | 24,346 | $ | 87,484 | $ | 271,249 | $ | 472,959 | $ | 1,503,391 | ||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||||||
Consumer mortgages | 112,812 | 276,618 | 771,982 | 60,469 | 86,473 | 162,699 | 421,824 | 73,247 | 1,966,124 | |||||||||||||||||||||||||||
Home equity | 60,795 | 42,713 | 177,310 | 27,855 | 72,339 | 77,632 | 62,598 | 1,788 | 523,030 | |||||||||||||||||||||||||||
Agricultural | 6,563 | 72,995 | 74,385 | 4,883 | 11,760 | 13,871 | 59,692 | 5,566 | 249,715 | |||||||||||||||||||||||||||
Commercial and industrial-owner occupied | 118,204 | 169,721 | 461,948 | 69,369 | 108,567 | 98,464 | 243,305 | 60,066 | 1,329,644 | |||||||||||||||||||||||||||
Construction, acquisition and development | 124,744 | 78,979 | 259,405 | 71,312 | 109,470 | 115,452 | 206,783 | 10,549 | 976,694 | |||||||||||||||||||||||||||
Commercial | 198,358 | 349,499 | 354,536 | 233,105 | 121,314 | 107,041 | 361,443 | 46,707 | 1,772,003 | |||||||||||||||||||||||||||
Credit cards | — | — | — | — | — | — | — | 103,232 | 103,232 | |||||||||||||||||||||||||||
All other | 14,398 | 43,002 | 78,744 | 623 | 42,252 | 25,797 | 30,369 | 396,887 | 632,072 | |||||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total loans | $ | 693,106 | $ | 1,250,901 | $ | 2,494,932 | $ | 523,741 | $ | 576,521 | $ | 688,440 | $ | 1,657,263 | $ | 1,171,001 | $ | 9,055,905 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
CAD PORTFOLIO: | ||||||||||||||||||||||||||||||||||||
Multi-family construction | $ | — | $ | — | $ | 11 | $ | 8,771 | $ | 689 | $ | 416 | $ | 350 | $ | 112 | $ | 10,349 | ||||||||||||||||||
One-to-four family construction | 31,513 | 13,118 | 45,489 | 9,853 | 11,128 | 33,145 | 35,240 | 1,959 | 181,445 | |||||||||||||||||||||||||||
Recreation and all other loans | 1,397 | 10,127 | 28,676 | 566 | 2,812 | 959 | 15,887 | 660 | 61,084 | |||||||||||||||||||||||||||
Commercial construction | 17,726 | 6,611 | 36,579 | 11,698 | 10,545 | 21,952 | 33,941 | 1,518 | 140,570 | |||||||||||||||||||||||||||
Commercial acquisition and development | 11,844 | 19,711 | 56,667 | 15,847 | 33,689 | 24,410 | 42,117 | 2,231 | 206,516 | |||||||||||||||||||||||||||
Residential acquisition and development | 62,264 | 29,412 | 91,983 | 24,577 | 50,607 | 34,570 | 79,248 | 4,069 | 376,730 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total CAD loans | $ | 124,744 | $ | 78,979 | $ | 259,405 | $ | 71,312 | $ | 109,470 | $ | 115,452 | $ | 206,783 | $ | 10,549 | $ | 976,694 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
NON-PERFORMING LOANS AND LEASES: | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 2,724 | $ | 1,971 | $ | 798 | $ | 1,859 | $ | 489 | $ | 316 | $ | 3,197 | $ | 2,878 | $ | 14,232 | ||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||||||
Consumer mortgages | 5,378 | 4,396 | 10,138 | 4,610 | 2,903 | 8,129 | 5,982 | 8,798 | 50,334 | |||||||||||||||||||||||||||
Home equity | 701 | — | 212 | — | 1,189 | 531 | 134 | 1 | 2,768 | |||||||||||||||||||||||||||
Agricultural | 654 | 760 | 1,226 | 1,316 | 2,819 | 264 | 100 | 2 | 7,141 | |||||||||||||||||||||||||||
Commercial and industrial-owner occupied | 4,127 | 8,975 | 6,575 | 3,714 | 4,842 | 3,256 | 1,342 | 1,403 | 34,234 | |||||||||||||||||||||||||||
Construction, acquisition and development | 45,889 | 7,380 | 11,073 | 15,564 | 34,112 | 21,064 | 38,944 | — | 174,026 | |||||||||||||||||||||||||||
Commercial | 5,607 | 2,672 | 15,535 | 22,534 | �� | 10,910 | 5,354 | 3,054 | 650 | 66,316 | ||||||||||||||||||||||||||
Credit cards | — | — | — | — | — | — | — | 3,403 | 3,403 | |||||||||||||||||||||||||||
All other | 1,389 | 2,379 | 4,038 | — | — | 1,234 | — | 1,305 | 10,345 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total loans | $ | 66,469 | $ | 28,533 | $ | 49,595 | $ | 49,597 | $ | 57,264 | $ | 40,148 | $ | 52,753 | $ | 18,440 | $ | 362,799 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- MORE -
BXS Announces Third Quarter Results
Page 17
October 24, 2011
BancorpSouth, Inc.
Selected Additional Information
(Dollars in thousands)
(Unaudited)
September 30, 2011 | ||||||||||||||||||||||||||||||||||||
Alabama and Florida Panhandle | Arkansas | Mississippi | Missouri | Greater Memphis Area | Northeast Tennessee | Texas and Louisiana | Other | Total | ||||||||||||||||||||||||||||
OTHER REAL ESTATE OWNED: | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 439 | $ | 17 | $ | — | $ | — | $ | 946 | $ | — | $ | — | $ | — | $ | 1,402 | ||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||||||
Consumer mortgages | 5,368 | 475 | 3,533 | — | 5,259 | 2,090 | 821 | 1,976 | 19,522 | |||||||||||||||||||||||||||
Home equity | — | 63 | 155 | — | — | 368 | 100 | — | 686 | |||||||||||||||||||||||||||
Agricultural | 951 | — | 968 | — | 4,233 | — | 78 | — | 6,230 | |||||||||||||||||||||||||||
Commercial and industrial-owner occupied | 1,093 | 109 | 2,216 | 77 | 3,225 | 525 | 378 | — | 7,623 | |||||||||||||||||||||||||||
Construction, acquisition and development | 11,355 | 2,384 | 18,890 | 2,706 | 70,189 | 6,072 | 2,998 | — | 114,594 | |||||||||||||||||||||||||||
Commercial | 2,939 | 1,631 | 1,266 | 451 | 2,601 | 848 | 234 | — | 9,970 | |||||||||||||||||||||||||||
All other | 68 | 87 | 276 | 195 | 1,980 | — | 53 | — | 2,659 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total loans | $ | 22,213 | $ | 4,766 | $ | 27,304 | $ | 3,429 | $ | 88,433 | $ | 9,903 | $ | 4,662 | $ | 1,976 | $ | 162,686 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended | ||||||||||||||||||||
Sep-11 | Jun-11 | Mar-11 | Dec-10 | Sep-10 | ||||||||||||||||
OTHER REAL ESTATE OWNED: | ||||||||||||||||||||
Balance, beginning of period | $ | 151,204 | $ | 136,412 | $ | 133,412 | $ | 82,647 | $ | 67,560 | ||||||||||
Additions to foreclosed properties | ||||||||||||||||||||
New foreclosed property | 29,063 | 38,199 | 21,464 | 62,683 | 30,008 | |||||||||||||||
Reductions in foreclosed properties | ||||||||||||||||||||
Sales | (13,136 | ) | (21,135 | ) | (13,528 | ) | (8,528 | ) | (12,356 | ) | ||||||||||
Writedowns | (4,445 | ) | (2,272 | ) | (4,936 | ) | (3,390 | ) | (2,565 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Balance, end of period | $ | 162,686 | $ | 151,204 | $ | 136,412 | $ | 133,412 | $ | 82,647 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
FORECLOSED PROPERTY EXPENSE | ||||||||||||||||||||
Loss on sale of other real estate owned | $ | 16 | $ | (140 | ) | $ | 492 | $ | 807 | $ | 1,501 | |||||||||
Writedown of other real estate owned | 4,445 | 2,272 | 4,936 | 3,390 | 2,565 | |||||||||||||||
Other foreclosed property expense | 1,655 | 1,633 | 1,654 | 1,895 | 846 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total foreclosed property expense | $ | 6,116 | $ | 3,765 | $ | 7,082 | $ | 6,092 | $ | 4,912 | ||||||||||
|
|
|
|
|
|
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|
- MORE -
BXS Announces Third Quarter Results
Page 18
October 24, 2011
BancorpSouth, Inc.
Noninterest Revenue and Expense
(Dollars in thousands)
(Unaudited)
Quarter Ended | ||||||||||||||||||||
Sep-11 | Jun-11 | Mar-11 | Dec-10 | Sep-10 | ||||||||||||||||
NONINTEREST REVENUE: | ||||||||||||||||||||
Mortgage lending | $ | (1,443 | ) | $ | 2,003 | $ | 7,581 | $ | 18,126 | $ | 8,898 | |||||||||
Credit card, debit card and merchant fees | 12,981 | 11,263 | 10,346 | 9,951 | 9,569 | |||||||||||||||
Service charges | 17,334 | 16,556 | 15,368 | 16,854 | 18,621 | |||||||||||||||
Trust income | 2,854 | 2,850 | 3,134 | 3,072 | 2,783 | |||||||||||||||
Securities gains (losses), net | 2,047 | 10,045 | 17 | (470 | ) | 2,327 | ||||||||||||||
Insurance commissions | 22,012 | 22,941 | 22,549 | 18,013 | 20,825 | |||||||||||||||
Annuity fees | 552 | 1,094 | 1,296 | 458 | 537 | |||||||||||||||
Brokerage commissions and fees | 1,627 | 1,437 | 1,638 | 1,436 | 1,340 | |||||||||||||||
Bank-owned life insurance | 1,734 | 2,223 | 1,699 | 2,303 | 1,793 | |||||||||||||||
Other miscellaneous income | 2,357 | 4,732 | 4,683 | 4,231 | 3,059 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total noninterest revenue | $ | 62,055 | $ | 75,144 | $ | 68,311 | $ | 73,974 | $ | 69,752 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
NONINTEREST EXPENSE: | ||||||||||||||||||||
Salaries and employee benefits | $ | 71,851 | $ | 70,142 | $ | 70,375 | $ | 65,980 | $ | 68,232 | ||||||||||
Occupancy, net of rental income | 11,144 | 10,232 | 10,671 | 10,668 | 11,038 | |||||||||||||||
Equipment | 5,346 | 5,595 | 5,658 | 5,459 | 5,523 | |||||||||||||||
Deposit insurance assessments | 3,781 | 6,436 | 5,425 | 5,895 | 4,752 | |||||||||||||||
Prepayment penalty on FHLB borrowings | — | 9,778 | — | — | — | |||||||||||||||
Advertising | 1,140 | 1,291 | 889 | 1,760 | 1,742 | |||||||||||||||
Foreclosed property expense | 6,116 | 3,765 | 7,082 | 6,092 | 4,912 | |||||||||||||||
Telecommunications | 2,097 | 2,036 | 2,143 | 2,148 | 2,624 | |||||||||||||||
Public relations | 1,415 | 1,554 | 1,514 | 1,361 | 1,423 | |||||||||||||||
Data processing | 2,614 | 2,365 | 2,301 | 1,428 | 1,576 | |||||||||||||||
Computer software | 1,863 | 1,899 | 1,848 | 1,937 | 1,793 | |||||||||||||||
Amortization of intangibles | 823 | 833 | 854 | 950 | 961 | |||||||||||||||
Legal | 1,586 | 1,095 | 2,586 | 1,872 | 1,727 | |||||||||||||||
Postage and shipping | 1,182 | 1,171 | 1,297 | 1,269 | 1,237 | |||||||||||||||
Other miscellaneous expense | 19,740 | 18,877 | 17,367 | 16,628 | 15,547 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total noninterest expense | $ | 130,698 | $ | 137,069 | $ | 130,010 | $ | 123,447 | $ | 123,087 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INSURANCE COMMISSIONS: | ||||||||||||||||||||
Property and casualty commissions | $ | 16,226 | $ | 16,527 | $ | 13,683 | $ | 13,304 | $ | 15,795 | ||||||||||
Life and health commissions | 4,359 | 4,301 | 4,477 | 3,627 | 3,717 | |||||||||||||||
Risk management income | 703 | 596 | 713 | 617 | 812 | |||||||||||||||
Other | 724 | 1,517 | 3,676 | 465 | 501 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total insurance commissions | $ | 22,012 | $ | 22,941 | $ | 22,549 | $ | 18,013 | $ | 20,825 | ||||||||||
|
|
|
|
|
|
|
|
|
|
- MORE -
BXS Announces Third Quarter Results
Page 19
October 24, 2011
BancorpSouth, Inc.
Selected Additional Information
(Dollars in thousands)
(Unaudited)
Quarter Ended | ||||||||||||||||||||
Sep-11 | Jun-11 | Mar-11 | Dec-10 | Sep-10 | ||||||||||||||||
MORTGAGE SERVICING RIGHTS: | ||||||||||||||||||||
Fair value, beginning of period | $ | 39,455 | $ | 42,306 | $ | 38,642 | $ | 26,901 | $ | 29,363 | ||||||||||
Additions to mortgage servicing rights: | ||||||||||||||||||||
Originations of servicing assets | 3,127 | 2,380 | 2,431 | 4,725 | 4,314 | |||||||||||||||
Changes in fair value: | ||||||||||||||||||||
Due to payoffs/paydowns | (1,745 | ) | (1,390 | ) | (1,300 | ) | (1,881 | ) | (2,164 | ) | ||||||||||
Due to change in valuation inputs or assumptions used in the valuation model | (11,676 | ) | (3,839 | ) | 2,540 | 8,895 | (4,609 | ) | ||||||||||||
Other changes in fair value | (2 | ) | (2 | ) | (7 | ) | 2 | (3 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Fair value, end of period | $ | 29,159 | $ | 39,455 | $ | 42,306 | $ | 38,642 | $ | 26,901 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
MORTGAGE LENDING REVENUE: | ||||||||||||||||||||
Production revenue: | ||||||||||||||||||||
Origination | $ | 8,688 | $ | 4,066 | $ | 3,224 | $ | 7,942 | $ | 12,735 | ||||||||||
Servicing | 3,290 | 3,166 | 3,117 | 3,170 | 2,936 | |||||||||||||||
Payoffs/Paydowns | (1,745 | ) | (1,390 | ) | (1,300 | ) | (1,881 | ) | (2,164 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total production revenue | 10,233 | 5,842 | 5,041 | 9,231 | 13,507 | |||||||||||||||
Market value adjustment | (11,676 | ) | (3,839 | ) | 2,540 | 8,895 | (4,609 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total mortgage lending revenue | $ | (1,443 | ) | $ | 2,003 | $ | 7,581 | $ | 18,126 | $ | 8,898 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
HELD-TO-MATURITY SECURITIES, at amortized cost | ||||||||||||||||||||
U.S. Government agencies | $ | — | $ | — | $ | 1,278,185 | $ | 1,246,649 | $ | 988,666 | ||||||||||
Obligations of states and political subdivisions | — | — | 389,018 | 366,370 | 369,222 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total held-to-maturity securities | $ | — | $ | — | $ | 1,667,203 | $ | 1,613,019 | $ | 1,357,888 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
AVAILABLE-FOR-SALE SECURITIES, at fair value | ||||||||||||||||||||
U.S. Government agencies | $ | 1,497,456 | $ | 1,599,231 | $ | 459,763 | $ | 433,158 | $ | 440,442 | ||||||||||
Government agency issued residential mortgage-back securities | 420,689 | 430,402 | 529,302 | 503,229 | 320,471 | |||||||||||||||
Government agency issued commercial mortgage-back securities | 34,475 | 31,627 | 30,938 | 29,994 | 25,982 | |||||||||||||||
Obligations of states and political subdivisions | 519,431 | 486,653 | 111,380 | 110,165 | 108,958 | |||||||||||||||
Collateralized debt obligations | — | — | — | — | 576 | |||||||||||||||
Other | 9,504 | 12,911 | 14,080 | 19,516 | 19,448 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total available-for-sale securities | $ | 2,481,555 | $ | 2,560,824 | $ | 1,145,463 | $ | 1,096,062 | $ | 915,877 | ||||||||||
|
|
|
|
|
|
|
|
|
|
- MORE -
BXS Announces Third Quarter Results
Page 20
October 24, 2011
BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(Dollars in thousands)
(Unaudited)
Quarter Ended September 30, 2011 | ||||||||||||
(Taxable equivalent basis) | Average Balance | Interest | Yield/ Rate | |||||||||
ASSETS | ||||||||||||
Loans, loans held for sale, and leases net of unearned income | $ | 9,200,439 | $ | 115,605 | 4.99 | % | ||||||
Available-for-sale securities: | ||||||||||||
Taxable | 2,123,772 | 13,283 | 2.48 | % | ||||||||
Tax-exempt | 405,710 | 6,354 | 6.21 | % | ||||||||
Short-term investments | 309,146 | 203 | 0.26 | % | ||||||||
|
|
|
| |||||||||
Total interest earning assets and revenue | 12,039,067 | 135,445 | 4.46 | % | ||||||||
Other assets | 1,340,797 | |||||||||||
Less: allowance for credit losses | (205,209 | ) | ||||||||||
|
| |||||||||||
Total | $ | 13,174,655 | ||||||||||
|
| |||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
Deposits: | ||||||||||||
Demand—interest bearing | $ | 4,789,462 | $ | 5,323 | 0.44 | % | ||||||
Savings | 957,871 | 828 | 0.34 | % | ||||||||
Other time | 3,246,332 | 14,837 | 1.81 | % | ||||||||
Short-term borrowings | 458,199 | 112 | 0.10 | % | ||||||||
Junior subordinated debt | 160,312 | 2,861 | 7.08 | % | ||||||||
Long-term debt | 34,984 | 361 | 4.09 | % | ||||||||
|
|
|
| |||||||||
Total interest bearing liabilities and expense | 9,647,160 | 24,322 | 1.00 | % | ||||||||
Demand deposits—noninterest bearing | 2,147,707 | |||||||||||
Other liabilities | 127,973 | |||||||||||
|
| |||||||||||
Total liabilities | 11,922,840 | |||||||||||
Shareholders’ equity | 1,251,815 | |||||||||||
|
| |||||||||||
Total | $ | 13,174,655 | ||||||||||
|
|
|
| |||||||||
Net interest revenue | $ | 111,123 | ||||||||||
|
| |||||||||||
Net interest margin | 3.66 | % | ||||||||||
Net interest rate spread | 3.46 | % | ||||||||||
Interest bearing liabilities to interest earning assets | 80.13 | % | ||||||||||
Net interest tax equivalent adjustment | $ | 3,048 |
- MORE -
BXS Announces Third Quarter Results
Page 21
October 24, 2011
BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(Dollars in thousands)
(Unaudited)
Quarter Ended June 30, 2011 | ||||||||||||
(Taxable equivalent basis) | Average Balance | Interest | Yield/ Rate | |||||||||
ASSETS | ||||||||||||
Loans, loans held for sale, and leases net of unearned income | $ | 9,293,831 | $ | 118,284 | 5.10 | % | ||||||
Held-to-maturity securities: | ||||||||||||
Taxable | 887,767 | 5,143 | 2.32 | % | ||||||||
Tax-exempt | 209,795 | 3,523 | 6.74 | % | ||||||||
Available-for-sale securities: | ||||||||||||
Taxable | 1,432,822 | 10,485 | 2.94 | % | ||||||||
Tax-exempt | 176,898 | 2,879 | 6.53 | % | ||||||||
Short-term investments | 226,638 | 160 | 0.28 | % | ||||||||
|
|
|
| |||||||||
Total interest earning assets and revenue | 12,227,751 | 140,474 | 4.61 | % | ||||||||
Other assets | 1,350,777 | |||||||||||
Less: allowance for credit losses | (212,968 | ) | ||||||||||
|
| |||||||||||
Total | $ | 13,365,560 | ||||||||||
|
| |||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
Deposits: | ||||||||||||
Demand—interest bearing | $ | 4,977,764 | $ | 6,040 | 0.49 | % | ||||||
Savings | 941,169 | 810 | 0.35 | % | ||||||||
Other time | 3,418,741 | 16,284 | 1.91 | % | ||||||||
Short-term borrowings | 425,666 | 155 | 0.15 | % | ||||||||
Junior subordinated debt | 160,312 | 2,860 | 7.16 | % | ||||||||
Long-term debt | 89,395 | 1,174 | 5.27 | % | ||||||||
|
|
|
|
|
| |||||||
Total interest bearing liabilities and expense | 10,013,047 | 27,323 | 1.09 | % | ||||||||
Demand deposits—noninterest bearing | 2,018,197 | |||||||||||
Other liabilities | 112,035 | |||||||||||
|
| |||||||||||
Total liabilities | 12,143,279 | |||||||||||
Shareholders’ equity | 1,222,281 | |||||||||||
|
| |||||||||||
Total | $ | 13,365,560 | ||||||||||
|
|
|
| |||||||||
Net interest revenue | $ | 113,151 | ||||||||||
|
| |||||||||||
Net interest margin | 3.71 | % | ||||||||||
Net interest rate spread | 3.51 | % | ||||||||||
Interest bearing liabilities to interest earning assets | 81.89 | % | ||||||||||
Net interest tax equivalent adjustment | $ | 3,239 |
- MORE -
BXS Announces Third Quarter Results
Page 22
October 24, 2011
BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(Dollars in thousands)
(Unaudited)
Quarter Ended March 31, 2011 | ||||||||||||
(Taxable equivalent basis) | Average Balance | Interest | Yield/ Rate | |||||||||
ASSETS | ||||||||||||
Loans, loans held for sale, and leases net of unearned income | $ | 9,339,083 | $ | 118,648 | 5.15 | % | ||||||
Held-to-maturity securities: | ||||||||||||
Taxable | 1,322,668 | 8,124 | 2.49 | % | ||||||||
Tax-exempt | 330,616 | 5,150 | 6.32 | % | ||||||||
Available-for-sale securities: | ||||||||||||
Taxable | 1,014,404 | 8,585 | 3.43 | % | ||||||||
Tax-exempt | 70,727 | 1,267 | 7.27 | % | ||||||||
Short-term investments | 317,271 | 253 | 0.32 | % | ||||||||
|
|
|
| |||||||||
Total interest earning assets and revenue | 12,394,769 | 142,026 | 4.65 | % | ||||||||
Other assets | 1,363,101 | |||||||||||
Less: allowance for credit losses | (218,107 | ) | ||||||||||
|
| |||||||||||
Total | $ | 13,539,763 | ||||||||||
|
| |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||
Deposits: | ||||||||||||
Demand—interest bearing | $ | 5,153,063 | $ | 6,546 | 0.52 | % | ||||||
Savings | 897,312 | 826 | 0.37 | % | ||||||||
Other time | 3,553,543 | 17,483 | 2.00 | % | ||||||||
Short-term borrowings | 433,743 | 193 | 0.18 | % | ||||||||
Junior subordinated debt | 160,312 | 2,859 | 7.23 | % | ||||||||
Long-term debt | 110,000 | 1,484 | 5.47 | % | ||||||||
|
|
|
| |||||||||
Total interest bearing liabilities and expense | 10,307,973 | 29,391 | 1.16 | % | ||||||||
Demand deposits—noninterest bearing | 1,893,720 | |||||||||||
Other liabilities | 118,671 | |||||||||||
|
| |||||||||||
Total liabilities | 12,320,364 | |||||||||||
Shareholders' equity | 1,219,399 | |||||||||||
|
| |||||||||||
Total | $ | 13,539,763 | ||||||||||
|
|
|
| |||||||||
Net interest revenue | $ | 112,635 | ||||||||||
|
| |||||||||||
Net interest margin | 3.69 | % | ||||||||||
Net interest rate spread | 3.49 | % | ||||||||||
Interest bearing liabilities to interest earning assets | 83.16 | % | ||||||||||
Net interest tax equivalent adjustment | $ | 3,199 |
- MORE -
BXS Announces Third Quarter Results
Page 23
October 24, 2011
BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(Dollars in thousands)
(Unaudited)
Quarter Ended December 31, 2010 | ||||||||||||
(Taxable equivalent basis) | Average Balance | Interest | Yield/ Rate | |||||||||
ASSETS | ||||||||||||
Loans, loans held for sale, and leases net of unearned income | $ | 9,509,949 | $ | 123,491 | 5.15 | % | ||||||
Held-to-maturity securities: | ||||||||||||
Taxable | 1,154,939 | 8,600 | 2.95 | % | ||||||||
Tax-exempt | 281,283 | 4,542 | 6.41 | % | ||||||||
Available-for-sale securities: | ||||||||||||
Taxable | 923,085 | 7,836 | 3.37 | % | ||||||||
Tax-exempt | 72,921 | 1,254 | 6.82 | % | ||||||||
Short-term investments | 568,528 | 391 | 0.27 | % | ||||||||
|
|
|
| |||||||||
Total interest earning assets and revenue | 12,510,705 | 146,114 | 4.63 | % | ||||||||
Other assets | 1,263,611 | |||||||||||
Less: allowance for credit losses | (215,278 | ) | ||||||||||
|
| |||||||||||
Total | $ | 13,559,038 | ||||||||||
|
| |||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
Deposits: | ||||||||||||
Demand—interest bearing | $ | 4,740,734 | $ | 7,462 | 0.62 | % | ||||||
Savings | 831,805 | 891 | 0.42 | % | ||||||||
Other time | 3,745,046 | 19,827 | 2.10 | % | ||||||||
Short-term borrowings | 623,862 | 275 | 0.17 | % | ||||||||
Junior subordinated debt | 160,312 | 2,864 | 7.09 | % | ||||||||
Long-term debt | 110,000 | 1,485 | 5.36 | % | ||||||||
|
|
|
| |||||||||
Total interest bearing liabilities and expense | 10,211,759 | 32,804 | 1.27 | % | ||||||||
Demand deposits—noninterest bearing | 1,975,318 | |||||||||||
Other liabilities | 146,447 | |||||||||||
|
| |||||||||||
Total liabilities | 12,333,524 | |||||||||||
Shareholders’ equity | 1,225,514 | |||||||||||
|
| |||||||||||
Total | $ | 13,559,038 | ||||||||||
|
|
|
| |||||||||
Net interest revenue | $ | 113,310 | ||||||||||
|
| |||||||||||
Net interest margin | 3.59 | % | ||||||||||
Net interest rate spread | 3.36 | % | ||||||||||
Interest bearing liabilities to interest earning assets | 81.62 | % | ||||||||||
Net interest tax equivalent adjustment | $ | 3,057 |
- MORE -
BXS Announces Third Quarter Results
Page 24
October 24, 2011
BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(Dollars in thousands)
(Unaudited)
Quarter Ended September 30, 2010 | ||||||||||||
(Taxable equivalent basis) | Average Balance | Interest | Yield/ Rate | |||||||||
ASSETS | ||||||||||||
Loans, loans held for sale, and leases net of unearned income | $ | 9,682,146 | $ | 125,211 | 5.13 | % | ||||||
Held-to-maturity securities: | ||||||||||||
Taxable | 993,494 | 9,119 | 3.64 | % | ||||||||
Tax-exempt | 230,182 | 3,975 | 6.85 | % | ||||||||
Available-for-sale securities: | ||||||||||||
Taxable | 847,942 | 7,782 | 3.64 | % | ||||||||
Tax-exempt | 69,735 | 1,225 | 6.97 | % | ||||||||
Short-term investments | 442,927 | 292 | 0.26 | % | ||||||||
|
|
|
| |||||||||
Total interest earning assets and revenue | 12,266,426 | 147,604 | 4.77 | % | ||||||||
Other assets | 1,265,657 | |||||||||||
Less: allowance for credit losses | (227,201 | ) | ||||||||||
|
| |||||||||||
Total | $ | 13,304,882 | ||||||||||
|
| |||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
Deposits: | ||||||||||||
Demand—interest bearing | $ | 4,651,166 | $ | 8,582 | 0.73 | % | ||||||
Savings | 786,267 | 881 | 0.44 | % | ||||||||
Other time | 3,829,068 | 21,108 | 2.19 | % | ||||||||
Short-term borrowings | 483,651 | 257 | 0.21 | % | ||||||||
Junior subordinated debt | 160,312 | 2,880 | 7.13 | % | ||||||||
Long-term debt | 110,734 | 1,499 | 5.37 | % | ||||||||
|
|
|
| |||||||||
Total interest bearing liabilities and expense | 10,021,198 | 35,207 | 1.39 | % | ||||||||
Demand deposits—noninterest bearing | 1,911,125 | |||||||||||
Other liabilities | 143,413 | |||||||||||
|
| |||||||||||
Total liabilities | 12,075,736 | |||||||||||
Shareholders’ equity | 1,229,146 | |||||||||||
|
| |||||||||||
Total | $ | 13,304,882 | ||||||||||
|
|
|
| |||||||||
Net interest revenue | $ | 112,397 | ||||||||||
|
| |||||||||||
Net interest margin | 3.64 | % | ||||||||||
Net interest rate spread | 3.38 | % | ||||||||||
Interest bearing liabilities to interest earning assets | 81.70 | % | ||||||||||
Net interest tax equivalent adjustment | $ | 2,719 |
- MORE -
BXS Announces Third Quarter Results
Page 25
October 24, 2011
BancorpSouth, Inc.
Reconciliation of Non-GAAP Measures
(Dollars in thousands)
(Unaudited)
Reconciliation of Tangible Assets and Tangible Shareholders’ Equity to
Total Assets and Total Shareholders’ Equity (a):
September 30, | June 30, | |||||||||||
2011 | 2010 | 2011 | ||||||||||
Tangible assets | ||||||||||||
Total assets | $ | 13,198,518 | $ | 13,583,016 | $ | 13,367,050 | ||||||
Less: Goodwill | 271,297 | 270,097 | 271,297 | |||||||||
Other identifiable intangible assets | 17,426 | 20,573 | 18,249 | |||||||||
|
|
|
|
|
| |||||||
Total tangible assets | $ | 12,909,795 | $ | 13,292,346 | $ | 13,077,504 | ||||||
Tangible shareholders’ equity | ||||||||||||
Total shareholders’ equity | $ | 1,266,753 | $ | 1,235,705 | $ | 1,246,703 | ||||||
Less: Goodwill | 271,297 | 270,097 | 271,297 | |||||||||
Other identifiable intangible assets | 17,426 | 20,573 | 18,249 | |||||||||
|
|
|
|
|
| |||||||
Total tangible shareholders’ equity | $ | 978,030 | $ | 945,035 | $ | 957,157 | ||||||
Tangible shareholders’ equity to tangible assets | 7.58 | % | 7.11 | % | 7.32 | % |
(a) | BancorpSouth, Inc. utilizes the ratio of tangible shareholders' equity to tangible assets when evaluating the performance of the Company. Tangible shareholders' equity is defined by the Company as total shareholders' equity less goodwill and other identifiable intangible assets. Tangible assets are defined by the Company as total assets less goodwill and other identifiable intangible assets. Management believes the ratio of tangible shareholders' equity to tangible assets is important to investors who are interested in evaluating the adequacy of the Company's capital levels. |
- END -