Exhibit 99.1
News Release
| | |
Contact: | | |
| |
William L. Prater | | Will Fisackerly |
Treasurer and
Chief Financial Officer | | First Vice President and
Director of Investor Relations |
662/680-2000 | | 662/680-2475 |
BancorpSouth Announces Fourth Quarter 2011 Earnings of
$13.3 Million or $0.16 per Diluted Share
TUPELO, Miss., January 17, 2012/PRNewswire-FirstCall via COMTEX/ — BancorpSouth, Inc. (NYSE: BXS) today announced financial results for the quarter and year ended December 31, 2011. The Company reported net income of $37.6 million, or $0.45 per diluted share, for 2011 compared with $22.9 million, or $0.27 per diluted share, for 2010. Additionally, the Company reported net income of $13.3 million, or $0.16 per diluted share, for the fourth quarter of 2011. This compares with $11.9 million, or $0.14 per diluted share, for the third quarter of 2011 and $15.8 million, or $0.19 per diluted share, for the fourth quarter of 2010.
“Our results for the fourth quarter reflect meaningful progress in our efforts to improve credit quality,” remarked Aubrey Patterson, Chairman and Chief Executive Officer of BancorpSouth. “This progress is evidenced by both comparable quarter and sequential quarter improvement in many of our credit quality indicators, including the provision for credit losses, non-performing loans, nonaccrual loan formation, and near term delinquencies.”
Earnings for the quarter benefited from a reduction in the provision for credit losses to $19.3 million compared to $43.3 million for the fourth quarter of 2010 and $25.1 million for the third quarter of 2011. Non-performing loans (“NPLs”) declined $40.5 million, or 11.2 percent, during the fourth quarter of 2011 to $322.3 million at December 31, 2011 compared with $362.8 million at September 30, 2011. This decline followed a $17.0 million, or 4.5 percent, decline during the third quarter of 2011. In addition, gross nonaccrual loan formation decreased to $39.5 million for the fourth quarter of 2011 compared to $131.1 million for the fourth quarter of 2010 and $60.8 million for the third quarter of 2011. This represents the lowest level of nonaccrual loan formation in nine quarters. Total loans 30 – 89 days past due decreased during the fourth quarter of 2011 to $37.5 million at December 31, 2011 from $54.1 million at September 30, 2011. Net charge-offs increased $0.8 million, or 3.3 percent, to $23.8 million for the fourth quarter of 2011 compared with the third quarter of 2011. Net charge-offs during the fourth quarter of 2011 included $19.0 million of charge-offs of previously impaired loans. The increase in net charge-offs during the quarter followed a $9.9 million, or 30.0 percent, sequential quarter decline for the third quarter of 2011.
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Box 789 Tupelo, MS 38802-0789 (662) 680-2000
BancorpSouth, Inc. is a financial holding company.
BXS Announces Fourth Quarter Results
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January 17, 2012
The $40.5 million decline in NPLs during the fourth quarter of 2011 was driven primarily by a $37.7 million decline in nonaccrual loans. Construction, acquisition and development (“CAD”) nonaccrual loans declined $38.5 million to $133.1 million at December 31, 2011 from $171.6 million at September 30, 2011 and represented 48.1 percent of total nonaccrual loans at the end of the fourth quarter. Additionally, commercial real estate nonaccrual loans declined $8.9 million, or 18.0 percent, during the fourth quarter. These declines in the fourth quarter were offset partially by increases in consumer mortgage nonaccrual loans as well as commercial and industrial owner-occupied real estate nonaccrual loans. Total loans 90 days or more past due and still accruing declined $3.9 million from $7.4 million at September 30, 2011 to $3.4 million at December 31, 2011, and restructured loans and leases still accruing increased $1.1 million from $41.0 million at September 30, 2011 to $42.0 million at December 31, 2011.
At the end of the fourth quarter, 84.9 percent of nonaccrual loans were determined to be collaterally dependent, and after write-downs and specific reserves, the remaining book balance of these loans was 68.0 percent of the unpaid principal balance. At December 31, 2011, coverage of unimpaired nonaccrual loans by the nonspecified allowance for credit losses was 371 percent and coverage of unimpaired NPLs by the nonspecified allowance for credit losses was 178 percent. In addition, 51.0 percent of nonaccrual loans were paying as agreed at December 31, 2011, compared with 48.1 percent at the end of the third quarter of 2011.
Other real estate owned increased $11.1 million to $173.8 million during the fourth quarter of 2011. This increase reflected $36.5 million added through foreclosure, partially offset by sales of other real estate owned of $16.7 million, which increased from sales of $13.1 million for the third quarter of 2011. Write-downs in the value of existing properties were $8.7 million for the fourth quarter of 2011, representing an increase of $4.3 million from $4.4 million for the third quarter of 2011. The sales of other real estate owned during the fourth quarter of 2011 resulted in no material net gain or loss, consistent with the third quarter of 2011. The write-downs of existing other real estate owned reflected our continued efforts to value ORE properties at disposition value. “We were pleased with the disposal progress made during the quarter,” commented Patterson. At December 31, 2011 other real estate owned was carried at 54 percent of the aggregate loan balances at the time of foreclosure, compared with 56 percent at September 30, 2011.
Patterson added, “We continue to have solid performance from our community banking group as well as our other noninterest revenue lines of business, which include our insurance group and our mortgage business. Our mortgage business had another strong year, both in terms of production and revenue, and our insurance group produced organic growth when compared to the same quarter last year as well as on an annual basis. Additionally, despite margin pressure attributable to a weak lending environment and historically low interest rates, we have been able to maintain our net interest margin.”
Net Interest Revenue
Net interest revenue was $107.5 million for the fourth quarter of 2011, a decrease of 2.5 percent from $110.3 million for the fourth quarter of 2010 and 0.5 percent from $108.1 million for the third quarter of 2011. The fully taxable equivalent net interest margin was 3.69 percent for the fourth quarter of 2011 compared with 3.59 percent for the fourth quarter of 2010 and 3.66 percent for the third quarter of 2011.
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BXS Announces Fourth Quarter Results
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January 17, 2012
Asset, Deposit and Loan Activity
Total assets were $13.0 billion at December 31, 2011 compared with $13.6 billion at December 31, 2010. Total deposits were $11.0 billion at December 31, 2011, a decrease of 4.7 percent from $11.5 billion at December 31, 2010. Loans and leases, net of unearned income, were $8.9 billion at December 31, 2011, a decrease of 5.0 percent from $9.3 billion at December 31, 2010.
The CAD loan portfolio, which decreased $266.4 million, or 22.7 percent, for the 12 months ended December 31, 2011, accounted for 58.0 percent of the decline in net loans and leases over the year. Excluding the impact of the CAD loan portfolio, net loans and leases declined $196.4 million, or 2.4 percent, for the 12 months ended December 31, 2011.
Time deposits, which decreased $648.5 million, or 17.8 percent, for the 12 months ended December 31, 2011, were offset partially by significant growth in noninterest bearing demand deposits, which increased $209.7 million, or 10.2 percent, over the year. Additionally, savings deposits increased $128.7 million, or 14.9 percent, for the 12 months ended December 31, 2011, while interest bearing demand deposits decreased $224.7 million, or 4.6 percent. Core deposits represented 87 percent of total deposits at December 31, 2011, compared with 85 percent of total deposits at December 31, 2010. Approximately $1.1 billion of time deposits are scheduled to mature during the first half of 2012 at a weighted average rate of 1.26 percent.
Provision for Credit Losses and Allowance for Credit Losses
During the fourth quarter of 2011, the Company’s management concluded that the previously reported material weakness in internal control over financial reporting, which resulted from a control deficiency in the Company’s credit grading process, has been remediated. Patterson added, “The successful remediation of the previously reported material weakness represents the completion of a great deal of work in improving our processes. Importantly, the hard work applied to address our deficiencies will provide stronger credit processes for our business in the future.”
For the fourth quarter of 2011, the provision for credit losses was $19.3 million, compared with $43.3 million for the fourth quarter of 2010 and $25.1 million for the third quarter of 2011. The decrease in the provision for credit losses reflected a decline in the formation of new non-accrual loans, including fewer loans being identified for impairment, continued stabilization in values of previously impaired loans, improved past dues, and stable charge-offs. Annualized net charge-offs were 1.06 percent of average loans and leases for the fourth quarter of 2011, compared with 2.19 percent for the fourth quarter of 2010 and 1.01 percent for the third quarter of 2011.
NPLs were $322.3 million, or 3.63 percent of net loans and leases, at December 31, 2011 compared with $394.4 million, or 4.23 percent of net loans and leases, at December 31, 2010 and $362.8 million, or 4.01 percent of net loans and leases, at September 30, 2011. The allowance for credit losses was 2.20 percent of net loans and leases at December 31, 2011 compared with 2.11 percent at December 31, 2010 and 2.21 percent at September 30, 2011.
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BXS Announces Fourth Quarter Results
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January 17, 2012
NPLs at December 31, 2011 consisted primarily of $276.8 million of nonaccrual loans, compared with $314.5 million of nonaccrual loans at September 30, 2011. NPLs at December 31, 2011 also included $3.4 million of loans 90 days or more past due and still accruing, compared with $7.4 million of such loans at September 30, 2011, and included restructured loans still accruing of $42.0 million at December 31, 2011, compared with $41.0 million of such loans at September 30, 2011. Loans and leases 30 to 89 days past due were $37.5 million at December 31, 2011 compared with $54.1 million of such loans at September 30, 2011.
Included in the reduction of nonaccrual loans during the fourth quarter of 2011 were payments received on nonaccrual loans of $15.1 million. Patterson added, “While we have not had a significant return of nonaccrual loans to performing status, we are encouraged that the trend of increasing nonaccrual loans paying as agreed should provide an opportunity to return certain NPLs to performing status in the future.”
At December 31, 2011, $88.2 million of NPLs were residential CAD loans, $47.0 million were other CAD loans, $61.8 million were commercial real estate mortgage loans and $52.6 million were consumer mortgages. NPLs from all other loan types totaled $72.6 million at December 31, 2011. Included in nonaccrual loans at December 31, 2011 were $141.2 million of loans, or 51.0 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 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 $65.3 million for the fourth quarter of 2011, compared with $74.0 million for the fourth quarter of 2010 and $62.1 million for the third quarter of 2011. These results included negative MSR valuation adjustments of $1.0 million and $11.7 million for the fourth quarter of 2011 and the third quarter of 2011, respectively, and a positive MSR valuation adjustment of $8.9 million for the fourth quarter of 2010.
Excluding the MSR valuation adjustments, net mortgage lending revenue was $9.9 million for the fourth quarter of 2011, compared with $9.2 million for the fourth quarter of 2010 and $10.2 million for the third quarter of 2011. Mortgage origination volume for the fourth quarter of 2011 was $389.6 million, compared with $451.9 million for the fourth quarter of 2010 and $374.8 million for the third quarter of 2011.
Credit and debit card fees decreased $2.2 million, or 21.8 percent, for the fourth quarter of 2011 from the fourth quarter of 2010 and $5.2 million, or 40.0 percent, from the third quarter of 2011. Service charges increased $0.6 million, or 3.3 percent, for the comparable quarters and were flat on a sequential quarter basis. Insurance commissions rose $1.4 million, or 7.8 percent, for the comparable quarters and declined $2.6 million, or 11.8 percent, on a sequential quarter basis.
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BXS Announces Fourth Quarter Results
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January 17, 2012
Noninterest Expense
Noninterest expense for the fourth quarter of 2011 was $135.9 million, compared with $123.4 million for the fourth quarter of 2010 and $130.7 million for the third quarter of 2011. Results for the third quarter of 2011 included a one-time expense of $3.1 million related to the closure of 22 branch offices under the Company’s branch optimization project.
Foreclosed property expense increased to $10.8 million for the fourth quarter of 2011 from $6.1 million for the fourth quarter of 2010 and $6.1 million for the third quarter of 2011. Deposit insurance assessments decreased to $5.7 million for the fourth quarter of 2011 from $5.9 million for the fourth quarter of 2010 and increased from $3.8 million for the third 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 11.77 percent at December 31, 2011 and total risk based capital of 13.03 percent, compared with required minimum levels of 6 percent and 10 percent, respectively, for “well capitalized” classification. The Company’s equity capitalization is 100 percent common stock. BancorpSouth’s ratio of shareholders’ equity to assets increased to 9.72 percent at December 31, 2011, compared with 8.98 percent at December 31, 2010 and 9.60 percent at September 30, 2011. The ratio of tangible shareholders’ equity to tangible assets increased to 7.67 percent at December 31, 2011, compared with 7.00 percent at December 31, 2010 and 7.58 percent at September 30, 2011.
Summary
Patterson concluded, “Our fourth quarter results indicate improvement achieved in our credit costs and other credit metrics, which reflect progress towards problem asset resolution. We are focused on continuing to improve asset quality. However, we remain cautious about the impact of the current economic environment on our near-term results. Despite this difficult environment, we continue to be pleased with the performance of our core operations. We have successfully maintained our net interest margin and have steadily increased revenue from our noninterest lines of business.
“BancorpSouth remains a well capitalized financial institution, built on customer service, relationships, and a comprehensive range of financial products. We have continued to work to deepen relationships with existing clients and to develop new relationships through our deposit offerings, mortgage lending, insurance, and other products and services. We believe these attributes and efforts will allow us to continue to build our prospects for long-term growth and increased shareholder value.”
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BXS Announces Fourth Quarter Results
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January 17, 2012
Conference Call
BancorpSouth will conduct a conference call to discuss its fourth quarter 2011 results on January 24, 2012, at 10:00 a.m. (Central Time). Investors may listen via the Internet by accessing BancorpSouth’s website athttp://www.bancorpsouth.com. A replay of the conference call will be available at BancorpSouth’s website for at least two weeks following the call.
Forward-Looking Statements
Certain statements contained in this news release may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “may,” “might,” “will,” “would,” “could” or “intend.” These forward-looking statements include, without limitation, statements relating to our ability to return nonaccrual loans to performing status, the strength of our credit processes, our ability to enhance prospects for long-term growth 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, 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 party 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.
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BXS Announces Fourth Quarter Results
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January 17, 2012
BancorpSouth, Inc. is a financial holding company headquartered in Tupelo, Mississippi, with $13.0 billion in assets. BancorpSouth Bank, a wholly-owned subsidiary of BancorpSouth, Inc., operates 286 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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BXS Announces Fourth Quarter Results
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January 17, 2012
BancorpSouth, Inc.
Selected Financial Data
| | | | | | | | | | | | | | | | |
| | | Three Months Ended
December 31, | | | Twelve Months Ended
December 31, | |
| (Dollars in thousands, except per share amounts) | | 2011 | | | 2010 | | | 2011 | | | 2010 | |
Earnings Summary: | | | | | | | | | | | | | | | | |
Net interest revenue | | $ | 107,489 | | | $ | 110,253 | | | $ | 434,913 | | | $ | 441,142 | |
Provision for credit losses | | | 19,250 | | | | 43,293 | | | | 130,081 | | | | 204,016 | |
Noninterest revenue | | | 65,335 | | | | 73,974 | | | | 270,845 | | | | 264,144 | |
Noninterest expense | | | 135,856 | | | | 123,447 | | | | 533,633 | | | | 487,033 | |
| | | | | | | | | | | | | | | | |
Income before income taxes | | | 17,718 | | | | 17,487 | | | | 42,044 | | | | 14,237 | |
Income tax provision (benefit) | | | 4,415 | | | | 1,641 | | | | 4,475 | | | | (8,705 | ) |
| | | | | | | | | | | | | | | | |
Net income | | $ | 13,303 | | | $ | 15,846 | | | $ | 37,569 | | | $ | 22,942 | |
| | | | | | | | | | | | | | | | |
Earning per share: Basic | | $ | 0.16 | | | $ | 0.19 | | | $ | 0.45 | | | $ | 0.28 | |
| | | | | | | | | | | | | | | | |
Diluted | | $ | 0.16 | | | $ | 0.19 | | | $ | 0.45 | | | $ | 0.27 | |
| | | | | | | | | | | | | | | | |
Balance sheet data at December 31: | | | | | | | | | | | | | | | | |
Total assets | | | | | | | | | | $ | 12,995,851 | | | $ | 13,615,010 | |
Total earning assets | | | | | | | | | | | 11,770,950 | | | | 12,458,055 | |
Loans and leases, net of unearned income | | | | | | | | | | | 8,870,311 | | | | 9,333,107 | |
Allowance for credit losses | | | | | | | | | | | 195,118 | | | | 196,913 | |
Total deposits | | | | | | | | | | | 10,955,189 | | | | 11,490,021 | |
Common shareholders’ equity | | | | | | | | | | | 1,262,912 | | | | 1,222,244 | |
Book value per share | | | | | | | | | | | 15.13 | | | | 14.64 | |
Average balance sheet data: | | | | | | | | | | | | | | | | |
Total assets | | $ | 13,046,779 | | | $ | 13,559,038 | | | $ | 13,280,047 | | | $ | 13,304,836 | |
Total earning assets | | | 11,918,358 | | | | 12,510,705 | | | | 12,143,391 | | | | 12,223,933 | |
Loans and leases, net of unearned interest | | | 8,954,229 | | | | 9,418,687 | | | | 9,159,431 | | | | 9,621,529 | |
Total deposits | | | 11,017,231 | | | | 11,292,903 | | | | 11,251,406 | | | | 11,107,445 | |
Common shareholders’ equity | | | 1,268,905 | | | | 1,225,514 | | | | 1,240,768 | | | | 1,241,321 | |
Non-performing assets at December 31: | | | | | | | | | | | | | | | | |
Non-accrual loans and leases | | | | | | | | | | $ | 276,798 | | | $ | 347,499 | |
Loans and leases 90+ days past due, still accruing | | | | | | | | | | | 3,434 | | | | 8,500 | |
Restructured loans and leases, still accruing | | | | | | | | | | | 42,018 | | | | 38,376 | |
Other real estate owned | | | | | | | | | | | 173,805 | | | | 133,412 | |
| | | | | | | | | | | | | | | | |
Total non-performing assets | | | | | | | | | | | 496,055 | | | | 527,787 | |
Net charge-offs as a percentage of average loans (annualized) | | | 1.06 | % | | | 2.19 | % | | | 1.44 | % | | | 1.90 | % |
Performance ratios (annualized): | | | | | | | | | | | | | | | | |
Return on average assets | | | 0.40 | % | | | 0.46 | % | | | 0.28 | % | | | 0.17 | % |
Return on common equity | | | 4.16 | % | | | 5.13 | % | | | 3.03 | % | | | 1.85 | % |
Total shareholders’ equity to total assets | | | 9.72 | % | | | 8.98 | % | | | 9.72 | % | | | 8.98 | % |
Tangible shareholders’ equity to tangible assets | | | 7.67 | % | | | 7.00 | % | | | 7.67 | % | | | 7.00 | % |
Net interest margin | | | 3.69 | % | | | 3.59 | % | | | 3.69 | % | | | 3.70 | % |
Average shares outstanding - basic | | | 83,488,102 | | | | 83,435,268 | | | | 83,486,296 | | | | 83,425,183 | |
Average shares outstanding - diluted | | | 83,503,611 | | | | 83,471,420 | | | | 83,509,759 | | | | 83,515,040 | |
Cash dividends per share | | $ | 0.01 | | | $ | 0.22 | | | $ | 0.14 | | | $ | 0.88 | |
Tier I capital | | | | | | | | | | | 11.77 | %(1) | | | 10.61 | % |
Total capital | | | | | | | | | | | 13.03 | %(1) | | | 11.87 | % |
Tier I leverage capital | | | | | | | | | | | 8.85 | %(1) | | | 8.07 | % |
| (1) | Estimated as of earnings release date |
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BXS Announces Fourth Quarter Results
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January 17, 2012
BancorpSouth, Inc.
Consolidated Balance Sheets
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Dec-11 | | | Sep-11 | | | Jun-11 | | | Mar-11 | | | Dec-10 | |
| | | (Dollars in thousands) | |
Assets | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks | | $ | 195,681 | | | $ | 161,876 | | | $ | 166,761 | | | $ | 146,989 | | | $ | 99,916 | |
Interest bearing deposits with other banks | | | 303,663 | | | | 338,250 | | | | 304,344 | | | | 102,312 | | | | 172,170 | |
Held-to-maturity securities, at amortized cost | | | — | | | | — | | | | — | | | | 1,667,203 | | | | 1,613,019 | |
Available-for-sale securities, at fair value | | | 2,513,518 | | | | 2,481,555 | | | | 2,560,824 | | | | 1,145,463 | | | | 1,096,062 | |
Federal funds sold and securities purchased under agreement to resell | | | — | | | | — | | | | — | | | | 150,000 | | | | 150,000 | |
Loans and leases | | | 8,911,258 | | | | 9,096,928 | | | | 9,255,879 | | | | 9,255,609 | | | | 9,376,351 | |
Less: Unearned income | | | 40,947 | | | | 41,023 | | | | 41,326 | | | | 41,773 | | | | 43,244 | |
Allowance for credit losses | | | 195,118 | | | | 199,686 | | | | 197,627 | | | | 198,333 | | | | 196,913 | |
| | | | | | | | | | | | | | | | | | | | |
Net loans and leases | | | 8,675,193 | | | | 8,856,219 | | | | 9,016,926 | | | | 9,015,503 | | | | 9,136,194 | |
Loans held for sale | | | 83,458 | | | | 100,687 | | | | 70,519 | | | | 56,876 | | | | 93,697 | |
Premises and equipment, net | | | 323,383 | | | | 323,285 | | | | 328,075 | | | | 329,862 | | | | 332,890 | |
Accrued interest receivable | | | 51,266 | | | | 53,338 | | | | 55,525 | | | | 61,105 | | | | 61,025 | |
Goodwill | | | 271,297 | | | | 271,297 | | | | 271,297 | | | | 271,297 | | | | 270,097 | |
Bank owned life insurance | | | 200,085 | | | | 197,945 | | | | 197,028 | | | | 194,988 | | | | 194,064 | |
Other real estate owned | | | 173,805 | | | | 162,686 | | | | 151,204 | | | | 136,412 | | | | 133,412 | |
Other assets | | | 204,502 | | | | 251,380 | | | | 244,547 | | | | 269,228 | | | | 262,464 | |
| | | | | | | | | | | | | | | | | | | | |
Total Assets | | $ | 12,995,851 | | | $ | 13,198,518 | | | $ | 13,367,050 | | | $ | 13,547,238 | | | $ | 13,615,010 | |
| | | | | | | | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | | | | | | | | |
Deposits: | | | | | | | | | | | | | | | | | | | | |
Demand: Noninterest bearing | | $ | 2,269,799 | | | $ | 2,198,535 | | | $ | 2,096,655 | | | $ | 2,027,990 | | | $ | 2,060,145 | |
Interest bearing | | | 4,706,825 | | | | 4,736,858 | | | | 4,939,553 | | | | 5,023,073 | | | | 4,931,518 | |
Savings | | | 991,702 | | | | 968,277 | | | | 944,993 | | | | 932,574 | | | | 863,034 | |
Other time | | | 2,986,863 | | | | 3,159,563 | | | | 3,327,262 | | | | 3,480,477 | | | | 3,635,324 | |
| | | | | | | | | | | | | | | | | | | | |
Total deposits | | | 10,955,189 | | | | 11,063,233 | | | | 11,308,463 | | | | 11,464,114 | | | | 11,490,021 | |
Federal funds purchased and securities sold under agreement to repurchase | | | 373,933 | | | | 449,501 | | | | 426,097 | | | | 421,782 | | | | 440,593 | |
Short-term Federal Home Loan Bank borrowings and other short-term borrowing | | | 1,500 | | | | 1,500 | | | | 703 | | | | 2,715 | | | | 2,727 | |
Accrued interest payable | | | 8,644 | | | | 10,017 | | | | 11,348 | | | | 13,238 | | | | 14,336 | |
Junior subordinated debt securities | | | 160,312 | | | | 160,312 | | | | 160,312 | | | | 160,312 | | | | 160,312 | |
Long-term Federal Home Loan Bank borrowings | | | 33,500 | | | | 33,500 | | | | 35,000 | | | | 110,000 | | | | 110,000 | |
Other liabilities | | | 199,861 | | | | 213,702 | | | | 178,424 | | | | 164,016 | | | | 174,777 | |
| | | | | | | | | | | | | | | | | | | | |
Total Liabilities | | | 11,732,939 | | | | 11,931,765 | | | | 12,120,347 | | | | 12,336,177 | | | | 12,392,766 | |
Shareholders’ Equity | | | | | | | | | | | | | | | | | | | | |
Common stock | | | 208,709 | | | | 208,722 | | | | 208,722 | | | | 208,704 | | | | 208,704 | |
Capital surplus | | | 227,567 | | | | 227,006 | | | | 226,362 | | | | 225,597 | | | | 224,976 | |
Accumulated other comprehensive income (loss) | | | (2,261 | ) | | | 14,595 | | | | 6,289 | | | | (16,579 | ) | | | (14,453 | ) |
Retained earnings | | | 828,897 | | | | 816,430 | | | | 805,330 | | | | 793,339 | | | | 803,017 | |
| | | | | | | | | | | | | | | | | | | | |
Total Shareholders’ Equity | | | 1,262,912 | | | | 1,266,753 | | | | 1,246,703 | | | | 1,211,061 | | | | 1,222,244 | |
| | | | | | | | | | | | | | | | | | | | |
Total Liabilities & Shareholders’ Equity | | $ | 12,995,851 | | | $ | 13,198,518 | | | $ | 13,367,050 | | | $ | 13,547,238 | | | $ | 13,615,010 | |
| | | | | | | | | | | | | | | | | | | | |
- MORE -
BXS Announces Fourth Quarter Results
Page 10
January 17, 2012
BancorpSouth, Inc.
Consolidated Average Balance Sheets
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Dec-11 | | | Sep-11 | | | Jun-11 | | | Mar-11 | | | Dec-10 | |
| | | (Dollars in thousands) | |
Assets | | | | | | | | | | | | | | | | | | | | |
Cash and due from banks | | $ | 151,004 | | | $ | 148,409 | | | $ | 151,194 | | | $ | 156,329 | | | $ | 176,979 | |
Interest bearing deposits with other banks | | | 384,231 | | | | 309,146 | | | | 187,901 | | | | 167,271 | | | | 282,396 | |
Held-to-maturity securities, at amortized cost | | | — | | | | — | | | | 1,097,562 | | | | 1,653,284 | | | | 1,436,222 | |
Available-for-sale securities, at fair value | | | 2,509,943 | | | | 2,529,482 | | | | 1,609,720 | | | | 1,085,131 | | | | 996,006 | |
Federal funds sold and securities purchased under agreement to resell | | | 2,174 | | | | — | | | | 38,736 | | | | 150,000 | | | | 209,511 | |
Loans and leases | | | 8,995,035 | | | | 9,179,730 | | | | 9,291,434 | | | | 9,342,939 | | | | 9,461,161 | |
Less: Unearned income | | | 40,806 | | | | 41,316 | | | | 42,307 | | | | 42,954 | | | | 42,474 | |
Allowance for credit losses | | | 208,005 | | | | 205,209 | | | | 212,968 | | | | 218,107 | | | | 215,278 | |
| | | | | | | | | | | | | | | | | | | | |
Net loans and leases | | | 8,746,224 | | | | 8,933,205 | | | | 9,036,159 | | | | 9,081,878 | | | | 9,203,409 | |
Loans held for sale | | | 67,781 | | | | 62,025 | | | | 44,704 | | | | 39,098 | | | | 91,262 | |
Premises and equipment, net | | | 322,544 | | | | 326,800 | | | | 328,829 | | | | 330,920 | | | | 333,516 | |
Accrued interest receivable | | | 49,256 | | | | 53,122 | | | | 54,570 | | | | 58,450 | | | | 58,591 | |
Goodwill | | | 271,297 | | | | 271,297 | | | | 271,297 | | | | 270,510 | | | | 270,097 | |
Bank owned life insurance | | | 14,558 | | | | 14,642 | | | | 14,189 | | | | 13,217 | | | | 9,836 | |
Other real estate owned | | | 164,841 | | | | 152,052 | | | | 138,827 | | | | 129,781 | | | | 98,944 | |
Other assets | | | 362,926 | | | | 374,475 | | | | 391,872 | | | | 403,894 | | | | 392,269 | |
| | | | | | | | | | | | | | | | | | | | |
Total Assets | | $ | 13,046,779 | | | $ | 13,174,655 | | | $ | 13,365,560 | | | $ | 13,539,763 | | | $ | 13,559,038 | |
| | | | | | | | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | | | | | | | | |
Deposits: | | | | | | | | | | | | | | | | | | | | |
Demand: Noninterest bearing | | $ | 2,248,904 | | | $ | 2,147,707 | | | $ | 2,018,197 | | | $ | 1,893,720 | | | $ | 1,975,318 | |
Interest bearing | | | 4,714,059 | | | | 4,789,462 | | | | 4,977,764 | | | | 5,153,063 | | | | 4,740,734 | |
Savings | | | 975,892 | | | | 957,871 | | | | 941,169 | | | | 897,312 | | | | 831,805 | |
Other time | | | 3,078,376 | | | | 3,246,332 | | | | 3,418,741 | | | | 3,553,543 | | | | 3,745,046 | |
| | | | | | | | | | | | | | | | | | | | |
Total deposits | | | 11,017,231 | | | | 11,141,372 | | | | 11,355,871 | | | | 11,497,638 | | | | 11,292,903 | |
Federal funds purchased and securities sold under agreement to repurchase | | | 430,968 | | | | 457,640 | | | | 423,949 | | | | 430,930 | | | | 475,760 | |
Short-term Federal Home Loan Bank borrowings and other short-term borrowing | | | 1,500 | | | | 486 | | | | 1,641 | | | | 2,719 | | | | 147,839 | |
Accrued interest payable | | | 10,617 | | | | 12,108 | | | | 13,558 | | | | 14,873 | | | | 16,811 | |
Junior subordinated debt securities | | | 160,312 | | | | 160,312 | | | | 160,312 | | | | 160,312 | | | | 160,312 | |
Long-term Federal Home Loan Bank borrowings | | | 33,500 | | | | 34,984 | | | | 89,395 | | | | 110,000 | | | | 110,000 | |
Other liabilities | | | 123,746 | | | | 115,938 | | | | 98,553 | | | | 103,892 | | | | 129,899 | |
| | | | | | | | | | | | | | | | | | | | |
Total Liabilities | | | 11,777,874 | | | | 11,922,840 | | | | 12,143,279 | | | | 12,320,364 | | | | 12,333,524 | |
Shareholders’ Equity | | | | | | | | | | | | | | | | | | | | |
Common stock | | | 208,722 | | | | 208,722 | | | | 208,715 | | | | 208,704 | | | | 208,704 | |
Capital surplus | | | 227,201 | | | | 226,582 | | | | 225,912 | | | | 225,162 | | | | 224,357 | |
Accumulated other comprehensive income (loss) | | | 8,927 | | | | 6,379 | | | | (10,040 | ) | | | (14,346 | ) | | | (3,331 | ) |
Retained earnings | | | 824,055 | | | | 810,132 | | | | 797,694 | | | | 799,879 | | | | 795,784 | |
| | | | | | | | | | | | | | | | | | | | |
Total Shareholders’ Equity | | | 1,268,905 | | | | 1,251,815 | | | | 1,222,281 | | | | 1,219,399 | | | | 1,225,514 | |
| | | | | | | | | | | | | | | | | | | | |
Total Liabilities & Shareholders’ Equity | | $ | 13,046,779 | | | $ | 13,174,655 | | | $ | 13,365,560 | | | $ | 13,539,763 | | | $ | 13,559,038 | |
| | | | | | | | | | | | | | | | | | | | |
- MORE -
BXS Announces Fourth Quarter Results
Page 11
January 17, 2012
BancorpSouth, Inc.
Consolidated Condensed Statements of Income
(Dollars in thousands, except per share data)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Quarter Ended | | | Year To Date | |
| | | Dec-11 | | | Sep-11 | | | Jun-11 | | | Mar-11 | | | Dec-10 | | | Dec-11 | | | Dec-10 | |
INTEREST REVENUE: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans and leases | | $ | 112,566 | | | $ | 114,260 | | | $ | 116,892 | | | $ | 117,358 | | | $ | 121,672 | | | $ | 461,076 | | | $ | 496,782 | |
Deposits with other banks | | | 252 | | | | 203 | | | | 124 | | | | 122 | | | | 222 | | | | 701 | | | | 355 | |
Federal funds sold and securities purchased under agreement to resell | | | 1 | | | | — | | | | 35 | | | | 131 | | | | 168 | | | | 167 | | | | 606 | |
Held-to-maturity securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Taxable | | | — | | | | — | | | | 5,066 | | | | 8,014 | | | | 8,490 | | | | 13,080 | | | | 36,278 | |
Tax-exempt | | | — | | | | — | | | | 2,291 | | | | 3,347 | | | | 2,952 | | | | 5,638 | | | | 10,409 | |
Available-for-sale securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Taxable | | | 11,781 | | | | 13,172 | | | | 10,451 | | | | 8,585 | | | | 7,836 | | | | 43,989 | | | | 32,033 | |
Tax-exempt | | | 4,158 | | | | 4,130 | | | | 1,871 | | | | 824 | | | | 815 | | | | 10,983 | | | | 3,275 | |
Loans held for sale | | | 635 | | | | 632 | | | | 505 | | | | 447 | | | | 902 | | | | 2,219 | | | | 3,024 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total interest revenue | | | 129,393 | | | | 132,397 | | | | 137,235 | | | | 138,828 | | | | 143,057 | | | | 537,853 | | | | 582,762 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
INTEREST EXPENSE: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest bearing demand | | | 4,737 | | | | 5,324 | | | | 6,039 | | | | 6,546 | | | | 7,462 | | | | 22,646 | | | | 35,187 | |
Savings | | | 747 | | | | 828 | | | | 810 | | | | 826 | | | | 891 | | | | 3,211 | | | | 3,576 | |
Other time | | | 13,104 | | | | 14,837 | | | | 16,285 | | | | 17,483 | | | | 19,827 | | | | 61,709 | | | | 83,999 | |
Federal funds purchased and securities sold under agreement to repurchase | | | 76 | | | | 95 | | | | 135 | | | | 152 | | | | 189 | | | | 458 | | | | 841 | |
FHLB borrowings | | | 367 | | | | 375 | | | | 1,194 | | | | 1,523 | | | | 1,569 | | | | 3,459 | | | | 6,545 | |
Junior subordinated debt | | | 2,871 | | | | 2,861 | | | | 2,860 | | | | 2,859 | | | | 2,864 | | | | 11,451 | | | | 11,461 | |
Other | | | 2 | | | | 2 | | | | — | | | | 2 | | | | 2 | | | | 6 | | | | 11 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total interest expense | | | 21,904 | | | | 24,322 | | | | 27,323 | | | | 29,391 | | | | 32,804 | | | | 102,940 | | | | 141,620 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net interest revenue | | | 107,489 | | | | 108,075 | | | | 109,912 | | | | 109,437 | | | | 110,253 | | | | 434,913 | | | | 441,142 | |
Provision for credit losses | | | 19,250 | | | | 25,112 | | | | 32,240 | | | | 53,479 | | | | 43,293 | | | | 130,081 | | | | 204,016 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net interest revenue, after provision for credit losses | | | 88,239 | | | | 82,963 | | | | 77,672 | | | | 55,958 | | | | 66,960 | | | | 304,832 | | | | 237,126 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NONINTEREST REVENUE: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mortgage lending | | | 8,928 | | | | (1,443 | ) | | | 2,003 | | | | 7,581 | | | | 18,126 | | | | 17,069 | | | | 29,745 | |
Credit card, debit card and merchant fees | | | 7,783 | | | | 12,981 | | | | 11,263 | | | | 10,346 | | | | 9,951 | | | | 42,373 | | | | 37,663 | |
Service charges | | | 17,412 | | | | 17,334 | | | | 16,556 | | | | 15,368 | | | | 16,854 | | | | 66,670 | | | | 70,690 | |
Trust income | | | 3,348 | | | | 2,854 | | | | 2,850 | | | | 3,134 | | | | 3,072 | | | | 12,186 | | | | 11,149 | |
Security gains (losses), net | | | 18 | | | | 2,047 | | | | 10,045 | | | | 17 | | | | (470 | ) | | | 12,127 | | | | 2,569 | |
Insurance commissions | | | 19,416 | | | | 22,012 | | | | 22,941 | | | | 22,549 | | | | 18,013 | | | | 86,918 | | | | 82,172 | |
Other | | | 8,430 | | | | 6,270 | | | | 9,486 | | | | 9,316 | | | | 8,428 | | | | 33,502 | | | | 30,156 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total noninterest revenue | | | 65,335 | | | | 62,055 | | | | 75,144 | | | | 68,311 | | | | 73,974 | | | | 270,845 | | | | 264,144 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NONINTEREST EXPENSE: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Salaries and employee benefits | | | 70,512 | | | | 71,851 | | | | 70,142 | | | | 70,375 | | | | 65,980 | | | | 282,880 | | | | 271,688 | |
Occupancy, net of rental income | | | 10,315 | | | | 11,144 | | | | 10,232 | | | | 10,671 | | | | 10,668 | | | | 42,362 | | | | 43,008 | |
Equipment | | | 5,108 | | | | 5,346 | | | | 5,595 | | | | 5,658 | | | | 5,459 | | | | 21,707 | | | | 22,598 | |
Deposit insurance assessments | | | 5,674 | | | | 3,781 | | | | 6,436 | | | | 5,425 | | | | 5,895 | | | | 21,316 | | | | 19,259 | |
Prepayment penalty on FHLB borrowings | | | — | | | | — | | | | 9,778 | | | | — | | | | — | | | | 9,778 | | | | — | |
Other | | | 44,247 | | | | 38,576 | | | | 34,886 | | | | 37,881 | | | | 35,445 | | | | 155,590 | | | | 130,480 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total noninterest expenses | | | 135,856 | | | | 130,698 | | | | 137,069 | | | | 130,010 | | | | 123,447 | | | | 533,633 | | | | 487,033 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes | | | 17,718 | | | | 14,320 | | | | 15,747 | | | | (5,741 | ) | | | 17,487 | | | | 42,044 | | | | 14,237 | |
Income tax expense (benefit) | | | 4,415 | | | | 2,386 | | | | 2,921 | | | | (5,247 | ) | | | 1,641 | | | | 4,475 | | | | (8,705 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | 13,303 | | | $ | 11,934 | | | $ | 12,826 | | | | ($494 | ) | | $ | 15,846 | | | $ | 37,569 | | | $ | 22,942 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) per share: Basic | | $ | 0.16 | | | $ | 0.14 | | | $ | 0.15 | | | | ($0.01 | ) | | $ | 0.19 | | | $ | 0.45 | | | $ | 0.28 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted | | $ | 0.16 | | | $ | 0.14 | | | $ | 0.15 | | | | ($0.01 | ) | | $ | 0.19 | | | $ | 0.45 | | | $ | 0.27 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
- MORE -
BXS Announces Fourth Quarter Results
Page 12
January 17, 2012
BancorpSouth, Inc.
Selected Loan Data
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Quarter Ended | |
| | | Dec-11 | | | Sep-11 | | | Jun-11 | | | Mar-11 | | | Dec-10 | |
LOAN AND LEASE PORTFOLIO: | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | $ | 1,473,728 | | | $ | 1,503,391 | | | $ | 1,526,686 | | | $ | 1,484,223 | | | $ | 1,491,183 | |
Real estate | | | | | | | | | | | | | | | | | | | | |
Consumer mortgages | | | 1,945,190 | | | | 1,966,124 | | | | 1,971,499 | | | | 1,958,367 | | | | 1,951,563 | |
Home equity | | | 514,362 | | | | 523,030 | | | | 531,787 | | | | 531,406 | | | | 543,272 | |
Agricultural | | | 239,487 | | | | 249,715 | | | | 255,310 | | | | 250,393 | | | | 252,292 | |
Commercial and industrial-owner occupied | | | 1,301,575 | | | | 1,329,644 | | | | 1,366,734 | | | | 1,316,824 | | | | 1,331,473 | |
Construction, acquisition and development | | | 908,362 | | | | 976,694 | | | | 1,060,675 | | | | 1,117,335 | | | | 1,174,743 | |
Commercial | | | 1,754,022 | | | | 1,772,003 | | | | 1,764,648 | | | | 1,831,226 | | | | 1,816,951 | |
Credit cards | | | 106,281 | | | | 103,232 | | | | 101,955 | | | | 100,732 | | | | 106,345 | |
All other | | | 627,304 | | | | 632,072 | | | | 635,259 | | | | 623,330 | | | | 665,285 | |
| | | | | | | | | | | | | | | | | | | | |
Total loans | | $ | 8,870,311 | | | $ | 9,055,905 | | | $ | 9,214,553 | | | $ | 9,213,836 | | | $ | 9,333,107 | |
| | | | | | | | | | | | | | | | | | | | |
ALLOWANCE FOR CREDIT LOSSES: | | | | | | | | | | | | | | | | | | | | |
Balance, beginning of period | | $ | 199,686 | | | $ | 197,627 | | | $ | 198,333 | | | $ | 196,913 | | | $ | 205,081 | |
Loans and leases charged off: | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | | (1,677 | ) | | | (1,295 | ) | | | (5,556 | ) | | | (8,809 | ) | | | (1,782 | ) |
Real estate | | | | | | | | | | | | | | | | | | | | |
Consumer mortgages | | | (2,953 | ) | | | (2,344 | ) | | | (1,629 | ) | | | (3,260 | ) | | | (5,291 | ) |
Home equity | | | (1,667 | ) | | | (1,712 | ) | | | (1,391 | ) | | | (1,082 | ) | | | (1,138 | ) |
Agricultural | | | (110 | ) | | | (2,345 | ) | | | (373 | ) | | | (592 | ) | | | (487 | ) |
Commercial and industrial-owner occupied | | | (1,136 | ) | | | (4,222 | ) | | | (3,228 | ) | | | (1,716 | ) | | | (1,659 | ) |
Construction, acquisition and development | | | (10,539 | ) | | | (7,697 | ) | | | (16,783 | ) | | | (32,343 | ) | | | (34,989 | ) |
Commercial | | | (6,858 | ) | | | (4,467 | ) | | | (1,597 | ) | | | (4,514 | ) | | | (6,327 | ) |
Credit cards | | | (706 | ) | | | (760 | ) | | | (725 | ) | | | (881 | ) | | | (990 | ) |
All other | | | (794 | ) | | | (770 | ) | | | (4,971 | ) | | | (553 | ) | | | (2,093 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total loans charged off | | | (26,440 | ) | | | (25,612 | ) | | | (36,253 | ) | | | (53,750 | ) | | | (54,756 | ) |
| | | | | | | | | | | | | | | | | | | | |
Recoveries: | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | | 446 | | | | 348 | | | | 589 | | | | 184 | | | | 707 | |
Real estate | | | | | | | | | | | | | | | | | | | | |
Consumer mortgages | | | 263 | | | | 485 | | | | 220 | | | | 143 | | | | 423 | |
Home equity | | | 43 | | | | 51 | | | | 46 | | | | 45 | | | | 60 | |
Agricultural | | | 76 | | | | — | | | | 45 | | | | 2 | | | | 4 | |
Commercial and industrial-owner occupied | | | 100 | | | | 99 | | | | 21 | | | | 173 | | | | 195 | |
Construction, acquisition and development | | | 971 | | | | 923 | | | | 1,493 | | | | 564 | | | | 776 | |
Commercial | | | 340 | | | | 300 | | | | 392 | | | | 13 | | | | 707 | |
Credit cards | | | 168 | | | | 141 | | | | 239 | | | | 255 | | | | 143 | |
All other | | | 215 | | | | 212 | | | | 262 | | | | 312 | | | | 280 | |
| | | | | | | | | | | | | | | | | | | | |
Total recoveries | | | 2,622 | | | | 2,559 | | | | 3,307 | | | | 1,691 | | | | 3,295 | |
| | | | | | | | | | | | | | | | | | | | |
Net charge-offs | | | (23,818 | ) | | | (23,053 | ) | | | (32,946 | ) | | | (52,059 | ) | | | (51,461 | ) |
Provision charged to operating expense | | | 19,250 | | | | 25,112 | | | | 32,240 | | | | 53,479 | | | | 43,293 | |
| | | | | | | | | | | | | | | | | | | | |
Balance, end of period | | $ | 195,118 | | | $ | 199,686 | | | $ | 197,627 | | | $ | 198,333 | | | $ | 196,913 | |
| | | | | | | | | | | | | | | | | | | | |
Average loans for period | | $ | 8,954,229 | | | $ | 9,138,414 | | | $ | 9,249,127 | | | $ | 9,300,029 | | | $ | 9,418,687 | |
| | | | | | | | | | | | | | | | | | | | |
Ratio: | | | | | | | | | | | | | | | | | | | | |
Net charge-offs to average loans (annualized) | | | 1.06 | % | | | 1.01 | % | | | 1.42 | % | | | 2.24 | % | | | 2.19 | % |
| | | | | | | | | | | | | | | | | | | | |
- MORE -
BXS Announces Fourth Quarter Results
Page 13
January 17, 2012
BancorpSouth, Inc.
Selected Loan Data
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Quarter Ended | |
| | | Dec-11 | | | Sep-11 | | | Jun-11 | | | Mar-11 | | | Dec-10 | |
NON-PERFORMING ASSETS | | | | | | | | | | | | | | | | | | | | |
NON-PERFORMING LOANS AND LEASES: | | | | | | | | | | | | | | | | | | | | |
Nonaccrual Loans and Leases | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | $ | 12,260 | | | $ | 11,122 | | | $ | 9,337 | | | $ | 14,655 | | | $ | 13,075 | |
Real estate | | | | | | | | | | | | | | | | | | | | |
Consumer mortgages | | | 47,878 | | | | 44,100 | | | | 34,174 | | | | 36,025 | | | | 34,021 | |
Home equity | | | 2,036 | | | | 2,634 | | | | 1,232 | | | | 1,543 | | | | 811 | |
Agricultural | | | 4,179 | | | | 6,254 | | | | 8,526 | | | | 7,597 | | | | 7,589 | |
Commercial and industrial-owner occupied | | | 33,112 | | | | 26,977 | | | | 26,387 | | | | 24,638 | | | | 20,338 | |
Construction, acquisition and development | | | 133,110 | | | | 171,566 | | | | 200,434 | | | | 224,847 | | | | 211,547 | |
Commercial | | | 40,616 | | | | 49,500 | | | | 48,571 | | | | 58,945 | | | | 57,766 | |
Credit cards | | | 594 | | | | 551 | | | | 546 | | | | 617 | | | | 720 | |
All other | | | 3,013 | | | | 1,775 | | | | 1,869 | | | | 1,859 | | | | 1,632 | |
| | | | | | | | | | | | | | | | | | | | |
Total nonaccrual loans and leases | | | 276,798 | | | | 314,479 | | | | 331,076 | | | | 370,726 | | | | 347,499 | |
| | | | | | | | | | | | | | | | | | | | |
Loans and Leases 90+ Days Past Due, Still Accruing: | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | | 12 | | | | 1,846 | | | | 118 | | | | 501 | | | | 675 | |
Real estate | | | | | | | | | | | | | | | | | | | | |
Consumer mortgages | | | 2,974 | | | | 4,136 | | | | 2,482 | | | | 3,152 | | | | 6,521 | |
Home equity | | | — | | | | 134 | | | | 242 | | | | 139 | | | | 173 | |
Agricultural | | | — | | | | 131 | | | | — | | | | 7 | | | | 123 | |
Commercial and industrial-owner occupied | | | — | | | | 42 | | | | — | | | | 255 | | | | 20 | |
Construction, acquisition and development | | | — | | | | 290 | | | | 432 | | | | 19 | | | | 197 | |
Commercial | | | — | | | | 106 | | | | 19 | | | | 7 | | | | — | |
Credit cards | | | 299 | | | | 257 | | | | 299 | | | | 240 | | | | 330 | |
All other | | | 149 | | | | 412 | | | | 388 | | | | 509 | | | | 461 | |
| | | | | | | | | | | | | | | | | | | | |
Total loans and leases 90+ days past due, still accruing | | | 3,434 | | | | 7,354 | | | | 3,980 | | | | 4,829 | | | | 8,500 | |
| | | | | | | | | | | | | | | | | | | | |
Restructured Loans and Leases, Still Accruing | | | 42,018 | | | | 40,966 | | | | 44,786 | | | | 49,472 | | | | 38,376 | |
| | | | | | | | | | | | | | | | | | | | |
Total non-performing loans and leases | | | 322,250 | | | | 362,799 | | | | 379,842 | | | | 425,027 | | | | 394,375 | |
| | | | | | | | | | | | | | | | | | | | |
OTHER REAL ESTATE OWNED: | | | 173,805 | | | | 162,686 | | | | 151,204 | | | | 136,412 | | | | 133,412 | |
| | | | | | | | | | | | | | | | | | | | |
Total Non-performing Assets | | $ | 496,055 | | | $ | 525,485 | | | $ | 531,046 | | | $ | 561,439 | | | $ | 527,787 | |
| | | | | | | | | | | | | | | | | | | | |
Additions to Nonaccrual Loans and Leases During the Quarter | | $ | 39,474 | | | $ | 60,799 | | | $ | 50,427 | | | $ | 111,241 | | | $ | 131,140 | |
| | | | | | | | | | | | | | | | | | | | |
Loans and Leases 30-89 Days Past Due, Still Accruing: | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | $ | 8,065 | | | $ | 9,759 | | | $ | 7,903 | | | $ | 8,407 | | | $ | 13,654 | |
Real estate | | | | | | | | | | | | | | | | | | | | |
Consumer mortgages | | | 15,864 | | | | 20,144 | | | | 18,621 | | | | 17,136 | | | | 19,147 | |
Home equity | | | 2,037 | | | | 2,066 | | | | 2,916 | | | | 2,492 | | | | 1,906 | |
Agricultural | | | 339 | | | | 1,485 | | | | 2,901 | | | | 818 | | | | 1,122 | |
Commercial and industrial-owner occupied | | | 2,154 | | | | 7,348 | | | | 2,786 | | | | 4,369 | | | | 10,183 | |
Construction, acquisition and development | | | 2,714 | | | | 4,469 | | | | 4,939 | | | | 8,047 | | | | 6,758 | |
Commercial | | | 3,292 | | | | 5,136 | | | | 4,091 | | | | 7,090 | | | | 3,823 | |
Credit cards | | | 802 | | | | 851 | | | | 785 | | | | 969 | | | | 1,023 | |
All other | | | 2,280 | | | | 2,832 | | | | 3,005 | | | | 2,192 | | | | 2,766 | |
| | | | | | | | | | | | | | | | | | | | |
Total Loans and Leases 30-89 days past due, still accruing | | $ | 37,547 | | | $ | 54,090 | | | $ | 47,947 | | | $ | 51,520 | | | $ | 60,382 | |
| | | | | | | | | | | | | | | | | | | | |
Credit Quality Ratios: | | | | | | | | | | | | | | | | | | | | |
Provision for credit losses to average loans and leases (annualized) | | | 0.86 | % | | | 1.10 | % | | | 1.39 | % | | | 2.30 | % | | | 1.84 | % |
Allowance for credit losses to net loans and leases | | | 2.20 | % | | | 2.21 | % | | | 2.14 | % | | | 2.15 | % | | | 2.11 | % |
Allowance for credit losses to non-performing assets | | | 39.33 | % | | | 38.00 | % | | | 37.21 | % | | | 35.33 | % | | | 37.31 | % |
Allowance for credit losses to non-performing loans and leases | | | 60.55 | % | | | 55.04 | % | | | 52.03 | % | | | 46.66 | % | | | 49.93 | % |
Non-performing loans and leases to net loans and leases | | | 3.63 | % | | | 4.01 | % | | | 4.12 | % | | | 4.61 | % | | | 4.23 | % |
Non-performing assets to net loans and leases | | | 5.59 | % | | | 5.80 | % | | | 5.76 | % | | | 6.09 | % | | | 5.65 | % |
- MORE -
BXS Announces Fourth Quarter Results
Page 14
January 17, 2012
BancorpSouth, Inc.
Selected Loan Data
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Quarter Ended | |
| | | Dec-11 | | | Sep-11 | | | Jun-11 | | | Mar-11 | | | Dec-10 | |
REAL ESTATE CONSTRUCTION, ACQUISITION AND DEVELOPMENT (“CAD”) PORTFOLIO: | | | | | | | | | | | | | | | | | | | | |
Outstanding Balance | | | | | | | | | | | | | | | | | | | | |
Multi-family construction | | $ | 2,138 | | | $ | 10,349 | | | $ | 19,116 | | | $ | 21,051 | | | $ | 27,992 | |
One-to-four family construction | | | 169,827 | | | | 181,445 | | | | 198,809 | | | | 212,435 | | | | 218,554 | |
Recreation and all other loans | | | 67,235 | | | | 61,084 | | | | 66,366 | | | | 63,686 | | | | 48,375 | |
Commercial construction | | | 130,124 | | | | 140,570 | | | | 160,834 | | | | 155,402 | | | | 173,557 | |
Commercial acquisition and development | | | 197,044 | | | | 206,516 | | | | 222,460 | | | | 244,950 | | | | 250,658 | |
Residential acquisition and development | | | 341,994 | | | | 376,730 | | | | 393,090 | | | | 419,811 | | | | 455,607 | |
| | | | | | | | | | | | | | | | | | | | |
Total outstanding balance | | $ | 908,362 | | | $ | 976,694 | | | $ | 1,060,675 | | | $ | 1,117,335 | | | $ | 1,174,743 | |
| | | | | | | | | | | | | | | | | | | | |
Nonaccrual CAD Loans | | | | | | | | | | | | | | | | | | | | |
Multi-family construction | | $ | 1,067 | | | $ | — | | | $ | 9,174 | | | $ | 8,352 | | | $ | 12,517 | |
One-to-four family construction | | | 14,690 | | | | 17,937 | | | | 24,537 | | | | 33,570 | | | | 23,794 | |
Recreation and all other loans | | | 436 | | | | 712 | | | | 774 | | | | 708 | | | | 481 | |
Commercial construction | | | 5,235 | | | | 10,159 | | | | 16,618 | | | | 20,889 | | | | 34,710 | |
Commercial acquisition and development | | | 23,968 | | | | 31,862 | | | | 37,207 | | | | 47,200 | | | | 29,658 | |
Residential acquisition and development | | | 87,714 | | | | 110,896 | | | | 112,124 | | | | 114,128 | | | | 110,387 | |
| | | | | | | | | | | | | | | | | | | | |
Total nonaccrual CAD loans | | | 133,110 | | | | 171,566 | | | | 200,434 | | | | 224,847 | | | | 211,547 | |
| | | | | | | | | | | | | | | | | | | | |
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 | | | — | | | | — | | | | — | | | | — | | | | — | |
Residential acquisition and development | | | — | | | | 79 | | | | 430 | | | | 17 | | | | 2 | |
| | | | | | | | | | | | | | | | | | | | |
Total CAD loans 90+ days past due, still accruing | | | — | | | | 290 | | | | 432 | | | | 19 | | | | 197 | |
| | | | | | | | | | | | | | | | | | | | |
Restructured CAD Loans, Still Accruing | | | | | | | | | | | | | | | | | | | | |
Multi-family construction | | | — | | | | — | | | | — | | | | — | | | | — | |
One-to-four family construction | | | 318 | | | | 321 | | | | 1,697 | | | | 113 | | | | 63 | |
Recreation and all other loans | | | 852 | | | | 24 | | | | 24 | | | | — | | | | — | |
Commercial construction | | | — | | | | — | | | | — | | | | — | | | | — | |
Commercial acquisition and development | | | 433 | | | | 1,415 | | | | 1,415 | | | | 834 | | | | 604 | |
Residential acquisition and development | | | 446 | | | | 410 | | | | 2,274 | | | | 3,408 | | | | 1,495 | |
| | | | | | | | | | | | | | | | | | | | |
Total restructured CAD loans, still accruing | | | 2,049 | | | | 2,170 | | | | 5,410 | | | | 4,355 | | | | 2,162 | |
| | | | | | | | | | | | | | | | | | | | |
Total Non-performing CAD loans | | $ | 135,159 | | | $ | 174,026 | | | $ | 206,276 | | | $ | 229,221 | | | $ | 213,906 | |
| | | | | | | | | | | | | | | | | | | | |
CAD NPL as a % of Outstanding CAD Balance | | | | | | | | | | | | | | | | | | | | |
Multi-family construction | | | 49.9 | % | | | — | | | | 48.0 | % | | | 39.7 | % | | | 44.7 | % |
One-to-four family construction | | | 8.8 | % | | | 10.2 | % | | | 13.2 | % | | | 15.9 | % | | | 10.9 | % |
Recreation and all other loans | | | 1.9 | % | | | 1.2 | % | | | 1.2 | % | | | 1.1 | % | | | 1.0 | % |
Commercial construction | | | 4.0 | % | | | 7.2 | % | | | 10.3 | % | | | 13.4 | % | | | 20.1 | % |
Commercial acquisition and development | | | 12.4 | % | | | 16.1 | % | | | 17.4 | % | | | 19.6 | % | | | 12.1 | % |
Residential acquisition and development | | | 25.8 | % | | | 29.6 | % | | | 29.2 | % | | | 28.0 | % | | | 24.6 | % |
Total CAD NPL as a % of outstanding CAD balance | | | 14.9 | % | | | 17.8 | % | | | 19.4 | % | | | 20.5 | % | | | 18.2 | % |
- MORE -
BXS Announces Fourth Quarter Results
Page 15
January 17, 2012
BancorpSouth, Inc.
Selected Loan Data
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | December 31, 2011 | |
| | | Pass | | | Special
Mention | | | Substandard | | | Doubtful | | | Loss | | | Impaired | | | Total | |
LOAN PORTFOLIO BY INTERNALLY ASSIGNED GRADE: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | $ | 1,415,731 | | | $ | 4,947 | | | $ | 43,549 | | | $ | 1,263 | | | $ | 405 | | | $ | 7,833 | | | $ | 1,473,728 | |
Real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consumer mortgages | | | 1,742,593 | | | | 17,914 | | | | 148,267 | | | | 4,434 | | | | 189 | | | | 31,793 | | | | 1,945,190 | |
Home equity | | | 492,235 | | | | 2,775 | | | | 17,050 | | | | 1,134 | | | | 493 | | | | 675 | | | | 514,362 | |
Agricultural | | | 213,280 | | | | 3,795 | | | | 19,296 | | | | 20 | | | | — | | | | 3,096 | | | | 239,487 | |
Commercial and industrial-owner occupied | | | 1,167,220 | | | | 18,280 | | | | 90,778 | | | | 496 | | | | — | | | | 24,801 | | | | 1,301,575 | |
Construction, acquisition and development | | | 619,497 | | | | 23,429 | | | | 136,412 | | | | 845 | | | | — | | | | 128,179 | | | | 908,362 | |
Commercial | | | 1,501,196 | | | | 37,409 | | | | 179,295 | | | | — | | | | — | | | | 36,122 | | | | 1,754,022 | |
Credit cards | | | 105,867 | | | | 41 | | | | 175 | | | | 188 | | | | 10 | | | | — | | | | 106,281 | |
All other | | | 587,970 | | | | 16,104 | | | | 20,263 | | | | 470 | | | | 73 | | | | 2,424 | | | | 627,304 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total loans | | $ | 7,845,589 | | | $ | 124,694 | | | $ | 655,085 | | | $ | 8,850 | | | $ | 1,170 | | | $ | 234,923 | | | $ | 8,870,311 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
- MORE -
BXS Announces Fourth Quarter Results
Page 16
January 17, 2012
BancorpSouth, Inc.
Selected Loan Data
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | As of | |
| | | Dec-11 | | | Sep-11 | | | Jun-11 | | | Mar-11 | | | Dec-10 | |
Unpaid principal balance of impaired loans | | $ | 287,099 | | | $ | 342,839 | | | $ | 374,760 | | | $ | 423,497 | | | $ | 345,377 | |
Cumulative charge-offs on impaired loans | | | 52,176 | | | | 62,950 | | | | 71,103 | | | | 84,676 | | | | 71,972 | |
| | | | | | | | | | | | | | | | | | | | |
Impaired nonaccrual loan and lease outstanding balance | | | 234,923 | | | | 279,889 | | | | 303,657 | | | | 338,821 | | | | 273,405 | |
Other non-accrual loans and leases not impaired | | | 41,875 | | | | 34,590 | | | | 27,419 | | | | 31,905 | | | | 74,094 | |
| | | | | | | | | | | | | | | | | | | | |
Total non-accrual loans and leases | | $ | 276,798 | | | $ | 314,479 | | | $ | 331,076 | | | $ | 370,726 | | | $ | 347,499 | |
| | | | | | | | | | | | | | | | | | | �� | |
Allowance for impaired loans | | | 39,708 | | | | 38,657 | | | | 46,810 | | | | 49,419 | | | | 40,719 | |
| | | | | | | | | | | | | | | | | | | | |
Nonaccrual loans and leases, net of specific reserves | | $ | 237,090 | | | $ | 275,822 | | | $ | 284,266 | | | $ | 321,307 | | | $ | 306,780 | |
| | | | | | | | | | | | | | | | | | | | |
Loans and leases 90+ days past due, still accruing | | | 3,434 | | | | 7,354 | | | | 3,980 | | | | 4,829 | | | | 8,500 | |
Restructured loans and leases, still accruing | | | 42,018 | | | | 40,966 | | | | 44,786 | | | | 49,472 | | | | 38,376 | |
| | | | | | | | | | | | | | | | | | | | |
Total non-performing loans and leases | | $ | 322,250 | | | $ | 362,799 | | | $ | 379,842 | | | $ | 425,027 | | | $ | 394,375 | |
| | | | | | | | | | | | | | | | | | | | |
Allowance for impaired loans | | $ | 39,708 | | | $ | 38,657 | | | $ | 46,810 | | | $ | 49,419 | | | $ | 40,719 | |
Allowance for all other loans and leases | | | 155,410 | | | | 161,029 | | | | 150,817 | | | | 148,914 | | | | 156,194 | |
| | | | | | | | | | | | | | | | | | | | |
Total allowance for credit losses | | $ | 195,118 | | | $ | 199,686 | | | $ | 197,627 | | | $ | 198,333 | | | $ | 196,913 | |
| | | | | | | | | | | | | | | | | | | | |
Outstanding balance of impaired loans | | $ | 234,923 | | | $ | 279,889 | | | $ | 303,657 | | | $ | 338,821 | | | $ | 273,405 | |
Allowance for impaired loans | | | 39,708 | | | | 38,657 | | | | 46,810 | | | | 49,419 | | | | 40,719 | |
| | | | | | | | | | | | | | | | | | | | |
Net book value of impaired loans | | $ | 195,215 | | | $ | 241,232 | | | $ | 256,847 | | | $ | 289,402 | | | $ | 232,686 | |
| | | | | | | | | | | | | | | | | | | | |
Net book value of impaired loans as a % of unpaid principal balance | | | 68 | % | | | 70 | % | | | 69 | % | | | 68 | % | | | 67 | % |
Coverage of other non-accrual loans and leases not impaired by the allowance for all other loans and leases | | | 371 | % | | | 466 | % | | | 550 | % | | | 467 | % | | | 211 | % |
Coverage of non-performing loans and leases not impaired by the allowance for all other loans and leases | | | 178 | % | | | 194 | % | | | 198 | % | | | 173 | % | | | 129 | % |
- MORE -
BXS Announces Fourth Quarter Results
Page 17
January 17, 2012
BancorpSouth, Inc.
Geographical Information
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Alabama
and Florida
Panhandle | | | Arkansas | | | Mississippi | | | Missouri | | | Greater
Memphis
Area | | | Tennessee | | | Texas and
Louisiana | | | Other | | | Total | |
LOAN AND LEASE PORTFOLIO: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | $ | 63,583 | | | $ | 188,329 | | | $ | 312,364 | | | $ | 51,291 | | | $ | 23,745 | | | $ | 80,094 | | | $ | 258,225 | | | $ | 496,097 | | | $ | 1,473,728 | |
Real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consumer mortgages | | | 111,455 | | | | 272,857 | | | | 756,389 | | | | 56,808 | | | | 86,576 | | | | 162,604 | | | | 427,955 | | | | 70,546 | | | | 1,945,190 | |
Home equity | | | 58,991 | | | | 42,250 | | | | 174,632 | | | | 26,930 | | | | 70,034 | | | | 76,361 | | | | 63,298 | | | | 1,866 | | | | 514,362 | |
Agricultural | | | 6,354 | | | | 71,592 | | | | 71,787 | | | | 4,047 | | | | 9,601 | | | | 13,163 | | | | 57,836 | | | | 5,107 | | | | 239,487 | |
Commercial and industrial-owner occupied | | | 115,133 | | | | 167,935 | | | | 455,700 | | | | 67,055 | | | | 99,394 | | | | 98,860 | | | | 248,107 | | | | 49,391 | | | | 1,301,575 | |
Construction, acquisition and development | | | 103,594 | | | | 80,121 | | | | 259,551 | | | | 51,432 | | | | 98,948 | | | | 98,865 | | | | 196,490 | | | | 19,361 | | | | 908,362 | |
Commercial | | | 199,844 | | | | 346,534 | | | | 352,754 | | | | 223,849 | | | | 115,783 | | | | 101,068 | | | | 359,989 | | | | 54,201 | | | | 1,754,022 | |
Credit cards | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 106,281 | | | | 106,281 | |
All other | | | 29,846 | | | | 90,905 | | | | 201,067 | | | | 4,443 | | | | 54,846 | | | | 47,412 | | | | 89,417 | | | | 109,368 | | | | 627,304 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total loans | | $ | 688,800 | | | $ | 1,260,523 | | | $ | 2,584,244 | | | $ | 485,855 | | | $ | 558,927 | | | $ | 678,427 | | | $ | 1,701,317 | | | $ | 912,218 | | | $ | 8,870,311 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
CAD PORTFOLIO: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Multi-family construction | | $ | — | | | $ | — | | | $ | 11 | | | $ | 1,067 | | | $ | — | | | $ | 664 | | | $ | 350 | | | $ | 46 | | | $ | 2,138 | |
One-to-four family construction | | | 27,514 | | | | 13,127 | | | | 46,874 | | | | 7,266 | | | | 9,593 | | | | 30,212 | | | | 31,621 | | | | 3,620 | | | | 169,827 | |
Recreation and all other loans | | | 1,685 | | | | 11,071 | | | | 31,484 | | | | 567 | | | | 2,670 | | | | 1,075 | | | | 17,250 | | | | 1,433 | | | | 67,235 | |
Commercial construction | | | 12,351 | | | | 9,321 | | | | 40,453 | | | | 2,694 | | | | 11,364 | | | | 20,781 | | | | 30,386 | | | | 2,774 | | | | 130,124 | |
Commercial acquisition and development | | | 13,167 | | | | 19,120 | | | | 54,052 | | | | 15,169 | | | | 31,688 | | | | 18,534 | | | | 41,115 | | | | 4,199 | | | | 197,044 | |
Residential acquisition and development | | | 48,877 | | | | 27,482 | | | | 86,677 | | | | 24,669 | | | | 43,633 | | | | 27,599 | | | | 75,768 | | | | 7,289 | | | | 341,994 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total CAD loans | | $ | 103,594 | | | $ | 80,121 | | | $ | 259,551 | | | $ | 51,432 | | | $ | 98,948 | | | $ | 98,865 | | | $ | 196,490 | | | $ | 19,361 | | | $ | 908,362 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NON-PERFORMING LOANS AND LEASES: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | $ | 2,786 | | | $ | 2,908 | | | $ | 529 | | | $ | 2,004 | | | $ | 521 | | | $ | 196 | | | $ | 2,725 | | | $ | 1,886 | | | $ | 13,555 | |
Real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consumer mortgages | | | 6,257 | | | | 4,750 | | | | 15,105 | | | | 4,296 | | | | 2,399 | | | | 6,465 | | | | 6,564 | | | | 6,788 | | | | 52,624 | |
Home equity | | | 485 | | | | 16 | | | | 419 | | | | — | | | | 407 | | | | 707 | | | | — | | | | 2 | | | | 2,036 | |
Agricultural | | | — | | | | 315 | | | | 1,079 | | | | 1,317 | | | | 1,307 | | | | 258 | | | | — | | | | 1 | | | | 4,277 | |
Commercial and industrial-owner occupied | | | 8,467 | | | | 8,129 | | | | 7,530 | | | | 4,163 | | | | 4,889 | | | | 4,838 | | | | 3,825 | | | | 163 | | | | 42,004 | |
Construction, acquisition and development | | | 24,581 | | | | 6,397 | | | | 12,975 | | | | 14,024 | | | | 25,923 | | | | 11,746 | | | | 39,513 | | | | — | | | | 135,159 | |
Commercial | | | 7,321 | | | | 1,028 | | | | 15,784 | | | | 23,799 | | | | 5,238 | | | | 3,919 | | | | 4,017 | | | | 726 | | | | 61,832 | |
Credit cards | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 3,371 | | | | 3,371 | |
All other | | | 1,596 | | | | 2,106 | | | | 812 | | | | 329 | | | | 17 | | | | 1,003 | | | | 203 | | | | 1,326 | | | | 7,392 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total loans | | $ | 51,493 | | | $ | 25,649 | | | $ | 54,233 | | | $ | 49,932 | | | $ | 40,701 | | | $ | 29,132 | | | $ | 56,847 | | | $ | 14,263 | | | $ | 322,250 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
- MORE -
BXS Announces Fourth Quarter Results
Page 18
January 17, 2012
BancorpSouth, Inc.
Selected Additional Information
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | December 31, 2011 | |
| | | Alabama
and Florida
Panhandle | | | Arkansas | | | Mississippi | | | Missouri | | | Greater
Memphis
Area | | | Tennessee | | | Texas and
Louisiana | | | Other | | | Total | |
OTHER REAL ESTATE OWNED: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | | $ | 436 | | | $ | 17 | | | $ | — | | | $ | — | | | $ | 940 | | | $ | — | | | $ | — | | | $ | — | | | $ | 1,393 | |
Real estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consumer mortgages | | | 3,816 | | | | 448 | | | | 3,400 | | | | — | | | | 5,199 | | | | 4,160 | | | | 733 | | | | 2,889 | | | | 20,645 | |
Home equity | | | — | | | | — | | | | 51 | | | | — | | | | 600 | | | | — | | | | — | | | | — | | | | 651 | |
Agricultural | | | 899 | | | | — | | | | 275 | | | | — | | | | 4,542 | | | | — | | | | — | | | | — | | | | 5,716 | |
Commercial and industrial-owner occupied | | | 1,022 | | | | 303 | | | | 1,972 | | | | 76 | | | | 2,371 | | | | 426 | | | | 174 | | | | — | | | | 6,344 | |
Construction, acquisition and development | | | 19,318 | | | | 2,241 | | | | 18,850 | | | | 1,974 | | | | 69,822 | | | | 6,918 | | | | 2,763 | | | | — | | | | 121,886 | |
Commercial | | | 1,121 | | | | 1,605 | | | | 3,604 | | | | — | | | | 7,672 | | | | 753 | | | | 232 | | | | — | | | | 14,987 | |
All other | | | 276 | | | | 83 | | | | 220 | | | | 193 | | | | 1,358 | | | | — | | | | 53 | | | | — | | | | 2,183 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total loans | | $ | 26,888 | | | $ | 4,697 | | | $ | 28,372 | | | $ | 2,243 | | | $ | 92,504 | | | $ | 12,257 | | | $ | 3,955 | | | $ | 2,889 | | | $ | 173,805 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | Quarter Ended | |
| | | Dec-11 | | | Sep-11 | | | Jun-11 | | | Mar-11 | | | Dec-10 | |
OTHER REAL ESTATE OWNED: | | | | | | | | | | | | | | | | | | | | |
Balance, beginning of period | | $ | 162,686 | | | $ | 151,204 | | | $ | 136,412 | | | $ | 133,412 | | | $ | 82,647 | |
Additions to foreclosed properties | | | | | | | | | | | | | | | | | | | | |
New foreclosed property | | | 36,507 | | | | 29,063 | | | | 38,199 | | | | 21,464 | | | | 62,683 | |
Reductions in foreclosed properties | | | | | | | | | | | | | | | | | | | | |
Sales | | | (16,688 | ) | | | (13,136 | ) | | | (21,135 | ) | | | (13,528 | ) | | | (8,528 | ) |
Writedowns | | | (8,700 | ) | | | (4,445 | ) | | | (2,272 | ) | | | (4,936 | ) | | | (3,390 | ) |
| | | | | | | | | | | | | | | | | | | | |
Balance, end of period | | $ | 173,805 | | | $ | 162,686 | | | $ | 151,204 | | | $ | 136,412 | | | $ | 133,412 | |
| | | | | | | | | | | | | | | | | | | | |
FORECLOSED PROPERTY EXPENSE | | | | | | | | | | | | | | | | | | | | |
Loss (Gain) on sale of other real estate owned | | $ | 711 | | | $ | 16 | | | $ | (140 | ) | | $ | 492 | | | $ | 807 | |
Writedown of other real estate owned | | | 8,700 | | | | 4,445 | | | | 2,272 | | | | 4,936 | | | | 3,390 | |
Other foreclosed property expense | | | 1,422 | | | | 1,655 | | | | 1,633 | | | | 1,654 | | | | 1,895 | |
| | | | | | | | | | | | | | | | | | | | |
Total foreclosed property expense | | $ | 10,833 | | | $ | 6,116 | | | $ | 3,765 | | | $ | 7,082 | | | $ | 6,092 | |
| | | | | | | | | | | | | | | | | | | | |
- MORE -
BXS Announces Fourth Quarter Results
Page 19
January 17, 2012
BancorpSouth, Inc.
Noninterest Revenue and Expense
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Quarter Ended | |
| | | Dec-11 | | | Sep-11 | | | Jun-11 | | | Mar-11 | | | Dec-10 | |
NONINTEREST REVENUE: | | | | | | | | | | | | | | | | | | | | |
Mortgage lending | | $ | 8,928 | | | $ | (1,443 | ) | | $ | 2,003 | | | $ | 7,581 | | | $ | 18,126 | |
Credit card, debit card and merchant fees | | | 7,783 | | | | 12,981 | | | | 11,263 | | | | 10,346 | | | | 9,951 | |
Service charges | | | 17,412 | | | | 17,334 | | | | 16,556 | | | | 15,368 | | | | 16,854 | |
Trust income | | | 3,348 | | | | 2,854 | | | | 2,850 | | | | 3,134 | | | | 3,072 | |
Securities gains (losses), net | | | 18 | | | | 2,047 | | | | 10,045 | | | | 17 | | | | (470 | ) |
Insurance commissions | | | 19,416 | | | | 22,012 | | | | 22,941 | | | | 22,549 | | | | 18,013 | |
Annuity fees | | | 382 | | | | 552 | | | | 1,094 | | | | 1,296 | | | | 458 | |
Brokerage commissions and fees | | | 1,215 | | | | 1,627 | | | | 1,437 | | | | 1,638 | | | | 1,436 | |
Bank-owned life insurance | | | 2,007 | | | | 1,734 | | | | 2,223 | | | | 1,699 | | | | 2,303 | |
Other miscellaneous income | | | 4,826 | | | | 2,357 | | | | 4,732 | | | | 4,683 | | | | 4,231 | |
| | | | | | | | | | | | | | | | | | | | |
Total noninterest revenue | | $ | 65,335 | | | $ | 62,055 | | | $ | 75,144 | | | $ | 68,311 | | | $ | 73,974 | |
| | | | | | | | | | | | | | | | | | | | |
NONINTEREST EXPENSE: | | | | | | | | | | | | | | | | | | | | |
Salaries and employee benefits | | $ | 70,512 | | | $ | 71,851 | | | $ | 70,142 | | | $ | 70,375 | | | $ | 65,980 | |
Occupancy, net of rental income | | | 10,315 | | | | 11,144 | | | | 10,232 | | | | 10,671 | | | | 10,668 | |
Equipment | | | 5,108 | | | | 5,346 | | | | 5,595 | | | | 5,658 | | | | 5,459 | |
Deposit insurance assessments | | | 5,674 | | | | 3,781 | | | | 6,436 | | | | 5,425 | | | | 5,895 | |
Prepayment penalty on FHLB borrowings | | | — | | | | — | | | | 9,778 | | | | — | | | | — | |
Advertising | | | 1,778 | | | | 1,140 | | | | 1,291 | | | | 889 | | | | 1,760 | |
Foreclosed property expense | | | 10,833 | | | | 6,116 | | | | 3,765 | | | | 7,082 | | | | 6,092 | |
Telecommunications | | | 2,110 | | | | 2,097 | | | | 2,036 | | | | 2,143 | | | | 2,148 | |
Public relations | | | 1,244 | | | | 1,415 | | | | 1,554 | | | | 1,514 | | | | 1,361 | |
Data processing | | | 2,398 | | | | 2,614 | | | | 2,365 | | | | 2,301 | | | | 1,428 | |
Computer software | | | 1,892 | | | | 1,863 | | | | 1,899 | | | | 1,848 | | | | 1,937 | |
Amortization of intangibles | | | 813 | | | | 823 | | | | 833 | | | | 854 | | | | 950 | |
Legal | | | 3,947 | | | | 1,586 | | | | 1,095 | | | | 2,586 | | | | 1,872 | |
Postage and shipping | | | 1,163 | | | | 1,182 | | | | 1,171 | | | | 1,297 | | | | 1,269 | |
Other miscellaneous expense | | | 18,069 | | | | 19,740 | | | | 18,877 | | | | 17,367 | | | | 16,628 | |
| | | | | | | | | | | | | | | | | | | | |
Total noninterest expense | | $ | 135,856 | | | $ | 130,698 | | | $ | 137,069 | | | $ | 130,010 | | | $ | 123,447 | |
| | | | | | | | | | | | | | | | | | | | |
INSURANCE COMMISSIONS: | | | | | | | | | | | | | | | | | | | | |
Property and casualty commissions | | $ | 14,033 | | | $ | 16,226 | | | $ | 16,527 | | | $ | 13,683 | | | $ | 13,304 | |
Life and health commissions | | | 4,024 | | | | 4,359 | | | | 4,301 | | | | 4,477 | | | | 3,627 | |
Risk management income | | | 597 | | | | 703 | | | | 596 | | | | 713 | | | | 617 | |
Other | | | 762 | | | | 724 | | | | 1,517 | | | | 3,676 | | | | 465 | |
| | | | | | | | | | | | | | | | | | | | |
Total insurance commissions | | $ | 19,416 | | | $ | 22,012 | | | $ | 22,941 | | | $ | 22,549 | | | $ | 18,013 | |
| | | | | | | | | | | | | | | | | | | | |
- MORE -
BXS Announces Fourth Quarter Results
Page 20
January 17, 2012
BancorpSouth, Inc.
Selected Additional Information
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Quarter Ended | |
| | | Dec-11 | | | Sep-11 | | | Jun-11 | | | Mar-11 | | | Dec-10 | |
MORTGAGE SERVICING RIGHTS: | | | | | | | | | | | | | | | | | | | | |
Fair value, beginning of period | | $ | 29,159 | | | $ | 39,455 | | | $ | 42,306 | | | $ | 38,642 | | | $ | 26,901 | |
Additions to mortgage servicing rights: | | | | | | | | | | | | | | | | | | | | |
Originations of servicing assets | | | 3,754 | | | | 3,127 | | | | 2,380 | | | | 2,431 | | | | 4,725 | |
Changes in fair value: | | | | | | | | | | | | | | | | | | | | |
Due to payoffs/paydowns | | | (1,745 | ) | | | (1,745 | ) | | | (1,390 | ) | | | (1,300 | ) | | | (1,881 | ) |
Due to change in valuation inputs or assumptions used in the valuation model | | | (991 | ) | | | (11,676 | ) | | | (3,839 | ) | | | 2,540 | | | | 8,895 | |
Other changes in fair value | | | (3 | ) | | | (2 | ) | | | (2 | ) | | | (7 | ) | | | 2 | |
| | | | | | | | | | | | | | | | | | | | |
Fair value, end of period | | $ | 30,174 | | | $ | 29,159 | | | $ | 39,455 | | | $ | 42,306 | | | $ | 38,642 | |
| | | | | | | | | | | | | | | | | | | | |
MORTGAGE LENDING REVENUE: | | | | | | | | | | | | | | | | | | | | |
Production revenue: | | | | | | | | | | | | | | | | | | | | |
Origination | | $ | 8,308 | | | $ | 8,688 | | | $ | 4,066 | | | $ | 3,224 | | | $ | 7,942 | |
Servicing | | | 3,356 | | | | 3,290 | | | | 3,166 | | | | 3,117 | | | | 3,170 | |
Payoffs/Paydowns | | | (1,745 | ) | | | (1,745 | ) | | | (1,390 | ) | | | (1,300 | ) | | | (1,881 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total production revenue | | | 9,919 | | | | 10,233 | | | | 5,842 | | | | 5,041 | | | | 9,231 | |
Market value adjustment | | | (991 | ) | | | (11,676 | ) | | | (3,839 | ) | | | 2,540 | | | | 8,895 | |
| | | | | | | | | | | | | | | | | | | | |
Total mortgage lending revenue | | $ | 8,928 | | | $ | (1,443 | ) | | $ | 2,003 | | | $ | 7,581 | | | $ | 18,126 | |
| | | | | | | | | | | | | | | | | | | | |
HELD-TO-MATURITY SECURITIES, at amortized cost | | | | | | | | | | | | | | | | | | | | |
U.S. Government agencies | | $ | — | | | $ | — | | | $ | — | | | $ | 1,278,185 | | | $ | 1,246,649 | |
Obligations of states and political subdivisions | | | — | | | | — | | | | — | | | | 389,018 | | | | 366,370 | |
| | | | | | | | | | | | | | | | | | | | |
Total held-to-maturity securities | | $ | — | | | $ | — | | | $ | — | | | $ | 1,667,203 | | | $ | 1,613,019 | |
| | | | | | | | | | | | | | | | | | | | |
AVAILABLE-FOR-SALE SECURITIES, at fair value | | | | | | | | | | | | | | | | | | | | |
U.S. Government agencies | | $ | 1,501,243 | | | $ | 1,497,456 | | | $ | 1,599,231 | | | $ | 459,763 | | | $ | 433,158 | |
Government agency issued residential mortgage-back securities | | | 404,610 | | | | 420,689 | | | | 430,402 | | | | 529,302 | | | | 503,229 | |
Government agency issued commercial mortgage-back securities | | | 34,599 | | | | 34,475 | | | | 31,627 | | | | 30,938 | | | | 29,994 | |
Obligations of states and political subdivisions | | | 563,520 | | | | 519,431 | | | | 486,653 | | | | 111,380 | | | | 110,165 | |
Other | | | 9,546 | | | | 9,504 | | | | 12,911 | | | | 14,080 | | | | 19,516 | |
| | | | | | | | | | | | | | | | | | | | |
Total available-for-sale securities | | $ | 2,513,518 | | | $ | 2,481,555 | | | $ | 2,560,824 | | | $ | 1,145,463 | | | $ | 1,096,062 | |
| | | | | | | | | | | | | | | | | | | | |
- MORE -
BXS Announces Fourth Quarter Results
Page 21
January 17, 2012
BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(Dollars in thousands)
(Unaudited)
| | | | | | | | | | | | |
| | | Quarter Ended December 31, 2011 | |
| (Taxable equivalent basis) | | Average
Balance | | | Interest | | | Yield/
Rate | |
ASSETS | | | | | | | | | | | | |
Loans, loans held for sale, and leases net of unearned income | | $ | 9,022,010 | | | $ | 114,094 | | | | 5.02 | % |
Available-for-sale securities: | | | | | | | | | | | | |
Taxable | | | 2,083,983 | | | | 11,891 | | | | 2.26 | % |
Tax-exempt | | | 425,960 | | | | 6,396 | | | | 5.96 | % |
Short-term investments | | | 386,405 | | | | 253 | | | | 0.26 | % |
| | | | | | | | | | | | |
Total interest earning assets and revenue | | | 11,918,358 | | | | 132,634 | | | | 4.42 | % |
Other assets | | | 1,336,426 | | | | | | | | | |
Less: allowance for credit losses | | | (208,005 | ) | | | | | | | | |
| | | | | | | | | | | | |
Total | | $ | 13,046,779 | | | | | | | | | |
| | | | | | | | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | |
Deposits: | | | | | | | | | | | | |
Demand - interest bearing | | $ | 4,714,059 | | | $ | 4,737 | | | | 0.40 | % |
Savings | | | 975,892 | | | | 746 | | | | 0.30 | % |
Other time | | | 3,078,376 | | | | 13,104 | | | | 1.69 | % |
Short-term borrowings | | | 432,539 | | | | 95 | | | | 0.09 | % |
Junior subordinated debt | | | 160,312 | | | | 2,871 | | | | 7.11 | % |
Long-term debt | | | 33,500 | | | | 350 | | | | 4.15 | % |
| | | | | | | | | | | | |
Total interest bearing liabilities and expense | | | 9,394,678 | | | | 21,903 | | | | 0.92 | % |
Demand deposits - noninterest bearing | | | 2,248,904 | | | | | | | | | |
Other liabilities | | | 134,292 | | | | | | | | | |
| | | | | | | | | | | | |
Total liabilities | | | 11,777,874 | | | | | | | | | |
Shareholders’ equity | | | 1,268,905 | | | | | | | | | |
| | | | | | | | | | | | |
Total | | $ | 13,046,779 | | | | | | | | | |
| | | | | | | | | | | | |
Net interest revenue | | | | | | $ | 110,731 | | | | | |
| | | | | | | | | | | | |
Net interest margin | | | | | | | | | | | 3.69 | % |
Net interest rate spread | | | | | | | | | | | 3.49 | % |
Interest bearing liabilities to interest earning assets | | | | | | | | | | | 78.83 | % |
Net interest tax equivalent adjustment | | | | | | $ | 3,241 | | | | | |
- MORE -
BXS Announces Fourth Quarter Results
Page 22
January 17, 2012
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 Fourth Quarter Results
Page 23
January 17, 2012
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 Fourth Quarter Results
Page 24
January 17, 2012
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 Fourth Quarter Results
Page 25
January 17, 2012
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 Fourth Quarter Results
Page 26
January 17, 2012
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):
| | | | | | | | | | | | |
| | | December 31, | | | September 30,
2011 | |
| | | 2011 | | | 2010 | | |
Tangible assets | | | | | | | | | | | | |
Total assets | | $ | 12,995,851 | | | $ | 13,615,010 | | | $ | 13,198,518 | |
Less: Goodwill | | | 271,297 | | | | 270,097 | | | | 271,297 | |
Other identifiable intangible assets | | | 16,613 | | | | 19,624 | | | | 17,426 | |
| | | | | | | | | | | | |
Total tangible assets | | $ | 12,707,941 | | | $ | 13,325,289 | | | $ | 12,909,795 | |
Tangible shareholders’ equity | | | | | | | | | | | | |
Total shareholders’ equity | | $ | 1,262,912 | | | $ | 1,222,244 | | | $ | 1,266,753 | |
Less: Goodwill | | | 271,297 | | | | 270,097 | | | | 271,297 | |
Other identifiable intangible assets | | | 16,613 | | | | 19,624 | | | | 17,426 | |
| | | | | | | | | | | | |
Total tangible shareholders’ equity | | $ | 975,002 | | | $ | 932,523 | | | $ | 978,030 | |
Tangible shareholders’ equity to tangible assets | | | 7.67 | % | | | 7.00 | % | | | 7.58 | % |
| (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. |
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