Exhibit 99.1
News Release
Contact: | ||||||
William L. Prater | Will Fisackerly | |||||
Treasurer and | First Vice President and | |||||
Chief Financial Officer | Director of Investor Relations | |||||
662/680-2000 | 662/680-2475 |
BancorpSouth Announces Second Quarter 2012 Earnings of
$20.6 Million or $0.22 per Diluted Share
TUPELO, Miss., July 23, 2012/PRNewswire-FirstCall via COMTEX/ — BancorpSouth, Inc. (NYSE: BXS) today announced financial results for the quarter ended June 30, 2012.
Highlights for the second quarter of 2012 included:
• | Net income of $20.6 million, or $0.22 per diluted share, despite a negative pre-tax mortgage servicing rights (“MSR”) valuation adjustment of $3.8 million. |
• | Other real estate owned (“OREO”) sales of $26.2 million, which contributed to a 14.4 percent decline in OREO and a 9.4 percent reduction in total non-performing assets (“NPAs”). |
• | A decrease of $79.6 million, or 12.5%, in substandard classified loans. |
• | Reduction in net charge-offs to $11.9 million, which included recoveries of $10.0 million of previously charged off loans. |
• | Generated mortgage production of $444.1 million, which contributed to mortgage lending revenue of $14.9 million, excluding the MSR valuation adjustment. |
• | Maintained a stable net interest margin at 3.65 percent. |
• | Announced the acquisition of the assets of The Securance Group, Inc., which will allow us to expand our insurance offerings into new markets within the Alabama portion of our footprint. |
“We are pleased to report results that reflect another successful quarter in terms of improving profitability and asset quality,” remarked Aubrey Patterson, Chairman and Chief Executive Officer of BancorpSouth. “Earnings for the quarter reflect continued decreases in credit costs as non-performing loans (“NPLs”), classified asset totals, and other credit quality metrics, including
Box 789 • Tupelo, MS 38802-0789 • (662) 680-2000
![]() | is a financial holding company. |
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BXS Announces Second Quarter Results
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July 23, 2012
recoveries of previously charged off loans, continue to improve. In addition, we were pleased with the results of disposition efforts related to our other real estate owned, which resulted in a significant decline in the balance of these properties during the quarter.”
The Company reported net income of $20.6 million, or $0.22 per diluted share, for the second quarter of 2012 compared with net income of $12.8 million, or $0.15 per diluted share, for the second quarter of 2011 and net income of $22.9 million, or $0.25 per diluted share, for the first quarter of 2012. The Company reported net income for the first six months of 2012 of $43.5 million, or $0.47 per diluted share, compared with $12.3 million, or $0.15 per diluted share, for the first half of 2011.
Earnings for the quarter benefited from a reduction in the provision for credit losses to $6.0 million compared to $32.2 million for the second quarter of 2011 and $10.0 million for the first quarter of 2012. NPLs declined $18.3 million, or 6.4 percent, during the second quarter of 2012 to $266.9 million compared with $285.2 million at March 31, 2012 and declined $112.9 million, or 29.7 percent, from $379.8 million at June 30, 2011. In addition, gross nonaccrual loan formation was $41.1 million for the second quarter of 2012 compared to $50.4 million for the second quarter of 2011 and $40.4 million for the first quarter of 2012. Total loans 30 to 89 days past due decreased during the second quarter of 2012 to $28.6 million at June 30, 2012 from $29.0 million at March 31, 2012. Net charge-offs decreased $11.4 million, or 48.9 percent, to $11.9 million for the second quarter of 2012 compared with $23.3 million for the first quarter of 2012. Net charge-offs during the second quarter of 2012 included $8.4 million of charge-offs of loans which had been identified and reported as impaired and were reserved for in previous quarters.
Patterson added, “Our noninterest revenue lines of business produced another solid quarter and continue to contribute almost 40 percent of our total revenues. Our mortgage business generated $444.1 million of production during the quarter and contributed $14.9 million of revenue, excluding a negative MSR valuation adjustment of $3.8 million. Insurance commissions accounted for $23.0 million of noninterest revenue, consistent with both the second quarter of 2011 and the first quarter of 2012.”
Net Interest Revenue
Net interest revenue was $104.7 million for the second quarter of 2012, a decrease of 4.7 percent from $109.9 million for the second quarter of 2011 and a decrease of 0.8 percent from $105.6 million for the first quarter of 2012. The fully taxable equivalent net interest margin was 3.65 percent for the second quarter of 2012 compared with 3.71 percent for the second quarter of 2011 and 3.66 percent for the first quarter of 2012.
Asset, Deposit and Loan Activity
Total assets were $13.1 billion at June 30, 2012 compared with $13.4 billion at June 30, 2011. Total deposits were $11.0 billion at June 30, 2012, a decrease of 3.1 percent from $11.3 billion at June 30, 2011. Loans and leases, net of unearned income, were $8.7 billion at June 30, 2012, a decrease of 5.2 percent from $9.2 billion at June 30, 2011.
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July 23, 2012
The construction, acquisition, and development (“CAD”) loan portfolio, which decreased $225.7 million, or 21.3 percent, from June 30, 2011 to June 30, 2012, accounted for almost half of the decline in net loans and leases over the same time period. Despite the year-over-year decreases, loans and leases, net of unearned income, were flat compared to $8.7 billion at March 31, 2012. Patterson added, “We were pleased with loan production efforts during the quarter as we were able to replace strategic runoff of non-performing and certain criticized credits as well as all other normal runoff with new loans. We were particularly pleased with production in our commercial and industrial portfolio, which yielded an increase of almost $56 million in total outstanding loans in this category during the quarter.”
Time deposits, which decreased $548.5 million, or 16.5 percent at June 30, 2012 compared to June 30, 2011, were offset partially by significant growth in noninterest bearing demand deposits, which increased $215.4 million, or 10.3 percent, over the period. Additionally, savings deposits increased $138.3 million, or 14.6 percent, while interest bearing demand deposits decreased $157.3 million, or 3.2 percent, over the same period. As of June 30, 2012, approximately $1.1 billion of time deposits were scheduled to mature during the following two quarters at a weighted average rate of 0.89 percent.
Provision for Credit Losses and Allowance for Credit Losses
For the second quarter of 2012, the provision for credit losses was $6.0 million, compared with $32.2 million for the second quarter of 2011 and $10.0 million for the first quarter of 2012. Net charge-offs for the second quarter of 2012 were $11.9 million, compared with $32.9 million for the second quarter of 2011 and $23.3 million for the first quarter of 2012. Recoveries increased to $10.0 million for the second quarter of 2012, compared with $3.3 million for the second quarter of 2011 and $5.5 million for the first quarter of 2012. Annualized net charge-offs were 0.55 percent of average loans and leases for the second quarter of 2012, compared with 1.42 percent for the second quarter of 2011 and 1.06 percent for the first quarter of 2012.
NPLs were $266.9 million, or 3.06 percent of net loans and leases, at June 30, 2012 compared with $379.8 million, or 4.12 percent of net loans and leases, at June 30, 2011 and $285.2 million, or 3.26 percent of net loans and leases, at March 31, 2012. The allowance for credit losses was $175.8 million, or 2.01 percent of net loans and leases, at June 30, 2012 compared with $197.6 million, or 2.14 percent of net loans and leases, at June 30, 2011 and $181.8 million, or 2.08 percent of net loans and leases, at March 31, 2012.
NPLs at June 30, 2012 consisted primarily of $240.2 million of nonaccrual loans, compared with $253.2 million of nonaccrual loans at March 31, 2012. Included in the reduction of nonaccrual loans during the second quarter of 2012 were payments received on nonaccrual loans of $27.1 million, compared with payments received on such loans of $20.6 million during the first quarter of 2012. NPLs at June 30, 2012 also included $1.6 million of loans 90 days or more past due and still accruing, compared with $1.7 million at March 31, 2012, and included restructured loans still accruing of $25.1 million at June 30, 2012, compared with $30.3 million at March 31, 2012. Loans and leases 30 to 89 days past due were $28.6 million at June 30, 2012 compared with $29.0 million at March 31, 2012.
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BXS Announces Second Quarter Results
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July 23, 2012
At June 30, 2012, $66.4 million of NPLs were residential CAD loans, $43.8 million were other CAD loans, $52.0 million were commercial real estate loans and $39.4 million were consumer mortgages. NPLs from all other loan types totaled $65.3 million at June 30, 2012. Included in nonaccrual loans at June 30, 2012 were $132.7 million of loans, or 55.2 percent of total nonaccrual loans, that were paying as agreed, compared with $137.5 million, or 54.3 percent, at the end of the first quarter of 2012. 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 disposition value of the collateral.
At the end of the second quarter, 83.4 percent of nonaccrual loans were determined to be collateral dependent, and after write-downs and specific reserves, the remaining book balance of these loans was 67.9 percent of the unpaid principal balance. At June 30, 2012, coverage of unimpaired nonaccrual loans by the nonspecified allowance for credit losses was 381 percent and coverage of unimpaired NPLs by the nonspecified allowance for credit losses was 228 percent.
OREO decreased $24.2 million to $143.6 million during the second quarter of 2012 from $167.8 million at March 31, 2012. This net decrease reflected $6.9 million added through foreclosure, offset by sales of other real estate owned of $26.2 million. OREO sales were $11.8 million for the first quarter of 2012. Write-downs in the value of existing properties were $4.9 million for the second quarter of 2012 compared to $5.0 million for the first quarter of 2012. Sales of OREO during the second quarter of 2012 resulted in a net loss of $2.7 million compared to a net loss of $0.8 million for the first quarter of 2012. At June 30, 2012, OREO was carried at 51.0 percent of the aggregate loan balances at the time of foreclosure, compared with 52.4 percent at March 31, 2012.
Noninterest Revenue
Noninterest revenue was $66.5 million for the second quarter of 2012, compared with $75.1 million for the second quarter of 2011 and $72.4 million for the first quarter of 2012. These results included negative MSR valuation adjustments of $3.8 million for both the second quarters of 2012 and 2011 and a positive MSR valuation adjustment of $3.7 million for the first quarter of 2012. Additionally, noninterest revenue for the second quarter of 2011 included $10.0 million of net securities gains, while net securities gains for the first two quarters of 2012 were not material.
Excluding the MSR valuation adjustments, net mortgage lending revenue was $14.9 million for the second quarter of 2012, compared with $5.8 million for the second quarter of 2011 and $11.4 million for the first quarter of 2012. Mortgage origination volume for the second quarter of 2012 was $444.1 million, compared with $245.3 million for the second quarter of 2011 and $395.1 million for the first quarter of 2012.
Credit and debit card fee revenue was $7.8 million for the second quarter of 2012, compared with $11.3 million for the second quarter of 2011 and $7.5 million for the first quarter of 2012.
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BXS Announces Second Quarter Results
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July 23, 2012
Service charge revenue was $13.7 million for the second quarter of 2012, compared with $16.6 million for the second quarter of 2011 and $15.1 million for the first quarter of 2012. Insurance commission revenue was $23.0 million for the second quarter of 2012, compared with $22.9 million for the second quarter of 2011 and $23.2 million for the first quarter of 2012.
Noninterest Expense
Noninterest expense for the second quarter of 2012 was $136.5 million, compared with $137.1 million for the second quarter of 2011 and $135.7 million for the first quarter of 2012. Results for the second quarter of 2011 included a one-time prepayment penalty of $9.8 million related to the early repayment of $75.0 million of Federal Home Loan Bank advances. Salaries and employee benefits expense increased to $77.7 million for the second quarter of 2012 from $70.1 million for the second quarter of 2011 and $74.9 million for the first quarter of 2012. Foreclosed property expense increased to $10.2 million for the second quarter of 2012 from $3.8 million for the second quarter of 2011 and $8.4 million for the first quarter of 2012. Deposit insurance assessments declined to $4.0 million for the second quarter of 2012 from $6.4 million for the second quarter of 2011 and $5.4 million for the first quarter of 2012.
Capital Management
BancorpSouth remains a “well capitalized” financial holding company, as defined by federal regulations, with Tier 1 risk-based capital of 13.41 percent at June 30, 2012 and total risk based capital of 14.66 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 10.79 percent at June 30, 2012, compared with 9.33 percent at June 30, 2011 and 10.46 percent at March 31, 2012. The ratio of tangible shareholders’ equity to tangible assets increased to 8.80 percent at June 30, 2012, compared with 7.32 percent at June 30, 2011 and 8.49 percent at March 31, 2012.
Summary
Patterson concluded, “Our second quarter results reflect meaningful profitability improvement, achieved through consistent and successful efforts to improve asset quality as well as continued strong performance from our noninterest lines of business. We are pleased with progress made in many of our credit quality metrics, but our OREO disposition results are particularly encouraging. Total OREO dispositions for the quarter represent the highest level achieved during this credit cycle and are reflective of the success of our disposition efforts.
“Our noninterest lines of business continue to contribute a very significant portion of our total revenues and have become increasingly important given margin pressures and subdued loan demand. The Company has demonstrated a commitment to continue to grow these lines of business, particularly insurance and mortgage, both organically and through strategic acquisitions. The recently announced acquisition of the assets of The Securance Group further demonstrates this commitment and will allow us to expand our insurance offerings into new markets and continue to grow revenue. We believe that BancorpSouth is well positioned to achieve long-term growth and continue to increase shareholder value.”
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BXS Announces Second Quarter Results
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July 23, 2012
Conference Call
BancorpSouth will conduct a conference call to discuss its second quarter 2012 results on July 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 the impact of the acquisition of the assets of The Securance Group, Inc. on our market presence, our ability to achieve 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 ongoing debt crisis and the downgrade of the sovereign credit ratings for various nations, the adequacy of the Company’s provision and allowance for credit losses to cover actual credit losses, the credit risk associated with real estate construction, acquisition and development loans, losses resulting from the significant amount of the Company’s other real estate owned, limitations on the Company’s ability to declare and pay dividends, the impact of legal or administrative proceedings, the availability of capital on favorable terms if and when needed, liquidity risk, governmental regulation, including the Dodd Frank Act, supervision of the Company’s operations, the impact of regulations on service charges on the Company’s core deposit accounts, the susceptibility of the Company’s business to local economic conditions, the soundness of other financial institutions, 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, reputational risk, the impact of hurricanes or other adverse weather events, any requirement that the Company write down goodwill or other intangible assets, diversification in the types of financial services the Company offers, competition with other financial services companies, risks in connection with completed or potential acquisitions, the Company’s growth strategy, interruptions or breaches in the Company’s information system security, the failure of certain third party vendors to perform, dilution caused by the Company’s issuance of any additional shares of its common stock to raise capital or acquire other banks, bank holding companies, financial holding companies and insurance agencies, the effectiveness of the Company’s internal controls, other factors generally understood to affect the financial results of financial services companies and other factors detailed from time to time in the Company’s press releases and filings with the Securities and Exchange Commission.
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BXS Announces Second Quarter Results
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July 23, 2012
BancorpSouth, Inc. is a financial holding company headquartered in Tupelo, Mississippi, with $13.1 billion in assets. BancorpSouth Bank, a wholly-owned subsidiary of BancorpSouth, Inc., operates 293 commercial banking, mortgage, insurance, trust and broker/dealer locations in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri and Tennessee, including an insurance location in Illinois.
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BXS Announces Second Quarter Results
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July 23, 2012
BancorpSouth, Inc.
Selected Financial Data
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||
Earnings Summary: | ||||||||||||||||
Net interest revenue | $ | 104,741 | $ | 109,912 | $ | 210,351 | $ | 219,349 | ||||||||
Provision for credit losses | 6,000 | 32,240 | 16,000 | 85,719 | ||||||||||||
Noninterest revenue | 66,468 | 75,144 | 138,828 | 143,455 | ||||||||||||
Noninterest expense | 136,506 | 137,069 | 272,186 | 267,079 | ||||||||||||
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Income before income taxes | 28,703 | 15,747 | 60,993 | 10,006 | ||||||||||||
Income tax provision (benefit) | 8,079 | 2,921 | 17,503 | (2,326 | ) | |||||||||||
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Net income | $ | 20,624 | $ | 12,826 | $ | 43,490 | $ | 12,332 | ||||||||
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Earnings per share: Basic | $ | 0.22 | $ | 0.15 | $ | 0.47 | $ | 0.15 | ||||||||
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Diluted | $ | 0.22 | $ | 0.15 | $ | 0.47 | $ | 0.15 | ||||||||
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Balance sheet data at June 30: | ||||||||||||||||
Total assets | $ | 13,147,818 | $ | 13,367,050 | ||||||||||||
Total earning assets | 11,906,818 | 12,150,240 | ||||||||||||||
Loans and leases, net of unearned income | 8,732,395 | 9,214,553 | ||||||||||||||
Allowance for credit losses | 175,847 | 197,627 | ||||||||||||||
Total deposits | 10,956,337 | 11,308,463 | ||||||||||||||
Common shareholders’ equity | 1,418,311 | 1,246,703 | ||||||||||||||
Book value per share | 15.02 | 14.93 | ||||||||||||||
Average balance sheet data: | ||||||||||||||||
Total assets | $ | 13,018,231 | $ | 13,365,560 | $ | 13,053,294 | $ | 13,452,183 | ||||||||
Total earning assets | 11,908,423 | 12,227,751 | 11,936,572 | 12,310,799 | ||||||||||||
Loans and leases, net of unearned interest | 8,735,225 | 9,249,127 | 8,763,383 | 9,274,415 | ||||||||||||
Total deposits | 10,908,919 | 11,355,871 | 10,976,435 | 11,426,363 | ||||||||||||
Common shareholders’ equity | 1,403,733 | 1,222,281 | 1,383,721 | 1,220,851 | ||||||||||||
Non-performing assets at June 30: | ||||||||||||||||
Non-accrual loans and leases | $ | 240,246 | $ | 331,076 | ||||||||||||
Loans and leases 90+ days past due, still accruing | 1,632 | 3,980 | ||||||||||||||
Restructured loans and leases, still accruing | 25,071 | 44,786 | ||||||||||||||
Other real estate owned | 143,615 | 151,204 | ||||||||||||||
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Total non-performing assets | 410,564 | 531,046 | ||||||||||||||
Net charge-offs as a percentage of average loans (annualized) | 0.55 | % | 1.42 | % | 0.80 | % | 1.83 | % | ||||||||
Performance ratios (annualized): | ||||||||||||||||
Return on average assets | 0.64 | % | 0.38 | % | 0.67 | % | 0.18 | % | ||||||||
Return on common equity | 5.91 | % | 4.21 | % | 6.32 | % | 2.04 | % | ||||||||
Total shareholders’ equity to total assets | 10.79 | % | 9.33 | % | ||||||||||||
Tangible shareholders’ equity to tangible assets | 8.80 | % | 7.32 | % | ||||||||||||
Net interest margin | 3.65 | % | 3.71 | % | 3.65 | % | 3.70 | % | ||||||||
Average shares outstanding - basic | 94,436,277 | 83,453,580 | 93,081,900 | 83,451,257 | ||||||||||||
Average shares outstanding - diluted | 94,541,381 | 83,513,889 | 93,155,622 | 83,510,598 | ||||||||||||
Cash dividends per share | $ | 0.01 | $ | 0.01 | $ | 0.02 | $ | 0.12 | ||||||||
Tier I capital | 13.41 | %(1) | 10.82 | % | 13.41 | %(1) | 10.82 | % | ||||||||
Total capital | 14.66 | %(1) | 12.08 | % | 14.66 | %(1) | 12.08 | % | ||||||||
Tier I leverage capital | 10.07 | %(1) | 8.22 | % | 10.07 | %(1) | 8.22 | % |
(1) | Estimated as of earnings release date |
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July 23, 2012
BancorpSouth, Inc.
Consolidated Balance Sheets
(Unaudited)
Jun-12 | Mar-12 | Dec-11 | Sep-11 | Jun-11 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and due from banks | $ | 224,084 | $ | 184,441 | $ | 195,681 | $ | 161,876 | $ | 166,761 | ||||||||||
Interest bearing deposits with other banks | 603,458 | 665,675 | 303,663 | 338,250 | 304,344 | |||||||||||||||
Available-for-sale securities, at fair value | 2,462,831 | 2,573,535 | 2,513,518 | 2,481,555 | 2,560,824 | |||||||||||||||
Loans and leases | 8,771,642 | 8,777,538 | 8,911,258 | 9,096,928 | 9,255,879 | |||||||||||||||
Less: Unearned income | 39,247 | 39,615 | 40,947 | 41,023 | 41,326 | |||||||||||||||
Allowance for credit losses | 175,847 | 181,777 | 195,118 | 199,686 | 197,627 | |||||||||||||||
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Net loans and leases | 8,556,548 | 8,556,146 | 8,675,193 | 8,856,219 | 9,016,926 | |||||||||||||||
Loans held for sale | 108,134 | 110,294 | 83,458 | 100,687 | 70,519 | |||||||||||||||
Premises and equipment, net | 320,419 | 321,720 | 323,383 | 323,285 | 328,075 | |||||||||||||||
Accrued interest receivable | 47,358 | 50,008 | 51,266 | 53,338 | 55,525 | |||||||||||||||
Goodwill | 271,297 | 271,297 | 271,297 | 271,297 | 271,297 | |||||||||||||||
Bank owned life insurance | 202,620 | 202,698 | 200,085 | 197,945 | 197,028 | |||||||||||||||
Other real estate owned | 143,615 | 167,808 | 173,805 | 162,686 | 151,204 | |||||||||||||||
Other assets | 207,454 | 203,950 | 204,502 | 251,380 | 244,547 | |||||||||||||||
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Total Assets | $ | 13,147,818 | $ | 13,307,572 | $ | 12,995,851 | $ | 13,198,518 | $ | 13,367,050 | ||||||||||
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Liabilities | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Demand: Noninterest bearing | $ | 2,312,044 | $ | 2,260,012 | $ | 2,269,799 | $ | 2,198,535 | $ | 2,096,655 | ||||||||||
Interest bearing | 4,782,243 | 4,897,585 | 4,706,825 | 4,736,858 | 4,939,553 | |||||||||||||||
Savings | 1,083,255 | 1,067,256 | 991,702 | 968,277 | 944,993 | |||||||||||||||
Other time | 2,778,795 | 2,857,469 | 2,986,863 | 3,159,563 | 3,327,262 | |||||||||||||||
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Total deposits | 10,956,337 | 11,082,322 | 10,955,189 | 11,063,233 | 11,308,463 | |||||||||||||||
Federal funds purchased and securities sold under agreement to repurchase | 361,990 | 401,089 | 373,933 | 449,501 | 426,097 | |||||||||||||||
Short-term Federal Home Loan Bank borrowings and other short-term borrowing | 1,500 | 1,500 | 1,500 | 1,500 | 703 | |||||||||||||||
Accrued interest payable | 7,161 | 7,652 | 8,644 | 10,017 | 11,348 | |||||||||||||||
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 | 33,500 | 33,500 | 35,000 | |||||||||||||||
Other liabilities | 208,707 | 228,998 | 199,861 | 213,702 | 178,424 | |||||||||||||||
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Total Liabilities | 11,729,507 | 11,915,373 | 11,732,939 | 11,931,765 | 12,120,347 | |||||||||||||||
Shareholders’ Equity | ||||||||||||||||||||
Common stock | 236,091 | 236,090 | 208,709 | 208,722 | 208,722 | |||||||||||||||
Capital surplus | 310,388 | 309,426 | 227,567 | 227,006 | 226,362 | |||||||||||||||
Accumulated other comprehensive income (loss) | 1,334 | (4,136 | ) | (2,261 | ) | �� | 14,595 | 6,289 | ||||||||||||
Retained earnings | 870,498 | 850,819 | 828,897 | 816,430 | 805,330 | |||||||||||||||
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Total Shareholders’ Equity | 1,418,311 | 1,392,199 | 1,262,912 | 1,266,753 | 1,246,703 | |||||||||||||||
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Total Liabilities & Shareholders’ Equity | $ | 13,147,818 | $ | 13,307,572 | $ | 12,995,851 | $ | 13,198,518 | $ | 13,367,050 | ||||||||||
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BXS Announces Second Quarter Results
Page 10
July 23, 2012
BancorpSouth, Inc.
Consolidated Average Balance Sheets
(Unaudited)
Jun-12 | Mar-12 | Dec-11 | Sep-11 | Jun-11 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash and due from banks | $ | 152,907 | $ | 160,827 | $ | 151,004 | $ | 148,409 | $ | 151,194 | ||||||||||
Interest bearing deposits with other banks | 574,624 | 603,714 | 384,231 | 309,146 | 187,901 | |||||||||||||||
Held-to-maturity securities, at amortized cost | — | — | — | — | 1,097,562 | |||||||||||||||
Available-for-sale securities, at fair value | 2,520,932 | 2,507,941 | 2,509,943 | 2,529,482 | 1,609,720 | |||||||||||||||
Federal funds sold and securities purchased under agreement to resell | — | 274 | 2,174 | — | 38,736 | |||||||||||||||
Loans and leases | 8,774,767 | 8,832,104 | 8,995,035 | 9,179,730 | 9,291,434 | |||||||||||||||
Less: Unearned income | 39,542 | 40,562 | 40,806 | 41,316 | 42,307 | |||||||||||||||
Allowance for credit losses | 185,209 | 202,158 | 208,005 | 205,209 | 212,968 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net loans and leases | 8,550,016 | 8,589,384 | 8,746,224 | 8,933,205 | 9,036,159 | |||||||||||||||
Loans held for sale | 77,642 | 61,250 | 67,781 | 62,025 | 44,704 | |||||||||||||||
Premises and equipment, net | 320,731 | 322,641 | 322,544 | 326,800 | 328,829 | |||||||||||||||
Accrued interest receivable | 45,494 | 47,512 | 49,256 | 53,122 | 54,570 | |||||||||||||||
Goodwill | 271,297 | 271,297 | 271,297 | 271,297 | 271,297 | |||||||||||||||
Bank owned life insurance | 12,679 | 11,204 | 14,558 | 14,642 | 14,189 | |||||||||||||||
Other real estate owned | 155,471 | 170,924 | 164,841 | 152,052 | 138,827 | |||||||||||||||
Other assets | 336,438 | 341,390 | 362,926 | 374,475 | 391,872 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Assets | $ | 13,018,231 | $ | 13,088,358 | $ | 13,046,779 | $ | 13,174,655 | $ | 13,365,560 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Liabilities | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Demand: Noninterest bearing | $ | 2,248,914 | $ | 2,139,371 | $ | 2,248,904 | $ | 2,147,707 | $ | 2,018,197 | ||||||||||
Interest bearing | 4,769,340 | 4,960,060 | 4,714,059 | 4,789,462 | 4,977,764 | |||||||||||||||
Savings | 1,074,912 | 1,027,611 | 975,892 | 957,871 | 941,169 | |||||||||||||||
Other time | 2,815,753 | 2,916,910 | 3,078,376 | 3,246,332 | 3,418,741 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total deposits | 10,908,919 | 11,043,952 | 11,017,231 | 11,141,372 | 11,355,871 | |||||||||||||||
Federal funds purchased and securities sold under agreement to repurchase | 374,982 | 358,124 | 430,968 | 457,640 | 423,949 | |||||||||||||||
Short-term Federal Home Loan Bank borrowings and other short-term borrowing | 1,500 | 1,500 | 1,500 | 486 | 1,641 | |||||||||||||||
Accrued interest payable | 8,605 | 9,392 | 10,617 | 12,108 | 13,558 | |||||||||||||||
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 | 33,500 | 34,984 | 89,395 | |||||||||||||||
Other liabilities | 126,680 | 117,869 | 123,746 | 115,938 | 98,553 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | 11,614,498 | 11,724,649 | 11,777,874 | 11,922,840 | 12,143,279 | |||||||||||||||
Shareholders’ Equity | ||||||||||||||||||||
Common stock | 236,091 | 231,276 | 208,722 | 208,722 | 208,715 | |||||||||||||||
Capital surplus | 309,634 | 294,973 | 227,201 | 226,582 | 225,912 | |||||||||||||||
Accumulated other comprehensive income (loss) | (4,020 | ) | (2,269 | ) | 8,927 | 6,379 | (10,040 | ) | ||||||||||||
Retained earnings | 862,028 | 839,729 | 824,055 | 810,132 | 797,694 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Shareholders’ Equity | 1,403,733 | 1,363,709 | 1,268,905 | 1,251,815 | 1,222,281 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities & Shareholders’ Equity | $ | 13,018,231 | $ | 13,088,358 | $ | 13,046,779 | $ | 13,174,655 | $ | 13,365,560 | ||||||||||
|
|
|
|
|
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-MORE-
BXS Announces Second Quarter Results
Page 11
July 23, 2012
BancorpSouth, Inc.
Consolidated Condensed Statements of Income
(Dollars in thousands, except per share data)
(Unaudited)
Quarter Ended | Year To Date | |||||||||||||||||||||||||||
Jun-12 | Mar-12 | Dec-11 | Sep-11 | Jun-11 | Jun-12 | Jun-11 | ||||||||||||||||||||||
INTEREST REVENUE: | ||||||||||||||||||||||||||||
Loans and leases | $ | 107,737 | $ | 109,012 | $ | 112,566 | $ | 114,260 | $ | 116,892 | $ | 216,749 | $ | 234,250 | ||||||||||||||
Deposits with other banks | 382 | 401 | 252 | 203 | 124 | 783 | 246 | |||||||||||||||||||||
Federal funds sold and securities purchased under agreement to resell | 1 | — | 1 | — | 35 | 1 | 166 | |||||||||||||||||||||
Held-to-maturity securities: | ||||||||||||||||||||||||||||
Taxable | — | — | — | — | 5,066 | — | 13,080 | |||||||||||||||||||||
Tax-exempt | — | — | — | — | 2,291 | — | 5,638 | |||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
Taxable | 10,188 | 11,162 | 11,781 | 13,172 | 10,451 | 21,350 | 19,036 | |||||||||||||||||||||
Tax-exempt | 4,210 | 4,256 | 4,158 | 4,130 | 1,871 | 8,466 | 2,695 | |||||||||||||||||||||
Loans held for sale | 686 | 544 | 635 | 632 | 505 | 1,230 | 952 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total interest revenue | 123,204 | 125,375 | 129,393 | 132,397 | 137,235 | 248,579 | 276,063 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
INTEREST EXPENSE: | ||||||||||||||||||||||||||||
Interest bearing demand | 4,185 | 4,449 | 4,737 | 5,324 | 6,039 | 8,634 | 12,585 | |||||||||||||||||||||
Savings | 691 | 714 | 747 | 828 | 810 | 1,405 | 1,636 | |||||||||||||||||||||
Other time | 10,275 | 11,291 | 13,104 | 14,837 | 16,285 | 21,566 | 33,768 | |||||||||||||||||||||
Federal funds purchased and securities sold under agreement to repurchase | 66 | 63 | 76 | 95 | 135 | 129 | 287 | |||||||||||||||||||||
FHLB borrowings | 366 | 367 | 367 | 375 | 1,194 | 733 | 2,717 | |||||||||||||||||||||
Junior subordinated debt | 2,879 | 2,879 | 2,871 | 2,861 | 2,860 | 5,758 | 5,719 | |||||||||||||||||||||
Other | 1 | 2 | 2 | 2 | — | 3 | 2 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total interest expense | 18,463 | 19,765 | 21,904 | 24,322 | 27,323 | 38,228 | 56,714 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net interest revenue | 104,741 | 105,610 | 107,489 | 108,075 | 109,912 | 210,351 | 219,349 | |||||||||||||||||||||
Provision for credit losses | 6,000 | 10,000 | 19,250 | 25,112 | 32,240 | 16,000 | 85,719 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net interest revenue, after provision for credit losses | 98,741 | 95,610 | 88,239 | 82,963 | 77,672 | 194,351 | 133,630 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
NONINTEREST REVENUE: | ||||||||||||||||||||||||||||
Mortgage lending | 11,040 | 15,142 | 8,928 | (1,443 | ) | 2,003 | 26,182 | 9,584 | ||||||||||||||||||||
Credit card, debit card and merchant fees | 7,787 | 7,523 | 7,783 | 12,981 | 11,263 | 15,310 | 21,609 | |||||||||||||||||||||
Service charges | 13,697 | 15,116 | 17,412 | 17,334 | 16,556 | 28,813 | 31,924 | |||||||||||||||||||||
Trust income | 3,139 | 2,282 | 3,348 | 2,854 | 2,850 | 5,421 | 5,984 | |||||||||||||||||||||
Security gains, net | 177 | 74 | 18 | 2,047 | 10,045 | 251 | 10,062 | |||||||||||||||||||||
Insurance commissions | 22,964 | 23,153 | 19,416 | 22,012 | 22,941 | 46,117 | 45,490 | |||||||||||||||||||||
Other | 7,664 | 9,070 | 8,430 | 6,270 | 9,486 | 16,734 | 18,802 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total noninterest revenue | 66,468 | 72,360 | 65,335 | 62,055 | 75,144 | 138,828 | 143,455 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
NONINTEREST EXPENSE: | ||||||||||||||||||||||||||||
Salaries and employee benefits | 77,661 | 74,931 | 70,512 | 71,851 | 70,142 | 152,592 | 140,517 | |||||||||||||||||||||
Occupancy, net of rental income | 10,487 | 10,066 | 10,315 | 11,144 | 10,232 | 20,553 | 20,903 | |||||||||||||||||||||
Equipment | 5,124 | 5,333 | 5,108 | 5,346 | 5,595 | 10,457 | 11,253 | |||||||||||||||||||||
Deposit insurance assessments | 3,994 | 5,383 | 5,674 | 3,781 | 6,436 | 9,377 | 11,861 | |||||||||||||||||||||
Prepayment penalty on FHLB borrowings | — | — | — | — | 9,778 | — | 9,778 | |||||||||||||||||||||
Other | 39,240 | 39,967 | 44,247 | 38,576 | 34,886 | 79,207 | 72,767 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total noninterest expenses | 136,506 | 135,680 | 135,856 | 130,698 | 137,069 | 272,186 | 267,079 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Income before income taxes | 28,703 | 32,290 | 17,718 | 14,320 | 15,747 | 60,993 | 10,006 | |||||||||||||||||||||
Income tax expense (benefit) | 8,079 | 9,424 | 4,415 | 2,386 | 2,921 | 17,503 | (2,326 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net income | $ | 20,624 | $ | 22,866 | $ | 13,303 | $ | 11,934 | $ | 12,826 | $ | 43,490 | $ | 12,332 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net income per share: Basic | $ | 0.22 | $ | 0.25 | $ | 0.16 | $ | 0.14 | $ | 0.15 | $ | 0.47 | $ | 0.15 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Diluted | $ | 0.22 | $ | 0.25 | $ | 0.16 | $ | 0.14 | $ | 0.15 | $ | 0.47 | $ | 0.15 | ||||||||||||||
|
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|
|
|
|
|
|
|
|
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|
-MORE-
BXS Announces Second Quarter Results
Page 12
July 23, 2012
BancorpSouth, Inc.
Selected Loan Data
(Dollars in thousands)
(Unaudited)
Quarter Ended | ||||||||||||||||||||
Jun-12 | Mar-12 | Dec-11 | Sep-11 | Jun-11 | ||||||||||||||||
LOAN AND LEASE PORTFOLIO: | ||||||||||||||||||||
Commercial and industrial | $ | 1,497,678 | $ | 1,441,727 | $ | 1,473,728 | $ | 1,503,391 | $ | 1,526,686 | ||||||||||
Real estate | ||||||||||||||||||||
Consumer mortgages | 1,904,420 | 1,937,997 | 1,945,190 | 1,966,124 | 1,971,499 | |||||||||||||||
Home equity | 496,245 | 501,331 | 514,362 | 523,030 | 531,787 | |||||||||||||||
Agricultural | 251,975 | 256,683 | 239,487 | 249,715 | 255,310 | |||||||||||||||
Commercial and industrial-owner occupied | 1,288,887 | 1,287,542 | 1,301,575 | 1,329,644 | 1,366,734 | |||||||||||||||
Construction, acquisition and development | 835,022 | 858,110 | 908,362 | 976,694 | 1,060,675 | |||||||||||||||
Commercial real estate | 1,748,748 | 1,742,001 | 1,754,022 | 1,772,003 | 1,764,648 | |||||||||||||||
Credit cards | 101,085 | 100,527 | 106,281 | 103,232 | 101,955 | |||||||||||||||
All other | 608,335 | 612,005 | 627,304 | 632,072 | 635,259 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total loans | $ | 8,732,395 | $ | 8,737,923 | $ | 8,870,311 | $ | 9,055,905 | $ | 9,214,553 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
ALLOWANCE FOR CREDIT LOSSES: | ||||||||||||||||||||
Balance, beginning of period | $ | 181,777 | $ | 195,118 | $ | 199,686 | $ | 197,627 | $ | 198,333 | ||||||||||
Loans and leases charged off: | ||||||||||||||||||||
Commercial and industrial | (1,582 | ) | (4,272 | ) | (1,677 | ) | (1,295 | ) | (5,556 | ) | ||||||||||
Real estate | ||||||||||||||||||||
Consumer mortgages | (2,818 | ) | (4,216 | ) | (2,953 | ) | (2,344 | ) | (1,629 | ) | ||||||||||
Home equity | (536 | ) | (851 | ) | (1,667 | ) | (1,712 | ) | (1,391 | ) | ||||||||||
Agricultural | (386 | ) | (96 | ) | (110 | ) | (2,345 | ) | (373 | ) | ||||||||||
Commercial and industrial-owner occupied | (2,732 | ) | (3,868 | ) | (1,136 | ) | (4,222 | ) | (3,228 | ) | ||||||||||
Construction, acquisition and development | (9,560 | ) | (11,394 | ) | (10,539 | ) | (7,697 | ) | (16,783 | ) | ||||||||||
Commercial real estate | (3,260 | ) | (2,809 | ) | (6,858 | ) | (4,467 | ) | (1,597 | ) | ||||||||||
Credit cards | (588 | ) | (562 | ) | (706 | ) | (760 | ) | (725 | ) | ||||||||||
All other | (438 | ) | (758 | ) | (794 | ) | (770 | ) | (4,971 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total loans charged off | (21,900 | ) | (28,826 | ) | (26,440 | ) | (25,612 | ) | (36,253 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Recoveries: | ||||||||||||||||||||
Commercial and industrial | 1,040 | 1,542 | 446 | 348 | 589 | |||||||||||||||
Real estate | ||||||||||||||||||||
Consumer mortgages | 438 | 323 | 263 | 485 | 220 | |||||||||||||||
Home equity | 78 | 315 | 43 | 51 | 46 | |||||||||||||||
Agricultural | 53 | 10 | 76 | — | 45 | |||||||||||||||
Commercial and industrial-owner occupied | 1,514 | 351 | 100 | 99 | 21 | |||||||||||||||
Construction, acquisition and development | 1,955 | 2,155 | 971 | 923 | 1,493 | |||||||||||||||
Commercial real estate | 4,504 | 383 | 340 | 300 | 392 | |||||||||||||||
Credit cards | 121 | 118 | 168 | 141 | 239 | |||||||||||||||
All other | 267 | 288 | 215 | 212 | 262 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total recoveries | 9,970 | 5,485 | 2,622 | 2,559 | 3,307 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net charge-offs | (11,930 | ) | (23,341 | ) | (23,818 | ) | (23,053 | ) | (32,946 | ) | ||||||||||
Provision charged to operating expense | 6,000 | 10,000 | 19,250 | 25,112 | 32,240 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Balance, end of period | $ | 175,847 | $ | 181,777 | $ | 195,118 | $ | 199,686 | $ | 197,627 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Average loans for period | $ | 8,735,225 | $ | 8,791,542 | $ | 8,954,229 | $ | 9,138,414 | $ | 9,249,127 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio: | ||||||||||||||||||||
Net charge-offs to average loans (annualized) | 0.55 | % | 1.06 | % | 1.06 | % | 1.01 | % | 1.42 | % | ||||||||||
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|
|
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|
-MORE-
BXS Announces Second Quarter Results
Page 13
July 23, 2012
BancorpSouth, Inc.
Selected Loan Data
(Dollars in thousands)
(Unaudited)
Quarter Ended | ||||||||||||||||||||
Jun-12 | Mar-12 | Dec-11 | Sep-11 | Jun-11 | ||||||||||||||||
NON-PERFORMING ASSETS | ||||||||||||||||||||
NON-PERFORMING LOANS AND LEASES: | ||||||||||||||||||||
Nonaccrual Loans and Leases | ||||||||||||||||||||
Commercial and industrial | $ | 13,156 | $ | 11,025 | $ | 12,260 | $ | 11,122 | $ | 9,337 | ||||||||||
Real estate | ||||||||||||||||||||
Consumer mortgages | 35,660 | 46,562 | 47,878 | 44,100 | 34,174 | |||||||||||||||
Home equity | 2,995 | 2,687 | 2,036 | 2,634 | 1,232 | |||||||||||||||
Agricultural | 8,390 | 4,254 | 4,179 | 6,254 | 8,526 | |||||||||||||||
Commercial and industrial-owner occupied | 26,957 | 32,842 | 33,112 | 26,977 | 26,387 | |||||||||||||||
Construction, acquisition and development | 104,283 | 115,649 | 133,110 | 171,566 | 200,434 | |||||||||||||||
Commercial real estate | 44,359 | 35,715 | 40,616 | 49,500 | 48,571 | |||||||||||||||
Credit cards | 364 | 509 | 594 | 551 | 546 | |||||||||||||||
All other | 4,082 | 3,984 | 3,013 | 1,775 | 1,869 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total nonaccrual loans and leases | $ | 240,246 | $ | 253,227 | $ | 276,798 | $ | 314,479 | $ | 331,076 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Loans and Leases 90+ Days Past Due, Still Accruing: | ||||||||||||||||||||
Commercial and industrial | $ | — | $ | 10 | $ | 12 | $ | 1,846 | $ | 118 | ||||||||||
Real estate | ||||||||||||||||||||
Consumer mortgages | 1,141 | 1,314 | 2,974 | 4,136 | 2,482 | |||||||||||||||
Home equity | — | — | — | 134 | 242 | |||||||||||||||
Agricultural | — | — | — | 131 | — | |||||||||||||||
Commercial and industrial-owner occupied | — | — | — | 42 | — | |||||||||||||||
Construction, acquisition and development | — | — | — | 290 | 432 | |||||||||||||||
Commercial real estate | — | — | — | 106 | 19 | |||||||||||||||
Credit cards | 324 | 228 | 299 | 257 | 299 | |||||||||||||||
All other | 167 | 146 | 149 | 412 | 388 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total loans and leases 90+ days past due, still accruing | 1,632 | 1,698 | 3,434 | 7,354 | 3,980 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Restructured Loans and Leases, Still Accruing | 25,071 | 30,311 | 42,018 | 40,966 | 44,786 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total non-performing loans and leases | 266,949 | 285,236 | 322,250 | 362,799 | 379,842 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
OTHER REAL ESTATE OWNED: | 143,615 | 167,808 | 173,805 | 162,686 | 151,204 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Non-performing Assets | $ | 410,564 | $ | 453,044 | $ | 496,055 | $ | 525,485 | $ | 531,046 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Additions to Nonaccrual Loans and Leases During the Quarter | $ | 41,121 | $ | 40,392 | $ | 39,474 | $ | 60,799 | $ | 50,427 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Loans and Leases 30-89 Days Past Due, Still Accruing: | ||||||||||||||||||||
Commercial and industrial | $ | 3,040 | $ | 4,809 | $ | 8,065 | $ | 9,759 | $ | 7,903 | ||||||||||
Real estate | ||||||||||||||||||||
Consumer mortgages | 14,436 | 10,736 | 15,864 | 20,144 | 18,621 | |||||||||||||||
Home equity | 1,311 | 2,248 | 2,037 | 2,066 | 2,916 | |||||||||||||||
Agricultural | 471 | 663 | 339 | 1,485 | 2,901 | |||||||||||||||
Commercial and industrial-owner occupied | 2,745 | 3,332 | 2,154 | 7,348 | 2,786 | |||||||||||||||
Construction, acquisition and development | 2,062 | 2,431 | 2,714 | 4,469 | 4,939 | |||||||||||||||
Commercial real estate | 1,288 | 2,104 | 3,292 | 5,136 | 4,091 | |||||||||||||||
Credit cards | 673 | 686 | 802 | 851 | 785 | |||||||||||||||
All other | 2,544 | 1,983 | 2,280 | 2,832 | 3,005 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Loans and Leases 30-89 days past due, still accruing | $ | 28,570 | $ | 28,992 | $ | 37,547 | $ | 54,090 | $ | 47,947 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Credit Quality Ratios: | ||||||||||||||||||||
Provision for credit losses to average loans and leases (annualized) | 0.27 | % | 0.45 | % | 0.86 | % | 1.10 | % | 1.39 | % | ||||||||||
Allowance for credit losses to net loans and leases | 2.01 | % | 2.08 | % | 2.20 | % | 2.21 | % | 2.14 | % | ||||||||||
Allowance for credit losses to non-performing assets | 42.83 | % | 40.12 | % | 39.33 | % | 38.00 | % | 37.21 | % | ||||||||||
Allowance for credit losses to non-performing loans and leases | 65.87 | % | 63.73 | % | 60.55 | % | 55.04 | % | 52.03 | % | ||||||||||
Non-performing loans and leases to net loans and leases | 3.06 | % | 3.26 | % | 3.63 | % | 4.01 | % | 4.12 | % | ||||||||||
Non-performing assets to net loans and leases | 4.70 | % | 5.18 | % | 5.59 | % | 5.80 | % | 5.76 | % |
-MORE-
BXS Announces Second Quarter Results
Page 14
July 23, 2012
BancorpSouth, Inc.
Selected Loan Data
(Dollars in thousands)
(Unaudited)
Quarter Ended | ||||||||||||||||||||
Jun-12 | Mar-12 | Dec-11 | Sep-11 | Jun-11 | ||||||||||||||||
REAL ESTATE CONSTRUCTION, ACQUISITION AND DEVELOPMENT (“CAD”) PORTFOLIO: | ||||||||||||||||||||
Outstanding Balance | ||||||||||||||||||||
Multi-family construction | $ | 2,378 | $ | 4,683 | $ | 2,138 | $ | 10,349 | $ | 19,116 | ||||||||||
One-to-four family construction | 182,648 | 159,281 | 169,827 | 181,445 | 198,809 | |||||||||||||||
Recreation and all other loans | 66,033 | 63,407 | 67,235 | 61,084 | 66,366 | |||||||||||||||
Commercial construction | 112,929 | 122,173 | 130,124 | 140,570 | 160,834 | |||||||||||||||
Commercial acquisition and development | 182,570 | 191,783 | 197,044 | 206,516 | 222,460 | |||||||||||||||
Residential acquisition and development | 288,464 | 316,783 | 341,994 | 376,730 | 393,090 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total outstanding balance | $ | 835,022 | $ | 858,110 | $ | 908,362 | $ | 976,694 | $ | 1,060,675 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Nonaccrual CAD Loans | ||||||||||||||||||||
Multi-family construction | $ | — | $ | — | $ | 1,067 | $ | — | $ | 9,174 | ||||||||||
One-to-four family construction | 15,490 | 11,953 | 14,690 | 17,937 | 24,537 | |||||||||||||||
Recreation and all other loans | 380 | 386 | 436 | 712 | 774 | |||||||||||||||
Commercial construction | 4,318 | 3,702 | 5,235 | 10,159 | 16,618 | |||||||||||||||
Commercial acquisition and development | 21,741 | 23,464 | 23,968 | 31,862 | 37,207 | |||||||||||||||
Residential acquisition and development | 62,354 | 76,144 | 87,714 | 110,896 | 112,124 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total nonaccrual CAD loans | 104,283 | 115,649 | 133,110 | 171,566 | 200,434 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
CAD Loans 90+ Days Past Due, Still Accruing: | ||||||||||||||||||||
Multi-family construction | — | — | — | — | — | |||||||||||||||
One-to-four family construction | — | — | — | 211 | — | |||||||||||||||
Recreation and all other loans | — | — | — | — | 2 | |||||||||||||||
Commercial construction | — | — | — | — | — | |||||||||||||||
Commercial acquisition and development | — | — | — | — | — | |||||||||||||||
Residential acquisition and development | — | — | — | 79 | 430 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total CAD loans 90+ days past due, still accruing | — | — | — | 290 | 432 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Restructured CAD Loans, Still Accruing | ||||||||||||||||||||
Multi-family construction | — | — | — | — | — | |||||||||||||||
One-to-four family construction | 793 | 799 | 318 | 321 | 1,697 | |||||||||||||||
Recreation and all other loans | 842 | 847 | 852 | 24 | 24 | |||||||||||||||
Commercial construction | — | 977 | — | — | — | |||||||||||||||
Commercial acquisition and development | 260 | 2,975 | 433 | 1,415 | 1,415 | |||||||||||||||
Residential acquisition and development | 4,048 | 106 | 446 | 410 | 2,274 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total restructured CAD loans, still accruing | 5,943 | 5,704 | 2,049 | 2,170 | 5,410 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Non-performing CAD loans | $ | 110,226 | $ | 121,353 | $ | 135,159 | $ | 174,026 | $ | 206,276 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
CAD NPL as a % of Outstanding CAD Balance | ||||||||||||||||||||
Multi-family construction | — | — | 49.9 | % | — | 48.0 | % | |||||||||||||
One-to-four family construction | 8.9 | % | 8.0 | % | 8.8 | % | 10.2 | % | 13.2 | % | ||||||||||
Recreation and all other loans | 1.9 | % | 1.9 | % | 1.9 | % | 1.2 | % | 1.2 | % | ||||||||||
Commercial construction | 3.8 | % | 3.8 | % | 4.0 | % | 7.2 | % | 10.3 | % | ||||||||||
Commercial acquisition and development | 12.1 | % | 13.8 | % | 12.4 | % | 16.1 | % | 17.4 | % | ||||||||||
Residential acquisition and development | 23.0 | % | 24.1 | % | 25.8 | % | 29.6 | % | 29.2 | % | ||||||||||
Total CAD NPL as a % of outstanding CAD balance | 13.2 | % | 14.1 | % | 14.9 | % | 17.8 | % | 19.4 | % |
-MORE-
BXS Announces Second Quarter Results
Page 15
July 23, 2012
BancorpSouth, Inc.
Selected Loan Data
(Dollars in thousands)
(Unaudited)
June 30, 2012 | ||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | Impaired | Total | ||||||||||||||||||||||
LOAN PORTFOLIO BY INTERNALLY ASSIGNED GRADE: | ||||||||||||||||||||||||||||
Commercial and industrial | $ | 1,426,787 | $ | 12,480 | $ | 46,512 | $ | 959 | $ | 34 | $ | 10,906 | $ | 1,497,678 | ||||||||||||||
Real estate | ||||||||||||||||||||||||||||
Consumer mortgages | 1,720,260 | 29,254 | 132,775 | 4,748 | 302 | 17,081 | 1,904,420 | |||||||||||||||||||||
Home equity | 472,291 | 3,476 | 17,759 | 908 | 243 | 1,568 | 496,245 | |||||||||||||||||||||
Agricultural | 225,886 | 2,989 | 15,687 | 20 | — | 7,393 | 251,975 | |||||||||||||||||||||
Commercial and industrial-owner occupied | 1,158,082 | 25,740 | 83,048 | 276 | 28 | 21,713 | 1,288,887 | |||||||||||||||||||||
Construction, acquisition and development | 607,942 | 26,947 | 99,471 | 589 | 20 | 100,053 | 835,022 | |||||||||||||||||||||
Commercial real estate | 1,515,262 | 48,217 | 144,301 | 71 | 199 | 40,698 | 1,748,748 | |||||||||||||||||||||
Credit cards | 101,085 | — | — | — | — | — | 101,085 | |||||||||||||||||||||
All other | 572,073 | 18,060 | 16,425 | 803 | 9 | 965 | 608,335 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total loans | $ | 7,799,668 | $ | 167,163 | $ | 555,978 | $ | 8,374 | $ | 835 | $ | 200,377 | $ | 8,732,395 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
March 31, 2012 | ||||||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | Impaired | Total | ||||||||||||||||||||||
LOAN PORTFOLIO BY INTERNALLY ASSIGNED GRADE: | ||||||||||||||||||||||||||||
Commercial and industrial | $ | 1,376,983 | $ | 6,449 | $ | 47,783 | $ | 4,159 | $ | 247 | $ | 6,106 | $ | 1,441,727 | ||||||||||||||
Real estate | ||||||||||||||||||||||||||||
Consumer mortgages | 1,729,187 | 23,918 | 151,679 | 4,351 | 446 | 28,416 | 1,937,997 | |||||||||||||||||||||
Home equity | 476,300 | 2,793 | 19,626 | 754 | 275 | 1,583 | 501,331 | |||||||||||||||||||||
Agricultural | 229,865 | 1,936 | 21,763 | 20 | — | 3,099 | 256,683 | |||||||||||||||||||||
Commercial and industrial-owner occupied | 1,151,368 | 24,662 | 83,041 | 230 | 89 | 28,152 | 1,287,542 | |||||||||||||||||||||
Construction, acquisition and development | 601,396 | 22,939 | 121,556 | 956 | — | 111,263 | 858,110 | |||||||||||||||||||||
Commercial real estate | 1,491,021 | 47,535 | 171,891 | 72 | — | 31,482 | 1,742,001 | |||||||||||||||||||||
Credit cards | 100,527 | — | — | — | — | — | 100,527 | |||||||||||||||||||||
All other | 575,399 | 16,685 | 18,222 | 678 | 10 | 1,011 | 612,005 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total loans | $ | 7,732,046 | $ | 146,917 | $ | 635,561 | $ | 11,220 | $ | 1,067 | $ | 211,112 | $ | 8,737,923 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-MORE-
BXS Announces Second Quarter Results
Page 16
July 23, 2012
BancorpSouth, Inc.
Selected Loan Data
(Dollars in thousands)
(Unaudited)
As of | ||||||||||||||||||||
Jun-12 | Mar-12 | Dec-11 | Sep-11 | Jun-11 | ||||||||||||||||
Unpaid principal balance of impaired loans | $ | 259,703 | $ | 266,483 | $ | 287,099 | $ | 342,839 | $ | 374,760 | ||||||||||
Cumulative charge-offs on impaired loans | 59,326 | 55,371 | 52,176 | 62,950 | 71,103 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Impaired nonaccrual loan and lease outstanding balance | 200,377 | 211,112 | 234,923 | 279,889 | 303,657 | |||||||||||||||
Other non-accrual loans and leases not impaired | 39,869 | 42,115 | 41,875 | 34,590 | 27,419 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total non-accrual loans and leases | $ | 240,246 | $ | 253,227 | $ | 276,798 | $ | 314,479 | $ | 331,076 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Allowance for impaired loans | 23,939 | 25,546 | 39,708 | 38,657 | 46,810 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Nonaccrual loans and leases, net of specific reserves | $ | 216,307 | $ | 227,681 | $ | 237,090 | $ | 275,822 | $ | 284,266 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Loans and leases 90+ days past due, still accruing | $ | 1,632 | $ | 1,698 | $ | 3,434 | $ | 7,354 | $ | 3,980 | ||||||||||
Restructured loans and leases, still accruing | 25,071 | 30,311 | 42,018 | 40,966 | 44,786 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total non-performing loans and leases | $ | 266,949 | $ | 285,236 | $ | 322,250 | $ | 362,799 | $ | 379,842 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Allowance for impaired loans | $ | 23,939 | $ | 25,546 | $ | 39,708 | $ | 38,657 | $ | 46,810 | ||||||||||
Allowance for all other loans and leases | 151,908 | 156,231 | 155,410 | 161,029 | 150,817 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total allowance for credit losses | $ | 175,847 | $ | 181,777 | $ | 195,118 | $ | 199,686 | $ | 197,627 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Outstanding balance of impaired loans | $ | 200,377 | $ | 211,112 | $ | 234,923 | $ | 279,889 | $ | 303,657 | ||||||||||
Allowance for impaired loans | 23,939 | 25,546 | 39,708 | 38,657 | 46,810 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net book value of impaired loans | $ | 176,438 | $ | 185,566 | $ | 195,215 | $ | 241,232 | $ | 256,847 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net book value of impaired loans as a % of unpaid principal balance | 68 | % | 70 | % | 68 | % | 70 | % | 69 | % | ||||||||||
Coverage of other non-accrual loans and leases not impaired by the allowance for all other loans and leases | 381 | % | 371 | % | 371 | % | 466 | % | 550 | % | ||||||||||
Coverage of non-performing loans and leases not impaired by the allowance for all other loans and leases | 228 | % | 211 | % | 178 | % | 194 | % | 198 | % |
-MORE-
BXS Announces Second Quarter Results
Page 17
July 23, 2012
BancorpSouth, Inc.
Geographical Information
(Dollars in thousands)
(Unaudited)
June 30, 2012 | ||||||||||||||||||||||||||||||||||||
Alabama and Florida Panhandle | Arkansas | Mississippi | Missouri | Greater Memphis Area | Tennessee | Texas and Louisiana | Other | Total | ||||||||||||||||||||||||||||
LOAN AND LEASE PORTFOLIO: | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 57,950 | $ | 191,231 | $ | 340,454 | $ | 56,176 | $ | 17,036 | $ | 83,517 | $ | 248,738 | $ | 502,576 | $ | 1,497,678 | ||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||||||
Consumer mortgages | 104,590 | 266,625 | 748,850 | 44,442 | 83,380 | 161,013 | 448,735 | 46,785 | 1,904,420 | |||||||||||||||||||||||||||
Home equity | 59,969 | 38,511 | 168,552 | 24,417 | 66,302 | 74,942 | 61,547 | 2,005 | 496,245 | |||||||||||||||||||||||||||
Agricultural | 6,632 | 81,867 | 68,990 | 3,439 | 9,497 | 14,043 | 62,527 | 4,980 | 251,975 | |||||||||||||||||||||||||||
Commercial and industrial-owner occupied | 116,744 | 159,231 | 454,193 | 81,542 | 90,680 | 89,351 | 250,432 | 46,714 | 1,288,887 | |||||||||||||||||||||||||||
Construction, acquisition and development | 95,278 | 60,747 | 251,977 | 44,756 | 91,437 | 88,684 | 174,818 | 27,325 | 835,022 | |||||||||||||||||||||||||||
Commercial real estate | 190,195 | 346,586 | 360,704 | 204,377 | 115,061 | 101,883 | 377,008 | 52,934 | 1,748,748 | |||||||||||||||||||||||||||
Credit cards | — | — | — | — | — | — | — | 101,085 | 101,085 | |||||||||||||||||||||||||||
All other | 30,890 | 86,350 | 190,620 | 6,852 | 56,187 | 49,481 | 95,729 | 92,226 | 608,335 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total loans | $ | 662,248 | $ | 1,231,148 | $ | 2,584,340 | $ | 466,001 | $ | 529,580 | $ | 662,914 | $ | 1,719,534 | $ | 876,630 | $ | 8,732,395 | ||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
CAD PORTFOLIO: | ||||||||||||||||||||||||||||||||||||
Multi-family construction | $ | — | $ | — | $ | 10 | $ | — | $ | — | $ | 1,710 | $ | 658 | $ | — | $ | 2,378 | ||||||||||||||||||
One-to-four family construction | 25,665 | 11,256 | 43,836 | 6,307 | 10,264 | 35,178 | 35,001 | 15,141 | 182,648 | |||||||||||||||||||||||||||
Recreation and all other loans | 2,046 | 8,604 | 31,321 | 309 | 3,400 | 3,950 | 16,403 | — | 66,033 | |||||||||||||||||||||||||||
Commercial construction | 13,688 | 5,383 | 44,714 | 2,519 | 7,801 | 8,649 | 28,439 | 1,736 | 112,929 | |||||||||||||||||||||||||||
Commercial acquisition and development | 14,745 | 16,160 | 53,043 | 14,349 | 31,457 | 15,821 | 34,329 | 2,666 | 182,570 | |||||||||||||||||||||||||||
Residential acquisition and development | 39,134 | 19,344 | 79,053 | 21,272 | 38,515 | 23,376 | 59,988 | 7,782 | 288,464 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total CAD loans | $ | 95,278 | $ | 60,747 | $ | 251,977 | $ | 44,756 | $ | 91,437 | $ | 88,684 | $ | 174,818 | $ | 27,325 | $ | 835,022 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
NON-PERFORMING LOANS AND LEASES: | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 2,551 | $ | 1,167 | $ | 663 | $ | 3,938 | $ | 5 | $ | 145 | $ | 4,606 | $ | 524 | $ | 13,599 | ||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||||||
Consumer mortgages | 3,124 | 4,774 | 10,801 | 1,014 | 1,938 | 3,960 | 6,945 | 6,836 | 39,392 | |||||||||||||||||||||||||||
Home equity | 1,038 | 34 | 446 | 144 | 478 | 464 | 387 | 4 | 2,995 | |||||||||||||||||||||||||||
Agricultural | — | 5,314 | 952 | 1,294 | 1,041 | 244 | — | 1 | 8,846 | |||||||||||||||||||||||||||
Commercial and industrial-owner occupied | 7,455 | 4,160 | 7,973 | 1,721 | 4,065 | 4,385 | 2,194 | 3 | 31,956 | |||||||||||||||||||||||||||
Construction, acquisition and development | 18,342 | 1,476 | 8,152 | 12,418 | 26,503 | 13,776 | 24,623 | 4,936 | 110,226 | |||||||||||||||||||||||||||
Commercial real estate | 9,723 | 2,846 | 9,879 | 19,139 | 3,804 | 3,727 | 2,392 | 485 | 51,995 | |||||||||||||||||||||||||||
Credit cards | — | — | — | — | — | — | — | 2,861 | 2,861 | |||||||||||||||||||||||||||
All other | 317 | 2,162 | 1,081 | 94 | 13 | 890 | 366 | 156 | 5,079 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total loans | $ | 42,550 | $ | 21,933 | $ | 39,947 | $ | 39,762 | $ | 37,847 | $ | 27,591 | $ | 41,513 | $ | 15,806 | $ | 266,949 | ||||||||||||||||||
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|
|
|
|
|
|
|
|
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|
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|
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-MORE-
BXS Announces Second Quarter Results
Page 18
July 23, 2012
BancorpSouth, Inc.
Selected Additional Information
(Dollars in thousands)
(Unaudited)
June 30, 2012 | ||||||||||||||||||||||||||||||||||||
Alabama and Florida Panhandle | Arkansas | Mississippi | Missouri | Greater Memphis Area | Tennessee | Texas and Louisiana | Other | Total | ||||||||||||||||||||||||||||
OTHER REAL ESTATE OWNED: | ||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 564 | $ | 212 | $ | — | $ | — | $ | 814 | $ | — | $ | — | $ | — | $ | 1,590 | ||||||||||||||||||
Real estate | ||||||||||||||||||||||||||||||||||||
Consumer mortgages | 2,457 | 469 | 2,612 | — | 2,334 | 1,402 | 188 | 2,470 | 11,932 | |||||||||||||||||||||||||||
Home equity | — | — | 220 | — | — | — | — | — | 220 | |||||||||||||||||||||||||||
Agricultural | 894 | — | — | — | 1,154 | 2,352 | — | — | 4,400 | |||||||||||||||||||||||||||
Commercial and industrial-owner occupied | 554 | 448 | 2,337 | 76 | 1,814 | 163 | 149 | 246 | 5,787 | |||||||||||||||||||||||||||
Construction, acquisition and development | 18,459 | 2,042 | 19,152 | 1,395 | 45,532 | 15,775 | 2,215 | 737 | 105,307 | |||||||||||||||||||||||||||
Commercial real estate | 784 | 1,677 | 2,281 | 304 | 7,425 | — | 231 | — | 12,702 | |||||||||||||||||||||||||||
All other | 47 | 60 | 243 | 116 | 1,177 | — | 2 | 32 | 1,677 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total loans | $ | 23,759 | $ | 4,908 | $ | 26,845 | $ | 1,891 | $ | 60,250 | $ | 19,692 | $ | 2,785 | $ | 3,485 | $ | 143,615 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended | ||||||||||||||||||||
Jun-12 | Mar-12 | Dec-11 | Sep-11 | Jun-11 | ||||||||||||||||
OTHER REAL ESTATE OWNED: | ||||||||||||||||||||
Balance, beginning of period | $ | 167,808 | $ | 173,805 | $ | 162,686 | $ | 151,204 | $ | 136,412 | ||||||||||
Additions to foreclosed properties | ||||||||||||||||||||
New foreclosed property | 6,904 | 10,766 | 36,507 | 29,063 | 38,199 | |||||||||||||||
Reductions in foreclosed properties | ||||||||||||||||||||
Sales | (26,165 | ) | (11,771 | ) | (16,688 | ) | (13,136 | ) | (21,135 | ) | ||||||||||
Writedowns | (4,932 | ) | (4,992 | ) | (8,700 | ) | (4,445 | ) | (2,272 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Balance, end of period | $ | 143,615 | $ | 167,808 | $ | 173,805 | $ | 162,686 | $ | 151,204 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
FORECLOSED PROPERTY EXPENSE | ||||||||||||||||||||
Loss (gain) on sale of other real estate owned | $ | 2,708 | $ | 770 | $ | 711 | $ | 16 | $ | (140 | ) | |||||||||
Writedown of other real estate owned | 4,932 | 4,992 | 8,700 | 4,445 | 2,272 | |||||||||||||||
Other foreclosed property expense | 2,572 | 2,647 | 1,422 | 1,655 | 1,633 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total foreclosed property expense | $ | 10,212 | $ | 8,409 | $ | 10,833 | $ | 6,116 | $ | 3,765 | ||||||||||
|
|
|
|
|
|
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-MORE-
BXS Announces Second Quarter Results
Page 19
July 23, 2012
BancorpSouth, Inc.
Noninterest Revenue and Expense
(Dollars in thousands)
(Unaudited)
Quarter Ended | ||||||||||||||||||||
Jun-12 | Mar-12 | Dec-11 | Sep-11 | Jun-11 | ||||||||||||||||
NONINTEREST REVENUE: | ||||||||||||||||||||
Mortgage lending | $ | 11,040 | $ | 15,142 | $ | 8,928 | $ | (1,443 | ) | $ | 2,003 | |||||||||
Credit card, debit card and merchant fees | 7,787 | 7,523 | 7,783 | 12,981 | 11,263 | |||||||||||||||
Service charges | 13,697 | 15,116 | 17,412 | 17,334 | 16,556 | |||||||||||||||
Trust income | 3,139 | 2,282 | 3,348 | 2,854 | 2,850 | |||||||||||||||
Securities gains, net | 177 | 74 | 18 | 2,047 | 10,045 | |||||||||||||||
Insurance commissions | 22,964 | 23,153 | 19,416 | 22,012 | 22,941 | |||||||||||||||
Annuity fees | 635 | 642 | 382 | 552 | 1,094 | |||||||||||||||
Brokerage commissions and fees | 1,779 | 1,438 | 1,215 | 1,627 | 1,437 | |||||||||||||||
Bank-owned life insurance | 1,812 | 2,613 | 2,007 | 1,734 | 2,223 | |||||||||||||||
Other miscellaneous income | 3,438 | 4,377 | 4,826 | 2,357 | 4,732 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total noninterest revenue | $ | 66,468 | $ | 72,360 | $ | 65,335 | $ | 62,055 | $ | 75,144 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
NONINTEREST EXPENSE: | ||||||||||||||||||||
Salaries and employee benefits | $ | 77,661 | $ | 74,931 | $ | 70,512 | $ | 71,851 | $ | 70,142 | ||||||||||
Occupancy, net of rental income | 10,487 | 10,066 | 10,315 | 11,144 | 10,232 | |||||||||||||||
Equipment | 5,124 | 5,333 | 5,108 | 5,346 | 5,595 | |||||||||||||||
Deposit insurance assessments | 3,994 | 5,383 | 5,674 | 3,781 | 6,436 | |||||||||||||||
Prepayment penalty on FHLB borrowings | — | — | — | — | 9,778 | |||||||||||||||
Advertising | 902 | 841 | 1,778 | 1,140 | 1,291 | |||||||||||||||
Foreclosed property expense | 10,212 | 8,409 | 10,833 | 6,116 | 3,765 | |||||||||||||||
Telecommunications | 2,023 | 2,206 | 2,110 | 2,097 | 2,036 | |||||||||||||||
Public relations | 1,355 | 1,466 | 1,244 | 1,415 | 1,554 | |||||||||||||||
Data processing | 2,444 | 2,764 | 2,398 | 2,614 | 2,365 | |||||||||||||||
Computer software | 1,786 | 1,803 | 1,892 | 1,863 | 1,899 | |||||||||||||||
Amortization of intangibles | 742 | 763 | 813 | 823 | 833 | |||||||||||||||
Legal | 981 | 2,216 | 3,947 | 1,467 | 1,158 | |||||||||||||||
Postage and shipping | 1,033 | 1,255 | 1,163 | 1,182 | 1,171 | |||||||||||||||
Other miscellaneous expense | 17,762 | 18,244 | 18,069 | 19,859 | 18,814 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total noninterest expense | $ | 136,506 | $ | 135,680 | $ | 135,856 | $ | 130,698 | $ | 137,069 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
INSURANCE COMMISSIONS: | ||||||||||||||||||||
Property and casualty commissions | $ | 16,894 | $ | 14,430 | $ | 14,033 | $ | 16,226 | $ | 16,527 | ||||||||||
Life and health commissions | 4,681 | 4,724 | 4,024 | 4,359 | 4,301 | |||||||||||||||
Risk management income | 618 | 655 | 597 | 703 | 596 | |||||||||||||||
Other | 771 | 3,344 | 762 | 724 | 1,517 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total insurance commissions | $ | 22,964 | $ | 23,153 | $ | 19,416 | $ | 22,012 | $ | 22,941 | ||||||||||
|
|
|
|
|
|
|
|
|
|
-MORE-
BXS Announces Second Quarter Results
Page 20
July 23, 2012
BancorpSouth, Inc.
Selected Additional Information
(Dollars in thousands)
(Unaudited)
Quarter Ended | ||||||||||||||||||||
Jun-12 | Mar-12 | Dec-11 | Sep-11 | Jun-11 | ||||||||||||||||
MORTGAGE SERVICING RIGHTS: | ||||||||||||||||||||
Fair value, beginning of period | $ | 35,668 | $ | 30,174 | $ | 29,159 | $ | 39,455 | $ | 42,306 | ||||||||||
Additions to mortgage servicing rights: | ||||||||||||||||||||
Originations of servicing assets | 4,076 | 3,525 | 3,754 | 3,127 | 2,380 | |||||||||||||||
Changes in fair value: | ||||||||||||||||||||
Due to payoffs/paydowns | (1,737 | ) | (1,726 | ) | (1,745 | ) | (1,745 | ) | (1,390 | ) | ||||||||||
Due to change in valuation inputs or assumptions used in the valuation model | (3,837 | ) | 3,697 | (991 | ) | (11,676 | ) | (3,839 | ) | |||||||||||
Other changes in fair value | (3 | ) | (2 | ) | (3 | ) | (2 | ) | (2 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Fair value, end of period | $ | 34,167 | $ | 35,668 | $ | 30,174 | $ | 29,159 | $ | 39,455 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
MORTGAGE LENDING REVENUE: | ||||||||||||||||||||
Production revenue: | ||||||||||||||||||||
Origination | $ | 13,119 | $ | 9,720 | $ | 8,308 | $ | 8,688 | $ | 4,066 | ||||||||||
Servicing | 3,495 | 3,451 | 3,356 | 3,290 | 3,166 | |||||||||||||||
Payoffs/Paydowns | (1,737 | ) | (1,726 | ) | (1,745 | ) | (1,745 | ) | (1,390 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total production revenue | 14,877 | 11,445 | 9,919 | 10,233 | 5,842 | |||||||||||||||
Market value adjustment | (3,837 | ) | 3,697 | (991 | ) | (11,676 | ) | (3,839 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total mortgage lending revenue (loss) | $ | 11,040 | $ | 15,142 | $ | 8,928 | $ | (1,443 | ) | $ | 2,003 | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
AVAILABLE-FOR-SALE SECURITIES, at fair value | ||||||||||||||||||||
U.S. Government agencies | $ | 1,481,060 | $ | 1,578,441 | $ | 1,501,243 | $ | 1,497,456 | $ | 1,599,231 | ||||||||||
Government agency issued residential mortgage-back securities | 360,489 | 385,146 | 404,610 | 420,689 | 430,402 | |||||||||||||||
Government agency issued commercial mortgage-back securities | 35,895 | 31,647 | 34,599 | 34,475 | 31,627 | |||||||||||||||
Obligations of states and political subdivisions | 577,629 | 568,642 | 563,520 | 519,431 | 486,653 | |||||||||||||||
Other | 7,758 | 9,659 | 9,546 | 9,504 | 12,911 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total available-for-sale securities | $ | 2,462,831 | $ | 2,573,535 | $ | 2,513,518 | $ | 2,481,555 | $ | 2,560,824 | ||||||||||
|
|
|
|
|
|
|
|
|
|
-MORE-
BXS Announces Second Quarter Results
Page 21
July 23, 2012
BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(Dollars in thousands)
(Unaudited)
Quarter Ended June 30, 2012 | ||||||||||||
(Taxable equivalent basis) | Average Balance | Interest | Yield/ Rate | |||||||||
ASSETS | ||||||||||||
Loans, loans held for sale, and leases net of unearned income | $ | 8,812,867 | $ | 109,260 | 4.99 | % | ||||||
Available-for-sale securities: | ||||||||||||
Taxable | 2,068,725 | 10,298 | 2.00 | % | ||||||||
Tax-exempt | 452,207 | 6,478 | 5.76 | % | ||||||||
Short-term investments | 574,624 | 383 | 0.27 | % | ||||||||
|
|
|
| |||||||||
Total interest earning assets and revenue | 11,908,423 | 126,419 | 4.27 | % | ||||||||
Other assets | 1,295,017 | |||||||||||
Less: allowance for credit losses | (185,209 | ) | ||||||||||
|
| |||||||||||
Total | $ | 13,018,231 | ||||||||||
|
| |||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
Deposits: | ||||||||||||
Demand - interest bearing | $ | 4,769,340 | $ | 4,184 | 0.35 | % | ||||||
Savings | 1,074,912 | 691 | 0.26 | % | ||||||||
Other time | 2,815,753 | 10,275 | 1.47 | % | ||||||||
Short-term borrowings | 376,545 | 85 | 0.09 | % | ||||||||
Junior subordinated debt | 160,312 | 2,879 | 7.22 | % | ||||||||
Long-term debt | 33,500 | 349 | 4.19 | % | ||||||||
|
|
|
| |||||||||
Total interest bearing liabilities and expense | 9,230,362 | 18,463 | 0.80 | % | ||||||||
Demand deposits - noninterest bearing | 2,248,914 | |||||||||||
Other liabilities | 135,222 | |||||||||||
|
| |||||||||||
Total liabilities | 11,614,498 | |||||||||||
Shareholders’ equity | 1,403,733 | |||||||||||
|
| |||||||||||
Total | $ | 13,018,231 | ||||||||||
|
|
|
| |||||||||
Net interest revenue | $ | 107,956 | ||||||||||
|
| |||||||||||
Net interest margin | 3.65 | % | ||||||||||
Net interest rate spread | 3.47 | % | ||||||||||
Interest bearing liabilities to interest earning assets | 77.51 | % | ||||||||||
Net interest tax equivalent adjustment | $ | 3,215 |
-MORE-
BXS Announces Second Quarter Results
Page 22
July 23, 2012
BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(Dollars in thousands)
(Unaudited)
Quarter Ended March 31, 2012 | ||||||||||||
(Taxable equivalent basis) | Average Balance | Interest | Yield/ Rate | |||||||||
ASSETS | ||||||||||||
Loans, loans held for sale, and leases net of unearned income | $ | 8,852,792 | $ | 110,407 | 5.02 | % | ||||||
Available-for-sale securities: | ||||||||||||
Taxable | 2,058,859 | 11,272 | 2.20 | % | ||||||||
Tax-exempt | 449,082 | 6,547 | 5.86 | % | ||||||||
Short-term investments | 603,988 | 401 | 0.27 | % | ||||||||
|
|
|
| |||||||||
Total interest earning assets and revenue | 11,964,721 | 128,627 | 4.32 | % | ||||||||
Other assets | 1,325,795 | |||||||||||
Less: allowance for credit losses | (202,158 | ) | ||||||||||
|
| |||||||||||
Total | $ | 13,088,358 | ||||||||||
|
| |||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||
Deposits: | ||||||||||||
Demand - interest bearing | $ | 4,960,060 | $ | 4,449 | 0.36 | % | ||||||
Savings | 1,027,611 | 714 | 0.28 | % | ||||||||
Other time | 2,916,910 | 11,291 | 1.56 | % | ||||||||
Short-term borrowings | 359,690 | 83 | 0.09 | % | ||||||||
Junior subordinated debt | 160,312 | 2,879 | 7.22 | % | ||||||||
Long-term debt | 33,500 | 349 | 4.19 | % | ||||||||
|
|
|
| |||||||||
Total interest bearing liabilities and expense | 9,458,083 | 19,765 | 0.84 | % | ||||||||
Demand deposits - noninterest bearing | 2,139,371 | |||||||||||
Other liabilities | 127,195 | |||||||||||
|
| |||||||||||
Total liabilities | 11,724,649 | |||||||||||
Shareholders’ equity | 1,363,709 | |||||||||||
|
| |||||||||||
Total | $ | 13,088,358 | ||||||||||
|
|
|
| |||||||||
Net interest revenue | $ | 108,862 | ||||||||||
|
| |||||||||||
Net interest margin | 3.66 | % | ||||||||||
Net interest rate spread | 3.48 | % | ||||||||||
Interest bearing liabilities to interest earning assets | 79.05 | % | ||||||||||
Net interest tax equivalent adjustment | $ | 3,252 |
-MORE-
BXS Announces Second Quarter Results
Page 23
July 23, 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 Second Quarter Results
Page 24
July 23, 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 Second Quarter Results
Page 25
July 23, 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 Second Quarter Results
Page 26
July 23, 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 (*):
June 30, | March 31, | |||||||||||
2012 | 2011 | 2012 | ||||||||||
Tangible assets | ||||||||||||
Total assets | $ | 13,147,818 | $ | 13,367,050 | $ | 13,307,572 | ||||||
Less: Goodwill | 271,297 | 271,297 | 271,297 | |||||||||
Other identifiable intangible assets | 15,108 | 18,249 | 15,850 | |||||||||
|
|
|
|
|
| |||||||
Total tangible assets | $ | 12,861,413 | $ | 13,077,504 | $ | 13,020,425 | ||||||
Tangible shareholders’ equity | ||||||||||||
Total shareholders’ equity | $ | 1,418,311 | $ | 1,246,703 | $ | 1,392,199 | ||||||
Less: Goodwill | 271,297 | 271,297 | 271,297 | |||||||||
Other identifiable intangible assets | 15,108 | 18,249 | 15,850 | |||||||||
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Total tangible shareholders’ equity | $ | 1,131,906 | $ | 957,157 | $ | 1,105,052 | ||||||
Tangible shareholders’ equity to tangible assets | 8.80 | % | 7.32 | % | 8.49 | % |
(*) | 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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