1 Exhibit 99.2 UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL INFORMATION The following tables show unaudited condensed consolidated pro forma financial information reflecting the merger of First United Bancshares, Inc. ("First United") with and into BancorpSouth, Inc. ("BancorpSouth"). The pro forma information reflects the pooling of interests method of accounting. The information in the following tables is based on the historical financial information of BancorpSouth and First United that has been presented in their prior filings with the Securities and Exchange Commission. All of the financial information provided in the following tables should be read in connection with this historical financial information. The financial information as of June 30, 2000 and for the interim periods ended June 30, 2000 and 1999 has not been audited and in the opinion of management reflects all adjustments (consisting only of normal recurring adjustments) necessary to a fair presentation of such data. Pro forma information, while helpful in illustrating the financial attributes of the combined company under one set of assumptions, doesn't attempt to predict or suggest future results. Also, the information set forth for the six-month period ended June 30, 2000 does not indicate what the results will be for the year ending December 31, 2000. PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET JUNE 30, 2000 (UNAUDITED) Historical --------------------------- BancorpSouth First United Adjustments Pro Forma ------------ ------------ ----------- ---------- (In thousands) ASSETS Cash and due from banks $ 196,773 $ 93,961 $ 290,734 Held-to-maturity securities 883,836 188,336 1,072,172 Available-for-sale securities 441,017 739,850 1,180,867 Federal funds sold 6,600 18,734 25,334 Loans and leases 4,323,121 1,554,341 5,877,462 Less: Unearned discount 69,490 3,024 72,514 Allowance for credit losses 58,504 19,181 77,685 --------- ----------- ---------- Net loans and leases 4,195,127 1,532,136 5,727,263 Mortgages held for sale 28,713 -- 28,713 Premises and equipment, net 135,104 42,483 177,587 Other assets 150,326 63,869 214,195 ----------- ----------- ----------- ---------- Total assets $ 6,037,496 $ 2,679,369 -- $8,716,865 =========== =========== =========== ========== LIABILITIES Deposits Non-interest bearing $ 631,084 $ 353,542 $ 984,626 Interest bearing 4,476,009 1,857,208 6,333,217 ----------- ----------- ---------- Total deposits 5,107,093 2,210,750 7,317,843 Short-term borrowings 225,286 151,736 377,022 Long-term debt 137,246 38,531 175,777 Other liabilities 75,647 10,853 86,500 ----------- ----------- ---------- Total liabilities 5,545,272 2,411,870 7,957,142 ----------- ---------- STOCKHOLDERS' EQUITY Common stock 143,261 25,297 45,851 (1) 214,409 Capital surplus 89,546 26,665 (45,851)(1) 70,360 Unrealized gain on available-for-sale securities (2,468) (16,019) (18,487) Retained earnings 286,442 231,556 517,998 Less cost of treasury stock (24,557) -- (24,557) ----------- ----------- ----------- ---------- Total stockholders' equity 492,224 267,499 -- 759,723 ----------- ----------- ----------- ---------- Total liabilities and stockholders' equity $ 6,037,496 $ 2,679,369 -- $8,716,865 =========== =========== =========== ========== - --------------------------------------- (1) Reclassification of capital accounts to reflect the exchange of First United Common Stock for BancorpSouth Common Stock. PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) For the six months ended June 30, ---------------------------------------------------------------------------------------------- 1999 2000 ---------------------------------------------- ---------------------------------------------- First First BancorpSouth United BancorpSouth United Historical Historical Adjustments Pro Forma Historical Historical Adjustments Pro Forma ------------ ---------- ----------- --------- ------------ ---------- ----------- --------- (In thousands except per share amounts) Interest revenue $200,898 $ 89,122 $290,020 $224,925 $ 97,906 $322,831 Interest expense 94,815 40,300 135,115 112,180 46,335 158,515 -------- -------- ------- -------- -------- -------- Net interest revenue 106,083 48,822 154,905 112,745 51,571 164,316 Provision for credit losses 6,670 1,275 7,945 8,449 1,565 10,014 -------- -------- ------- -------- -------- -------- Net interest revenue, after provision for credit losses 99,413 47,547 146,960 104,296 50,006 154,302 Other revenue 42,295 9,496 51,791 41,481 9,949 51,430 Other expense 93,970 33,348 127,318 91,869 36,084 127,953 -------- -------- -------- ------- -------- -------- -------- -------- Income before income tax 47,738 23,695 71,433 53,908 23,871 77,779 Applicable income taxes 14,423 7,190 21,613 17,833 7,317 25,150 -------- -------- -------- -------- -------- -------- -------- -------- Net income $ 33,315 $ 16,505 -- $ 49,820 $ 36,075 $ 16,554 -- $ 52,629 ======== ======== ======== ======== ======== ======== ======== ======== EARNINGS PER SHARE Basic $ 0.58 $ 0.65 $ 0.58 $ 0.64 $ 0.65 $ 0.62 Diluted $ 0.58 $ 0.65 $ 0.58 $ 0.64 $ 0.65 $ 0.62 AVERAGE SHARES Basic 57,101 25,294 85,557 56,479 25,297 84,938 Diluted 57,529 25,329 86,024 56,795 25,323 85,283