EXHIBIT 99.1
FOR IMMEDIATE RELEASE
NEWS RELEASE
April 18, 2002 For Further Information Contact:
L. Nash Allen, Jr. (662) 680-2330
Gary C. Bonds, (662) 680-2332
BANCORPSOUTH, INC. REPORTS 33.3% INCREASE IN
FIRST QUARTER EARNINGS PER SHARE
TUPELO, Miss., April 18 -- BancorpSouth, Inc. (NYSE: BXS - news) today announced
net income per share (basic and diluted) was $.36 for the first quarter of 2002
as compared to $.27 for the first quarter of 2001, an increase of 33.3 percent.
Net income for the first quarter of 2002 was $29.4 million compared to $22.3
million for the first quarter of 2001, an increase of 31.8 percent.
BancorpSouth officials credited the successful merger integration of the former
First United Bancshares and continued emphasis on local market management for
the company's strong performance.
Aubrey Patterson, Chairman and Chief Executive Officer of BancorpSouth,
commented, "we are focused on growing our business by increasing market share in
our six-state region while continuing to stress credit quality and
profitability. By concentrating on these fundamentals, we have been able to
sustain earnings growth and enhance long-term shareholder value."
Patterson also commented, "Earnings benefited from the relative stability of
interest rates during the quarter, a welcome change after four quarters of
declining rates. Our net interest margin expanded as the average yield on
deposits continued to decline while loan pricing remained relatively flat.
Because we are not able to reprice deposits immediately in a period of falling
rates, interest rates on deposits continue to decline for a number of months
after any cuts by the Federal Reserve, while loan rates generally react to
changes in market rates more rapidly.
"Our mortgage business, which has been a strong contributor to earnings over the
past few quarters, continues to be active, although the pace has slowed somewhat
as mortgage rates have begun to move up. Refinancings now represent a smaller
proportion of total underwritings as the bubble of homeowners eager to take
advantage of low rates has somewhat subsided.
"A highlight of the quarter was the completion of our merger with Pinnacle
Bancshares, Inc. on February 28, 2002. This strategically important acquisition
gives BancorpSouth two locations in Little Rock, the largest market in Arkansas
but one where we have not had a presence. Pinnacle was not a large bank, $130
million in assets, but it had a sophisticated professional staff and a clientele
of top-tier small businesses and high net worth individuals. In addition,
Pinnacle had a strong mortgage subsidiary, that was the second largest mortgage
producer in Little Rock, and it will continue to operate under our mortgage
department. We expect to convert the former Pinnacle offices to our systems in
April 2002 at minimal cost."
Net Interest Revenue
Total interest revenue was $151.0 million in the first quarter of 2002, down
13.3 percent from $174.1 million in the corresponding period in 2001 and down
3.8 percent from $157.0 reported in the fourth quarter of 2001. Total interest
expense for the first quarter of 2002 was $57.1 million, down 38.3 percent from
total interest expense of $92.5 million in the same period in 2001 and 17.6
percent from total interest expense of $69.3 million reported in the fourth
quarter of 2001. Net interest revenue is the difference between interest revenue
and interest expense. Net interest revenue for the first quarter of 2002 was
$93.9 million, an increase of $12.3 million, or 15.1 percent, from net interest
revenue of $81.6
million in the same period of the prior year and increased 6.9 percent over net
interest revenue reported in the fourth quarter of 2001. Net interest margin
improved to 4.38 percent, compared to 4.01 percent in the first quarter of 2001
and 4.11 percent in the fourth quarter of 2001. The cost of interest-bearing
liabilities was 3.03 percent in the first quarter of 2002, compared to 5.15
percent in the first quarter of 2001 and 3.73 percent in the fourth quarter of
2001, while the taxable equivalent yield on earning assets was 6.96 percent in
the first quarter of 2002 versus 8.41 percent in the same period in 2001 and
7.26 percent in the fourth quarter of 2001.
Deposit and Loan Activity
BancorpSouth reported growth in total assets and total deposits compared to both
the end of the first quarter of 2001 and year-end 2001. As of March 31, 2002,
total assets were $9.8 billion, up 4.6 percent from total assets of $9.4 billion
as of both March 31, 2001 and December 31, 2001. Total deposits were $8.2
billion, up 5.0 percent from March 31, 2001, and up 4.0 percent since December
31, 2001. Total loans as of March 31, 2001, were $6.2 billion, 4.1 percent
higher than the level as of March 31, 2001, and 2.2 percent greater than the
balance as of December 31, 2001.
Continuing a practice begun in the first quarter of 2000, the company sold its
accumulated inventory of insured student loans in the first quarter of 2002. The
sale of the $80.1 million loan portfolio created a pretax gain of $2.1 million.
In addition, management continued to reduce the company's exposure to indirect
automobile sales financing by allowing our portfolio of such loans to decline.
The portfolio declined $23.4 million in the first quarter of 2002, reaching a
balance of $123.0 million at March 31, 2002 and has decreased $107.1 million
since the first quarter of 2001. Excluding the impact of these two items and the
Pinnacle Bancshares merger, total loan volume would have increased 5.7 percent
on an annualized basis from December 31, 2001 to March 31, 2002.
"As loan growth slowed in response to the weaker economy, we have focused on
improving our interest rate spread through careful pricing of deposits,"
Patterson stated. "The growth in deposits stems from a 'flight to quality,' as
customers are moving more of their assets to demand deposits while they wait for
the financial markets to stabilize."
"Recently we have begun to see encouraging signals from economic indicators, not
signals of robust growth, but solidly positive, and we look for both loan demand
and deposit growth to increase in the second half of this year. We suffered less
than many others during the recent economic slowdown because of the diverse
economic sectors represented in our markets. Our Jackson, Mississippi and Gulf
Coast markets continue to be relatively insulated from the economic slowdown,
but our manufacturing-dependent markets felt the impact. In these markets,
orders are beginning to pick up and employment is rising. In some of our urban
markets, lending for real estate development slowed, particularly for housing
development, because of oversupply in the market. However, now that we are
entering the home building season, we expect to see a positive trend in home
construction financing."
Provision for Credit Losses and Allowance for Credit Losses
The provision for credit losses in the first quarter of 2002 was $6.8 million,
versus $4.1 million in the same quarter of 2001 and $6.5 million in the fourth
quarter of 2001. Annualized net charge-offs for the first quarter of 2002 were
0.39 percent of average loans, while they were 0.36 percent of average loans in
the same quarter of 2001 and 0.40 percent of average loans in the fourth quarter
of 2001.
Non-performing assets totaled $57.2 (0.92 percent of loans) as of March 31,
2002, compared to $43.6 (0.73 percent of loans) as of March 31, 2001, and $59.6
million (0.98 percent of loans) at December 31, 2001. The allowance for credit
losses amounted to 1.37 percent of loans at March 31, 2002, compared to 1.34
percent of loans at March 31, 2001 and 1.37 percent of loans at December 31,
2001.
"Measures of credit quality typically lag the economy, as successive quarters of
economic weakness have a cumulative effect on borrowers," Patterson explained.
"Therefore, while we continue to adhere to our strict credit standards, we were
not surprised to see some slippage in our credit quality indicators in
the first quarter. We expect to see improvement in these indicators as the
economic recovery continues."
Non-interest Revenue
Non-interest revenue totaled $33.5 million in the first quarter of 2002, up 19.8
percent from the $27.9 million reported in the first quarter of 2001, but 20.2
percent lower than $42.0 million reported in the fourth quarter of 2001.
These comparisons were impacted by several significant items. Much of the
variance was caused by swings in the revenue from mortgage lending, due in part
to changes in the value of our mortgage servicing asset, which represents the
present value of the future stream of servicing revenue. Mortgage lending
contributed $5.6 million in the first quarter of 2002, which includes a $0.5
million recovery of previously recorded impairment charges to the mortgage
servicing asset. This compares to a loss of $1.3 million in the first quarter of
2001 as falling interest rates caused a $4.3 million impairment in the value of
our mortgage servicing asset. In the fourth quarter of 2001, mortgage revenue
was $12.9 million as low interest rates generated high volumes of both new
originations and mortgage refinancings, and the company benefited from the
reversal during the fourth quarter of 2001 of $4.5 million in previously
recorded impairment charges to the mortgage servicing asset as mortgage rates
moved up. Net gains on the sale of securities also had a substantial impact. The
company showed a loss of $25,000 in the first quarter of 2002, compared to gains
of $2.9 million in the first quarter of 2001 and $3.8 million in the fourth
quarter of 2001.
"Fee-based services are contributing a revenue stream that is not impacted by
changes in interest rates, thus adding stable growth," Patterson stated. "In the
recent quarter, trust fees increased 13.8 percent while insurance commissions
gained 23.0 percent, with strong annuity sales more than offsetting some
weakness in the commercial market. We will be introducing our products to the
customers of Pinnacle Bank, as well as continuing their penetration in former
First United markets."
Non-interest Expense
Non-interest expense for the first quarter of 2002 was $77.2 million, up 6.0
percent from $72.9 million for the first quarter of 2001 and up 1.6 percent from
$76.0 million in the fourth quarter of 2001.
"We continue to see the positive impact of cost reductions resulting from the
integration of First United, particularly in terms of data processing costs,"
explained Jim Kelley, President and Chief Operating Officer of BancorpSouth. "We
are continuing to make progress as we gradually implement our loan file
centralization process, which is our other major cost-saving initiative. This
project currently generates some incremental cost because we are operating some
redundant systems through the implementation phase, but we expect it to generate
cost savings in the future."
As of January 1, 2002, the company adopted Statement of Financial Accounting
Standards No. 142, "Goodwill and Other Intangible Assets," which changes the
accounting treatment of goodwill and other intangible assets. Under SFAS 142,
companies will no longer record the amortization of goodwill as an expense for
financial reporting purposes. Instead, companies must test their intangible
assets annually for impairment of the assets' value and write off any
impairment. We expect to complete the initial impairment test under SFAS 142 in
the second quarter of 2002. In the first quarter of 2002, this accounting change
reduced goodwill amortization by $768,000 compared to the same quarter of 2001.
Capital Management
We issued $125 million of 8.15 percent Trust Preferred Securities in January
2002. This new long-term regulatory capital will be used for general corporate
purposes, which may include repurchasing common stock and financing
acquisitions.
"We went to market with this issue at the optimum time," said Patterson,
"catching the low point of interest rates. At the time these securities were
issued, the 8.15 percent distribution rate was the lowest
rate received by a regional bank holding company for a similar security offering
with a similar credit rating. This additional funding enables us to take
advantage of any potential investment opportunities that will enhance our
growth, including strategic acquisitions."
During the first quarter of 2002, we repurchased a total of 801,000 shares of
our outstanding common stock under a repurchase program announced on March 5,
2001, which authorized us to acquire up to 4.2 million shares, or approximately
5% of the shares outstanding at the time of the announcement. As of March 31,
2002, a total of 3,766,000 shares have been repurchased under this program and
there are 434,000 shares remaining under this authorization. In addition, in
February 2002 we announced a new common stock repurchase program, which
authorized the repurchase of up to an additional 4.1 million shares within a
period of 18 months, of which no shares have been repurchased as of March 31,
2002.
Conference Call
BancorpSouth will conduct a conference call with stock analysts at 1:30 p.m.
(Central Time) on April 19, 2002. Investors may listen via the internet by
accessing our website at http://www.bancorpsouth.com/. A replay of the
conference call will be available at BancorpSouth's website following the call.
BancorpSouth, Inc. is a bank holding company headquartered in Tupelo,
Mississippi with approximately $9.8 billion in assets. BancorpSouth operates
approximately 250 commercial banking, insurance, trust, broker/dealer and
consumer finance locations in Alabama, Arkansas, Louisiana, Mississippi,
Tennessee and Texas.
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, those relating to
interest rates, loan volume, credit quality, fee-based services, interest rate
margin, integration of former First United Bancshares and Pinnacle Bancshares
offices and related cost savings, expansion and prospects of products and
services, deposits, the exposure to indirect automobile sales financing, home
construction financing, capital management and liquidity, prospects for 2002,
accounting treatment of intangible assets, use of proceeds from the Trust
Preferred Securities, mortgage servicing and BancorpSouth's future growth and
profitability.
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, due to a variety of
factors. Those factors include, but are not limited to, changes in economic
conditions and government fiscal and monetary policies, fluctuations in
prevailing interest rates, ability to reduce interest rates paid on deposits as
interest rates decline or stabilize, ability to maintain credit quality, laws
and regulations affecting financial institutions, the ability of BancorpSouth to
compete with other financial services companies, the ability of BancorpSouth to
effectively integrate acquisitions, the ability of BancorpSouth to operate and
integrate new technology, the ability of BancorpSouth to manage its growth and
effectively serve an expanding customer and market base, the ability of
BancorpSouth to provide competitive services and products, changes in
BancorpSouth's operating or expansion strategy, geographic concentration of
BancorpSouth's assets, availability of and costs associated with obtaining
adequate and timely sources of liquidity, the ability of BancorpSouth to
effectively manage its capital resources, the ability of BancorpSouth to
attract, train and retain qualified personnel, the ability of BancorpSouth to
effectively market its services and products, the ability of BancorpSouth to
repurchase its common stock on favorable terms, the ability of BancorpSouth to
identify potential acquisitions, changes in consumer preferences, 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.
SELECTED FINANCIAL DATA
Three Months Ended
March 31,
---------------------------------
2002 2001
----------- -----------
(Dollars in thousands, except per share amounts)
EARNINGS SUMMARY:
Net interest revenue $ 93,883 $ 81,599
Provision for credit losses 6,760 4,097
Noninterest revenue 33,476 27,949
Noninterest expense 77,172 72,832
----------- -----------
Income before income taxes 43,427 32,619
Income tax provision 14,029 10,300
----------- -----------
Net income $ 29,398 $ 22,319
=========== ===========
Earning per share: Basic $ 0.36 $ 0.27
=========== ===========
Diluted: $ 0.36 $ 0.27
=========== ===========
BALANCE SHEET DATA AT MARCH 31:
Total assets $ 9,816,856 $ 9,384,078
Total earning assets 9,156,724 8,738,930
Loans and lease receivables, net
of unearned discount 6,206,910 5,960,862
Allowance for credit losses 85,140 80,461
Total deposits 8,175,131 7,785,627
Common shareholders' equity 810,667 804,085
Book value per share 9.98 9.59
AVERAGE BALANCE SHEET DATA:
Total assets $ 9,592,825 $ 9,160,057
Total earning assets 8,967,582 8,539,226
Loans and lease receivables, net
of unearned discount 6,142,294 6,025,742
Total deposits 8,000,913 7,612,436
Common shareholders' equity 806,956 789,892
NON-PERFORMING ASSETS AT MARCH 31:
Non-accrual loans $ 9,714 $ 12,116
Loans 90+ days past due 30,789 22,338
Restructured loans 38 1,542
Other real estate owned 16,640 7,643
Net charge-offs as a percentage
of average loans (annualized) 0.39% 0.36%
PERFORMANCE RATIOS (ANNUALIZED)
Return on average assets 1.24% 0.99%
Return on common equity 14.77% 11.46%
Net interest margin 4.38% 4.01%
Average shares outstanding - diluted 81,680,282 84,215,338
BancorpSouth, Inc.
Consolidated Balance Sheets
(dollars in thousands)
(Unaudited)
March 31, 2002 March 31, 2001
Assets
Cash & due from banks 288,797 298,663
Interest bearing deposits with
other banks 13,608 7,871
Held-to-maturity securities 1,180,333 1,224,997
Available-for-sale securities 1,420,635 973,847
Federal funds sold and securities
purchased under agreement
to resell 278,053 520,399
Loans & leases 6,206,910 5,960,862
Allowance for credit losses (85,140) (80,461)
Net loans & leases 6,121,770 5,880,401
Mortgages held for sale 57,185 50,953
Bank premises & equipment 213,329 202,539
Accrued interest receivable 85,555 90,827
Other real estate owned 17,047 7,568
Other assets 140,544 126,013
Total assets 9,816,856 9,384,078
Liabilities
Demand deposits:
Non-interest bearing 1,084,148 1,032,551
Interest bearing 2,320,449 1,828,324
Total demand deposits 3,404,597 2,860,875
Savings & time deposits:
Savings 893,693 895,771
Certificates of deposit 3,876,841 4,028,981
Total savings & time deposits 4,770,534 4,924,752
Total deposits 8,175,131 7,785,627
Federal funds purchased and
securities sold under
agreement to repurchase 444,137 502,749
Short-term borrowings 4,000 0
Accrued interest payable 31,956 52,466
Long-term debt 140,651 151,778
Junior subordinated debt 125,000 0
Other liabilities 85,314 87,373
Total liabilities 9,006,189 8,579,993
Shareholders' Equity
Common stock 203,078 209,615
Capital surplus 15,112 46,153
Unrealized gain(loss) on
March 31, 2002 March 31, 2001
securities 15,790 22,933
Retained earnings 576,687 525,384
Total shareholders' equity 810,667 804,085
Total liabilities &
shareholders' equity 9,816,856 9,384,078
BancorpSouth, Inc.
Consolidated Statements of Income
(amounts in thousands, except per share data)
(Unaudited)
Quarter Ended
Mar-02 Dec-01 Sep-01 Jun-01 Mar-01
Interest Revenue:
Loans, including fees $ 114,796 $121,626 $ 128,049 $131,794 $ 136,737
Held-to-maturity
securities: 16,429 16,706 17,698 16,630 16,050
Available-for-sale
securities 16,413 14,772 14,757 14,243 15,576
Short term investments 3,363 3,932 4,477 7,009 5,777
Total interest revenue 151,001 157,036 164,981 169,676 174,140
Interest Expense:
Deposits 49,901 63,060 73,071 80,763 83,944
Short term borrowings 1,034 1,571 2,700 3,082 3,557
Long term borrowings 2,112 2,100 2,105 2,171 2,265
Other interest expense 4,071 2,523 2,669 2,736 2,775
Total interest expense 57,118 69,254 80,545 88,752 92,541
Net interest revenue 93,883 87,782 84,436 80,924 81,599
Provision for credit
losses 6,760 6,542 6,852 4,769 4,097
Net interest revenue,
after credit loss
provision 87,123 81,240 77,584 76,155 77,502
Other Revenue:
Mortgage lending 5,554 12,913 (1,462) 7,068 (1,333)
Service charges 10,210 11,041 10,469 10,906 10,342
Life insurance premiums 1,127 1,155 1,151 1,127 1,094
Trust income 1,917 1,613 2,022 1,610 1,684
Securities gains, net (25) 3,770 3,943 74 2,884
Insurance commissions 5,668 5,262 5,146 5,405 4,608
Other 9,025 6,205 5,465 5,801 8,670
Total other revenue 33,476 41,959 26,734 31,991 27,949
Other Expense:
Salaries and employee
benefits 42,591 41,451 37,083 38,425 38,721
Occupancy 5,254 5,132 5,263 5,005 5,129
Equipment 6,535 6,382 6,442 6,943 7,032
Telecommunications 1,925 2,143 2,244 2,123 2,182
Other 20,867 20,842 22,253 20,750 19,768
Total other expense 77,172 75,950 73,285 73,246 72,832
Income before
income taxes 43,427 47,249 31,033 34,900 32,619
Income tax expense 14,029 15,935 9,450 11,654 10,300
Net Income $ 29,398 $ 31,314 $ 21,583 $ 23,246 $ 22,319
Net Income Per Share:
Basic $ 0.36 $ 0.39 $ 0.26 $ 0.28 $ 0.27
Diluted $ 0.36 $ 0.38 $ 0.26 $ 0.28 $ 0.27
BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(dollars in thousands)
Unaudited
Quarter Ended
March 31, 2002
Average Yield/
(Taxable equivalent basis) Balance Interest Rate
ASSETS
Loans net of Unearned Income $ 6,199,602 $115,273 7.54%
Held-to-maturity securities:
Taxable 935,448 13,938 6.04%
Non Taxable 198,319 3,832 7.84%
Available-for-sale securities
Taxable 1,055,547 14,256 5.48%
Non Taxable 193,462 3,318 6.96%
Short term investments 385,204 3,363 3.54%
Total interest earning
assets and revenue 8,967,582 153,980 6.96%
Other assets 709,501
Less: allowance for credit losses (84,258)
Total $ 9,592,825
LIABILITIES AND
SHAREHOLDERS' EQUITY
Deposits:
Demand - interest bearing $ 2,257,654 $ 8,834 1.59%
Savings 890,858 3,560 1.62%
Time 3,814,671 37,509 3.99%
Short-term borrowings 451,464 3,322 2.98%
Junior subordinated debt 83,333 1,783 8.15%
Long-term debt 139,859 2,112 6.12%
Total interest bearing
liabilities and expense 7,637,839 57,118 3.03%
Demand deposits -
non-interest bearing 1,037,730
Other liabilities 110,299
Total liabilities 8,785,869
Shareholders' equity $ 806,956
Total $ 9,592,825
Net interest revenue $ 96,862
Net interest margin 4.38%
Net interest rate spread 3.93%
Interest bearing liabilities to
interest earning assets 85.17%
Net interest tax equivalent adjustment $ 2,979
BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(dollars in thousands)
Unaudited
Quarter Ended
December 31, 2001
Average Yield/
(Taxable equivalent basis) Balance Interest Rate
ASSETS
Loans net of Unearned Income $ 6,114,950 $121,938 7.91%
Held-to-maturity securities:
Taxable 925,219 14,155 6.07%
Non Taxable 204,945 3,925 7.60%
Available-for-sale securities
Taxable 889,326 12,617 5.63%
Non Taxable 192,026 3,314 6.85%
Short term investments 416,228 3,933 3.75%
Total interest earning
assets and revenue 8,742,694 159,882 7.26%
Other assets 689,115
Less: allowance for credit losses (83,361)
Total $ 9,348,448
LIABILITIES AND
SHAREHOLDERS' EQUITY
Deposits:
Demand - interest bearing $ 2,045,838 $ 10,089 1.96%
Savings 881,196 5,838 2.63%
Time 3,806,071 47,133 4.91%
Short-term borrowings 497,747 4,094 3.26%
Long-term debt 141,036 2,100 5.91%
Total interest bearing
liabilities and expense 7,371,888 69,254 3.73%
Demand deposits -
non-interest bearing 1,033,567
Other liabilities 135,332
Total liabilities 8,540,787
Shareholders' equity 807,661
Total $ 9,348,448
Net interest revenue $ 90,628
Net interest margin 4.11%
Net interest rate spread 3.53%
Interest bearing liabilities to
interest earning assets 84.3%
Net interest tax equivalent adjustment $ 2,846
BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(dollars in thousands)
Unaudited
Quarter Ended
September 30, 2001
Average Yield/
(Taxable equivalent basis) Balance Interest Rate
ASSETS
Loans net of Unearned Income $ 6,054,016 $128,367 8.41%
Held-to-maturity securities:
Taxable 1,005,116 15,086 5.95%
Non Taxable 207,277 4,017 7.69%
Available-for-sale securities
Taxable 831,339 12,559 5.99%
Non Taxable 190,362 3,368 7.02%
Short term investments 365,195 4,487 4.87%
Total interest earning
assets and revenue 8,653,305 167,884 7.70%
Other assets 686,603
Less: allowance for credit losses (81,651)
Total $ 9,258,257
LIABILITIES AND
SHAREHOLDERS' EQUITY
Deposits:
Demand - interest bearing $ 1,921,604 $ 12,952 2.67%
Savings 872,486 6,303 2.87%
Time 3,899,185 53,816 5.48%
Short-term borrowings 511,342 5,370 4.17%
Long-term debt 141,323 2,105 5.91%
Total interest bearing
liabilities and expense 7,345,940 80,546 4.35%
Demand deposits -
non-interest bearing 1,006,233
Other liabilities 116,684
Total liabilities 8,468,857
Shareholders' equity 789,400
Total $ 9,258,257
Net interest revenue $ 87,338
Net interest margin 4.00%
Net interest rate spread 3.35%
Interest bearing liabilities to
interest earning assets 84.9%
Net interest tax equivalent adjustment $ 2,901
BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(dollars in thousands)
Unaudited
Quarter Ended
June 30, 2001
Average Yield/
(Taxable equivalent basis) Balance Interest Rate
ASSETS
Loans net of Unearned Income $ 6,024,236 $132,119 8.80%
Held-to-maturity securities:
Taxable 908,896 13,964 6.16%
Non Taxable 214,305 4,103 7.68%
Available-for-sale securities
Taxable 767,913 12,056 6.30%
Non Taxable 182,598 3,360 7.38%
Short term investments 572,207 7,013 4.92%
Total interest earning
assets and revenue 8,670,155 172,615 7.99%
Other assets 689,128
Less: allowance for credit losses (80,425)
Total $ 9,278,858
LIABILITIES AND
SHAREHOLDERS' EQUITY
Deposits:
Demand - interest bearing $ 1,830,983 $ 13,345 2.92%
Savings 889,841 9,013 4.06%
Time 3,971,149 58,405 5.90%
Short-term borrowings 512,104 5,819 4.56%
Long-term debt 146,321 2,171 5.95%
Total interest bearing
liabilities and expense 7,350,398 88,753 4.84%
Demand deposits -
non-interest bearing 1,002,588
Other liabilities 126,115
Total liabilities 8,479,101
Shareholders' equity 799,757
Total $ 9,278,858
Net interest revenue $ 83,862
Net interest margin 3.88%
Net interest rate spread 3.15%
Interest bearing liabilities to
interest earning assets 84.78%
Net interest tax equivalent adjustment $ 2,938
BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(dollars in thousands)
Unaudited
Quarter Ended
March 31, 2001
Average Yield/
(Taxable equivalent basis) Balance Interest Rate
ASSETS
Loans net of Unearned Income $ 6,063,946 $137,055 9.17%
Held-to-maturity securities:
Taxable 842,693 13,212 6.36%
Non Taxable 232,636 4,366 7.61%
Available-for-sale securities
Taxable 838,410 13,616 6.59%
Non Taxable 155,988 3,031 7.88%
Short term investments 405,553 5,767 5.77%
Total interest earning
assets and revenue 8,539,226 177,047 8.41%
Other assets 701,784
Less: allowance for credit losses (80,953)
Total $ 9,160,057
LIABILITIES AND
SHAREHOLDERS' EQUITY
Deposits:
Demand - interest bearing $ 1,770,537 $ 14,340 3.28%
Savings 896,888 10,685 4.83%
Time 3,975,219 58,918 6.01%
Short-term borrowings 490,736 6,333 5.23%
Long-term debt 151,870 2,265 6.05%
Total interest bearing
liabilities and expense 7,285,250 92,541 5.15%
Demand deposits -
non-interest bearing 969,793
Other liabilities 115,122
Total liabilities 8,370,165
Shareholders' equity 789,892
Total $ 9,160,057
Net interest revenue $ 84,506
Net interest margin 4.01%
Net interest rate spread 3.26%
Interest bearing liabilities to
interest earning assets 85.32%
Net interest tax equivalent adjustment $ 2,907