TUPELO, Miss., Oct. 18, 2017 /PRNewswire/ -- BancorpSouth,
Inc. (NYSE: BXS) today announced financial results for the quarter
ended September 30, 2017.
Highlights for the third quarter of 2017 included:
- Net income of $39.5 million, or
$0.43 per diluted share.
- Net operating income – excluding MSR – of $39.6 million, or $0.43 per diluted share.
- Net interest margin increased to 3.58 percent.
- Credit quality remained strong; recorded provision for credit
losses of $0.5 million for the
quarter.
- Total operating expense declined compared to the second quarter
of 2017 and the third quarter of 2016 and operating efficiency
ratio – excluding MSR – improved to 67.2 percent.
- Repurchased 699,888 shares of outstanding common stock at a
weighted average price of $28.99 per
share.
- Announced a corporate entity restructuring, whereby the holding
company structure will be eliminated through the merger of
BancorpSouth, Inc. with and into its wholly owned subsidiary,
BancorpSouth Bank (the "Bank") with the Bank continuing as the
surviving entity (the "Reorganization").
- On October 6, 2017, the Bank
received results from the Federal Deposit Insurance Corporation
(the "FDIC") 2017 Community Reinvestment Act ("CRA") examination,
which reflected an overall CRA rating of "Satisfactory".
The Company reported net income of $39.5
million, or $0.43 per diluted
share, for the third quarter of 2017 compared with net income of
$37.8 million, or $0.40 per diluted share, for the third quarter of
2016 and net income of $37.9 million,
or $0.41 per diluted share, for the
second quarter of 2017.
The Company reported net operating income – excluding MSR – of
$39.6 million, or $0.43 per diluted share, for the third quarter of
2017 compared to $36.7 million, or
$0.39 per diluted share, for the
third quarter of 2016 and $38.8
million, or $0.42 per diluted
share, for the second quarter of 2017. Net operating income –
excluding MSR – is a non-GAAP financial measure used by management
to assess the core operating performance of the Company. This
measure excludes items such as securities gains and losses,
mortgage servicing rights ("MSR") valuation adjustments,
restructuring charges, merger-related expenses, industry-related
legal settlements, and other one-time charges.
"First and foremost, we are pleased to have recently received
positive results regarding our CRA examination," remarked
Dan Rollins, Chairman and Chief
Executive Officer. "We have consistently communicated our
teammates' commitment to the communities we serve as well as our
priority to meet or exceed all regulatory requirements and
expectations. We are excited to have this examination behind
us as we look to continue to execute our strategic plan."
"Further, our third quarter results reflect yet another quarter
of continued steady improvement in our profitability and
performance metrics. Our net interest margin increased to
3.58 percent for the quarter, which is the result of continued loan
yield pickup from recent rate increases combined with our stable
core deposit base. Total operating expenses declined for the
quarter, which resulted in a decline in the operating efficiency
ratio – excluding MSR – to 67.2 percent. These successes
contributed to improvement in our quarterly return on assets to
1.07 percent. Finally, we continue to diligently manage our
capital levels, as we repurchased approximately 0.7 million shares
during the quarter at a weighted average price of $28.99 per share."
Net Interest Revenue
Net interest revenue was $120.6
million for the third quarter of 2017, an increase of 5.2
percent from $114.6 million for the
third quarter of 2016 and an increase of 2.6 percent from
$117.5 million for the second quarter
of 2017. The fully taxable equivalent net interest margin was
3.58 percent for the third quarter of 2017 compared to 3.51 percent
for the third quarter of 2016 and 3.52 percent for the second
quarter of 2017. Yields on loans and leases were 4.33 percent
for the third quarter of 2017 compared with 4.20 percent for the
third quarter of 2016 and 4.27 percent for the second quarter of
2017, while yields on total interest earning assets were 3.89
percent for the third quarter of 2017 compared with 3.74 percent
for the third quarter of 2016 and 3.80 percent for the second
quarter of 2017. The average cost of deposits was 0.26
percent for the third quarter of 2017 compared to 0.22 percent for
the third quarter of 2016 and 0.25 percent for the second quarter
of 2017.
Asset, Deposit and Loan Activity
Total assets were $14.8 billion at
September 30, 2017 compared with
$14.6 billion at September 30, 2016. Loans and leases, net
of unearned income, were $11.1
billion at September 30, 2017
compared with $10.7 billion at
September 30, 2016.
Total deposits were $11.8 billion
at September 30, 2017 compared with
$11.6 billion at September 30, 2016. Time deposits decreased
$72.4 million, or 3.9 percent, at
September 30, 2017 compared to
September 30, 2016. Over the
same time period, interest bearing demand deposits increased
$47.6 million, or 1.0 percent, while
noninterest bearing demand deposits increased $106.0 million, or 3.2 percent, and savings
deposits increased $104.6 million, or
6.8 percent.
Provision for Credit Losses and Allowance for Credit
Losses
Earnings for the third quarter reflect a provision for credit
losses of $0.5 million, compared to
no provision for the third quarter of 2016 and a provision of
$1.0 million for the second quarter
of 2017. Net charge-offs for the third quarter of 2017 were
$2.6 million, compared with net
charge-offs of $1.0 million for the
third quarter of 2016 and net charge-offs of $4.6 million for the second quarter of
2017. The allowance for credit losses was $119.5 million, or 1.08 percent of net loans and
leases, at September 30, 2017,
compared with $125.9 million, or 1.18
percent of net loans and leases, at September 30, 2016 and $121.6 million, or 1.10 percent of net loans and
leases, at June 30, 2017.
Total non-performing assets were $71.0
million, or 0.64 percent of net loans and leases, at
September 30, 2017 compared with
$102.3 million, or 0.96 percent of
net loans and leases, at September 30,
2016, and $79.4 million, or
0.72 percent of net loans and leases, at June 30, 2017. Other real estate owned was
$6.0 million at September 30, 2017 compared with $11.4 million at September
30, 2016 and $7.7 million at
June 30, 2017.
Noninterest Revenue
Noninterest revenue was $66.0
million for the third quarter of 2017, compared with
$69.7 million for the third quarter
of 2016 and $68.1 million for the
second quarter of 2017. These results included the MSR
valuation adjustment, which was essentially flat for the third
quarter of 2017, compared with a positive MSR valuation adjustment
of $1.8 million for the third quarter
of 2016 and a negative MSR valuation adjustment of $1.5 million for the second quarter of
2017. Valuation adjustments in the MSR asset are driven
primarily by fluctuations in interest rates period over period.
Excluding the MSR valuation adjustments, mortgage banking
revenue was $7.0 million for the
third quarter of 2017, compared with $9.3
million for the third quarter of 2016 and $7.6 million for the second quarter of
2017. Mortgage origination volume for the third quarter of
2017 was $342.4 million, compared
with $478.2 million for the third
quarter of 2016 and $385.9 million
for the second quarter of 2017.
Credit and debit card fee revenue was $9.3 million for the third quarter of 2017,
compared with $9.3 million for the
third quarter of 2016 and $9.6
million for the second quarter of 2017. Deposit
service charge revenue was $10.4
million for the third quarter of 2017, compared with
$11.3 million for the third quarter
of 2016 and $9.7 million for the
second quarter of 2017. Insurance commission revenue was
$28.6 million for the third quarter
of 2017, compared with $28.2 million
for the third quarter of 2016 and $31.1
million for the second quarter of 2017. Wealth
management revenue was $5.4 million
for the third quarter of 2017, compared with $5.3 million for both the third quarter of 2016
and the second quarter of 2017.
Noninterest Expense
Noninterest expense for the third quarter of 2017 was
$126.9 million, compared with
$128.3 million for the third quarter
of 2016 and $127.6 million for the
second quarter of 2017. Salaries and employee benefits
expense was $81.4 million for the
third quarter of 2017 compared to $80.9
million for the third quarter of 2016 and $81.6 million for the second quarter of
2017. Occupancy expense was $10.3
million for the third quarter of 2017, compared with
$10.4 million for the third quarter
of 2016 and $10.5 million for the
second quarter of 2017. Other noninterest expense was
$29.3 million for the third quarter
of 2017, compared to $30.4 million
for the third quarter of 2016 and $29.8
million for the second quarter of 2017.
Capital Management
The Company's equity capitalization is comprised entirely of
common stock. BancorpSouth's ratio of shareholders' equity to
assets was 11.52 percent at September 30,
2017, compared with 11.80 percent at September 30, 2016 and 11.40 percent at
June 30, 2017. The ratio of
tangible shareholders' equity to tangible assets was 9.56 percent
at September 30, 2017, compared with
9.86 percent at September 30, 2016
and 9.44 percent at June 30,
2017.
During the third quarter of 2017, the Company repurchased
699,888 shares of its outstanding common stock at a weighted
average price of $28.99 per share
pursuant to its share repurchase program which is intended to
comply with Rules 10b-18 and 10b5-1 promulgated under the
Securities and Exchange Act of 1934, as amended. During the
second quarter of 2017, the Company repurchased 1,381,634 shares at
a weighted average price of $29.64
per share. As of September 30,
2017, the Company had 2,316,727 remaining shares available
for repurchase under its current share repurchase authorization,
which expires on December 29, 2017.
Estimated regulatory capital ratios at September 30, 2017 were calculated in accordance
with the Basel III capital framework. BancorpSouth is a "well
capitalized" bank holding company, as defined by federal
regulations, at September 30, 2017,
with Tier 1 risk-based capital of 12.04 and total risk-based
capital of 13.03 percent, compared with required minimum levels of
8 percent and 10 percent, respectively, in order to qualify for
"well capitalized" classification.
TRANSACTIONS
The Reorganization
On July 26, 2017, the Company, as
part of a plan to effect a corporate entity restructuring, entered
into an Agreement and Plan of Reorganization with the Bank.
Thereafter, on August 15, 2017, the
Company and the Bank entered into an Amended and Restated Agreement
and Plan of Reorganization (the "Amended Plan of Reorganization")
which provides that the Company will be merged with and into the
Bank with the Bank continuing as the surviving entity. Upon
completion of the Reorganization, the separate existence of the
Company will cease, and all of the rights, privileges, powers,
franchises, properties, assets, liabilities and obligations of the
Company will be vested in and assumed by the Bank.
The Reorganization and the Amended Plan of Reorganization are
described in more detail in the Company's Definitive Proxy
Statement on Schedule 14A that was filed with the Securities and
Exchange Commission (the "SEC") on August
29, 2017. The Board of Directors of the Company and
the Bank each unanimously adopted the Amended Plan of
Reorganization, and the shareholders of the Company approved the
Amended Plan of Reorganization on September
27, 2017. The Company currently expects to complete
the Reorganization during the fourth quarter, assuming that all of
the conditions to completion of the Reorganization have been
satisfied. The Company, however, can provide no assurances
that the Reorganization will close in a timely manner or at
all.
Waguespack & Associates Insurance, Inc.
On December 19, 2016, BancorpSouth
Insurance Services, Inc. announced and closed the acquisition of
certain assets of Gonzales,
Louisiana based Waguespack & Associates Insurance,
Inc. The agency was formed in 1986 and is expected to produce
annual revenues of approximately $3
million. Waguespack will continue to operate under
current leadership in its current location in Gonzales.
Central Community Corporation
On January 21, 2014, the Company
announced the signing of a definitive merger agreement (the "CCC
Merger Agreement") with Central Community Corporation ("CCC"),
headquartered in Temple, Texas,
pursuant to which CCC agreed to be merged with and into the Company
(the "CCC Merger"). CCC is the parent company of First State
Bank Central Texas ("First State Bank") which is headquartered in
Austin, Texas. First State
Bank operates 31 full-service banking offices in central
Texas. As of September 30,
2017, CCC, on a consolidated basis, reported total assets of
$1.4 billion, total loans of
$706.8 million and total deposits of
$1.2 billion. Under the terms
of the definitive agreement, the Company will issue approximately
7,250,000 shares of the Company's common stock plus $28.5 million in cash for all outstanding shares
of Central Community Corporation's capital stock, subject to
certain conditions and potential adjustments. The terms of
the agreement provide for a minimum total deal value of
$202.5 million but also allow Central
Community Corporation to terminate the agreement if the average
closing price of the Company's common stock declines below a
certain threshold prior to closing.
For more information regarding the CCC Merger and the CCC Merger
Agreement, please refer to the Company's Proxy Statement/Prospectus
that was filed with the SEC on March 24,
2014 and the Company's Current Reports on Form 8-K that were
filed with the SEC on July 24, 2014,
July 1, 2015, October 14, 2016 and August 16, 2017. As previously reported in
the Company's Current Report on Form 8-K filed on August 16, 2017, the Company, CCC and the Bank
entered into a fourth amendment to the CCC Merger Agreement that,
among other things, provides for the substitution of the Bank for
the Company as a party to the CCC Merger Agreement with the Bank
assuming all obligations of the Company under the CCC Merger
Agreement ("CCC Amendment No. 4"). CCC Amendment No. 4 will become
effective simultaneously with the effectiveness of the
Reorganization.
The CCC Merger was unanimously approved by the Board of
Directors of the Company and CCC and was approved by CCC
shareholders on April 24, 2014.
The CCC Merger Agreement has been extended until December 31, 2017 to allow for additional time to
obtain the necessary regulatory approvals and to satisfy all
closing conditions. The Company expects the CCC Merger to
close shortly after receiving all required regulatory approvals,
although the Company can provide no assurance that the CCC Merger
will close timely or at all.
Ouachita Bancshares Corp.
On January 8, 2014, the Company
announced the signing of a definitive merger agreement (the "OIB
Merger Agreement") with Ouachita Bancshares Corp., parent company
of Ouachita Independent Bank (collectively referred to as "OIB"),
headquartered in Monroe,
Louisiana, pursuant to which Ouachita Bancshares Corp.
agreed to be merged with and into the Company (the "OIB
Merger"). OIB operates 11 full-service banking offices along
the I-20 corridor and has a loan production office in Madison, Mississippi. As of September 30, 2017, OIB, on a consolidated basis,
reported total assets of $730.2
million, total loans of $497.7
million and total deposits of $607.0
million. Under the terms of the definitive agreement,
the Company will issue approximately 3,675,000 shares of the
Company's common stock plus $22.875
million in cash for all outstanding shares of Ouachita
Bancshares Corp.'s capital stock, subject to certain conditions and
potential adjustments. The terms of the agreement provide for
a minimum total deal value of $111.1
million but also allow Ouachita Bancshares Corp. to
terminate the agreement if the average closing price of the
Company's common stock declines below a certain threshold prior to
closing.
For more information regarding the OIB Merger and the OIB Merger
Agreement, please refer to the Company's Proxy Statement/Prospectus
that was filed with the SEC on March 10,
2014 and the Company's Current Reports on Form 8-K that were
filed with the SEC on July 24, 2014,
July 1, 2015, October 14, 2016 and August 16, 2017. As previously reported in
the Company's Current Report on Form 8-K filed on August 16, 2017, the Company, OIB and the Bank
entered into a fourth amendment to the OIB Merger Agreement that,
among other things, provides for the substitution of the Bank for
the Company as a party to the OIB Merger Agreement with the Bank
assuming all obligations of the Company under the OIB Merger
Agreement ("OIB Amendment No. 4"). OIB Amendment No. 4 will become
effective simultaneously with the effectiveness of the
Reorganization.
The OIB Merger was unanimously approved by the Board of
Directors of the Company and OIB and was approved by OIB
shareholders on April 8, 2014.
The OIB Merger Agreement has been extended until December 31, 2017 to allow for additional time to
obtain the necessary regulatory approvals and to satisfy all
closing conditions. The Company expects the OIB Merger to
close shortly after receiving all required regulatory approvals,
although the Company can provide no assurance that the OIB Merger
will close timely or at all.
Summary
Rollins concluded, "While our story seems repetitive quarter
after quarter, we are extremely proud of the progress we are making
as a company. We continue to take actions to simplify our
business model and improve efficiency, as evidenced by the proposed
elimination of our holding company structure. This
transaction has been approved by our shareholders and is currently
pending regulatory approval. As we look forward, our business
development teams are focused on calling on customers and growing
our company. I'm confident their efforts, combined with our
focus on efficiency, will allow us to continue to deliver improved
performance to our shareholders."
Non-GAAP Measures and Ratios
This news release presents certain financial measures and ratios
that are not calculated in accordance with U.S. generally accepted
accounting principles ("GAAP"). A discussion regarding these
non-GAAP measures and ratios, including reconciliations of non-GAAP
measures to the most directly comparable GAAP measures and
definitions for non-GAAP ratios, appears under the caption
"Reconciliation of Non-GAAP Measures and Other Non-GAAP Ratio
Definitions" beginning on page 19 of this news release.
Conference Call and Webcast
BancorpSouth will conduct a conference call to discuss its third
quarter 2017 results on October 19, 2017, at 10:00 a.m. (Central Time). This conference
call will be an interactive session between management and
analysts. Shareholders and other interested parties may listen to
this live conference call via Internet webcast by accessing
www.BancorpSouth.com/Webcast. The webcast will also be available in
archived format at the same address.
About BancorpSouth
BancorpSouth (NYSE: BXS) is headquartered in Tupelo, Mississippi, with $14.8 billion in assets. BancorpSouth
operates 234 full service branch locations as well as additional
mortgage, insurance, and loan production offices in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in
Illinois. BancorpSouth is committed to a culture of respect,
diversity, and inclusion in both its workplace and communities. To
learn more, visit our Community Commitment page at
www.bancorpsouth.com. Like us on Facebook; follow us on
Twitter: @MyBXS; or connect with us through LinkedIn.
Forward-Looking Statements
Certain statements contained in this news release may not be
based upon 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,"
"could," "estimate," "expect," "foresee," "hope," "intend," "may,"
"might," "plan," "will," or "would" or future or conditional verb
tenses and variations or negatives of such terms. These
forward-looking statements include, without limitation, those
relating to the terms, timing and closing of the Reorganization,
the proposed impact of the Reorganization on the Bank, the ability
of the Company and the Bank to close the Reorganization in a timely
manner or at all, the terms, timing and closings of the proposed
mergers with Ouachita Bancshares Corp. and Central Community
Corporation, the acceptance by customers of Ouachita Bancshares
Corp. and Central Community Corporation of the Company's products
and services if the proposed mergers close, the Company's ability
to operate its regulatory compliance programs consistent with
federal, state and local laws, including its Bank Secrecy Act
("BSA") and anti-money laundering ("AML") compliance program and
its fair lending compliance program, the Company's compliance with
the consent order it entered into with the Consumer Financial
Protection Bureau and the United States Department of Justice
related to the Company's fair lending practices (the "Consent
Order"), amortization expense for intangible assets, goodwill
impairments, loan impairment, utilization of appraisals and
inspections for real estate loans, maturity, renewal or extension
of construction, acquisition and development loans, net interest
revenue, fair value determinations, the amount of the Company's
non-performing loans and leases, credit quality, credit losses,
liquidity, off-balance sheet commitments and arrangements,
valuation of mortgage servicing rights, allowance and provision for
credit losses, early identification and resolution of credit
issues, utilization of non-GAAP financial measures, the ability of
the Company to collect all amounts due according to the contractual
terms of loan agreements, the Company's reserve for losses from
representation and warranty obligations, the Company's foreclosure
process related to mortgage loans, the resolution of non-performing
loans that are collaterally dependent, real estate values,
fully-indexed interest rates, interest rate risk, interest rate
sensitivity, the impact of interest rates on loan yields,
calculation of economic value of equity, impaired loan charge-offs,
diversification of the Company's revenue stream, the growth of the
Company's insurance business and commission revenue, the growth of
the Company's customer base and loan, deposit and fee revenue
sources, liquidity needs and strategies, sources of funding, net
interest margin, declaration and payment of dividends, the
utilization of the Company's share repurchase program, the
implementation and execution of cost saving initiatives,
improvement in the Company's efficiencies, operating expense
trends, future acquisitions and consideration to be used therefor,
and the impact of certain claims and ongoing, pending or threatened
litigation, administrative and investigatory matters.
The Company cautions readers 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 as a result of a variety of factors.
These factors may include, but are not limited to, the Company's
ability to operate its regulatory compliance programs consistent
with federal, state and local laws, including its BSA/AML
compliance program and its fair lending compliance program, the
Company's ability to successfully implement and comply with the
Consent Order, the ability of the Company, Ouachita Bancshares
Corp. and Central Community Corporation to obtain regulatory
approval of and close the proposed mergers, the willingness of
Ouachita Bancshares Corp. and Central Community Corporation to
proceed with the proposed mergers, the potential impact upon the
Company of the delay in the closings of these proposed mergers, the
ability of the Company and the Bank to complete the Reorganization,
the ability of the Company and the Bank to satisfy the conditions
to the completion of the Reorganization, including the receipt of
regulatory approvals required for the Reorganization, the ability
of the Company and the Bank to meet expectations regarding the
timing, completion and accounting and tax treatments of the
Reorganization, the possibility that any of the anticipated
benefits of the Reorganization will not be realized or will not be
realized as expected, the failure of the Reorganization to close
for any other reason, the possibility that the Reorganization may
be more expensive to complete than anticipated, including as a
result of unexpected factors or events, the lack of availability of
the Bank's filings mandated by the Exchange Act from the SEC's
publicly available website after the closing of the Reorganization,
the impact of any ongoing, pending or threatened litigation,
administrative and investigatory matters involving the Company,
conditions in the financial markets and economic conditions
generally, 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, limitations on the Company's ability to declare
and pay dividends, the availability of capital on favorable terms
if and when needed, liquidity risk, governmental regulation,
including the Dodd-Frank Act, and supervision of the Company's
operations, the short-term and long-term impact of changes to
banking capital standards on the Company's regulatory capital and
liquidity, the impact of regulations on service charges on the
Company's core deposit accounts, the susceptibility of the
Company's business to local economic and environmental 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 the
loss of any key Company personnel, 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, the growth of
the Company's insurance business and commission revenue, the growth
of the Company's loan, deposit and fee revenue sources, the
Company's ability to adapt its products and services to evolving
industry standards and consumer preferences, 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,
unfavorable ratings by rating agencies, 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 utilization
of the Company's share repurchase program, the implementation and
execution of cost saving initiatives, other factors generally
understood to affect the assets, business, cash flows, financial
condition, liquidity, prospects and/or results of operations of
financial services companies and other factors detailed from time
to time in the Company's press and news releases, reports and other
filings with the SEC. Forward-looking statements speak only
as of the date that they were made, and, except as required by law,
the Company does not undertake any obligation to update or revise
forward-looking statements to reflect events or circumstances that
occur after the date of this news release.
BancorpSouth,
Inc.
|
Selected Financial
Information
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Quarter
Ended
|
Year to
Date
|
Year to
Date
|
|
9/30/2017
|
6/30/2017
|
3/31/2017
|
12/31/2016
|
9/30/2016
|
9/30/2017
|
9/30/2016
|
Earnings
Summary:
|
|
|
|
|
|
|
|
Interest
revenue
|
$
130,934
|
$
126,855
|
$
122,926
|
$
123,444
|
$
122,340
|
$
380,715
|
$
359,735
|
Interest
expense
|
10,373
|
9,377
|
8,315
|
8,057
|
7,750
|
28,065
|
21,670
|
Net interest
revenue
|
120,561
|
117,478
|
114,611
|
115,387
|
114,590
|
352,650
|
338,065
|
Provision for credit
losses
|
500
|
1,000
|
1,000
|
1,000
|
-
|
2,500
|
3,000
|
Net interest revenue,
after provision
|
|
|
|
|
|
|
|
for
credit losses
|
120,061
|
116,478
|
113,611
|
114,387
|
114,590
|
350,150
|
335,065
|
Noninterest
revenue
|
65,960
|
68,130
|
70,869
|
71,975
|
69,673
|
204,959
|
202,926
|
Noninterest
expense
|
126,903
|
127,553
|
127,109
|
130,519
|
128,317
|
381,565
|
397,390
|
Income before income
taxes
|
59,118
|
57,055
|
57,371
|
55,843
|
55,946
|
173,544
|
140,601
|
Income tax
expense
|
19,590
|
19,166
|
19,278
|
18,173
|
18,129
|
58,034
|
45,543
|
Net income
|
$
39,528
|
$
37,889
|
$
38,093
|
$
37,670
|
$
37,817
|
$
115,510
|
$
95,058
|
|
|
|
|
|
|
|
|
Balance Sheet -
Period End Balances
|
|
|
|
|
|
|
|
Total
assets
|
$
14,760,394
|
$
14,843,130
|
$
14,866,054
|
$
14,724,388
|
$
14,611,483
|
$
14,760,394
|
$
14,611,483
|
Total earning
assets
|
13,606,145
|
13,674,436
|
13,757,920
|
13,549,407
|
13,483,345
|
13,606,145
|
13,483,345
|
Total
securities
|
2,359,967
|
2,421,295
|
2,540,887
|
2,531,676
|
2,468,199
|
2,359,967
|
2,468,199
|
Loans and leases, net
of unearned income
|
11,055,509
|
11,018,540
|
10,801,694
|
10,811,991
|
10,658,761
|
11,055,509
|
10,658,761
|
Allowance for credit
losses
|
119,496
|
121,561
|
125,196
|
123,736
|
125,887
|
119,496
|
125,887
|
Total
deposits
|
11,775,988
|
11,938,296
|
12,042,845
|
11,688,141
|
11,590,059
|
11,775,988
|
11,590,059
|
Long-term
debt
|
30,000
|
230,000
|
530,000
|
530,000
|
563,495
|
30,000
|
563,495
|
Total shareholders'
equity
|
1,700,502
|
1,691,832
|
1,702,389
|
1,723,883
|
1,724,104
|
1,700,502
|
1,724,104
|
|
|
|
|
|
|
|
|
Balance Sheet -
Average Balances
|
|
|
|
|
|
|
|
Total
assets
|
$
14,710,245
|
$
14,741,811
|
$
14,832,260
|
$
14,655,360
|
$
14,366,759
|
$
14,760,991
|
$
14,083,108
|
Total earning
assets
|
13,591,124
|
13,636,415
|
13,715,612
|
13,525,284
|
13,265,266
|
13,647,261
|
13,020,338
|
Total
securities
|
2,367,633
|
2,497,108
|
2,507,701
|
2,479,008
|
2,186,889
|
2,456,967
|
2,098,220
|
Loans and leases, net
of unearned income
|
11,013,270
|
10,883,102
|
10,820,486
|
10,737,802
|
10,601,481
|
10,906,326
|
10,496,431
|
Total
deposits
|
11,802,682
|
11,902,415
|
11,941,851
|
11,700,213
|
11,509,764
|
11,881,806
|
11,459,739
|
Long-term
debt
|
162,609
|
398,132
|
530,000
|
534,141
|
430,886
|
362,234
|
240,056
|
Total shareholders'
equity
|
1,695,899
|
1,680,053
|
1,731,931
|
1,724,871
|
1,719,503
|
1,702,496
|
1,693,055
|
|
|
|
|
|
|
|
|
Nonperforming
Assets:
|
|
|
|
|
|
|
|
Non-accrual loans and
leases
|
$
55,796
|
$
63,585
|
$
74,439
|
$
71,812
|
$
70,725
|
$
55,796
|
$
70,725
|
Loans and leases 90+
days past due, still accruing
|
1,855
|
1,793
|
3,063
|
3,983
|
2,255
|
1,855
|
2,255
|
Restructured loans
and leases, still accruing
|
7,366
|
6,303
|
4,060
|
26,047
|
17,936
|
7,366
|
17,936
|
Non-performing loans
(NPLs)
|
65,017
|
71,681
|
81,562
|
101,842
|
90,916
|
65,017
|
90,916
|
Other real estate
owned
|
5,956
|
7,704
|
8,458
|
7,810
|
11,391
|
5,956
|
11,391
|
Non-performing assets
(NPAs)
|
$
70,973
|
$
79,385
|
$
90,020
|
$
109,652
|
$
102,307
|
$
70,973
|
$
102,307
|
|
|
|
|
|
|
|
|
Financial Ratios
and Other Data:
|
|
|
|
|
|
|
|
Return on average
assets
|
1.07%
|
1.03%
|
1.04%
|
1.02%
|
1.05%
|
1.05%
|
0.90%
|
Operating return on
average assets-excluding MSR*
|
1.07%
|
1.06%
|
1.01%
|
0.83%
|
1.02%
|
1.04%
|
1.05%
|
Return on average
shareholders' equity
|
9.25%
|
9.05%
|
8.92%
|
8.69%
|
8.75%
|
9.07%
|
7.50%
|
Operating return on
average shareholders' equity-excluding MSR*
|
9.25%
|
9.27%
|
8.63%
|
7.08%
|
8.49%
|
9.05%
|
8.74%
|
Return on tangible
equity*
|
11.36%
|
11.08%
|
11.19%
|
10.70%
|
10.68%
|
11.18%
|
9.01%
|
Operating return on
tangible equity-excluding MSR*
|
11.36%
|
11.35%
|
10.82%
|
8.71%
|
10.36%
|
11.16%
|
10.50%
|
Noninterest income to
average assets
|
1.78%
|
1.85%
|
1.94%
|
1.95%
|
1.93%
|
1.86%
|
1.92%
|
Noninterest expense
to average assets
|
3.42%
|
3.47%
|
3.48%
|
3.54%
|
3.55%
|
3.46%
|
3.77%
|
Net interest
margin-fully taxable equivalent
|
3.58%
|
3.52%
|
3.46%
|
3.46%
|
3.51%
|
3.52%
|
3.55%
|
Net interest rate
spread
|
3.45%
|
3.40%
|
3.35%
|
3.36%
|
3.41%
|
3.40%
|
3.45%
|
Efficiency ratio (tax
equivalent)*
|
67.23%
|
67.90%
|
67.71%
|
68.79%
|
68.72%
|
67.61%
|
72.45%
|
Operating efficiency
ratio-excluding MSR (tax equivalent)*
|
67.24%
|
67.33%
|
68.43%
|
73.14%
|
69.39%
|
67.66%
|
68.67%
|
Loan/deposit
ratio
|
93.88%
|
92.30%
|
89.69%
|
92.50%
|
91.96%
|
93.88%
|
91.96%
|
Price to earnings
multiple (avg)
|
19.42
|
18.83
|
19.15
|
22.02
|
18.86
|
19.42
|
18.86
|
Market value to book
value
|
170.25%
|
164.07%
|
164.09%
|
168.76%
|
126.59%
|
170.25%
|
126.59%
|
Market value to book
value (avg)
|
158.92%
|
161.24%
|
166.39%
|
145.61%
|
129.73%
|
160.35%
|
122.22%
|
Market value to
tangible book value
|
209.66%
|
202.52%
|
202.32%
|
207.63%
|
154.87%
|
209.66%
|
154.87%
|
Market value to
tangible book value (avg)
|
195.70%
|
199.07%
|
205.16%
|
179.14%
|
158.71%
|
197.47%
|
149.53%
|
Headcount
FTE
|
3,950
|
3,989
|
3,973
|
3,998
|
3,981
|
3,950
|
3,981
|
|
|
|
|
|
|
|
|
*Denotes non-GAAP
financial measure. Refer to related disclosure and
reconciliation on pages 20 and 21.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality
Ratios:
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries) to average loans and leases (annualized)
|
0.09%
|
0.17%
|
(0.02%)
|
0.12%
|
0.04%
|
0.08%
|
0.05%
|
Provision for credit
losses to average loans and leases (annualized)
|
0.02%
|
0.04%
|
0.04%
|
0.04%
|
0.00%
|
0.03%
|
0.04%
|
Allowance for credit
losses to net loans and leases
|
1.08%
|
1.10%
|
1.16%
|
1.14%
|
1.18%
|
1.08%
|
1.18%
|
Allowance for credit
losses to non-performing loans and leases
|
183.79%
|
169.59%
|
153.50%
|
121.50%
|
138.47%
|
183.79%
|
138.47%
|
Allowance for credit
losses to non-performing assets
|
168.37%
|
153.13%
|
139.08%
|
112.84%
|
123.05%
|
168.37%
|
123.05%
|
Non-performing loans
and leases to net loans and leases
|
0.59%
|
0.65%
|
0.76%
|
0.94%
|
0.85%
|
0.59%
|
0.85%
|
Non-performing assets
to net loans and leases
|
0.64%
|
0.72%
|
0.83%
|
1.01%
|
0.96%
|
0.64%
|
0.96%
|
|
|
|
|
|
|
|
|
Equity
Ratios:
|
|
|
|
|
|
|
|
Total shareholders'
equity to total assets
|
11.52%
|
11.40%
|
11.45%
|
11.71%
|
11.80%
|
11.52%
|
11.80%
|
Tangible
shareholders' equity to tangible assets*
|
9.56%
|
9.44%
|
9.49%
|
9.73%
|
9.86%
|
9.56%
|
9.86%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Adequacy:
|
|
|
|
|
|
|
|
Common Equity
Tier 1 capital
|
12.04%
|
11.90%
|
12.16%
|
12.23%
|
12.13%
|
12.04%
|
12.13%
|
Tier 1
capital
|
12.04%
|
11.90%
|
12.16%
|
12.34%
|
12.32%
|
12.04%
|
12.32%
|
Total
capital
|
13.03%
|
12.91%
|
13.21%
|
13.38%
|
13.37%
|
13.03%
|
13.37%
|
Tier 1 leverage
capital
|
10.02%
|
9.93%
|
9.95%
|
10.32%
|
10.53%
|
10.02%
|
10.53%
|
Estimated for current quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Share
Data:
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
0.43
|
$
0.41
|
$
0.41
|
$
0.40
|
$
0.40
|
$
1.26
|
$
1.01
|
Diluted earnings per
share
|
0.43
|
0.41
|
0.41
|
0.40
|
0.40
|
1.25
|
1.00
|
Operating earnings
per share*
|
0.43
|
0.41
|
0.40
|
0.40
|
0.40
|
1.25
|
1.10
|
Operating earnings
per share- excluding MSR*
|
0.43
|
0.42
|
0.39
|
0.33
|
0.39
|
1.25
|
1.57
|
Cash dividends per
share
|
0.14
|
0.13
|
0.13
|
0.13
|
0.13
|
0.39
|
0.33
|
Book value per
share
|
18.83
|
18.59
|
18.44
|
18.40
|
18.33
|
18.83
|
18.33
|
Tangible book value
per share*
|
15.29
|
15.06
|
14.95
|
14.95
|
14.98
|
15.29
|
14.98
|
Market value per
share (last)
|
32.05
|
30.50
|
30.25
|
31.05
|
23.20
|
32.05
|
23.30
|
Market value per
share (high)
|
32.70
|
31.85
|
32.40
|
31.75
|
25.09
|
32.70
|
25.09
|
Market value per
share (low)
|
27.20
|
28.20
|
28.10
|
22.23
|
20.98
|
27.20
|
18.69
|
Market value per
share (avg)
|
29.92
|
29.98
|
30.68
|
26.79
|
23.78
|
30.19
|
22.40
|
Dividend payout
ratio
|
32.20%
|
30.48%
|
30.73%
|
31.11%
|
31.17%
|
31.05%
|
32.27%
|
Total shares
outstanding
|
90,329,896
|
91,022,729
|
92,344,409
|
93,696,687
|
94,074,740
|
90,329,896
|
94,074,740
|
Average shares
outstanding - basic
|
90,911,702
|
91,366,309
|
93,642,848
|
93,740,626
|
94,303,916
|
91,973,620
|
94,378,050
|
Average shares
outstanding - diluted
|
91,099,770
|
91,530,552
|
93,829,400
|
93,966,392
|
94,563,833
|
92,157,392
|
94,617,389
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield/Rate:
|
|
|
|
|
|
|
|
(Taxable equivalent
basis)
|
|
|
|
|
|
|
|
Loans, loans held for
sale, and leases net of unearned income
|
4.33%
|
4.27%
|
4.20%
|
4.18%
|
4.20%
|
4.27%
|
4.20%
|
Available-for-sale
securities:
|
|
|
|
|
|
|
|
Taxable
|
1.41%
|
1.37%
|
1.35%
|
1.31%
|
1.33%
|
1.38%
|
1.37%
|
Tax-exempt
|
5.25%
|
5.26%
|
5.29%
|
5.29%
|
5.32%
|
5.26%
|
5.35%
|
Short-term
investments
|
1.02%
|
0.88%
|
0.76%
|
0.41%
|
0.52%
|
0.84%
|
0.42%
|
Total interest
earning assets and revenue
|
3.89%
|
3.80%
|
3.70%
|
3.70%
|
3.74%
|
3.80%
|
3.77%
|
Deposits
|
0.26%
|
0.25%
|
0.23%
|
0.23%
|
0.22%
|
0.25%
|
0.22%
|
Demand -
interest bearing
|
0.28%
|
0.25%
|
0.22%
|
0.20%
|
0.19%
|
0.25%
|
0.18%
|
Savings
|
0.12%
|
0.12%
|
0.12%
|
0.12%
|
0.12%
|
0.12%
|
0.12%
|
Other
time
|
0.84%
|
0.81%
|
0.79%
|
0.79%
|
0.78%
|
0.81%
|
0.75%
|
Short-term
borrowings
|
0.85%
|
0.69%
|
0.31%
|
0.16%
|
0.15%
|
0.68%
|
0.15%
|
Total interest
bearing deposits & short-term borrowings
|
0.41%
|
0.37%
|
0.32%
|
0.31%
|
0.30%
|
0.37%
|
0.29%
|
Junior subordinated
debt
|
N/A
|
N/A
|
3.29%
|
3.53%
|
3.27%
|
3.29%
|
3.23%
|
Long-term
debt
|
1.79%
|
1.01%
|
0.87%
|
0.73%
|
0.83%
|
1.06%
|
1.16%
|
Total interest
bearing liabilities and expense
|
0.44%
|
0.40%
|
0.35%
|
0.34%
|
0.34%
|
0.39%
|
0.32%
|
Interest bearing
liabilities to interest earning assets
|
69.55%
|
69.68%
|
70.24%
|
69.43%
|
69.33%
|
69.82%
|
69.52%
|
Net interest tax
equivalent adjustment
|
$
2,237
|
$
2,248
|
$
2,261
|
$
2,371
|
$
2,462
|
$
6,742
|
$
7,516
|
|
|
|
|
|
|
|
|
*Denotes non-GAAP
financial measure. Refer to related disclosure and
reconciliation on pages 19 and 20.
|
|
|
|
|
|
BancorpSouth,
Inc.
|
Consolidated
Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
Sep-17
|
Jun-17
|
Mar-17
|
Dec-16
|
Sep-16
|
|
(Dollars in
thousands)
|
Assets
|
|
|
|
|
|
Cash and due from
banks
|
$
167,871
|
$
178,376
|
$
147,684
|
$
184,152
|
$
172,782
|
Interest bearing
deposits with other banks
|
52,316
|
49,680
|
253,738
|
38,813
|
151,944
|
Available-for-sale
securities, at fair value
|
2,359,967
|
2,421,295
|
2,540,887
|
2,531,676
|
2,468,199
|
Loans and
leases
|
11,073,306
|
11,037,808
|
10,822,568
|
10,835,512
|
10,685,166
|
Less:
Unearned income
|
17,797
|
19,268
|
20,874
|
23,521
|
26,405
|
Allowance for credit losses
|
119,496
|
121,561
|
125,196
|
123,736
|
125,887
|
Net loans and
leases
|
10,936,013
|
10,896,979
|
10,676,498
|
10,688,255
|
10,532,874
|
Loans held for
sale
|
138,353
|
184,921
|
161,600
|
166,927
|
204,441
|
Premises and
equipment, net
|
311,530
|
306,863
|
305,250
|
305,561
|
305,245
|
Accrued interest
receivable
|
44,454
|
40,716
|
42,329
|
42,005
|
41,583
|
Goodwill
|
300,798
|
300,798
|
300,798
|
300,798
|
294,901
|
Other identifiable
intangibles
|
18,860
|
19,854
|
20,865
|
21,894
|
19,908
|
Bank owned life
insurance
|
259,361
|
260,228
|
258,518
|
258,648
|
257,015
|
Other real estate
owned
|
5,956
|
7,704
|
8,458
|
7,810
|
11,391
|
Other
assets
|
164,915
|
175,716
|
149,429
|
177,849
|
151,200
|
Total
Assets
|
$
14,760,394
|
$
14,843,130
|
$
14,866,054
|
$
14,724,388
|
$
14,611,483
|
Liabilities
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Demand:
Noninterest bearing
|
$
3,414,397
|
$
3,390,428
|
$
3,401,348
|
$
3,250,537
|
$
3,308,361
|
Interest bearing
|
4,925,127
|
5,095,570
|
5,182,011
|
5,034,470
|
4,877,482
|
Savings
|
1,638,033
|
1,630,123
|
1,627,621
|
1,561,819
|
1,533,401
|
Other
time
|
1,798,431
|
1,822,175
|
1,831,865
|
1,841,315
|
1,870,815
|
Total
deposits
|
11,775,988
|
11,938,296
|
12,042,845
|
11,688,141
|
11,590,059
|
Securities sold under
agreement to repurchase
|
421,044
|
399,815
|
375,832
|
454,002
|
468,969
|
Federal funds
purchased
|
|
|
|
|
|
and
other short-term borrowing
|
625,000
|
365,000
|
-
|
92,000
|
-
|
Accrued interest
payable
|
4,826
|
4,259
|
4,109
|
3,975
|
4,107
|
Junior subordinated
debt securities
|
-
|
-
|
-
|
12,888
|
23,198
|
Long-term
debt
|
30,000
|
230,000
|
530,000
|
530,000
|
563,495
|
Other
liabilities
|
203,034
|
213,928
|
210,879
|
219,499
|
237,551
|
Total
Liabilities
|
13,059,892
|
13,151,298
|
13,163,665
|
13,000,505
|
12,887,379
|
Shareholders'
Equity
|
|
|
|
|
|
Common
stock
|
225,825
|
227,557
|
230,861
|
234,242
|
235,187
|
Capital
surplus
|
175,837
|
191,940
|
226,204
|
271,292
|
278,973
|
Accumulated other
comprehensive loss
|
(50,203)
|
(49,861)
|
(50,360)
|
(50,937)
|
(33,549)
|
Retained
earnings
|
1,349,043
|
1,322,196
|
1,295,684
|
1,269,286
|
1,243,493
|
Total Shareholders'
Equity
|
1,700,502
|
1,691,832
|
1,702,389
|
1,723,883
|
1,724,104
|
Total Liabilities
& Shareholders' Equity
|
$
14,760,394
|
$
14,843,130
|
$
14,866,054
|
$
14,724,388
|
$
14,611,483
|
BancorpSouth,
Inc.
|
Consolidated
Average Balance Sheets
|
(Unaudited)
|
|
|
|
|
|
|
|
Sep-17
|
Jun-17
|
Mar-17
|
Dec-16
|
Sep-16
|
|
(Dollars in
thousands)
|
Assets
|
|
|
|
|
|
Cash and due from
banks
|
$
153,797
|
$
156,387
|
$
162,696
|
$
171,791
|
$
157,233
|
Interest bearing
deposits with other banks
|
83,109
|
117,414
|
258,502
|
165,805
|
311,545
|
Available-for-sale
securities, at fair value
|
2,367,633
|
2,497,108
|
2,507,701
|
2,479,008
|
2,186,889
|
Loans and
leases
|
11,032,159
|
10,903,524
|
10,843,069
|
10,763,314
|
10,629,522
|
Less:
Unearned income
|
18,889
|
20,422
|
22,583
|
25,512
|
28,041
|
Allowance for credit losses
|
121,501
|
125,578
|
124,662
|
125,526
|
126,820
|
Net loans and
leases
|
10,891,769
|
10,757,524
|
10,695,824
|
10,612,276
|
10,474,661
|
Loans held for
sale
|
127,112
|
138,792
|
128,923
|
142,669
|
165,351
|
Premises and
equipment, net
|
309,592
|
306,483
|
305,637
|
305,994
|
305,707
|
Accrued interest
receivable
|
40,100
|
38,702
|
38,774
|
38,648
|
38,125
|
Goodwill
|
300,798
|
300,798
|
300,798
|
296,888
|
294,901
|
Other identifiable
intangibles
|
19,222
|
20,218
|
21,236
|
20,303
|
20,248
|
Bank owned life
insurance
|
261,100
|
259,182
|
257,669
|
257,397
|
255,967
|
Other real estate
owned
|
6,985
|
7,860
|
8,154
|
9,084
|
13,664
|
Other
assets
|
149,028
|
141,343
|
146,346
|
155,497
|
142,468
|
Total
Assets
|
$
14,710,245
|
$
14,741,811
|
$
14,832,260
|
$
14,655,360
|
$
14,366,759
|
Liabilities
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Demand:
Noninterest bearing
|
$
3,369,468
|
$
3,362,801
|
$
3,272,876
|
$
3,344,632
|
$
3,221,539
|
Interest bearing
|
4,985,113
|
5,079,388
|
5,244,069
|
4,951,906
|
4,886,920
|
Savings
|
1,634,577
|
1,626,996
|
1,587,725
|
1,543,542
|
1,525,016
|
Other
time
|
1,813,524
|
1,833,230
|
1,837,181
|
1,860,133
|
1,876,289
|
Total
deposits
|
11,802,682
|
11,902,415
|
11,941,851
|
11,700,213
|
11,509,764
|
Securities sold under
agreement to repurchase
|
444,999
|
412,825
|
414,272
|
475,669
|
454,826
|
Federal funds
purchased
|
|
|
|
|
|
and
other short-term borrowing
|
411,815
|
151,352
|
19,545
|
3,924
|
11
|
Accrued interest
payable
|
4,507
|
4,028
|
3,867
|
4,031
|
3,950
|
Junior subordinated
debt securities
|
-
|
-
|
1,146
|
21,181
|
23,198
|
Long-term
debt
|
162,609
|
398,132
|
530,000
|
534,141
|
430,886
|
Other
liabilities
|
187,734
|
193,006
|
189,648
|
191,330
|
224,621
|
Total
Liabilities
|
13,014,346
|
13,061,758
|
13,100,329
|
12,930,489
|
12,647,256
|
Shareholders'
Equity
|
|
|
|
|
|
Common
stock
|
227,247
|
228,322
|
234,285
|
234,323
|
235,860
|
Capital
surplus
|
189,545
|
199,115
|
265,685
|
271,900
|
283,437
|
Accumulated other
comprehensive loss
|
(48,591)
|
(49,185)
|
(50,616)
|
(40,454)
|
(29,743)
|
Retained
earnings
|
1,327,698
|
1,301,801
|
1,282,577
|
1,259,102
|
1,229,949
|
Total Shareholders'
Equity
|
1,695,899
|
1,680,053
|
1,731,931
|
1,724,871
|
1,719,503
|
Total Liabilities
& Shareholders' Equity
|
$
14,710,245
|
$
14,741,811
|
$
14,832,260
|
$
14,655,360
|
$
14,366,759
|
BancorpSouth,
Inc.
|
Consolidated
Condensed Statements of Income
|
(Dollars in
thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
|
|
|
|
|
|
Year to
Date
|
|
Sep-17
|
|
Jun-17
|
|
Mar-17
|
|
Dec-16
|
|
Sep-16
|
|
Sep-17
|
|
Sep-16
|
INTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and
leases
|
$
119,599
|
|
$
115,286
|
|
$
111,498
|
|
$
112,189
|
|
$
111,605
|
|
$ 346,383
|
|
$ 328,488
|
Deposits with other
banks
|
214
|
|
256
|
|
485
|
|
169
|
|
409
|
|
955
|
|
901
|
Available-for-sale
securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
7,378
|
|
7,509
|
|
7,350
|
|
7,105
|
|
6,189
|
|
22,237
|
|
18,086
|
Tax-exempt
|
2,514
|
|
2,562
|
|
2,581
|
|
2,771
|
|
2,898
|
|
7,657
|
|
8,854
|
Loans held for
sale
|
1,229
|
|
1,242
|
|
1,012
|
|
1,210
|
|
1,239
|
|
3,483
|
|
3,406
|
Total
interest revenue
|
130,934
|
|
126,855
|
|
122,926
|
|
123,444
|
|
122,340
|
|
380,715
|
|
359,735
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
demand
|
3,482
|
|
3,204
|
|
2,786
|
|
2,514
|
|
2,361
|
|
9,472
|
|
6,732
|
Savings
|
494
|
|
483
|
|
472
|
|
470
|
|
462
|
|
1,449
|
|
1,356
|
Other time
|
3,819
|
|
3,725
|
|
3,582
|
|
3,711
|
|
3,661
|
|
11,126
|
|
10,451
|
Federal funds
purchased and securities sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
under
agreement to repurchase
|
754
|
|
509
|
|
322
|
|
190
|
|
173
|
|
1,585
|
|
472
|
Short-term and
long-term debt
|
1,824
|
|
1,456
|
|
1,142
|
|
985
|
|
902
|
|
4,422
|
|
2,097
|
Junior subordinated
debt
|
-
|
|
-
|
|
9
|
|
187
|
|
190
|
|
9
|
|
560
|
Other
|
-
|
|
-
|
|
2
|
|
-
|
|
1
|
|
2
|
|
2
|
Total
interest expense
|
10,373
|
|
9,377
|
|
8,315
|
|
8,057
|
|
7,750
|
|
28,065
|
|
21,670
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest revenue
|
120,561
|
|
117,478
|
|
114,611
|
|
115,387
|
|
114,590
|
|
352,650
|
|
338,065
|
Provision for
credit losses
|
500
|
|
1,000
|
|
1,000
|
|
1,000
|
|
-
|
|
2,500
|
|
3,000
|
Net
interest revenue, after provision for
|
|
|
|
|
|
|
|
|
|
|
|
|
|
credit losses
|
120,061
|
|
116,478
|
|
113,611
|
|
114,387
|
|
114,590
|
|
350,150
|
|
335,065
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage
banking
|
6,909
|
|
6,134
|
|
8,990
|
|
16,803
|
|
11,087
|
|
22,033
|
|
20,803
|
Credit card, debit
card and merchant fees
|
9,346
|
|
9,565
|
|
8,903
|
|
9,262
|
|
9,292
|
|
27,814
|
|
27,748
|
Deposit service
charges
|
10,388
|
|
9,706
|
|
9,689
|
|
9,956
|
|
11,313
|
|
29,783
|
|
33,345
|
Security gains,
net
|
5
|
|
23
|
|
1,071
|
|
39
|
|
1
|
|
1,099
|
|
89
|
Insurance
commissions
|
28,616
|
|
31,126
|
|
32,940
|
|
25,709
|
|
28,194
|
|
92,682
|
|
90,246
|
Wealth
management
|
5,386
|
|
5,275
|
|
5,174
|
|
5,401
|
|
5,312
|
|
15,835
|
|
15,768
|
Other
|
5,310
|
|
6,301
|
|
4,102
|
|
4,805
|
|
4,474
|
|
15,713
|
|
14,927
|
Total
noninterest revenue
|
65,960
|
|
68,130
|
|
70,869
|
|
71,975
|
|
69,673
|
|
204,959
|
|
202,926
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
81,415
|
|
81,597
|
|
81,386
|
|
80,850
|
|
80,884
|
|
244,398
|
|
243,238
|
Occupancy, net of
rental income
|
10,343
|
|
10,455
|
|
10,302
|
|
10,294
|
|
10,412
|
|
31,100
|
|
30,794
|
Equipment
|
3,352
|
|
3,438
|
|
3,568
|
|
3,563
|
|
3,423
|
|
10,358
|
|
10,483
|
Deposit insurance
assessments
|
2,499
|
|
2,261
|
|
2,484
|
|
1,818
|
|
3,227
|
|
7,244
|
|
8,097
|
Regulatory
settlement
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
10,277
|
Other
|
29,294
|
|
29,802
|
|
29,369
|
|
33,994
|
|
30,371
|
|
88,465
|
|
94,501
|
Total
noninterest expense
|
126,903
|
|
127,553
|
|
127,109
|
|
130,519
|
|
128,317
|
|
381,565
|
|
397,390
|
Income
before income taxes
|
59,118
|
|
57,055
|
|
57,371
|
|
55,843
|
|
55,946
|
|
173,544
|
|
140,601
|
Income tax
expense
|
19,590
|
|
19,166
|
|
19,278
|
|
18,173
|
|
18,129
|
|
58,034
|
|
45,543
|
Net
income
|
$
39,528
|
|
$
37,889
|
|
$
38,093
|
|
$
37,670
|
|
$
37,817
|
|
$ 115,510
|
|
$
95,058
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share:
Basic
|
$
0.43
|
|
$
0.41
|
|
$
0.41
|
|
$
0.40
|
|
$
0.40
|
|
$
1.26
|
|
$
1.01
|
Diluted
|
$
0.43
|
|
$
0.41
|
|
$
0.41
|
|
$
0.40
|
|
$
0.40
|
|
$
1.25
|
|
$
1.00
|
BancorpSouth,
Inc.
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Sep-17
|
|
Jun-17
|
|
Mar-17
|
|
Dec-16
|
|
Sep-16
|
LOAN AND LEASE
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
1,506,352
|
|
$
1,566,459
|
|
$
1,536,527
|
|
$
1,612,295
|
|
$
1,616,152
|
Real
estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
2,826,333
|
|
2,776,213
|
|
2,675,672
|
|
2,643,966
|
|
2,611,387
|
Home
equity
|
626,961
|
|
624,868
|
|
626,488
|
|
628,846
|
|
622,566
|
Agricultural
|
247,211
|
|
245,646
|
|
240,534
|
|
245,377
|
|
242,171
|
Commercial and industrial-owner occupied
|
1,835,430
|
|
1,795,321
|
|
1,801,613
|
|
1,764,265
|
|
1,668,477
|
Construction, acquisition and development
|
1,175,979
|
|
1,156,901
|
|
1,136,827
|
|
1,157,248
|
|
1,121,386
|
Commercial real estate
|
2,336,219
|
|
2,341,633
|
|
2,271,542
|
|
2,237,719
|
|
2,240,717
|
Credit
cards
|
104,613
|
|
104,169
|
|
103,813
|
|
109,656
|
|
107,447
|
All other
|
396,411
|
|
407,330
|
|
408,678
|
|
412,619
|
|
428,458
|
Total loans
|
$
11,055,509
|
|
$
11,018,540
|
|
$
10,801,694
|
|
$
10,811,991
|
|
$
10,658,761
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR CREDIT
LOSSES:
|
|
|
|
|
|
|
|
|
|
Balance, beginning of
period
|
$
121,561
|
|
$
125,196
|
|
$
123,736
|
|
$
125,887
|
|
$
126,935
|
|
|
|
|
|
|
|
|
|
|
Loans and leases
charged-off:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
(1,963)
|
|
(3,773)
|
|
(384)
|
|
(2,483)
|
|
(1,180)
|
Real
estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
(1,193)
|
|
(522)
|
|
(596)
|
|
(905)
|
|
(595)
|
Home
equity
|
(439)
|
|
(125)
|
|
(459)
|
|
(873)
|
|
(237)
|
Agricultural
|
(54)
|
|
(6)
|
|
(44)
|
|
-
|
|
(89)
|
Commercial and industrial-owner occupied
|
(20)
|
|
(1,460)
|
|
(404)
|
|
(20)
|
|
(261)
|
Construction, acquisition and development
|
(29)
|
|
(54)
|
|
(30)
|
|
(10)
|
|
(5)
|
Commercial real estate
|
(49)
|
|
(1)
|
|
(19)
|
|
-
|
|
(14)
|
Credit
cards
|
(745)
|
|
(781)
|
|
(838)
|
|
(815)
|
|
(696)
|
All other
|
(711)
|
|
(591)
|
|
(559)
|
|
(580)
|
|
(713)
|
Total loans
charged-off
|
(5,203)
|
|
(7,313)
|
|
(3,333)
|
|
(5,686)
|
|
(3,790)
|
|
|
|
|
|
|
|
|
|
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
481
|
|
1,034
|
|
490
|
|
1,019
|
|
263
|
Real
estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
642
|
|
339
|
|
625
|
|
413
|
|
327
|
Home
equity
|
378
|
|
110
|
|
356
|
|
71
|
|
109
|
Agricultural
|
77
|
|
34
|
|
41
|
|
15
|
|
28
|
Commercial and industrial-owner occupied
|
285
|
|
481
|
|
193
|
|
201
|
|
117
|
Construction, acquisition and development
|
260
|
|
208
|
|
1,324
|
|
195
|
|
382
|
Commercial real estate
|
151
|
|
75
|
|
69
|
|
176
|
|
1,043
|
Credit
cards
|
177
|
|
205
|
|
249
|
|
208
|
|
262
|
All other
|
187
|
|
192
|
|
446
|
|
237
|
|
211
|
Total recoveries
|
2,638
|
|
2,678
|
|
3,793
|
|
2,535
|
|
2,742
|
|
|
|
|
|
|
|
|
|
|
Net (charge-offs)
recoveries
|
(2,565)
|
|
(4,635)
|
|
460
|
|
(3,151)
|
|
(1,048)
|
|
|
|
|
|
|
|
|
|
|
Provision charged to
operating expense
|
500
|
|
1,000
|
|
1,000
|
|
1,000
|
|
-
|
Balance, end of
period
|
$
119,496
|
|
$
121,561
|
|
$
125,196
|
|
$
123,736
|
|
$
125,887
|
|
|
|
|
|
|
|
|
|
|
Average loans for
period
|
$
11,013,270
|
|
$
10,883,102
|
|
$
10,820,486
|
|
$
10,737,802
|
|
$
10,601,481
|
|
|
|
|
|
|
|
|
|
|
Ratio:
|
|
|
|
|
|
|
|
|
|
Net charge-offs
(recoveries) to average loans (annualized)
|
0.09%
|
|
0.17%
|
|
(0.02%)
|
|
0.12%
|
|
0.04%
|
BancorpSouth,
Inc.
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Sep-17
|
|
Jun-17
|
|
Mar-17
|
|
Dec-16
|
|
Sep-16
|
NON-PERFORMING
ASSETS
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES:
|
|
|
|
|
|
|
|
|
|
Nonaccrual
Loans and Leases
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
$
8,776
|
|
$
9,988
|
|
$
13,959
|
|
$
13,679
|
|
$
11,659
|
Real estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
23,635
|
|
24,690
|
|
21,543
|
|
21,084
|
|
20,196
|
Home
equity
|
2,555
|
|
3,183
|
|
3,157
|
|
3,817
|
|
3,721
|
Agricultural
|
5,919
|
|
6,172
|
|
5,180
|
|
1,546
|
|
1,194
|
Commercial and
industrial-owner occupied
|
7,558
|
|
10,215
|
|
15,135
|
|
10,791
|
|
11,983
|
Construction,
acquisition and development
|
1,771
|
|
2,223
|
|
1,466
|
|
7,022
|
|
6,939
|
Commercial real
estate
|
4,645
|
|
6,418
|
|
13,638
|
|
13,402
|
|
14,793
|
Credit cards
|
126
|
|
122
|
|
87
|
|
161
|
|
121
|
All other
|
811
|
|
574
|
|
274
|
|
310
|
|
119
|
Total nonaccrual loans and leases
|
$
55,796
|
|
$
63,585
|
|
$
74,439
|
|
$
71,812
|
|
$
70,725
|
|
|
|
|
|
|
|
|
|
|
Loans and
Leases 90+ Days Past Due, Still Accruing:
|
1,855
|
|
1,793
|
|
3,063
|
|
3,983
|
|
2,255
|
Restructured
Loans and Leases, Still Accruing
|
7,366
|
|
6,303
|
|
4,060
|
|
26,047
|
|
17,936
|
Total non-performing loans
and leases
|
65,017
|
|
71,681
|
|
81,562
|
|
101,842
|
|
90,916
|
|
|
|
|
|
|
|
|
|
|
OTHER REAL ESTATE
OWNED:
|
5,956
|
|
7,704
|
|
8,458
|
|
7,810
|
|
11,391
|
|
|
|
|
|
|
|
|
|
|
Total Non-performing
Assets
|
$
70,973
|
|
$
79,385
|
|
$
90,020
|
|
$
109,652
|
|
$
102,307
|
|
|
|
|
|
|
|
|
|
|
Additions to
Nonaccrual Loans and Leases During the Quarter
|
$
16,975
|
|
$
17,020
|
|
$
23,348
|
|
$
16,007
|
|
$
17,319
|
|
|
|
|
|
|
|
|
|
|
Loans and
Leases 30-89 Days Past Due, Still Accruing:
|
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
$
3,791
|
|
$
3,304
|
|
$
4,083
|
|
$
3,449
|
|
$
6,736
|
Real estate
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
18,603
|
|
12,395
|
|
10,149
|
|
14,490
|
|
15,443
|
Home
equity
|
2,042
|
|
2,590
|
|
1,720
|
|
3,072
|
|
3,854
|
Agricultural
|
476
|
|
197
|
|
364
|
|
1,283
|
|
616
|
Commercial and
industrial-owner occupied
|
4,453
|
|
2,228
|
|
1,949
|
|
2,120
|
|
1,712
|
Construction,
acquisition and development
|
4,464
|
|
2,639
|
|
3,306
|
|
1,344
|
|
1,272
|
Commercial real
estate
|
1,206
|
|
1,183
|
|
2,631
|
|
653
|
|
15,221
|
Credit cards
|
720
|
|
705
|
|
800
|
|
726
|
|
774
|
All other
|
699
|
|
1,203
|
|
776
|
|
673
|
|
1,089
|
Total Loans and Leases 30-89 days past due, still
accruing
|
$
36,454
|
|
$
26,444
|
|
$
25,778
|
|
$
27,810
|
|
$
46,717
|
|
|
|
|
|
|
|
|
|
|
Credit Quality
Ratios:
|
|
|
|
|
|
|
|
|
|
Provision for credit
losses to average loans and leases (annualized)
|
0.02%
|
|
0.04%
|
|
0.04%
|
|
0.04%
|
|
0.00%
|
Allowance for credit
losses to net loans and leases
|
1.08%
|
|
1.10%
|
|
1.16%
|
|
1.14%
|
|
1.18%
|
Allowance for credit
losses to non-performing loans and leases
|
183.79%
|
|
169.59%
|
|
153.50%
|
|
121.50%
|
|
138.47%
|
Allowance for credit
losses to non-performing assets
|
168.37%
|
|
153.13%
|
|
139.08%
|
|
112.84%
|
|
123.05%
|
Non-performing loans
and leases to net loans and leases
|
0.59%
|
|
0.65%
|
|
0.76%
|
|
0.94%
|
|
0.85%
|
Non-performing assets
to net loans and leases
|
0.64%
|
|
0.72%
|
|
0.83%
|
|
1.01%
|
|
0.96%
|
BancorpSouth,
Inc.
|
Selected Loan
Data
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2017
|
|
|
|
Special
|
|
|
|
|
|
|
|
|
|
|
|
Pass
|
|
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Impaired
|
|
Total
|
LOAN PORTFOLIO BY
INTERNALLY ASSIGNED GRADE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
1,449,512
|
|
$
762
|
|
$
50,633
|
|
$
290
|
|
$
146
|
|
$
5,009
|
|
$
1,506,352
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
2,768,161
|
|
-
|
|
55,836
|
|
272
|
|
-
|
|
2,064
|
|
2,826,333
|
Home
equity
|
617,463
|
|
-
|
|
8,731
|
|
-
|
|
-
|
|
767
|
|
626,961
|
Agricultural
|
234,563
|
|
-
|
|
7,372
|
|
-
|
|
-
|
|
5,276
|
|
247,211
|
Commercial and industrial-owner occupied
|
1,766,055
|
|
2,920
|
|
62,232
|
|
-
|
|
-
|
|
4,223
|
|
1,835,430
|
Construction, acquisition and development
|
1,159,359
|
|
3,718
|
|
12,902
|
|
-
|
|
-
|
|
-
|
|
1,175,979
|
Commercial real estate
|
2,293,845
|
|
-
|
|
39,805
|
|
177
|
|
-
|
|
2,392
|
|
2,336,219
|
Credit
cards
|
104,613
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
104,613
|
All other
|
392,100
|
|
-
|
|
4,211
|
|
100
|
|
-
|
|
-
|
|
396,411
|
Total loans
|
$
10,785,671
|
|
$
7,400
|
|
$
241,722
|
|
$
839
|
|
$
146
|
|
$
19,731
|
|
$
11,055,509
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2017
|
|
|
|
Special
|
|
|
|
|
|
|
|
|
|
|
|
Pass
|
|
Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Impaired
|
|
Total
|
LOAN PORTFOLIO BY
INTERNALLY ASSIGNED GRADE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
1,516,992
|
|
$
-
|
|
$
41,604
|
|
$
301
|
|
$
-
|
|
$
7,562
|
|
$
1,566,459
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
2,710,161
|
|
-
|
|
63,352
|
|
276
|
|
-
|
|
2,424
|
|
2,776,213
|
Home
equity
|
613,216
|
|
-
|
|
10,802
|
|
-
|
|
-
|
|
850
|
|
624,868
|
Agricultural
|
225,504
|
|
8,157
|
|
6,740
|
|
-
|
|
-
|
|
5,245
|
|
245,646
|
Commercial and industrial-owner occupied
|
1,734,306
|
|
3,161
|
|
50,644
|
|
-
|
|
-
|
|
7,210
|
|
1,795,321
|
Construction, acquisition and development
|
1,136,104
|
|
6,253
|
|
14,298
|
|
-
|
|
-
|
|
246
|
|
1,156,901
|
Commercial real estate
|
2,299,529
|
|
-
|
|
37,214
|
|
169
|
|
-
|
|
4,721
|
|
2,341,633
|
Credit
cards
|
104,169
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
104,169
|
All other
|
400,191
|
|
-
|
|
6,900
|
|
239
|
|
-
|
|
-
|
|
407,330
|
Total loans
|
$
10,740,172
|
|
$
17,571
|
|
$
231,554
|
|
$
985
|
|
$
-
|
|
$
28,258
|
|
$
11,018,540
|
BancorpSouth,
Inc.
|
Geographical
Information
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
2017
|
|
Alabama
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and
Florida
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Panhandle
|
|
Arkansas
|
|
Louisiana
|
|
Mississippi
|
|
Missouri
|
|
Tennessee
|
|
Texas
|
|
Other
|
|
Total
|
LOAN AND LEASE
PORTFOLIO:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
136,368
|
|
$
195,461
|
|
$
193,882
|
|
$
551,391
|
|
$
70,856
|
|
$
108,389
|
|
$
200,118
|
|
$
49,887
|
|
$
1,506,352
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
379,388
|
|
327,113
|
|
233,715
|
|
879,524
|
|
92,807
|
|
316,209
|
|
543,855
|
|
53,722
|
|
2,826,333
|
Home
equity
|
96,418
|
|
47,361
|
|
70,916
|
|
230,493
|
|
21,531
|
|
139,521
|
|
19,348
|
|
1,373
|
|
626,961
|
Agricultural
|
8,298
|
|
83,830
|
|
25,290
|
|
66,829
|
|
7,205
|
|
13,019
|
|
42,722
|
|
18
|
|
247,211
|
Commercial and industrial-owner occupied
|
210,503
|
|
203,249
|
|
223,947
|
|
710,693
|
|
46,384
|
|
154,354
|
|
286,300
|
|
-
|
|
1,835,430
|
Construction, acquisition and development
|
126,581
|
|
75,400
|
|
57,445
|
|
355,559
|
|
20,391
|
|
164,014
|
|
376,589
|
|
-
|
|
1,175,979
|
Commercial real estate
|
300,226
|
|
357,712
|
|
236,589
|
|
574,667
|
|
209,097
|
|
212,296
|
|
445,632
|
|
-
|
|
2,336,219
|
Credit
cards
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
104,613
|
|
104,613
|
All other
|
52,154
|
|
40,023
|
|
22,141
|
|
210,898
|
|
2,969
|
|
22,066
|
|
39,332
|
|
6,828
|
|
396,411
|
Total loans
|
$
1,309,936
|
|
$
1,330,149
|
|
$
1,063,925
|
|
$3,580,054
|
|
$
471,240
|
|
$
1,129,868
|
|
$
1,953,896
|
|
$
216,441
|
|
$
11,055,509
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
$
652
|
|
$
951
|
|
$
405
|
|
$
4,346
|
|
$
689
|
|
$
105
|
|
$
2,104
|
|
$
635
|
|
$
9,887
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
1,309
|
|
4,600
|
|
1,785
|
|
11,863
|
|
262
|
|
1,805
|
|
3,644
|
|
399
|
|
25,667
|
Home
equity
|
540
|
|
723
|
|
694
|
|
501
|
|
79
|
|
110
|
|
-
|
|
2
|
|
2,649
|
Agricultural
|
-
|
|
237
|
|
204
|
|
5,512
|
|
-
|
|
-
|
|
15
|
|
-
|
|
5,968
|
Commercial and industrial-owner occupied
|
855
|
|
2,519
|
|
1,098
|
|
3,927
|
|
1,019
|
|
1,011
|
|
694
|
|
-
|
|
11,123
|
Construction, acquisition and development
|
42
|
|
719
|
|
267
|
|
784
|
|
-
|
|
-
|
|
99
|
|
-
|
|
1,911
|
Commercial real estate
|
984
|
|
1,004
|
|
328
|
|
2,932
|
|
-
|
|
-
|
|
299
|
|
-
|
|
5,547
|
Credit
cards
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,398
|
|
1,398
|
All other
|
14
|
|
-
|
|
7
|
|
645
|
|
-
|
|
196
|
|
5
|
|
-
|
|
867
|
Total loans
|
$
4,396
|
|
$
10,753
|
|
$
4,788
|
|
$
30,510
|
|
$
2,049
|
|
$
3,227
|
|
$
6,860
|
|
$
2,434
|
|
$
65,017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-PERFORMING LOANS
AND LEASES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS A
PERCENTAGE OF OUTSTANDING:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and
industrial
|
0.48%
|
|
0.49%
|
|
0.21%
|
|
0.79%
|
|
0.97%
|
|
0.10%
|
|
1.05%
|
|
1.27%
|
|
0.66%
|
Real
estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer
mortgages
|
0.35%
|
|
1.41%
|
|
0.76%
|
|
1.35%
|
|
0.28%
|
|
0.57%
|
|
0.67%
|
|
0.74%
|
|
0.91%
|
Home
equity
|
0.56%
|
|
1.53%
|
|
0.98%
|
|
0.22%
|
|
0.37%
|
|
0.08%
|
|
0.00%
|
|
0.15%
|
|
0.42%
|
Agricultural
|
0.00%
|
|
0.28%
|
|
0.81%
|
|
8.25%
|
|
0.00%
|
|
0.00%
|
|
0.04%
|
|
0.00%
|
|
2.41%
|
Commercial and industrial-owner occupied
|
0.41%
|
|
1.24%
|
|
0.49%
|
|
0.55%
|
|
2.20%
|
|
0.65%
|
|
0.24%
|
|
N/A
|
|
0.61%
|
Construction, acquisition and development
|
0.03%
|
|
0.95%
|
|
0.46%
|
|
0.22%
|
|
0.00%
|
|
0.00%
|
|
0.03%
|
|
N/A
|
|
0.16%
|
Commercial real estate
|
0.33%
|
|
0.28%
|
|
0.14%
|
|
0.51%
|
|
0.00%
|
|
0.00%
|
|
0.07%
|
|
N/A
|
|
0.24%
|
Credit
cards
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
N/A
|
|
1.34%
|
|
1.34%
|
All other
|
0.03%
|
|
0.00%
|
|
0.03%
|
|
0.31%
|
|
0.00%
|
|
0.89%
|
|
0.01%
|
|
0.00%
|
|
0.22%
|
Total loans
|
0.34%
|
|
0.81%
|
|
0.45%
|
|
0.85%
|
|
0.43%
|
|
0.29%
|
|
0.35%
|
|
1.12%
|
|
0.59%
|
BancorpSouth,
Inc.
|
Noninterest
Revenue and Expense
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Year to
Date
|
|
Sep-17
|
|
Jun-17
|
|
Mar-17
|
|
Dec-16
|
|
Sep-16
|
|
Sep-17
|
|
Sep-16
|
NONINTEREST
REVENUE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage banking
excl. MSR and MSR Hedge market value adj
|
$
6,955
|
|
$
7,643
|
|
$
8,056
|
|
$
5,561
|
|
$
9,274
|
|
$
22,654
|
|
$
31,036
|
MSR and MSR Hedge
market value adjustment
|
(46)
|
|
(1,509)
|
|
934
|
|
11,242
|
|
1,813
|
|
(621)
|
|
(10,233)
|
Credit card, debit
card and merchant fees
|
9,346
|
|
9,565
|
|
8,903
|
|
9,262
|
|
9,292
|
|
27,814
|
|
27,748
|
Deposit service
charges
|
10,388
|
|
9,706
|
|
9,689
|
|
9,956
|
|
11,313
|
|
29,783
|
|
33,345
|
Securities gains,
net
|
5
|
|
23
|
|
1,071
|
|
39
|
|
1
|
|
1,099
|
|
89
|
Insurance
commissions
|
28,616
|
|
31,126
|
|
32,940
|
|
25,709
|
|
28,194
|
|
92,682
|
|
90,246
|
Trust
income
|
3,803
|
|
3,679
|
|
3,561
|
|
3,874
|
|
3,641
|
|
11,043
|
|
10,564
|
Annuity
fees
|
246
|
|
264
|
|
349
|
|
257
|
|
446
|
|
859
|
|
1,388
|
Brokerage commissions
and fees
|
1,337
|
|
1,332
|
|
1,264
|
|
1,270
|
|
1,225
|
|
3,933
|
|
3,816
|
Bank-owned life
insurance
|
2,700
|
|
1,710
|
|
1,669
|
|
2,104
|
|
1,775
|
|
6,079
|
|
5,481
|
Other miscellaneous
income
|
2,610
|
|
4,591
|
|
2,433
|
|
2,701
|
|
2,699
|
|
9,634
|
|
9,446
|
Total noninterest
revenue
|
$
65,960
|
|
$
68,130
|
|
$
70,869
|
|
$
71,975
|
|
$
69,673
|
|
$ 204,959
|
|
$ 202,926
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
$
81,415
|
|
$
81,597
|
|
$
81,386
|
|
$
80,850
|
|
$
80,884
|
|
$ 244,398
|
|
$ 243,238
|
Occupancy, net of
rental income
|
10,343
|
|
10,455
|
|
10,302
|
|
10,294
|
|
10,412
|
|
31,100
|
|
30,794
|
Equipment
|
3,352
|
|
3,438
|
|
3,568
|
|
3,563
|
|
3,423
|
|
10,358
|
|
10,483
|
Deposit insurance
assessments
|
2,499
|
|
2,261
|
|
2,484
|
|
1,818
|
|
3,227
|
|
7,244
|
|
8,097
|
Regulatory
settlement
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
10,277
|
Advertising
|
1,185
|
|
1,037
|
|
663
|
|
2,443
|
|
925
|
|
2,885
|
|
2,601
|
Foreclosed property
expense
|
447
|
|
960
|
|
1,050
|
|
1,005
|
|
859
|
|
2,457
|
|
3,349
|
Telecommunications
|
1,192
|
|
1,233
|
|
1,147
|
|
1,245
|
|
1,288
|
|
3,572
|
|
3,842
|
Public
relations
|
675
|
|
654
|
|
720
|
|
716
|
|
718
|
|
2,049
|
|
1,978
|
Data
processing
|
6,942
|
|
7,230
|
|
6,623
|
|
6,903
|
|
6,856
|
|
20,795
|
|
19,932
|
Computer
software
|
3,074
|
|
2,913
|
|
2,981
|
|
3,013
|
|
2,976
|
|
8,968
|
|
8,368
|
Amortization of
intangibles
|
994
|
|
1,010
|
|
1,030
|
|
963
|
|
923
|
|
3,034
|
|
2,672
|
Legal
|
1,016
|
|
1,330
|
|
1,229
|
|
1,190
|
|
1,064
|
|
3,575
|
|
7,353
|
Merger
expense
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2
|
Postage and
shipping
|
1,050
|
|
1,080
|
|
1,175
|
|
1,075
|
|
1,059
|
|
3,305
|
|
3,161
|
Other miscellaneous
expense
|
12,719
|
|
12,355
|
|
12,751
|
|
15,441
|
|
13,703
|
|
37,825
|
|
41,243
|
Total noninterest
expense
|
$
126,903
|
|
$
127,553
|
|
$
127,109
|
|
$
130,519
|
|
$
128,317
|
|
$ 381,565
|
|
$ 397,390
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INSURANCE
COMMISSIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and casualty
commissions
|
$
21,086
|
|
$
22,363
|
|
$
19,755
|
|
$
19,098
|
|
$
20,927
|
|
63,204
|
|
$
61,221
|
Life and health
commissions
|
6,134
|
|
6,623
|
|
6,465
|
|
5,757
|
|
5,897
|
|
19,222
|
|
17,764
|
Risk management
income
|
703
|
|
600
|
|
648
|
|
610
|
|
674
|
|
1,951
|
|
1,889
|
Other
|
693
|
|
1,540
|
|
6,072
|
|
244
|
|
696
|
|
8,305
|
|
9,372
|
Total insurance
commissions
|
$
28,616
|
|
$
31,126
|
|
$
32,940
|
|
$
25,709
|
|
$
28,194
|
|
$
92,682
|
|
$
90,246
|
BancorpSouth,
Inc.
|
Selected
Additional Information
|
(Dollars in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Sep-17
|
|
Jun-17
|
|
Mar-17
|
|
Dec-16
|
|
Sep-16
|
MORTGAGE SERVICING
RIGHTS:
|
|
|
|
|
|
|
|
|
|
Fair value, beginning
of period
|
$
65,491
|
|
$
67,161
|
|
$
65,263
|
|
$
51,930
|
|
$
48,108
|
Additions to mortgage
servicing rights:
|
|
|
|
|
|
|
|
|
|
Originations of servicing assets
|
3,393
|
|
2,772
|
|
2,866
|
|
4,022
|
|
4,349
|
Changes in fair
value:
|
|
|
|
|
|
|
|
|
|
Due to
payoffs/paydowns
|
(2,502)
|
|
(2,825)
|
|
(1,876)
|
|
(2,447)
|
|
(2,338)
|
Due to
change in valuation inputs or
|
|
|
|
|
|
|
|
|
|
assumptions used in the
valuation model
|
36
|
|
(1,616)
|
|
909
|
|
11,759
|
|
1,813
|
Other
changes in fair value
|
(1)
|
|
(1)
|
|
(1)
|
|
(1)
|
|
(2)
|
Fair value, end of
period
|
$
66,417
|
|
$
65,491
|
|
$
67,161
|
|
$
65,263
|
|
$
51,930
|
|
|
|
|
|
|
|
|
|
|
MORTGAGE BANKING
REVENUE:
|
|
|
|
|
|
|
|
|
|
Production
revenue:
|
|
|
|
|
|
|
|
|
|
Origination
|
$
4,809
|
|
$
5,771
|
|
$
5,117
|
|
$
3,335
|
|
$
6,973
|
Servicing
|
4,648
|
|
4,697
|
|
4,815
|
|
4,673
|
|
4,639
|
Payoffs/Paydowns
|
(2,502)
|
|
(2,825)
|
|
(1,876)
|
|
(2,447)
|
|
(2,338)
|
Total production
revenue
|
6,955
|
|
7,643
|
|
8,056
|
|
5,561
|
|
9,274
|
Market value
adjustment on MSR
|
36
|
|
(1,616)
|
|
909
|
|
11,759
|
|
1,813
|
Market value
adjustment on MSR Hedge
|
(82)
|
|
107
|
|
25
|
|
(517)
|
|
-
|
Total mortgage
lending revenue
|
$
6,909
|
|
$
6,134
|
|
$
8,990
|
|
$
16,803
|
|
$
11,087
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans
serviced
|
$
6,506,550
|
|
$
6,431,273
|
|
$
6,429,617
|
|
$
6,384,649
|
|
$
6,285,027
|
MSR/mtg loans
serviced
|
1.02%
|
|
1.02%
|
|
1.04%
|
|
1.01%
|
|
0.83%
|
|
|
|
|
|
|
|
|
|
|
AVAILABLE-FOR-SALE
SECURITIES, at fair value
|
|
|
|
|
|
|
|
|
|
U.S. Government
agencies
|
$
1,687,186
|
|
$
1,713,374
|
|
$
1,818,180
|
|
$
1,789,427
|
|
$
1,691,866
|
Government agency
issued residential
|
|
|
|
|
|
|
|
|
|
mortgage-back securities
|
157,891
|
|
159,246
|
|
167,542
|
|
176,243
|
|
184,095
|
Government agency
issued commercial
|
|
|
|
|
|
|
|
|
|
mortgage-back securities
|
153,509
|
|
170,642
|
|
170,082
|
|
172,279
|
|
178,826
|
Obligations of states
and political subdivisions
|
328,314
|
|
345,130
|
|
352,324
|
|
360,005
|
|
384,996
|
Other
|
33,067
|
|
32,903
|
|
32,759
|
|
33,722
|
|
28,416
|
Total
available-for-sale securities
|
$
2,359,967
|
|
$
2,421,295
|
|
$
2,540,887
|
|
$
2,531,676
|
|
$
2,468,199
|
BancorpSouth,
Inc.
|
Reconciliation of
Non-GAAP Measures and Other Non-GAAP Ratio
Definitions
|
(Dollars in
thousands, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management evaluates
the Company's capital position and operating performance by
utilizing certain financial measures not calculated in accordance
with U.S. Generally Accepted Accounting Principles (GAAP),
including net operating income, net operating income-excluding MSR,
total operating expense, tangible shareholders' equity to tangible
assets, return on tangible equity, operating return on tangible
equity-excluding MSR, operating return on average
assets-excluding MSR, operating return on average shareholders'
equity-excluding MSR, tangible book value per share, operating
earnings per share, operating earnings per share-excluding MSR,
efficiency ratio (tax equivalent) and operating efficiency
ratio-excluding MSR (tax equivalent). The Company has
included these non-GAAP financial measures in this news release for
the applicable periods presented. Management believes that
the presentation of these non-GAAP financial measures (i) provides
important supplemental information that contributes to a proper
understanding of the Company's capital position and operating
performance, (ii) enables a more complete understanding of factors
and trends affecting the Company's business and (iii) allows
investors to evaluate the Company's performance in a manner similar
to management, the financial services industry, bank stock analysts
and bank regulators. Reconciliations of these non-GAAP
financial measures to the most directly comparable GAAP financial
measures are presented in the tables below. These non-GAAP
financial measures should not be considered as substitutes for GAAP
financial measures, and the Company strongly encourages investors
to review the GAAP financial measures included in this news release
and not to place undue reliance upon any single financial
measure. In addition, because non-GAAP financial measures are
not standardized, it may not be possible to compare the non-GAAP
financial measures presented in this news release with other
companies' non-GAAP financial measures having the same or similar
names.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net
Operating Income and Net Operating Income-Excluding MSR to Net
Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
ended
|
|
Year to
Date
|
|
|
|
9/30/2017
|
|
6/30/2017
|
|
3/31/2017
|
|
12/31/2016
|
|
9/30/2016
|
|
9/30/2017
|
|
9/30/2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
39,528
|
|
$
37,889
|
|
$
38,093
|
|
$
37,670
|
|
$
37,817
|
|
$
115,510
|
|
$
95,058
|
Plus:
|
Merger expense, net
of tax
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2
|
|
Regulatory related
charges, net of tax
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
9,412
|
Less:
|
Security gains, net
of tax
|
|
3
|
|
14
|
|
664
|
|
25
|
|
-
|
|
681
|
|
55
|
Net operating
income
|
|
$
39,525
|
|
$
37,875
|
|
$
37,429
|
|
$
37,645
|
|
$
37,817
|
|
$
114,829
|
|
$
104,417
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
|
MSR market value
adjustment, net of tax
|
(28)
|
|
(936)
|
|
579
|
|
6,970
|
|
1,124
|
|
(385)
|
|
(6,344)
|
Net operating
income-excluding MSR
|
|
$
39,553
|
|
$
38,811
|
|
$
36,850
|
|
$
30,675
|
|
$
36,693
|
|
$
115,214
|
|
$
110,761
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Total Operating Expense to Total Noninterest Expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest
expense
|
|
$
126,903
|
|
$ 127,553
|
|
$
127,109
|
|
$
130,519
|
|
$
128,317
|
|
$
381,565
|
|
$
397,390
|
Less:
|
Merger
expense
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2
|
|
Regulatory related
charges
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
13,777
|
Total operating
expense
|
|
$
126,903
|
|
$ 127,553
|
|
$
127,109
|
|
$
130,519
|
|
$
128,317
|
|
$
381,565
|
|
$
383,611
|
BancorpSouth,
Inc.
|
Reconciliation of
Non-GAAP Measures and Other Non-GAAP Ratio
Definitions
|
(Dollars in
thousands, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Tangible Assets and Tangible Shareholders' Equity
to
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets and
Total Shareholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
ended
|
|
Year to
Date
|
|
|
|
9/30/2017
|
|
6/30/2017
|
|
3/31/2017
|
|
12/31/2016
|
|
9/30/2016
|
|
9/30/017
|
|
9/30/2016
|
Tangible
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
14,760,394
|
|
$
14,843,130
|
|
$
14,866,054
|
|
$
14,724,388
|
|
$
14,611,483
|
|
$
14,760,394
|
|
$
14,611,483
|
Less:
|
Goodwill
|
|
300,798
|
|
300,798
|
|
300,798
|
|
300,798
|
|
294,901
|
|
300,798
|
|
294,901
|
|
Other identifiable
intangible assets
|
|
18,860
|
|
19,854
|
|
20,865
|
|
21,894
|
|
19,908
|
|
18,860
|
|
19,908
|
Total tangible
assets
|
|
$
14,440,736
|
|
$
14,522,478
|
|
$
14,544,391
|
|
$
14,401,696
|
|
$
14,296,674
|
|
$
14,440,736
|
|
$
14,296,674
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
$
1,700,502
|
|
$
1,691,832
|
|
$
1,702,389
|
|
$
1,723,883
|
|
$
1,724,104
|
|
$
1,700,502
|
|
$
1,724,104
|
Less:
|
Goodwill
|
|
300,798
|
|
300,798
|
|
300,798
|
|
300,798
|
|
294,901
|
|
300,798
|
|
294,901
|
|
Other identifiable
intangible assets
|
|
18,860
|
|
19,854
|
|
20,865
|
|
21,894
|
|
19,908
|
|
18,860
|
|
19,908
|
Total tangible
shareholders' equity
|
|
$
1,380,844
|
|
$
1,371,180
|
|
$
1,380,726
|
|
$
1,401,191
|
|
$
1,409,295
|
|
$
1,380,844
|
|
$
1,409,295
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average
assets
|
|
$
14,710,245
|
|
$
14,741,811
|
|
$
14,832,260
|
|
$
14,655,360
|
|
$
14,366,759
|
|
$
14,760,991
|
|
$
14,083,108
|
Total shares of
common stock outstanding
|
|
90,329,896
|
|
91,022,729
|
|
92,344,409
|
|
93,696,687
|
|
94,074,740
|
|
90,329,896
|
|
94,074,740
|
Average shares
outstanding-diluted
|
|
91,099,770
|
|
91,530,552
|
|
93,829,400
|
|
93,966,392
|
|
94,563,833
|
|
92,157,392
|
|
94,617,389
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
shareholders' equity to tangible assets (1)
|
|
9.56%
|
|
9.44%
|
|
9.49%
|
|
9.73%
|
|
9.86%
|
|
9.56%
|
|
9.86%
|
Return on tangible
equity (2)
|
|
11.36%
|
|
11.08%
|
|
11.19%
|
|
10.70%
|
|
10.68%
|
|
11.18%
|
|
9.01%
|
Operating return on
tangible equity-excluding MSR (3)
|
|
11.36%
|
|
11.35%
|
|
10.82%
|
|
8.71%
|
|
10.36%
|
|
11.16%
|
|
10.50%
|
Operating return on
average assets-excluding MSR (4)
|
|
1.07%
|
|
1.06%
|
|
1.01%
|
|
0.83%
|
|
1.02%
|
|
1.04%
|
|
1.05%
|
Operating return on
average shareholders' equity-excluding MSR (5)
|
9.25%
|
|
9.27%
|
|
8.63%
|
|
7.08%
|
|
8.49%
|
|
9.05%
|
|
8.74%
|
Tangible book value
per share (6)
|
|
$
15.29
|
|
$
15.06
|
|
$
14.95
|
|
$
14.95
|
|
$
14.98
|
|
$
15.29
|
|
$
14.98
|
Operating earnings
per share (7)
|
|
$
0.43
|
|
$
0.41
|
|
$
0.40
|
|
$
0.40
|
|
$
0.40
|
|
$
1.25
|
|
$
1.10
|
Operating earnings
per share-excluding MSR (8)
|
|
$
0.43
|
|
$
0.42
|
|
$
0.39
|
|
$
0.33
|
|
$
0.39
|
|
$
1.25
|
|
$
1.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Tangible
shareholders' equity to tangible assets is defined by the Company
as total shareholders' equity less goodwill and other identifiable
intangible assets, divided by the difference of total assets less
goodwill and other identifiable intangible assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
Return on tangible
equity is defined by the Company as annualized net income divided
by tangible shareholders' equity.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
Operating return on
tangible equity-excluding MSR is defined by the Company as
annualized net operating income-excluding MSR divided by tangible
shareholders' equity.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4)
|
Operating return on
average assets-excluding MSR is defined by the Company as
annualized net operating income-excluding MSR divided by total
average assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5)
|
Operating return on
average shareholders' equity-excluding MSR is defined by the
Company as annualized net operating income-excluding MSR divided by
average shareholders' equity.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6)
|
Tangible book value
per share is defined by the Company as tangible shareholders'
equity divided by total shares of common stock
outstanding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7)
|
Operating earnings
per share is defined by the Company as net operating income divided
by average shares outstanding-diluted.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8)
|
Operating earnings
per share-excluding MSR is defined by the Company as net operating
income-excluding MSR divided by average shares
outstanding-diluted.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency Ratio
(tax equivalent) and Operating Efficiency Ratio-excluding MSR (tax
equivalent) Definitions
|
The efficiency ratio
(tax equivalent) and the operating efficiency ratio-excluding MSR
(tax equivalent) are supplemental financial measures utilized in
management's internal evaluation of the Company's use of resources
and are not defined under GAAP. The efficiency ratio (tax
equivalent) is calculated by dividing total noninterest expense by
total revenue, which includes net interest income plus noninterest
income plus the tax equivalent adjustment. The operating
efficiency ratio-excluding MSR (tax equivalent)
excludes expense items otherwise disclosed as non-operating
from total noninterest expense. In addition, the MSR
valuation adjustment as well as securities gains and losses are
excluded from total revenue.
|
View original
content:http://www.prnewswire.com/news-releases/bancorpsouth-announces-third-quarter-2017-financial-results-300538952.html
SOURCE BancorpSouth, Inc.