TUPELO, Miss., Oct. 18, 2012 /PRNewswire/ -- BancorpSouth, Inc. (NYSE: BXS) today announced financial results for the quarter ended September 30, 2012.
Highlights for the third quarter of 2012 included:
- Net income of $23.8 million or $0.25 per diluted share, despite a negative pre-tax mortgage servicing rights ("MSR") valuation adjustment of $3.2 million.
- Record mortgage production of $607.9 million, which contributed to mortgage lending revenue of $16.8 million, excluding the MSR valuation adjustment.
- Non-interest revenue increased to $70.4 million from $66.5 million for the second quarter and included sequential quarter increases in mortgage revenue, credit and debit card fees, service charges, and insurance commissions.
- Other real estate owned ("OREO") sales of $15.4 million, which contributed to a 10.7 percent decline in OREO and an 8.5 percent reduction in total non-performing assets ("NPAs").
- Nonaccrual loans decreased $20.5 million, or 8.5 percent, from the prior quarter and $94.7 million, or 30.1 percent, from a year ago. At the end of the quarter, 56.9 percent of nonaccrual loans were paying in accordance with their contractual terms.
- Capital ratios continued to rise, with Tier I leverage and Total risk-based capital ratios increasing to 10.21 percent and 14.81 percent, respectively.
The Company reported net income of $23.8 million, or $0.25 per diluted share, for the third quarter of 2012 compared with net income of $11.9 million, or $0.14 per diluted share, for the third quarter of 2011 and net income of $20.6 million, or $0.22 per diluted share, for the second quarter of 2012. The Company reported net income for the first nine months of 2012 of $67.3 million, or $0.72 per diluted share, compared with $24.3 million, or $0.29 per diluted share, for the first nine months of 2011.
"Results for the third quarter reflect a record level of mortgage production volume," remarked Aubrey Patterson, Chairman and Chief Executive Officer of BancorpSouth. "Mortgage production for the quarter was in excess of $600 million, which contributed to mortgage lending revenue of $16.8 million, excluding a negative MSR valuation adjustment of $3.2 million. Earnings for the quarter also benefitted from stabilization of loan loss provision levels as non-performing loans ("NPLs"), classified asset totals, and other credit quality indicators continue to trend in a positive direction."
Earnings for the quarter reflect a provision for credit losses of $6.0 million, which is a decrease from $25.1 million for the third quarter of 2011 and is flat compared to $6.0 million for the second quarter of 2012. NPLs declined $19.6 million, or 7.4 percent, during the third quarter of 2012 to $247.3 million compared with $266.9 million at June 30, 2012 and declined $115.5 million, or 31.8 percent, from $362.8 million at September 30, 2011. In addition, gross nonaccrual loan formation declined to $28.9 million for the third quarter of 2012 compared to $60.8 million for the third quarter of 2011 and $41.1 million for the second quarter of 2012. Net charge-offs were relatively flat at $12.8 million for the third quarter of 2012 compared with $11.9 million for the second quarter of 2012. Net charge-offs during the third quarter of 2012 included $9.8 million of charge-offs of loans which had been identified and reported as impaired and were reserved for in previous quarters.
Patterson added, "We continue to be encouraged by trends in credit quality. Particularly, the percentage of non-accrual loans that are paying in accordance with their contractual terms continues to rise, representing 56.9 percent of total nonaccrual loans at the end of the third quarter. We collected in excess of $26 million of cash payments on nonaccrual loans during the quarter."
Net Interest Revenue
Net interest revenue was $103.4 million for the third quarter of 2012, a decrease of 4.4 percent from $108.1 million for the third quarter of 2011 and a decrease of 1.3 percent from $104.7 million for the second quarter of 2012. The fully taxable equivalent net interest margin was 3.55 percent for the third quarter of 2012 compared with 3.66 percent for the third quarter of 2011 and 3.65 percent for the second quarter of 2012. Declines in the net interest margin are due primarily to continued pressure on asset yields, particularly yields on loans and leases, which declined to 4.85% for the quarter ended September 30, 2012 compared with 5.02% for the third quarter of 2011 and 4.99% for the second quarter of 2012. Patterson added, "Declines in loan yields reflect continued competitive pressure resulting in loans re-pricing at lower interest rates, some of which are re-pricing prior to maturity. Additionally, reinvestment opportunities of maturing securities continue to be limited, resulting in reduced yields on this component of our earning assets."
Asset, Deposit and Loan Activity
Total assets were $13.2 billion at both September 30, 2012 and September 30, 2011. Total deposits were $11.0 billion at September 30, 2012, a decrease of 0.8 percent from $11.1 billion at September 30, 2011. Loans and leases, net of unearned income, were $8.7 billion at September 30, 2012, a decrease of 4.2 percent from $9.1 billion at September 30, 2011. The construction, acquisition, and development ("CAD") loan portfolio, which decreased $153.0 million, or 15.7 percent, from September 30, 2011 to September 30, 2012, accounted for over 40 percent of the decline in net loans and leases over the same time period.
Time deposits, which decreased $478.2 million, or 15.1 percent, at September 30, 2012 compared to September 30, 2011, were offset partially by significant growth in noninterest bearing demand deposits, which increased $294.0 million, or 13.4 percent, over the period. Additionally, savings deposits increased $135.2 million, or 14.0 percent, while interest bearing demand deposits decreased $39.6 million, or 0.8 percent, over the same period. As of September 30, 2012, approximately $938.0 million of time deposits were scheduled to mature during the following two quarters at a weighted average rate of 0.77 percent.
Provision for Credit Losses and Allowance for Credit Losses
For the third quarter of 2012, the provision for credit losses was $6.0 million, compared with $25.1 million for the third quarter of 2011 and $6.0 million for the second quarter of 2012. Net charge-offs for the third quarter of 2012 were $12.8 million, compared with $23.1 million for the third quarter of 2011 and $11.9 million for the second quarter of 2012. Recoveries of previously charged-off loans were $6.1 million for the third quarter of 2012, compared with $2.6 million for the third quarter of 2011 and $10.0 million for the second quarter of 2012. Annualized net charge-offs were 0.59 percent of average loans and leases for the third quarter of 2012, compared with 1.01 percent for the third quarter of 2011 and 0.55 percent for the second quarter of 2012.
NPLs were $247.3 million, or 2.85 percent of net loans and leases, at September 30, 2012 compared with $362.8 million, or 4.01 percent of net loans and leases, at September 30, 2011 and $266.9 million, or 3.06 percent of net loans and leases, at June 30, 2012. The allowance for credit losses was $169.0 million, or 1.95 percent of net loans and leases, at September 30, 2012 compared with $199.7 million, or 2.21 percent of net loans and leases, at September 30, 2011 and $175.8 million, or 2.01 percent of net loans and leases, at June 30, 2012.
NPLs at September 30, 2012 consisted primarily of $219.7 million of nonaccrual loans, compared with $240.2 million of nonaccrual loans at June 30, 2012. Included in the reduction of nonaccrual loans during the third quarter of 2012 were payments received on nonaccrual loans of $26.7 million, compared with payments received on such loans of $27.1 million during the second quarter of 2012. NPLs at September 30, 2012 also included $1.4 million of loans 90 days or more past due and still accruing, compared with $1.6 million at June 30, 2012, and included restructured loans still accruing of $26.1 million at September 30, 2012, compared with $25.1 million at June 30, 2012. Early stage past due loans, representing loans past due 30-89 days, increased $15.2 million from the previous quarter, but were down $10.3 million from one year ago. Of these loans, $37.6 million, or 85.9 percent, were past due less than 60 days.
At September 30, 2012, $52.8 million of NPLs were residential CAD loans, $44.6 million were other CAD loans, $48.0 million were commercial real estate loans and $39.6 million were consumer mortgages. NPLs from all other loan types totaled $62.3 million at September 30, 2012. Included in nonaccrual loans at September 30, 2012 were $125.0 million of loans, or 56.9 percent of total nonaccrual loans, that were paying as agreed, compared with $132.7 million, or 55.2 percent, at the end of the second quarter of 2012. These loans were generally placed on nonaccrual status because the collateral values were less than the outstanding balances, and because of uncertainty as to whether the borrowers possessed adequate liquidity or will be able to generate sufficient cash flow to satisfy the debt given the short-fall in collateral values. Such loans are generally deemed to be impaired, with a specific reserve established for the difference in the balance owed and the disposition value of the collateral.
At the end of the third quarter, 80.2 percent of nonaccrual loans were determined to be collateral dependent, and after write-downs and specific reserves, the remaining book balance of these loans was 70.0 percent of the unpaid principal balance. At September 30, 2012, coverage of unimpaired nonaccrual loans by the nonspecified allowance for credit losses was 346 percent and coverage of unimpaired NPLs by the nonspecified allowance for credit losses was 212 percent.
OREO decreased $15.4 million to $128.2 million during the third quarter of 2012 from $143.6 million at June 30, 2012. This net decrease reflected $6.3 million added through foreclosure, offset by sales of OREO of $15.4 million. Write-downs in the value of existing properties were $6.3 million for the third quarter of 2012 compared to $4.9 million for the second quarter of 2012. Sales of OREO during the third quarter of 2012 resulted in a net loss of $0.8 million compared to a net loss of $2.7 million for the second quarter of 2012. At September 30, 2012, OREO was carried at 49.2 percent of the aggregate loan balances at the time of foreclosure, compared with 51.0 percent at June 30, 2012.
Noninterest Revenue
Noninterest revenue was $70.4 million for the third quarter of 2012, compared with $62.1 million for the third quarter of 2011 and $66.5 million for the second quarter of 2012. These results included negative MSR valuation adjustments of $3.2 million for the third quarter of 2012 compared with $11.7 million for the third quarter of 2011 and $3.8 million for the second quarter of 2012.
Excluding the MSR valuation adjustments, net mortgage lending revenue was $16.8 million for the third quarter of 2012, compared with $10.2 million for the third quarter of 2011 and $14.9 million for the second quarter of 2012. Mortgage origination volume for the third quarter of 2012 was $607.9 million, compared with $374.8 million for the third quarter of 2011 and $444.1 million for the second quarter of 2012.
Credit and debit card fee revenue was $8.3 million for the third quarter of 2012, compared with $13.0 million for the third quarter of 2011 and $7.8 million for the second quarter of 2012. Service charge revenue was $14.2 million for the third quarter of 2012, compared with $17.3 million for the third quarter of 2011 and $13.7 million for the second quarter of 2012. Insurance commission revenue was $23.5 million for the third quarter of 2012, compared with $22.0 million for the third quarter of 2011 and $23.0 million for the second quarter of 2012.
Noninterest Expense
Noninterest expense for the third quarter of 2012 was $133.8 million, compared with $130.7 million for the third quarter of 2011 and $136.5 million for the second quarter of 2012. Salaries and employee benefits expense increased to $74.8 million for the third quarter of 2012 from $71.9 million for the third quarter of 2011 and decreased from $77.7 million for the second quarter of 2012. Foreclosed property expense increased to $8.8 million for the third quarter of 2012 from $6.1 million for the third quarter of 2011 and decreased from $10.2 million for the second quarter of 2012. Deposit insurance assessments were relatively flat at $4.0 million for the third quarter of 2012 compared $3.8 million for the third quarter of 2011 and $4.0 million for the second quarter of 2012.
Capital Management
BancorpSouth remains a "well capitalized" financial holding company, as defined by federal regulations, with Tier 1 risk-based capital of 13.55 percent at September 30, 2012 and total risk based capital of 14.81 percent, compared with required minimum levels of 6 percent and 10 percent, respectively, for "well capitalized" classification. The Company's equity capitalization is 100 percent common stock. BancorpSouth's ratio of shareholders' equity to assets increased to 10.93 percent at September 30, 2012, compared with 9.60 percent at September 30, 2011 and 10.79 percent at June 30, 2012. The ratio of tangible shareholders' equity to tangible assets increased to 8.91 percent at September 30, 2012, compared with 7.58 percent at September 30, 2011 and 8.80 percent at June 30, 2012.
Summary
Patterson concluded, "Our third quarter results reflect record performance from our mortgage lending operation, both in terms of production and revenue generation. Many of our other noninterest lines of business produced solid quarters as well, including insurance, which reported growth of 6.9% on a comparable quarter basis. This growth includes the acquisition of the assets of The Securance Group, Inc. which was announced during the second quarter of this year and closed in early July. Given the expectation of continued low interest rates as well as subdued loan demand, our net interest margin will continue to be under pressure and these noninterest lines of business will become even more valuable in terms of their contributions to profitability.
"Additionally, third quarter results reflect the sixth consecutive quarter of steady credit quality improvement. This progress, along with solid performance from our fee-generating lines of business, has allowed us to make a tremendous amount of progress toward returning BancorpSouth's profitability levels to more normalized levels. While there is still much work to be done, we believe that we are well positioned to continue to build on the momentum that we've gained over the last year and a half."
Conference Call
BancorpSouth will conduct a conference call to discuss its third quarter 2012 results on October19, 2012, at 10:00 a.m. (Central Time). Investors may listen via the Internet by accessing BancorpSouth's website at http://www.bancorpsouth.com. A replay of the conference call will be available at BancorpSouth's website for at least two weeks following the call.
Forward-Looking Statements
Certain statements contained in this news release may not be based on historical facts and are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as "anticipate," "believe," "estimate," "expect," "may," "might," "will," "would," "could" or "intend." These forward-looking statements include, without limitation, statements relating to the stabilization of nonaccrual loans, the impact of low interest rates on our net interest margin, the contribution of our noninterest lines of business to our profitability, our ability to return our profitability to more normalized levels, and our use of non-GAAP financial measures.
We caution you not to place undue reliance on the forward-looking statements contained in this news release in that actual results could differ materially from those indicated in such forward-looking statements because of a variety of factors. These factors may include, but are not limited to, conditions in the financial markets and economic conditions generally, the ongoing debt crisis and the downgrade of the sovereign credit ratings for various nations, the adequacy of the Company's provision and allowance for credit losses to cover actual credit losses, the credit risk associated with real estate construction, acquisition and development loans, losses resulting from the significant amount of the Company's other real estate owned, limitations on the Company's ability to declare and pay dividends, the short-term and long-term impact of changes to banking capital standards on the Company's regulatory capital and liquidity, the impact of legal or administrative proceedings, the availability of capital on favorable terms if and when needed, liquidity risk, governmental regulation, including the Dodd Frank Act, supervision of the Company's operations, the impact of regulations on service charges on the Company's core deposit accounts, the susceptibility of the Company's business to local economic conditions, the soundness of other financial institutions, changes in interest rates, the impact of monetary policies and economic factors on the Company's ability to attract deposits or make loans, volatility in capital and credit markets, reputational risk, the impact of hurricanes or other adverse weather events, any requirement that the Company write down goodwill or other intangible assets, diversification in the types of financial services the Company offers, competition with other financial services companies, risks in connection with completed or potential acquisitions, the Company's growth strategy, interruptions or breaches in the Company's information system security, the failure of certain third party vendors to perform, dilution caused by the Company's issuance of any additional shares of its common stock to raise capital or acquire other banks, bank holding companies, financial holding companies and insurance agencies, the effectiveness of the Company's internal controls, other factors generally understood to affect the financial results of financial services companies and other factors detailed from time to time in the Company's press releases and filings with the Securities and Exchange Commission.
BancorpSouth, Inc. is a financial holding company headquartered in Tupelo, Mississippi, with $13.2 billion in assets. BancorpSouth Bank, a wholly-owned subsidiary of BancorpSouth, Inc., operates 293 commercial banking, mortgage, insurance, trust and broker/dealer locations in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in Illinois.
BancorpSouth, Inc. | ||||||||||
Selected Financial Data | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||
September 30, | September 30, | |||||||||
2012 | 2011 | 2012 | 2011 | |||||||
(Dollars in thousands, except per share amounts) | ||||||||||
Earnings Summary: | ||||||||||
Net interest revenue | $ 103,379 | $ 108,075 | $ 313,730 | $ 327,424 | ||||||
Provision for credit losses | 6,000 | 25,112 | 22,000 | 110,831 | ||||||
Noninterest revenue | 70,420 | 62,055 | 209,248 | 205,510 | ||||||
Noninterest expense | 133,788 | 130,698 | 405,974 | 397,777 | ||||||
Income before income taxes | 34,011 | 14,320 | 95,004 | 24,326 | ||||||
Income tax provision | 10,186 | 2,386 | 27,689 | 60 | ||||||
Net income | $ 23,825 | $ 11,934 | $ 67,315 | $ 24,266 | ||||||
Earnings per share: Basic | $ 0.25 | $ 0.14 | $ 0.72 | $ 0.29 | ||||||
Diluted | $ 0.25 | $ 0.14 | $ 0.72 | $ 0.29 | ||||||
Balance sheet data at September 30: | ||||||||||
Total assets | $ 13,235,737 | $ 13,198,518 | ||||||||
Total earning assets | 12,050,190 | 11,976,397 | ||||||||
Loans and leases, net of unearned income | 8,679,969 | 9,055,905 | ||||||||
Allowance for credit losses | 169,019 | 199,686 | ||||||||
Total deposits | 10,974,640 | 11,063,233 | ||||||||
Common shareholders' equity | 1,446,703 | 1,266,753 | ||||||||
Book value per share | 15.32 | 15.17 | ||||||||
Average balance sheet data: | ||||||||||
Total assets | $ 13,019,016 | $ 13,174,655 | $ 13,041,785 | $ 13,358,657 | ||||||
Total earning assets | 11,924,778 | 12,039,067 | 11,932,612 | 12,219,226 | ||||||
Loans and leases, net of unearned interest | 8,716,646 | 9,138,414 | 8,747,690 | 9,228,583 | ||||||
Total deposits | 10,856,524 | 11,141,372 | 10,936,173 | 11,330,322 | ||||||
Common shareholders' equity | 1,432,157 | 1,251,815 | 1,399,984 | 1,231,286 | ||||||
Non-performing assets at September 30: | ||||||||||
Non-accrual loans and leases | $ 219,738 | $ 314,479 | ||||||||
Loans and leases 90+ days past due, still accruing | 1,442 | 7,354 | ||||||||
Restructured loans and leases, still accruing | 26,147 | 40,966 | ||||||||
Other real estate owned | 128,211 | 162,686 | ||||||||
Total non-performing assets | 375,538 | 525,485 | ||||||||
Net charge-offs as a percentage of average loans (annualized) | 0.59% | 1.01% | 0.73% | 1.56% | ||||||
Performance ratios (annualized): | ||||||||||
Return on average assets | 0.73% | 0.36% | 0.69% | 0.24% | ||||||
Return on common equity | 6.62% | 3.78% | 6.42% | 2.63% | ||||||
Total shareholders' equity to total assets | 10.93% | 9.60% | 10.93% | 9.60% | ||||||
Tangible shareholders' equity to tangible assets | 8.91% | 7.58% | 8.91% | 7.58% | ||||||
Net interest margin | 3.55% | 3.66% | 3.62% | 3.69% | ||||||
Average shares outstanding - basic | 94,438,433 | 83,488,963 | 93,534,078 | 83,485,694 | ||||||
Average shares outstanding - diluted | 94,528,948 | 83,489,134 | 93,613,397 | 83,511,808 | ||||||
Cash dividends per share | $0.01 | $0.01 | $0.03 | $0.13 | ||||||
Tier I capital | 13.55% | (1) | 11.36% | 13.55% | (1) | 11.36% | ||||
Total capital | 14.81% | (1) | 12.62% | 14.81% | (1) | 12.62% | ||||
Tier I leverage capital | 10.21% | (1) | 8.66% | 10.21% | (1) | 8.66% | ||||
(1) Estimated as of earnings release date | ||||||||||
BancorpSouth, Inc. | |||||||
Consolidated Balance Sheets | |||||||
(Unaudited) | |||||||
Sep-12 | Jun-12 | Mar-12 | Dec-11 | Sep-11 | |||
(Dollars in thousands) | |||||||
Assets | |||||||
Cash and due from banks | $ 176,529 | $ 224,084 | $ 184,441 | $ 195,681 | $ 161,876 | ||
Interest bearing deposits with other banks | 757,207 | 603,458 | 665,675 | 303,663 | 338,250 | ||
Available-for-sale securities, at fair value | 2,483,606 | 2,462,831 | 2,573,535 | 2,513,518 | 2,481,555 | ||
Loans and leases | 8,716,715 | 8,771,642 | 8,777,538 | 8,911,258 | 9,096,928 | ||
Less: Unearned income | 36,746 | 39,247 | 39,615 | 40,947 | 41,023 | ||
Allowance for credit losses | 169,019 | 175,847 | 181,777 | 195,118 | 199,686 | ||
Net loans and leases | 8,510,950 | 8,556,548 | 8,556,146 | 8,675,193 | 8,856,219 | ||
Loans held for sale | 129,408 | 108,134 | 110,294 | 83,458 | 100,687 | ||
Premises and equipment, net | 321,068 | 320,419 | 321,720 | 323,383 | 323,285 | ||
Accrued interest receivable | 48,314 | 47,358 | 50,008 | 51,266 | 53,338 | ||
Goodwill | 275,173 | 271,297 | 271,297 | 271,297 | 271,297 | ||
Bank owned life insurance | 203,798 | 202,620 | 202,698 | 200,085 | 197,945 | ||
Other real estate owned | 128,211 | 143,615 | 167,808 | 173,805 | 162,686 | ||
Other assets | 201,473 | 207,454 | 203,950 | 204,502 | 251,380 | ||
Total Assets | $ 13,235,737 | $ 13,147,818 | $ 13,307,572 | $ 12,995,851 | $ 13,198,518 | ||
Liabilities | |||||||
Deposits: | |||||||
Demand: Noninterest bearing | $ 2,492,508 | $ 2,312,044 | $ 2,260,012 | $ 2,269,799 | $ 2,198,535 | ||
Interest bearing | 4,697,260 | 4,782,243 | 4,897,585 | 4,706,825 | 4,736,858 | ||
Savings | 1,103,490 | 1,083,255 | 1,067,256 | 991,702 | 968,277 | ||
Other time | 2,681,382 | 2,778,795 | 2,857,469 | 2,986,863 | 3,159,563 | ||
Total deposits | 10,974,640 | 10,956,337 | 11,082,322 | 10,955,189 | 11,063,233 | ||
Federal funds purchased and | |||||||
securities sold under agreement | |||||||
to repurchase | 377,676 | 361,990 | 401,089 | 373,933 | 449,501 | ||
Short-term Federal Home Loan Bank borrowings | |||||||
and other short-term borrowing | - | 1,500 | 1,500 | 1,500 | 1,500 | ||
Accrued interest payable | 6,759 | 7,161 | 7,652 | 8,644 | 10,017 | ||
Junior subordinated debt securities | 160,312 | 160,312 | 160,312 | 160,312 | 160,312 | ||
Long-term Federal Home Loan Bank borrowings | 33,500 | 33,500 | 33,500 | 33,500 | 33,500 | ||
Other liabilities | 236,147 | 208,707 | 228,998 | 199,861 | 213,702 | ||
Total Liabilities | 11,789,034 | 11,729,507 | 11,915,373 | 11,732,939 | 11,931,765 | ||
Shareholders' Equity | |||||||
Common stock | 236,102 | 236,091 | 236,090 | 208,709 | 208,722 | ||
Capital surplus | 311,271 | 310,388 | 309,426 | 227,567 | 227,006 | ||
Accumulated other comprehensive income (loss) | 5,952 | 1,334 | (4,136) | (2,261) | 14,595 | ||
Retained earnings | 893,378 | 870,498 | 850,819 | 828,897 | 816,430 | ||
Total Shareholders' Equity | 1,446,703 | 1,418,311 | 1,392,199 | 1,262,912 | 1,266,753 | ||
Total Liabilities & Shareholders' Equity | $ 13,235,737 | $ 13,147,818 | $ 13,307,572 | $ 12,995,851 | $ 13,198,518 | ||
BancorpSouth, Inc. | |||||||
Consolidated Average Balance Sheets | |||||||
(Unaudited) | |||||||
Sep-12 | Jun-12 | Mar-12 | Dec-11 | Sep-11 | |||
(Dollars in thousands) | |||||||
Assets | |||||||
Cash and due from banks | $ 152,228 | $ 152,907 | $ 160,827 | $ 151,004 | $ 148,409 | ||
Interest bearing deposits with other banks | 605,270 | 574,624 | 603,714 | 384,231 | 309,146 | ||
Available-for-sale securities, at fair value | 2,481,201 | 2,520,932 | 2,507,941 | 2,509,943 | 2,529,482 | ||
Federal funds sold and securities | |||||||
purchased under agreement to resell | 2,717 | - | 274 | 2,174 | - | ||
Loans and leases | 8,755,094 | 8,774,767 | 8,832,104 | 8,995,035 | 9,179,730 | ||
Less: Unearned income | 38,448 | 39,542 | 40,562 | 40,806 | 41,316 | ||
Allowance for credit losses | 179,283 | 185,209 | 202,158 | 208,005 | 205,209 | ||
Net loans and leases | 8,537,363 | 8,550,016 | 8,589,384 | 8,746,224 | 8,933,205 | ||
Loans held for sale | 118,944 | 77,642 | 61,250 | 67,781 | 62,025 | ||
Premises and equipment, net | 320,234 | 320,731 | 322,641 | 322,544 | 326,800 | ||
Accrued interest receivable | 44,789 | 45,494 | 47,512 | 49,256 | 53,122 | ||
Goodwill | 273,867 | 271,297 | 271,297 | 271,297 | 271,297 | ||
Bank owned life insurance | 12,024 | 12,679 | 11,204 | 14,558 | 14,642 | ||
Other real estate owned | 134,384 | 155,471 | 170,924 | 164,841 | 152,052 | ||
Other assets | 335,995 | 336,438 | 341,390 | 362,926 | 374,475 | ||
Total Assets | $ 13,019,016 | $ 13,018,231 | $ 13,088,358 | $ 13,046,779 | $ 13,174,655 | ||
Liabilities | |||||||
Deposits: | |||||||
Demand: Noninterest bearing | $ 2,328,948 | $ 2,248,914 | $ 2,139,371 | $ 2,248,904 | $ 2,147,707 | ||
Interest bearing | 4,704,896 | 4,769,340 | 4,960,060 | 4,714,059 | 4,789,462 | ||
Savings | 1,092,802 | 1,074,912 | 1,027,611 | 975,892 | 957,871 | ||
Other time | 2,729,878 | 2,815,753 | 2,916,910 | 3,078,376 | 3,246,332 | ||
Total deposits | 10,856,524 | 10,908,919 | 11,043,952 | 11,017,231 | 11,141,372 | ||
Federal funds purchased and | |||||||
securities sold under agreement | |||||||
to repurchase | 388,817 | 374,982 | 358,124 | 430,968 | 457,640 | ||
Short-term Federal Home Loan Bank borrowings | |||||||
and other short-term borrowing | 1,223 | 1,500 | 1,500 | 1,500 | 486 | ||
Accrued interest payable | 8,404 | 8,605 | 9,392 | 10,617 | 12,108 | ||
Junior subordinated debt securities | 160,312 | 160,312 | 160,312 | 160,312 | 160,312 | ||
Long-term Federal Home Loan Bank borrowings | 33,500 | 33,500 | 33,500 | 33,500 | 34,984 | ||
Other liabilities | 138,079 | 126,680 | 117,869 | 123,746 | 115,938 | ||
Total Liabilities | 11,586,859 | 11,614,498 | 11,724,649 | 11,777,874 | 11,922,840 | ||
Shareholders' Equity | |||||||
Common stock | 236,095 | 236,091 | 231,276 | 208,722 | 208,722 | ||
Capital surplus | 310,642 | 309,634 | 294,973 | 227,201 | 226,582 | ||
Accumulated other comprehensive income (loss) | 2,900 | (4,020) | (2,269) | 8,927 | 6,379 | ||
Retained earnings | 882,520 | 862,028 | 839,729 | 824,055 | 810,132 | ||
Total Shareholders' Equity | 1,432,157 | 1,403,733 | 1,363,709 | 1,268,905 | 1,251,815 | ||
Total Liabilities & Shareholders' Equity | $ 13,019,016 | $ 13,018,231 | $ 13,088,358 | $ 13,046,779 | $ 13,174,655 | ||
BancorpSouth, Inc. | |||||||||||||
Consolidated Condensed Statements of Income | |||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||
(Unaudited) | |||||||||||||
Quarter Ended | Year To Date | ||||||||||||
Sep-12 | Jun-12 | Mar-12 | Dec-11 | Sep-11 | Sep-12 | Sep-11 | |||||||
INTEREST REVENUE: | |||||||||||||
Loans and leases | $ 105,937 | $ 107,737 | $ 109,012 | $ 112,566 | $ 114,260 | $ 322,686 | $ 348,510 | ||||||
Deposits with other banks | 399 | 382 | 401 | 252 | 203 | 1,182 | 449 | ||||||
Federal funds sold and securities | |||||||||||||
purchased under agreement to resell | 2 | 1 | - | 1 | - | 3 | 166 | ||||||
Held-to-maturity securities: | |||||||||||||
Taxable | - | - | - | - | - | - | 13,080 | ||||||
Tax-exempt | - | - | - | - | - | - | 5,638 | ||||||
Available-for-sale securities: | |||||||||||||
Taxable | 9,329 | 10,188 | 11,162 | 11,781 | 13,172 | 30,679 | 32,208 | ||||||
Tax-exempt | 4,109 | 4,210 | 4,256 | 4,158 | 4,130 | 12,575 | 6,825 | ||||||
Loans held for sale | 974 | 686 | 544 | 635 | 632 | 2,204 | 1,584 | ||||||
Total interest revenue | 120,750 | 123,204 | 125,375 | 129,393 | 132,397 | 369,329 | 408,460 | ||||||
INTEREST EXPENSE: | |||||||||||||
Interest bearing demand | 3,889 | 4,185 | 4,449 | 4,737 | 5,324 | 12,523 | 17,909 | ||||||
Savings | 686 | 691 | 714 | 747 | 828 | 2,091 | 2,464 | ||||||
Other time | 9,482 | 10,275 | 11,291 | 13,104 | 14,837 | 31,048 | 48,605 | ||||||
Federal funds purchased and securities | |||||||||||||
sold under agreement to repurchase | 73 | 66 | 63 | 76 | 95 | 202 | 382 | ||||||
FHLB borrowings | 364 | 366 | 367 | 367 | 375 | 1,097 | 3,092 | ||||||
Junior subordinated debt | 2,875 | 2,879 | 2,879 | 2,871 | 2,861 | 8,633 | 8,580 | ||||||
Other | 2 | 1 | 2 | 2 | 2 | 5 | 4 | ||||||
Total interest expense | 17,371 | 18,463 | 19,765 | 21,904 | 24,322 | 55,599 | 81,036 | ||||||
Net interest revenue | 103,379 | 104,741 | 105,610 | 107,489 | 108,075 | 313,730 | 327,424 | ||||||
Provision for credit losses | 6,000 | 6,000 | 10,000 | 19,250 | 25,112 | 22,000 | 110,831 | ||||||
Net interest revenue, after provision for | |||||||||||||
credit losses | 97,379 | 98,741 | 95,610 | 88,239 | 82,963 | 291,730 | 216,593 | ||||||
NONINTEREST REVENUE: | |||||||||||||
Mortgage lending | 13,549 | 11,040 | 15,142 | 8,928 | (1,443) | 39,731 | 8,141 | ||||||
Credit card, debit card and merchant fees | 8,270 | 7,787 | 7,523 | 7,783 | 12,981 | 23,580 | 34,590 | ||||||
Service charges | 14,189 | 13,697 | 15,116 | 17,412 | 17,334 | 43,002 | 49,258 | ||||||
Trust income | 3,101 | 3,139 | 2,282 | 3,348 | 2,854 | 8,522 | 8,838 | ||||||
Security gains, net | 39 | 177 | 74 | 18 | 2,047 | 290 | 12,109 | ||||||
Insurance commissions | 23,519 | 22,964 | 23,153 | 19,416 | 22,012 | 69,636 | 67,502 | ||||||
Other | 7,753 | 7,664 | 9,070 | 8,430 | 6,270 | 24,487 | 25,072 | ||||||
Total noninterest revenue | 70,420 | 66,468 | 72,360 | 65,335 | 62,055 | 209,248 | 205,510 | ||||||
NONINTEREST EXPENSE: | |||||||||||||
Salaries and employee benefits | 74,829 | 77,661 | 74,931 | 70,512 | 71,851 | 227,421 | 212,368 | ||||||
Occupancy, net of rental income | 10,944 | 10,487 | 10,066 | 10,315 | 11,144 | 31,497 | 32,047 | ||||||
Equipment | 5,083 | 5,124 | 5,333 | 5,108 | 5,346 | 15,540 | 16,599 | ||||||
Deposit insurance assessments | 3,998 | 3,994 | 5,383 | 5,674 | 3,781 | 13,375 | 15,642 | ||||||
Prepayment penalty on FHLB borrowings | - | - | - | - | - | - | 9,778 | ||||||
Other | 38,934 | 39,240 | 39,967 | 44,247 | 38,576 | 118,141 | 111,343 | ||||||
Total noninterest expenses | 133,788 | 136,506 | 135,680 | 135,856 | 130,698 | 405,974 | 397,777 | ||||||
Income before income taxes | 34,011 | 28,703 | 32,290 | 17,718 | 14,320 | 95,004 | 24,326 | ||||||
Income tax expense | 10,186 | 8,079 | 9,424 | 4,415 | 2,386 | 27,689 | 60 | ||||||
Net income | $ 23,825 | $ 20,624 | $ 22,866 | $ 13,303 | $ 11,934 | $ 67,315 | $ 24,266 | ||||||
Net income per share: Basic | $ 0.25 | $ 0.22 | $ 0.25 | $ 0.16 | $ 0.14 | $ 0.72 | $ 0.29 | ||||||
Diluted | $ 0.25 | $ 0.22 | $ 0.25 | $ 0.16 | $ 0.14 | $ 0.72 | $ 0.29 | ||||||
BancorpSouth, Inc. | |||||||||
Selected Loan Data | |||||||||
(Dollars in thousands) | |||||||||
(Unaudited) | |||||||||
Quarter Ended | |||||||||
Sep-12 | Jun-12 | Mar-12 | Dec-11 | Sep-11 | |||||
LOAN AND LEASE PORTFOLIO: | |||||||||
Commercial and industrial | $ 1,462,719 | $ 1,497,678 | $ 1,441,727 | $ 1,473,728 | $ 1,503,391 | ||||
Real estate | |||||||||
Consumer mortgages | 1,888,783 | 1,904,420 | 1,937,997 | 1,945,190 | 1,966,124 | ||||
Home equity | 492,833 | 496,245 | 501,331 | 514,362 | 523,030 | ||||
Agricultural | 257,733 | 251,975 | 256,683 | 239,487 | 249,715 | ||||
Commercial and industrial-owner occupied | 1,309,631 | 1,288,887 | 1,287,542 | 1,301,575 | 1,329,644 | ||||
Construction, acquisition and development | 823,692 | 835,022 | 858,110 | 908,362 | 976,694 | ||||
Commercial real estate | 1,738,516 | 1,748,748 | 1,742,001 | 1,754,022 | 1,772,003 | ||||
Credit cards | 101,405 | 101,085 | 100,527 | 106,281 | 103,232 | ||||
All other | 604,657 | 608,335 | 612,005 | 627,304 | 632,072 | ||||
Total loans | $ 8,679,969 | $ 8,732,395 | $ 8,737,923 | $ 8,870,311 | $ 9,055,905 | ||||
ALLOWANCE FOR CREDIT LOSSES: | |||||||||
Balance, beginning of period | $ 175,847 | $ 181,777 | $ 195,118 | $ 199,686 | $ 197,627 | ||||
Loans and leases charged off: | |||||||||
Commercial and industrial | (4,334) | (1,582) | (4,272) | (1,677) | (1,295) | ||||
Real estate | |||||||||
Consumer mortgages | (2,299) | (2,818) | (4,216) | (2,953) | (2,344) | ||||
Home equity | (270) | (536) | (851) | (1,667) | (1,712) | ||||
Agricultural | (302) | (386) | (96) | (110) | (2,345) | ||||
Commercial and industrial-owner occupied | (994) | (2,732) | (3,868) | (1,136) | (4,222) | ||||
Construction, acquisition and development | (6,845) | (9,560) | (11,394) | (10,539) | (7,697) | ||||
Commercial real estate | (2,633) | (3,260) | (2,809) | (6,858) | (4,467) | ||||
Credit cards | (540) | (588) | (562) | (706) | (760) | ||||
All other | (731) | (438) | (758) | (794) | (770) | ||||
Total loans charged off | (18,948) | (21,900) | (28,826) | (26,440) | (25,612) | ||||
Recoveries: | |||||||||
Commercial and industrial | 1,007 | 1,040 | 1,542 | 446 | 348 | ||||
Real estate | |||||||||
Consumer mortgages | 256 | 438 | 323 | 263 | 485 | ||||
Home equity | 37 | 78 | 315 | 43 | 51 | ||||
Agricultural | 53 | 53 | 10 | 76 | - | ||||
Commercial and industrial-owner occupied | 270 | 1,514 | 351 | 100 | 99 | ||||
Construction, acquisition and development | 2,676 | 1,955 | 2,155 | 971 | 923 | ||||
Commercial real estate | 1,443 | 4,504 | 383 | 340 | 300 | ||||
Credit cards | 144 | 121 | 118 | 168 | 141 | ||||
All other | 234 | 267 | 288 | 215 | 212 | ||||
Total recoveries | 6,120 | 9,970 | 5,485 | 2,622 | 2,559 | ||||
Net charge-offs | (12,828) | (11,930) | (23,341) | (23,818) | (23,053) | ||||
Provision charged to operating expense | 6,000 | 6,000 | 10,000 | 19,250 | 25,112 | ||||
Balance, end of period | $ 169,019 | $ 175,847 | $ 181,777 | $ 195,118 | $ 199,686 | ||||
Average loans for period | $ 8,716,646 | $ 8,735,225 | $ 8,791,542 | $ 8,954,229 | $ 9,138,414 | ||||
Ratio: | |||||||||
Net charge-offs to average loans (annualized) | 0.59% | 0.55% | 1.06% | 1.06% | 1.01% | ||||
BancorpSouth, Inc. | |||||||||
Selected Loan Data | |||||||||
(Dollars in thousands) | |||||||||
(Unaudited) | |||||||||
Quarter Ended | |||||||||
Sep-12 | Jun-12 | Mar-12 | Dec-11 | Sep-11 | |||||
NON-PERFORMING ASSETS | |||||||||
NON-PERFORMING LOANS AND LEASES: | |||||||||
Nonaccrual Loans and Leases | |||||||||
Commercial and industrial | $ 8,674 | $ 13,156 | $ 11,025 | $ 12,260 | $ 11,122 | ||||
Real estate | |||||||||
Consumer mortgages | 35,599 | 35,660 | 46,562 | 47,878 | 44,100 | ||||
Home equity | 3,471 | 2,995 | 2,687 | 2,036 | 2,634 | ||||
Agricultural | 7,190 | 8,390 | 4,254 | 4,179 | 6,254 | ||||
Commercial and industrial-owner occupied | 27,059 | 26,957 | 32,842 | 33,112 | 26,977 | ||||
Construction, acquisition and development | 92,351 | 104,283 | 115,649 | 133,110 | 171,566 | ||||
Commercial real estate | 40,514 | 44,359 | 35,715 | 40,616 | 49,500 | ||||
Credit cards | 465 | 364 | 509 | 594 | 551 | ||||
All other | 4,415 | 4,082 | 3,984 | 3,013 | 1,775 | ||||
Total nonaccrual loans and leases | $ 219,738 | $ 240,246 | $ 253,227 | $ 276,798 | $ 314,479 | ||||
Loans and Leases 90+ Days Past Due, Still Accruing: | |||||||||
Commercial and industrial | $ 45 | $ - | $ 10 | $ 12 | $ 1,846 | ||||
Real estate | |||||||||
Consumer mortgages | 1,027 | 1,141 | 1,314 | 2,974 | 4,136 | ||||
Home equity | - | - | - | - | 134 | ||||
Agricultural | - | - | - | - | 131 | ||||
Commercial and industrial-owner occupied | 119 | - | - | - | 42 | ||||
Construction, acquisition and development | - | - | - | - | 290 | ||||
Commercial real estate | - | - | - | - | 106 | ||||
Credit cards | 236 | 324 | 228 | 299 | 257 | ||||
All other | 15 | 167 | 146 | 149 | 412 | ||||
Total loans and leases 90+ days past due, still accruing | 1,442 | 1,632 | 1,698 | 3,434 | 7,354 | ||||
Restructured Loans and Leases, Still Accruing | 26,147 | 25,071 | 30,311 | 42,018 | 40,966 | ||||
Total non-performing loans and leases | 247,327 | 266,949 | 285,236 | 322,250 | 362,799 | ||||
OTHER REAL ESTATE OWNED: | 128,211 | 143,615 | 167,808 | 173,805 | 162,686 | ||||
Total Non-performing Assets | $ 375,538 | $ 410,564 | $ 453,044 | $ 496,055 | $ 525,485 | ||||
Additions to Nonaccrual Loans and Leases During the Quarter | $ 28,918 | $ 41,121 | $ 40,392 | $ 39,474 | $ 60,799 | ||||
Loans and Leases 30-89 Days Past Due, Still Accruing: | |||||||||
Commercial and industrial | $ 6,065 | $ 3,040 | $ 4,809 | $ 8,065 | $ 9,759 | ||||
Real estate | |||||||||
Consumer mortgages | 14,745 | 14,436 | 10,736 | 15,864 | 20,144 | ||||
Home equity | 1,766 | 1,311 | 2,248 | 2,037 | 2,066 | ||||
Agricultural | 977 | 471 | 663 | 339 | 1,485 | ||||
Commercial and industrial-owner occupied | 4,859 | 2,745 | 3,332 | 2,154 | 7,348 | ||||
Construction, acquisition and development | 8,528 | 2,062 | 2,431 | 2,714 | 4,469 | ||||
Commercial real estate | 3,210 | 1,288 | 2,104 | 3,292 | 5,136 | ||||
Credit cards | 734 | 673 | 686 | 802 | 851 | ||||
All other | 2,861 | 2,544 | 1,983 | 2,280 | 2,832 | ||||
Total Loans and Leases 30-89 days past due, still accruing | $ 43,745 | $ 28,570 | $ 28,992 | $ 37,547 | $ 54,090 | ||||
Credit Quality Ratios: | |||||||||
Provision for credit losses to average loans and leases (annualized) | 0.28% | 0.27% | 0.45% | 0.86% | 1.10% | ||||
Allowance for credit losses to net loans and leases | 1.95% | 2.01% | 2.08% | 2.20% | 2.21% | ||||
Allowance for credit losses to non-performing assets | 45.01% | 42.83% | 40.12% | 39.33% | 38.00% | ||||
Allowance for credit losses to non-performing loans and leases | 68.34% | 65.87% | 63.73% | 60.55% | 55.04% | ||||
Non-performing loans and leases to net loans and leases | 2.85% | 3.06% | 3.26% | 3.63% | 4.01% | ||||
Non-performing assets to net loans and leases | 4.33% | 4.70% | 5.18% | 5.59% | 5.80% | ||||
BancorpSouth, Inc. | |||||||||
Selected Loan Data | |||||||||
(Dollars in thousands) | |||||||||
(Unaudited) | |||||||||
Quarter Ended | |||||||||
Sep-12 | Jun-12 | Mar-12 | Dec-11 | Sep-11 | |||||
REAL ESTATE CONSTRUCTION, ACQUISITION | |||||||||
AND DEVELOPMENT ("CAD") PORTFOLIO: | |||||||||
Outstanding Balance | |||||||||
Multi-family construction | $ 4,546 | $ 2,378 | $ 4,683 | $ 2,138 | $ 10,349 | ||||
One-to-four family construction | 189,561 | 182,648 | 159,281 | 169,827 | 181,445 | ||||
Recreation and all other loans | 62,888 | 66,033 | 63,407 | 67,235 | 61,084 | ||||
Commercial construction | 126,296 | 112,929 | 122,173 | 130,124 | 140,570 | ||||
Commercial acquisition and development | 177,887 | 182,570 | 191,783 | 197,044 | 206,516 | ||||
Residential acquisition and development | 262,514 | 288,464 | 316,783 | 341,994 | 376,730 | ||||
Total outstanding balance | $ 823,692 | $ 835,022 | $ 858,110 | $ 908,362 | $ 976,694 | ||||
Nonaccrual CAD Loans | |||||||||
Multi-family construction | $ - | $ - | $ - | $ 1,067 | $ - | ||||
One-to-four family construction | 14,171 | 15,490 | 11,953 | 14,690 | 17,937 | ||||
Recreation and all other loans | 1,166 | 380 | 386 | 436 | 712 | ||||
Commercial construction | 6,991 | 4,318 | 3,702 | 5,235 | 10,159 | ||||
Commercial acquisition and development | 21,408 | 21,741 | 23,464 | 23,968 | 31,862 | ||||
Residential acquisition and development | 48,615 | 62,354 | 76,144 | 87,714 | 110,896 | ||||
Total nonaccrual CAD loans | 92,351 | 104,283 | 115,649 | 133,110 | 171,566 | ||||
CAD Loans 90+ Days Past Due, Still Accruing: | |||||||||
Multi-family construction | - | - | - | - | - | ||||
One-to-four family construction | - | - | - | - | 211 | ||||
Recreation and all other loans | - | - | - | - | - | ||||
Commercial construction | - | - | - | - | - | ||||
Commercial acquisition and development | - | - | - | - | - | ||||
Residential acquisition and development | - | - | - | - | 79 | ||||
Total CAD loans 90+ days past due, still accruing | - | - | - | - | 290 | ||||
Restructured CAD Loans, Still Accruing | |||||||||
Multi-family construction | - | - | - | - | - | ||||
One-to-four family construction | 787 | 793 | 799 | 318 | 321 | ||||
Recreation and all other loans | 20 | 842 | 847 | 852 | 24 | ||||
Commercial construction | - | - | 977 | - | - | ||||
Commercial acquisition and development | 133 | 260 | 2,975 | 433 | 1,415 | ||||
Residential acquisition and development | 4,149 | 4,048 | 106 | 446 | 410 | ||||
Total restructured CAD loans, still accruing | 5,089 | 5,943 | 5,704 | 2,049 | 2,170 | ||||
Total Non-performing CAD loans | $ 97,440 | $ 110,226 | $ 121,353 | $ 135,159 | $ 174,026 | ||||
CAD NPL as a % of Outstanding CAD Balance | |||||||||
Multi-family construction | - | - | - | 49.9% | - | ||||
One-to-four family construction | 7.9% | 8.9% | 8.0% | 8.8% | 10.2% | ||||
Recreation and all other loans | 1.9% | 1.9% | 1.9% | 1.9% | 1.2% | ||||
Commercial construction | 5.5% | 3.8% | 3.8% | 4.0% | 7.2% | ||||
Commercial acquisition and development | 12.1% | 12.1% | 13.8% | 12.4% | 16.1% | ||||
Residential acquisition and development | 20.1% | 23.0% | 24.1% | 25.8% | 29.6% | ||||
Total CAD NPL as a % of outstanding CAD balance | 11.8% | 13.2% | 14.1% | 14.9% | 17.8% | ||||
BancorpSouth, Inc. | |||||||||||||
Selected Loan Data | |||||||||||||
(Dollars in thousands) | |||||||||||||
(Unaudited) | |||||||||||||
September 30, 2012 | |||||||||||||
Special | |||||||||||||
Pass | Mention | Substandard | Doubtful | Loss | Impaired | Total | |||||||
LOAN PORTFOLIO BY INTERNALLY ASSIGNED GRADE: | |||||||||||||
Commercial and industrial | $ 1,403,199 | $ 10,018 | $ 42,399 | $ 867 | $ 17 | $ 6,219 | $ 1,462,719 | ||||||
Real estate | |||||||||||||
Consumer mortgages | 1,703,867 | 31,993 | 133,139 | 3,727 | 203 | 15,854 | 1,888,783 | ||||||
Home equity | 467,219 | 4,788 | 17,901 | 1,002 | 285 | 1,638 | 492,833 | ||||||
Agricultural | 232,741 | 4,684 | 14,726 | 20 | - | 5,562 | 257,733 | ||||||
Commercial and industrial-owner occupied | 1,169,867 | 34,384 | 83,606 | 736 | 49 | 20,989 | 1,309,631 | ||||||
Construction, acquisition and development | 607,759 | 42,128 | 85,349 | 703 | - | 87,753 | 823,692 | ||||||
Commercial real estate | 1,517,138 | 45,500 | 138,606 | 70 | - | 37,202 | 1,738,516 | ||||||
Credit cards | 101,405 | - | - | - | - | - | 101,405 | ||||||
All other | 582,353 | 6,790 | 13,758 | 828 | 6 | 922 | 604,657 | ||||||
Total loans | $ 7,785,548 | $ 180,285 | $ 529,484 | $ 7,953 | $ 560 | $ 176,139 | $ 8,679,969 | ||||||
June 30, 2012 | |||||||||||||
Special | |||||||||||||
Pass | Mention | Substandard | Doubtful | Loss | Impaired | Total | |||||||
LOAN PORTFOLIO BY INTERNALLY ASSIGNED GRADE: | |||||||||||||
Commercial and industrial | $ 1,426,787 | $ 12,480 | $ 46,512 | $ 959 | $ 34 | $ 10,906 | $ 1,497,678 | ||||||
Real estate | |||||||||||||
Consumer mortgages | 1,720,260 | 29,254 | 132,775 | 4,748 | 302 | 17,081 | 1,904,420 | ||||||
Home equity | 472,291 | 3,476 | 17,759 | 908 | 243 | 1,568 | 496,245 | ||||||
Agricultural | 225,886 | 2,989 | 15,687 | 20 | - | 7,393 | 251,975 | ||||||
Commercial and industrial-owner occupied | 1,158,082 | 25,740 | 83,048 | 276 | 28 | 21,713 | 1,288,887 | ||||||
Construction, acquisition and development | 607,942 | 26,947 | 99,471 | 589 | 20 | 100,053 | 835,022 | ||||||
Commercial real estate | 1,515,262 | 48,217 | 144,301 | 71 | 199 | 40,698 | 1,748,748 | ||||||
Credit cards | 101,085 | - | - | - | - | - | 101,085 | ||||||
All other | 572,073 | 18,060 | 16,425 | 803 | 9 | 965 | 608,335 | ||||||
Total loans | $ 7,799,668 | $ 167,163 | $ 555,978 | $ 8,374 | $ 835 | $ 200,377 | $ 8,732,395 | ||||||
BancorpSouth, Inc. | |||||||||
Selected Loan Data | |||||||||
(Dollars in thousands) | |||||||||
(Unaudited) | |||||||||
As of | |||||||||
Sep-12 | Jun-12 | Mar-12 | Dec-11 | Sep-11 | |||||
Unpaid principal balance of impaired loans | $ 225,581 | $ 259,703 | $ 266,483 | $ 287,099 | $ 342,839 | ||||
Cumulative charge-offs on impaired loans | 49,442 | 59,326 | 55,371 | 52,176 | 62,950 | ||||
Impaired nonaccrual loan and lease outstanding balance | 176,139 | 200,377 | 211,112 | 234,923 | 279,889 | ||||
Other non-accrual loans and leases not impaired | 43,599 | 39,869 | 42,115 | 41,875 | 34,590 | ||||
Total non-accrual loans and leases | $ 219,738 | $ 240,246 | $ 253,227 | $ 276,798 | $ 314,479 | ||||
Allowance for impaired loans | 18,205 | 23,939 | 25,546 | 39,708 | 38,657 | ||||
Nonaccrual loans and leases, net of specific reserves | $ 201,533 | $ 216,307 | $ 227,681 | $ 237,090 | $ 275,822 | ||||
Loans and leases 90+ days past due, still accruing | $ 1,442 | $ 1,632 | $ 1,698 | $ 3,434 | $ 7,354 | ||||
Restructured loans and leases, still accruing | 26,147 | 25,071 | 30,311 | 42,018 | 40,966 | ||||
Total non-performing loans and leases | $ 247,327 | $ 266,949 | $ 285,236 | $ 322,250 | $ 362,799 | ||||
Allowance for impaired loans | $ 18,205 | $ 23,939 | $ 25,546 | $ 39,708 | $ 38,657 | ||||
Allowance for all other loans and leases | 150,814 | 151,908 | 156,231 | 155,410 | 161,029 | ||||
Total allowance for credit losses | $ 169,019 | $ 175,847 | $ 181,777 | $ 195,118 | $ 199,686 | ||||
Outstanding balance of impaired loans | $ 176,139 | $ 200,377 | $ 211,112 | $ 234,923 | $ 279,889 | ||||
Allowance for impaired loans | 18,205 | 23,939 | 25,546 | 39,708 | 38,657 | ||||
Net book value of impaired loans | $ 157,934 | $ 176,438 | $ 185,566 | $ 195,215 | $ 241,232 | ||||
Net book value of impaired loans as a % | |||||||||
of unpaid principal balance | 70% | 68% | 70% | 68% | 70% | ||||
Coverage of other non-accrual loans and leases not impaired by the allowance for all other loans and leases | 346% | 381% | 371% | 371% | 466% | ||||
Coverage of non-performing loans and leases not impaired by the allowance for all other loans and leases | 212% | 228% | 211% | 178% | 194% | ||||
BancorpSouth, Inc. | |||||||||||||||||
Geographical Information | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
September 30, 2012 | |||||||||||||||||
Alabama | Greater | ||||||||||||||||
and Florida | Memphis | Texas and | |||||||||||||||
Panhandle | Arkansas | Mississippi | Missouri | Area | Tennessee | Louisiana | Other | Total | |||||||||
LOAN AND LEASE PORTFOLIO: | |||||||||||||||||
Commercial and industrial | $ 56,648 | $ 180,965 | $ 359,710 | $ 35,642 | $ 17,120 | $ 78,417 | $ 243,618 | $ 490,599 | $ 1,462,719 | ||||||||
Real estate | |||||||||||||||||
Consumer mortgages | 104,047 | 267,970 | 725,919 | 46,468 | 82,291 | 156,255 | 456,239 | 49,594 | 1,888,783 | ||||||||
Home equity | 59,768 | 38,429 | 167,755 | 23,369 | 65,077 | 74,189 | 62,187 | 2,059 | 492,833 | ||||||||
Agricultural | 7,581 | 79,884 | 71,453 | 3,407 | 8,979 | 13,755 | 67,608 | 5,066 | 257,733 | ||||||||
Commercial and industrial-owner occupied | 113,584 | 157,272 | 472,595 | 79,294 | 89,868 | 88,321 | 254,511 | 54,186 | 1,309,631 | ||||||||
Construction, acquisition and development | 90,104 | 67,826 | 252,199 | 39,001 | 85,918 | 96,837 | 165,807 | 26,000 | 823,692 | ||||||||
Commercial real estate | 208,555 | 326,943 | 354,145 | 204,762 | 107,523 | 97,605 | 386,456 | 52,527 | 1,738,516 | ||||||||
Credit cards | - | - | - | - | - | - | - | 101,405 | 101,405 | ||||||||
All other | 31,858 | 87,114 | 180,551 | 7,088 | 55,497 | 50,741 | 95,581 | 96,227 | 604,657 | ||||||||
Total loans | $ 672,145 | $ 1,206,403 | $ 2,584,327 | $ 439,031 | $ 512,273 | $ 656,120 | $ 1,732,007 | $ 877,663 | $ 8,679,969 | ||||||||
CAD PORTFOLIO: | |||||||||||||||||
Multi-family construction | $ - | $ - | $ 10 | $ - | $ - | $ 3,313 | $ 1,223 | $ - | $ 4,546 | ||||||||
One-to-four family construction | 24,377 | 11,604 | 45,679 | 7,036 | 10,451 | 40,757 | 35,482 | 14,175 | 189,561 | ||||||||
Recreation and all other loans | 1,528 | 8,657 | 30,599 | 304 | 3,413 | 3,864 | 14,523 | - | 62,888 | ||||||||
Commercial construction | 16,396 | 11,783 | 46,310 | 3,622 | 8,430 | 9,911 | 28,144 | 1,700 | 126,296 | ||||||||
Commercial acquisition and development | 15,343 | 17,260 | 52,072 | 10,478 | 30,694 | 17,860 | 31,499 | 2,681 | 177,887 | ||||||||
Residential acquisition and development | 32,460 | 18,522 | 77,529 | 17,561 | 32,930 | 21,132 | 54,936 | 7,444 | 262,514 | ||||||||
Total CAD loans | $ 90,104 | $ 67,826 | $ 252,199 | $ 39,001 | $ 85,918 | $ 96,837 | $ 165,807 | $ 26,000 | $ 823,692 | ||||||||
NON-PERFORMING LOANS AND LEASES: | |||||||||||||||||
Commercial and industrial | $ 2,574 | $ 1,143 | $ 610 | $ 518 | $ 23 | $ 196 | $ 3,108 | $ 953 | $ 9,125 | ||||||||
Real estate | |||||||||||||||||
Consumer mortgages | 3,084 | 4,949 | 11,124 | 601 | 2,049 | 3,412 | 7,492 | 6,913 | 39,624 | ||||||||
Home equity | 951 | 60 | 718 | 142 | 618 | 619 | 359 | 4 | 3,471 | ||||||||
Agricultural | - | 4,118 | 1,285 | 1,280 | 722 | 239 | - | 1 | 7,645 | ||||||||
Commercial and industrial-owner occupied | 6,725 | 5,710 | 9,863 | 424 | 3,898 | 4,293 | 2,400 | 263 | 33,576 | ||||||||
Construction, acquisition and development | 17,777 | 1,447 | 8,278 | 13,659 | 21,481 | 11,346 | 19,379 | 4,073 | 97,440 | ||||||||
Commercial real estate | 10,160 | 2,724 | 8,194 | 14,929 | 5,148 | 3,242 | 3,145 | 469 | 48,011 | ||||||||
Credit cards | - | - | - | - | - | - | - | 2,691 | 2,691 | ||||||||
All other | 389 | 2,266 | 1,725 | 15 | 4 | 863 | 460 | 22 | 5,744 | ||||||||
Total loans | $ 41,660 | $ 22,417 | $ 41,797 | $ 31,568 | $ 33,943 | $ 24,210 | $ 36,343 | $ 15,389 | $ 247,327 | ||||||||
BancorpSouth, Inc. | |||||||||||||||||
Selected Additional Information | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
September 30, 2012 | |||||||||||||||||
Alabama | Greater | ||||||||||||||||
and Florida | Memphis | Northeast | Texas and | ||||||||||||||
Panhandle | Arkansas | Mississippi | Missouri | Area | Tennessee | Louisiana | Other | Total | |||||||||
OTHER REAL ESTATE OWNED: | |||||||||||||||||
Commercial and industrial | $ 411 | $ 94 | $ 105 | $ - | $ 797 | $ - | $ - | $ - | $ 1,407 | ||||||||
Real estate | |||||||||||||||||
Consumer mortgages | 2,621 | 251 | 2,645 | 71 | 1,350 | 634 | 290 | 4,084 | 11,946 | ||||||||
Home equity | - | - | 216 | - | - | - | - | - | 216 | ||||||||
Agricultural | 876 | - | - | - | 1,130 | 2,303 | - | - | 4,309 | ||||||||
Commercial and industrial-owner occupied | 533 | 69 | 1,510 | - | 375 | 50 | 146 | - | 2,683 | ||||||||
Construction, acquisition and development | 16,953 | 1,647 | 15,800 | 880 | 41,732 | 13,929 | 2,163 | 523 | 93,627 | ||||||||
Commercial real estate | 826 | 1,548 | 2,219 | 362 | 7,014 | 245 | 226 | - | 12,440 | ||||||||
All other | 46 | 16 | 224 | 113 | 1,152 | - | - | 32 | 1,583 | ||||||||
Total loans | $ 22,266 | $ 3,625 | $ 22,719 | $ 1,426 | $ 53,550 | $ 17,161 | $ 2,825 | $ 4,639 | $ 128,211 | ||||||||
Quarter Ended | |||||||||||||||||
Sep-12 | Jun-12 | Mar-12 | Dec-11 | Sep-11 | |||||||||||||
OTHER REAL ESTATE OWNED: | |||||||||||||||||
Balance, beginning of period | $ 143,615 | $ 167,808 | $ 173,805 | $ 162,686 | $ 151,204 | ||||||||||||
Additions to foreclosed properties | |||||||||||||||||
New foreclosed property | 6,268 | 6,904 | 10,766 | 36,507 | 29,063 | ||||||||||||
Reductions in foreclosed properties | |||||||||||||||||
Sales | (15,392) | (26,165) | (11,771) | (16,688) | (13,136) | ||||||||||||
Writedowns | (6,280) | (4,932) | (4,992) | (8,700) | (4,445) | ||||||||||||
Balance, end of period | $ 128,211 | $ 143,615 | $ 167,808 | $ 173,805 | $ 162,686 | ||||||||||||
FORECLOSED PROPERTY EXPENSE | |||||||||||||||||
Loss on sale of other real estate owned | $ 765 | $ 2,708 | $ 770 | $ 711 | $ 16 | ||||||||||||
Writedown of other real estate owned | 6,280 | 4,932 | 4,992 | 8,700 | 4,445 | ||||||||||||
Other foreclosed property expense | 1,749 | 2,572 | 2,647 | 1,422 | 1,655 | ||||||||||||
Total foreclosed property expense | $ 8,794 | $ 10,212 | $ 8,409 | $ 10,833 | $ 6,116 | ||||||||||||
BancorpSouth, Inc. | |||||||||
Noninterest Revenue and Expense | |||||||||
(Dollars in thousands) | |||||||||
(Unaudited) | |||||||||
Quarter Ended | |||||||||
Sep-12 | Jun-12 | Mar-12 | Dec-11 | Sep-11 | |||||
NONINTEREST REVENUE: | |||||||||
Mortgage lending | $ 13,549 | $ 11,040 | $ 15,142 | $ 8,928 | $ (1,443) | ||||
Credit card, debit card and merchant fees | 8,270 | 7,787 | 7,523 | 7,783 | 12,981 | ||||
Service charges | 14,189 | 13,697 | 15,116 | 17,412 | 17,334 | ||||
Trust income | 3,101 | 3,139 | 2,282 | 3,348 | 2,854 | ||||
Securities gains, net | 39 | 177 | 74 | 18 | 2,047 | ||||
Insurance commissions | 23,519 | 22,964 | 23,153 | 19,416 | 22,012 | ||||
Annuity fees | 548 | 635 | 642 | 382 | 552 | ||||
Brokerage commissions and fees | 1,782 | 1,779 | 1,438 | 1,215 | 1,627 | ||||
Bank-owned life insurance | 1,750 | 1,812 | 2,613 | 2,007 | 1,734 | ||||
Other miscellaneous income | 3,673 | 3,438 | 4,377 | 4,826 | 2,357 | ||||
Total noninterest revenue | $ 70,420 | $ 66,468 | $ 72,360 | $ 65,335 | $ 62,055 | ||||
NONINTEREST EXPENSE: | |||||||||
Salaries and employee benefits | $ 74,829 | $ 77,661 | $ 74,931 | $ 70,512 | $ 71,851 | ||||
Occupancy, net of rental income | 10,944 | 10,487 | 10,066 | 10,315 | 11,144 | ||||
Equipment | 5,083 | 5,124 | 5,333 | 5,108 | 5,346 | ||||
Deposit insurance assessments | 3,998 | 3,994 | 5,383 | 5,674 | 3,781 | ||||
Advertising | 1,081 | 902 | 841 | 1,778 | 1,140 | ||||
Foreclosed property expense | 8,794 | 10,212 | 8,409 | 10,833 | 6,116 | ||||
Telecommunications | 2,118 | 2,023 | 2,206 | 2,110 | 2,097 | ||||
Public relations | 1,309 | 1,355 | 1,466 | 1,244 | 1,415 | ||||
Data processing | 2,312 | 2,444 | 2,764 | 2,398 | 2,614 | ||||
Computer software | 1,856 | 1,786 | 1,803 | 1,892 | 1,863 | ||||
Amortization of intangibles | 860 | 742 | 763 | 813 | 823 | ||||
Legal | 3,004 | 981 | 2,216 | 3,947 | 1,467 | ||||
Postage and shipping | 1,060 | 1,033 | 1,255 | 1,163 | 1,182 | ||||
Other miscellaneous expense | 16,540 | 17,762 | 18,244 | 18,069 | 19,859 | ||||
Total noninterest expense | $ 133,788 | $ 136,506 | $ 135,680 | $ 135,856 | $ 130,698 | ||||
INSURANCE COMMISSIONS: | |||||||||
Property and casualty commissions | $ 17,704 | $ 16,894 | $ 14,430 | $ 14,033 | $ 16,226 | ||||
Life and health commissions | 4,651 | 4,681 | 4,724 | 4,024 | 4,359 | ||||
Risk management income | 698 | 618 | 655 | 597 | 703 | ||||
Other | 466 | 771 | 3,344 | 762 | 724 | ||||
Total insurance commissions | $ 23,519 | $ 22,964 | $ 23,153 | $ 19,416 | $ 22,012 | ||||
BancorpSouth, Inc. | |||||||||
Selected Additional Information | |||||||||
(Dollars in thousands) | |||||||||
(Unaudited) | |||||||||
Quarter Ended | |||||||||
Sep-12 | Jun-12 | Mar-12 | Dec-11 | Sep-11 | |||||
MORTGAGE SERVICING RIGHTS: | |||||||||
Fair value, beginning of period | $ 34,167 | $ 35,668 | $ 30,174 | $ 29,159 | $ 39,455 | ||||
Additions to mortgage servicing rights: | |||||||||
Originations of servicing assets | 5,784 | 4,076 | 3,525 | 3,754 | 3,127 | ||||
Changes in fair value: | |||||||||
Due to payoffs/paydowns | (2,181) | (1,737) | (1,726) | (1,745) | (1,745) | ||||
Due to change in valuation inputs or | |||||||||
assumptions used in the valuation model | (3,206) | (3,837) | 3,697 | (991) | (11,676) | ||||
Other changes in fair value | (2) | (3) | (2) | (3) | (2) | ||||
Fair value, end of period | $ 34,562 | $ 34,167 | $ 35,668 | $ 30,174 | $ 29,159 | ||||
MORTGAGE LENDING REVENUE: | |||||||||
Production revenue: | |||||||||
Origination | $ 15,326 | $ 13,119 | $ 9,720 | $ 8,308 | $ 8,688 | ||||
Servicing | 3,610 | 3,495 | 3,451 | 3,356 | 3,290 | ||||
Payoffs/Paydowns | (2,181) | (1,737) | (1,726) | (1,745) | (1,745) | ||||
Total production revenue | 16,755 | 14,877 | 11,445 | 9,919 | 10,233 | ||||
Market value adjustment | (3,206) | (3,837) | 3,697 | (991) | (11,676) | ||||
Total mortgage lending revenue (loss) | $ 13,549 | $ 11,040 | $ 15,142 | $ 8,928 | $ (1,443) | ||||
AVAILABLE-FOR-SALE SECURITIES, at fair value | |||||||||
U.S. Government agencies | $ 1,472,747 | $ 1,481,060 | $ 1,578,441 | $ 1,501,243 | $ 1,497,456 | ||||
Government agency issued residential | |||||||||
mortgage-back securities | 338,230 | 360,489 | 385,146 | 404,610 | 420,689 | ||||
Government agency issued commercial | |||||||||
mortgage-back securities | 90,306 | 35,895 | 31,647 | 34,599 | 34,475 | ||||
Obligations of states and political subdivisions | 574,559 | 577,629 | 568,642 | 563,520 | 519,431 | ||||
Other | 7,764 | 7,758 | 9,659 | 9,546 | 9,504 | ||||
Total available-for-sale securities | $ 2,483,606 | $ 2,462,831 | $ 2,573,535 | $ 2,513,518 | $ 2,481,555 | ||||
BancorpSouth, Inc. | ||||
Average Balances, Interest Income and Expense, | ||||
and Average Yields and Rates | ||||
(Dollars in thousands) | ||||
(Unaudited) | ||||
Quarter Ended | ||||
September 30, 2012 | ||||
Average | Yield/ | |||
(Taxable equivalent basis) | Balance | Interest | Rate | |
ASSETS | ||||
Loans, loans held for sale, | ||||
and leases net of unearned income | $ 8,835,590 | $ 107,756 | 4.85% | |
Available-for-sale securities: | ||||
Taxable | 2,022,294 | 9,439 | 1.86% | |
Tax-exempt | 458,907 | 6,322 | 5.48% | |
Short-term investments | 607,987 | 401 | 0.26% | |
Total interest earning | ||||
assets and revenue | 11,924,778 | 123,918 | 4.13% | |
Other assets | 1,273,521 | |||
Less: allowance for credit losses | (179,283) | |||
Total | $ 13,019,016 | |||
LIABILITIES AND | ||||
SHAREHOLDERS' EQUITY | ||||
Deposits: | ||||
Demand - interest bearing | $ 4,704,896 | $ 3,889 | 0.33% | |
Savings | 1,092,802 | 686 | 0.25% | |
Other time | 2,729,878 | 9,482 | 1.38% | |
Short-term borrowings | 390,100 | 90 | 0.09% | |
Junior subordinated debt | 160,312 | 2,875 | 7.13% | |
Long-term debt | 33,500 | 349 | 4.14% | |
Total interest bearing | ||||
liabilities and expense | 9,111,488 | 17,371 | 0.76% | |
Demand deposits - | ||||
noninterest bearing | 2,328,948 | |||
Other liabilities | 146,423 | |||
Total liabilities | 11,586,859 | |||
Shareholders' equity | 1,432,157 | |||
Total | $ 13,019,016 | |||
Net interest revenue | $ 106,547 | |||
Net interest margin | 3.55% | |||
Net interest rate spread | 3.37% | |||
Interest bearing liabilities to | ||||
interest earning assets | 76.41% | |||
Net interest tax equivalent adjustment | $ 3,168 | |||
BancorpSouth, Inc. | ||||
Average Balances, Interest Income and Expense, | ||||
and Average Yields and Rates | ||||
(Dollars in thousands) | ||||
(Unaudited) | ||||
Quarter Ended | ||||
June 30, 2012 | ||||
Average | Yield/ | |||
(Taxable equivalent basis) | Balance | Interest | Rate | |
ASSETS | ||||
Loans, loans held for sale, | ||||
and leases net of unearned income | $ 8,812,867 | $ 109,260 | 4.99% | |
Available-for-sale securities: | ||||
Taxable | 2,068,725 | 10,298 | 2.00% | |
Tax-exempt | 452,207 | 6,478 | 5.76% | |
Short-term investments | 574,624 | 383 | 0.27% | |
Total interest earning | ||||
assets and revenue | 11,908,423 | 126,419 | 4.27% | |
Other assets | 1,295,017 | |||
Less: allowance for credit losses | (185,209) | |||
Total | $ 13,018,231 | |||
LIABILITIES AND | ||||
SHAREHOLDERS' EQUITY | ||||
Deposits: | ||||
Demand - interest bearing | $ 4,769,340 | $ 4,184 | 0.35% | |
Savings | 1,074,912 | 691 | 0.26% | |
Other time | 2,815,753 | 10,275 | 1.47% | |
Short-term borrowings | 376,545 | 85 | 0.09% | |
Junior subordinated debt | 160,312 | 2,879 | 7.22% | |
Long-term debt | 33,500 | 349 | 4.19% | |
Total interest bearing | ||||
liabilities and expense | 9,230,362 | 18,463 | 0.80% | |
Demand deposits - | ||||
noninterest bearing | 2,248,914 | |||
Other liabilities | 135,222 | |||
Total liabilities | 11,614,498 | |||
Shareholders' equity | 1,403,733 | |||
Total | $ 13,018,231 | |||
Net interest revenue | $ 107,956 | |||
Net interest margin | 3.65% | |||
Net interest rate spread | 3.47% | |||
Interest bearing liabilities to | ||||
interest earning assets | 77.51% | |||
Net interest tax equivalent adjustment | $ 3,215 | |||
BancorpSouth, Inc. | ||||
Average Balances, Interest Income and Expense, | ||||
and Average Yields and Rates | ||||
(Dollars in thousands) | ||||
(Unaudited) | ||||
Quarter Ended | ||||
March 31, 2012 | ||||
Average | Yield/ | |||
(Taxable equivalent basis) | Balance | Interest | Rate | |
ASSETS | ||||
Loans, loans held for sale, | ||||
and leases net of unearned income | $ 8,852,792 | $ 110,407 | 5.02% | |
Available-for-sale securities: | ||||
Taxable | 2,058,859 | 11,272 | 2.20% | |
Tax-exempt | 449,082 | 6,547 | 5.86% | |
Short-term investments | 603,988 | 401 | 0.27% | |
Total interest earning | ||||
assets and revenue | 11,964,721 | 128,627 | 4.32% | |
Other assets | 1,325,795 | |||
Less: allowance for credit losses | (202,158) | |||
Total | $ 13,088,358 | |||
LIABILITIES AND | ||||
SHAREHOLDERS' EQUITY | ||||
Deposits: | ||||
Demand - interest bearing | $ 4,960,060 | $ 4,449 | 0.36% | |
Savings | 1,027,611 | 714 | 0.28% | |
Other time | 2,916,910 | 11,291 | 1.56% | |
Short-term borrowings | 359,690 | 83 | 0.09% | |
Junior subordinated debt | 160,312 | 2,879 | 7.22% | |
Long-term debt | 33,500 | 349 | 4.19% | |
Total interest bearing | ||||
liabilities and expense | 9,458,083 | 19,765 | 0.84% | |
Demand deposits - | ||||
noninterest bearing | 2,139,371 | |||
Other liabilities | 127,195 | |||
Total liabilities | 11,724,649 | |||
Shareholders' equity | 1,363,709 | |||
Total | $ 13,088,358 | |||
Net interest revenue | $ 108,862 | |||
Net interest margin | 3.66% | |||
Net interest rate spread | 3.48% | |||
Interest bearing liabilities to | ||||
interest earning assets | 79.05% | |||
Net interest tax equivalent adjustment | $ 3,252 | |||
BancorpSouth, Inc. | ||||
Average Balances, Interest Income and Expense, | ||||
and Average Yields and Rates | ||||
(Dollars in thousands) | ||||
(Unaudited) | ||||
Quarter Ended | ||||
December 31, 2011 | ||||
Average | Yield/ | |||
(Taxable equivalent basis) | Balance | Interest | Rate | |
ASSETS | ||||
Loans, loans held for sale, | ||||
and leases net of unearned income | $ 9,022,010 | $ 114,094 | 5.02% | |
Available-for-sale securities: | ||||
Taxable | 2,083,983 | 11,891 | 2.26% | |
Tax-exempt | 425,960 | 6,396 | 5.96% | |
Short-term investments | 386,405 | 253 | 0.26% | |
Total interest earning | ||||
assets and revenue | 11,918,358 | 132,634 | 4.42% | |
Other assets | 1,336,426 | |||
Less: allowance for credit losses | (208,005) | |||
Total | $ 13,046,779 | |||
LIABILITIES AND | ||||
SHAREHOLDERS' EQUITY | ||||
Deposits: | ||||
Demand - interest bearing | $ 4,714,059 | $ 4,737 | 0.40% | |
Savings | 975,892 | 746 | 0.30% | |
Other time | 3,078,376 | 13,104 | 1.69% | |
Short-term borrowings | 432,539 | 95 | 0.09% | |
Junior subordinated debt | 160,312 | 2,871 | 7.11% | |
Long-term debt | 33,500 | 350 | 4.15% | |
Total interest bearing | ||||
liabilities and expense | 9,394,678 | 21,903 | 0.92% | |
Demand deposits - | ||||
noninterest bearing | 2,248,904 | |||
Other liabilities | 134,292 | |||
Total liabilities | 11,777,874 | |||
Shareholders' equity | 1,268,905 | |||
Total | $ 13,046,779 | |||
Net interest revenue | $ 110,731 | |||
Net interest margin | 3.69% | |||
Net interest rate spread | 3.49% | |||
Interest bearing liabilities to | ||||
interest earning assets | 78.83% | |||
Net interest tax equivalent adjustment | $ 3,241 | |||
BancorpSouth, Inc. | ||||
Average Balances, Interest Income and Expense, | ||||
and Average Yields and Rates | ||||
(Dollars in thousands) | ||||
(Unaudited) | ||||
Quarter Ended | ||||
September 30, 2011 | ||||
Average | Yield/ | |||
(Taxable equivalent basis) | Balance | Interest | Rate | |
ASSETS | ||||
Loans, loans held for sale, | ||||
and leases net of unearned income | $ 9,200,439 | $ 115,605 | 4.99% | |
Available-for-sale securities: | ||||
Taxable | 2,123,772 | 13,283 | 2.48% | |
Tax-exempt | 405,710 | 6,354 | 6.21% | |
Short-term investments | 309,146 | 203 | 0.26% | |
Total interest earning | ||||
assets and revenue | 12,039,067 | 135,445 | 4.46% | |
Other assets | 1,340,797 | |||
Less: allowance for credit losses | (205,209) | |||
Total | $ 13,174,655 | |||
LIABILITIES AND | ||||
SHAREHOLDERS' EQUITY | ||||
Deposits: | ||||
Demand - interest bearing | $ 4,789,462 | $ 5,323 | 0.44% | |
Savings | 957,871 | 828 | 0.34% | |
Other time | 3,246,332 | 14,837 | 1.81% | |
Short-term borrowings | 458,199 | 112 | 0.10% | |
Junior subordinated debt | 160,312 | 2,861 | 7.08% | |
Long-term debt | 34,984 | 361 | 4.09% | |
Total interest bearing | ||||
liabilities and expense | 9,647,160 | 24,322 | 1.00% | |
Demand deposits - | ||||
noninterest bearing | 2,147,707 | |||
Other liabilities | 127,973 | |||
Total liabilities | 11,922,840 | |||
Shareholders' equity | 1,251,815 | |||
Total | $ 13,174,655 | |||
Net interest revenue | $ 111,123 | |||
Net interest margin | 3.66% | |||
Net interest rate spread | 3.46% | |||
Interest bearing liabilities to | ||||
interest earning assets | 80.13% | |||
Net interest tax equivalent adjustment | $ 3,048 | |||
BancorpSouth, Inc. | |||||||
Reconciliation of Non-GAAP Measures | |||||||
(Dollars in thousands) | |||||||
(Unaudited) | |||||||
Reconciliation of Tangible Assets and Tangible Shareholders' Equity to | |||||||
Total Assets and Total Shareholders' Equity *: | |||||||
September 30, | June 30, | ||||||
2012 | 2011 | 2012 | |||||
Tangible assets | |||||||
Total assets | $ 13,235,737 | $ 13,198,518 | $ 13,147,818 | ||||
Less: | Goodwill | 275,173 | 271,297 | 271,297 | |||
Other identifiable intangible assets | 17,932 | 17,426 | 15,108 | ||||
Total tangible assets | $ 12,942,632 | $ 12,909,795 | $ 12,861,413 | ||||
Tangible shareholders' equity | |||||||
Total shareholders' equity | $ 1,446,703 | $ 1,266,753 | $ 1,418,311 | ||||
Less: | Goodwill | 275,173 | 271,297 | 271,297 | |||
Other identifiable intangible assets | 17,932 | 17,426 | 15,108 | ||||
Total tangible shareholders' equity | $ 1,153,598 | $ 978,030 | $ 1,131,906 | ||||
Tangible shareholders' equity to tangible assets | 8.91% | 7.58% | 8.80% | ||||
* | BancorpSouth, Inc. utilizes the ratio of tangible shareholders' equity to tangible assets when | ||||||
evaluating the performance of the Company. Tangible shareholders' equity is defined by the | |||||||
Company as total shareholders' equity less goodwill and other identifiable intangible assets. | |||||||
Tangible assets are defined by the Company as total assets less goodwill and other identifiable | |||||||
intangible assets. Management believes the ratio of tangible shareholders' equity to tangible assets | |||||||
is important to investors who are interested in evaluating the adequacy of the Company's capital levels. | |||||||
SOURCE BancorpSouth, Inc.
