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BancorpSouth Announces Earnings of $0.26 per Diluted Share for Third Quarter 2009
PR Newswire
Oct 22, 2009
TUPELO, Miss., Oct. 22 /PRNewswire-FirstCall/ -- BancorpSouth, Inc. (NYSE: BXS) today announced financial results for the quarter ended September 30, 2009.
Highlights of the third quarter include:
-- Solid profits with net income of $21.5 million, or $0.26 per diluted
share.
-- Incremental growth in net interest revenue on a comparable and
sequential quarter basis to a record level.
-- Continued net interest margin stability with an increase to 3.77 percent
from 3.67 percent for the third quarter of 2008 and 3.75 percent for the
second quarter of 2009.
-- Annualized net charge-offs of 0.68 percent of average loans and leases
and non-performing loans and leases of 1.14 percent of total loans and
leases.
-- Continued emphasis on noninterest expense management programs provides
positive results.
-- Continued growth in capital levels with common equity to assets of 9.69
percent at September 30, 2009.
Summary Results
BancorpSouth's net income for the third quarter of 2009 was $21.5 million, or $0.26 per diluted share, compared with $28.3 million, or $0.34 per diluted share, for the third quarter of 2008.
Aubrey Patterson, Chairman and Chief Executive Officer of BancorpSouth, remarked, "BancorpSouth's third quarter results reflect a strong and stable net interest margin, well controlled expenses and solid operating performance in an otherwise difficult operating environment. The sustained profitable performance of our Company throughout this recent economic downturn continues to validate our deliberate and conservative long-term approach in managing through this business cycle. With a strong capital base, high quality assets and solid banking franchise, we remain confident that we are well positioned to manage through this period and continue operating a business plan that will result in achieving our long-term objectives.
"The prolonged economic downturn has put pressure on the financial services industry and BancorpSouth has experienced some of that pressure. During the third quarter, non-performing loans and leases increased $14.0 million to $111.6 million. This increase was primarily attributable to one loan totaling $10.7 million that was placed on non-accrual during the third quarter. This loan, which is classified as a Shared National Credit, is part of our portfolio of $140 million in loans outstanding where BancorpSouth acts as a participant with other banks.
"Our provision for credit losses was $22.5 million for the third quarter, while net charge-offs in the period were $16.5 million. At quarter end, our allowance for credit losses was 1.48 percent of net loans and leases. We continue to focus on early identification and decisive resolution of any credit issues.
"For the third quarter of 2009, the Company's financial results also included the impact of a $4.1 million decrease in the value of our mortgage servicing rights compared with a $1.0 million decrease in value for the third quarter of 2008 and a $2.9 million increase in value for the second quarter of 2009. In addition, comparable quarter results continued to be affected by the major increase in the FDIC insurance premiums initiated in the first quarter of 2009, which totaled $2.7 million more for the third quarter of 2009 than the third quarter last year."
Net Interest Revenue
Net interest revenue increased to $111.7 million for the third quarter of 2009, up 1.9 percent from $109.6 million for the third quarter of 2008 and 0.7 percent from $110.9 million for the second quarter of 2009. The fully taxable equivalent net interest margin was 3.77 percent for the third quarter of 2009, compared with 3.67 percent for the third quarter of 2008 and 3.75 percent for the second quarter of 2009.
Patterson said, "For the third quarter of 2009, we again achieved incremental growth in net interest revenue. By producing a comparable quarter and sequential quarter increase in our net interest margin, we have sustained a consistent and relatively high net interest margin thus far through the economic downturn. Over the last year, our net interest margin has ranged from 3.74 percent to 3.77 percent.
"While asset growth opportunities have been limited by the weak economy, we have benefitted from good growth in deposits, particularly demand deposits. We have also lengthened the average maturity of our time deposits from 10 to 13 months over the last year. In addition, over the last year, average short-term borrowings have declined from $1.8 billion to $1.1 billion. These funding strategies are intended to limit the negative impact to our net interest margin should interest rates rise."
Asset, Deposit and Loan Activity
Total assets at September 30, 2009 were $13.3 billion, virtually unchanged from the end of the third quarter last year. Total deposits of $10.3 billion at September 30, 2009 increased 6.3 percent from $9.7 billion at September 30, 2008. Loans and leases, net of unearned income, increased 1.7 percent to $9.8 billion at September 30, 2009 from $9.6 billion at September 30, 2008.
"While growth opportunities have been very limited, we continue to concentrate on positioning the balance sheet to take advantage of opportunities that become available," commented Patterson. "We are confident that our diversified geographic footprint positions us for stronger loan growth in an improving economic environment, but we will not relax our lending policies for the sake of growth in the current environment. We will continue our efforts to grow lower-cost deposits by expanding our core customer base and will evaluate strategic opportunities to expand and strengthen our franchise."
Provision for Credit Losses and Allowance for Credit Losses
For the third quarter of 2009, the provision for credit losses was $22.5 million compared with $16.3 million for the third quarter of 2008 and $17.6 million for the second quarter of 2009. Annualized net charge-offs were 0.68 percent of average loans and leases for the third quarter of 2009 compared with 0.45 percent for the third quarter of 2008 and 0.55 percent for the second quarter of 2009.
Non-performing loans and leases increased to $111.6 million, or 1.14 percent of net loans and leases, at September 30, 2009 from $65.2 million, or 0.68 percent of net loans and leases, at September 30, 2008 and from $97.7 million, or 1.00 percent of net loans and leases, at June 30, 2009. The allowance for credit losses increased to 1.48 percent of net loans and leases at September 30, 2009 compared with 1.35 percent at September 30, 2008 and 1.42 percent at June 30, 2009.
Patterson added, "As addressed earlier, the growth in non-performing loans was primarily driven by one larger credit that was placed on non-accrual during the quarter, while our loan portfolio as a whole continued to perform well given the length and severity of the recent recession. While we recognize that, the longer this period of economic weakness persists, troubled borrowers could find it increasingly difficult to comply with repayment terms, we are confident that our process to identify credit problems early will enable us to keep those problems manageable. All our loans were originated within our markets and our conservative lending and credit policies are designed to enhance our ability to work with each borrower to minimize risk of loss."
Noninterest Revenue
For the third quarter of 2009, noninterest revenue decreased 6.1 percent to $59.5 million from $63.4 million for the third quarter of 2008. This decrease reflected, in part, a $4.1 million decline in the value of the mortgage servicing rights (MSR) for the third quarter of 2009 compared with a $1.0 million decline for the third quarter of 2008.
Patterson commented, "We are pleased with the strong growth in our mortgage origination business, with mortgage lending revenue, excluding the MSR valuation adjustment, of $6.1 million, a 43.1 percent increase from the third quarter last year. Comparable quarter noninterest revenue also benefitted from the second consecutive quarterly increase in credit and debit card fee income resulting primarily from higher transaction volume. Although service charges have not recovered to the levels achieved for the third quarter of 2008, they have now increased on a sequential quarter basis for the second consecutive quarter. Because of insurance market conditions that remain soft, our insurance commission revenue declined 7.6 percent compared with record insurance commission revenue for the third quarter of 2008."
Noninterest Expense
Noninterest expense was $119.7 million for the third quarter of 2009, an increase of 3.2 percent from $116.1 million for the third quarter of 2008. These results again reflected the substantial increase in BancorpSouth's FDIC premium initiated in the first quarter of 2009. Although the Company continues to be assessed at the FDIC's lowest rate because of its "well capitalized" status under federal regulations, the FDIC premium for the third quarter of 2009 increased $2.7 million over the third quarter of 2008. The growth in noninterest expense from the third quarter of 2008 also related to the opening of 12 full-service branch bank offices during the 12 month period ended September 30, 2009. Noninterest expense for the second quarter of 2009 was $123.3 million, which included the impact of a special FDIC assessment totaling $6.1 million that was in addition to the recurring FDIC premium.
Capital Management
BancorpSouth's commitment to a strong capital base is one of its fundamental operating principles. The Company's capital base was further strengthened during the third quarter of 2009, as the ratio of shareholders' equity to assets improved on a comparable quarter basis for the 13th consecutive quarter, increasing to 9.69 percent at the end of the third quarter from 9.34 percent at the end of the third quarter of 2008 and 9.59 percent at the end of the second quarter of 2009. The ratio of tangible equity to assets also increased to 7.64 percent from 7.25 percent at the end of the third quarter of 2008 and 7.53 percent at the end of the second quarter of 2009. BancorpSouth remains a "well capitalized" financial holding company, as defined by federal regulations.
Summary
Patterson concluded, "BancorpSouth's third quarter operating performance highlighted many of the challenges we continue to face in an extended recessionary environment, as well as many of the strengths that have enabled us to consistently outperform our peers throughout the economic downturn. The fundamental basis of these strengths is our conservative operating philosophy that we believe best positions BancorpSouth to achieve long-term growth and increased shareholder value in an industry subject to interest rate and economic cycles.
"Because of our consistent adherence to this philosophy, BancorpSouth is not only well prepared to manage through the challenges presented in today's market, but we are well positioned to generate additional growth in an improving economic environment. We have continued to prepare for organic growth by engaging existing customers with new products and services, winning new customers in existing markets and expanding our geographic footprint into attractive new markets. Through the consistent strengthening of our capital structure, we have also prepared to leverage opportunities for growth through strategic acquisitions.
"As a result of the Company's strong market position and its performance throughout the economic downturn, we remain confident of BancorpSouth's long-term growth potential. We have neither been, nor will we be, complacent about the impact of the current economic environment on our customers, our credit quality, our ability to produce revenue growth and manage expenses or our shareholder value. However, through the long-term orientation of our conservative business model, we have consistently prepared BancorpSouth to deal with the challenges of the full economic cycle, and we expect to emerge from the current downturn in a stronger competitive position than when the downturn began."
Conference Call
BancorpSouth will conduct a conference call to discuss its third quarter 2009 results tomorrow, October 23, 2009, 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 our ability to achieve our long-term objectives, the impact of rising interest rates on our net interest margin, our lending policies, our efforts to grow lower-cost deposits, strategic opportunities to expand and strengthen our franchise, our process to identify credit problems, our conservative operating philosophy, the impact of the current economic environment on our customers and our competitive position.
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, changes in general business or economic conditions or government fiscal and monetary policies, volatility and disruption in national and international financial markets, fluctuations in prevailing interest rates and the ability of BancorpSouth to manage its assets and liabilities to limit exposure to changing interest rates, the ability of BancorpSouth to increase noninterest revenue and expand noninterest revenue business, the ability of BancorpSouth to maintain credit quality, changes in laws and regulations affecting financial service companies in general, the ability of BancorpSouth to compete with other financial services companies, the ability of BancorpSouth to provide and market competitive services and products, changes in BancorpSouth's operating or expansion strategy, BancorpSouth's business model, geographic concentration of BancorpSouth's assets, the ability of BancorpSouth to manage its growth and effectively serve an expanding customer and market base, the ability of BancorpSouth to achieve profitable growth and increase shareholder value, the ability of BancorpSouth to attract, train and retain qualified personnel, the ability of BancorpSouth to identify, close and effectively integrate potential acquisitions, the ability of BancorpSouth to expand geographically and enter growing markets, changes in consumer preferences, other factors generally understood to affect the financial results of financial services companies, and other factors described from time to time in BancorpSouth's filings with the Securities and Exchange Commission. We undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.
BancorpSouth, Inc. is a financial holding company headquartered in Tupelo, Mississippi, with $13.3 billion in assets. BancorpSouth Bank, a wholly-owned subsidiary of BancorpSouth, Inc., operates approximately 314 commercial banking, mortgage, insurance, trust and broker/dealer locations in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas. BancorpSouth Bank also operates an insurance location in Illinois.
BancorpSouth, Inc.
Selected Financial Data
-----------------------
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2009 2008 2009 2008
---- ---- ---- ----
(Dollars in thousands,
except per share amounts)
Earnings Summary:
Net interest revenue $111,736 $109,602 $332,552 $329,515
Provision for credit
losses 22,514 16,306 55,053 38,354
Noninterest revenue 59,549 63,433 205,581 202,930
Noninterest expense 119,746 116,059 361,466 341,593
------- ------- ------- -------
Income before income taxes 29,025 40,670 121,614 152,498
Income tax provision 7,494 12,325 36,739 48,883
----- ------ ------ ------
Net income $21,531 $28,345 $84,875 $103,615
======= ======= ======= ========
Earning per share: Basic $0.26 $0.34 $1.02 $1.26
===== ===== ===== =====
Diluted $0.26 $0.34 $1.02 $1.25
===== ===== ===== =====
Balance sheet data
at September 30:
Total assets $13,271,873 $13,300,728
Total earning assets 12,094,937 12,073,837
Loans and leases, net
of unearned income 9,757,944 9,592,412
Allowance for credit
losses 144,791 129,147
Total deposits 10,297,034 9,684,800
Common shareholders'
equity 1,286,218 1,242,719
Book value per share 15.41 14.96
Average balance sheet
data:
Total assets $13,167,057 $13,304,939 $13,250,329 $13,174,345
Total earning assets 12,027,909 12,132,130 12,116,158 12,012,791
Loans and leases, net
of unearned interest 9,750,159 9,529,731 9,729,050 9,371,480
Total deposits 10,200,211 9,659,246 10,057,028 9,873,058
Common shareholders'
equity 1,265,099 1,231,350 1,251,769 1,219,170
Non-performing assets
at September 30:
Non-accrual loans and
leases $82,732 $30,642
Loans and leases 90+
days past due, still
accruing 20,699 31,866
Restructured loans and
leases, still accruing 8,205 2,666
Other real estate owned 62,072 32,479
------ ------
Total non-performing assets 173,708 97,653
Net charge-offs as a
percentage of average
loans (annualized) 0.68% 0.45% 0.59% 0.35%
Performance ratios
(annualized):
Return on average assets 0.65% 0.85% 0.86% 1.05%
Return on common equity 6.75% 9.16% 9.07% 11.35%
Net interest margin 3.77% 3.67% 3.75% 3.75%
Average shares
outstanding - basic 83,368,580 82,560,724 83,260,911 82,420,266
Average shares
outstanding - diluted 83,512,826 82,765,428 83,398,142 82,645,153
BancorpSouth, Inc.
Consolidated Balance Sheet
(Unaudited)
September 30, %
2009 2008 Change
---- ---- ------
(Dollars in thousands)
Assets
------
Cash and due from banks $189,103 $246,687 (23.34%)
Interest bearing deposits with
other banks 43,067 15,730 173.79%
Held-to-maturity securities, at
amortized cost 1,180,716 1,350,396 (12.57%)
Available-for-sale securities,
at fair value 958,158 919,468 4.21%
Federal funds sold and securities
purchased under agreement to
resell 75,000 - N/A
Loans and leases 9,803,235 9,641,497 1.68%
Less: Unearned income 45,291 49,085 (7.73%)
Allowance for credit losses 144,791 129,147 12.11%
------- -------
Net loans and leases 9,613,153 9,463,265 1.58%
Loans held for sale 80,053 195,830 (59.12%)
Premises and equipment, net 346,931 345,235 0.49%
Accrued interest receivable 74,589 85,968 (13.24%)
Goodwill 270,097 271,017 (0.34%)
Other assets 441,006 407,132 8.32%
------- -------
Total Assets $13,271,873 13,300,728 (0.22%)
=========== ==========
Liabilities
-----------
Deposits:
Demand: Noninterest bearing $1,769,432 1,694,303 4.43%
Interest bearing 4,055,395 3,771,265 7.53%
Savings 712,446 693,034 2.80%
Other time 3,759,761 3,526,198 6.62%
--------- ---------
Total deposits 10,297,034 9,684,800 6.32%
Federal funds purchased and
securities sold under agreement
to repurchase 816,374 1,079,088 (24.35%)
Short-term Federal Home Loan Bank
borrowings and other short-term
borrowing 200,000 625,000 (68.00%)
Accrued interest payable 24,243 24,846 (2.43%)
Junior subordinated debt
securities 160,312 160,312 0.00%
Long-term Federal Home Loan Bank
borrowings 286,281 288,861 (0.89%)
Other liabilities 201,411 195,102 3.23%
------- -------
Total Liabilities 11,985,655 12,058,009 (0.60%)
Shareholders' Equity
--------------------
Common stock 208,615 207,714 0.43%
Capital surplus 222,135 216,394 2.65%
Accumulated other comprehensive
income (loss) (18,568) (8,746) 112.30%
Retained earnings 874,036 827,357 5.64%
------- -------
Total Shareholders' Equity 1,286,218 1,242,719 3.50%
--------- ---------
Total Liabilities &
Shareholders' Equity $13,271,873 $13,300,728 (0.22%)
=========== ===========
BancorpSouth, Inc.
Consolidated Condensed Statements of Income
(Dollars in thousands, except per share data)
(Unaudited)
Quarter Ended
-------------
Sep-09 Jun-09 Mar-09 Dec-08 Sep-08
------ ------ ------ ------ ------
INTEREST REVENUE:
Loans and leases $129,455 $129,263 $129,209 $139,099 $144,393
Deposits with other
banks 20 22 70 111 172
Federal funds sold and
securities purchased
under agreement to resell 27 3 1 3 218
Held-to-maturity securities:
Taxable 11,690 12,108 13,031 13,625 14,063
Tax-exempt 2,193 2,155 2,111 2,053 1,959
Available-for-sale
securities:
Taxable 8,592 8,721 9,038 8,693 9,025
Tax-exempt 812 826 883 867 874
Loans held for sale 698 1,215 1,275 2,117 1,920
--- ----- ----- ----- -----
Total interest
revenue 153,487 154,313 155,618 166,568 172,624
------- ------- ------- ------- -------
INTEREST EXPENSE:
Interest bearing demand 9,038 9,738 12,248 15,924 14,214
Savings 937 927 936 1,080 1,366
Other time 25,534 26,496 25,833 28,293 33,660
Federal funds purchased
and securities sold
under agreement to
repurchase 331 421 572 2,175 4,308
FHLB borrowings 2,877 2,885 2,823 4,537 6,277
Junior subordinated debt 2,884 2,928 2,955 3,162 3,064
Other 150 (22) 375 76 133
--- --- --- -- ---
Total interest
expense 41,751 43,373 45,742 55,247 63,022
------ ------ ------ ------ ------
Net interest
revenue 111,736 110,940 109,876 111,321 109,602
Provision for credit
losses 22,514 17,594 14,945 17,822 16,306
------ ------ ------ ------ ------
Net interest
revenue, after
provision for
credit losses 89,222 93,346 94,931 93,499 93,296
------ ------ ------ ------ ------
NONINTEREST REVENUE:
Mortgage lending 2,012 13,959 7,652 (12,174) 3,270
Credit card, debit card
and merchant fees 8,902 9,111 8,348 8,409 8,512
Service charges 16,313 15,642 14,085 16,915 17,687
Trust income 2,435 2,040 2,209 2,328 2,507
Security gains (losses),
net - 42 5 (6,226) 100
Insurance commissions 20,134 20,575 22,645 18,752 21,779
Other 9,753 18,370 11,349 11,446 9,578
----- ------ ------ ------ -----
Total noninterest
revenue 59,549 79,739 66,293 39,450 63,433
------ ------ ------ ------ ------
NONINTEREST EXPENSES:
Salaries and employee
benefits 70,353 70,092 71,363 64,395 68,865
Occupancy, net of rental
income 10,720 10,492 9,999 10,307 10,340
Equipment 5,853 5,855 6,222 6,319 6,214
Deposit insurance
assessments 3,402 9,358 3,126 1,444 717
Other 29,418 27,470 27,743 28,628 29,923
------ ------ ------ ------ ------
Total noninterest
expenses 119,746 123,267 118,453 111,093 116,059
------- ------- ------- ------- -------
Income before
income taxes 29,025 49,818 42,771 21,856 40,670
Income tax expense 7,494 15,951 13,294 5,060 12,325
----- ------ ------ ----- ------
Net income $21,531 $33,867 $29,477 $16,796 $28,345
======= ======= ======= ======= =======
Net income per share:
Basic $0.26 $0.41 $0.35 $0.20 $0.34
===== ===== ===== ===== =====
Diluted $0.26 $0.41 $0.35 $0.20 $0.34
===== ===== ===== ===== =====
Year To Date
------------
Sep-09 Sep-08
------ ------
INTEREST REVENUE:
Loans and leases $387,927 $450,866
Deposits with other banks 112 573
Federal funds sold and securities purchased
under agreement to resell 31 285
Held-to-maturity securities:
Taxable 36,829 45,054
Tax-exempt 6,459 6,059
Available-for-sale securities:
Taxable 26,351 27,120
Tax-exempt 2,521 3,338
Loans held for sale 3,188 5,550
----- -----
Total interest revenue 463,418 538,845
------- -------
INTEREST EXPENSE:
Interest bearing demand 31,024 44,409
Savings 2,800 4,200
Other time 77,863 120,298
Federal funds purchased and
securities sold under agreement to
repurchase 1,324 12,824
FHLB borrowings 8,585 17,921
Junior subordinated debt 8,767 9,309
Other 503 369
--- ---
Total interest expense 130,866 209,330
------- -------
Net interest revenue 332,552 329,515
Provision for credit losses 55,053 38,354
------ ------
Net interest revenue, after
provision for credit losses 277,499 291,161
------- -------
NONINTEREST REVENUE:
Mortgage lending 23,623 14,320
Credit card, debit card and merchant fees 26,361 25,334
Service charges 46,040 50,619
Trust income 6,684 7,002
Security gains (losses), net 47 377
Insurance commissions 63,354 67,909
Other 39,472 37,369
------ ------
Total noninterest revenue 205,581 202,930
------- -------
NONINTEREST EXPENSES:
Salaries and employee
benefits 211,808 207,161
Occupancy, net of rental
income 31,211 29,539
Equipment 17,930 18,892
Deposit insurance assessments 15,886 1,408
Other 84,631 84,593
------ ------
Total noninterest expenses 361,466 341,593
------- -------
Income before income taxes 121,614 152,498
Income tax expense 36,739 48,883
------ ------
Net income $84,875 $103,615
======= ========
Net income per share: Basic $1.02 $1.26
===== =====
Diluted $1.02 $1.25
===== =====
BancorpSouth, Inc.
Selected Loan Data
(Dollars in thousands)
(Unaudited)
Quarter Ended
-------------
Sep-09 Jun-09 Mar-09 Dec-08 Sep-08
------ ------ ------ ------ ------
LOAN AND LEASE PORTFOLIO:
Commercial and
industrial $1,442,344 $1,441,718 $1,390,042 $1,417,499 $1,401,177
Real estate
Consumer
mortgages 2,046,433 2,054,666 2,037,439 2,096,568 2,108,991
Home equity 540,875 532,337 519,528 511,480 500,489
Agricultural 254,647 242,034 238,466 234,024 236,647
Commercial and
industrial-owner
occupied 1,432,859 1,394,852 1,455,422 1,465,027 1,489,215
Construction,
acquisition and
development 1,533,622 1,652,052 1,692,526 1,689,719 1,671,693
Commercial 1,770,066 1,719,044 1,660,211 1,568,956 1,489,548
Credit cards 103,208 101,844 98,450 93,650 90,112
All other 633,890 622,853 620,739 614,354 604,540
------- ------- ------- ------- -------
Total
loans $9,757,944 $9,761,400 $9,712,823 $9,691,277 $9,592,412
---------- ---------- ---------- ---------- ----------
ALLOWANCE FOR CREDIT LOSSES:
Balance, beginning
of period $138,747 $134,632 $132,793 $129,147 $123,478
Loans and leases
charged off:
Commercial and
industrial (3,913) (1,070) (1,147) (1,003) (267)
Real estate
Consumer
mortgages (2,669) (4,877) (4,073) (3,582) (1,828)
Home equity (1,278) (1,106) (1,153) (596) (361)
Agricultural (407) (3) (37) (350) (19)
Commercial and
industrial-owner
occupied (1,795) (649) (836) (511) (67)
Construction,
acquisition and
development (3,160) (4,335) (4,377) (6,208) (6,975)
Commercial (2,135) (321) (560) (611) (203)
Credit cards (1,204) (1,290) (1,158) (953) (837)
All other (939) (815) (810) (953) (807)
---- ---- ---- ---- ----
Total loans
charged off (17,500) (14,466) (14,151) (14,767) (11,364)
------- ------- ------- ------ -------
Recoveries:
Commercial and
industrial 320 68 179 279 134
Real estate
Consumer mortgages 132 263 220 174 77
Home equity 28 2 3 1 24
Agricultural - - 2 - -
Commercial and
industrial-owner
occupied 31 248 8 54 3
Construction,
acquisition and
development 31 4 86 97 64
Commercial 108 - 56 23 -
Credit cards 123 140 138 99 92
All other 257 262 353 290 333
--- --- --- --- ---
Total
recoveries 1,030 987 1,045 1,017 727
----- --- ----- ----- ---
Net charge-offs (16,470) (13,479) (13,106) (13,750) (10,637)
Provision charged
to operating
expense 22,514 17,594 14,945 17,822 16,306
Other, net - - - (426) -
---- ---- ---- ---- ----
Balance, end of
period $144,791 $138,747 $134,632 $132,793 $129,147
-------- -------- -------- -------- --------
Average loans
for period $9,750,159 $9,740,916 $9,695,475 $9,604,142 $9,529,731
========== ========== ========== ========== ==========
Ratios:
Net charge-offs
to average loans
(annualized) 0.68% 0.55% 0.54% 0.57% 0.45%
==== ==== ==== ==== ====
BancorpSouth, Inc.
Selected Loan Data
(Dollars in thousands)
(Unaudited)
Quarter Ended
-------------
Sep-09 Jun-09 Mar-09
----------------- ----------------- -----------------
NPL as a % NPL as a % NPL as a %
of of of
NPL outstanding NPL outstanding NPL outstanding
--- ------------ --- ------------ --- ------------
NON-PERFORMING LOANS
Commercial and
industrial $7,509 0.52% $9,378 0.65% $7,341 0.53%
Real estate
Consumer
mortgages 27,074 1.32 20,162 0.98 18,113 0.89
Home equity 2,586 0.48 2,247 0.42 1,590 0.31
Agricultural 2,936 1.15 4,455 1.84 1,353 0.57
Commercial and
industrial-owner
occupied 6,386 0.45 7,083 0.51 7,135 0.49
Construction,
acquisition and
development 45,757 2.98 44,828 2.71 30,544 1.80
Commercial 12,770 0.72 3,613 0.21 2,387 0.14
Credit cards 4,306 4.17 4,127 4.05 3,934 4.00
All other 2,312 0.36 1,779 0.29 1,419 0.23
----- ---- ----- ---- ----- ----
Total
loans $111,636 1.14% $97,672 1.00% $73,816 0.76%
======== ==== ======= ==== ======= ====
Quarter Ended
-------------
Dec-08 Sep-08
----------------- -----------------
NPL as a % NPL as a %
of of
NPL outstanding NPL outstanding
--- ------------ --- ------------
Commercial and industrial $8,093 0.57% $6,377 0.46%
Real estate
Consumer mortgages 17,970 0.86 22,136 1.05
Home equity 939 0.18 486 0.10
Agricultural 849 0.36 1,260 0.53
Commercial and
industrial-owner
occupied 4,529 0.31 3,281 0.22
Construction,
acquisition and
development 24,874 1.47 25,696 1.54
Commercial 1,445 0.09 628 0.04
Credit cards 3,882 4.15 3,705 4.11
All other 1,432 0.23 1,605 0.27
----- ---- ----- ----
Total loans $64,013 0.66% $65,174 0.68%
======= ==== ======= ====
BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(Dollars in thousands)
(Unaudited)
Quarter Ended
September 30, 2009
------------------
Average Yield/
(Taxable equivalent basis) Balance Interest Rate
------- -------- ----
ASSETS
Loans, loans held for sale,
and leases net of unearned income $9,808,427 $130,957 5.30%
Held-to-maturity securities:
Taxable 998,773 11,799 4.69%
Tax-exempt 199,360 3,373 6.71%
Available-for-sale securities:
Taxable 889,278 8,591 3.83%
Tax-exempt 69,737 1,251 7.12%
Short-term investments 62,334 47 0.30%
------ --
Total interest earning
assets and revenue 12,027,909 156,020 5.15%
Other assets 1,285,360
Less: allowance for credit losses (146,212)
--------
Total $13,167,057
===========
LIABILITIES AND
SHAREHOLDERS' EQUITY
Deposits:
Demand - interest bearing $4,010,281 $9,038 0.89%
Savings 716,155 936 0.52%
Other time 3,726,754 25,535 2.72%
Short-term borrowings 1,071,144 544 0.20%
Junior subordinated debt 160,312 2,884 7.14%
Long-term debt 286,285 2,814 3.90%
------- -----
Total interest bearing
liabilities and expense 9,970,931 41,751 1.66%
Demand deposits -
noninterest bearing 1,747,021
Other liabilities 184,006
-------
Total liabilities 11,901,958
Shareholders' equity 1,265,099
---------
Total $13,167,057
=========== --------
Net interest revenue $114,269
========
Net interest margin 3.77%
Net interest rate spread 3.49%
Interest bearing liabilities to
interest earning assets 82.90%
Net interest tax equivalent adjustment $2,533
BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(Dollars in thousands)
(Unaudited)
Quarter Ended
June 30, 2009
-------------
Average Yield/
(Taxable equivalent basis) Balance Interest Rate
------- -------- ----
ASSETS
Loans, loans held for sale,
and leases net of unearned income $9,896,890 $131,313 5.32%
Held-to-maturity securities:
Taxable 1,040,896 12,218 4.71%
Tax-exempt 186,473 3,316 7.13%
Available-for-sale securities:
Taxable 919,217 8,721 3.81%
Tax-exempt 69,960 1,270 7.28%
Short-term investments 21,727 25 0.47%
------ --
Total interest earning
assets and revenue 12,135,163 156,863 5.18%
Other assets 1,270,193
Less: allowance for credit losses (144,570)
--------
Total $13,260,786
===========
LIABILITIES AND
SHAREHOLDERS' EQUITY
Deposits:
Demand - interest bearing $3,948,759 $9,738 0.99%
Savings 719,281 928 0.52%
Other time 3,634,336 26,496 2.92%
Short-term borrowings 1,340,244 470 0.14%
Junior subordinated debt 160,312 2,928 7.33%
Long-term debt 286,294 2,813 3.94%
------- -----
Total interest bearing
liabilities and expense 10,089,226 43,373 1.72%
Demand deposits -
noninterest bearing 1,756,861
Other liabilities 163,749
-------
Total liabilities 12,009,836
Shareholders' equity 1,250,950
---------
Total $13,260,786
=========== --------
Net interest revenue $113,490
========
Net interest margin 3.75%
Net interest rate spread 3.46%
Interest bearing liabilities to
interest earning assets 83.14%
Net interest tax equivalent adjustment $2,550
BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(Dollars in thousands)
(Unaudited)
Quarter Ended
March 31, 2009
--------------
Average Yield/
(Taxable equivalent basis) Balance Interest Rate
------- -------- ----
ASSETS
Loans, loans held for sale,
and leases net of unearned income $9,873,692 $131,339 5.39%
Held-to-maturity securities:
Taxable 1,146,772 13,141 4.65%
Tax-exempt 182,051 3,247 7.23%
Available-for-sale securities:
Taxable 891,699 9,038 4.11%
Tax-exempt 73,814 1,358 7.46%
Short-term investments 19,123 71 1.51%
------ --
Total interest earning
assets and revenue 12,187,151 158,194 5.26%
Other assets 1,277,538
Less: allowance for credit losses (139,811)
--------
Total $13,324,878
===========
LIABILITIES AND
SHAREHOLDERS' EQUITY
Deposits:
Demand - interest bearing $4,090,821 $12,248 1.21%
Savings 697,639 936 0.54%
Other time 3,419,180 25,833 3.06%
Short-term borrowings 1,588,229 959 0.24%
Junior subordinated debt 160,312 2,955 7.48%
Long-term debt 286,306 2,811 3.98%
------- -----
Total interest bearing
liabilities and expense 10,242,487 45,742 1.81%
Demand deposits -
noninterest bearing 1,700,792
Other liabilities 142,628
-------
Total liabilities 12,085,907
Shareholders' equity 1,238,971
---------
Total $13,324,878
=========== --------
Net interest revenue $112,452
========
Net interest margin 3.74%
Net interest rate spread 3.45%
Interest bearing liabilities to
interest earning assets 84.04%
Net interest tax equivalent adjustment $2,576
BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(Dollars in thousands)
(Unaudited)
Quarter Ended
December 31, 2008
-----------------
Average Yield/
(Taxable equivalent basis) Balance Interest Rate
------- -------- ----
ASSETS
Loans, loans held for sale,
and leases net of unearned income $9,773,683 $142,039 5.78%
Held-to-maturity securities:
Taxable 1,193,555 13,734 4.58%
Tax-exempt 180,695 3,159 6.96%
Available-for-sale securities:
Taxable 868,913 8,693 3.98%
Tax-exempt 73,476 1,335 7.23%
Short-term investments 19,338 114 2.34%
------ ---
Total interest earning
assets and revenue 12,109,660 169,074 5.55%
Other assets 1,304,386
Less: allowance for credit losses (134,453)
--------
Total $13,279,593
===========
LIABILITIES AND
SHAREHOLDERS' EQUITY
Deposits:
Demand - interest bearing $3,811,782 $15,924 1.66%
Savings 684,068 1,080 0.63%
Other time 3,400,071 28,293 3.31%
Short-term borrowings 1,828,010 3,951 0.86%
Junior subordinated debt 160,312 3,161 7.84%
Long-term debt 287,990 2,838 3.92%
------- -----
Total interest bearing
liabilities and expense 10,172,233 55,247 2.16%
Demand deposits -
noninterest bearing 1,702,400
Other liabilities 165,462
-------
Total liabilities 12,040,095
Shareholders' equity 1,239,498
---------
Total $13,279,593
=========== --------
Net interest revenue $113,827
========
Net interest margin 3.74%
Net interest rate spread 3.39%
Interest bearing liabilities to
interest earning assets 84.00%
Net interest tax equivalent adjustment $2,506
BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(Dollars in thousands)
(Unaudited)
Quarter Ended
September 30, 2008
------------------
Average Yield/
(Taxable equivalent basis) Balance Interest Rate
------- -------- ----
ASSETS
Loans, loans held for sale,
and leases net of unearned income $9,689,955 $147,113 6.04%
Held-to-maturity securities:
Taxable 1,219,169 14,173 4.62%
Tax-exempt 180,579 3,014 6.64%
Available-for-sale securities:
Taxable 901,023 9,025 3.98%
Tax-exempt 75,917 1,344 7.04%
Short-term investments 65,487 390 2.37%
------ ---
Total interest earning
assets and revenue 12,132,130 175,059 5.74%
Other assets 1,304,430
Less: allowance for credit losses (131,621)
--------
Total $13,304,939
===========
LIABILITIES AND
SHAREHOLDERS' EQUITY
Deposits:
Demand - interest bearing $3,492,942 $14,214 1.62%
Savings 723,444 1,366 0.75%
Other time 3,761,753 33,660 3.56%
Short-term borrowings 1,790,760 7,879 1.75%
Junior subordinated debt 160,312 3,064 7.60%
Long-term debt 288,875 2,839 3.91%
------- -----
Total interest bearing
liabilities and expense 10,218,086 63,022 2.45%
Demand deposits -
noninterest bearing 1,681,107
Other liabilities 174,396
-------
Total liabilities 12,073,589
Shareholders' equity 1,231,350
---------
Total $13,304,939
=========== --------
Net interest revenue $112,037
========
Net interest margin 3.67%
Net interest rate spread 3.29%
Interest bearing liabilities to
interest earning assets 84.22%
Net interest tax equivalent adjustment $2,435
SOURCE BancorpSouth, Inc.
Copyright (2009) PR Newswire. All Rights Reserved.
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