TUPELO, Miss., April 21, 2014 /PRNewswire/ -- BancorpSouth, Inc. (NYSE: BXS) today announced financial results for the quarter ended March 31, 2014.
Highlights for the first quarter of 2014 included:
- Net income of $28.4 million or $0.30 per diluted share.
- Announced the signing of definitive merger agreements with Ouachita Bancshares Corp., parent company of Ouachita Independent Bank (collectively referred to as "OIB"), headquartered in Monroe, Louisiana, and Central Community Corporation, parent company of First State Bank Central Texas (collectively referred to as "First State Bank"), headquartered in Temple, Texas.
- Generated net loan growth of $110.4 million, or 5.0 percent annualized, which represents the fourth consecutive quarter of net loan growth.
- Reported deposit growth of $38.0 million, or 1.4 percent annualized.
- Produced $31.6 million of insurance commission revenue, which represents the highest level of quarterly insurance commission revenue in the Company's history.
- Continued progress toward reducing non-interest expenses.
- Net interest margin remained stable at 3.54 percent compared with 3.52 percent for the fourth quarter of 2013.
- Non-performing loans and leases ("NPLs") declined $27.2 million, or 22.5 percent, compared to the fourth quarter of 2013, while non-performing assets ("NPAs") decreased $32.9 million, or 17.3 percent, over the same period.
The Company reported net income of $28.4 million, or $0.30 per diluted share, for the first quarter of 2014 compared with net income of $20.8 million, or $0.22 per diluted share, for the first quarter of 2013 and net income of $27.7 million, or $0.29 per diluted share, for the fourth quarter of 2013.
"Our financial results continue to benefit from the daily efforts of our people to grow our Company and to improve operating performance," remarked Dan Rollins, Chief Executive Officer. "Our insurance team generated $31.6 million of commission revenue, including $3.1 million contributed by the GEM agency team in Houston, which was acquired near the end of 2013. Even without the incremental GEM agency revenue, this is the largest quarterly amount of insurance commission revenue generated in our Company's history. This speaks to the success of our legacy team to continue to win new business. Our results also reflect continued positive momentum with our lending efforts. We are pleased to report loan growth for the quarter of just over $110 million, or 5 percent on an annualized basis. Net loan growth, combined with the benefit from the re-pricing of high cost time deposits, allowed us to continue to maintain our net interest margin at a relatively stable level."
"We are also excited about the opportunities presented by the two bank transactions that we announced during the quarter," commented Rollins. "OIB is a bank we have a tremendous amount of respect for in a market we already serve. We expect to gain synergies from the footprint overlap in Monroe and Shreveport while adding a very skilled lending team that will help us grow. First State Bank presents an opportunity to expand our footprint into Central Texas, which is a high growth market we have not previously served. We believe both of these transactions will allow us to better leverage our existing back office and support structure."
Earnings for the quarter reflect no recorded provision for credit losses, which is consistent with no recorded provision for the fourth quarter of 2013 and a decline from $4.0 million for the first quarter of 2013. NPLs declined $27.2 million, or 22.5 percent, during the first quarter of 2014 to $93.3 million at March 31, 2014 compared with $120.4 million at December 31, 2013 and declined $113.8 million, or 55.0 percent, from $207.0 million at March 31, 2013. In addition, total NPAs declined $32.9 million, or 17.3 percent, to $156.9 million at March 31, 2014 compared with $189.7 million at December 31, 2013 and declined $146.5 million, or 48.3 percent, from $303.3 million at March 31, 2013. Net charge-offs were $3.5 million for the first quarter of 2014 compared with $0.7 million for the fourth quarter of 2013 and $5.9 million for the first quarter of 2013.
Net Interest Revenue
Net interest revenue was $101.5 million for the first quarter of 2014, an increase of 3.5 percent from $98.1 million for the first quarter of 2013 and a decrease of 0.9 percent from $102.4 million for the fourth quarter of 2013. The fully taxable equivalent net interest margin was 3.54 percent for the first quarter of 2014 compared to 3.37 percent for the first quarter of 2013 and 3.52 percent for the fourth quarter of 2013. Yields on loans and leases declined to 4.48 percent for the first quarter of 2014 compared with 4.70 percent for the first quarter of 2013 and 4.52 percent for the fourth quarter of 2013, while yields on total interest earning assets were relatively flat at 3.85 percent for the first quarter of 2014 compared with 3.87 percent for the first quarter of 2013 and 3.86 percent for the fourth quarter of 2013. The average cost of deposits declined to 0.31 percent for the first quarter of 2014 from 0.43 percent for the first quarter of 2013 and 0.34 percent for the fourth quarter of 2013.
Asset, Deposit and Loan Activity
Total assets were $13.1 billion at March 31, 2014 compared with $13.4 billion at March 31, 2013. Total deposits were $10.8 billion at March 31, 2014 compared with $11.2 billion at March 31, 2013. Loans and leases, net of unearned income, were $9.1 billion at March 31, 2014 compared with $8.6 billion at March 31, 2013.
The decrease in time deposits of $323.1 million, or 12.8 percent, at March 31, 2014 compared to March 31, 2013 was partially offset by growth in noninterest bearing demand deposits, which increased $142.2 million, or 5.5 percent, over the same period. Additionally, savings deposits increased $84.6 million, or 7.0 percent, while interest bearing demand deposits declined $256.8 million, or 5.3 percent, over the same period. As of March 31, 2014, $763.4 million of time deposits were scheduled to mature during the following two quarters at a weighted average rate of 0.53 percent.
Provision for Credit Losses and Allowance for Credit Losses
For the first quarter of 2014, no provision for credit losses was recorded, compared with $4.0 million for the first quarter of 2013 and no provision for the fourth quarter of 2013. Net charge-offs for the first quarter of 2014 were $3.5 million, compared with $5.9 million for the first quarter of 2013 and $0.7 million for the fourth quarter of 2013. Recoveries of previously charged-off loans were $4.5 million for the first quarter of 2014, compared with $3.9 million for the first quarter of 2013 and $7.6 million for the fourth quarter of 2013. Annualized net charge-offs were 0.16 percent of average loans and leases for the first quarter of 2014, compared with 0.27 percent for the first quarter of 2013 and 0.03 percent for the fourth quarter of 2013.
NPLs were $93.3 million, or 1.03 percent of net loans and leases, at March 31, 2014, compared with $207.0 million, or 2.41 percent of net loans and leases, at March 31, 2013, and $120.4 million, or 1.34 percent of net loans and leases, at December 31, 2013. The allowance for credit losses was $149.7 million, or 1.65 percent of net loans and leases, at March 31, 2014 compared with $162.6 million, or 1.89 percent of net loans and leases, at March 31, 2013 and $153.2 million, or 1.71 percent of net loans and leases, at December 31, 2013.
NPLs at March 31, 2014 consisted primarily of $77.5 million of nonaccrual loans, compared with $92.2 million of nonaccrual loans at December 31, 2013. Payments received on nonaccrual loans during the first quarter of 2014 totaled $23.2 million, compared with payments received on such loans of $25.3 million during the fourth quarter of 2013. NPLs at March 31, 2014 also included $1.9 million of loans 90 days or more past due and still accruing, compared with $1.2 million of such loans at December 31, 2013, and included restructured loans still accruing of $13.8 million at March 31, 2014, compared with $27.0 million of such loans at December 31, 2013. Early stage past due loans, representing loans 30-89 days past due, totaled $28.3 million at March 31, 2014 compared to $33.8 million at December 31, 2013.
Included in nonaccrual loans at March 31, 2014 were $44.2 million of loans, or 57.0 percent of total nonaccrual loans, that were paying as agreed, compared with $48.1 million, or 52.2 percent of total nonaccrual loans, at December 31, 2013. 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 would 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.
Other real estate owned ("OREO") decreased $5.7 million to $63.6 million during the first quarter of 2014 from $69.3 million at December 31, 2013. This net decrease reflected $4.9 million of OREO added through foreclosure, offset by sales of OREO of $8.8 million. Write-downs in the value of existing properties were $1.8 million for the first quarter of 2014 compared to $1.1 million for the fourth quarter of 2013. Sales of OREO during the first quarter of 2014 resulted in a net loss of $0.5 million compared to a net loss of $0.9 million for the fourth quarter of 2013. At March 31, 2014, OREO was carried at 44.5 percent of the aggregate loan balances at the time of foreclosure, compared with 43.6 percent at December 31, 2013.
Noninterest Revenue
Noninterest revenue was $66.5 million for the first quarter of 2014, compared with $71.3 million for the first quarter of 2013 and $65.1 million for the fourth quarter of 2013. These results included a negative mortgage servicing rights ("MSR") valuation adjustment of $1.5 million for the first quarter of 2014 compared with a positive MSR valuation adjustment of $1.0 million for the first quarter of 2013 and a positive MSR valuation adjustment of $2.9 million for the fourth quarter of 2013.
Excluding the MSR valuation adjustments, net mortgage lending revenue was $4.9 million for the first quarter of 2014, compared with $11.3 million for the first quarter of 2013 and $6.7 million for the fourth quarter of 2013. Mortgage origination volume for the first quarter of 2014 was $197.1 million, compared with $425.9 million for the first quarter of 2013 and $222.3 million for the fourth quarter of 2013.
Credit and debit card fee revenue was $7.8 million for the first quarter of 2014, compared with $7.5 million for the first quarter of 2013 and $8.3 million for the fourth quarter of 2013. Deposit service charge revenue was $12.5 million for the first quarter of 2014, compared with $12.8 million for the first quarter of 2013 and $13.6 million for the fourth quarter of 2013. Insurance commission revenue was $31.6 million for the first quarter of 2014, compared with $26.6 million for the first quarter of 2013 and $21.4 million for the fourth quarter of 2013.
Noninterest Expense
Noninterest expense for the first quarter of 2014 was $126.7 million, compared with $135.4 million for the first quarter of 2013 and $127.8 million for the fourth quarter of 2013. Salaries and employee benefits expense was $78.9 million for the first quarter of 2014 compared to $79.4 million for the first quarter of 2013 and $75.5 million for the fourth quarter of 2013. Foreclosed property expense was $2.6 million for the first quarter of 2014 compared with $2.4 million for the first quarter of 2013 and $2.8 million for the fourth quarter of 2013. Deposit insurance assessments were $1.6 million for the first quarter of 2014 compared to $2.8 million for the first quarter of 2013 and $2.7 million for the fourth quarter of 2013. Additionally, noninterest expense for the first quarter of 2014 included $0.6 million of merger related expenses. Noninterest expense for the first quarter of 2013 included a pre-tax charge of $6.8 million to increase the litigation accrual related to probable losses associated with various legal proceedings.
Capital Management
BancorpSouth is a "well capitalized" financial holding company, as defined by federal regulations, with Tier 1 risk-based capital of 13.18 percent at March 31, 2014 and total risk based capital of 14.44 percent, compared with required minimum levels of 6 percent and 10 percent, respectively, for "well capitalized" classification. The Company's equity capitalization consists of 100 percent common stock. BancorpSouth's ratio of shareholders' equity to assets was 11.83 percent at March 31, 2014, compared with 10.94 percent at March 31, 2013 and 11.61 percent at December 31, 2013. The ratio of tangible shareholders' equity to tangible assets was 9.69 percent at March 31, 2014, compared with 8.96 percent at March 31, 2013 and 9.44 percent at December 31, 2013.
Recent Transaction Announcements
On December 18, 2013, BancorpSouth Insurance Services, Inc. acquired the assets of Houston, Texas based GEM Insurance Agencies, LP ("GEM"). GEM was formed in 1954 and produces annual commission revenues of approximately $9 million. As a part of the transaction, the Company's existing Houston office will re-locate into GEM's current office located at 3355 West Alabama Street in Houston. The combined operations are expected to produce annual revenues of approximately $11 million.
On January 8, 2014, the Company announced the signing of a definitive merger agreement with Ouachita Bancshares Corp., parent company of Ouachita Independent Bank (collectively referred to as "OIB"), headquartered in Monroe, Louisiana, pursuant to which Ouachita Bancshares Corp. will be merged with and into the Company. OIB operates 12 full-service banking offices along the I-20 corridor and has loan production offices in Madison, Mississippi and Natchitoches, Louisiana. As of December 31, 2013, OIB, on a consolidated basis, reported total assets of $652.5 million, total loans of $477.8 million and total deposits of $549.7 million. Under the terms of the definitive agreement, the Company will issue a maximum of 3,675,000 shares of the Company's common stock plus $22.875 million in cash for all outstanding shares of Ouachita Bancshares Corp.'s capital stock, subject to certain conditions and potential adjustments. The terms of the agreement provide for a collar with respect to the total deal value ranging from $99 million to $112 million. The merger has been unanimously approved by the Board of Directors of each company and was approved by OIB shareholders on April 8, 2014. The transaction is expected to close shortly after receiving all required regulatory approvals.
On January 21, 2014, the Company announced the signing of a definitive merger agreement with Central Community Corporation, headquartered in Temple, Texas, pursuant to which Central Community Corporation will be merged with and into the Company. Central Community Corporation is the parent company of First State Bank Central Texas ("First State Bank"), which is headquartered in Austin, Texas. First State Bank operates 31 full-service banking offices in central Texas. As of December 31, 2013, Central Community Corporation, on a consolidated basis, reported total assets of $1.3 billion, total loans of $555.5 million and total deposits of $1.1 billion. Under the terms of the definitive agreement, the Company will issue approximately 7,250,000 shares of the Company's common stock plus $28.5 million in cash for all outstanding shares of Central Community Corporation's capital stock, subject to certain conditions and potential adjustments. The merger has been unanimously approved by the Board of Directors of each company. The transaction is subject to certain conditions, including the approval by Central Community Corporation's shareholders and receipt of all required regulatory approvals.
On April 9, 2014, BancorpSouth Insurance Services, Inc. announced the acquisition of the assets of Lafayette, Louisiana based Knox Insurance Group, LLC. Knox was formed in 1972 and currently produces annual revenues of approximately $3 million. Knox will continue to operate under current leadership in its current location in Lafayette.
Summary
Rollins concluded, "We believe that the financial results for the first quarter and the transaction announcements that we have made reflect progress towards the goals that have been communicated. We were able to reduce total non-interest expense for the third consecutive quarter, despite seasonally high personnel-related costs as well as the addition of the GEM team at the end of 2013. With that said, we still have a lot of work to do to improve our legacy core expense base. Our lending group produced net loan growth for the fourth consecutive quarter and our insurance team reported record performance. Additionally, we anticipate that the recent transactions that have been announced, both the bank and the insurance businesses, will provide us with additional resources to achieve our growth goals while also allowing us to better leverage our current operating structure."
Conference Call
BancorpSouth will conduct a conference call to discuss its first quarter 2014 results on April 22, 2014, 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.
About BancorpSouth, Inc.
BancorpSouth, Inc. is a financial holding company headquartered in Tupelo, Mississippi, with $13.1 billion in assets. BancorpSouth Bank, a wholly-owned subsidiary of BancorpSouth, Inc., operates 292 commercial banking, mortgage, and insurance locations in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in Illinois.
In connection with the proposed merger of Ouachita Bancshares Corp. with and into BancorpSouth, BancorpSouth has filed a registration statement on Form S-4 with the Securities and Exchange Commission. Shareholders of BancorpSouth and Ouachita Bancshares Corp. are encouraged to read the registration statement, including the proxy statement/prospectus that is a part of the registration statement, because it contains important information about the merger, BancorpSouth and Ouachita Bancshares Corp. The proxy statement/prospectus and other relevant documents are available for free on the SEC's web site (www.sec.gov), and the proxy statement/prospectus is available for free from the Corporate Secretary of each of BancorpSouth and Ouachita Bancshares Corp.
In connection with the proposed merger of Central Community Corporation with and into BancorpSouth, BancorpSouth has filed a registration statement on Form S-4 with the Securities and Exchange Commission. Shareholders of BancorpSouth and Central Community Corporation are encouraged to read the registration statement, including the proxy statement/prospectus that is a part of the registration statement, because contains important information about the merger, BancorpSouth and Central Community Corporation The proxy statement/prospectus and other relevant documents are available for free on the SEC's web site (www.sec.gov), and the proxy statement/prospectus is available for free from the Corporate Secretary of each of BancorpSouth and Central Community Corporation
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 non-accrual loans, revenue estimates for the Company's operations in Houston, Texas following the closing of the transaction with GEM, the terms and closing of the proposed transactions with Ouachita Bancshares Corp. and Central Community Corporation, acceptance by customers of Ouachita Bancshares Corp. and Central Community Corporation of the Company's products and services, the retention of key personnel, Knox's continued operations, the opportunities to enhance market share in certain markets and market acceptance of the Company generally in new markets, the impact of cost-saving initiatives, our ability to improve efficiency, 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, the ability to obtain required regulatory approval for the OIB merger and shareholder and regulatory approvals for the First State Bank merger, the ability of the Company, Ouachita Bancshares Corp. and Central Community Corp. to close the mergers, the ability of the Company to retain key personnel after the pending mergers and the Knox acquisition, conditions in the financial markets and economic conditions generally, the adequacy of the Company's provision and allowance for credit losses to cover actual credit losses, the credit risk associated with real estate construction, acquisition and development loans, 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 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, and supervision of the Company's operations, the short-term and long-term impact of changes to banking capital standards on the Company's regulatory capital and liquidity, the impact of regulations on service charges on the Company's core deposit accounts, the susceptibility of the Company's business to local economic or environmental conditions, the soundness of other financial institutions, changes in interest rates, the impact of monetary policies and economic factors on the Company's ability to attract deposits or make loans, volatility in capital and credit markets, reputational risk, the impact of hurricanes or other adverse weather events, any requirement that the Company write down goodwill or other intangible assets, diversification in the types of financial services the Company offers, the Company's ability to adapt its products and services to evolving industry standards and consumer preferences, competition with other financial services companies, risks in connection with completed or potential acquisitions, the Company's growth strategy, interruptions or breaches in the Company's information system security, the failure of certain third party vendors to perform, unfavorable ratings by rating agencies, dilution caused by the Company's issuance of any additional shares of its common stock to raise capital or acquire other banks, bank holding companies, financial holding companies and insurance agencies, 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.
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BancorpSouth, Inc. |
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Selected Financial Information |
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(Dollars in thousands, except per share data) |
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(Unaudited) |
||||||
|
Quarter Ended |
Quarter Ended |
Quarter Ended |
Quarter Ended |
Quarter Ended |
||
|
3/31/2014 |
12/31/2013 |
9/30/2013 |
6/30/2013 |
3/31/2013 |
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Earnings Summary: |
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Interest revenue |
$ 110,599 |
$ 112,510 |
$ 111,961 |
$ 112,009 |
$ 113,027 |
|
|
Interest expense |
9,076 |
10,093 |
11,720 |
13,796 |
14,949 |
|
|
Net interest revenue |
101,523 |
102,417 |
100,241 |
98,213 |
98,078 |
|
|
Provision for credit losses |
- |
- |
500 |
3,000 |
4,000 |
|
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Net interest revenue, after provision |
||||||
|
for credit losses |
101,523 |
102,417 |
99,741 |
95,213 |
94,078 |
|
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Noninterest revenue |
66,517 |
65,125 |
62,514 |
76,109 |
71,318 |
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Noninterest expense |
126,707 |
127,830 |
129,397 |
142,251 |
135,371 |
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Income before income taxes |
41,333 |
39,712 |
32,858 |
29,071 |
30,025 |
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Income tax expense |
12,889 |
12,014 |
8,001 |
8,316 |
9,220 |
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Net income |
$ 28,444 |
$ 27,698 |
$ 24,857 |
$ 20,755 |
$ 20,805 |
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Balance Sheet - Period End Balances |
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Total assets |
$ 13,143,555 |
$ 13,029,733 |
$ 12,916,153 |
$ 13,217,705 |
$ 13,393,135 |
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Total earning assets |
11,948,897 |
11,814,060 |
11,765,785 |
11,961,836 |
12,263,743 |
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Total securities |
2,426,758 |
2,466,989 |
2,554,156 |
2,644,939 |
2,607,176 |
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Loans and leases, net of unearned income |
9,068,376 |
8,958,015 |
8,773,115 |
8,678,714 |
8,581,538 |
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Allowance for credit losses |
149,704 |
153,236 |
153,974 |
161,047 |
162,601 |
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Total deposits |
10,811,790 |
10,773,836 |
10,717,946 |
10,961,618 |
11,164,926 |
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Long-term debt |
85,835 |
81,714 |
83,500 |
33,500 |
33,500 |
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Total shareholders' equity |
1,554,676 |
1,513,130 |
1,480,611 |
1,459,793 |
1,465,180 |
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Balance Sheet - Average Balances |
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Total assets |
$ 13,087,128 |
$ 12,955,127 |
$ 12,928,505 |
$ 13,146,040 |
$ 13,249,374 |
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Total earning assets |
11,958,836 |
11,869,072 |
11,846,790 |
12,060,189 |
12,154,624 |
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Total securities |
2,452,178 |
2,511,888 |
2,598,786 |
2,616,274 |
2,520,414 |
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Loans and leases, net of unearned income |
9,022,155 |
8,830,917 |
8,682,966 |
8,588,673 |
8,580,329 |
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Total deposits |
10,825,308 |
10,739,352 |
10,745,945 |
10,938,489 |
11,090,989 |
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Long-term debt |
87,767 |
81,714 |
62,848 |
33,500 |
33,500 |
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Total shareholders' equity |
1,537,897 |
1,501,928 |
1,474,047 |
1,475,211 |
1,462,140 |
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Nonperforming Assets: |
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Non-accrual loans and leases |
$ 77,531 |
$ 92,173 |
$ 121,353 |
$ 149,542 |
$ 188,190 |
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Loans and leases 90+ days past due, still accruing |
1,949 |
1,226 |
1,479 |
1,440 |
1,125 |
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Restructured loans and leases, still accruing |
13,776 |
27,007 |
21,502 |
16,953 |
17,702 |
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Non-performing loans (NPLs) |
93,256 |
120,406 |
144,334 |
167,935 |
207,017 |
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Other real estate owned |
63,595 |
69,338 |
76,853 |
88,438 |
96,314 |
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Non-performing assets (NPAs) |
$ 156,851 |
$ 189,744 |
$ 221,187 |
$ 256,373 |
$ 303,331 |
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Financial Ratios and Other Data: |
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Return on average assets |
0.88% |
0.85% |
0.76% |
0.63% |
0.64% |
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Return on average shareholders' equity |
7.50% |
7.32% |
6.69% |
5.64% |
5.77% |
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Return on tangible equity |
9.28% |
9.16% |
8.29% |
7.12% |
7.19% |
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Pre-tax pre-provision return on average assets |
1.28% |
1.22% |
1.02% |
0.98% |
1.04% |
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Non-interest income to average assets |
2.06% |
1.99% |
1.92% |
2.32% |
2.18% |
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Non-interest expense to average assets |
3.93% |
3.91% |
3.97% |
4.34% |
4.14% |
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Net interest margin-fully taxable equivalent |
3.54% |
3.52% |
3.45% |
3.36% |
3.37% |
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Net interest rate spread |
3.43% |
3.39% |
3.32% |
3.21% |
3.21% |
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Efficiency ratio (tax equivalent) |
74.16% |
75.00% |
78.11% |
80.25% |
78.55% |
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Loan/deposit ratio |
83.87% |
83.15% |
81.85% |
79.17% |
76.86% |
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Price to earnings mult (avg) |
23.33 |
25.68 |
22.66 |
20.34 |
18.74 |
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Market value to book value |
154.13% |
160.04% |
128.22% |
115.42% |
105.88% |
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Market value to book value (avg) |
150.43% |
143.60% |
126.22% |
107.59% |
98.61% |
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Market value to tangible book value |
192.80% |
201.75% |
159.52% |
144.16% |
132.21% |
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Market value to tangible book value (avg) |
188.17% |
181.04% |
157.02% |
134.39% |
123.12% |
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Headcount FTE |
3,981 |
4,005 |
3,994 |
4,077 |
4,229 |
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BancorpSouth, Inc. | |||||
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Selected Financial Information | |||||
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(Dollars in thousands, except per share data) | |||||
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(Unaudited) | |||||
|
Quarter Ended |
Quarter Ended |
Quarter Ended |
Quarter Ended |
Quarter Ended | |
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3/31/2014 |
12/31/2013 |
9/30/2013 |
6/30/2013 |
3/31/2013 | |
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Credit Quality Ratios: |
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Net charge-offs to average loans and leases (annualized) |
0.16% |
0.03% |
0.35% |
0.21% |
0.27% |
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Provision for credit losses to average loans and leases (annualized) |
0.00% |
0.00% |
0.02% |
0.14% |
0.19% |
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Allowance for credit losses to net loans and leases |
1.65% |
1.71% |
1.76% |
1.86% |
1.89% |
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Allowance for credit losses to non-performing loans and leases |
160.53% |
127.27% |
106.68% |
95.90% |
78.54% |
|
Allowance for credit losses to non-performing assets |
95.44% |
80.76% |
69.61% |
62.82% |
53.61% |
|
Non-performing loans and leases to net loans and leases |
1.03% |
1.34% |
1.65% |
1.94% |
2.41% |
|
Non-performing assets to net loans and leases |
1.73% |
2.12% |
2.52% |
2.95% |
3.53% |
|
Equity Ratios: |
|||||
|
Total shareholders' equity to total assets |
11.83% |
11.61% |
11.46% |
11.04% |
10.94% |
|
Tangible shareholders' equity to tangible assets |
9.69% |
9.44% |
9.43% |
9.04% |
8.96% |
|
Capital Adequacy: |
|||||
|
Tier 1 capital |
13.18% |
12.99% |
13.25% |
14.21% |
14.06% |
|
Total capital |
14.44% |
14.25% |
14.50% |
15.47% |
15.31% |
|
Tier 1 leverage capital |
10.04% |
9.93% |
9.93% |
10.58% |
10.33% |
|
Estimated for current quarter |
|||||
|
Common Share Data: |
|||||
|
Basic earnings per share |
$ 0.30 |
$ 0.29 |
$ 0.26 |
$ 0.22 |
$ 0.22 |
|
Diluted earnings per share |
0.30 |
0.29 |
0.26 |
0.22 |
0.22 |
|
Cash dividends per share |
0.05 |
0.05 |
0.05 |
0.01 |
0.01 |
|
Book value per share |
16.19 |
15.89 |
15.55 |
15.34 |
15.39 |
|
Tangible book value per share |
12.95 |
12.60 |
12.50 |
12.28 |
12.33 |
|
Market value per share (last) |
24.96 |
25.42 |
19.94 |
17.70 |
16.30 |
|
Market value per share (high) |
26.24 |
25.54 |
20.77 |
18.06 |
16.52 |
|
Market value per share (low) |
22.46 |
19.64 |
17.76 |
14.72 |
14.14 |
|
Market value per share (avg) |
24.36 |
22.81 |
19.63 |
16.50 |
15.18 |
|
Dividend payout ratio |
16.80% |
17.19% |
19.15% |
4.59% |
4.55% |
|
Total shares outstanding |
96,004,679 |
95,231,691 |
95,211,602 |
95,190,797 |
95,174,441 |
|
Average shares outstanding - basic |
95,629,890 |
95,217,203 |
95,201,238 |
95,177,167 |
94,595,897 |
|
Average shares outstanding - diluted |
95,952,611 |
95,644,383 |
95,519,318 |
95,405,965 |
94,756,356 |
|
Yield/Rate: |
|||||
|
(Taxable equivalent basis) |
|||||
|
Loans, loans held for sale, and leases net of unearned income |
4.48% |
4.52% |
4.55% |
4.62% |
4.70% |
|
Available-for-sale securities: |
|||||
|
Taxable |
1.50% |
1.51% |
1.50% |
1.55% |
1.70% |
|
Tax-exempt |
5.58% |
5.52% |
5.61% |
5.47% |
5.53% |
|
Short-term investments |
0.25% |
0.25% |
0.25% |
0.25% |
0.25% |
|
Total interest earning assets and revenue |
3.85% |
3.86% |
3.85% |
3.82% |
3.87% |
|
Deposits: |
0.31% |
0.34% |
0.36% |
0.39% |
0.43% |
|
Demand - interest bearing |
0.17% |
0.18% |
0.18% |
0.21% |
0.26% |
|
Savings |
0.13% |
0.13% |
0.12% |
0.14% |
0.18% |
|
Other time |
1.06% |
1.13% |
1.18% |
1.23% |
1.27% |
|
Short-term borrowings |
0.07% |
0.07% |
0.07% |
0.07% |
0.07% |
|
Total int bearing dep & s/t borrowings |
0.30% |
0.30% |
0.35% |
0.37% |
0.42% |
|
Junior subordinated debt |
2.86% |
2.96% |
6.57% |
7.16% |
7.23% |
|
Long-term debt |
2.91% |
2.94% |
3.19% |
4.18% |
4.21% |
|
Total interest bearing liabilities and expense |
0.42% |
0.46% |
0.53% |
0.61% |
0.66% |
|
Interest bearing liabilities to interest earning assets |
73.51% |
72.91% |
74.15% |
74.70% |
75.54% |
|
Net interest tax equivalent adjustment |
$ 2,823 |
$ 2,893 |
$ 2,905 |
$ 2,931 |
$ 2,939 |
|
BancorpSouth, Inc. | ||||||
|
Consolidated Balance Sheets | ||||||
|
(Unaudited) | ||||||
|
Mar-14 |
Dec-13 |
Sep-13 |
Jun-13 |
Mar-13 |
||
|
(Dollars in thousands) |
||||||
|
Assets |
||||||
|
Cash and due from banks |
$ 199,214 |
$ 208,961 |
$ 199,464 |
$ 268,647 |
$ 147,947 |
|
|
Interest bearing deposits with other banks |
390,896 |
319,462 |
361,401 |
526,608 |
969,506 |
|
|
Available-for-sale securities, at fair value |
2,426,758 |
2,466,989 |
2,554,156 |
2,644,939 |
2,607,176 |
|
|
Loans and leases |
9,103,850 |
8,993,888 |
8,806,392 |
8,711,023 |
8,614,791 |
|
|
Less: Unearned income |
35,474 |
35,873 |
33,277 |
32,309 |
33,253 |
|
|
Allowance for credit losses |
149,704 |
153,236 |
153,974 |
161,047 |
162,601 |
|
|
Net loans and leases |
8,918,672 |
8,804,779 |
8,619,141 |
8,517,667 |
8,418,937 |
|
|
Loans held for sale |
62,867 |
69,593 |
77,114 |
111,574 |
105,523 |
|
|
Premises and equipment, net |
314,367 |
315,260 |
314,441 |
313,079 |
313,980 |
|
|
Accrued interest receivable |
42,666 |
42,150 |
43,034 |
41,425 |
44,696 |
|
|
Goodwill |
286,800 |
286,800 |
275,173 |
275,173 |
275,173 |
|
|
Other identifiable intangibles |
25,021 |
26,079 |
15,179 |
15,865 |
16,586 |
|
|
Bank owned life insurance |
240,077 |
239,434 |
236,969 |
235,015 |
233,007 |
|
|
Other real estate owned |
63,595 |
69,338 |
76,853 |
88,438 |
96,314 |
|
|
Other assets |
172,622 |
180,888 |
143,228 |
179,275 |
164,290 |
|
|
Total Assets |
$ 13,143,555 |
$ 13,029,733 |
$ 12,916,153 |
$ 13,217,705 |
$ 13,393,135 |
|
|
Liabilities |
||||||
|
Deposits: |
||||||
|
Demand: Noninterest bearing |
$ 2,725,042 |
$ 2,644,592 |
$ 2,597,762 |
$ 2,610,768 |
$ 2,582,859 |
|
|
Interest bearing |
4,583,481 |
4,582,450 |
4,493,359 |
4,667,041 |
4,840,330 |
|
|
Savings |
1,297,344 |
1,234,130 |
1,220,227 |
1,210,497 |
1,212,736 |
|
|
Other time |
2,205,923 |
2,312,664 |
2,406,598 |
2,473,312 |
2,529,001 |
|
|
Total deposits |
10,811,790 |
10,773,836 |
10,717,946 |
10,961,618 |
11,164,926 |
|
|
Federal funds purchased and |
||||||
|
securities sold under agreement |
||||||
|
to repurchase |
456,303 |
421,028 |
418,623 |
382,871 |
353,742 |
|
|
Accrued interest payable |
4,050 |
4,836 |
5,156 |
5,230 |
5,519 |
|
|
Junior subordinated debt securities |
23,198 |
31,446 |
31,446 |
160,312 |
160,312 |
|
|
Long-term debt |
85,835 |
81,714 |
83,500 |
33,500 |
33,500 |
|
|
Other liabilities |
207,703 |
203,743 |
178,871 |
214,381 |
209,956 |
|
|
Total Liabilities |
11,588,879 |
11,516,603 |
11,435,542 |
11,757,912 |
11,927,955 |
|
|
Shareholders' Equity |
||||||
|
Common stock |
240,012 |
238,079 |
238,029 |
237,976 |
237,936 |
|
|
Capital surplus |
320,969 |
312,900 |
312,798 |
312,074 |
311,091 |
|
|
Accumulated other comprehensive loss |
(22,060) |
(29,959) |
(39,389) |
(39,333) |
(13,120) |
|
|
Retained earnings |
1,015,755 |
992,110 |
969,173 |
949,076 |
929,273 |
|
|
Total Shareholders' Equity |
1,554,676 |
1,513,130 |
1,480,611 |
1,459,793 |
1,465,180 |
|
|
Total Liabilities & Shareholders' Equity |
$ 13,143,555 |
$ 13,029,733 |
$ 12,916,153 |
$ 13,217,705 |
$ 13,393,135 |
|
|
BancorpSouth, Inc. | ||||||
|
Consolidated Average Balance Sheets | ||||||
|
(Unaudited) | ||||||
|
Mar-14 |
Dec-13 |
Sep-13 |
Jun-13 |
Mar-13 |
||
|
(Dollars in thousands) |
||||||
|
Assets |
||||||
|
Cash and due from banks |
$ 168,056 |
$ 163,948 |
$ 163,322 |
$ 160,615 |
$ 169,259 |
|
|
Interest bearing deposits with other banks |
449,207 |
471,695 |
487,075 |
765,729 |
963,600 |
|
|
Available-for-sale securities, at fair value |
2,452,178 |
2,511,888 |
2,598,786 |
2,616,274 |
2,520,414 |
|
|
Loans and leases |
9,058,081 |
8,864,983 |
8,715,894 |
8,621,849 |
8,615,503 |
|
|
Less: Unearned income |
35,926 |
34,066 |
32,928 |
33,176 |
35,174 |
|
|
Allowance for credit losses |
153,615 |
153,443 |
160,609 |
163,252 |
166,210 |
|
|
Net loans and leases |
8,868,540 |
8,677,474 |
8,522,357 |
8,425,421 |
8,414,119 |
|
|
Loans held for sale |
35,297 |
54,572 |
77,964 |
89,513 |
90,281 |
|
|
Premises and equipment, net |
315,804 |
315,174 |
312,724 |
313,147 |
316,672 |
|
|
Accrued interest receivable |
39,336 |
39,665 |
39,354 |
39,317 |
40,806 |
|
|
Goodwill |
286,800 |
279,091 |
275,173 |
275,173 |
275,173 |
|
|
Other identifiable intangibles |
25,420 |
18,658 |
15,446 |
16,142 |
16,876 |
|
|
Bank owned life insurance |
239,969 |
237,657 |
235,708 |
233,670 |
231,814 |
|
|
Other real estate owned |
69,086 |
77,211 |
86,545 |
91,505 |
97,336 |
|
|
Other assets |
137,435 |
108,094 |
114,051 |
119,534 |
113,024 |
|
|
Total Assets |
$ 13,087,128 |
$ 12,955,127 |
$ 12,928,505 |
$ 13,146,040 |
$ 13,249,374 |
|
|
Liabilities |
||||||
|
Deposits: |
||||||
|
Demand: Noninterest bearing |
$ 2,647,376 |
$ 2,667,667 |
$ 2,551,812 |
$ 2,522,577 |
$ 2,463,436 |
|
|
Interest bearing |
4,657,785 |
4,484,269 |
4,530,219 |
4,707,277 |
4,891,412 |
|
|
Savings |
1,260,838 |
1,224,588 |
1,216,599 |
1,208,454 |
1,173,603 |
|
|
Other time |
2,259,309 |
2,362,828 |
2,447,315 |
2,500,181 |
2,562,538 |
|
|
Total deposits |
10,825,308 |
10,739,352 |
10,745,945 |
10,938,489 |
11,090,989 |
|
|
Federal funds purchased and |
||||||
|
securities sold under agreement |
||||||
|
to repurchase |
458,436 |
469,245 |
441,807 |
399,789 |
360,178 |
|
|
Accrued interest payable |
4,400 |
5,051 |
5,391 |
5,481 |
7,026 |
|
|
Junior subordinated debt securities |
23,748 |
31,446 |
86,074 |
160,312 |
160,312 |
|
|
Long-term debt |
87,767 |
81,714 |
62,848 |
33,500 |
33,500 |
|
|
Other liabilities |
149,572 |
126,391 |
112,393 |
133,258 |
135,229 |
|
|
Total Liabilities |
11,549,231 |
11,453,199 |
11,454,458 |
11,670,829 |
11,787,234 |
|
|
Shareholders' Equity |
||||||
|
Common stock |
238,853 |
238,038 |
237,997 |
237,956 |
236,922 |
|
|
Capital surplus |
314,117 |
312,835 |
312,349 |
311,480 |
311,603 |
|
|
Accumulated other comprehensive loss |
(23,644) |
(32,267) |
(43,695) |
(15,277) |
(10,313) |
|
|
Retained earnings |
1,008,571 |
983,322 |
967,396 |
941,052 |
923,928 |
|
|
Total Shareholders' Equity |
1,537,897 |
1,501,928 |
1,474,047 |
1,475,211 |
1,462,140 |
|
|
Total Liabilities & Shareholders' Equity |
$ 13,087,128 |
$ 12,955,127 |
$ 12,928,505 |
$ 13,146,040 |
$ 13,249,374 |
|
|
BancorpSouth, Inc. | ||||||||||
|
Consolidated Condensed Statements of Income | ||||||||||
|
(Dollars in thousands, except per share data) | ||||||||||
|
(Unaudited) | ||||||||||
|
Quarter Ended |
||||||||||
|
Mar-14 |
Dec-13 |
Sep-13 |
Jun-13 |
Mar-13 |
||||||
|
INTEREST REVENUE: |
||||||||||
|
Loans and leases |
$ 98,744 |
$ 99,989 |
$ 98,836 |
$ 98,524 |
$ 99,092 |
|||||
|
Deposits with other banks |
276 |
299 |
310 |
483 |
602 |
|||||
|
Available-for-sale securities: |
||||||||||
|
Taxable |
7,547 |
7,963 |
8,218 |
8,405 |
8,700 |
|||||
|
Tax-exempt |
3,715 |
3,810 |
3,866 |
3,911 |
3,960 |
|||||
|
Loans held for sale |
317 |
449 |
731 |
686 |
673 |
|||||
|
Total interest revenue |
110,599 |
112,510 |
111,961 |
112,009 |
113,027 |
|||||
|
INTEREST EXPENSE: |
||||||||||
|
Interest bearing demand |
1,920 |
2,036 |
2,061 |
2,423 |
3,125 |
|||||
|
Savings |
391 |
387 |
383 |
422 |
513 |
|||||
|
Other time |
5,890 |
6,746 |
7,271 |
7,671 |
8,041 |
|||||
|
Federal funds purchased and securities sold |
||||||||||
|
under agreement to repurchase |
78 |
84 |
80 |
70 |
63 |
|||||
|
Long-term debt |
629 |
605 |
501 |
349 |
348 |
|||||
|
Junior subordinated debt |
168 |
235 |
1,424 |
2,860 |
2,857 |
|||||
|
Other |
- |
- |
- |
1 |
2 |
|||||
|
Total interest expense |
9,076 |
10,093 |
11,720 |
13,796 |
14,949 |
|||||
|
Net interest revenue |
101,523 |
102,417 |
100,241 |
98,213 |
98,078 |
|||||
|
Provision for credit losses |
- |
- |
500 |
3,000 |
4,000 |
|||||
|
Net interest revenue, after provision for |
||||||||||
|
credit losses |
101,523 |
102,417 |
99,741 |
95,213 |
94,078 |
|||||
|
NONINTEREST REVENUE: |
||||||||||
|
Mortgage lending |
3,394 |
9,605 |
5,134 |
17,892 |
12,346 |
|||||
|
Credit card, debit card and merchant fees |
7,843 |
8,324 |
8,834 |
8,324 |
7,523 |
|||||
|
Deposit service charges |
12,536 |
13,570 |
13,679 |
12,824 |
12,832 |
|||||
|
Trust income |
3,568 |
3,717 |
3,332 |
3,192 |
3,210 |
|||||
|
Security gains (losses), net |
(4) |
29 |
(5) |
3 |
19 |
|||||
|
Insurance commissions |
31,599 |
21,397 |
23,800 |
25,862 |
26,641 |
|||||
|
Other |
7,581 |
8,483 |
7,740 |
8,012 |
8,747 |
|||||
|
Total noninterest revenue |
66,517 |
65,125 |
62,514 |
76,109 |
71,318 |
|||||
|
NONINTEREST EXPENSE: |
||||||||||
|
Salaries and employee benefits |
78,883 |
75,466 |
73,532 |
78,284 |
79,414 |
|||||
|
Occupancy, net of rental income |
10,287 |
9,935 |
10,360 |
10,577 |
10,237 |
|||||
|
Equipment |
4,499 |
4,298 |
4,555 |
4,585 |
4,948 |
|||||
|
Deposit insurance assessments |
1,600 |
2,687 |
3,325 |
2,939 |
2,804 |
|||||
|
Voluntary early retirement expense |
- |
- |
- |
10,850 |
- |
|||||
|
Write-off and amortization of bond issue cost |
12 |
12 |
2,907 |
38 |
38 |
|||||
|
Other |
31,426 |
35,432 |
34,718 |
34,978 |
37,930 |
|||||
|
Total noninterest expenses |
126,707 |
127,830 |
129,397 |
142,251 |
135,371 |
|||||
|
Income before income taxes |
41,333 |
39,712 |
32,858 |
29,071 |
30,025 |
|||||
|
Income tax expense |
12,889 |
12,014 |
8,001 |
8,316 |
9,220 |
|||||
|
Net income |
$ 28,444 |
$ 27,698 |
$ 24,857 |
$ 20,755 |
$ 20,805 |
|||||
|
Net income per share: Basic |
$ 0.30 |
$ 0.29 |
$ 0.26 |
$ 0.22 |
$ 0.22 |
|||||
|
Diluted |
$ 0.30 |
$ 0.29 |
$ 0.26 |
$ 0.22 |
$ 0.22 |
|||||
|
BancorpSouth, Inc. |
||||||||||
|
Selected Loan Data |
||||||||||
|
(Dollars in thousands) |
||||||||||
|
(Unaudited) |
||||||||||
|
Quarter Ended |
||||||||||
|
Mar-14 |
Dec-13 |
Sep-13 |
Jun-13 |
Mar-13 |
||||||
|
LOAN AND LEASE PORTFOLIO: |
||||||||||
|
Commercial and industrial |
$ 1,581,251 |
$ 1,529,249 |
$ 1,503,809 |
$ 1,552,762 |
$ 1,480,916 |
|||||
|
Real estate |
||||||||||
|
Consumer mortgages |
2,047,001 |
1,976,073 |
1,931,171 |
1,880,338 |
1,871,312 |
|||||
|
Home equity |
498,283 |
494,339 |
490,361 |
482,068 |
482,398 |
|||||
|
Agricultural |
229,602 |
234,576 |
234,547 |
237,914 |
249,467 |
|||||
|
Commercial and industrial-owner occupied |
1,488,380 |
1,473,320 |
1,422,077 |
1,375,711 |
1,334,974 |
|||||
|
Construction, acquisition and development |
748,027 |
741,458 |
723,609 |
709,499 |
728,092 |
|||||
|
Commercial real estate |
1,847,983 |
1,846,039 |
1,795,352 |
1,754,841 |
1,739,533 |
|||||
|
Credit cards |
105,988 |
111,328 |
105,112 |
103,251 |
98,803 |
|||||
|
All other |
521,861 |
551,633 |
567,077 |
582,330 |
596,043 |
|||||
|
Total loans |
$ 9,068,376 |
$ 8,958,015 |
$ 8,773,115 |
$ 8,678,714 |
$ 8,581,538 |
|||||
|
ALLOWANCE FOR CREDIT LOSSES: |
||||||||||
|
Balance, beginning of period |
$ 153,236 |
$ 153,974 |
$ 161,047 |
$ 162,601 |
$ 164,466 |
|||||
|
Loans and leases charged off: |
||||||||||
|
Commercial and industrial |
(201) |
(837) |
(889) |
(1,008) |
(1,938) |
|||||
|
Real estate |
||||||||||
|
Consumer mortgages |
(1,945) |
(1,435) |
(2,996) |
(3,114) |
(1,614) |
|||||
|
Home equity |
(318) |
(287) |
(379) |
(201) |
(602) |
|||||
|
Agricultural |
(696) |
(238) |
(169) |
(327) |
(2) |
|||||
|
Commercial and industrial-owner occupied |
(1,206) |
(1,041) |
(1,684) |
(830) |
(300) |
|||||
|
Construction, acquisition and development |
(1,666) |
(1,784) |
(1,727) |
(2,036) |
(1,198) |
|||||
|
Commercial real estate |
(901) |
(1,039) |
(2,441) |
(3,720) |
(3,141) |
|||||
|
Credit cards |
(559) |
(559) |
(750) |
(557) |
(450) |
|||||
|
All other |
(583) |
(1,108) |
(837) |
(462) |
(492) |
|||||
|
Total loans charged off |
(8,075) |
(8,328) |
(11,872) |
(12,255) |
(9,737) |
|||||
|
Recoveries: |
||||||||||
|
Commercial and industrial |
1,076 |
1,361 |
820 |
747 |
589 |
|||||
|
Real estate |
||||||||||
|
Consumer mortgages |
538 |
1,735 |
1,516 |
708 |
1,108 |
|||||
|
Home equity |
184 |
97 |
66 |
184 |
260 |
|||||
|
Agricultural |
9 |
34 |
48 |
120 |
13 |
|||||
|
Commercial and industrial-owner occupied |
358 |
734 |
297 |
1,439 |
254 |
|||||
|
Construction, acquisition and development |
1,637 |
2,483 |
953 |
360 |
886 |
|||||
|
Commercial real estate |
323 |
784 |
221 |
3,634 |
339 |
|||||
|
Credit cards |
131 |
133 |
164 |
184 |
148 |
|||||
|
All other |
287 |
229 |
214 |
325 |
275 |
|||||
|
Total recoveries |
4,543 |
7,590 |
4,299 |
7,701 |
3,872 |
|||||
|
Net charge-offs |
(3,532) |
(738) |
(7,573) |
(4,554) |
(5,865) |
|||||
|
Provision charged to operating expense |
- |
- |
500 |
3,000 |
4,000 |
|||||
|
Balance, end of period |
$ 149,704 |
$ 153,236 |
$ 153,974 |
$ 161,047 |
$ 162,601 |
|||||
|
Average loans for period |
$ 9,022,155 |
$ 8,830,917 |
$ 8,682,966 |
$ 8,588,673 |
$ 8,580,329 |
|||||
|
Ratio: |
||||||||||
|
Net charge-offs to average loans (annualized) |
0.16% |
0.03% |
0.35% |
0.21% |
0.27% |
|||||
|
BancorpSouth, Inc. |
||||||||||
|
Selected Loan Data |
||||||||||
|
(Dollars in thousands) |
||||||||||
|
(Unaudited) |
||||||||||
|
Quarter Ended |
||||||||||
|
Mar-14 |
Dec-13 |
Sep-13 |
Jun-13 |
Mar-13 |
||||||
|
NON-PERFORMING ASSETS |
||||||||||
|
NON-PERFORMING LOANS AND LEASES: |
||||||||||
|
Nonaccrual Loans and Leases |
||||||||||
|
Commercial and industrial |
$ 3,023 |
$ 3,079 |
$ 5,498 |
$ 6,225 |
$ 7,009 |
|||||
|
Real estate |
||||||||||
|
Consumer mortgages |
24,353 |
25,645 |
30,569 |
34,226 |
39,012 |
|||||
|
Home equity |
2,740 |
3,695 |
3,287 |
3,862 |
4,272 |
|||||
|
Agricultural |
651 |
1,260 |
4,086 |
5,007 |
6,667 |
|||||
|
Commercial and industrial-owner occupied |
14,122 |
18,568 |
18,138 |
17,084 |
20,719 |
|||||
|
Construction, acquisition and development |
9,968 |
17,567 |
26,127 |
39,315 |
51,728 |
|||||
|
Commercial real estate |
21,496 |
20,972 |
31,468 |
40,940 |
55,318 |
|||||
|
Credit cards |
168 |
119 |
196 |
398 |
418 |
|||||
|
All other |
1,010 |
1,268 |
1,984 |
2,485 |
3,047 |
|||||
|
Total nonaccrual loans and leases |
$ 77,531 |
$ 92,173 |
$ 121,353 |
$ 149,542 |
$ 188,190 |
|||||
|
Loans and Leases 90+ Days Past Due, Still Accruing: |
||||||||||
|
Commercial and industrial |
$ 287 |
$ 27 |
$ 15 |
$ - |
$ 22 |
|||||
|
Real estate |
||||||||||
|
Consumer mortgages |
1,307 |
888 |
1,178 |
1,107 |
842 |
|||||
|
Home equity |
12 |
- |
- |
- |
- |
|||||
|
Agricultural |
- |
- |
- |
- |
- |
|||||
|
Commercial and industrial-owner occupied |
- |
- |
- |
- |
- |
|||||
|
Construction, acquisition and development |
- |
- |
- |
- |
- |
|||||
|
Commercial real estate |
- |
311 |
- |
120 |
- |
|||||
|
Credit cards |
297 |
- |
263 |
213 |
261 |
|||||
|
All other |
46 |
- |
23 |
- |
- |
|||||
|
Total loans and leases 90+ days past due, still accruing |
1,949 |
1,226 |
1,479 |
1,440 |
1,125 |
|||||
|
Restructured Loans and Leases, Still Accruing |
13,776 |
27,007 |
21,502 |
16,953 |
17,702 |
|||||
|
Total non-performing loans and leases |
93,256 |
120,406 |
144,334 |
167,935 |
207,017 |
|||||
|
OTHER REAL ESTATE OWNED: |
63,595 |
69,338 |
76,853 |
88,438 |
96,314 |
|||||
|
Total Non-performing Assets |
$ 156,851 |
$ 189,744 |
$ 221,187 |
$ 256,373 |
$ 303,331 |
|||||
|
Additions to Nonaccrual Loans and Leases During the Quarter |
$ 22,479 |
$ 18,556 |
$ 21,182 |
$ 21,890 |
$ 22,294 |
|||||
|
Loans and Leases 30-89 Days Past Due, Still Accruing: |
||||||||||
|
Commercial and industrial |
$ 2,616 |
$ 2,817 |
$ 1,909 |
$ 1,517 |
$ 1,764 |
|||||
|
Real estate |
||||||||||
|
Consumer mortgages |
12,236 |
14,150 |
10,914 |
11,887 |
11,720 |
|||||
|
Home equity |
1,587 |
1,828 |
1,278 |
1,315 |
1,567 |
|||||
|
Agricultural |
302 |
495 |
761 |
569 |
757 |
|||||
|
Commercial and industrial-owner occupied |
3,248 |
4,081 |
1,995 |
1,323 |
956 |
|||||
|
Construction, acquisition and development |
2,848 |
1,993 |
3,920 |
1,835 |
4,292 |
|||||
|
Commercial real estate |
3,953 |
5,574 |
5,818 |
535 |
1,331 |
|||||
|
Credit cards |
592 |
655 |
688 |
668 |
544 |
|||||
|
All other |
963 |
2,189 |
1,634 |
1,591 |
1,473 |
|||||
|
Total Loans and Leases 30-89 days past due, still accruing |
$ 28,345 |
$ 33,782 |
$ 28,917 |
$ 21,240 |
$ 24,404 |
|||||
|
Credit Quality Ratios: |
||||||||||
|
Provision for credit losses to average loans and leases (annualized) |
0.00% |
0.00% |
0.02% |
0.14% |
0.19% |
|||||
|
Allowance for credit losses to net loans and leases |
1.65% |
1.71% |
1.76% |
1.86% |
1.89% |
|||||
|
Allowance for credit losses to non-performing assets |
95.44% |
80.76% |
69.61% |
62.82% |
53.61% |
|||||
|
Allowance for credit losses to non-performing loans and leases |
160.53% |
127.27% |
106.68% |
95.90% |
78.54% |
|||||
|
Non-performing loans and leases to net loans and leases |
1.03% |
1.34% |
1.65% |
1.94% |
2.41% |
|||||
|
Non-performing assets to net loans and leases |
1.73% |
2.12% |
2.52% |
2.95% |
3.53% |
|||||
|
BancorpSouth, Inc. |
||||||||||
|
Selected Loan Data |
||||||||||
|
(Dollars in thousands) |
||||||||||
|
(Unaudited) |
||||||||||
|
Quarter Ended |
||||||||||
|
Mar-14 |
Dec-13 |
Sep-13 |
Jun-13 |
Mar-13 |
||||||
|
REAL ESTATE CONSTRUCTION, ACQUISITION |
||||||||||
|
AND DEVELOPMENT ("CAD") PORTFOLIO: |
||||||||||
|
Outstanding Balance |
||||||||||
|
Multi-family construction |
$ 11,339 |
$ 7,702 |
$ 7,974 |
$ 8,902 |
$ 8,182 |
|||||
|
One-to-four family construction |
221,790 |
224,286 |
203,988 |
202,603 |
193,032 |
|||||
|
Recreation and all other loans |
36,897 |
36,868 |
41,762 |
42,132 |
42,909 |
|||||
|
Commercial construction |
177,264 |
150,847 |
139,041 |
117,901 |
111,702 |
|||||
|
Commercial acquisition and development |
122,051 |
128,157 |
136,206 |
136,174 |
154,997 |
|||||
|
Residential acquisition and development |
178,686 |
193,598 |
194,638 |
201,787 |
217,270 |
|||||
|
Total outstanding balance |
$ 748,027 |
$ 741,458 |
$ 723,609 |
$ 709,499 |
$ 728,092 |
|||||
|
Nonaccrual CAD Loans |
||||||||||
|
Multi-family construction |
$ - |
$ - |
$ - |
$ - |
$ - |
|||||
|
One-to-four family construction |
2,824 |
2,937 |
3,249 |
6,193 |
8,154 |
|||||
|
Recreation and all other loans |
919 |
728 |
782 |
800 |
978 |
|||||
|
Commercial construction |
- |
865 |
1,686 |
2,765 |
3,381 |
|||||
|
Commercial acquisition and development |
2,224 |
6,890 |
11,150 |
14,225 |
14,240 |
|||||
|
Residential acquisition and development |
4,001 |
6,147 |
9,260 |
15,332 |
24,975 |
|||||
|
Total nonaccrual CAD loans |
$ 9,968 |
$ 17,567 |
$ 26,127 |
$ 39,315 |
$ 51,728 |
|||||
|
CAD Loans 90+ Days Past Due, Still Accruing: |
||||||||||
|
Multi-family construction |
$ - |
$ - |
$ - |
$ - |
$ - |
|||||
|
One-to-four family construction |
- |
- |
- |
- |
- |
|||||
|
Recreation and all other loans |
- |
- |
- |
- |
- |
|||||
|
Commercial construction |
- |
- |
- |
- |
- |
|||||
|
Commercial acquisition and development |
- |
- |
- |
- |
- |
|||||
|
Residential acquisition and development |
- |
- |
- |
- |
- |
|||||
|
Total CAD loans 90+ days past due, still accruing |
$ - |
$ - |
$ - |
$ - |
$ - |
|||||
|
Restructured CAD Loans, Still Accruing |
||||||||||
|
Multi-family construction |
$ - |
$ - |
$ - |
$ - |
$ - |
|||||
|
One-to-four family construction |
- |
1,274 |
1,028 |
867 |
- |
|||||
|
Recreation and all other loans |
13 |
13 |
15 |
15 |
17 |
|||||
|
Commercial construction |
- |
346 |
348 |
351 |
- |
|||||
|
Commercial acquisition and development |
402 |
1,990 |
2,010 |
2,030 |
2,047 |
|||||
|
Residential acquisition and development |
1,192 |
3,111 |
3,162 |
3,458 |
5,148 |
|||||
|
Total restructured CAD loans, still accruing |
$ 1,607 |
$ 6,734 |
$ 6,563 |
$ 6,721 |
$ 7,212 |
|||||
|
Total Non-performing CAD loans |
$ 11,575 |
$ 24,301 |
$ 32,690 |
$ 46,036 |
$ 58,940 |
|||||
|
CAD NPL as a % of Outstanding CAD Balance |
||||||||||
|
Multi-family construction |
- |
- |
- |
- |
- |
|||||
|
One-to-four family construction |
1.3% |
1.9% |
2.1% |
3.5% |
4.2% |
|||||
|
Recreation and all other loans |
2.5% |
2.0% |
1.9% |
1.9% |
2.3% |
|||||
|
Commercial construction |
0.0% |
0.8% |
1.5% |
2.6% |
3.0% |
|||||
|
Commercial acquisition and development |
2.2% |
6.9% |
9.7% |
11.9% |
10.5% |
|||||
|
Residential acquisition and development |
2.9% |
4.8% |
6.4% |
9.3% |
13.9% |
|||||
|
Total CAD NPL as a % of outstanding CAD balance |
1.5% |
3.3% |
4.5% |
6.5% |
8.1% |
|||||
|
BancorpSouth, Inc. |
|||||||||||||
|
Selected Loan Data |
|||||||||||||
|
(Dollars in thousands) |
|||||||||||||
|
(Unaudited) |
|||||||||||||
|
March 31, 2014 | |||||||||||||
|
Special |
|||||||||||||
|
Pass |
Mention |
Substandard |
Doubtful |
Loss |
Impaired |
Total | |||||||
|
LOAN PORTFOLIO BY INTERNALLY ASSIGNED GRADE: |
|||||||||||||
|
Commercial and industrial |
$ 1,535,172 |
$ 13,043 |
$ 31,741 |
$ - |
$ - |
$ 1,295 |
$ 1,581,251 | ||||||
|
Real estate |
|||||||||||||
|
Consumer mortgages |
1,936,837 |
243 |
104,486 |
310 |
- |
5,125 |
2,047,001 | ||||||
|
Home equity |
483,746 |
343 |
13,456 |
96 |
- |
642 |
498,283 | ||||||
|
Agricultural |
210,346 |
563 |
18,257 |
- |
- |
436 |
229,602 | ||||||
|
Commercial and industrial-owner occupied |
1,420,813 |
3,887 |
56,124 |
510 |
- |
7,046 |
1,488,380 | ||||||
|
Construction, acquisition and development |
697,094 |
1,556 |
40,713 |
768 |
- |
7,896 |
748,027 | ||||||
|
Commercial real estate |
1,757,573 |
- |
71,374 |
198 |
- |
18,838 |
1,847,983 | ||||||
|
Credit cards |
105,988 |
- |
- |
- |
- |
- |
105,988 | ||||||
|
All other |
509,729 |
68 |
11,876 |
- |
- |
188 |
521,861 | ||||||
|
Total loans |
$ 8,657,298 |
$ 19,703 |
$ 348,027 |
$ 1,882 |
$ - |
$ 41,466 |
$ 9,068,376 | ||||||
|
December 31, 2013 | |||||||||||||
|
Special |
|||||||||||||
|
Pass |
Mention |
Substandard |
Doubtful |
Loss |
Impaired |
Total | |||||||
|
LOAN PORTFOLIO BY INTERNALLY ASSIGNED GRADE: |
|||||||||||||
|
Commercial and industrial |
$ 1,495,972 |
$ 978 |
$ 30,886 |
$ 99 |
$ - |
$ 1,314 |
$ 1,529,249 | ||||||
|
Real estate |
|||||||||||||
|
Consumer mortgages |
1,859,094 |
1,531 |
108,615 |
427 |
- |
6,406 |
1,976,073 | ||||||
|
Home equity |
478,283 |
250 |
14,570 |
96 |
- |
1,140 |
494,339 | ||||||
|
Agricultural |
214,728 |
779 |
18,187 |
- |
- |
882 |
234,576 | ||||||
|
Commercial and industrial-owner occupied |
1,409,757 |
116 |
50,853 |
849 |
- |
11,745 |
1,473,320 | ||||||
|
Construction, acquisition and development |
674,299 |
1,459 |
49,401 |
587 |
- |
15,712 |
741,458 | ||||||
|
Commercial real estate |
1,751,553 |
386 |
76,199 |
420 |
- |
17,481 |
1,846,039 | ||||||
|
Credit cards |
111,328 |
- |
- |
- |
- |
- |
111,328 | ||||||
|
All other |
538,467 |
71 |
12,832 |
- |
- |
263 |
551,633 | ||||||
|
Total loans |
$ 8,533,481 |
$ 5,570 |
$ 361,543 |
$ 2,478 |
$ - |
$ 54,943 |
$ 8,958,015 | ||||||
|
BancorpSouth, Inc. |
||||||||||||||||||
|
Geographical Information |
||||||||||||||||||
|
(Dollars in thousands) |
||||||||||||||||||
|
(Unaudited) |
||||||||||||||||||
|
March 31, 2014 |
||||||||||||||||||
|
Alabama |
Greater |
Corporate |
||||||||||||||||
|
and Florida |
Memphis |
Texas and |
Banking |
|||||||||||||||
|
Panhandle |
Arkansas* |
Mississippi* |
Missouri |
Area |
Tennessee* |
Louisiana |
and Other |
Total |
||||||||||
|
LOAN AND LEASE PORTFOLIO: |
||||||||||||||||||
|
Commercial and industrial |
$ 80,620 |
$ 188,455 |
$ 282,829 |
$ 34,165 |
$ 23,138 |
$ 80,065 |
$ 279,379 |
$ 612,600 |
$ 1,581,251 |
|||||||||
|
Real estate |
||||||||||||||||||
|
Consumer mortgages |
149,108 |
264,744 |
689,847 |
64,206 |
105,566 |
162,701 |
501,316 |
109,513 |
2,047,001 |
|||||||||
|
Home equity |
64,648 |
40,076 |
163,896 |
21,039 |
67,421 |
72,663 |
66,554 |
1,986 |
498,283 |
|||||||||
|
Agricultural |
7,797 |
68,685 |
57,168 |
3,471 |
14,492 |
11,611 |
61,959 |
4,419 |
229,602 |
|||||||||
|
Commercial and industrial-owner occupied |
173,560 |
167,136 |
479,186 |
65,786 |
92,641 |
89,244 |
293,217 |
127,610 |
1,488,380 |
|||||||||
|
Construction, acquisition and development |
100,165 |
66,985 |
193,818 |
22,190 |
77,559 |
103,894 |
149,859 |
33,557 |
748,027 |
|||||||||
|
Commercial real estate |
262,639 |
304,695 |
280,466 |
198,179 |
98,039 |
107,520 |
425,729 |
170,716 |
1,847,983 |
|||||||||
|
Credit cards |
- |
- |
- |
- |
- |
- |
- |
105,988 |
105,988 |
|||||||||
|
All other |
30,706 |
54,338 |
136,963 |
2,368 |
38,539 |
37,585 |
78,648 |
142,714 |
521,861 |
|||||||||
|
Total loans |
$ 869,243 |
$ 1,155,114 |
$ 2,284,173 |
$ 411,404 |
$ 517,395 |
$ 665,283 |
$ 1,856,661 |
$ 1,309,103 |
$ 9,068,376 |
|||||||||
|
CAD PORTFOLIO: |
||||||||||||||||||
|
Multi-family construction |
$ 1,910 |
$ 998 |
$ 481 |
$ - |
$ - |
$ 5,757 |
$ 2,193 |
$ - |
$ 11,339 |
|||||||||
|
One-to-four family construction |
36,950 |
14,774 |
46,541 |
5,004 |
10,833 |
69,004 |
38,042 |
642 |
221,790 |
|||||||||
|
Recreation and all other loans |
1,700 |
7,674 |
11,912 |
572 |
4,462 |
1,091 |
9,486 |
- |
36,897 |
|||||||||
|
Commercial construction |
21,710 |
15,459 |
46,304 |
4,158 |
19,245 |
5,507 |
34,371 |
30,510 |
177,264 |
|||||||||
|
Commercial acquisition and development |
10,821 |
14,669 |
34,571 |
5,846 |
19,308 |
9,481 |
26,557 |
798 |
122,051 |
|||||||||
|
Residential acquisition and development |
27,074 |
13,411 |
54,009 |
6,610 |
23,711 |
13,054 |
39,210 |
1,607 |
178,686 |
|||||||||
|
Total CAD loans |
$ 100,165 |
$ 66,985 |
$ 193,818 |
$ 22,190 |
$ 77,559 |
$ 103,894 |
$ 149,859 |
$ 33,557 |
$ 748,027 |
|||||||||
|
NON-PERFORMING LOANS AND LEASES: |
||||||||||||||||||
|
Commercial and industrial |
$ 1,316 |
$ 1,128 |
$ 1,235 |
$ - |
$ 19 |
$ 132 |
$ 807 |
$ 312 |
$ 4,949 |
|||||||||
|
Real estate |
||||||||||||||||||
|
Consumer mortgages |
1,488 |
1,655 |
9,364 |
385 |
2,718 |
2,502 |
2,391 |
7,255 |
27,758 |
|||||||||
|
Home equity |
707 |
124 |
442 |
- |
315 |
637 |
542 |
3 |
2,770 |
|||||||||
|
Agricultural |
- |
423 |
191 |
269 |
201 |
- |
191 |
1 |
1,276 |
|||||||||
|
Commercial and industrial-owner occupied |
3,432 |
2,765 |
6,502 |
541 |
1,097 |
3,105 |
1,231 |
- |
18,673 |
|||||||||
|
Construction, acquisition and development |
2,541 |
235 |
3,481 |
- |
2,017 |
310 |
2,644 |
347 |
11,575 |
|||||||||
|
Commercial real estate |
4,326 |
8 |
2,986 |
6,589 |
3,307 |
3,804 |
1,282 |
1,177 |
23,479 |
|||||||||
|
Credit cards |
- |
- |
- |
- |
- |
- |
- |
1,663 |
1,663 |
|||||||||
|
All other |
13 |
111 |
291 |
- |
40 |
277 |
371 |
10 |
1,113 |
|||||||||
|
Total loans |
$ 13,823 |
$ 6,449 |
$ 24,492 |
$ 7,784 |
$ 9,714 |
$ 10,767 |
$ 9,459 |
$ 10,768 |
$ 93,256 |
|||||||||
|
NON-PERFORMING LOANS AND LEASES |
||||||||||||||||||
|
AS A PERCENTAGE OF OUTSTANDING: |
||||||||||||||||||
|
Commercial and industrial |
1.63% |
0.60% |
0.44% |
0.00% |
0.08% |
0.16% |
0.29% |
0.05% |
0.31% |
|||||||||
|
Real estate |
||||||||||||||||||
|
Consumer mortgages |
1.00% |
0.63% |
1.36% |
0.60% |
2.57% |
1.54% |
0.48% |
6.62% |
1.36% |
|||||||||
|
Home equity |
1.09% |
0.31% |
0.27% |
0.00% |
0.47% |
0.88% |
0.81% |
0.15% |
0.56% |
|||||||||
|
Agricultural |
0.00% |
0.62% |
0.33% |
7.75% |
1.39% |
0.00% |
0.31% |
0.02% |
0.56% |
|||||||||
|
Commercial and industrial-owner occupied |
1.98% |
1.65% |
1.36% |
0.82% |
1.18% |
3.48% |
0.42% |
0.00% |
1.25% |
|||||||||
|
Construction, acquisition and development |
2.54% |
0.35% |
1.80% |
0.00% |
2.60% |
0.30% |
1.76% |
1.03% |
1.55% |
|||||||||
|
Commercial real estate |
1.65% |
0.00% |
1.06% |
3.32% |
3.37% |
3.54% |
0.30% |
0.69% |
1.27% |
|||||||||
|
Credit cards |
- |
- |
- |
- |
- |
- |
- |
1.57% |
1.57% |
|||||||||
|
All other |
0.04% |
0.20% |
0.21% |
0.00% |
0.10% |
0.74% |
0.47% |
0.01% |
0.21% |
|||||||||
|
Total loans |
1.59% |
0.56% |
1.07% |
1.89% |
1.88% |
1.62% |
0.51% |
0.82% |
1.03% |
|||||||||
|
*Excludes the Greater Memphis Area. |
||||||||||||||||||
|
BancorpSouth, Inc. | |||||||||||||||||
|
Selected Additional Information | |||||||||||||||||
|
(Dollars in thousands) | |||||||||||||||||
|
(Unaudited) | |||||||||||||||||
|
March 31, 2014 | |||||||||||||||||
|
Alabama |
Greater |
||||||||||||||||
|
and Florida |
Memphis |
Texas and |
|||||||||||||||
|
Panhandle |
Arkansas* |
Mississippi* |
Missouri |
Area |
Tennessee* |
Louisiana |
Other |
Total | |||||||||
|
OTHER REAL ESTATE OWNED: |
|||||||||||||||||
|
Commercial and industrial |
$ 84 |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
$ - |
$ 84 | ||||||||
|
Real estate |
|||||||||||||||||
|
Consumer mortgages |
822 |
232 |
2,465 |
62 |
68 |
199 |
5 |
- |
3,853 | ||||||||
|
Home equity |
442 |
- |
556 |
- |
- |
- |
- |
- |
998 | ||||||||
|
Agricultural |
907 |
- |
216 |
- |
1,083 |
- |
- |
- |
2,206 | ||||||||
|
Commercial and industrial-owner occupied |
33 |
33 |
1,703 |
- |
827 |
25 |
105 |
- |
2,726 | ||||||||
|
Construction, acquisition and development |
15,035 |
94 |
10,853 |
861 |
20,114 |
3,871 |
257 |
- |
51,085 | ||||||||
|
Commercial real estate |
352 |
316 |
568 |
- |
1,036 |
- |
106 |
- |
2,378 | ||||||||
|
All other |
- |
- |
85 |
- |
- |
- |
147 |
33 |
265 | ||||||||
|
Total loans |
$ 17,675 |
$ 675 |
$ 16,446 |
$ 923 |
$ 23,128 |
$ 4,095 |
$ 620 |
$ 33 |
$ 63,595 | ||||||||
|
Quarter Ended |
|||||||||||||||||
|
Mar-14 |
Dec-13 |
Sep-13 |
Jun-13 |
Mar-13 |
|||||||||||||
|
OTHER REAL ESTATE OWNED: |
|||||||||||||||||
|
Balance, beginning of period |
$ 69,338 |
$ 76,853 |
$ 88,438 |
$ 96,314 |
$ 103,248 |
||||||||||||
|
Additions to foreclosed properties |
|||||||||||||||||
|
New foreclosed property |
4,855 |
7,868 |
9,536 |
9,639 |
2,222 |
||||||||||||
|
Reductions in foreclosed properties |
|||||||||||||||||
|
Sales |
(8,767) |
(14,272) |
(19,333) |
(15,641) |
(7,811) |
||||||||||||
|
Writedowns |
(1,831) |
(1,111) |
(1,788) |
(1,874) |
(1,345) |
||||||||||||
|
Balance, end of period |
$ 63,595 |
$ 69,338 |
$ 76,853 |
$ 88,438 |
$ 96,314 |
||||||||||||
|
FORECLOSED PROPERTY EXPENSE |
|||||||||||||||||
|
Loss (gain) on sale of other real estate owned |
$ 466 |
$ 949 |
$ 352 |
$ 166 |
$ (200) |
||||||||||||
|
Writedown of other real estate owned |
1,831 |
1,111 |
1,788 |
1,874 |
1,345 |
||||||||||||
|
Other foreclosed property expense |
258 |
771 |
1,158 |
1,205 |
1,209 |
||||||||||||
|
Total foreclosed property expense |
$ 2,555 |
$ 2,831 |
$ 3,298 |
$ 3,245 |
$ 2,354 |
||||||||||||
|
*Excludes the Greater Memphis Area. |
|||||||||||||||||
|
BancorpSouth, Inc. |
||||||||||
|
Noninterest Revenue and Expense |
||||||||||
|
(Dollars in thousands) |
||||||||||
|
(Unaudited) |
||||||||||
|
Quarter Ended |
||||||||||
|
Mar-14 |
Dec-13 |
Sep-13 |
Jun-13 |
Mar-13 |
||||||
|
NONINTEREST REVENUE: |
||||||||||
|
Mortgage lending |
$ 3,394 |
$ 9,605 |
$ 5,134 |
$ 17,892 |
$ 12,346 |
|||||
|
Credit card, debit card and merchant fees |
7,843 |
8,324 |
8,834 |
8,324 |
7,523 |
|||||
|
Deposit service charges |
12,536 |
13,570 |
13,679 |
12,824 |
12,832 |
|||||
|
Trust income |
3,568 |
3,717 |
3,332 |
3,192 |
3,210 |
|||||
|
Securities gains (losses), net |
(4) |
29 |
(5) |
3 |
19 |
|||||
|
Insurance commissions |
31,599 |
21,397 |
23,800 |
25,862 |
26,641 |
|||||
|
Annuity fees |
772 |
566 |
719 |
543 |
483 |
|||||
|
Brokerage commissions and fees |
1,576 |
1,037 |
2,005 |
2,068 |
2,093 |
|||||
|
Bank-owned life insurance |
1,849 |
2,466 |
1,954 |
2,008 |
1,887 |
|||||
|
Other miscellaneous income |
3,384 |
4,414 |
3,062 |
3,393 |
4,284 |
|||||
|
Total noninterest revenue |
$ 66,517 |
$ 65,125 |
$ 62,514 |
$ 76,109 |
$ 71,318 |
|||||
|
NONINTEREST EXPENSE: |
||||||||||
|
Salaries and employee benefits |
$ 78,883 |
$ 75,466 |
$ 73,532 |
$ 78,284 |
$ 79,414 |
|||||
|
Occupancy, net of rental income |
10,287 |
9,935 |
10,360 |
10,577 |
10,237 |
|||||
|
Equipment |
4,499 |
4,298 |
4,555 |
4,585 |
4,948 |
|||||
|
Deposit insurance assessments |
1,600 |
2,687 |
3,325 |
2,939 |
2,804 |
|||||
|
Voluntary early retirement expense |
- |
- |
- |
10,850 |
- |
|||||
|
Amortization of bond issue cost |
12 |
12 |
2,907 |
38 |
38 |
|||||
|
Advertising |
632 |
1,436 |
1,210 |
1,169 |
743 |
|||||
|
Foreclosed property expense |
2,555 |
2,831 |
3,298 |
3,245 |
2,354 |
|||||
|
Telecommunications |
2,248 |
1,971 |
2,227 |
2,184 |
2,099 |
|||||
|
Public relations |
822 |
972 |
1,105 |
1,175 |
1,005 |
|||||
|
Data processing |
2,741 |
2,939 |
2,772 |
2,783 |
2,468 |
|||||
|
Computer software |
2,423 |
2,197 |
2,190 |
2,146 |
1,963 |
|||||
|
Amortization of intangibles |
1,419 |
819 |
686 |
722 |
743 |
|||||
|
Legal |
1,878 |
2,537 |
4,626 |
3,896 |
9,366 |
|||||
|
Merger expense |
560 |
- |
- |
- |
- |
|||||
|
Postage and shipping |
1,287 |
1,133 |
1,027 |
1,074 |
1,135 |
|||||
|
Other miscellaneous expense |
14,861 |
18,597 |
15,577 |
16,584 |
16,054 |
|||||
|
Total noninterest expense |
$ 126,707 |
$ 127,830 |
$ 129,397 |
$ 142,251 |
$ 135,371 |
|||||
|
INSURANCE COMMISSIONS: |
||||||||||
|
Property and casualty commissions |
$ 19,987 |
$ 15,588 |
$ 18,372 |
$ 18,762 |
$ 16,878 |
|||||
|
Life and health commissions |
5,010 |
4,525 |
4,061 |
5,093 |
4,688 |
|||||
|
Risk management income |
705 |
648 |
628 |
573 |
650 |
|||||
|
Other |
5,897 |
636 |
739 |
1,434 |
4,425 |
|||||
|
Total insurance commissions |
$ 31,599 |
$ 21,397 |
$ 23,800 |
$ 25,862 |
$ 26,641 |
|||||
|
BancorpSouth, Inc. |
||||||||||
|
Selected Additional Information |
||||||||||
|
(Dollars in thousands) |
||||||||||
|
(Unaudited) |
||||||||||
|
Quarter Ended |
||||||||||
|
Mar-14 |
Dec-13 |
Sep-13 |
Jun-13 |
Mar-13 |
||||||
|
MORTGAGE SERVICING RIGHTS: |
||||||||||
|
Fair value, beginning of period |
$ 54,662 |
$ 51,025 |
$ 49,001 |
$ 41,478 |
$ 37,882 |
|||||
|
Additions to mortgage servicing rights: |
||||||||||
|
Originations of servicing assets |
1,460 |
1,984 |
3,826 |
4,012 |
4,268 |
|||||
|
Changes in fair value: |
||||||||||
|
Due to payoffs/paydowns |
(1,138) |
(1,240) |
(1,560) |
(1,739) |
(1,705) |
|||||
|
Due to change in valuation inputs or |
||||||||||
|
assumptions used in the valuation model |
(1,547) |
2,894 |
(240) |
5,252 |
1,037 |
|||||
|
Other changes in fair value |
(1) |
(1) |
(2) |
(2) |
(4) |
|||||
|
Fair value, end of period |
$ 53,436 |
$ 54,662 |
$ 51,025 |
$ 49,001 |
$ 41,478 |
|||||
|
MORTGAGE LENDING REVENUE: |
||||||||||
|
Origination |
$ 1,964 |
$ 3,590 |
$ 2,862 |
$ 10,471 |
$ 9,187 |
|||||
|
Servicing |
4,115 |
4,361 |
4,072 |
3,908 |
3,827 |
|||||
|
MSR payoffs/paydowns |
(1,138) |
(1,240) |
(1,560) |
(1,739) |
(1,705) |
|||||
|
MSR valuation adjustment |
(1,547) |
2,894 |
(240) |
5,252 |
1,037 |
|||||
|
Total mortgage lending revenue |
$ 3,394 |
$ 9,605 |
$ 5,134 |
$ 17,892 |
$ 12,346 |
|||||
|
Mortgage loans serviced |
$ 5,568,828 |
$ 5,577,325 |
$ 5,543,619 |
$ 5,393,580 |
$ 5,236,852 |
|||||
|
MSR/mtg loans serviced |
0.96% |
0.98% |
0.92% |
0.91% |
0.79% |
|||||
|
AVAILABLE-FOR-SALE SECURITIES, at fair value |
||||||||||
|
U.S. Government agencies |
$ 1,419,269 |
$ 1,458,349 |
$ 1,519,459 |
$ 1,581,570 |
$ 1,517,725 |
|||||
|
Government agency issued residential |
||||||||||
|
mortgage-back securities |
241,596 |
250,234 |
268,367 |
292,586 |
334,550 |
|||||
|
Government agency issued commercial |
||||||||||
|
mortgage-back securities |
234,059 |
230,912 |
229,412 |
227,381 |
196,459 |
|||||
|
Obligations of states and political subdivisions |
523,811 |
519,405 |
528,889 |
535,337 |
550,475 |
|||||
|
Other |
8,023 |
8,089 |
8,029 |
8,065 |
7,967 |
|||||
|
Total available-for-sale securities |
$ 2,426,758 |
$ 2,466,989 |
$ 2,554,156 |
$ 2,644,939 |
$ 2,607,176 |
|||||
|
BancorpSouth, Inc. | |||||||||||
|
Reconciliation of Non-GAAP Measures | |||||||||||
|
(Dollars in thousands, except per share amounts) | |||||||||||
|
(Unaudited) | |||||||||||
|
Certain financial information included in this press release are determined by methods other than in accordance with GAAP. Management believes such measures are relevant to understanding the capital position and performance of the Company. The non-GAAP financial measures presented in this press release are tangible shareholders' equity to tangible assets, return on tangible equity, pre-tax pre-provision return on average assets, and tangible book value per share. Additionally, disclosure of these non-GAAP financial measures provides a meaningful base for comparability to other financial institutions. Non-GAAP financial measures are not formally defined by GAAP, and other entities may use calculation methods different than those used by the Company. | |||||||||||
|
Reconciliation of Pre-tax, Pre-provision Earnings: |
|||||||||||
|
Quarter ended | |||||||||||
|
3/31/2014 |
12/31/2013 |
9/30/2013 |
6/30/2013 |
3/31/2013 | |||||||
|
Net income |
$ 28,444 |
$ 27,698 |
$ 24,857 |
$ 20,755 |
$ 20,805 | ||||||
|
Plus: |
Provision for credit losses |
- |
- |
500 |
3,000 |
4,000 | |||||
|
Income tax expense |
12,889 |
12,014 |
8,001 |
8,316 |
9,220 | ||||||
|
Pre-tax, pre-provision earnings |
$ 41,333 |
$ 39,712 |
$ 33,358 |
$ 32,071 |
$ 34,025 | ||||||
|
Reconciliation of Tangible Assets and Tangible Shareholders' Equity to |
|||||||||||
|
Total Assets and Total Shareholders' Equity: |
|||||||||||
|
Quarter ended | |||||||||||
|
3/31/2014 |
12/31/2013 |
9/30/2013 |
6/30/2013 |
3/31/2013 | |||||||
|
Tangible assets |
|||||||||||
|
Total assets |
$ 13,143,555 |
$ 13,029,733 |
$ 12,916,153 |
$ 13,217,705 |
$ 13,393,135 | ||||||
|
Less: |
Goodwill |
286,800 |
286,800 |
275,173 |
275,173 |
275,173 | |||||
|
Other identifiable intangible assets |
25,021 |
26,079 |
15,179 |
15,865 |
16,586 | ||||||
|
Total tangible assets |
$ 12,831,734 |
$ 12,716,854 |
$ 12,625,801 |
$ 12,926,667 |
$ 13,101,376 | ||||||
|
Tangible shareholders' equity |
|||||||||||
|
Total shareholders' equity |
$ 1,554,676 |
$ 1,513,130 |
$ 1,480,611 |
$ 1,459,793 |
$ 1,465,180 | ||||||
|
Less: |
Goodwill |
286,800 |
286,800 |
275,173 |
275,173 |
275,173 | |||||
|
Other identifiable intangible assets |
25,021 |
26,079 |
15,179 |
15,865 |
16,586 | ||||||
|
Total tangible shareholders' equity |
$ 1,242,855 |
$ 1,200,251 |
$ 1,190,259 |
$ 1,168,755 |
$ 1,173,421 | ||||||
|
Total average assets |
$ 13,087,128 |
$ 12,955,127 |
$ 12,928,505 |
$ 13,146,040 |
$ 13,249,374 | ||||||
|
Total common shares outstanding |
96,004,679 |
95,231,691 |
95,211,602 |
95,190,797 |
95,174,441 | ||||||
|
Tangible shareholders' equity to tangible assets* |
9.69% |
9.44% |
9.43% |
9.04% |
8.96% | ||||||
|
Return on tangible equity ** |
9.28% |
9.16% |
8.29% |
7.12% |
7.19% | ||||||
|
Pre-tax pre-provision return on average assets *** |
1.28% |
1.22% |
1.02% |
0.98% |
1.04% | ||||||
|
Tangible book value per share**** |
$ 12.95 |
$ 12.60 |
$ 12.50 |
$ 12.28 |
$ 12.33 | ||||||
|
* |
Tangible shareholders' equity to tangible assets is defined by the Company as total shareholders' equity less goodwill and other identifiable intangible assets, divided by the difference of total assets less goodwill and other identifiable intangible assets. | ||||||||||
|
** |
Return on tangible equity is defined by the Company as annualized net income divided by tangible shareholders' equity. | ||||||||||
|
*** |
Pre-tax pre-provision return on average assets is defined by the Company as annualized pre-tax pre-provision earnings divided by total average assets. | ||||||||||
|
**** |
Tangible book value per share is defined by the Company as tangible shareholders' equity divided by total common shares outstanding. | ||||||||||
SOURCE BancorpSouth, Inc.
