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PENSION, OTHER POST RETIREMENT BENEFIT AND PROFIT SHARING PLANS (Tables)
 12 Months Ended
Dec. 31, 2012
PENSION, OTHER POST RETIREMENT BENEFIT AND PROFIT SHARING PLANS [Abstract]  
Summary of Defined Benefit Retirement Plans
A summary of the three defined benefit retirement plans at and for the years ended December 31, 2012, 2011 and 2010 follows:
   
Pension Benefits
 
   
2012
  
2011
  
2010
 
Change in benefit obligations:
 
(In thousands)
 
Projected benefit obligations at beginning of year
 $182,362  $156,595  $134,892 
Service cost
  9,670   8,107   7,449 
Interest cost
  8,104   8,327   7,676 
Amendments
  300   (8,494)  - 
Actuarial loss
  22,417   22,253   11,457 
Benefits paid
  (8,232)  (4,197)  (4,879)
Administrative expenses paid
  (817)  (229)  - 
Projected benefit obligations at end of year
 $213,804  $182,362  $156,595 
Change in plans' assets:
            
Fair value of plans' assets at beginning of year
 $195,004  $197,536  $180,217 
Actual return on assets
  16,631   1,347   21,488 
Employer contributions
  1,118   547   710 
Benefits paid
  (8,232)  (4,197)  (4,879)
Administrative expenses paid
  (817)  (229)  - 
Fair value of plans' assets at end of year
 $203,704  $195,004  $197,536 
Funded status:
            
Projected benefit obligations
 $(213,804) $(182,362) $(156,595)
Fair value of plans' assets
  203,704   195,004   197,536 
Unrecognized transition amount
  -   -   - 
Unrecognized prior service cost
  -   -   - 
Unrecognized actuarial loss
  -   -   - 
Net amount recognized
 $(10,100) $12,642  $40,941 
Amounts Recognized in the Consolidated Balance Sheets
Amounts recognized in the consolidated balance sheets consisted of:

   
2012
  
2011
  
2010
 
   
(In thousands)
 
Prepaid benefit cost
 $94,046  $102,307  $104,749 
Accrued benefit liability
  (22,123)  (20,572)  (18,678)
Intangible asset
  -   -   - 
Accumulated other comprehensive
            
  income adjustment
  (82,023)  (69,093)  (45,130)
Net amount recognized
 $(10,100) $12,642  $40,941 
 
Pre-tax amounts recognized in accumulated other comprehensive income consisted of:
 
   
Year ended December 31,
 
   
2012
  
2011
 
   
(In thousands)
 
        
Net transition obligation
 $37  $55 
Net prior service benefit
  (6,134)  (6,901)
Net actuarial loss
  88,120   75,939 
Total accumulated other comprehensive income
 $82,023  $69,093 
Components of Net Periodic Benefit Cost
The components of net periodic benefit cost at December 31, 2012, 2011 and 2010 were as follows:

   
Pension Benefits
 
   
2012
  
2011
  
2010
 
Components of net periodic benefit cost:
 
(In thousands)
 
Service cost
 $9,670  $8,107  $7,449 
Interest cost
  8,104   8,327   7,676 
Expected return on assets
  (11,263)  (14,864)  (14,032)
Amortization of unrecognized transition amount
  18   18   18 
Recognized prior service (benefit) cost
  (768)  31   341 
Recognized net loss
  4,868   3,264   2,218 
Special termination benefit
  300   -   - 
Net periodic benefit cost
 $10,929  $4,883  $3,670 
Weighted-Average Assumption Used to Determine Benefit Obligation and Net Periodic Benefit Cost
The weighted-average assumptions used to determine benefit obligations at December 31, 2012 and 2011 were as follows:
 
   
Basic Plan
 
Restoration Plan
 
Supplemental Plan
   
2012
 
2011
 
2012
 
2011
 
2012
 
2011
Discount rate
 
4.05%
 
4.80%
 
3.65%
 
4.45%
 
2.85%
 
3.85%
Rate of compensation increase*
 
3.00%
 
2.00%
 
3.00%
 
2.00%
 
3.00%
 
2.00%
 
* 
3.00% rate of compensation increase used for 2012 and beyond.
 
The weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, 2012, 2011 and 2010 were as follows:
   
Basic Plan
   
2012
 
2011
 
2010
Discount rate
 
4.80%
 
5.50%
 
6.00%
Rate of compensation increase
 
3.00%
 
3.00%
 
3.00%
Expected rate of return on plan assets
 
6.00%
 
8.00%
 
8.00%

   
Restoration Plan
   
2012
 
2011
 
2010
Discount rate
 
4.45%
 
5.15%
 
5.85%
Rate of compensation increase
 
3.00%
 
3.00%
 
3.00%
Expected rate of return on plan assets
 
N/A
 
N/A
 
N/A

   
Supplemental Plan
   
2012
 
2011
 
2010
Discount rate
 
3.85%
 
4.50%
 
5.35%
Rate of compensation increase
 
3.00%
 
3.00%
 
3.00%
Expected rate of return on plan assets
 
N/A
 
N/A
 
N/A
N/A = not applicable      
Plans with Accumulated Benefit Obligations in Excess of Plan Assets
The following table presents information related to the Restoration Plan and Supplemental Plan that had accumulated benefit obligations in excess of plan assets at December 31, 2012 and 2011:

   
2012
  
2011
 
   
(In thousands)
 
Projected benefit obligation
 $32,659  $26,712 
Accumulated benefit obligation
  31,154   25,409 
Fair value of assets
  -   - 

The following table presents information related to the Company's defined benefit pension plans at December 31, 2012 and 2011:
   
2012
  
2011
 
   
(In thousands)
 
Accumulated benefit obligation
 $205,298  $172,439 
Weighted-Average Asset Allocation
The Company's pension plan weighted-average asset allocations at December 31, 2012 and 2011 and the Company's target allocations for 2013, by asset category, were as follows:
   
Plan assets at December 31
 
Target for
Asset category:
 
2012
 
2011
 
2013
             
Equity securities
 
32.92%
 
36.87%
 
33%
Debt securities
 
61.19%
 
58.16%
 
67%
Cash and equivalents
 
5.89%
 
4.97%
 
0%
Total
 
100.00%
 
100.00%
   
Expected Future Benefit Payments
The following table presents information regarding expected future benefit payments, which reflect expected service, as appropriate:

   
Pension
 
   
Benefits
 
Expected future benefit payments:
 
(In thousands)
 
2013
 $10,560 
2014
  11,650 
2015
  13,238 
2016
  11,965 
2017
  12,285 
2018-2022
  66,277 
Fair Value of Plan Assets
The following table presents the fair value of each major category of plan assets held in the Basic Plan at December 31, 2012 and 2011:
   
Pension Benefits
 
   
2012
  
2011
 
Investments, at fair value:
 
(In thousands)
 
Cash
 $88  $- 
U.S. agency debt obligations
  49,886   70,757 
Mutual funds
  138,904   112,995 
Common stock of BancorpSouth, Inc.
  1,196   907 
Money market funds
  9,356   4,701 
Brokered certificates of deposit
  3,784   4,965 
Total investments, at fair value
  203,214   194,325 
Accrued interest and dividends
  490   679 
Fair value of plan assets
 $203,704  $195,004 

Fair values are determined based on valuation techniques categorized as follows:  Level 1 means the use of quoted prices for identical instruments in active markets; Level 2 means the use of quoted prices for identical or similar instruments in markets that are not active or are directly or indirectly observable; Level 3 means the use of unobservable inputs.  Quoted market prices, when available, are used to value investments.  Pension plan investments include funds which invest in various types of investment securities and in various companies within various markets.  Investment securities are exposed to several risks, such as interest rate, market and credit risks.  Because of the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported.
The following table sets forth by level, within the FASB ASC 820, Fair Value Measurements and Disclosure ("FASB ASC 820"), fair value hierarchy, the plan investments at fair value as of December 31, 2012 and 2011:

   
December 31, 2012
 
   
Level 1
  
Level 2
  
Level 3
  
Total
 
   
(In thousands)
 
U.S. agency debt obligations
 $-  $49,886  $-  $49,886 
Mutual funds
  138,904   -   -   138,904 
Common stock of BancorpSouth, Inc.
  1,196   -   -   1,196 
Money market funds
  -   9,356   -   9,356 
Brokered certificates of deposit
  -   3,784   -   3,784 
     Total
 $140,100  $63,026  $-  $203,126 

   
December 31, 2011
 
   
Level 1
  
Level 2
  
Level 3
  
Total
 
   
(In thousands)
 
U.S. agency debt obligations
 $-  $70,757  $-  $70,757 
Mutual funds
  112,995   -   -   112,995 
Common stock of BancorpSouth, Inc.
  907   -   -   907 
Money market funds
  -   4,701   -   4,701 
Brokered certificates of deposit
  -   4,965   -   4,965 
     Total
 $113,902  $80,423  $-  $194,325 
Investments Representing 5% or More of Total Plan Asset Value
The following investments represented 5% or more of the total plan asset value as of December 31, 2012:
   
2012
 
   
(In thousands)
 
Fidelity Advisor New Insight S Institution
 $11,947 
T. Rowe Price Equity Income Fund
  11,151 
Dodge & Cox Income Fund
  11,339 
Pioneer Multi-Asset Ultrashort Inc. Fund
  15,129 
Fidelity Total Bond
  17,120 
Vanguard Total Bond Market Index Institutional Fund
  18,501