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EXHIBIT 99.1


Contact:
William L. Prater		Gary C. Bonds
Treasurer and Chief Financial		Senior Vice President and
Officer		Principal Accounting Officer
662/680-2000		662/680-2332

BancorpSouth Announces Earnings of $0.10 per Diluted Share
for First Quarter 2010

TUPELO, Miss., April 22, 2010/PRNewswire-FirstCall via COMTEX/ — BancorpSouth, Inc. (NYSE: BXS) today announced financial results for the quarter ended March 31, 2010.

			Highlights for the first quarter include:

	•		Profitable operations with net income of $8.4 million or $0.10 per diluted share.

	•		Improvement in net interest margin to 3.88 percent, the highest quarterly level since the first quarter of 2003.

	•		Increased net interest revenue on a comparable quarter basis (for the fourth consecutive quarter).

	•		Continued strong deposit growth — primarily interest bearing demand deposits — and significant reductions in short-term debt.

	•		A decline in noninterest expense, excluding deposit insurance assessment, on a comparable and sequential quarter basis.

	•		Annualized net charge-offs of 1.26 percent of average loans and leases and non-performing loans and leases of 2.43 percent of net loans and leases.

	•		A provision for credit losses more than 40 percent in excess of net charge-offs for the quarter, which increased the allowance for credit losses to 1.95 percent of net loans and leases.

	•		A strong capital structure with common equity to assets of 9.56 percent and tangible common equity to tangible assets of 7.52 percent at the end of the quarter.

Summary Results

BancorpSouth’s net income for the first quarter of 2010 was $8.4 million, or $0.10 per diluted share, compared with $29.5 million, or $0.35 per diluted share, for the first quarter of 2009 and a net loss of $2.1 million, or $0.03 per diluted share, for the fourth quarter of 2009.

Aubrey Patterson, Chairman and Chief Executive Officer of BancorpSouth, commented, “BancorpSouth has operated effectively in a stressful economic environment that has continued to challenge the financial services industry. As throughout 2009, our new loan production for the first quarter of 2010 essentially offset loan runoff. We experienced strong growth in deposits, especially low cost interest bearing demand deposits, and strengthened liquidity by reducing short-term debt by a significant percentage on a sequential quarter basis for the fifth consecutive quarter. We also produced our fourth comparable quarter increase in net interest revenue. Net interest margin increased to 3.88 percent, which is the fourth consecutive sequential quarter increase and the highest level achieved in seven years. While the level of mortgage refinancing slowed significantly compared with the first quarter of 2009, we continued to achieve a solid performance in our mortgage origination business with mortgage production exceeding $200 million in originations for the quarter.

“Non-performing loans and leases were $235.7 million at the end of the first quarter, an increase of $49.2 million from the fourth quarter of 2009. Included in non-performing loans and leases at the end of the

first quarter are $171.3 million of loans that have been subjected to impairment testing. These impaired loans have a specific reserve of $30.8 million included in the allowance for credit losses of $188.9 million at the quarter’s end. The remaining balance of non-performing loans and leases of $64.4 million represents loans and leases on non-accrual status, loans and leases 90 days or more past due and still accruing, and accruing restructured loans and leases. The balance of the allowance for credit losses not attributable to impaired loans was $158.1 million at the end of the first quarter of 2010. We are committed to remaining well-reserved against expected losses in our loan portfolio. We are encouraged by some indicators that suggest economic stabilization or mild strengthening, but we expect real estate values to remain under pressure, at least over the near term.

“First quarter operations were profitable, and the Company maintained strong capital and liquidity. We believe we are well positioned to cope with the challenges of the current environment.”

Net Interest Revenue

Net interest revenue was $111.9 million for the first quarter of 2010, an increase of 1.8 percent from $109.9 million for the first quarter of 2009 and a decrease of 0.4 percent from $112.3 million for the fourth quarter of 2009. The fully taxable equivalent net interest margin increased to 3.88 percent for the first quarter of 2010 from 3.74 percent for the first quarter of 2009 and 3.81 percent for the fourth quarter of 2009.

Patterson continued, “We are pleased with the fourth consecutive increase in comparable quarter net interest revenue. With loan growth an ongoing challenge in the current environment, we continued to focus our efforts on expanding our deposit funding and reducing our short-term debt. Due primarily to 14.5 percent growth in interest bearing demand deposits at March 31, 2010 from March 31, 2009 and 6.1 percent growth from the end of 2009, deposits grew to 93.6 percent of total funding at the end of the quarter from 84.1 percent and 91.3 percent at the end of the first quarter and fourth quarter, respectively, of 2009.”

Asset, Deposit and Loan Activity

Total assets at March 31, 2010 were $13.2 billion, compared with $13.5 billion at March 31, 2009. Total deposits were $11.0 billion at March 31, 2010, an increase of 8.9 percent from $10.1 billion at March 31, 2009. Loans and leases, net of unearned income, were approximately even at $9.7 billion on March 31, 2010 and March 31, 2009.

“Loan growth in the current economic environment continues to be a challenge. The banking industry, as a whole, has experienced a decline in loans for the last several quarters. We are encouraged that we have been able to maintain our volume of loans outstanding and believe that we are well positioned to capitalize on loan growth opportunities as the economy improves.

“Strong deposit growth has also reduced our reliance on short-term borrowed funds. While deposit rates generally exceed rates available for short-term borrowed funds, the current environment presents an excellent opportunity to attract new, and strengthen existing, deposit relationships.”

Provision for Credit Losses and Allowance for Credit Losses

For the first quarter of 2010, the provision for credit losses was $43.5 million compared with $14.9 million for the first quarter of 2009 and $62.3 million for the fourth quarter of 2009. Annualized net charge-offs were 1.26 percent of average loans and leases for the first quarter of 2010 compared with 0.54 percent for the first quarter of 2009 and 1.27 percent for the fourth quarter of 2009.

Non-performing loans and leases increased to $235.7 million, or 2.43 percent of net loans and leases, at March 31, 2010 from $73.8 million, or 0.76 percent of net loans and leases, at March 31, 2009 and from $186.5 million, or 1.91 percent of net loans and leases, at December 31, 2009. Again, $171.3 million of this $235.7 million are impaired loans with specific reserves of $30.8 million included in the allowance for credit losses. The total allowance for credit losses increased to 1.95 percent of net loans and leases at March 31, 2010 compared with 1.39 percent at March 31, 2009 and 1.80 percent at December 31, 2009.

Patterson, added, “Through the provision for credit losses for the first quarter, we significantly increased the allowance for credit losses for the second consecutive quarter. After the slight decline in net charge-offs for the first quarter compared with the fourth quarter of 2009, reserve coverage of annualized net charge-offs moved to 1.5 times from 1.4 times for the fourth quarter of 2009. We continue to focus significant efforts on the timely identification and resolution of our troubled loans. We are committed to ensuring that we maintain adequate reserves to cover expected losses.”

Noninterest Revenue

Noninterest revenue was $63.3 million for the first quarter of 2010 compared with $67.8 million for the first quarter of 2009 and $64.5 million for the fourth quarter of 2009. Changes in the valuation of BancorpSouth’s mortgage servicing rights (MSR) had no significant effect on the first quarter’s results. Results for the first quarter of 2010 included a gain on sale of securities of $1.3 million.

“Mortgage servicing and production income, excluding the MSR valuation adjustment, declined 45 percent from the first quarter of 2009 to $5.0 million,” stated Patterson. “The decrease is attributable to a decline in mortgage originations of 51 percent to $207 million. Despite the decline against a very strong comparable quarter in 2009, we are pleased with the performance of our mortgage origination business. Given the continuation of a mortgage rate environment favorable to purchase opportunities, as well as industry turmoil related to the exit of national or regional market participants, we expect a solid performance from our mortgage business for the year.

“In addition to our mortgage origination business, we remain fully committed to the strategic value of our insurance business, which continues to confront soft market conditions. Like the mortgage business, our insurance products and services have effectively enabled BancorpSouth to serve a larger portion of the financial needs of our existing customers, while introducing a significant number of new customers to the Company on an ongoing basis. They have also been instrumental in diversifying our revenue stream, significantly lessening our interest-spread dependence.

“Our first quarter revenue from credit and debit card fees increased 5.5 percent from the first quarter of 2009 and 11.6 percent from the fourth quarter of 2009. Service charge revenue for the first quarter declined 2.9 percent and 13.0 percent from the first and fourth quarters, respectively, of 2009. We are continuing to focus on managing the potential impact of new regulations on the fee structure of these businesses.”

Noninterest Expense

BancorpSouth has continued to manage its noninterest expenses well during the first quarter of 2010. Noninterest expense was $120.5 million for the first quarter, an increase of 0.4 percent from $120.0 million for the first quarter of 2009 and a decline of 2.3 percent from $123.4 million for the fourth quarter of 2009. Results again reflected an increase in BancorpSouth’s FDIC assessments. Noninterest expense, excluding the FDIC premium, for the first quarter of 2010 declined 0.5 percent from the first quarter of 2009 and 2.8 percent from the fourth quarter.

Capital Management

BancorpSouth’s commitment to a strong capital base is one of its fundamental operating principles. The Company’s ratio of shareholders’ equity to assets improved on a comparable quarter basis for the 15^th consecutive quarter, increasing to 9.56 percent at March 31, 2010 from 9.33 percent at March 31, 2009. The ratio of tangible equity to tangible assets also increased to 7.52 percent at March 31, 2010 from 7.29 percent at March 31, 2009. BancorpSouth remains a “well capitalized” financial holding company, as defined by federal regulations, with Tier 1 risk-based capital of approximately 10.89 percent at March 31, 2010 and total risk based capital of approximately 12.15 percent, compared with required minimum levels of 6 percent and 10 percent, respectively, to meet the definition of “well capitalized.”

Summary

Patterson concluded, “BancorpSouth operated soundly and profitably for the first quarter of 2010. In response to continuing economic uncertainty, we increased our allowance for credit losses, reduced debt, controlled costs and maintained strong capital levels and ample liquidity. Our revenue generation for the quarter continued the remarkable consistency demonstrated over the past two years despite the challenging economic environment.

“Based on our first quarter performance, we remain confident of the Company’s ability to cope effectively with the current environment. Although we continue to see scattered indicators of economic stabilization and growth, we remain appropriately cautious about the prospects for a sustained economic recovery in 2010. Recognizing that our recent geographic expansion into attractive new markets has provided much of our new loan production, we intend to continue pursuing careful de novo expansion in attractive and familiar markets within or contiguous to our existing geographic footprint. We will also continue to evaluate industry consolidation opportunities that meet our strategic objectives, which include being accretive to our financial results.”

Conference Call

BancorpSouth will conduct a conference call to discuss its first quarter 2010 results tomorrow, April 23, 2010, 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 real estate values, our ability to manage through the current environment, our ability to capitalize on loan growth opportunities, our ability to remain well-reserved against losses in our loan portfolio, performance of our mortgage business, our credit metrics and accretive industry consolidation opportunities.

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 $13.2 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
	March 31,
	2010			2009
(Dollars in thousands, except per share amounts)
Earnings Summary:
Net interest revenue	$	111,882		$	109,876
Provision for credit losses		43,519			14,945
Noninterest revenue		63,332			67,818
Noninterest expense		120,483			119,978

Income before income taxes		11,212			42,771
Income tax provision		2,816			13,294

Net income	$	8,396		$	29,477

Earnings per share: Basic	$	0.10		$	0.35

Diluted	$	0.10		$	0.35


Balance sheet data at March 31:
Total assets	$	13,230,190		$	13,458,364
Total earning assets		12,032,281			12,240,161
Loans and leases, net of unearned income		9,710,822			9,712,823
Allowance for credit losses		188,884			134,632
Total deposits		10,994,161			10,091,974
Common shareholders’ equity		1,264,884			1,255,659
Book value per share		15.16			15.11

Average balance sheet data:
Total assets	$	13,127,171		$	13,324,878
Total earning assets		11,979,546			12,187,151
Loans and leases, net of unearned interest		9,767,088			9,695,475
Total deposits		10,878,270			9,908,432
Common shareholders’ equity		1,265,409			1,238,971
Non-performing assets at March 31:
Non-accrual loans and leases	$	199,637		$	38,936
Loans and leases 90+ days past due, still accruing		20,452			27,299
Restructured loans and leases, still accruing		15,576			7,581
Other real estate owned		59,269			47,450

Total non-performing assets		294,934			121,266

Net charge-offs as a percentage of average loans (annualized)		1.26	%		0.54	%

Performance ratios (annualized):
Return on average assets		0.26	%		0.90	%
Return on common equity		2.69	%		9.65	%
Total shareholders’ equity to total assets		9.56	%		9.33	%
Tangible shareholders’ equity to tangible assets		7.52	%		7.29	%
Net interest margin		3.88	%		3.74	%

Average shares outstanding — basic		83,403,809			83,107,469
Average shares outstanding — diluted		83,574,695			83,234,105
Cash dividends per share	$	0.22		$	0.22

Tier I capital		10.89	%(1)		10.23	%
Total Capital		12.15	%(1)		12.22	%
Tier I leverage capital		8.84	%(1)		8.18	%


(1)		Estimated as of earnings release date

BancorpSouth, Inc.
Consolidated Balance Sheets
(Unaudited)


	Mar-10			Dec-09			Sep-09			Jun-09			Mar-09
	(Dollars in thousands)
Assets
Cash and due from banks	$	187,115		$	222,741		$	189,103		$	236,327		$	242,180
Interest bearing deposits with other banks		9,943			15,704			43,067			28,836			34,230
Held-to-maturity securities, at amortized cost		1,219,983			1,032,822			1,180,716			1,204,618			1,330,810
Available-for-sale securities, at fair value		891,221			960,772			958,158			969,207			993,529
Federal funds sold and securities purchased under agreement to resell		120,000			75,000			75,000			—			—
Loans and leases		9,756,081			9,822,986			9,803,235			9,806,735			9,759,787
Less: Unearned income		45,259			47,850			45,291			45,335			46,964
Allowance for credit losses		188,884			176,043			144,791			138,747			134,632

Net loans and leases		9,521,938			9,599,093			9,613,153			9,622,653			9,578,191
Loans held for sale		80,312			80,343			80,053			94,736			168,769
Premises and equipment, net		339,860			343,877			346,931			348,661			348,734
Accrued interest receivable		69,022			68,651			74,589			71,349			77,503
Goodwill		270,097			270,097			270,097			270,097			269,062
Bank owned life insurance		189,022			187,770			189,043			185,822			184,026
Other assets		331,677			310,997			251,963			265,513			231,330

Total Assets	$	13,230,190		$	13,167,867			13,271,873			13,297,819			13,458,364

Liabilities
Deposits:
Demand: Noninterest bearing	$	1,860,579		$	1,901,663			1,769,432			1,773,418			1,820,807
Interest bearing		4,589,029			4,323,646			4,055,395			3,960,008			4,005,620
Savings		768,302			725,192			712,446			718,302			719,676
Other time		3,776,251			3,727,201			3,759,761			3,705,819			3,545,871

Total deposits		10,994,161			10,677,702			10,297,034			10,157,547			10,091,974
Federal funds purchased and securities sold under agreement to repurchase		480,795			539,870			816,374			755,609			1,256,649
Short-term Federal Home Loan Bank borrowings and other short-term borrowing		2,500			203,500			200,000			475,000			210,000
Accrued interest payable		17,972			19,588			24,243			24,084			22,841
Junior subordinated debt securities		160,312			160,312			160,312			160,312			160,312
Long-term Federal Home Loan Bank borrowings		112,760			112,771			286,281			286,292			286,302
Other liabilities		196,806			177,828			201,411			164,028			174,627

Total Liabilities		11,965,306			11,891,571			11,985,655			12,022,872			12,202,705
Shareholders’ Equity
Common stock		208,655			208,626			208,615			208,391			207,811
Capital surplus		223,307			222,547			222,135			220,859			216,138
Accumulated other comprehensive income (loss)		(10,645	)		(8,409	)		(18,568	)		(25,162	)		(23,620	)
Retained earnings		843,567			853,532			874,036			870,859			855,330

Total Shareholders’ Equity		1,264,884			1,276,296			1,286,218			1,274,947			1,255,659

Total Liabilities & Shareholders’ Equity	$	13,230,190		$	13,167,867		$	13,271,873		$	13,297,819		$	13,458,364

BancorpSouth, Inc.
Consolidated Condensed Statements of Income
(Dollars in thousands, except per share data)
(Unaudited)


	Quarter Ended
	Mar-10		Dec-09			Sep-09		Jun-09			Mar-09
INTEREST REVENUE:
Loans and leases	$	126,956	$	129,086		$	129,455	$	129,263		$	129,209
Deposits with other banks		21		19			20		22			70
Federal funds sold and securities purchased under agreement to resell		82		43			27		3			1
Held-to-maturity securities:
Taxable		9,415		10,128			11,690		12,108			13,031
Tax-exempt		2,461		2,393			2,193		2,155			2,111
Available-for-sale securities:
Taxable		8,385		8,675			8,592		8,721			9,038
Tax-exempt		832		875			812		826			883
Loans held for sale		506		777			698		1,215			1,275

Total interest revenue		148,658		151,996			153,487		154,313			155,618


INTEREST EXPENSE:
Interest bearing demand		9,392		9,023			9,038		9,738			12,248
Savings		889		900			937		927			936
Other time		21,529		23,445			25,534		26,496			25,833
Federal funds purchased and securities sold under agreement to repurchase		228		305			331		421			572
FHLB borrowings		1,880		3,012			2,877		2,885			2,823
Junior subordinated debt		2,855		2,863			2,884		2,928			2,955
Other		3		101			150		(22	)		375

Total interest expense		36,776		39,649			41,751		43,373			45,742


Net interest revenue		111,882		112,347			111,736		110,940			109,876
Provision for credit losses		43,519		62,271			22,514		17,594			14,945

Net interest revenue, after provision for credit losses		68,363		50,076			89,222		93,346			94,931


NONINTEREST REVENUE:
Mortgage lending		5,025		8,602			2,012		13,959			7,652
Credit card, debit card and merchant fees		8,810		7,883			8,902		9,111			8,348
Service charges		16,262		18,689			19,049		18,371			16,755
Trust income		2,587		3,014			2,435		2,040			2,209
Security gains (losses), net		1,297		(102	)		—		42			5
Insurance commissions		21,668		17,583			20,134		20,575			22,645
Other		7,683		8,836			9,943		16,380			10,204

Total noninterest revenue		63,332		64,505			62,475		80,478			67,818


NONINTEREST EXPENSES:
Salaries and employee benefits		69,287		66,926			70,353		70,092			71,363
Occupancy, net of rental income		10,775		10,897			10,720		10,492			9,999
Equipment		5,739		5,578			5,853		5,855			6,222
Deposit insurance assessments		4,250		3,786			3,402		9,358			3,126
Other		30,432		36,174			32,344		28,209			29,268

Total noninterest expenses		120,483		123,361			122,672		124,006			119,978

Income (loss) before income taxes		11,212		(8,780	)		29,025		49,818			42,771
Income tax expense (benefit)		2,816		(6,634	)		7,494		15,951			13,294

Net income (loss)	$	8,396		($2,146	)	$	21,531	$	33,867		$	29,477


Net income (loss) per share: Basic	$	0.10		($0.03	)	$	0.26	$	0.41		$	0.35

Diluted	$	0.10		($0.03	)	$	0.26	$	0.41		$	0.35

BancorpSouth, Inc.
Selected Loan Data
(Dollars in thousands)
(Unaudited)


	Quarter Ended
	Mar-10			Dec-09			Sep-09			Jun-09			Mar-09
LOAN AND LEASE PORTFOLIO:
Commercial and industrial	$	1,470,145		$	1,466,569		$	1,442,344		$	1,441,718		$	1,390,042
Real estate
Consumer mortgages		2,014,085			2,017,067			2,046,433			2,054,666			2,037,439
Home equity		549,924			550,085			540,875			532,337			519,528
Agricultural		266,649			262,069			254,647			242,034			238,466
Commercial and industrial-owner occupied		1,423,098			1,449,554			1,432,859			1,394,852			1,455,422
Construction, acquisition and development		1,428,882			1,459,503			1,533,622			1,652,052			1,692,526
Commercial		1,809,660			1,806,766			1,770,066			1,719,044			1,660,211
Credit cards		101,464			108,086			103,208			101,844			98,450
All other		646,915			655,437			633,890			622,853			620,739

Total loans	$	9,710,822		$	9,775,136		$	9,757,944		$	9,761,400		$	9,712,823


ALLOWANCE FOR CREDIT LOSSES:
Balance, beginning of period	$	176,043		$	144,791		$	138,746		$	134,632		$	132,793

Loans and leases charged off:
Commercial and industrial		(2,169	)		(3,404	)		(3,913	)		(1,070	)		(1,147	)
Real estate
Consumer mortgages		(4,598	)		(2,298	)		(2,669	)		(4,877	)		(4,073	)
Home equity		(1,683	)		(1,835	)		(1,278	)		(1,106	)		(1,153	)
Agricultural		(207	)		(401	)		(407	)		(3	)		(37	)
Commercial and industrial-owner occupied		(2,465	)		(753	)		(1,795	)		(649	)		(836	)
Construction, acquisition and development		(15,769	)		(20,766	)		(3,160	)		(4,335	)		(4,377	)
Commercial		(2,278	)		(568	)		(2,135	)		(321	)		(560	)
Credit cards		(1,160	)		(1,118	)		(1,204	)		(1,290	)		(1,158	)
All other		(1,050	)		(954	)		(938	)		(815	)		(810	)

Total loans charged off		(31,379	)		(32,097	)		(17,499	)		(14,466	)		(14,151	)


Recoveries:
Commercial and industrial		63			194			320			68			179
Real estate
Consumer mortgages		64			209			132			263			220
Home equity		52			76			28			2			3
Agricultural		—			—			—			—			2
Commercial and industrial-owner occupied		7			10			31			248			8
Construction, acquisition and development		56			7			31			4			86
Commercial		12			25			108			—			56
Credit cards		150			216			123			140			138
All other		297			341			257			261			353

Total recoveries		701			1,078			1,030			986			1,045


Net charge-offs		(30,678	)		(31,019	)		(16,469	)		(13,480	)		(13,106	)

Provision charged to operating expense		43,519			62,271			22,514			17,594			14,945
Other, net		—			—			—			—			—

Balance, end of period	$	188,884		$	176,043		$	144,791		$	138,746		$	134,632


Average loans for period	$	9,767,088		$	9,750,989		$	9,750,159		$	9,740,916		$	9,695,475


Ratios:
Net charge-offs to average loans (annualized)		1.26	%		1.27	%		0.68	%		0.55	%		0.54	%

BancorpSouth, Inc.
Selected Loan Data
(Dollars in thousands)
(Unaudited)


	Quarter Ended
	Mar-10			Dec-09			Sep-09			Jun-09			Mar-09
NON-PERFORMING ASSETS
NON-PERFORMING LOANS AND LEASES:
Nonaccrual Loans and Leases
Commercial and industrial	$	6,306		$	4,852		$	7,048		$	7,364		$	5,523
Real estate
Consumer mortgages		24,047			20,731			12,433			9,946			8,398
Home equity		761			1,642			1,879			596			100
Agricultural		3,049			1,136			2,647			970			673
Commercial and industrial-owner occupied		15,083			7,039			5,044			2,631			4,153
Construction, acquisition and development		116,191			82,170			39,989			21,742			17,984
Commercial		30,094			23,209			12,228			1,023			925
Credit cards		1,072			1,044			850			816			939
All other		3,034			2,190			614			454			241

Total nonaccrual loans and leases		199,637			144,013			82,732			45,542			38,936


Loans and Leases 90+ Days Past Due, Still Accruing:
Commercial and industrial		1,405			1,797			1,062			1,919			1,489
Real estate
Consumer mortgages		10,984			9,905			14,189			9,961			7,110
Home equity		320			810			707			1,651			1,375
Agricultural		199			1,015			289			3,292			421
Commercial and industrial-owner occupied		1,482			4,511			1,342			4,253			2,982
Construction, acquisition and development		3,339			13,482			1,477			18,648			11,372
Commercial		1,671			2,558			305			2,351			1,021
Credit cards		296			355			373			476			391
All other		756			1,868			955			1,315			1,138

Total loans and leases 90+ past due, still accruing		20,452			36,301			20,699			43,866			27,299


Restructured Loans and Leases, Still Accruing		15,576			6,161			8,205			8,264			7,581

Total non-performing loans and leases		235,665			186,475			111,636			97,672			73,816


OTHER REAL ESTATE OWNED:		59,269			59,265			62,072			51,477			47,450


Total Non-performing Assets	$	294,934		$	245,740		$	173,708		$	149,149		$	121,266


Credit Quality Ratios:
Provision for credit losses to average loans and leases (annualized)		1.78	%		2.55	%		0.92	%		0.72	%		0.62	%
Allowance for credit losses to net loans and leases		1.95	%		1.80	%		1.48	%		1.42	%		1.39	%
Allowance for credit losses to non-performing assets		64.04	%		71.64	%		83.35	%		93.03	%		111.02	%
Allowance for credit losses to non-performing loans and leases		80.15	%		94.41	%		129.70	%		142.05	%		182.39	%
Non-performing loans and leases to net loans and leases		2.43	%		1.91	%		1.14	%		1.00	%		0.76	%
Non-performing assets to net loans and leases		3.04	%		2.51	%		1.77	%		1.53	%		1.25	%

BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(Dollars in thousands)
(Unaudited)


	Quarter Ended
	March 31, 2010
	Average					Yield/
(Taxable equivalent basis)	Balance			Interest		Rate
ASSETS
Loans, loans held for sale, and leases net of unearned income	$	9,809,884		$	128,299		5.30	%
Held-to-maturity securities:
Taxable		851,525			9,525		4.54	%
Tax-exempt		215,250			3,786		7.13	%
Available-for-sale securities:
Taxable		859,757			8,386		3.96	%
Tax-exempt		72,396			1,279		7.16	%
Short-term investments		170,734			103		0.24	%

Total interest earning assets and revenue		11,979,546			151,378		5.12	%
Other assets		1,340,608
Less: allowance for credit losses		(192,983	)

Total	$	13,127,171


LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Demand — interest bearing	$	4,568,045		$	9,392		0.83	%
Savings		748,342			889		0.48	%
Other time		3,741,938			21,529		2.33	%
Short-term borrowings		564,191			587		0.42	%
Junior subordinated debt		160,312			2,855		7.22	%
Long-term debt		112,764			1,524		5.48	%

Total interest bearing liabilities and expense		9,895,592			36,776		1.51	%
Demand deposits — noninterest bearing		1,819,945
Other liabilities		146,225
Total liabilities		11,861,762
Shareholders’ equity		1,265,409

Total	$	13,127,171

Net interest revenue				$	114,602

Net interest margin							3.88	%
Net interest rate spread							3.62	%
Interest bearing liabilities to interest earning assets							82.60	%

Net interest tax equivalent adjustment				$	2,720

BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(Dollars in thousands)
(Unaudited)


	Quarter Ended
	December 31, 2009
	Average					Yield/
(Taxable equivalent basis)	Balance			Interest		Rate
ASSETS
Loans, loans held for sale, and leases net of unearned income	$	9,821,066		$	130,671		5.28	%
Held-to-maturity securities:
Taxable		878,452			10,239		4.62	%
Tax-exempt		209,242			3,682		6.98	%
Available-for-sale securities:
Taxable		892,191			8,676		3.86	%
Tax-exempt		72,902			1,344		7.31	%
Short-term investments		92,651			61		0.26	%

Total interest earning assets and revenue		11,966,504			154,673		5.13	%
Other assets		1,267,510
Less: allowance for credit losses		(168,842	)

Total	$	13,065,172


LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Demand — interest bearing	$	4,155,330		$	9,023		0.86	%
Savings		717,630			900		0.50	%
Other time		3,748,894			23,445		2.48	%
Short-term borrowings		713,972			405		0.23	%
Junior subordinated debt		160,312			2,865		7.09	%
Long-term debt		303,301			3,011		3.94	%

Total interest bearing liabilities and expense		9,799,439			39,649		1.61	%
Demand deposits — noninterest bearing		1,826,763
Other liabilities		171,981

Total liabilities		11,798,183
Shareholders’ equity		1,266,989

Total	$	13,065,172

Net interest revenue				$	115,024

Net interest margin							3.81	%
Net interest rate spread							3.52	%
Interest bearing liabilities to interest earning assets							81.89	%

Net interest tax equivalent adjustment				$	2,677

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.
Reconciliation of Tangible assets and Tangible Shareholders’ Equity to
Total Assets and Total Shareholders’ Equity
(Dollars in thousands)
(Unaudited)


	March 31,
	2010			2009

Tangible Assets (a):
Total assets	$	13,230,190		$	13,458,364
Less: Goodwill		270,097			269,062
Other identifiable intangible assets		22,517			26,805

Total tangible assets	$	12,937,576		$	13,162,497

Tangible Shareholders’ Equity(a):
Total shareholders’ equity	$	1,264,884		$	1,255,659
Less: Goodwill		270,097			269,062
Other identifiable intangible assets		22,517			26,805

Total tangible shareholders’ equity	$	972,270		$	959,792

Tangible shareholders’ equity to tangible assets		7.52	%		7.29	%

(a)

BancorpSouth, Inc. utilizes tangible assets and tangible shareholders’ equity measures when evaluating the performance of the Company. Tangible shareholders’ equity is defined by the Company as total shareholders’ equity less goodwill and other identifiable intangible assets. Tangible assets are defined by the Company as total assets less goodwill and other identifiable intangible assets. The Company believes the ratio of tangible equity to tangible assets to be an important measure of financial strength of the Company.


Mississippi	1-12991	64-0659571

(State or other	(Commission File	(IRS Employer
jurisdiction of	Number)	Identification No.)
incorporation)


One Mississippi Plaza
201 South Spring Street
Tupelo, Mississippi		38804

(Address of principal executive offices)		(Zip Code)


	BANCORPSOUTH, INC.
	By:	/s/ William L. Prater
		William L. Prater
		Treasurer and Chief Financial Officer


Exhibit Number		Description
99.1		Press Release issued on April 22, 2010 by BancorpSouth, Inc.


Exhibit 99.1		Press release issued on April 22, 2010 by BancorpSouth, Inc.