Mississippi | 1-12991 | 64-0659571 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
One Mississippi Plaza 201 South Spring Street Tupelo, Mississippi |
38804 | |
(Address of principal executive offices) |
(Zip Code) |
(a) | Not applicable. | ||
(b) | Not applicable. | ||
(c) | Not applicable. | ||
(d) | Exhibits. |
Exhibit 99.1 | Press release issued on July 25, 2011 by BancorpSouth, Inc. | |
Exhibit 99.2 | Presentation for conference call to be conducted by BancorpSouth, Inc. on July 26, 2011 |
BANCORPSOUTH, INC. |
||||
By: | /s/ William L. Prater | |||
William L. Prater | ||||
Treasurer and Chief Financial Officer | ||||
Exhibit Number | Description | |
99.1
|
Press Release issued on July 25, 2011 by BancorpSouth, Inc. | |
99.2
|
Presentation for conference call to be conducted by BancorpSouth, Inc. on July 26, 2011 |
Contact: |
||
William L. Prater
|
Will Fisackerly | |
Treasurer and Chief Financial Officer
|
First Vice President and | |
662/680-2000
|
Director of Investor Relations | |
662/680-2475 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
(Dollars in thousands, except per share amounts) | ||||||||||||||||
Earnings Summary: |
||||||||||||||||
Net interest revenue |
$ | 109,912 | $ | 109,329 | $ | 219,349 | $ | 221,211 | ||||||||
Provision for credit losses |
32,240 | 62,354 | 85,719 | 105,873 | ||||||||||||
Noninterest revenue |
75,144 | 57,086 | 143,455 | 120,418 | ||||||||||||
Noninterest expense |
137,069 | 120,016 | 267,079 | 240,499 | ||||||||||||
Income (loss) before income taxes |
15,747 | (15,955 | ) | 10,006 | (4,743 | ) | ||||||||||
Income tax provision (benefit) |
2,921 | (3,395 | ) | (2,326 | ) | (579 | ) | |||||||||
Net income (loss) |
$ | 12,826 | ($12,560 | ) | $ | 12,332 | ($4,164 | ) | ||||||||
Earning (loss) per share: Basic |
$ | 0.15 | ($0.15 | ) | $ | 0.15 | ($0.05 | ) | ||||||||
Diluted |
$ | 0.15 | ($0.15 | ) | $ | 0.15 | ($0.05 | ) | ||||||||
Balance sheet data at June 30: |
||||||||||||||||
Total assets |
$ | 13,367,050 | $ | 13,421,004 | ||||||||||||
Total earning assets |
12,150,240 | 12,038,779 | ||||||||||||||
Loans and leases, net of unearned income |
9,214,553 | 9,646,902 | ||||||||||||||
Allowance for credit losses |
197,627 | 200,744 | ||||||||||||||
Total deposits |
11,308,463 | 11,220,641 | ||||||||||||||
Common shareholders equity |
1,246,703 | 1,240,259 | ||||||||||||||
Book value per share |
14.93 | 14.86 | ||||||||||||||
Average balance sheet data: |
||||||||||||||||
Total assets |
$ | 13,365,560 | $ | 13,223,506 | $ | 13,452,183 | $ | 13,175,605 | ||||||||
Total earning assets |
12,227,751 | 12,110,349 | 12,310,799 | 12,045,309 | ||||||||||||
Loans and leases, net of unearned interest |
9,249,127 | 9,703,253 | 9,274,415 | 9,734,994 | ||||||||||||
Total deposits |
11,355,871 | 11,075,655 | 11,426,363 | 10,977,508 | ||||||||||||
Common shareholders equity |
1,222,281 | 1,245,786 | 1,220,851 | 1,255,543 | ||||||||||||
Non-performing assets at June 30: |
||||||||||||||||
Non-accrual loans and leases |
$ | 331,076 | $ | 263,758 | ||||||||||||
Loans and leases 90+ days past due, still accruing |
3,980 | 17,696 | ||||||||||||||
Restructured loans and leases, still accruing |
44,786 | 20,813 | ||||||||||||||
Other real estate owned |
151,204 | 67,560 | ||||||||||||||
Total non-performing assets |
531,046 | 369,827 | ||||||||||||||
Net charge-offs as a percentage
of average loans (annualized) |
1.42 | % | 2.08 | % | 1.83 | % | 1.67 | % | ||||||||
Performance ratios (annualized): |
||||||||||||||||
Return on average assets |
0.38 | % | (0.38 | %) | 0.18 | % | (0.06 | %) | ||||||||
Return on common equity |
4.21 | % | (4.04 | %) | 2.04 | % | (0.67 | %) | ||||||||
Total shareholders equity to total assets |
9.33 | % | 9.24 | % | 9.33 | % | 9.24 | % | ||||||||
Tangible shareholders equity to tangible assets |
7.32 | % | 7.23 | % | 7.32 | % | 7.23 | % | ||||||||
Net interest margin |
3.71 | % | 3.71 | % | 3.70 | % | 3.79 | % | ||||||||
Average shares outstanding basic |
83,453,580 | 83,429,120 | 83,451,257 | 83,416,465 | ||||||||||||
Average shares outstanding diluted |
83,513,889 | 83,429,120 | 83,510,598 | 83,416,465 | ||||||||||||
Cash dividends per share |
$ | 0.01 | $ | 0.22 | $ | 0.12 | $ | 0.44 | ||||||||
Tier I capital |
10.82% | (1) | 10.53 | % | 10.82% | (1) | 10.53 | % | ||||||||
Total capital |
12.08% | (1) | 11.79 | % | 12.08% | (1) | 11.79 | % | ||||||||
Tier I leverage capital |
8.22% | (1) | 8.35 | % | 8.22% | (1) | 8.35 | % |
(1) | Estimated as of earnings release date |
-MORE-
Jun-11 | Mar-11 | Dec-10 | Sep-10 | Jun-10 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Assets |
||||||||||||||||||||
Cash and due from banks |
$ | 166,761 | $ | 146,989 | $ | 99,916 | $ | 128,160 | $ | 370,499 | ||||||||||
Interest bearing deposits with other banks |
304,344 | 102,312 | 172,170 | 211,189 | 111,040 | |||||||||||||||
Held-to-maturity securities, at amortized cost |
| 1,667,203 | 1,613,019 | 1,357,888 | 1,147,157 | |||||||||||||||
Available-for-sale securities, at fair value |
2,560,824 | 1,145,463 | 1,096,062 | 915,877 | 962,692 | |||||||||||||||
Federal funds sold and securities
purchased under agreement to resell |
| 150,000 | 150,000 | 325,000 | 75,000 | |||||||||||||||
Loans and leases |
9,255,879 | 9,255,609 | 9,376,351 | 9,556,962 | 9,691,623 | |||||||||||||||
Less: Unearned income |
41,326 | 41,773 | 43,244 | 42,033 | 44,721 | |||||||||||||||
Allowance for credit losses |
197,627 | 198,333 | 196,913 | 205,081 | 200,744 | |||||||||||||||
Net loans and leases |
9,016,926 | 9,015,503 | 9,136,194 | 9,309,848 | 9,446,158 | |||||||||||||||
Loans held for sale |
70,519 | 56,876 | 93,697 | 125,815 | 95,987 | |||||||||||||||
Premises and equipment, net |
328,075 | 329,862 | 332,890 | 335,618 | 336,645 | |||||||||||||||
Accrued interest receivable |
55,525 | 61,105 | 61,025 | 63,797 | 63,862 | |||||||||||||||
Goodwill |
271,297 | 271,297 | 270,097 | 270,097 | 270,097 | |||||||||||||||
Bank owned life insurance |
197,028 | 194,988 | 194,064 | 192,459 | 190,828 | |||||||||||||||
Other real estate owned |
151,204 | 136,412 | 133,412 | 82,647 | 67,560 | |||||||||||||||
Other assets |
244,547 | 269,228 | 262,464 | 264,621 | 283,479 | |||||||||||||||
Total Assets |
$ | 13,367,050 | $ | 13,547,238 | $ | 13,615,010 | $ | 13,583,016 | $ | 13,421,004 | ||||||||||
Liabilities |
||||||||||||||||||||
Deposits: |
||||||||||||||||||||
Demand: Noninterest bearing |
$ | 2,096,655 | $ | 2,027,990 | $ | 2,060,145 | $ | 1,967,635 | $ | 1,897,977 | ||||||||||
Interest bearing |
4,939,553 | 5,023,073 | 4,931,518 | 4,623,103 | 4,725,457 | |||||||||||||||
Savings |
944,993 | 932,574 | 863,034 | 801,153 | 770,112 | |||||||||||||||
Other time |
3,327,262 | 3,480,477 | 3,635,324 | 3,804,973 | 3,827,095 | |||||||||||||||
Total deposits |
11,308,463 | 11,464,114 | 11,490,021 | 11,196,864 | 11,220,641 | |||||||||||||||
Federal funds purchased and
securities sold under agreement
to repurchase |
426,097 | 421,782 | 440,593 | 501,175 | 481,109 | |||||||||||||||
Short-term Federal Home Loan Bank borrowings
and other short-term borrowing |
703 | 2,715 | 2,727 | 152,738 | 3,500 | |||||||||||||||
Accrued interest payable |
11,348 | 13,238 | 14,336 | 16,574 | 17,508 | |||||||||||||||
Junior subordinated debt securities |
160,312 | 160,312 | 160,312 | 160,312 | 160,312 | |||||||||||||||
Long-term Federal Home Loan Bank borrowings |
35,000 | 110,000 | 110,000 | 110,000 | 110,749 | |||||||||||||||
Other liabilities |
178,424 | 164,016 | 174,777 | 209,648 | 186,926 | |||||||||||||||
Total Liabilities |
12,120,347 | 12,336,177 | 12,392,766 | 12,347,311 | 12,180,745 | |||||||||||||||
Shareholders Equity |
||||||||||||||||||||
Common stock |
208,722 | 208,704 | 208,704 | 208,704 | 208,704 | |||||||||||||||
Capital surplus |
226,362 | 225,597 | 224,976 | 224,170 | 223,922 | |||||||||||||||
Accumulated other comprehensive income (loss) |
6,289 | (16,579 | ) | (14,453 | ) | (2,705 | ) | (5,008 | ) | |||||||||||
Retained earnings |
805,330 | 793,339 | 803,017 | 805,536 | 812,641 | |||||||||||||||
Total Shareholders Equity |
1,246,703 | 1,211,061 | 1,222,244 | 1,235,705 | 1,240,259 | |||||||||||||||
Total Liabilities & Shareholders Equity |
$ | 13,367,050 | $ | 13,547,238 | $ | 13,615,010 | $ | 13,583,016 | $ | 13,421,004 | ||||||||||
-MORE-
Jun-11 | Mar-11 | Dec-10 | Sep-10 | Jun-10 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Assets |
||||||||||||||||||||
Cash and due from banks |
$ | 151,194 | $ | 156,329 | $ | 176,979 | $ | 202,147 | $ | 179,482 | ||||||||||
Interest bearing deposits with other banks |
187,901 | 167,271 | 282,396 | 75,943 | 26,252 | |||||||||||||||
Held-to-maturity securities, at amortized cost |
1,097,562 | 1,653,284 | 1,436,222 | 1,223,676 | 1,157,793 | |||||||||||||||
Available-for-sale securities, at fair value |
1,609,720 | 1,085,131 | 996,006 | 917,677 | 893,490 | |||||||||||||||
Federal funds sold and securities
purchased under agreement to resell |
38,736 | 150,000 | 209,511 | 282,228 | 269,365 | |||||||||||||||
Loans and leases |
9,291,434 | 9,342,939 | 9,461,161 | 9,645,252 | 9,749,954 | |||||||||||||||
Less: Unearned income |
42,307 | 42,954 | 42,474 | 44,110 | 46,701 | |||||||||||||||
Allowance for credit losses |
212,968 | 218,107 | 215,278 | 227,201 | 216,378 | |||||||||||||||
Net loans and leases |
9,036,159 | 9,081,878 | 9,203,409 | 9,373,941 | 9,486,875 | |||||||||||||||
Loans held for sale |
44,704 | 39,098 | 91,262 | 81,004 | 60,195 | |||||||||||||||
Premises and equipment, net |
328,829 | 330,920 | 333,516 | 336,038 | 338,255 | |||||||||||||||
Accrued interest receivable |
54,570 | 58,450 | 58,591 | 61,753 | 62,360 | |||||||||||||||
Goodwill |
271,297 | 270,510 | 270,097 | 270,097 | 270,097 | |||||||||||||||
Bank owned life insurance |
14,189 | 13,217 | 9,836 | 12,394 | 11,200 | |||||||||||||||
Other assets |
530,699 | 533,675 | 491,213 | 467,984 | 468,142 | |||||||||||||||
Total Assets |
$ | 13,365,560 | 13,539,763 | 13,559,038 | 13,304,882 | 13,223,506 | ||||||||||||||
Liabilities |
||||||||||||||||||||
Deposits: |
||||||||||||||||||||
Demand: Noninterest bearing |
$ | 2,018,197 | 1,893,720 | 1,975,318 | 1,911,125 | 1,855,598 | ||||||||||||||
Interest bearing |
4,977,764 | 5,153,063 | 4,740,734 | 4,651,166 | 4,635,078 | |||||||||||||||
Savings |
941,169 | 897,312 | 831,805 | 786,267 | 770,665 | |||||||||||||||
Other time |
3,418,741 | 3,553,543 | 3,745,046 | 3,829,068 | 3,814,314 | |||||||||||||||
Total deposits |
11,355,871 | 11,497,638 | 11,292,903 | 11,177,626 | 11,075,655 | |||||||||||||||
Federal funds purchased and
securities sold under agreement
to repurchase |
423,949 | 430,930 | 475,760 | 476,853 | 483,608 | |||||||||||||||
Short-term Federal Home Loan Bank borrowings
and other short-term borrowing |
1,641 | 2,719 | 147,839 | 6,426 | 2,302 | |||||||||||||||
Accrued interest payable |
13,558 | 14,873 | 16,811 | 18,239 | 19,685 | |||||||||||||||
Junior subordinated debt securities |
160,312 | 160,312 | 160,312 | 160,312 | 160,312 | |||||||||||||||
Long-term Federal Home Loan Bank borrowings |
89,395 | 110,000 | 110,000 | 110,734 | 112,731 | |||||||||||||||
Other liabilities |
98,553 | 103,892 | 129,899 | 125,546 | 123,427 | |||||||||||||||
Total Liabilities |
12,143,279 | 12,320,364 | 12,333,524 | 12,075,736 | 11,977,720 | |||||||||||||||
Shareholders Equity |
||||||||||||||||||||
Common stock |
208,715 | 208,704 | 208,704 | 208,704 | 208,684 | |||||||||||||||
Capital surplus |
225,912 | 225,162 | 224,357 | 224,168 | 223,893 | |||||||||||||||
Accumulated other comprehensive income (loss) |
(10,040 | ) | (14,346 | ) | (3,331 | ) | (4,983 | ) | (10,583 | ) | ||||||||||
Retained earnings |
797,694 | 799,879 | 795,784 | 801,257 | 823,792 | |||||||||||||||
Total Shareholders Equity |
1,222,281 | 1,219,399 | 1,225,514 | 1,229,146 | 1,245,786 | |||||||||||||||
Total Liabilities & Shareholders Equity |
$ | 13,365,560 | $ | 13,539,763 | $ | 13,559,038 | $ | 13,304,882 | $ | 13,223,506 | ||||||||||
-MORE-
Quarter Ended | Year To Date | |||||||||||||||||||||||||||
Jun-11 | Mar-11 | Dec-10 | Sep-10 | Jun-10 | Jun-11 | Jun-10 | ||||||||||||||||||||||
INTEREST REVENUE: |
||||||||||||||||||||||||||||
Loans and leases |
$ | 116,892 | $ | 117,358 | $ | 121,672 | $ | 123,533 | $ | 124,621 | $ | 234,250 | $ | 251,577 | ||||||||||||||
Deposits with other banks |
124 | 122 | 222 | 79 | 33 | 246 | 54 | |||||||||||||||||||||
Federal funds sold and securities purchased under agreement to resell |
35 | 131 | 168 | 213 | 143 | 166 | 225 | |||||||||||||||||||||
Held-to-maturity securities: |
||||||||||||||||||||||||||||
Taxable |
5,066 | 8,014 | 8,490 | 9,010 | 9,363 | 13,080 | 18,778 | |||||||||||||||||||||
Tax-exempt |
2,291 | 3,347 | 2,952 | 2,584 | 2,412 | 5,638 | 4,873 | |||||||||||||||||||||
Available-for-sale securities: |
||||||||||||||||||||||||||||
Taxable |
10,451 | 8,585 | 7,836 | 7,782 | 8,030 | 19,036 | 16,415 | |||||||||||||||||||||
Tax-exempt |
1,871 | 824 | 815 | 795 | 833 | 2,695 | 1,665 | |||||||||||||||||||||
Loans held for sale |
505 | 447 | 902 | 889 | 727 | 952 | 1,233 | |||||||||||||||||||||
Total interest revenue |
137,235 | 138,828 | 143,057 | 144,885 | 146,162 | 276,063 | 294,820 | |||||||||||||||||||||
INTEREST EXPENSE: |
||||||||||||||||||||||||||||
Interest bearing demand |
6,039 | 6,546 | 7,462 | 8,582 | 9,751 | 12,585 | 19,143 | |||||||||||||||||||||
Savings |
810 | 826 | 891 | 881 | 915 | 1,636 | 1,804 | |||||||||||||||||||||
Other time |
16,285 | 17,483 | 19,827 | 21,108 | 21,535 | 33,768 | 43,064 | |||||||||||||||||||||
Federal funds purchased and securities sold under agreement to
repurchase |
135 | 152 | 189 | 209 | 215 | 287 | 443 | |||||||||||||||||||||
FHLB borrowings |
1,194 | 1,523 | 1,569 | 1,543 | 1,553 | 2,717 | 3,433 | |||||||||||||||||||||
Junior subordinated debt |
2,860 | 2,859 | 2,864 | 2,880 | 2,862 | 5,719 | 5,717 | |||||||||||||||||||||
Other |
| 2 | 2 | 4 | 2 | 2 | 5 | |||||||||||||||||||||
Total interest expense |
27,323 | 29,391 | 32,804 | 35,207 | 36,833 | 56,714 | 73,609 | |||||||||||||||||||||
Net interest revenue |
109,912 | 109,437 | 110,253 | 109,678 | 109,329 | 219,349 | 221,211 | |||||||||||||||||||||
Provision for credit losses |
32,240 | 53,479 | 43,293 | 54,850 | 62,354 | 85,719 | 105,873 | |||||||||||||||||||||
Net interest revenue, after provision for credit losses |
77,672 | 55,958 | 66,960 | 54,828 | 46,975 | 133,630 | 115,338 | |||||||||||||||||||||
NONINTEREST REVENUE: |
||||||||||||||||||||||||||||
Mortgage lending |
2,003 | 7,581 | 18,126 | 8,898 | (2,304 | ) | 9,584 | 2,721 | ||||||||||||||||||||
Credit card, debit card and merchant fees |
11,263 | 10,346 | 9,951 | 9,569 | 9,333 | 21,609 | 18,143 | |||||||||||||||||||||
Service charges |
16,556 | 15,368 | 16,854 | 18,621 | 18,953 | 31,924 | 35,215 | |||||||||||||||||||||
Trust income |
2,850 | 3,134 | 3,072 | 2,783 | 2,707 | 5,984 | 5,294 | |||||||||||||||||||||
Security gains (losses), net |
10,045 | 17 | (470 | ) | 2,327 | (585 | ) | 10,062 | 712 | |||||||||||||||||||
Insurance commissions |
22,941 | 22,549 | 18,013 | 20,825 | 21,666 | 45,490 | 43,334 | |||||||||||||||||||||
Other |
9,486 | 9,316 | 8,428 | 6,729 | 7,316 | 18,802 | 14,999 | |||||||||||||||||||||
Total noninterest revenue |
75,144 | 68,311 | 73,974 | 69,752 | 57,086 | 143,455 | 120,418 | |||||||||||||||||||||
NONINTEREST EXPENSES: |
||||||||||||||||||||||||||||
Salaries and employee benefits |
70,142 | 70,375 | 65,980 | 68,232 | 68,189 | 140,517 | 137,476 | |||||||||||||||||||||
Occupancy, net of rental income |
10,232 | 10,671 | 10,668 | 11,038 | 10,527 | 20,903 | 21,302 | |||||||||||||||||||||
Equipment |
5,595 | 5,658 | 5,459 | 5,523 | 5,877 | 11,253 | 11,616 | |||||||||||||||||||||
Deposit insurance assessments |
6,436 | 5,425 | 5,895 | 4,752 | 4,362 | 11,861 | 8,612 | |||||||||||||||||||||
Prepayment penalty on FHLB borrowings |
9,778 | | | | | 9,778 | | |||||||||||||||||||||
Other |
34,886 | 37,881 | 35,445 | 33,542 | 31,061 | 72,767 | 61,493 | |||||||||||||||||||||
Total noninterest expenses |
137,069 | 130,010 | 123,447 | 123,087 | 120,016 | 267,079 | 240,499 | |||||||||||||||||||||
Income (loss) before income taxes |
15,747 | (5,741 | ) | 17,487 | 1,493 | (15,955 | ) | 10,006 | (4,743 | ) | ||||||||||||||||||
Income tax expense (benefit) |
2,921 | (5,247 | ) | 1,641 | (9,767 | ) | (3,395 | ) | (2,326 | ) | (579 | ) | ||||||||||||||||
Net income (loss) |
$ | 12,826 | ($494 | ) | $ | 15,846 | $ | 11,260 | ($12,560 | ) | $ | 12,332 | ($4,164 | ) | ||||||||||||||
Net income (loss) per share: Basic |
$ | 0.15 | ($0.01 | ) | $ | 0.19 | $ | 0.13 | ($0.15 | ) | $ | 0.15 | ($0.05 | ) | ||||||||||||||
Diluted |
$ | 0.15 | ($0.01 | ) | $ | 0.19 | $ | 0.13 | ($0.15 | ) | $ | 0.15 | ($0.05 | ) | ||||||||||||||
Quarter Ended | ||||||||||||||||||||
Jun-11 | Mar-11 | Dec-10 | Sep-10 | Jun-10 | ||||||||||||||||
LOAN AND LEASE PORTFOLIO: |
||||||||||||||||||||
Commercial and industrial |
$ | 1,526,686 | $ | 1,484,223 | $ | 1,491,183 | $ | 1,438,415 | $ | 1,483,335 | ||||||||||
Real estate |
||||||||||||||||||||
Consumer mortgages |
1,971,499 | 1,958,367 | 1,951,563 | 1,972,483 | 1,981,475 | |||||||||||||||
Home equity |
531,787 | 531,406 | 543,272 | 552,095 | 555,281 | |||||||||||||||
Agricultural |
255,310 | 250,393 | 252,292 | 262,083 | 260,489 | |||||||||||||||
Commercial and industrial-owner occupied |
1,366,734 | 1,316,824 | 1,331,473 | 1,375,466 | 1,407,704 | |||||||||||||||
Construction, acquisition and development |
1,060,675 | 1,117,335 | 1,174,743 | 1,335,836 | 1,419,303 | |||||||||||||||
Commercial |
1,764,648 | 1,831,226 | 1,816,951 | 1,810,626 | 1,794,644 | |||||||||||||||
Credit cards |
101,955 | 100,732 | 106,345 | 102,672 | 102,784 | |||||||||||||||
All other |
635,259 | 623,330 | 665,285 | 665,253 | 641,888 | |||||||||||||||
Total loans |
$ | 9,214,553 | $ | 9,213,836 | $ | 9,333,107 | $ | 9,514,929 | $ | 9,646,903 | ||||||||||
ALLOWANCE FOR CREDIT LOSSES: |
||||||||||||||||||||
Balance, beginning of period |
$ | 198,333 | $ | 196,913 | $ | 205,081 | $ | 200,744 | $ | 188,884 | ||||||||||
Loans and leases charged off: |
||||||||||||||||||||
Commercial and industrial |
(5,556 | ) | (8,809 | ) | (1,782 | ) | (2,822 | ) | (5,106 | ) | ||||||||||
Real estate |
||||||||||||||||||||
Consumer mortgages |
(1,629 | ) | (3,260 | ) | (5,291 | ) | (3,398 | ) | (2,993 | ) | ||||||||||
Home equity |
(1,391 | ) | (1,082 | ) | (1,138 | ) | (1,792 | ) | (602 | ) | ||||||||||
Agricultural |
(373 | ) | (592 | ) | (487 | ) | (33 | ) | (473 | ) | ||||||||||
Commercial and industrial-owner occupied |
(3,228 | ) | (1,716 | ) | (1,659 | ) | (1,231 | ) | (3,845 | ) | ||||||||||
Construction, acquisition and development |
(16,783 | ) | (32,343 | ) | (34,989 | ) | (38,517 | ) | (33,321 | ) | ||||||||||
Commercial |
(1,597 | ) | (4,514 | ) | (6,327 | ) | (2,887 | ) | (2,593 | ) | ||||||||||
Credit cards |
(725 | ) | (881 | ) | (990 | ) | (1,046 | ) | (1,363 | ) | ||||||||||
All other |
(4,971 | ) | (553 | ) | (2,093 | ) | (798 | ) | (2,067 | ) | ||||||||||
Total loans charged off |
(36,253 | ) | (53,750 | ) | (54,756 | ) | (52,524 | ) | (52,363 | ) | ||||||||||
Recoveries: |
||||||||||||||||||||
Commercial and industrial |
589 | 184 | 707 | 318 | 242 | |||||||||||||||
Real estate |
||||||||||||||||||||
Consumer mortgages |
220 | 143 | 423 | 143 | 818 | |||||||||||||||
Home equity |
46 | 45 | 60 | 23 | 43 | |||||||||||||||
Agricultural |
45 | 2 | 4 | 8 | | |||||||||||||||
Commercial and industrial-owner occupied |
21 | 173 | 195 | 154 | 44 | |||||||||||||||
Construction, acquisition and development |
1,493 | 564 | 776 | 663 | 211 | |||||||||||||||
Commercial |
392 | 13 | 707 | 98 | 27 | |||||||||||||||
Credit cards |
239 | 255 | 143 | 317 | 219 | |||||||||||||||
All other |
262 | 312 | 280 | 287 | 265 | |||||||||||||||
Total recoveries |
3,307 | 1,691 | 3,295 | 2,011 | 1,869 | |||||||||||||||
Net charge-offs |
(32,946 | ) | (52,059 | ) | (51,461 | ) | (50,513 | ) | (50,494 | ) | ||||||||||
Provision charged to operating expense |
32,240 | 53,479 | 43,293 | 54,850 | 62,354 | |||||||||||||||
Other, net |
| | | | | |||||||||||||||
Balance, end of period |
$ | 197,627 | $ | 198,333 | $ | 196,913 | $ | 205,081 | $ | 200,744 | ||||||||||
Average loans for period |
$ | 9,249,127 | $ | 9,300,029 | $ | 9,418,687 | $ | 9,601,142 | $ | 9,703,253 | ||||||||||
Ratios: |
||||||||||||||||||||
Net charge-offs to average loans (annualized) |
1.42 | % | 2.24 | % | 2.19 | % | 2.10 | % | 2.08 | % | ||||||||||
Quarter Ended | ||||||||||||||||||||
Jun-11 | Mar-11 | Dec-10 | Sep-10 | Jun-10 | ||||||||||||||||
NON-PERFORMING ASSETS |
||||||||||||||||||||
NON-PERFORMING LOANS AND LEASES: |
||||||||||||||||||||
Nonaccrual Loans and Leases |
||||||||||||||||||||
Commercial and industrial |
$ | 9,337 | $ | 14,655 | $ | 13,075 | $ | 12,339 | $ | 6,280 | ||||||||||
Real estate |
||||||||||||||||||||
Consumer mortgages |
34,174 | 36,025 | 34,021 | 25,561 | 22,618 | |||||||||||||||
Home equity |
1,232 | 1,543 | 811 | 1,361 | 1,565 | |||||||||||||||
Agricultural |
8,526 | 7,597 | 7,589 | 4,986 | 3,972 | |||||||||||||||
Commercial and industrial-owner occupied |
26,387 | 24,638 | 20,338 | 15,004 | 12,061 | |||||||||||||||
Construction, acquisition and development |
200,434 | 224,847 | 211,547 | 231,987 | 174,725 | |||||||||||||||
Commercial |
48,571 | 58,945 | 57,766 | 51,590 | 38,921 | |||||||||||||||
Credit cards |
546 | 617 | 720 | 724 | 726 | |||||||||||||||
All other |
1,869 | 1,859 | 1,632 | 3,629 | 2,890 | |||||||||||||||
Total nonaccrual loans and leases |
331,076 | 370,726 | 347,499 | 347,181 | 263,758 | |||||||||||||||
Loans and Leases 90+ Days Past Due, Still Accruing: |
||||||||||||||||||||
Commercial and industrial |
118 | 501 | 675 | 1,571 | 7,093 | |||||||||||||||
Real estate |
||||||||||||||||||||
Consumer mortgages |
2,482 | 3,152 | 6,521 | 6,241 | 4,754 | |||||||||||||||
Home equity |
242 | 139 | 173 | 146 | | |||||||||||||||
Agricultural |
| 7 | 123 | 330 | | |||||||||||||||
Commercial and industrial-owner occupied |
| 255 | 20 | 192 | 733 | |||||||||||||||
Construction, acquisition and development |
432 | 19 | 197 | 526 | 1,490 | |||||||||||||||
Commercial |
19 | 7 | | 115 | 3,068 | |||||||||||||||
Credit cards |
299 | 240 | 330 | 396 | 228 | |||||||||||||||
All other |
388 | 509 | 461 | 393 | 330 | |||||||||||||||
Total loans and leases 90+ past due, still accruing |
3,980 | 4,829 | 8,500 | 9,910 | 17,696 | |||||||||||||||
Restructured Loans and Leases, Still Accruing |
44,786 | 49,472 | 38,376 | 52,325 | 20,813 | |||||||||||||||
Total non-performing loans and leases |
379,842 | 425,027 | 394,375 | 409,416 | 302,267 | |||||||||||||||
OTHER REAL ESTATE OWNED: |
151,204 | 136,412 | 133,412 | 82,647 | 67,560 | |||||||||||||||
Total Non-performing Assets |
$ | 531,046 | $ | 561,439 | $ | 527,787 | $ | 492,063 | $ | 369,827 | ||||||||||
Additions to Nonaccrual Loans and Leases During the Quarter |
$ | 50,427 | $ | 111,241 | $ | 131,140 | $ | 166,171 | $ | 136,267 | ||||||||||
Loans and Leases 30-89 Days Past Due, Still Accruing: |
||||||||||||||||||||
Commercial and industrial |
$ | 7,903 | $ | 8,407 | $ | 13,654 | $ | 10,581 | $ | 10,081 | ||||||||||
Real estate |
||||||||||||||||||||
Consumer mortgages |
18,621 | 17,136 | 19,147 | 22,490 | 30,286 | |||||||||||||||
Home equity |
2,916 | 2,492 | 1,906 | 3,088 | 2,664 | |||||||||||||||
Agricultural |
2,901 | 818 | 1,122 | 1,101 | 2,312 | |||||||||||||||
Commercial and industrial-owner occupied |
2,786 | 4,369 | 10,183 | 16,385 | 20,975 | |||||||||||||||
Construction, acquisition and development |
4,939 | 8,047 | 6,758 | 11,538 | 50,759 | |||||||||||||||
Commercial |
4,091 | 7,090 | 3,823 | 4,657 | 8,084 | |||||||||||||||
Credit cards |
785 | 969 | 1,023 | 799 | 1,220 | |||||||||||||||
All other |
3,005 | 2,192 | 2,766 | 3,143 | 4,472 | |||||||||||||||
Total Loans and Leases 30-89 days past due, still accruing |
$ | 47,947 | $ | 51,520 | $ | 60,382 | $ | 73,782 | $ | 130,853 | ||||||||||
Credit Quality Ratios: |
||||||||||||||||||||
Provision for credit losses to average loans and leases (annualized) |
1.39 | % | 2.30 | % | 1.84 | % | 2.29 | % | 2.57 | % | ||||||||||
Allowance for credit losses to net loans and leases |
2.14 | % | 2.15 | % | 2.11 | % | 2.16 | % | 2.08 | % | ||||||||||
Allowance for credit losses to non-performing assets |
37.21 | % | 35.33 | % | 37.31 | % | 41.68 | % | 54.28 | % | ||||||||||
Allowance for credit losses to non-performing loans and leases |
52.03 | % | 46.66 | % | 49.93 | % | 50.09 | % | 66.41 | % | ||||||||||
Non-performing loans and leases to net loans and leases |
4.12 | % | 4.61 | % | 4.23 | % | 4.30 | % | 3.13 | % | ||||||||||
Non-performing assets to net loans and leases |
5.76 | % | 6.09 | % | 5.65 | % | 5.17 | % | 3.83 | % |
Quarter Ended | ||||||||||||||||||||
Jun-11 | Mar-11 | Dec-10 | Sep-10 | Jun-10 | ||||||||||||||||
REAL ESTATE CONSTRUCTION, ACQUISITION AND DEVELOPMENT (CAD)
PORTFOLIO: |
||||||||||||||||||||
Outstanding Balance |
||||||||||||||||||||
Multi-family construction |
$ | 19,116 | $ | 21,051 | $ | 27,992 | $ | 28,540 | $ | 22,091 | ||||||||||
One-to-four family construction |
198,809 | 212,435 | 218,554 | 239,455 | 267,341 | |||||||||||||||
Recreation and all other loans |
66,366 | 63,686 | 48,375 | 45,085 | 44,175 | |||||||||||||||
Commercial construction |
160,834 | 155,402 | 173,557 | 239,099 | 245,700 | |||||||||||||||
Commercial acquisition and development |
222,460 | 244,950 | 250,658 | 260,787 | 270,413 | |||||||||||||||
Residential acquisition and development |
393,090 | 419,811 | 455,607 | 522,870 | 569,583 | |||||||||||||||
Total outstanding balance |
$ | 1,060,675 | $ | 1,117,335 | $ | 1,174,743 | $ | 1,335,836 | $ | 1,419,303 | ||||||||||
Nonaccrual CAD Loans |
||||||||||||||||||||
Multi-family construction |
$ | 9,174 | $ | 8,352 | $ | 12,517 | $ | 10,668 | $ | 11,705 | ||||||||||
One-to-four family construction |
24,537 | 33,570 | 23,794 | 27,476 | 21,013 | |||||||||||||||
Recreation and all other loans |
774 | 708 | 481 | 1,020 | 685 | |||||||||||||||
Commercial construction |
16,618 | 20,889 | 34,710 | 28,712 | 24,723 | |||||||||||||||
Commercial acquisition and development |
37,207 | 47,200 | 29,658 | 34,438 | 15,558 | |||||||||||||||
Residential acquisition and development |
112,124 | 114,128 | 110,387 | 129,673 | 101,041 | |||||||||||||||
Total nonaccrual CAD loans |
200,434 | 224,847 | 211,547 | 231,987 | 174,725 | |||||||||||||||
CAD Loans 90+ Days Past Due, Still Accruing: |
||||||||||||||||||||
Multi-family construction |
| | | | | |||||||||||||||
One-to-four family construction |
| | | | 365 | |||||||||||||||
Recreation and all other loans |
2 | 2 | | | | |||||||||||||||
Commercial construction |
| | 195 | | 141 | |||||||||||||||
Commercial acquisition and development |
| | | 150 | 77 | |||||||||||||||
Residential acquisition and development |
430 | 17 | 2 | 376 | 907 | |||||||||||||||
Total CAD loans 90+ past due, still accruing |
432 | 19 | 197 | 526 | 1,490 | |||||||||||||||
Restructured CAD Loans, Still Accruing |
||||||||||||||||||||
Multi-family construction |
| | | | | |||||||||||||||
One-to-four family construction |
1,697 | 113 | 63 | 417 | 1,072 | |||||||||||||||
Recreation and all other loans |
24 | | | | | |||||||||||||||
Commercial construction |
| | | 2,244 | | |||||||||||||||
Commercial acquisition and development |
1,415 | 834 | 604 | 1,735 | 460 | |||||||||||||||
Residential acquisition and development |
2,274 | 3,408 | 1,495 | 7,290 | 946 | |||||||||||||||
Total restructured CAD loans, still accruing |
5,410 | 4,355 | 2,162 | 11,686 | 2,478 | |||||||||||||||
Total Non-performing CAD loans |
$ | 206,276 | $ | 229,221 | $ | 213,906 | $ | 244,199 | $ | 178,693 | ||||||||||
CAD NPL as a % of Outstanding CAD Balance |
||||||||||||||||||||
Multi-family construction |
48.0 | % | 39.7 | % | 44.7 | % | 37.4 | % | 53.0 | % | ||||||||||
One-to-four family construction |
13.2 | % | 15.9 | % | 10.9 | % | 11.6 | % | 8.4 | % | ||||||||||
Recreation and all other loans |
1.2 | % | 1.1 | % | 1.0 | % | 2.3 | % | 1.6 | % | ||||||||||
Commercial construction |
10.3 | % | 13.4 | % | 20.1 | % | 12.9 | % | 10.1 | % | ||||||||||
Commercial acquisition and development |
17.4 | % | 19.6 | % | 12.1 | % | 13.9 | % | 6.0 | % | ||||||||||
Residential acquisition and development |
29.2 | % | 28.0 | % | 24.6 | % | 26.3 | % | 18.1 | % | ||||||||||
Total CAD NPL as a % of outstanding CAD balance |
19.4 | % | 20.5 | % | 18.2 | % | 18.3 | % | 12.6 | % |
June 30, 2011 | ||||||||||||||||||||||||||||
Special | ||||||||||||||||||||||||||||
Pass | Mention | Substandard | Doubtful | Loss | Impaired | Total | ||||||||||||||||||||||
LOAN PORTFOLIO BY INTERNALLY ASSIGNED GRADE: |
||||||||||||||||||||||||||||
Commercial and industrial |
$ | 1,477,497 | $ | 1,312 | $ | 40,160 | $ | 1,282 | $ | 450 | $ | 5,985 | $ | 1,526,686 | ||||||||||||||
Real estate |
||||||||||||||||||||||||||||
Consumer mortgages |
1,817,381 | 3,885 | 123,392 | 3,485 | 87 | 23,269 | 1,971,499 | |||||||||||||||||||||
Home equity |
512,791 | 793 | 16,501 | 427 | 605 | 670 | 531,787 | |||||||||||||||||||||
Agricultural |
229,001 | 2,486 | 16,507 | | | 7,316 | 255,310 | |||||||||||||||||||||
Commercial and industrial-owner occupied |
1,269,218 | 2,304 | 73,272 | 651 | 99 | 21,190 | 1,366,734 | |||||||||||||||||||||
Construction, acquisition and development |
728,194 | 20,348 | 114,222 | 594 | 286 | 197,031 | 1,060,675 | |||||||||||||||||||||
Commercial |
1,606,844 | 9,130 | 102,762 | 59 | | 45,853 | 1,764,648 | |||||||||||||||||||||
Credit cards |
101,645 | 11 | 281 | 18 | | | 101,955 | |||||||||||||||||||||
All other |
613,573 | 76 | 18,847 | 411 | 9 | 2,343 | 635,259 | |||||||||||||||||||||
Total loans |
$ | 8,356,144 | $ | 40,345 | $ | 505,944 | $ | 6,927 | $ | 1,536 | $ | 303,657 | $ | 9,214,553 | ||||||||||||||
As of | ||||||||||||||||||||
Jun-11 | Mar-11 | Dec-10 | Sep-10 | Jun-10 | ||||||||||||||||
Unpaid principal balance of impaired loans |
$ | 374,760 | $ | 423,497 | $ | 345,377 | $ | 311,941 | $ | 243,221 | ||||||||||
Cumulative charge offs on impaired loans |
71,103 | 84,676 | 71,972 | 69,783 | 54,930 | |||||||||||||||
Impaired nonaccrual loan and lease outstanding balance |
303,657 | 338,821 | 273,405 | 242,158 | 188,291 | |||||||||||||||
Other non-accrual loans and leases not impaired |
27,419 | 31,905 | 74,094 | 105,023 | 75,467 | |||||||||||||||
Total non-accrual loans and leases |
$ | 331,076 | $ | 370,726 | $ | 347,499 | $ | 347,181 | $ | 263,758 | ||||||||||
Allowance for impaired loans |
46,810 | 49,419 | 40,719 | 43,584 | 40,721 | |||||||||||||||
Nonaccrual loans and leases, net of specific reserves |
$ | 284,266 | $ | 321,307 | $ | 306,780 | $ | 303,597 | $ | 223,037 | ||||||||||
Loans and leases 90+ past due, still accruing |
3,980 | 4,829 | 8,500 | 9,910 | 17,696 | |||||||||||||||
Restructured loans and leases, still accruing |
44,786 | 49,472 | 38,376 | 52,325 | 20,813 | |||||||||||||||
Total non-performing loans and leases |
$ | 379,842 | $ | 425,027 | $ | 394,375 | $ | 409,416 | $ | 302,267 | ||||||||||
Allowance for impaired loans |
$ | 46,810 | $ | 49,419 | $ | 40,719 | $ | 43,584 | $ | 40,721 | ||||||||||
Allowance for all other loans and leases |
150,817 | 148,914 | 156,194 | 161,497 | 160,053 | |||||||||||||||
Total allowance for credit losses |
$ | 197,627 | $ | 198,333 | $ | 196,913 | $ | 205,081 | $ | 200,774 | ||||||||||
Outstanding balance of impaired loans |
$ | 303,657 | $ | 338,821 | $ | 273,405 | $ | 242,158 | $ | 188,291 | ||||||||||
Allowance for impaired loans |
46,810 | 49,419 | 40,719 | 43,584 | 40,721 | |||||||||||||||
Net book value of impaired loans |
$ | 256,847 | $ | 289,402 | $ | 232,686 | $ | 198,574 | $ | 147,570 | ||||||||||
Net book value of impaired loans as a %
of unpaid principal balance |
69 | % | 68 | % | 67 | % | 64 | % | 61 | % | ||||||||||
Coverage of other Non-accrual loans and leases not impaired by
the allowance for all other loans and leases |
550 | % | 467 | % | 211 | % | 154 | % | 212 | % | ||||||||||
Coverage of non-performing loans and leases not impaired
by the allowance for all other loans and leases |
198 | % | 173 | % | 129 | % | 97 | % | 140 | % |
Alabama | Greater | |||||||||||||||||||||||||||||||||||
and Florida | Memphis | Northeast | Texas and | |||||||||||||||||||||||||||||||||
Panhandle | Arkansas | Mississippi | Missouri | Area | Tennessee | Louisiana | Other | Total | ||||||||||||||||||||||||||||
LOAN AND LEASE PORTFOLIO: |
||||||||||||||||||||||||||||||||||||
Commercial and industrial |
$ | 63,477 | $ | 219,533 | $ | 322,786 | $ | 85,073 | $ | 24,045 | $ | 84,544 | $ | 274,812 | $ | 452,416 | $ | 1,526,686 | ||||||||||||||||||
Real estate |
||||||||||||||||||||||||||||||||||||
Consumer mortgages |
114,266 | 273,338 | 779,838 | 66,163 | 87,596 | 164,453 | 412,493 | 73,352 | 1,971,499 | |||||||||||||||||||||||||||
Home equity |
64,043 | 43,224 | 178,305 | 29,297 | 73,790 | 79,307 | 62,617 | 1,204 | 531,787 | |||||||||||||||||||||||||||
Agricultural |
7,338 | 73,285 | 75,142 | 5,642 | 16,248 | 13,629 | 58,370 | 5,656 | 255,310 | |||||||||||||||||||||||||||
Commercial and industrial-owner
occupied |
125,567 | 175,098 | 472,765 | 74,684 | 109,132 | 101,806 | 246,369 | 61,313 | 1,366,734 | |||||||||||||||||||||||||||
Construction, acquisition and
development |
133,335 | 86,795 | 273,624 | 88,309 | 128,537 | 130,962 | 208,406 | 10,707 | 1,060,675 | |||||||||||||||||||||||||||
Commercial |
195,722 | 340,963 | 344,926 | 241,209 | 132,670 | 105,507 | 354,065 | 49,586 | 1,764,648 | |||||||||||||||||||||||||||
Credit cards |
| | | | | | | 101,955 | 101,955 | |||||||||||||||||||||||||||
All other |
14,936 | 42,680 | 79,088 | 1,409 | 48,596 | 28,516 | 29,521 | 390,513 | 635,259 | |||||||||||||||||||||||||||
Total loans |
$ | 718,684 | $ | 1,254,916 | $ | 2,526,474 | $ | 591,786 | $ | 620,614 | $ | 708,724 | $ | 1,646,653 | $ | 1,146,702 | $ | 9,214,553 | ||||||||||||||||||
CAD PORTFOLIO: |
||||||||||||||||||||||||||||||||||||
Multi-family construction |
$ | | $ | | $ | 9,185 | $ | 8,667 | $ | 741 | $ | 98 | $ | 232 | $ | 193 | $ | 19,116 | ||||||||||||||||||
One-to-four family construction |
32,746 | 18,881 | 48,004 | 9,676 | 13,104 | 36,626 | 37,768 | 2,004 | 198,809 | |||||||||||||||||||||||||||
Recreation and all other loans |
1,158 | 10,292 | 33,901 | 597 | 2,977 | 983 | 15,789 | 669 | 66,366 | |||||||||||||||||||||||||||
Commercial construction |
18,922 | 9,079 | 37,222 | 18,145 | 17,156 | 30,021 | 28,665 | 1,624 | 160,834 | |||||||||||||||||||||||||||
Commercial acquisition and development |
12,031 | 21,316 | 51,069 | 25,978 | 33,965 | 25,214 | 50,640 | 2,247 | 222,460 | |||||||||||||||||||||||||||
Residential acquisition and development |
68,478 | 27,227 | 94,243 | 25,246 | 60,594 | 38,020 | 75,312 | 3,970 | 393,090 | |||||||||||||||||||||||||||
Total CAD loans |
$ | 133,335 | $ | 86,795 | $ | 273,624 | $ | 88,309 | $ | 128,537 | $ | 130,962 | $ | 208,406 | $ | 10,707 | $ | 1,060,675 | ||||||||||||||||||
NON-PERFORMING LOANS AND LEASES: |
||||||||||||||||||||||||||||||||||||
Commercial and industrial |
$ | 2,509 | $ | 1,248 | $ | 512 | $ | 132 | $ | 496 | $ | 239 | $ | 3,121 | $ | 1,698 | $ | 9,955 | ||||||||||||||||||
Real estate |
||||||||||||||||||||||||||||||||||||
Consumer mortgages |
6,015 | 3,872 | 8,782 | 3,902 | 2,008 | 3,988 | 4,238 | 5,892 | 38,697 | |||||||||||||||||||||||||||
Home equity |
656 | | 185 | 51 | 264 | 190 | 128 | | 1,474 | |||||||||||||||||||||||||||
Agricultural |
702 | 643 | 823 | 2,037 | 4,805 | 76 | 200 | | 9,286 | |||||||||||||||||||||||||||
Commercial and industrial-owner
occupied |
7,701 | 4,778 | 4,893 | 2,967 | 6,578 | 3,296 | 1,950 | 162 | 32,325 | |||||||||||||||||||||||||||
Construction, acquisition and
development |
48,003 | 7,544 | 19,915 | 20,840 | 47,347 | 20,181 | 42,446 | | 206,276 | |||||||||||||||||||||||||||
Commercial |
5,572 | 2,594 | 10,081 | 25,710 | 12,910 | 6,501 | 2,016 | 658 | 66,042 | |||||||||||||||||||||||||||
Credit cards |
| | | | | | | 3,603 | 3,603 | |||||||||||||||||||||||||||
All other |
1,895 | 2,199 | 5,329 | 170 | 108 | 1,387 | | 1,096 | 12,184 | |||||||||||||||||||||||||||
Total loans |
$ | 73,053 | $ | 22,878 | $ | 50,520 | $ | 55,809 | $ | 74,516 | $ | 35,858 | $ | 54,099 | $ | 13,109 | $ | 379,842 | ||||||||||||||||||
June 30, 2011 | ||||||||||||||||||||||||||||||||||||
Alabama | Greater | |||||||||||||||||||||||||||||||||||
and Florida | Memphis | Northeast | Texas and | |||||||||||||||||||||||||||||||||
Panhandle | Arkansas | Mississippi | Missouri | Area | Tennessee | Louisiana | Other | Total | ||||||||||||||||||||||||||||
OTHER REAL ESTATE OWNED: |
||||||||||||||||||||||||||||||||||||
Commercial and industrial |
$ | 439 | $ | 18 | $ | | $ | | $ | 946 | $ | | $ | | $ | | $ | 1,403 | ||||||||||||||||||
Real estate |
||||||||||||||||||||||||||||||||||||
Consumer mortgages |
3,985 | 327 | 3,391 | 762 | 6,078 | 2,642 | 1,120 | 1,649 | 19,954 | |||||||||||||||||||||||||||
Home equity |
| 58 | 291 | | | 368 | | | 717 | |||||||||||||||||||||||||||
Agricultural |
950 | 87 | 2,081 | | 1,551 | | | | 4,669 | |||||||||||||||||||||||||||
Commercial and industrial-owner
occupied |
930 | 109 | 1,740 | 79 | 3,515 | 446 | 228 | 292 | 7,339 | |||||||||||||||||||||||||||
Construction, acquisition and
development |
9,334 | 2,231 | 26,052 | 2,952 | 49,562 | 14,931 | 2,669 | 621 | 108,352 | |||||||||||||||||||||||||||
Commercial |
2,757 | 1,725 | 1,112 | 451 | 1,215 | 203 | 584 | | 8,047 | |||||||||||||||||||||||||||
All other |
172 | 44 | 312 | 195 | | | | | 723 | |||||||||||||||||||||||||||
Total loans |
$ | 18,567 | $ | 4,599 | $ | 34,979 | $ | 4,439 | $ | 62,867 | $ | 18,590 | $ | 4,601 | $ | 2,562 | $ | 151,204 | ||||||||||||||||||
Quarter Ended | ||||||||||||||||||||
Jun-11 | Mar-11 | Dec-10 | Sep-10 | Jun-10 | ||||||||||||||||
OTHER REAL ESTATE OWNED: |
||||||||||||||||||||
Balance, beginning of period |
$ | 136,412 | $ | 133,412 | $ | 82,647 | $ | 67,560 | $ | 59,269 | ||||||||||
Additions to foreclosed properties |
||||||||||||||||||||
New foreclosed property |
38,199 | 21,464 | 62,683 | 30,008 | 22,490 | |||||||||||||||
Reductions in foreclosed properties |
||||||||||||||||||||
Sales |
(21,135 | ) | (13,528 | ) | (8,528 | ) | (12,356 | ) | (11,811 | ) | ||||||||||
Writedowns |
(2,272 | ) | (4,936 | ) | (3,390 | ) | (2,565 | ) | (2,388 | ) | ||||||||||
Balance, end of period |
$ | 151,204 | $ | 136,412 | $ | 133,412 | $ | 82,647 | $ | 67,560 | ||||||||||
FORECLOSED PROPERTY EXPENSE |
||||||||||||||||||||
Loss on sale of other real estate owned |
$ | (140 | ) | $ | 492 | $ | 807 | $ | 1,501 | $ | 830 | |||||||||
Writedown of other real estate owned |
2,272 | 4,936 | 3,390 | 2,565 | 2,388 | |||||||||||||||
Other foreclosed property expense |
1,633 | 1,654 | 1,895 | 846 | 595 | |||||||||||||||
Total foreclosed property expense |
$ | 3,765 | $ | 7,082 | $ | 6,092 | $ | 4,912 | $ | 3,813 | ||||||||||
Quarter Ended | ||||||||||||||||||||
Jun-11 | Mar-11 | Dec-10 | Sep-10 | Jun-10 | ||||||||||||||||
NONINTEREST REVENUE: |
||||||||||||||||||||
Mortgage lending |
$ | 2,003 | $ | 7,581 | $ | 18,126 | $ | 8,898 | $ | (2,304 | ) | |||||||||
Credit card, debit card and merchant fees |
11,263 | 10,346 | 9,951 | 9,569 | 9,333 | |||||||||||||||
Service charges |
16,556 | 15,368 | 16,854 | 18,621 | 18,953 | |||||||||||||||
Trust income |
2,850 | 3,134 | 3,072 | 2,783 | 2,707 | |||||||||||||||
Securities gains (losses), net |
10,045 | 17 | (470 | ) | 2,327 | (585 | ) | |||||||||||||
Insurance commissions |
22,941 | 22,549 | 18,013 | 20,825 | 21,666 | |||||||||||||||
Annuity fees |
1,094 | 1,296 | 458 | 537 | 698 | |||||||||||||||
Brokerage commissions and fees |
1,437 | 1,638 | 1,436 | 1,340 | 1,419 | |||||||||||||||
Bank-owned life insurance |
2,223 | 1,699 | 2,303 | 1,793 | 1,972 | |||||||||||||||
Other miscellaneous income |
4,732 | 4,683 | 4,231 | 3,059 | 3,227 | |||||||||||||||
Total noninterest revenue |
$ | 75,144 | $ | 68,311 | $ | 73,974 | $ | 69,752 | $ | 57,086 | ||||||||||
NONINTEREST EXPENSE: |
||||||||||||||||||||
Salaries and employee benefits |
$ | 70,142 | $ | 70,375 | $ | 65,980 | $ | 68,232 | $ | 68,189 | ||||||||||
Occupancy, net of rental income |
$ | 10,232 | $ | 10,671 | $ | 10,668 | $ | 11,038 | $ | 10,527 | ||||||||||
Equipment |
5,595 | 5,658 | 5,459 | 5,523 | 5,877 | |||||||||||||||
Deposit insurance assessments |
6,436 | 5,425 | 5,895 | 4,752 | 4,362 | |||||||||||||||
Prepayment penalty on FHLB borrowings |
9,778 | | | | | |||||||||||||||
Advertising |
1,291 | 889 | 1,760 | 1,742 | 1,196 | |||||||||||||||
Foreclosed property expense |
3,765 | 7,082 | 6,092 | 4,912 | 3,813 | |||||||||||||||
Telecommunications |
2,036 | 2,143 | 2,148 | 2,624 | 2,494 | |||||||||||||||
Public relations |
1,554 | 1,514 | 1,361 | 1,423 | 1,656 | |||||||||||||||
Data processing |
2,365 | 2,301 | 1,428 | 1,576 | 1,594 | |||||||||||||||
Computer software |
1,899 | 1,848 | 1,937 | 1,793 | 1,900 | |||||||||||||||
Amortization of intangibles |
833 | 854 | 950 | 961 | 984 | |||||||||||||||
Legal |
1,095 | 2,586 | 1,872 | 1,727 | 1,313 | |||||||||||||||
Postage and shipping |
1,171 | 1,297 | 1,269 | 1,237 | 1,178 | |||||||||||||||
Other miscellaneous expense |
18,877 | 17,367 | 16,628 | 15,547 | 14,933 | |||||||||||||||
Total noninterest expense |
$ | 137,069 | $ | 130,010 | $ | 123,447 | $ | 123,087 | $ | 120,016 | ||||||||||
INSURANCE COMMISSIONS: |
||||||||||||||||||||
Property and casualty commissions |
$ | 16,527 | $ | 13,683 | $ | 13,304 | $ | 15,795 | $ | 15,648 | ||||||||||
Life and health commissions |
4,301 | 4,477 | 3,627 | 3,717 | 3,899 | |||||||||||||||
Risk management income |
596 | 713 | 617 | 812 | 627 | |||||||||||||||
Other |
1,517 | 3,676 | 465 | 501 | 1,492 | |||||||||||||||
Total insurance commissions |
$ | 22,941 | $ | 22,549 | $ | 18,013 | $ | 20,825 | $ | 21,666 | ||||||||||
Quarter Ended | ||||||||||||||||||||
Jun-11 | Mar-11 | Dec-10 | Sep-10 | Jun-10 | ||||||||||||||||
MORTGAGE SERVICING RIGHTS: |
||||||||||||||||||||
Fair value, beginning of period |
$ | 42,306 | $ | 38,642 | $ | 26,901 | $ | 29,363 | $ | 36,350 | ||||||||||
Additions to mortgage servicing rights: |
||||||||||||||||||||
Originations of servicing assets |
2,380 | 2,431 | 4,725 | 4,314 | 2,774 | |||||||||||||||
Changes in fair value: |
||||||||||||||||||||
Due to payoffs/paydowns |
(1,390 | ) | (1,300 | ) | (1,881 | ) | (2,164 | ) | (1,434 | ) | ||||||||||
Due to change in valuation inputs or
assumptions used in the valuation model |
(3,839 | ) | 2,540 | 8,895 | (4,609 | ) | (8,323 | ) | ||||||||||||
Other changes in fair value |
(2 | ) | (7 | ) | 2 | (3 | ) | (4 | ) | |||||||||||
Fair value, end of period |
$ | 39,455 | $ | 42,306 | $ | 38,642 | $ | 26,901 | $ | 29,363 | ||||||||||
MORTGAGE LENDING REVENUE: |
||||||||||||||||||||
Production revenue: |
||||||||||||||||||||
Origination |
$ | 4,066 | $ | 3,224 | $ | 7,942 | $ | 12,735 | $ | 4,532 | ||||||||||
Servicing |
3,166 | 3,117 | 3,170 | 2,936 | 2,921 | |||||||||||||||
Payoffs/Paydowns |
(1,390 | ) | (1,300 | ) | (1,881 | ) | (2,164 | ) | (1,434 | ) | ||||||||||
Total production revenue |
5,842 | 5,041 | 9,231 | 13,507 | 6,019 | |||||||||||||||
Market value adjustment |
(3,839 | ) | 2,540 | 8,895 | (4,609 | ) | (8,323 | ) | ||||||||||||
Total mortgage lending revenue |
$ | 2,003 | $ | 7,581 | $ | 18,126 | $ | 8,898 | $ | (2,304 | ) | |||||||||
HELD-TO-MATURITY SECURITIES, at amortized cost |
||||||||||||||||||||
U.S. Government agencies |
$ | | $ | 1,278,185 | $ | 1,246,649 | $ | 988,666 | $ | 882,931 | ||||||||||
Obligations of states and political subdivisions |
| 389,018 | 366,370 | 369,222 | 264,226 | |||||||||||||||
Total held-to-maturity securities |
$ | | $ | 1,667,203 | $ | 1,613,019 | $ | 1,357,888 | $ | 1,147,157 | ||||||||||
AVAILABLE-FOR-SALE SECURITIES, at fair value |
||||||||||||||||||||
U.S. Government agencies |
$ | 1,599,231 | $ | 459,763 | $ | 433,158 | $ | 440,442 | $ | 492,175 | ||||||||||
Government agency issued residential
mortgage-back securities |
430,402 | 529,302 | 503,229 | 320,471 | 319,918 | |||||||||||||||
Government agency issued commercial
mortgage-back securities |
31,627 | 30,938 | 29,994 | 25,982 | 23,703 | |||||||||||||||
Obligations of states and political subdivisions |
486,653 | 111,380 | 110,165 | 108,958 | 110,244 | |||||||||||||||
Collateralized debt obligations |
| | | 576 | 812 | |||||||||||||||
Other |
12,911 | 14,080 | 19,516 | 19,448 | 15,840 | |||||||||||||||
Total available-for-sale securities |
$ | 2,560,824 | $ | 1,145,463 | $ | 1,096,062 | $ | 915,877 | $ | 962,692 | ||||||||||
Quarter Ended | ||||||||||||
June 30, 2011 | ||||||||||||
Average | Yield/ | |||||||||||
(Taxable equivalent basis) | Balance | Interest | Rate | |||||||||
ASSETS |
||||||||||||
Loans, loans held for sale,
and leases net of unearned income |
$ | 9,293,831 | $ | 118,284 | 5.10 | % | ||||||
Held-to-maturity securities: |
||||||||||||
Taxable |
887,767 | 5,143 | 2.32 | % | ||||||||
Tax-exempt |
209,795 | 3,523 | 6.74 | % | ||||||||
Available-for-sale securities: |
||||||||||||
Taxable |
1,432,822 | 10,485 | 2.94 | % | ||||||||
Tax-exempt |
176,898 | 2,879 | 6.53 | % | ||||||||
Short-term investments |
226,638 | 160 | 0.28 | % | ||||||||
Total interest earning
assets and revenue |
12,227,751 | 140,474 | 4.61 | % | ||||||||
Other assets |
1,350,777 | |||||||||||
Less: allowance for credit losses |
(212,968 | ) | ||||||||||
Total |
$ | 13,365,560 | ||||||||||
LIABILITIES AND
SHAREHOLDERS EQUITY |
||||||||||||
Deposits: |
||||||||||||
Demand interest bearing |
$ | 4,977,764 | $ | 6,040 | 0.49 | % | ||||||
Savings |
941,169 | 810 | 0.35 | % | ||||||||
Other time |
3,418,741 | 16,284 | 1.91 | % | ||||||||
Short-term borrowings |
425,666 | 155 | 0.15 | % | ||||||||
Junior subordinated debt |
160,312 | 2,860 | 7.16 | % | ||||||||
Long-term debt |
89,395 | 1,174 | 5.27 | % | ||||||||
Total interest bearing
liabilities and expense |
10,013,047 | 27,323 | 1.09 | % | ||||||||
Demand
deposits
noninterest bearing |
2,018,197 | |||||||||||
Other liabilities |
112,035 | |||||||||||
Total liabilities |
12,143,279 | |||||||||||
Shareholders equity |
1,222,281 | |||||||||||
Total |
$ | 13,365,560 | ||||||||||
Net interest revenue |
$ | 113,151 | ||||||||||
Net interest margin |
3.71 | % | ||||||||||
Net interest rate spread |
3.51 | % | ||||||||||
Interest bearing liabilities to
interest earning assets |
81.89 | % | ||||||||||
Net interest tax equivalent adjustment |
$ | 3,239 |
Quarter Ended | ||||||||||||
March 31, 2011 | ||||||||||||
Average | Yield/ | |||||||||||
(Taxable equivalent basis) | Balance | Interest | Rate | |||||||||
ASSETS |
||||||||||||
Loans, loans held for sale,
and leases net of unearned income |
$ | 9,339,083 | $ | 118,648 | 5.15 | % | ||||||
Held-to-maturity securities: |
||||||||||||
Taxable |
1,322,668 | 8,124 | 2.49 | % | ||||||||
Tax-exempt |
330,616 | 5,150 | 6.32 | % | ||||||||
Available-for-sale securities: |
||||||||||||
Taxable |
1,014,404 | 8,585 | 3.43 | % | ||||||||
Tax-exempt |
70,727 | 1,267 | 7.27 | % | ||||||||
Short-term investments |
317,271 | 253 | 0.32 | % | ||||||||
Total interest earning
assets and revenue |
12,394,769 | 142,026 | 4.65 | % | ||||||||
Other assets |
1,363,101 | |||||||||||
Less: allowance for credit losses |
(218,107 | ) | ||||||||||
Total |
$ | 13,539,763 | ||||||||||
LIABILITIES AND
SHAREHOLDERS EQUITY |
||||||||||||
Deposits: |
||||||||||||
Demand interest bearing |
$ | 5,153,063 | $ | 6,546 | 0.52 | % | ||||||
Savings |
897,312 | 826 | 0.37 | % | ||||||||
Other time |
3,553,543 | 17,483 | 2.00 | % | ||||||||
Short-term borrowings |
433,743 | 193 | 0.18 | % | ||||||||
Junior subordinated debt |
160,312 | 2,859 | 7.23 | % | ||||||||
Long-term debt |
110,000 | 1,484 | 5.47 | % | ||||||||
Total interest bearing
liabilities and expense |
10,307,973 | 29,391 | 1.16 | % | ||||||||
Demand
deposits
noninterest bearing |
1,893,720 | |||||||||||
Other liabilities |
118,671 | |||||||||||
Total liabilities |
12,320,364 | |||||||||||
Shareholders equity |
1,219,399 | |||||||||||
Total |
$ | 13,539,763 | ||||||||||
Net interest revenue |
$ | 112,635 | ||||||||||
Net interest margin |
3.69 | % | ||||||||||
Net interest rate spread |
3.49 | % | ||||||||||
Interest bearing liabilities to
interest earning assets |
83.16 | % | ||||||||||
Net interest tax equivalent adjustment |
$ | 3,199 |
Quarter Ended | ||||||||||||
December 31, 2010 | ||||||||||||
Average | Yield/ | |||||||||||
(Taxable equivalent basis) | Balance | Interest | Rate | |||||||||
ASSETS |
||||||||||||
Loans, loans held for sale,
and leases net of unearned income |
$ | 9,509,949 | $ | 123,491 | 5.15 | % | ||||||
Held-to-maturity securities: |
||||||||||||
Taxable |
1,154,939 | 8,600 | 2.95 | % | ||||||||
Tax-exempt |
281,283 | 4,542 | 6.41 | % | ||||||||
Available-for-sale securities: |
||||||||||||
Taxable |
923,085 | 7,836 | 3.37 | % | ||||||||
Tax-exempt |
72,921 | 1,254 | 6.82 | % | ||||||||
Short-term investments |
568,528 | 391 | 0.27 | % | ||||||||
Total interest earning
assets and revenue |
12,510,705 | 146,114 | 4.63 | % | ||||||||
Other assets |
1,263,611 | |||||||||||
Less: allowance for credit losses |
(215,278 | ) | ||||||||||
Total |
$ | 13,559,038 | ||||||||||
LIABILITIES AND
SHAREHOLDERS EQUITY |
||||||||||||
Deposits: |
||||||||||||
Demand interest bearing |
$ | 4,740,734 | $ | 7,462 | 0.62 | % | ||||||
Savings |
831,805 | 891 | 0.42 | % | ||||||||
Other time |
3,745,046 | 19,827 | 2.10 | % | ||||||||
Short-term borrowings |
623,862 | 275 | 0.17 | % | ||||||||
Junior subordinated debt |
160,312 | 2,864 | 7.09 | % | ||||||||
Long-term debt |
110,000 | 1,485 | 5.36 | % | ||||||||
Total interest bearing
liabilities and expense |
10,211,759 | 32,804 | 1.27 | % | ||||||||
Demand
deposits
noninterest bearing |
1,975,318 | |||||||||||
Other liabilities |
146,447 | |||||||||||
Total liabilities |
12,333,524 | |||||||||||
Shareholders equity |
1,225,514 | |||||||||||
Total |
$ | 13,559,038 | ||||||||||
Net interest revenue |
$ | 113,310 | ||||||||||
Net interest margin |
3.59 | % | ||||||||||
Net interest rate spread |
3.36 | % | ||||||||||
Interest bearing liabilities to
interest earning assets |
81.62 | % | ||||||||||
Net interest tax equivalent adjustment |
$ | 3,057 |
Quarter Ended | ||||||||||||
September 30, 2010 | ||||||||||||
Average | Yield/ | |||||||||||
(Taxable equivalent basis) | Balance | Interest | Rate | |||||||||
ASSETS |
||||||||||||
Loans, loans held for sale,
and leases net of unearned income |
$ | 9,682,146 | $ | 125,211 | 5.13 | % | ||||||
Held-to-maturity securities: |
||||||||||||
Taxable |
993,494 | 9,119 | 3.64 | % | ||||||||
Tax-exempt |
230,182 | 3,975 | 6.85 | % | ||||||||
Available-for-sale securities: |
||||||||||||
Taxable |
847,942 | 7,782 | 3.64 | % | ||||||||
Tax-exempt |
69,735 | 1,225 | 6.97 | % | ||||||||
Short-term investments |
442,927 | 292 | 0.26 | % | ||||||||
Total interest earning
assets and revenue |
12,266,426 | 147,604 | 4.77 | % | ||||||||
Other assets |
1,265,657 | |||||||||||
Less: allowance for credit losses |
(227,201 | ) | ||||||||||
Total |
$ | 13,304,882 | ||||||||||
LIABILITIES AND
SHAREHOLDERS EQUITY |
||||||||||||
Deposits: |
||||||||||||
Demand interest bearing |
$ | 4,651,166 | $ | 8,582 | 0.73 | % | ||||||
Savings |
786,267 | 881 | 0.44 | % | ||||||||
Other time |
3,829,068 | 21,108 | 2.19 | % | ||||||||
Short-term borrowings |
483,651 | 257 | 0.21 | % | ||||||||
Junior subordinated debt |
160,312 | 2,880 | 7.13 | % | ||||||||
Long-term debt |
110,734 | 1,499 | 5.37 | % | ||||||||
Total interest bearing
liabilities and expense |
10,021,198 | 35,207 | 1.39 | % | ||||||||
Demand
deposits
noninterest bearing |
1,911,125 | |||||||||||
Other liabilities |
143,413 | |||||||||||
Total liabilities |
12,075,736 | |||||||||||
Shareholders equity |
1,229,146 | |||||||||||
Total |
$ | 13,304,882 | ||||||||||
Net interest revenue |
$ | 112,397 | ||||||||||
Net interest margin |
3.64 | % | ||||||||||
Net interest rate spread |
3.38 | % | ||||||||||
Interest bearing liabilities to
interest earning assets |
81.70 | % | ||||||||||
Net interest tax equivalent adjustment |
$ | 2,719 |
Quarter Ended | ||||||||||||
June 30, 2010 | ||||||||||||
Average | Yield/ | |||||||||||
(Taxable equivalent basis) | Balance | Interest | Rate | |||||||||
ASSETS |
||||||||||||
Loans, loans held for sale,
and leases net of unearned income |
$ | 9,763,448 | $ | 126,131 | 5.18 | % | ||||||
Held-to-maturity securities: |
||||||||||||
Taxable |
939,046 | 9,474 | 4.05 | % | ||||||||
Tax-exempt |
218,747 | 3,711 | 6.80 | % | ||||||||
Available-for-sale securities: |
||||||||||||
Taxable |
821,050 | 8,029 | 3.92 | % | ||||||||
Tax-exempt |
72,440 | 1,281 | 7.09 | % | ||||||||
Short-term investments |
295,618 | 176 | 0.24 | % | ||||||||
Total interest earning
assets and revenue |
12,110,349 | 148,802 | 4.93 | % | ||||||||
Other assets |
1,329,535 | |||||||||||
Less: allowance for credit losses |
(216,378 | ) | ||||||||||
Total |
$ | 13,223,506 | ||||||||||
LIABILITIES AND
SHAREHOLDERS EQUITY |
||||||||||||
Deposits: |
||||||||||||
Demand interest bearing |
$ | 4,635,078 | $ | 9,750 | 0.84 | % | ||||||
Savings |
770,665 | 915 | 0.48 | % | ||||||||
Other time |
3,814,314 | 21,536 | 2.26 | % | ||||||||
Short-term borrowings |
486,350 | 264 | 0.22 | % | ||||||||
Junior subordinated debt |
160,312 | 2,861 | 7.16 | % | ||||||||
Long-term debt |
112,731 | 1,506 | 5.36 | % | ||||||||
Total interest bearing
liabilities and expense |
9,979,450 | 36,832 | 1.48 | % | ||||||||
Demand
deposits
noninterest bearing |
1,855,598 | |||||||||||
Other liabilities |
142,672 | |||||||||||
Total liabilities |
11,977,720 | |||||||||||
Shareholders equity |
1,245,786 | |||||||||||
Total |
$ | 13,223,506 | ||||||||||
Net interest revenue |
$ | 111,970 | ||||||||||
Net interest margin |
3.71 | % | ||||||||||
Net interest rate spread |
3.45 | % | ||||||||||
Interest bearing liabilities to
interest earning assets |
82.40 | % | ||||||||||
Net interest tax equivalent adjustment |
$ | 2,640 |
Quarter Ended | ||||||||||||||
June 30, | March 31, | June 30, | ||||||||||||
2011 | 2011 | 2010 | ||||||||||||
Net income (loss) | $ | 12,826 | $ | (494 | ) | $ | (12,560 | ) | ||||||
Plus: |
Provision for credit losses | 32,240 | 53,479 | 62,354 | ||||||||||
Income tax expense (benefit) | 2,921 | (5,247 | ) | (3,395 | ) | |||||||||
Pre-tax, pre-provision earnings | $ | 47,987 | $ | 47,738 | $ | 46,399 |
June 30, | March 31, | |||||||||||||
2011 | 2010 | 2011 | ||||||||||||
Tangible assets | ||||||||||||||
Total assets | $ | 13,367,050 | $ | 13,421,004 | $ | 13,547,238 | ||||||||
Less: |
Goodwill | 271,297 | 270,097 | 271,297 | ||||||||||
Other identifiable intangible assets | 18,249 | 21,533 | 18,844 | |||||||||||
Total tangible assets | $ | 13,077,504 | $ | 13,129,374 | $ | 13,257,097 | ||||||||
Tangible shareholders equity | ||||||||||||||
Total shareholders equity | $ | 1,246,703 | $ | 1,240,259 | $ | 1,211,061 | ||||||||
Less: |
Goodwill | 271,297 | 270,097 | 271,297 | ||||||||||
Other identifiable intangible assets | 18,249 | 21,533 | 18,844 | |||||||||||
Total tangible shareholders equity | $ | 957,157 | $ | 948,629 | $ | 920,920 | ||||||||
Tangible shareholders equity to tangible assets | 7.32 | % | 7.23 | % | 6.95 | % |
(a) | BancorpSouth, Inc. utilizes pre-tax, pre-provision earnings as an additional measure when evaluating the performance of the Company. Pre-tax, pre-provision earnings are defined as net income (loss) plus provision for credit losses and income tax expense (benefit). Management believes pre-tax, pre-provision earnings are important to investors as it shows earnings trends without giving effect to provision for credit losses and taxes. | |
(b) | BancorpSouth, Inc. utilizes the ratio of tangible shareholders equity to tangible assets when evaluating the performance of the Company. Tangible shareholders equity is defined by the Company as total shareholders equity less goodwill and other identifiable intangible assets. Tangible assets are defined by the Company as total assets less goodwill and other identifiable intangible assets. Management believes the ratio of tangible shareholders equity to tangible assets is important to investors who are interested in evaluating the adequacy of the Companys capital levels. |
BancorpSouth Financial Information as of June 30, 2011 |
Forward Looking Information 2 Certain statements contained in this presentation and the accompanying slides 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 reference to a future period or by the use of forward-looking terminology, such as anticipate, believe, estimate, expect, foresee, may, might, will, intend, could, would or plan, or future or conditional verb tenses, and variations or negatives of such terms. These forward-looking statements include, without limitation, statements about long-term prospects for shareholder value, the impact of the prevailing economy, results of operations, and financial condition. We caution you not to place undue reliance on the forward-looking statements contained in this presentation, in that actual results could differ materially from those indicated in such forward-looking statements as a result of a variety of factors. These factors include, but are not limited to, conditions in the financial markets and economic conditions generally, the soundness of other financial institutions, the availability of capital on favorable terms if and when needed, liquidity risk, the credit risk associated with real estate construction, acquisition and development loans, estimates of costs and values associated with real estate construction, acquisition and development loans in the Companys loan portfolio, the adequacy of the Companys allowance for credit losses to cover actual credit losses, governmental regulation and supervision of the Companys operations, the impact of recent legislation on service charges on core deposit accounts, the susceptibility of the Companys business to local economic conditions, changes in interest rates, the impact of monetary policies and economic factors on the Companys ability to attract deposits or make loans, volatility in capital and credit markets, the impact of hurricanes or other adverse weather events, risks in connection with completed or potential acquisitions, dilution caused by the Companys 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, restrictions on the Companys ability to declare and pay dividends, the Companys growth strategy, diversification in the types of financial services the Company offers, competition with other financial services companies, interruptions or breaches in security of the Companys information systems, the failure of certain third party vendors to perform, the Companys ability to improve its internal controls adequately, any requirement that the Company write down goodwill or other intangible assets, other factors generally understood to affect the financial results of financial services companies, and other factors detailed from time to time in BancorpSouths press releases and filings with the Securities and Exchange Commission. BancorpSouth does not undertake any obligation to update or revise forward-looking statements to reflect events or circumstances after the date of this presentation. Certain tabular presentations may not reconcile because of rounding. Unless otherwise noted, any quotes in this presentation can be attributed to company management. |
Financial Overview Net income of $12.8 million, or $0.15 per diluted share, versus a loss of $12.6 million, or ($0.15) per diluted share, during the second quarter of 2010 Provision for loan losses decreased $21.2 million, or 40%, from the previous quarter Net interest margin remained stable at 3.71% Mortgage production increased to $245 million, though a negative MSR market valuation adjustment reduced mortgage revenue by $3.8 million 3 |
Credit Quality Non-performing loans decreased $45.2 million from the previous quarter NPL formation declined for the third sequential quarter to $50.4 million 47% of nonaccrual loans are paying as agreed Net charge-offs declined $19.1 million, or 37%, from the previous quarter Sales of OREO properties during the quarter totaled $21 million, and resulted in a net gain on sale of $140,000 Write-downs of existing OREO properties totaled $2.3 million, compared to $4.9 million in the first quarter of 2011 4 |
Other Highlights Capital levels improved: 6/30/11 3/31/11 Equity/Assets 9.33% 8.94% TIER I Leverage Capital 8.22 8.01 Total Capital 12.08 11.92 Reclassified all securities to available-for-sale and completed sales of securities which resulted in net gains of $9.8 million. Prepaid FHLB advances, which resulted in a one-time expense of $9.8 million. Announced the closure of 23 branches as a part of our branch optimization project. 5 |
Dollars in millions As of June 30, 2011 % of Loans Outstanding Loan Portfolio 6 |
Real Estate Construction, Acquisition and Development Dollars in millions Loans Outstanding 7 As of June 30, 2011 |
Residential Acquisition and Development Dollars in millions The Residential A&D portfolio has declined by 31% over the last year. Corporate includes lines of business not managed by a geographic region. 8 As of June 30, 2011 |
NPL Formation Based on period end balances 9 Dollars in millions |
Net Charge-Offs Dollars in thousands 10 As of June 30, 2011 |
Other includes all other geographic regions and lines of business not managed by a geographic region. 11 Dollars in millions June 2011 Impairment Analysis - Total Loans As of June 30, 2011 |
Other includes all other geographic regions and lines of business not managed by a geographic region. 12 Dollars in millions June 2011 Impairment Analysis - Residential A & D As of June 30, 2011 |
Analysis of Non-Accrual Loans 13 Dollars in millions Based on Period End Balances 41% 42% 36% 37% Paying as Agreed includes loans not 30+ days past due with payments occurring at least quarterly. 47% |
Other Real Estate Owned 14 Dollars in millions 41% 42% 36% 36% Categories are based on property location rather than loan origination. As of June 30, 2011 |
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