EX-99.1 2 g05120exv99w1.htm EX-99.1 PRESS RELEASE EX-99.1
 

Exhibit 99.1
News Release
(LOGO)
     
Contact:
   
L. Nash Allen, Jr.
  Gary C. Bonds
Treasurer and Chief Financial Officer
  Senior Vice President and Controller
662/680-2330
  662/680-2332
BancorpSouth Reports Fourth Quarter 2006 Earnings of $0.27 per Diluted Share
 
Earns $1.57 per Diluted Share for Full-Year 2006
TUPELO, Miss., Jan. 18, 2007/PRNewswire-FirstCall via COMTEX/ — BancorpSouth, Inc. (NYSE: BXS) today announced financial results for the fourth quarter and year ended December 31, 2006.
     Salient points of the announcement include:
  •   Earnings per diluted share for 2006 of $1.57, an increase of 6.8 percent compared with $1.47 for 2005.
 
  •   Growth in net interest revenue of 8.5 percent for 2006 compared with 2005.
 
  •   An increase in the net interest margin for 2006 to 3.70 percent from 3.64 percent for 2005.
 
  •   Continuing high credit quality with an 18.6 percent reduction in non-performing loans and leases at the end of 2006 from the end of 2005.
 
  •   Substantial growth in insurance commission revenues, which increased 15.1 percent for 2006 from 2005 and 19.2 percent for the fourth quarter of 2006 from the fourth quarter of 2005.
 
  •   Additional non-recurring income tax expense for the fourth quarter of 2006 of $6.8 million, or $0.08 per diluted share.
 
  •   The signing of a definitive agreement to acquire City Bancorp, the parent company of The Signature Bank headquartered in Springfield, Missouri, which has assets in excess of $800 million and which, with offices in Springfield and the suburbs of St. Louis, brings BancorpSouth its initial access to strong markets in its eighth contiguous state. The announcement of this agreement complemented the fourth-quarter opening of a loan
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Box 789 • Tupelo, MS 38802-0789 • (662) 680-2000
BancorpSouth, Inc. is a financial holding company.

 

 

BXS Announces Fourth Quarter Results
Page 2
January 18, 2007
production office in Lafayette, Louisiana and the expansion of BancorpSouth’s insurance operations to a fourth state with the opening of a new office in Mobile, Alabama.
Fourth Quarter 2006 Summary Results
BancorpSouth’s net income was $21.3 million, or $0.27 per diluted share, for the fourth quarter of 2006, compared with $34.8 million, or $0.44 per diluted share, for the fourth quarter of 2005. The Company’s earnings for the fourth quarter of 2006 included a pre-tax negative impact of $4.0 million, or $0.03 per diluted share after tax, related to a decline in value of its mortgage servicing asset while earnings for the fourth quarter of 2005 included a pre-tax negative impact of $1.1 million, or $0.01 per diluted share after tax, as a result of a decline in the value of the mortgage servicing asset. The fourth quarter of 2006 was also negatively impacted by $6.8 million, or $0.08 per diluted share, in additional income tax expense. This non-recurring provision for income taxes is the result of a statutory limitation identified in the fourth quarter of 2006 that prevents the Company from recovering excess income taxes paid in a prior year. In addition, the Company’s earnings for the fourth quarter of 2005 benefited from a pre-tax gain of $6.9 million from insurance proceeds related to Hurricane Katrina and a $2.8 million reduction in the Company’s previous provision for credit losses related to the hurricane. The impact of these two non-recurring items increased earnings for the fourth quarter of 2005 by $0.07 per diluted share.
2006 Summary Results
BancorpSouth’s net income for 2006 was $125.2 million, or $1.57 per diluted share, up from $115.2 million, or $1.47 per diluted share, for 2005. The Company’s earnings for 2006 when compared with 2005 included a net pre-tax negative impact of $2.6 million, or $0.02 per diluted share after tax, related to changes in value of the Company’s mortgage servicing asset and $6.8 million, or $0.08 per diluted share, in additional income tax expense as discussed above.
Commenting on the announcement, Aubrey Patterson, Chairman and Chief Executive Officer of BancorpSouth, said, “BancorpSouth produced profitable results for the fourth quarter of 2006, contributing to our 8.7% earnings growth for the full year. While fourth quarter growth in our traditional banking business did not keep pace with the rest of the year — reflecting a difficult interest rate environment and mixed economic signals — our insurance business produced a fourth consecutive comparable quarter of accelerating revenue growth. We were also pleased with the continued successful implementation of our organic and acquisition expansion strategies, which, as most recently demonstrated by our agreement to acquire The Signature Bank, enhance our Company’s potential for long-term profitable growth and increased shareholder value.”
Net Interest Revenue
Interest revenue for the fourth quarter of 2006 increased 19.6 percent, or $29.4 million, to $179.4 million from $150.0 million for the fourth quarter of 2005 and increased 2.4 percent from $175.2 million for the third quarter of 2006. Interest expense increased 44.0 percent, or $25.4 million,
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BXS Announces Fourth Quarter Results
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January 18, 2007
to $83.1 million for the fourth quarter of 2006 from $57.7 million for the fourth quarter of 2005 and 5.4 percent from $78.8 million for the third quarter of 2006.
The average taxable equivalent yield on earning assets increased to 6.70 percent for the fourth quarter of 2006 from 5.86 percent for the fourth quarter of 2005 and 6.58 percent for the third quarter of 2006. The average rate paid on interest bearing liabilities was 3.67 percent for the fourth quarter of 2006, compared with 2.69 percent for the fourth quarter of 2005 and 3.49 percent for the third quarter of 2006.
Net interest revenue increased 4.3 percent to $96.3 million for the fourth quarter of 2006 from $92.3 million for the fourth quarter of 2005 and declined 0.2 percent from $96.4 million for the third quarter of 2006. Net interest margin was 3.64 percent for the fourth quarter of 2006 compared with 3.64 percent for the fourth quarter of 2005 and 3.66 percent for the third quarter of 2006.
Patterson continued, “While we experienced a 4.3 percent growth in net interest revenue, our flat net interest margin illustrates the challenge posed by an inverted yield curve to our asset/liability management. With interest rates generally higher for shorter maturities than for longer maturities, the average rate paid on our interest-bearing liabilities rose at a faster pace than the average yield on our earning assets. As a result of our ongoing efforts to manage our balance sheet to reduce our interest rate sensitivity, our fourth quarter net interest margin was the same as the net interest margin for the fourth quarter of 2005 and essentially level with that for the third quarter of 2006. We will continue to implement our asset/liability management strategies throughout the interest rate cycle, focusing on loan growth, careful and competitive pricing of interest-bearing liabilities and maintaining relatively short-term maturities in our investment portfolio.”
Deposit and Loan Activity
Total assets at December 31, 2006 increased 2.2 percent to $12.0 billion from $11.8 billion at December 31, 2005. Total deposits grew 1.1 percent to $9.7 billion at December 31, 2006 from $9.6 billion at December 31, 2005. Loans and leases, net of unearned income, increased 6.9 percent to $7.9 billion at December 31, 2006 from $7.4 billion at December 31, 2005.
Patterson added, “We were pleased with BancorpSouth’s loan growth for the fourth quarter of 2006, a historically slow quarter for us because of the holiday season. Loan demand continued to be driven by many of our higher growth and more urban markets, supporting our positive expectations about the acquisition of The Signature Bank, which, when complete, will take BancorpSouth into both the largest and the third largest markets in Missouri. We also continue to expect significant long-term loan demand from the rebuilding of the Mississippi Gulf Coast, where BancorpSouth remains well positioned to play a significant role in that market in the years ahead.
“Consistent with our experience for the third quarter of 2006, our deposit base continued to be affected by increased interest rates. While we produced a 1.0 percent increase in non-interest
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BXS Announces Fourth Quarter Results
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January 18, 2007
bearing demand deposits for the fourth quarter of 2006 from the fourth quarter of 2005, interest-bearing demand deposits decreased 3.7 percent and savings and other time deposits increased 4.0 percent over the same periods. This shift was the result of consumers seeking higher yields, as well as our competitive response to the needs of our core customers.”
Provision for Credit Losses and Allowance for Credit Losses
For the fourth quarter of 2006, the provision for credit losses was $6.3 million compared with $2.0 million for the fourth quarter of 2005 and $2.5 million for the third quarter of 2006. Annualized actual net charge-offs were 0.25 percent of average loans and leases for the fourth quarter of 2006 compared with 0.16 percent for the fourth quarter of 2005 and 0.07 percent for the third quarter of 2006.
Non-performing loans and leases decreased 18.6 percent to $23.5 million, or 0.30 percent of loans and leases, at December 31, 2006, from $28.8 million, or 0.39 percent of loans and leases, at December 31, 2005, and decreased 6.5 percent from $25.1 million, or 0.32 percent of loans and leases, at September 30, 2006. The allowance for credit losses was 1.26 percent of loans and leases at December 31, 2006, compared with 1.38 percent of loans and leases at December 31, 2005 and 1.25 percent of loans and leases at September 30, 2006.
“BancorpSouth’s credit quality strengthened during 2006,” said Patterson, “highlighted by the decline in non-performing loans and leases to 0.30 percent of total loans and leases at the end of the year from 0.39 percent at the end of 2005. While we increased our provision for credit losses in the fourth quarter of 2006 in response to increased charge-offs and expansion of our loan portfolio, we completed the year with strong credit reserves. We are confident that high credit quality will continue to be a hallmark of BancorpSouth.”
Noninterest Revenue
Noninterest revenue was $50.5 million for the fourth quarter of 2006 compared with $53.7 million for the fourth quarter of 2005. As previously noted, these results include the impact of a $2.9 million net decline in mortgage revenue related to changes in the value of BancorpSouth’s mortgage servicing asset for the fourth quarter of 2006 compared with the fourth quarter of 2005, as well as the $6.9 million gain in the fourth quarter of 2005 from insurance proceeds related to Hurricane Katrina.
“BancorpSouth’s noninterest revenue performance for the fourth quarter was again driven by the expansion of our insurance operations,” stated Patterson. “Insurance commission revenues increased 19.2 percent for the fourth quarter of 2006 from the fourth quarter of 2005. We attribute this growth primarily to the expansion in our Mississippi and Louisiana insurance operations in the aftermath of Hurricane Katrina. Our long-term commitment to building our market-share on the Gulf Coast was evidenced by the launch of our insurance business in Mobile, Alabama during the fourth quarter, the fourth state in which we now conduct insurance operations.”
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BXS Announces Fourth Quarter Results
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January 18, 2007
Noninterest Expense
Noninterest expense increased 8.5 percent to $100.1 million for the fourth quarter of 2006 from $92.3 million for the fourth quarter of 2005 and increased 2.5 percent from $98.7 million for the third quarter of 2006. The growth in noninterest expense primarily resulted from additional salaries, employee benefits and occupancy expense associated with the acquisition of American State Bank Corporation in the fourth quarter of 2005, the opening of seven new loan production offices and seven new full-service branch bank offices since the start of the fourth quarter of 2005 and the launch of insurance operations in Mobile, Alabama.
Capital Management
BancorpSouth repurchased 25,000 shares of its common stock during the fourth quarter of 2006. The Company has repurchased 760,500 shares under the stock repurchase plan authorized in April 2005 for the repurchase of up to three million shares. Combined with the shares repurchased under earlier plans, BancorpSouth has repurchased approximately 11.3 million shares of its common stock since its original share repurchase program was initiated in 2001. BancorpSouth will continue to evaluate additional share repurchase opportunities under the April 2005 plan, which authorizes repurchases during a two-year period expiring April 30, 2007.
Summary
Patterson concluded, “For the fourth quarter and full-year 2006, BancorpSouth encountered many of the challenges and opportunities we face in 2007 and beyond. As an interest-rate spread dependent financial institution, we must continue our disciplined approach in our asset/liability management strategies, always cognizant and responsive to our customers’ needs. In addition, we will continue to pursue profitable growth in both existing and new markets. As evidenced by our full-service and loan production office openings in 2006, as well as the expansion of our insurance business in Alabama, we remain focused on leveraging organic growth opportunities in existing and contiguous markets. We also have the ability to compliment this strategy through acquisitions that contribute to our long-term operating and financial goals.
“As a result, we have entered 2007 with confidence in both BancorpSouth’s market position and the resources we have to leverage the opportunities our market strength provides. We remain committed to our business model of providing our retail and small-to-midsize customers with high quality, community style service, backed by the sophisticated products and services of a large, integrated financial institution. We will also continue to manage our operations based on conservative policies and principles. We expect this proven approach will enable BancorpSouth to fulfill its potential for long-term profitable growth, which, combined with our share repurchase and dividend programs, will continue to build shareholder value.”
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BXS Announces Fourth Quarter Results
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January 18, 2007
Conference Call
BancorpSouth will conduct a conference call to discuss its fourth quarter and 2006 results tomorrow, January 19, 2007, 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 the implementation of our asset/liability management strategies, long-term loan demand from the rebuilding of the Mississippi Gulf Coast, our high credit quality, repurchases under our common stock repurchase plan, our ability to pursue profitable growth in existing and new markets, our ability to manage our operations based on conservative policies and principles, our ability to fulfill our potential for long-term profitable growth and our ability to build shareholder value.
We caution you not to place undue reliance on the forward-looking statements contained in this news release in that actual results could differ materially from those indicated in such forward-looking statements because of a variety of factors. These factors may include, but are not limited to, the rate of economic recovery in the region affected by Hurricane Katrina, changes in economic conditions and government fiscal and monetary policies, 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, 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 repurchase its common stock on favorable terms, 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.
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BXS Announces Fourth Quarter Results
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January 18, 2007
BancorpSouth, Inc. is a financial holding company headquartered in Tupelo, Mississippi with approximately $12.0 billion in assets. BancorpSouth Bank, a wholly-owned subsidiary of BancorpSouth, Inc., operates approximately 283 commercial banking, mortgage, insurance, trust and broker/dealer locations in Alabama, Arkansas, Florida, Louisiana, Mississippi, Tennessee and Texas.
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BancorpSouth, Inc.
Selected Financial Data
                                 
    Three Months Ended     Twelve Months Ended  
    December 31,     December 31,  
    2006     2005     2006     2005  
(Dollars in thousands, except per share amounts)                          
Earnings Summary:
                                
Net interest revenue
   $ 96,251     $ 92,270     $ 385,799     $ 355,557  
Provision for credit losses
     6,325       1,975       8,577       24,467  
Noninterest revenue
     50,490       53,708       206,094       198,812  
Noninterest expense
     100,141       92,326       393,154       362,102  
 
                        
Income before income taxes
     40,275       51,677       190,162       167,800  
Income tax provision
     18,952       16,871       64,968       52,601  
 
                        
Net income
   $ 21,323     $ 34,806     $ 125,194     $ 115,199  
 
                        
Earning per share: Basic
   $ 0.27     $ 0.44     $ 1.58     $ 1.47  
 
                        
Diluted
   $ 0.27     $ 0.44     $ 1.57     $ 1.47  
 
                        
 
                                
Balance sheet data at December 31:
                                
Total assets
                   $ 12,038,807     $ 11,768,674  
Total earning assets
                     10,879,587       10,622,578  
Loans and leases, net of unearned income
                     7,871,471       7,365,555  
Allowance for credit losses
                     98,834       101,500  
Total deposits
                     9,710,578       9,607,258  
Common shareholders’ equity
                     1,022,538       977,166  
Book value per share
                     12.93       12.33  
 
                                
Average balance sheet data:
                                
Total assets
   $ 11,854,667     $ 11,312,104     $ 11,798,007     $ 10,968,874  
Total earning assets
     10,771,897       10,314,889       10,712,327       10,023,974  
Loans and leases, net of unearned income
     7,797,381       7,165,025       7,579,935       7,026,009  
Total deposits
     9,479,773       9,336,366       9,554,441       9,110,411  
Common shareholders’ equity
     1,013,082       959,680       999,989       934,563  
 
                                
Non-performing assets at December 31:
                                
Non-accrual loans and leases
                   $ 6,603     $ 8,816  
Loans and leases 90+ days past due
                     15,282       17,744  
Restructured loans and leases
                     1,571       2,239  
Other real estate owned
                     10,463       15,947  
 
                                
Net charge-offs as a percentage of average loans (annualized)
     0.25 %     0.16 %     0.15 %     0.23 %
 
                                
Performance ratios (annualized):
                                
Return on average assets
     0.71 %     1.22 %     1.06 %     1.05 %
Return on common equity
     8.35 %     14.38 %     12.52 %     12.33 %
 
                                
Net interest margin
     3.64 %     3.64 %     3.70 %     3.64 %
 
                                
Average shares outstanding — basic
     79,098,187       78,415,796       79,140,379       78,266,018  
Average shares outstanding — diluted
     79,513,993       78,707,893       79,542,734       78,596,899  

 

BancorpSouth, Inc.
Consolidated Balance Sheet
(Unaudited)
                         
    December 31,        
                    %  
    2006     2005     Change  
    (Dollars in thousands)          
Assets
                        
Cash and due from banks
   $ 444,033     $ 461,659       (3.82 %)
Interest bearing deposits with other banks
     7,418       6,809       8.94 %
Held-to-maturity securities, at amortized cost
     1,723,420       1,412,529       22.01 %
Available-for-sale securities, at fair value
     1,041,999       1,353,882       (23.04 %)
Federal funds sold and securities purchased under agreement to resell
     145,957       409,531       (64.36 %)
Loans and leases
     7,917,523       7,401,212       6.98 %
Less: Unearned income
     46,052       35,657       29.15 %
Allowance for credit losses
     98,834       101,500       (2.63 %)
 
                    
Net loans and leases
     7,772,637       7,264,055       7.00 %
Loans held for sale
     89,323       74,271       20.27 %
Premises and equipment, net
     287,215       261,172       9.97 %
Accrued interest receivable
     89,090       78,730       13.16 %
Goodwill
     143,718       138,754       3.58 %
Other assets
     293,997       307,282       (4.32 %)
 
                    
Total Assets
   $ 12,038,807     $ 11,768,674       2.30 %
 
                    
Liabilities
                        
Deposits:
                        
Demand: Noninterest bearing
   $ 1,817,223     $ 1,798,892       1.02 %
Interest bearing
     2,856,295       2,965,057       (3.67 %)
Savings
     715,587       729,279       (1.88 %)
Other time
     4,321,473       4,114,030       5.04 %
 
                    
Total deposits
     9,710,578       9,607,258       1.08 %
Federal funds purchased and securities sold under agreement to repurchase
     672,438       748,139       (10.12 %)
Other short-term borrowings
     200,000       2,000       N/A  
Accrued interest payable
     36,270       24,435       48.43 %
Junior subordinated debt securities
     144,847       144,847       0.00 %
Long-term debt
     135,707       137,228       (1.11 %)
Other liabilities
     116,429       127,601       (8.76 %)
 
                    
Total Liabilities
     11,016,269       10,791,508       2.08 %
Shareholders’ Equity
                        
Common stock
     197,774       198,093       (0.16 %)
Capital surplus
     113,723       108,961       4.37 %
Accumulated other comprehensive income (loss)
     (28,789 )     (16,233 )     77.35 %
Retained earnings
     739,830       686,345       7.79 %
 
                    
Total Shareholders’ Equity
     1,022,538       977,166       4.64 %
 
                    
Total Liabilities & Shareholders’ Equity
   $ 12,038,807     $ 11,768,674       2.30 %
 
                    

 

BancorpSouth, Inc.
Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
                                                         
    Quarter Ended     Year To Date  
    Dec 2006     Sept 2006     Jun 2006     Mar 2006     Dec 2005     Dec 2006     Dec 2005  
INTEREST REVENUE:
                                                        
Loans and leases
   $ 147,784     $ 143,712     $ 134,569     $ 127,200     $ 121,243     $ 553,265     $ 450,722  
Deposits with other banks
     217       295       176       141       177       829       593  
Federal funds sold and securities purchased under agreement to resell
     635       609       976       2,846       3,052       5,066       4,701  
Held-to-maturity securities:
                                                        
Taxable
     16,532       16,107       16,048       14,323       10,461       63,010       38,839  
Tax-exempt
     2,012       2,017       2,077       1,887       1,696       7,993       6,518  
Available-for-sale securities:
                                                        
Taxable
     9,653       10,405       11,389       10,904       11,048       42,351       49,319  
Tax-exempt
     1,170       1,215       1,276       1,363       1,400       5,024       6,049  
Loans held for sale
     1,366       878       871       1,238       920       4,353       3,195  
 
                                          
Total interest revenue
     179,369       175,238       167,382       159,902       149,997       681,891       559,936  
 
                                          
 
                                                        
INTEREST EXPENSE:
                                                        
Deposits
     66,973       62,964       57,430       53,133       47,970       240,500       171,097  
Federal funds purchased and securities sold under agreement to repurchase
     8,940       8,498       6,549       5,902       4,896       29,889       13,339  
Other
     7,205       7,378       6,182       4,938       4,861       25,703       19,943  
 
                                          
Total interest expense
     83,118       78,840       70,161       63,973       57,727       296,092       204,379  
 
                                          
Net interest revenue
     96,251       96,398       97,221       95,929       92,270       385,799       355,557  
Provision for credit losses
     6,325       2,526       3,586       (3,860 )     1,975       8,577       24,467  
 
                                          
Net interest revenue, after provision for credit losses
     89,926       93,872       93,635       99,789       90,295       377,222       331,090  
 
                                          
 
                                                        
NONINTEREST REVENUE:
                                                        
Mortgage lending
     (820 )     41       3,720       3,176       2,191       6,117       9,573  
Service charges
     17,343       17,354       17,489       15,450       15,852       67,636       62,849  
Trust income
     3,703       2,344       2,325       2,016       2,412       10,388       8,466  
Security gains, net
     4       9       17       10       11       40       472  
Insurance commissions
     17,175       17,556       16,411       17,445       14,411       68,587       59,598  
Other
     13,085       11,930       13,638       14,673       18,831       53,326       57,854  
 
                                          
Total noninterest revenue
     50,490       49,234       53,600       52,770       53,708       206,094       198,812  
 
                                          
 
                                                        
NONINTEREST EXPENSES:
                                                        
Salaries and employee benefits
     60,178       58,453       58,376       57,573       53,959       234,580       211,950  
Occupancy, net of rental income
     8,173       8,598       7,759       7,442       7,133       31,972       27,137  
Equipment
     5,941       5,896       5,822       5,763       5,592       23,422       22,179  
Other
     25,849       25,714       26,387       25,230       25,642       103,180       100,836  
 
                                          
Total noninterest expenses
     100,141       98,661       98,344       96,008       92,326       393,154       362,102  
 
                                          
Income before income taxes
     40,275       44,445       48,891       56,551       51,677       190,162       167,800  
Income tax expense
     18,952       13,818       13,392       18,806       16,871       64,968       52,601  
 
                                          
Net income
   $ 21,323     $ 30,627     $ 35,499     $ 37,745     $ 34,806     $ 125,194     $ 115,199  
 
                                          
 
                                                        
Net income per share: Basic
   $ 0.27     $ 0.39     $ 0.45     $ 0.48     $ 0.44     $ 1.58     $ 1.47  
 
                                          
Diluted
   $ 0.27     $ 0.38     $ 0.45     $ 0.47     $ 0.44     $ 1.57     $ 1.47  
 
                                          

 

BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(Dollars in thousands)
(Unaudited)
                         
    Quarter Ended  
    December 31, 2006  
    Average             Yield/  
(Taxable equivalent basis)   Balance     Interest     Rate  
ASSETS
                        
Loans, loans held for sale, and leases net of unearned income
   $ 7,876,801     $ 149,992       7.55 %
Held-to-maturity securities:
                        
Taxable
     1,533,105       16,532       4.28 %
Tax-exempt
     185,158       3,096       6.63 %
Available-for-sale securities:
                        
Taxable
     1,018,403       9,653       3.76 %
Tax-exempt
     98,101       1,800       7.28 %
Short-term investments
     60,329       853       5.61 %
 
                    
Total interest earning assets and revenue
     10,771,897       181,926       6.70 %
Other assets
     1,182,664                  
Less: allowance for credit losses
     (99,894 )                
 
                      
Total
   $ 11,854,667                  
 
                      
 
                        
LIABILITIES AND SHAREHOLDERS’ EQUITY
                        
Deposits:
                        
Demand — interest bearing
   $ 2,765,276     $ 16,228       2.33 %
Savings
     718,623       2,160       1.19 %
Other time
     4,292,368       48,585       4.49 %
Short-term borrowings
     925,273       11,197       4.80 %
Junior subordinated debt
     144,847       2,965       8.12 %
Long-term debt
     135,838       1,983       5.79 %
 
                    
Total interest bearing liabilities and expense
     8,982,225       83,118       3.67 %
Demand deposits - noninterest bearing
     1,703,506                  
Other liabilities
     155,854                  
 
                      
Total liabilities
     10,841,585                  
Shareholders’ equity
     1,013,082                  
 
                      
Total
   $ 11,854,667                  
 
                      
 
                      
Net interest revenue
           $ 98,808          
 
                      
Net interest margin
                     3.64 %
Net interest rate spread
                     3.03 %
Interest bearing liabilities to interest earning assets
                     83.39 %
 
                        
Net interest tax equivalent adjustment
           $ 2,557          

 

 

BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(Dollars in thousands)
(Unaudited)
                         
    Quarter Ended  
    December 31, 2005  
    Average             Yield/  
(Taxable equivalent basis)   Balance     Interest     Rate  
ASSETS
                        
Loans, loans held for sale, and leases net of unearned income
   $ 7,242,759     $ 122,802       6.73 %
Held-to-maturity securities:
                        
Taxable
     1,180,429       10,462       3.52 %
Tax-exempt
     154,869       2,609       6.68 %
Available-for-sale securities:
                        
Taxable
     1,303,933       11,048       3.36 %
Tax-exempt
     120,821       2,154       7.07 %
Short-term investments
     312,078       3,227       4.10 %
 
                    
Total interest earning assets and revenue
     10,314,889       152,302       5.86 %
Other assets
     1,099,623                  
Less: allowance for credit losses
     (102,408 )                
 
                      
Total
   $ 11,312,104                  
 
                      
 
                        
LIABILITIES AND SHAREHOLDERS’ EQUITY
                        
Deposits:
                        
Demand — interest bearing
   $ 2,888,641     $ 11,697       1.61 %
Savings
     722,108       1,451       0.80 %
Other time
     4,029,764       34,822       3.43 %
Short-term borrowings
     601,703       4,915       3.24 %
Junior subordinated debt
     140,403       2,835       8.01 %
Long-term debt
     137,353       2,008       5.80 %
 
                    
Total interest bearing liabilities and expense
     8,519,972       57,728       2.69 %
Demand deposits - noninterest bearing
     1,695,853                  
Other liabilities
     136,599                  
 
                      
Total liabilities
     10,352,424                  
Shareholders’ equity
     959,680                  
 
                      
Total
   $ 11,312,104                  
 
                    
Net interest revenue
           $ 94,574          
 
                      
Net interest margin
                     3.64 %
Net interest rate spread
                     3.17 %
Interest bearing liabilities to interest earning assets
                     82.60 %
 
                        
Net interest tax equivalent adjustment
           $ 2,305          

 

 

BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(Dollars in thousands)
(Unaudited)
                         
    Year to Date  
    December 31, 2006  
    Average             Yield/  
(Taxable equivalent basis)   Balance     Interest     Rate  
ASSETS
                        
Loans, loans held for sale, and leases net of unearned income
   $ 7,647,131     $ 560,673       7.33 %
Held-to-maturity securities:
                        
Taxable
     1,517,430       63,010       4.15 %
Tax-exempt
     183,986       12,297       6.68 %
Available-for-sale securities:
                        
Taxable
     1,135,506       42,351       3.73 %
Tax-exempt
     106,635       7,730       7.25 %
Short-term investments
     121,639       5,895       4.85 %
 
                    
Total interest earning assets and revenue
     10,712,327       691,956       6.46 %
Other assets
     1,184,497                  
Less: allowance for credit losses
     (98,817 )                
 
                      
Total
   $ 11,798,007                  
 
                      
 
                        
LIABILITIES AND SHAREHOLDERS’ EQUITY
                        
Deposits:
                        
Demand — interest bearing
   $ 2,886,030     $ 60,145       2.08 %
Savings
     744,106       7,987       1.07 %
Other time
     4,211,371       172,368       4.09 %
Short-term borrowings
     807,860       35,835       4.44 %
Junior subordinated debt
     144,847       11,791       8.14 %
Long-term debt
     136,411       7,966       5.84 %
 
                    
Total interest bearing liabilities and expense
     8,930,625       296,092       3.32 %
Demand deposits - noninterest bearing
     1,712,934                  
Other liabilities
     154,460                  
 
                      
Total liabilities
     10,798,018                  
Shareholders’ equity
     999,989                  
 
                      
Total
   $ 11,798,007                  
 
                    
Net interest revenue
           $ 395,864          
 
                      
Net interest margin
                     3.70 %
Net interest rate spread
                     3.14 %
Interest bearing liabilities to interest earning assets
                     83.37 %
 
                        
Net interest tax equivalent adjustment
           $ 10,065          

 

 

BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(Dollars in thousands)
(Unaudited)
                         
    Year to Date  
    December 31, 2005  
    Average             Yield/  
(Taxable equivalent basis)   Balance     Interest     Rate  
ASSETS
                        
Loans, loans held for sale, and leases net of unearned income
   $ 7,098,300     $ 456,289       6.43 %
Held-to-maturity securities:
                        
Taxable
     1,100,432       38,839       3.53 %
Tax-exempt
     143,679       10,027       6.98 %
Available-for-sale securities:
                        
Taxable
     1,412,600       49,319       3.49 %
Tax-exempt
     129,519       9,307       7.19 %
Short-term investments
     139,444       5,294       3.80 %
 
                    
Total interest earning assets and revenue
     10,023,974       569,075       5.68 %
Other assets
     1,040,527                  
Less: allowance for credit losses
     (95,627 )                
 
                      
Total
   $ 10,968,874                  
 
                      
 
                        
LIABILITIES AND SHAREHOLDERS’ EQUITY
                        
Deposits:
                        
Demand — interest bearing
   $ 2,849,199     $ 38,947       1.37 %
Savings
     738,555       5,967       0.81 %
Other time
     3,998,864       126,183       3.16 %
Short-term borrowings
     526,274       14,080       2.68 %
Junior subordinated debt
     138,714       11,142       8.03 %
Long-term debt
     137,902       8,060       5.84 %
 
                    
Total interest bearing liabilities and expense
     8,389,508       204,379       2.44 %
Demand deposits - noninterest bearing
     1,523,793                  
Other liabilities
     121,010                  
 
                      
Total liabilities
     10,034,311                  
Shareholders’ equity
     934,563                  
 
                      
Total
   $ 10,968,874                  
 
                    
Net interest revenue
           $ 364,696          
 
                      
Net interest margin
                     3.64 %
Net interest rate spread
                     3.24 %
Interest bearing liabilities to interest earning assets
                     83.69 %
 
                        
Net interest tax equivalent adjustment
           $ 9,139