BancorpSouth, Inc.

Financial Information

As of March 31, 2013

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, 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 may include,

but are not limited to, conditions in the financial markets and economic conditions generally, the adequacy of the Company’s provision and allowance for

credit losses to cover actual credit losses, the credit risk associated with real estate construction, acquisition and development loans, losses resulting from

the significant amount of the Company’s other real estate owned, limitations on the Company’s ability to declare and pay dividends, the impact of legal or

administrative proceedings, the availability of capital on favorable terms if and when needed, liquidity risk, governmental regulation, including the Dodd

Frank Act,  and supervision of the Company’s operations, the short-term and long-term impact of changes to banking capital standards on the Company’s

regulatory capital and liquidity, the impact of regulations on service charges on the Company’s core deposit accounts, the susceptibility of the Company’s

business to local economic or environmental conditions, the soundness of other financial institutions, changes in interest rates, the impact of monetary

policies and economic factors on the Company’s ability to attract deposits or make loans, volatility in capital and credit markets, reputational risk, the impact

of hurricanes or other adverse weather events, any requirement that the Company write down goodwill or other intangible assets, diversification in the

types of financial services the Company offers, the Company’s ability to adapt its products and services to evolving industry standards and consumer

preferences, competition with other financial services companies, risks in connection with completed or potential acquisitions, the Company’s growth

strategy, interruptions or breaches in the Company’s information system security, the failure of certain third party vendors to perform, unfavorable ratings

by rating agencies, dilution caused by the Company’s issuance of any additional shares of its common stock to raise capital or acquire other banks, bank

holding companies, financial holding companies and insurance agencies, other factors generally understood to affect the financial results of financial

services companies and other factors detailed from time to time in the Company’s press releases and filings with the Securities and Exchange

Commission.  Forward-looking statements speak only as of the date they were made, and, except as required by law, we do 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.

Q1 Highlights

At and for the three months ended March 31, 2013

Net income of $20.8 million, or $0.22 per diluted share

Excluding a $6.8 million charge related to litigation, total noninterest

expense declined $7.1 million, or 5.2%, on a comparable quarter basis

and $14.6 million, or 10.2%, on a sequential quarter basis

Both NPLs and NPAs reached levels that are approximately one half of

the respective levels at which they peaked during the first quarter of

2011

Mortgage production of $425.9 million, which contributed to $12.3

million of mortgage lending revenue

Insurance commission revenue increased $3.5 million, or 15.1%, on a

comparable quarter basis

3

8.00%

10.00%

12.00%

14.00%

16.00%

3/31/12

6/30/12

9/30/12

12/31/12

3/31/13

Total capital

Tier 1 capital

Tier 1 leverage capital

4

Capital Highlights

15.31%

14.06%

10.33%

14.39%

13.13%

9.85%

Provision for credit losses of $4.0 million declined from $6.0 million for the

fourth quarter of 2012 and $10.0 million for the first quarter of 2012

NPLs decreased $26.5 million, or 11.4%, and NPAs declined $33.5 million,

or 9.9%

OREO decreased $6.9 million, or 6.7%

56% of non-accrual loans were paying as agreed

Near-term delinquencies declined $3.8 million, or 13.6%

Substandard classified loans declined $30.9 million, or 6.4%

Credit Quality Highlights

5

“Paying as Agreed” includes loans < 30 days past due with payments occurring at least quarterly

At and for the three months ended March 31, 2013

6

Recent Operating Results

Dollars in millions, except per share data

3/31/13

12/31/12

3/31/12

vs 12/31/12

Net interest revenue

98.1

$        

100.9

$      

105.6

$      

(2.8)

%

(7.1)

%

Provision for credit losses

4.0

6.0

10.0

(33.3)

(60.0)

Noninterest revenue

71.3

70.9

72.4

0.6

(1.4)

Noninterest expense

135.4

143.2

135.7

(5.5)

(0.2)

Income before income taxes

30.0

22.5

32.3

33.2

(7.0)

Income tax provision

9.2

5.6

9.4

65.7

(2.2)

Net income

20.8

$        

17.0

$        

22.9

$        

22.5

%

(9.0)

%

Net income per share:  diluted

0.22

$        

0.18

$        

0.25

$        

22.2

%

(12.0)

%

      Three Months Ended

% Change

vs 3/31/12

Noninterest Revenue

Dollars in thousands

NM

–

Not

Meaningful

7

3/31/13

12/31/12

3/31/12

vs 12/31/12

Mortgage origination and servicing

11,309

$   

17,005

$   

11,445

$   

(33.5)

%

(1.2)

%

MSR valuation adjustment

1,037

183

3,697

NM

(72.0)

Credit card, debit card and merchant fees

7,523

8,125

7,523

(7.4)

-

Service charges

12,832

13,875

15,116

(7.5)

(15.1)

Trust income

3,210

3,391

2,282

(5.3)

40.7

Security gains, net

19

152

74

NM

NM

Insurance commissions

26,641

20,502

23,153

29.9

15.1

Other

8,747

7,668

9,070

14.1

(3.6)

Total noninterest revenue

71,318

$   

70,901

$   

72,360

$   

0.6

%

(1.4)

%

Three Months Ended

% Change

vs 3/31/12

Loan Portfolio

Dollars in millions

Net loans and leases

8

As of

3/31/13

12/31/12

3/31/12

Commercial and industrial

1,481

$ 

1,477

$ 

1,442

$ 

0.3

%

2.7

%

Real estate:

Consumer mortgages

1,871

1,874

1,938

(0.1)

(3.4)

Home equity

482

486

501

(0.8)

(3.8)

Agricultural

249

256

257

(2.6)

(2.8)

Commercial and industrial-owner occupied

1,335

1,333

1,288

0.1

3.7

Construction, acquisition and development

728

736

858

(1.0)

(15.2)

Commercial

1,740

1,749

1,742

(0.5)

(0.1)

Credit Cards

99

105

101

(5.8)

(1.7)

Other

596

622

612

(4.1)

(2.6)

Total

8,582

$ 

8,637

$ 

8,738

$ 

(0.6)

%

(1.8)

%

vs 3/31/12

% Change

vs 12/31/12

Non-Performing Loans

Dollars in millions

Net loans and leases

9

As of

3/31/13

12/31/12

3/31/12

Commercial and industrial

7.4

$     

10.2

$   

12.5

$   

(27.5)

%

(40.5)

%

Real estate:

Consumer mortgages

41.3

40.7

52.2

1.6

(20.9)

Home equity

4.3

3.5

2.7

22.2

59.0

Agricultural

7.1

8.0

4.3

(11.6)

67.1

Commercial and industrial-owner occupied

25.5

28.3

37.1

(9.6)

(31.1)

Construction, acquisition and development

58.9

72.0

121.4

(18.1)

(51.4)

Commercial

56.5

62.2

46.8

(9.1)

20.6

Credit Cards

2.5

2.5

3.1

0.8

(17.0)

Other

3.3

6.1

5.2

(45.3)

(36.3)

Total

207.0

$ 

233.6

$ 

285.2

$ 

(11.4)

%

(27.4)

%

% Change

vs 12/31/12

vs 3/31/12

NPA Improvement

10

$394

$425

$380

$363

$322

$285

$267

$247

$234

$207

$133

$136

$151

$163

$174

$168

$144

$128

$103

$96

$528

$561

$531

$525

$496

$453

$411

$376

$337

$303

$0

$125

$250

$375

$500

$625

12/31/10

3/31/11

6/30/11

9/30/11

12/31/11

3/31/12

6/30/12

9/30/12

12/31/12

3/31/13

NPLs

OREO

Dollars in millions

NPLs include nonaccrual loans, loans 90+ days past due and restructured loans

NPAs include NPLs and other real estate owned

Dollars in millions

Data for quarters ended as of dates shown

Payments Received on Non-Accrual Loans

11

Payments of $109 million received on non-accrual loans over the past year

$20.6

$27.1

$26.7

$31.6

$23.6

$0

$5

$10

$15

$20

$25

$30

$35

3/31/12

6/30/12

9/30/12

12/31/12

3/31/13

Dollars in millions

Net charge-offs for the quarters ended as of the dates shown

Net Charge-offs

% Avg. Loans

12

$51

$52

$33

$23

$24

$23

$12

$13

$11

$6

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

$0

$10

$20

$30

$40

$50

$60

12/31/10

3/31/11

6/30/11

9/30/11

12/31/11

3/31/12

6/30/12

9/30/12

12/31/12

3/31/13

Net charge-offs

Net charge-offs / average loans