Exhibit 99.1

News Release

Contact:
William L. Prater	Will Fisackerly
Treasurer and	Senior Vice President and
Chief Financial Officer	Director of Corporate Finance
662/680-2536	662/680-2475

BancorpSouth Announces Third Quarter 2013 Earnings of

$24.9 Million or $0.26 per Diluted Share

TUPELO, Miss., October 21, 2013/PRNewswire — BancorpSouth, Inc. (NYSE: BXS) today announced financial results for the quarter and nine months ended September 30, 2013.

Highlights for the third quarter of 2013 included:

• Net income of $24.9 million or $0.26 per diluted share.

• BancorpSouth Capital Trust I redeemed all of its outstanding 8.15 percent trust preferred securities (“TRUPS”) on August 12, 2013, which is expected to result in an annual reduction of interest expense for the Company of $9.1 million, or $0.06 per share net of tax. The redemption resulted in a charge of $2.9 million, or $0.02 per share net of tax, related to the write-off of unamortized issuance costs.

• Generated net loan growth of $94.4 million, or 4.3 percent annualized, which represents the second consecutive quarter of net loan growth.

• The net interest margin increased to 3.45 percent from 3.36 percent for the second quarter of 2013, benefitting from the TRUPS redemption as well as net loan growth.

• Meaningful progress in reducing noninterest expense. Specifically, salaries and employee benefits declined $4.8 million, or 6.1 percent, on a sequential-quarter basis.

• Non-performing loans and leases (“NPLs”) declined $23.6 million, or 14.1 percent, compared to the second quarter of 2013, while non-performing assets (“NPAs”) decreased $35.2 million, or 13.7 percent, over the same period.

The Company reported net income of $24.9 million, or $0.26 per diluted share, for the third quarter of 2013 compared with net income of $23.8 million, or $0.25 per diluted share, for the third quarter of 2012 and net income of $20.8 million, or $0.22 per diluted share, for the second quarter of 2013. Additionally, the Company reported net income of $66.4 million, or $0.70 per diluted share, for the first nine months of 2013 compared to $67.3 million, or $0.72 per diluted share, for the first nine months of 2012.

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Box 789 • Tupelo, MS 38802-0789 • (662) 680-2000

BXS Announces Third Quarter Results

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October 21, 2013

“Our results for the third quarter reflect improved profitability achieved through specific initiatives that were announced during the first half of the year as well as a continuing focus on growth and efficiency,” remarked Dan Rollins, Chief Executive Officer. “We are pleased to report net loan growth for the second consecutive quarter which, coupled with the redemption of the TRUPS, helped us achieve significant improvement in our net interest margin as well as growth in net interest income. We are also beginning to see the benefits of our effort to improve efficiency. Specifically, salaries and employee benefits expense declined meaningfully on a sequential-quarter basis as a result of the voluntary early retirement program as well as our effort to closely monitor headcount.

“Earnings for the quarter were impacted by two items that we consider to be non-routine,” commented Rollins. “The redemption of the TRUPS resulted in a pre-tax, non-cash charge of $2.9 million related to the write-off of unamortized issuance costs. Also, income tax expense included a benefit of $1.3 million associated with the favorable resolution of an uncertain tax position, thus lowering the effective tax rate for the quarter. Additionally, legal expense for the quarter included an increase of $2.8 million in the legal accrual for potential losses associated with certain ongoing legal matters, $1.8 million of which we consider to be related to matters outside the normal course of business.”

Rollins added, “We continue to be encouraged by trends in our credit quality, specifically the pace at which we are moving problem assets.” Earnings for the quarter reflected a provision for credit losses of $0.5 million, which was a decrease from $6.0 million for the third quarter of 2012 and $3.0 million for the second quarter of 2013. NPLs declined $23.6 million, or 14.1 percent, during the third quarter of 2013 to $144.3 million at September 30, 2013 compared with $167.9 million at June 30, 2013 and declined $103.0 million, or 41.6 percent, from $247.3 million at September 30, 2012. In addition, total NPAs declined $35.2 million, or 13.7 percent, to $221.2 million at September 30, 2013 compared with $256.4 million at June 30, 2013 and declined $154.4 million, or 41.1 percent, from $375.5 million at September 30, 2012. Net charge-offs were $7.6 million for the third quarter of 2013 compared with $4.6 million for the second quarter of 2013 and $12.8 million for the third quarter of 2012. Net charge-offs during the third quarter of 2013 included $3.4 million of charge-offs of loans which had been identified and reported as impaired and were reserved for in previous quarters.

Net Interest Revenue

Net interest revenue was $100.2 million for the third quarter of 2013, a decrease of 3.0 percent from $103.4 million for the third quarter of 2012 and an increase of 2.1 percent from $98.2 million for the second quarter of 2013. The fully taxable equivalent net interest margin was 3.45 percent for the third quarter of 2013 compared to 3.55 percent for the third quarter of 2012 and 3.36 percent for the second quarter of 2013. Yields on loans and leases declined to 4.55 percent for the third quarter of 2013 compared with 4.85 percent for the third quarter of 2012 and 4.62 percent for the second quarter of 2013, while yields on total interest earning assets declined to 3.85 percent for the third quarter of 2013 compared with 4.13 percent for the third quarter of

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BXS Announces Third Quarter Results

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October 21, 2013

2012 and increased from 3.82 percent for the second quarter of 2013. The average cost of interest bearing liabilities declined to 0.53 percent for the third quarter of 2013 from 0.76 percent for the third quarter of 2012 and 0.61 percent for the second quarter of 2013.

Asset, Deposit and Loan Activity

Total assets were $12.9 billion at September 30, 2013 compared with $13.2 billion at September 30, 2012. Total deposits were $10.7 billion at September 30, 2013 compared with $11.0 billion at September 30, 2012. Loans and leases, net of unearned income, were $8.8 billion at September 30, 2013 compared with $8.7 billion at September 30, 2012.

The decrease in time deposits of $274.8 million, or 10.2 percent, at September 30, 2013 compared to September 30, 2012 was partially offset by significant growth in noninterest bearing demand deposits, which increased $105.3 million, or 4.2 percent, over the same period. Additionally, savings deposits increased $116.7 million, or 10.6 percent, while interest bearing demand deposits declined $203.9 million, or 4.3 percent, over the same period. As of September 30, 2013, $969.9 million of time deposits were scheduled to mature during the following two quarters at a weighted average rate of 0.92 percent.

Provision for Credit Losses and Allowance for Credit Losses

For the third quarter of 2013, the provision for credit losses was $0.5 million, compared with $6.0 million for the third quarter of 2012 and $3.0 million for the second quarter of 2013. Net charge-offs for the third quarter of 2013 were $7.6 million, compared with $12.8 million for the third quarter of 2012 and $4.6 million for the second quarter of 2013. Recoveries of previously charged-off loans were $4.3 million for the third quarter of 2013, compared with $6.1 million for the third quarter of 2012 and $7.7 million for the second quarter of 2013. Annualized net charge-offs were 0.35 percent of average loans and leases for the third quarter of 2013, compared with 0.59 percent for the third quarter of 2012 and 0.21 percent for the second quarter of 2013.

NPLs were $144.3 million, or 1.65 percent of net loans and leases, at September 30, 2013, compared with $247.3 million, or 2.85 percent of net loans and leases, at September 30, 2012, and $167.9 million, or 1.94 percent of net loans and leases, at June 30, 2013. The allowance for credit losses was $154.0 million, or 1.76 percent of net loans and leases, at September 30, 2013 compared with $169.0 million, or 1.95 percent of net loans and leases, at September 30, 2012 and $161.0 million, or 1.86 percent of net loans and leases, at June 30, 2013.

NPLs at September 30, 2013 consisted primarily of $121.4 million of nonaccrual loans, compared with $149.5 million of nonaccrual loans at June 30, 2013. Included in the reduction of nonaccrual loans during the third quarter of 2013 were payments received on nonaccrual loans of $27.7 million, compared with payments received on such loans of $27.5 million during the second quarter of 2013. NPLs at September 30, 2013 also included $1.5 million of loans 90 days or more past due and still accruing, compared with $1.4 million of such loans at June 30, 2013, and included restructured loans still accruing of $21.5 million at September 30, 2013, compared with $17.0 million of such loans at June 30, 2013. Early stage past due loans, representing loans 30-89 days past due, totaled $28.9 million at September 30, 2013 compared to $21.2 million at June 30, 2013.

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BXS Announces Third Quarter Results

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October 21, 2013

At September 30, 2013, $12.4 million of NPLs were residential construction, acquisition and development (“CAD”) loans, $20.3 million were other CAD loans, $34.8 million were commercial real estate loans and $34.2 million were consumer mortgages. NPLs from all other loan types totaled $42.6 million at September 30, 2013. Included in nonaccrual loans at September 30, 2013 were $61.5 million of loans, or 50.6 percent of total nonaccrual loans, that were paying as agreed, compared with $72.4 million, or 48.4 percent of total nonaccrual loans, at June 30, 2013. These loans were generally placed on nonaccrual status because the collateral values were less than the outstanding balances, and because of uncertainty as to whether the borrowers possessed adequate liquidity or would be able to generate sufficient cash flow to satisfy the debt given the short-fall in collateral values. Such loans are generally deemed to be impaired, with a specific reserve established for the difference in the balance owed and the disposition value of the collateral.

Other real estate owned (“OREO”) decreased $11.6 million to $76.9 million during the third quarter of 2013 from $88.4 million at June 30, 2013. This net decrease reflected $9.5 million added through foreclosure, offset by sales of OREO of $19.3 million. Write-downs in the value of existing properties were $1.8 million for the third quarter of 2013 compared to $1.9 million for the second quarter of 2013. Sales of OREO during the third quarter of 2013 resulted in a net loss of $0.4 million compared to a net loss of $0.2 million for the second quarter of 2013. At September 30, 2013, OREO was carried at 45.6 percent of the aggregate loan balances at the time of foreclosure, compared with 43.9 percent at June 30, 2013.

Noninterest Revenue

Noninterest revenue was $62.5 million for the third quarter of 2013, compared with $70.4 million for the third quarter of 2012 and $76.1 million for the second quarter of 2013. These results included a negative mortgage servicing rights (“MSR”) valuation adjustment of $0.2 million for the third quarter of 2013 compared with a negative adjustment of $3.2 million for the third quarter of 2012 and a positive adjustment of $5.3 million for the second quarter of 2013.

Excluding the MSR valuation adjustments, net mortgage lending revenue was $5.4 million for the third quarter of 2013, compared with $16.8 million for the third quarter of 2012 and $12.6 million for the second quarter of 2013. Mortgage origination volume for the third quarter of 2013 was $341.9 million, compared with $607.9 million for the third quarter of 2012 and $435.0 million for the second quarter of 2013.

Credit and debit card fee revenue was $8.8 million for the third quarter of 2013, compared with $8.3 million for both the third quarter of 2012 and the second quarter of 2013. Service charge revenue was $13.7 million for the third quarter of 2013, compared with $14.2 million for the third quarter of 2012 and $12.8 million for the second quarter of 2013. Insurance commission revenue was $23.8 million for the third quarter of 2013, compared with $23.5 million for the third quarter of 2012 and $25.9 million for the second quarter of 2013.

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BXS Announces Third Quarter Results

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October 21, 2013

Noninterest Expense

Noninterest expense for the third quarter of 2013 was $129.4 million, compared with $133.8 million for the third quarter of 2012 and $142.3 million for the second quarter of 2013. Noninterest expense for the third quarter included pre-tax charges of $2.9 million related to the write-off of unamortized issuance costs associated with the TRUPS and $2.8 million to increase the litigation accrual related to potential losses associated with various legal proceedings. Noninterest expense for the second quarter of 2013 included a pre-tax charge of $10.9 million related to additional benefits offered under the early retirement program. Salaries and employee benefits expense declined to $73.5 million for the third quarter of 2013 compared to $74.8 million for the third quarter of 2012 and $78.3 million for the second quarter of 2013. Foreclosed property expense was $3.3 million for the third quarter of 2013 compared with $8.8 million for the third quarter of 2012 and $3.2 million for the second quarter of 2013. Deposit insurance assessments were $3.3 million for the third quarter of 2013 compared to $4.0 million for the third quarter of 2012 and $2.9 million for the second quarter of 2013.

Capital Management

BancorpSouth remains a “well capitalized” financial holding company, as defined by federal regulations, with Tier 1 risk-based capital of 13.26 percent at September 30, 2013 and total risk based capital of 14.52 percent, compared with required minimum levels of 6 percent and 10 percent, respectively, for “well capitalized” classification. The Company’s equity capitalization consists of 100 percent common stock. BancorpSouth’s ratio of shareholders’ equity to assets was 11.46 percent at September 30, 2013, compared with 10.93 percent at September 30, 2012 and 11.04 percent at June 30, 2013. The ratio of tangible shareholders’ equity to tangible assets was 9.43 percent at September 30, 2013, compared with 8.91 percent at September 30, 2012 and 9.04 percent at June 30, 2013.

Summary

Rollins concluded, “We believe the financial results for the quarter reflect tangible benefits from the actions that we have taken and the focus that we have discussed both internally and externally over the last several months. We have been able to grow loans and grow net interest income for two consecutive quarters while continuing to reduce the residual problem assets at a reasonable pace. While we are not immune to the industry headwinds related to mortgage, we have also been able to continue to grow several of our noninterest revenue sources. Results for the quarter also reflect progress made in reducing expenses. Specifically, the results of the voluntary early retirement program and a diligent focus on managing headcount provided a meaningful reduction to the salaries and benefits expense line for the quarter. We believe that other actions that we continue to take daily with respect to other expense items will improve efficiency going forward.”

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BXS Announces Third Quarter Results

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October 21, 2013

Conference Call

BancorpSouth will conduct a conference call to discuss its third quarter 2013 results on October 22, 2013, 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.

BancorpSouth, Inc. is a financial holding company headquartered in Tupelo, Mississippi, with $12.9 billion in assets. BancorpSouth Bank, a wholly-owned subsidiary of BancorpSouth, Inc., operates 292 commercial banking, mortgage, insurance, trust and broker/dealer locations in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in Illinois.

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 interest expense reduction related to the redemption of the TRUPS, the impact of cost-saving initiatives, our ability to improve efficiency, and our use of non-GAAP financial measures.

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, 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.

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BXS Announces Third Quarter Results

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October 21, 2013

BancorpSouth, Inc.

Selected Financial Information

(Dollars in thousands, except per share data)

(Unaudited)

	Quarter Ended 9/30/2013			Quarter Ended 6/30/2013			Quarter Ended 3/31/2013			Quarter Ended 12/31/2012			Quarter Ended 9/30/2012
Earnings Summary:
Interest revenue	$	111,961		$	112,009		$	113,027		$	117,095		$	120,750
Interest expense		11,720			13,796			14,949			16,234			17,371
Net interest revenue		100,241			98,213			98,078			100,861			103,379
Provision for credit losses		500			3,000			4,000			6,000			6,000
Net interest revenue, after provision for credit losses		99,741			95,213			94,078			94,861			97,379
Noninterest revenue		62,514			76,109			71,318			70,901			70,420
Noninterest expense		129,397			142,251			135,371			143,219			133,788
Income before income taxes		32,858			29,071			30,025			22,543			34,011
Income tax expense		8,001			8,316			9,220			5,563			10,186
Net income	$	24,857		$	20,755		$	20,805		$	16,980		$	23,825
Balance Sheet - Period End Balances
Total assets	$	12,916,153		$	13,217,705		$	13,393,135		$	13,397,198		$	13,235,737
Total earning assets		11,765,785			11,961,836			12,263,743			12,179,958			12,050,190
Total securities		2,554,156			2,644,939			2,607,176			2,434,032			2,483,606
Loans and leases, net of unearned income		8,773,115			8,678,714			8,581,538			8,636,989			8,679,969
Allowance for credit losses		153,974			161,047			162,601			164,466			169,019
Total deposits		10,717,946			10,961,618			11,164,926			11,088,146			10,974,640
Long-term debt		83,500			33,500			33,500			33,500			33,500
Total shareholders’ equity		1,480,611			1,459,793			1,465,180			1,449,052			1,446,703
Balance Sheet - Average Balances
Total assets	$	12,928,505		$	13,146,040		$	13,249,374		$	13,143,193		$	13,019,016
Total earning assets		11,846,790			12,060,189			12,154,624			12,045,432			11,924,778
Total securities		2,598,786			2,616,274			2,520,414			2,454,031			2,481,201
Loans and leases, net of unearned income		8,682,966			8,588,673			8,580,329			8,635,139			8,716,646
Total deposits		10,745,945			10,938,489			11,090,989			10,938,246			10,856,524
Long-term debt		62,848			33,500			33,500			33,500			33,500
Total shareholders’ equity		1,474,047			1,475,211			1,462,140			1,454,417			1,432,157
Nonperforming Assets:
Non-accrual loans and leases	$	121,353		$	149,542		$	188,190		$	207,241		$	219,738
Loans and leases 90+ days past due, still accruing		1,479			1,440			1,125			1,210			1,442
Restructured loans and leases, still accruing		21,502			16,953			17,702			25,099			26,147
Non-performing loans (NPLs)		144,334			167,935			207,017			233,550			247,327
Other real estate owned		76,853			88,438			96,314			103,248			128,211
Non-performing assets (NPAs)	$	221,187		$	256,373		$	303,331		$	336,798		$	375,538
Financial Ratios and Other Data:
Return on average assets		0.76	%		0.63	%		0.64	%		0.51	%		0.73	%
Return on average shareholders’ equity		6.69	%		5.64	%		5.77	%		4.64	%		6.62	%
Return on tangible equity		8.29	%		7.12	%		7.19	%		5.84	%		8.22	%
Pre-tax pre-provision return on average assets		1.02	%		0.98	%		1.04	%		0.86	%		1.22	%
Non-interest income to average assets		1.92	%		2.32	%		2.18	%		2.15	%		2.15	%
Non-interest expense to average assets		3.97	%		4.34	%		4.14	%		4.34	%		4.09	%
Net interest margin-fully taxable equivalent		3.45	%		3.36	%		3.37	%		3.44	%		3.55	%
Net interest rate spread		3.32	%		3.21	%		3.21	%		3.26	%		3.37	%
Efficiency ratio (tax equivalent)		78.11	%		80.25	%		78.55	%		81.93	%		75.65	%
Loan/Deposit ratio		81.85	%		79.17	%		76.86	%		77.89	%		79.09	%
Price to earnings mult (avg)		22.66			20.34			18.74			16.16			16.75
Market value to book value		128.22	%		115.42	%		105.88	%		94.87	%		96.22	%
Market value to book value (avg)		126.22	%		107.59	%		98.61	%		90.83	%		96.35	%
Headcount FTE		3,994			4,077			4,229			4,249			4,237

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BXS Announces Third Quarter Results

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October 21, 2013

BancorpSouth, Inc.

Selected Financial Information

(Dollars in thousands, except per share data)

(Unaudited)

	Quarter Ended 9/30/2013			Quarter Ended 6/30/2013			Quarter Ended 3/31/2013			Quarter Ended 12/31/2012			Quarter Ended 9/30/2012
Credit Quality Ratios:
Net charge-offs to average loans and leases (annualized)		0.35	%		0.21	%		0.27	%		0.49	%		0.59	%
Provision for credit losses to average loans and leases (annualized)		0.02	%		0.14	%		0.19	%		0.28	%		0.28	%
Allowance for credit losses to net loans and leases		1.76	%		1.86	%		1.89	%		1.90	%		1.95	%
Allowance for credit losses to non-performing loans and leases		106.68	%		95.90	%		78.54	%		70.42	%		68.34	%
Allowance for credit losses to non-performing assets		69.61	%		62.82	%		53.61	%		48.83	%		45.01	%
Non-performing loans and leases to net loans and leases		1.65	%		1.94	%		2.41	%		2.70	%		2.85	%
Non-performing assets to net loans and leases		2.52	%		2.95	%		3.53	%		3.90	%		4.33	%
Equity Ratios:
Total shareholders’ equity to total assets		11.46	%		11.04	%		10.94	%		10.82	%		10.93	%
Tangible shareholders’ equity to tangible assets		9.43	%		9.04	%		8.96	%		8.83	%		8.91	%
Capital Adequacy:
Tier 1 capital		13.26	%		14.21	%		14.06	%		13.77	%		13.55	%
Total capital		14.52	%		15.47	%		15.31	%		15.03	%		14.81	%
Tier 1 leverage capital		9.93	%		10.58	%		10.33	%		10.25	%		10.21	%
Estimated for current quarter
Common Share Data:
Basic earnings per share	$	0.26		$	0.22		$	0.22		$	0.18		$	0.25
Diluted earnings per share		0.26			0.22			0.22			0.18			0.25
Cash dividends per share		0.05			0.01			0.01			0.01			0.01
Book value per share		15.55			15.34			15.39			15.33			15.32
Tangible book value per share		12.50			12.28			12.33			12.23			12.22
Market value per share (last)		19.94			17.70			16.30			14.54			14.74
Market value per share (high)		20.77			18.06			16.52			15.00			15.69
Market value per share (low)		17.76			14.72			14.14			12.55			13.81
Market value per share (avg)		19.63			16.50			15.18			13.92			14.76
Dividend payout ratio		19.15	%		4.59	%		4.55	%		5.57	%		3.96	%
Total shares outstanding		95,211,602			95,190,797			95,174,441			94,549,867			94,440,710
Average shares outstanding - basic		95,201,238			95,177,167			94,595,897			94,496,341			94,438,433
Average shares outstanding - diluted		95,519,318			95,405,965			94,756,356			94,616,383			94,528,948
Yield/Rate:
(Taxable equivalent basis)
Loans, loans held for sale, and leases net of unearned income		4.55	%		4.62	%		4.70	%		4.76	%		4.85	%
Available-for-sale securities:
Taxable		1.50	%		1.55	%		1.70	%		1.76	%		1.86	%
Tax-exempt		5.61	%		5.47	%		5.53	%		5.42	%		5.48	%
Short-term investments		0.25	%		0.25	%		0.25	%		0.25	%		0.26	%
Total interest earning assets and revenue		3.85	%		3.82	%		3.87	%		3.97	%		4.13	%
Deposits:
Demand - interest bearing		0.18	%		0.21	%		0.26	%		0.30	%		0.33	%
Savings		0.12	%		0.14	%		0.18	%		0.22	%		0.25	%
Other time		1.18	%		1.23	%		1.27	%		1.32	%		1.38	%
Short-term borrowings		0.07	%		0.07	%		0.07	%		0.07	%		0.09	%
Junior subordinated debt		6.57	%		7.16	%		7.23	%		7.12	%		7.13	%
Long-term debt		3.19	%		4.18	%		4.21	%		4.14	%		4.14	%
Total interest bearing liabilities and expense		0.53	%		0.61	%		0.66	%		0.71	%		0.76	%
Interest bearing liabilities to interest earning assets		74.15	%		74.70	%		75.54	%		75.15	%		76.41	%
Net interest tax equivalent adjustment	$	2,905		$	2,931		$	2,939		$	3,162		$	3,167

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BXS Announces Third Quarter Results

Page 9

October 21, 2013

BancorpSouth, Inc.

Consolidated Balance Sheets

(Unaudited)

	Sep-13			Jun-13			Mar-13			Dec-12			Sep-12
	(Dollars in thousands)
Assets
Cash and due from banks	$	199,464		$	268,647		$	147,947		$	223,814		$	176,529
Interest bearing deposits with other banks		361,401			526,608			969,506			979,800			757,207
Available-for-sale securities, at fair value		2,554,156			2,644,939			2,607,176			2,434,032			2,483,606
Loans and leases		8,806,392			8,711,023			8,614,791			8,672,752			8,716,715
Less: Unearned income		33,277			32,309			33,253			35,763			36,746
Allowance for credit losses		153,974			161,047			162,601			164,466			169,019
Net loans and leases		8,619,141			8,517,667			8,418,937			8,472,523			8,510,950
Loans held for sale		77,114			111,574			105,523			129,138			129,408
Premises and equipment, net		314,441			313,079			313,980			319,456			321,068
Accrued interest receivable		43,034			41,425			44,696			44,356			48,314
Goodwill		275,173			275,173			275,173			275,173			275,173
Bank owned life insurance		236,969			235,015			233,007			231,120			203,798
Other real estate owned		76,853			88,438			96,314			103,248			128,211
Other assets		158,407			195,140			180,876			184,538			201,473
Total Assets	$	12,916,153		$	13,217,705		$	13,393,135		$	13,397,198		$	13,235,737
Liabilities
Deposits:
Demand: Noninterest bearing	$	2,597,762		$	2,610,768		$	2,582,859		$	2,545,169		$	2,492,508
Interest bearing		4,493,359			4,667,041			4,840,330			4,799,496			4,697,260
Savings		1,220,227			1,210,497			1,212,736			1,145,785			1,103,490
Other time		2,406,598			2,473,312			2,529,001			2,597,696			2,681,382
Total deposits		10,717,946			10,961,618			11,164,926			11,088,146			10,974,640
Federal funds purchased and securities sold under agreement to repurchase		418,623			382,871			353,742			414,611			377,676
Accrued interest payable		5,156			5,230			5,519			6,140			6,759
Junior subordinated debt securities		31,446			160,312			160,312			160,312			160,312
Long-term debt		83,500			33,500			33,500			33,500			33,500
Other liabilities		178,871			214,381			209,956			245,437			236,147
Total Liabilities		11,435,542			11,757,912			11,927,955			11,948,146			11,789,034
Shareholders’ Equity
Common stock		238,029			237,976			237,936			236,375			236,102
Capital surplus		312,798			312,074			311,091			311,909			311,271
Accumulated other comprehensive (loss) income		(39,389	)		(39,333	)		(13,120	)		(8,646	)		5,952
Retained earnings		969,173			949,076			929,273			909,414			893,378
Total Shareholders’ Equity		1,480,611			1,459,793			1,465,180			1,449,052			1,446,703
Total Liabilities & Shareholders’ Equity	$	12,916,153		$	13,217,705		$	13,393,135		$	13,397,198		$	13,235,737

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BXS Announces Third Quarter Results

Page 10

October 21, 2013

BancorpSouth, Inc.

Consolidated Average Balance Sheets

(Unaudited)

	Sep-13			Jun-13			Mar-13			Dec-12		Sep-12
	(Dollars in thousands)
Assets
Cash and due from banks	$	163,322		$	160,615		$	169,259		$	164,801	$	152,228
Interest bearing deposits with other banks		487,075			765,729			963,600			849,710		605,270
Available-for-sale securities, at fair value		2,598,786			2,616,274			2,520,414			2,454,031		2,481,201
Federal funds sold and securities purchased under agreement to resell		—			—			—			—		2,717
Loans and leases		8,715,894			8,621,849			8,615,503			8,671,559		8,755,094
Less: Unearned income		32,928			33,176			35,174			36,420		38,448
Allowance for credit losses		160,609			163,252			166,210			170,081		179,283
Net loans and leases		8,522,357			8,425,421			8,414,119			8,465,058		8,537,363
Loans held for sale		77,964			89,513			90,281			106,552		118,944
Premises and equipment, net		312,724			313,147			316,672			320,439		320,234
Accrued interest receivable		39,354			39,317			40,806			43,144		44,789
Goodwill		275,173			275,173			275,173			275,173		273,867
Bank owned life insurance		235,708			233,670			231,814			208,504		203,151
Other real estate owned		86,545			91,505			97,336			119,852		134,384
Other assets		129,497			135,676			129,900			135,929		144,868
Total Assets	$	12,928,505		$	13,146,040		$	13,249,374		$	13,143,193	$	13,019,016
Liabilities
Deposits:
Demand: Noninterest bearing	$	2,551,812		$	2,522,577		$	2,463,436		$	2,482,168	$	2,328,948
Interest bearing		4,530,219			4,707,277			4,891,412			4,703,500		4,704,896
Savings		1,216,599			1,208,454			1,173,603			1,117,297		1,092,802
Other time		2,447,315			2,500,181			2,562,538			2,635,281		2,729,878
Total deposits		10,745,945			10,938,489			11,090,989			10,938,246		10,856,524
Federal funds purchased and securities sold under agreement to repurchase		441,807			399,789			360,178			401,968		388,817
Short-term Federal Home Loan Bank borrowings and other short-term borrowing		—			—			—			—		1,223
Accrued interest payable		5,391			5,481			7,026			7,613		8,404
Junior subordinated debt securities		86,074			160,312			160,312			160,312		160,312
Long-term debt		62,848			33,500			33,500			33,500		33,500
Other liabilities		112,393			133,258			135,229			147,137		138,079
Total Liabilities		11,454,458			11,670,829			11,787,234			11,688,776		11,586,859
Shareholders’ Equity
Common stock		237,997			237,956			236,922			236,197		236,095
Capital surplus		312,349			311,480			311,603			311,540		310,642
Accumulated other comprehensive (loss) income		(43,695	)		(15,277	)		(10,313	)		1,260		2,900
Retained earnings		967,396			941,052			923,928			905,420		882,520
Total Shareholders’ Equity		1,474,047			1,475,211			1,462,140			1,454,417		1,432,157
Total Liabilities & Shareholders’ Equity	$	12,928,505		$	13,146,040		$	13,249,374		$	13,143,193	$	13,019,016

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BXS Announces Third Quarter Results

Page 11

October 21, 2013

BancorpSouth, Inc.

Consolidated Condensed Statements of Income

(Dollars in thousands, except per share data)

(Unaudited)

	Quarter Ended											Year To Date
	Sep-13			Jun-13		Mar-13		Dec-12		Sep-12		Sep-13		Sep-12
INTEREST REVENUE:
Loans and leases	$	98,836		$	98,524	$	99,092	$	102,925	$	105,937	$	296,452	$	322,686
Deposits with other banks		310			483		602		529		399		1,395		1,182
Federal funds sold and securities purchased under agreement to resell		—			—		—		—		2		—		3
Available-for-sale securities:
Taxable		8,218			8,405		8,700		8,729		9,329		25,323		30,679
Tax-exempt		3,866			3,911		3,960		4,083		4,109		11,737		12,575
Loans held for sale		731			686		673		829		974		2,090		2,204
Total interest revenue		111,961			112,009		113,027		117,095		120,750		336,997		369,329
INTEREST EXPENSE:
Interest bearing demand		2,061			2,423		3,125		3,588		3,889		7,609		12,523
Savings		383			422		513		606		686		1,318		2,091
Other time		7,271			7,671		8,041		8,749		9,482		22,983		31,048
Federal funds purchased and securities sold under agreement to repurchase		80			70		63		72		73		213		202
FHLB borrowings		350			349		348		349		364		1,047		1,097
Junior subordinated debt		1,424			2,860		2,857		2,869		2,875		7,141		8,633
Other		151			1		2		1		2		154		5
Total interest expense		11,720			13,796		14,949		16,234		17,371		40,465		55,599
Net interest revenue		100,241			98,213		98,078		100,861		103,379		296,532		313,730
Provision for credit losses		500			3,000		4,000		6,000		6,000		7,500		22,000
Net interest revenue, after provision for credit losses		99,741			95,213		94,078		94,861		97,379		289,032		291,730
NONINTEREST REVENUE:
Mortgage lending		5,134			17,892		12,346		17,188		13,549		35,372		39,731
Credit card, debit card and merchant fees		8,834			8,324		7,523		8,125		8,270		24,681		23,580
Deposit service charges		13,679			12,824		12,832		13,875		14,189		39,335		43,002
Trust income		3,332			3,192		3,210		3,391		3,101		9,734		8,522
Security (losses) gains, net		(5	)		3		19		152		39		17		290
Insurance commissions		23,800			25,862		26,641		20,502		23,519		76,303		69,636
Other		7,740			8,012		8,747		7,668		7,753		24,499		24,487
Total noninterest revenue		62,514			76,109		71,318		70,901		70,420		209,941		209,248
NONINTEREST EXPENSE:
Salaries and employee benefits		73,532			78,284		79,414		77,203		74,829		231,230		227,421
Occupancy, net of rental income		10,360			10,577		10,237		10,643		10,944		31,174		31,497
Equipment		4,555			4,585		4,948		5,309		5,083		14,088		15,540
Deposit insurance assessments		3,325			2,939		2,804		3,103		3,998		9,068		13,375
Voluntary early retirement expense		—			10,850		—		—		—		10,850		—
Write-off and amortization of bond issue cost		2,907			38		38		38		38		2,983		114
Other		34,718			34,978		37,930		46,923		38,896		107,626		118,027
Total noninterest expenses		129,397			142,251		135,371		143,219		133,788		407,019		405,974
Income before income taxes		32,858			29,071		30,025		22,543		34,011		91,954		95,004
Income tax expense		8,001			8,316		9,220		5,563		10,186		25,537		27,689
Net income	$	24,857		$	20,755	$	20,805	$	16,980	$	23,825	$	66,417	$	67,315
Net income per share: Basic	$	0.26		$	0.22	$	0.22	$	0.18	$	0.25	$	0.70	$	0.72
Diluted	$	0.26		$	0.22	$	0.22	$	0.18	$	0.25	$	0.70	$	0.72

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BXS Announces Third Quarter Results

Page 12

October 21, 2013

BancorpSouth, Inc.

Selected Loan Data

(Dollars in thousands)

(Unaudited)

	Quarter Ended
	Sep-13			Jun-13			Mar-13			Dec-12			Sep-12
LOAN AND LEASE PORTFOLIO:
Commercial and industrial	$	1,503,809		$	1,552,762		$	1,480,916		$	1,476,611		$	1,462,719
Real estate
Consumer mortgages		1,931,171			1,880,338			1,871,312			1,873,875			1,888,783
Home equity		490,361			482,068			482,398			486,074			492,833
Agricultural		234,547			237,914			249,467			256,196			257,733
Commercial and industrial-owner occupied		1,422,077			1,375,711			1,334,974			1,333,103			1,309,631
Construction, acquisition and development		723,609			709,499			728,092			735,808			823,692
Commercial real estate		1,795,352			1,754,841			1,739,533			1,748,881			1,738,516
Credit cards		105,112			103,251			98,803			104,884			101,405
All other		567,077			582,330			596,043			621,557			604,657
Total loans	$	8,773,115		$	8,678,714		$	8,581,538		$	8,636,989		$	8,679,969
ALLOWANCE FOR CREDIT LOSSES:
Balance, beginning of period	$	161,047		$	162,601		$	164,466		$	169,019		$	175,847
Loans and leases charged off:
Commercial and industrial		(889	)		(1,008	)		(1,938	)		(2,174	)		(4,334	)
Real estate
Consumer mortgages		(2,996	)		(3,114	)		(1,614	)		(3,789	)		(2,299	)
Home equity		(379	)		(201	)		(602	)		(1,064	)		(270	)
Agricultural		(169	)		(327	)		(2	)		(456	)		(302	)
Commercial and industrial-owner occupied		(1,684	)		(830	)		(300	)		(1,421	)		(994	)
Construction, acquisition and development		(1,727	)		(2,036	)		(1,198	)		(5,286	)		(6,845	)
Commercial real estate		(2,441	)		(3,720	)		(3,141	)		(4,026	)		(2,633	)
Credit cards		(750	)		(557	)		(450	)		(531	)		(540	)
All other		(837	)		(462	)		(492	)		(977	)		(731	)
Total loans charged off		(11,872	)		(12,255	)		(9,737	)		(19,724	)		(18,948	)
Recoveries:
Commercial and industrial		820			747			589			3,507			1,007
Real estate
Consumer mortgages		1,516			708			1,108			819			256
Home equity		66			184			260			66			37
Agricultural		48			120			13			10			53
Commercial and industrial-owner occupied		297			1,439			254			561			270
Construction, acquisition and development		953			360			886			1,621			2,676
Commercial real estate		221			3,634			339			2,208			1,443
Credit cards		164			184			148			144			144
All other		214			325			275			235			234
Total recoveries		4,299			7,701			3,872			9,171			6,120
Net charge-offs		(7,573	)		(4,554	)		(5,865	)		(10,553	)		(12,828	)
Provision charged to operating expense		500			3,000			4,000			6,000			6,000
Balance, end of period	$	153,974		$	161,047		$	162,601		$	164,466		$	169,019
Average loans for period	$	8,682,966		$	8,588,673		$	8,580,329		$	8,635,139		$	8,716,646
Ratio:
Net charge-offs to average loans (annualized)		0.35	%		0.21	%		0.27	%		0.49	%		0.59	%

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BXS Announces Third Quarter Results

Page 13

October 21, 2013

BancorpSouth, Inc.

Selected Loan Data

(Dollars in thousands)

(Unaudited)

	Quarter Ended
	Sep-13			Jun-13			Mar-13			Dec-12			Sep-12
NON-PERFORMING ASSETS
NON-PERFORMING LOANS AND LEASES:
Nonaccrual Loans and Leases
Commercial and industrial	$	5,498		$	6,225		$	7,009		$	9,311		$	8,674
Real estate
Consumer mortgages		30,569			34,226			39,012			36,133			35,599
Home equity		3,287			3,862			4,272			3,497			3,471
Agricultural		4,086			5,007			6,667			7,587			7,190
Commercial and industrial-owner occupied		18,138			17,084			20,719			20,910			27,059
Construction, acquisition and development		26,127			39,315			51,728			66,635			92,351
Commercial real estate		31,468			40,940			55,318			57,656			40,514
Credit cards		196			398			418			415			465
All other		1,984			2,485			3,047			5,097			4,415
Total nonaccrual loans and leases	$	121,353		$	149,542		$	188,190		$	207,241		$	219,738
Loans and Leases 90+ Days Past Due, Still Accruing:
Commercial and industrial	$	15		$	—		$	22		$	414		$	45
Real estate
Consumer mortgages		1,178			1,107			842			512			1,027
Home equity		—			—			—			—			—
Agricultural		—			—			—			10			—
Commercial and industrial-owner occupied		—			—			—			19			119
Construction, acquisition and development		—			—			—			—			—
Commercial real estate		—			120			—			—			—
Credit cards		263			213			261			228			236
All other		23			—			—			27			15
Total loans and leases 90+ days past due, still accruing		1,479			1,440			1,125			1,210			1,442
Restructured Loans and Leases, Still Accruing		21,502			16,953			17,702			25,099			26,147
Total non-performing loans and leases		144,334			167,935			207,017			233,550			247,327
OTHER REAL ESTATE OWNED:		76,853			88,438			96,314			103,248			128,211
Total Non-performing Assets	$	221,187		$	256,373		$	303,331		$	336,798		$	375,538
Additions to Nonaccrual Loans and Leases During the Quarter	$	21,182		$	21,890		$	22,294		$	44,674		$	28,918
Loans and Leases 30-89 Days Past Due, Still Accruing:
Commercial and industrial	$	1,909		$	1,517		$	1,764		$	3,080		$	6,065
Real estate
Consumer mortgages		10,914			11,887			11,720			13,403			14,745
Home equity		1,278			1,315			1,567			1,272			1,766
Agricultural		761			569			757			306			977
Commercial and industrial-owner occupied		1,995			1,323			956			3,498			4,859
Construction, acquisition and development		3,920			1,835			4,292			2,303			8,528
Commercial real estate		5,818			535			1,331			1,176			3,210
Credit cards		688			668			544			777			734
All other		1,634			1,591			1,473			2,422			2,861
Total Loans and Leases 30-89 days past due, still accruing	$	28,917		$	21,240		$	24,404		$	28,237		$	43,745
Credit Quality Ratios:
Provision for credit losses to average loans and leases (annualized)		0.02	%		0.14	%		0.19	%		0.28	%		0.28	%
Allowance for credit losses to net loans and leases		1.76	%		1.86	%		1.89	%		1.90	%		1.95	%
Allowance for credit losses to non-performing assets		69.61	%		62.82	%		53.61	%		48.83	%		45.01	%
Allowance for credit losses to non-performing loans and leases		106.68	%		95.90	%		78.54	%		70.42	%		68.34	%
Non-performing loans and leases to net loans and leases		1.65	%		1.94	%		2.41	%		2.70	%		2.85	%
Non-performing assets to net loans and leases		2.52	%		2.95	%		3.53	%		3.90	%		4.33	%

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BXS Announces Third Quarter Results

Page 14

October 21, 2013

BancorpSouth, Inc.

Selected Loan Data

(Dollars in thousands)

(Unaudited)

	Quarter Ended
	Sep-13			Jun-13			Mar-13			Dec-12			Sep-12
REAL ESTATE CONSTRUCTION, ACQUISITION AND DEVELOPMENT (“CAD”) PORTFOLIO:
Outstanding Balance
Multi-family construction	$	7,974		$	8,902		$	8,182		$	6,542		$	4,546
One-to-four family construction		203,988			202,603			193,032			177,392			189,561
Recreation and all other loans		41,762			42,132			42,909			44,840			62,888
Commercial construction		139,041			117,901			111,702			114,099			126,296
Commercial acquisition and development		136,206			136,174			154,997			161,546			177,887
Residential acquisition and development		194,638			201,787			217,270			231,389			262,514
Total outstanding balance	$	723,609		$	709,499		$	728,092		$	735,808		$	823,692
Nonaccrual CAD Loans
Multi-family construction	$	—		$	—		$	—		$	—		$	—
One-to-four family construction		3,249			6,193			8,154			10,609			14,171
Recreation and all other loans		782			800			978			1,160			1,166
Commercial construction		1,686			2,765			3,381			5,889			6,991
Commercial acquisition and development		11,150			14,225			14,240			17,337			21,408
Residential acquisition and development		9,260			15,332			24,975			31,640			48,615
Total nonaccrual CAD loans		26,127			39,315			51,728			66,635			92,351
CAD Loans 90+ Days Past Due, Still Accruing:
Multi-family construction		—			—			—			—			—
One-to-four family construction		—			—			—			—			—
Recreation and all other loans		—			—			—			—			—
Commercial construction		—			—			—			—			—
Commercial acquisition and development		—			—			—			—			—
Residential acquisition and development		—			—			—			—			—
Total CAD loans 90+ days past due, still accruing		—			—			—			—			—
Restructured CAD Loans, Still Accruing
Multi-family construction		—			—			—			—			—
One-to-four family construction		1,028			867			—			781			787
Recreation and all other loans		15			15			17			17			20
Commercial construction		348			351			—			—			—
Commercial acquisition and development		2,010			2,030			2,047			458			133
Residential acquisition and development		3,162			3,458			5,148			4,107			4,149
Total restructured CAD loans, still accruing		6,563			6,721			7,212			5,363			5,089
Total Non-performing CAD loans	$	32,690		$	46,036		$	58,940		$	71,998		$	97,440
CAD NPL as a % of Outstanding CAD Balance
Multi-family construction		—			—			—			—			—
One-to-four family construction		2.1	%		3.5	%		4.2	%		6.4	%		7.9	%
Recreation and all other loans		1.9	%		1.9	%		2.3	%		2.6	%		1.9	%
Commercial construction		1.5	%		2.6	%		3.0	%		5.2	%		5.5	%
Commercial acquisition and development		9.7	%		11.9	%		10.5	%		11.0	%		12.1	%
Residential acquisition and development		6.4	%		9.3	%		13.9	%		15.4	%		20.1	%
Total CAD NPL as a % of outstanding CAD balance		4.5	%		6.5	%		8.1	%		9.8	%		11.8	%

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BXS Announces Third Quarter Results

Page 15

October 21, 2013

BancorpSouth, Inc.

Selected Loan Data

(Dollars in thousands)

(Unaudited)

	September 30, 2013
	Pass		Special Mention		Substandard		Doubtful		Loss		Impaired		Total
LOAN PORTFOLIO BY INTERNALLY ASSIGNED GRADE:
Commercial and industrial	$	1,461,578	$	7,774	$	31,596	$	—	$	—	$	2,861	$	1,503,809
Real estate
Consumer mortgages		1,794,492		22,114		103,987		918		—		9,660		1,931,171
Home equity		471,418		2,569		15,069		—		—		1,305		490,361
Agricultural		210,065		3,044		17,816		—		—		3,622		234,547
Commercial and industrial-owner occupied		1,343,131		12,632		52,992		475		105		12,742		1,422,077
Construction, acquisition and development		637,448		8,450		53,498		1,027		—		23,186		723,609
Commercial real estate		1,668,562		17,266		83,226		412		—		25,886		1,795,352
Credit cards		105,112		—		—		—		—		—		105,112
All other		548,402		4,497		13,695		—		—		483		567,077
Total loans	$	8,240,208	$	78,346	$	371,879	$	2,832	$	105	$	79,745	$	8,773,115
	June 30, 2013
	Pass		Special Mention		Substandard		Doubtful		Loss		Impaired		Total
LOAN PORTFOLIO BY INTERNALLY ASSIGNED GRADE:
Commercial and industrial	$	1,504,523	$	14,918	$	29,648	$	531	$	—	$	3,142	$	1,552,762
Real estate
Consumer mortgages		1,701,566		40,526		121,497		2,979		134		13,636		1,880,338
Home equity		458,379		5,391		15,752		698		68		1,780		482,068
Agricultural		210,989		9,568		13,599		—		—		3,758		237,914
Commercial and industrial-owner occupied		1,275,037		28,413		59,568		222		—		12,471		1,375,711
Construction, acquisition and development		594,175		28,727		51,041		1,025		—		34,531		709,499
Commercial real estate		1,537,671		63,791		117,579		245		30		35,525		1,754,841
Credit cards		103,251		—		—		—		—		—		103,251
All other		566,554		5,613		8,991		523		—		649		582,330
Total loans	$	7,952,145	$	196,947	$	417,675	$	6,223	$	232	$	105,492	$	8,678,714

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BXS Announces Third Quarter Results

Page 16

October 21, 2013

BancorpSouth, Inc.

Selected Loan Data

(Dollars in thousands)

(Unaudited)

	As of
	Sep-13			Jun-13			Mar-13			Dec-12			Sep-12
Unpaid principal balance of impaired loans	$	106,955		$	144,408		$	183,440		$	206,072		$	225,581
Cumulative charge-offs on impaired loans		27,210			38,916			45,649			49,344			49,442
Impaired nonaccrual loan and lease outstanding balance		79,745			105,492			137,791			156,728			176,139
Other non-accrual loans and leases not impaired		41,608			44,050			50,399			50,513			43,599
Total non-accrual loans and leases	$	121,353		$	149,542		$	188,190		$	207,241		$	219,738
Allowance for impaired loans		3,843			7,965			11,658			10,541			18,205
Nonaccrual loans and leases, net of specific reserves	$	117,510		$	141,577		$	176,532		$	196,700		$	201,533
Loans and leases 90+ days past due, still accruing	$	1,479		$	1,440		$	1,125		$	1,210		$	1,442
Restructured loans and leases, still accruing		21,502			16,953			17,702			25,099			26,147
Total non-performing loans and leases	$	144,334		$	167,935		$	207,017		$	233,550		$	247,327
Allowance for impaired loans	$	3,843		$	7,965		$	11,658		$	10,541		$	18,205
Allowance for all other loans and leases		150,131			153,082			150,943			153,925			150,814
Total allowance for credit losses	$	153,974		$	161,047		$	162,601		$	164,466		$	169,019
Outstanding balance of impaired loans	$	79,745		$	105,492		$	137,791		$	156,728		$	176,139
Allowance for impaired loans		3,843			7,965			11,658			10,541			18,205
Net book value of impaired loans	$	75,902		$	97,527		$	126,133		$	146,187		$	157,934
Net book value of impaired loans as a % of unpaid principal balance		71	%		68	%		69	%		71	%		70	%
Coverage of other non-accrual loans and leases not impaired by the allowance for all other loans and leases		361	%		348	%		299	%		305	%		346	%
Coverage of non-performing loans and leases not impaired by the allowance for all other loans and leases		232	%		245	%		218	%		200	%		212	%

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BXS Announces Third Quarter Results

Page 17

October 21, 2013

BancorpSouth, Inc.

Geographical Information

(Dollars in thousands)

(Unaudited)

	September 30, 2013
	Alabama and Florida Panhandle			Arkansas*			Mississippi*			Missouri			Greater Memphis Area			Tennessee*			Texas and Louisiana			Corporate Banking and Other			Total
LOAN AND LEASE PORTFOLIO:
Commercial and industrial	$	82,158		$	167,672		$	280,961		$	30,080		$	22,350		$	81,512		$	258,600		$	580,476		$	1,503,809
Real estate
Consumer mortgages		119,583			254,133			696,396			61,622			97,748			156,788			484,890			60,011			1,931,171
Home equity		64,712			39,351			164,095			21,443			67,668			68,951			61,879			2,262			490,361
Agricultural		8,570			74,355			55,503			3,918			15,212			11,869			60,186			4,934			234,547
Commercial and industrial-owner occupied		165,153			174,315			471,711			60,402			96,102			86,582			277,303			90,509			1,422,077
Construction, acquisition and development		91,974			67,271			185,174			26,834			79,615			104,400			135,489			32,852			723,609
Commercial real estate		264,623			303,769			276,522			195,627			101,268			96,988			408,417			148,138			1,795,352
Credit cards		—			—			—			—			—			—			—			105,112			105,112
All other		35,094			60,041			154,391			2,661			48,839			40,976			88,651			136,424			567,077
Total loans	$	831,867		$	1,140,907		$	2,284,753		$	402,587		$	528,802		$	648,066		$	1,775,415		$	1,160,718		$	8,773,115
CAD PORTFOLIO:
Multi-family construction	$	—		$	—		$	7		$	289		$	—		$	5,868		$	1,810		$	—		$	7,974
One-to-four family construction		36,741			12,792			46,771			6,940			10,185			56,562			33,248			749			203,988
Recreation and all other loans		1,421			8,097			12,528			653			4,681			807			13,575			—			41,762
Commercial construction		14,633			16,855			26,767			4,687			11,671			14,447			25,654			24,327			139,041
Commercial acquisition and development		12,100			15,052			38,942			5,943			27,052			11,994			23,211			1,912			136,206
Residential acquisition and development		27,079			14,475			60,159			8,322			26,026			14,722			37,991			5,864			194,638
Total CAD loans	$	91,974		$	67,271		$	185,174		$	26,834		$	79,615		$	104,400		$	135,489		$	32,852		$	723,609
NON-PERFORMING LOANS AND LEASES:
Commercial and industrial	$	1,443		$	961		$	1,010		$	20		$	182		$	161		$	918		$	1,940		$	6,635
Real estate
Consumer mortgages		973			1,925			10,603			918			2,278			3,777			5,693			8,005			34,172
Home equity		697			74			919			127			441			650			376			3			3,287
Agricultural		79			3,245			127			353			461			—			254			3			4,522
Commercial and industrial-owner occupied		1,011			4,526			7,841			558			3,495			3,950			924			755			23,060
Construction, acquisition and development		6,696			1,257			5,600			2,923			11,928			1,725			1,503			1,058			32,690
Commercial real estate		7,121			5,642			3,511			9,049			4,493			314			2,979			1,693			34,802
Credit cards		—			—			—			—			—			—			—			2,032			2,032
All other		234			221			1,640			13			36			362			603			25			3,134
Total loans	$	18,254		$	17,851		$	31,251		$	13,961		$	23,314		$	10,939		$	13,250		$	15,514		$	144,334
NON-PERFORMING LOANS AND LEASES AS A PERCENTAGE OF OUTSTANDING:
Commercial and industrial		1.76	%		0.57	%		0.36	%		0.07	%		0.81	%		0.20	%		0.35	%		0.33	%		0.44	%
Real estate
Consumer mortgages		0.81	%		0.76	%		1.52	%		1.49	%		2.33	%		2.41	%		1.17	%		13.34	%		1.77	%
Home equity		1.08	%		0.19	%		0.56	%		0.59	%		0.65	%		0.94	%		0.61	%		0.13	%		0.67	%
Agricultural		0.92	%		4.36	%		0.23	%		9.01	%		3.03	%		0.00	%		0.42	%		0.06	%		1.93	%
Commercial and industrial-owner occupied		0.61	%		2.60	%		1.66	%		0.92	%		3.64	%		4.56	%		0.33	%		0.83	%		1.62	%
Construction, acquisition and development		7.28	%		1.87	%		3.02	%		10.89	%		14.98	%		1.65	%		1.11	%		3.22	%		4.52	%
Commercial real estate		2.69	%		1.86	%		1.27	%		4.63	%		4.44	%		0.32	%		0.73	%		1.14	%		1.94	%
Credit cards		—			—			—			—			—			—			—			1.93	%		1.93	%
All other		0.67	%		0.37	%		1.06	%		0.49	%		0.07	%		0.88	%		0.68	%		0.02	%		0.55	%
Total loans		2.19	%		1.56	%		1.37	%		3.47	%		4.41	%		1.69	%		0.75	%		1.34	%		1.65	%

* Excludes the Greater Memphis Area.

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BXS Announces Third Quarter Results

Page 18

October 21, 2013

BancorpSouth, Inc.

Selected Additional Information

(Dollars in thousands)

(Unaudited)

	September 30, 2013
	Alabama and Florida Panhandle		Arkansas*		Mississippi*		Missouri		Greater Memphis Area		Tennessee*		Texas and Louisiana		Other		Total
OTHER REAL ESTATE OWNED:
Commercial and industrial	$	251	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	251
Real estate
Consumer mortgages		1,886		634		1,876		—		543		186		60		108		5,293
Home equity		442		58		—		—		—		175		—		—		675
Agricultural		907		—		216		—		1,153		1,835		—		—		4,111
Commercial and industrial-owner occupied		246		112		1,118		—		348		—		105		—		1,929
Construction, acquisition and development		15,820		741		11,749		400		24,941		7,680		57		242		61,630
Commercial real estate		352		316		569		—		980		150		140		—		2,507
All other		—		58		132		98		28		14		94		33		457
Total loans	$	19,904	$	1,919	$	15,660	$	498	$	27,993	$	10,040	$	456	$	383	$	76,853

	Quarter Ended
	Sep-13			Jun-13			Mar-13			Dec-12			Sep-12
OTHER REAL ESTATE OWNED:
Balance, beginning of period	$	88,438		$	96,314		$	103,248		$	128,211		$	143,615
Additions to foreclosed properties
New foreclosed property		9,536			9,639			2,222			8,451			6,268
Reductions in foreclosed properties
Sales		(19,333	)		(15,641	)		(7,811	)		(27,892	)		(15,392	)
Writedowns		(1,788	)		(1,874	)		(1,345	)		(5,522	)		(6,280	)
Balance, end of period	$	76,853		$	88,438		$	96,314		$	103,248		$	128,211
FORECLOSED PROPERTY EXPENSE
Loss (gain) on sale of other real estate owned	$	352		$	166		$	(200	)	$	4,203		$	765
Writedown of other real estate owned		1,788			1,874			1,345			5,522			6,280
Other foreclosed property expense		1,158			1,205			1,209			2,266			1,749
Total foreclosed property expense	$	3,298		$	3,245		$	2,354		$	11,991		$	8,794

* Excludes the Greater Memphis Area.

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BXS Announces Third Quarter Results

Page 19

October 21, 2013

BancorpSouth, Inc.

Noninterest Revenue and Expense

(Dollars in thousands)

(Unaudited)

	Quarter Ended
	Sep-13			Jun-13		Mar-13		Dec-12		Sep-12
NONINTEREST REVENUE:
Mortgage lending	$	5,134		$	17,892	$	12,346	$	17,188	$	13,549
Credit card, debit card and merchant fees		8,834			8,324		7,523		8,125		8,270
Deposit service charges		13,679			12,824		12,832		13,875		14,189
Trust income		3,332			3,192		3,210		3,391		3,101
Securities gains, net		(5	)		3		19		152		39
Insurance commissions		23,800			25,862		26,641		20,502		23,519
Annuity fees		719			543		483		418		548
Brokerage commissions and fees		2,005			2,068		2,093		1,715		1,782
Bank-owned life insurance		1,954			2,008		1,887		1,899		1,750
Other miscellaneous income		3,062			3,393		4,284		3,636		3,673
Total noninterest revenue	$	62,514		$	76,109	$	71,318	$	70,901	$	70,420
NONINTEREST EXPENSE:
Salaries and employee benefits	$	73,532		$	78,284	$	79,414	$	77,203	$	74,829
Occupancy, net of rental income		10,360			10,577		10,237		10,643		10,944
Equipment		4,555			4,585		4,948		5,309		5,083
Deposit insurance assessments		3,325			2,939		2,804		3,103		3,998
Voluntary early retirement expense		—			10,850		—		—		—
Amortization of bond issue cost		2,907			38		38		38		38
Advertising		1,210			1,169		743		2,045		1,081
Foreclosed property expense		3,298			3,245		2,354		11,991		8,794
Telecommunications		2,227			2,184		2,099		2,168		2,118
Public relations		1,105			1,175		1,005		1,304		1,309
Data processing		2,772			2,783		2,468		2,714		2,312
Computer software		2,190			2,146		1,963		2,031		1,856
Amortization of intangibles		686			722		743		857		860
Legal		4,626			3,896		9,366		3,133		3,004
Postage and shipping		1,027			1,074		1,135		1,117		1,060
Other miscellaneous expense		15,577			16,584		16,054		19,563		16,502
Total noninterest expense	$	129,397		$	142,251	$	135,371	$	143,219	$	133,788
INSURANCE COMMISSIONS:
Property and casualty commissions	$	18,372		$	18,762	$	16,878	$	14,968	$	17,704
Life and health commissions		4,061			5,093		4,688		4,376		4,651
Risk management income		628			573		650		581		698
Other		739			1,434		4,425		577		466
Total insurance commissions	$	23,800		$	25,862	$	26,641	$	20,502	$	23,519

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BXS Announces Third Quarter Results

Page 20

October 21, 2013

BancorpSouth, Inc.

Selected Additional Information

(Dollars in thousands)

(Unaudited)

	Quarter Ended
	Sep-13			Jun-13			Mar-13			Dec-12			Sep-12
MORTGAGE SERVICING RIGHTS:
Fair value, beginning of period	$	49,001		$	41,478		$	37,882		$	34,562		$	34,167
Additions to mortgage servicing rights:
Originations of servicing assets		3,826			4,012			4,268			5,146			5,784
Changes in fair value:
Due to payoffs/paydowns		(1,560	)		(1,739	)		(1,705	)		(2,005	)		(2,181	)
Due to change in valuation inputs or assumptions used in the valuation model		(240	)		5,252			1,037			183			(3,206	)
Other changes in fair value		(2	)		(2	)		(4	)		(4	)		(2	)
Fair value, end of period	$	51,025		$	49,001		$	41,478		$	37,882		$	34,562
MORTGAGE LENDING REVENUE:
Origination	$	2,862		$	10,471		$	9,187		$	15,131		$	15,326
Servicing		4,072			3,908			3,827			3,879			3,610
MSR payoffs/paydowns		(1,560	)		(1,739	)		(1,705	)		(2,005	)		(2,181	)
MSR valuation adjustment		(240	)		5,252			1,037			183			(3,206	)
Total mortgage lending revenue	$	5,134		$	17,892		$	12,346		$	17,188		$	13,549
Mortgage loans serviced	$	5,543,619		$	5,393,580		$	5,236,852		$	5,058,912		$	4,841,075
MSR/mtg loans serviced		0.92	%		0.91	%		0.79	%		0.75	%		0.71	%
AVAILABLE-FOR-SALE SECURITIES, at fair value
U.S. Government agencies	$	1,519,459		$	1,581,570		$	1,517,725		$	1,401,996		$	1,472,747
Government agency issued residential mortgage-back securities		268,367			292,586			334,550			366,875			338,230
Government agency issued commercial mortgage-back securities		229,412			227,381			196,459			91,445			90,306
Obligations of states and political subdivisions		528,889			535,337			550,475			565,873			574,559
Other		8,029			8,065			7,967			7,843			7,764
Total available-for-sale securities	$	2,554,156		$	2,644,939		$	2,607,176		$	2,434,032		$	2,483,606

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BXS Announces Third Quarter Results

Page 21

October 21, 2013

BancorpSouth, Inc.

Reconciliation of Non-GAAP Measures

(Dollars in thousands, except per share amounts)

(Unaudited)

Certain financial information included in this press release are determined by methods other than in accordance with GAAP. Management believes such measures are relevant to understanding the capital position and performance of the Company. The non-GAAP financial measures presented in this press release are tangible shareholders’ equity to tangible assets, return on tangible equity, pre-tax pre-provision return on average assets, and tangible book value per share. Additionally, disclosure of these non-GAAP financial measures provides a meaningful base for comparability to other financial institutions. Non-GAAP financial measures are not formally defined by GAAP, and other entities may use calculation methods different than those used by the Company.

Reconciliation of Pre-tax, Pre-provision Earnings:

	Quarter ended
	9/30/2013		6/30/2013		3/31/2013		12/31/2012		9/30/2012
Net income	$	24,857	$	20,755	$	20,805	$	16,980	$	23,825
Plus:    Provision for credit losses		500		3,000		4,000		6,000		6,000
Income tax expense		8,001		8,316		9,220		5,563		10,186
Pre-tax, pre-provision earnings	$	33,358	$	32,071	$	34,025	$	28,543	$	40,011

Reconciliation of Tangible Assets and Tangible Shareholders’ Equity to

Total Assets and Total Shareholders’ Equity:

	Quarter ended
	9/30/2013			6/30/2013			3/31/2013			12/31/2012			9/30/2012
Tangible assets
Total assets	$	12,916,153		$	13,217,705		$	13,393,135		$	13,397,198		$	13,235,737
Less:    Goodwill		275,173			275,173			275,173			275,173			275,173
Other identifiable intangible assets		15,179			15,865			16,586			17,329			17,932
Total tangible assets	$	12,625,801		$	12,926,667		$	13,101,376		$	13,104,696		$	12,942,632
Tangible shareholders’ equity
Total shareholders’ equity	$	1,480,611		$	1,459,793		$	1,465,180		$	1,449,052		$	1,446,703
Less:    Goodwill		275,173			275,173			275,173			275,173			275,173
Other identifiable intangible assets		15,179			15,865			16,586			17,329			17,932
Total tangible shareholders’ equity	$	1,190,259		$	1,168,755		$	1,173,421		$	1,156,550		$	1,153,598
Total average assets	$	12,928,505		$	13,146,040		$	13,249,374		$	13,143,193		$	13,019,016
Total common shares outstanding		95,211,602			95,190,797			95,174,441			94,549,867			94,440,710
Tangible shareholders’ equity to tangible assets*		9.43	%		9.04	%		8.96	%		8.83	%		8.91	%
Return on tangible equity**		8.29	%		7.12	%		7.19	%		5.84	%		8.22	%
Pre-tax pre-provision return on average assets***		1.02	%		0.98	%		1.04	%		0.86	%		1.22	%
Tangible book value per share****	$	12.50		$	12.28		$	12.33		$	12.23		$	12.22

* Tangible shareholders’ equity to tangible assets is defined by the Company as total shareholders’ equity less goodwill and other identifiable intangible assets, divided by the difference of total assets less goodwill and other identifiable intangible assets.

** Return on tangible equity is defined by the Company as annualized net income divided by tangible shareholders’ equity.

*** Pre-tax pre-provision return on average assets is defined by the Company as annualized pre-tax pre-provision earnings divided by total average assets.

**** Tangible book value per share is defined by the Company as tangible shareholders’ equity divided by total common shares outstanding.

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