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PENSION, OTHER POST RETIREMENT BENEFIT AND PROFIT SHARING PLANS (Tables)
 12 Months Ended
Dec. 31, 2011
PENSION, OTHER POST RETIREMENT BENEFIT AND PROFIT SHARING PLANS [Abstract]  
Summary of Defined Benefit Retirement Plans
A summary of the three defined benefit retirement plans at and for the years ended December 31, 2011, 2010 and 2009 follows:

   
Pension Benefits
 
   
2011
  
2010
  
2009
 
Change in benefit obligations:
 
(In thousands)
 
Projected benefit obligations at beginning of year
 $156,595  $134,892  $120,050 
Service cost
  8,107   7,449   7,127 
Interest cost
  8,327   7,676   7,019 
Amendments
  (8,494)  -   330 
Actuarial loss
  22,253   11,457   4,882 
Benefits paid
  (4,197)  (4,879)  (4,516)
Administrative expenses paid
  (229)  -   - 
Projected benefit obligations at end of year
 $182,362  $156,595  $134,892 
Change in plans assets:
            
Fair value of plans assets at beginning of year
 $197,536  $180,217  $116,136 
Actual return on assets
  1,347   21,488   29,740 
Employer contributions
  547   710   38,857 
Benefits paid
  (4,197)  (4,879)  (4,516)
Administrative expenses paid
  (229)  -   - 
Fair value of plans assets at end of year
 $195,004  $197,536  $180,217 
Funded status:
            
Projected benefit obligations
 $(182,362) $(156,595) $(134,892)
Fair value of plans assets
  195,004   197,536   180,217 
Unrecognized transition amount
  -   -   - 
Unrecognized prior service cost
  -   -   - 
Unrecognized actuarial loss
  -   -   - 
Net amount recognized
 $12,642  $40,941  $45,325 
Amounts Recognized in the Consolidated Balance Sheets
Amounts recognized in the consolidated balance sheets consisted of:
 
   
Pension Benefits
 
   
2011
  
2010
  
2009
 
   
(In thousands)
 
Prepaid benefit cost
 $102,307  $104,749  $105,900 
Accrued benefit liability
  (20,572)  (18,678)  (16,868)
Intangible asset
  -   -   - 
Accumulated other comprehensive
            
  income adjustment
  (69,093)  (45,130)  (43,707)
Net amount recognized
 $12,642  $40,941  $45,325 
 
Pre-tax amounts recognized in accumulated other comprehensive income consisted of:
 
   
Year ended December 31,
 
   
2011
  
2010
 
   
(In thousands)
 
        
Net transition obligation
 $55  $73 
Net prior service (benefit) cost
  (6,901)  1,623 
Net actuarial loss
  75,939   43,434 
Total accumulated other comprehensive income
 $69,093  $45,130 
Components of Net Periodic Benefit Cost
The components of net periodic benefit cost at December 31, 2011, 2010 and 2009 were as follows:


   
Pension Benefits
 
   
2011
  
2010
  
2009
 
Components of net periodic benefit cost:
 
(In thousands)
 
Service cost
 $8,107  $7,449  $7,127 
Interest cost
  8,327   7,676   7,019 
Expected return on assets
  (14,864)  (14,032)  (10,698)
Amortization of unrecognized transition amount
  18   18   18 
Recognized prior service cost
  31   341   342 
Recognized net loss
  3,264   2,218   4,320 
Net periodic benefit cost
 $4,883  $3,670  $8,128 
Weighted-Average Assumption Used to Determine Benefit Obligation and Net Periodic Benefit Cost
The weighted-average assumptions used to determine benefit obligations at December 31, 2011 and 2010 were as follows:

   
Basic Plan
  
Restoration Plan
  
Supplemental Plan
 
   
2011
  
2010
  
2011
  
2010
  
2011
  
2010
 
Discount rate
  4.80%  5.50%  4.45%  5.15%  3.85%  4.50%
Rate of compensation increase*
  2.00%  2.50%  2.00%  2.50%  2.00%  2.50%
                          
* 3.00% rate of compensation increase used for 2012 and beyond.

The weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, 2011, 2010 and 2009 were as follows:

   
Basic Plan
 
   
2011
  
2010
  
2009
 
Discount rate
  5.50%  6.00%  6.25%
Rate of compensation increase
  3.00%  3.00%  3.60%
Expected rate of return on plan assets
  8.00%  8.00%  8.00%
 
   
Restoration Plan
 
   
2011
  
2010
  
2009
 
Discount rate
  5.15%  5.85%  6.50%
Rate of compensation increase
  3.00%  3.00%  3.60%
Expected rate of return on plan assets
  N/A   N/A   N/A 
 
   
Supplemental Plan
 
   
2011
  
2010
  
2009
 
Discount rate
  4.50%  5.35%  6.50%
Rate of compensation increase
  3.00%  3.00%  3.60%
Expected rate of return on plan assets
  N/A   N/A   N/A 
N/A = not applicable
Plans with Accumulated Benefit Obligations in Excess of Plan Assets
The following table presents information related to the Restoration Plan and Supplemental Plan that had accumulated benefit obligations in excess of plan assets at December 31, 2011 and 2010:
 
   
2011
  
2010
 
   
(In thousands)
 
Projected benefit obligation
 $26,712  $23,468 
Accumulated benefit obligation
  25,409   22,439 
Fair value of assets
  -   - 

The following table presents information related to the Company's defined benefit pension plans at December 31, 2011 and 2010:

   
2011
  
2010
 
   
(In thousands)
 
Accumulated benefit obligation
 $172,439  $140,967 
Weighted-Average Asset Allocation
The Company's pension plan weighted-average asset allocations at December 31, 2011 and 2010, by asset category, were as follows:

   
Plan assets at December 31
 
Target for
Asset category:
 
2011
 
2010
 
2012
             
Equity securities
 
36.87%
 
57.26%
 
40-60%
Debt securities
 
58.16%
 
37.18%
 
40-60%
Cash and equivalents
 
4.97%
 
5.56%
 
0%
Total
 
100.00%
 
100.00%
   
Expected Future Benefit Payments
The following table presents information regarding expected future benefit payments, which reflect expected service, as appropriate:
 
   
Pension
 
   
Benefits
 
Expected future benefit payments:
 
(In thousands)
 
2012
 $12,629 
2013
  9,705 
2014
  10,450 
2015
  11,950 
2016
  10,790 
2017-2021
  58,568 
Fair Value of Plan Assets
The following table presents the fair value of each major category of plan assets held in the Basic Plan at December 31, 2011 and 2010:

   
Pension Benefits
 
   
2011
  
2010
 
Investments, at fair value:
 
(In thousands)
 
U.S. agency debt obligations
 $70,757  $33,433 
Mutual funds
  112,995   150,964 
Common stock of BancorpSouth, Inc.
  907   1,312 
Money market funds
  4,701   3,568 
Brokered certificates of deposit
  4,965   7,881 
   Total investments, at fair value
  194,325   197,158 
Accrued interest and dividends
  679   378 
Fair value of plan assets
 $195,004  $197,536 
The following table sets forth by level, within the FASB ASC 820, Fair Value Measurements and Disclosure (“FASB ASC 820”), fair value hierarchy, the plan investments at fair value as of December 31, 2011 and 2010:

   
December 31, 2011
 
   
Level 1
  
Level 2
  
Level 3
  
Total
 
   
(In thousands)
 
U.S. agency debt obligations
 $-  $70,757  $-  $70,757 
Mutual funds
  112,995   -   -   112,995 
Common stock of BancorpSouth, Inc.
  907   -   -   907 
Money market funds
  -   4,701   -   4,701 
Brokered certificates of deposit
  -   4,965   -   4,965 
     Total
 $113,902  $80,423  $-  $194,325 


   
December 31, 2010
 
   
Level 1
  
Level 2
  
Level 3
  
Total
 
   
(In thousands)
 
U.S. agency debt obligations
 $-  $33,433  $-  $33,433 
Mutual funds
  150,964   -   -   150,964 
Common stock of BancorpSouth, Inc.
  1,312   -   -   1,312 
Money market funds
  -   3,568   -   3,568 
Brokered certificates of deposit
  -   7,881   -   7,881 
     Total
 $152,276  $44,882  $-  $197,158 
Investments Representing 5% or More of Total Plan Asset Value
The following investments represented 5% or more of the total plan asset value as of December 31, 2011:
 
   
2011
 
   
(In thousands)
 
Fidelity Advisor New Insight S Institution
 $10,382 
Franklin Mutual Discovery Z Fund
  10,489 
T. Rowe Price Equity Income Fund
  10,724 
Vanguard Total Bond Market Index Institutional Fund
  21,641