EX-99.1 2 d911263dex991.htm EXHIBIT 99.1 Exhibit 99.1

Exhibit 99.1

News Release

 

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

BancorpSouth Announces First Quarter 2015 Financial Results

TUPELO, MS, April 20, 2015/PRNewswire — BancorpSouth, Inc. (NYSE: BXS) today announced financial results for the quarter ended March 31, 2015.

Highlights for the first quarter of 2015 included:

 

    Net income of $32.3 million or $0.33 per diluted share.

 

    Net operating income of $32.3 million or $0.33 per diluted share.

 

    Generated deposit growth of $280.3 million, or 10.4 percent on an annualized basis.

 

    Continued credit quality improvement and recoveries of previously charged-off loans resulted in a negative provision for credit losses of $5.0 million.

 

    The consent order issued on September 4, 2014 related to Bank Secrecy Act (“BSA”) and anti-money laundering (“AML”) compliance was terminated effective April 7, 2015.

 

    Produced $33.5 million of insurance commission revenue, which represents the highest level of quarterly insurance commission revenue in the Company’s history.

 

    Mortgage lending revenue totaled $8.6 million, despite a negative mortgage servicing rights (“MSR”) valuation adjustment of $3.0 million.

 

    Merger applications for pending Ouachita Bancshares Corp. and Central Community Corporation transactions were re-filed with regulatory agencies.

 

    Earnings were adversely impacted by a $5.5 million increase to the litigation reserve for probable losses related to certain ongoing legal matters.

 

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BXS Announces First Quarter Results

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April 20, 2015

 

“We are extremely pleased to have the consent order related to BSA and AML compliance lifted,” remarked Dan Rollins, Chairman and Chief Executive Officer. “The timely resolution to this matter is reflective of the diligence, effort, and effectiveness our team displayed in dealing with the issue. We are appreciative of the guidance provided by our regulators through this process and their commitment to review our program in such a timely manner.”

The Company reported net income of $32.3 million, or $0.33 per diluted share, for the first quarter of 2015 compared with net income of $28.4 million, or $0.30 per diluted share, for the first quarter of 2014 and net income of $28.7 million, or $0.30 per diluted share, for the fourth quarter of 2014.

The Company reported net operating income (excluding merger related and other non-operating expenses) of $32.3 million, or $0.33 per diluted share, for the first quarter of 2015 compared to $28.8 million, or $0.30 per diluted share, for the first quarter of 2014 and $28.7 million, or $0.30 per diluted share, for the fourth quarter of 2014.

Rollins continued, “We are pleased to report quarterly results that reflect continued improvement in profitability and core operating performance. Earnings for the quarter benefited from growth in our noninterest products. Our insurance team generated $33.5 million of commission revenue, which is the largest quarterly insurance commission revenue total in our Company’s history. Our mortgage team produced $311.1 million of mortgage loans for the quarter, which contributed to mortgage lending revenue of $8.6 million. Finally, our wealth management team reported total revenue of $6.2 million. The growth in each of these products is reflective of our overall strategic focus on growing all areas of our Company as well as our ability to attract quality producers. While seasonal pay-downs in certain large commercial lines of credit provided a headwind to net loan growth, we continue to be pleased with our new loan production as well as our current loan pipeline.”

Earnings for the quarter benefitted from a negative provision for credit losses totaling $5.0 million. Rollins added, “Our reported credit quality metrics continue to improve. During the quarter, we also received recoveries of previously charged-off loans of $4.0 million. Our entire team has done an outstanding job in returning our Company’s credit quality to a level we are all proud of.”

Net Interest Revenue

Net interest revenue was $106.1 million for the first quarter of 2015, an increase of 4.5 percent from $101.5 million for the first quarter of 2014 and a decrease of 0.3 percent from $106.4 million for the fourth quarter of 2014. The fully taxable equivalent net interest margin was 3.56 percent for the first quarter of 2015 compared to 3.54 percent for the first quarter of 2014 and 3.60 percent for the fourth quarter of 2014. Yields on loans and leases declined to 4.31 percent for the first quarter of 2015 from 4.48 percent for the first quarter of 2014 and increased from 4.30 percent for the fourth quarter of 2014, while yields on total interest earning assets were 3.80 percent for the first quarter of 2015 compared with 3.85 percent for both the first quarter of 2014 and the fourth quarter of 2014. The average cost of deposits was 0.24 percent for the first quarter of 2015 compared to 0.31 percent for the first quarter of 2014 and 0.25 percent for the fourth quarter of 2014.

 

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BXS Announces First Quarter Results

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April 20, 2015

 

Asset, Deposit and Loan Activity

Total assets were $13.6 billion at March 31, 2015 compared with $13.1 billion at March 31, 2014. Loans and leases, net of unearned income, were $9.7 billion at March 31, 2015 compared with $9.1 billion at March 31, 2014.

Total deposits were $11.3 billion at March 31, 2015 compared with $10.8 billion at March 31, 2014. The decrease in time deposits of $243.8 million, or 11.1 percent, at March 31, 2015 compared to March 31, 2014 was offset by growth in other lower cost deposits. Noninterest bearing demand deposits increased $189.9 million, or 7.0 percent, over the same period. Additionally, savings deposits increased $98.5 million, or 7.6 percent, while interest bearing demand deposits increased $396.2 million, or 8.6 percent, over the same period. At March 31, 2015, $665.1 million of time deposits were scheduled to mature during the following two quarters at a weighted average rate of 0.68 percent.

Provision for Credit Losses and Allowance for Credit Losses

Earnings for the quarter reflect a negative provision for credit losses of $5.0 million, compared to no recorded provision for both the first quarter of 2014 and the fourth quarter of 2014. Total non-performing assets (“NPAs”) declined $67.5 million, or 43.0 percent, to $89.4 million at March 31, 2015 compared with $156.9 million at March 31, 2014 and declined $16.4 million, or 15.5 percent, from $105.7 million at December 31, 2014.

Net charge-offs for the first quarter of 2015 were $0.8 million, compared with $3.5 million for the first quarter of 2014 and $1.5 million for the fourth quarter of 2014. Recoveries of previously charged-off loans were $4.0 million for the first quarter of 2015, compared with $4.5 million for the first quarter of 2014 and $3.3 million for the fourth quarter of 2014. Annualized net charge-offs were 0.03 percent of average loans and leases for the first quarter of 2015, compared with 0.16 percent for the first quarter of 2014 and 0.06 percent for the fourth quarter of 2014.

Non-performing loans (“NPLs”) were $61.5 million, or 0.63 percent of net loans and leases, at March 31, 2015, compared with $93.3 million, or 1.03 percent of net loans and leases, at March 31, 2014, and $71.7 million, or 0.74 percent of net loans and leases, at December 31, 2014. The allowance for credit losses was $136.7 million, or 1.40 percent of net loans and leases, at March 31, 2015 compared with $149.7 million, or 1.65 percent of net loans and leases, at March 31, 2014 and $142.4 million, or 1.47 percent of net loans and leases, at December 31, 2014.

NPLs at March 31, 2015 consisted primarily of $54.4 million of nonaccrual loans, compared with $58.1 million of nonaccrual loans at December 31, 2014. Payments received on nonaccrual loans during the first quarter of 2015 totaled $18.9 million, compared with payments received on such loans of $8.5 million during the fourth quarter of 2014. NPLs at March 31, 2015 also included $1.6 million of loans 90 days or more past due and still accruing, compared with $2.8

 

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BXS Announces First Quarter Results

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April 20, 2015

 

million of such loans at December 31, 2014, and included restructured loans still accruing of $5.4 million at March 31, 2015, compared with $10.9 million of such loans at December 31, 2014. Early stage past due loans, representing loans 30-89 days past due, totaled $29.1 million at March 31, 2015 compared to $25.8 million at December 31, 2014.

Other real estate owned (“OREO”) decreased $6.1 million to $27.9 million during the first quarter of 2015 from $34.0 million at December 31, 2014. This net decrease reflected $2.8 million of OREO added through foreclosure, offset by sales of OREO of $6.7 million. Write-downs in the value of existing properties were $2.2 million for the first quarter of 2015 compared to $2.4 million for the fourth quarter of 2014. Sales of OREO during the first quarter of 2015 resulted in a net gain of $0.8 million compared to a net loss of $1.6 million for the fourth quarter of 2014. At March 31, 2015, OREO was carried at 39.0 percent of the aggregate loan balances at the time of foreclosure, compared with 40.6 percent at December 31, 2014.

Noninterest Revenue

Noninterest revenue was $73.3 million for the first quarter of 2015, compared with $66.5 million for the first quarter of 2014 and $63.5 million for the fourth quarter of 2014. These results included a negative MSR valuation adjustment of $3.0 million for the first quarter of 2015 compared with a negative MSR valuation adjustment of $1.5 million for the first quarter of 2014 and a negative MSR valuation adjustment of $3.4 million for the fourth quarter of 2014. Valuation adjustments in the MSR asset are driven primarily by fluctuations in interest rates period over period.

Excluding the MSR valuation adjustments, net mortgage lending revenue was $11.6 million for the first quarter of 2015, compared with $4.9 million for the first quarter of 2014 and $6.7 million for the fourth quarter of 2014. Mortgage origination volume for the first quarter of 2015 was $311.1 million, compared with $197.1 million for the first quarter of 2014 and $256.3 million for the fourth quarter of 2014.

Credit and debit card fee revenue was $8.5 million for the first quarter of 2015, compared with $7.8 million for the first quarter of 2014 and $9.9 million for the fourth quarter of 2014. Deposit service charge revenue was $11.3 million for the first quarter of 2015, compared with $12.5 million for the first quarter of 2014 and $12.5 million for the fourth quarter of 2014. Insurance commission revenue was $33.5 million for the first quarter of 2015, compared with $31.6 million for the first quarter of 2014 and $25.4 million for the fourth quarter of 2014. Wealth management revenue was $6.2 million for the first quarter of 2015, compared with $5.9 million for the first quarter of 2014 and $5.8 million for the fourth quarter of 2014.

Noninterest Expense

Noninterest expense for the first quarter of 2015 was $136.9 million, compared with $126.7 million for the first quarter of 2014 and $130.0 million for the fourth quarter of 2014. Salaries and employee benefits expense was $81.2 million for the first quarter of 2015 compared to $78.9 million for the first quarter of 2014 and $76.8 million for the fourth quarter of 2014. The current quarter increase was driven by a number of factors, including an increase in pension expense.

 

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BXS Announces First Quarter Results

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April 20, 2015

 

Total annual pension expense for 2015 is expected to be approximately $7 million higher than 2014 due to annual revisions to actuarial assumptions, including updates to the Society of Actuaries pension plan mortality tables. Foreclosed property expense was $2.0 million for the first quarter of 2015 compared with $2.6 million for the first quarter of 2014 and $4.6 million for the fourth quarter of 2014. Deposit insurance assessments were $2.3 million for the first quarter of 2015 compared to $1.6 million for the first quarter of 2014 and $2.4 million for the fourth quarter of 2014. During the first quarter of 2015, the Company incurred expense of $5.5 million to increase its litigation accrual for probable losses related to certain ongoing legal matters.

Rollins added, “We continue to evaluate the profitability and performance of each of our locations. Through location consolidations, we have reduced our full service branch count to 240 from 257 at the beginning of 2014.” The Company’s current location count includes 240 full service branches, including remote drive-through facilities, 6 loan production offices, 12 stand-alone mortgage offices and 26 insurance locations.

Capital Management

The Company’s equity capitalization is comprised entirely of common stock. BancorpSouth’s ratio of shareholders’ equity to assets was 12.07 percent at March 31, 2015, compared with 11.83 percent at March 31, 2014 and 12.05 percent at December 31, 2014. The ratio of tangible shareholders’ equity to tangible assets was 9.99 percent at March 31, 2015, compared with 9.69 percent at March 31, 2014 and 9.92 percent at December 31, 2014.

Estimated regulatory capital ratios at March 31, 2015 were calculated in accordance with the Basel III capital framework. BancorpSouth is a “well capitalized” financial holding company, as defined by federal regulations, with Tier 1 risk-based capital of 12.87 percent at March 31, 2015 and total risk based capital of 14.14 percent, compared with required minimum levels of 8 percent and 10 percent, respectively, for “well capitalized” classification.

Transaction Closings and Announcements

On January 8, 2014, the Company announced the signing of a definitive merger agreement with Ouachita Bancshares Corp., parent company of Ouachita Independent Bank (collectively referred to as “OIB”), headquartered in Monroe, Louisiana, pursuant to which Ouachita Bancshares Corp. will be merged with and into the Company. OIB operates 12 full-service banking offices along the I-20 corridor and has loan production offices in Madison, Mississippi and Natchitoches, Louisiana. As of March 31, 2015, OIB, on a consolidated basis, reported total assets of $653.6 million, total loans of $462.1 million and total deposits of $545.3 million. Under the terms of the definitive agreement, the Company will issue approximately 3,675,000 shares of the Company’s common stock plus $22.875 million in cash for all outstanding shares of Ouachita Bancshares Corp.’s capital stock, subject to certain conditions and potential adjustments. The terms of the amended agreement provide for a minimum total deal value of $107.5 million but also allow Ouachita Bancshares Corp. to terminate the agreement if the average closing price of the Company’s common stock declines below a certain threshold prior to closing. The merger has been unanimously approved by the Board of Directors of each company and was approved by OIB shareholders on April 8, 2014. On July 21, 2014, the Company announced the merger

 

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BXS Announces First Quarter Results

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April 20, 2015

 

agreement was extended until June 30, 2015 to allow for additional time to obtain the necessary regulatory approvals and to satisfy all closing conditions, and, on February 25, 2015, the Company re-filed the merger application for the merger with Ouachita Bancshares Corp. with the appropriate regulatory agencies. The transaction is expected to close shortly after receiving all required regulatory approvals, although the Company can provide no assurance that the merger will close timely or at all.

On January 21, 2014, the Company announced the signing of a definitive merger agreement with Central Community Corporation, headquartered in Temple, Texas, pursuant to which Central Community Corporation will be merged with and into the Company. Central Community Corporation is the parent company of First State Bank Central Texas (“First State Bank”), which is headquartered in Austin, Texas. First State Bank operates 31 full-service banking offices in central Texas. As of March 31, 2015, Central Community Corporation, on a consolidated basis, reported total assets of $1.4 billion, total loans of $600.5 million and total deposits of $1.2 billion. Under the terms of the definitive agreement, the Company will issue approximately 7,250,000 shares of the Company’s common stock plus $28.5 million in cash for all outstanding shares of Central Community Corporation’s capital stock, subject to certain conditions and potential adjustments. The terms of the amended agreement provide for a minimum total deal value of $191.0 million but also allow Central Community Corporation to terminate the agreement if the average closing price of the Company’s common stock declines below a certain threshold prior to closing. The merger has been unanimously approved by the Board of Directors of each company and was approved by Central Community Corporation shareholders on April 24, 2014. On July 21, 2014, the Company announced the merger agreement was extended until June 30, 2015 to allow for additional time to obtain the necessary regulatory approvals and to satisfy all closing conditions, and, on February 25, 2015, the Company re-filed the merger application for the merger with Central Community Corporation with the appropriate regulatory agencies. The transaction is expected to close shortly after receiving all required regulatory approvals, although the Company can provide no assurance that the merger will close timely or at all.

For additional information regarding the status of the merger with Ouachita Bancshares Corp. and the status of the merger with Central Community Corporation, please refer to the Current Report on Form 8-K that was previously filed with the Securities and Exchange Commission (the “SEC”) on July 24, 2014, Part II, Item 5 of the Quarterly Report on Form 10-Q that was previously filed with the SEC on August 6, 2014, the Current Report on Form 8-K that was previously filed with the SEC on September 4, 2014, and the Annual Report on Form 10-K that was previously filed with the SEC on February 24, 2015.

On April 9, 2014, BancorpSouth Insurance Services, Inc. acquired the assets of Lafayette, Louisiana based Knox Insurance Group, LLC. Knox was formed in 1972 and currently produces annual revenues of approximately $3 million. Knox will continue to operate under current leadership in Lafayette.

 

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BXS Announces First Quarter Results

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April 20, 2015

 

Summary

Rollins concluded, “The momentum built over the last two years through the dedication and hard work of our team continues to drive the improved financial performance reflected in our first quarter results. Particularly, our efforts to enhance our sales focus as well as hiring proven producers are yielding results. We are growing the customer base in our bank and across all products. We continue to benefit from improved credit quality as well. Finally, we continue to focus on reducing operating expenses and improving efficiency. I’m excited about the position of our Company and optimistic about our ability to continue to improve profitability.”

Conference Call

BancorpSouth will conduct a conference call to discuss its first quarter 2015 results on April 21, 2015, 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.

About BancorpSouth, Inc.

BancorpSouth, Inc. is a financial holding company headquartered in Tupelo, Mississippi, with $13.6 billion in assets. BancorpSouth Bank, a wholly-owned subsidiary of BancorpSouth, Inc., operates 284 commercial banking, mortgage, and insurance 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 upon 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,” “could,” “estimate,” “expect,” “foresee,” “hope,” “intend,” “may,” “might,” “plan,” “will,” or “would” or future or conditional verb tenses and variations or negatives of such terms. These forward-looking statements include, without limitation, those relating to the terms, timing and closings of the proposed mergers with Ouachita Bancshares Corp. and Central Community Corporation, the Company’s ability to operate its regulatory compliance programs consistent with federal, state and local laws, including its BSA/AML compliance program, the findings and results of the joint investigation by the Consumer Financial Protection Bureau (the “CFPB”) and the United States Department of Justice (“DOJ”) of the Company’s fair lending practices, the acceptance by customers of Ouachita Bancshares Corp. and Central Community Corporation of the Company’s products and services if the proposed mergers close, the outcome of any instituted, pending or threatened material litigation, amortization expense for intangible assets, goodwill impairments, loan impairment, utilization of appraisals and inspections for real estate loans, maturity, renewal or extension of construction, acquisition and development loans, net interest revenue, fair value determinations, the amount of the Company’s non-performing loans and leases, additions to OREO, credit quality, credit losses, liquidity, off-balance sheet commitments and arrangements, valuation of mortgage servicing rights, allowance and provision for credit losses, continued weakness in the economic environment, early identification and resolution of credit issues, utilization of non-GAAP financial measures, the ability of the Company to collect all amounts due according to the contractual terms of loan agreements, the Company’s reserve for losses from representation and warranty obligations, the Company’s foreclosure process related to mortgage loans, the resolution of non-performing loans that are collaterally dependent, real estate values, fully-indexed interest rates, interest rate risk, interest rate sensitivity, calculation of economic value of equity, impaired loan charge-offs, troubled debt restructurings, diversification of the Company’s revenue stream, liquidity needs and strategies, sources of funding, net interest margin, declaration and payment of dividends, cost saving initiatives, improvement in the Company’s efficiencies, operating expense trends, future acquisitions and consideration to be used therefor, the impact of litigation regarding debit card fees and the impact of certain claims and ongoing, pending or threatened litigation, administrative and investigatory matters.

The Company cautions readers 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 as a result of a variety of factors. These factors may include, but are not limited to, the Company’s ability to operate its regulatory compliance programs consistent with federal, state and local laws, including its BSA/AML compliance program, the findings and results of the CFPB and the DOJ in their review of the Company’s fair lending practices, the ability of the Company, Ouachita Bancshares Corp. and Central Community Corporation to obtain regulatory approval of and close the proposed mergers, the potential impact upon the Company of the delay in the closings of these proposed mergers, the impact of any ongoing, pending or threatened litigation, administrative and investigatory matters involving the Company, conditions in the financial markets and economic

 

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BXS Announces First Quarter Results

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April 20, 2015

 

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 OREO, limitations on the Company’s ability to declare and pay dividends, 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 and 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 the loss of any key Company personnel, 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 assets, business, cash flows, financial condition, liquidity, prospects and/or results of operations of financial services companies and other factors detailed from time to time in the Company’s press and news releases, reports and other filings with the SEC. Forward-looking statements speak only as of the date that they were made, and, except as required by law, the Company does not undertake any obligation to update or revise forward-looking statements to reflect events or circumstances that occur after the date of this news release.

 

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BXS Announces First Quarter Results

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April 20, 2015

 

BancorpSouth, Inc.

Selected Financial Information

(Dollars in thousands, except per share data)

(Unaudited)

 

     Quarter Ended
3/31/2015
    Quarter Ended
12/31/2014
    Quarter Ended
9/30/2014
    Quarter Ended
6/30/2014
    Quarter Ended
3/31/2014
 

Earnings Summary:

          

Interest revenue

   $ 113,497      $ 114,237      $ 113,922      $ 111,499      $ 110,599   

Interest expense

     7,424        7,792        8,309        8,418        9,076   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net interest revenue

     106,073        106,445        105,613        103,081        101,523   

Provision for credit losses

     (5,000     —          —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net interest revenue, after provision for credit losses

     111,073        106,445        105,613        103,081        101,523   

Noninterest revenue

     73,315        63,513        69,278        69,838        66,517   

Noninterest expense

     136,933        130,046        133,699        127,954        126,707   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

     47,455        39,912        41,192        44,965        41,333   

Income tax expense

     15,189        11,252        12,414        14,097        12,889   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 32,266      $ 28,660      $ 28,778      $ 30,868      $ 28,444   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance Sheet - Period End Balances

          

Total assets

   $ 13,630,322      $ 13,326,369      $ 13,071,557      $ 12,985,887      $ 13,143,555   

Total earning assets

     12,468,322        12,163,897        11,929,416        11,794,445        11,948,897   

Total securities

     2,194,373        2,156,927        2,211,462        2,332,192        2,426,758   

Loans and leases, net of unearned income

     9,726,970        9,712,936        9,510,542        9,311,661        9,068,376   

Allowance for credit losses

     136,660        142,443        143,950        147,132        149,704   

Total deposits

     11,252,654        10,972,339        10,701,537        10,670,414        10,811,790   

Long-term debt

     76,055        78,148        81,742        83,835        85,835   

Total shareholders’ equity

     1,645,208        1,606,059        1,610,543        1,588,850        1,554,676   

Balance Sheet - Average Balances

          

Total assets

   $ 13,457,668      $ 13,131,130      $ 12,987,103      $ 12,933,879      $ 13,087,128   

Total earning assets

     12,398,058        12,038,265        11,892,493        11,825,994        11,958,836   

Total securities

     2,190,989        2,180,000        2,272,114        2,394,045        2,452,178   

Loans and leases, net of unearned income

     9,670,987        9,579,059        9,393,709        9,232,743        9,022,155   

Total deposits

     11,126,210        10,802,194        10,662,841        10,650,077        10,825,308   

Long-term debt

     76,078        79,387        81,742        83,967        87,767   

Total shareholders’ equity

     1,624,496        1,613,239        1,600,721        1,574,588        1,537,897   

Nonperforming Assets:

          

Non-accrual loans and leases

   $ 54,418      $ 58,052      $ 54,612      $ 64,533      $ 77,531   

Loans and leases 90+ days past due, still accruing

     1,615        2,763        1,925        2,406        1,949   

Restructured loans and leases, still accruing

     5,433        10,920        12,398        6,712        13,776   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-performing loans (NPLs)

     61,466        71,735        68,935        73,651        93,256   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other real estate owned

     27,889        33,984        42,691        55,253        63,595   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Non-performing assets (NPAs)

   $ 89,355      $ 105,719      $ 111,626      $ 128,904      $ 156,851   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Financial Ratios and Other Data:

          

Return on average assets

     0.97     0.87     0.88     0.96     0.88

Return on average shareholders’ equity

     8.06     7.05     7.13     7.86     7.50

Return on tangible equity

     9.84     8.81     8.83     9.74     9.28

Pre-tax pre-provision return on average assets

     1.29     1.21     1.26     1.39     1.28

Noninterest income to average assets

     2.21     1.92     2.12     2.17     2.06

Noninterest expense to average assets

     4.13     3.93     4.08     3.97     3.93

Net interest margin-fully taxable equivalent

     3.56     3.60     3.62     3.59     3.54

Net interest rate spread

     3.46     3.49     3.50     3.48     3.43

Efficiency ratio (tax equivalent)

     75.17     75.25     75.19     72.76     74.16

Loan/deposit ratio

     86.44     88.52     88.87     87.27     83.87

Price to earnings mult (avg)

     18.43        18.45        16.64        21.00        23.33   

Market value to book value

     136.26     134.91     120.13     148.53     154.13

Market value to book value (avg)

     127.91     130.16     129.54     143.72     150.43

Market value to tangible book value

     168.52     167.95     149.58     185.73     192.80

Market value to tangible book value (avg)

     158.20     162.04     161.30     179.75     188.17

Headcount FTE

     3,924        3,948        3,938        3,981        3,981   

 

- MORE -


BXS Announces First Quarter Results

Page 10

April 20, 2015

 

BancorpSouth, Inc.

Selected Financial Information

(Dollars in thousands, except per share data)

(Unaudited)

 

     Quarter Ended
3/31/2015
    Quarter Ended
12/31/2014
    Quarter Ended
9/30/2014
    Quarter Ended
6/30/2014
    Quarter Ended
3/31/2014
 

Credit Quality Ratios:

          

Net charge-offs to average loans and leases (annualized)

     0.03     0.06     0.13     0.11     0.16

Provision for credit losses to average loans and leases (annualized)

     (0.21 %)      0.00     0.00     0.00     0.00

Allowance for credit losses to net loans and leases

     1.40     1.47     1.51     1.58     1.65

Allowance for credit losses to non-performing loans and leases

     222.33     198.57     208.82     199.77     160.53

Allowance for credit losses to non-performing assets

     152.94     134.74     128.96     114.14     95.44

Non-performing loans and leases to net loans and leases

     0.63     0.74     0.72     0.79     1.03

Non-performing assets to net loans and leases

     0.92     1.09     1.17     1.38     1.73

Equity Ratios:

          

Total shareholders’ equity to total assets

     12.07     12.05     12.32     12.24     11.83

Tangible shareholders’ equity to tangible assets

     9.99     9.92     10.14     10.03     9.69

Capital Adequacy:

          

Tier 1 capital

     12.87 %*      13.26     13.18     13.09     13.18

Total capital

     14.14 %*      14.52     14.43     14.35     14.44

Tier 1 leverage capital

     10.30 %*      10.55     10.47     10.33     10.04

Estimated for current quarter

          

Common Share Data:

          

Basic earnings per share

   $ 0.33      $ 0.30      $ 0.30      $ 0.32      $ 0.30   

Diluted earnings per share

     0.33        0.30        0.30        0.32        0.30   

Cash dividends per share

     0.08        0.08        0.08        0.05        0.05   

Book value per share

     17.04        16.69        16.77        16.54        16.19   

Tangible book value per share

     13.78        13.40        13.46        13.23        12.95   

Market value per share (last)

     23.22        22.51        20.14        24.57        24.96   

Market value per share (high)

     23.68        23.28        25.43        25.55        26.24   

Market value per share (low)

     19.64        19.22        20.11        22.16        22.46   

Market value per share (avg)

     21.80        21.72        21.72        23.78        24.36   

Dividend payout ratio

     22.40     25.17     25.03     15.56     16.80

Total shares outstanding

     96,544,502        96,254,903        96,065,021        96,046,057        96,004,679   

Average shares outstanding - basic

     96,359,885        96,173,000        96,052,260        96,034,475        95,629,890   

Average shares outstanding - diluted

     96,653,401        96,506,827        96,373,950        96,373,121        95,952,611   

Yield/Rate:

          

(Taxable equivalent basis)

          

Loans, loans held for sale, and leases net of unearned income

     4.31     4.30     4.36     4.38     4.48

Available-for-sale securities:

          

Taxable

     1.54     1.43     1.42     1.45     1.50

Tax-exempt

     5.40     5.30     5.37     5.44     5.58

Short-term investments

     0.22     0.24     0.22     0.24     0.25

Total interest earning assets and revenue

     3.80     3.85     3.89     3.88     3.85

Deposits:

     0.24     0.25     0.28     0.28     0.31

Demand - interest bearing

     0.18     0.18     0.17     0.17     0.17

Savings

     0.12     0.12     0.12     0.12     0.13

Other time

     0.82     0.87     0.96     0.97     1.06

Short-term borrowings

     0.12     0.11     0.10     0.09     0.07

Total int bearing dep & s/t borrowings

     0.31     0.33     0.36     0.37     0.39

Junior subordinated debt

     2.84     2.82     2.81     2.81     2.86

Long-term debt

     2.88     2.86     2.85     2.84     2.91

Total interest bearing liabilities and expense

     0.34     0.36     0.39     0.40     0.42

Interest bearing liabilities to interest earning assets

     71.13     70.57     71.07     71.98     73.51

Net interest tax equivalent adjustment

   $ 2,653      $ 2,736      $ 2,810      $ 2,860      $ 2,823   

*Estimated regulatory capital ratios for the quarter ended March 31, 2015 were calculated in accordance with the Basel III capital framework.

 

- MORE -


BXS Announces First Quarter Results

Page 11

April 20, 2015

 

BancorpSouth, Inc.

Consolidated Balance Sheets

(Unaudited)

 

     Mar-15     Dec-14     Sep-14     Jun-14     Mar-14  
     (Dollars in thousands)  

Assets

          

Cash and due from banks

   $ 199,337      $ 204,231      $ 169,226      $ 201,196      $ 199,214   

Interest bearing deposits with other banks

     360,469        153,019        70,408        44,949        390,896   

Available-for-sale securities, at fair value

     2,194,373        2,156,927        2,211,462        2,332,192        2,426,758   

Loans and leases

     9,761,555        9,749,540        9,546,250        9,347,429        9,103,850   

Less: Unearned income

     34,585        36,604        35,708        35,768        35,474   

  Allowance for credit losses

     136,660        142,443        143,950        147,132        149,704   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loans and leases

  9,590,310      9,570,493      9,366,592      9,164,529      8,918,672   

Loans held for sale

  186,510      141,015      137,005      105,643      62,867   

Premises and equipment, net

  305,335      304,943      307,497      310,515      314,367   

Accrued interest receivable

  42,933      41,985      42,311      40,697      42,666   

Goodwill

  291,498      291,498      291,498      291,498      286,800   

Other identifiable intangibles

  23,476      24,508      25,619      26,745      25,021   

Bank owned life insurance

  246,148      247,076      243,827      241,962      240,077   

Other real estate owned

  27,889      33,984      42,691      55,253      63,595   

Other assets

  162,044      156,690      163,421      170,708      172,622   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Assets

$ 13,630,322    $ 13,326,369    $ 13,071,557    $ 12,985,887    $ 13,143,555   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities

Deposits:

Demand: Noninterest bearing

$ 2,914,949    $ 2,778,686    $ 2,811,156    $ 2,718,242    $ 2,725,042   

        Interest bearing

  4,979,710      4,868,054      4,498,275      4,511,760      4,583,481   

Savings

  1,395,857      1,331,963      1,311,874      1,299,203      1,297,344   

Other time

  1,962,138      1,993,636      2,080,232      2,141,209      2,205,923   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total deposits

  11,252,654      10,972,339      10,701,537      10,670,414      10,811,790   

Federal funds purchased and securities sold under agreement to repurchase

  384,829      388,166      431,428      394,446      456,303   

Short-term Federal Home Loan Bank borrowings and other short-term borrowing

  1,500      3,500      2,000      2,000      —     

Accrued interest payable

  3,371      3,400      3,894      3,926      4,050   

Junior subordinated debt securities

  23,198      23,198      23,198      23,198      23,198   

Long-term debt

  76,055      78,148      81,742      83,835      85,835   

Other liabilities

  243,507      251,559      217,215      219,218      207,703   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Liabilities

  11,985,114      11,720,310      11,461,014      11,397,037      11,588,879   

Shareholders’ Equity

Common stock

  241,361      240,637      240,165      240,118      240,012   

Capital surplus

  331,016      324,271      322,488      321,952      320,969   

Accumulated other comprehensive loss

  (37,033   (43,686   (15,513   (15,040   (22,060

Retained earnings

  1,109,864      1,084,837      1,063,403      1,041,820      1,015,755   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Shareholders’ Equity

  1,645,208      1,606,059      1,610,543      1,588,850      1,554,676   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Liabilities & Shareholders’ Equity

$ 13,630,322    $ 13,326,369    $ 13,071,557    $ 12,985,887    $ 13,143,555   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

- MORE -


BXS Announces First Quarter Results

Page 12

April 20, 2015

 

BancorpSouth, Inc.

Consolidated Average Balance Sheets

(Unaudited)

 

     Mar-15     Dec-14     Sep-14     Jun-14     Mar-14  
     (Dollars in thousands)  

Assets

          

Cash and due from banks

   $ 132,734      $ 166,941      $ 155,876      $ 157,813      $ 168,056   

Interest bearing deposits with other banks

     426,792        165,713        120,707        145,530        449,207   

Available-for-sale securities, at fair value

     2,190,989        2,180,000        2,272,114        2,394,045        2,452,178   

Loans and leases

     9,706,941        9,615,125        9,430,043        9,269,469        9,058,081   

Less: Unearned income

     35,954        36,066        36,334        36,726        35,926   

  Allowance for credit losses

     141,299        143,842        146,592        149,676        153,615   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loans and leases

  9,529,688      9,435,217      9,247,117      9,083,067      8,868,540   

Loans held for sale

  109,291      113,493      105,964      53,676      35,297   

Premises and equipment, net

  305,277      306,630      309,373      313,012      315,804   

Accrued interest receivable

  39,279      39,034      38,758      38,291      39,336   

Goodwill

  291,498      291,498      291,498      293,082      286,800   

Other identifiable intangibles

  23,834      24,910      26,031      25,271      25,420   

Bank owned life insurance

  246,538      245,584      242,718      240,736      239,969   

Other real estate owned

  32,062      39,209      49,123      60,822      69,086   

Other assets

  129,686      122,901      127,824      128,534      137,435   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Assets

$ 13,457,668    $ 13,131,130    $ 12,987,103    $ 12,933,879    $ 13,087,128   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities

Deposits:

Demand: Noninterest bearing

$ 2,807,816    $ 2,837,919    $ 2,766,626    $ 2,683,939    $ 2,647,376   

        Interest bearing

  4,985,577      4,617,998      4,480,008      4,492,495      4,657,785   

Savings

  1,358,565      1,321,000      1,308,184      1,298,829      1,260,838   

Other time

  1,974,252      2,025,277      2,108,023      2,174,814      2,259,309   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total deposits

  11,126,210      10,802,194      10,662,841      10,650,077      10,825,308   

Federal funds purchased and securities sold under agreement to repurchase

  398,237      426,842      444,017      435,505      458,436   

Short-term Federal Home Loan Bank borrowings and other short-term borrowing

  3,056      2,261      6,489      3,621      —     

Accrued interest payable

  3,338      3,630      3,940      3,926      4,400   

Junior subordinated debt securities

  23,198      23,198      23,198      23,198      23,748   

Long-term debt

  76,078      79,387      81,742      83,967      87,767   

Other liabilities

  203,055      180,379      164,155      158,997      149,572   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Liabilities

  11,833,172      11,517,891      11,386,382      11,359,291      11,549,231   

Shareholders’ Equity

Common stock

  240,992      240,436      240,123      240,071      238,853   

Capital surplus

  326,476      323,372      322,219      321,628      314,117   

Accumulated other comprehensive loss

  (39,529   (22,747   (14,827   (16,663   (23,644

Retained earnings

  1,096,557      1,072,178      1,053,206      1,029,552      1,008,571   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Shareholders’ Equity

  1,624,496      1,613,239      1,600,721      1,574,588      1,537,897   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Liabilities & Shareholders’ Equity

$ 13,457,668    $ 13,131,130    $ 12,987,103    $ 12,933,879    $ 13,087,128   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

- MORE -


BXS Announces First Quarter Results

Page 13

April 20, 2015

 

BancorpSouth, Inc.

Consolidated Condensed Statements of Income

(Dollars in thousands, except per share data)

(Unaudited)

 

     Quarter Ended     YTD  
     Mar-15     Dec-14      Sep-14      Jun-14      Mar-14     Mar-15     Mar-14  

INTEREST REVENUE:

                 

Loans and leases

   $ 102,135      $ 103,172       $ 102,681       $ 99,962       $ 98,744      $ 102,135      $ 98,744   

Deposits with other banks

     236        101         68         87         276        236        276   

Available-for-sale securities:

                 

Taxable

     6,844        6,429         6,646         7,133         7,547        6,844        7,547   

Tax-exempt

     3,377        3,471         3,607         3,669         3,715        3,377        3,715   

Loans held for sale

     905        1,064         920         648         317        905        317   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Total interest revenue

  113,497      114,237      113,922      111,499      110,599      113,497      110,599   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

INTEREST EXPENSE:

Interest bearing demand

  2,183      2,070      1,956      1,905      1,920      2,183      1,920   

Savings

  412      411      410      402      391      412      391   

Other time

  4,008      4,453      5,083      5,249      5,890      4,008      5,890   

Federal funds purchased and securities sold under agreement to repurchase

  82      89      84      80      78      82      78   

Long-term debt

  577      603      612      619      629      577      629   

Junior subordinated debt

  163      165      164      162      168      163      168   

Other

  (1   1      —        1      —        (1   —     
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Total interest expense

  7,424      7,792      8,309      8,418      9,076      7,424      9,076   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Net interest revenue

  106,073      106,445      105,613      103,081      101,523      106,073      101,523   

Provision for credit losses

  (5,000   —        —        —        —        (5,000   —     
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Net interest revenue, after provision for credit losses

  111,073      106,445      105,613      103,081      101,523      111,073      101,523   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

NONINTEREST REVENUE:

Mortgage lending

  8,567      3,250      6,938      9,089      3,394      8,567      3,394   

Credit card, debit card and merchant fees

  8,539      9,921      8,972      8,567      7,843      8,539      7,843   

Deposit service charges

  11,252      12,538      13,111      12,437      12,536      11,252      12,536   

Security gains (losses), net

  14      18      18      5      (4   14      (4

Insurance commissions

  33,493      25,376      29,246      28,621      31,599      33,493      31,599   

Wealth Management

  6,210      5,826      5,961      5,828      5,916      6,210      5,916   

Other

  5,240      6,584      5,032      5,291      5,233      5,240      5,233   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Total noninterest revenue

  73,315      63,513      69,278      69,838      66,517      73,315      66,517   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

NONINTEREST EXPENSE:

Salaries and employee benefits

  81,179      76,751      77,453      74,741      78,883      81,179      78,883   

Occupancy, net of rental income

  10,194      10,500      10,313      10,245      10,287      10,194      10,287   

Equipment

  3,974      3,996      4,205      4,169      4,499      3,974      4,499   

Deposit insurance assessments

  2,311      2,430      2,125      2,035      1,600      2,311      1,600   

Other

  39,275      36,369      39,603      36,764      31,438      39,275      31,438   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Total noninterest expenses

  136,933      130,046      133,699      127,954      126,707      136,933      126,707   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Income before income taxes

  47,455      39,912      41,192      44,965      41,333      47,455      41,333   

Income tax expense

  15,189      11,252      12,414      14,097      12,889      15,189      12,889   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Net income

$ 32,266    $ 28,660    $ 28,778    $ 30,868    $ 28,444    $ 32,266    $ 28,444   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Net income per share: Basic

$ 0.33    $ 0.30    $ 0.30    $ 0.32    $ 0.30    $ 0.33    $ 0.30   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

            Diluted

$ 0.33    $ 0.30    $ 0.30    $ 0.32    $ 0.30    $ 0.33    $ 0.30   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

 

- MORE -


BXS Announces First Quarter Results

Page 14

April 20, 2015

 

BancorpSouth, Inc.

Selected Loan Data

(Dollars in thousands)

(Unaudited)

 

     Quarter Ended  
     Mar-15     Dec-14     Sep-14     Jun-14     Mar-14  

LOAN AND LEASE PORTFOLIO:

          

Commercial and industrial

   $ 1,676,366      $ 1,746,486      $ 1,714,012      $ 1,699,803      $ 1,581,251   

Real estate

          

Consumer mortgages

     2,301,112        2,257,726        2,191,265        2,071,503        2,047,001   

Home equity

     538,042        531,374        518,263        506,988        498,283   

Agricultural

     236,898        239,616        242,023        238,003        229,602   

Commercial and industrial-owner occupied

     1,518,153        1,522,536        1,508,679        1,505,679        1,488,380   

Construction, acquisition and development

     892,730        853,623        819,636        772,162        748,027   

Commercial real estate

     1,993,473        1,961,977        1,916,577        1,901,759        1,847,983   

Credit cards

     106,287        113,426        109,464        109,186        105,988   

All other

     463,909        486,172        490,623        506,578        521,861   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total loans

$ 9,726,970    $ 9,712,936    $ 9,510,542    $ 9,311,661    $ 9,068,376   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

ALLOWANCE FOR CREDIT LOSSES:

Balance, beginning of period

$ 142,443    $ 143,950    $ 147,132    $ 149,704    $ 153,236   

Loans and leases charged-off:

Commercial and industrial

  (383   (1,179   (306   (860   (201

Real estate

Consumer mortgages

  (892   (900   (1,510   (1,682   (1,945

Home equity

  (498   (93   (510   (438   (318

Agricultural

  (8   (4   (47   (18   (696

Commercial and industrial-owner occupied

  (394   (220   (1,229   (936   (1,206

Construction, acquisition and development

  (343   (566   (1,458   (41   (1,666

Commercial real estate

  (1,007   (463   (70   (361   (901

Credit cards

  (676   (580   (612   (608   (559

All other

  (579   (847   (743   (671   (583
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total loans charged-off

  (4,780   (4,852   (6,485   (5,615   (8,075
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Recoveries:

Commercial and industrial

  502      298      565      359      1,076   

Real estate

Consumer mortgages

  612      821      952      956      538   

Home equity

  241      102      157      182      184   

Agricultural

  269      16      45      26      9   

Commercial and industrial-owner occupied

  550      216      460      78      358   

Construction, acquisition and development

  604      897      392      808      1,637   

Commercial real estate

  720      623      286      226      323   

Credit cards

  153      160      116      135      131   

All other

  346      212      330      273      287   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total recoveries

  3,997      3,345      3,303      3,043      4,543   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net charge-offs

  (783   (1,507   (3,182   (2,572   (3,532

Provision charged to operating expense

  (5,000   —        —        —        —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance, end of period

$ 136,660    $ 142,443    $ 143,950    $ 147,132    $ 149,704   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Average loans for period

$ 9,670,987    $ 9,579,059    $ 9,393,709    $ 9,232,743    $ 9,022,155   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio:

Net charge-offs to average loans (annualized)

  0.03   0.06   0.13   0.11   0.16
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

- MORE -


BXS Announces First Quarter Results

Page 15

April 20, 2015

 

BancorpSouth, Inc.

Selected Loan Data

(Dollars in thousands)

(Unaudited)

 

     Quarter Ended  
     Mar-15     Dec-14     Sep-14     Jun-14     Mar-14  

NON-PERFORMING ASSETS

          

NON-PERFORMING LOANS AND LEASES:

          

Nonaccrual Loans and Leases

          

Commercial and industrial

   $ 3,923      $ 3,934      $ 2,786      $ 2,917      $ 3,023   

Real estate

          

Consumer mortgages

     21,435        23,668        23,408        24,355        24,353   

Home equity

     2,269        2,253        2,073        2,116        2,740   

Agricultural

     259        291        638        595        651   

Commercial and industrial-owner occupied

     9,687        11,190        7,495        11,094        14,122   

Construction, acquisition and development

     5,111        4,162        6,070        9,202        9,968   

Commercial real estate

     11,107        11,915        11,102        13,406        21,496   

Credit cards

     118        133        168        132        168   

All other

     509        506        872        716        1,010   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total nonaccrual loans and leases

$ 54,418    $ 58,052    $ 54,612    $ 64,533    $ 77,531   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Loans and Leases 90+ Days Past Due, Still Accruing:

Commercial and industrial

$ 30    $ 41    $ 60    $ 302    $ 287   

Real estate

Consumer mortgages

  1,256      1,828      1,590      1,607      1,307   

Home equity

  —        —        20      116      12   

Agricultural

  —        —        —        100      —     

Commercial and industrial-owner occupied

  —        39      —        —        —     

Construction, acquisition and development

  —        387      —        —        —     

Commercial real estate

  —        137      —        —        —     

Credit cards

  329      327      255      281      297   

All other

  —        4      —        —        46   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total loans and leases 90+ days past due, still accruing

  1,615      2,763      1,925      2,406      1,949   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Restructured Loans and Leases, Still Accruing

  5,433      10,920      12,398      6,712      13,776   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total non-performing loans and leases

  61,466      71,735      68,935      73,651      93,256   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

OTHER REAL ESTATE OWNED:

  27,889      33,984      42,691      55,253      63,595   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Non-performing Assets

$ 89,355    $ 105,719    $ 111,626    $ 128,904    $ 156,851   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Additions to Nonaccrual Loans and Leases During the Quarter

$ 23,607    $ 21,952    $ 16,707    $ 13,748    $ 22,479   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Loans and Leases 30-89 Days Past Due, Still Accruing:

Commercial and industrial

$ 3,270    $ 2,319    $ 3,753    $ 3,605    $ 2,616   

Real estate

Consumer mortgages

  9,955      11,412      13,013      11,448      12,236   

Home equity

  2,594      2,047      1,315      960      1,587   

Agricultural

  161      366      190      1,122      302   

Commercial and industrial-owner occupied

  3,026      912      2,364      6,340      3,248   

Construction, acquisition and development

  5,471      4,811      1,036      1,616      2,848   

Commercial real estate

  3,032      1,510      926      1,658      3,953   

Credit cards

  581      739      602      556      592   

All other

  1,014      1,698      1,196      1,490      963   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Loans and Leases 30-89 days past due, still accruing

$ 29,104    $ 25,814    $ 24,395    $ 28,795    $ 28,345   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Credit Quality Ratios:

Provision for credit losses to average loans and leases (annualized)

  (0.21 %)    0.00   0.00   0.00   0.00

Allowance for credit losses to net loans and leases

  1.40   1.47   1.51   1.58   1.65

Allowance for credit losses to non-performing loans and leases

  222.33   198.57   208.82   199.77   160.53

Allowance for credit losses to non-performing assets

  152.94   134.74   128.96   114.14   95.44

Non-performing loans and leases to net loans and leases

  0.63   0.74   0.72   0.79   1.03

Non-performing assets to net loans and leases

  0.92   1.09   1.17   1.38   1.73

 

- MORE -


BXS Announces First Quarter Results

Page 16

April 20, 2015

 

BancorpSouth, Inc.

Selected Loan Data

(Dollars in thousands)

(Unaudited)

 

     March 31, 2015  
     Pass      Special
Mention
     Substandard      Doubtful      Loss      Impaired      Total  

LOAN PORTFOLIO BY INTERNALLY ASSIGNED GRADE:

                    

Commercial and industrial

   $ 1,642,264       $ 961       $ 31,202       $ 99       $ —         $ 1,840       $ 1,676,366   

Real estate

                    

Consumer mortgages

     2,218,792         —           78,928         227         —           3,165         2,301,112   

Home equity

     527,726         —           9,706         —           —           610         538,042   

Agricultural

     225,990         —           10,908         —           —           —           236,898   

Commercial and industrial-owner occupied

     1,457,229         —           54,801         242         —           5,881         1,518,153   

Construction, acquisition and development

     851,938         —           37,303         329         —           3,160         892,730   

Commercial real estate

     1,923,659         —           59,497         300         —           10,017         1,993,473   

Credit cards

     106,287         —           —           —           —           —           106,287   

All other

     451,174         —           12,571         —           —           164         463,909   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total loans

$ 9,405,059    $ 961    $ 294,916    $ 1,197    $ —      $ 24,837    $ 9,726,970   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

     December 31, 2014  
     Pass      Special
Mention
     Substandard      Doubtful      Loss      Impaired      Total  

LOAN PORTFOLIO BY INTERNALLY ASSIGNED GRADE:

                    

Commercial and industrial

   $ 1,709,475       $ 978       $ 33,879       $ —         $ —         $ 2,154       $ 1,746,486   

Real estate

                    

Consumer mortgages

     2,167,965         —           84,975         —           —           4,786         2,257,726   

Home equity

     521,011         —           9,744         —           —           619         531,374   

Agricultural

     227,688         —           11,928         —           —           —           239,616   

Commercial and industrial-owner occupied

     1,450,158         —           64,420         491         —           7,467         1,522,536   

Construction, acquisition and development

     811,227         —           39,675         334         —           2,387         853,623   

Commercial real estate

     1,893,514         —           57,761         184         —           10,518         1,961,977   

Credit cards

     113,426         —           —           —           —           —           113,426   

All other

     471,662         —           14,340         —           —           170         486,172   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total loans

$ 9,366,126    $ 978    $ 316,722    $ 1,009    $ —      $ 28,101    $ 9,712,936   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

- MORE -


BXS Announces First Quarter Results

Page 17

April 20, 2015

 

BancorpSouth, Inc.

Geographical Information

(Dollars in thousands)

(Unaudited)

 

    March 31, 2015  
    Alabama
and Florida
Panhandle
    Arkansas     Louisiana     Mississippi     Missouri     Tennessee     Texas     Other     Total  

LOAN AND LEASE PORTFOLIO:

                 

Commercial and industrial

  $ 189,823      $ 208,990      $ 217,749      $ 555,594      $ 77,274      $ 135,672      $ 267,825      $ 23,439      $ 1,676,366   

Real estate

                 

Consumer mortgages

    195,923        286,833        193,390        774,883        68,048        239,586        374,743        167,706        2,301,112   

Home equity

    74,805        37,890        56,275        212,510        21,507        125,541        8,063        1,451        538,042   

Agricultural

    6,515        71,542        29,253        70,036        2,725        12,567        44,260        —          236,898   

Commercial and industrial-owner occupied

    176,298        175,152        177,340        572,800        58,596        158,062        199,905        —          1,518,153   

Construction, acquisition and development

    128,479        91,070        87,238        287,700        22,758        141,940        113,706        19,839        892,730   

Commercial real estate

    288,445        336,170        247,765        486,219        201,241        179,111        204,190        50,332        1,993,473   

Credit cards

    —          —          —          —          —          —          —          106,287        106,287   

All other

    29,303        36,893        27,073        200,233        2,603        38,034        37,469        92,301        463,909   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total loans

  $ 1,089,591      $ 1,244,540      $ 1,036,083      $ 3,159,975      $ 454,752      $ 1,030,513      $ 1,250,161      $ 461,355      $ 9,726,970   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

NON-PERFORMING LOANS AND LEASES:

                 

Commercial and industrial

  $ 1,227      $ 438      $ 579      $ 1,720      $ —        $ —        $ 69      $ 143      $ 4,176   

Real estate

                 

Consumer mortgages

    193        1,888        833        9,005        777        2,008        864        7,799        23,367   

Home equity

    775        43        514        319        87        528        —          3        2,269   

Agricultural

    79        31        14        73        —          61        —          1        259   

Commercial and industrial-owner occupied

    293        1,043        1,033        8,222        973        938        81        2        12,585   

Construction, acquisition and development

    906        196        —          1,067        255        2,692        —          2        5,118   

Commercial real estate

    —          259        2,082        4,147        445        4,502        300        —          11,735   

Credit cards

    —          —          —          —          —          —          —          1,345        1,345   

All other

    —          42        138        238        —          193        —          1        612   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total loans

  $ 3,473      $ 3,940      $ 5,193      $ 24,791      $ 2,537      $ 10,922      $ 1,314      $ 9,296      $ 61,466   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

NON-PERFORMING LOANS AND LEASES

                 

AS A PERCENTAGE OF OUTSTANDING:

                 

Commercial and industrial

    0.65     0.21     0.27     0.31     0.00     0.00     0.03     0.61     0.25

Real estate

                 

Consumer mortgages

    0.10     0.66     0.43     1.16     1.14     0.84     0.23     4.65     1.02

Home equity

    1.04     0.11     0.91     0.15     0.40     0.42     0.00     0.21     0.42

Agricultural

    1.21     0.04     0.05     0.10     0.00     0.49     0.00     0.00     0.11

Commercial and industrial-owner occupied

    0.17     0.60     0.58     1.44     1.66     0.59     0.04     0.00     0.83

Construction, acquisition and development

    0.71     0.22     0.00     0.37     1.12     1.90     0.00     0.01     0.57

Commercial real estate

    0.00     0.08     0.84     0.85     0.22     2.51     0.15     0.00     0.59

Credit cards

    —          —          —          —          —          —          —          1.27     1.27

All other

    0.00     0.11     0.51     0.12     0.00     0.51     0.00     0.00     0.13
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total loans

    0.32     0.32     0.50     0.78     0.56     1.06     0.11     2.01     0.63
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

- MORE -


BXS Announces First Quarter Results

Page 18

April 20, 2015

 

BancorpSouth, Inc.

Selected Additional Information

(Dollars in thousands)

(Unaudited)

 

     March 31, 2015  
     Alabama
and Florida
Panhandle
    Arkansas     Louisiana     Mississippi     Missouri     Tennessee      Texas      Other      Total  

OTHER REAL ESTATE OWNED:

                     

Commercial and industrial

   $ 84      $ —        $ —        $ —        $ —        $ —         $ —         $ —         $ 84   

Real estate

                     

Consumer mortgages

     264        79        25        1,289        —          38         4         —           1,699   

Home equity

     —          —          —          101        —          —           —           —           101   

Agricultural

     —          —          —          25        —          —           —           —           25   

Commercial and industrial-owner occupied

     199        —          —          1,424        —          307         60         —           1,990   

Construction, acquisition and development

     3,886        84        139        16,069        —          2,627         —           —           22,805   

Commercial real estate

     170        —          —          646        —          121         63         —           1,000   

All other

     —          27        —          99        —          59         —           —           185   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

Total loans

$ 4,603    $ 190    $ 164    $ 19,653    $ —      $ 3,152    $ 127    $ —      $ 27,889   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 
     Quarter Ended                             
     Mar-15     Dec-14     Sep-14     Jun-14     Mar-14                             

OTHER REAL ESTATE OWNED:

                     

Balance, beginning of period

   $ 33,984      $ 42,691      $ 55,253      $ 63,595      $ 69,338              

Additions to foreclosed properties

                     

New foreclosed property

     2,804        2,257        3,476        4,144        4,855              

Reductions in foreclosed properties

                     

Sales

     (6,726     (8,548     (14,429     (10,269     (8,767           

Writedowns

     (2,173     (2,416     (1,609     (2,217     (1,831           
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

            

Balance, end of period

$ 27,889    $ 33,984    $ 42,691    $ 55,253    $ 63,595   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

            

FORECLOSED PROPERTY EXPENSE

(Gain) Loss on sale of other real estate owned

$ (779 $ 1,643    $ 3,289    $ 1,073    $ 466   

Writedown of other real estate owned

  2,173      2,416      1,609      2,217      1,831   

Other foreclosed property expense

  577      534      823      912      258   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

            

Total foreclosed property expense

$ 1,971    $ 4,593    $ 5,721    $ 4,202    $ 2,555   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

            

 

- MORE -


BXS Announces First Quarter Results

Page 19

April 20, 2015

 

BancorpSouth, Inc.

Noninterest Revenue and Expense

(Dollars in thousands)

(Unaudited)

 

     Quarter Ended  
     Mar-15     Dec-14      Sep-14      Jun-14      Mar-14  

NONINTEREST REVENUE:

             

Mortgage lending

   $ 8,567      $ 3,250       $ 6,938       $ 9,089       $ 3,394   

Credit card, debit card and merchant fees

     8,539        9,921         8,972         8,567         7,843   

Deposit service charges

     11,252        12,538         13,111         12,437         12,536   

Securities gains, net

     14        18         18         5         (4

Insurance commissions

     33,493        25,376         29,246         28,621         31,599   

Trust income

     4,036        3,791         3,537         3,624         3,568   

Annuity fees

     558        540         461         695         772   

Brokerage commissions and fees

     1,616        1,495         1,963         1,509         1,576   

Bank-owned life insurance

     1,899        3,249         1,865         1,885         1,849   

Other miscellaneous income

     3,341        3,335         3,167         3,406         3,384   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

Total noninterest revenue

$ 73,315    $ 63,513    $ 69,278    $ 69,838    $ 66,517   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

NONINTEREST EXPENSE:

Salaries and employee benefits

$ 81,179    $ 76,751    $ 77,453    $ 74,741    $ 78,883   

Occupancy, net of rental income

  10,194      10,500      10,313      10,245      10,287   

Equipment

  3,974      3,996      4,205      4,169      4,499   

Deposit insurance assessments

  2,311      2,430      2,125      2,035      1,600   

Amortization of bond issue cost

  12      12      12      12      12   

Advertising

  781      1,233      1,192      1,331      632   

Foreclosed property expense

  1,971      4,593      5,721      4,202      2,555   

Telecommunications

  1,922      1,960      2,254      2,258      2,248   

Public relations

  570      770      950      857      822   

Data processing

  5,393      4,804      5,317      5,384      5,230   

Computer software

  2,606      2,763      2,488      2,851      2,423   

Amortization of intangibles

  1,032      1,111      1,126      1,148      1,058   

Legal

  7,681      2,322      2,620      3,002      1,878   

Merger expense

  (2   4      188      1,010      560   

Postage and shipping

  1,172      1,239      1,103      1,116      1,287   

Other miscellaneous expense

  16,137      15,558      16,632      13,593      12,733   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

Total noninterest expense

$ 136,933    $ 130,046    $ 133,699    $ 127,954    $ 126,707   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

INSURANCE COMMISSIONS:

Property and casualty commissions

$ 20,673    $ 19,007    $ 22,746    $ 21,576    $ 19,987   

Life and health commissions

  5,412      5,521      5,128      5,549      5,010   

Risk management income

  666      621      708      617      705   

Other

  6,742      227      664      879      5,897   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

Total insurance commissions

$ 33,493    $ 25,376    $ 29,246    $ 28,621    $ 31,599   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

 

- MORE -


BXS Announces First Quarter Results

Page 20

April 20, 2015

 

BancorpSouth, Inc.

Selected Additional Information

(Dollars in thousands)

(Unaudited)

 

     Quarter Ended  
     Mar-15     Dec-14     Sep-14     Jun-14     Mar-14  

MORTGAGE SERVICING RIGHTS:

          

Fair value, beginning of period

   $ 51,296      $ 53,759      $ 52,272      $ 53,436      $ 54,662   

Additions to mortgage servicing rights:

          

Originations of servicing assets

     2,499        2,453        2,400        2,565        1,460   

Changes in fair value:

          

Due to payoffs/paydowns

     (1,564     (1,480     (1,559     (1,616     (1,138

Due to change in valuation inputs or assumptions used in the valuation model

     (3,039     (3,434     648        (2,111     (1,547

Other changes in fair value

     (2     (2     (2     (2     (1
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fair value, end of period

$ 49,190    $ 51,296    $ 53,759    $ 52,272    $ 53,436   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Production revenue:

Origination

$ 8,914    $ 3,949    $ 3,736    $ 8,758    $ 1,964   

Servicing

  4,256      4,215      4,113      4,058      4,115   

Payoffs/Paydowns

  (1,564   (1,480   (1,559   (1,616   (1,138
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total production revenue

  11,606      6,684      6,290      11,200      4,941   

Market value adjustment

  (3,039   (3,434   648      (2,111   (1,547
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total mortgage lending revenue

$ 8,567    $ 3,250    $ 6,938    $ 9,089    $ 3,394   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Mortgage loans serviced

$ 5,705,638    $ 5,686,756    $ 5,649,897    $ 5,630,192    $ 5,568,828   

MSR/mtg loans serviced

  0.86   0.90   0.95   0.93   0.96

AVAILABLE-FOR-SALE SECURITIES, at fair value

U.S. Government agencies

$ 1,286,981    $ 1,215,054    $ 1,238,088    $ 1,333,368    $ 1,419,269   

Government agency issued residential mortgage-back securities

  200,381      209,230      218,748      229,414      241,596   

Government agency issued commercial mortgage-back securities

  227,409      240,568      237,325      237,321      234,059   

Obligations of states and political subdivisions

  471,539      483,864      509,304      520,897      523,811   

Other

  8,063      8,211      7,997      11,192      8,023   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total available-for-sale securities

$ 2,194,373    $ 2,156,927    $ 2,211,462    $ 2,332,192    $ 2,426,758   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

- MORE -


BXS Announces First Quarter Results

Page 21

April 20, 2015

 

BancorpSouth, Inc.

Reconciliation of Non-GAAP Measures

(Dollars in thousands, except per share amounts)

(Unaudited)

Management evaluates the Company’s capital position and operating performance by utilizing certain financial measures not calculated in accordance with U.S. Generally Accepted Accounting Principles (GAAP), including pre-tax, pre-provision earnings, net operating income, tangible shareholders’ equity to tangible assets, return on tangible equity, pre-tax pre-provision return on average assets, tangible book value per share, and operating earnings per share. The Company has included these non-GAAP financial measures in this news release for the applicable periods presented. Management believes that the presentation of these non-GAAP financial measures (i) provides important supplemental information that contributes to a proper understanding of the Company’s operating performance, (ii) enables a more complete understanding of factors and trends affecting the Company’s business and (iii) allows investors to evaluate the Company’s performance in a manner similar to Management, the financial services industry, bank stock analysts and bank regulators. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are presented in the tables below. These non-GAAP financial measures should not be considered as substitutes for GAAP financial measures, and the Company strongly encourages investors to review the GAAP financial measures included in this news release and not to place undue reliance upon any single financial measure. In addition, because non-GAAP financial measures are not standardized, it may not be possible to compare the non-GAAP financial measures presented in this news release with other companies’ non-GAAP financial measures having the same or similar names.

Reconciliation of Pre-tax, Pre-provision Earnings and Net Operating Income to Net Income:

 

     Quarter ended  
     3/31/2015     12/31/2014      9/30/2014      6/30/2014      3/31/2014  

Net income

   $ 32,266      $ 28,660       $ 28,778       $ 30,868       $ 28,444   

Plus:    Provision for credit losses

     (5,000     —           —           —           —     

Income tax expense

     15,189        11,252         12,414         14,097         12,889   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

Pre-tax, pre-provision earnings

$ 42,455    $ 39,912    $ 41,192    $ 44,965    $ 41,333   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

Net income

$ 32,266    $ 28,660    $ 28,778    $ 30,868    $ 28,444   

Plus:    Merger expense, net of tax

  (1   2      117      626      347   

One time charge for BSA, net of tax

  —        —        1,903      —        —     
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

Net operating income

$ 32,265    $ 28,662    $ 30,798    $ 31,494    $ 28,791   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

 

- MORE -


BXS Announces First Quarter Results

Page 22

April 20, 2015

 

BancorpSouth, Inc.

Reconciliation of Non-GAAP Measures

(Dollars in thousands, except per share amounts)

(Unaudited)

Reconciliation of Tangible Assets and Tangible Shareholders’ Equity to

Total Assets and Total Shareholders’ Equity:

 

     Quarter ended  
     3/31/2015     12/31/2014     9/30/2014     6/30/2014     3/31/2014  

Tangible assets

          

Total assets

   $ 13,630,322      $ 13,326,369      $ 13,071,557      $ 12,985,887      $ 13,143,555   

Less: Goodwill

     291,498        291,498        291,498        291,498        286,800   

 Other identifiable intangible assets

     23,476        24,508        25,619        26,745        25,021   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total tangible assets

$ 13,315,348    $ 13,010,363    $ 12,754,440    $ 12,667,644    $ 12,831,734   

Tangible shareholders’ equity

Total shareholders’ equity

$ 1,645,208    $ 1,606,059    $ 1,610,543    $ 1,588,850    $ 1,554,676   

Less: Goodwill

  291,498      291,498      291,498      291,498      286,800   

 Other identifiable intangible assets

  23,476      24,508      25,619      26,745      25,021   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total tangible shareholders’ equity

$ 1,330,234    $ 1,290,053    $ 1,293,426    $ 1,270,607    $ 1,242,855   

Total average assets

$ 13,457,668    $ 13,131,130    $ 12,987,103    $ 12,933,879    $ 13,087,128   

Total common shares outstanding

  96,544,502      96,254,903      96,065,021      96,046,057      96,004,679   

Average shares outstanding-diluted

  96,653,401      96,506,827      96,373,950      96,373,121      95,952,611   

Tangible shareholders’ equity to tangible assets*

  9.99   9.92   10.14   10.03   9.69

Return on tangible equity**

  9.84   8.81   8.83   9.74   9.28

Pre-tax pre-provision return on average assets***

  1.29   1.21   1.26   1.39   1.28

Tangible book value per share****

$ 13.78    $ 13.40    $ 13.46    $ 13.23    $ 12.95   

Operating earnings per share*****

$ 0.33    $ 0.30    $ 0.32    $ 0.33    $ 0.30   

 

* 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.
***** Operating earnings per share is defined by the Company as net operating income divided by average shares outstanding-diluted.

 

- END -