Attached files
| file | filename |
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| 8-K - FORM 8-K - BANCORPSOUTH INC | d523931d8k.htm |
| EX-99.1 - EX-99.1 - BANCORPSOUTH INC | d523931dex991.htm |
 BancorpSouth, Inc.
Financial Information
As of March 31, 2013 |
 Forward Looking Information
2
Certain statements contained in this presentation and the accompanying slides may not be based on
historical facts and are “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
These forward-looking statements may be identified by reference to a future period or by the use
of forward-looking terminology, such as “anticipate,” “believe,”
“estimate,” “expect,” “foresee,” “may,” “might,” “will,” “intend,” “could,” “would” or “plan,” or future or conditional verb tenses, and variations
or negatives of such terms. These forward-looking statements include, without limitation,
statements about long-term prospects for shareholder value, results of operations and
financial condition. We caution you not to place undue reliance on the forward-looking statements contained in this presentation, in that
actual results could differ materially from those indicated in such forward-looking statements as
a result of a variety of factors. These factors may include, but are not limited to, conditions
in the financial markets and economic conditions generally, the adequacy of the Company’s provision and allowance for
credit losses to cover actual credit losses, the credit risk associated with real estate construction,
acquisition and development loans, losses resulting from the significant amount of the
Company’s other real estate owned, limitations on the Company’s ability to declare and pay dividends, the impact of legal or
administrative proceedings, the availability of capital on favorable terms if and when needed,
liquidity risk, governmental regulation, including the Dodd Frank Act, and supervision of
the Company’s operations, the short-term and long-term impact of changes to banking capital standards on the Company’s
regulatory capital and liquidity, the impact of regulations on service charges on the Company’s
core deposit accounts, the susceptibility of the Company’s business to local economic or
environmental conditions, the soundness of other financial institutions, changes in interest rates, the impact of monetary
policies and economic factors on the Company’s ability to attract deposits or make loans,
volatility in capital and credit markets, reputational risk, the impact of hurricanes or other
adverse weather events, any requirement that the Company write down goodwill or other intangible assets, diversification in the
types of financial services the Company offers, the Company’s ability to adapt its products and
services to evolving industry standards and consumer preferences, competition with other
financial services companies, risks in connection with completed or potential acquisitions, the Company’s growth
strategy, interruptions or breaches in the Company’s information system security, the failure of
certain third party vendors to perform, unfavorable ratings by rating agencies, dilution caused
by the Company’s issuance of any additional shares of its common stock to raise capital or acquire other banks, bank
holding companies, financial holding companies and insurance agencies, other factors generally
understood to affect the financial results of financial services companies and other factors
detailed from time to time in the Company’s press releases and filings with the Securities and Exchange
Commission. Forward-looking statements speak only as of the date they were made, and, except
as required by law, we do not undertake any obligation to update or revise forward-looking
statements to reflect events or circumstances after the date of this presentation. Certain tabular presentations may not
reconcile because of rounding. Unless otherwise noted, any quotes in this presentation can be
attributed to company management. |
 Q1
Highlights At and for the three months ended March 31, 2013
Net income of $20.8 million, or $0.22 per diluted share
Excluding a $6.8 million charge related to litigation, total noninterest
expense declined $7.1 million, or 5.2%, on a comparable quarter basis
and $14.6 million, or 10.2%, on a sequential quarter basis
Both NPLs and NPAs reached levels that are approximately one half of
the respective levels at which they peaked during the first quarter of
2011
Mortgage production of $425.9 million, which contributed to $12.3
million of mortgage lending revenue
Insurance commission revenue increased $3.5 million, or 15.1%, on a
comparable quarter basis
3 |
 8.00%
10.00%
12.00%
14.00%
16.00%
3/31/12
6/30/12
9/30/12
12/31/12
3/31/13
Total capital
Tier 1 capital
Tier 1 leverage capital
4
Capital Highlights
15.31%
14.06%
10.33%
14.39%
13.13%
9.85% |
 Provision for credit losses of $4.0 million declined from $6.0 million for the
fourth quarter of 2012 and $10.0 million for the first quarter of 2012
NPLs decreased $26.5 million, or 11.4%, and NPAs declined $33.5 million,
or 9.9%
OREO decreased $6.9 million, or 6.7%
56% of non-accrual loans were paying as agreed
Near-term delinquencies declined $3.8 million, or 13.6%
Substandard classified loans declined $30.9 million, or 6.4%
Credit Quality Highlights
5
“Paying as Agreed” includes loans < 30 days past due with payments occurring at least
quarterly
At and for the three months ended March 31, 2013
|
 6
Recent Operating Results
Dollars in millions, except per share data
3/31/13
12/31/12
3/31/12
vs 12/31/12
Net interest revenue
98.1
$
100.9
$
105.6
$
(2.8)
%
(7.1)
%
Provision for credit losses
4.0
6.0
10.0
(33.3)
(60.0)
Noninterest revenue
71.3
70.9
72.4
0.6
(1.4)
Noninterest expense
135.4
143.2
135.7
(5.5)
(0.2)
Income before income taxes
30.0
22.5
32.3
33.2
(7.0)
Income tax provision
9.2
5.6
9.4
65.7
(2.2)
Net income
20.8
$
17.0
$
22.9
$
22.5
%
(9.0)
%
Net income per share: diluted
0.22
$
0.18
$
0.25
$
22.2
%
(12.0)
%
Three Months Ended
% Change
vs 3/31/12 |
 Noninterest Revenue
Dollars in thousands
NM
–
Not
Meaningful
7
3/31/13
12/31/12
3/31/12
vs 12/31/12
Mortgage origination and servicing
11,309
$
17,005
$
11,445
$
(33.5)
%
(1.2)
%
MSR valuation adjustment
1,037
183
3,697
NM
(72.0)
Credit card, debit card and merchant fees
7,523
8,125
7,523
(7.4)
-
Service charges
12,832
13,875
15,116
(7.5)
(15.1)
Trust income
3,210
3,391
2,282
(5.3)
40.7
Security gains, net
19
152
74
NM
NM
Insurance commissions
26,641
20,502
23,153
29.9
15.1
Other
8,747
7,668
9,070
14.1
(3.6)
Total noninterest revenue
71,318
$
70,901
$
72,360
$
0.6
%
(1.4)
%
Three Months Ended
% Change
vs 3/31/12 |
 Loan
Portfolio Dollars in millions
Net loans and leases
8
As of
3/31/13
12/31/12
3/31/12
Commercial and industrial
1,481
$
1,477
$
1,442
$
0.3
%
2.7
%
Real estate:
Consumer mortgages
1,871
1,874
1,938
(0.1)
(3.4)
Home equity
482
486
501
(0.8)
(3.8)
Agricultural
249
256
257
(2.6)
(2.8)
Commercial and industrial-owner occupied
1,335
1,333
1,288
0.1
3.7
Construction, acquisition and development
728
736
858
(1.0)
(15.2)
Commercial
1,740
1,749
1,742
(0.5)
(0.1)
Credit Cards
99
105
101
(5.8)
(1.7)
Other
596
622
612
(4.1)
(2.6)
Total
8,582
$
8,637
$
8,738
$
(0.6)
%
(1.8)
%
vs 3/31/12
% Change
vs 12/31/12 |
 Non-Performing Loans
Dollars in millions
Net loans and leases
9
As of
3/31/13
12/31/12
3/31/12
Commercial and industrial
7.4
$
10.2
$
12.5
$
(27.5)
%
(40.5)
%
Real estate:
Consumer mortgages
41.3
40.7
52.2
1.6
(20.9)
Home equity
4.3
3.5
2.7
22.2
59.0
Agricultural
7.1
8.0
4.3
(11.6)
67.1
Commercial and industrial-owner occupied
25.5
28.3
37.1
(9.6)
(31.1)
Construction, acquisition and development
58.9
72.0
121.4
(18.1)
(51.4)
Commercial
56.5
62.2
46.8
(9.1)
20.6
Credit Cards
2.5
2.5
3.1
0.8
(17.0)
Other
3.3
6.1
5.2
(45.3)
(36.3)
Total
207.0
$
233.6
$
285.2
$
(11.4)
%
(27.4)
%
% Change
vs 12/31/12
vs 3/31/12 |
 NPA
Improvement 10
$394
$425
$380
$363
$322
$285
$267
$247
$234
$207
$133
$136
$151
$163
$174
$168
$144
$128
$103
$96
$528
$561
$531
$525
$496
$453
$411
$376
$337
$303
$0
$125
$250
$375
$500
$625
12/31/10
3/31/11
6/30/11
9/30/11
12/31/11
3/31/12
6/30/12
9/30/12
12/31/12
3/31/13
NPLs
OREO
Dollars in millions
NPLs include nonaccrual loans, loans 90+ days past due and restructured
loans NPAs include NPLs and other real estate owned
|
 Dollars in millions
Data for quarters ended as of dates shown
Payments Received on Non-Accrual Loans
11
Payments of $109 million received on non-accrual loans over the past year
$20.6
$27.1
$26.7
$31.6
$23.6
$0
$5
$10
$15
$20
$25
$30
$35
3/31/12
6/30/12
9/30/12
12/31/12
3/31/13 |
 Dollars in millions
Net charge-offs for the quarters ended as of the dates shown
Net Charge-offs
% Avg. Loans
12
$51
$52
$33
$23
$24
$23
$12
$13
$11
$6
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
$0
$10
$20
$30
$40
$50
$60
12/31/10
3/31/11
6/30/11
9/30/11
12/31/11
3/31/12
6/30/12
9/30/12
12/31/12
3/31/13
Net charge-offs
Net charge-offs / average loans |