Provision for credit losses (7,000) 11,500 - 5,794 16,000 4,500 83,250
Net interest revenue, after provision for
credit losses 188,544 168,682 172,789 171,142 159,931 530,015 430,781
NONINTEREST REVENUE:
Mortgage banking 13,058 9,105 25,310 20,129 27,097 47,473 66,124
Credit card, debit card and merchant fees 11,428 11,589 9,659 10,053 9,938 32,676 28,194
Deposit service charges 10,324 8,849 8,477 9,708 8,892 27,650 28,221
Security (losses)gains, net (195) 96 82 63 18 (17) (5)
Insurance commissions 35,773 36,106 30,667 29,815 32,750 102,546 95,471
Wealth management 7,147 7,543 8,465 6,751 6,471 23,155 19,462
Gain on sale of PPP loans - 21,572 - - - 21,572 -
Other 6,885 7,083 5,276 2,307 4,758 19,244 20,211
Total noninterest revenue 84,420 101,943 87,936 78,826 89,924 274,299 257,678
NONINTEREST EXPENSE:
Salaries and employee benefits 112,968 108,188 101,060 97,215 104,219 322,216 320,594
Occupancy, net of rental income 13,443 13,187 12,814 13,004 13,053 39,444 38,651
Equipment 5,534 4,967 4,564 4,756 4,519 15,065 13,930
Deposit insurance assessments 2,330 1,638 1,455 1,696 1,522 5,423 5,030
Pension settlement expense 2,400 - - 5,846 - 2,400 -
Other 43,214 46,004 35,930 44,600 31,192 125,148 105,560
Total noninterest expense 179,889 173,984 155,823 167,117 154,505 509,696 483,765
Income before income taxes 93,075 96,641 104,902 82,851 95,350 294,618 204,694
Income tax expense 20,350 21,102 23,347 14,046 21,525 64,799 45,448
Net income $ 72,725 $ 75,539 $ 81,555 $ 68,805 $ 73,825 $ 229,819 $ 159,246
Less: Preferred dividends 2,372 2,372 2,372 2,372 2,372 7,116 7,116
Net income available to common shareholders $ 70,353 $ 73,167 $ 79,183 $ 66,433 $ 71,453 $ 222,703 $ 152,130
Net income per common share: Basic $ 0.65 $ 0.69 $ 0.77 $ 0.65 $ 0.70 $ 2.11 $ 1.47
Diluted $ 0.65 $ 0.69 $ 0.77 $ 0.65 $ 0.69 $ 2.11 $ 1.47
BancorpSouth Bank
Selected Loan Data
(Dollars in thousands)
(Unaudited)
Quarter Ended
Sep-21 Jun-21 Mar-21 Dec-20 Sep-20
LOAN AND LEASE
PORTFOLIO:
Commercial and
industrial
Commercial and
industrial-non real
estate 2,005,206 2,056,034 2,865,706 2,673,429 2,937,608
Commercial and
industrial-owner
occupied 2,241,310 2,273,433 2,260,456 2,281,127 2,297,008
Total commercial
and industrial 4,246,516 4,329,467 5,126,162 4,954,556 5,234,616
Commercial real estate
Agricultural 370,467 350,067 337,710 317,994 333,839
Construction,
acquisition and
development 1,797,559 1,926,421 1,707,800 1,728,682 1,700,030
Commercial real estate 3,443,967 3,323,883 3,127,510 3,211,434 3,229,959
Total commercial
real estate 5,611,993 5,600,371 5,173,020 5,258,110 5,263,828
Consumer
Consumer mortgages 4,078,787 3,991,790 3,700,076 3,726,241 3,704,490
Home equity 619,541 625,365 608,924 630,097 658,708
Credit cards 83,764 84,699 81,499 89,077 85,760
Total consumer 4,782,092 4,701,854 4,390,499 4,445,415 4,448,958
All other 350,644 372,347 349,127 364,398 380,333
Total loans $ 14,991,245 $ 15,004,039 $ 15,038,808 $ 15,022,479 $ 15,327,735
ALLOWANCE FOR CREDIT
LOSSES:
Balance, beginning of
period $ 265,720 $ 241,117 $ 244,422 $ 250,624 $ 237,025
Loans and leases
charged-off:
Commercial and
industrial (1,488) (1,882) (2,946) (5,511) (1,001)
Commercial real estate (131) (623) (1,383) (5,062) (738)
Consumer (831) (961) (1,076) (1,584) (804)
All other (863) (396) (501) (875) (599)
Total loans
charged-off (3,313) (3,862) (5,906) (13,032) (3,142)
Recoveries:
Commercial and
industrial 3,635 3,053 1,093 816 457
Commercial real estate 797 1,299 195 142 267
Consumer 585 965 920 592 754
All other 352 345 393 280 263
Total recoveries 5,369 5,662 2,601 1,830 1,741
Net
recoveries(charge-offs) 2,056 1,800 (3,305) (11,202) (1,401)
Initial allowance on
loans purchased with
credit deterioration - 12,803 - - -
Provision:
Initial provision for
loans acquired during
the quarter - 11,500 - - -
Provision for credit
losses related to
loans and leases (7,500) (1,500) - 5,000 15,000
Total provision for
loans and leases (7,500) 10,000 - 5,000 15,000
Balance, end of period $ 260,276 $ 265,720 $ 241,117 $ 244,422 $ 250,624
Average loans for period $ 14,915,728 $ 15,470,539 $ 15,029,076 $ 15,219,402 $ 15,369,684
Ratio:
Net
(recoveries)charge-offs
to average loans
(annualized) (0.05%) (0.05%) 0.09% 0.29% 0.04%
RESERVE FOR UNFUNDED
COMMITMENTS*
Balance, beginning of
period $ 8,544 $ 7,044 $ 7,044 $ 6,250 $ 5,250
Provision for credit
losses for unfunded
commitments 500 1,500 - 794 1,000
Balance, end of period $ 9,044 $ 8,544 $ 7,044 $ 7,044 $ 6,250
*The Reserve for Unfunded Commitments is classified in other
liabilities on the balance sheet.
BancorpSouth Bank
Selected Loan Data
(Dollars in thousands)
(Unaudited)
Quarter Ended
Sep-21 Jun-21 Mar-21 Dec-20 Sep-20
BXS ORIGINATED LOANS AND
LEASES:
Loans and leases charged
off:
Commercial and industrial
Commercial and
industrial-non real
estate $ (901) $ (1,108) $ (1,971) $ (1,991) $ (490)
Commercial and
industrial-owner
occupied (331) (471) (187) (303) (434)
Total commercial and
industrial (1,232) (1,579) (2,158) (2,294) (924)
Commercial real estate
Agricultural - - (94) (124) -
Construction,
acquisition and
development - (113) (344) (1,709) -
Commercial real estate (3) (110) (27) (1,704) (155)
Total real estate (3) (223) (465) (3,537) (155)
Consumer
Consumer mortgages (243) (398) (181) (537) (70)
Home equity (112) (64) (50) (395) (41)
Credit cards (435) (476) (733) (458) (682)
Total consumer (790) (938) (964) (1,390) (793)
All other (723) (315) (399) (698) (459)
Total loans charged
off (2,748) (3,055) (3,986) (7,919) (2,331)
Recoveries:
Commercial and industrial
Commercial and
industrial-non real
estate 305 1,014 387 645 231
Commercial and
industrial-owner
occupied 673 325 61 27 163
Total commercial and
industrial 978 1,339 448 672 394
Commercial real estate
Agricultural 3 (65) 5 23 3
Construction,
acquisition and
Press Release: BancorpSouth Announces Third -8-
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