average common shareholders' equity-excluding MSR, pre-tax pre-provision net revenue to total average assets, average 
tangible book value per common share, operating earnings per common share, operating earnings per common 
share-excluding MSR, efficiency ratio (tax equivalent) and operating efficiency ratio-excluding MSR (tax 
equivalent). 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 capital position and 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 Net Operating Income, Net Operating Income Available to Common Shareholders, Net Operating 
Income-Excluding MSR, and Net Operating Income Available to Common Shareholders-excluding MSR to Net Income: 
                             Quarter ended                                                    Year to Date 
                             9/30/2021   6/30/2021   3/31/2021    12/31/2020    9/30/2020     9/30/2021     9/30/2020 
Net income                   $   72,725  $   75,539  $    81,555  $     68,805  $     73,825  $    229,819  $   159,246 
         Merger expense, 
Plus:     net of tax         2,583       7,476       1,238        159           97            11,297        3,852 
         Initial provision 
         for acquired 
         loans, 
  net of tax                 -           8,631       -            -             -             8,631         751 
 Pension settlement 
  expense, net of 
  tax                        1,801       -           -            4,388         -             1,801         - 
         Security 
          (losses)gains, 
Less:     net of tax         (147)       72          62           48            13            (13)          (4) 
Net operating income         $   77,256  $   91,574  $    82,731  $     73,304  $     73,909  $    251,561  $   163,853 
         Preferred 
Less:     dividends          2,372       2,372       2,372        2,372         2,372         7,116         7,116 
Net operating income 
available to 
common shareholders          $   74,884  $   89,202  $    80,359  $     70,932  $     71,537  $    244,445  $   156,737 
Net operating income         $   77,256  $   91,574  $    82,731  $     73,304  $     73,909  $    251,561  $   163,853 
         MSR market value 
          adjustment, net 
Less:     of tax             1,538       (1,432)     5,539        159           323           5,645         (9,776) 
Net operating 
 income-excluding MSR        $   75,718  $   93,006  $    77,192  $     73,145  $     73,586  $    245,916  $   173,629 
         Preferred 
Less:     dividends          2,372       2,372       2,372        2,372         2,372         7,116         7,116 
Net operating income 
available to common 
shareholders-excluding MSR   $   73,346  $   90,634  $    74,820  $     70,773  $     71,214  $    238,800  $   166,513 
Reconciliation of Net Income to Pre-Tax 
Pre-Provision Net Revenue 
Net income                   $   72,725  $   75,539  $    81,555  $     68,805  $     73,825  $    229,819  $   159,246 
         Provision for 
Plus:     credit losses      (7,000)     11,500      -            5,794         16,000        4,500         83,250 
 Merger expense              3,442       9,962       1,649        212           129           15,053        5,133 
 Pension settlement 
  expense                    2,400       -           -            5,846         -             2,400         - 
 Income tax expense          20,350      21,102      23,347       14,046        21,525        64,799        45,448 
         Security 
Less:     (losses)gains      (195)       96          82           63            18            (17)          (5) 
 MSR market value 
  adjustment                 2,049       (1,908)     7,381        212           430           7,522         (13,026) 
Pre-tax pre-provision net 
 revenue                     $   90,063  $  119,915  $    99,088  $     94,428  $    111,031  $    309,066  $   306,108 
Reconciliation of Total Operating Expense to Total 
Noninterest Expense: 
Total noninterest expense    $  179,889  $  173,984  $   155,823  $    167,117  $    154,505  $    509,696  $   483,765 
Less:    Merger expense      3,442       9,962       1,649        212           129           15,053        5,133 
 Pension settlement 
  expense                    2,400       -           -            5,846         -             2,400         - 
Total operating expense      $  174,047  $  164,022  $   154,174  $    161,059  $    154,376  $    492,243  $   478,632 
BancorpSouth Bank 
Reconciliation of Non-GAAP Measures and Other Non-GAAP Ratio Definitions 
(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                                                         Year to Date 
                          9/30/2021     6/30/2021     3/31/2021     12/31/2020    9/30/2020     9/30/2021     9/30/2020 
Tangible assets 
Total assets              $ 28,060,496  $ 27,612,365  $ 25,802,497  $ 24,081,194  $ 23,555,422  $ 28,060,496  $ 23,555,422 
Less:    Goodwill         958,304       957,474       851,612       851,612       847,531       958,304       847,531 
 Other 
  identifiable 
  intangible 
  assets                  52,235        54,659        53,581        55,899        54,757        52,235        54,757 
Total tangible assets     $ 27,049,957  $ 26,600,232  $ 24,897,304  $ 23,173,683  $ 22,653,134  $ 27,049,957  $ 22,653,134 
Less:    PPP loans        32,771        167,144       1,146,000     975,421       1,212,246     32,771        1,212,246 
Total tangible 
 assets-excluding PPP 
 loans                    $ 27,017,186  $ 26,433,088  $ 23,751,304  $ 22,198,262  $ 21,440,888  $ 27,017,186  $ 21,440,888 
PERIOD END BALANCES: 
Tangible shareholders' 
equity 
Total shareholders' 
 equity                   $ 3,023,257   $  3,069,574  $  2,825,198  $ 2,822,477   $  2,782,539  $ 3,023,257   $ 2,782,539 
Less:    Goodwill         958,304       957,474       851,612       851,612       847,531       958,304       847,531 
 Other 
  identifiable 
  intangible 
  assets                  52,235        54,659        53,581        55,899        54,757        52,235        54,757 
Total tangible 
 shareholders' equity     $ 2,012,718   $  2,057,441  $  1,920,005  $ 1,914,966   $  1,880,251  $ 2,012,718   $ 1,880,251 
Less:    Preferred stock  166,993       166,993       166,993       166,993       166,993       166,993       166,993 
Total tangible common 
 shareholders' equity     $ 1,845,725   $  1,890,448  $  1,753,012  $ 1,747,973   $  1,713,258  $ 1,845,725   $ 1,713,258 
AVERAGE BALANCES: 
Tangible shareholders' 
equity 
Total shareholders' 
 equity                   $ 3,058,307   $  2,954,834  $  2,813,001  $ 2,774,589   $  2,729,870  $ 2,942,946   $ 2,709,077 
Less:    Goodwill         957,899       910,448       851,612       852,472       847,744       907,042       846,850 
 Other 
  identifiable 
  intangible 
  assets                  53,567        52,564        54,876        54,858        56,045        53,664        57,704 
Total tangible 
 shareholders' equity     $ 2,046,841   $  1,991,822  $  1,906,513  $ 1,867,259   $  1,826,081  $ 1,982,240   $ 1,804,523 
Less:    Preferred stock  166,993       166,993       166,993       166,993       166,993       166,993       167,002 
Total tangible common 
 shareholders' equity     $ 1,879,848   $  1,824,829  $  1,739,520  $ 1,700,266   $  1,659,088  $ 1,815,247   $ 1,637,521 
Total average assets      $ 27,616,585  $ 26,666,296  $ 24,545,560  $ 23,660,503  $ 23,318,877  $ 26,287,396  $ 22,408,734 
Total shares of common 
 stock outstanding        106,853,316   108,614,595   102,624,818   102,561,480   102,558,459   106,853,316   102,558,459 
Average shares 
 outstanding-diluted      108,250,102   105,838,056   102,711,584   102,817,409   102,839,749   105,599,914   103,466,957 
Tangible shareholders' 
 equity to tangible 
 assets (1)               7.44%         7.73%         7.71%         8.26%         8.30%         7.44%         8.30% 
Tangible shareholders' 
 equity to tangible 
 assets-excluding PPP 
 loans (2)                7.45%         7.78%         8.08%         8.63%         8.77%         7.45%         8.77% 
Tangible common 
 shareholders' equity 
 to tangible assets 
 (3)                      6.82%         7.11%         7.04%         7.54%         7.56%         6.82%         7.56% 
Tangible common 
 shareholders' equity 
 to tangible 
 assets-excluding PPP 
 loans (4)                6.83%         7.15%         7.38%         7.87%         7.99%         6.83%         7.99% 
Return on average 
 tangible equity (5)      14.10%        15.21%        17.35%        14.66%        16.08%        15.50%        11.79% 
Return on average 
 tangible common equity