Commercial and 
   industrial-owner 
   occupied          0.12%        0.37%        0.43%        0.35%        0.25%       0.00%        1.10%        0.00%       0.58% 
    Total 
     commercial and 
     industrial      0.17%        0.43%        0.84%        0.66%        0.99%       0.13%        0.79%        2.64%       0.64% 
Commercial real 
estate 
  Agricultural       0.20%        0.33%        0.00%        2.22%        0.00%       0.00%        0.38%        0.00%       0.65% 
  Construction, 
   acquisition and 
   development       0.50%        1.01%        0.26%        0.01%        0.00%       0.17%        0.13%        0.00%       0.19% 
  Commercial real 
   estate            0.38%        0.06%        1.04%        0.12%        0.00%       0.00%        0.34%        0.00%       0.28% 
    Total 
     commercial 
     real estate     0.41%        0.24%        0.85%        0.23%        0.00%       0.05%        0.25%        0.00%       0.28% 
Consumer 
  Consumer 
   mortgages         1.25%        1.26%        0.94%        1.25%        1.03%       0.91%        0.42%        5.93%       0.95% 
  Home equity        0.09%        0.09%        0.37%        0.18%        0.46%       0.42%        0.00%        0.00%       0.22% 
  Credit cards       N/A          N/A          N/A          N/A          N/A         N/A          N/A          0.80%       0.80% 
    Total consumer   1.07%        1.12%        0.84%        1.03%        0.96%       0.79%        0.40%        2.37%       0.85% 
All other            0.08%        0.01%        0.14%        0.13%        0.00%       0.03%        0.16%        0.54%       0.11% 
    Total loans      0.61%        0.58%        0.82%        0.61%        0.50%       0.39%        0.45%        2.26%       0.56% 
BancorpSouth Bank 
Noninterest Revenue and Expense 
(Dollars in thousands) 
(Unaudited) 
                     Quarter Ended                                                Year to Date 
                     Sep-21     Jun-21       Mar-21       Dec-20     Sep-20       Sep-21     Sep-20 
NONINTEREST 
REVENUE: 
Mortgage banking 
 excl. MSR and MSR 
 Hedge market value 
 adj                 $  11,009  $    11,013  $    17,929  $  19,917  $    26,667  $ 39,951   $ 79,150 
MSR and MSR Hedge 
 market value 
 adjustment          2,049      (1,908)      7,381        212        430          7,522      (13,026) 
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 
Securities 
 (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 
Trust income         4,735      4,434        5,129        4,046      3,902        14,298     11,979 
Annuity fees         50         50           51           53         53           151        162 
Brokerage 
 commissions and 
 fees                2,362      3,059        3,285        2,652      2,516        8,706      7,321 
Gain on sale of PPP 
 loans               -          21,572       -            -          -            21,572     - 
Bank-owned life 
 insurance           4,217      1,845        2,020        2,425      1,902        8,082      5,756 
Other miscellaneous 
 income              2,668      5,238        3,256        (118)      2,856        11,162     14,455 
    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      - 
Advertising          988        783          1,004        899        826          2,775      2,843 
Foreclosed property 
 expense             2,189      649          1,021        2,122      (278)        3,859      1,952 
Telecommunications   1,600      1,517        1,398        1,448      1,462        4,515      4,435 
Public relations     1,166      1,012        741          897        1,130        2,919      2,269 
Data processing      11,297     11,024       10,424       9,980      9,477        32,745     28,816 
Computer software    5,502      4,887        5,113        5,301      4,779        15,502     14,073 
Amortization of 
 intangibles         2,424      2,401        2,318        2,499      2,357        7,143      7,106 
Legal                814        774          1,166        1,474      (316)        2,754      1,957 
Merger expense       3,442      9,962        1,649        212        129          15,053     5,133 
Postage and 
 shipping            1,414      1,317        1,547        1,418      1,199        4,278      3,838 
Other miscellaneous 
 expense             12,378     11,678       9,549        18,350     10,427       33,605     33,138 
    Total 
     noninterest 
     expense         $ 179,889  $   173,984  $   155,823  $ 167,117  $   154,505  $ 509,696  $ 483,765 
INSURANCE 
COMMISSIONS: 
Property and 
 casualty 
 commissions         $  26,413  $    26,040  $    21,949  $  21,304  $    24,060  $ 74,402   $ 68,950 
Life and health 
 commissions         6,543      7,130        6,494        5,915      6,072        20,167     19,018 
Risk management 
 income              676        611          613          829        609          1,900      1,681 
Other                2,141      2,325        1,611        1,767      2,009        6,077      5,822 
    Total insurance 
     commissions     $  35,773  $    36,106  $    30,667  $  29,815  $    32,750  $ 102,546  $ 95,471 
BancorpSouth Bank 
Selected Additional Information 
(Dollars in thousands) 
(Unaudited) 
                     Quarter Ended 
                     Sep-21        Jun-21       Mar-21       Dec-20       Sep-20 
MORTGAGE SERVICING 
RIGHTS: 
Fair value, 
 beginning of 
 period              $   60,615    $    60,332  $    47,571  $   44,944   $    40,821 
Additions to 
mortgage servicing 
rights: 
  Originations of 
   servicing 
   assets            5,798         6,833        5,588        6,608        7,041 
Changes in fair 
value: 
  Due to 
   payoffs/paydowns  (3,919)       (2,946)      (3,273)      (3,898)      (3,198) 
  Due to change in 
  valuation inputs 
  or 
    assumptions 
     used in the 
     valuation 
     model           2,190         (3,604)      10,446       (83)         280 
  Other changes in 
  fair value         -             -            -            -            - 
Fair value, end of 
 period              $   64,684    $    60,615  $    60,332  $   47,571   $    44,944 
MORTGAGE BANKING 
REVENUE: 
Production revenue: 
  Origination        $    9,284    $     8,646  $    15,955  $   18,561   $    23,632 
  Servicing          5,644         5,313        5,247        5,254        6,233 
  Payoffs/Paydowns   (3,919)       (2,946)      (3,273)      (3,898)      (3,198) 
    Total 
     production 
     revenue         11,009        11,013       17,929       19,917       26,667 
Market value 
 adjustment on MSR   2,190         (3,604)      10,446       (83)         280 
Market value 
 adjustment on MSR 
 Hedge               (141)         1,696        (3,065)      295          150 
Total mortgage 
 banking revenue     $   13,058    $     9,105  $    25,310  $   20,129   $    27,097 
Mortgage loans 
 serviced            $ 7,455,113   $ 7,407,690  $ 7,259,808  $ 7,330,293  $ 7,218,090 
MSR/mtg loans 
 serviced            0.87%         0.82%        0.83%        0.65%        0.62% 
AVAILABLE-FOR-SALE 
SECURITIES, at fair 
value 
U.S. Government 
 agencies            2,575,564     2,758,412    2,642,646    $ 2,871,408  $ 3,116,458 
U.S. Government 
agency issued 
residential 
  mortgage-back 
   securities        5,826,087     4,709,540    3,438,246    2,421,409    1,625,325 
U.S. Government 
agency issued 
commercial 
  mortgage-back 
   securities        1,518,556     1,478,058    1,414,345    806,206      758,116 
Obligations of 
 states and 
 political 
 subdivisions        112,152       117,248      126,589      113,953      141,896 
Corporate bonds      21,013        20,853       18,442       18,030       17,990 
Total 
 available-for-sale 
 securities          $ 10,053,372  $ 9,084,111  $ 7,640,268  $ 6,231,006  $ 5,659,785 
BancorpSouth Bank 
 Reconciliation of Non-GAAP Measures and Other Non-GAAP Ratio Definitions 
 (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 net operating income, 
net operating income available to common shareholders, net operating income-excluding MSR, net operating income 
available to common shareholders-excluding MSR, pre-tax pre-provision net revenue, total operating expense, tangible 
shareholders' equity to tangible assets, tangible shareholders' equity to tangible assets-excluding PPP loans, tangible 
common shareholders' equity to tangible assets, tangible common shareholders' equity to tangible assets-excluding PPP 
loans, return on average tangible equity, return on average tangible common equity, operating return on average 
tangible equity-excluding MSR, operating return on average tangible common equity-excluding MSR, operating return on 
average assets-excluding MSR, operating return on average shareholders' equity-excluding MSR, operating return on