BANCORPSOUTH INC

CIK:0000701853|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
INTEREST REVENUE:
Loans and leases	$ 119,599	$ 111,605	$ 346,383	$ 328,488
Deposits with other banks	214	409	955	901
Available-for-sale securities:
Taxable	7,378	6,189	22,237	18,086
Tax-exempt	2,514	2,898	7,657	8,854
Loans held for sale	1,229	1,239	3,483	3,406
Total interest revenue	130,934	122,340	380,715	359,735
Deposits:
Interest bearing demand	3,482	2,361	9,472	6,732
Savings	494	462	1,449	1,356
Other time	3,819	3,661	11,126	10,451
Federal funds purchased and securities sold under agreement to repurchase	754	173	1,585	472
Long-term debt	1,824	902	4,422	2,097
Junior subordinated debt		190	9	560
Other		1	2	2
Total interest expense	10,373	7,750	28,065	21,670
Net interest revenue	120,561	114,590	352,650	338,065
Provision for credit losses	500		2,500	3,000
Net interest revenue, after provision for credit losses	120,061	114,590	350,150	335,065
NONINTEREST REVENUE:
Mortgage banking	6,909	11,087	22,033	20,803
Credit card, debit card and merchant fees	9,346	9,292	27,814	27,748
Deposit service charges	10,388	11,313	29,783	33,345
Security gains, net	5	1	1,099	89
Insurance commissions	28,616	28,194	92,682	90,246
Wealth management	5,386	5,312	15,835	15,768
Other	5,310	4,474	15,713	14,927
Total noninterest revenue	65,960	69,673	204,959	202,926
NONINTEREST EXPENSE:
Salaries and employee benefits	81,415	80,884	244,398	243,238
Occupancy, net of rental income	10,343	10,412	31,100	30,794
Equipment	3,352	3,423	10,358	10,483
Deposit insurance assessments	2,499	3,227	7,244	8,097
Regulatory settlement				10,277
Other	29,294	30,371	88,465	94,501
Total noninterest expense	126,903	128,317	381,565	397,390
Income before income taxes	59,118	55,946	173,544	140,601
Income tax expense	19,590	18,129	58,034	45,543
Net income	$ 39,528	$ 37,817	$ 115,510	$ 95,058
Earnings per share:
Basic (in dollars per share)	$ 0.43	$ 0.40	$ 1.26	$ 1.01
Diluted (in dollars per share)	0.43	0.40	1.25	1.00
Dividends declared per common share (in dollars per share)	$ 0.14	$ 0.13	$ 0.39	$ 0.33

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Operating Activities:
Net income	$ 39,528	$ 37,817	$ 115,510	$ 95,058
Adjustment to reconcile net income to net cash provided by operating activities:
Provision for credit losses	500		2,500	3,000
Depreciation and amortization			19,581	19,023
Amortization of intangibles	994	923	3,034	2,672
Amortization of debt securities premium and discount, net			5,345	7,751
Share-based compensation expense			6,987	6,856
Security gains, net	(5)	(1)	(1,099)	(89)
Net deferred loan origination expense			(5,141)	(5,059)
Increase in interest receivable			(2,449)	(682)
Increase (decrease) in interest payable			851	1,036
Realized gain on mortgages sold			(37,017)	(40,209)
Proceeds from mortgages sold			1,080,551	1,249,605
Origination of mortgages held for sale			(1,016,090)	(1,256,131)
Loss on other real estate owned, net	(164)	(525)	1,125	2,254
Increase in bank-owned life insurance			(6,079)	(5,481)
Other, net			7,338	15,465
Net cash provided by (used in) operating activities			174,947	95,069
Investing activities:
Proceeds from calls and maturities of available-for-sale securities			425,719	315,221
Proceeds from sales of available-for-sale securities			1,071	15
Purchases of available-for-sale securities			(266,808)	(690,820)
Net increase in loans and leases			(250,290)	(293,761)
Purchases of premises and equipment			(27,050)	(17,637)
Proceeds from sale of premises and equipment			288	1,362
Proceeds from death benefits from COLI			5,366
Acquisition of Insurance Agency				(3,716)
Proceeds from sale of other real estate owned			5,899	10,352
Other, net			(356)	(87)
Net cash provided by (used in) investing activities			(106,161)	(679,071)
Financing activities:
Net increase in deposits			87,847	258,898
Net decrease in short-term debt and other liabilities			42	1,023
Advances of long-term debt				500,000
Repayment of long-term debt				(6,280)
Redemption of Junior Subordinated Debt			(12,888)
Issuance of common stock			880	1,879
Repurchase of common stock			(111,739)	(14,162)
Payment of cash dividends			(35,706)	(30,599)
Net cash provided by financing activities			(71,564)	710,759
Increase in cash and cash equivalents			(2,778)	126,757
Cash and cash equivalents at beginning of period			222,965	197,969	$ 197,969
Cash and cash equivalents at end of period	$ 220,187	$ 324,726	220,187	324,726	$ 222,965
Supplemental Cash Flow Information
Income tax (refunds) payments, net			61,368	36,897
Interest paid			27,408	20,634
Transfers of loans to other real estate owned			5,173	9,266
MSR fair value adjustment			(671)	(10,233)
Financed sales of other real estate owned			1,442	$ 673
Transfers of loans held for sale to loan portfolio			$ 642

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016
ASSETS
Cash and due from banks	$ 167,871	$ 184,152	$ 172,782
Interest bearing deposits with other banks	52,316	38,813	151,944
Available-for-sale securities, at fair value	2,359,967	2,531,676	2,468,199
Loans and leases	11,073,306	10,835,512	10,685,166
Less: Unearned income	17,797	23,521	26,405
Allowance for credit losses	119,496	123,736	125,887
Net loans and leases	10,936,013	10,688,255	10,532,874
Loans held for sale, at fair value	138,353	166,927	204,441
Premises and equipment, net	311,530	305,561	305,245
Accrued interest receivable	44,454	42,005	41,583
Goodwill	300,798	300,798	294,901
Other identifiable intangibles	18,860	21,894	19,908
Bank-owned life insurance	259,361	258,648	257,015
Other real estate owned	5,956	7,810	11,391
Other assets	164,915	177,849	151,200
TOTAL ASSETS	14,760,394	14,724,388	14,611,483
Deposits:
Demand: Noninterest bearing	3,414,397	3,250,537	3,308,361
Interest bearing	4,925,127	5,034,470	4,877,482
Savings	1,638,033	1,561,819	1,533,401
Other time	1,798,431	1,841,315	1,870,815
Total deposits	11,775,988	11,688,141	11,590,059
Securities sold under agreement to repurchase	421,044	454,002	468,969
Short-term borrowings	625,000	92,000
Accrued interest payable	4,826	3,975	4,107
Junior subordinated debt securities		12,888	23,198
Long-term debt	30,000	530,000	563,495
Other liabilities	203,034	219,499	237,551
TOTAL LIABILITIES	13,059,892	13,000,505	12,887,379
SHAREHOLDERS' EQUITY
Common stock, $2.50 par value per share Authorized - 500,000,000 shares; Issued - 90,329,896, 93,696,687 and 94,074,740 shares, respectively	225,825	234,242	235,187
Capital surplus	175,837	271,292	278,973
Accumulated other comprehensive (loss) income	(50,203)	(50,937)	(33,549)
Retained earnings	1,349,043	1,269,286	1,243,493
TOTAL SHAREHOLDERS' EQUITY	1,700,502	1,723,883	1,724,104
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 14,760,394	$ 14,724,388	$ 14,611,483