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0000950123-10-103986.txt : 201011100000950123-10-103986.hdr.sgml : 2010111020101110172524ACCESSION NUMBER:0000950123-10-103986CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:29CONFORMED PERIOD OF REPORT:20101110ITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20101110DATE AS OF CHANGE:20101110

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:BANCORPSOUTH INCCENTRAL INDEX KEY:0000701853STANDARD INDUSTRIAL CLASSIFICATION:STATE COMMERCIAL BANKS [6022]IRS NUMBER:640659571STATE OF INCORPORATION:MSFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-12991FILM NUMBER:101181107

BUSINESS ADDRESS:STREET 1:ONE MISSISSIPPI PLCITY:TUPELOSTATE:MSZIP:38804BUSINESS PHONE:6626802000

MAIL ADDRESS:STREET 1:PO BOX 789CITY:TUPELOSTATE:MSZIP:38802-0789

FORMER COMPANY:FORMER CONFORMED NAME:BANCORP OF MISSISSIPPI INCDATE OF NAME CHANGE:19920703

8-K1g25211e8vk.htmFORM 8-K

e8vk

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November10, 2010 (November11, 2010)

BANCORPSOUTH, INC.

(Exact name of registrant as specified in its charter)

Mississippi

1-12991

64-0659571

(State or other

(Commission File

(IRS Employer

jurisdiction of

Number)

Identification No.)

incorporation)

One Mississippi Plaza

201 South Spring Street

Tupelo, Mississippi

38804

(Address of principal executive

(Zip Code)

offices)

Registrants telephone number, including area code (662) 680-2000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfythe filing obligation of the registrant under any of the following provisions (see GeneralInstruction A.2 below):

o Written communications pursuant to Rule425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section7 RegulationFD

Item7.01. RegulationFD Disclosure.

On November11, 2010, BancorpSouth, Inc. will make a presentation at the Sandler ONeill EastCoast Financial Services Conference in Aventura, Florida. A copy of the presentation is furnishedas Exhibit99.1 to this Current Report on Form 8-K and is incorporated herein by reference in itsentirety.

Section9 Financial Statements and Exhibits

Item9.01. Financial Statements and Exhibits.

(a) Not applicable.

(b) Not applicable.

(c) Not applicable.

(d) Exhibits.

Exhibit99.1 Presentation by BancorpSouth, Inc. at the Sandler ONeill East Coast FinancialServices Conference on November11, 2010

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has dulycaused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BANCORPSOUTH, INC.

By: /s/ Cathy S. Freeman

Cathy S. Freeman

Executive Vice President and CorporateSecretary

Date: November10, 2010

EXHIBIT INDEX

Exhibit Number Description

99.1

Presentation by BancorpSouth, Inc. at the Sandler ONeillEast Coast Financial Services Conference on November11, 2010

EX-99.12g25211exv99w1.htmEX-99.1

exv99w1

Exhibit99.1

Investor PresentationFinancial Information as of September30, 2010A Leading Regional Bank in the Mid-South

Forward Looking InformationCertain statements contained in this presentation and the accompanying slides may not be based onhistorical facts and are forward-looking statements within the meaning of Section27A of theSecurities Act of 1933, as amended, and Section21E of the Securities Exchange Act of 1934, asamended. These forward-looking statements may be identified by reference to a future period or bythe use of forward-looking terminology, such as anticipate, believe, estimate, expect,foresee, may, might, will, intend, could, would or plan, or future or conditionalverb tenses, and variations or negatives of such terms. These forward-looking statements include,without limitation, statements about long-term prospects for shareholder value, the impact of theprevailing economy, results of operations, financial condition, and use of non-GAAP financialmeasures. We caution you not to place undue reliance on the forward-looking statements contained inthis presentation, in that actual results could differ materially from those indicated in suchforward-looking statements as a result of a variety of factors. These factors include, but are notlimited to, conditions in the financial markets and economic conditions generally, the soundness ofother financial institutions, levels of market volatility, the availability of capital if theCompany elects or is compelled to seek additional capital, liquidity risk, the credit riskassociated with real estate construction, acquisition and development loans, estimates of costs andvalues associated with real estate construction, acquisition and development loans in the Companysloan portfolio, the adequacy of the Companys allowance for credit losses to cover actual creditlosses, governmental regulation and supervision of the Companys operations, changes in interestrates, the impact of monetary policies and economic factors on the Companys ability to attractdeposits or make loans, the impact of hurricanes or other adverse weather events, risks inconnection with completed or potential acquisitions, dilution caused by the Companys issuance ofany additional shares of its common stock to acquire other banks, bank holding companies, financialholding companies and insurance agencies, restrictions on the Companys ability to declare and paydividends, the Companys growth strategy, diversification in the types of financial services theCompany offers, competition with other financial services companies, interruptions or breaches insecurity of the Companys information systems, the Companys ability to improve its internalcontrols adequately, any requirement that the Company write down goodwill or other intangibleassets, other factors generally understood to affect the financial results of financial servicescompanies, and other factors detailed from time to time in BancorpSouths press releases andfilings with the Securities and Exchange Commission. BancorpSouth does not undertake any obligationto update or revise forward-looking statements to reflect events or circumstances after the date ofthis presentation. Certain tabular presentations may not reconcile because of rounding. Unlessotherwise noted, any quotes in this presentation can be attributed to company management.

Corporate Profile$13.6billion in assets A banking presence in 8 states 312 locations A comprehensive line offinancial products and services to individuals and to small- to mid-size businesses Traditionalbanking and non-interest products Nations 25th largest insurance agency / brokerageoperationData as of September30, 2010 Insurance ranking from Business Insurance Magazine as of December31,2009

Regional Management Structure

Pre-Tax Pre-Provision EarningsDollars in millions

Diversified Revenue StreamPercentages based on YTD data as of September30, 2010

MortgageQ2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 MSR FMV Adjustment $5.0 ($2.7) $1.6 $0.0 ($8.3)($4.6) Mortgage Servicing and Origination 9.0 4.7 7.0 5.0 6.0 13.5 Net Mortgage Revenue $14.0 $2.0$8.6 $5.0 ($2.3) $8.9MSR FMV Adjustment Mortgage ProductionDollars in millions

Financial Highlights

Balance Sheet InformationAs of September30,2010 2009% Change Total assets $13,583 $13,272 2.3%Total earning assets 12,451 12,095 2.9 Securities 2,274 2,139 6.3 Short-term investments 536 118354.2 Loans, net of unearned income 9,515 9,758 (2.5) Allowance for credit losses (205) (145)41.4Total deposits 11,197 10,297 8.7 Short-term borrowings 654 1,016 (35.6) Common shareholders equity1,236 1,286 (3.9) Book value per share $14.80 $15.41 (4.0) %Dollars in millions, except per share amounts

Operating ResultsNine Months Ended September30, 2010 2009% Change Net interest revenue $330.9 $332.6 (0.5) %Provision for credit losses 160.7 55.1 191.7 Noninterest revenue 190.2 210.8 (9.8) Noninterestexpense 363.6 366.7 (0.8) Income (loss)before income taxes (3.2) 121.6 (102.6) Income taxprovision (benefit) (10.3) 36.7 (128.1) Net income (loss) $7.1 $84.9 (91.6) % Net income (loss)pershare: diluted $0.08 $1.02 (92.2) %Dollars in millions, except per share amounts

Net Interest MarginPeer Data from SNL Financial as of 8/30/2010The SNL Bank peer group includes a number of publicly traded banks and bank holding companies, ascompiled by SNL Financial LC. The aggregate amounts are size-weighted, calculated by consolidatingall companies into a single entity.

Deposits Strong growth in core deposits. Total Deposits as of September30 ($ in billions)as of September30, 2010

Deposit GrowthTotal Deposits as of September30 ($ in billions)

LoansSteady loan production in a challenging economic environment. Loans Net of Unearned Income as ofSeptember30 ($ in billions)as of September30, 2010

Balanced Loan PortfolioNPL as a Percent of Outstanding NPL Outstanding Consumer Mortgages $2,001 $52.7 2.6% Home Equity552 1.6 0.3 Commercial Non-Owner Occupied & Multi-Family 1,811 56.8 3.1 Construction, Acquisitionand Development 1,307 228.8 17.5 Commercial & Industrial Non-Real Estate 1,438 14.8 1.0Commercial & Industrial Owner Occupied 1,376 39.4 2.9 Agricultural 262 6.0 2.3 Credit Cards 1034.3 4.2 All Other 665 5.0 0.7 Total Loans $9,515 $409.4 4.3%Consumer Mortgages & Home Equity Commercial Non-Owner Occupied & Multi-Family Construction,Acquisition & Development Commercial & Industrial Non-Real Estate Commercial & Industrial OwnerOccupied Agricultural, Credit Cards, & All Other As of September30, 2010 Dollars in millions

Real Estate Construction, Acquisition and DevelopmentNPL as a Percent of Outstanding NPL Outstanding Multi-Family Construction $28 $10.7 37.4% 1-4Family Construction 211 12.5 5.9 Recreation and All Other Loans 45 1.0 2.3 Commercial Construction239 31.0 12.9 Commercial Acquisition and Development 261 36.3 13.9 Residential Acquisition andDevelopment 523 137.3 26.3 Real Estate Construction, Acquisition and Development $1,307 $228.817.5%As of September30, 2010 Dollarsin millions

Residential Acquisition and Development As of September30, 2010The Residential A&D portfolio has declined by 16% over the last year.Dollars in millions Sep-10 includes lines of business not managed by a geographic region.

Residential Acquisition and DevelopmentGreater Memphis AL / FL NE TN Other Total Unpaid principal balance of impaired loans $75.1 $36.3$5.2 $28.4 $145.0 Cumulative charge-offs on impaired loans 21.7 8.7 1.3 5.7 37.4 Outstandingprincipal balance of impaired loans 53.4 27.6 3.9 22.7 107.6 Other non-accrual loans and leases notimpaired 4.4 0.3 6.2 11.2 22.1 Total non-accrual loans and leases 57.8 27.9 10.1 33.9 129.7Allowance for impaired loans and leases 5.3 8.3 1.0 6.7 21.3 Nonaccrual loans and leases, net ofspecific reserves $52.5 $19.6 $9.1 $27.2 $108.4 Non-performing loans and leases 57.8 29.1 12.9 37.5137.3 Performing loans and leases 59.5 52.8 38.3 235.0 385.6 Total residential A & D loans andleases $117.3 $81.9 $51.2 $272.5 $522.9As of September30, 2010 Dollars in millions

Peer Group Comparison

Non-Performing Loans / Loans (NPLs include non-accruing loans, restructured loans, and loans 90+days past due)Peer Data from SNL Financial as of 8/30/2010 The SNL Bank peer group includes a number of publiclytraded banks and bank holding companies, as compiled by SNL Financial LC. The aggregate amounts aresize-weighted, calculated by consolidating all companies into a single entity.

Non-Performing Assets / Assets (NPAs include non-accruing loans, restructured loans, loans 90+days past due, and OREO)Peer Data from SNL Financial as of 8/30/2010 The SNL Bank peer group includes a number of publiclytraded banks and bank holding companies, as compiled by SNL Financial LC. The aggregate amounts aresize-weighted, calculated by consolidating all companies into a single entity.

Net Charge-Offs / Average LoansPeer Data from SNL Financial as of 8/30/2010 The SNL Bank peer group includes a number ofpublicly traded banks and bank holding companies, as compiled by SNL Financial LC. The aggregateamounts are size-weighted, calculated by consolidating all companies into a single entity.

Total Equity / Total AssetsBXS Equity is 100% Common EquityPeer Data from SNL Financial as of 8/30/2010 The SNL Bank peer group includes a number ofpublicly traded banks and bank holding companies, as compiled by SNL Financial LC. The aggregateamounts are size-weighted, calculated by consolidating all companies into a single entity.

Tangible Common Equity / Tangible AssetsPeer Data from SNL Financial as of 8/30/2010 The SNL Bank peer group includes a number ofpublicly traded banks and bank holding companies, as compiled by SNL Financial LC. The aggregateamounts are size-weighted, calculated by consolidating all companies into a single entity.

Dividend GrowthCash dividend per share of common stock

BancorpSouths common stock is traded on the New York Stock Exchange under the symbol BXS.Additional information can be found at www.bancorpsouth.com . Investor Inquiries:William L. Prater Chief Financial Officer BancorpSouth, Inc. 662-680-2536 bill.prater@bxs.comA Leading Regional Bank in the Mid-South

AppendixReconciliation of Non-GAAP Measures This presentation contains financial information determined by methods other than those prescribed byaccounting principles generally accepted in the United States (GAAF). Management uses these non-GAAP financial measures in its analysis of oui capital andperformance. Management believes that tangible common equity to tangible assets is important to investors who are interested in evaluating the adequacy of ourcapital levels. Management believes that pre-tax, pre-provision earnings is important to investoE as it shows earnings trends without giving effect to loan loss provision.You should not view these disclosures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP measuresused by other companies. The limitations associated with these measures are the risks that persons might disagree as to the appropriateness of items comprising these measuresand that different companies might calculate these measures differently. Information provided in this Appendix reconciles these non-GAAP measures with comparable measurescalculated in accordance with GAAP. As of As of As of As of As of As of As of As of As of 9/30/2008 12/31/2008 3/31/2009 6/30/2009 9/30/2009 12/31/2009 3/31/20106/30/2010 9/30/2010 (Dollars in Thousands) Shareholders Equity > A $1,242,719 $1,240,260 $1,255,659 $1,274,947 $1,286,218 $1,276,296 $1,264,883 $1,240,259$1,235,704 Assets > B 13,300,728 13,480,218 13,458,364 13,297,819 13,271,873 13,167,866 13,230,189 13,421,003 13,583,015 Intangibles > C 300,624297,131 295,867 295,639 294,444 293,629 292,614 291,631 290,670 Tangible Equity > D=A-C 942,095 943,129 959,792 979,308 991,774 982,667 972,269 948,628945,034 Tangible Assets > E=B-C 13,000,104 13,183,087 13,162,497 13,002,180 12,977,429 12,874,236 12,937,575 13,129,373 13,292,345 Total Equity / Total Assets(%) > F=A/B 9.34% 9.20% 9.33% 9.59% 9.69% 9.69% 9.56% 9.24% 9.10% Tangible Equity / Tangible Assets (%) > G=D/E 7.25% 7.15% 7.29% 7.53% 7.64% 7.63% 7.52% 7.23% 7.11% Tangible Common Equity / Tangible Assets (%) > G=D/E 7.25% 7.15% 7.29% 7.53% 7.64% 7.63% 7.52% 7.23% 7.11% Q2-08 Q3-08Q4-08 Q1-09 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 (Dollars in Thousands) Net Interest Income Before Provision > A $109,843 $109,603 $111,321 $109,876$110,940 $111,736 $112,347 $111,882 $109,329 $109,678 Noninterest Income > B 73,265 63,433 39,449 66,292 79,739 59,550 63,364 63,332 57,086 69,751Noninterest Expense > C 112,064 116,060 111,091 118,453 123,266 119,747 122,221 120,483 120,016 123,087 Pre-Tax Pre-Provision Earnings >D=A+B-C 71,044 56,977 39,678 57,715 67,413 51,539 53,491 54,731 46,399 56,342

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