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0000950144-08-001470.txt : 200802280000950144-08-001470.hdr.sgml : 2008022820080228115254ACCESSION NUMBER:0000950144-08-001470CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:38CONFORMED PERIOD OF REPORT:20080228ITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20080228DATE AS OF CHANGE:20080228
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:08649105
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-K1g12027e8vk.htmBANCORPSOUTH, INC.
BancorpSouth, Inc.
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): February28, 2008 (February28, 2008)
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 offices)
(Zip Code)
Registrants telephone number, including area code (662)680-2000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy thefiling obligation of the registrant under any of the following provisions (see General InstructionA.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 CFR240.14d-2(b))
o Pre-commencement communications pursuant to Rule13e-4(c) under the Exchange Act (17 CFR240.13e-4(c))
Section7 RegulationFD
Item7.01. RegulationFD Disclosure.
On February28, 2008, BancorpSouth, Inc. will make a presentation at the Keefe, Bruyett & Woods Regional Bank Conference in Boston, Massachusetts. Acopy of the presentation is furnished as Exhibit99.1 to this Current Report on Form 8-K and isincorporated herein by reference in its entirety.
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 Keefe, Bruyette & Woods Regional Bank Conference in Boston, Massachusetts on February28, 2008
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/ L. Nash Allen, Jr.
L. Nash Allen, Jr.
Treasurer and Chief Financial Officer
Date: February28, 2008
EXHIBIT INDEX
Exhibit Number Description
99.1
Presentation by BancorpSouth, Inc. at the Keefe, Bruyette & Woods Regional Bank Conference in Boston, Massachusetts on February28, 2008
EX-99.12g12027exv99w1.htmEX-99.1 PRESENTATION BY BANCORPSOUTH, INC. TO INVESTORS ON FEBRUARY 28, 2003
Ex-99.1
Exhibit 99.1
Keefe, Bruyette & Woods Regional Bank Conference Boston, MA
February28, 2008
Forward Looking Information
Certain 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 BancorpSouths focus on high quality assets, new loan markets,BancorpSouths market presence, growth opportunities, opportunities for mobile banking, strategicinitiatives, the usefulness and comparability of average tangible equity as a performance measure,and the future operating results of BancorpSouth, through BancorpSouth Bank. We caution you not toplace undue reliance on the forward-looking statements contained in this presentation, in thatactual results could differ materially from those indicated in such forward-looking statements as aresult of a variety of factors. These factors include, but are not limited to, the ability ofBancorpSouth to provide and market competitive products and services, the ability of BancorpSouthto manage growth and effectively serve an expanding customer and market base, changes in economicconditions, the ability of BancorpSouth to identify and enter new markets, changes inBancorpSouths operating or expansion strategy, changes in the national economy and in the economyin BancorpSouths market areas, the ability of BancorpSouth to attract, train and retain qualifiedpersonnel, changes in consumer preferences, geographic concentrations of BancorpSouths assets, theability of BancorpSouth to implement and integrate new technologies, changes in businessconditions, including, for example, changes in interest rates and regulatory changes, and otherfactors detailed from time to time in BancorpSouths press releases and filings with the Securitiesand Exchange Commission. BancorpSouth does not undertake any obligation to update or reviseforward-looking statements to reflect events or circumstances after the date of this presentation.
2
Agenda An overview of BancorpSouth BancorpSouths market footprint The BancorpSouth franchise Major lines of business Operating results Strategic initiatives Key investment considerations
3
Corporate Profile $ 13.2billion in assets
8-state financial holding company
290 locations
Provides a comprehensive line of financial products and services toindividuals and to small- to mid-size businesses
Traditional banking and non-interest products
$ 1.9billion market capitalization
Data as of December31, 2007
4
Mission Statement
Be the leading financial services company in our markets, close to the clientand focused on the economic development of the communities we serve.
Maximize shareholder value through consistently strong earnings performance,strong and growing market share, and focus on high quality assets.
Continuously transform BancorpSouth into a more diverse and comprehensivefinancial services company.
Be our clients provider of choice for financial services, a multi-facetedrelationship providing maximum long term value to both the client and our company.
Provide an inspiring career opportunity for dedicated professionals.
5
Market Footprint
6
Growth Markets
Top Metro Gross Metropolitan Product (GMP)Projected Growth Rankings 2007 2012 *
1. Mobile, AL 34.31%
2. Austin, TX 32.05%
3. Texarkana, TX/AR 28.57%
4. Palm Coast, FL 28.1%
5. Huntsville, AL 26.36%
6. Prescott, AZ 25.49%
7. Auburn-Opelika, AL-24.01%
8. St. George, UT 23.82%9. Port St. Lucie, FL 23.43% 10.Cape Coral-Ft. Myers, FL 23.34%11.Gulfport-Biloxi, MS 23.12%12.Atlanta, GA 22.81%
BancorpSouth Markets* 1/30/08 Forbes.com
7
ks advertised in THE WALL STREET JOURNAL
MARCH 23, 2007
Elvis Presleys Birthplace
The Upholstered Furniture Capital of America
The Headquarters of One of Americas Top 50 Banks
Toyotas First Choice
Toyotas recent announcement to place its new automobile assembly plant at the WellspringProject site just northwest of Tupelo is recognition by an international giant of theever-expanding potential of Northeast Mississippi.
Long known as the birthplace of the King of Rock and Roll, Tupelo and its Northeast Mississippineighbors have a solid record of industrial growth over the past half century. Fortune 500 namesare common here -names like Cooper Tire, Whirlpool, Caterpillar, Sara Lee and Kimberly-Clark. Soare an intelligent, energetic workforce; community support, and the headquarters of our130-year-old, $12.9billion asset, eight-state regional bank.
Through a unique partnership involving three adjoining counties, the work of the communilydevelopers, Mississippis governor, and a public-private partnership spanning several years,Toyota selected Northeast Mississippi for one of the most sought-after projects in industnadevelopment worldwide.
Best of all, Toyota selected Northeast Mississippi because of our greatest asset our people- -their education, their energy, their efficiency, their work ethic.
Welcome, Toyota, to your new Northeast Mississippi home and to our hometown
mi lhPT*jiiT^mr*vZ*A T^rB rT*T*i*TJiT^IvBB ^ F*Ta 3 iT^^T^ m m i kfci r-T^T*j*TB iT*TiiT^^B^i^n^^^^i ^^^H
-*^
BancorpSouth
Member FDIC
Right Where You Are
NYSE: BXS ^o^tOT,l=I
What Differentiates BancorpSouth
9
Meeting the Needs of Customers
Personal andPersonal andBusiness BankingBusiness Banking
Mortgage LendingMortgage Lending Investment andInvestment and andand BrokerageBrokerageServicing Servicing Services Services
BancorpSouthBancorpSouth
Trust and AssetTrust and Asset Credit Cards Credit Cards Family ofFamily ofManagement Management Services Services
Student Loans Student Loans Insurance InsuranceCommercialCommercial Banking and CashBanking and Cash ManagementManagement
10
BancorpSouth Insurance Services
Ranked 38thnationally amonginsurance brokerage firms byBusiness Insurance in July of2007
Ranked 6thnationally among banksin insurance brokerage feeincome in the Michael White /Symetra Bank Fee Income Reportat September30, 2007
For 2007, commissions totaled $71million, a 12.5% increase over 2006.
11
Wealth Management Group
12/31/2007 12/31/2006
Number of Trust Accounts 4,743 4,705
Number of Brokerage Accounts 10,756 9,698
Total Client Accounts 15,499 14,403
Trust Assets $ 4.1 $ 3.7
Brokerage Assets 0.9 0.8
Assets Under Management (billions) $ 5.0 $ 4.512
Wealth Management Group
Total Commissions and Fees
as of December31
($ in millions)
$18.0 $16.0 $10.2 $14.0 $10.4 $12.0 $8.5 $7.7 $10.0 $7.2 $8.0 $6.0 $7.4 $5.2 $4.0 $3.7 $3.9 $2.9$2.0 $0.0 2003 2004 2005 2006 2007
Brokerage Trust
13
Commercial Banking and Treasury Management
Over $1.11billion in Commercial Checking balances 16.5% increase in Treasury Management customers * 24.1% increase in Treasury Management sweep product balances * 30.4% increase in total fee revenue for Treasury Management **
*12/31/07 as compared to 12/31/06 * *2007 as compared to 2006
14
Mobile Banking Innovator
First in the Nation Mobile Banking with Firethorn Holdings and AT&TMobility
BancorpSouth Benefits: Market readiness for mobile banking New customer acquisition & retention Customer convenience Increased share of wallet Transaction revenue
15
Image Processing
First bank in nation to implement multiple image exchange networks*
Currently presenting over 80% of checks
electronically
Over 50% of our statements are truncated; the remaining
statements are imaged
Remote check capture service enables us to serve commercial customers, while indirectlyentering new markets
* Source: FedFocus, November2005, Federal Reserve Bank
16
Deposits
Total Deposits as of December31 ($ in billions)
$12.0 $9.7 $10.1 $11.0 $9.6 $9.1 $10.0 $8.5 $8.6 $9.0 $8.0 $7.0 $6.0 $5.0 2002 2003 2004 2005 20062007
6% 6%
AL 19% 11% TX
TN AR 5% MO
LA 6%
MS
as of December31,2007
47%
17
Loans
Loans Net of Unearned Income as of December31 ($ in billions)
$9.2 $10.0 $7.9 $9.0 $7.4 $8.0 $6.8 $6.4 $6.2 $7.0 $6.0 $5.0 $4.0 $3.0 2002 2003 2004 2005 2006 2007
6% 8% 13%TXAL 14% TNAR9% MO
LA
8% MS
as of December31,2007
42%
18
New Market Loan Growth
From January1, 2004 December31, 2007, new loan markets have added $1.25billion toBancorpSouths loan portfolio
19
90 Days Past Due and Non-Accrual Loans / Assets
0.80%
0.68%
0.57% 0.60% 0.51% 0.48% 0.43% 0.45% 0.42%
0.40%
0.30% 0.32% 0.30% 0.29% 0.27% 0.26% 0.20% 0.25%
0.00%1Q-06 2Q-06 3Q-06 4Q-06 1Q-07 2Q-07 3Q-07
BXSPeer Group
Peer Group Data is based on the Federal Reserves BankHolding Company Performance Report
20
Reserve Coverage of 90days Past Due and Non-Accrual Loans
5.0
4.8 4.5 4.6 4.0 4.3 4.2 4.0
3.7 3.02.5 2.6 2.6 2.02.32.32.01.7 1.00.01Q-06 2Q-06 3Q-06 4Q-06 1Q-07 2Q-07 3Q-07
BXSPeer Group
Peer Group Data is based on the Federal Reserves BankHolding Company Performance Report
21
Operating Results
Twelve Months EndedDecember31,2007 2006 % Change
Net interest revenue $422,899 $385,799 9.62Provision for credit losses 22,696 8,577 164.61Noninterest revenue 231,799 206,094 12.47Noninterest expense 428,058 393,154 8.88Income before income taxes 203,944 190,162 7.25Income tax provision 66,001 64,968 1.59Net income 137,943 125,194 10.18Net income per share: diluted 1.69 1.57 7.64
Dollars in thousands, except per share amounts22
Performance Ratios
Twelve Months EndedDecember31,2007 2006 % Change
Return on average assets 1.07% 1.06% 0.94Return on tangible equity 16.00% 14.99% 6.74Return on common equity 12.31% 12.52% -1.68Net interest margin 3.68% 3.70% -0.54Average shares outstanding diluted 81,844,343 79,542,734 2.89
23
Net Interest Margin
4.00%
3.73% 3.75% 3.72% 3.69% 3.75% 3.66% 3.64% 3.66% 3.66% 3.64% 3.61% 3.64% 3.66%
3.50%3.25%3.00%
Q1-05 Q2-05 Q3-05 Q4-05 Q1-06 Q2-06 Q3-06 Q4-06 Q1-07 Q2-07 Q3-07 Q4-07
24
Balance Sheet Information
Twelve Months EndedDecember31,2007 2006 % Change
Total assets $13,189,841 $12,040,521 9.55Total earning assets 11,948,038 10,879,587 9.82Loans, net of unearned discount 9,179,684 7,871,471 16.62Allowance for credit losses 115,197 98,834 16.56Total deposits 10,064,099 9,710,578 3.64Common shareholders equity 1,196,626 1,026,585 16.56Book value per share 14.54 12.98 12.02
Dollars in thousands, except per share amounts
25
Performance Metrics
Return on Average Assets
1.50% 1.28%1.13% 1.05%1.25% 1.05% 1.06% 1.07%1.00%0.75%0.50%0.25%0.00%2002 2003 2004 2005 2006 2007
26
Performance Metrics
Return on Average Tangible Equity
20.00% 16.80% 16.00%14.99%14.60% 14.04% 14.41%16.00%12.00%8.00%4.00%0.00%2002 2003 2004 2005 2006 2007
27
Earnings Per Share History
1.68 1.69$1.80 1.57$1.60 1.43 1.471.39$1.40 1.19$1.20$1.00$0.80$0.60$0.40$0.20$0.002001 2002 2003 2004 2005 2006 2007
28
Tier 1 Capital Leverage Ratio
10.08.8 8.8 8.79.0 8.78.48.37.98.07.06.05.02001 2002 2003 2004 2005 2006 3Q-07
Peer GroupBXS
Data is based on the Federal Reserves Bank Holding Company PerformanceReport
29
Tangible Tier 1 Capital Leverage Ratio
10.09.0 8.58.5 8.5 8.48.28.17.68.07.06.05.02001 2002 2003 2004 2005 2006 3Q-07
Peer GroupBXSData is based on the Federal Reserves Bank HoldingCompany Performance Report30
Dividend Growth
$0.85
$0.80
$0.75
$0.70
$0.65
$0.60
$0.55
$0.50
$0.45
$0.40
$0.35
$0.30
$0.25
$0.20
$0.15
$0.10
$0.05
$0.00
1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 19951996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Cash dividend per share of common stock
31
Strategic Initiatives
Continue to pursue new market entries
Create new initiatives for organic growth of deposits and loans
Maintain our net interest margin Increase share of client wallet
Continue to implement and promote a consistent BancorpSouth brand Continue to leverage industry-leading position in electronic payment technology Diversify and grow non-interest revenue
32
Key Investment Considerations
Unique market presence and growth opportunity
Focused on retail customers and small- to mid-size business
High degree of local management authority Size leveraged to support local offices Superior technological infrastructure Solid capital position Focused on shareholder value
33
Total Shareholder Return
including dividends
Periods ending 12/31/07
18.0%
12.8%
11.4%
12.0% 10.5% 10.1%
7.4%
5.9%
6.0%
3.1% 3.2%
2.3%
0.0%5 Year 10 Year 15 Year
S&P 500 IndexS&P Banks Composite Index CBOEBXS
Source: Bloomberg
34
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:
L. Nash Allen, Jr. Chief Financial Officer BancorpSouth, Inc. 662-680-2330
The Emerging Regional Bank of the Mid-South
APPENDIX
Unaudited Reconciliation of Non-GAAP Financial Measure
Return on average tangible equity should not be considered an alternative to return on averageshareholders equity or other financial statement data, but rather as a non-GAAP measure offinancial performance. Return on average tangible equity is computed by dividing the annualized netearnings available to common shareholders by the average tangible shareholders equity.
Average tangible shareholders equity equals average shareholders equity less goodwill andidentifiable intangible assets. Management believes that return on average tangible equity is ameaningful measure because it reflects the equity deployed in BancorpSouths businesses. Becausereturn on average tangible equity is not a measurement determined in accordance with GAAP and issusceptible to varying calculations, return on average tangible equity as presented may not becomparable to other similarly titled measures of other companies. The following table sets forth areconciliation of return on average shareholders equity to return on average tangible equity:
(Average Balances, Dollars in thousands)
Year Ended
December 31, 2002 December 31, 2003 December 31, 2004 December 31, 2005 December 31, 2006 December 31, 2007
Shareholders Equity $ 810,893 $ 845,874 $ 873,264 $ 934,563 $ 1,000,351 $ 1,121,000
Deduct: Goodwill and identifiableintangible assets 43,644 65,287 85,324 135,086 165,192 258,774
Tangible Shareholders Equity 767,249 780,587 787,940 799,477 835,159 862,226
Return on Average ShareholdersEquity 13.81 % 15.50 % 12.67 % 12.33 % 12.52 % 12.31 %
Return on Average TangibleEquity 14.60 % 16.80 % 14.04 % 14.41 % 14.99 % 16.00 %
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