BancorpSouth, Inc. - SEC.gov | HOME February 28, 2008, BancorpSouth, Inc. will make a presentation at the Keefe, Bruyett & Woods Regional Bank Conference in Boston, Massachusetts

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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*TJiTÎvBB ^ F*Ta 3 iT^^T^ m m i kfci r-T^T*j*TB iT*TiiT^^Bî^n^^^î ^^^H

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BancorpSouth

Member FDIC

Right Where You Are

NYSE: BXS ô^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


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


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

[email protected]

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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BancorpSouth, Inc. - SEC.gov | HOME February 28, 2008, BancorpSouth, Inc. will make a presentation at the Keefe, Bruyett & Woods Regional Bank Conference in Boston, Massachusetts