BancorpSouth, Inc. Reports First Quarter Earnings
PRNewswire
TUPELO, Miss.

BancorpSouth, Inc. today announced that income for the first quarter ended March 31, 2001, excluding the impact of impairment on its mortgage servicing asset, was 30 cents per common share. Declining interest rates, both mortgage and short term, resulted in a $4.3 million pretax, non-cash charge to earnings to record mortgage servicing impairment which reduced net income to $22.3 million, or 27 cents per share (basic and diluted), compared to net income of $26.6 million, or 31 cents per share (basic and diluted) for the first quarter of 2000.

Aubrey Patterson, Chairman and Chief Executive Officer of BancorpSouth, commented, "The integration with First United Bancshares, Inc. is proceeding as planned. Longer term, we expect BancorpSouth to benefit from the opportunity to leverage our technology and strong product line into those markets. We will continue to look for opportunities to expand the number of products we offer to all our customers, such as insurance, and look to expand our relationships with small businesses."

"The rapid decline in interest rates in the first quarter created a challenging environment for banks. BancorpSouth does have some variable-rate loans and other loans with repricing options over a reasonably short time horizon and thus is subject to margin pressure as interest rates fall. However, we have been able to reduce the interest rates on our deposits in order to offset some of the impact of the interest rate decline."

Net Interest Income

Total interest revenue was $174.1 million in the first quarter of 2001, up 9.7 percent from the corresponding period in 2000 but down 2.4 percent from $178.3 million reported in the fourth quarter of 2000. Total interest expense for the 2001 first quarter was $92.5 million, a 19.6 percent increase from total interest expense of $77.4 million in the same period of the prior year but a decline of 3.2% from total interest expense of $95.6 million reported in the fourth quarter of 2000. In the first quarter of 2001, net interest margin was 4.01 percent, compared to 4.28 percent for the first quarter of 2000 and 4.03 percent in the fourth quarter of 2000. The cost of interest-bearing liabilities was 5.15 percent in the first quarter of 2001, compared to 4.66 percent in the first quarter of 2000 and 5.30 percent in the fourth quarter of 2000, while the taxable equivalent yield on earning assets was 8.41 percent in the first quarter of 2001 versus 8.21 percent in the same period a year earlier and 8.52 percent in the immediately preceding quarter.

"The drop in interest rates during the quarter caused the reduction in interest income," commented Patterson, "although it also led to a significant rate reduction for new deposits. When the Federal Reserve cuts short-term rates, the rates on some of our loans usually drop immediately or within a short time. Because we are not able to adjust the rate we pay on deposits as rapidly, net interest margins are compressed in a period of rapidly falling interest rates."

Deposit and Loan Activity

BancorpSouth continued to experience growth in total assets and total deposits compared to both the first quarter of 2000 and the fourth quarter of 2000. As of March 31, 2001, total assets were $9.4 billion, up 9.6 percent since March 31, 2000, and up 3.8 percent since the end of 2000; while total deposits were $7.8 billion, up 7.5 percent from March 31, 2000, and up 4.1 percent since year end 2000. Total loans as of March 31, 2001 were $6.0 billion, 5.7 percent higher than the level as of March 31, 2000, but down 2.3 percent from December 31, 2000.

Continuing a practice begun in the first quarter of 2000, the company sold its accumulated inventory of insured student loans in the first quarter of 2001. The sale of the $61.1 million loan portfolio created a pretax gain of $1.7 million. In addition, management decided to reduce the company's exposure to indirect automobile sales financing and is allowing BancorpSouth's portfolio of such loans to decline. The portfolio has decreased $123.0 million since the first quarter of 2000 and $30.5 million in the first quarter of 2001, reaching $234.4 million. Excluding the impact of these two items, total loan volume would have declined only 0.8 percent from the fourth quarter of 2000 to the first quarter of 2001.

"The economy in our markets generally is holding up, with unemployment at historically low rates," said Patterson, "but we are seeing some slowness in home construction in the Memphis area. Our liquidity position is strong because of good deposit growth coupled with slowing loan demand. Given the opportunities presented by the merger with First United, we anticipate a modest increase in loan volume for the year, and we expect to be able to continue to expand our loan portfolio without the need for outside funding because of our solid deposit base."

Loan Losses

The provision for loan losses in the first quarter of 2001 was $4.1 million, versus $4.6 million in the same quarter of the previous year and $5.5 million in the fourth quarter of 2000. Annualized net charge-offs for the first quarter of 2001 were .36 percent of average loans, while they were .18 percent of average loans in the year-ago quarter and .19 percent of average loans in the fourth quarter of 2000.

Non-performing assets totaled $43.6 million (.73 percent of loans) as of March 31, 2001, compared to $48.4 million (.86 percent of loans) as of March 31, 2000, and $50.1 million (.82 percent of net loans) at December 31, 2000. The allowance for credit losses amounted to 1.35 percent of total net loans at March 31, 2001.

"Loan quality has always been a hallmark of BancorpSouth," continued Patterson. "We maintain our high standards by applying conservative criteria at the time of origination and closely monitoring our credits throughout the life of the loan. While net charge-offs as a percent of loans was higher than usual in the first quarter of 2001, we anticipate that loans losses will be closer to historical levels for the remainder of the year."

Non-interest Income

Non-interest income totaled $27.9 million in the first quarter of 2001, up 4.8 percent from the $26.7 million reported in the first quarter of 2000 and up 9.0 percent from $25.6 million reported in the fourth quarter of 2000.

"Non-traditional businesses such as insurance and investment services are providing a growing revenue stream," Patterson stated. "In the recent quarter, insurance-related revenue was $5.7 million, compared to $4.5 million a year earlier. We anticipate that these services will continue to show strong growth as we implement improved cross-selling techniques and as we introduce BancorpSouth's products into former First United markets."

Two unusual items impacted non-interest income in the first quarter of 2001. Revenue from mortgage lending swung from a $3.4 million positive in the first quarter of 2000 to a $1.3 million negative in the first quarter of 2001 as a result of a $4.3 million impairment in the value of BancorpSouth's mortgage servicing asset, which represents the present value of the future stream of servicing revenue. As interest rates decline, refinancing of home mortgages accelerates and the present value of the future stream of servicing fees declines as the expected life of those mortgages shortens. The company must recognize the decline in future revenue with a non-cash charge against income. To some extent, this charge is offset by higher loan origination fees as lower interest rates stimulate loan growth. As the company expects to retain the mortgage servicing rights, the charge should reverse itself as interest rates rise, refinancing slows and the expected life of the mortgages lengthens.

In the first quarter of 2001, the impact of the write-down in the servicing asset was partially offset by a pre-tax gain of $2.2 million resulting from the sale of certain investment securities out of the available- for-sale portfolio.

Non-interest Expense

Non-interest expenses for the first quarter of 2001 were $72.9 million, compared to $64.1 million for the first quarter of 2000 and $68.7 million in the fourth quarter of 2000 (before non-recurring charges).

"We continue to see the impact of the First United merger on non-interest expense," explained Jim Kelley, President and Chief Operating Officer of BancorpSouth. "At the time of the merger, we made customer retention our first priority in the transition process, even though that means higher non- interest expenses over the first year of the combined company as we gradually transition former First United offices to BancorpSouth systems. We achieved product standardization among all the offices in December without a detrimental effect on our customer base. In the first quarter, we transitioned the first two former First United banks to BancorpSouth systems with equal success. We anticipate completing the conversion by the end of the third quarter and expect to see the resulting cost savings begin to have a positive impact on our results in the fourth quarter."

Capital Management

During the first quarter of 2001, the company repurchased a total of 276,550 shares of its outstanding common stock, 21,850 shares under a repurchase program which terminated in January and 254,700 shares under a repurchase program announced on March 5, 2001, which will allow the company to acquire up to 4.2 million shares or approximately 5% of the shares outstanding at the time of the announcement.

BancorpSouth, Inc. is a financial services company with $9.4 billion in assets, headquartered in Tupelo, Mississippi. The company operates approximately 250 commercial banking, insurance, trust, broker/dealer and consumer finance locations in Alabama, Arkansas, Louisiana, Mississippi, Tennessee and Texas.

Certain statements contained in this news release may not be based on historical facts and are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as "anticipate," believe," "estimate," "expect," "may," "might," "will," "would," or "intend." These forward-looking statements include, without limitation, those relating to interest rates on deposits, expansion and prospects of products and services, integration and impact of recent acquisitions, effects of technology, interest rate sensitivity, expansion of loan portfolio, loan losses, prospects for 2001, mortgage servicing, the Company's future growth, and profitability.

We caution you not to place undue reliance on the forward-looking statements contained in this news release in that actual results could differ materially from those indicated in such forward-looking statements, due to a variety of factors. Those factors include, but are not limited to, changes in economic conditions and government fiscal and monetary policies, fluctuations in prevailing interest rates, ability to reduce interest on deposits as interest rates decline, laws and regulations affecting financial institutions, the ability of BancorpSouth to compete with other financial services companies, the ability of BancorpSouth to integrate acquisitions, the ability of BancorpSouth to operate and integrate new technology, the ability of BancorpSouth to manage its growth and effectively serve an expanding customer and market base, the ability of BancorpSouth to provide competitive services and products, changes in BancorpSouth's operating or expansion strategy, geographic concentration of BancorpSouth's assets, availability of and costs associated with obtaining adequate and timely sources of liquidity, the ability of BancorpSouth to attract, train and retain qualified personnel, the ability of BancorpSouth to effectively market its services and products, changes in consumer preferences, other factors generally understood to affect the financial results of financial services companies, and other factors described from time to time in BancorpSouth's filings with the Securities and Exchange Commission. We undertake no obligation to update these forward- looking statements to reflect events or circumstances that occur after the date on which such statements were made.

  BancorpSouth, Inc.
  Selected Financial Data
                                                   Three Months Ended
                                                        March 31,
                                                  2001              2000
  (Dollars in thousands, except per
   share amounts)
  Earnings Summary:
  Net interest revenue                           $81,599           $81,328
  Provision for credit losses                      4,097             4,615
  Noninterest revenue                             27,949            26,674
  Noninterest expense                             72,832            64,120
  Income before income taxes                      32,619            39,267
  Income tax provision                            10,300            12,622
  Net income                                      22,319            26,645
  Earning per share:  Basic                        $0.27             $0.31
                      Diluted:                     $0.27             $0.31


  Balance sheet data at March 31:
  Total assets                                $9,384,078        $8,560,573
  Total earning assets                         8,738,930         7,985,297
  Loans and lease receivables, net of
   unearned discount                           5,960,862         5,620,581
  Allowance for credit losses                     80,461            76,362
  Total deposits                               7,785,627         7,245,458
  Common shareholders' equity                    804,085           758,183
  Book value per share                              9.59              8.92


  Average balance sheet data:
  Total assets                                $9,160,057        $8,479,566
  Total earning assets                         8,539,226         7,919,175
  Loans and lease receivables, net of
   unearned discount                           6,025,742         5,559,943
  Total deposits                               7,612,436         7,125,843
  Common shareholders' equity                    789,892           755,015

  Non-performing assets at March 31:
  Non-accrual loans                              $12,116           $18,011
  Loans 90+ days past due                         22,338            18,120
  Restructured loans                               1,542               979
  Other real estate owned                          7,643            11,280

  Net charge-offs as a percentage
       of average loans (annualized)               0.36%             0.18%

  Performance ratios (annualized)
  Return on average assets                         0.99%             1.26%
  Return on common equity                         11.46%            14.16%

  Net interest margin                              4.01%             4.28%

  Average shares outstanding - diluted        84,200,255        85,704,216



  BancorpSouth, Inc.
  Consolidated Balance Sheets
  (dollars in thousands)
  (Unaudited)

                                            March 31, 2001    March 31, 2000
  Assets
  Cash & due from banks                        $298,663          $273,427
  Interest bearing deposits
    with other banks                              7,871            48,469
  Held-to-maturity securities                 1,224,997         1,077,997
  Federal funds sold and securities
    purchased under agreement to resell         520,399           129,219

  Loans & leases                              5,960,862         5,620,581
    Allowance for credit losses                 (80,461)          (76,362)
   Net loans & leases                         5,880,401         5,544,219

  Available-for-sale securities                 973,847         1,077,151
  Mortgages held for sale                        50,953            31,882
  Bank premises & equipment                     202,539           173,195
  Accrued interest receivable                    90,827            74,426
  Other real estate owned                         7,568            10,714
  Other assets                                  126,013           119,874
     Total assets                            $9,384,078        $8,560,573
  Liabilities
  Demand deposits:
   Non-interest bearing                      $1,032,551        $1,002,662
   Interest bearing                           1,828,324         1,727,489
   Total demand deposits                      2,860,875         2,730,151
  Savings & time deposits:
   Savings                                      468,679           280,803
   Premium access                               427,092           579,860
   Certificates of deposit                    4,028,981         3,654,644
   Total savings & time deposits              4,924,752         4,515,307
   Total deposits                             7,785,627         7,245,458
  Federal funds purchased and
   securities sold under
   agreement to repurchase                      502,749           277,088
  Short-term borrowings                               0             9,000
  Accrued interest payable                       52,466            39,563
  Long-term debt                                151,778           161,087
  Other liabilities                              87,373            70,194
    Total liabilities                         8,579,993         7,802,390
  Shareholders' Equity
  Common stock                                  214,484           214,410
  Capital surplus                                70,581            69,978
  Unrealized gain(loss) on
   securities                                    22,933           (16,904)
  Retained earnings                             525,383           502,587
   Less:  Cost of treasury stock                (29,296)          (11,888)
    Total shareholders' equity                  804,085           758,183
    Total liabilities &
     shareholders' equity                    $9,384,078        $8,560,573



  BancorpSouth, Inc.
  Consolidated Statements of Income
  (amounts in thousands, except per share data)
  (Unaudited)

                                   Quarter Ended
                             Mar-01    Dec-00    Sep-00    Jun-00    Mar-00
  Interest Revenue:
  Loans, including fees     $136,737  $140,892  $134,910  $129,030  $124,360
  Held-to-maturity
   securities:                16,051    18,141    15,899    15,307    15,408
  Available-for-sale
   securities                 15,586    16,177    21,554    17,696    17,155
  Short term investments       5,766     3,185       962     1,553     1,806
   Total interest revenue    174,140   178,395   173,325   163,586   158,729
  Interest Expense:
  Deposits                    83,944    84,709    81,031    74,088    70,536
  Short term borrowings        3,557     7,007     9,058     4,416     4,274
  Long term borrowings         2,265     2,378     2,559     2,442     2,397
  Other interest expense       2,775     1,503       110       182       194
   Total interest expense     92,541    95,597    92,758    81,128    77,401
   Net interest revenue       81,599    82,798    80,567    82,458    81,328
  Provision for credit
   losses                      4,097     5,497    10,656     5,398     4,615
    Net interest revenue,
     after credit loss
     provision                77,502    77,301    69,911    77,060    76,713
   Other Revenue:
   Mortgage lending           (1,333)    1,900     2,493     3,059     3,422
   Service charges            10,342    10,927    10,213    10,234     9,098
   Life insurance premiums     1,094     1,116     1,107     1,058     1,020
   Trust income                1,684     1,625     1,794     1,637     1,644
   Securities gains, net       2,884   (15,549)     (254)       (7)      177
   Insurance commissions       4,608     4,845     3,717     3,972     3,499
   Other                       8,670     5,188     4,496     5,333     7,814
     Total other revenue      27,949    10,052    23,566    25,286    26,674
   Other Expense:
   Salaries and employee
    benefits                  38,721    33,845    34,070    32,008    33,933
   Occupancy                   5,129     4,838     4,647     4,409     4,449
   Equipment                   7,032     6,960     6,124     5,506     5,544
   Telecommunications          2,182     2,041     1,868     1,751     1,574
   Other                      19,768    21,981    29,898    20,161    18,620
     Total other expense      72,832    69,665    76,607    63,835    64,120
     Income before
      income taxes            32,619    17,688    16,870    38,511    39,267
   Income tax expense         10,300     5,413     7,379    12,527    12,622
     Net Income              $22,319   $12,275    $9,491   $25,984   $26,645
   Net Income Per Share:
     Basic                     $0.27     $0.15     $0.11     $0.31     $0.31
     Diluted                   $0.27     $0.15     $0.11     $0.31     $0.31


       BancorpSouth, Inc.
       Average Balances, Interest Income and Expense,
         and Average Yields and Rates
       (dollars in thousands)          Quarter Ended
       Unaudited                       March 31, 2001
                                          Average                  Yield/
       (Taxable equivalent basis)         Balance      Interest     Rate
       ASSETS
       Loans net of Unearned Income       $6,063,946    $137,055     9.17%
       Held-to-maturity securities:
         Taxable                             842,693      13,212     6.36%
         Non Taxable                         232,636       4,366     7.61%
       Available-for-sale securities
         Taxable                             838,410      13,616     6.59%
         Non Taxable                         155,988       3,031     7.88%
       Short term investments                405,553       5,767     5.77%
         Total interest earning
           assets and revenue              8,539,226     177,047     8.41%
       Other assets                          701,784
       Less:  allowance for credit
        losses                               (80,953)
           Total                          $9,160,057

       LIABILITIES AND
       SHAREHOLDERS' EQUITY
       Deposits:
         Demand - interest bearing        $1,770,537     $14,340     3.28%
         Savings                             896,888      10,685     4.83%
         Time                              3,975,219      58,918     6.01%
       Short-term borrowings                 490,736       6,333     5.23%
       Long-term debt                        151,870       2,265     6.05%
         Total interest bearing
           liabilities and expense         7,285,250      92,541     5.15%
       Demand deposits -
         non-interest bearing                969,793
       Other liabilities                     115,122
         Total liabilities                 8,370,165
       Shareholders' equity                  789,892
         Total                            $9,160,057
       Net interest revenue                              $84,506
       Net interest margin                                           4.01%
       Net interest rate spread                                      3.26%
       Interest bearing liabilities to
          interest earning assets                                   85.32%

       Net interest tax equivalent
        adjustment                                        $2,907



       BancorpSouth, Inc.
       Average Balances, Interest Income and Expense,
         and Average Yields and Rates
       (dollars in thousands)          Quarter Ended
       Unaudited                     December 31, 2000
                                          Average                  Yield/
       (Taxable equivalent basis)         Balance      Interest     Rate
       ASSETS
       Loans net of Unearned Income       $6,073,609    $141,295     9.25%
       Held-to-maturity securities:
         Taxable                             889,349      14,114     6.31%
         Non Taxable                         327,673       6,195     7.52%
       Available-for-sale securities
         Taxable                             913,866      15,271     6.65%
         Non Taxable                          69,280       1,394     8.00%
       Short term investments                198,310       3,185     6.39%
         Total interest earning
           assets and revenue              8,472,087     181,454     8.52%
       Other assets                          670,163
       Less:  allowance for credit
        losses                               (79,633)
           Total                          $9,062,617

       LIABILITIES AND
       SHAREHOLDERS' EQUITY
       Deposits:
         Demand - interest bearing        $1,668,090     $13,960     3.33%
         Savings                             904,717      11,888     5.23%
         Time                              3,883,979      58,861     6.03%
       Short-term borrowings                 567,066       8,509     5.97%
       Long-term debt                        157,786       2,378     6.00%
         Total interest bearing
           liabilities and expense         7,181,638      95,596     5.30%
       Demand deposits -
         non-interest bearing                987,644
       Other liabilities                     120,012
         Total liabilities                 8,289,294
       Shareholders' equity                  773,323
         Total                            $9,062,617
       Net interest revenue                              $85,858
       Net interest margin                                           4.03%
       Net interest rate spread                                      3.23%
       Interest bearing liabilities to
          interest earning assets                                   84.77%

       Net interest tax equivalent
        adjustment                                        $3,060



       BancorpSouth, Inc.
       Average Balances, Interest Income and Expense,
         and Average Yields and Rates
       (dollars in thousands)          Quarter Ended
                                       September 30, 2000
       Unaudited                          Average                  Yield/
                                          Balance      Interest     Rate
       (Taxable equivalent basis)
       ASSETS
       Loans net of Unearned Income       $5,888,736    $135,311     9.14%
       Held-to-maturity securities:
         Taxable                             760,409      11,951     6.25%
         Non Taxable                         325,687       6,074     7.42%
       Available-for-sale securities
         Taxable                           1,242,043      20,519     6.57%
         Non Taxable                          75,530       1,591     8.38%
       Short term investments                 58,408         962     6.55%
         Total interest earning
           assets and revenue              8,350,813     176,408     8.40%
       Other assets                          645,252
       Less:  allowance for credit
        losses                               (76,879)
           Total                          $8,919,186

       LIABILITIES AND
       SHAREHOLDERS' EQUITY
       Deposits:
         Demand - interest bearing        $1,659,533     $13,842     3.32%
         Savings                             877,041       9,956     4.52%
         Time                              3,801,938      57,233     5.99%
       Short-term borrowings                 579,725       9,168     6.29%
       Long-term debt                        169,573       2,559     6.00%
         Total interest bearing
           liabilities and expense         7,087,810      92,758     5.21%
       Demand deposits -
         non-interest bearing                972,647
       Other liabilities                      96,615
         Total liabilities                 8,157,072
       Shareholders' equity                  762,114
         Total                            $8,919,186
       Net interest revenue                              $83,650
       Net interest margin                                           3.99%
       Net interest rate spread                                      3.20%
       Interest bearing liabilities to
          interest earning assets                                   84.88%

       Net interest tax equivalent
        adjustment                                        $3,083



      BancorpSouth, Inc.
      Average Balances, Interest Income and Expense,
        and Average Yields and Rates
      (dollars in thousands)          Quarter Ended
      Unaudited                          June 30, 2000
                                          Average                  Yield/
                                          Balance     Interest      Rate
      (Taxable equivalent basis)
      ASSETS
      Loans net of Unearned Income       $5,750,197    $129,411     9.05%
      Held-to-maturity securities:
        Taxable                             753,072      11,446     6.11%
        Non Taxable                         324,755       5,941     7.36%
      Available-for-sale securities
        Taxable                             996,124      16,685     6.74%
        Non Taxable                          76,029       1,555     8.23%
      Short term investments                 99,355       1,553     6.29%
        Total interest earning
          assets and revenue              7,999,532     166,591     8.38%
      Other assets                          636,386
      Less:  allowance for credit
       losses                               (76,545)
          Total                          $8,559,373

      LIABILITIES AND
      SHAREHOLDERS' EQUITY
      Deposits:
        Demand - interest bearing        $1,707,641     $13,758     3.24%
        Savings                             826,070       8,206     4.00%
        Time                              3,708,808      52,124     5.65%
      Short-term borrowings                 328,870       4,598     5.62%
      Long-term debt                        165,584       2,442     5.93%
        Total interest bearing
          liabilities and expense         6,736,973      81,128     4.84%
      Demand deposits -
        non-interest bearing                965,742
      Other liabilities                      99,701
        Total liabilities                 7,802,416
      Shareholders' equity                  756,957
        Total                            $8,559,373
      Net interest revenue                              $85,463
      Net interest margin                                           4.30%
      Net interest rate spread                                      3.53%
      Interest bearing liabilities to
         interest earning assets                                   84.22%

      Net interest tax equivalent
         adjustment                                      $3,005



       BancorpSouth, Inc.
       Average Balances, Interest Income and Expense,
         and Average Yields and Rates
       (dollars in thousands)          Quarter Ended
       Unaudited                       March 31, 2000
                                          Average                  Yield/
                                          Balance      Interest     Rate
       (Taxable equivalent basis)
       ASSETS
       Loans net of Unearned Income       $5,608,277    $124,713     8.94%
       Held-to-maturity securities:
         Taxable                             781,038      11,575     5.96%
         Non Taxable                         321,956       5,898     7.37%
       Available-for-sale securities
         Taxable                           1,007,238      16,106     6.43%
         Non Taxable                          74,507       1,614     8.71%
       Short term investments                126,159       1,805     5.75%
         Total interest earning
           assets and revenue              7,919,175     161,711     8.21%
       Other assets                          635,476
       Less:  allowance for credit
        losses                               (75,085)
           Total                          $8,479,566

       LIABILITIES AND
       SHAREHOLDERS' EQUITY
       Deposits:
         Demand - interest bearing        $1,654,789     $12,666     3.08%
         Savings                             890,646       8,897     4.02%
         Time                              3,635,417      48,973     5.42%
       Short-term borrowings                 338,072       4,467     5.31%
       Long-term debt                        165,802       2,397     5.81%
         Total interest bearing
           liabilities and expense         6,684,726      77,400     4.66%
       Demand deposits -
         non-interest bearing                944,990
       Other liabilities                      94,835
         Total liabilities                 7,724,551
       Shareholders' equity                  755,015
         Total                            $8,479,566
       Net interest revenue                              $84,311
       Net interest margin                                           4.28%
       Net interest rate spread                                      3.56%
       Interest bearing liabilities to
          interest earning assets                                   84.41%

       Net interest tax equivalent
        adjustment                                        $2,983

SOURCE: BancorpSouth, Inc.

Contact: L. Nash Allen, Jr., 662-680-2330, or Gary C. Bonds,
662-680-2332, both of BancorpSouth, Inc.


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