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Bancorpsouth Inc (BXS) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2008

Bancorpsouth Inc

CIK: 701853 Ticker: BXS
Exhibit 99.1
News Release
(BANCORPSOUTH LOGO)
     
Contact:
   
L. Nash Allen, Jr.
  Gary C. Bonds
Treasurer and Chief Financial
  Executive Vice President and
Officer
  Controller
662/680-2330
  662/680-2332
BancorpSouth Announces Earnings of $0.20 per Diluted Share
for Fourth Quarter 2008 and $1.45 for Full Year
TUPELO, Miss., January 22, 2009/PRNewswire-FirstCall via COMTEX/ — BancorpSouth, Inc. (NYSE: BXS) today announced financial results for the fourth quarter and year ended December 31, 2008.
Aubrey Patterson, Chairman and Chief Executive Officer of BancorpSouth, stated, “For the fourth quarter, BancorpSouth produced solid financial results in an unusually challenging economic environment. Net income for the fourth quarter was $16.8 million, or $0.20 per diluted share, including significant fair value adjustments driven by market conditions. These non-cash charges related to the valuations of our mortgage servicing asset and certain investment securities and reduced net income by $15.3 million, or $0.18 per diluted share. While many challenges lie ahead, BancorpSouth entered 2009 well positioned with a strong capital structure, ample liquidity, a quality loan portfolio, diversified noninterest revenue streams and continuing profitability.”
                Highlights of the fourth quarter include:
    Solid profitability for the fourth quarter of 2008, with net income of $16.8 million, or $0.20 per diluted share.
 
    Expansion of the net interest margin to 3.74 percent.
 
    A 5.6 percent increase in loans and leases compared with the end of 2007, which contributed to the 1.5 percent growth in net interest revenue.
 
    Strong credit quality with non-performing loans of 0.64 percent of loans and leases and annualized net charge-offs of 0.57 percent of average loans and leases.
 
    Double-digit growth in insurance commissions from the comparable quarter of 2007.
 
    Further improvement of the ratio of equity to assets to 9.20 percent at the end of 2008 from 9.07 percent at the end of 2007.
 
    Election not to participate in the U.S. Treasury’s Capital Purchase Program under the Troubled Asset Relief Program (TARP).
-MORE-
Box 789 Tupelo, MS 38802-0789 (662) 680-2000
(BANCORPSOUTH INC LOGO) is a financial holding company.

 


The following information was filed by Bancorpsouth Inc (BXS) on Friday, January 23, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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