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Previous: BANCORPSOUTH INC, 8-K/A, 2000-11-15 |
Next: NORTH CAROLINA CAPITAL MANAGEMENT TRUST, 497, 2000-11-15 |
<PAGE> 1
Exhibit 99.2
UNAUDITED PRO FORMA
CONDENSED CONSOLIDATED FINANCIAL INFORMATION
The following tables show unaudited condensed consolidated pro forma
financial information reflecting the merger of First United Bancshares, Inc.
("First United") with and into BancorpSouth, Inc. ("BancorpSouth"). The pro
forma information reflects the pooling of interests method of accounting. The
information in the following tables is based on the historical financial
information of BancorpSouth and First United that has been presented in their
prior filings with the Securities and Exchange Commission. All of the financial
information provided in the following tables should be read in connection with
this historical financial information. The financial information as of June 30,
2000 and for the interim periods ended June 30, 2000 and 1999 has not been
audited and in the opinion of management reflects all adjustments (consisting
only of normal recurring adjustments) necessary to a fair presentation of such
data. Pro forma information, while helpful in illustrating the financial
attributes of the combined company under one set of assumptions, doesn't attempt
to predict or suggest future results. Also, the information set forth for the
six-month period ended June 30, 2000 does not indicate what the results will be
for the year ending December 31, 2000.
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
Historical
---------------------------
BancorpSouth First United Adjustments Pro Forma
------------ ------------ ----------- ----------
(In thousands)
<S> <C> <C> <C> <C>
ASSETS
Cash and due from banks $ 196,773 $ 93,961 $ 290,734
Held-to-maturity securities 883,836 188,336 1,072,172
Available-for-sale securities 441,017 739,850 1,180,867
Federal funds sold 6,600 18,734 25,334
Loans and leases 4,323,121 1,554,341 5,877,462
Less: Unearned discount 69,490 3,024 72,514
Allowance for credit losses 58,504 19,181 77,685
--------- ----------- ----------
Net loans and leases 4,195,127 1,532,136 5,727,263
Mortgages held for sale 28,713 -- 28,713
Premises and equipment, net 135,104 42,483 177,587
Other assets 150,326 63,869 214,195
----------- ----------- ----------- ----------
Total assets $ 6,037,496 $ 2,679,369 -- $8,716,865
=========== =========== =========== ==========
LIABILITIES
Deposits
Non-interest bearing $ 631,084 $ 353,542 $ 984,626
Interest bearing 4,476,009 1,857,208 6,333,217
----------- ----------- ----------
Total deposits 5,107,093 2,210,750 7,317,843
Short-term borrowings 225,286 151,736 377,022
Long-term debt 137,246 38,531 175,777
Other liabilities 75,647 10,853 86,500
----------- ----------- ----------
Total liabilities 5,545,272 2,411,870 7,957,142
----------- ----------
STOCKHOLDERS' EQUITY
Common stock 143,261 25,297 45,851 (1) 214,409
Capital surplus 89,546 26,665 (45,851)(1) 70,360
Unrealized gain on available-for-sale securities (2,468) (16,019) (18,487)
Retained earnings 286,442 231,556 517,998
Less cost of treasury stock (24,557) -- (24,557)
----------- ----------- ----------- ----------
Total stockholders' equity 492,224 267,499 -- 759,723
----------- ----------- ----------- ----------
Total liabilities and stockholders' equity $ 6,037,496 $ 2,679,369 -- $8,716,865
=========== =========== =========== ==========
</TABLE>
---------------------------------------
(1) Reclassification of capital accounts to reflect the exchange of First United
Common Stock for BancorpSouth Common Stock.
<PAGE> 2
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
<TABLE>
<CAPTION>
For the six months ended June 30,
----------------------------------------------------------------------------------------------
1999 2000
---------------------------------------------- ----------------------------------------------
First First
BancorpSouth United BancorpSouth United
Historical Historical Adjustments Pro Forma Historical Historical Adjustments Pro Forma
------------ ---------- ----------- --------- ------------ ---------- ----------- ---------
(In thousands except per share amounts)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Interest revenue $200,898 $ 89,122 $290,020 $224,925 $ 97,906 $322,831
Interest expense 94,815 40,300 135,115 112,180 46,335 158,515
-------- -------- ------- -------- -------- --------
Net interest revenue 106,083 48,822 154,905 112,745 51,571 164,316
Provision for credit losses 6,670 1,275 7,945 8,449 1,565 10,014
-------- -------- ------- -------- -------- --------
Net interest revenue, after
provision for credit losses 99,413 47,547 146,960 104,296 50,006 154,302
Other revenue 42,295 9,496 51,791 41,481 9,949 51,430
Other expense 93,970 33,348 127,318 91,869 36,084 127,953
-------- -------- -------- ------- -------- -------- -------- --------
Income before income tax 47,738 23,695 71,433 53,908 23,871 77,779
Applicable income taxes 14,423 7,190 21,613 17,833 7,317 25,150
-------- -------- -------- -------- -------- -------- -------- --------
Net income $ 33,315 $ 16,505 -- $ 49,820 $ 36,075 $ 16,554 -- $ 52,629
======== ======== ======== ======== ======== ======== ======== ========
EARNINGS PER SHARE
Basic $ 0.58 $ 0.65 $ 0.58 $ 0.64 $ 0.65 $ 0.62
Diluted $ 0.58 $ 0.65 $ 0.58 $ 0.64 $ 0.65 $ 0.62
AVERAGE SHARES
Basic 57,101 25,294 85,557 56,479 25,297 84,938
Diluted 57,529 25,329 86,024 56,795 25,323 85,283
</TABLE>
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