Exhibit 99.1

News Release

Contact:
William L. Prater		Gary C. Bonds
Treasurer and Chief Financial Officer		Senior Vice President and Principal Accounting Officer
662/680-2000		662/680-2332

BancorpSouth Files Annual Report on Form 10-K for 2009

Revises Previously Reported Financial Condition and Results of Operation

TUPELO, Miss., March 15, 2010/PRNewswire-FirstCall via COMTEX/ — BancorpSouth, Inc. (NYSE: BXS) today announced the filing of its Annual Report on Form 10-K for the year ended December 31, 2009 with the Securities and Exchange Commission. As previously announced, the delay in filing the annual report resulted from management’s determination, in consultation with BancorpSouth’s independent registered public accounting firm and with the concurrence of the Audit Committee of the Board of Directors, that certain asset quality indicators, including the allowance for credit losses, and their impact on BancorpSouth’s financial statements for the fourth quarter and year ended December 31, 2009, should be further reviewed. As a result of this review, the Company’s previously announced results for the fourth quarter and year ended December 31, 2009 have been revised to reflect, among other things:

	•		A $27.6 million increase in the provision for credit losses; a $4.5 million increase in foreclosed property expense, which included $3.8 million for a valuation allowance; a $2.3 million expense related to a specific litigation matter; and a reversal of interest income totaling $606,000 related to loans placed on non-accrual.
	•		A $21.6 million, or $0.26 per diluted share, reduction in net income, producing a net loss of $2.1 million, or $0.03 per diluted share, for the fourth quarter of 2009 and net income of $82.7 million, or $0.99 per diluted share, for the full-year 2009.
	•		Nonperforming loans and leases of $186.5 million, or 1.91 percent of net loans and leases at year end.
	•		Annualized net charge-offs of 1.27 percent of average loans and leases for the fourth quarter of 2009 and 0.76 percent for full-year 2009.
	•		An allowance for credit losses at year-end that was equal to 2.4 times net charge-offs for 2009 and 94 percent of non-performing loans and leases. The allowance for credit losses at year end was 1.80 percent of net loans and leases.
	•		A ratio of shareholders’ equity to assets of 9.69 percent at the end of 2009 and tangible equity to assets of 7.63 percent. Year-end Tier 1 risk-based capital of 11.17 percent and total risk-based capital of 12.42 percent compared favorably with required minimum levels of 6 percent and 10 percent, respectively, to meet the definition of “well capitalized” under federal regulations.

BXS Announces Filing of Annual Report on Form 10-K for 2009
Page 2
March 15, 2010

Aubrey Patterson, Chairman and Chief Executive Officer of BancorpSouth, commented, “BancorpSouth has completed an in-depth review of asset quality and adequacy of its allowance for credit losses. In February, it became necessary to determine whether certain additional provisions should be made in the fourth quarter of 2009. Working in conjunction with our independent auditors, we concluded that these matters should be included in the results of operations for the fourth quarter of 2009.

“The Company undertook a very thorough review of credit quality and adequacy of the allowance for credit losses, focusing especially on the real estate acquisition and development portfolio. As a result of this review, we determined that $27.6 million should be added to the provision as a result of rating downgrades and impairments.

“Given the deterioration in real estate values generally, we also determined that the Company should write down the net carrying value of other real estate owned by $4.5 million. This write-down included the establishment of a valuation reserve of $3.8 million for losses in other real estate owned. Another factor was the conclusion of a pending litigation matter in March 2010, which resulted in an additional litigation reserve of $2.3 million. The net effect of these and less significant individual adjustments resulted in essentially a break-even fourth quarter and annual earnings for 2009 of $82.7 million.

“To ensure an even stronger focus on credit quality in this difficult economic environment, the Company is currently taking steps to establish a centralized real estate risk management group which will add strength and direction to improved procedures for real estate appraisal processes, early identification and impairment of troubled credits, and generally tightened controls on all aspects of administration of this portfolio.

“As a result of our review, the allowance for credit losses was a 2.4 multiple of 2009 net charge-offs and 94 percent of non-performing loans at year end. I am confident that these enhanced reserves place the Company’s balance sheet in an extremely strong position.”

Conference Call

BancorpSouth will conduct a conference call to discuss the Company’s filing of its Annual Report on Form 10-K for 2009 tomorrow, March 16, 2010, at 8:00 a.m. (Central Time). Investors may listen via the Internet by accessing BancorpSouth’s website at http://www.bancorpsouth.com. Related presentation materials will be posted to the Company’s website prior to the call. A replay of the conference call will be available at BancorpSouth’s website for at least two weeks following the call.

Forward-Looking Statements

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,” “could” or “intend.” These forward-looking statements

BXS Announces Filing of Annual Report on Form 10-K for 2009
Page 3
March 15, 2010

include, without limitation, statements relating to asset quality, allowance and provision for credit losses, reserves, the establishment of a commercial real estate risk management group and the continuation of the economic downturn.

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 because of a variety of factors. These factors may include, but are not limited to, changes in general business or economic conditions or government fiscal and monetary policies, volatility and disruption in national and international financial markets, fluctuations in prevailing interest rates and the ability of BancorpSouth to manage its assets and liabilities to limit exposure to changing interest rates, the ability of BancorpSouth to increase noninterest revenue and expand noninterest revenue business, the ability of BancorpSouth to maintain credit quality, changes in laws and regulations affecting financial service companies in general, the ability of BancorpSouth to compete with other financial services companies, the ability of BancorpSouth to provide and market competitive services and products, changes in BancorpSouth’s operating or expansion strategy, BancorpSouth’s business model, geographic concentration of BancorpSouth’s assets, the ability of BancorpSouth to manage its growth and effectively serve an expanding customer and market base, the ability of BancorpSouth to achieve profitable growth and increase shareholder value, the ability of BancorpSouth to attract, train and retain qualified personnel, the ability of BancorpSouth to identify, close and effectively integrate potential acquisitions, the ability of BancorpSouth to expand geographically and enter growing markets, 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. is a financial holding company headquartered in Tupelo, Mississippi, with $13.2 billion in assets. BancorpSouth Bank, a wholly-owned subsidiary of BancorpSouth, Inc., operates approximately 314 commercial banking, mortgage, insurance, trust and broker/dealer locations in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas. BancorpSouth Bank also operates an insurance location in Illinois.

BancorpSouth, Inc.
Selected Financial Data

		Three Months Ended								Twelve Months Ended
		December 31,								December 31,
		2009				2008				2009				2008
		(Dollars in thousands, except per share amounts)
Earnings Summary:
Net interest revenue		$	112,347			$	111,321			$	444,899			$	440,836
Provision for credit losses			62,271				17,822				117,324				56,176
Noninterest revenue			64,505				40,085				275,276				245,607
Noninterest expense			123,361				111,728				490,017				455,913
Income (loss) before income taxes			(8,780	)			21,856				112,834				174,354
Income tax provision			(6,634	)			5,060				30,105				53,943
Net income (loss)			($2,146	)		$	16,796			$	82,729			$	120,411
Earning (loss) per share: Basic			($0.03	)		$	0.20			$	0.99			$	1.46
Diluted			($0.03	)		$	0.20			$	0.99			$	1.45
Balance sheet data at December 31:
Total assets										$	13,167,867			$	13,480,218
Total earning assets											11,939,776				12,210,439
Loans and leases, net of unearned income											9,775,136				9,691,277
Allowance for credit losses											176,043				132,793
Total deposits											10,677,702				9,711,872
Common shareholders’ equity											1,276,296				1,240,260
Book value per share											15.29				14.92
Average balance sheet data:
Total assets		$	13,065,172			$	13,279,593			$	13,203,659			$	13,200,801
Total earning assets			11,966,504				12,109,660				12,078,437				12,037,141
Loans and leases, net of unearned interest			9,750,989				9,604,142				9,734,580				9,429,963
Total deposits			10,448,617				9,598,321				10,155,730				9,803,999
Common shareholders’ equity			1,266,989				1,239,498				1,255,605				1,224,280
Non-performing assets at December 31:
Non-accrual loans and leases										$	144,013			$	28,168
Loans and leases 90+ days past due, still accruing											36,301				33,373
Restructured loans and leases, still accruing											6,161				2,472
Other real estate owned											59,265				46,317
Total non-performing assets											245,740				110,330
Net charge-offs as a percentage of average loans (annualized)			1.27	%			0.57	%			0.76	%			0.40	%
Performance ratios (annualized):
Return on average assets			(0.07	%)			0.50	%			0.63	%			0.91	%
Return on common equity			(0.67	%)			5.39	%			6.59	%			9.84	%
Total shareholders’ equity to total assets			9.69	%			9.20	%			9.69	%			9.20	%
Tangible shareholders’ equity to tangible assets			7.63	%			7.15	%			7.63	%			7.15	%
Net interest margin			3.81	%			3.74	%			3.77	%			3.75	%
Average shares outstanding — basic			83,399,113				83,096,799				83,295,461				82,589,400
Average shares outstanding — diluted			83,527,596				83,239,216				83,430,505				82,793,663
Cash dividends per share		$	0.22			$	0.22			$	0.88			$	0.87
Tier I capital			11.17	%			10.79	%			11.17	%			10.79	%
Total Capital			12.42	%			12.04	%			12.42	%			12.04	%
Tier I leverage capital			8.95	%			8.65	%			8.95	%			8.65	%

BancorpSouth, Inc.
Consolidated Balance Sheets
(Unaudited)

		Dec-09				Sep-09				Jun-09				Mar-09				Dec-08
			(Dollars in thousands)
Assets
Cash and due from banks		$	222,741			$	189,103			$	236,327			$	242,180			$	291,055
Interest bearing deposits with other banks			15,704				43,067				28,836				34,230				13,542
Held-to-maturity securities, at amortized cost			1,032,822				1,180,716				1,204,618				1,330,810				1,333,521
Available-for-sale securities, at fair value			960,772				958,158				969,207				993,529				982,859
Federal funds sold and securities purchased under agreement to resell			75,000				75,000				—				—				—
Loans and leases			9,822,986				9,803,235				9,806,735				9,759,787				9,740,867
Less: Unearned income			47,850				45,291				45,335				46,964				49,590
Allowance for credit losses			176,043				144,791				138,747				134,632				132,793
Net loans and leases			9,599,093				9,613,153				9,622,653				9,578,191				9,558,484
Loans held for sale			80,343				80,053				94,736				168,769				189,242
Premises and equipment, net			343,877				346,931				348,661				348,734				351,204
Accrued interest receivable			68,651				74,589				71,349				77,503				79,183
Goodwill			270,097				270,097				270,097				269,062				268,966
Bank owned life insurance			187,770				189,043				185,822				184,026				182,272
Other assets			310,997				251,963				265,513				231,330				229,890
Total Assets		$	13,167,867				13,271,873				13,297,819				13,458,364				13,480,218
Liabilities
Deposits:
Demand: Noninterest bearing		$	1,901,663				1,769,432				1,773,418				1,820,807				1,735,130
Interest bearing			4,323,646				4,055,395				3,960,008				4,005,620				3,904,307
Savings			725,192				712,446				718,302				719,676				678,326
Other time			3,727,201				3,759,761				3,705,819				3,545,871				3,394,109
Total deposits			10,677,702				10,297,034				10,157,547				10,091,974				9,711,872
Federal funds purchased and securities sold under agreement to repurchase			539,870				816,374				755,609				1,256,649				1,205,366
Short-term Federal Home Loan Bank borrowings and other short-term borrowing			203,500				200,000				475,000				210,000				691,510
Accrued interest payable			19,588				24,243				24,084				22,841				20,755
Junior subordinated debt securities			160,312				160,312				160,312				160,312				160,312
Long-term Federal Home Loan Bank borrowings			112,771				286,281				286,292				286,302				286,312
Other liabilities			177,828				201,411				164,028				174,627				163,831
Total Liabilities			11,891,571				11,985,655				12,022,872				12,202,705				12,239,958
Shareholders’ Equity
Common stock			208,626				208,615				208,391				207,811				207,763
Capital surplus			222,547				222,135				220,859				216,138				215,255
Accumulated other comprehensive income (loss)			(8,409	)			(18,568	)			(25,162	)			(23,620	)			(26,896	)
Retained earnings			853,532				874,036				870,859				855,330				844,138
Total Shareholders’ Equity			1,276,296				1,286,218				1,274,947				1,255,659				1,240,260
Total Liabilities & Shareholders’ Equity		$	13,167,867			$	13,271,873			$	13,297,819			$	13,458,364			$	13,480,218

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

		Quarter Ended																				Year To Date
		Dec-09				Sep-09				Jun-09				Mar-09				Dec-08				Dec-09				Dec-08
INTEREST REVENUE:
Loans and leases		$	129,086			$	129,455			$	129,263			$	129,209			$	139,099			$	517,013			$	589,965
Deposits with other banks			19				20				22				70				111				131				684
Federal funds sold and securities purchased under agreement to resell			43				27				3				1				3				74				288
Held-to-maturity securities:
Taxable			10,128				11,690				12,108				13,031				13,625				46,957				58,679
Tax-exempt			2,393				2,193				2,155				2,111				2,053				8,852				8,112
Available-for-sale securities:
Taxable			8,675				8,592				8,721				9,038				8,693				35,026				35,813
Tax-exempt			875				812				826				883				867				3,396				4,205
Loans held for sale			777				698				1,215				1,275				2,117				3,965				7,667
Total interest revenue			151,996				153,487				154,313				155,618				166,568				615,414				705,413
INTEREST EXPENSE:
Interest bearing demand			9,023				9,038				9,738				12,248				15,924				40,047				60,333
Savings			900				937				927				936				1,080				3,700				5,280
Other time			23,445				25,534				26,496				25,833				28,293				101,308				148,591
Federal funds purchased and securities sold under agreement to repurchase			305				331				421				572				2,175				1,629				14,999
FHLB borrowings			3,012				2,877				2,885				2,823				4,537				11,597				22,458
Junior subordinated debt			2,863				2,884				2,928				2,955				3,162				11,630				12,469
Other			101				150				(22	)			375				76				604				447
Total interest expense			39,649				41,751				43,373				45,742				55,247				170,515				264,577
Net interest revenue			112,347				111,736				110,940				109,876				111,321				444,899				440,836
Provision for credit losses			62,271				22,514				17,594				14,945				17,822				117,324				56,176
Net interest revenue, after provision for credit losses			50,076				89,222				93,346				94,931				93,499				327,575				384,660
NONINTEREST REVENUE:
Mortgage lending			8,602				2,012				13,959				7,652				(12,174	)			32,225				2,146
Credit card, debit card and merchant fees			7,883				8,902				9,111				8,348				8,409				34,244				33,743
Service charges			18,689				19,049				18,371				16,755				19,295				72,864				77,091
Trust income			3,014				2,435				2,040				2,209				2,328				9,698				9,330
Security gains (losses), net			(102	)			—				42				5				(6,226	)			(55	)			(5,849	)
Insurance commissions			17,583				20,134				20,575				22,645				18,752				80,937				86,661
Other			8,836				9,943				16,380				10,204				9,701				45,363				42,485
Total noninterest revenue			64,505				62,475				80,478				67,818				40,085				275,276				245,607
NONINTEREST EXPENSES:
Salaries and employee benefits			66,926				70,353				70,092				71,363				64,395				278,734				271,556
Occupancy, net of rental income			10,897				10,720				10,492				9,999				10,307				42,108				39,846
Equipment			5,578				5,853				5,855				6,222				6,319				23,508				25,211
Deposit insurance assessments			3,786				3,402				9,358				3,126				1,444				19,672				2,852
Other			36,174				32,344				28,209				29,268				29,263				125,995				116,448
Total noninterest expenses			123,361				122,672				124,006				119,978				111,728				490,017				455,913
Income (loss) before income taxes			(8,780	)			29,025				49,818				42,771				21,856				112,834				174,354
Income tax expense (credit)			(6,634	)			7,494				15,951				13,294				5,060				30,105				53,943
Net income (loss)		$	(2,146	)		$	21,531			$	33,867			$	29,477			$	16,796			$	82,729			$	120,411
Net income (loss) per share: Basic		$	(0.03	)		$	0.26			$	0.41			$	0.35			$	0.20			$	0.99			$	1.46
Diluted		$	(0.03	)		$	0.26			$	0.41			$	0.35			$	0.20			$	0.99			$	1.45

BancorpSouth, Inc.
Selected Loan Data
(Dollars in thousands)
(Unaudited)

		Quarter Ended
		Dec-09				Sep-09				Jun-09				Mar-09				Dec-08
LOAN AND LEASE PORTFOLIO:
Commercial and industrial		$	1,466,569			$	1,442,344			$	1,441,718			$	1,390,042			$	1,417,499
Real estate
Consumer mortgages			2,017,067				2,046,433				2,054,666				2,037,439				2,096,568
Home equity			550,085				540,875				532,337				519,528				511,480
Agricultural			262,069				254,647				242,034				238,466				234,024
Commercial and industrial-owner occupied			1,449,554				1,432,859				1,394,852				1,455,422				1,465,027
Construction, acquisition and development			1,459,503				1,533,622				1,652,052				1,692,526				1,689,719
Commercial			1,806,766				1,770,066				1,719,044				1,660,211				1,568,956
Credit cards			108,086				103,208				101,844				98,450				93,650
All other			655,437				633,890				622,853				620,739				614,354
Total loans		$	9,775,136			$	9,757,944			$	9,761,400			$	9,712,823			$	9,691,277
ALLOWANCE FOR CREDIT LOSSES:
Balance, beginning of period		$	144,791			$	138,746			$	134,632			$	132,793			$	129,147
Loans and leases charged off:
Commercial and industrial			(3,404	)			(3,913	)			(1,070	)			(1,147	)			(1,003	)
Real estate
Consumer mortgages			(2,298	)			(2,669	)			(4,877	)			(4,073	)			(3,582	)
Home equity			(1,835	)			(1,278	)			(1,106	)			(1,153	)			(596	)
Agricultural			(401	)			(407	)			(3	)			(37	)			(350	)
Commercial and industrial-owner occupied			(753	)			(1,795	)			(649	)			(836	)			(511	)
Construction, acquisition and development			(20,766	)			(3,160	)			(4,335	)			(4,377	)			(6,208	)
Commercial			(568	)			(2,135	)			(321	)			(560	)			(611	)
Credit cards			(1,118	)			(1,204	)			(1,290	)			(1,158	)			(953	)
All other			(954	)			(938	)			(815	)			(810	)			(953	)
Total loans charged off			(32,097	)			(17,499	)			(14,466	)			(14,151	)			(14,767	)
Recoveries:
Commercial and industrial			194				320				68				179				279
Real estate
Consumer mortgages			209				132				263				220				174
Home equity			76				28				2				3				1
Agricultural			—				—				—				2				—
Commercial and industrial-owner occupied			10				31				248				8				54
Construction, acquisition and development			7				31				4				86				97
Commercial			25				108				—				56				23
Credit cards			216				123				140				138				99
All other			341				257				261				353				290
Total recoveries			1,078				1,030				986				1,045				1,017
Net charge-offs			(31,019	)			(16,469	)			(13,480	)			(13,106	)			(13,750	)
Provision charged to operating expense			62,271				22,514				17,594				14,945				17,822
Other, net			—				—				—				—				(426	)
Balance, end of period		$	176,043			$	144,791			$	138,746			$	134,632			$	132,793
Average loans for period		$	9,750,989			$	9,750,159			$	9,740,916			$	9,695,475			$	9,604,142
Ratios:
Net charge-offs to average loans (annualized)			1.27	%			0.68	%			0.55	%			0.54	%			0.57	%

BancorpSouth, Inc.
Selected Loan Data
(Dollars in thousands)
(Unaudited)

		Quarter Ended
		Dec-09				Sep-09				Jun-09				Mar-09				Dec-08
NON-PERFORMING ASSETS
NON-PERFORMING LOANS AND LEASES:
Nonaccrual Loans and Leases Commercial and industrial		$	4,852			$	7,048			$	7,364			$	5,523			$	7,378
Real estate
Consumer mortgages			20,731				12,433				9,946				8,398				4,599
Home equity			1,642				1,879				596				100				143
Agricultural			1,136				2,647				970				673				440
Commercial and industrial-owner occupied			7,039				5,044				2,631				4,153				1,768
Construction, acquisition and development			82,170				39,989				21,742				17,984				12,393
Commercial			23,209				12,228				1,023				925				432
Credit cards			1,044				850				816				939				952
All other			2,190				614				454				241				63
Total nonaccrual loans and leases			144,013				82,732				45,542				38,936				28,168
Loans and Leases 90+ Days Past Due, Still Accruing:
Commercial and industrial			1,797				1,062				1,919				1,489				715
Real estate
Consumer mortgages			9,905				14,189				9,961				7,110				13,371
Home equity			810				707				1,651				1,375				796
Agricultural			1,015				289				3,292				421				409
Commercial and industrial-owner occupied			4,511				1,342				4,253				2,982				2,761
Construction, acquisition and development			13,482				1,477				18,648				11,372				12,481
Commercial			2,558				305				2,351				1,021				1,013
Credit cards			355				373				476				391				463
All other			1,868				955				1,315				1,138				1,364
Total loans and leases 90+ past due, still accruing			36,301				20,699				43,866				27,299				33,373
Restructured Loans and Leases, Still Accruing			6,161				8,205				8,264				7,581				2,472
Total non-performing loans and leases			186,475				111,636				97,672				73,816				64,013
OTHER REAL ESTATE OWNED:			59,265				62,072				51,477				47,450				46,317
Total Non-performing Assets		$	245,740			$	173,708			$	149,149			$	121,266			$	110,330
Credit Quality Ratios:
Provision for credit losses to average loans and leases (annualized)			2.55	%			0.92	%			0.72	%			0.62	%			0.74	%
Allowance for credit losses to net loans and leases			1.80	%			1.48	%			1.42	%			1.39	%			1.37	%
Allowance for credit losses to non-performing assets			71.64	%			83.35	%			93.03	%			111.02	%			120.36	%
Allowance for credit losses to non-performing loans and leases			94.41	%			129.70	%			142.05	%			182.39	%			207.45	%
Non-performing loans and leases to net loans and leases			1.91	%			1.14	%			1.00	%			0.76	%			0.66	%
Non-performing assets to net loans and leases			2.51	%			1.77	%			1.53	%			1.25	%			1.14	%

BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(Dollars in thousands)
(Unaudited)

		Quarter Ended
		December 31, 2009
		Average								Yield/
(Taxable equivalent basis)		Balance				Interest				Rate
ASSETS
Loans, loans held for sale, and leases net of unearned income		$	9,821,066			$	130,671				5.28	%
Held-to-maturity securities:
Taxable			878,452				10,239				4.62	%
Tax-exempt			209,242				3,682				6.98	%
Available-for-sale securities:
Taxable			892,191				8,676				3.86	%
Tax-exempt			72,902				1,344				7.31	%
Short-term investments			92,651				61				0.26	%
Total interest earning assets and revenue			11,966,504				154,673				5.13	%
Other assets			1,267,510
Less: allowance for credit losses			(168,842	)
Total		$	13,065,172
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Demand — interest bearing		$	4,155,330			$	9,023				0.86	%
Savings			717,630				900				0.50	%
Other time			3,748,894				23,445				2.48	%
Short-term borrowings			713,972				405				0.23	%
Junior subordinated debt			160,312				2,865				7.09	%
Long-term debt			303,301				3,011				3.94	%
Total interest bearing liabilities and expense			9,799,439				39,649				1.61	%
Demand deposits - noninterest bearing			1,826,763
Other liabilities			171,981
Total liabilities			11,798,183
Shareholders’ equity			1,266,989
Total		$	13,065,172
Net interest revenue						$	115,024
Net interest margin											3.81	%
Net interest rate spread											3.52	%
Interest bearing liabilities to interest earning assets											81.89	%
Net interest tax equivalent adjustment						$	2,677

BancorpSouth, Inc.
Average Balances, Interest Income and Expense,
and Average Yields and Rates
(Dollars in thousands)
(Unaudited)

		Quarter Ended
		September 30, 2009
		Average								Yield/
(Taxable equivalent basis)		Balance				Interest				Rate
ASSETS
Loans, loans held for sale, and leases net of unearned income		$	9,808,427			$	130,957				5.30	%
Held-to-maturity securities:
Taxable			998,773				11,799				4.69	%
Tax-exempt			199,360				3,373				6.71	%
Available-for-sale securities:
Taxable			889,278				8,591				3.83	%
Tax-exempt			69,737				1,251				7.12	%
Short-term investments			62,334				47				0.30	%
Total interest earning assets and revenue			12,027,909				156,020				5.15	%
Other assets			1,285,360
Less: allowance for credit losses			(146,212	)
Total		$	13,167,057
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Demand — interest bearing		$	4,010,281			$	9,038				0.89	%
Savings			716,155				936				0.52	%
Other time			3,726,754				25,535				2.72	%
Short-term borrowings			1,071,144				544				0.20	%
Junior subordinated debt			160,312				2,884				7.14	%
Long-term debt			286,285				2,814				3.90	%
Total interest bearing liabilities and expense			9,970,931				41,751				1.66	%
Demand deposits - noninterest bearing			1,747,021
Other liabilities			184,006
Total liabilities			11,901,958
Shareholders’ equity			1,265,099
Total		$	13,167,057
Net interest revenue						$	114,269
Net interest margin											3.77	%
Net interest rate spread											3.49	%
Interest bearing liabilities to interest earning assets											82.90	%
Net interest tax equivalent adjustment						$	2,533