BancorpSouth, Inc. (NYSE:BXS) Q4 2019 Earnings Conference Call - Final Transcript

Jan 23, 2020 • 11:00 am ET


BancorpSouth, Inc. (NYSE:BXS) Q4 2019 Earnings Conference Call - Final Transcript


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Good morning, welcome to BancorpSouth Q4 2019 Earnings Conference Call and Webcast. All participants will be in listen-only mode. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Mr. Will Fisackerly, please -- Executive Vice President and Director of Corporate Finance. Please go ahead.

Will Fisackerly

Good morning and thank you for being with us. I will begin by introducing the members of the senior management team participating today. We have Chairman and Chief Executive Officer, Dan Rollins; President and Chief Operating Officer, Chris Bagley; and Senior Executive Vice President and Chief Financial Officer, John Copeland.

Before the discussion begins, I'll remind you of certain forward-looking statements that may be made regarding the company's future results or future financial performance. Actual results could differ materially from those indicated in these forward-looking statements due to a variety of factors and/or risks. Information concerning certain of these factors can be found in BancorpSouth's 2018 annual report on Form 10-K. Also during the call, certain non-GAAP financial measures may be discussed regarding the company's performance. If so, you can find the reconciliation of these measures in the company's fourth quarter 2019 earnings release.

Our speakers will be referring to prepared slides during the discussion. You can find the slides by going to and clicking on our Investor Relations page where you'll find them on the link to our webcast or you can view them at the exhibit to the 8-K that we filed yesterday afternoon.

And now I'll turn to Dan Rollins for his comments on our financial results.

James D. Rollins III

Thank you, Will. Good morning everyone. Thank you for joining us today to discuss BancorpSouth's fourth quarter and full year 2019 financial performance. I will begin by making a few brief comments regarding the highlights for both the year and the fourth quarter. John will be happy to discuss our financial results, Chris will provide a little detail on our business development activities. And after we conclude our prepared comments, our executive management team will be happy to answer questions.

Let's turn to the slide presentation, were slide 2 contains the standard legal reminders that Will has already discussed with you. Slide 3 covers the highlights for the year. First and foremost, we are excited to reach the $20 billion mark in total assets for the first time in our company history. Actually ending the year with just over $21 billion in total assets. This accomplishment really speaks volumes for the success of all current and former teammates and continuing to grow our company in a judicious manner, both organically and through mergers and acquisitions.

We reported record annual earnings for 2019, both on a GAAP basis and operating basis. Our reporting -- our reported net income for the year was $234.3 million, or $2.30 per diluted share while our net operating income excluding mortgage service right adjustment was $254 million, excuse me $255.4 million, or $2.51 per diluted share. This represents an increase of operating