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BancorpSouth, Inc. Q4 2008 Earnings Call TranscriptJan. 23, 2009
BancorpSouth, Inc. Q3 2008 Earnings Call TranscriptOct. 21, 2008
BancorpSouth, Inc. Q2 2008 Earnings Call TranscriptJul. 18, 2008 • 1 Comment
BancorpSouth, Inc. Q1 2008 Earnings Call TranscriptApr. 22, 2008
BancorpSouth Q3 2007 Earnings Call TranscriptOct. 24, 2007
Wed, Aug. 27, 1:10 PM
- "It's clearly not helpful to poke your primary regulator in the face with a stick," says an investment banker who works on bank acquisition deals. He's referring to 80-year old M&T Bank (MTB -0.1%) boss Robert Wilmers. After guiding his bank through the financial crisis without cutting the dividend or reporting a quarterly loss, Wilmers has been critical of regulatory overreach, arguing smaller lenders are suffering for the mistakes of the TBTF banks.
- Today marks the 2-year anniversary of the M&T/Hudson City (HCBK -0.4%) merger announcement, a deal which continues to be held up because of Fed concerns over M&T's money-laundering compliance, but maybe regulators are just making an example of Mr. Wilmers.
- In any case, the 2-year and counting delay has put a chill on the merger market for banks. Since the beginning of 2013, at least 10 lenders hoping to complete deals have instead been forced to move back planned closing dates. Among those, ViewPoint Financial (VPFG -0.3%) has a merger agreement expiring this weekend, and BancorpSouth (BXS -0.3%) dropped its request to buy two banks earlier this month after weaknesses were found in its money-laundering program (it plans to refile for approval after cleaning this up).
- For its part, M&T has spent vast quantities trying to come into compliance and at latest check is still hopeful on closing the purchase before year's end.
- ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, SEF, IYG, FXO, FNCL, FINU, RWW, RYF, FINZ
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- Trustmark (TRMK) started at Hold.
- Texas Capital Bancshares (TCBI) started at Buy.
- Renasant (RNST) started at Buy.
- Provident Financial Services (PFS) started at Buy.
- National Penn Bancshares (NPBC) started at Hold.
- Independent Bank (INDB) started at Buy.
- Home Bancshares (HOMB) started at Hold.
- Hancock Holding (HBHC) started at Buy.
- Fulton Financial (FULT) started at Hold.
- Commerce Bancshares (CBSH) started at Buy.
- BankUnited (BKU) started at Buy.
- BancorpSouth (BXS) started at Hold.
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- The fast pace of smaller bank roll-ups looks set to take a pause as acquirers shy away from higher prices and instead focus on integrating recent purchases. Deal prices this year have climbed to an average of 136.8% of TBV vs. 128.7% in 2013 and 120.3% in 2012, according to SNL Financial.
- Of course, higher stock prices make it easier to pay, with SNL's Bank & Thrift Index now trading near 170% of TBV from 145% about a year earlier.
- Speaking at a recent conference, BankUnited (BKU +1.9%)CEO John Kanas says a strong currency is of little use if the target bank can't grow its business at the same multiple as his bank. Further, any buyer should be prepared to spend a year distracted with regulators.
- Still on the hunt, Home BancShares (HOMB +3.3%) CEO Randy Sims takes note of frothy seller expectations, noting a number of deals where the seller has baked in 50% growth into its asking price.
- Hancock Holdings (HBHC +3.1%) chief Carl Chaney agrees prices are rising, but so too is the quality of the books he's looking at.
- Trustmark (TRMK +3.7%) CEO Gerard Host says growth is necessary now that the bank's passed $10B in assets and faces a whole host of new regulations and costs. "We're going to have to pay to do the deals we want to do ... It's not just about money."
- Old National Bancorp (ONB +2.5%) CEO Bob Jones says he spends nearly 20% of his time talking to CEOs and boards of potential targets and these things take time. The recently closed purchase of Tower Financial, he says, was 10 years in the making.
- Also presenting: BXS, FFCH, UBSH, PB
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Nov. 19, 2013, 12:50 PM
- Regional bank stocks face plenty of challenges after big moves higher this year while loan growth and margins haven't really kept up, but Stephens' Matt Olney says the tailwinds of higher interest rates, continued expense cuts, and more M&A activity are on the way.
- For the expense management theme, BancorpSouth (BXS +0.3%) is a favorite as a new management team moves in - specifically CEO James Rollins who comes over from the "very efficient" Prosperity Bancshares (PB -0.1%).
- In M&A, those best positioned as acquirers are Home Bancshares (HOMB -0.3%), Bank of the Ozarks (OZRK +0.3%), Renasant Corp. (RNST +0.8%), Hilltop Holdings (HTH -1.1%), and First Financial Bancshares (FFIN +0.7%). The management team at HOMB is particularly noteworthy as the management team's "been acquiring banks their whole career and they know how to do it," and the valuation at 4x tangible book gives them valuable currency.
- How about acquirees? The midtier banks aren't yet ready to sell he says, and most of the names being acquired are small, private ones.
- Texas is a favorite area for growth and the pick there (in addition to Hilltop) is Texas Capital Bancshares (TCBI -0.2%) for its exposure to the energy sector.
- Newly added to Olney's Buy list is Pittsburgh's Tristate Capital (TSC -0.5%) at 1.2x tangible equity with the unique kicker of a wealth management division being leveraged to generate loan growth.
- Regional bank ETF: KRE
BXS vs. ETF Alternatives
BancorpSouth Inc., is a financial holding company, which through its subsidiary BancorpSouth Bank, conducts commercial banking and financial services operations in Mississippi, Tennessee, Alabama, Arkansas, Texas, Louisiana, Florida, Missouri & Illinois.
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