e8vk - SEC.gov | HOME Balance Sheet Dollars in millions Based on period end balances Mar — 2011...

0000950123-11-058858.txt : 201106140000950123-11-058858.hdr.sgml : 2011061420110614104451ACCESSION NUMBER:0000950123-11-058858CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:25CONFORMED PERIOD OF REPORT:20110614ITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20110614DATE AS OF CHANGE:20110614

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:BANCORPSOUTH INCCENTRAL INDEX KEY:0000701853STANDARD INDUSTRIAL CLASSIFICATION:STATE COMMERCIAL BANKS [6022]IRS NUMBER:640659571STATE OF INCORPORATION:MSFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-12991FILM NUMBER:11909685

BUSINESS ADDRESS:STREET 1:ONE MISSISSIPPI PLCITY:TUPELOSTATE:MSZIP:38804BUSINESS PHONE:6626802000

MAIL ADDRESS:STREET 1:PO BOX 789CITY:TUPELOSTATE:MSZIP:38802-0789

FORMER COMPANY:FORMER CONFORMED NAME:BANCORP OF MISSISSIPPI INCDATE OF NAME CHANGE:19920703

8-K1g27517e8vk.htmFORM 8-K

e8vk

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June14, 2011 (June14, 2011)

BANCORPSOUTH, INC.

(Exact name of registrant as specified in its charter)

Mississippi

1-12991

64-0659571

(State or other
jurisdiction of
incorporation)

(Commission File
Number)

(IRS Employer
Identification No.)

One Mississippi Plaza
201 South Spring Street
Tupelo, Mississippi

38804

(Address of principal executive offices)

(Zip Code)

Registrants telephone number, including area code (662) 680-2000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfythe filing obligation of the registrant under any of the following provisions (see GeneralInstruction A.2 below):

o Written communications pursuant to Rule425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section7 RegulationFD

Item7.01. RegulationFD Disclosure.

On June14, 2011, BancorpSouth, Inc. will make presentations to various investors in New York.A copy of the presentation is furnished as Exhibit99.1 to this Current Report on Form 8-K and isincorporated herein by reference in its entirety.

Section9 Financial Statements and Exhibits

Item9.01. Financial Statements and Exhibits.

(a) Not applicable.

(b) Not applicable.

(c) Not applicable.

(d) Exhibits.

Exhibit99.1 Presentation by BancorpSouth, Inc. to various investors on June14, 2011

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has dulycaused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BANCORPSOUTH, INC.

By: /s/ Cathy S. Freeman

Cathy S. Freeman

Date: June 14, 2011 Executive Vice President and CorporateSecretary

EXHIBIT INDEX

Exhibit Number Description

99.1

Presentation by BancorpSouth, Inc. to various investors onJune14, 2011

EX-99.12g27517exv99w1.htmEX-99.1

exv99w1

Exhibit99.1

Investor PresentationFinancial Informationas of March31, 2011

Forward Looking Information2Certain statements contained in this presentation and the accompanying slides may not be based onhistorical facts and are forward-looking statements withinthe meaning of Section27A of the Securities Act of 1933, as amended, and Section21E of theSecurities Exchange Act of 1934, as amended. These forwardlookingstatements may be identified by reference to a future period or by the use of forward-lookingterminology, such as anticipate, believe, estimate,expect, foresee, may, might, will, intend, could, would or plan, or future orconditional verb tenses, and variations or negatives of such terms. Theseforward-looking statements include, without limitation, statements about long-term prospects forshareholder value, the impact of the prevailing economy, resultsof operations, financial condition, the impact of branch consolidations and closings, and use ofnon-GAAP financial measures. We caution you not to place unduereliance on the forward-looking statements contained in this presentation, in that actual resultscould differ materially from those indicated in such forward-lookingstatements as a result of a variety of factors. These factors include, but are not limited to,conditions in the financial markets and economic conditions generally,the soundness of other financial institutions, the availability of capital, liquidity risk, thecredit risk associated with real estate construction, acquisition anddevelopment loans, estimates of costs and values associated with real estate construction,acquisition and development loans in the Companys loan portfolio,the adequacy of the Companys allowance for credit losses to cover actual credit losses,governmental regulation and supervision of the Companys operations,the susceptibility of the Companys business to local economic conditions, the impact of recentlegislation and regulations on service charges on core depositaccounts, changes in interest rates, the impact of monetary policies and economic factors on theCompanys ability to attract deposits or make loans, volatility incapital and credit markets, the impact of hurricanes or other adverse weather events, risks inconnection with completed or potential acquisitions, dilution causedby the Companys issuance of any additional shares of its common stock to raise capital or acquireother banks, bank holding companies, financial holdingcompanies and insurance agencies, restrictions on the Companys ability to declare and paydividends, the Companys growth strategy, diversification in thetypes of financial services the Company offers, competition with other financial servicescompanies, interruptions or breaches in security of the Companysinformation systems, the failure of certain external vendors to perform, the Companys ability toimprove its internal controls adequately, any requirement that theCompany write down goodwill or other intangible assets, other factors generally understood toaffect the financial results of financial services companies, andother factors detailed from time to time in BancorpSouths press releases and filings with theSecurities and Exchange Commission. BancorpSouth does notundertake any obligation to update or revise forward-looking statements to reflect events orcircumstances after the date of this presentation. Certain tabularpresentations may not reconcile because of rounding. Unless otherwise noted, any quotes in thispresentation can be attributed to company management.

Agenda? BancorpSouth Overview? Financial Highlights? Credit Information? Strategic Focus? Capital preservation? Continued growth in noninterest lines of business? Continued focus on deposit relationships? Branch network optimization3

Corporate Profile? $13.5billion in assets? A banking presence in 8 states? 312 locations? A comprehensive line of financial products and services toindividuals and to small- to mid-size businesses? Traditional banking and non-interest products? Nations 25th largest insurance agency / brokerage operationData as of March31, 20114 Insurance ranking from Business Insurance Magazine as of December31, 2009

5Regional Management Structure

6Operating ResultsDollars in millionsMar 2011 Dec 2010 Mar 2010% ChangeNet interest revenue $109.4 $110.2 $111.9 (2.2) %Provision for credit losses 53.4 43.3 43.5 22.7Noninterest revenue 68.3 74.0 63.3 7.9Noninterest expense 130.0 123.4 120.5 7.9Income (loss)before income taxes (5.7) 17.5 11.2 (151.2)Income tax provision (benefit) (5.2) 1.6 2.8 (286.3)Net income (loss) ($0.5) $15.9 $8.4 (105.9) %Net income (loss)per share: diluted ($0.01) $0.19 $0.10 (110.0) %Three Months Ended, Year Over Year

7Balance SheetDollars in millionsBased on period end balancesMar 2011 Dec 2010 Mar 2010% ChangeTotal assets $13,547 $13,615 $13,230 2.4%Total earning assets 12,336 12,458 12,032 2.5Securities 2,813 2,709 2,111 33.3Short-term investments 252 322 130 93.8Loans, net of unearned income 9,214 9,333 9,710 (5.1)Allowance for credit losses (198) (197) (189)4.8Total deposits 11,464 11,490 10,994 4.3Short-term borrowings 424 443 483 (12.2)Common shareholders equity 1,211 1,222 1,265 (4.3)Book value per share 14.51 14.64 15.16 (4.3) %Year Over Year

Credit Information

16% 12% 20%14% 27% 11% Consumer Mortgages & Home EquityCommercial Non-Owner Occupied & Multi-FamilyConstruction, Acquisition & DevelopmentCommercial & Industrial Non-Real EstateCommercial & Industrial Owner OccupiedAgricultural, Credit Cards, & All OtherDollars in millionsAs of March31, 2011% of Loans OutstandingLoan Portfolio9Outstanding NPLsNPLs as a Percent ofOutstanding LoansConsumer Mortgages $1,987 $65.6Home Equity 531 1.7 0.3Commercial Non-Owner Occupied & Multi-Family 1,831 79.2 4.3Construction, Acquisition and Development 1,089 206.5 19.0Commercial & Industrial Non-Real Estate 1,484 17.3 1.2Commercial & Industrial Owner Occupied 1,317 30.9 2.3Agricultural 250 8.4 3.3Credit Cards 101 3.7 3.7All Other 623 11.8 1.9Total Loans $9,214 $425.03.3%4.6%

$0$100$200$300$400$500Multi-FamilyConstruction1-4 FamilyConstructionRecreation & AllOther LoansCommercialConstructionCommercial A & D Residential A & DReal Estate Construction, Acquisition and DevelopmentDollars in millionsLoans Outstanding10As of March31, 2011Outstanding NPLsNPLs as a Percent ofOutstanding LoansMulti-Family Construction $21 $8.41-4 Family Construction 184 11.0Recreation and All Other Loans 64 0.7Commercial Construction 155 20.9Commercial Acquisition and Development 245 48.0Residential Acquisition and Development 420 117.6Real Estate Construction, Acquisition andDevelopment $1,089 $206.519.628.019.0%39.7%6.01.113.4

11NPL FormationDollars in millionsBased on period end balancesQ4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11Additions to Non-Accrual Loans $83.5 $83.5 $136.3 $166.2 $131.1 $111.2Loans 30 89 Days Past Due,Still Accruing $113.6 $142.8 $130.9 $73.8 $60.4 $51.5$0.0$45.0$90.0$135.0$180.0Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11

Non-Accrual Loans12Dollars in millionsBased on period end balances$0.0$100.0$200.0$300.0$400.0Q2-2010 Q3-2010 Q4-2010 Q1-2011Non-Accrual Lns Paying as Agreed All Other Non-Accrual Lns41% 42% 36% 37%Paying as Agreed includes loans < 30days past due with payments occurring at least quarterly.

Other Real Estate Owned13Dollars in millions41% 42% 36% 36%Categories are based on property location rather than loan origination.* Tennessee includes the greater Memphis area, a portion of which is located in Mississippi.AL AR FL LA MO MS TN TX Other TotalConsumer Mortgages $4.6 $1.1 $0.1 $0.5 $0.8 $4.0 $6.3 $0.5 $2.5 $20.5Non-Owner Occupied 2.8 1.7 1.6 0.0 0.5 0.1 2.4 0.0 0.0 9.0Construction, A & D 11.1 2.2 1.8 0.1 3.9 24.1 50.2 0.0 0.6 94.0C & I Non-Real Estate 0.2 0.0 0.0 0.2 0.0 0.0 0.0 0.0 0.0 0.4C & I Owner Occupied 2.2 0.1 0.2 0.0 0.1 1.6 3.9 0.2 0.3 8.6All Other 1.1 0.1 0.0 0.0 0.2 1.3 1.2 0.0 0.0 3.9Total $22.0 $5.2 $3.8 $0.8 $5.5 $31.1 $63.9 $0.8 $3.4 $136.4$53.4million or 83percent is located inGreater Memphis.

*

Strategic Focus

Capital Preservation15? Preserving capital to better position the company foreconomic recovery? BancorpSouth capital is 100percent common equity? Well-CapitalizedAs of March31, 2011* Regulatory requirements to be well-capitalizedTier 1 Risk-Based Capital Total Risk-Based CapitalBancorpSouth, Inc. 10.65% 11.92%Well-Capitalized Minimum * 6.00% 10.00%

Tangible Common Equity / Tangible Assets16Peer Data from SNL Financial as of 5/6/2011The SNL U.S. Bank peer group includes a number of publicly traded banks and bank holdingcompanies, as compiled by SNL Financial LC. The aggregate amounts are size-weighted, calculated byconsolidating all companies into a single entity.7.64%7.29%7.53% 7.63% 7.52%7.23% 7.11% 7.00% 6.95%5.70%5.43%4.52%6.49%5.80%3.65%6.15% 6.34%3.00%4.00%5.00%6.00%7.00%8.00%9.00%3/31/09 6/30/09 9/30/09 12/31/09 3/31/10 6/30/10 9/30/10 12/31/10 3/31/11BXS SNL U.S. Bank

Trust income5%Service charges22%Card and merchantfees15%Mortgage lending11%Insurancecommissions33%Other14%Noninterest Lines of Business17? Over 38% of the Companys revenue stream is derived from noninterest sourcesInsurance commissionswere up 4.1% for Q1-2011compared to Q1-2010.Mortgage productiontotaled $1.4billion forfiscal year 2010.Percentages based on data for quarter ended March31, 2011

Building A Stronger Deposit Base18? Deemphasizing commoditized deposits such as:? Public deposits? High-Cost single-service household accounts? Increasing multi-service household accountsDollars in millionsAccount balances based on quarterly averages$1,600$1,700$1,800$1,900Q1-2010 Q1-2011Avg Bal DDAs Noninterest$4,200$4,450$4,700$4,950$5,200Q1-2010 Q1-20110.00%0.25%0.50%0.75%1.00%Avg Bal DDAs Interest Cost$600$700$800$900Q1-2010 Q1-20110.00%0.20%0.40%0.60%Avg Bal Savings Cost$3,200$3,400$3,600$3,800Q1-2010 Q1-20111.50%1.75%2.00%2.25%2.50%Avg Bal CDs Cost

Branch Network Optimization

Branch Network Optimization20? Consolidating / Closing 23 branches? Total loans of $36million? Total deposits of $239millionDollars based on Q1-2011 averages

23 Branches21Alabama / Florida 1 Northeast 3Arkansas 8 South Mississippi 1Central Mississippi 2 Texas / Louisiana 2Mid-Mississippi 2 Tupelo 3Missouri 1

Estimated Financial Impact22Annual Revenue Attrition ( $1.4 )Annual Expense Savings:Salaries 1.8Other 2.6Total annual cost savings 4.4Fixed Asset Disposition ( 3.0 )Year One Savings $0.0Year Two Savings $3.0Dollars in millions

BancorpSouths common stock is traded on the New York Stock Exchangeunder the symbol BXS. Additional information can be found atwww.bancorpsouth.com .Investor Inquiries:William L. PraterChief Financial OfficerBancorpSouth, [email protected] Leading Regional Bank in the Mid-South

Appendix

Reconciliation of Non-GAAP Measures

This presentation contains financial information determined by methods other than those prescribedby accounting principles generally accepted in the United States(GAAP). Management uses these non-GAAPfinancial measures in its analysis of the Companys capital and performance. Management believesthat tangible common equity to tangible assets is important to investors who are interested inevaluating the adequacy of the Companys capital levels.

Youshould not view these disclosures as a substitute for results determined in accordance withGAAP, and they are not necessarily comparable to non-GAAP measures used by other companies. Thelimitations associated with these measures are the risks that persons might disagree as to theappropriateness of items comprising these measures and that different companies might calculatethese measures differently. Information provided in this Appendix reconciles these non-GAAP measureswith comparable measures calculated in accordance with GAAP.

As of As of As of As of As of As of As of As of As of

3/31/2009 6/30/2009 9/30/2009 12/31/2009 3/31/2010 6/30/2010 9/30/2010 12/31/2010 3/31/2011

(Dollars in Thousands)

Shareholders Equity > A $ 1,255,659 $ 1,274,947 $ 1,286,219 $ 1,276,296 $ 1,264,882 $ 1,240,259 $ 1,235,704 $ 1,222,244 $ 1,211,061

Assets > B 13,458,364 13,297,819 13,271,873 13,167,867 13,230,190 13,421,003 13,583,015 13,615,009 13,547,237

Intangibles > C 295,867 295,639 294,444 293,629 292,614 291,631 290,670 289,720 290,141

Tangible Common Equity > D=A-C 959,792 979,308 991,775 982,667 972,268 948,628 945,034 932,523 920,920

Tangible Assets > E=B-C 13,162,497 13,002,180 12,977,429 12,874,237 12,937,576 13,129,373 13,292,345 13,325,289 13,257,096

Total Equity / Total Assets (%) > F=A/B 9.33 % 9.59 % 9.69 % 9.69 % 9.56 % 9.24 % 9.10 % 8.98 % 8.94 %

Tangible Common Equity / Tangible Assets (%) > G=D/E 7.29 % 7.53 % 7.64 % 7.63 % 7.52 % 7.23 % 7.11 % 7.00 % 6.95 %

GRAPHIC3g27517g2751701.gifGRAPHIC

begin 644 g27517g2751701.gifM1TE&.#EANP($!X#!8M4"A02,#8R.CPZ-#HX,C8V&AH:!`8&+#`N+#`P*#`N!A00#A@6/#H\.CHZ+C(MP"A(.("8F(B(B%!X%"0@+#(P#!02+"PL+#0R%!H:$"`:.#@X.CX^#!P8"`@(&!@8$!H6(B@MH("(B#!@4)"@F"AH6%AX$B`-C8MV#!82#B`#!X:$AP:/CP\/#XM^)"HH&"0@$!P8#AP:-C@X-#8T`@("'B@F'"(B*BHJ.#PZ&AP,C0R#AH8'!XL\$T,1VSQMQ1AG?.[$-E6L\W/ZDB%'P0H2-,$J!D6H082A%R,"$&6&!$.3JL2HD*I`*("X9XXS]^MP0E.>,()LC#"-*)QIB,J8\4UL,+^(D*)JT8LPA8^7K$A_*&\MS5"$H0(,1"XMH8"[,I$*^"`R)_#1B'\@8%4V#H'6H!)DMBJ"@]1`L\6X!+(*]BG#&0?C3W(&0X8W+700T7D5390QAU2)PQ#@(MX@"+$@2#*`!;100(T0=S65"8Z0AO-8M4T"`4]W`P?8Y@!B5P#A\@5(>`D(W0#M@`"F[@(C`-V`%;3$Ò_`%ILH`+FH`1FP`0*4&*3Y%NGZ099W!0>J""#UIJ)CC`!2S(!LJ0!0+(!A)00(I``@\'"B,@'9]@`?3HMA+;0F8U@"VLPGN`"4OB`([@",.$4A\+:NYP!$%T`XZ0C.WA'M(Q>>Q1`1):`B\P#(7X519`M2&P@"+'U!Y(W'7:``-E04\);LT)U!K&4F8Q%#-4:5!#[0B7^@`_>4!`2BZVR)+:,V:T!\ZW'YJ/6M&*2$1`;,U`C?!E;$0*0B@`G3Q`9-4`8W&6"8"U;@,`2\L`G_4`Z;(,'_>Z/,8IUNL$NUMPRRK*QÙL)M%*52T$);`'FQR@SO-]]!0+MJ'M-JMH-;]157QRK[.I=/^L_8S"IK;D(2:D(1-?&BM`ZP4I-UO2T%Z4`^5M8@@X@`_#0!#^\-TL/45G@`'1H`3Q9W%O%*QS9PE_L`=_X&AS-PT/UFRA+=$UM>LBF+3.H[1&J/4+75(W*TW98T/NO-E4\#;VH-7GH'MDA=@UG2%];I>UUV5U'(79H-9A!^&V#X:71L66&P+ILTU?`DV,B,D;9KV]/3C?;P^N^>&;MXS959[MO5_=.C6W+(HL;>L_B8X00*AAJ,_P.?!->^``#C,+O@3YZ3>[I8G/-MJP>D"RBZ8/P>32#OHOKIO0^?>^^CEUX3\QOWWO'VNXBAÌY_^$#I_W'K-M$;E\_.A)$5WI3$>`KSDD0&2K38(-6PRTG"@R^$,Q3G^N>\!`GH*[6,5M;>@XO4(N>Y];@>%\V;6,K(F?98O2VDPF*XJ%!Z4IAM@+S"+2YR7&U[O[0:TN8YP.LR*K4A\5"A_:6J6ET`SL(2I4*2AW=T3`5MT\:P`#O0`3,YNL*Y.,"S.\(C1`T!JJ,^MN0I:V;;FM]QG9O:B$;$4OPQV2=[E$=>,.#[U##!M!@#01_M9%II2V$Y2I4%Y(&$EDF@1+8P@`$+M=4:MA2#7>@#>8";$1@!UD/`!%3`V)D.MCY$WJB.JJW.&I&*B:2H+@-,0M$N[WK,)+FH0#TRX,LB>,KHN,FH;_&$^'7(^MNN$X]V(@=9$C&`&58L,#)7@LQ$N!?GFMP_"A/M""]+.Y`RN;#52CJQ$M/F`-MC)B?,AJW+#*)"4N"TL$E%7"$!;3^PBO$0IV:!B-0@5U(I4I@!3R@`,3)M+,0M+OH;FQGK/[C+B6YRB:Y2+G%2.+'2$`ZI@N7CJ6GP@WR"`#[X#&5Q+\:8$=-@ME_`J`GFA`#Q0@,:]!=!9V"1[!J\%'&`18"()E&$C!D(X#Q(X1M,,=OV`1\(($Y^XG*@[!JN8J,((TLR!E&*`:Z8*M/^(*[P``N,B$V`#29V@4@MN`:%Q,JLU,K8@3EDV@=C>`1]X#=*"C,Q`[email protected]'M3D"$V6.QA`"!2+B]LT@>;+$J'[FQ"/%`59"#>#B"%,RA`-A#KD@%!B*VAT@%M/W`&)NB$F%PS(JE)Q`P,'P("?Z`%];.B";RCO&L$JA-\J2T*"$8C`#--B`30@'>*@#Z\"XU=3/_>3/[#!`G!*,.I"'*9`!23@$0I"%M5(@D+P$OU/`"#_"(AMN)-,H)WTN)X%.%>*#+G;J&4F",?'H-7L@%,;-!Z!1`M&K*L$D3AS:M`@]`À`0,\4;Y/V,AMLI`+584.^`72"4@5YX5>7*7L]"(""7!5Y/0?T6U#-`F:]B`63B&MUS+(%2;B(C;B+1B"M*T:R^2,44G^"RFZX;&*KO,%3CE0A:HIAN7]AGIP6D`*M``0P$D@0@`80@#(6@!\X`$,(`-@%I`)H``+0!FUH@31F8^^À+^@AP9P`>W0M@`(`[!HP".&A#$&H$.``$M@(2:C@`P_NDG```.`(P'*.5MR&E3&.,&T&K`D&D$(&F#IF4$,&DP9H!2-@53M:&DZ#HPUCH)2QNF_T(!=C@)#0&I%G_)2]N5HSW(FA_F(([AG2M?C*3#P!3*.6,-X2//V=Q-W1YEOM^YVM7SNG)SN>FSV_KU@9YM3F\BOW5#>'/>%F^31_52YG-(R&`]Y5,VP:`$,!C0P\`Z^[T>6]E#=AM7SY[MZ_ZÒ0>(;88,10!@"9(&2P`6,@2@+0`!`À:`'`!(()%`@$&FS6/2#=HPM6JH%80`!J_^(_],Y&8I=4MKT#=JÀ`/59-K@536FS=:].4#P$3B08$!Q$FM5+B084.'#R$*K`"`(KD4`R,`&"'^D`%%`.26\&'A$0(?%0`($)SH)&)+A37XM./'XHLRZM2W,@A%B68U5Q,B'G&0!M!Q8L$34)2O5@Y\ÂM1W?>A()1Z`H(('+CTAG@@T2R&>#B&+1P4.#E0A`B,XN`@'`6!;(1X6M:,,A'APXB*==R(3X((*0&&"!A=7^1HA@!7$Â`:`@2\[XLJJ>(#J.5T(XATA8B^WPBHH##C@`^+WKK3HTHU93,%ZMF2Q#:IP!WC7(I58P]+(XH?&&C\X-!-`WM*JT@]"N_`0=P'JS``@2A"VG2M!JJ-(HI`.7QB)YS@V(R`Q89HM)\AA1*"K1WPFG+H@+J1%"CD&`)9@!%)-6M0B>KAO(CK$E2ZC*,C!=F3PT>(AM$:VIAW3^COON"N(^@`NYY"1*!]"N2VP^@&R$8/R@1"V4:@3NYU+\BE[,PZGBM[`-T1DRV@B7L@L`$PJM8C@4(8"MFB@&$A9P`-PD"2H.9R>027Y&P@A0*RI2MX)&4@P!2Z)2R1/QX*XQ2`!)=#0D:JO.9Y$F+=)+8"%C(I8((#`%1H%2(C$L3"VC"G**)=MCJN'ZBI)3B@G5*`HBN`BXC!B&F28`*!L:80J%%1JOJPX4NV;!$+_:--IGV/^MN$UENB#5,I`9L24IWP\2\IEQ.XLQ0!KJN3$R:$&2JT2'=M1SR9ZC#-)UX$3X=K9:^*RN&V7[@1B.I?`05>]A"*([email protected]"]1B2CRZGM1I),IG)"(@O7>[Z[[ZA/R[)+YBM#Q6D7E`&2V#M2%H9+HR&5DZ@T1[@)FH"BT3K1WLH:X_DN(5FG@4L)O%"DBRLM+7PB':!BG.-W-BY8QL_7B/ZU-$+7=Q':S%YCV(AG?KISZ"`F7*!W:IM!'9M_7:M`MEW=_IR?6U'Y;YLG4I`!DFB7377A]D_Q=IC8]:Q'=WUB@]C)MO=G9Y-QI/7FOEF9KE&_A/=ZAQ/::3=[M_=[Q/=_U?=_Q%@?0]M\!/N`%?N`)MON`-_N`1/N$5?N$9ON$=_N$A/N(E?N(ION+)EM^%+9T90O2,Q5*R*AEM8(*,TH4T_BFAVPLR.M%`R-X!DA0I(M0M\A3L_54>0J\N+!!Z6E:Q80`!4WÊ>$#+^LU>/L2ISC_/-08`&TQ\/\P`=VQQZX>,=M`*/..C:ST1B-V`.O-+M@$!&JAI[42T!1&?31N;_'JP).%N3U]#(TF8)F-Û,7F*:V:3L+C#)DPÀ"S"9%12XR/).T-JY#18XXW!/!M2>M@020F/._:,MD*S!`H2)#?:F&C2A(!*)I48VF)VX=N&02/EJ##D8`(11&F$,2C5BDÛ"#P1XMF/#I,X^]@V%LÊ22I^]"$$KR=30XPV('@R2,^+P#XH7(`_:F-#O2,\3P&?2#25);"A((HR1XM`?1_9HS[=%O)@+MTD#9F$3^;8-LWO!`0`_6>^.[\$JZ@P0/#@3/P0H/>8,.#!4V8\_H\4F;0A)A\(GOCM#O(I:`@3!*.4ACQ*FN'B(G2B@80W\B"7(7P'!'E@$6OR\`8:6"56(%>L)I_H356EL4GI>AZMPK%&2*H*8:>5O%2#JPX51KG;*WB6>9#$R@0`!Y%FA*AI3;^"L$5)P5!7)Y36$!I5%%*KB=.4JFX=%'BL/6.\/D0\M$$(`4H(-O.,C(H$&^0--$.U,(3)#J+,$$>@BJ3E,FNM!"*]U*E5](Z@M"!--_L4(2J)UX"3QBH]2F`Z)PJ9D,U#T>&Z/Z(('IF+3+,V?UFIIWL(#+"L2M+`LV2P!5V%!FX1*53E#:,YNJ,]^J-!.J1%>J1)NJ1-M^J11.J55>J7YAFUL8T)80-46HGP>HH#`BP7J9RT\H##8!GK^`L6D'I.GVK/J8:S"6[2%K?*1MM`-=E#.A3K+6C.P`"*$9M@J,D(4`F/R+C&H*:&M$I!7@M(BM?6(^/(@(`1(;'M,/MIT24$=+5]7G)4@(C5QN@@^`M;@[A%V"E\XS0L%!HM2]K)(7Z)2/MFA7YB,P+-].9"OXRP57C@P?IT4W)P84K#XA(%)IWA9EX$RIP)@D('QSG_PCMP3V$IUA_:*M_F;=W,9T/F+%_.+UP`QR(*.#\AN'ZI2UE73OG#4MKMÛ9FO]G>\M5VZ9EWD7B'A7Q_FKG_B=U_J=5W.=UWAI4(&!$/K>:^)C>N*5MKO!W?M1>)4:[`VX2?&1OCF\11_=B176H[_)T@/AT2(?EQAX5EX;`%_S!)_S"M-_S#1_S$5_S%9_S&=WS!!W*N3_.M!WM='WL(S*F?3J:@1GO^@-/:FS7FA5/KM/:1IPI;OE^_B$V=WJN_[[3F"+(#]V)?]V:?]VK?]V\?]W-?]W>?]WF^$1E"!M1M@!(-_QKJ?\L+_\$$MR[I'9$GOCSP=]I3==[O]=I3(B.M9A`%C:\!%2?SK==X&>#^Y+`*()Y"*JCKAG\"(`DR"B@&SP:JUVGJK15/.U-FCD095FHF5GF=BM>JN]!I6*+3ZE5:)Î9OI-Y9W+6HXKIM=FH2MR/YRILMV1%++ID0,$TN/#'%V#'JG8;Q2EJL:25>&A55K^V[Z;\`@_KFM/G):6J/>*7JMI'DQRSPSS37;?#/.-3L64BH02'.880@U5C'113]V,2:[A@=+*?]\IÙ**FDH(@II&!BKCN&%N@IATZGV73^9^K:J`NIÔ/UVW\__OGKOS___?.OF`8T$`=(P`1#M?:"$\YXG`V!`H'H.?&!%KF(M2UWVLIT+^^5/@"D>84;*9E4SUGH8H$RF7"XI[F$F;?SU3!I],85Q(E4+LP4_M;6XSC>3T7ROQ^-")XB\QKOC"SC`2@1T@DIWN_"BWD.:N2&JLDC*[)SZQ^+%_M[5#*4=]"P0@0BIG!POL@$:%8>6[YG)3>_O2$;MM5;VW,S:5(8UIH5G'P3:B7G'&OKX22V'H12\3Z:@^F^%F5M+1\WLF#^+*A7+\M"`+VOE-FLS:&N%7G%D/]9(T0D]F%A-R=E(MYYA`.WYH#:"]KCZPXI;-AJ6GEVSGH(K:V@8/S)1)JK$J3F[0L0:9IKC\-:Z^M5+\%VS4I&VW34V:3!)).,UH92.P@]\$-_OYWI_4M[3N/_.`NWP@3,V;82@(7M@^/6(.6N>*Q^8E7%7?8B&-D=XQU=L\R;=?0I:1'L>@_HWN1D^D4@@'*`JWS@M"BGXR[,>DHMQ&YC>*(L8_NJ(5SSL@WQJGYPZ*!6DMY)^+]26K9I&QR3*3"'U>0L_MYL5CHR;G_5M*8,?P[DN?]$^!$=Z)M-PBS4C]M#E=?D=8C!NNQ_S[UNQ//4\/$MT_[LX@W..+P:7DV:P\HP)*;&^4*+"Z#]P&"T!=X"TF`#PI-G5È/M$NJJ1\521[9J$0ALY7E=*,/1K'*6$)CAY%[=$7[,47_&'_!.(@SFÀII=N80A4]1DEM/5X]"==Y7O94XDXM218;`X8HH!WVSJ9/RYW?E8MW!B9TA'RXL8-942&9BKE$@2H`;%!PAELY:8M"3!@YDE@I2OA58)(0Q?HFT1`MP@X\QTZA93*J9K6Q9C2&'"U"/MMRD[@1*KUQ*J1IUW&)E;1%]?TY7W^F8P)1=,DBB,(GLJO-5^D1:3'S>='#DEBM+!*0"5$?2$!IXA*`9N9S:.56DH`R#DZ#HN;A06B$$DU;.N-F=!V%MI?&>$R@ME:=3X&64+M:Y'=H)X1JUM)MPN&?=T6'2R2=]1HD8-()(E($%""B.2L>+D@0EM_$P5`M`)Z.-&2&8!IMRGI>4]%FD^@F?-Y5ZX:>A=9I$6&1)BN-PR"$OMQF=B1EJ80HDCJ*#@'(0P%(9T)H9'[L41*)`K)89>*!M(&$B=JN2==J>>XA;7M]8IAX>!O?>G^H2.+SJ>P18GTD,0)^.=AM)`8PK.G^2+!"((43H1P!D:X7@TZ4@[+DJ:+J>F5(UT45JY;40%ZCB6"-BJR(MVJ%)$`*F03'DG-3)?Q1FO$%DHP)K?3Z)\HB$DI$`>065DF0J2DC=PRP&K&@`MF98$`5)4M:;FM?85XV6/X^6@S9$G-IIG4J!GR722&Y;HYKGG+L*0.3;JBLIKMQ7C`#EA=9W[B26``@Q%H[##0C(Z$`HSJ:9;J@R8L7TW)EM1>3]Q>GPY6I:`4MAXH/K'&C5MFFEZ%KNAK?7+"/\G%L)@*;?+8HL`9KQ0"I=()+#:`$#QA9@M2`MI(X$U3[4P0XIS=:L^(%'X_QCJY(&(VYHII0;O@PM"5DL3_;Î/UIK.>=&;QJM8M0^:L44E70B1A1.X9MZE$F@'K4*J>M%Z]@Z4MF6;31:D*L*Y,_2EX=V(]L!MG4(RUP>.$DV9DE`&VZ_N[;Q23!E05U#-58+^79W&J.`:+.)V7YXNKA*MHL)5MF3T%:B:9'7H>VJ&FA;6ZNU'G:5ZT>:BB-(_!"%ÂY+-3^$J_Q2DC+GIX%X$[0U"M)8,(/4:4H'-M>M]._ARJRU*K#1R.E%'&(#@]T#"U>X?A#0TNJY]N[%#0=0^B:CQFO^*EV4&`)?MQ$&^0@^ME$0$C#"G`H./:>H!PS#"#D@(R_"BT'`-\R/V,"RK`F3XDB%Z!,OYM+E8/QP;P-.8;D:9!WSU&I@'.$8+^T.PB!(]3^J]=/='-_^G7MV#65>JP#&/;ZU#UF#D1I\@KE='>Z7Z.Q(,@S1)(*N119I*>A;(/O&MD@,H7%4Z/,PM2\>&:LR.$(VHFO9H&=&0S&1U.ED@,SI(G1;2H_/3P"/14RA``:,X!71-&33PML^74`+;[email protected]^422C^T9=30V;AF+E$2-Q2DC4`[`8Q=VT+M0MK*795[S'%HFST9&HJ&]S/;\^,?0I%9\JS5@:W\FC1WXMR+:P8:1M@-,[3&9*%F,9@X_&>%JIC?N$X^P`XPNR6+)KCD"=_0%==.MR730)^G9R$(01\943*6\'>.F!+DX]7:?LB+4E'"U0M%2&=/B_*_1(M_:;UW)1@;JI'69VW>G-F3+.!#?_,3WV.$CF%+,Z5%DF)@M!9K]C$FUJS"3BFM^^"%PLE25#^5!$1C!A:!GJ]Q`'+'^2@AXF*".7:-;MJB19N@R]+[\&ML7$E/3I28\Q'2-V8T(VLLR,MH_>DS%JFWT:&M#@V=#>DTQ%M*0U!O%LF#)!!_L[>!0;/)MM&`\;.,4+V/F"B9V#?#C#P+@V\ISM35#ZNE6]#M0(Y6',WOR,([Z%O?:R):0%E00C/''$O&U8BZZRRT0J*)$3&NP1'O$*%&+HWOM=0(A&&GHQ`*EN*D*A6*2^$@>!-?21+_YS1EMDM([1'O_YV?\,LMZFZHN]W@L8,E'T'#*=DQ$@=7EC]70H-6F83$3FAXP\UX#V'5JSY:VHIOAD&];9-VJ;D>]!690AUI@A1YXS44T;@^H,:AYX(=P@5!J#@82MC&"LJUM/-!!A,5HR3GM%(G]H!DY2"Q7CQ26L#C3M7.ZRA1'HQ:1M_5`/V#$'M?+"H!S[)23SB49`1H(''FJ/KY^H+(]$U^JZBB71I\)C'O@*UC[CYH[:$JRT$MR_IM?P!M0V*0W7?[:PLQB#6WUNEF9'ZLBQ=>=U>"C5JOE'C^*G#Û)S3T,Y$M^&6U-C8,/F)PI63S2B0`^`D:.C&!.4`G8[M:8=/D"N0@V_9T[BN=M_U[Y'#SMR-(']1IKL!5(VYW;WS0_4+`3O+80UUPJ-V\0KJ>RZVOV6GD4Q(D)VZ6]EM-EG_"I7\`V'\G$UI[URWM=$QUD3(\4`\3@`18,`=20H9E*"6EMX`H*@`S^4``';>B&;PB'KRH.SDP!X&0$!\A)2SQM"B`0#QA!BL;8).>$0!65,,W@=-F@"26D":QP"DO)E*>0`3#0C7$8`'`PE7`8M`%>)E5FIE5O)E5WIE5U)E55ICFUH"Q\0#C0!`#1`!33````0"!*@"5=@!VT`M/"91#>*0$(DP&3\17JU.&"V6&ZTTYG9@B2?"9IG\PIDMP`XT"1Y7\`GOH0#,>#`_@ONF1@;>6@]%G;WN6VMJ%^PR%.JT80IV79>`W.:5JÒ>:!HM(Q&6%1'^P9`-P0``P9`J&:-J,;!J*`.G9E-1?V`."B`"A2,E9U"-&9`!W_"&M*"JH@TJHO]F&5]F&R^`/`)`"\`"CCPJIH``/\)`"*6"CV3`-354-PQJMWNH'4_D-\9"6CAJIYQJI#V`#:PD`?R4#7^@`&2P!4Y!-EJ(,N]`%&3(!*=0#]L*A[9@"WX`L]\JLS,;MG"[KLN$*!U#@"FG9HNCJLR[Z``_PJ#(JG628#2#0FLQ'D%8D$;L/'37UDZJT#"0Y=6.\(47/C'/[J:;HQ8L=SRJX8EM)?A1I@A!#3OY96132B!S+FU2"CJ`#+;@"6X8`#!+N#!KLR];N(FKN(O+N(WKMN(\+N9$KN88;";9PE?;02M(G@U&+GI8(6[/^9'Z16:5(V+62QENHD9*TB#\!&EBYJ+84MV[9GTVX.)6A/P3$B\0E]9C9:Z)-B83P)@P1GP@3M"@8?$)4W"P4PZPF3:[[GMB[[IJ[Z*.[YM^`@TL;E!*[^X`DXG,,ZK,,\[,,[MS,-#3,1%;,1'C,1)K,1+S,1*[`=P\Ù70@/]``\/T`^@8+_RJ\5;O,5`&[H`MH`D;,`'^Q+"-/$`,YK![LDL$#!-^(,"A;-()C>*7*:8\?E%FQ3OML9>95R'AP;EX90QKL_Q'1_)3QS)[R\.;!.P/$\4$$$5X*&MN_F-6(2?7,7#W3)[;1P1EJ[MYMXZ:FD3,-C1GB$M^%G(E8FE"UN+8_MRMYAI$EO"RBO);?N:W&4\CL`#U?`*WS/_PS0`2W0`TW0`LW#\US/@)L!IM+^J%8LR[`,T:#PMRI,JHS8*`(T``D@P`J^9>\,(S+HWC"$=S#Q`#?,P#\&@`,M*41GB%T):0`V\MKU&[8WO\K]/KP49F9#MR/[7Z.E#8R+D*R4E2SI/L,+X1M"EL`:C=Y"ASPLC#P#?R,PP6MU5O-U5WMU5_]SU!P"X.)4G.*6VI;.U00CT`9M(`[4K>,[SN,]M[N,]C@P=W0QK$@QJID7!/(FEJF>%&1A-CJ0EHMZ025_6O+6K.)GZ==G\U[N[EX%M\2[O\T[O]6[O]X[O^8[O[V[A'T`3J]P/ER[PEV[%#^=9_?_[[]_]_OGU`!?BA`14JMABFA$&4>P7`%Z2A'[email protected](3I&`%)4@-#X&%9B>B&8IP]L&YZ$QW(^3=LH@&MK>(9#VG58A[3G-:MZ$D/>S.D80UKV(P_]"`8N&"?!8J`/B`&48A`9%\1UP:^M&NQ@!=V```-*039``!J88$=K%*@`R5H00UZ4(0F5*$+M1:784*FGUG,9E:SFU4``!20AI[R2K1P`6I0Y_)'W1U564DU9&4BM@(C27,M)3(MG5*[K>16V0&&(B@AKL,E;G&->URR"E:RY+55SRUL(M1YAZO@7^PPX2T%P,9UC#&^9PASW\81"'F`++%8]XR!I6)6A!#!``02"L&P@TM@("6Q,3%'.(Q!QSG6,F9!RS-4F@$Y7H/^#KIQAF!\0KW3MIG:UK1U3Z(@#FS9C'6F9?(OZXL4N,]K9B\Q-PD"&FG>^,\S0T/F8X1WRM05>M82,1'*4%KV;!7BY!"5[]X%D'7.##\2TN$K!KA)=X!>)9^*Z#'6PV/_S-P;Z'M+.5V6`8`4W[HH0$NP``!5:A"#WHFN1CTIOX,JK6UO&W9VY&N[O>_!_YTJ/\&.J(A`TF:FM:0"3RF>^7X:Z1V,>OR;MOK,TH+V>5[!GVÒÀZL]DEL[VP/`LU.QDZN%8?.]X4,V8&(`^,$%"%@#"SR%MD_N[D7L^#NQ`P0,`?Y`^ZQM!$BQ!['N\TMJC8!$6\3.J='-!46LWH:$RRY`WMV$HDSVO^)*5C-:;S-U_P05C+/R&4M9H#``BX!P),0B583?@&48A>;?#/!IW8B'^T&"D*.'!9L229U1)RL0GEM0#O/(3!I#)MONO"6I@N*@0#C-,XCL&V`3-BW.B`>%)IV0%5IB!M(&`!%@`$#"B`5À.##B`Z_J!&9@!:!,#!+A*5$H"X$UC``1`*%$3?505S0-CR`-ZI=='304,V`.J-`5+[==+1(=$P-QI4:$_M4!(N1IA"/'CE&EMBO68KZM>OU[MZFLLV;)FSY8X.S9MB7=I?;TMFW-:7-%%SLC3RR\88""`1O"9)(@FTO2`#[-8RW,B/K,Z`L^["MEOR`S]R(`-AA$@1.(.(92/*6@3@WM*A(*%5>0IK2E0;`LMJ5I+U*QFP0NRZGQ'&(,`M!$%MMU!%^#(`\=^`2P!".`;*?R&I7@2E9OXXALRME&$'HV#"020#'*3011X*_E8)B[QAEZ!XP[;`&`5]E$!$.F3G]1JQ&FNQ5$F_.!PM#Y4M/P]GBM.4HA&FT&)&B[O%C79T#F!0KG+#2(/?3.$3XV@`)H9AW>MB(KO:MW2YWNÔ^W>^"-[SB'2]YRVM>[6(7$PT8QPG\P;#M#&!.BWA3G'YJWYX&%1$+M2`\VD(K(I>*CJ40`PÀZ$-9/```)1!!$!;8``#OT8`[2+A]`%!(SYB)+Z7\JP?^[7?2))D29KD29[D`"P""8#`&`Q"M*OC"K.V?*(9,3=K:+6#23'"$K?&D@="$3>1D3;P'*K&,3]8$5OR=IFR!+TQ*MPS&CX37C#1966.3@8C6-6R"9+TC^'A!2WC5FXU?2!3XX`-6!@S9DPCB"I3AVMP"_D@2Y$`3#T16SYV5RV"VL6EI1`&CCSP"3A$P3>@MY7;VQ0*,P3F.@FB1F5VP(UVZ9\NIW&MH0BF@@2'J!ZGS8S"($R"41Ì`TFED"&I5>X@61R98CT-DWHEMKT(I72#"!V%#)O0`Z;%L87#""T8!EM7%B;!CF_HLRB6KM`KMT!)MLZ8IQ,QK0\Q\$`S4```\$MPAP@P5;U0"#,`Q)L03LCP2P``#O\]A6,0"",0#OS0`XL7UK'=3"HP^/A9@V'S0#.\[email protected]@_8_MJ7^$QB(03T`S$+IWW/5`T0/@3UZI2J`:.`?`)I,_7#X$&)$B1,I5JRHMZ>\>VT18!@$[P$6"05([(%^!X!0\XJ$06,8Z!6Q@CDOC&AL(00@:3&*(D)CD+&>Y00W*`3;K7`MM.88"&.,-FR$N4KNI5'!VQG0G-5M`40#NO0#N\0#_-0#_>0#^40P^C^S_""8;/(`!%NMH0>B8@!-*E_DX>>2@;MH2=3@98%0JAIZ_?(J09M$`=[\39F8P%LM01N`K@"BX!M\P:M>90+F8R!&`$`T!`20919`X`K@;S?"SU5N2`"B``,&`0-^MH0.HKH8$8A8$1&S.8!Y*@0S7,=_BKA3>$1[AY6\*"!(@R](LSQ(M_Q'##@P\VH`'HB(1$A%?3&IPM$*$1=42(O4M2(\429-429>427U4&M"`.!33)`:LX15>814,#0!Z*-!F%%=K]$;=(DW*DECA5IDU9IEU9)"1([)4`"#!(`MKN`MPP\1$\$9C"D-O'-KTR`-;B$1,E)LQY9L$V$OVR&DN(L3JE0>3.`HP35

e8vk - SEC.gov | HOME Balance Sheet Dollars in millions Based on period end balances Mar — 2011...

Documents

Transcript of e8vk - SEC.gov | HOME Balance Sheet Dollars in millions Based on period end balances Mar — 2011...