2014

MidSouth Bancorp, Inc. Reports First Quarter 2012 Results · Diluted EPS $0.24 per common share versus $0.05 per common share YOY

· Efficiency Ratio (FTE) of 71.3%

· Core Deposits (excluding time deposits) grew $41.8 million or 5%

· FTE Net Interest Margin of 4.49% and Low Costs of Funds at 0.50%

· Strong Capital Position with Total Risk Weighted Capital of 17.30%

LAFAYETTE, La., April 24, 2012 /PRNewswire/ -- MidSouth Bancorp, Inc. ("MidSouth") (NYSE Amex: MSL) today reported net earnings available to common shareholders of $2.5 million for the first quarter of 2012, compared to net earnings available to common shareholders of $442,000 reported for the first quarter of 2011 and $879,000 in net earnings available to common shareholders for the fourth quarter of 2011.  Diluted earnings for the first quarter of 2012 were $0.24 per common share, compared to $0.05 per common share reported for the first quarter of 2011 and $0.09 per common share reported for the fourth quarter of 2011.  Acquisition and conversion costs had an after-tax effect of $0.08 per common share on diluted earnings for the fourth quarter of 2011 and resulted in operating earnings of $0.17 per share for the quarter.

(Logo: http://photos.prnewswire.com/prnh/20100125/MIDSOUTHLOGO)

C.R. "Rusty" Cloutier, President and Chief Executive Officer, commenting on first quarter results, remarked "We are extremely proud of our first quarter's results.  With the completion of the First Louisiana National Bank and the Beacon Federal Tyler branch acquisitions and systems conversions in December of 2011, the first quarter of 2012 includes a full quarter of operating results from these acquisitions.  The positive results reflect successful leveraging of capital and support infrastructure, as well as the realization of expected cost savings from the deals.  We are actively seeking other opportunities to further leverage capital and continue to increase shareholder value." 

Dividends paid on the Series B Preferred Stock totaled $400,000 for the first quarter of 2012 based on a dividend rate of 5%.  In August 2011, MidSouth issued $32.0 million in Series B Preferred Stock to the Treasury in connection with the Small Business Lending Fund ("SBLF").  The dividend rate on the Series B Preferred Stock going forward will be between 1% and 5% based on the level of qualified small business loans. 

Balance Sheet

Total consolidated assets at March 31, 2012 were $1.4 billion, compared to $1.0 billion at March 31, 2011 and $1.4 billion at December 31, 2011.  Deposits totaled $1.2 billion at March 31, 2012, compared to $823.5 million at March 31, 2011 and $1.2 billion at December 31, 2011.  Core deposits, excluding time deposits, increased $41.8 million in the first quarter of 2012, improving MidSouth's deposit mix.  A $29.4 million decrease in time deposits resulted in a $12.4 million net increase in total deposits for the quarter-ended March 31, 2012.  Total loans were $747.8 million at March 31, 2012, compared to $574.3 million at March 31, 2011 and $746.3 million at December 31, 2011. 

MidSouth's Tier 1 leverage capital ratio was 10.29% at March 31, 2012 compared to 11.14% at December 31, 2011.  Tier 1 risk-based capital and total risk-based capital ratios were 16.44% and 17.30% at March 31, 2012, compared to 16.10% and 16.97% at December 31, 2011, respectively.  The Tier 1 common equity leverage ratio at March 31, 2012 was 6.81% and tangible book value was $9.51 per common share for the same period.  Tangible common equity totaled $99.6 million at March 31, 2012, compared to $97.7 million at December 31, 2011. 

Asset Quality

Nonperforming assets totaled $15.5 million at March 31, 2012 compared to $14.2 million at December 31, 2011.  The $1.3 million increase resulted from several smaller commercial credits placed on nonaccrual status during the first quarter of 2012 as MidSouth continued conservative credit practices of prompt recognition of problem loans. 

Allowance coverage for nonperforming loans decreased to 87.67% at March 31, 2012, compared to 112.63% at December 31, 2011.  The ALL/total loans ratio decreased to 0.95% for the first quarter of 2012, compared to 0.97% at December 31, 2011.  The ratio of annualized net charge-offs to total loans was 0.47% for the quarter ended March 31, 2012 compared to 0.73% for year-end 2011.

Loans past due 90 days or more and still accruing totaled $418,000 at March 31, 2012, an increase of $187,000 from December 31, 2011.  Total nonperforming assets to total loans plus ORE and other assets repossessed were 2.05% at March 31, 2012, compared to 1.88% at December 31, 2011.  Loans classified as troubled debt restructurings totaled $421,000 at March 31, 2012.  Classified assets, including ORE, decreased $2.4 million, or 9.0% during the first quarter of 2012, from $26.7 million at December 31, 2011 to $24.3 million at March 31, 2012.  The decrease in classified assets resulted primarily from payments received on various non-accrual loans and a charge-off on  a commercial real estate loan relationship.

First Quarter 2012 vs. First Quarter 2011 Earnings Comparison

First quarter 2012 net earnings before dividends on preferred stock totaled $2.9 million compared to $741,000 for the first quarter of 2011.  Net earnings increased as a $3.9 million increase in net interest income, a $925,000 decrease in the provision for loan losses and a $498,000 increase in noninterest income were partially offset by a $1.9 million increase in noninterest expense and a $1.2 million increase in income tax expense.  Of the $3.9 million increase in net interest income, a total of $1.3 million was earned from the branches acquired in the third and fourth quarters of 2011.  Purchase accounting adjustments totaling $889,000 also contributed to the increase in net interest income.  Interest income on investments and other interest-bearing accounts increased $1.0 million in quarterly comparison and included interest earned on excess cash invested from the 2011 acquisitions. 

Increases in noninterest income consisted primarily of $248,000 in ATM/debit card income, $115,000 in income recorded on ORE and $87,000 in service charges on deposit accounts.  Increases in noninterest expenses, excluding operating expenses on the acquired branches, included $377,000 in salaries and benefits costs, $103,000 in occupancy expense and $174,000 in data processing expense.  Operating expenses recorded for the acquisitions during the first quarter of 2012 totaled $1.3 million and consisted primarily of $546,000 in salaries and benefits costs, $392,000 in occupancy expenses, and $182,000 in amortization costs of core deposit intangibles resulting from the acquisitions. 

Fully taxable-equivalent ("FTE") net interest income totaled $14.1 million and $10.3 million for the quarters ended March 31, 2012 and 2011, respectively.  The FTE net interest income increased $3.8 million in prior year comparison primarily due to a $335.6 million increase in the volume of average earning assets as a result of the three acquisitions completed in the second half of 2011.  The average volume of loans increased $169.6 million in quarterly comparison and the average yield on loans increased 1 basis point, from 6.71% to 6.72%.  Purchase accounting adjustments on acquired loans added 28 basis points to the average yield on loans for the first quarter of 2012.  Net of the impact of the purchase accounting adjustments, average loan yields declined 27 basis points in prior year quarterly comparison to 6.44%.  Loan yields have declined primarily as the result of a market environment of sustained low market interest rates.

The average volume of investment securities increased $189.1 million in quarterly comparison as portions of excess cash flow from the 2011 acquisitions were placed primarily in agency mortgage-backed securities.  The average tax equivalent yield on investment securities decreased 52 basis points, from 3.32% to 2.80% primarily due to lower reinvestment rates.  The average volume of overnight interest bearing deposits earning 0.26% decreased $22.5 million due to the purchase of investment securities.  The average yield on all earning assets decreased 16 basis points in prior year quarterly comparison, from 5.14% for the first quarter of 2011 to 4.98% for the first quarter of 2012.   Net of the impact of purchase accounting adjustments, the average yield on total earning assets declined 32 basis points, from 5.14% to 4.82% for the three month periods ended March 31, 2011 and 2012, respectively.

Interest expense decreased due to a 24 basis point reduction in the average rate paid on interest bearing liabilities, from 0.88% at March 31, 2011 to 0.64% at March 31, 2012.  The average volume of interest-bearing deposits increased $296.7 million in prior year quarterly comparison primarily due to deposits assumed with the three acquisitions.  Net of purchase accounting adjustments on acquired certificates of deposit, the average rate paid on interest bearing liabilities was 0.80% for the first quarter of 2012 compared to 0.88% for the first quarter of 2011. 

As a result of these changes in volume and yield on earning assets and interest bearing liabilities, the FTE net interest margin decreased 2 basis points, from 4.51% for the first quarter of 2011 to 4.49% for the first quarter of 2012.  Net of a 28 basis point effect of purchase accounting adjustments on loans and deposits, the FTE margin decreased 30 basis points, from 4.51% for the first quarter of 2011 to 4.21% for the first quarter of 2012. 

First Quarter 2012 vs. Fourth Quarter 2011 Earnings Comparison

In linked-quarter comparison, net earnings before dividends on preferred stock increased $1.6 million as a $729,000 increase in net interest income and a $1.5 million decrease in noninterest expenses offset an $831,000 increase in income tax expense.  Decreases in noninterest expenses (including fourth quarter acquisition and conversion costs and operating costs of the acquired branches) consisted primarily of approximately $968,000 in data processing expense, $424,000 in marketing costs and $159,000 in legal and professional fees.  Linked-quarter increases in salaries and benefits costs ($303,000) and expenses on ORE ($106,000) offset minimal decreases in several other non-interest expense categories.

FTE net interest income increased $720,000, in linked-quarter comparison, primarily due to a $108.8 million increase in the average volume of earning assets as a result of the two acquisitions completed in December of 2011.  Average loan volume increased $39.0 million and the average yield on loans, net of purchase accounting adjustments on acquired loans, decreased 9 basis points from 6.53% at December 31, 2011 to 6.44% at March 31, 2012.  The average volume of interest bearing liabilities increased $86.9 million in linked-quarter comparison, and the average rate paid decreased 3 basis points, net of purchase accounting adjustments on acquired certificates of deposit, from 0.83% at December 31, 2011 to 0.80% at March 31, 2012.  Accordingly, the FTE margin decreased 18 basis points, net of purchase accounting adjustments, from 4.39% for the fourth quarter of 2011 to 4.21% for the first quarter of 2012.

About MidSouth Bancorp, Inc.

MidSouth Bancorp, Inc. is a bank holding company headquartered in Lafayette, Louisiana, with assets of $1.4 billion as of March 31, 2012. Through its wholly owned subsidiary, MidSouth Bank, N.A., MidSouth offers a full range of banking services to commercial and retail customers in Louisiana and Texas.  MidSouth Bank has 40 banking centers in Louisiana and Texas and is connected to a worldwide ATM network that provides customers with access to more than 43,000 surcharge-free ATMs.  Additional corporate information is available at www.midsouthbank.com.   

Forward-Looking Statements

Certain statements contained herein are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties.  These statements include, among others, statements regarding future results, improvements in classified and criticized assets, changes in the local and national economy, the work-out of nonaccrual loans, the competition for other potential acquisitions, the impacts from the integration of operations from completed acquisitions and the impact of regulatory changes regarding electronic transactions.  Actual results may differ materially from the results anticipated in these forward-looking statements.  Factors that might cause such a difference include, among other matters, changes in interest rates and market prices that could affect the net interest margin, asset valuation, and expense levels; changes in local economic and business conditions, including, without limitation, changes related to the oil and gas industries, that could adversely affect customers and their ability to repay borrowings under agreed upon terms, adversely affect the value of the underlying collateral related to their borrowings, and reduce demand for loans; the timing and ability to reach any agreement to restructure nonaccrual loans;  increased competition for deposits and loans which could affect compositions, rates and terms; the timing and impact of future acquisitions, the success or failure of integrating operations, and the ability to capitalize on growth opportunities upon entering new markets; loss of critical personnel and the challenge of hiring qualified personnel at reasonable compensation levels; legislative and regulatory changes, including changes in banking, securities and tax laws and regulations and their application by our regulators, changes in the scope and cost of FDIC insurance and other coverage; and other factors discussed under the heading "Risk Factors" in MidSouth's Annual Report on Form 10-K for the year ended December 31, 2011 filed with the SEC on March 15, 2012 and in its other filings with the SEC.  MidSouth does not undertake any obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or otherwise, except as required by law.  

 


MIDSOUTH BANCORP, INC. and SUBSIDIARIES          

Condensed Consolidated Financial Information (unaudited)          

(in thousands except per share data)               









For the Quarter Ended




For the Quarter Ended





March 31,


%


December 31,


%

EARNINGS DATA


2012


2011


Change


2011


Change

     Total interest income


$     15,333


$     11,388


34.6%


$          14,564


5.3%

     Total interest expense


1,529


1,447


5.7%


1,489


2.7%

          Net interest income


13,804


9,941


38.9%


13,075


5.6%

     FTE net interest income


14,121


10,323


36.8%


13,401


5.4%

     Provision for loan losses


675


1,600


-57.8%


775


-12.9%

     Non-interest income


3,528


3,030


16.4%


3,420


3.2%

     Non-interest expense


12,668


10,727


18.1%


14,169


-10.6%

          Earnings before income taxes


3,989


644


519.4%


1,551


157.2%

     Income tax (expense) benefit


(1,103)


97


-1237.1%


(272)


305.5%

          Net earnings


2,886


741


289.5%


1,279


125.6%

     Dividends on preferred stock


400


299


33.8%


400


0.0%

          Net earnings available to common shareholders


$       2,486


$          442


462.4%


$               879


182.8%












PER COMMON SHARE DATA











     Basic earnings per share


$         0.24


$         0.05


380.0%


$              0.09


166.7%

     Diluted earnings per share


0.24


0.05


380.0%


0.09


166.7%

     Quarterly dividends per share


0.07


0.07


0.0%


0.07


0.0%

     Book value at end of period


12.55


12.04


4.2%


12.41


1.1%

     Tangible book value at period end


9.51


11.08


-14.2%


9.34


1.8%

     Market price at end of period


13.60


14.46


-5.9%


13.01


4.5%

     Shares outstanding at period end 


10,465,506


9,730,266


7.6%


10,465,506


0.0%

     Weighted average shares outstanding











        Basic


10,465,506


9,720,288


7.7%


9,976,057


4.91%

        Diluted


10,480,207


9,735,779


7.6%


9,988,472


4.92%












AVERAGE BALANCE SHEET DATA











     Total assets


$1,395,964


$1,010,024


38.2%


$     1,273,272


9.6%

     Loans and leases


742,595


572,980


29.6%


703,590


5.5%

     Total deposits


1,161,756


805,033


44.3%


1,035,792


12.2%

     Total common equity


131,477


117,695


11.7%


123,912


6.1%

     Total tangible common equity


99,557


108,321


-8.1%


104,257


-4.5%

     Total equity 


163,477


137,126


19.2%


155,912


4.9%












SELECTED RATIOS


3/31/2012


3/31/2011




12/31/2011



     Annualized return on average assets


0.72%


0.18%


300.0%


0.27%


166.7%

     Annualized return on average common equity


7.60%


1.52%


400.0%


2.88%


163.9%

     Average loans to average deposits


63.92%


71.17%


-10.2%


67.93%


-5.9%

     Taxable-equivalent net interest margin


4.49%


4.51%


-0.4%


4.60%


-2.4%

     Tier 1 leverage capital ratio


10.29%


13.88%


-25.9%


11.14%


-7.6%












CREDIT QUALITY











     Allowance for loan losses (ALLL) as a % of total loans


0.95%


1.18%


-19.5%


0.97%


-2.1%

     Nonperforming assets to tangible equity + ALLL


11.19%


13.01%


-14.0%


10.33%


8.3%

     Nonperforming assets to total loans, other real estate











          owned and other repossessed assets


2.05%


3.03%


-32.2%


1.88%


9.3%

     Annualized QTD net charge-offs to total loans


0.47%


2.59%


-81.9%


0.44%


6.7%












 


MIDSOUTH BANCORP, INC. and SUBSIDIARIES          

Condensed Consolidated Financial Information (unaudited)       

(in thousands)               



















BALANCE SHEET


March 31,


March 31,


%


December 31,


September 30,



2012


2011


Change


2011


2011

Assets











Cash and cash equivalents


$   104,326


$   101,443


2.8%


$         83,303


$         97,802

Securities available-for-sale


366,010


289,820


26.3%


367,241


325,736

Securities held-to-maturity


96,817


819


11721.4%


100,472


43,736

     Total investment securities


462,827


290,639


59.2%


467,713


369,472

Time deposits held in banks


710


-


100.0%


710


-

Other investments


5,634


5,059


11.4%


5,637


5,057

Total loans


747,767


574,254


30.2%


746,305


673,426

Allowance for loan losses


(7,078)


(6,752)


4.8%


(7,276)


(7,329)

     Loans, net


740,689


567,502


30.5%


739,029


666,097

Premises and equipment


44,130


36,425


21.2%


44,598


40,752

Goodwill and other intangibles


31,785


9,365


239.4%


32,106


19,708

Other assets


23,538


16,366


43.8%


23,660


23,063

     Total assets


$1,413,639


$1,026,799


37.7%


$    1,396,756


$    1,221,951























Liabilities and Shareholders' Equity











Non-interest bearing deposits


$   271,447


$   208,758


30.0%


$       254,755


$       222,937

Interest-bearing deposits


905,719


614,770


47.3%


910,051


766,073

   Total deposits


1,177,166


823,528


42.9%


1,164,806


989,010

Securities sold under agreements to 











    repurchase and other short term 











    borrowings


49,055


45,725


7.3%


46,078


55,078

Junior subordinated debentures


15,465


15,465


0.0%


15,465


15,465

Other liabilities


8,618


5,482


57.2%


8,570


9,031

     Total liabilities


1,250,304


890,200


40.5%


1,234,919


1,068,584

Total shareholders' equity


163,335


136,599


19.6%


161,837


153,367

     Total liabilities and shareholders' equity


$1,413,639


$1,026,799


37.7%


$    1,396,756


$    1,221,951












 

 


MIDSOUTH BANCORP, INC. and SUBSIDIARIES             


Condensed Consolidated Financial Information (unaudited)          

(in thousands except per share data)                










Three Months Ended



EARNINGS STATEMENT


March 31,


%



2012


2011


Change








Interest income


$15,333


$11,388


34.6%

Interest expense


1,529


1,447


5.7%

Net interest income


13,804


9,941


38.9%

Provision for loan losses


675


1,600


-57.8%

Service charges on deposit accounts


1,824


1,737


5.0%

Other charges and fees


1,704


1,293


31.8%

Total non-interest income


3,528


3,030


16.4%

Salaries and employee benefits


6,086


5,163


17.9%

Occupancy expense


2,548


2,053


24.1%

FDIC premiums


258


311


-17.0%

Other non-interest expense


3,776


3,200


18.0%

Total non-interest expense


12,668


10,727


18.1%

Earnings before income taxes


3,989


644


519.4%

Income tax benefit (expense)


(1,103)


97


-1237.1%

Net earnings


2,886


741


289.5%

Dividends on preferred stock


400


299


33.8%

Net earnings available to common shareholders


$  2,486


$     442


462.4%

Earnings per common share, diluted


$    0.24


$    0.05


380.0%








 


MIDSOUTH BANCORP, INC. and SUBSIDIARIES          

Condensed Consolidated Financial Information (unaudited)          

(in thousands except per share data)               












EARNINGS STATEMENT


First


Fourth


Third


Second


First

QUARTERLY TRENDS


Quarter


Quarter


Quarter


Quarter


Quarter



2012


2011


2011


2011


2011

Interest income


$15,333


$14,564


$13,120


$11,935


$11,388

Interest expense


1,529


1,489


1,462


1,404


1,447

Net interest income


13,804


13,075


11,658


10,531


9,941

Provision for loan losses


675


775


650


900


1,600

Net interest income after provision for loan loss


13,129


12,300


11,008


9,631


8,341

Total non-interest income


3,528


3,420


3,398


3,213


3,030

Total non-interest expense


12,668


14,169


13,175


11,233


10,727

Earnings before income taxes


3,989


1,551


1,231


1,611


644

Income tax benefit (expense)


(1,103)


(272)


(131)


(258)


97

Net earnings


2,886


1,279


1,100


1,353


741

Dividends on preferred stock


400


400


804


299


299

Net earnings available to common shareholders


$  2,486


$     879


$     296


$  1,054


$     442












Earnings per common share, diluted


$    0.24


$    0.09


$    0.03


$    0.10


$    0.05












 


MIDSOUTH BANCORP, INC. and SUBSIDIARIES          

Condensed Consolidated Financial Information (unaudited)       

(in thousands)               









COMPOSITION OF LOANS


March 31, 


March 31, 


%


December 31,


September 30, 



2012


2011


Change


2011


2011














Commercial, financial, and agricultural


$   221,855


$175,148


26.7%


$       223,283


$       212,232


Lease financing receivable


3,840


4,565


-15.9%


4,276


4,472


Real estate - construction


55,320


47,481


16.5%


52,712


60,055


Real estate - commercial


283,114


217,906


29.9%


280,798


262,984


Real estate - residential


112,142


69,800


60.7%


113,582


78,188


Installment loans to individuals


70,085


58,799


19.2%


69,980


54,779


Other


1,411


555


154.2%


1,674


716














Total loans


$   747,767


$574,254


30.2%


$       746,305


$       673,426


































COMPOSITION OF DEPOSITS


March 31,


March 31,


%


December 31,


September 30,



2012


2011


Change


2011


2011














Noninterest bearing


$   271,447


$208,758


30.0%


$       254,755


$       222,937


NOW & Other


242,695


185,395


30.9%


235,168


207,096


Money Market/Savings


367,910


316,200


16.4%


350,342


313,768


Time Deposits of less than $100,000


128,415


57,278


124.2%


140,428


101,436


Time Deposits of $100,000 or more


166,699


55,897


198.2%


184,113


143,773














Total deposits


$1,177,166


$823,528


42.9%


$    1,164,806


$       989,010














 


MIDSOUTH BANCORP, INC. and SUBSIDIARIES          

Condensed Consolidated Financial Information (unaudited)       

(in thousands)               








ASSET QUALITY DATA


March 31, 


March 31, 


%


December 31,


September 30,


2012


2011


Change


2011


2011












Nonaccrual loans


$    7,655


$  15,570


-50.8%


$           6,229


$           7,939

Loans past due 90 days and over


418


304


37.5%


231


87

Total nonperforming loans


8,073


15,874


-49.1%


6,460


8,026

Other real estate owned


7,120


1,528


366.0%


7,369


7,278

Other repossessed assets


321


26


1134.6%


326


9

Total nonperforming assets


$  15,514


$  17,428


-11.0%


$         14,155


$         15,313

Troubled debt restructurings


$       421


$    1,337


-68.5%


$              456


$              461























Nonperforming assets to total assets


1.10%


1.70%


-35.3%


1.01%


1.25%

Nonperforming assets to total loans +      











OREO + other repossessed assets


2.05%


3.03%


-32.3%


1.88%


2.25%

ALLL to nonperforming loans


87.67%


42.53%


106.1%


112.63%


91.32%

ALLL to total loans


0.95%


1.18%


-19.5%


0.97%


1.09%












Year-to-date charge-offs


$       939


$    3,747


-74.9%


$           5,772


$           4,890

Year-to-date recoveries


66


86


-23.3%


310


256

Year-to-date net charge-offs


$       873


$    3,661


-76.2%


$           5,462


$           4,634

Annualized QTD net charge-offs to total loans


0.47%


2.59%


-81.9%


0.45%


0.37%












 


MIDSOUTH BANCORP, INC. and SUBSIDIARIES             

Condensed Consolidated Financial Information (unaudited)   

(in thousands)    






YIELD ANALYSIS


Three Months Ended


Three Months Ended  


March 31, 2012


March 31, 2011














Tax






Tax





Average


Equivalent


Yield/


Average


Equivalent


Yield/



Balance


Interest


Rate


Balance


Interest


Rate














Taxable securities


$   365,302


$     2,069


2.27%


$   160,067


$        867


2.17%

Tax-exempt securities


85,964


1,093


5.09%


102,145


1,311


5.13%

Total investment securities


451,266


3,162


2.80%


262,212


2,178


3.32%

Federal funds sold


4,108


2


0.19%


5,267


3


0.23%

Time and interest bearing deposits in













other banks


60,045


39


0.26%


82,573


75


0.36%

Other investments


5,636


45


3.19%


5,060


38


3.00%

Loans (1)


742,595


12,402


6.72%


572,980


9,476


6.71%

Total interest earning assets


1,263,650


15,650


4.98%


928,092


11,770


5.14%

Non-interest earning assets


132,314






81,932





Total assets


$1,395,964






$1,010,024


















Interest-bearing liabilities:













Deposits (2)


$   899,646


$     1,100


0.49%


$   602,954


$     1,008


0.68%

Repurchase agreements


45,867


181


1.59%


46,211


197


1.71%

Federal funds purchased


4


-


-


-


-


-

Other borrowings


2


-


-


-


-


-

Junior subordinated debentures


15,465


248


6.34%


15,465


242


6.26%

Total interest-bearing liabilities


960,984


1,529


0.64%


664,630


1,447


0.88%

Non-interest bearing liabilities


271,503






208,268





Shareholders' equity


163,477






137,126





Total liabilities and  shareholders'













equity


$1,395,964






$1,010,024


















Net interest income (TE) and spread


$   14,121


4.34%




$   10,323


4.26%














Net interest margin




4.49%






4.51%














(1) Includes $515,000 of interest income from accretable yield on purchased loans from acquisitions for the three months ended March 31, 2012.
















(2) Includes $374,000 of reduction in interest expense from premium amortization on time deposits acquired from acquisitions for the three months ended March 31, 2012.












 

MIDSOUTH BANCORP, INC. and SUBSIDIARIES             

Reconciliation of Non-GAAP Financial Measures (unaudited)

(in thousands except per share data)    










For the Quarter Ended



March 31,


March 31,


December 31,

Per Common Share Data


2012


2011


2011








Book value per common share


$  12.55


$  12.04


$       12.41

Effect of intangible assets per share


3.04


0.96


3.07

Tangible book value per common share


$    9.51


$11.08


$9.34








Earnings per share


$0.24


$0.05


$ 0.09

Effect of merger-related costs, after-tax


-


-


0.08

Operating earnings per share


$0.24


$0.05


$0.17








Average Balance Sheet Data














Total equity


$163,477


$137,126


$155,912

Less preferred equity


32,000


19,431


32,000

Total common equity


$131,477


$117,695


$123,912

Less intangible assets


31,920


9,374


19,655

Tangible common equity


$99,557


$108,321


$104,257








Certain financial information included in the earnings release and the associated Condensed Consolidated Financial Information (unaudited) is determined by methods other than in accordance with GAAP.  The non-GAAP financial measure above is calculated by using "tangible common equity," which is defined as total common equity reduced by intangible assets.  "Tangible book value per common share" is defined as tangible common equity divided by total common shares outstanding. 








 

We use non-GAAP measures because we believe they are useful for evaluating our financial condition and performance over periods of time, as well as in managing and evaluating our business and in discussions about our performance.  We also believe these non-GAAP financial measures provide users of our financial information with a meaningful measure for assessing our financial condition as well as comparison to financial results for prior periods.  These results should not be viewed as a substitute for results determined in accordance with GAAP, and are not necessarily comparable to non-GAAP performance measures that other companies may use.








 

SOURCE MidSouth Bancorp, Inc.



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