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%

24 Apr, 2012, 16:00 ET from MidSouth Bancorp, Inc.

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.



RELATED LINKS

https://www.midsouthbank.com