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MidSouth Bancorp, Inc. Reports First Quarter 2015 Results and Declares Quarterly Dividends

Quarterly Highlights

- Diluted operating EPS $0.12 versus $0.31 for 4Q2014

- Increased loan loss reserve to total loans to 1.23% with $6.0 million provision primarily for downgrades of five energy related credit relationships

- Operating noninterest expenses $16.3 million versus $17.5 million for 1Q2014

- Sequential period end loan growth of $26.5 million or 8.3% annualized

MidSouth Bancorp, Inc. Logo.

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MidSouth Bancorp, Inc.

Apr 28, 2015, 04:01 ET

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LAFAYETTE, La., April 28, 2015 /PRNewswire/ -- MidSouth Bancorp, Inc. ("MidSouth") (NYSE:MSL) today reported quarterly net earnings available to common shareholders of $1.3 million for the first quarter of 2015, compared to net earnings available to common shareholders of $6.7 million reported for the first quarter of 2014 and $3.5 million in net earnings available to common shareholders for the fourth quarter of 2014.  Diluted earnings for the first quarter of 2015 were $0.12 per common share, compared to $0.57 per common share reported for the first quarter of 2014 and $0.30 per common share reported for the fourth quarter of 2014. 

First quarter 2015 net earnings were impacted by a loan loss provision of $6.0 million which reflects MidSouth's concerns about the continuing downturn in energy related businesses, although there have been no material confirmed losses to date in its energy related loan portfolio.  Of the $6.0 million loan loss provision, approximately $4.0 million is the result of energy related credit downgrades on five relationships plus an increase of $500,000 to MidSouth's reserve for potential yet unidentified losses in its energy related portfolio. 

C. R. Cloutier, President and CEO, commenting on first quarter earnings remarked, "Based on our 30 years of experience lending to the oilfield service industry and the current uncertainty regarding the length of the downturn in energy markets, we feel it is better to be proactive with downgrading credits and increasing reserve levels, although we have not yet confirmed any material energy related losses.  We continue to be engaged in frequent dialogue with our energy related borrowers impacted by the downturn to attempt to mitigate or eliminate possible losses to the Bank.' 

'Although we are very focused on resolving energy related credits, we continue to make good progress in improving our core profitability.  On a pre-tax, pre-provision basis, the first quarter reflected $1.6 million improvement in operating performance versus a year ago due primarily to our continued efficiency efforts that resulted in decreased noninterest expenses of $1.2 million, or 6.7%, year-over-year."

Balance Sheet

Total consolidated assets at March 31, 2015 were $2.0 billion, compared to $1.9 billion at December 31, 2014 and March 31, 2014.  Our stable core deposit base, which excludes time deposits, totaled $1.4 billion at March 31, 2015 and $1.3 billion at December 31, 2014 and accounted for 84.5% of deposits compared to 84.1% of deposits, respectively.  Net loans totaled $1.3 billion at March 31, 2015 and December 31, 2014, compared to $1.2 billion at March 31, 2014.  Total loans grew $26.5 million, or 2.1% for the quarter ended March 31, 2015.  Excluding a CD secured loan of $20.0 million, loans grew $6.5 million, or 0.5% for the quarter ended March 31, 2015.  The first quarter 2015 also included $3.9 million of paydowns on the indirect auto loan program, which the Bank exited at the end of 2014.

MidSouth's Tier 1 leverage capital ratio was 9.63% at March 31, 2015 compared to 9.52% at December 31, 2014.  Tier 1 risk-based capital and total risk-based capital ratios were 12.30% and 13.38% at March 31, 2015, compared to 12.90% and 13.73% at December 31, 2014, respectively.  Tier 1 common equity to total risk-weighted assets at March 31, 2015 was 8.12%.  Tangible common equity totaled $120.6 million at March 31, 2015, compared to $118.6 million at December 31, 2014.  Tangible book value per share at March 31, 2015 was $10.63 versus $10.46 at December 31, 2014.

Asset Quality

Nonperforming assets totaled $17.6 million at March 31, 2015, an increase of $2.5 million compared to $15.1 million reported at December 31, 2014.  The increase resulted primarily from the addition of a commercial real estate (CRE) loan unrelated to energy that was placed on nonaccrual status during the quarter.  Allowance coverage for nonperforming loans increased to 124.17% at March 31, 2015, compared to 103.10% at December 31, 2014.  The ALLL/total loans ratio was 1.23 % at March 31, 2015 and 0.87% at December 31, 2014.  Including valuation accounting adjustments on acquired loans, the total valuation accounting adjustment plus ALLL was 1.61% of loans at March 31, 2015.  The ratio of annualized net charge-offs to total loans was 0.36% for the three months ended March 31, 2015 compared to 0.28% for the three months ended December 31, 2014. 

Total nonperforming assets to total loans plus ORE and other assets repossessed was 1.34% at March 31, 2015 compared to 1.17% at December 31, 2014.  Loans classified as troubled debt restructurings ("TDRs") totaled $407,000 at March 31, 2015 compared to $410,000 at December 31, 2014.  Classified assets, including ORE, increased $41.1 million, or 122.3%, to $74.7 million at March 31, 2015 compared to $33.6 million at December 31, 2014. The increase in classified assets from the prior quarter is primarily due to the downgrade of five performing energy related credit relationships.

MidSouth's energy related loan portfolio at March 31, 2015 totaled $288 million, including a $20 million CD secured loan.  The majority of MidSouth's energy lending is focused on oil field service companies.  As a result of an ongoing review of our energy portfolio in the continued low oil price environment, an additional $4 million of loan loss provision related to credit downgrades was recorded during the first quarter 2015, as well as a $500,000 addition to the reserve for potential yet unidentified losses in our energy loan portfolio.  Combined with an initial provision of $650,000 established in the fourth quarter of 2014, a total of $1.15 million is reserved for potential yet unidentified losses in MidSouth's energy related portfolio.  Of the 488 total relationships in our energy related loan portfolio, 14 relationships totaling $37.0 million were classified with $0.7 million on nonaccrual status at March 31, 2015.

More information on our energy loan portfolio can be found on our website at MidSouthBank.com under Investor Relations/Presentations.

First Quarter 2015 vs. First Quarter 2014 Earnings Comparison

First quarter 2015 net earnings available to common shareholders totaled $1.3 million compared to $6.7 million for the first quarter of 2014.  Excluding the $3.0 million in life insurance income recorded in the first quarter of 2014, revenues from consolidated operations increased $412,000 in quarterly comparison.  Net interest income increased $362,000 in quarterly comparison, as decreases of $751,000 in loan valuation income and $320,000 in interest income on investment securities were offset primarily by a $1.3 million increase in interest income earned on a higher volume of loans and a $197,000 decrease in interest expense on junior subordinated debentures.  Excluding the $3.0 million of life insurance income, noninterest income increased $50,000 in quarterly comparison, from $4.9 million for the three months ended March 31, 2014 to $5.0 million for the three months ended March 31, 2015.  The increase in noninterest income consisted primarily of $127,000 in ATM/debit card income, $115,000 in gain on sales of securities and $104,000 in mortgage lending fees. The increases were partially offset primarily by a $260,000 decrease in service charges on deposit accounts.   

Excluding non-operating expenses of $242,000 in the first quarter of 2014, first quarter 2015 noninterest expenses decreased $1.2 million compared to first quarter 2014 and primarily consisted of decreases of $732,000 in salaries and benefits costs, $106,000 in occupancy expenses and $75,000 in expenses on ORE and other repossessed assets, combined with smaller decreases in several other noninterest expense categories.  The provision for loan losses increased $5.5 million in quarterly comparison, primarily due to energy related credit downgrades and an increase of $500,000 in a special reserve for potential yet unidentified losses in the energy related portfolio.  Income tax expense decreased $1.3 million in quarterly comparison.

Dividends paid on the Series B Preferred Stock issued to the Treasury as a result of our participation in the Small Business Lending Fund ("SBLF") totaled $80,000 for the first quarter of 2015 based on a dividend rate of 1.00%.  The dividend rate is set at 1.00% through February 25, 2016.  The Series C Preferred Stock issued with the December 28, 2012 acquisition of PSB Financial Corporation ("PSB") paid dividends totaling $93,000 for the three months ended March 31, 2015. 

Fully taxable-equivalent ("FTE") net interest income totaled $19.6 million and $19.3 million for the quarters ended March 31, 2015 and 2014, respectively.  The FTE net interest income increased $304,000 in prior year quarterly comparison primarily due to a $571,000 increase in interest income on loans despite a $751,000 reduction in purchase accounting adjustments on acquired loans.  The increased interest income on loans resulted from a $151.3 million increase in the average volume of loans in quarterly comparison. The average yield on loans decreased 54 basis points, from 6.18% to 5.64%.  The purchase accounting adjustments added 13 basis points to the average yield on loans for the first quarter of 2015 and 42 basis points to the average yield on loans for the first quarter of 2014.  Net of the impact of the purchase accounting adjustments, average loan yields declined 25 basis points in prior year quarterly comparison, from 5.76% to 5.51%.  Loan yields have declined primarily as the result of a sustained low interest rate environment.

Investment securities totaled $437.3 million, or 21.9% of total assets at March 31, 2015, versus $483.7 million, or 25.6% of total assets at March 31, 2014.  The investment portfolio had an effective duration of 3.5 years and a net unrealized gain of $6.0 million at March 31, 2015.  The average volume of investment securities decreased $74.1 million in prior year quarterly comparison.  The average tax equivalent yield on investment securities increased 10 basis points, from 2.61% to 2.71%.  The $74.1 million decrease in the average volume of investment securities was used to fund loan growth during the same period.

The average yield on all earning assets decreased 25 basis points in prior year quarterly comparison, from 5.02% for the first quarter of 2014 to 4.77% for the first quarter of 2015.  Net of the impact of purchase accounting adjustments, the average yield on total earning assets decreased 7 basis points, from 4.74% to 4.67% for the three month periods ended March 31, 2014 and 2015, respectively, due to a decline in the average rate earned on loans.

The impact to interest expense of a $59.5 million increase in the average volume of interest- bearing liabilities was offset by a 4 basis point decrease in the average rate paid on interest- bearing liabilities, from 0.47% at March 31, 2014 to 0.43% at March 31, 2015.  Net of purchase accounting adjustments on acquired certificates of deposit and FHLB borrowings, the average rate paid on interest-bearing liabilities was 0.53% for the first quarter of 2014 and declined to 0.47% for the first quarter of 2015.

As a result of these changes in volume and yield on earning assets and interest-bearing liabilities, the FTE net interest margin decreased 22 basis points, from 4.66% for the first quarter of 2014 to 4.44% for the first quarter of 2015.  Net of purchase accounting adjustments on loans, deposits and FHLB borrowings, the FTE margin decreased 1 basis point, from 4.33% for the first quarter of 2014 to 4.32% for the first quarter of 2015.

First Quarter 2015 vs. Fourth Quarter 2014 Earnings Comparison

In sequential-quarter comparison, net earnings available to common shareholders decreased $2.2 million primarily due to a $3.3 million increase in the provision for loan losses.  Additionally, the decrease in net earnings available to common shareholders resulted from a $903,000 decrease in net interest income.  Noninterest income decreased $83,000 in sequential-quarter comparison as a $275,000 decrease in service charges on deposit accounts was partially offset by an $115,000 increase in gain on sales of securities and a $69,000 increase in letter of credit income. 

Fourth quarter noninterest expenses included efficiency consultant expenses of $156,000.  Excluding these non-operating expenses, noninterest expense decreased $884,000 in sequential-quarter comparison and consisted primarily of decreases of $317,000 in salaries and benefits costs (including a $337,000 reduction in group health costs), $256,000 in marketing expenses, $65,000 in occupancy expenses and $61,000 in corporate development expense. 

FTE net interest income decreased $931,000 in sequential-quarter comparison primarily due to a $748,000 decrease in interest income on loans, which included a $420,000 reduction in purchase accounting adjustments on acquired loans.  The average yield on loans decreased 26 basis points, from 5.90% for the fourth quarter of 2014 to 5.64% for the first quarter of 2015.  Net of purchase accounting adjustments, the loan yield declined 13 basis points, from 5.64% to 5.51% during the same period.  The average yield on total earning assets decreased 18 basis points for the same period, from 4.95% to 4.77%, respectively.  An average increase in interest-bearing liabilities of $39.9 million was primarily due to an average increase of $33.8 million in interest-bearing deposits and an average increase of $9.9 million in overnight repurchase agreements.  As a result of these changes in volume and yield on earning assets and interest-bearing liabilities, the FTE net interest margin decreased 21 basis points, from 4.65% to 4.44%.  Net of purchase accounting adjustments, the FTE net interest margin decreased 12 basis points, from 4.44% for the fourth quarter of 2014 to 4.32% for the first quarter of 2015.

Dividends

MidSouth's Board of Directors announced a cash dividend was declared in the amount of $0.09 per share to be paid on its common stock on July 1, 2015 to shareholders of record as of the close of business on June 15, 2015.  Additionally, a quarterly cash dividend of 1.00% per preferred share on its 4.00% Non-Cumulative Perpetual Convertible Preferred Stock, Series C was declared payable on July 15, 2015 to shareholders of record as of the close of business on July 1, 2015.  MidSouth's Series C Preferred Stock is quoted on the OTC Bulletin Board ("OTCBB") under the ticker symbol MSLXP.

About MidSouth Bancorp, Inc.
MidSouth Bancorp, Inc. is a financial holding company headquartered in Lafayette, Louisiana, with assets of $2.0 billion as of March 31, 2015. MidSouth Bancorp, Inc. trades on the NYSE under the symbol "MSL." MidSouth's Series C Preferred Stock is quoted on the OTC Bulletin Board ("OTCBB") under the ticker symbol MSLXP.  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 currently has 58 locations in Louisiana and Texas and is connected to a worldwide ATM network that provides customers with access to more than 55,000 surcharge-free ATMs. Additional corporate information is available at 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, the expected loan loss provision and future operating results.  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, 2014 filed with the SEC on March 13, 2015 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)               









Quarter


Quarter


Quarter


Quarter


Quarter



Ended


Ended


Ended


Ended


Ended

EARNINGS DATA


3/31/2015


12/31/2014


9/30/2014


6/30/2014


3/31/2014

     Total interest income


$     20,681


$      21,477


$     21,016


$     20,595


$     20,399

     Total interest expense


1,424


1,317


1,504


1,482


1,504

          Net interest income


19,257


20,160


19,512


19,113


18,895

     FTE net interest income


19,565


20,496


19,856


19,459


19,261

     Provision for loan losses


6,000


2,700


1,175


1,200


550

     Non-interest income


4,967


5,050


6,194


5,261


7,917

     Non-interest expense


16,287


17,327


17,857


17,123


17,702

          Earnings before income taxes


1,937


5,183


6,674


6,051


8,560

     Income tax expense


446


1,519


2,202


1,935


1,702

          Net earnings


1,491


3,664


4,472


4,116


6,858

     Dividends on preferred stock


173


174


174


170


180

          Net earnings available to common shareholders


$       1,318


$        3,490


$       4,298


$       3,946


$       6,678












PER COMMON SHARE DATA











     Basic earnings per share


$         0.12


$          0.31


$         0.38


$         0.35


$         0.59

     Diluted earnings per share


0.12


0.30


0.37


0.34


0.57

     Diluted earnings per share, operating (Non-GAAP)(*)


0.12


0.31


0.36


0.35


0.33

     Quarterly dividends per share


0.09


0.09


0.09


0.09


0.08

     Book value at end of period


14.92


14.78


14.52


14.25


13.92

     Tangible book value at period end (Non-GAAP)(*)


10.63


10.46


10.17


9.86


9.51

     Market price at end of period


14.75


17.34


18.70


19.89


16.83

     Shares outstanding at period end 


11,349,285


11,340,736


11,336,594


11,296,147


11,281,647

     Weighted average shares outstanding











        Basic


11,317,667


11,314,690


11,313,879


11,288,045


11,258,374

        Diluted


11,351,239


11,933,388


11,954,811


11,922,525


11,878,660












AVERAGE BALANCE SHEET DATA











     Total assets


$1,966,752


$ 1,929,750


$1,892,609


$1,887,726


$1,859,212

     Loans and leases


1,298,317


1,264,011


1,232,196


1,205,930


1,147,010

     Total deposits


1,592,153


1,563,006


1,525,059


1,532,910


1,527,353

     Total common equity


170,638


167,430


163,855


159,766


153,012

     Total tangible common equity (Non-GAAP)(*)


121,778


118,291


114,438


110,075


103,036

     Total equity 


211,985


208,816


205,291


201,257


194,980












SELECTED RATIOS











     Annualized return on average assets, operating (Non-GAAP)(*)


0.27%


0.74%


0.87%


0.85%


0.84%

     Annualized return on average common equity, operating (Non-GAAP)(*)


3.13%


8.51%


10.05%


10.08%


10.26%

     Annualized return on average tangible common equity, operating (Non-GAAP)(*)


4.39%


12.04%


14.39%


14.63%


15.24%

     Pre-tax, pre-provision annualized return on average assets, operating (Non-GAAP)(*)


1.64%


1.65%


1.60%


1.56%


1.39%

     Efficiency ratio, operating (Non-GAAP)(*)


67.61%


67.81%


69.05%


70.19%


73.88%

     Average loans to average deposits


81.54%


80.87%


80.80%


78.67%


75.10%

     Taxable-equivalent net interest margin


4.44%


4.65%


4.61%


4.58%


4.66%

     Tier 1 leverage capital ratio


9.63%


9.52%


9.56%


9.81%


9.71%












CREDIT QUALITY











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


1.23%


0.87%


0.75%


0.74%


0.74%

     Nonperforming assets to tangible equity + ALLL


9.87%


8.83%


7.50%


8.34%


8.16%

     Nonperforming assets to total loans, other real estate owned and other repossessed assets












1.34%


1.17%


0.99%


1.10%


1.08%

     Annualized QTD net charge-offs to total loans


0.36%


0.28%


0.26%


0.29%


0.19%












(*)See reconciliation of Non-GAAP financial measures on pages 6-8.

MIDSOUTH BANCORP, INC. and SUBSIDIARIES          

Condensed Consolidated Financial Information (unaudited)       

(in thousands)               



















BALANCE SHEET


March 31,


December 31,


September 30,


June 30,


March 31,



2015


2014


2014


2014


2014

Assets











Cash and cash equivalents


$   104,402


$          86,872


$           54,215


$     63,935


$     64,503

Securities available-for-sale


299,690


276,984


288,397


301,028


331,488

Securities held-to-maturity


137,592


141,201


145,030


148,927


152,162

     Total investment securities


437,282


418,185


433,427


449,955


483,650

Other investments


9,644


9,990


12,091


12,090


11,530

Total loans


1,310,929


1,284,431


1,248,373


1,224,182


1,184,189

Allowance for loan losses


(16,060)


(11,226)


(9,425)


(9,075)


(8,765)

     Loans, net


1,294,869


1,273,205


1,238,948


1,215,107


1,175,424

Premises and equipment


69,762


69,958


71,115


71,787


72,500

Goodwill and other intangibles


48,729


49,005


49,282


49,559


49,835

Other assets


30,570


29,525


32,682


33,845


31,483

     Total assets


$1,995,258


$     1,936,740


$      1,891,760


$1,896,278


$1,888,925























Liabilities and Shareholders' Equity











Non-interest bearing deposits


$   421,897


$        390,863


$         396,263


$   389,734


$   379,576

Interest-bearing deposits


1,194,201


1,194,371


1,124,581


1,135,688


1,168,354

   Total deposits


1,616,098


1,585,234


1,520,844


1,525,422


1,547,930

Securities sold under agreements to repurchase and other short term borrowings












87,346


62,098


70,964


67,574


51,995

Short-term FHLB advances


25,000


25,000


35,000


35,000


25,000

Other borrowings


26,171


26,277


26,384


26,990


27,347

Junior subordinated debentures


22,167


22,167


22,167


29,384


29,384

Other liabilities


7,820


6,952


10,387


9,492


8,632

     Total liabilities


1,784,602


1,727,728


1,685,746


1,693,862


1,690,288

Total shareholders' equity


210,656


209,012


206,014


202,416


198,637

     Total liabilities and shareholders' equity


$1,995,258


$     1,936,740


$      1,891,760


$1,896,278


$1,888,925

MIDSOUTH BANCORP, INC. and SUBSIDIARIES             

Condensed Consolidated Financial Information (unaudited)          


(in thousands except per share data)                






















EARNINGS STATEMENT


Three Months Ended




3/31/2015


12/31/2014


9/30/2014


6/30/2014


3/31/2014














Interest income:












Loans, including fees


$ 17,717


$   18,045


$ 17,670


$ 17,183


$ 16,395


Investment securities


2,509


2,566


2,617


2,725


2,829


Accretion of purchase accounting adjustments


337


757


603


586


1,088


Other interest income


118


109


126


101


87


Total interest income


20,681


21,477


21,016


20,595


20,399














Interest expense:












Deposits


984


973


915


926


950


Borrowings


418


401


409


395


377


Junior subordinated debentures


150


80


327


320


347


Accretion of purchase accounting adjustments


(128)


(137)


(147)


(159)


(170)


Total interest expense


1,424


1,317


1,504


1,482


1,504














Net interest income


19,257


20,160


19,512


19,113


18,895


Provision for loan losses


6,000


2,700


1,175


1,200


550


Net interest income after provision for loan losses


13,257


17,460


18,337


17,913


18,345














Noninterest income:












Service charges on deposit accounts


2,120


2,395


2,556


2,448


2,380


ATM and debit card income


1,841


1,834


1,808


1,853


1,714


Gain on securities, net


115


-


-


128


-


Gain on sale of ORE (non-operating)(*)


-


-


1,079


-


-


Mortgage lending


153


151


161


49


49


Executive officer life insurance proceeds (non-operating)(*)


-


-


-


-


3,000


Other charges and fees


738


670


590


783


774


Total non-interest income


4,967


5,050


6,194


5,261


7,917














Noninterest expense:












Salaries and employee benefits


7,942


8,259


8,287


8,488


8,674


Occupancy expense


3,685


3,750


3,834


3,689


3,791


ATM and debit card


663


699


793


707


690


Legal and professional fees


345


330


342


326


288


FDIC premiums


281


268


269


251


262


Marketing


287


543


396


366


303


Corporate development


320


381


342


331


366


Data processing


457


462


503


483


492


Printing and supplies


225


280


279


275


280


Expenses on ORE and other assets repossessed


153


169


122


172


228


Amortization of core deposit intangibles


277


276


277


276


277


Loss on disposal of fixed assets (non-operating)(*)


-


-


394


-


-


Loss on redemption of Trust Preferred Securities (non-operating)(*)


-


-


258


-


-


Efficiency consultant expenses (non-operating)(*)


-


156


200


107


53


Expenses related to death of executive officer (non-operating)(*)


-


-


-


-


189


Other non-interest expense


1,652


1,754


1,561


1,652


1,809


Total non-interest expense


16,287


17,327


17,857


17,123


17,702


Earnings before income taxes


1,937


5,183


6,674


6,051


8,560


Income tax expense


446


1,519


2,202


1,935


1,702


Net earnings


1,491


3,664


4,472


4,116


6,858


Dividends on preferred stock


173


174


174


170


180


Net earnings available to common shareholders


$   1,318


$     3,490


$   4,298


$   3,946


$   6,678














Earnings per common share, diluted


$     0.12


$       0.30


$     0.37


$     0.34


$     0.57














Operating earnings per common share, diluted (Non-GAAP)(*)


$     0.12


$       0.31


$     0.36


$     0.35


$     0.33














(*)See reconciliation of Non-GAAP financial measures on page 6-8.

MIDSOUTH BANCORP, INC. and SUBSIDIARIES          

Condensed Consolidated Financial Information (unaudited)       

(in thousands)               






COMPOSITION OF LOANS


March 31,


Percent


December 31,


September 30,


June 30,


March 31, 


Percent



2015


of Total


2014


2014


2014


2014


of Total


Commercial, financial, and agricultural


$    484,508


36.96%


$       467,147


$        452,065


$   454,310


$   435,523


36.78%


Lease financing receivable


6,350


0.48%


4,857


5,285


4,750


5,102


0.43%


Real estate - construction


76,964


5.87%


68,577


86,315


86,238


78,988


6.67%


Real estate - commercial


471,737


35.98%


467,172


430,930


413,565


408,546


34.50%


Real estate - residential


153,647


11.72%


154,602


153,915


153,082


150,551


12.71%


Installment loans to individuals


115,284


8.79%


119,328


116,340


108,581


101,869


8.60%


Other


2,439


0.19%


2,748


3,523


3,656


3,610


0.30%


















Total loans


$ 1,310,929




$    1,284,431


$     1,248,373


$1,224,182


$1,184,189




















COMPOSITION OF DEPOSITS

















March 31,


Percent


December 31,


September 30,


June 30,


March 31, 


Percent




2015


of Total


2014


2014


2014


2014


of Total


Noninterest bearing


$    421,897


26.11%


$       390,863


$        396,263


$   389,734


$   379,576


24.52%


NOW & Other


480,454


29.73%


469,627


447,403


443,287


456,127


29.47%


Money Market/Savings


463,625


28.69%


473,290


460,100


470,731


482,143


31.15%


Time Deposits of less than $100,000


94,730


5.86%


96,577


101,373


104,423


108,306


7.00%


Time Deposits of $100,000 or more


155,392


9.62%


154,877


115,705


117,247


121,778


7.87%


















Total deposits


$ 1,616,098




$    1,585,234


$     1,520,844


$1,525,422


$1,547,930




















ASSET QUALITY DATA

















March 31,




December 31,


September 30,


June 30,


March 31, 






2015




2014


2014


2014


2014




Nonaccrual loans


$      12,894




$         10,701


$            7,750


$       6,913


$       6,025




Loans past due 90 days and over


40




187


23


203


251




Total nonperforming loans


12,934




10,888


7,773


7,116


6,276




Other real estate


4,589




4,234


4,663


6,314


6,525




Other repossessed assets


43




-


19


81


56




Total nonperforming assets


$      17,566




$         15,122


$          12,455


$     13,511


$     12,857




















Troubled debt restructurings


$           407




$              410


$               416


$          417


$       1,579




































Nonperforming assets to total assets


0.88%




0.78%


0.66%


0.71%


0.68%




Nonperforming assets to total loans +      
















ORE + other repossessed assets


1.34%




1.17%


0.99%


1.10%


1.08%




ALLL to nonperforming loans


124.17%




103.10%


121.25%


127.53%


139.66%




ALLL to total loans


1.23%




0.87%


0.75%


0.74%


0.74%




















Quarter-to-date charge-offs


$        1,332




$              985


$            1,253


$          990


$          688




Quarter-to-date recoveries


166




86


428


100


124




Quarter-to-date net charge-offs


$        1,166




$              899


$               825


$          890


$          564




Annualized QTD net charge-offs to total loans


0.36%




0.28%


0.26%


0.29%


0.19%




MIDSOUTH BANCORP, INC. and SUBSIDIARIES             

Condensed Consolidated Financial Information (unaudited)   

(in thousands)    












YIELD ANALYSIS


Three Months Ended


Three Months Ended  


Three Months Ended  


Three Months Ended  


Three Months Ended  


March 31, 2015


December 31, 2014


September 30, 2014


June 30, 2014


March 31, 2014


























Tax






Tax






Tax






Tax






Tax





Average


Equivalent


Yield/


Average


Equivalent


Yield/


Average


Equivalent


Yield/


Average


Equivalent


Yield/


Average


Equivalent


Yield/



Balance


Interest


Rate


Balance


Interest


Rate


Balance


Interest


Rate


Balance


Interest


Rate


Balance


Interest


Rate
































Taxable securities


$   336,337


$     1,925


2.29%


$   339,536


$     1,936


2.28%


$   351,645


$     1,965


2.24%


$   379,124


$     2,064


2.18%


$   397,642


$     2,136


2.15%

Tax-exempt securities


78,948


892


4.52%


83,612


966


4.62%


86,528


996


4.60%


87,964


1,007


4.58%


91,792


1,059


4.61%

Total investment securities


415,285


2,817


2.71%


423,148


2,902


2.74%


438,173


2,961


2.70%


467,088


3,071


2.63%


489,434


3,195


2.61%

Federal funds sold


3,816


2


0.21%


3,792


2


0.21%


3,143


2


0.25%


2,260


1


0.18%


2,921


1


0.14%

Time and interest bearing deposits in other banks
































59,225


37


0.25%


44,841


28


0.24%


22,922


15


0.26%


16,789


11


0.26%


25,891


16


0.25%

Other investments


9,754


79


3.24%


11,063


79


2.86%


12,090


109


3.61%


11,679


89


3.05%


11,527


70


2.43%

Loans 


1,298,317


18,054


5.64%


1,264,011


18,802


5.90%


1,232,196


18,273


5.88%


1,205,930


17,769


5.91%


1,147,010


17,483


6.18%

Total interest earning assets


1,786,397


20,989


4.77%


1,746,855


21,813


4.95%


1,708,524


21,360


4.96%


1,703,746


20,941


4.93%


1,676,783


20,765


5.02%

Non-interest earning assets


180,355






182,895






184,085






183,980






182,429





Total assets


$1,966,752






$1,929,750






$1,892,609






$1,887,726






$1,859,212




































Interest-bearing liabilities:































Deposits


$1,192,086


$        947


0.32%


$1,158,317


$        927


0.32%


$1,132,132


$        859


0.30%


$1,156,638


$        858


0.30%


$1,155,011


$        871


0.31%

Repurchase agreements


79,630


230


1.17%


69,735


207


1.18%


70,587


210


1.18%


62,322


199


1.28%


48,413


180


1.51%

Federal funds purchased


-


-


0.00%


-


-


0.00%


70


-


0.00%


679


1


0.58%


168


-


0.00%

Short-term borrowings


25,000


8


0.13%


28,696


12


0.16%


28,913


13


0.18%


25,110


9


0.14%


25,000


10


0.16%

Notes payable


26,219


89


1.36%


26,326


91


1.35%


26,640


95


1.40%


27,218


95


1.38%


27,577


96


1.39%

Junior subordinated debentures


22,167


150


2.71%


22,167


80


1.41%


26,247


327


4.88%


29,384


320


4.31%


29,384


347


4.72%

Total interest bearing liabilities


1,345,102


1,424


0.43%


1,305,241


1,317


0.40%


1,284,589


1,504


0.46%


1,301,351


1,482


0.46%


1,285,553


1,504


0.47%

Non-interest bearing liabilities


409,665






415,693






402,729






385,118






378,679





Shareholders' equity


211,985






208,816






205,291






201,257






194,980





Total liabilities and  shareholders'































equity


$1,966,752






$1,929,750






$1,892,609






$1,887,726






$1,859,212




































Net interest income (TE) and spread


$   19,565


4.34%




$   20,496


4.55%




$   19,856


4.50%




$   19,459


4.47%




$   19,261


4.55%
































Net interest margin




4.44%






4.65%






4.61%






4.58%






4.66%
































Core net interest margin (Non-GAAP)(*)






4.32%






4.44%






4.42%






4.39%






4.33%

(*) See reconciliation of Non-GAAP financial measures on page 6-8.

MIDSOUTH BANCORP, INC. and SUBSIDIARIES             

Reconciliation of Non-GAAP Financial Measures (unaudited)

(in thousands except per share data)    












     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.  We are providing disclosure of the reconciliation of these non-GAAP financial measures to the most comparable GAAP financial measures.  "Tangible common equity" is defined as total common equity reduced by intangible assets.  "Core net interest margin" is defined as reported net interest margin less purchase accounting adjustments.  "Annualized return on average assets, operating" is defined as net earnings available to common shareholders adjusted for specified one-time items divided by average assets.  "Annualized return on average common equity, operating" is defined as net earnings available to common shareholders adjusted for specified one-time items divided by average common equity.  "Annualized return on average tangible common equity, operating" is defined as net earnings available to common shareholders adjusted for specified one-time items divided by average tangible common equity.  "Pre-tax, pre-provision annualized return on average assets, operating" is defined as pre-tax, pre-provision earnings adjusted for specified one-time items divided by average assets.  "Tangible book value per common share" is defined as tangible common equity divided by total common shares outstanding.  "Diluted earnings per share, operating" is defined as net earnings available to common shareholders adjusted for specified one-time items divided by diluted weighted-average shares.  The GAAP-based efficiency ratio is measured as noninterest expense as a percentage of net interest income plus noninterest income.  The non-GAAP efficiency ratio excludes specified one-time items in addition to securities gains and losses and gains and losses on the sale/valuation of other real estate owned and other assets repossessed.


     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.

























Three Months Ended



March 31,


December 31,


September 30,


June 30,


March 31,



2015


2014


2014


2014


2014

Average Balance Sheet Data






















Total average assets

A

$ 1,966,752


$    1,929,750


$     1,892,609


$ 1,887,726


$ 1,859,212












Total equity


$    211,985


$       208,816


$        205,291


$    201,257


$    194,980

Less preferred equity


41,347


41,386


41,436


41,491


41,968

Total common equity

B

$    170,638


$       167,430


$        163,855


$    159,766


$    153,012

Less intangible assets


48,860


49,139


49,417


49,691


49,976

Tangible common equity

C

$    121,778


$       118,291


$        114,438


$    110,075


$    103,036

MIDSOUTH BANCORP, INC. and SUBSIDIARIES             

Reconciliation of Non-GAAP Financial Measures (unaudited) (continued)

(in thousands except per share data)    














Three Months Ended



March 31,


December 31,


September 30,


June 30,


March 31,

Core Net Interest Margin


2015


2014


2014


2014


2014












Net interest income (TE)


$      19,565


$         20,496


$          19,856


$      19,459


$      19,261

Less purchase accounting adjustments


(465)


(894)


(750)


(745)


(1,258)

Net interest income, net of purchase accounting adjustments

D

$      19,100


$         19,602


$          19,106


$      18,714


$      18,003












Total average earnings assets


$ 1,786,397


$    1,746,855


$     1,708,524


$ 1,703,746


$ 1,676,783

Add average balance of loan valuation discount


5,179


5,764


6,498


7,013


7,915

Average earnings assets, excluding loan valuation discount

E

$ 1,791,576


$    1,752,619


$     1,715,022


$ 1,710,759


$ 1,684,698












Core net interest margin

D/E

4.32%


4.44%


4.42%


4.39%


4.33%














Three Months Ended



March 31,


December 31,


September 30,


June 30,


March 31,

Return Ratios


2015


2014


2014


2014


2014












Net earnings available to common shareholders


$        1,318


$           3,490


$            4,298


$        3,946


$        6,678

Efficiency consultant expenses, after-tax


-


101


130


70


34

Loss on disposal of fixed assets, after-tax


-


-


256


-


-

Loss on redemption of Trust Preferred Securities, after-tax


-


-


168


-


-

Gain on sale of other real estate owned, after-tax


-


-


(700)


-


-

Executive officer life insurance proceeds, net of related expenses, after-tax


-


-


-


-


(2,840)

   Net earnings available to common shareholders, operating

F

$        1,318


$           3,591


$            4,152


$        4,016


$        3,872












Earnings before income taxes


$        1,937


$           5,183


$            6,674


$        6,051


$        8,560

Efficiency consultant expenses


-


156


200


107


53

Loss on disposal of fixed assets


-


-


394


-


-

Loss on redemption of Trust Preferred Securities


-


-


258


-


-

Gain on sale of other real estate owned


-


-


(1,079)


-


-

Executive officer life insurance proceeds, net of related expenses


-


-


-


-


(2,811)

Provision for loan losses


6,000


2,700


1,175


1,200


550

   Pre-tax, pre-provision earnings, operating

G

$        7,937


$           8,039


$            7,622


$        7,358


$        6,352












Annualized return on average assets, operating

F/A

0.27%


0.74%


0.87%


0.85%


0.84%

Annualized return on average common equity, operating

F/B

3.13%


8.51%


10.05%


10.08%


10.26%

Annualized return on average tangible common equity, operating

F/C

4.39%


12.04%


14.39%


14.63%


15.24%

Pre-tax, pre-provision annualized return on average assets, operating

G/A

1.64%


1.65%


1.60%


1.56%


1.39%

MIDSOUTH BANCORP, INC. and SUBSIDIARIES             

Reconciliation of Non-GAAP Financial Measures (unaudited) (continued)

(in thousands except per share data)    














Three Months Ended



March 31,


December 31,


September 30,


June 30,


March 31,

Per Common Share Data


2015


2014


2014


2014


2014












Book value per common share


$    14.92


$           14.78


$            14.52


$   14.25


$    13.92

Effect of intangible assets per share


4.29


4.32


4.35


4.39


4.41

Tangible book value per common share


$    10.63


$           10.46


$            10.17


$     9.86


$      9.51












Diluted earnings per share


$      0.12


$             0.30


$              0.37


$     0.34


$      0.57

Effect of efficiency consultant expenses, after-tax


-


0.01


0.01


0.01


-

Effect of loss on disposal of fixed assets, after-tax


-


-


0.02


-


-

Effect of loss on redemption of Trust Preferred Securities, after-tax


-


-


0.02


-


-

Effect of gain on sale of other real estate, after-tax


-


-


(0.06)


-


-

Executive officer life insurance proceeds, net of related expenses, after-tax


-


-


-


-


(0.24)

Diluted earnings per share, operating


$      0.12


$             0.31


$              0.36


$     0.35


$      0.33














Three Months Ended



March 31,


December 31,


September 30,


June 30,


March 31,

Efficiency Ratio


2015


2014


2014


2014


2014












Net interest income


$  19,257


$         20,160


$          19,512


$ 19,113


$  18,895












Noninterest income


$    4,967


$           5,050


$            6,194


$   5,261


$    7,917

Executive officer life insurance proceeds


-


-


-


-


(3,000)

Net gain on sale of securities


(115)


-


-


(128)


-

Net gain on sale/valuation of other real estate owned and other assets repossessed


(19)


-


(1,079)


(3)


-

   Noninterest income (non-GAAP)


$    4,833


$           5,050


$            5,115


$   5,130


$    4,917












Total revenue

H

$  24,224


$         25,210


$          25,706


$ 24,374


$  26,812

Total revenue (non-GAAP)

I

$  24,090


$         25,210


$          24,627


$ 24,243


$  23,812












Noninterest expense

J

$  16,287


$         17,327


$          17,857


$ 17,123


$  17,702

Efficiency consultant expenses


-


(156)


(200)


(107)


(53)

Loss on disposal of fixed assets


-


-


(394)


-


-

Loss on redemption of Trust Preferred Securities


-


-


(258)


-


-

Net loss on sale/valuation of other real estate owned


-


(77)


-


-


(56)

   Noninterest expense (non-GAAP)

K

$  16,287


$         17,094


$          17,005


$ 17,016


$  17,593












Efficiency ratio (GAAP)

J/H

67.23%


68.73%


69.47%


70.25%


66.02%












Efficiency ratio (non-GAAP)

K/I

67.61%


67.81%


69.05%


70.19%


73.88%

 

Logo - http://photos.prnewswire.com/prnh/20100125/MIDSOUTHLOGO

 

SOURCE MidSouth Bancorp, Inc.

Related Links

http://www.midsouthbank.com

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