MidSouth Bancorp Releases 1st Quarter 2001 Earnings and Reports a 45% Increase In Net Income

Apr 25, 2001, 01:00 ET from MidSouth Bancorp, Inc.

    LAFAYETTE, La., April 25 /PRNewswire/ -- MidSouth Bancorp, Inc.
 (Amex:   MSL) announced net income of $795,177 for the first quarter of 2001, an
 increase of 45% over net income of $548,268 reported for the first quarter of
 2000.  Income available to common shareholders totaled $764,884 for the first
 quarter of 2001, compared to $510,209 for the first quarter of 2000.  Basic
 earnings per share were $.31 and $.21 for the quarters ended March 31, 2001
 and 2000, respectively.  Diluted earnings per share were $.27 for the first
 quarter of 2001 compared to $.18 for the first quarter of 2000.
     Earnings improved primarily due to an increase in the volume of earning
 assets.  The volume increase resulted in additional net interest income of
 $410,456 before loan loss provisions for the first quarter of 2001 compared to
 the first quarter of 2000.  Non-interest income increased $145,946 in
 quarterly comparison primarily due to increases in insufficient funds fees,
 third party mortgage loan processing fees, and income from the sale of credit
 life insurance.  The increased non-interest income more than offset an
 increase of $115,077 in non-interest expenses in quarterly comparison.  Non-
 interest expense increases were recorded primarily in salaries and employee
 benefits and data processing expense.
     Total consolidated assets increased $57.7 million or 20%, from
 $284.1 million at March 31, 2000 to $341.8 million at March 31, 2001.
 Deposits grew $47.9 million or 18%, from $261.4 million at March 31, 2000 to
 $309.3 million at March 31, 2001.  Substantial deposit growth was recorded
 primarily in personal money market accounts and personal certificates of
 deposit.
     Loans, net of Allowance for Loan Losses ("ALL"), increased $27.5 million
 or 16%, from $172.5 million in the first quarter of 2000 to $200.0 million in
 the first quarter of 2001.  Provisions for loan losses totaled $323,100 for
 the three-month period ended March 31, 2001 compared to $216,962 for the
 three-month period ended in March 31, 2000.
     Nonperforming loans as a percentage of total loans increased slightly from
 .12% in March of 2000 to .15% in March of 2001.  The increase resulted
 primarily from the placement of one commercial credit on nonaccrual during the
 first quarter of 2001.  Loans past due ninety days and over increased in
 quarterly comparison, from $608,680 at March 31, 2000 to $865,667 at March 31,
 2001.  The ALL represented 334% of nonperforming assets as of March 31, 2001
 compared to 280% as of March 31, 2000.
     MidSouth's leverage ratio was 8.09% at March 31, 2001 compared to 6.29% at
 March 31, 2000.  On February 21, 2001, MidSouth completed the issuance of
 $7,000,000 of Trust Preferred Securities.  For regulatory purposes, these
 funds qualify as Tier 1 Capital.  For financial reporting purposes, these
 securities are not included in stockholders' equity under generally accepted
 accounting principles, but as a liability for a related debenture.
     MidSouth's return on average common equity was 16.94% and return on
 average assets was .97% for the first quarter of 2001.
     MidSouth's common and preferred stock are traded on the American Stock
 Exchange under the symbols MSL and MSL.Pr, respectively.
 
 
     MIDSOUTH BANCORP, INC. AND SUBSIDIARIES
     FINANCIAL HIGHLIGHTS (UNAUDITED)
                                           Three Months Ended       Year-ended
                                                March 31,          December 31,
     EARNINGS DATA                          2001          2000        2000 (A)
 
     Net interest income                $3,883,183    $3,472,727   $14,661,950
     Provision for loan losses             323,100       216,962       897,038
     Non-interest income                 1,183,216     1,037,270     4,582,995
     Non-interest expense                3,703,868     3,588,791    14,501,566
     Provision for income tax              244,254       155,976       951,204
     Net income                            795,177       548,268     2,895,137
     Preferred dividend requirement         30,293        38,059       246,024
     Income available to common
      shareholders                        $764,884      $510,209    $2,649,113
 
     PER COMMON SHARE DATA
     Basic earnings per share                $0.31         $0.21         $1.07
     Diluted earnings per share              $0.27         $0.18         $0.95
 
     Book value at end of period             $7.60         $6.09         $7.16
     Market price at end of period           $9.99         $8.75         $8.63
     Market price of preferred stock
      at end of period                      $28.09        $26.25        $25.00
     Weighted average shares outstanding
        Basic                            2,492,196     2,470,551     2,487,187
        Diluted                          2,924,741     2,964,655     2,922,811
 
     AVERAGE BALANCE SHEET DATA
     Total assets                     $333,639,134  $280,297,144  $294,793,847
     Earning assets                    305,205,906   254,271,309   268,500,977
     Loans and leases                  203,571,189   171,516,801   184,300,672
     Interest-bearing deposits         234,087,871   195,751,863   204,155,077
     Total deposits                    304,311,712   257,107,157   267,868,162
     Common stockholders' equity        18,315,898    14,619,601    15,570,370
     Total stockholders' equity         20,177,233    16,796,089    17,588,964
 
     SELECTED RATIOS
     Return on average assets
      (annualized)                           0.97%         0.78%         0.98%
     Return on average common equity
      (annualized)                          16.94%        14.00%        17.70%
     Return on average total equity
      (annualized)                          15.98%        13.09%        16.46%
     Leverage capital ratio      (B)         8.09%         6.29%         6.06%
     Tier 1 risk-based capital ratio        12.05%         9.36%         8.54%
     Total risk-based capital ratio         13.12%        10.40%         9.55%
     Allowance for loan losses as a %
       of total loans                        1.19%         1.12%         1.11%
 
 
     PERIOD ENDING BALANCE
      SHEET DATA                  3/31/01       3/31/00    Net Change  % Change
     Total assets              $341,808,240  $284,109,042  $57,699,198  20.31%
     Earning assets             314,111,598   257,204,936  $56,906,662  22.13%
     Loans and leases, net      200,072,933   172,555,428  $27,517,505  15.95%
     Interest-bearing deposits  237,751,855   197,324,171  $40,427,684  20.49%
     Total deposits             309,327,128   261,386,833  $47,940,295  18.34%
     Common stockholders'
      equity                     19,162,009    15,122,519   $4,039,490  26.71%
     Total stockholders'
      equity                     21,023,344    17,299,007   $3,724,337  21.53%
 
     (A)  Financial highlights for December 31, 2000 are taken from the audited
          financials on that date.
     (B)  On February 21, 2001, MidSouth completed the issuance of $7,000,000
          of Trust Preferred Securities.  For regulatory purposes, these funds
          qualify as Tier 1 Capital.  For financial reporting purposes, these
          funds are not included in stockholders' equity under generally
          accepted accounting principles.
 
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SOURCE MidSouth Bancorp, Inc.
    LAFAYETTE, La., April 25 /PRNewswire/ -- MidSouth Bancorp, Inc.
 (Amex:   MSL) announced net income of $795,177 for the first quarter of 2001, an
 increase of 45% over net income of $548,268 reported for the first quarter of
 2000.  Income available to common shareholders totaled $764,884 for the first
 quarter of 2001, compared to $510,209 for the first quarter of 2000.  Basic
 earnings per share were $.31 and $.21 for the quarters ended March 31, 2001
 and 2000, respectively.  Diluted earnings per share were $.27 for the first
 quarter of 2001 compared to $.18 for the first quarter of 2000.
     Earnings improved primarily due to an increase in the volume of earning
 assets.  The volume increase resulted in additional net interest income of
 $410,456 before loan loss provisions for the first quarter of 2001 compared to
 the first quarter of 2000.  Non-interest income increased $145,946 in
 quarterly comparison primarily due to increases in insufficient funds fees,
 third party mortgage loan processing fees, and income from the sale of credit
 life insurance.  The increased non-interest income more than offset an
 increase of $115,077 in non-interest expenses in quarterly comparison.  Non-
 interest expense increases were recorded primarily in salaries and employee
 benefits and data processing expense.
     Total consolidated assets increased $57.7 million or 20%, from
 $284.1 million at March 31, 2000 to $341.8 million at March 31, 2001.
 Deposits grew $47.9 million or 18%, from $261.4 million at March 31, 2000 to
 $309.3 million at March 31, 2001.  Substantial deposit growth was recorded
 primarily in personal money market accounts and personal certificates of
 deposit.
     Loans, net of Allowance for Loan Losses ("ALL"), increased $27.5 million
 or 16%, from $172.5 million in the first quarter of 2000 to $200.0 million in
 the first quarter of 2001.  Provisions for loan losses totaled $323,100 for
 the three-month period ended March 31, 2001 compared to $216,962 for the
 three-month period ended in March 31, 2000.
     Nonperforming loans as a percentage of total loans increased slightly from
 .12% in March of 2000 to .15% in March of 2001.  The increase resulted
 primarily from the placement of one commercial credit on nonaccrual during the
 first quarter of 2001.  Loans past due ninety days and over increased in
 quarterly comparison, from $608,680 at March 31, 2000 to $865,667 at March 31,
 2001.  The ALL represented 334% of nonperforming assets as of March 31, 2001
 compared to 280% as of March 31, 2000.
     MidSouth's leverage ratio was 8.09% at March 31, 2001 compared to 6.29% at
 March 31, 2000.  On February 21, 2001, MidSouth completed the issuance of
 $7,000,000 of Trust Preferred Securities.  For regulatory purposes, these
 funds qualify as Tier 1 Capital.  For financial reporting purposes, these
 securities are not included in stockholders' equity under generally accepted
 accounting principles, but as a liability for a related debenture.
     MidSouth's return on average common equity was 16.94% and return on
 average assets was .97% for the first quarter of 2001.
     MidSouth's common and preferred stock are traded on the American Stock
 Exchange under the symbols MSL and MSL.Pr, respectively.
 
 
     MIDSOUTH BANCORP, INC. AND SUBSIDIARIES
     FINANCIAL HIGHLIGHTS (UNAUDITED)
                                           Three Months Ended       Year-ended
                                                March 31,          December 31,
     EARNINGS DATA                          2001          2000        2000 (A)
 
     Net interest income                $3,883,183    $3,472,727   $14,661,950
     Provision for loan losses             323,100       216,962       897,038
     Non-interest income                 1,183,216     1,037,270     4,582,995
     Non-interest expense                3,703,868     3,588,791    14,501,566
     Provision for income tax              244,254       155,976       951,204
     Net income                            795,177       548,268     2,895,137
     Preferred dividend requirement         30,293        38,059       246,024
     Income available to common
      shareholders                        $764,884      $510,209    $2,649,113
 
     PER COMMON SHARE DATA
     Basic earnings per share                $0.31         $0.21         $1.07
     Diluted earnings per share              $0.27         $0.18         $0.95
 
     Book value at end of period             $7.60         $6.09         $7.16
     Market price at end of period           $9.99         $8.75         $8.63
     Market price of preferred stock
      at end of period                      $28.09        $26.25        $25.00
     Weighted average shares outstanding
        Basic                            2,492,196     2,470,551     2,487,187
        Diluted                          2,924,741     2,964,655     2,922,811
 
     AVERAGE BALANCE SHEET DATA
     Total assets                     $333,639,134  $280,297,144  $294,793,847
     Earning assets                    305,205,906   254,271,309   268,500,977
     Loans and leases                  203,571,189   171,516,801   184,300,672
     Interest-bearing deposits         234,087,871   195,751,863   204,155,077
     Total deposits                    304,311,712   257,107,157   267,868,162
     Common stockholders' equity        18,315,898    14,619,601    15,570,370
     Total stockholders' equity         20,177,233    16,796,089    17,588,964
 
     SELECTED RATIOS
     Return on average assets
      (annualized)                           0.97%         0.78%         0.98%
     Return on average common equity
      (annualized)                          16.94%        14.00%        17.70%
     Return on average total equity
      (annualized)                          15.98%        13.09%        16.46%
     Leverage capital ratio      (B)         8.09%         6.29%         6.06%
     Tier 1 risk-based capital ratio        12.05%         9.36%         8.54%
     Total risk-based capital ratio         13.12%        10.40%         9.55%
     Allowance for loan losses as a %
       of total loans                        1.19%         1.12%         1.11%
 
 
     PERIOD ENDING BALANCE
      SHEET DATA                  3/31/01       3/31/00    Net Change  % Change
     Total assets              $341,808,240  $284,109,042  $57,699,198  20.31%
     Earning assets             314,111,598   257,204,936  $56,906,662  22.13%
     Loans and leases, net      200,072,933   172,555,428  $27,517,505  15.95%
     Interest-bearing deposits  237,751,855   197,324,171  $40,427,684  20.49%
     Total deposits             309,327,128   261,386,833  $47,940,295  18.34%
     Common stockholders'
      equity                     19,162,009    15,122,519   $4,039,490  26.71%
     Total stockholders'
      equity                     21,023,344    17,299,007   $3,724,337  21.53%
 
     (A)  Financial highlights for December 31, 2000 are taken from the audited
          financials on that date.
     (B)  On February 21, 2001, MidSouth completed the issuance of $7,000,000
          of Trust Preferred Securities.  For regulatory purposes, these funds
          qualify as Tier 1 Capital.  For financial reporting purposes, these
          funds are not included in stockholders' equity under generally
          accepted accounting principles.
 
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 SOURCE  MidSouth Bancorp, Inc.