LAFAYETTE, La., July 27 /PRNewswire-FirstCall/ -- MidSouth Bancorp,
Inc. (NYSE Amex: MSL) today reported net income available to common
shareholders of $446,000 for the second quarter ended June 30,
2009, a decrease of $972,000 from net income of $1,418,000 reported
for the second quarter of 2008 and $510,000 below net income
available to common shareholders of $956,000 reported for the first
quarter of 2009. Diluted earnings per share for the second quarter
of 2009 were $0.07 per share, a decrease of 66.7% from the $0.21
per share for the second quarter of 2008 and 50.0% below the $0.14
per share for the first quarter of 2009. Beginning the first
quarter of 2009, the Company recorded dividends on its Fixed Rate
Cumulative Perpetual Preferred Stock, Series A ("Series A Preferred
Stock") issued to the U. S. Department of the Treasury on January
9, 2009 under the Capital Purchase Plan. Dividends recorded on the
Series A Preferred Stock totaled $299,000 for the second quarter of
2009 and $277,000 for the first quarter of 2009. For the six months
ended June 30, 2009, net income available to common shareholders
totaled $1,402,000, a 46.4% decrease from earnings of $2,617,000
for the first six months of 2008. Of the $1,215,000 decrease,
$576,000 is related to dividends on the Series A Preferred Stock.
Diluted earnings per share were $0.21 for the first six months of
2009, compared to $0.39 for the first six months of 2008. The
Company's total assets ended the second quarter of 2009 at $924.2
million, a 1.5% decrease over the $937.9 million in total assets
recorded at June 30, 2008. Deposits were $762.7 million as of June
30, 2009, compared to $810.1 million on June 30, 2008, a decrease
of $47.4 million, or 5.9%. The decrease in deposits resulted from a
$69.4 million decline in money market deposits, primarily in
oil-related commercial and industrial accounts, offset by a $20.4
million increase in interest-bearing checking accounts. The decline
in money market deposits reflected the effect of normal
fluctuations in commercial deposits, the movement of some deposits
to higher competitive rates and a shift to secured repurchase
agreements. The Company's securities sold under agreements to
repurchase increased $8.6 million in prior year comparison, from
$24.7 million at June 30, 2008 to $33.3 million at June 30, 2009.
Loans totaled $596.1 million at June 30, 2009, an increase of $29.0
million, or 5.1%, from $567.1 million as of June 30, 2008. Loan
demand slowed in the first half of 2009, as commercial loan
customers used cash flows to pay down debt and economic concerns
continued to stem loan production in real estate credits. Second
quarter 2009 earnings were impacted by a $2.1 million provision
recorded for loan losses, compared to $855,000 in the second
quarter of 2008 and $1.0 million recorded in the first quarter of
2009. Deterioration in the performance of a $5.7 million national
participation credit in the Company's Baton Rouge market prompted a
$1.1 million charge-off on the credit in the second quarter of 2009
and an increase of $200,000 in specific reserves allocated to the
credit within the Allowance for Loan Losses ("ALL"). The remainder
of the $2.1 million provision covered approximately $430,000 in
charged-off loans associated with another Baton Rouge credit
relationship and $333,000 in other credits charged-off in the
second quarter of 2009. Quarterly revenues for the Company, defined
as net interest income and non-interest income, increased $137,000,
or 1.0%, for the second quarter of 2009 compared to the second
quarter of 2008. The slight improvement in revenues resulted
primarily from a $1,414,000 decrease in interest expense on
deposits and borrowings, which was mostly offset by a $1,331,000
decrease in interest income on earning assets. Non-interest income
increased $54,000 due to a $138,000 increase in ATM/debit card
income that was partially offset by decreases in mortgage banking
fees and income from a third party investment advisory firm.
Non-interest expense increased $39,000 in prior year quarterly
comparison, as expense reductions in several categories offset a
$649,000 increase in FDIC premiums. During the second quarter of
2009, the Company accrued for a special assessment as required by
the FDIC and also incurred an increase in the regular assessment
rate. Second quarter 2009 results were positively impacted by
$197,000 in tax benefit compared to $277,000 in tax provisions
recorded for the second quarter of 2008. The $197,000 in quarterly
tax benefit resulted from lower pretax profits combined with
sustained tax exempt income levels and certain federal tax credits.
In linked-quarter comparison, net earnings before dividends on
Series A Preferred Stock decreased $488,000, primarily due to the
$2.1 million provision for loan losses recorded in the second
quarter of 2009 compared to the $1.0 million provision recorded for
the first quarter of 2009. Net interest income decreased $204,000
as a $298,000 decline in interest income on earning assets was
partially offset by a $94,000 reduction in interest expense.
Interest income on investment securities and other interest earning
assets declined in linked-quarter comparison by $193,000 primarily
due to calls and maturities within the portfolio. Non-interest
income increased $328,000 primarily due to a higher volume of
insufficient funds transactions on deposit accounts and rental
income on safe deposit boxes recorded in June of each year.
Non-interest expense decreased $134,000 as decreases in several
expense categories offset increased FDIC insurance premiums and
Visa credit card and merchant program expenses. C. R. "Rusty"
Cloutier, President and Chief Executive Officer, commenting on
second quarter of 2009 results noted, "While the second quarter's
results were below our expectations, a few items need further
comment. First, based on a new appraisal, we dealt with the loss
exposure on our largest credit during the second quarter. Second,
expense management was good as non-interest expense declined
$134,000 versus the first quarter of 2009, despite an increase of
$451,000 in FDIC premiums." Asset Quality. Nonaccrual loans totaled
$15.7 million as of June 30, 2009, compared to $2.4 million as of
June 30, 2008. Of the $15.7 million, $12.9 million, or 82%,
represents two large commercial real estate relationships in the
Baton Rouge market. Loans totaling $974,000 were placed on
nonaccrual during the second quarter of 2009, offsetting the
reduction of $1.1 million charged-off on the national participation
credit. Loans past due 90 days or more totaled $791,000 at June 30,
2009, an increase of $228,000 over the $563,000 at June 30, 2008
and a decrease of $459,000 from the $1,250,000 at March 31, 2009.
The $1.1 million charge-off on the national participation credit
and the $459,000 reduction in loans past due 90 days or more
resulted in a decrease of $574,000 in total nonperforming assets in
linked-quarter comparison. Total nonperforming assets to total
assets were 1.89% for the second quarter of 2009, compared to 1.96%
for the first quarter of 2009 and 0.37% for the second quarter of
2008. Allowance coverage for nonperforming loans was 48.85% at June
30, 2009, compared to 214.47% at June 30, 2008. Annualized
year-to-date charge-offs were 0.90% of total loans for the second
quarter of 2009 compared to 0.44% for the second quarter of 2008.
Management's most recent analysis of the ALL indicated that the
ALL/total loans ratio of 1.35% was appropriate at June 30, 2009.
The ALL/total loans ratio was 1.11% at June 30, 2008 and 1.31% at
March 31, 2009. Earnings Analysis Net Interest Income. Net interest
income totaled $9,922,000 for the second quarter of 2009, an
increase of 0.8%, or $83,000, from the $9,839,000 reported for the
second quarter of 2008. The improvement in net interest income
resulted primarily from a decrease of $1.4 million in interest
expense which offset a decrease of $1.3 million in interest income.
The impact to interest income of a $32.4 million increase in the
average volume of loans, from $563.6 million at June 30, 2008 to
$596.0 million at June 30, 2009, was partially offset by a 106
basis point reduction in the average yield on loans in quarterly
comparison. The average yields on loans declined from 7.99% in the
second quarter of 2008 to 6.93% in the second quarter of 2009 as
New York Prime ("Prime") fell 175 basis points, from 5.00% to 3.25%
during the same period. The average volume of investment
securities, including federal funds sold and other interest-earning
assets, decreased $50.5 million in quarterly comparison, while the
taxable-equivalent yield increased 20 basis points, from 4.08% to
4.28%. The volume decrease occurred primarily in federal funds sold
and other interest-earning assets as deposits declined during the
second half of 2008, following an influx of commercial money market
deposits in the first quarter of 2008. The decrease in interest
expense in quarterly comparison resulted from a 71 basis point
decrease in the average rate paid on interest-bearing liabilities
combined with a $51.8 million decrease in the average volume of
interest-bearing liabilities in quarterly comparison. The decrease
in interest-bearing liabilities was primarily in commercial
platinum money market deposits and certificates of deposit,
partially offset by an increase in the average volume of repurchase
agreements. The volume and rate decreases associated with
interest-bearing liabilities, partially offset by the $32.4 million
increase in the average volume of loans, primarily contributed to a
14 basis point improvement in the taxable-equivalent net interest
margin, from 4.78% for the second quarter of 2008 to 4.92% for the
second quarter of 2009. In year-to-date comparison, net interest
income increased $935,000 as interest expense decreased $3,784,000,
offsetting a $2,849,000 decline in interest income. Interest
expense decreased primarily due to a 108 basis point reduction in
the average rate paid on interest-bearing liabilities, from 2.75%
at June 30, 2008 to 1.67% at June 30, 2009. Additionally, the
average volume of interest-bearing liabilities decreased $30.3
million in year-to-date comparison. The decrease in interest income
on average earning assets resulted primarily from a 127 basis point
decline in the average yield earned on loans, from 8.24% at June
30, 2008 to 6.97% at June 30, 2009. An average volume increase of
$32.0 million in loans partially offset the impact of lower yields.
As a result, the taxable-equivalent net interest margin improved 20
basis points, from 4.83% for the six months ended June 30, 2008 to
5.03% for the six months ended June 30, 2009. In linked-quarter
comparison, net interest income decreased $204,000, as a $298,000
decrease in loan and investment interest income exceeded a $94,000
reduction in interest expense on interest-bearing deposits and
borrowings. Average loan volume declined $4.8 million and the
average yield on loans decreased 9 basis points, from 7.02% to
6.93% in linked-quarter comparison. Interest income on investment
securities and other interest-earning assets decreased primarily as
a result of calls and maturities within the investment portfolio.
Cash flows from both the loan and investment securities portfolio
were invested in lower yielding overnight funds and short-term
certificates of deposit. Accordingly, the average yield on earning
assets decreased 28 basis points in linked-quarter comparison, from
6.43% at March 30, 2009 to 6.15% at June 30, 2009. Interest expense
decreased due to an 8 basis point decrease in the average rate paid
on interest-bearing deposits, from 1.71% to 1.63%. Balance sheet
changes in linked-quarter comparison resulted in a 21 basis point
decrease in the taxable-equivalent net interest margin, from 5.13%
at March 31, 2009 to 4.92% at June 30, 2009. Non-interest income.
Non-interest income for the second quarter of 2009 totaled
$3,858,000 or 1.4% above the $3,804,000 earned in the second
quarter of 2008 and 9.3% above the $3,530,000 earned in the first
quarter of 2009. A $138,000 increase in ATM and debit card fee
income offset decreases of $54,000 in income from a third party
investment advisory firm and $23,000 in mortgage processing fees in
prior-year quarterly comparison. In year-to-date comparison, a
$305,000 increase in ATM and debit card fee income offset decreases
of $86,000 in income from the third-party investment advisory firm,
$65,000 in mortgage processing fees, and a one-time payment
totaling $131,000 received from VISA during the first quarter of
2008. The one-time payment was related to VISA's redemption of a
portion of its Class B shares outstanding in connection with an
initial public offering. Income from service charges on deposit
accounts remained flat in quarterly and year-to-date comparisons.
In linked-quarter comparison, non-interest income increased
$328,000 primarily due to a $190,000 increase in fees on deposit
accounts and $78,000 in rental fees on safe deposit boxes assessed
annually in June. Additionally, ATM and debit card fee income
increased $30,000 and mortgage processing fees increased $24,000 in
linked-quarter comparison. Non-interest Expenses. Non-interest
expense increased $39,000 in prior-year quarterly comparison, as
decreases in several expense categories, including marketing costs
and professional and consulting fees, offset increases of $649,000
in FDIC premiums (including a special assessment), $247,000 in
occupancy expense and $73,000 in salaries and benefits costs.
Occupancy expense increased primarily due to increases in lease
expense, depreciation expense and maintenance costs on premises and
equipment. In year-to-date comparison, non-interest expense
increased $1.0 million, as increases of $863,000 in FDIC premiums
(including a special assessment), $631,000 in occupancy expense and
$375,000 in salary and benefit costs exceeded expense reductions in
other categories. In linked-quarter comparison, non-interest
expenses decreased $134,000 as decreases primarily in salaries and
benefits costs, occupancy expense, and marketing expense offset
increases primarily in FDIC insurance premiums and Visa credit card
and merchant program expenses. About MidSouth Bancorp, Inc.
MidSouth Bancorp, Inc. is a bank holding company headquartered in
Lafayette, Louisiana, with 35 locations in Louisiana and Texas and
more than 170 ATMs. Through its wholly owned subsidiary, MidSouth
Bank, N.A., the Company offers complete banking services to
commercial and retail customers in south Louisiana and southeast
Texas. MidSouth Bank is community oriented and focuses primarily on
offering commercial and consumer loan and deposit services to
individuals and to small and middle market businesses. Established
in 1985, the Company has 28 offices extending along the Interstate
10 corridor in south Louisiana located in Lafayette (9), Baton
Rouge (3), New Iberia (3), Lake Charles (2), Houma (2), Sulphur,
Jeanerette, Jennings, Thibodaux, Larose, Opelousas, Breaux Bridge,
Cecilia, and Morgan City. Additionally, the Company has 7
full-service offices in the southeast region of Texas, including
Beaumont (3), Conroe, Houston, Vidor, and College Station. It also
has a mortgage loan center in Conroe. MidSouth Bancorp's common
stock is traded on the New York Stock Exchange (NYSE Amex) under
the symbol MSL. Forward Looking Statements The Private Securities
Litigation Act of 1995 provides a safe harbor for disclosure of
information about a company's anticipated future financial
performance. This act protects a company from unwarranted
litigation if actual results differ from management expectations.
This press release reflects management's current views and
estimates of future economic circumstances, industry conditions,
the Company's performance and financial results. A number of
factors and uncertainties could cause actual results to differ from
anticipated results and expectations. These factors include, but
are not limited to, factors identified in Management's Discussion
and Analysis under the caption "Forward Looking Statements"
contained in the Company's Annual Report on Form 10-K filed with
the Securities and Exchange Commission.
-------------------------------------------------------- MIDSOUTH
BANCORP, INC. and SUBSIDIARIES Condensed Consolidated Financial
Information (unaudited) (in thousands except per share data)
-------------------------------------------------------- For the
For the Quarter Quarter Ended Ended June 30, % March 31, % EARNINGS
DATA 2009 2008 Change 2009 Change ---- ---- ------ ---- ------
Total interest income $12,496 $13,827 -9.6% $12,794 -2.3% Total
interest expense 2,574 3,988 -35.5% 2,668 -3.5% ----- ----- -----
Net interest income 9,922 9,839 0.8% 10,126 -2.0% ----- -----
------ Provision for loan losses 2,100 855 145.6% 1,000 110.0%
----- --- ----- Non-interest income 3,858 3,804 1.4% 3,530 9.3%
Non-interest expense 11,132 11,093 0.4% 11,266 -1.2% Provision for
income tax (197) 277 -171.1% 157 -225.5% ---- --- --- Net income
745 1,418 -47.5% 1,233 -39.6% Dividends on preferred stock 299 -
100.0% 277 7.9% --- --- --- Net income available to common
shareholders $446 $1,418 -68.5% $956 -53.3% ==== ====== ==== PER
COMMON SHARE DATA Basic earnings per share $0.07 $0.22 -68.2% $0.14
-50.0% Diluted earnings per share $0.07 $0.21 -66.7% $0.14 -50.0%
Book value at end of period $11.28 $10.54 7.0% $11.28 0.0% Market
price at end of period $16.80 $16.55 1.5% $10.24 64.1% Weighted avg
shares outstanding Basic 6,589,264 6,606,882 -0.3% 6,617,341 -0.4%
Diluted 6,607,366 6,620,211 -0.2% 6,627,367 -0.3% AVERAGE BALANCE
SHEET DATA Total assets $926,878 $946,005 -2.0% $922,090 0.5%
Earning assets 845,272 863,466 -2.1% 837,350 0.9% Loans and leases
595,955 563,643 5.7% 600,782 -0.8% Interest- bearing deposits
575,103 637,111 -9.7% 566,005 1.6% Total deposits 765,200 820,785
-6.8% 758,325 0.9% Total stockholders' equity (1) 96,229 70,821
35.9% 93,853 2.5% SELECTED RATIOS 6/30/2009 6/30/2008 3/31/2009
--------- --------- --------- Return on average assets 0.19% 0.60%
-68.5% 0.42% -54.8% Return on average total equity 1.86% 8.05%
-76.9% 4.13% -55.0% Return on average realized equity (2) 1.95%
8.09% -75.9% 4.27% -54.3% Average equity to average assets 10.38%
7.49% 38.7% 10.18% 2.0% Leverage capital ratio 10.63% 8.01% 32.7%
10.66% -0.3% Taxable-equivalent net interest margin 4.92% 4.78%
2.9% 5.13% -4.1% CREDIT QUALITY Allowance for loan losses as a % of
total loans 1.35% 1.11% 21.6% 1.31% 3.1% Nonperforming assets to
total assets 1.89% 0.37% 410.8% 1.96% -3.6% Annualized net YTD
charge-offs to total loans 0.90% 0.44% 105.0% 0.53% 68.0% (1) On
January 9, 2009, the Company participated in the Capital Purchase
Plan of the U. S. Department of the Treasury, which added $20
million in capital for the purpose of funding loans. (2) Excluding
net unrealized gain (loss) on securities available for sale.
-------------------------------------------------------- MIDSOUTH
BANCORP, INC. and SUBSIDIARIES Condensed Consolidated Financial
Information (unaudited) (in thousands)
-------------------------------------------------------- BALANCE
SHEET June 30, June 30, % March 31, December 31, 2009 2008 Change
2009 2008 ---- ---- ------ ---- ---- Assets Cash and cash
equivalents $39,653 $89,561 -55.7% $36,981 $24,786 ------- -------
------- ------- Securities available- for-sale 204,918 211,093
-2.9% 212,515 225,944 Securities held-to- maturity 3,668 7,783
-52.9% 4,677 6,490 ----- ----- ----- ----- Total investment
securities 208,586 218,876 -4.7% 217,192 232,434 ------- -------
------- ------- Total loans 596,114 567,087 5.1% 597,209 608,955
Allowance for loan losses (8,039) (6,286) 27.9% (7,802) (7,586)
------ ------ ------ ------ Loans, net 588,075 560,801 4.9% 589,407
601,369 ------- ------- ------- ------- Premises and equipment
39,580 40,375 -2.0% 40,219 40,580 Time deposits held in banks
21,023 - 100.0% 9,023 9,023 Goodwill and other intangibles 9,540
9,677 -1.4% 9,572 9,605 Other assets 17,737 18,567 -4.5% 20,697
19,018 ------ ------ ------ ------ Total assets $924,194 $937,857
-1.5% $923,091 $936,815 ======== ======== ======== ========
Liabilities and Stockholders' Equity Non-interest bearing deposits
$185,332 $182,220 1.7% $198,803 $199,899 Interest bearing deposits
577,320 627,863 -8.1% 570,625 566,805 ------- ------- -------
------- Total deposits 762,652 810,083 -5.9% 769,428 766,704
Securities sold under agreements to repurchase and other short term
borrowings 45,809 37,163 23.3% 37,612 75,876 Junior subordinated
debentures 15,465 15,465 - 15,465 15,465 Other liabilities 6,470
5,373 20.4% 6,875 5,726 ----- ----- ----- ----- Total liabilities
830,396 868,084 -4.3% 829,380 863,771 ------- ------- -------
------- Total shareholders' equity (1) 93,798 69,773 34.4% 93,711
73,044 ------ ------ ------ ------ Total liabilities and
shareholders' equity $924,194 $937,857 -1.5% $923,091 $936,815
======== ======== ======== ======== (1) On January 9, 2009, the
Company participated in the Capital Purchase Plan of the U. S.
Department of the Treasury, which added $20 million in capital for
the purpose of funding loans.
-------------------------------------------------------- MIDSOUTH
BANCORP, INC. and SUBSIDIARIES Condensed Consolidated Financial
Information (unaudited) (in thousands except per share data)
-------------------------------------------------------- Three
Months Six Months Ended Ended INCOME STATEMENT June 30, % June 30,
% 2009 2008 Change 2009 2008 Change ---- ---- ------ ---- ----
------ Interest income $12,496 $13,827 -9.6% $25,290 $28,139 -10.1%
Interest expense 2,574 3,988 -35.5% 5,242 9,026 -41.9% ----- -----
----- ----- Net interest income 9,922 9,839 0.8% 20,048 19,113 4.9%
----- ----- ------ ------ Provision for loan losses 2,100 855
145.6% 3,100 2,055 50.9% ----- --- ----- ----- Service charges on
deposit accounts 2,577 2,563 0.5% 4,965 4,932 0.7% Other charges
and fees 1,281 1,241 3.2% 2,423 2,460 -1.5% ----- ----- ----- -----
Total non- interest income 3,858 3,804 1.4% 7,388 7,392 -0.1% -----
----- ----- ----- Salaries and employee benefits 5,272 5,199 1.4%
10,752 10,377 3.6% Occupancy expense 2,295 2,048 12.1% 4,629 3,998
15.8% Other non-interest expense 3,565 3,846 -7.3% 7,017 7,012 0.1%
----- ----- ----- ----- Total non- interest expense 11,132 11,093
0.4% 22,398 21,387 4.7% ------ ------ ------ ------ Income before
income taxes 548 1,695 -67.7% 1,938 3,063 -36.7% Provision for
income taxes (197) 277 -171.1% (40) 446 -109.0% ---- --- --- ---
Net income 745 1,418 -47.5% 1,978 2,617 -24.4% Dividends on
preferred stock 299 - 100.0% 576 - 100.0% --- --- --- --- Net
income available to common shareholders $446 $1,418 -68.5% $1,402
$2,617 -46.4% ==== ====== ====== ====== Earnings per share, diluted
$0.07 $0.21 -66.7% $0.21 $0.39 ===== ===== ===== =====
-------------------------------------------------------- MIDSOUTH
BANCORP, INC. and SUBSIDIARIES Condensed Consolidated Financial
Information (unaudited) (in thousands except per share data)
-------------------------------------------------------- INCOME
STATEMENT Second First Fourth Third Second Quarterly Trends Quarter
Quarter Quarter Quarter Quarter 2009 2009 2008 2008 2008 ---- ----
---- ---- ---- Interest income $12,496 $12,794 $13,699 $13,635
$13,827 Interest expense 2,574 2,668 3,480 3,579 3,988 ----- -----
----- ----- ----- Net interest income 9,922 10,126 10,219 10,056
9,839 Provision for loan losses 2,100 1,000 2,000 500 855 -----
----- ----- --- --- Net interest income after provision for loan
loss 7,822 9,126 8,219 9,556 8,984 Total non-interest income 3,858
3,530 3,755 3,981 3,804 Total non-interest expense 11,132 11,266
11,352 11,235 11,093 ------ ------ ------ ------ ------ Income
before income taxes 548 1,390 622 2,302 1,695 Income taxes (197)
157 (442) 445 277 ---- --- ---- --- --- Net income 745 1,233 1,064
1,857 1,418 Dividends on preferred stock 299 277 - - - --- --- ---
--- --- Net income available to common shareholders $446 $956
$1,064 $1,857 $1,418 ==== ==== ====== ====== ====== Earnings per
share, basic $0.07 $0.14 $0.16 $0.28 $0.22 Earnings per share,
diluted $0.07 $0.14 $0.16 $0.28 $0.21 Book value per share $11.28
$11.28 $11.04 $10.65 $10.54 Return on average equity 1.86% 4.13%
6.02% 10.29% 8.05%
-------------------------------------------------------- MIDSOUTH
BANCORP, INC. and SUBSIDIARIES Condensed Consolidated Financial
Information (unaudited) (in thousands)
-------------------------------------------------------- June 30,
June 30, % March 31, December 31, 2009 2008 Change 2009 2008 ----
---- ------ ---- ---- Composition of Loans Commercial, financial,
and agricultural $200,192 $184,930 8.3% $202,315 $210,058 Lease
financing receivable 7,538 5,883 28.1% 7,377 8,058 Real estate -
mortgage 242,595 220,556 10.0% 236,594 234,588 Real estate -
construction 60,062 65,985 -9.0% 64,389 65,327 Installment loans to
individuals 84,602 88,737 -4.7% 85,604 89,901 Other 1,125 996 13.0%
930 1,023 ----- --- --- ----- Total loans $596,114 $567,087 5.1%
$597,209 $608,955 ======== ======== ======== ========
-------------------------------------------------------- MIDSOUTH
BANCORP, INC. and SUBSIDIARIES Condensed Consolidated Financial
Information (unaudited) (in thousands)
-------------------------------------------------------- June 30,
June 30, % March 31, December 31, 2009 2008 Change 2009 2008 ----
---- ------ ---- ---- Asset Quality Data Nonaccrual loans $15,664
$2,368 561.5% $15,713 $9,355 Loans past due 90 days and over 791
563 40.5% 1,250 1,005 --- --- ----- ----- Total nonperforming loans
16,455 2,931 461.4% 16,963 10,360 Other real estate owned 829 143
479.7% 843 329 Other foreclosed assets 203 384 -47.1% 255 306 ---
--- --- --- Total nonperforming assets $17,487 $3,458 405.7%
$18,061 $10,995 ======= ====== ======= ======= Nonperforming assets
to total assets 1.89% 0.37% 410.8% 1.96% 1.17% Nonperforming assets
to total loans + OREO + other foreclosed assets 2.93% 0.61% 380.3%
3.02% 1.80% ALL to nonperforming loans 48.85% 214.47% -77.2% 45.99%
73.22% ALL to total loans 1.35% 1.11% 21.6% 1.31% 1.25%
Year-to-date charge-offs $2,779 $1,317 111.0% $856 $2,624
Year-to-date recoveries 132 85 55.3% 71 192 --- --- --- ---
Year-to-date net charge-offs $2,647 $1,232 114.9% $785 $2,432
====== ====== ==== ====== Annualized net YTD charge-offs to total
loans 0.90% 0.44% 103.5% 0.53% 0.40%
--------------------------------------- MIDSOUTH BANCORP, INC. AND
SUBSIDIARIES Yield Analysis (unaudited) (in thousands)
--------------------------------------- Three Months Ended Three
Months Ended June 30, 2009 June 30, 2008 -------------
------------- Tax Tax Average Equivalent Yield/ Average Equivalent
Yield/ Balance Interest Rate Balance Interest Rate -------
---------- ---- ------- ---------- ---- Taxable securities $93,010
$1,001 4.30% $95,039 $1,044 4.39% Tax-exempt securities 115,933
1,554 5.36% 106,791 1,458 5.46% Equity securities 4,404 29 2.63%
4,283 32 2.99% Federal funds sold 25,826 18 0.28% 64,536 334 2.05%
Loans 595,955 10,294 6.93% 563,643 11,202 7.99% Other interest
earning assets 10,144 56 2.21% 29,174 185 2.55% ------ --- ------
--- Total interest earning assets 845,272 12,952 6.15% 863,466
14,255 6.64% Noninterest earning assets 81,606 82,539 ------ ------
Total assets $926,878 $946,005 ======== ======== Interest bearing
liabilities: Deposits $575,103 $2,039 1.42% $637,111 3,531 2.23%
Repurchase agreements and federal funds purchased 44,093 273 2.45%
33,907 167 1.95% Short term borrowings - - - - - - Junior
subordinated debentures 15,465 262 6.70% 15,465 290 7.42% ------
--- ------ --- Total interest bearing liabilities 634,661 2,574
1.63% 686,483 3,988 2.34% ----- ----- Noninterest bearing
liabilities 195,988 188,701 Shareholders' equity 96,229 70,821
------ ------ Total liabilities and shareholders' equity $926,878
$946,005 ======== ======== Net interest income (TE) and margin
$10,378 4.92% $10,267 4.78% ======= ======= Net interest spread
4.52% 4.30% --------------------------------------- MIDSOUTH
BANCORP, INC. AND SUBSIDIARIES Yield Analysis (unaudited) (in
thousands) --------------------------------------- Six Months Ended
Six Months Ended June 30, 2009 June 30, 2008
------------------------- ------------------------ Tax Tax Average
Equivalent Yield/ Average Equivalent Yield/ Balance Interest Rate
Balance Interest Rate ------- ---------- ---- ------- ----------
---- Taxable securities $97,369 $2,148 4.41% $86,932 $2,002 4.61%
Tax-exempt securities 117,868 3,167 5.37% 107,862 2,933 5.44%
Equity securities 4,357 62 2.85% 3,988 63 3.16% Federal funds sold
13,774 19 0.27% 51,753 608 2.32% Loans 598,354 20,692 6.97% 566,399
23,208 8.24% Other interest earning assets 9,610 131 2.75% 14,780
187 2.54% ----- --- ------ --- Total interest earning assets
841,332 26,219 6.28% 831,714 29,001 7.01% Noninterest earning
assets 83,157 83,368 ------ ------ Total assets $924,489 $915,082
======== ======== Interest bearing liabilities: Deposits $570,579
$4,214 1.49% $614,443 $8,008 2.62% Repurchase agreements and
federal funds purchased 37,533 477 2.58% 29,977 377 2.49% Short
term borrowings 9,326 23 0.50% 907 18 3.93% Junior subordinated
debentures 15,465 528 6.79% 15,465 623 7.97% ------ --- ------ ---
Total interest bearing liabilities 632,903 5,242 1.67% 660,792
9,026 2.75% ----- ----- Noninterest bearing liabilities 196,539
183,929 Shareholders' equity 95,047 70,361 ------ ------ Total
liabilities and shareholders' equity $924,489 $915,082 ========
======== Net interest income (TE) and margin $20,977 5.03% $19,975
4.83% ======= ======= Net interest spread 4.61% 4.26% DATASOURCE:
MidSouth Bancorp, Inc. CONTACT: C.R. Cloutier or Teri S. Stelly,
+1-337-237-8343, both of MidSouth Bancorp, Inc.
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