LAFAYETTE, La., Oct. 27 /PRNewswire-FirstCall/ -- MidSouth Bancorp,
Inc. (NYSE Amex: MSL) today reported net income available to common
shareholders of $1,132,000 for the third quarter ended September
30, 2009, an increase of 153.8% over net income available to common
shareholders of $446,000 reported for the second quarter of 2009,
and a decrease of 39.0% below net income available to common
shareholders of $1,857,000 reported for the third quarter of 2008.
Diluted earnings per common share for the third quarter of 2009
were $0.17 per share, an increase of 142.9% above the $0.07 per
common share for the second quarter of 2009, and a decrease of
39.3% from the $0.28 per common share for the third quarter of
2008. 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
reduced net income available to common shareholders by $299,000 for
the third and second quarters of 2009 and $277,000 for the first
quarter of 2009. For the nine months ended September 30, 2009, net
income available to common shareholders totaled $2,534,000, a 43.3%
decrease from net income available to common shareholders of
$4,473,000 for the first nine months of 2008. Dividends recorded on
the Series A Preferred Stock reduced net income available to common
shareholders by $875,000 for the nine months ended September 30,
2009. Diluted earnings per common share were $0.38 for the first
nine months of 2009, compared to $0.67 for the first nine months of
2008. The Company's total assets ended the third quarter of 2009 at
$947.8 million, a 3.4% increase over the $916.5 million in total
assets recorded at September 30, 2008. Deposits remained relatively
flat, totaling $772.1 million as of September 30, 2009, compared to
$771.1 million on September 30, 2008. Total loans were $588.6
million, an increase of $9.1 million, or 1.6%, over the $579.5
million reported as of September 30, 2008. Loans grew $29.5 million
in the fourth quarter of 2008, but decreased $20.4 million in the
nine months ending September 30, 2009 as commercial customers used
cash flows to pay down debt and continued economic concerns stemmed
loan production in both commercial and retail credits. C. R.
"Rusty" Cloutier, President and Chief Executive Officer, commenting
on third quarter 2009 results noted, "Many of our commercial
customers went through hard times in the late '80's and the
experience made them cautious. Many have communicated to us that
they are in a "wait and see" mode, delaying expansion projects
until they have a greater comfort level with economic conditions.
This "wait and see" mode has equated to a decrease in our loan
portfolio during 2009. We're ready to lend to our customers, but
they're not ready to borrow." In prior-year quarterly comparison,
third quarter 2009 net earnings before dividends on Series A
Preferred Stock totaled $1,431,000, a decrease of $426,000 below
the $1,857,000 earned in the third quarter of 2008. Third quarter
2009 earnings were impacted by a $1.0 million provision for loan
losses compared to $500,000 in the third quarter of 2008. Quarterly
revenues for the Company, defined as net interest income and
non-interest income, decreased $133,000 primarily due to margin
compression as earning asset yields continued to decline.
Non-interest expenses increased $91,000, as increased salaries and
benefit costs and FDIC premiums were partially offset by decreases
in other non-interest expense categories. Third quarter 2009
earnings were positively impacted by a $298,000 reduction in tax
expense due to the effect of lower pre-tax 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 increased $686,000, 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 third quarter of 2009. Net interest income increased $10,000 in
linked-quarter comparison and non-interest income increased
$114,000, primarily due to a higher volume of insufficient funds
transactions on deposit accounts. Non-interest expense increased
$194,000, primarily due to increases of $233,000 in salary and
benefit costs, $119,000 in expenses on other real estate owned and
other assets repossessed, and $87,000 in provisions for unfunded
loan commitments. Additionally, data processing expenses increased
$71,000 and marketing costs increased $62,000 in linked-quarter
comparison. These increases were partially offset by a $424,000
decrease in FDIC insurance premiums, from $752,000 in the second
quarter of 2009 to $328,000 in the third quarter of 2009. During
the second quarter of 2009, the Company accrued for a special
assessment as required by the FDIC. In year-to-date comparison, net
earnings before dividends on Series A Preferred Stock decreased
$1,064,000 primarily due to a $1,545,000 increase in provisions for
loan losses and a $1,101,000 increase in non-interest expense in
2009. The increases in provisions for loan losses and non-interest
expense were partially offset by an $811,000 improvement in net
interest income and a $784,000 reduction in income tax expense.
Included in the $1,101,000 increase in non-interest expense, is a
$1,017,000 increase in FDIC premiums, a $485,000 increase in
salaries and benefits costs, and a $635,000 increase in occupancy
expense. Significant decreases in other non-interest expense
categories, including $737,000 in marketing costs and $223,000 in
data processing expenses, reduced the impact of the increased FDIC
premiums in year-to-date comparison. Income tax expense decreased
$784,000 due to the effect of certain federal tax credits combined
with lower pre-tax profits and sustained tax exempt income levels.
Asset Quality. Nonaccrual loans totaled $15.5 million as of
September 30, 2009, compared to $8.1 million as of September 30,
2008 and $15.7 million at June 30, 2009. Of the $15.5 million at
September 30, 2009, $12.6 million, or 81.3%, represented two large
commercial real estate loan relationships in the Baton Rouge
market. Loans totaling approximately $588,000 were placed on
nonaccrual during the third quarter of 2009, many of which were
smaller consumer credits. Loans past due 90 days or more totaled
$1.6 million at September 30, 2009, an increase of $411,000 over
the $1.2 million reported for September 30, 2008 and an increase of
$809,000 from the $791,000 at June 30, 2009. Total nonperforming
assets to total assets were 1.90% for the third quarter of 2009,
compared to 1.13% for the third quarter of 2008 and 1.89% for the
second quarter of 2009. With respect to the $12.6 million in the
two large commercial real estate loan relationships in Baton Rouge
that are nonaccrual, $4.2 million is related to a national
participation loan. In the third quarter of 2009, an additional
$400,000 was charged off on the loan, bringing the total charged
off in 2009 to $ 1.5 million. The loan will be a long term work-out
based on actions taken by the lead bank. The second loan is an $8.4
million commercial real estate loan relationship in the Baton Rouge
market which primarily funded construction of a condominium
complex. As part of a work-out plan, the units are now being leased
as apartments, with 67% of the units under lease agreements.
Allowance coverage for nonperforming loans was 46.82% at September
30, 2009, compared to 67.41% at September 30, 2008 and 48.85% at
June 30, 2009. Excluding the effect of the two large commercial
real estate loan relationships in the Baton Rouge market, allowance
coverage for nonperforming loans was 213.23% at September 30, 2009,
277.22% at September 30, 2008, and 242.05% at June 30, 2009.
Annualized year-to-date net charge-offs were 0.83% of total loans
for the third quarter of 2009 compared to 0.61% for the third
quarter of 2008 and 0.90% for the second quarter of 2009. The
ALL/total loans ratio was 1.36% at September 30, 2009, 1.08% at
September 30, 2008 and 1.35% at June 30, 2009. Earnings Analysis
Net Interest Income. Net interest income totaled $9,932,000 for the
third quarter of 2009, a decrease of 1.2%, or $124,000, from the
$10,056,000 reported for the third quarter of 2008. The decrease in
net interest income resulted primarily from a decrease of $1.1
million in interest income which exceeded a decrease of $1.0
million in interest expense. The impact to interest income of a
$21.4 million increase in the average volume of loans, from $572.7
million at September 30, 2008 to $594.1 million at September 30,
2009, was offset by a 75 basis point reduction in the average yield
on loans in quarterly comparison. The average yields on loans
declined from 7.71% in the third quarter of 2008 to 6.96% in the
third quarter of 2009 as New York Prime Rate ("Prime") fell 175
basis points, from 5.00% to 3.25% during the same period. A
decrease in the volume of investment securities combined with
decreases in yields on investment securities, federal funds sold
and time deposits in other banks further reduced interest income in
the third quarter of 2009 compared to 2008. The decrease in
interest expense in quarterly comparison resulted from a 63 basis
point decrease in the average rate paid on interest-bearing
liabilities, from 2.19% at September 30, 2008 to 1.56% at September
30, 2009. The average volume of interest-bearing deposits remained
relatively flat, while the average volume of retail repurchase
agreements, included in securities sold under agreements to
repurchase, increased $11.6 million in quarterly comparison. The
impact of decreased yields on average earning assets exceeded the
decrease in yields on average interest-bearing liabilities and
resulted in a 19 basis point decline in the taxable-equivalent net
interest margin, from 5.01% for the third quarter of 2008 to 4.82%
for the third quarter of 2009. In linked-quarter comparison, net
interest income remained consistent, with minimal changes in
interest income and interest expense over the past quarter.
Interest income increased $2,000 despite a reduction in the average
yield on earning assets from 6.15% at June 30, 2009 to 6.01% at
September 30, 2009. Lower yields on investment securities, federal
funds sold and interest-bearing and time deposits in other banks
reduced the average earnings assets yield. With average loan volume
declining slightly, cash flows from both the loan and investment
securities portfolio were invested in lower yielding overnight
funds and short-term certificates of deposit. Interest expense
decreased $8,000 in linked-quarter comparison due primarily to a 7
basis point decrease in the average rate paid on interest-bearing
liabilities, from 1.63% to 1.56%. Balance sheet and yield changes
in linked-quarter comparison resulted in a 10 basis point decrease
in the taxable-equivalent net interest margin, from 4.92% at June
30, 2009 to 4.82% at September 30, 2009. In year-to-date
comparison, net interest income increased $811,000 as interest
expense decreased $4,797,000, offsetting a $3,986,000 decline in
interest income. Interest expense decreased primarily due to a 93
basis point reduction in the average rate paid on interest-bearing
liabilities, from 2.56% at September 30, 2008 to 1.63% at September
30, 2009. Additionally, the average volume of interest-bearing
liabilities decreased $18.1 million in year-to-date comparison. The
decrease in interest income on average earning assets resulted
primarily from a 109 basis point decline in the average yield
earned on loans, from 8.06% at September 30, 2008 to 6.97% at
September 30, 2009. An average volume increase of $28.4 million in
loans partially offset the impact of lower yields. As a result, the
taxable-equivalent net interest margin improved 7 basis points,
from 4.89% for the nine months ended September 30, 2008 to 4.96%
for the nine months ended September 30, 2009. Non-interest income.
Non-interest income for the third quarter of 2009 totaled
$3,972,000, or 0.2% below the $3,981,000 earned in the third
quarter of 2008 and 3.0% above the $3,858,000 earned in the second
quarter of 2009. In prior-year quarterly comparison, a $43,000
increase in ATM and debit card fee income offset a $25,000 decrease
in service charges on deposit accounts, including NSF fee income,
and decreases in other non-interest income categories. In
linked-quarter comparison, a $158,000 increase in service charges
on deposit accounts offset decreases in other non-interest income
categories, including $64,000 in safe deposit box rental income
assessed annually in June. In year-to-date comparison, a $347,000
increase in ATM and debit card fee income was offset by decreases
in other non-interest income categories, primarily income from a
third-party investment advisory firm ($106,000), mortgage
processing fees ($52,000), and a one-time payment received from
VISA during the first quarter of 2008 ($131,000). 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
year-to-date comparison. Non-interest Expense. Non-interest expense
increased $91,000 in prior-year quarterly comparison, primarily due
to increases of $155,000 in FDIC premiums, $110,000 in salaries and
benefits costs, $57,000 in provisions for unfunded loan
commitments, and $56,000 in expenses on other real estate and other
assets repossessed. Increased non-interest expenses were partially
offset by a $378,000 decrease in marketing costs. In linked-quarter
comparison, non-interest expense increased $194,000, as increases
of $233,000 in salaries and benefits costs, $119,000 in expenses on
other real estate owned and other assets repossessed, $87,000 in
provisions for unfunded loan commitments, $71,000 in data
processing expenses, and $62,000 in marketing costs were mostly
offset by a $424,000 decrease in FDIC insurance premiums primarily
due to a special assessment accrual in the second quarter of 2009.
The $233,000 increase in salaries and benefits costs resulted
primarily from annual salary adjustments made in July 2009. In
year-to-date comparison, non-interest expense increased $1.1
million, as increases of $1,017,000 in FDIC premiums (including a
special assessment), $635,000 in occupancy expense and $485,000 in
salary and benefit costs exceeded expense reductions in other
categories. Expense reductions were recorded primarily in marketing
costs ($737,000), data processing expenses ($223,000) and in
education, travel and corporate development expenses ($198,000).
The decrease recorded in year-to-date comparison of data processing
expenses resulted from conversion costs associated with the merger
of our Texas bank charter into our Louisiana MidSouth Bank, N.A.
charter in March of 2008. About MidSouth Bancorp 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 seven 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 AMEX (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 materially from anticipated results
and expectations. These factors include, but are not limited to,
factors identified in the Company's Annual Report on Form 10-K for
the year ended December 31, 2008 in the sections titled
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" under the captions "Forward Looking
Statements" and "Risk Factors." MIDSOUTH BANCORP, INC. and
SUBSIDIARIES Condensed Consolidated Financial Information
(unaudited) (in thousands except per share data) For the Quarter
For the Quarter Ended Ended September 30, % June 30, % EARNINGS
DATA 2009 2008 Change 2009 Change ---- ---- ------ ---- ------
Total interest income $12,498 $13,635 -8.3% $12,496 0.0% Total
interest expense 2,566 3,579 -28.3% 2,574 -0.3% ------- -------
------- Net interest income 9,932 10,056 -1.2% 9,922 0.1% -------
------- ------- Provision for loan losses 1,000 500 100.0% 2,100
-52.4% ------- ------- ------- Non-interest income 3,972 3,981
-0.2% 3,858 3.0% Non-interest expense 11,326 11,235 0.8% 11,132
1.7% Provision for income tax 147 445 -67.0% (197) -174.6% -------
------- ------- Net income 1,431 1,857 -22.9% 745 92.1% Dividends
on preferred stock 299 - 100.0% 299 0.0% ------- ------- -------
Net income available to common shareholders $1,132 $1,857 -39.0%
$446 153.8% ======= ======= ======= PER COMMON SHARE DATA Basic
earnings per share $0.17 $0.28 -39.3% $0.07 142.9% Diluted earnings
per share $0.17 $0.28 -39.3% $0.07 142.9% Book value at end of
period $11.83 $10.65 11.1% $11.28 4.9% Market price at end of
period $13.20 $16.40 -19.5% $16.80 -21.4% Weighted avg shares
outstanding Basic 6,592,110 6,614,054 -0.3% 6,589,264 0.0% Diluted
6,612,428 6,635,969 -0.4% 6,607,366 0.1% AVERAGE BALANCE SHEET DATA
Total assets $934,519 $916,628 2.0% $926,878 0.8% Earning assets
854,505 833,810 2.5% 845,272 1.1% Loans and leases 594,050 572,675
3.7% 595,955 -0.3% Interest-bearing deposits 584,933 587,053 -0.4%
575,103 1.7% Total deposits 765,776 776,957 -1.4% 765,200 0.1%
Total common shareholders' equity 76,659 71,767 6.8% 76,200 0.6%
Total shareholders' equity (1) 96,738 71,767 34.8% 96,229 0.5%
SELECTED RATIOS 9/30/2009 9/30/2008 6/30/2009 --------- ---------
--------- Return on average assets 0.48% 0.81% -40.7% 0.19% 152.6%
Return on average common equity 5.86% 10.29% -43.1% 2.35% 149.4%
Average equity to average assets 10.35% 7.83% 32.2% 10.38% -0.3%
Leverage capital ratio 10.62% 8.42% 26.1% 10.63% -0.1%
Taxable-equivalent net interest margin 4.82% 5.01% -3.8% 4.92%
-2.0% CREDIT QUALITY Allowance for loan losses as a % of total
loans 1.36% 1.08% 25.9% 1.35% 0.7% Nonperforming assets to total
assets 1.90% 1.13% 68.1% 1.89% 0.5% Annualized net YTD charge-offs
to total loans 0.83% 0.61% 36.7% 0.90% -7.3% (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) BALANCE SHEET September 30,
September 30, % June 30, March 31, 2009 2008 Change 2009 2009 ----
---- ------ ---- ---- Assets Cash and cash equivalents $62,585
$28,853 116.9% $39,653 $36,981 ------- ------- ------- -------
Securities available- for-sale 218,795 222,478 -1.7% 204,918
212,515 Securities held-to- maturity 3,218 7,534 -57.3% 3,668 4,677
----- ----- ----- ----- Total investment securities 222,013 230,012
-3.5% 208,586 217,192 ------- ------- ------- ------- Total loans
588,589 579,454 1.6% 596,114 597,209 Allowance for loan losses
(8,015) (6,270) 27.8% (8,039) (7,802) ------ ------ ------ ------
Loans, net 580,574 573,184 1.3% 588,075 589,407 ------- -------
------- ------- Premises and equipment 39,049 40,349 -3.2% 39,580
40,219 Time deposits held in banks 16,023 15,000 6.8% 21,023 9,023
Goodwill and other intangibles 9,508 9,637 -1.3% 9,540 9,572 Other
assets 18,078 19,467 -7.1% 17,737 20,697 ------ ------ ------
------ Total assets $947,830 $916,502 3.4% $924,194 $923,091
======== ======== ======== ======== Liabilities and Stockholders'
Equity Non-interest bearing deposits $181,115 $190,770 -5.1%
$185,332 $198,803 Interest-bearing deposits 590,976 580,341 1.8%
577,320 570,625 ------- ------- ------- ------- Total deposits
772,091 771,111 0.1% 762,652 769,428 Securities sold under
agreements to repurchase and other short term borrowings 55,366
54,041 2.5% 45,809 37,612 Junior subordinated debentures 15,465
15,465 - 15,465 15,465 Other liabilities 7,466 5,381 38.7% 6,470
6,875 ----- ----- ----- ----- Total liabilities 850,388 845,998
0.5% 830,396 829,380 ------- ------- ------- ------- Total
shareholders' equity (1) 97,442 70,504 38.2% 93,798 93,711 ------
------ ------ ------ Total liabilities and shareholders' equity
$947,830 $916,502 3.4% $924,194 $923,091 ======== ======== ========
======== (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
Nine Months Ended Ended INCOME STATEMENT September 30, % September
30, % 2009 2008 Change 2009 2008 Change ---- ---- ------ ---- ----
------ Interest income $12,498 $13,635 -8.3% $37,788 $41,774 -9.5%
Interest expense 2,566 3,579 -28.3% 7,808 12,605 -38.1% ----- -----
----- ------ Net interest income 9,932 10,056 -1.2% 29,980 29,169
2.8% ----- ------ ------ ------ Provision for loan losses 1,000 500
100.0% 4,100 2,555 60.5% ----- --- ----- ----- Service charges on
deposit accounts 2,736 2,761 -0.9% 7,700 7,693 0.1% Other charges
and fees 1,236 1,220 1.3% 3,660 3,680 -0.5% ----- ----- ----- -----
Total non-interest income 3,972 3,981 -0.2% 11,360 11,373 -0.1%
----- ----- ------ ------ Salaries and employee benefit 5,505 5,395
2.0% 16,257 15,772 3.1% Occupancy expense 2,287 2,283 0.2% 6,916
6,281 10.1% FDIC premiums 328 173 89.6% 1,380 363 280.2% Other
non-interest expense 3,206 3,384 -5.3% 9,171 10,207 -10.1% -----
----- ----- ------ Total non-interest expense 11,326 11,235 0.8%
33,724 32,623 3.4% ------ ------ ------ ------ Income before income
taxes 1,578 2,302 -31.5% 3,516 5,364 -34.5% Provision for income
taxes 147 445 -67.0% 107 891 -88.0% --- --- --- --- Net income
1,431 1,857 -22.9% 3,409 4,473 -23.8% Dividends on preferred stock
299 - 100.0% 875 - 100.0% --- --- --- --- Net income available to
common shareholders $1,132 $1,857 -39.0% $2,534 $4,473 -43.3%
====== ====== ====== ====== Earnings per common share, diluted
$0.17 $0.28 -39.3% $0.38 $0.67 ===== ===== ===== ===== MIDSOUTH
BANCORP, INC. and SUBSIDIARIES Condensed Consolidated Financial
Information (unaudited) (in thousands except per share data) INCOME
STATEMENT Third Second First Fourth Third QUARTERLY TRENDS Quarter
Quarter Quarter Quarter Quarter 2009 2009 2009 2008 2008 ---- ----
---- ---- ---- Interest income $12,498 $12,496 $12,794 $13,699
$13,635 Interest expense 2,566 2,574 2,668 3,480 3,579 ----- -----
----- ----- ----- Net interest income 9,932 9,922 10,126 10,219
10,056 Provision for loan losses 1,000 2,100 1,000 2,000 500 -----
----- ----- ----- --- Net interest income after provision for loan
loss 8,932 7,822 9,126 8,219 9,556 Total non-interest income 3,972
3,858 3,530 3,755 3,981 Total non-interest expense 11,326 11,132
11,266 11,352 11,235 ------ ------ ------ ------ ------ Income
before income taxes 1,578 548 1,390 622 2,302 Income taxes 147
(197) 157 (442) 445 --- ---- --- ---- --- Net income 1,431 745
1,233 1,064 1,857 Dividends on preferred stock 299 299 277 - - ---
--- --- --- --- Net income available to common shareholders $1,132
$446 $956 $1,064 $1,857 ====== ==== ==== ====== ====== Earnings per
share, basic $0.17 $0.07 $0.14 $0.16 $0.28 Earnings per share,
diluted $0.17 $0.07 $0.14 $0.16 $0.28 Book value per share $11.83
$11.28 $11.28 $11.04 $10.65 Return on average common equity 5.86%
2.35% 5.13% 6.02% 10.29% MIDSOUTH BANCORP, INC. and SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited) (in
thousands) COMPOSITION OF LOANS September 30, September 30, % June
30, March 31, 2009 2008 Change 2009 2009 ---- ---- ------ ---- ----
Commercial, financial, and agricultural $196,436 $185,842 5.7%
$200,192 $202,315 Lease financing receivable 7,112 5,239 35.8%
7,538 7,377 Real estate - mortgage 264,242 226,321 16.8% 242,595
236,594 Real estate - construction 37,403 69,570 -46.2% 60,062
64,389 Installment loans to individuals 82,138 91,356 -10.1% 84,602
85,604 Other 1,258 1,126 11.7% 1,125 930 ----- ---- ----- --- Total
loans $588,589 $579,454 1.6% $596,114 $597,209 ======== ========
======== ======== MIDSOUTH BANCORP, INC. and SUBSIDIARIES Condensed
Consolidated Financial Information (unaudited) (in thousands) ASSET
QUALITY DATA September 30, September 30, % June 30, March 31, 2009
2008 Change 2009 2009 ---- ---- ------ ---- ---- Nonaccrual loans
$15,520 $8,112 91.3% $15,664 $15,713 Loans past due 90 days and
over 1,600 1,189 34.6% 791 1,250 ----- ----- --- ----- Total
nonperforming loans 17,120 9,301 84.1% 16,455 16,963 Other real
estate owned 758 643 17.9% 829 843 Other foreclosed assets 89 453
-80.4% 203 255 -- --- --- --- Total nonperforming assets $17,967
$10,397 72.8% $17,487 $18,061 ======= ======= ======= =======
Nonperforming assets to total assets 1.90% 1.13% 68.1% 1.89% 1.96%
Nonperforming assets to total loans + OREO + other foreclosed
assets 3.05% 1.79% 70.4% 2.93% 3.02% ALLL to nonperforming loans
46.82% 67.41% -30.5% 48.85% 45.99% ALLL to total loans 1.36% 1.08%
25.9% 1.35% 1.31% Year-to-date charge-offs $3,872 $1,872 106.8%
$2,779 $856 Year-to-date recoveries 201 125 60.8% 132 71 --- ---
--- -- Year-to-date net charge-offs $3,671 $1,747 110.1% $2,647
$785 ====== ====== ====== ==== Annualized net YTD charge-offs to
total loans 0.83% 0.61% 36.7% 0.90% 0.53% MIDSOUTH BANCORP, INC.
AND SUBSIDIARIES Condensed Consolidated Financial Information
(unaudited) (in thousands) YIELD ANALYSIS Three Months Ended Three
Months Ended September 30, 2009 September 30, 2008
------------------ ------------------ Tax Tax Average Equivalent
Yield/ Average Equivalent Yield/ Balance Interest Rate Balance
Interest Rate ------- -------- ---- ------- -------- ---- Taxable
securities $99,178 $898 3.62% $108,346 $1,182 4.36% Tax-exempt
securities 112,670 1,511 5.36% 115,660 1,551 5.36% Other
investments and interest bearing deposits 7,562 40 2.12% 5,607 45
3.21% Federal funds sold 24,587 10 0.16% 9,882 49 1.94% Time
deposits in other banks 16,458 56 1.35% 21,640 162 2.98% Loans
594,050 10,426 6.96% 572,675 11,101 7.71% ------- ------ -------
------ Total interest earning assets 854,505 12,941 6.01% 833,810
14,090 6.72% Noninterest earning assets 80,014 82,818 ------ ------
Total assets $934,519 $916,628 ======== ======== Interest bearing
liabilities: Deposits $584,933 $2,014 1.37% $587,053 3,016 2.04%
Repurchase agreements 50,359 303 2.39% 38,712 210 2.15% Federal
funds purchased - - - 5,738 40 2.73% Other borrowings - - - 2,758
16 2.31% Junior subordinated debentures 15,465 249 6.30% 15,465 297
7.51% ------ --- ------ --- Total interest bearing liabilities
650,757 2,566 1.56% 649,726 3,579 2.19% ----- ----- Noninterest
bearing liabilities 187,024 195,135 Shareholders' equity 96,738
71,767 ------ ------ Total liabilities and shareholders' equity
$934,519 $916,628 ======== ======== Net interest income (TE) and
margin $10,375 4.82% $10,511 5.01% ======= ======= Net interest
spread 4.45% 4.53% MIDSOUTH BANCORP, INC. AND SUBSIDIARIES
Condensed Consolidated Financial Information (unaudited) (in
thousands) YIELD ANALYSIS Nine Months Ended Nine Months Ended
September 30, 2009 September 30, 2008 ------------------
------------------ Tax Tax Average Equivalent Yield/ Average
Equivalent Yield/ Balance Interest Rate Balance Interest Rate
------- -------- ---- ------- -------- ---- Taxable securities
$97,979 $3,046 4.15% $94,162 $3,182 4.51% Tax-exempt securities
116,116 4,678 5.37% 110,480 4,482 5.41% Other investments and
interest bearing deposits 5,539 102 2.46% 6,320 138 2.91% Federal
funds sold 17,418 29 0.22% 37,709 657 2.29% Time deposits in other
banks 11,895 187 2.10% 15,297 322 2.81% Loans 596,903 31,119 6.97%
568,510 34,310 8.06% ------- ------ ------- ------ Total interest
earning assets 845,850 39,161 6.19% 832,478 43,091 6.91%
Noninterest earning assets 81,972 83,882 ------ ------ Total assets
$927,822 $916,360 ======== ======== Interest bearing liabilities:
Deposits $575,418 $6,228 1.45% $605,152 $11,024 2.43% Repurchase
agreements 41,085 775 2.52% 32,896 587 2.38% Federal funds
purchased 770 5 0.86% 1,941 41 2.78% Other borrowings 6,183 23
0.50% 1,528 34 2.97% Junior subordinated debentures 15,465 777
6.63% 15,465 919 7.81% ------ --- ------ --- Total interest bearing
liabilities 638,921 7,808 1.63% 656,982 12,605 2.56% ---- ----
Noninterest bearing liabilities 193,284 187,850 Shareholders'
equity 95,617 71,528 ------ ------ Total liabilities and
shareholders' equity $927,822 $916,360 ======== ======== Net
interest income (TE) and margin $31,353 4.96% $30,486 4.89% =======
======= Net interest spread 4.56% 4.35% DATASOURCE: MidSouth
Bancorp, Inc. CONTACT: Rusty Cloutier or Jim McLemore, both of
MidSouth Bancorp, Inc., +1-337-237-8343
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